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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-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:

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

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2018 through April 30, 2019

FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-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).

Semi-Annual Report

J.P. Morgan Exchange-Traded Funds

April 30, 2019 (Unaudited)

JPMorgan BetaBuilders Canada ETF

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

JPMorgan BetaBuilders Europe ETF

JPMorgan BetaBuilders Japan ETF

JPMorgan BetaBuilders U.S. Equity ETF

JPMorgan Diversified Return Emerging Markets Equity ETF

JPMorgan Diversified Return Europe Equity ETF

JPMorgan Diversified Return Global Equity ETF

JPMorgan Diversified Return International Equity ETF

JPMorgan Diversified Return U.S. Equity ETF

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

JPMorgan Diversified Return U.S. Small Cap Equity ETF

JPMorgan U.S. Dividend ETF

JPMorgan U.S. Minimum Volatility ETF

JPMorgan U.S. Momentum Factor ETF

JPMorgan U.S. Quality Factor ETF

JPMorgan U.S. Value Factor ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the 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 BetaBuilders Canada ETF	3
JPMorgan BetaBuilders Developed Asia ex-Japan ETF	6
JPMorgan BetaBuilders Europe ETF	9
JPMorgan BetaBuilders Japan ETF	12
JPMorgan Betabuilders U.S. Equity ETF	15
JPMorgan Diversified Return Emerging Markets Equity ETF	17
JPMorgan Diversified Return Europe Equity ETF	20
JPMorgan Diversified Return Global Equity ETF	23
JPMorgan Diversified Return International Equity ETF	26
JPMorgan Diversified Return U.S. Equity ETF	29
JPMorgan Diversified Return U.S. Mid Cap Equity ETF	32
JPMorgan Diversified Return U.S. Small Cap Equity ETF	35
JPMorgan U.S. Dividend ETF	38
JPMorgan U.S. Minimum Volatility ETF	41
JPMorgan U.S. Momentum Factor ETF	44
JPMorgan U.S. Quality Factor ETF	47
JPMorgan U.S. Value Factor ETF	50
Schedules of Portfolio Investments	53
Financial Statements	164
Financial Highlights	182
Notes to Financial Statements	188
Schedule of Shareholder Expenses	214
Board Approval of Initial Management Agreement	216
Board Approval of Investment Advisory Agreements	218

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

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

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

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

PRESIDENT’S LETTER

JUNE 15, 2019 (Unaudited)

Dear Shareholders,

JPMorgan Exchange-Traded Funds entered 2019 after a year of tremendous growth in 2018, having been named “The industry’s fastest-growing ETF manager.”¹ This success was recognized at the sixth annual ETF.com awards, where J.P. Morgan Asset Management won four accolades, including “ETF Issuer of the Year²” and “ETF of the Year²” 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 of two additional BetaBuilders ETFs in March, JPMorgan BetaBuilders1-5 Year U.S. Aggregate Bond ETF (BBSA) and JPMorgan BetaBuilders U.S. Equity ETF (BBUS), bringing our roster to 32 products and more than $25 billion in assets under management as of June 15, 2019.

  “We expanded our BetaBuilders suite to offer clients efficient access to portfolio building blocks. The exposures are simple, straightforward and priced for today’s market.” – Joanna M. Gallegos  

Despite signs of slowing growth in Europe and investor concerns about rising import tariffs, the U.S. economic expansion is poised to become the longest on record. Against this late-cycle backdrop, we believe J.P. Morgan’s broad line of equity and alternatives ETFs can help build portfolios designed to

weather market cycles and keep clients invested. For investors that are concerned about volatility, our Diversified Return Equity suite is designed to provide less downside while participating in up markets. This comprehensive suite seeks to provide investors a smoother ride across equity markets including: large, mid and small cap U.S. markets, international developed markets and emerging markets. Additionally, investors can access additional sources of diversification with our alternatives ETFs suite, which is designed to provide liquid,low-cost exposures to hedge fund strategies.

We are proud to bring a range of investment solutions to help you navigate a changing market landscape. We are committed to building solutions that address your needs and help you build stronger portfolios. Thank you for your belief in our Firm and our process.

Sincerely,

Joanna M. Gallegos

President, J.P. Morgan Exchange-Traded Funds

J.P. Morgan Asset Management

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

¹  Ignites.com as of November 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 January 14, 2019, and results were announced March 28, 2019.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 1

Market Overview

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

Global equity prices generally declined in the final months of 2018, only to rebound in the first months of 2019, pushing leading U.S. equity indexes to record highs in the final week of April. While U.S. equity markets outperformed those of other developed markets, the largest returns for the six month reporting period came from emerging markets equity and emerging markets debt.

Investor expectations of rising U.S. interest rates, signs of slowing economic growth in both China and the Euro Zone and unresolved U.S.-China trade tensions combined to drive market volatility higher and equity prices lower in late 2018. The globalsell-off became particularly acute in December. In the U.S., the S&P 500 Index returned-9.18% for the month, its worst single-month performance since February 2009 and its worst December performance since 1931.

In Europe, a sharp decline in manufacturing exports as well as political uncertainty in Italy and France led to weakening business sentiment. In the U.K., Prime Minister Theresa May’s inability to win Parliament’s approval for a plan to exit the

European Union served to further erode business and investor confidence.

However, by the end of December, the U.S. Federal Reserve had moved to a neutral policy stance and the European Central Bank — while ending its quantitative easing program in the face of broad-based wage growth — reiterated its intention to hold interest rates at current levels through the end of 2019. The Bank of England also held U.K. interest rates steady.

Global equity and bond markets began to stabilize in January 2018 and asset prices generally advanced over the next three months as signs of inflationary pressure receded and corporate earnings showed surprising strength. Notably, global oil prices fell in December 2018 to $42 per barrel of West Texas Intermediate crude and then rose to $63 per barrel by the end of April 2019.

Among equity markets, the MSCI Emerging Markets Index returned 13.90%, the MSCI EAFE Index returned 7.73% and the S&P 500 Index returned 9.76% for the six months ended April 30, 2019.

2 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

JPMorgan BetaBuilders Canada ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan BetaBuilders Canada ETF
Net Asset Value*		10.94%
Market Price**		10.79%
Morningstar® Canada Target Market Exposure IndexSM		10.08%
Net Assets as of 4/30/2019	$	3,737,007,734

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended April 30, 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 allocations to the financials and energy sectors were leading contributors to absolute performance, while their allocations to the real estate and telecommunications sectors were the smallest contributors to absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the financials and energy sectors and their smallest allocations were in the real estate and health care sectors.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 3

JPMorgan BetaBuilders Canada ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

TOP TEN EQUITY POSITIONS OF THE PORTFOLIO****
	1.	Royal Bank of Canada	7.5	%
	2.	Toronto-Dominion Bank (The)	6.8
	3.	Enbridge, Inc.	4.5
	4.	Bank of Nova Scotia (The)	4.4
	5.	Canadian National Railway Co.	4.4
	6.	Suncor Energy, Inc.	3.5
	7.	Bank of Montreal	3.3
	8.	TransCanada Corp.	3.0
	9.	Brookfield Asset Management, Inc., Class A	2.7
	10.	Canadian Imperial Bank of Commerce, Class A	2.4

PORTFOLIO COMPOSITION BY SECTOR****
Financials	36.2	%
Energy	18.8
Industrials	10.8
Materials	8.5
Information Technology	4.8
Investment of cash collateral from securities loaned	4.5
Consumer Discretionary	3.9
Consumer Staples	3.9
Communication Services	3.4
Utilities	2.9
Health Care	1.8
Real Estate	0.5

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $24.73 as of April 30, 2019.

** 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 $24.73 as of April 30, 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 April 30, 2019. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		CUMULATIVE SINCE INCEPTION
JPMorgan BetaBuilders Canada ETF
Net Asset Value		August 7, 2018		10.94%		1.87%
Market Price				10.79%		1.87%

* Not annualized.

LIFE OF FUND PERFORMANCE(8/7/18 TO 4/30/19)

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 August 7, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Canada ETF and Morningstar^® Canada Target Market Exposure Index^SM from August 7, 2018 to April 30, 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 Morningstar^® Canada Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^® Canada Target Market Exposure Index^SM is a free float adjusted market

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

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

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

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

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 5

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
Net Asset Value*		15.22%
Market Price**		15.39%
Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM		15.33%
Net Assets as of 4/30/2019	$	1,285,022,228

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended April 30, 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 financials and real estate sectors were leading contributors to absolute performance, while their exposures to the information technology and energy sectors were the smallest sector contributors to absolute performance. The Fund’s and the Underlying Index’s exposures to Hong Kong and Australia were leading contributors to absolute performance, while their exposures to New Zealand and Singapore were the smallest contributors to absolute performance.

HOW WAS THE FUND POSITIONED?

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

6 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	AIA Group Ltd. (Hong Kong)	7.0	%
	2.	Commonwealth Bank of Australia (Australia)	5.2
	3.	BHP Group Ltd. (Australia)	4.4
	4.	Westpac Banking Corp. (Australia)	3.8
	5.	CSL Ltd. (Australia)	3.6
	6.	Australia & New Zealand Banking Group Ltd. (Australia)	3.1
	7.	National Australia Bank Ltd. (Australia)	2.8
	8.	Hong Kong Exchanges & Clearing Ltd. (Hong Kong)	2.3
	9.	DBS Group Holdings Ltd. (Singapore)	2.1
	10.	Oversea-Chinese Banking Corp. Ltd. (Singapore)	2.0

PORTFOLIO COMPOSITION BY COUNTRY****
Australia	53.6	%
Hong Kong	28.6
Singapore	12.2
Macau	2.3
New Zealand	2.2
Others (each less than 1.0%)	1.1

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $25.70 as of April 30, 2019.

** 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 $25.75 as of April 30, 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 April 30, 2019. The Fund’s portfolio composition is subject to change.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 7

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		CUMULATIVE SINCE INCEPTION
JPMorgan BetaBuilders Developed Asiaex-Japan ETF
Net Asset Value		August 7, 2018		15.22%		3.73%
Market Price				15.39%		3.93%

* Not annualized.

LIFE OF FUND PERFORMANCE(8/7/18 TO 4/30/19)

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 pleasecall 1-844-457-6383.

Fund commenced operations on August 7, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Developed Asia ex-Japan ETF and Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM from August 7, 2018 to April 30, 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 Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM is a free float adjusted

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

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

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

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

8 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

JPMorgan BetaBuilders Europe ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan BetaBuilders Europe ETF
Net Asset Value*		9.03%
Market Price**		8.97%
Morningstar® Developed Europe Target Market Exposure IndexSM		8.58%
Net Assets as of 4/30/2019	$	4,325,127,726

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended April 30, 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 industrials and consumer staples sectors were the leading contributors to absolute performance, while their exposure to the energy sector was the sole sector detractor from absolute performance during the reporting period.

By country, the Fund’s and the Underlying Index’s exposures to the U.K. and France were leading contributors to absolute performance, while their exposure to Norway was the sole country detractor from absolute performance.

HOW WAS THE FUND POSITIONED?

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

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 9

JPMorgan BetaBuilders Europe ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Nestle SA (Registered) (Switzerland)	3.0	%
	2.	Novartis AG (Registered) (Switzerland)	2.1
	3.	Roche Holding AG (Switzerland)	2.0
	4.	HSBC Holdings plc (United Kingdom)	1.8
	5.	BP plc (United Kingdom)	1.5
	6.	Royal Dutch Shell plc, Class A (Netherlands)	1.5
	7.	TOTAL SA (France)	1.4
	8.	SAP SE (Germany)	1.4
	9.	Royal Dutch Shell plc, Class B (Netherlands)	1.2
	10.	LVMH Moet Hennessy Louis Vuitton SE (France)	1.1

PORTFOLIO COMPOSITION BY COUNTRY****
United Kingdom	22.0	%
France	15.8
Switzerland	13.2
Germany	12.8
Netherlands	6.8
United States	6.4
Spain	4.3
Sweden	4.2
Italy	3.3
Denmark	2.6
Finland	1.9
Belgium	1.8
Australia	1.2
Norway	1.1
Others (each less than 1.0%)	2.6

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $24.41 as of April 30, 2019.

** 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 $24.45 as of April 30, 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 April 30, 2019. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		CUMULATIVE SINCE INCEPTION
JPMorgan BetaBuilders Europe ETF
Net Asset Value		June 15, 2018		9.03%		(0.51)%
Market Price				8.97%		(0.34)%

* Not annualized.

LIFE OF FUND PERFORMANCE(6/15/18 TO 4/30/19)

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 June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Europe ETF and Morningstar^® Developed Europe Target Market Exposure Index^SM from June 15, 2018 to April 30, 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 Morningstar^® Developed Europe Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar^® Developed Europe Target Market Exposure Index^SM is a

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

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

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

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

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 11

JPMorgan BetaBuilders Japan ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan BetaBuilders Japan ETF
Net Asset Value*		2.23%
Market Price**		2.19%
Morningstar® Japan Target Market Exposure IndexSM		1.47%
Net Assets as of 4/30/2019	$	3,479,513,336

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2019, the Fund outperformed 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 industrials and information technology sectors were leading contributors to absolute performance, while their exposures to the energy and financials sectors were leading detractors from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the industrials and consumer discretionary sectors and their smallest allocations were in the energy and utilities sectors.

12 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Toyota Motor Corp.	4.4	%
	2.	SoftBank Group Corp.	2.4
	3.	Mitsubishi UFJ Financial Group, Inc.	1.7
	4.	Sony Corp.	1.7
	5.	Keyence Corp.	1.5
	6.	Takeda Pharmaceutical Co. Ltd.	1.5
	7.	Sumitomo Mitsui Financial Group, Inc.	1.3
	8.	Honda Motor Co. Ltd.	1.3
	9.	Recruit Holdings Co. Ltd.	1.3
	10.	Central Japan Railway Co.	1.2

PORTFOLIO COMPOSITION BY SECTOR****
Industrials	22.5	%
Consumer Discretionary	18.6
Financials	10.7
Information Technology	10.5
Health Care	8.7
Consumer Staples	8.5
Communication Services	7.3
Materials	6.0
Real Estate	4.4
Utilities	1.8
Energy	0.9
Investment of cash collateral from securities loaned	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 $23.07 as of April 30, 2019.

** 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 $23.02 as of April 30, 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 April 30, 2019. The Fund’s portfolio composition is subject to change.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 13

JPMorgan BetaBuilders Japan ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		CUMULATIVE SINCE INCEPTION
JPMorgan BetaBuilders Japan ETF
Net Asset Value		June 15, 2018		2.23%		(6.31	)%
Market Price				2.19%		(6.51	)%

* Not annualized.

LIFE OF FUND PERFORMANCE(6/15/18 TO 4/30/19)

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 June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Japan ETF and Morningstar^® Japan Target Market Exposure Index^SM from June 15, 2018 to April 30, 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 Morningstar^® Japan Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar^® Japan Target Market Exposure Index^SM is a free float adjusted market capitalization weighted

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

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

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

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

14 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

JPMorgan BetaBuilders U.S. Equity ETF

FUND COMMENTARY

FOR THE PERIOD MARCH 12, 2019 (INCEPTION DATE) THROUGH APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan BetaBuilders U.S. Equity ETF
Net Asset Value*		5.68%
Market Price**		5.70%
Morningstar® US Target Market Exposure IndexSM		5.72%
Net Assets as of 4/30/2019	$	31,796,923

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the period from inception on March 12, 2019 to April 30, 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 information technology and consumer discretionary sectors were leading contributors to absolute performance, while their exposure to the health care sector was the sole sector detractor from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the information technology and health care sectors and their smallest allocations were in the materials and real estate sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	3.9	%
	2.	Apple, Inc.	3.5
	3.	Amazon.com, Inc.	3.1
	4.	Facebook, Inc., Class A	1.8
	5.	Berkshire Hathaway, Inc., Class B	1.6
	6.	JPMorgan Chase & Co.	1.5
	7.	Johnson & Johnson	1.5
	8.	Alphabet, Inc., Class C	1.4
	9.	Alphabet, Inc., Class A	1.4
	10.	Exxon Mobil Corp.	1.3

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	22.0	%
Health Care	13.4
Financials	13.2
Consumer Discretionary	10.5
Communication Services	10.3
Industrials	9.5
Consumer Staples	7.0
Energy	5.1
Utilities	3.2
Real Estate	2.9
Materials	2.5
Short-Term Investments	0.4

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $52.99 as of April 30, 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 $53.00 as of April 30, 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 April 30, 2019. The Fund’s portfolio composition is subject to change.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 15

JPMorgan BetaBuilders U.S. Equity ETF

FUND COMMENTARY

FOR THE PERIOD MARCH 12, 2019 (INCEPTION DATE) THROUGH APRIL 30, 2019 (Unaudited) (continued)

TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan BetaBuilders U.S. Equity ETF
Net Asset Value		March 12, 2019		5.68%
Market Price				5.70%

LIFE OF FUND PERFORMANCE(3/12/19 TO 4/30/19)

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 March 12, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Equity ETF and the Morningstar^® US Target Market Exposure Index^SM from March 12, 2019 to April 30, 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 Morningstar^® US Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar^® US Target Market Exposure Index^SM is a free float adjusted market capitalization weighted index which consists of stocks traded primarily on the US Stock Exchange. Investors cannot invest directly in an index.

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.

16 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return Emerging Markets Equity ETF
Net Asset Value*		9.10%
Market Price**		9.83%
JP Morgan Diversified Factor Emerging Markets Equity Index (net of foreign withholding taxes)		9.29%
FTSE Emerging Index (net of foreign withholding taxes)		14.60%
MSCI Emerging Markets Index (net of foreign withholding taxes)		13.76%
Net Assets as of 4/30/2019	$	331,055,025

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute return for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering differences in the net asset value calculations and foreign exchange pricing between the Underlying Index and the Fund and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index underperformed both the FTSE Emerging Index and the MSCI Emerging Markets Index, which are more traditional market capitalization weighted indexes.

By sector, the Fund’s and the Underlying Index’s positions in the financials and consumer goods sectors were leading contributors to absolute performance, while their positions in the health care and basic materials sectors were leading detractors from absolute performance. By country, the Fund’s and the Underlying Index’s positions in China and India were leading contributors to absolute performance, while their positions in Malaysia and Turkey were leading detractors from absolute performance.

Relative to the FTSE Emerging Index, the Underlying Index’s security selection and the Fund’s and the Underlying Index’s underweight positions in both the technology and consumer services sectors were leading detractors from performance, while the Underlying Index’s security selection in the consumer goods sector was the sole sector contributor to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest sector allocations were in the financials and oil & gas sectors, while its smallest allocations were in the health care and consumer services sectors. The Fund’s and the Underlying Index’s largest country allocations were in China and Taiwan and their smallest allocations were in Hong Kong and Pakistan.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 17

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)	3.2	%
	2.	China Mobile Ltd. (China)	2.6
	3.	Hon Hai Precision Industry Co. Ltd. (Taiwan)	1.4
	4.	Reliance Industries Ltd. (India)	1.4
	5.	China Construction Bank Corp., Class H (China)	1.2
	6.	LUKOIL PJSC (Russia)	1.2
	7.	Vale SA (Brazil)	1.2
	8.	PTT PCL (Thailand)	1.1
	9.	Infosys Ltd. (India)	1.1
	10.	Telekomunikasi Indonesia Persero Tbk. PT (Indonesia)	1.0

PORTFOLIO COMPOSITION BY COUNTRY****
China	20.2	%
Taiwan	16.0
Brazil	10.7
India	10.1
Thailand	6.9
Russia	6.2
Indonesia	6.0
South Africa	5.2
Malaysia	5.0
Mexico	2.9
Philippines	2.0
Qatar	1.5
United Arab Emirates	1.3
Chile	1.2
Turkey	1.0
Kuwait	1.0
Others (each less than 1.0%)	2.8

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $55.18 as of April 30, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $55.46 as of April 30, 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 April 30, 2019. The Fund’s composition is subject to change.

18 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

AVERAGE ANNUAL TOTAL RETURNSAS OFAPRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return Emerging Markets Equity ETF
Net Asset Value		January 7, 2015		9.10%		(3.30)%		4.58%
Market Price				9.83%		(3.00)%		4.71%

* Not annualized.

LIFE OF FUND PERFORMANCE(1/07/15 TO 4/30/19)

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 pleasecall 1-844-457-6383.

Fund commenced operations on January 7, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Emerging Markets Equity ETF, the JP Morgan Diversified Factor Emerging Markets Equity Index, the FTSE Emerging Index and the MSCI Emerging Markets Index from January 7, 2015 to April 30, 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 JP Morgan Diversified Factor Emerging Markets Equity Index, the FTSE Emerging Index and the MSCI Emerging Markets Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Emerging Markets Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Emerging Markets Equity Index. JP Morgan Diversified Factor Emerging Markets Equity Index is comprised of large- and mid-cap equity securities from emerging markets.

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

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

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

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

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 19

JPMorgan Diversified Return Europe Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return Europe Equity ETF
Net Asset Value*		8.08%
Market Price**		7.72%
JP Morgan Diversified Factor Europe Equity Index (net of foreign withholding taxes)		7.73%
FTSE Developed Europe Index (net of foreign withholding taxes)		8.38%
MSCI Europe Index (net of foreign withholding taxes)		8.48%
Net Assets as of 4/30/2019	$	17,222,507

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2019, and performed in line with the Underlying Index, before considering the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund underperformed the FTSE Developed Europe Index and the MSCI Europe Index, both of which are more traditional market capitalization weighted indexes.

By sector, the Fund’s and the Underlying Index’s positions in the industrials and consumer goods sectors were leading contributors to absolute performance, while their positions in the telecommunications and oil & gas sectors were the smallest contributors to absolute performance. By country, the Fund’s and the Underlying Index’s positions in the U.K. and France were leading contributors to absolute performance, while their positions in Norway and Austria were leading detractors from absolute performance.

Relative to the FTSE Developed Europe Index, the Underlying Index’s security selection in the consumer services and consumer goods sectors were leading detractors from performance, while its security selection in the oil & gas and financials sectors were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

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

20 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	SAP SE (Germany)	0.5	%
	2.	ASML Holding NV (Netherlands)	0.4
	3.	LVMH Moet Hennessy Louis Vuitton SE (France)	0.4
	4.	Unilever NV, CVA (United Kingdom)	0.4
	5.	Rightmove plc (United Kingdom)	0.4
	6.	Diageo plc (United Kingdom)	0.4
	7.	Nestle SA (Registered) (Switzerland)	0.4
	8.	Evraz plc (Russia)	0.4
	9.	Unilever plc (United Kingdom)	0.4
	10.	Iberdrola SA (Spain)	0.4

PORTFOLIO COMPOSITION BY COUNTRY****
United Kingdom	20.0	%
France	15.5
Germany	12.1
Switzerland	8.7
Sweden	6.5
Spain	5.4
Italy	5.3
Netherlands	4.8
Denmark	4.6
Finland	3.7
United States	2.6
Norway	2.4
Belgium	1.8
Luxembourg	1.0
Others (each less than 1.0%)	5.6

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $57.41 as of April 30, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $57.35 as of April 30, 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 April 30, 2019. The Fund’s composition is subject to change.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 21

JPMorgan Diversified Return Europe Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return Europe Equity ETF
Net Asset Value		December 18, 2015		8.08%		(3.18)%		6.67%
Market Price				7.72%		(3.49)%		6.63%

* Not annualized.

LIFE OF FUND PERFORMANCE(12/18/15 TO 4/30/19)

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 December 18, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Europe Equity ETF, the JP Morgan Diversified Factor Europe Equity Index, the FTSE Developed Europe Index, and the MSCI Europe Index from December 18, 2015 to April 30, 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 JP Morgan Diversified Factor Europe Equity Index, the FTSE Developed Europe Index, and the MSCI Europe Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Europe Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Europe Equity Index. The JP Morgan Diversified Factor Europe Equity Index

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

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

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

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

22 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

JPMorgan Diversified Return Global Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return Global Equity ETF
Net Asset Value*		7.57%
Market Price**		7.56%
JP Morgan Diversified Factor Global Developed Equity Index (net of foreign withholding taxes)		7.38%
FTSE Developed Index (net of foreign withholding taxes)		8.69%
MSCI World Index (net of foreign withholding taxes)		8.83%
Net Assets as of 4/30/2019	$	210,914,261

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which provides exposure to large and mid cap equity securities in developed global markets, diversified across global regions, sectors and individual securities. The Underlying Index’s proprietary multi-factor selection process utilizes the following characteristics: value, quality and momentum. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2019, the Fund posted a positive absolute performance and performed in line with the Underlying Index, before consideration of specific trading limits, differences in valuations because of the timing of the local market closings and the net asset value calculations, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index underperformed the FTSE Developed Index (net of foreign withholding taxes) and the MSCI World Index (net of foreign withholding taxes), both of which are more traditional market capitalization weighted indexes.

By sector, the Fund’s and the Underlying Index’s positions in the consumer goods and technology sectors were leading contributors to absolute performance, while their position in the oil & gas sector was the sole sector detractor from absolute performance.

By region, the Fund’s and the Underlying Index’s allocations to Asia Pacific, excluding Japan, and North America were leading contributors to absolute performance, while their allocation to Japan was the sole regional detractor from absolute performance.

Relative to the FTSE Developed Index, the Underlying Index’s security selection in the industrials and oil & gas sectors was a leading detractor from performance. The Underlying Index’s security selection in the health care and consumer goods sectors was a leading contributor to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest sector allocations were in the consumer goods and consumer services sectors, while their smallest allocations were in the oil & gas and telecommunications sectors. The Fund’s and the Underlying Index’s largest regional allocations were in North America and Asia Pacific, excluding Japan, with modestly smaller allocations to Japan and Europe.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 23

JPMorgan Diversified Return Global Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Idemitsu Kosan Co. Ltd. (Japan)	0.4	%
	2.	Daiichi Sankyo Co. Ltd. (Japan)	0.4
	3.	Advantest Corp. (Japan)	0.3
	4.	Coca-Cola European Partners plc (United Kingdom)	0.3
	5.	WH Group Ltd. (Hong Kong)	0.3
	6.	VMware, Inc., Class A (United States)	0.3
	7.	Starbucks Corp. (United States)	0.3
	8.	Xylem, Inc. (United States)	0.3
	9.	Church & Dwight Co., Inc. (United States)	0.3
	10.	WR Berkley Corp. (United States)	0.3

PORTFOLIO COMPOSITION BY COUNTRY****
United States	25.5	%
Japan	21.2
Australia	9.0
South Korea	8.3
Hong Kong	4.4
France	4.0
United Kingdom	3.6
Canada	3.5
Germany	2.4
Sweden	2.3
Spain	2.3
Singapore	2.0
Switzerland	1.9
Netherlands	1.8
Italy	1.0
Finland	1.0
Norway	1.0
Others (each less than 1.0%)	4.8
Short-Term Investments	0.0	(a)

* 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 $60.26 as of April 30, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $60.20 as of April 30, 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 April 30, 2019. The Fund’s composition is subject to change.

(a) Amount rounds to less than 0.1%

24 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return Global Equity ETF
Net Asset Value		June 16, 2014		7.57%		(0.88)%		5.81%
Market Price				7.56%		(0.91)%		5.79%

* Not annualized.

LIFE OF FUND PERFORMANCE(6/16/14 TO 4/30/19)

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 June 16, 2014.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Global Equity ETF, the JP Morgan Diversified Factor Global Developed Equity Index, the FTSE Developed Index, and the MSCI World Index from June 16, 2014 to April 30, 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 JP Morgan Diversified Factor Global Developed Equity Index, the FTSE Developed Index and the MSCI World Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Global Developed Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Global Developed Equity Index. JP Morgan Diversified Factor Global Developed Equity Index is comprised of large- and mid-cap equity securities from developed global

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

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

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

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

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 25

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return International Equity ETF
Net Asset Value*		6.03%
Market Price**		6.33%
JP Morgan Diversified Factor International Equity Index (net of foreign withholding taxes)		5.78%
FTSE Developed ex North America Index (net of foreign withholding taxes)		7.22%
MSCI EAFE Index (net of foreign withholding taxes)		7.45%
Net Assets as of 4/30/2019	$	1,728,099,358

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is composed of large cap and mid cap equity securities in developed markets outside North America, diversified across sectors, international regions and individual securities. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: value, quality and momentum. The Underlying Index methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2019, and outperformed the Underlying Index, before considering differences due to specific trading limits, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index underperformed both the FTSE Developed ex North America Index and the MSCI EAFE Index, which are more traditional market capitalization weighted indexes.

By sector, the Fund’s and the Underlying Index’s positions in the technology and consumer goods sectors were leading contributors to absolute performance, while their position in the oil & gas sector was the sole sector detractor from absolute performance.

By country, the Fund’s and the Underlying Index’s positions in the U.K. and Hong Kong were leading contributors to absolute performance, while their positions in Japan and Norway were leading detractors from absolute performance.

Relative to FTSE Developed ex North America Index, the Underlying Index’s security selection in the oil & gas sector and its security selection and overweight position in the utilities sector were leading detractors from performance, while the Underlying Index’s security selection in the technology and health care sectors was a leading contributor to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the consumer services and consumer goods sectors, while their smallest allocations were in the oil & gas and telecommunications sectors. By region, the Fund’s and the Underlying Index’s largest allocations were in Japan and the U.K. and their smallest allocations were in the U.S. and South Korea.

26 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Idemitsu Kosan Co. Ltd. (Japan)	0.6	%
	2.	Halma plc (United Kingdom)	0.4
	3.	Experian plc (United Kingdom)	0.4
	4.	Capcom Co. Ltd. (Japan)	0.4
	5.	Diageo plc (United Kingdom)	0.4
	6.	Boliden AB (Sweden)	0.4
	7.	Sage Group plc (The) (United Kingdom)	0.4
	8.	Rentokil Initial plc (United Kingdom)	0.4
	9.	Nisshin Seifun Group, Inc. (Japan)	0.4
	10.	Sonova Holding AG (Registered) (Switzerland)	0.4

PORTFOLIO COMPOSITION BY COUNTRY****
Japan	23.2	%
United Kingdom	17.0
Australia	9.9
South Korea	8.3
Hong Kong	5.9
France	5.8
Sweden	3.3
Germany	3.3
Netherlands	3.1
United States	2.9
Singapore	2.5
Switzerland	2.4
Spain	2.0
Finland	1.8
Norway	1.5
Italy	1.3
Others (each less than 1.0%)	5.8
Short-Term Investments	0.0	(a)

* 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 $55.75 as of April 30, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $55.78 as of April 30, 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 April 30, 2019. The Fund’s composition is subject to change.

(a) Amount rounds to less than 0.1%.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 27

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return International Equity ETF
Net Asset Value		November 5, 2014		6.03%		(4.94)%		4.53%
Market Price				6.33%		(5.08)%		4.54%

* Not annualized.

LIFE OF FUND PERFORMANCE(11/5/14 TO 4/30/19)

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 November 5, 2014.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Equity ETF, the JP Morgan Diversified Factor International Equity Index, the FTSE Developed ex North America Index, and the MSCI EAFE Index from November 5, 2014 to April 30, 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 JP Morgan Diversified Factor International Equity Index, the FTSE Developed ex North America Index and the MSCI EAFE Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor International Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor International Equity Index. JP Morgan Diversified Factor International Equity Index is comprised of large- and mid-cap equity securities from developed global markets (excluding North America). Holdings in this index are selected

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

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

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

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

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

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return U.S. Equity ETF
Net Asset Value*		8.46%
Market Price**		8.45%
JP Morgan Diversified Factor US Equity Index		8.53%
Russell 1000 Index		10.00%
Net Assets as of 4/30/2019	$	682,905,362

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index underperformed the Russell 1000 Index,

which is a more traditional market capitalization weighted index.

During the reporting period, the Fund’s and the Underlying Index’s positions in the industrials and technology sectors were leading contributors to absolute performance, while the Fund’s and the Underlying Index’s positions in the telecommunications and oil & gas sectors were leading detractors from absolute performance.

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

HOW WAS THE FUND POSITIONED?

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

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 29

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Walt Disney Co. (The)	0.6	%
	2.	PulteGroup, Inc.	0.4
	3.	Microsoft Corp.	0.4
	4.	Church & Dwight Co., Inc.	0.4
	5.	Air Products & Chemicals, Inc.	0.4
	6.	Hershey Co. (The)	0.4
	7.	VeriSign, Inc.	0.4
	8.	Starbucks Corp.	0.4
	9.	FactSet Research Systems, Inc.	0.4
	10.	Kimberly-Clark Corp.	0.4

PORTFOLIO COMPOSITION BY SECTOR****
Consumer Goods	14.7	%
Financials	12.8
Consumer Services	12.6
Industrials	10.7
Health Care	10.3
Utilities	9.9
Technology	9.1
Basic Materials	8.3
Oil & Gas	6.0
Investment of cash collateral from securities loaned	3.5
Telecommunications	2.0
Short-Term Investments	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 $75.04 as of April 30, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $75.05 as of April 30, 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 April 30, 2019. The Fund’s composition is subject to change.

30 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Equity ETF
Net Asset Value		September 29, 2015		8.46%		9.96%		13.53%
Market Price				8.45%		9.93%		13.53%

* Not annualized.

LIFE OF FUND PERFORMANCE(9/29/15 TO 4/30/19)

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 September 29, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Equity ETF, the JP Morgan Diversified Factor US Equity Index, and the Russell 1000 Index from September 29, 2015 to April 30, 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 JP Morgan Diversified Factor US Equity Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the

JP Morgan Diversified Factor US Equity Index and developed the proprietary factors on which the index is based. JP Morgan Diversified Factor US Equity Index is comprised of U.S. large- and mid-cap equity securities. Holdings in this index are selected from the constituents of the Russell 1000 Index. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Equity Index. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

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

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

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 31

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Net Asset Value*	��		8.21%
Market Price**			8.21%
JP Morgan Diversified Factor US Mid Cap Equity Index			8.34%
Russell Midcap Index			11.65%
Net Assets as of 4/30/2019		$	167,021,038

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index underperformed the Russell Midcap Index,

which is a more traditional market capitalization weighted index.

During the reporting period, the Fund’s and the Underlying Index’s positions in the industrials and technology sectors were leading contributors to absolute performance, while the Fund’s and the Underlying Index’s positions in the telecommunications and oil & gas sectors detracted from absolute performance.

Relative to the Russell Midcap Index, the Underlying Index’s security selection and the Fund’s and the Underlying Index’s underweight positions in both the technology and industrials sectors were leading detractors from performance, while the Underlying Index’s security selection in the utilities sector was the sole sector contributor to relative performance.

HOW WAS THE FUND POSITIONED?

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

32 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Cadence Design Systems, Inc.	0.5	%
	2.	Synopsys, Inc.	0.5
	3.	Lululemon Athletica, Inc.	0.4
	4.	PulteGroup, Inc.	0.4
	5.	Church & Dwight Co., Inc.	0.4
	6.	McCormick & Co., Inc. (Non-Voting)	0.4
	7.	Gentex Corp.	0.4
	8.	CDW Corp.	0.4
	9.	Hershey Co. (The)	0.4
	10.	Copart, Inc.	0.4

PORTFOLIO COMPOSITION BY SECTOR****
Consumer Goods	14.9	%
Financials	14.6
Consumer Services	13.2
Industrials	11.5
Health Care	10.5
Technology	9.6
Utilities	8.4
Basic Materials	8.2
Oil & Gas	5.9
Investment of cash collateral from securities loaned	1.8
Telecommunications	1.2
Short-Term Investments	0.2

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $66.81 as of April 30, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $66.82 as of April 30, 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 April 30, 2019. The Fund’s composition is subject to change.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 33

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Net Asset Value		May 11, 2016		8.21%		7.59%		11.74%
Market Price				8.21%		7.59%		11.74%

* Not annualized.

LIFE OF FUND PERFORMANCE(5/11/16 TO 4/30/19)

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 May 11, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JP Morgan Diversified Factor US Mid Cap Equity Index, and the Russell Midcap Index from May 11, 2016 to April 30, 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 JP Morgan Diversified Factor US Mid Cap Equity Index and Russell Midcap Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of

the JP Morgan Diversified Factor US Mid Cap Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Mid Cap Equity Index. The JP Morgan Diversified Factor US Mid Cap Equity Index is comprised of U.S. large- and mid-cap equity securities. Holdings in this index are selected from the Russell Midcap Index. The Russell Midcap Index is a market-capitalization weighted index which measures the performance of the 800 smallest companies in the Russell 1000 Index. Investors cannot invest directly in an index.

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

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

34 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

JPMorgan Diversified Return U.S. Small Cap Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Net Asset Value*		6.65%
Market Price**		6.61%
JP Morgan Diversified Factor US Small Cap Equity Index		6.78%
Russell 2000 Index		6.06%
Net Assets as of 4/30/2019	$	174,106,929

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index outperformed the Russell 2000 Index,

which is a more traditional market capitalization weighted index.

During the reporting period, the Fund’s and the Underlying Index’s positions in the technology and utilities sectors were leading contributors to absolute performance, while the Fund’s and the Underlying Index’s positions in the oil & gas and health care sectors were leading detractors from absolute performance.

Relative to the Russell 2000 Index, the Fund’s and the Underlying Index’s overweight position in the utilities sector and its underweight position in the health care sector were leading contributors to performance, while the Underlying Index’s security selection and overweight position in the technology sector and its overweight position in the consumer goods sector were leading detractors from relative performance.

HOW WAS THE FUND POSITIONED?

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

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 35

JPMorgan Diversified Return U.S. Small Cap Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Fox Factory Holding Corp.	0.7	%
	2.	Pool Corp.	0.7
	3.	Iridium Communications, Inc.	0.7
	4.	West Pharmaceutical Services, Inc.	0.7
	5.	Avista Corp.	0.7
	6.	Steven Madden Ltd.	0.7
	7.	Black Hills Corp.	0.7
	8.	PNM Resources, Inc.	0.6
	9.	Ormat Technologies, Inc.	0.6
	10.	Spire, Inc.	0.6

PORTFOLIO COMPOSITION BY SECTOR****
Consumer Goods	20.4	%
Consumer Services	12.8
Utilities	11.8
Industrials	11.7
Technology	10.6
Health Care	8.9
Financials	8.6
Basic Materials	5.5
Investment of cash collateral from securities loaned	4.5
Oil & Gas	3.1
Telecommunications	1.9
Short-Term Investments	0.2

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $31.37 as of April 30, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $31.36 as of April 30, 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 April 30, 2019. The Fund’s composition is subject to change.

36 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Net Asset Value		November 15, 2016		6.65%		7.99%		10.63%
Market Price				6.61%		7.89%		10.61%

* Not annualized.

LIFE OF FUND PERFORMANCE(11/15/16 TO 4/30/19)

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 November 15, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Small Cap Equity ETF, the JP Morgan Diversified Factor US Small Cap Equity Index, and the Russell 2000 Index from November 15, 2016 to April 30, 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 JP Morgan Diversified Factor US Small Cap Equity Index and Russell 2000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the

JP Morgan Diversified Factor US Small Cap Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Small Cap Equity Index. The JP Morgan Diversified Factor US Small Cap Equity Index is comprised of U.S. large- and mid-cap equity securities. Holdings in this index are selected from the Russell 2000 Index. The Russell 2000 Index is an unmanaged index, measuring performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.

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

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

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 37

JPMorgan U.S. Dividend ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan U.S. Dividend ETF
Net Asset Value*		8.86%
Market Price**		8.94%
JP Morgan US Dividend Index		9.04%
Russell 1000 Index		10.00%
Net Assets as of 4/30/2019	$	30,630,705

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the

Underlying Index underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

On an absolute basis, the Fund’s and the Underlying Index’s allocations to the utilities and financials sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s allocations to the telecommunications sector was the sole sector detractor from performance.

Relative to the Russell 1000 Index, the Underlying Index’s security selection in the consumer services sector and its overweight position in the consumer goods sector were leading detractors from performance, while the Underlying Index’s overweight position and security selection in the utilities sector and its underweight position in the health care sector were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were the financials and utilities sectors and their smallest allocations were the telecommunications and technology sectors.

38 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	0.7	%
	2.	Air Products & Chemicals, Inc.	0.7
	3.	Ford Motor Co.	0.7
	4.	KLA-Tencor Corp.	0.7
	5.	Procter & Gamble Co. (The)	0.6
	6.	Home Depot, Inc. (The)	0.6
	7.	Paychex, Inc.	0.6
	8.	Analog Devices, Inc.	0.6
	9.	QUALCOMM, Inc.	0.6
	10.	Sonoco Products Co.	0.6

PORTFOLIO COMPOSITION BY SECTOR****
Financials	17.8	%
Utilities	16.3
Consumer Goods	15.4
Consumer Services	10.5
Industrials	9.5
Basic Materials	9.3
Health Care	6.7
Technology	5.7
Oil & Gas	5.3
Telecommunications	3.4
Short-Term Investments	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 $26.64 as of April 30, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $26.64 as of April 30, 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 April 30, 2019. The Fund’s composition is subject to change.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 39

JPMorgan U.S. Dividend ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Dividend ETF
Net Asset Value		November 8, 2017		8.86%		11.21%		8.13%
Market Price				8.94%		11.16%		8.12%

* Not annualized.

LIFE OF FUND PERFORMANCE(11/8/17 TO 4/30/19)

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 November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Dividend ETF, the JP Morgan US Dividend Index, and the Russell 1000 Index from November 8, 2017 to April 30, 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 JP Morgan US Dividend Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Dividend Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark

administrator, administers, calculates and governs the JP Morgan US Dividend Index. The JP Morgan US Dividend Index contains U.S. large- and mid-cap equity securities from the Russell 1000 Index using a rules-based factor selection process. It is designed to reflect a sub-set of U.S. securities chosen for their factor characteristics and seeks to diversify risk across sectors and securities while selecting constituents to deliver high dividend yield. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

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

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

40 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

JPMorgan U.S. Minimum Volatility ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan U.S. Minimum Volatility ETF
Net Asset Value*		10.07%
Market Price**		10.14%
JP Morgan US Minimum Volatility Index		10.20%
Russell 1000 Index		10.00%
Net Assets as of 4/30/2019	$	41,258,938

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute return for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying

Index outperformed the Russell 1000 Index, which is a more traditional market capitalization weighted equity index.

In terms of absolute performance, the Fund’s and the Underlying Index’s positions in the utilities and consumer goods sectors were leading contributors to performance, while their positions in the telecommunications and oil & gas sectors were the smallest contributors to performance.

Relative to the Russell 1000 Index, the Underlying Index’s security selection and overweight positions in the utilities sector and its security selection in the health care sector were leading contributors to performance. The Underlying Index’s underweight positions in the technology and industrials sectors were leading detractors from relative performance.

HOW WAS THE FUND POSITIONED?

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

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 41

JPMorgan U.S. Minimum Volatility ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Walt Disney Co. (The)	0.7	%
	2.	Synopsys, Inc.	0.7
	3.	Microsoft Corp.	0.7
	4.	Church & Dwight Co., Inc.	0.7
	5.	Hershey Co. (The)	0.6
	6.	PepsiCo, Inc.	0.6
	7.	American Tower Corp.	0.6
	8.	Colgate-Palmolive Co.	0.6
	9.	Yum! Brands, Inc.	0.6
	10.	AutoZone, Inc.	0.6

PORTFOLIO COMPOSITION BY SECTOR****
Consumer Goods	18.5	%
Health Care	18.4
Utilities	16.5
Financials	13.2
Consumer Services	9.4
Technology	5.4
Basic Materials	5.2
Oil & Gas	4.9
Industrials	4.8
Telecommunications	3.5
Short-Term Investments	0.2

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $28.45 as of April 30, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $28.47 as of April 30, 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 April 30, 2019. The Fund’s composition is subject to change.

42 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Minimum Volatility ETF
Net Asset Value		November 8, 2017		10.07%		15.17%		11.52%
Market Price				10.14%		15.21%		11.57%

* Not annualized.

LIFE OF FUND PERFORMANCE(11/8/17 TO 4/30/19)

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 November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Minimum Volatility ETF, the JP Morgan US Minimum Volatility Index, and the Russell 1000 Index from November 8, 2017 to April 30, 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 JP Morgan US Minimum Volatility Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Minimum Volatility Index and developed the proprietary factors on which the index is based.

FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Minimum Volatility Index. The JP Morgan US Minimum Volatility Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based factor selection process. It is designed to reflect a sub-set of U.S. securities chosen for their factor characteristics and seeks to minimize the overall portfolio volatility based upon the parameters of the rule based process. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

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

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

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 43

JPMorgan U.S. Momentum Factor ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan U.S. Momentum Factor ETF
Net Asset Value*		9.96%
Market Price**		10.03%
JP Morgan US Momentum Factor Index		10.01%
Russell 1000 Index		10.00%
Net Assets as of 4/30/2019	$	39,748,855

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees

and tax management of the Fund’s portfolio. The Fund underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

On an absolute basis, the Fund’s and the Underlying Index’s positions in the technology and financials sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s positions in the oil & gas and health care sectors were leading detractors from performance.

Relative to the Russell 1000 Index, Underlying Index’s security selection in the health care and consumer goods sectors was a leading detractor from relative performance, while the Underlying Index’s security selection in the technology and financials sectors was a leading contributor to performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, among the Fund’s and Underlying Index’s largest allocations were the technology and financials sectors and among their smallest allocations were the telecommunications and basic materials sectors.

44 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

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

PORTFOLIO COMPOSITION BY SECTOR****
Technology	21.6	%
Financials	18.9
Consumer Services	13.6
Industrials	13.1
Health Care	12.1
Consumer Goods	7.9
Oil & Gas	5.0
Utilities	3.0
Basic Materials	2.3
Telecommunications	1.9
Investment of cash collateral from securities loaned	0.5
Short-Term Investments	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 $28.39 as of April 30, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $28.42 as of April 30, 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 April 30, 2019. The Fund’s composition is subject to change.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 45

JPMorgan U.S. Momentum Factor ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Momentum Factor ETF
Net Asset Value		November 8, 2017		9.96%		10.45%		10.36%
Market Price				10.03%		10.48%		10.44%

* Not annualized.

LIFE OF FUND PERFORMANCE(11/8/17 TO 4/30/19)

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 pleasecall 1-844-457-6383.

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Momentum Factor ETF, the JP Morgan US Momentum Factor Index, and the Russell 1000 Index from November 8, 2017 to April 30, 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 JP Morgan US Momentum Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Momentum Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and

governs the JP Morgan US Momentum Factor Index. The JP Morgan US Momentum Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities chosen for their factor characteristics and selects securities utilizing a momentum factor to identify companies that have had better recent performance compared to other securities without undue concentration in individual securities. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

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

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

46 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

JPMorgan U.S. Quality Factor ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan U.S. Quality Factor ETF
Net Asset Value*		10.04%
Market Price**		10.08%
JP Morgan US Quality Factor Index		10.21%
Russell 1000 Index		10.00%
Net Assets as of 4/30/2019	$	52,108,696

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and

the Underlying Index outperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

On an absolute basis, the Fund’s and the Underlying Index’s positions in the technology and financials sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s positions in the oil & gas was the sole sector detractor from performance.

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

HOW WAS THE FUND POSITIONED?

During the reporting period, among the Fund’s and the Underlying Index’s largest allocations were the technology and financials sectors and among their smallest allocations were the telecommunications and materials sectors.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 47

JPMorgan U.S. Quality Factor ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	2.2	%
	2.	Visa, Inc., Class A	2.1
	3.	Apple, Inc.	2.1
	4.	Johnson & Johnson	1.9
	5.	Cisco Systems, Inc.	1.9
	6.	Alphabet, Inc., Class A	1.8
	7.	Facebook, Inc., Class A	1.8
	8.	Home Depot, Inc. (The)	1.7
	9.	Mastercard, Inc., Class A	1.7
	10.	Pfizer, Inc.	1.5

PORTFOLIO COMPOSITION BY SECTOR****
Technology	21.9	%
Financials	18.8
Consumer Services	13.7
Industrials	12.7
Health Care	12.0
Consumer Goods	8.0
Oil & Gas	4.9
Utilities	3.1
Basic Materials	2.4
Telecommunications	1.9
Investment of cash collateral from securities loaned	0.5
Short-Term Investments	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 $28.95 as of April 30, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $28.96 as of April 30, 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 April 30, 2019. The Fund’s composition is subject to change.

48 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Quality Factor ETF
Net Asset Value		November 8, 2017		10.04%		15.25%		12.54%
Market Price				10.08%		15.25%		12.56%

* Not annualized.

LIFE OF FUND PERFORMANCE(11/8/17 TO 4/30/19)

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 November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Quality Factor ETF, the JP Morgan US Quality Factor Index, and the Russell 1000 Index from November 8, 2017 to April 30, 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 JP Morgan US Quality Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Quality Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and

governs the JP Morgan US Quality Factor Index. The JP Morgan US Quality Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities chosen for their factor characteristics and selects securities utilizing a quality factor to identifying higher quality companies as measured by profitability, solvency, and earnings quality without undue concentration in individual securities. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

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

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

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 49

JPMorgan U.S. Value Factor ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan U.S. Value Factor ETF
Net Asset Value*		8.17%
Market Price**		8.25%
JP Morgan US Value Factor Index		8.49%
Russell 1000 Index		10.00%
Net Assets as of 4/30/2019	$	56,620,137

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute return for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying

Index underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

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

Relative to the Russell 1000 Index, the Underlying Index’s security selection in the consumer services and financials sectors was a leading detractor from performance. The Underlying Index’s security selection in the technology and consumer goods sectors was a leading contributor to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, among the Fund’s and the Underlying Index’s largest allocations were the technology and financials sectors and among their smallest allocations were the telecommunications and basic materials sectors.

50 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	2.3	%
	2.	Apple, Inc.	2.0
	3.	Cisco Systems, Inc.	1.9
	4.	Procter & Gamble Co. (The)	1.8
	5.	Intel Corp.	1.7
	6.	Wells Fargo & Co.	1.7
	7.	Pfizer, Inc.	1.7
	8.	Johnson & Johnson	1.7
	9.	Exxon Mobil Corp.	1.6
	10.	Walt Disney Co. (The)	1.6

PORTFOLIO COMPOSITION BY SECTOR****
Technology	21.6	%
Financials	18.4
Consumer Services	13.5
Industrials	13.2
Health Care	12.4
Consumer Goods	8.5
Oil & Gas	5.1
Utilities	3.1
Basic Materials	2.1
Telecommunications	1.9
Investment of cash collateral from securities loaned	0.1
Short-Term Investments	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 $26.96 as of April 30, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $26.98 as of April 30, 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 April 30, 2019. The Fund’s composition is subject to change.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 51

JPMorgan U.S. Value Factor ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Value Factor ETF
Net Asset Value		November 8, 2017		8.17%		9.06%		7.69%
Market Price				8.25%		9.05%		7.75%

* Not annualized.

LIFE OF FUND PERFORMANCE(11/8/17 TO 4/30/19)

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 November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Value Factor ETF, the JP Morgan US Value Factor Index, and the Russell 1000 Index from November 8, 2017 to April 30, 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 JP Morgan US Value Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Value Factor Index and developed the proprietary factors on which the index is based. FTSE International

Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Value Factor Index. The JP Morgan US Value Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities chosen for their factor characteristics and selects securities utilizing a value factor to identify companies with attractive valuations without undue concentration in individual securities. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

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

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

52 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

JPMorgan BetaBuilders Canada ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.5%
Aerospace & Defense — 0.7%
Bombardier, Inc., Class B*		5,397,029		9,225,346
CAE, Inc.		673,023		15,653,801
				24,879,147
Airlines — 0.5%
Air Canada*		687,478		16,503,167
Auto Components — 1.2%
Magna International, Inc.		770,304		42,876,442
Banks — 26.5%
Bank of Montreal (a)		1,621,227		128,057,208
Bank of Nova Scotia (The)		3,112,540		171,413,899
Canadian Imperial Bank of Commerce		1,125,312		94,757,368
National Bank of Canada (a)		852,062		40,590,130
Royal Bank of Canada		3,645,469		290,532,750
Toronto-Dominion Bank (The)		4,654,505		265,505,167
				990,856,522
Capital Markets — 3.4%
Brookfield Asset Management, Inc., Class A		2,219,575		107,010,786
CI Financial Corp.		570,975		8,212,800
IGM Financial, Inc.		214,132		5,913,924
TMX Group Ltd.		90,676		5,784,258
				126,921,768
Chemicals — 2.5%
Methanex Corp.		196,212		10,755,997
Nutrien Ltd.		1,533,280		83,159,009
				93,915,006
Commercial Services & Supplies — 1.9%
Ritchie Bros Auctioneers, Inc.		276,074		9,607,054
Waste Connections, Inc.		668,568		62,051,015
				71,658,069
Construction & Engineering — 0.5%
SNC-Lavalin Group, Inc.		445,818		11,114,668
WSP Global, Inc.		162,285		8,762,930
				19,877,598
Containers & Packaging — 0.4%
CCL Industries, Inc., Class B		366,587		15,638,163
Diversified Financial Services — 0.3%
Onex Corp.		205,697		11,931,562
Diversified Telecommunication Services — 1.4%
BCE, Inc.		752,737		33,678,477
TELUS Corp.		503,035		18,522,592
				52,201,069

INVESTMENTS	SHARES		VALUE($)
Electric Utilities — 2.0%
Emera, Inc. (a)		591,618		22,217,139
Fortis, Inc.		1,088,072		40,218,949
Hydro One Ltd. (b)		771,757		12,489,133
				74,925,221
Equity Real Estate Investment Trusts (REITs) — 0.5%
Canadian Apartment Properties REIT		188,973		6,760,824
H&R		355,451		6,073,205
RioCan		379,054		7,288,521
				20,122,550
Food & Staples Retailing — 3.6%
Alimentation Couche-Tard, Inc., Class B		1,110,782		65,492,775
Empire Co. Ltd., Class A		405,671		9,023,659
George Weston Ltd.		186,956		13,959,251
Loblaw Cos. Ltd.		449,745		22,032,369
Metro, Inc.		611,792		22,148,176
				132,656,230
Food Products — 0.5%
Saputo, Inc.		563,242		19,259,622
Gas Utilities — 0.3%
AltaGas Ltd. (a)		699,313		9,296,682
Hotels, Restaurants & Leisure — 1.4%
Restaurant Brands International, Inc.		638,830		41,695,376
Stars Group, Inc. (The)*		555,007		10,472,924
				52,168,300
Insurance — 7.4%
Fairfax Financial Holdings Ltd.		70,435		33,589,246
Great-West Lifeco, Inc.		659,904		16,585,032
iA Financial Corp., Inc.		273,544		10,891,123
Intact Financial Corp.		353,471		28,919,875
Manulife Financial Corp.		4,986,835		91,830,424
Power Corp. of Canada (a)		841,615		19,311,223
Power Financial Corp.		573,406		13,666,383
Sun Life Financial, Inc.		1,519,796		63,142,379
				277,935,685
IT Services — 2.8%
CGI, Inc.*		622,990		44,842,073
Shopify, Inc., Class A* (a)		248,914		60,523,801
				105,365,874
Media — 0.9%
Quebecor, Inc., Class B		453,567		11,311,244
Shaw Communications, Inc., Class B		1,127,810		22,839,057
				34,150,301

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 53

JPMorgan BetaBuilders Canada ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Metals & Mining — 5.7%
Agnico Eagle Mines Ltd.		597,009		24,723,490
Barrick Gold Corp.		4,447,977		56,541,799
First Quantum Minerals Ltd.		1,750,714		18,491,157
Franco-Nevada Corp.		475,030		34,036,075
Kinross Gold Corp.*		3,174,951		10,095,761
Lundin Mining Corp.		1,623,475		8,712,985
Teck Resources Ltd., Class B		1,272,297		30,086,116
Wheaton Precious Metals Corp.		1,128,394		24,409,090
Yamana Gold, Inc.		2,410,844		5,290,648
				212,387,121
Multiline Retail — 1.0%
Canadian Tire Corp. Ltd., Class A (a)		151,103		16,631,819
Dollarama, Inc.		735,424		22,089,619
				38,721,438
Multi-Utilities — 0.8%
Algonquin Power & Utilities Corp.		1,241,443		14,168,593
Atco Ltd., Class I		190,753		6,542,584
Canadian Utilities Ltd., Class A		303,773		8,373,768
				29,084,945
Oil, Gas & Consumable Fuels — 19.6%
ARC Resources Ltd. (a)		898,757		5,709,056
Cameco Corp.		1,005,112		11,088,718
Canadian Natural Resources Ltd.		3,052,389		91,637,744
Cenovus Energy, Inc.		2,589,832		25,672,142
Crescent Point Energy Corp. (a)		1,397,117		5,381,148
Enbridge, Inc.		4,705,362		173,821,277
Encana Corp.		3,798,533		26,312,149
Husky Energy, Inc.		765,755		8,310,874
Imperial Oil Ltd.		593,504		17,242,051
Inter Pipeline Ltd. (a)		1,225,006		19,951,952
Keyera Corp.		536,240		12,392,319
Pembina Pipeline Corp.		1,393,025		49,806,597
PrairieSky Royalty Ltd. (a)		528,974		7,624,459
Seven Generations Energy Ltd., Class A*		681,356		5,340,179
Suncor Energy, Inc.		4,184,537		137,995,704
Tourmaline Oil Corp.		642,483		9,605,833
TransCanada Corp.		2,419,468		115,474,199
Vermilion Energy, Inc. (a)		387,547		9,896,233
				733,262,634
Paper & Forest Products — 0.2%
West Fraser Timber Co. Ltd.		134,831		6,941,326
Pharmaceuticals — 1.8%
Aurora Cannabis, Inc.* (a)		2,535,928		23,036,683

INVESTMENTS	SHARES		VALUE($)
Pharmaceuticals — continued
Bausch Health Cos., Inc.*		781,618		18,051,251
Canopy Growth Corp.* (a)		548,800		27,720,606
				68,808,540
Professional Services — 0.8%
Thomson Reuters Corp.		458,467		28,332,076
Road & Rail — 6.7%
Canadian National Railway Co.		1,843,784		171,262,582
Canadian Pacific Railway Ltd.		357,011		79,991,037
				251,253,619
Software — 2.2%
BlackBerry Ltd.*		1,251,003		11,476,321
Constellation Software, Inc.		50,048		44,159,319
Open Text Corp.		682,543		26,237,937
				81,873,577
Textiles, Apparel & Luxury Goods — 0.5%
Gildan Activewear, Inc.		524,985		19,358,259
Thrifts & Mortgage Finance — 0.1%
Genworth MI Canada, Inc. (a)		95,643		2,972,022
Trading Companies & Distributors — 0.2%
Finning International, Inc.		417,960		7,503,126
Wireless Telecommunication Services — 1.2%
Rogers Communications, Inc., Class B		912,330		45,933,163
Total Common Stocks (Cost $3,625,591,611)				3,719,570,824
Investment of Cash Collateral from Securities Loaned — 4.7%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d)		130,000,301		130,013,301
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d)		45,361,209		45,361,209
Total Investment of Cash Collateral from Securities Loaned (Cost $175,374,510)				175,374,510
Total Investments — 104.2% (Cost $3,800,966,121)				3,894,945,334
Liabilities in Excess of Other Assets — (4.2%)				(157,937,600	)
NET ASSETS — 100.0%				3,737,007,734

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

Abbreviations

REIT	—  Real Estate Investment Trust
(a)	—  The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $167,876,062.
(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)	—  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 April 30, 2019.
*	—  Non-income producing security.

Futures contracts outstanding as of April 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
S&P/TSX 60 Index		110		06/2019		CAD		16,303,352		301,989
										301,989

Abbreviations

CAD	—  Canadian Dollar
TSX	—  Toronto Stock Exchange

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 55

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.3%
Australia — 53.4%
AGL Energy Ltd.		477,677		7,493,962
Alumina Ltd.		1,691,698		2,676,910
Amcor Ltd.		840,779		9,504,038
AMP Ltd.		2,125,106		3,406,407
APA Group		856,561		5,814,484
Aristocrat Leisure Ltd.		462,531		8,514,543
ASX Ltd.		140,526		7,382,991
Aurizon Holdings Ltd.		1,444,781		4,847,974
AusNet Services		1,255,578		1,571,967
Australia & New Zealand Banking Group Ltd.		2,101,201		40,310,677
Bendigo & Adelaide Bank Ltd.		350,007		2,542,209
BHP Group Ltd.		2,136,790		56,544,464
BlueScope Steel Ltd.		399,428		3,795,680
Boral Ltd.		851,059		2,913,720
Brambles Ltd.		1,152,987		9,797,731
Caltex Australia Ltd.		189,335		3,630,551
Challenger Ltd.		416,479		2,410,978
CIMIC Group Ltd.		70,955		2,531,227
Coca-Cola Amatil Ltd.		367,930		2,282,305
Cochlear Ltd.		41,580		5,496,252
Commonwealth Bank of Australia		1,277,595		67,144,292
Computershare Ltd.		364,899		4,590,521
Crown Resorts Ltd.		260,041		2,437,626
CSL Ltd.		328,491		46,074,728
Dexus, REIT		732,651		6,468,381
Domino’s Pizza Enterprises Ltd.		45,313		1,373,589
Flight Centre Travel Group Ltd.		41,897		1,134,953
Fortescue Metals Group Ltd.		1,242,589		6,279,061
Goodman Group, REIT		1,163,506		10,827,106
GPT Group (The), REIT		1,302,994		5,270,683
Harvey Norman Holdings Ltd. (a)		458,960		1,349,402
Healthscope Ltd.		943,086		1,629,402
Iluka Resources Ltd.		303,801		1,853,854
Incitec Pivot Ltd.		1,216,463		2,890,808
Insurance Australia Group Ltd.		1,677,512		9,321,027
Lendlease Group		423,578		3,972,050
Macquarie Group Ltd.		229,749		21,833,990
Medibank Pvt Ltd.		1,999,331		4,029,381
Mirvac Group, REIT		2,689,816		5,384,714
National Australia Bank Ltd.		1,981,311		35,376,387
Newcrest Mining Ltd.		554,171		9,789,557
Orica Ltd.		272,195		3,568,827
Origin Energy Ltd.		1,276,100		6,631,339
Qantas Airways Ltd.		607,000		2,401,124
QBE Insurance Group Ltd.		990,923		9,038,263

INVESTMENTS	SHARES		VALUE($)
Australia — continued
Ramsay Health Care Ltd.		93,900		4,324,276
REA Group Ltd.		35,370		1,993,260
Reece Ltd.		130,671		951,149
Rio Tinto Ltd.		269,494		18,164,533
Santos Ltd.		1,278,976		6,472,401
Scentre Group, REIT		3,865,304		10,426,650
SEEK Ltd.		254,562		3,269,603
Seven Group Holdings Ltd.		83,315		1,152,063
Sonic Healthcare Ltd.		330,572		5,978,020
South32 Ltd.		3,730,501		8,810,772
Stockland, REIT		1,767,355		4,704,926
Suncorp Group Ltd.		940,868		8,804,884
Sydney Airport		800,918		4,305,054
Tabcorp Holdings Ltd.		1,459,269		4,927,497
Telstra Corp. Ltd.		3,021,986		7,197,899
TPG Telecom Ltd.		248,030		1,178,563
Transurban Group		1,893,286		17,928,349
Treasury Wine Estates Ltd.		521,734		6,328,476
Vicinity Centres, REIT		2,332,865		4,183,610
Washington H Soul Pattinson & Co. Ltd.		84,900		1,377,000
Wesfarmers Ltd.		823,149		20,893,405
Westpac Banking Corp.		2,493,572		48,441,113
Woodside Petroleum Ltd.		679,545		16,940,870
Woolworths Group Ltd.		953,446		21,407,269
WorleyParsons Ltd.		226,342		2,280,792
				686,582,569
China — 0.3%
Evergrande Health Industry Group Ltd.* (a)		1,545,000		2,152,511
Yangzijiang Shipbuilding Holdings Ltd.		1,660,500		1,919,858
				4,072,369
Hong Kong — 28.5%
AIA Group Ltd.		8,766,200		89,760,941
ASM Pacific Technology Ltd.		185,100		2,146,980
Bank of East Asia Ltd. (The)		1,072,200		3,384,407
Cathay Pacific Airways Ltd.		713,000		1,200,704
Chow Tai Fook Jewellery Group Ltd.		801,600		857,951
CK Asset Holdings Ltd.		1,926,000		15,486,079
CK Hutchison Holdings Ltd.		2,014,500		21,180,289
CK Infrastructure Holdings Ltd.		535,500		4,342,651
CLP Holdings Ltd.		1,325,000		15,038,310
Dairy Farm International Holdings Ltd.		216,800		1,698,327
Guoco Group Ltd.		57,000		848,469
Hang Lung Group Ltd.		611,000		1,822,251
Hang Lung Properties Ltd.		1,442,000		3,394,074

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Hong Kong — continued
Hang Seng Bank Ltd.		527,200		13,851,460
Henderson Land Development Co. Ltd.		1,079,000		6,650,041
HK Electric Investments & HK Electric Investments Ltd. (b)		1,664,500		1,631,105
HKT Trust & HKT Ltd.		2,627,000		4,072,038
Hong Kong & China Gas Co. Ltd.		6,480,000		15,469,437
Hong Kong Exchanges & Clearing Ltd.		861,500		29,927,498
Hutchison Port Holdings Trust		3,927,300		922,558
Hysan Development Co. Ltd.		452,000		2,533,339
Jardine Matheson Holdings Ltd.		229,600		15,114,587
Jardine Strategic Holdings Ltd.		128,400		4,857,263
Kerry Properties Ltd.		427,000		1,827,718
Kingston Financial Group Ltd. (a)		2,298,000		530,995
Lifestyle International Holdings Ltd.		341,000		594,307
Link REIT, REIT		1,529,000		17,864,768
MTR Corp. Ltd.		1,156,000		6,886,793
New World Development Co. Ltd. (a)		4,159,000		6,890,259
NWS Holdings Ltd.		1,169,000		2,430,968
Orient Overseas International Ltd.* (a)		140,000		945,850
PCCW Ltd.		3,199,000		1,928,932
Power Assets Holdings Ltd.		949,500		6,622,927
Shangri-La Asia Ltd.		944,000		1,338,388
Sino Land Co. Ltd.		2,412,000		4,242,844
Sun Hung Kai Properties Ltd.		1,115,500		19,251,685
Swire Pacific Ltd., Class A (a)		356,500		4,514,526
Swire Pacific Ltd., Class B		645,000		1,279,277
Swire Properties Ltd.		763,200		3,105,701
Techtronic Industries Co. Ltd.		1,056,000		7,641,744
WH Group Ltd. (b)		6,813,000		8,061,237
Wharf Holdings Ltd. (The)		833,000		2,394,016
Wharf Real Estate Investment Co. Ltd.		831,000		6,369,020
Wheelock & Co. Ltd.		560,000		3,990,793
Yue Yuen Industrial Holdings Ltd.		504,500		1,629,525
				366,533,032
Ireland — 0.3%
James Hardie Industries plc, CHDI		321,842		4,378,756
Luxembourg — 0.1%
L’Occitane International SA		291,836		524,433
Macau — 2.3%
Galaxy Entertainment Group Ltd.		1,817,000		13,607,941
MGM China Holdings Ltd. (a)		607,428		1,253,954
Sands China Ltd.		1,762,979		9,703,721
SJM Holdings Ltd.		1,557,000		1,882,718
Wynn Macau Ltd.		1,059,916		3,049,560
				29,497,894

INVESTMENTS	SHARES		VALUE($)
New Zealand — 2.2%
a2 Milk Co. Ltd.*		533,516		5,997,577
Auckland International Airport Ltd.		683,784		3,640,240
Contact Energy Ltd.		520,305		2,335,876
Fisher & Paykel Healthcare Corp. Ltd.		416,463		4,405,701
Fletcher Building Ltd.		619,508		2,134,405
Mercury NZ Ltd.		455,692		1,126,820
Meridian Energy Ltd.		911,732		2,476,612
Ryman Healthcare Ltd.		301,277		2,446,621
Spark New Zealand Ltd.		1,333,028		3,270,818
				27,834,670
Singapore — 12.1%
Ascendas, REIT		1,851,600		4,090,136
CapitaLand Commercial Trust, REIT		2,010,700		2,872,681
CapitaLand Ltd.		1,812,200		4,709,207
CapitaLand Mall Trust, REIT		2,033,500		3,620,829
City Developments Ltd.		447,900		2,948,158
ComfortDelGro Corp. Ltd.		1,572,300		3,114,230
DBS Group Holdings Ltd.		1,319,200		27,433,344
Frasers Property Ltd.		273,700		374,298
Genting Singapore Ltd.		4,114,900		2,983,788
Golden Agri-Resources Ltd.		4,826,400		1,026,202
Great Eastern Holdings Ltd.		41,800		797,824
Jardine Cycle & Carriage Ltd.		72,000		1,881,387
Keppel, REIT		1,302,700		1,168,806
Keppel Corp. Ltd.		1,052,500		5,245,038
Mapletree North Asia Commercial Trust, REIT (b)		1,544,300		1,542,959
Olam International Ltd.		669,700		974,534
Oversea-Chinese Banking Corp. Ltd.		2,930,100		26,102,051
SATS Ltd.		484,600		1,863,790
Sembcorp Industries Ltd.		661,200		1,293,073
Sembcorp Marine Ltd.*		592,700		745,094
SIA Engineering Co. Ltd.		179,100		329,457
Singapore Airlines Ltd.		377,800		2,691,950
Singapore Exchange Ltd.		598,400		3,249,120
Singapore Press Holdings Ltd.		1,158,600		2,141,321
Singapore Technologies Engineering Ltd.		1,108,300		3,229,594
Singapore Telecommunications Ltd.		5,690,900		13,275,981
StarHub Ltd.		428,700		488,881
Suntec, REIT		1,633,900		2,222,427
United Industrial Corp. Ltd.		156,300		364,037
United Overseas Bank Ltd.		1,027,600		21,043,685
UOL Group Ltd.		392,200		2,188,969
Venture Corp. Ltd.		194,700		2,441,765
Wilmar International Ltd.		2,618,700		7,003,404

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 57

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Singapore — continued
Yanlord Land Group Ltd.		478,500		513,990
				155,972,010
Taiwan — 0.1%
FIT Hon Teng Ltd. (b)		1,121,000		585,302
Total Common Stocks (Cost $1,200,561,015)				1,275,981,035
Investment Of Cash Collateral From Securities Loaned — 0.4%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d)		1,999,800		2,000,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d)		3,629,387		3,629,387
Total Investment Of Cash Collateral From Securities Loaned (Cost $5,629,387)				5,629,387
Total Investments — 99.7% (Cost $1,206,190,402)				1,281,610,422
Other Assets Less Liabilities — 0.3%				3,411,806
NET ASSETS — 100.0%				1,285,022,228

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

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

INDUSTRY	PERCENTAGE
Banks		22.2	%
Insurance		9.5
Metals & Mining		8.4
Real Estate Management & Development		7.7
Equity Real Estate Investment Trusts (REITs)		6.3
Capital Markets		4.9
Hotels, Restaurants & Leisure		4.1
Industrial Conglomerates		4.0
Biotechnology		3.6
Oil, Gas & Consumable Fuels		2.7
Electric Utilities		2.5
Diversified Telecommunication Services		2.4
Transportation Infrastructure		2.3
Food & Staples Retailing		1.9
Multiline Retail		1.8
Food Products		1.7
Gas Utilities		1.7
Health Care Providers & Services		1.3
Road & Rail		1.2
Others (each less than 1.0%)		9.8

Abbreviations

CHDI	—  Clearing House Electronic Subregister System (CHESS) Depository Interest
REIT	—  Real Estate Investment Trust
(a)	—  The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $5,345,743.
(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)	—  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 April 30, 2019.
*	—  Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

Futures contracts outstanding as of April 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Hang Seng Index		14		05/2019		HKD		2,634,179		3,548
MSCI Singapore Index		28		05/2019		SGD		780,031		7,389
SPI 200 Index		2		05/2019		AUD		222,095		(2,119	)
SPI 200 Index		43		06/2019		AUD		4,781,094		83,453
										92,271

Abbreviations

AUD	—  Australian Dollar
HKD	—  Hong Kong Dollar
MSCI	—  Morgan Stanley Capital International
SGD	—  Singapore Dollar
SPI	—  Australian Securities Exchange

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 59

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.1%
Australia — 1.2%
BHP Group plc		987,443		23,308,172
Rio Tinto plc		519,131		30,285,619
				53,593,791
Austria — 0.5%
ANDRITZ AG (a)		33,129		1,582,109
BAWAG Group AG (b)		17,980		874,542
Erste Group Bank AG*		140,659		5,632,144
EVN AG		15,867		236,692
IMMOFINANZ AG*		42,528		1,090,718
Lenzing AG (a)		6,168		693,378
Oesterreichische Post AG		14,801		576,384
OMV AG		66,651		3,575,100
Raiffeisen Bank International AG		62,368		1,663,495
Strabag SE		7,082		237,939
Telekom Austria AG*		63,877		478,835
UNIQA Insurance Group AG		54,002		575,402
Verbund AG*		30,825		1,530,679
Vienna Insurance Group AG Wiener Versicherung Gruppe		17,688		492,004
voestalpine AG		52,142		1,677,619
				20,917,040
Belgium — 2.0%
Ackermans & van Haaren NV		10,458		1,685,023
Ageas		89,395		4,724,117
Anheuser-Busch InBev SA/NV		467,062		41,525,147
bpost SA		45,125		543,262
Colruyt SA		23,219		1,676,158
Elia System Operator SA/NV		14,075		948,770
Groupe Bruxelles Lambert SA		37,338		3,575,494
KBC Group NV		159,852		11,866,752
Proximus SADP		71,974		2,015,783
Sofina SA		7,246		1,492,618
Solvay SA		34,155		4,118,264
Telenet Group Holding NV		26,902		1,428,839
UCB SA		60,018		4,770,165
Umicore SA		97,918		3,799,975
				84,170,367
Chile — 0.0%(c)
Antofagasta plc		159,773		1,899,344
Colombia — 0.0%(c)
Millicom International Cellular SA, SDR		27,824		1,627,481
Denmark — 2.7%
AP Moller — Maersk A/S, Class A		1,558		1,905,783
AP Moller — Maersk A/S, Class B		3,057		3,940,761

INVESTMENTS	SHARES		VALUE($)
Denmark — continued
Carlsberg A/S, Class B		49,456		6,394,701
Chr Hansen Holding A/S		45,202		4,618,790
Coloplast A/S, Class B		54,616		5,899,702
Danske Bank A/S		326,726		5,807,152
Demant A/S* (a)		52,531		1,659,790
DSV A/S		87,894		8,144,950
Genmab A/S*		28,271		4,693,216
GN Store Nord A/S		67,361		3,452,607
H Lundbeck A/S (a)		28,318		1,193,843
ISS A/S (a)		74,736		2,327,402
Jyske Bank A/S (Registered)		31,364		1,265,051
Novo Nordisk A/S, Class B		822,635		40,304,635
Novozymes A/S, Class B		102,355		4,777,453
Orsted A/S (b)		78,119		5,980,716
Pandora A/S		50,858		2,133,250
Rockwool International A/S, Class A		2,771		659,026
Rockwool International A/S, Class B		3,352		896,823
Tryg A/S		55,714		1,705,109
Vestas Wind Systems A/S		96,168		8,701,654
				116,462,414
Finland — 2.0%
Elisa OYJ		69,289		2,939,941
Fortum OYJ		201,772		4,279,687
Huhtamaki OYJ		44,232		1,691,483
Kesko OYJ, Class A		9,797		471,195
Kesko OYJ, Class B		31,343		1,629,832
Kone OYJ, Class B		189,007		10,385,599
Konecranes OYJ		30,792		1,287,105
Metso OYJ		59,251		2,217,009
Neste OYJ		179,812		5,943,266
Nokia OYJ		2,632,862		13,834,664
Nokian Renkaat OYJ		57,570		1,929,734
Nordea Bank Abp		1,491,194		11,731,752
Orion OYJ, Class A		15,041		504,619
Orion OYJ, Class B		48,146		1,605,403
Outokumpu OYJ (a)		147,027		562,933
Sampo OYJ, Class A		227,990		10,439,228
Stora Enso OYJ, Class A		13,164		204,606
Stora Enso OYJ, Class R		266,579		3,319,844
UPM-Kymmene OYJ		248,792		7,024,597
Wartsila OYJ Abp		210,857		3,376,341
				85,378,838
France — 16.7%
Accor SA		87,707		3,694,859

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
France — continued
Adevinta ASA, Class A*		924		9,320
Aeroports de Paris		15,114		3,078,912
Air Liquide SA		200,201		26,633,101
Airbus SE (a)		267,322		36,604,305
Alstom SA		73,882		3,250,599
Amundi SA (b)		27,730		1,995,096
Arkema SA		33,666		3,456,708
Atos SE		43,883		4,524,807
AXA SA (a)		918,885		24,503,479
BioMerieux		19,679		1,562,988
BNP Paribas SA		535,270		28,494,069
Bollore SA		419,111		1,993,622
Bouygues SA (a)		105,950		3,988,210
Bureau Veritas SA		122,976		3,117,280
Capgemini SE		74,303		9,016,989
Carrefour SA		261,986		5,104,061
Casino Guichard Perrachon SA (a)		24,769		1,014,003
Cie de Saint-Gobain		255,419		10,472,162
Cie Generale des Etablissements Michelin SCA		84,185		10,886,003
CNP Assurances (a)		73,265		1,730,573
Covivio, REIT		28,700		3,106,327
Credit Agricole SA		572,167		7,857,022
Danone SA (a)		301,063		24,339,415
Dassault Aviation SA		1,080		1,634,081
Dassault Systemes SE		63,012		9,978,763
Edenred		111,862		5,274,042
Eiffage SA		33,956		3,545,386
Electricite de France SA		223,191		3,223,310
Engie SA		856,984		12,719,788
EssilorLuxottica SA*		121,569		14,811,790
Eutelsat Communications SA		79,793		1,442,084
Faurecia SA		34,485		1,754,648
Gecina SA, REIT		25,481		3,807,214
Getlink SE		214,152		3,446,977
Hermes International		16,781		11,806,544
ICADE, REIT (a)		20,987		1,793,673
Iliad SA (a)		12,481		1,271,528
Imerys SA		16,848		897,216
Ipsen SA		16,996		1,984,961
JCDecaux SA		35,323		1,156,854
Kering SA (a)		34,788		20,585,958
Klepierre SA, REIT		96,017		3,411,870
Lagardere SCA		56,557		1,540,377
Legrand SA		123,796		9,105,552
L’Oreal SA (a)		114,908		31,605,730

INVESTMENTS	SHARES		VALUE($)
France — continued
LVMH Moet Hennessy Louis Vuitton SE (a)		125,932		49,443,072
Natixis SA (a)		423,352		2,494,703
Orange SA		1,003,037		15,676,017
Pernod Ricard SA		96,751		16,870,181
Peugeot SA (a)		262,278		6,876,634
Publicis Groupe SA (a)		102,263		6,078,135
Renault SA		96,780		6,602,949
Rexel SA		139,889		1,880,653
Safran SA		153,017		22,303,929
Sanofi (a)		535,995		46,765,187
Sartorius Stedim Biotech		10,984		1,491,899
Schneider Electric SE (a)		249,972		21,156,613
SEB SA (a)		12,474		2,285,377
Societe Generale SA		353,859		11,221,399
Sodexo SA		41,363		4,743,657
Suez		196,477		2,760,117
Teleperformance*		26,770		5,146,281
Thales SA		49,489		5,912,819
TOTAL SA		1,180,772		65,639,996
Ubisoft Entertainment SA*		31,381		2,998,084
Unibail-Rodamco-Westfield, REIT		64,349		11,060,640
Valeo SA		111,400		4,051,921
Veolia Environnement SA (a)		262,889		6,217,971
Vinci SA		239,329		24,171,329
Vivendi SA (a)		357,503		10,376,824
				721,458,643
Germany — 13.5%
1&1 Drillisch AG		22,075		823,000
adidas AG		81,518		20,998,053
Allianz SE (Registered)		198,445		47,966,964
Aroundtown SA		334,640		2,718,791
BASF SE		429,410		35,057,444
Bayer AG (Registered)		435,990		29,017,637
Bayerische Motoren Werke AG		149,167		12,725,200
Bayerische Motoren Werke AG (Preference)		25,642		1,895,987
Beiersdorf AG		45,948		5,027,663
Brenntag AG		71,632		3,861,258
Commerzbank AG*		491,826		4,433,018
Continental AG		50,494		8,376,484
Covestro AG (b)		79,568		4,372,067
Daimler AG (Registered)*		465,162		30,531,354
Delivery Hero SE* (b)		53,347		2,458,579
Deutsche Bank AG (Registered)		888,964		7,371,711
Deutsche Boerse AG		88,829		11,869,539
Deutsche Lufthansa AG (Registered)		109,771		2,655,769

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 61

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Germany — continued
Deutsche Post AG (Registered)*		454,006		15,781,444
Deutsche Telekom AG (Registered)		1,513,744		25,362,633
Deutsche Wohnen SE		165,811		7,469,031
E.ON SE		1,029,066		11,064,234
Evonik Industries AG		69,097		2,062,729
Fraport AG Frankfurt Airport Services Worldwide		17,043		1,418,746
Fresenius Medical Care AG & Co. KGaA		99,081		8,350,889
Fresenius SE & Co. KGaA		191,467		10,887,744
GEA Group AG		76,126		2,132,873
Hannover Rueck SE		28,191		4,257,114
HeidelbergCement AG		68,645		5,554,756
Henkel AG & Co. KGaA		46,949		4,477,002
Henkel AG & Co. KGaA (Preference)		83,295		8,430,552
HOCHTIEF AG		9,087		1,358,586
HUGO BOSS AG		29,327		2,049,199
Infineon Technologies AG		527,244		12,498,626
Innogy SE* (b)		59,245		2,750,332
K+S AG (Registered)		88,662		1,805,369
KION Group AG		31,142		2,142,340
LANXESS AG		42,437		2,457,478
MAN SE (Preference)		1,575		126,504
Merck KGaA		60,424		6,440,626
MTU Aero Engines AG		24,311		5,735,684
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)*		69,913		17,398,124
Porsche Automobil Holding SE (Preference)		71,590		4,976,768
ProSiebenSat.1 Media SE		107,992		1,707,197
RWE AG*		253,024		6,490,073
RWE AG (Preference)(Non-Voting)*		17,778		453,630
SAP SE		505,432		65,154,349
Siemens AG (Registered)		397,395		47,648,529
Siemens Healthineers AG (a) (b)		64,819		2,774,528
Symrise AG		59,516		5,720,744
Talanx AG		18,594		744,136
Telefonica Deutschland Holding AG		372,120		1,208,703
thyssenkrupp AG (a)		187,045		2,637,078
TUI AG (a)		206,532		2,308,037
Uniper SE		89,770		2,723,928
United Internet AG (Registered)		57,851		2,325,891
Volkswagen AG		15,012		2,691,606
Volkswagen AG (Preference)		85,801		14,981,034
Vonovia SE		242,214		12,105,008
Wacker Chemie AG		8,154		716,804
Wirecard AG		53,693		8,111,259

INVESTMENTS	SHARES		VALUE($)
Germany — continued
Zalando SE* (b)		55,737		2,621,863
				582,274,298
Ghana — 0.0%(c)
Tullow Oil plc		640,767		1,878,807
Ireland — 0.9%
AIB Group plc		364,804		1,694,832
Bank of Ireland Group plc*		429,669		2,746,665
CRH plc		382,499		12,867,534
Glanbia plc		93,172		1,712,783
Kerry Group plc, Class A		70,686		7,912,285
Kingspan Group plc		70,732		3,719,131
Paddy Power Betfair plc		37,120		3,109,211
Ryanair Holdings plc, ADR*		45,690		3,547,372
Smurfit Kappa Group plc		110,487		3,239,958
				40,549,771
Italy — 3.5%
A2A SpA		725,755		1,214,649
Assicurazioni Generali SpA		575,017		11,156,501
Atlantia SpA		219,872		6,002,664
Banca Mediolanum SpA		115,219		846,255
Banco BPM SpA*		699,158		1,664,359
Brembo SpA		70,766		930,869
BuzziUnicem SpA		18,633		283,938
BuzziUnicem SpA		32,738		729,914
Davide Campari-Milano SpA		263,802		2,661,230
DiaSorin SpA		11,225		1,097,320
Enel SpA		3,608,842		22,851,775
Eni SpA		1,189,347		20,267,831
Ferrari NV		58,295		7,906,643
FinecoBank Banca Fineco SpA (a)		182,578		2,404,904
Hera SpA		341,972		1,217,335
Intesa Sanpaolo SpA		7,366,288		19,299,792
Leonardo SpA		182,249		2,107,675
Mediaset SpA* (a)		162,919		542,373
Mediobanca Banca di Credito Finanziario SpA		289,854		3,072,252
Moncler SpA		79,772		3,279,766
Pirelli & C SpA* (a) (b)		170,034		1,243,011
Poste Italiane SpA (b)		211,794		2,263,530
Prysmian SpA		124,190		2,397,919
Recordati SpA		47,241		1,908,901
Saipem SpA*		264,801		1,343,198
Salvatore Ferragamo SpA		22,235		504,464
Snam SpA		1,047,443		5,332,412
Telecom Italia SpA		2,792,040		1,457,928

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES			VALUE($)
Common Stocks — continued
Italy — continued
Telecom Italia SpA* (a)		5,346,266			2,992,711
Terna Rete Elettrica Nazionale SpA		648,861			3,892,621
UniCredit SpA		987,790			13,675,068
Unione di Banche Italiane SpA (a)		471,951			1,473,376
UnipolSai Assicurazioni SpA		350,825			961,334
					148,984,518
Jordan — 0.0%(c)
Hikma Pharmaceuticals plc		64,420			1,486,554
Luxembourg — 0.4%
ArcelorMittal		299,179			6,508,962
Eurofins Scientific SE (a)		5,240			2,399,542
RTL Group SA		17,876			1,007,279
SES SA, FDR (a)		177,280	��		3,016,361
Tenaris SA		218,807			3,033,065
					15,965,209
Mexico — 0.0%(c)
Fresnillo plc		85,280			835,256
Netherlands — 7.2%
ABN AMRO Group NV, CVA (a) (b)		193,368			4,554,258
Adyen NV* (b)		10,738			8,751,450
Aegon NV		650,503			3,395,722
Akzo Nobel NV (a)		106,478			9,046,958
Altice Europe NV*		246,450			782,097
ASML Holding NV (a)		199,006			41,554,573
Boskalis Westminster (a)		38,931			1,068,464
EXOR NV		44,572			2,972,180
GrandVision NV (b)		26,670			600,170
HAL Trust		38,226			5,885,488
Heineken Holding NV (a)		55,211			5,620,698
Heineken NV (a)		110,411			11,936,240
ING Groep NV (a)		1,803,532			23,013,118
Koninklijke Ahold Delhaize NV		553,419			13,338,280
Koninklijke DSM NV		84,820			9,701,000
Koninklijke KPN NV		1,964,928			6,038,922
Koninklijke Philips NV		433,018			18,595,407
Koninklijke Vopak NV (a)		30,854			1,377,725
NN Group NV		142,428			6,215,503
OCI NV* (a)		29,170			847,210
Randstad NV		57,631			3,295,987
Royal Dutch Shell plc, Class A		2,071,730			66,008,260
Royal Dutch Shell plc, Class B		1,751,103			56,513,978
Wolters Kluwer NV		130,774			9,127,697
					310,241,385

INVESTMENTS	SHARES		VALUE($)
Norway — 1.2%
Aker ASA, Class A		11,437		783,622
Aker BP ASA		49,943		1,648,492
DNB ASA*		435,046		8,365,591
Equinor ASA		510,006		11,368,870
Gjensidige Forsikring ASA		87,952		1,710,307
Kongsberg Gruppen ASA		41,643		603,688
Leroy Seafood Group ASA		128,496		930,362
Mowi ASA		205,072		4,449,139
Norsk Hydro ASA		631,770		2,721,087
Orkla ASA		382,496		3,002,036
Salmar ASA		25,098		1,141,577
Schibsted ASA, Class A		37,078		974,055
Schibsted ASA, Class B		47,160		1,128,239
Storebrand ASA		216,836		1,832,549
Telenor ASA (a)		309,574		6,223,015
TGS NOPEC Geophysical Co. ASA		47,230		1,235,004
Yara International ASA		81,557		3,687,521
				51,805,154
Portugal — 0.3%
Banco Comercial Portugues SA, Class R*		4,271,665		1,199,025
EDP — Energias de Portugal SA*		1,130,305		4,289,129
Galp Energia SGPS SA		210,828		3,534,798
Jeronimo Martins SGPS SA		113,636		1,850,634
Navigator Co. SA (The)		101,960		450,845
NOS SGPS SA		113,541		763,092
Sonae SGPS SA		431,503		481,417
				12,568,940
Russia — 0.1%
Evraz plc		152,319		1,250,776
Polymetal International plc		117,313		1,236,828
				2,487,604
South Africa — 0.4%
Anglo American plc		657,088		17,051,246
Spain — 4.6%
Acciona SA		11,239		1,303,508
ACS Actividades de Construccion y Servicios SA		127,989		5,885,728
Aena SME SA (b)		34,363		6,380,099
Amadeus IT Group SA		205,160		16,350,567
Banco Bilbao Vizcaya Argentaria SA		3,117,394		18,956,403
Banco de Sabadell SA		2,598,677		3,025,728
Banco Santander SA		7,590,979		38,481,509
Bankia SA		557,416		1,543,854
CaixaBank SA		1,677,878		5,348,228

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 63

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Spain — continued
Codere SA*		33,007		135,317
EDP Renovaveis SA*		87,836		871,874
Enagas SA		105,173		3,000,095
Endesa SA		147,144		3,671,003
Ferrovial SA		221,268		5,456,386
Grifols SA		136,289		3,787,648
Grifols SA (Preference), Class B		120,356		2,317,007
Iberdrola SA		2,865,559		26,040,459
Industria de Diseno Textil SA		495,416		15,000,498
Mapfre SA		456,520		1,371,472
Naturgy Energy Group SA		168,424		4,794,744
Red Electrica Corp. SA		200,479		4,160,714
Repsol SA		597,626		10,140,932
Siemens Gamesa Renewable Energy SA		104,023		1,868,300
Telefonica SA		2,136,150		17,809,826
				197,701,899
Sweden — 4.5%
Alfa Laval AB (a)		138,906		3,224,240
Assa Abloy AB, Class B		463,665		9,912,030
Atlas Copco AB, Class A		302,176		9,432,214
Atlas Copco AB, Class B		182,437		5,196,203
Axfood AB		48,649		892,981
Boliden AB*		126,720		3,771,178
Castellum AB		126,613		2,276,432
Electrolux AB, Series B		119,516		2,929,137
Elekta AB, Class B		170,043		2,016,877
Epiroc AB, Class A*		289,987		2,997,770
Epiroc AB, Class B*		180,788		1,789,036
Essity AB, Class A		13,274		392,789
Essity AB, Class B		283,210		8,397,436
Fabege AB		125,712		1,746,100
Fastighets AB Balder, Class B*		45,109		1,426,930
Getinge AB, Class B		100,189		1,411,582
Hennes & Mauritz AB, Class B (a)		382,423		6,672,879
Hexagon AB, Class B		127,140		6,945,942
Hexpol AB		117,879		920,757
Holmen AB, Class B		46,064		968,727
Husqvarna AB, Class B		190,707		1,741,229
ICA Gruppen AB		35,331		1,277,878
Industrivarden AB, Class A		70,913		1,641,930
Industrivarden AB, Class C		77,310		1,739,835
Intrum AB (a)		33,715		858,531
Investment AB Latour, Class B		62,157		880,157
Investor AB, Class A		62,079		2,948,818
Investor AB, Class B		212,949		10,155,903

INVESTMENTS	SHARES		VALUE($)
Sweden — continued
Kinnevik AB, Class A (a)		2,724		80,268
Kinnevik AB, Class B		111,971		3,262,987
L E Lundbergforetagen AB, Class B		24,687		844,347
Lundin Petroleum AB		82,110		2,674,013
NCC AB, Class B		39,930		660,224
Nibe Industrier AB, Class B		189,631		2,549,567
Saab AB, Class B		38,070		1,253,260
Sandvik AB (a)		516,503		9,564,801
Securitas AB, Class B (a)		148,218		2,591,819
Skandinaviska Enskilda Banken AB, Class A		750,756		7,167,920
Skanska AB, Class B		172,245		2,999,506
SKF AB, Class A (a)		7,876		145,741
SKF AB, Class B (a)		175,306		3,254,026
SSAB AB, Class A		108,962		411,664
SSAB AB, Class B		279,933		902,736
Svenska Cellulosa AB SCA, Class A (a)		13,418		130,971
Svenska Cellulosa AB SCA, Class B		280,722		2,450,662
Svenska Handelsbanken AB, Class A		699,424		7,639,877
Svenska Handelsbanken AB, Class B		16,022		174,181
Swedbank AB, Class A		433,976		7,090,830
Swedish Match AB		81,480		3,972,932
Swedish Orphan Biovitrum AB*		82,629		1,507,706
Tele2 AB, Class B		231,335		3,090,530
Telefonaktiebolaget LM Ericsson, Class A		27,520		273,731
Telefonaktiebolaget LM Ericsson, Class B		1,308,987		12,948,732
Telia Co. AB		1,275,382		5,433,801
Trelleborg AB, Class B		112,426		1,859,390
Volvo AB, Class A		116,276		1,861,646
Volvo AB, Class B		767,019		12,292,579
				193,655,968
Switzerland — 13.9%
ABB Ltd. (Registered)*		902,157		18,556,215
Adecco Group AG (Registered)		77,878		4,474,325
Baloise Holding AG (Registered)		22,815		3,911,433
Barry Callebaut AG (Registered)		1,052		1,928,890
Chocoladefabriken Lindt & Spruengli AG		502		3,336,172
Chocoladefabriken Lindt & Spruengli AG (Registered)		51		3,868,983
Cie Financiere Richemont SA (Registered)		244,047		17,840,408
Coca-Cola HBC AG*		93,025		3,331,717
Credit Suisse Group AG (Registered)*		1,135,246		15,097,520
EMS-Chemie Holding AG (Registered)		3,326		2,014,190
Geberit AG (Registered)		17,318		7,261,591
Givaudan SA (Registered)		3,713		9,614,091
Glencore plc*		5,660,094		22,456,759

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Switzerland — continued
Julius Baer Group Ltd.*		104,636		5,054,432
Kuehne + Nagel International AG (Registered) (a)		23,271		3,382,551
LafargeHolcim Ltd. (Registered)*		224,158		11,507,700
Lonza Group AG (Registered)*		34,816		10,752,201
Mediclinic International plc		186,090		833,795
Nestle SA (Registered)		1,432,024		137,871,908
Novartis AG (Registered)		1,192,477		97,711,684
Pargesa Holding SA		15,788		1,240,762
Partners Group Holding AG		8,711		6,570,400
Roche Holding AG		12,717		3,327,130
Roche Holding AG		328,465		86,669,881
Schindler Holding AG		19,036		4,114,156
Schindler Holding AG (Registered)		8,974		1,907,908
SGS SA (Registered)		2,462		6,496,112
Sika AG (Registered)		59,657		9,140,768
Sonova Holding AG (Registered)		24,619		4,972,601
STMicroelectronics NV		310,685		5,705,643
Straumann Holding AG (Registered)		5,083		4,107,932
Sulzer AG (Registered)		5,613		592,315
Swatch Group AG (The)		14,418		4,400,215
Swatch Group AG (The) (Registered)		34,433		2,020,482
Swiss Life Holding AG (Registered)*		16,000		7,522,054
Swiss Re AG		142,481		13,717,767
Swisscom AG (Registered) (a)		11,867		5,529,479
Temenos AG (Registered)*		28,262		4,701,321
UBS Group AG (Registered)*		1,790,985		24,016,155
Vifor Pharma AG(a)		20,454		2,671,069
Zurich Insurance Group AG		70,377		22,433,937
				602,664,652
United Arab Emirates — 0.0%(c)
NMC Health plc		39,599		1,462,307
United Kingdom — 23.1%
3i Group plc		454,074		6,353,597
Admiral Group plc		119,747		3,449,227
Aggreko plc		117,758		1,312,793
Ashtead Group plc		235,317		6,534,102
ASOS plc*		24,715		1,267,387
Associated British Foods plc		166,557		5,563,400
AstraZeneca plc		591,547		44,070,137
Auto Trader Group plc (b)		434,991		3,215,611
Aviva plc		1,840,402		10,335,934
Babcock International Group plc		232,247		1,594,295
BAE Systems plc		1,491,946		9,589,157
Barclays plc		7,530,115		16,159,670

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
Barratt Developments plc		466,653		3,671,085
Berkeley Group Holdings plc		64,873		3,182,451
BP plc		9,458,682		68,780,733
British American Tobacco plc		1,070,378		41,904,170
British Land Co. plc (The), REIT		446,903		3,467,374
BT Group plc		4,101,094		12,237,725
Bunzl plc		156,905		4,732,425
Burberry Group plc		192,327		5,069,165
Centrica plc		2,653,858		3,689,309
CNH Industrial NV		464,536		5,050,381
Coca-Cola European Partners plc		109,088		5,846,026
Compass Group plc		744,791		16,946,870
ConvaTec Group plc (b)		343,679		622,469
Croda International plc		61,192		4,145,055
DCC plc		46,953		4,202,779
Derwent London plc, REIT		51,356		2,125,517
Diageo plc		1,130,845		47,673,839
Direct Line Insurance Group plc		637,075		2,741,366
Dixons Carphone plc		465,078		881,702
DS Smith plc		633,635		2,959,491
easyJet plc		120,853		1,831,156
Experian plc		430,961		12,544,806
Fiat Chrysler Automobiles NV		514,392		7,927,497
G4S plc		718,818		2,031,605
GlaxoSmithKline plc		2,308,744		47,429,044
GVC Holdings plc		267,563		2,283,238
Halma plc		175,174		4,121,788
Hammerson plc, REIT		356,941		1,501,780
Hargreaves Lansdown plc		125,181		3,697,707
Hiscox Ltd.		135,743		2,969,064
HSBC Holdings plc		9,519,472		82,942,805
Imperial Brands plc		450,449		14,332,464
Informa plc		585,153		5,949,858
InterContinental Hotels Group plc		87,763		5,684,419
International Consolidated Airlines Group SA		369,262		2,609,448
Intertek Group plc		75,170		5,257,676
Intu Properties plc, REIT		395,139		486,879
ITV plc		1,678,703		2,997,551
J Sainsbury plc		790,258		2,295,887
JD Sports Fashion plc		192,219		1,580,077
John Wood Group plc		313,908		1,924,493
Johnson Matthey plc		92,114		4,018,421
Just Eat plc*		271,984		2,486,483
Kingfisher plc		986,148		3,400,424
Land Securities Group plc, REIT		348,121		4,195,530

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 65

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United Kingdom — continued
Legal & General Group plc		2,761,985		10,044,045
Lloyds Banking Group plc		33,368,895		27,290,246
London Stock Exchange Group plc		147,399		9,663,965
Marks & Spencer Group plc		752,875		2,808,420
Melrose Industries plc		2,271,348		6,009,871
Merlin Entertainments plc (b)		328,772		1,572,218
Micro Focus International plc		168,810		4,279,181
Mondi plc		170,051		3,736,914
National Grid plc		1,718,681		18,829,760
Next plc		64,323		4,843,116
Ocado Group plc*		270,549		4,816,410
Pearson plc		361,649		3,917,704
Persimmon plc		148,477		4,337,435
Phoenix Group Holdings plc		267,379		2,527,387
Prudential plc		1,208,943		27,468,856
Reckitt Benckiser Group plc		344,347		27,859,887
RELX plc		940,492		21,608,392
Rentokil Initial plc		851,341		4,338,615
Rightmove plc		421,673		2,981,693
Rolls-Royce Holdings plc*		881,516		10,556,625
Royal Bank of Scotland Group plc		2,125,199		6,654,711
Royal Mail plc		407,692		1,345,218
RSA Insurance Group plc		475,646		3,371,909
Sage Group plc (The)		523,544		4,962,751
Schroders plc		57,596		2,383,723
Schroders plc(Non-Voting)		23,007		725,231
Segro plc, REIT		502,459		4,452,080
Severn Trent plc		111,373		2,964,582
Smith & Nephew plc		416,560		8,053,141
Smiths Group plc		181,879		3,621,129
Spirax-Sarco Engineering plc		34,374		3,706,124
SSE plc		483,572		7,235,507
St James’s Place plc		245,209		3,598,524
Standard Chartered plc		1,299,644		11,882,867
Standard Life Aberdeen plc		1,155,390		4,209,689
Subsea 7 SA		119,772		1,521,637
Tate & Lyle plc		216,018		2,165,102
Taylor Wimpey plc		1,515,709		3,593,456
TechnipFMC plc		201,865		4,985,695
Tesco plc		4,541,140		14,816,102
Travis Perkins plc		115,849		2,113,865
Unilever NV, CVA (a)		801,676		48,505,070
Unilever plc		555,040		33,643,799
United Utilities Group plc		316,035		3,428,356
Vodafone Group plc		12,527,307		23,236,586

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
Weir Group plc (The)		120,342		2,615,619
Whitbread plc		85,610		4,984,146
Wm Morrison Supermarkets plc		1,090,696		3,074,260
WPP plc		589,376		7,354,114
				1,000,571,075
United States — 0.4%
Carnival plc		96,139		5,096,772
Ferguson plc		108,650		7,732,174
QIAGEN NV* (a)		107,017		4,143,791
				16,972,737
Total Common Stocks (Cost $4,075,205,585)				4,284,665,298
Preferred Stocks — 0.0%(c)
United Kingdom — 0.0% (c)
Rolls-Royce Holdings plc (Preference)* (Cost $80,694)		62,587,636		81,615
Investment Of Cash Collateral From Securities Loaned — 6.3%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (d) (e)		197,982,102		198,001,900
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (d) (e)		75,944,790		75,944,790
Total Investment Of Cash Collateral From Securities Loaned (Cost $273,946,690)				273,946,690
Total Investments — 105.4% (Cost $4,349,232,969)				4,558,693,603
Liabilities in Excess of Other Assets — (5.4)%				(233,565,877	)
NET ASSETS — 100.0%				4,325,127,726

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

Summary of Investments by Industry, April 30, 2019

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		9.2	%
Banks		8.9
Oil, Gas & Consumable Fuels		7.2
Investment of cash collateral from securities loaned		6.0
Insurance		5.6
Food Products		4.3
Textiles, Apparel & Luxury Goods		3.4
Chemicals		3.4
Beverages		3.1
Personal Products		2.6
Metals & Mining		2.6
Diversified Telecommunication Services		2.4
Capital Markets		2.2
Automobiles		2.1
Aerospace & Defense		2.1
Machinery		2.1
Electric Utilities		2.0
Software		1.9
Professional Services		1.6
Multi-Utilities		1.5
Electrical Equipment		1.5
Tobacco		1.3
Semiconductors & Semiconductor Equipment		1.3
Industrial Conglomerates		1.2
Health Care Equipment & Supplies		1.2
Construction & Engineering		1.1

INDUSTRY	PERCENTAGE
Hotels, Restaurants & Leisure		1.1	%
Household Products		1.1
Food & Staples Retailing		1.1
IT Services		1.0
Diversified Financial Services		1.0
Others (each less than 1.0%)		12.9

Abbreviations

ADR	—  American Depositary Receipt
CVA	—  Dutch Certification
FDR	—  Fiduciary Depositary Receipt
OYJ	—  Public Limited Company
Preference	—  A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	—  Real Estate Investment Trust
SCA	—  Limited partnership with share capital
SDR	—  Swedish Depositary Receipt
SGPS	—  Holding company
(a)	—  The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $256,352,424.
(b)	—  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	—  Amount rounds to less than 0.1% of net assets.
(d)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—  The rate shown is the current yield as of April 30, 2019.
*	—  Non-income producing security.

Futures contracts outstanding as of April 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		568		06/2019		EUR		22,023,886		1,002,817
FTSE 100 Index		141		06/2019		GBP		13,569,998		329,521
										1,332,338

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 67

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 98.8%
Air Freight & Logistics — 0.4%
SG Holdings Co. Ltd.		221,100		5,920,829
Yamato Holdings Co. Ltd.		374,000		8,124,662
				14,045,491
Airlines — 0.2%
ANA Holdings, Inc.		104,200		3,646,661
Japan Airlines Co. Ltd.		104,200		3,398,316
				7,044,977
Auto Components — 2.7%
Aisin Seiki Co. Ltd.		166,100		6,425,563
Bridgestone Corp.		554,600		22,001,210
Denso Corp.		472,700		20,654,642
Koito Manufacturing Co. Ltd.		117,200		7,018,024
NGK Spark Plug Co. Ltd.		162,100		3,160,631
NHK Spring Co. Ltd. (a)		205,200		1,848,329
NOK Corp.		110,000		1,767,015
Stanley Electric Co. Ltd.		139,700		3,787,694
Sumitomo Electric Industries Ltd.		722,700		9,616,024
Sumitomo Rubber Industries Ltd.		163,400		2,009,222
Tokai Rika Co. Ltd.		48,700		845,640
Toyoda Gosei Co. Ltd.		66,900		1,392,672
Toyota Boshoku Corp.		78,700		1,162,883
Toyota Industries Corp.		186,600		10,577,190
Yokohama Rubber Co. Ltd. (The)		122,300		2,304,470
				94,571,209
Automobiles — 7.8%
Honda Motor Co. Ltd.		1,648,700		46,003,595
Isuzu Motors Ltd.		563,300		8,113,068
Mazda Motor Corp.		547,100		6,474,906
Mitsubishi Motors Corp.		624,700		3,508,029
Nissan Motor Co. Ltd.		2,188,700		17,570,980
Subaru Corp.		581,700		14,254,524
Suzuki Motor Corp.		402,400		18,362,998
Toyota Motor Corp.		2,436,100		150,820,060
Yamaha Motor Co. Ltd.		285,500		5,887,586
				270,995,746
Banks — 5.9%
77 Bank Ltd. (The)		69,400		995,886
Aozora Bank Ltd.		107,200		2,619,275
Bank of Kyoto Ltd. (The)		68,600		2,972,749
Chiba Bank Ltd. (The)		708,100		3,719,243
Chugoku Bank Ltd. (The)		177,000		1,713,972
Concordia Financial Group Ltd.		1,151,200		4,494,401
Fukuoka Financial Group, Inc.		175,000		4,084,897
Gunma Bank Ltd. (The)		388,900		1,542,243

INVESTMENTS	SHARES		VALUE($)
Banks — continued
Hachijuni Bank Ltd. (The)		465,700		1,874,509
Hiroshima Bank Ltd. (The)		285,500		1,540,026
Hokuhoku Financial Group, Inc.		120,600		1,330,152
Iyo Bank Ltd. (The)		294,100		1,635,862
Kansai Mirai Financial Group, Inc.		95,600		667,957
Kyushu Financial Group, Inc.		421,600		1,701,482
Mebuki Financial Group, Inc.		964,500		2,459,080
Mitsubishi UFJ Financial Group, Inc.		11,816,100		58,625,889
Mizuho Financial Group, Inc.		23,098,600		36,073,724
Resona Holdings, Inc.		2,009,100		8,528,873
Seven Bank Ltd.		672,100		1,828,400
Shinsei Bank Ltd.		176,000		2,454,199
Shizuoka Bank Ltd. (The)		514,000		3,949,503
Sumitomo Mitsui Financial Group, Inc.		1,273,700		46,294,198
Sumitomo Mitsui Trust Holdings, Inc.		355,000		12,386,364
Yamaguchi Financial Group, Inc.		226,100		1,672,848
				205,165,732
Beverages — 1.3%
Asahi Group Holdings Ltd.		405,000		17,659,341
Coca-Cola Bottlers Japan Holdings, Inc.		142,100		3,508,738
Kirin Holdings Co. Ltd.		831,600		18,917,623
Sapporo Holdings Ltd.		71,400		1,464,262
Suntory Beverage & Food Ltd.		115,300		5,098,470
				46,648,434
Biotechnology — 0.1%
PeptiDream, Inc.*		85,900		4,653,199
Building Products — 1.5%
AGC, Inc.		206,700		7,052,154
Daikin Industries Ltd.		266,800		33,968,836
LIXIL Group Corp.		265,000		3,462,089
TOTO Ltd.		144,600		6,129,278
				50,612,357
Capital Markets — 0.9%
Daiwa Securities Group, Inc.		1,468,600		6,836,091
Japan Exchange Group, Inc.		487,700		7,963,948
Matsui Securities Co. Ltd.		110,700		987,483
Nomura Holdings, Inc.		2,956,400		11,193,578
SBI Holdings, Inc.		214,600		4,601,324
				31,582,424
Chemicals — 4.3%
Air Water, Inc.		172,300		2,628,203
Asahi Kasei Corp.		1,275,600		13,146,806
Daicel Corp.		303,200		3,401,495

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Chemicals — continued
DIC Corp.		81,800		2,402,754
Hitachi Chemical Co. Ltd.		93,900		2,504,487
JSR Corp.		184,900		2,821,301
Kaneka Corp.		60,100		2,320,740
Kansai Paint Co. Ltd.		236,100		4,501,571
Kuraray Co. Ltd.		323,100		4,341,092
Mitsubishi Chemical Holdings Corp.		1,371,000		9,774,749
Mitsubishi Gas Chemical Co., Inc.		194,300		2,916,995
Mitsui Chemicals, Inc.		185,800		4,567,320
Nippon Paint Holdings Co. Ltd.		180,000		6,855,524
Nippon Shokubai Co. Ltd.		31,600		2,198,318
Nissan Chemical Corp.		135,800		6,050,097
Nitto Denko Corp.		144,100		7,791,089
Shin-Etsu Chemical Co. Ltd.		369,800		35,029,131
Showa Denko KK		129,200		4,410,896
Sumitomo Chemical Co. Ltd.		1,505,900		7,512,942
Taiyo Nippon Sanso Corp.		193,400		3,222,371
Teijin Ltd.		179,600		3,089,501
Toray Industries, Inc.		1,485,000		10,161,967
Tosoh Corp.		295,400		4,762,922
Ube Industries Ltd.		95,700		2,047,569
				148,459,840
Commercial Services & Supplies — 1.0%
Dai Nippon Printing Co. Ltd.		275,000		6,527,962
Park24 Co. Ltd.		105,000		2,209,148
Secom Co. Ltd.		195,200		16,422,440
Sohgo Security Services Co. Ltd.		79,100		3,534,280
Toppan Printing Co. Ltd.		295,600		4,797,903
				33,491,733
Construction & Engineering — 1.0%
JGC Corp.		236,300		3,404,720
Kajima Corp.		457,200		6,785,807
Kinden Corp.		132,100		2,122,461
Obayashi Corp.		657,300		6,461,655
Shimizu Corp.		661,100		5,662,506
Taisei Corp.		204,100		8,980,421
				33,417,570
Construction Materials — 0.1%
Taiheiyo Cement Corp.		115,900		3,737,637
Consumer Finance — 0.2%
Acom Co. Ltd.		421,400		1,480,840
AEON Financial Service Co. Ltd.		104,100		2,161,275
Credit Saison Co. Ltd.		148,300		1,897,436
Hitachi Capital Corp.		47,100		1,096,764

INVESTMENTS	SHARES		VALUE($)
Consumer Finance — continued
Orient Corp. (a)		515,500		543,815
				7,180,130
Containers & Packaging — 0.1%
Toyo Seikan Group Holdings Ltd.		147,400		2,955,551
Distributors — 0.0% (b)
Canon Marketing Japan, Inc.		50,100		1,087,066
Diversified Consumer Services — 0.1%
Benesse Holdings, Inc.		74,600		2,062,530
Diversified Financial Services — 0.6%
Mitsubishi UFJ Lease & Finance Co. Ltd.		488,900		2,492,865
ORIX Corp.		1,205,000		17,069,828
Tokyo Century Corp.		49,300		2,280,128
				21,842,821
Diversified Telecommunication Services — 0.7%
Nippon Telegraph & Telephone Corp.		584,500		24,320,129
Electric Utilities — 1.1%
Chubu Electric Power Co., Inc.		656,000		9,539,248
Chugoku Electric Power Co., Inc. (The)		284,200		3,393,237
Hokuriku Electric Power Co.		181,300		1,348,142
Kansai Electric Power Co., Inc. (The)		735,600		8,899,482
Kyushu Electric Power Co., Inc.		432,300		4,186,483
Shikoku Electric Power Co., Inc.		188,800		1,908,019
Tohoku Electric Power Co., Inc.		457,700		5,239,463
Tokyo Electric Power Co. Holdings, Inc.*		731,900		4,134,049
				38,648,123
Electrical Equipment — 2.2%
Fuji Electric Co. Ltd.		136,100		4,824,883
Furukawa Electric Co. Ltd.		63,700		1,681,359
GS Yuasa Corp.		75,400		1,514,924
Mabuchi Motor Co. Ltd.		54,100		2,006,461
Mitsubishi Electric Corp.		1,952,900		27,945,868
Nidec Corp.		249,800		35,681,103
Ushio, Inc.		111,900		1,360,346
				75,014,944
Electronic Equipment, Instruments & Components — 5.6%
Alps Alpine Co. Ltd.		181,700		3,842,732
Citizen Watch Co. Ltd.		290,800		1,639,597
Hamamatsu Photonics KK		131,900		5,368,521
Hirose Electric Co. Ltd.		28,200		3,268,374
Hitachi High-Technologies Corp.		60,400		2,692,148
Hitachi Ltd.		880,200		29,273,913
Ibiden Co. Ltd. (a)		122,100		2,190,638
Keyence Corp.		85,100		53,169,952

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 69

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electronic Equipment, Instruments & Components — continued
Kyocera Corp.		326,600		21,223,926
Murata Manufacturing Co. Ltd.		584,100		29,329,798
Nippon Electric Glass Co. Ltd.		78,900		2,168,094
Omron Corp.		195,100		10,479,617
Shimadzu Corp.		249,700		6,697,776
TDK Corp.		118,200		10,355,983
Yaskawa Electric Corp.		243,600		9,068,692
Yokogawa Electric Corp.		216,900		4,542,116
				195,311,877
Entertainment — 1.6%
DeNA Co. Ltd.		97,000		1,514,830
GungHo Online Entertainment, Inc.		434,100		1,354,344
Konami Holdings Corp.		93,800		4,271,249
Nexon Co. Ltd.*		414,900		5,906,183
Nintendo Co. Ltd.		102,000		35,130,409
Square Enix Holdings Co. Ltd.		80,500		2,785,538
Toho Co. Ltd.		128,800		5,408,868
				56,371,421
Equity Real Estate Investment Trusts (REITs) — 1.5%
Advance Residence Investment Corp.		1,234		3,444,932
Daiwa House REIT Investment Corp.		1,689		3,878,416
GLP J		3,492		3,755,479
Japan Prime Realty Investment Corp.		844		3,374,444
Japan Real Estate Investment Corp.		1,259		6,978,840
Japan Retail Fund Investment Corp.		2,388		4,563,064
Nippon Building Fund, Inc.		1,283		8,261,761
Nippon Prologis REIT, Inc.		1,996		4,286,360
Nomura Real Estate Master Fund, Inc.		4,129		6,049,945
Orix JREIT, Inc.		2,502		4,392,786
United Urban Investment Corp.		2,788		4,451,172
				53,437,199
Food & Staples Retailing — 1.7%
Aeon Co. Ltd.		793,300		14,665,394
Cosmos Pharmaceutical Corp.		9,500		1,518,678
FamilyMart UNY Holdings Co. Ltd.		280,300		7,474,642
Lawson, Inc.		45,500		2,124,400
Matsumotokiyoshi Holdings Co. Ltd.		79,800		2,642,234
Seven & i Holdings Co. Ltd.		726,300		25,135,289
Sundrug Co. Ltd.		55,200		1,479,941
Tsuruha Holdings, Inc.		34,800		2,965,859
Welcia Holdings Co. Ltd.		46,200		1,821,103
				59,827,540

INVESTMENTS	SHARES		VALUE($)
Food Products — 1.9%
Ajinomoto Co., Inc.		500,200		8,092,995
Calbee, Inc.		99,000		2,741,346
Ezaki Glico Co. Ltd.		52,900		2,791,792
Kewpie Corp.		108,900		2,522,515
Kikkoman Corp.		161,000		7,496,992
MEIJI Holdings Co. Ltd.		131,800		10,389,266
NH Foods Ltd.		98,000		3,949,531
Nisshin Seifun Group, Inc.		239,000		5,572,957
Nissin Foods Holdings Co. Ltd.		72,000		4,765,070
Toyo Suisan Kaisha Ltd.		92,600		3,535,871
Yakult Honsha Co. Ltd.		146,400		9,995,547
Yamazaki Baking Co. Ltd.		165,100		2,459,533
				64,313,415
Gas Utilities — 0.6%
Osaka Gas Co. Ltd.		379,300		7,016,643
Toho Gas Co. Ltd.		90,800		3,743,663
Tokyo Gas Co. Ltd.		361,700		9,202,429
				19,962,735
Health Care Equipment & Supplies — 2.0%
Asahi Intecc Co. Ltd.		112,200		5,683,935
Hoya Corp.		347,500		24,543,105
Olympus Corp.		1,182,100		13,267,426
Sysmex Corp.		142,900		8,188,467
Terumo Corp.		608,200		18,354,656
				70,037,589
Health Care Providers & Services — 0.4%
Alfresa Holdings Corp.		197,100		5,499,864
Medipal Holdings Corp.		184,300		4,144,231
Suzuken Co. Ltd.		81,200		4,682,024
				14,326,119
Health Care Technology — 0.2%
M3, Inc.		370,900		6,621,190
Hotels, Restaurants & Leisure — 0.7%
McDonald’s Holdings Co. Japan Ltd.		60,700		2,810,928
Oriental Land Co. Ltd.		205,000		22,674,834
				25,485,762
Household Durables — 3.2%
Casio Computer Co. Ltd.		211,200		2,660,319
Haseko Corp.		274,200		3,316,167
Iida Group Holdings Co. Ltd.		169,800		2,877,339
Nikon Corp.		364,000		5,076,268
Panasonic Corp.		2,120,500		19,525,988
Rinnai Corp.		37,600		2,536,647

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Household Durables — continued
Sekisui Chemical Co. Ltd.		398,600		6,398,926
Sekisui House Ltd.		589,900		9,511,125
Sharp Corp.*		170,700		1,904,243
Sony Corp.		1,156,700		58,260,792
				112,067,814
Household Products — 0.7%
Lion Corp.		272,600		5,611,280
Pigeon Corp.		110,500		4,731,130
Unicharm Corp.		366,400		12,091,869
				22,434,279
Independent Power and Renewable Electricity Producers — 0.1%
Electric Power Development Co. Ltd.		158,600		3,686,726
Industrial Conglomerates — 0.6%
Keihan Holdings Co. Ltd.		98,100		4,177,692
Toshiba Corp.		495,300		16,504,155
				20,681,847
Insurance — 2.9%
Dai-ichi Life Holdings, Inc.		1,089,700		15,729,626
Japan Post Holdings Co. Ltd., ADR		1,350,600		15,126,249
Japan Post Insurance Co. Ltd. (a)		59,200		1,197,757
MS&AD Insurance Group Holdings, Inc.		459,100		14,270,525
Sompo Holdings, Inc.		339,600		12,817,587
Sony Financial Holdings, Inc.		146,100		3,003,970
T&D Holdings, Inc.		566,000		6,130,401
Tokio Marine Holdings, Inc.		655,500		33,211,116
				101,487,231
Interactive Media & Services — 0.2%
Kakaku.com, Inc.		121,100		2,494,965
LINE Corp.*		59,300		1,986,814
Mixi, Inc.		38,400		829,751
Yahoo Japan Corp.		1,031,900		2,754,626
				8,066,156
Internet & Direct Marketing Retail — 0.4%
Mercari, Inc.*		39,100		1,213,478
Rakuten, Inc.		743,200		8,314,557
ZOZO, Inc.		174,900		3,106,829
				12,634,864
IT Services — 1.2%
Fujitsu Ltd.		188,300		13,823,967
Itochu Techno-Solutions Corp.		88,100		2,165,064
Nomura Research Institute Ltd.		121,600		5,952,188
NTT Data Corp.		587,100		6,846,174

INVESTMENTS	SHARES		VALUE($)
IT Services — continued
Obic Co. Ltd.		60,900		7,070,211
Otsuka Corp.		100,500		3,952,969
SCSK Corp.		46,900		2,228,724
				42,039,297
Leisure Products — 0.9%
Bandai Namco Holdings, Inc.		201,900		9,679,261
Sankyo Co. Ltd.		41,800		1,650,822
Sega Sammy Holdings, Inc.		170,600		2,160,884
Shimano, Inc.		77,800		11,435,308
Yamaha Corp.		151,700		7,876,634
				32,802,909
Machinery — 5.3%
Amada Holdings Co. Ltd.		344,300		3,859,637
Daifuku Co. Ltd.		115,400		7,099,487
FANUC Corp.		176,600		33,178,825
Harmonic Drive Systems, Inc. (a)		36,700		1,461,162
Hino Motors Ltd.		261,100		2,475,354
Hitachi Construction Machinery Co. Ltd.		97,000		2,604,796
Hoshizaki Corp.		49,900		3,235,143
IHI Corp.		140,000		3,342,280
JTEKT Corp.		224,800		2,899,855
Kawasaki Heavy Industries Ltd.		152,100		3,553,513
Komatsu Ltd.		885,600		22,875,411
Kubota Corp.		1,067,100		16,246,870
Kurita Water Industries Ltd.		97,000		2,525,023
Makita Corp.		254,100		9,270,442
MINEBEA MITSUMI, Inc.		389,300		6,943,017
MISUMI Group, Inc.		257,600		6,726,221
Mitsubishi Heavy Industries Ltd.		307,300		12,806,750
Nabtesco Corp.		113,800		3,489,552
NGK Insulators Ltd.		255,800		3,799,602
NSK Ltd.		432,200		4,492,139
SMC Corp.		61,500		25,686,402
Sumitomo Heavy Industries Ltd.		111,700		3,971,752
THK Co. Ltd.		112,000		2,961,710
				185,504,943
Marine — 0.2%
Mitsui OSK Lines Ltd.		109,500		2,787,150
Nippon Yusen KK		155,000		2,648,625
				5,435,775
Media — 0.6%
CyberAgent, Inc.		91,800		3,679,730
Dentsu, Inc.		222,800		9,117,025

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 71

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Media — continued
Fuji Media Holdings, Inc.		42,900		577,335
Hakuhodo DY Holdings, Inc.		276,700		4,678,423
Nippon Television Holdings, Inc.		48,700		712,835
Tokyo Broadcasting System Holdings, Inc.		31,500		599,184
				19,364,532
Metals & Mining — 1.3%
Daido Steel Co. Ltd.		35,900		1,464,740
Hitachi Metals Ltd.		183,100		2,116,421
JFE Holdings, Inc.		525,200		9,037,564
Kobe Steel Ltd.		331,000		2,534,790
Maruichi Steel Tube Ltd.		72,600		2,007,159
Mitsubishi Materials Corp.		120,000		3,121,099
Nippon Steel Corp.		839,200		15,010,592
Sumitomo Metal Mining Co. Ltd.		249,000		7,832,010
Yamato Kogyo Co. Ltd.		44,000		1,221,659
				44,346,034
Multiline Retail — 0.8%
Isetan Mitsukoshi Holdings Ltd.		359,500		3,426,971
Izumi Co. Ltd.		43,300		1,891,153
J Front Retailing Co. Ltd.		247,800		3,027,840
Marui Group Co. Ltd.		193,800		3,942,095
Pan Pacific International Holdings Corp.		126,600		8,158,645
Ryohin Keikaku Co. Ltd.		24,200		4,616,004
Seria Co. Ltd.		40,900		1,216,505
Takashimaya Co. Ltd.		162,300		1,824,933
				28,104,146
Oil, Gas & Consumable Fuels — 0.9%
Idemitsu Kosan Co. Ltd.		228,252		7,416,367
Inpex Corp.		984,600		9,578,993
JXTG Holdings, Inc.		3,081,600		14,992,578
				31,987,938
Paper & Forest Products — 0.2%
Oji Holdings Corp.		923,900		5,543,834
Personal Products — 2.2%
Kao Corp.		444,900		34,345,140
Kobayashi Pharmaceutical Co. Ltd.		50,600		4,035,311
Kose Corp.		29,300		5,488,649
Pola Orbis Holdings, Inc.		77,200		2,436,883
Shiseido Co. Ltd.		364,200		28,647,246
				74,953,229
Pharmaceuticals — 5.8%
Astellas Pharma, Inc.		1,800,500		24,385,747
Chugai Pharmaceutical Co. Ltd.		193,700		12,283,760

INVESTMENTS	SHARES		VALUE($)
Pharmaceuticals — continued
Daiichi Sankyo Co. Ltd.		555,100		27,446,606
Eisai Co. Ltd.		270,200		15,733,938
Hisamitsu Pharmaceutical Co., Inc.		76,200		3,241,165
Kyowa Hakko Kirin Co. Ltd.		221,200		4,303,068
Mitsubishi Tanabe Pharma Corp.		224,700		2,828,323
Nippon Shinyaku Co. Ltd.		55,400		3,825,358
Ono Pharmaceutical Co. Ltd.		470,600		8,840,327
Otsuka Holdings Co. Ltd.		507,400		18,139,334
Santen Pharmaceutical Co. Ltd.		370,000		5,652,014
Shionogi & Co. Ltd.		262,400		15,327,573
Sumitomo Dainippon Pharma Co. Ltd.		156,000		3,446,524
Taisho Pharmaceutical Holdings Co. Ltd.		49,900		4,615,760
Takeda Pharmaceutical Co. Ltd.		1,381,700		50,987,114
Tsumura & Co.		62,000		1,906,568
				202,963,179
Professional Services — 1.4%
Nihon M&A Center, Inc.		124,300		3,547,006
Persol Holdings Co. Ltd.		172,400		3,249,640
Recruit Holdings Co. Ltd.		1,435,000		43,213,402
				50,010,048
Real Estate Management & Development — 2.8%
Aeon Mall Co. Ltd.		94,200		1,446,247
Daito Trust Construction Co. Ltd.		68,900		9,225,949
Daiwa House Industry Co. Ltd.		606,300		16,994,294
Hulic Co. Ltd.		445,900		3,846,852
Mitsubishi Estate Co. Ltd.		1,265,700		21,402,924
Mitsui Fudosan Co. Ltd.		901,700		20,885,117
Nomura Real Estate Holdings, Inc.		111,800		2,377,456
Sumitomo Realty & Development Co. Ltd.		433,000		16,008,050
Tokyo Tatemono Co. Ltd.		198,000		2,234,942
Tokyu Fudosan Holdings Corp.		523,700		2,954,635
				97,376,466
Road & Rail — 4.6%
Central Japan Railway Co.		187,500		40,319,893
East Japan Railway Co.		347,400		32,739,634
Hankyu Hanshin Holdings, Inc.		231,700		8,662,580
Keikyu Corp.		250,100		4,273,181
Keio Corp.		110,900		6,696,056
Keisei Electric Railway Co. Ltd.		157,200		5,513,897
Kintetsu Group Holdings Co. Ltd.		173,700		7,720,717
Kyushu Railway Co.		145,300		4,734,488
Nagoya Railroad Co. Ltd.		173,500		4,702,716
Nankai Electric Railway Co. Ltd.		102,500		2,796,907
Nippon Express Co. Ltd.		78,300		4,305,990

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Road & Rail — continued
Odakyu Electric Railway Co. Ltd.		308,900		7,276,141
Seibu Holdings, Inc.		261,300		4,253,562
Tobu Railway Co. Ltd.		193,500		5,479,191
Tokyu Corp.		516,700		8,435,436
West Japan Railway Co.		175,300		13,037,749
				160,948,138
Semiconductors & Semiconductor Equipment — 1.2%
Advantest Corp.		164,200		4,656,502
Disco Corp.		27,000		4,672,264
Rohm Co. Ltd.		86,900		6,408,035
SUMCO Corp.		208,700		2,753,140
Tokyo Electron Ltd.		150,300		23,857,640
				42,347,581
Software — 0.2%
Oracle Corp.		30,400		2,084,459
Trend Micro, Inc.		109,500		5,474,112
				7,558,571
Specialty Retail — 1.7%
ABC-Mart, Inc.		28,700		1,783,702
Fast Retailing Co. Ltd.		56,900		32,921,801
Hikari Tsushin, Inc.		22,200		4,116,076
K’s Holdings Corp.		199,900		1,783,121
Nitori Holdings Co. Ltd.		80,100		9,556,143
Shimamura Co. Ltd.		22,400		1,670,234
USS Co. Ltd.		203,200		3,900,591
Yamada Denki Co. Ltd.		686,200		3,252,883
				58,984,551
Technology Hardware, Storage & Peripherals — 2.1%
Brother Industries Ltd.		239,200		4,722,996
Canon, Inc.		983,000		27,276,360
FUJIFILM Holdings Corp.		393,200		18,368,850
Konica Minolta, Inc.		457,500		4,594,049
NEC Corp.		237,600		8,024,480
Ricoh Co. Ltd.		677,600		6,855,252
Seiko Epson Corp.		290,100		4,652,921
				74,494,908
Textiles, Apparel & Luxury Goods — 0.1%
Asics Corp.		172,300		2,122,698
Tobacco — 0.7%
Japan Tobacco, Inc.		1,019,000		23,546,668
Trading Companies & Distributors — 3.8%
ITOCHU Corp.		1,341,100		24,198,077
Marubeni Corp.		1,580,800		11,327,368

INVESTMENTS	SHARES		VALUE($)
Trading Companies & Distributors — continued
Mitsubishi Corp.		1,447,400		39,872,536
Mitsui & Co. Ltd.		1,585,100		25,638,357
MonotaRO Co. Ltd.		126,000		2,901,473
Sojitz Corp.		1,024,800		3,528,131
Sumitomo Corp.		1,138,300		16,315,055
Toyota Tsusho Corp.		215,100		7,144,709
				130,925,706
Transportation Infrastructure — 0.2%
Japan Airport Terminal Co. Ltd.		65,500		2,769,895
Kamigumi Co. Ltd.		109,800		2,622,972
Mitsubishi Logistics Corp. (a)		75,300		2,015,310
				7,408,177
Wireless Telecommunication Services — 4.1%
KDDI Corp.		1,589,600		36,636,381
NTT DOCOMO, Inc.		971,400		21,094,520
SoftBank Group Corp.		791,000		83,870,826
				141,601,727
Total Common Stocks (Cost $3,508,884,161)				3,434,662,462
Investment Of Cash Collateral From Securities Loaned — 0.1%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d)		3,003,900		3,004,200
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d)		1,934,949		1,934,949
Total Investment Of Cash Collateral From Securities Loaned (Cost $4,939,149)				4,939,149
Total Investments — 98.9% (Cost $3,513,823,310)				3,439,601,611
Other Assets Less Liabilities — 1.1%				39,911,725
NET ASSETS — 100.0%				3,479,513,336

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 73

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Abbreviations

ADR	—  American Depositary Receipt
REIT	—  Real Estate Investment Trust
(a)	—  The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $4,734,944.
(b)	—  Amount rounds to less than 0.1% of net assets.

(c)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—  The rate shown is the current yield as of April 30, 2019.
*	—  Non-income producing security.

Futures contracts outstanding as of April 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
TOPIX Index		306		06/2019		JPY		44,597,244		452,088
										452,088

Abbreviations

JPY	—  Japanese Yen
TOPIX	—  Tokyo Stock Price Index

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.5%
Aerospace & Defense — 2.5%
Arconic, Inc.		528		11,342
Boeing Co. (The)		648		244,743
General Dynamics Corp.		336		60,050
Harris Corp.		144		24,264
HEICO Corp.		48		5,065
HEICO Corp., Class A		88		7,870
Huntington Ingalls Industries, Inc.		51		11,352
L3 Technologies, Inc.		98		21,421
Lockheed Martin Corp.		303		100,999
Northrop Grumman Corp.		209		60,591
Raytheon Co.		348		61,801
Spirit AeroSystems Holdings, Inc., Class A		132		11,471
Textron, Inc.		289		15,317
TransDigm Group, Inc.*		60		28,951
United Technologies Corp.		1,000		142,610
				807,847
Air Freight & Logistics — 0.6%
CH Robinson Worldwide, Inc.		168		13,608
Expeditors International of Washington, Inc.		216		17,155
FedEx Corp.		297		56,270
United Parcel Service, Inc., Class B		860		91,349
XPO Logistics, Inc.*		132		8,986
				187,368
Airlines — 0.4%
Alaska Air Group, Inc.		156		9,656
American Airlines Group, Inc.		493		16,851
Delta Air Lines, Inc.		768		44,767
Southwest Airlines Co.		614		33,297
United Continental Holdings, Inc.*		276		24,525
				129,096
Auto Components — 0.2%
Aptiv plc		324		27,767
Autoliv, Inc. (Sweden)		108		8,477
BorgWarner, Inc.		252		10,526
Goodyear Tire & Rubber Co. (The)		288		5,532
Lear Corp.		76		10,868
				63,170
Automobiles — 0.5%
Ford Motor Co.		4,800		50,160
General Motors Co.		1,618		63,021
Harley-Davidson, Inc.		204		7,595
Tesla, Inc.*		168		40,100
				160,876

INVESTMENTS	SHARES		VALUE($)
Banks — 5.5%
Bank of America Corp.		11,088		339,071
BB&T Corp.		948		48,538
CIT Group, Inc.		124		6,606
Citigroup, Inc.		2,903		205,242
Citizens Financial Group, Inc.		576		20,851
Comerica, Inc.		196		15,404
East West Bancorp, Inc.		180		9,266
Fifth Third Bancorp		956		27,552
First Republic Bank		204		21,546
Huntington Bancshares, Inc.		1,308		18,207
JPMorgan Chase & Co. (a)		4,042		469,074
KeyCorp		1,246		21,867
M&T Bank Corp.		170		28,912
PNC Financial Services Group, Inc. (The)		561		76,818
Regions Financial Corp.		1,272		19,754
SunTrust Banks, Inc.		548		35,883
SVB Financial Group*		64		16,110
US Bancorp		1,860		99,175
Wells Fargo & Co.		5,054		244,664
Zions Bancorp NA		229		11,297
				1,735,837
Beverages — 1.8%
Brown-Forman Corp., Class A		72		3,766
Brown-Forman Corp., Class B		204		10,871
Coca-Cola Co. (The)		4,750		233,035
Constellation Brands, Inc., Class A		204		43,181
Keurig Dr Pepper, Inc.		216		6,279
Molson Coors Brewing Co., Class B		228		14,635
Monster Beverage Corp.*		482		28,727
PepsiCo, Inc.		1,733		221,911
				562,405
Biotechnology — 2.2%
AbbVie, Inc.		1,821		144,569
Alexion Pharmaceuticals, Inc.*		276		37,572
Alkermes plc*		192		5,821
Alnylam Pharmaceuticals, Inc.*		117		10,453
Amgen, Inc.		768		137,718
Biogen, Inc.*		242		55,476
BioMarin Pharmaceutical, Inc.*		219		18,731
Celgene Corp.*		864		81,786
Gilead Sciences, Inc.		1,574		102,373
Incyte Corp.*		219		16,819
Neurocrine Biosciences, Inc.*		111		8,019
Regeneron Pharmaceuticals, Inc.*		97		33,284

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 75

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Biotechnology — continued
Seattle Genetics, Inc.*		132		8,947
Vertex Pharmaceuticals, Inc.*		315		53,229
				714,797
Building Products — 0.2%
Fortune Brands Home & Security, Inc.		168		8,867
Johnson Controls International plc		1,127		42,262
Masco Corp.		363		14,179
Owens Corning		132		6,768
				72,076
Capital Markets — 2.6%
Affiliated Managers Group, Inc.		64		7,099
Ameriprise Financial, Inc.		168		24,657
Bank of New York Mellon Corp. (The)		1,084		53,831
BlackRock, Inc.		149		72,301
Charles Schwab Corp. (The)		1,464		67,022
CME Group, Inc.		442		79,074
E*TRADE Financial Corp.		303		15,350
Franklin Resources, Inc.		360		12,452
Goldman Sachs Group, Inc. (The)		422		86,898
Intercontinental Exchange, Inc.		701		57,026
Invesco Ltd.		504		11,073
Moody’s Corp.		204		40,111
Morgan Stanley		1,608		77,586
MSCI, Inc.		105		23,665
Nasdaq, Inc.		144		13,277
Northern Trust Corp.		269		26,510
Raymond James Financial, Inc.		156		14,285
S&P Global, Inc.		308		67,963
SEI Investments Co.		156		8,494
State Street Corp.		468		31,665
T. Rowe Price Group, Inc.		291		31,283
TD Ameritrade Holding Corp.		336		17,667
				839,289
Chemicals — 1.8%
Air Products & Chemicals, Inc.		272		55,975
Albemarle Corp.		132		9,908
Ashland Global Holdings, Inc.		76		6,120
Axalta Coating Systems Ltd.*		264		7,123
Celanese Corp.		158		17,047
CF Industries Holdings, Inc.		275		12,314
Chemours Co. (The)		206		7,418
DowDuPont, Inc.		2,783		107,006
Eastman Chemical Co.		172		13,567
Ecolab, Inc.		312		57,433

INVESTMENTS	SHARES		VALUE($)
Chemicals — continued
FMC Corp.		168		13,282
International Flavors & Fragrances, Inc.		124		17,086
Linde plc (United Kingdom)		681		122,757
LyondellBasell Industries NV, Class A		375		33,086
Mosaic Co. (The)		432		11,280
PPG Industries, Inc.		291		34,193
Sherwin-Williams Co. (The)		100		45,483
Westlake Chemical Corp.		48		3,348
WR Grace & Co.		84		6,349
				580,775
Commercial Services & Supplies — 0.4%
Cintas Corp.		105		22,800
Copart, Inc.*		252		16,965
Republic Services, Inc.		264		21,864
Rollins, Inc.		180		6,961
Stericycle, Inc.*		108		6,306
Waste Management, Inc.		480		51,523
				126,419
Communications Equipment — 1.2%
Arista Networks, Inc.*		64		19,987
Cisco Systems, Inc.		5,434		304,032
F5 Networks, Inc.*		72		11,297
Juniper Networks, Inc.		420		11,663
Motorola Solutions, Inc.		204		29,562
				376,541
Construction & Engineering — 0.1%
Fluor Corp.		168		6,675
Jacobs Engineering Group, Inc.		144		11,223
Quanta Services, Inc.		180		7,308
				25,206
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		76		16,864
Vulcan Materials Co.		164		20,682
				37,546
Consumer Finance — 0.7%
Ally Financial, Inc.		504		14,974
American Express Co.		853		99,997
Capital One Financial Corp.		576		53,470
Discover Financial Services		408		33,248
Santander Consumer USA Holdings, Inc.		144		3,074
Synchrony Financial		806		27,944
				232,707

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Containers & Packaging — 0.3%
Avery Dennison Corp.		104		11,508
Ball Corp.		412		24,695
Crown Holdings, Inc.*		168		9,766
International Paper Co.		492		23,030
Packaging Corp. of America		117		11,602
Sealed Air Corp.		192		8,951
Westrock Co.		312		11,975
				101,527
Distributors — 0.1%
Genuine Parts Co.		180		18,457
LKQ Corp.*		396		11,920
				30,377
Diversified Consumer Services — 0.0% (b)
H&R Block, Inc.		252		6,857
Diversified Financial Services — 1.7%
AXA Equitable Holdings, Inc.		260		5,899
Berkshire Hathaway, Inc., Class B*		2,400		520,104
Jefferies Financial Group, Inc.		324		6,665
Voya Financial, Inc.		192		10,539
				543,207
Diversified Telecommunication Services — 1.9%
AT&T, Inc.		8,991		278,361
CenturyLink, Inc.		1,164		13,293
Verizon Communications, Inc.		5,100		291,669
Zayo Group Holdings, Inc.*		252		7,885
				591,208
Electric Utilities — 1.9%
Alliant Energy Corp.		288		13,602
American Electric Power Co., Inc.		609		52,100
Avangrid, Inc.		72		3,687
Duke Energy Corp.		898		81,826
Edison International		401		25,572
Entergy Corp.		233		22,578
Evergy, Inc.		314		18,155
Eversource Energy		392		28,091
Exelon Corp.		1,198		61,038
FirstEnergy Corp.		622		26,143
NextEra Energy, Inc.		590		114,719
OGE Energy Corp.		240		10,162
Pinnacle West Capital Corp.		137		13,052
PPL Corp.		888		27,714
Southern Co. (The)		1,276		67,909
Xcel Energy, Inc.		636		35,934
				602,282

INVESTMENTS	SHARES		VALUE($)
Electrical Equipment — 0.6%
Acuity Brands, Inc.		48		7,024
AMETEK, Inc.		280		24,687
Eaton Corp. plc		524		43,398
Emerson Electric Co.		758		53,810
Hubbell, Inc.		68		8,677
Rockwell Automation, Inc.		147		26,564
Sensata Technologies Holding plc*		204		10,188
				174,348
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		369		36,738
CDW Corp.		184		19,430
Cognex Corp.		216		10,893
Corning, Inc.		971		30,926
Flex Ltd.*		660		7,286
IPG Photonics Corp.*		45		7,863
Keysight Technologies, Inc.*		231		20,104
TE Connectivity Ltd.		420		40,173
Trimble, Inc.*		312		12,736
				186,149
Energy Equipment & Services — 0.5%
Baker Hughes a GE Co.		636		15,277
Core Laboratories NV		56		3,550
Halliburton Co.		1,080		30,596
Helmerich & Payne, Inc.		132		7,725
National Oilwell Varco, Inc.		468		12,233
Schlumberger Ltd.		1,712		73,068
Transocean Ltd.*		624		4,905
				147,354
Entertainment — 1.9%
Activision Blizzard, Inc.		944		45,510
Electronic Arts, Inc.*		372		35,210
Live Nation Entertainment, Inc.*		168		10,977
Netflix, Inc.*		539		199,721
Take-Two Interactive Software, Inc.*		140		13,556
Viacom, Inc., Class A		12		416
Viacom, Inc., Class B		432		12,489
Walt Disney Co. (The)		2,156		295,308
				613,187
Equity Real Estate Investment Trusts (REITs) — 2.8%
Alexandria Real Estate Equities, Inc.		140		19,935
American Tower Corp.		544		106,243
AvalonBay Communities, Inc.		170		34,158
Boston Properties, Inc.		192		26,423

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 77

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Crown Castle International Corp.		513		64,525
Digital Realty Trust, Inc.		256		30,134
Duke Realty Corp.		444		13,817
Equinix, Inc.		104		47,289
Equity Residential		456		34,848
Essex Property Trust, Inc.		82		23,165
Extra Space Storage, Inc.		156		16,176
Federal Realty Investment Trust		92		12,314
HCP, Inc.		588		17,511
Host Hotels & Resorts, Inc.		912		17,547
Invitation Homes, Inc.		411		10,217
Iron Mountain, Inc.		348		11,303
Kimco Realty Corp.		516		8,973
Macerich Co. (The)		132		5,299
Mid-America Apartment Communities, Inc.		141		15,427
Prologis, Inc.		778		59,649
Public Storage		184		40,697
Realty Income Corp.		374		26,184
Regency Centers Corp.		204		13,703
SBA Communications Corp.*		140		28,522
Simon Property Group, Inc.		382		66,353
SL Green Realty Corp.		104		9,187
UDR, Inc.		336		15,103
Ventas, Inc.		440		26,888
VEREIT, Inc.		1,188		9,813
VICI Properties, Inc.		444		10,123
Vornado Realty Trust		216		14,934
Welltower, Inc.		477		35,551
Weyerhaeuser Co.		924		24,763
				896,774
Food & Staples Retailing — 1.4%
Costco Wholesale Corp.		543		133,323
Kroger Co. (The)		984		25,367
Sysco Corp.		584		41,096
Walgreens Boots Alliance, Inc.		989		52,981
Walmart, Inc.		1,756		180,587
				433,354
Food Products — 1.1%
Archer-Daniels-Midland Co.		692		30,863
Bunge Ltd.		173		9,067
Campbell Soup Co.		240		9,286
Conagra Brands, Inc.		600		18,468
General Mills, Inc.		732		37,676
Hershey Co. (The)		171		21,349

INVESTMENTS	SHARES		VALUE($)
Food Products — continued
Hormel Foods Corp.		336		13,420
Ingredion, Inc.		84		7,959
JM Smucker Co. (The)		141		17,291
Kellogg Co.		312		18,814
Kraft Heinz Co. (The)		768		25,528
Lamb Weston Holdings, Inc.		180		12,609
McCormick & Co., Inc.(Non-Voting)		152		23,403
Mondelez International, Inc., Class A		1,788		90,920
Tyson Foods, Inc., Class A		364		27,304
				363,957
Gas Utilities — 0.1%
Atmos Energy Corp.		144		14,737
National Fuel Gas Co.		108		6,395
UGI Corp.		216		11,774
				32,906
Health Care Equipment & Supplies — 3.2%
Abbott Laboratories		2,169		172,566
ABIOMED, Inc.*		56		15,535
Align Technology, Inc.*		89		28,897
Baxter International, Inc.		588		44,864
Becton Dickinson and Co.		333		80,166
Boston Scientific Corp.*		1,704		63,253
Cooper Cos., Inc. (The)		61		17,685
Danaher Corp.		776		102,773
Dentsply Sirona, Inc.		276		14,112
DexCom, Inc.*		108		13,076
Edwards Lifesciences Corp.*		256		45,074
Hologic, Inc.*		336		15,584
IDEXX Laboratories, Inc.*		106		24,592
Intuitive Surgical, Inc.*		142		72,509
Medtronic plc		1,656		147,069
ResMed, Inc.		177		18,498
STERIS plc		105		13,753
Stryker Corp.		382		72,164
Teleflex, Inc.		57		16,312
Varian Medical Systems, Inc.*		111		15,115
Zimmer Biomet Holdings, Inc.		252		31,036
				1,024,633
Health Care Providers & Services — 2.4%
AmerisourceBergen Corp.		192		14,354
Anthem, Inc.		316		83,118
Cardinal Health, Inc.		369		17,974
Centene Corp.*		509		26,244
Cigna Corp.		468		74,337

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Health Care Providers & Services — continued
CVS Health Corp.		1,600		87,008
DaVita, Inc.*		156		8,617
HCA Healthcare, Inc.		329		41,859
Henry Schein, Inc.*		192		12,300
Humana, Inc.		167		42,653
Laboratory Corp. of America Holdings*		120		19,190
McKesson Corp.		237		28,262
Quest Diagnostics, Inc.		168		16,192
UnitedHealth Group, Inc.		1,185		276,188
Universal Health Services, Inc., Class B		104		13,195
WellCare Health Plans, Inc.*		60		15,501
				776,992
Health Care Technology — 0.2%
Cerner Corp.*		400		26,580
Veeva Systems, Inc., Class A*		155		21,680
				48,260
Hotels, Restaurants & Leisure — 2.0%
Aramark		300		9,324
Carnival Corp.		492		26,991
Chipotle Mexican Grill, Inc.*		29		19,953
Darden Restaurants, Inc.		153		17,993
Domino’s Pizza, Inc.		50		13,529
Hilton Worldwide Holdings, Inc.		360		31,316
Las Vegas Sands Corp.		456		30,575
Marriott International, Inc., Class A		348		47,474
McDonald’s Corp.		945		186,704
MGM Resorts International		629		16,750
Norwegian Cruise Line Holdings Ltd.*		268		15,113
Royal Caribbean Cruises Ltd.		212		25,639
Starbucks Corp.		1,535		119,239
Vail Resorts, Inc.		50		11,443
Wyndham Destinations, Inc.		120		5,227
Wynn Resorts Ltd.		120		17,334
Yum! Brands, Inc.		377		39,355
				633,959
Household Durables — 0.3%
DR Horton, Inc.		420		18,610
Garmin Ltd.		149		12,775
Lennar Corp., Class A		352		18,315
Lennar Corp., Class B		24		1,001
Mohawk Industries, Inc.*		75		10,219
Newell Brands, Inc.		480		6,902
NVR, Inc.*		3		9,457
PulteGroup, Inc.		312		9,816

INVESTMENTS	SHARES		VALUE($)
Household Durables — continued
Whirlpool Corp.		77		10,689
				97,784
Household Products — 1.6%
Church & Dwight Co., Inc.		300		22,485
Clorox Co. (The)		158		25,237
Colgate-Palmolive Co.		1,064		77,449
Kimberly-Clark Corp.		424		54,433
Procter & Gamble Co. (The)		3,087		328,704
				508,308
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		816		13,970
NRG Energy, Inc.		347		14,286
Vistra Energy Corp.		480		13,080
				41,336
Industrial Conglomerates — 1.4%
3M Co.		710		134,552
General Electric Co.		10,744		109,267
Honeywell International, Inc.		900		156,267
Roper Technologies, Inc.		129		46,401
				446,487
Insurance — 2.6%
Aflac, Inc.		926		46,652
Alleghany Corp.*		17		11,167
Allstate Corp. (The)		409		40,516
American Financial Group, Inc.		87		9,007
American International Group, Inc.		1,072		50,995
Aon plc		297		53,502
Arch Capital Group Ltd.*		492		16,620
Arthur J Gallagher & Co.		228		19,065
Brighthouse Financial, Inc.*		144		6,018
Chubb Ltd.		566		82,183
Cincinnati Financial Corp.		188		18,082
Everest Re Group Ltd.		50		11,775
Fidelity National Financial, Inc.		336		13,423
Hartford Financial Services Group, Inc. (The)		444		23,226
Lincoln National Corp.		252		16,813
Loews Corp.		336		17,233
Markel Corp.*		16		17,144
Marsh & McLennan Cos., Inc.		624		58,837
MetLife, Inc.		1,181		54,479
Principal Financial Group, Inc.		324		18,520
Progressive Corp. (The)		720		56,268
Prudential Financial, Inc.		504		53,278

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 79

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Insurance — continued
Reinsurance Group of America, Inc.		77		11,666
Torchmark Corp.		124		10,870
Travelers Cos., Inc. (The)		324		46,575
Unum Group		264		9,747
Willis Towers Watson plc		159		29,310
WR Berkley Corp.		180		11,034
				814,005
Interactive Media & Services — 4.8%
Alphabet, Inc., Class A*		370		443,615
Alphabet, Inc., Class C*		380		451,622
Facebook, Inc., Class A*		2,944		569,370
IAC/InterActiveCorp*		96		21,585
Snap, Inc., Class A*		912		10,160
TripAdvisor, Inc.*		128		6,813
Twitter, Inc.*		899		35,879
				1,539,044
Internet & Direct Marketing Retail — 3.7%
Amazon.com, Inc.*		508		978,672
Booking Holdings, Inc.*		56		103,879
eBay, Inc.		1,061		41,114
Expedia Group, Inc.		144		18,697
MercadoLibre, Inc. (Argentina)*		56		27,112
Qurate Retail, Inc.*		516		8,798
				1,178,272
IT Services — 5.3%
Accenture plc, Class A		788		143,944
Akamai Technologies, Inc.*		204		16,332
Alliance Data Systems Corp.		57		9,126
Automatic Data Processing, Inc.		538		88,442
Broadridge Financial Solutions, Inc.		144		17,011
Cognizant Technology Solutions Corp., Class A		708		51,656
DXC Technology Co.		332		21,826
Fidelity National Information Services, Inc.		398		46,140
First Data Corp., Class A*		696		17,998
Fiserv, Inc.*		483		42,137
FleetCor Technologies, Inc.*		106		27,661
Gartner, Inc.*		110		17,487
Global Payments, Inc.		194		28,337
GoDaddy, Inc., Class A*		208		16,952
International Business Machines Corp.		1,097		153,876
Jack Henry & Associates, Inc.		96		14,310
Leidos Holdings, Inc.		180		13,226
Mastercard, Inc., Class A		1,116		283,732
Paychex, Inc.		396		33,387

INVESTMENTS	SHARES		VALUE($)
IT Services — continued
PayPal Holdings, Inc.*		1,449		163,404
Sabre Corp.		336		6,975
Square, Inc., Class A*		384		27,963
Total System Services, Inc.		201		20,550
VeriSign, Inc.*		130		25,668
Visa, Inc., Class A		2,160		355,169
Western Union Co. (The)		540		10,498
Worldpay, Inc., Class A*		372		43,602
				1,697,409
Leisure Products — 0.1%
Hasbro, Inc.		144		14,668
Mattel, Inc.*		420		5,119
Polaris Industries, Inc.		72		6,941
				26,728
Life Sciences Tools & Services — 1.0%
Agilent Technologies, Inc.		396		31,086
Bio-Rad Laboratories, Inc., Class A*		25		7,523
Illumina, Inc.*		181		56,472
IQVIA Holdings, Inc.*		195		27,086
Mettler-Toledo International, Inc.*		32		23,848
PerkinElmer, Inc.		136		13,034
Thermo Fisher Scientific, Inc.		496		137,615
Waters Corp.*		88		18,792
				315,456
Machinery — 1.6%
Caterpillar, Inc.		710		98,988
Colfax Corp.*		120		3,621
Cummins, Inc.		180		29,932
Deere & Co.		394		65,258
Donaldson Co., Inc.		156		8,352
Dover Corp.		180		17,647
Flowserve Corp.		156		7,649
Fortive Corp.		360		31,082
IDEX Corp.		94		14,726
Illinois Tool Works, Inc.		372		57,894
Ingersoll-Rand plc		300		36,783
PACCAR, Inc.		432		30,962
Parker-Hannifin Corp.		159		28,792
Pentair plc		192		7,486
Snap-on, Inc.		69		11,611
Stanley Black & Decker, Inc.		188		27,561
Wabtec Corp.		168		12,444
Xylem, Inc.		221		18,431
				509,219

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Media — 1.5%
CBS Corp.(Non-Voting), Class B		430		22,046
Charter Communications, Inc., Class A*		214		79,435
Comcast Corp., Class A		5,580		242,897
Discovery, Inc., Class A*		194		5,995
Discovery, Inc., Class C*		444		12,769
DISH Network Corp., Class A*		276		9,693
Fox Corp., Class A*		426		16,610
Fox Corp., Class B*		195		7,507
Interpublic Group of Cos., Inc. (The)		468		10,764
Liberty Broadband Corp., Class A*		33		3,247
Liberty Broadband Corp., Class C*		189		18,656
Liberty Media Corp.-Liberty SiriusXM, Class C*		192		7,711
Liberty Media Corp-Liberty SiriusXM, Class A*		108		4,314
News Corp., Class A		468		5,813
News Corp., Class B		156		1,948
Omnicom Group, Inc.		276		22,088
Sirius XM Holdings, Inc.		2,076		12,062
				483,555
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		1,776		21,863
Newmont Goldcorp Corp.		1,011		31,402
Nucor Corp.		376		21,458
Southern Copper Corp. (Peru)		108		4,149
Steel Dynamics, Inc.		276		8,744
				87,616
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
AGNC Investment Corp.		648		11,528
Annaly Capital Management, Inc.		1,704		17,193
				28,721
Multiline Retail — 0.5%
Dollar General Corp.		324		40,853
Dollar Tree, Inc.*		293		32,605
Kohl’s Corp.		204		14,504
Macy’s, Inc.		372		8,757
Nordstrom, Inc.		144		5,907
Target Corp.		645		49,936
				152,562
Multi-Utilities — 1.0%
Ameren Corp.		300		21,831
CenterPoint Energy, Inc.		612		18,972
CMS Energy Corp.		348		19,331
Consolidated Edison, Inc.		396		34,119
Dominion Energy, Inc.		986		76,780

INVESTMENTS	SHARES		VALUE($)
Multi-Utilities — continued
DTE Energy Co.		225		28,285
NiSource, Inc.		459		12,751
Public Service Enterprise Group, Inc.		624		37,222
Sempra Energy		336		42,991
WEC Energy Group, Inc.		388		30,431
				322,713
Oil, Gas & Consumable Fuels — 4.6%
Anadarko Petroleum Corp.		616		44,876
Antero Resources Corp.*		276		2,001
Apache Corp.		468		15,402
Cabot Oil & Gas Corp.		528		13,670
Cheniere Energy, Inc.*		276		17,761
Chevron Corp.		2,344		281,421
Cimarex Energy Co.		124		8,514
Concho Resources, Inc.		248		28,614
ConocoPhillips		1,401		88,431
Continental Resources, Inc.*		108		4,967
Devon Energy Corp.		540		17,356
Diamondback Energy, Inc.		192		20,427
EOG Resources, Inc.		717		68,868
EQT Corp.		312		6,380
Exxon Mobil Corp.		5,230		419,864
Hess Corp.		314		20,134
HollyFrontier Corp.		192		9,164
Kinder Morgan, Inc.		2,402		47,728
Marathon Oil Corp.		1,020		17,381
Marathon Petroleum Corp.		831		50,583
Murphy Oil Corp.		204		5,557
Noble Energy, Inc.		588		15,911
Occidental Petroleum Corp.		924		54,405
ONEOK, Inc.		504		34,237
Phillips 66		516		48,643
Pioneer Natural Resources Co.		207		34,457
Targa Resources Corp.		276		11,081
Valero Energy Corp.		516		46,780
Williams Cos., Inc. (The)		1,488		42,155
				1,476,768
Personal Products — 0.2%
Coty, Inc., Class A		552		5,973
Estee Lauder Cos., Inc. (The), Class A		269		46,217
Herbalife Nutrition Ltd.*		125		6,606
				58,796
Pharmaceuticals — 4.4%
Allergan plc		386		56,742

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 81

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Pharmaceuticals — continued
Bristol-Myers Squibb Co.		2,015		93,556
Elanco Animal Health, Inc.*		454		14,301
Eli Lilly & Co.		1,067		124,882
Jazz Pharmaceuticals plc*		74		9,603
Johnson & Johnson		3,288		464,266
Merck & Co., Inc.		3,185		250,691
Mylan NV*		636		17,166
Nektar Therapeutics*		216		6,916
Perrigo Co. plc		156		7,476
Pfizer, Inc.		6,853		278,300
Tilray, Inc. (Canada)*		12		616
Zoetis, Inc.		588		59,882
				1,384,397
Professional Services — 0.4%
CoStar Group, Inc.*		45		22,331
Equifax, Inc.		148		18,641
IHS Markit Ltd.*		444		25,424
ManpowerGroup, Inc.		72		6,915
Nielsen Holdings plc		432		11,029
TransUnion		228		15,880
Verisk Analytics, Inc.		202		28,510
				128,730
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A*		384		19,995
Road & Rail — 1.1%
CSX Corp.		957		76,206
JB Hunt Transport Services, Inc.		108		10,204
Kansas City Southern		124		15,269
Norfolk Southern Corp.		329		67,122
Old Dominion Freight Line, Inc.		81		12,092
Union Pacific Corp.		892		157,920
				338,813
Semiconductors & Semiconductor Equipment — 3.9%
Advanced Micro Devices, Inc.*		1,080		29,840
Analog Devices, Inc.		456		53,005
Applied Materials, Inc.		1,173		51,694
Broadcom, Inc.		489		155,698
Intel Corp.		5,552		283,374
KLA-Tencor Corp.		204		26,006
Lam Research Corp.		189		39,204
Marvell Technology Group Ltd.		732		18,315
Maxim Integrated Products, Inc.		336		20,160
Microchip Technology, Inc.		292		29,168
Micron Technology, Inc.*		1,380		58,043

INVESTMENTS	SHARES		VALUE($)
Semiconductors & Semiconductor Equipment — continued
NVIDIA Corp.		747		135,207
Qorvo, Inc.*		152		11,493
QUALCOMM, Inc.		1,493		128,592
Skyworks Solutions, Inc.		216		19,047
Texas Instruments, Inc.		1,157		136,329
Xilinx, Inc.		312		37,484
				1,232,659
Software — 7.1%
Adobe, Inc.*		602		174,128
ANSYS, Inc.*		104		20,363
Autodesk, Inc.*		269		47,938
Cadence Design Systems, Inc.*		348		24,144
CDK Global, Inc.		156		9,410
Citrix Systems, Inc.		156		15,750
Fortinet, Inc.*		180		16,816
Intuit, Inc.		320		80,339
Microsoft Corp.		9,470		1,236,782
Oracle Corp.		3,145		174,013
Palo Alto Networks, Inc.*		118		29,362
PTC, Inc.*		132		11,942
Red Hat, Inc.*		218		39,792
salesforce.com, Inc.*		945		156,256
ServiceNow, Inc.*		220		59,732
Splunk, Inc.*		180		24,847
SS&C Technologies Holdings, Inc.		264		17,862
Symantec Corp.		780		18,884
Synopsys, Inc.*		184		22,279
Teradata Corp.*		144		6,548
VMware, Inc., Class A		94		19,188
Workday, Inc., Class A*		185		38,042
				2,244,417
Specialty Retail — 2.3%
Advance Auto Parts, Inc.		88		14,636
AutoNation, Inc.*		72		3,019
AutoZone, Inc.*		32		32,906
Best Buy Co., Inc.		288		21,430
Burlington Stores, Inc.*		84		14,188
CarMax, Inc.*		209		16,273
Foot Locker, Inc.		144		8,238
Gap, Inc. (The)		264		6,885
Home Depot, Inc. (The)		1,394		283,958
L Brands, Inc.		276		7,077
Lowe’s Cos., Inc.		988		111,782
O’Reilly Automotive, Inc.*		97		36,721

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Specialty Retail — continued
Ross Stores, Inc.		456		44,533
Tiffany & Co.		132		14,232
TJX Cos., Inc. (The)		1,524		83,637
Tractor Supply Co.		149		15,422
Ulta Beauty, Inc.*		70		24,429
				739,366
Technology Hardware, Storage & Peripherals — 3.9%
Apple, Inc.		5,530		1,109,705
Dell Technologies, Inc., Class C*		180		12,134
Hewlett Packard Enterprise Co.		1,700		26,877
HP, Inc.		1,893		37,765
NetApp, Inc.		304		22,147
Seagate Technology plc		316		15,269
Western Digital Corp.		360		18,403
Xerox Corp.		252		8,407
				1,250,707
Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd.*		189		8,331
Hanesbrands, Inc.		444		8,023
Lululemon Athletica, Inc.*		130		22,925
NIKE, Inc., Class B		1,553		136,400
PVH Corp.		96		12,383
Ralph Lauren Corp.		64		8,421
Tapestry, Inc.		360		11,617
Under Armour, Inc., Class A*		228		5,265
Under Armour, Inc., Class C*		240		4,973
VF Corp.		400		37,764
				256,102
Thrifts & Mortgage Finance — 0.0% (b)
New York Community Bancorp, Inc.		600		6,978
Tobacco — 0.9%
Altria Group, Inc.		2,314		125,719
Philip Morris International, Inc.		1,919		166,109
				291,828
Trading Companies & Distributors — 0.2%
Fastenal Co.		352		24,834
United Rentals, Inc.*		96		13,528
Watsco, Inc.		39		6,180
WW Grainger, Inc.		56		15,792
				60,334
Water Utilities — 0.1%
American Water Works Co., Inc.		224		24,234

INVESTMENTS	SHARES		VALUE($)
Wireless Telecommunication Services — 0.1%
Sprint Corp.*		696		3,884
T-Mobile US, Inc.*		388		28,320
				32,204
Total Common Stocks (Cost $30,127,503)				31,654,829
Short-Term Investments — 0.4%
Investment Companies — 0.4%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (c) (d) (Cost $116,047)		116,047		116,047
Total Investments — 99.9% (Cost $30,243,550)				31,770,876
Other Assets Less Liabilities — 0.1%				26,047
NET ASSETS — 100.0%				31,796,923

Percentages indicated are based on net assets.

Abbreviations

MSCI	—  Morgan Stanley Capital International
(a)	—  Investment in affiliate. This security is included in an index in which the Fund, as an index fund, invests.
(b)	—  Amount rounds to less than 0.1% of net assets.
(c)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—  The rate shown is the current yield as of April 30, 2019.
*	—  Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 83

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.6%
Bahrain — 0.1%
Ahli United Bank BSC		366,601		304,648
Brazil — 10.6%
Atacadao SA*		53,169		287,873
Azul SA (Preference)*		31,420		272,043
B3 SA — Brasil Bolsa Balcao*		136,644		1,204,012
Banco Bradesco SA*		71,638		566,183
Banco Bradesco SA (Preference)*		276,070		2,506,463
Banco BTG Pactual SA*		14,161		149,010
Banco do Brasil SA*		71,933		909,367
Banco do Estado do Rio Grande do Sul SA (Preference), Class B		14,036		86,090
Banco Santander Brasil SA		27,235		314,295
BB Seguridade Participacoes SA		46,828		339,408
BR Malls Participacoes SA*		53,890		169,871
Braskem SA (Preference), Class A		16,943		206,802
BRF SA*		90,545		715,613
CCR SA		114,043		343,778
Centrais Eletricas Brasileiras SA		58,580		490,022
Centrais Eletricas Brasileiras SA (Preference)		41,836		368,843
Cia Brasileira de Distribuicao (Preference)*		25,095		618,687
Cia de Gas de Sao Paulo — COMGAS (Preference)		2,835		59,627
Cia de Saneamento Basico do Estado de Sao Paulo*		62,898		754,243
Cia de Transmissao de Energia Eletrica Paulista (Preference)		34,601		185,928
Cia Energetica de Minas Gerais		14,519		64,873
Cia Energetica de Minas Gerais (Preference)		171,738		635,515
Cia Paranaense de Energia (Preference)		18,721		195,799
Cia Siderurgica Nacional SA*		54,053		200,023
Cosan SA		14,601		173,934
CVC Brasil Operadora e Agencia de Viagens SA*		19,310		280,212
EDP — Energias do Brasil SA		54,614		245,555
Energisa SA		34,885		370,994
Engie Brasil Energia SA		32,098		364,930
Equatorial Energia SA*		31,308		655,527
Estacio Participacoes SA		39,996		279,996
Gerdau SA (Preference)		92,543		335,138
Grendene SA		41,437		77,250
Guararapes Confeccoes SA*		1,278		46,448
Hypera SA*		73,511		529,431
IRB Brasil Resseguros SA		13,431		323,521
Itau Unibanco Holding SA (Preference)		322,767		2,793,785
Itausa — Investimentos Itau SA (Preference)		302,334		920,626
Kroton Educacional SA		238,541		596,794
Localiza Rent a Car SA*		87,490		814,187

INVESTMENTS	SHARES		VALUE($)
Brazil — continued
Lojas Renner SA		114,415		1,351,586
M Dias Branco SA*		13,855		147,415
Magazine Luiza SA		11,834		573,275
Natura Cosmeticos SA		29,727		393,848
Notre Dame Intermedica Participacoes SA		59,455		532,064
Odontoprev SA		49,100		210,870
Petrobras Distribuidora SA		30,156		180,578
Petroleo Brasileiro SA*		264,397		2,023,553
Petroleo Brasileiro SA (Preference)		353,717		2,446,458
Porto Seguro SA		6,737		93,415
Sao Martinho SA		25,435		123,377
Sul America SA		15,330		122,449
Suzano SA		51,964		542,023
Telefonica Brasil SA (Preference)		76,825		912,825
Transmissora Alianca de Energia Eletrica SA		40,493		272,735
Ultrapar Participacoes SA		77,020		413,081
Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A		34,251		75,296
Vale SA		311,785		3,994,817
WEG SA		75,055		357,560
				35,219,921
Chile — 1.2%
AES Gener SA		517,623		140,613
Aguas Andinas SA, Class A		507,999		292,506
Banco de Chile		1,921,606		281,928
Banco Santander Chile		4,287,707		301,336
Cencosud SA		214,681		407,301
Cia Cervecerias Unidas SA		23,539		325,299
Colbun SA		1,293,435		289,128
Empresas CMPC SA		100,097		336,928
Enel Americas SA		5,092,617		893,633
Enel Chile SA		5,048,257		508,702
Engie Energia Chile SA		88,999		170,692
Parque Arauco SA*		41,190		113,724
				4,061,790
China — 20.2%
Agile Group Holdings Ltd.		78,000		117,840
Agricultural Bank of China Ltd., Class H		1,612,000		745,044
Air China Ltd., Class H		270,000		322,024
Angang Steel Co. Ltd., Class H		86,000		57,866
Anhui Conch Cement Co. Ltd., Class H		100,000		610,382
ANTA Sports Products Ltd.		173,000		1,216,733
Autohome, Inc., ADR*		4,697		542,457
AviChina Industry & Technology Co. Ltd., Class H		220,000		129,459

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
China — continued
BAIC Motor Corp. Ltd., Class H (a)		207,500		145,658
Bank of China Ltd., Class H		3,988,000		1,904,291
Bank of Communications Co. Ltd., Class H		409,000		344,961
BBMG Corp., Class H		197,000		69,388
Beijing Capital International Airport Co. Ltd., Class H		142,000		126,406
Beijing Enterprises Holdings Ltd.		42,500		226,454
Beijing Enterprises Water Group Ltd.*		858,000		532,384
Brilliance China Automotive Holdings Ltd.		394,000		434,010
BYD Electronic International Co. Ltd.		65,000		116,532
CGN Power Co. Ltd., Class H (a)		1,876,000		494,954
China Agri-Industries Holdings Ltd.		301,000		97,021
China Cinda Asset Management Co. Ltd., Class H		494,000		131,745
China CITIC Bank Corp. Ltd., Class H		432,000		277,199
China Coal Energy Co. Ltd., Class H		150,000		66,219
China Communications Construction Co. Ltd., Class H		375,000		361,193
China Communications Services Corp. Ltd., Class H		216,000		174,212
China Conch Venture Holdings Ltd.		118,500		400,559
China Construction Bank Corp., Class H		4,684,000		4,129,254
China Eastern Airlines Corp. Ltd., Class H		230,000		163,440
China Everbright Bank Co. Ltd., Class H		164,000		81,003
China Everbright International Ltd.		306,000		300,046
China Everbright Ltd.		44,000		80,215
China Evergrande Group (b)		114,000		365,594
China Galaxy Securities Co. Ltd., Class H		192,500		126,135
China Huarong Asset Management Co. Ltd., Class H* (a)		506,000		108,516
China International Capital Corp. Ltd., Class H (a) (b)		49,600		106,683
China Jinmao Holdings Group Ltd.		296,000		191,918
China Life Insurance Co. Ltd., Class H		388,000		1,102,545
China Longyuan Power Group Corp. Ltd., Class H		246,000		169,641
China Medical System Holdings Ltd.		206,000		182,996
China Merchants Bank Co. Ltd., Class H		199,500		987,327
China Merchants Port Holdings Co. Ltd.		108,000		218,445
China Merchants Securities Co. Ltd., Class H (a)		48,800		66,800
China Minsheng Banking Corp. Ltd., Class H		333,800		250,868
China Mobile Ltd.		890,000		8,491,848
China Molybdenum Co. Ltd., Class H		294,000		110,916
China National Building Material Co. Ltd., Class H		334,250		311,092
China Overseas Land & Investment Ltd.		204,000		764,318

INVESTMENTS	SHARES		VALUE($)
China — continued
China Pacific Insurance Group Co. Ltd., Class H		135,000		554,025
China Petroleum & Chemical Corp., Class H		1,856,000		1,426,725
China Power International Development Ltd.		740,000		197,167
China Railway Construction Corp. Ltd., Class H		159,500		188,468
China Railway Group Ltd., Class H		323,000		254,774
China Railway Signal & Communication Corp. Ltd., Class H (a)		137,000		100,601
China Reinsurance Group Corp., Class H		364,000		74,271
China Resources Cement Holdings Ltd.		180,000		180,479
China Resources Gas Group Ltd.		134,000		621,988
China Resources Land Ltd.		138,000		601,012
China Resources Pharmaceutical Group Ltd. (a)		277,500		394,887
China Resources Power Holdings Co. Ltd.		320,000		447,781
China Shenhua Energy Co. Ltd., Class H		247,500		547,832
China South City Holdings Ltd.		130,000		19,730
China Southern Airlines Co. Ltd., Class H		248,000		215,607
China State Construction International Holdings Ltd.		148,000		153,603
China Taiping Insurance Holdings Co. Ltd.		75,800		230,517
China Telecom Corp. Ltd., Class H		2,330,000		1,207,596
China Traditional Chinese Medicine Holdings Co. Ltd.		406,000		230,458
China Unicom Hong Kong Ltd.		992,000		1,177,875
China Vanke Co. Ltd., Class H		68,700		265,814
Chongqing Changan Automobile Co. Ltd., Class B		120,600		63,237
Chongqing Rural Commercial Bank Co. Ltd., Class H		145,000		84,820
CIFI Holdings Group Co. Ltd.		170,000		112,966
CIMC Enric Holdings Ltd.		44,000		42,864
CITIC Ltd.		419,000		610,170
CITIC Securities Co. Ltd., Class H		119,500		259,020
CNOOC Ltd.		1,158,000		2,103,315
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		110,000		71,121
COSCO SHIPPING Ports Ltd.		148,000		147,613
Country Garden Holdings Co. Ltd.		385,000		620,411
Country Garden Services Holdings Co. Ltd.*		65,000		120,057
CRRC Corp. Ltd., Class H		344,000		300,507
CSC Financial Co. Ltd., Class H (a)		48,000		40,979
Dali Foods Group Co. Ltd. (a)		296,000		210,224
Datang International Power Generation Co. Ltd., Class H		476,000		123,235
Dongfeng Motor Group Co. Ltd., Class H		406,000		394,436

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 85

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
China — continued
ENN Energy Holdings Ltd.		127,100		1,201,220
Everbright Securities Co. Ltd., Class H (a) (b)		11,800		11,336
Far East Horizon Ltd.		111,000		123,242
Fosun International Ltd.		163,076		253,323
Future Land Development Holdings Ltd.		90,000		107,330
Fuyao Glass Industry Group Co. Ltd., Class H (a)		72,800		256,061
GCL-Poly Energy Holdings Ltd.* (b)		904,000		64,601
Geely Automobile Holdings Ltd.		698,000		1,406,039
GF Securities Co. Ltd., Class H		81,200		109,928
Great Wall Motor Co. Ltd., Class H (b)		446,000		363,178
Greentown China Holdings Ltd.		39,000		35,357
Guangdong Investment Ltd.		490,000		916,628
Guangzhou Automobile Group Co. Ltd., Class H		449,200		483,801
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		38,000		197,219
Guangzhou R&F Properties Co. Ltd., Class H (b)		53,600		106,631
Haitian International Holdings Ltd. (b)		50,000		125,380
Haitong Securities Co. Ltd., Class H		178,000		229,566
Health & Happiness H&H International Holdings Ltd.* (b)		22,500		138,199
Huadian Power International Corp. Ltd., Class H		268,000		114,504
Huaneng Renewables Corp. Ltd., Class H		846,000		243,868
Huatai Securities Co. Ltd., Class H (a)		89,600		168,862
Huaxin Cement Co. Ltd., Class B		19,500		57,385
Industrial & Commercial Bank of China Ltd., Class H		4,095,000		3,080,095
Inner Mongolia Yitai Coal Co. Ltd., Class B		74,600		89,345
Jiangsu Expressway Co. Ltd., Class H		106,000		150,947
Jiangxi Copper Co. Ltd., Class H		85,000		112,750
Jiayuan International Group Ltd.		62,000		27,749
Kingboard Holdings Ltd.		52,500		171,175
Kunlun Energy Co. Ltd.		206,000		217,898
KWG Group Holdings Ltd.		64,736		75,926
Legend Holdings Corp., Class H (a)		34,300		93,559
Li Ning Co. Ltd.*		230,000		417,845
Logan Property Holdings Co. Ltd.		54,000		85,934
Longfor Group Holdings Ltd.		86,000		317,987
Luye Pharma Group Ltd. (a)		274,000		248,525
Maanshan Iron & Steel Co. Ltd., Class H		126,000		58,081
Momo, Inc., ADR		8,413		295,044
New China Life Insurance Co. Ltd., Class H		45,900		254,561
Orient Securities Co. Ltd., Class H (a)		46,400		33,558

INVESTMENTS	SHARES		VALUE($)
China — continued
People’s Insurance Co. Group of China Ltd. (The), Class H*		429,000		175,671
PetroChina Co. Ltd., Class H		1,522,000		964,786
PICC Property & Casualty Co. Ltd., Class H		354,000		397,730
Ping An Insurance Group Co. of China Ltd., Class H		262,500		3,177,475
Poly Property Group Co. Ltd.		101,000		42,375
Postal Savings Bank of China Co. Ltd., Class H (a)		490,000		298,180
Red Star Macalline Group Corp. Ltd., Class H (a)		29,400		27,876
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		276,000		271,308
Shanghai Electric Group Co. Ltd., Class H		240,000		93,682
Shanghai Industrial Holdings Ltd.		40,000		94,082
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		140,800		294,865
Shanghai Shibei Hi-Tech Co. Ltd., Class B		29,000		15,080
Shenzhen Expressway Co. Ltd., Class H		58,000		70,645
Shenzhen International Holdings Ltd.		73,544		158,973
Shenzhen Investment Ltd.		168,829		67,181
Shenzhou International Group Holdings Ltd.		103,200		1,387,093
Shimao Property Holdings Ltd.		61,500		187,452
Sihuan Pharmaceutical Holdings Group Ltd.		683,000		184,034
Sino-Ocean Group Holding Ltd.		152,000		68,285
Sinopec Engineering Group Co. Ltd., Class H		124,000		119,911
Sinopec Shanghai Petrochemical Co. Ltd., Class H		254,000		115,044
Sinopharm Group Co. Ltd., Class H		186,000		731,036
Sinotrans Ltd., Class H		174,000		71,493
Sinotruk Hong Kong Ltd.		56,500		122,652
Sunac China Holdings Ltd. (b)		116,000		597,818
Tianhe Chemicals Group Ltd.*‡ (a)		20,000		—
Weichai Power Co. Ltd., Class H		168,000		275,073
Wuxi Little Swan Co. Ltd., Class B		13,700		92,165
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		43,240		47,226
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class H (a) (b)		16,000		39,544
Yangzijiang Shipbuilding Holdings Ltd.		180,600		208,808
Yanzhou Coal Mining Co. Ltd., Class H		140,000		149,466
Yuexiu Property Co. Ltd.		328,000		76,136
YY, Inc., ADR*		3,569		301,973
Zhaojin Mining Industry Co. Ltd., Class H		67,500		58,152
Zhejiang Expressway Co. Ltd., Class H		122,000		130,857
Zhongsheng Group Holdings Ltd.		89,000		234,137
Zhuzhou CRRC Times Electric Co. Ltd., Class H		42,900		217,940

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
China — continued
Zijin Mining Group Co. Ltd., Class H		414,000		161,726
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		111,400		65,387
ZTE Corp., Class H		63,200		201,477
				66,790,207
Colombia — 0.3%
Bancolombia SA		19,031		231,909
Bancolombia SA (Preference)		31,095		393,346
Ecopetrol SA		425,278		392,625
Grupo Aval Acciones y Valores SA (Preference)		281,451		108,376
				1,126,256
Czech Republic — 0.4%
CEZ A/S		30,484		710,053
Komercni banka A/S		5,808		220,333
Moneta Money Bank A/S (a)		39,679		127,184
O2 Czech Republic A/S		9,295		101,064
				1,158,634
Egypt — 0.2%
Commercial International Bank Egypt SAE		102,285		454,586
ElSewedy Electric Co.		82,942		75,455
Global Telecom Holding SAE*		444,479		115,491
				645,532
Greece — 0.4%
Eurobank Ergasias SA*		140,037		117,327
Hellenic Telecommunications Organization SA		47,445		658,959
JUMBO SA		17,631		321,784
Motor Oil Hellas Corinth Refineries SA		5,479		139,743
Mytilineos Holdings SA		11,627		125,903
				1,363,716
Hong Kong — 0.4%
Bosideng International Holdings Ltd.		372,000		102,406
China Gas Holdings Ltd.		117,600		379,345
Haier Electronics Group Co. Ltd.		176,000		503,172
Kingboard Laminates Holdings Ltd.		74,000		77,825
Lee & Man Paper Manufacturing Ltd.		106,000		86,039
Nine Dragons Paper Holdings Ltd.		115,000		106,437
				1,255,224
Hungary — 0.4%
Magyar Telekom Telecommunications plc		77,360		121,976
MOL Hungarian Oil & Gas plc		41,520		478,131
OTP Bank Nyrt.		17,697		787,003
				1,387,110

INVESTMENTS	SHARES		VALUE($)
India — 10.1%
Adani Enterprises Ltd.		19,265		35,185
Asian Paints Ltd.		24,463		514,614
Aurobindo Pharma Ltd.		44,573		525,010
Bajaj Auto Ltd.		12,487		535,828
Bajaj Finance Ltd.		9,089		404,680
Bajaj Holdings & Investment Ltd.		1,407		62,427
Bank of Baroda*		35,844		60,161
Bharat Electronics Ltd.		49,635		62,225
Bharat Petroleum Corp. Ltd.		72,830		398,849
Bharti Infratel Ltd.		145,266		548,486
Canara Bank*		7,901		29,596
Castrol India Ltd.		35,376		77,643
Coal India Ltd.		106,646		386,654
Colgate-Palmolive India Ltd.		9,387		163,212
Cummins India Ltd.		5,654		59,073
Dabur India Ltd.		76,018		434,993
Divi’s Laboratories Ltd.		13,391		336,352
Dr Reddy’s Laboratories Ltd.		13,673		575,500
Federal Bank Ltd.		78,022		104,081
GAIL India Ltd.		39,500		202,322
GlaxoSmithKline Consumer Healthcare Ltd.		1,451		151,943
Glenmark Pharmaceuticals Ltd.		23,247		213,483
Havells India Ltd.		20,392		227,073
HCL Technologies Ltd.		45,908		781,336
Hindalco Industries Ltd.		65,510		194,152
Hindustan Petroleum Corp. Ltd.		44,485		187,028
Hindustan Unilever Ltd.		101,878		2,573,208
Hindustan Zinc Ltd.		17,086		68,004
Housing Development Finance Corp. Ltd.		90,065		2,583,864
ICICI Lombard General Insurance Co. Ltd. (a)		8,382		131,761
Indiabulls Housing Finance Ltd.		17,113		171,160
Indian Oil Corp. Ltd.		159,840		363,933
Infosys Ltd.		323,087		3,479,962
ITC Ltd.		421,335		1,826,215
JSW Steel Ltd.		86,448		383,412
L&T Finance Holdings Ltd.		25,110		47,341
Larsen & Toubro Infotech Ltd. (a)		2,388		58,961
Larsen & Toubro Ltd.		28,597		554,625
LIC Housing Finance Ltd.		12,973		92,697
Mphasis Ltd.		6,248		87,125
Muthoot Finance Ltd.		5,066		43,491
Nestle India Ltd.		3,326		521,090
NHPC Ltd.		405,387		136,139
NMDC Ltd.		55,422		80,078
NTPC Ltd.		399,315		768,862

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 87

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
India — continued
Oil & Natural Gas Corp. Ltd.		224,797		546,981
Oil India Ltd.		19,878		51,686
Petronet LNG Ltd.		88,280		306,404
Piramal Enterprises Ltd.		14,340		487,352
Power Finance Corp. Ltd.*		33,224		55,241
Power Grid Corp. of India Ltd.		129,170		346,420
REC Ltd.		110,257		233,595
Reliance Industries Ltd.		226,575		4,539,085
Reliance Power Ltd.*		92,357		8,026
Shriram Transport Finance Co. Ltd.		8,799		140,562
Steel Authority of India Ltd.*		72,354		58,073
Tata Consultancy Services Ltd.		76,556		2,488,413
Tata Power Co. Ltd. (The)		159,187		155,144
Tata Steel Ltd.		21,089		169,007
Tech Mahindra Ltd.		39,981		480,897
Titan Co. Ltd.		45,070		750,580
Torrent Power Ltd.		19,395		70,510
Union Bank of India*		12,295		14,766
United Breweries Ltd.		9,579		195,417
UPL Ltd.		26,097		363,752
Vedanta Ltd.		122,088		293,113
Wipro Ltd.		123,063		528,849
				33,527,707
Indonesia — 6.0%
Adaro Energy Tbk. PT		2,174,300		199,466
Astra International Tbk. PT		4,895,200		2,620,493
Bank Central Asia Tbk. PT		1,453,800		2,936,784
Bank Danamon Indonesia Tbk. PT		466,800		289,907
Bank Mandiri Persero Tbk. PT*		2,789,600		1,519,786
Bank Negara Indonesia Persero Tbk. PT*		1,114,900		752,399
Bank Rakyat Indonesia Persero Tbk. PT*		7,972,400		2,451,157
Barito Pacific Tbk. PT		739,300		209,217
Bukit Asam Tbk. PT*		691,100		192,266
Bumi Serpong Damai Tbk. PT*		1,141,600		115,077
Charoen Pokphand Indonesia Tbk. PT		1,767,600		654,287
Gudang Garam Tbk. PT		112,100		665,180
Hanjaya Mandala Sampoerna Tbk. PT		2,114,200		519,794
Indah Kiat Pulp & Paper Corp. Tbk. PT		450,400		234,140
Indofood CBP Sukses Makmur Tbk. PT		548,700		374,912
Indofood Sukses Makmur Tbk. PT		1,055,700		515,460
Jasa Marga Persero Tbk. PT*		401,200		171,918
Kalbe Farma Tbk. PT		4,998,500		542,310
Matahari Department Store Tbk. PT		562,500		161,053
Media Nusantara Citra Tbk. PT		1,198,800		79,142
Perusahaan Gas Negara Persero Tbk.		2,781,900		453,416

INVESTMENTS	SHARES		VALUE($)
Indonesia — continued
Semen Indonesia Persero Tbk. PT		533,400		506,350
Telekomunikasi Indonesia Persero Tbk. PT		12,352,800		3,289,394
United Tractors Tbk. PT		277,200		529,350
				19,983,258
Kuwait — 1.0%
Agility Public Warehousing Co. KSC		100,030		240,189
Gulf Bank KSCP		135,000		134,801
Humansoft Holding Co. KSC		10,880		118,967
Kuwait Finance House KSCP		280,750		613,233
Mobile Telecommunications Co. KSC		405,339		615,098
National Bank of Kuwait SAKP		471,810		1,441,233
				3,163,521
Malaysia — 5.0%
AirAsia Group Bhd.		364,600		240,857
AMMB Holdings Bhd.		288,400		311,788
Astro Malaysia Holdings Bhd.		378,100		132,676
CIMB Group Holdings Bhd.		1,014,855		1,294,401
Gamuda Bhd.		403,300		341,388
Hong Leong Bank Bhd.		94,668		457,853
Hong Leong Financial Group Bhd.		34,500		160,371
IJM Corp. Bhd.		585,800		331,655
Malayan Banking Bhd.		880,308		1,969,780
Malaysia Airports Holdings Bhd.		162,500		300,114
Maxis Bhd.		548,100		710,728
MISC Bhd.		263,700		440,543
Nestle Malaysia Bhd.		14,600		515,557
Petronas Chemicals Group Bhd.		484,500		1,054,807
Petronas Dagangan Bhd.		70,600		413,164
Petronas Gas Bhd.		206,300		882,728
PPB Group Bhd.		162,160		734,341
Public Bank Bhd.		464,100		2,526,533
RHB Bank Bhd.		168,600		243,217
Sime Darby Bhd.		646,300		363,017
Tenaga Nasional Bhd.		1,052,400		3,132,084
				16,557,602
Mexico — 2.9%
Alfa SAB de CV, Class A		309,070		311,389
Alpek SAB de CV		33,965		41,655
Banco del Bajio SA* (a)		47,811		102,771
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		117,622		197,487
Cemex SAB de CV*		1,535,002		710,913
El Puerto de Liverpool SAB de CV, Class C1		31,689		205,000
Fibra Uno Administracion SA de CV, REIT		209,246		310,153

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Mexico — continued
Gruma SAB de CV, Class B		32,581		325,677
Grupo Aeroportuario del Centro Norte SAB de CV		32,709		201,436
Grupo Aeroportuario del Pacifico SAB de CV, Class B		35,877		363,544
Grupo Aeroportuario del Sureste SAB de CV, Class B		20,622		338,650
Grupo Carso SAB de CV, Series A1		48,817		189,523
Grupo Elektra SAB de CV		4,477		238,518
Grupo Financiero Banorte SAB de CV, Class O		194,640		1,233,277
Grupo Financiero Inbursa SAB de CV, Class O		155,686		237,909
Grupo Mexico SAB de CV, Series B		321,589		944,016
Infraestructura Energetica Nova SAB de CV		95,320		416,572
Megacable Holdings SAB de CV		48,147		211,557
Mexichem SAB de CV		92,628		215,132
Promotora y Operadora de Infraestructura SAB de CV		21,795		221,206
Regional SAB de CV		15,770		85,348
Wal-Mart de Mexico SAB de CV		827,716		2,431,923
				9,533,656
Pakistan — 0.0% (c)
Oil & Gas Development Co. Ltd.		47,100		46,862
Pakistan Petroleum Ltd.		41,600		49,882
				96,744
Philippines — 2.0%
Alliance Global Group, Inc.		741,700		212,956
Ayala Corp.		37,135		644,139
Ayala Land, Inc.		1,044,600		982,774
BDO Unibank, Inc.		295,040		759,604
Bloomberry Resorts Corp.		839,700		205,373
Globe Telecom, Inc.		7,760		265,235
GT Capital Holdings, Inc.		13,838		229,897
International Container Terminal Services, Inc.		197,950		480,512
JG Summit Holdings, Inc.		550,750		697,362
Jollibee Foods Corp.		98,100		573,399
Manila Electric Co.		70,010		517,954
Megaworld Corp.		1,792,200		192,589
Metro Pacific Investments Corp.		3,781,200		331,679
Metropolitan Bank & Trust Co.		240,290		342,547
San Miguel Corp.		88,720		307,494
				6,743,514
Qatar — 1.5%
Barwa Real Estate Co.		14,807		141,166
Commercial Bank PQSC (The)		15,401		215,227

INVESTMENTS	SHARES		VALUE($)
Qatar — continued
Industries Qatar QSC		22,033		731,962
Masraf Al Rayan QSC		28,539		284,503
Qatar Electricity & Water Co. QSC		9,347		428,718
Qatar Fuel QSC		8,425		465,746
Qatar Gas Transport Co. Ltd.		29,925		175,917
Qatar International Islamic Bank QSC		2,952		56,028
Qatar Islamic Bank SAQ		8,992		412,184
Qatar National Bank QPSC		34,479		1,854,578
United Development Co. QSC		14,129		52,391
				4,818,420
Romania — 0.1%
NEPI Rockcastle plc		26,412		220,140
Russia — 6.2%
Aeroflot PJSC		87,761		130,740
Alrosa PJSC		240,488		350,843
Federal Grid Co. Unified Energy System PJSC		49,859,837		128,240
Gazprom PJSC		1,032,030		2,622,625
Inter RAO UES PJSC		6,812,031		413,531
LUKOIL PJSC		48,171		4,110,793
Magnit PJSC		12,218		704,223
Magnitogorsk Iron & Steel Works PJSC		172,288		117,937
MMC Norilsk Nickel PJSC		4,506		1,001,304
Mobile TeleSystems PJSC		185,265		731,905
Moscow Exchange MICEX-RTS PJSC		110,457		155,708
Novatek PJSC		105,133		1,960,908
Novolipetsk Steel PJSC		85,105		225,529
Polyus PJSC		2,148		167,502
Rosneft Oil Co. PJSC		114,488		760,065
ROSSETI PJSC		5,605,864		92,727
Rostelecom PJSC		162,457		185,998
RusHydro PJSC		22,028,098		184,177
Sberbank of Russia PJSC		796,866		2,791,704
Severstal PJSC		18,302		296,277
Sistema PJSFC		539,235		73,645
Surgutneftegas PJSC		701,693		266,671
Surgutneftegas PJSC (Preference)		756,384		458,452
Tatneft PJSC		146,813		1,720,177
Tatneft PJSC (Preference)		14,484		142,201
Transneft PJSC (Preference)		150		390,222
VTB Bank PJSC		388,289,080		213,559
				20,397,663
Singapore — 0.0% (c)
Yanlord Land Group Ltd.		34,400		36,951

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 89

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
South Africa — 5.2%
Absa Group Ltd.		54,854		631,900
African Rainbow Minerals Ltd.		10,156		120,977
Anglo American Platinum Ltd.		5,928		299,882
AngloGold Ashanti Ltd.		39,599		471,144
Barloworld Ltd.		23,363		208,690
Bid Corp. Ltd.		56,020		1,184,318
Bidvest Group Ltd. (The)		36,997		562,728
Capitec Bank Holdings Ltd.		4,117		384,701
Clicks Group Ltd.		42,538		581,823
Exxaro Resources Ltd.		24,639		281,949
FirstRand Ltd.		246,545		1,173,317
Fortress REIT Ltd., Class A, REIT		90,471		121,872
Fortress REIT Ltd., Class B, REIT		65,368		49,806
Growthpoint Properties Ltd., REIT		224,317		389,931
Harmony Gold Mining Co. Ltd.*		45,129		77,319
Hyprop Investments Ltd., REIT		19,488		95,362
Impala Platinum Holdings Ltd.*		66,022		265,520
Imperial Logistics Ltd.		18,400		80,263
Investec Ltd.		23,351		149,422
JSE Ltd.		6,621		64,192
KAP Industrial Holdings Ltd.		213,582		110,032
Kumba Iron Ore Ltd.		5,051		151,903
Liberty Holdings Ltd.		9,113		65,935
MMI Holdings Ltd.		78,375		97,798
Motus Holdings Ltd.		30,148		187,473
Nedbank Group Ltd.		30,641		571,568
Old Mutual Ltd.		374,692		602,691
Redefine Properties Ltd., REIT		433,702		298,634
Remgro Ltd.		56,653		770,095
Resilient REIT Ltd., REIT		22,124		87,815
RMB Holdings Ltd.		58,098		339,567
Sanlam Ltd.		134,910		722,387
Sappi Ltd.		54,555		260,018
Sasol Ltd.		54,595		1,811,268
Sibanye Gold Ltd.*		174,578		164,362
SPAR Group Ltd. (The)		32,539		441,798
Standard Bank Group Ltd.		99,004		1,382,676
Super Group Ltd.*		39,822		102,165
Telkom SA SOC Ltd.		56,713		337,542
Truworths International Ltd.		72,269		383,186
Tsogo Sun Holdings Ltd.		91,265		137,296
Vodacom Group Ltd.		122,570		989,135
Vukile Property Fund Ltd., REIT		60,793		87,333
				17,297,793

INVESTMENTS	SHARES		VALUE($)
Taiwan — 15.9%
Advantech Co. Ltd.		53,000		429,422
Asia Cement Corp.		322,000		435,832
Catcher Technology Co. Ltd.		104,000		824,547
Cathay Financial Holding Co. Ltd.		843,000		1,220,720
Chailease Holding Co. Ltd.		126,000		537,180
Chang Hwa Commercial Bank Ltd.		655,600		392,729
Chicony Electronics Co. Ltd.		79,551		196,104
China Life Insurance Co. Ltd.		278,838		232,162
China Steel Corp.		1,574,000		1,271,802
Compal Electronics, Inc.		577,000		372,981
CTBC Financial Holding Co. Ltd.		1,938,395		1,327,901
Delta Electronics, Inc.		301,000		1,588,703
E.Sun Financial Holding Co. Ltd.		1,097,582		901,233
Eclat Textile Co. Ltd.		41,000		586,117
Eva Airways Corp.		439,850		215,715
Far Eastern New Century Corp.		778,000		849,573
Feng TAY Enterprise Co. Ltd.		66,000		535,164
First Financial Holding Co. Ltd.		1,038,501		741,427
Formosa Chemicals & Fibre Corp.		435,000		1,565,280
Formosa Petrochemical Corp.		175,000		649,432
Formosa Plastics Corp.		619,000		2,246,425
Formosa Taffeta Co. Ltd.		200,000		241,218
Foxconn Technology Co. Ltd.		156,533		351,185
Fubon Financial Holding Co. Ltd.		785,000		1,160,065
Giant Manufacturing Co. Ltd.		61,000		465,225
Globalwafers Co. Ltd.		29,000		317,890
Hon Hai Precision Industry Co. Ltd.		1,665,992		4,690,315
Hotai Motor Co. Ltd.		65,000		983,713
Hua Nan Financial Holdings Co. Ltd.		917,951		600,300
Inventec Corp.		422,000		339,054
Lite-On Technology Corp.		297,000		419,054
Mega Financial Holding Co. Ltd.		1,162,233		1,115,811
Nan Ya Plastics Corp.		720,000		1,821,530
Nanya Technology Corp.		114,737		243,672
Novatek Microelectronics Corp.		78,000		510,249
Oriental Union Chemical Corp.		90,000		75,798
Pegatron Corp.		281,000		531,222
Pou Chen Corp.		527,000		641,121
President Chain Store Corp.		112,000		1,044,979
Quanta Computer, Inc.		370,000		709,536
Realtek Semiconductor Corp.		65,000		440,721
Shin Kong Financial Holding Co. Ltd.		1,187,119		336,355
SinoPac Financial Holdings Co. Ltd.		1,122,580		432,724
Synnex Technology International Corp.		188,200		234,843
Taishin Financial Holding Co. Ltd.		1,059,604		480,477

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Taiwan — continued
Taiwan Business Bank		448,957		185,375
Taiwan Cement Corp.		627,000		852,813
Taiwan Cooperative Financial Holding Co. Ltd.		967,944		642,448
Taiwan Fertilizer Co. Ltd.		96,000		139,795
Taiwan High Speed Rail Corp.		291,000		354,371
Taiwan Semiconductor Manufacturing Co. Ltd.		1,254,000		10,528,624
Teco Electric and Machinery Co. Ltd.		253,000		189,588
Unimicron Technology Corp.		179,000		200,067
Uni-President Enterprises Corp.		951,000		2,260,221
Vanguard International Semiconductor Corp.		125,000		277,753
Walsin Lihwa Corp.		426,000		239,396
Wistron Corp.		385,523		320,050
Yageo Corp.		56,000		555,509
Yuanta Financial Holding Co. Ltd.		1,197,665		694,656
				52,748,172
Thailand — 6.9%
Advanced Info Service PCL		300,300		1,788,573
Bangkok Bank PCL, NVDR		28,800		183,238
Bangkok Bank PCL		43,900		287,622
Bangkok Dusit Medical Services PCL		2,349,700		1,876,816
Bangkok Expressway & Metro PCL		1,458,600		498,076
Banpu PCL		745,900		383,592
Bumrungrad Hospital PCL		86,000		476,805
Charoen Pokphand Foods PCL		882,300		739,280
Delta Electronics Thailand PCL		50,700		118,692
Digital Telecommunications Infrastructure Fund, Class F		870,300		433,446
Electricity Generating PCL		71,200		660,212
Energy Absolute PCL		442,400		772,786
Glow Energy PCL		109,500		313,837
Gulf Energy Development PCL		141,800		464,414
Home Product Center PCL		1,361,100		669,758
Indorama Ventures PCL		305,600		438,275
Intouch Holdings PCL, NVDR		347,300		647,594
IRPC PCL		1,750,400		309,770
Krung Thai Bank PCL		931,100		551,538
Land & Houses PCL, NVDR		991,900		348,264
Muangthai Capital PCL		102,500		165,618
PTT Exploration & Production PCL		238,400		996,071
PTT Global Chemical PCL		350,900		756,531
PTT PCL		2,462,600		3,759,792
Ratch Group PCL		208,800		407,658
Siam Cement PCL (The) (Registered)		154,300		2,222,120
Siam Commercial Bank PCL (The)		364,600		1,481,019

INVESTMENTS	SHARES		VALUE($)
Thailand — continued
Thai Oil PCL		174,900		379,413
Thai Union Group PCL, Class F		678,100		401,549
TMB Bank PCL		3,276,700		207,261
				22,739,620
Turkey — 1.0%
Akbank T.A.S.*		205,934		211,721
Arcelik A/S*		29,454		90,662
BIM Birlesik Magazalar A/S		37,573		522,958
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S, REIT		144,880		36,722
Enerjisa Enerji A/S (a)		45,676		41,220
Eregli Demir ve Celik Fabrikalari TAS		132,780		204,157
Ford Otomotiv Sanayi A/S		10,631		93,972
Haci Omer Sabanci Holding A/S		69,016		89,222
Iskenderun Demir ve Celik A/S		14,600		16,940
KOC Holding A/S		83,535		226,796
Koza Altin Isletmeleri A/S*		4,494		32,090
Petkim Petrokimya Holding A/S		79,398		59,564
Soda Sanayii A/S		38,624		50,231
TAV Havalimanlari Holding A/S		19,033		80,792
Tekfen Holding A/S		19,696		87,974
Tofas Turk Otomobil Fabrikasi A/S		20,620		62,026
Tupras Turkiye Petrol Rafinerileri A/S		12,049		249,208
Turk Hava Yollari AO*		93,324		224,160
Turkcell Iletisim Hizmetleri A/S		208,163		436,577
Turkiye Garanti Bankasi A/S*		161,866		222,242
Turkiye Halk Bankasi A/S		47,564		46,744
Turkiye Is Bankasi A/S, Class C*		108,955		98,113
Turkiye Sise ve Cam Fabrikalari A/S		66,666		68,211
Turkiye Vakiflar Bankasi TAO, Class D		80,660		54,786
Ulker Biskuvi Sanayi A/S		25,642		81,736
Yapi ve Kredi Bankasi A/S*		119,382		41,500
				3,430,324
United Arab Emirates — 1.3%
Abu Dhabi Commercial Bank PJSC		151,278		406,853
Abu Dhabi Islamic Bank PJSC		54,134		70,476
Aldar Properties PJSC		299,171		145,114
Arabtec Holding PJSC*		81,016		45,679
DP World plc		17,886		357,720
Dubai Islamic Bank PJSC		127,663		179,572
Emaar Development PJSC		62,120		66,295
Emaar Malls PJSC		155,633		73,858
Emaar Properties PJSC		272,425		356,978
Emirates Telecommunications Group Co. PJSC		336,349		1,529,544
First Abu Dhabi Bank PJSC		210,808		918,151
				4,150,240

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 91

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United Kingdom — 0.1%
Mondi Ltd.		11,584		255,318
United States — 0.2%
JBS SA		158,622		793,697
Total Common Stocks (Cost $306,166,023)				329,807,378
	NO. OF RIGHTS
Rights — 0.0%(c)
China — 0.0%(c)
Haitong Securities Co. Ltd., expiring 12/31/2019* (Cost $—)		6,057		—
	SHARES
Investment Of Cash Collateral From Securities Loaned — 0.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (d) (e) (Cost $746,461)		746,461		746,461
Total Investments — 99.8% (Cost $306,912,484)				330,553,839
Other Assets Less Liabilities — 0.2%				501,186
Net Assets — 100.0%				331,055,025

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

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

INDUSTRY	PERCENTAGE
Banks		19.6	%
Oil, Gas & Consumable Fuels		12.1
Wireless Telecommunication Services		4.5
Metals & Mining		3.8
Semiconductors & Semiconductor Equipment		3.7
Chemicals		3.6
Insurance		3.5
Electric Utilities		3.3
Diversified Telecommunication Services		3.1
Food Products		2.9
Food & Staples Retailing		2.5
Electronic Equipment, Instruments & Components		2.4
Real Estate Management & Development		2.4
IT Services		2.4
Automobiles		2.0

INDUSTRY	PERCENTAGE
Independent Power and Renewable Electricity Producers		1.9	%
Textiles, Apparel & Luxury Goods		1.8
Construction Materials		1.8
Industrial Conglomerates		1.7
Transportation Infrastructure		1.4
Diversified Financial Services		1.4
Gas Utilities		1.3
Pharmaceuticals		1.3
Technology Hardware, Storage & Peripherals		1.3
Health Care Providers & Services		1.2
Capital Markets		1.2
Others (each less than 1.0%)		11.9

Abbreviations

ADR	—  American Depositary Receipt
NVDR	—  Non-voting depository receipt
PJSC	—  Public Joint Stock Company
Preference	—  A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	—  Limited liability company
REIT	—  Real Estate Investment Trust
(a)	—  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	—  The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $697,890.
(c)	—  Amount rounds to less than 0.1% of net assets.
(d)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—  The rate shown is the current yield as of April 30, 2019.
*	—  Non-income producing security.
‡	—  Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

Futures contracts outstanding as of April 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE			TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
MSCI Emerging MarketsE-Mini Index		15		06/2019			USD		809,475		30,614
					��						30,614

Abbreviations

MSCI	—  Morgan Stanley Capital International
USD	—  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 93

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 97.8%
Australia — 0.8%
BHP Group plc		2,852		67,320
Rio Tinto plc		1,200		70,007
				137,327
Austria — 0.8%
ANDRITZ AG		17		812
OMV AG		1,243		66,673
Verbund AG*		1,301		64,604
voestalpine AG		365		11,744
				143,833
Belgium — 1.8%
Ageas		1,076		56,862
Colruyt SA		923		66,630
Groupe Bruxelles Lambert SA		26		2,490
Proximus SADP		2,267		63,492
Solvay SA		588		70,898
UCB SA		701		55,715
				316,087
Chile — 0.4%
Antofagasta plc		5,287		62,851
Denmark — 4.6%
Ambu A/S, Class B		1,274		36,655
Carlsberg A/S, Class B		543		70,210
Chr Hansen Holding A/S		647		66,111
Coloplast A/S, Class B		660		71,294
Demant A/S*		582		18,389
DSV A/S		764		70,798
GN Store Nord A/S		1,348		69,092
H Lundbeck A/S (a)		1,439		60,666
ISS A/S		353		10,993
Novo Nordisk A/S, Class B		1,354		66,339
Novozymes A/S, Class B		1,094		51,063
Orsted A/S (b)		908		69,516
Rockwool International A/S, Class B		38		10,167
Tryg A/S		1,651		50,528
Vestas Wind Systems A/S		727		65,782
				787,603
Finland — 3.6%
Elisa OYJ		1,511		64,112
Fortum OYJ		2,812		59,644
Kesko OYJ, Class B		923		47,996
Kone OYJ, Class B		1,229		67,531
Neste OYJ		2,058		68,022
Nokia OYJ		10,045		52,783

INVESTMENTS	SHARES		VALUE($)
Finland — continued
Orion OYJ, Class B		1,842		61,421
Sampo OYJ, Class A		1,371		62,776
Stora Enso OYJ, Class R		3,696		46,028
UPM-Kymmene OYJ		2,182		61,608
Wartsila OYJ Abp		2,170		34,747
				626,668
France — 15.4%
Aeroports de Paris		193		39,317
Air Liquide SA		527		70,108
Arkema SA		509		52,262
Atos SE		584		60,217
AXA SA		1,041		27,760
BioMerieux		333		26,448
Bouygues SA		671		25,258
Bureau Veritas SA		599		15,184
Capgemini SE		552		66,988
Casino Guichard Perrachon SA		1,199		49,085
Cie Generale des Etablissements Michelin SCA		444		57,414
Cie Plastic Omnium SA		512		15,512
CNP Assurances		1,195		28,227
Covivio, REIT		515		55,741
Danone SA		689		55,702
Dassault Aviation SA		22		33,287
Dassault Systemes SE		396		62,712
Edenred		1,079		50,872
Eiffage SA		482		50,326
Electricite de France SA		3,821		55,183
Engie SA		3,787		56,209
EssilorLuxottica SA*		425		51,781
Eurazeo SE*		155		12,165
Eutelsat Communications SA		2,980		53,857
Faurecia SA		663		33,734
Gecina SA, REIT		314		46,916
Hermes International		79		55,582
Imerys SA		448		23,858
Ingenico Group SA		653		55,113
Ipsen SA		365		42,628
Kering SA		121		71,602
Klepierre SA, REIT		471		16,737
Lagardere SCA		1,557		42,406
Legrand SA		671		49,354
L’Oreal SA		248		68,213
LVMH Moet Hennessy Louis Vuitton SE		194		76,168
Natixis SA		1,706		10,053
Orange SA		3,768		58,888

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
France — continued
Orpea		275		33,552
Pernod Ricard SA		342		59,633
Peugeot SA (a)		2,591		67,933
Publicis Groupe SA		797		47,371
Rubis SCA		185		10,147
Safran SA		489		71,277
Sanofi		787		68,665
Sartorius Stedim Biotech		419		56,911
Schneider Electric SE		670		56,706
SCOR SE		578		23,597
SEB SA		47		8,611
Societe BIC SA		293		25,241
Sodexo SA		599		68,695
Thales SA		431		51,495
TOTAL SA		1,176		65,375
Ubisoft Entertainment SA*		503		48,056
Valeo SA		1,040		37,828
Veolia Environnement SA		2,581		61,047
Vinci SA		451		45,549
Vivendi SA		947		27,487
				2,658,043
Germany — 12.1%
Allianz SE (Registered)		167		40,366
Axel Springer SE		740		41,913
BASF SE		815		66,537
Bayer AG (Registered)		707		47,055
Bayerische Motoren Werke AG		572		48,796
Carl Zeiss Meditec AG		641		63,049
Continental AG		221		36,662
Covestro AG (b)		868		47,695
Deutsche Boerse AG		257		34,341
Deutsche Lufthansa AG (Registered)		2,579		62,396
Deutsche Post AG (Registered)*		974		33,857
Deutsche Telekom AG (Registered)		3,660		61,323
Deutsche Wohnen SE		1,178		53,064
E.ON SE		3,968		42,663
Evonik Industries AG		1,549		46,242
Fielmann AG		311		22,112
Fraport AG Frankfurt Airport Services Worldwide		245		20,395
Fresenius Medical Care AG & Co. KGaA		707		59,588
Fresenius SE & Co. KGaA		881		50,098
FUCHS PETROLUB SE (Preference)		692		30,173
Hannover Rueck SE		241		36,393
Hella GmbH & Co. KGaA		380		20,729
Henkel AG & Co. KGaA (Preference)		560		56,679

INVESTMENTS	SHARES		VALUE($)
Germany — continued
HOCHTIEF AG		128		19,137
HUGO BOSS AG		605		42,274
Infineon Technologies AG		2,711		64,266
Innogy SE*		1,319		57,252
LEG Immobilien AG		494		57,640
Merck KGaA		511		54,468
MTU Aero Engines AG		287		67,712
Porsche Automobil Holding SE (Preference)		740		51,443
ProSiebenSat.1 Media SE		1,853		29,293
Puma SE		89		55,052
RWE AG*		2,700		69,255
SAP SE		623		80,310
Scout24 AG (b)		713		36,706
Siemens AG (Registered)		336		40,287
Siemens Healthineers AG (b)		1,219		52,178
Symrise AG		581		55,846
Talanx AG		572		22,892
Telefonica Deutschland Holding AG		15,039		48,849
Uniper SE		1,121		34,015
United Internet AG (Registered)		197		7,920
Volkswagen AG (Preference)		206		35,968
Vonovia SE		1,185		59,222
Wacker Chemie AG		206		18,109
				2,082,220
Ireland — 0.5%
Paddy Power Betfair plc		451		38,173
Smurfit Kappa Group plc		1,329		38,972
				77,145
Italy — 5.2%
A2A SpA		37,130		62,142
Assicurazioni Generali SpA		3,275		63,542
Atlantia SpA		1,901		51,899
DiaSorin SpA		440		43,013
Enel SpA		10,933		69,230
Eni SpA		3,833		65,319
Intesa Sanpaolo SpA		20,116		52,704
Italgas SpA		10,862		67,849
Mediobanca Banca di Credito Finanziario SpA		2,117		22,439
Moncler SpA		1,445		59,410
Poste Italiane SpA (b)		6,272		67,031
Recordati SpA		1,749		70,673
Saipem SpA*		9,957		50,507
Snam SpA		13,311		67,765
Terna Rete Elettrica Nazionale SpA		10,590		63,531

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 95

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Italy — continued
UnipolSai Assicurazioni SpA		9,302		25,489
				902,543
Jordan — 0.4%
Hikma Pharmaceuticals plc		2,969		68,513
Kazakhstan — 0.3%
KAZ Minerals plc		6,688		56,710
Luxembourg — 1.0%
ArcelorMittal		2,083		45,318
RTL Group SA		578		32,569
SES SA, FDR		3,275		55,723
Tenaris SA		3,045		42,209
				175,819
Netherlands — 4.7%
Aalberts NV (a)		485		19,082
ABN AMRO Group NV, CVA (b)		728		17,146
Aegon NV		8,784		45,854
Akzo Nobel NV		725		61,600
ASML Holding NV		369		77,051
ASR Nederland NV		1,140		50,723
Heineken Holding NV		383		38,991
Heineken NV(a)		395		42,702
Koninklijke Ahold Delhaize NV		2,552		61,507
Koninklijke DSM NV		614		70,224
Koninklijke KPN NV		20,912		64,270
Koninklijke Philips NV		1,622		69,655
NN Group NV		1,280		55,859
Randstad NV		62		3,546
Royal Dutch Shell plc, Class B		2,098		67,710
Wolters Kluwer NV		1,000		69,798
				815,718
Norway — 2.4%
Aker BP ASA		1,941		64,067
DNB ASA*		2,564		49,304
Equinor ASA		2,927		65,247
Gjensidige Forsikring ASA		1,268		24,657
Mowi ASA		2,687		58,296
Norsk Hydro ASA		10,004		43,088
Orkla ASA		3,482		27,329
Salmar ASA		352		16,011
Telenor ASA		3,257		65,472
				413,471
Poland — 0.5%
Grupa Lotos SA		1,105		24,076

INVESTMENTS	SHARES		VALUE($)
Poland — continued
Polski Koncern Naftowy ORLEN SA		1,622		41,644
Polskie Gornictwo Naftowe i Gazownictwo SA		12,450		18,932
				84,652
Portugal — 0.8%
EDP — Energias de Portugal SA*		17,955		68,133
Galp Energia SGPS SA		3,505		58,766
Jeronimo Martins SGPS SA		677		11,025
				137,924
Russia — 0.8%
Evraz plc		8,776		72,065
Polymetal International plc		5,715		60,253
				132,318
South Africa — 0.4%
Anglo American plc		2,480		64,355
Spain — 5.3%
Acciona SA		305		35,374
Acerinox SA		3,974		41,391
ACS Actividades de Construccion y Servicios SA		1,342		61,713
Aena SME SA (b)		173		32,121
Amadeus IT Group SA		798		63,598
Enagas SA		2,306		65,779
Endesa SA		2,615		65,240
Grifols SA		2,240		62,253
Iberdrola SA		7,915		71,927
Industria de Diseno Textil SA		1,643		49,748
Merlin Properties Socimi SA, REIT		3,887		53,020
Naturgy Energy Group SA		2,426		69,064
Red Electrica Corp. SA		3,045		63,196
Repsol SA		3,825		64,905
Siemens Gamesa Renewable Energy SA		3,338		59,952
Telefonica SA		7,123		59,387
				918,668
Sweden — 6.4%
Alfa Laval AB		1,154		26,786
Atlas Copco AB, Class A		1,552		48,445
Boliden AB*		2,406		71,602
Castellum AB		1,177		21,162
Elekta AB, Class B		4,291		50,895
Hennes & Mauritz AB, Class B		1,496		26,104
Hexagon AB, Class B		1,203		65,723
ICA Gruppen AB		1,713		61,957
Industrivarden AB, Class C		830		18,679
Investor AB, Class B		671		32,001

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Sweden — continued
Lundin Petroleum AB		2,014		65,588
Sandvik AB(a)		3,200		59,259
Securitas AB, Class B (a)		2,246		39,275
Skandinaviska Enskilda Banken AB, Class A		2,126		20,298
Skanska AB, Class B		1,762		30,684
SKF AB, Class B (a)		1,370		25,430
Svenska Cellulosa AB SCA, Class B		5,360		46,792
Swedbank AB, Class A		2,711		44,296
Swedish Match AB		1,406		68,556
Swedish Orphan Biovitrum AB*		2,486		45,361
Tele2 AB, Class B		5,003		66,838
Telefonaktiebolaget LM Ericsson, Class B		6,419		63,498
Telia Co. AB		13,658		58,190
Trelleborg AB, Class B		1,484		24,543
Volvo AB, Class B		1,667		26,716
				1,108,678
Switzerland — 8.7%
ABB Ltd. (Registered)*		1,546		31,799
Adecco Group AG (Registered)		379		21,775
Alcon, Inc.*		146		8,408
Baloise Holding AG (Registered)		198		33,945
Banque Cantonale Vaudoise (Registered)*		20		15,791
Barry Callebaut AG (Registered)		1		1,834
Clariant AG (Registered)*		1,008		20,739
EMS-Chemie Holding AG (Registered)		95		57,531
Flughafen Zurich AG (Registered)		68		11,210
Geberit AG (Registered)		160		67,089
Georg Fischer AG (Registered)		28		27,232
Givaudan SA (Registered)		26		67,322
Glencore plc*		16,294		64,647
Helvetia Holding AG (Registered)*		33		20,971
Logitech International SA (Registered)		1,401		54,900
Lonza Group AG (Registered)*		200		61,766
Nestle SA (Registered)		749		72,112
Novartis AG (Registered)		734		60,144
OC Oerlikon Corp. AG (Registered)		1,502		19,630
Pargesa Holding SA		293		23,027
Partners Group Holding AG		49		36,959
Roche Holding AG		242		63,855
Schindler Holding AG		237		51,222
SGS SA (Registered)		22		58,048
Sika AG (Registered)		353		54,087
Sonova Holding AG (Registered)		352		71,098
STMicroelectronics NV		2,100		38,566
Straumann Holding AG (Registered)		83		67,078

INVESTMENTS	SHARES		VALUE($)
Switzerland — continued
Swiss Life Holding AG (Registered)*		151		70,989
Swiss Prime Site AG (Registered)*		191		15,338
Swiss Re AG		256		24,647
Swisscom AG (Registered) (a)		131		61,040
Temenos AG (Registered)*		392		65,208
Vifor Pharma AG		349		45,576
Zurich Insurance Group AG		89		28,370
				1,493,953
United Arab Emirates — 0.0%(c)
NMC Health plc		9		332
United Kingdom — 20.0%
3i Group plc		2,945		41,208
Admiral Group plc		506		14,575
Ashtead Group plc		1,775		49,287
AstraZeneca plc		820		61,090
Auto Trader Group plc (b)		7,283		53,839
AVEVA Group plc		683		29,843
BAE Systems plc		3,779		24,289
Barratt Developments plc		8,268		65,043
Bellway plc		1,239		50,313
Berkeley Group Holdings plc		1,254		61,517
BP plc		9,416		68,470
British American Tobacco plc		1,587		62,129
British Land Co. plc (The), REIT		4,898		38,002
BT Group plc		19,363		57,779
Bunzl plc		1,967		59,327
Burberry Group plc		2,621		69,082
Compass Group plc		3,012		68,535
ConvaTec Group plc (b)		18,832		34,108
Croda International plc		986		66,787
Diageo plc		1,718		72,427
easyJet plc		2,936		44,486
Experian plc		2,272		66,135
Fiat Chrysler Automobiles NV		2,464		37,974
GlaxoSmithKline plc		3,308		67,957
IMI plc		1,538		21,122
Imperial Brands plc		1,063		33,823
Inchcape plc		3,707		29,761
Informa plc		5,339		54,287
International Consolidated Airlines Group SA		6,406		45,269
Intertek Group plc		654		45,743
ITV plc		22,625		40,400
J Sainsbury plc		16,106		46,792
Johnson Matthey plc		1,154		50,343
Kingfisher plc		12,584		43,392

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 97

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES			VALUE($)
Common Stocks — continued
United Kingdom — continued
Legal & General Group plc		15,504			56,381
Marks & Spencer Group plc		11,873			44,289
Meggitt plc		7,301			51,953
Micro Focus International plc		2,198			55,728
Mondi plc		2,444			53,708
National Grid plc		5,867			64,278
Next plc		938			70,625
Pearson plc		5,855			63,427
Pennon Group plc		2,534			24,736
Persimmon plc		2,036	��		59,477
Reckitt Benckiser Group plc		773			62,541
RELX plc		2,879			66,147
Rentokil Initial plc		12,139			61,863
Rightmove plc		10,273			72,641
Royal Mail plc		8,048			26,555
Sage Group plc (The)		7,501			71,103
Segro plc, REIT		6,356			56,318
Severn Trent plc		731			19,458
Smith & Nephew plc		3,455			66,794
Smiths Group plc		1,649			32,831
SSE plc		4,030			60,299
Tate & Lyle plc		7,126			71,422
Taylor Wimpey plc		27,302			64,728
Tesco plc		17,702			57,755
Unilever NV, CVA (a)		1,217			73,634
Unilever plc		1,187			71,950
United Utilities Group plc		5,900			64,003
Vodafone Group plc		29,571			54,851
Whitbread plc		1,022			59,500
Wm Morrison Supermarkets plc		16,607			46,809
WPP plc		4,290			53,530
					3,434,468
United States — 0.9%
Carnival plc		851			45,115
Ferguson plc		708			50,386
QIAGEN NV*		1,340			51,886
					147,387
Total Common Stocks (Cost $17,510,046)					16,847,286

INVESTMENTS	SHARES		VALUE($)
Investment Of Cash Collateral From Securities Loaned — 1.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (d) (e) (Cost $295,789)		295,789		295,789
Total Investments — 99.5% (Cost $17,805,835)				17,143,075
Other Assets Less Liabilities — 0.5%				79,432
NET ASSETS — 100.0%				17,222,507

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

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

INDUSTRY	PERCENTAGE
Chemicals		6.0	%
Oil, Gas & Consumable Fuels		5.5
Insurance		5.4
Pharmaceuticals		5.2
Health Care Equipment & Supplies		4.4
Electric Utilities		4.4
Metals & Mining		4.3
Diversified Telecommunication Services		3.9
Media		3.0
Textiles, Apparel & Luxury Goods		2.8
Machinery		2.6
Food & Staples Retailing		2.6
Multi-Utilities		2.4
Software		2.1
Professional Services		2.0
Household Durables		1.8
Food Products		1.8
Aerospace & Defense		1.8
Short-Term Investments		1.7
Beverages		1.7
Hotels, Restaurants & Leisure		1.6
Equity Real Estate Investment Trusts (REITs)		1.6
Electrical Equipment		1.5
Automobiles		1.4
Construction & Engineering		1.4
Banks		1.3
Personal Products		1.2
Paper & Forest Products		1.2
Real Estate Management & Development		1.2
Auto Components		1.2
IT Services		1.1

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INDUSTRY	PERCENTAGE
Commercial Services & Supplies		1.1	%
Semiconductors & Semiconductor Equipment		1.0
Life Sciences Tools & Services		1.0
Tobacco		1.0
Interactive Media & Services		1.0
Others (each less than 1.0%)		14.8

Abbreviations

CVA	—  Dutch Certification
FDR	—  Fiduciary Depositary Receipt
OYJ	—  Public Limited Company
Preference	—  A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	—  Real Estate Investment Trust
SCA	—  Limited partnership with share capital
SGPS	—  Holding company
(a)	—  The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $281,824.

(b)	—  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	—  Amount rounds to less than 0.1% of net assets.
(d)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—  The rate shown is the current yield as of April 30, 2019.
*	—  Non-income producing security.

Futures contracts outstanding as of April 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		6		06/2019		EUR		232,647		14,859
FTSE 100 Index		1		06/2019		GBP		96,241		3,028
										17,887

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 99

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.5%
Australia — 9.1%
AGL Energy Ltd.		29,790		467,356
Alumina Ltd.		206,407		326,614
Amcor Ltd.		12,256		138,540
Ansell Ltd.		23,238		442,411
APA Group		55,028		373,540
Aristocrat Leisure Ltd.		15,378		283,087
ASX Ltd.		10,573		555,487
Aurizon Holdings Ltd.		70,470		236,463
BHP Group Ltd.		24,028		635,837
BlueScope Steel Ltd.		4,332		41,166
Boral Ltd.		25,635		87,765
Brambles Ltd.		41,004		348,439
Caltex Australia Ltd.		19,467		373,285
CIMIC Group Ltd.		8,745		311,966
Cochlear Ltd.		4,715		623,252
Coles Group Ltd.*		4,001		35,574
Computershare Ltd.		12,659		159,253
Crown Resorts Ltd.		29,843		279,748
CSL Ltd.		4,598		644,924
CSR Ltd.		78,890		198,180
Dexus, REIT		69,636		614,798
Flight Centre Travel Group Ltd.		8,387		227,197
Fortescue Metals Group Ltd.		131,661		665,310
GPT Group (The), REIT		149,566		605,003
Harvey Norman Holdings Ltd.		91,898		270,192
Healthscope Ltd.		227,669		393,352
Incitec Pivot Ltd.		73,359		174,331
Insurance Australia Group Ltd.		15,601		86,686
Macquarie Group Ltd.		5,428		515,845
Mirvac Group, REIT		340,288		681,219
Oil Search Ltd.		39,350		215,498
Origin Energy Ltd.		25,708		133,593
Qantas Airways Ltd.		135,699		536,788
Ramsay Health Care Ltd.		9,905		456,144
Rio Tinto Ltd.		9,493		639,851
Rio Tinto plc		7,332		427,742
Santos Ltd.		71,381		361,232
Scentre Group, REIT		153,849		415,007
SEEK Ltd.		7,887		101,301
Sonic Healthcare Ltd.		33,879		612,663
South32 Ltd.		184,285		435,248
Star Entertainment Grp Ltd. (The)		93,262		298,623
Suncorp Group Ltd.		16,410		153,569
Sydney Airport		81,571		438,456
Telstra Corp. Ltd.		187,733		447,151

INVESTMENTS	SHARES		VALUE($)
Australia — continued
Transurban Group		54,870		519,588
Treasury Wine Estates Ltd.		22,290		270,371
Wesfarmers Ltd.		22,458		570,035
Woodside Petroleum Ltd.		24,295		605,668
Woolworths Group Ltd.		23,663		531,294
WorleyParsons Ltd.		13,249		133,507
				19,100,149
Austria — 0.2%
OMV AG		8,606		461,618
Belgium — 0.9%
Ageas		6,045		319,450
Colruyt SA		6,366		459,556
Groupe Bruxelles Lambert SA		3,811		364,942
Proximus SADP		13,505		378,236
Solvay SA		1,869		225,356
UCB SA		2,819		224,051
				1,971,591
Bermuda — 0.2%
RenaissanceRe Holdings Ltd.		3,301		512,843
Canada — 3.5%
BCE, Inc.		9,561		427,772
Canadian Imperial Bank of Commerce		1,227		103,320
Canadian Tire Corp. Ltd., Class A (a)		3,051		335,822
CGI, Inc.*		4,119		296,481
Fortis, Inc.		13,680		505,661
Husky Energy, Inc.		32,265		350,178
Hydro One Ltd. (b)		17,676		286,046
Imperial Oil Ltd.		9,701		281,826
Inter Pipeline Ltd. (a)		16,581		270,058
Loblaw Cos. Ltd.		8,595		421,057
Metro, Inc.		16,292		589,805
National Bank of Canada		7,067		336,654
RioCan, REIT		13,239		254,562
Rogers Communications, Inc., Class B		11,281		567,965
Shaw Communications, Inc., Class B		15,373		311,316
Suncor Energy, Inc.		10,457		344,846
Teck Resources Ltd., Class B		16,498		390,130
TELUS Corp.		15,056		554,387
Thomson Reuters Corp.		9,455		584,295
Toronto-Dominion Bank (The)		2,864		163,370
				7,375,551
Chile — 0.0%(c)
Antofagasta plc		1,191		14,158

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
China — 0.7%
China Mengniu Dairy Co. Ltd.*		151,000		557,854
Lenovo Group Ltd.		226,000		209,428
Semiconductor Manufacturing International Corp.*		429,200		459,549
Xinyi Solar Holdings Ltd.		544,000		310,214
				1,537,045
Denmark — 0.8%
Carlsberg A/S, Class B		3,718		480,740
Chr Hansen Holding A/S		5,805		593,161
H Lundbeck A/S (a)		3,588		151,265
Orsted A/S (b)		5,334		408,366
				1,633,532
Finland — 1.0%
Elisa OYJ		10,105		428,756
Fortum OYJ		16,924		358,967
Kesko OYJ, Class B		2,012		104,624
Neste OYJ		19,393		640,990
Sampo OYJ, Class A		3,076		140,844
Stora Enso OYJ, Class R		20,250		252,184
UPM-Kymmene OYJ		5,746		162,237
				2,088,602
France — 4.0%
Alstom SA		4,120		181,268
Arkema SA		3,955		406,086
Atos SE (a)		2,621		270,253
Bouygues SA (a)		5,161		194,272
Capgemini SE		4,945		600,097
Casino Guichard Perrachon SA (a)		6,152		251,853
Danone SA (a)		4,875		394,119
Dassault Systemes SE		3,988		631,551
Eiffage SA		4,100		428,086
Eutelsat Communications SA		14,239		257,339
Faurecia SA		5,695		289,770
Lagardere SCA		10,666		290,497
Orange SA		26,904		420,471
Pernod Ricard SA		2,819		491,541
Peugeot SA (a)		22,514		590,292
Sanofi (a)		4,920		429,266
SCOR SE (a)		5,309		216,738
Sodexo SA		3,645		418,022
Thales SA		4,942		590,457
TOTAL SA		8,085		449,451
Vinci SA (a)		2,507		253,198
Vivendi SA		14,760		428,421
				8,483,048

INVESTMENTS	SHARES		VALUE($)
Germany — 2.4%
Beiersdorf AG		30		3,283
Covestro AG (b)		3,793		208,416
Deutsche Lufthansa AG (Registered)		16,500		399,196
Deutsche Telekom AG (Registered)		26,774		448,596
Evonik Industries AG		9,017		269,181
Fraport AG Frankfurt Airport Services Worldwide		4,824		401,574
Fresenius Medical Care AG & Co. KGaA		5,462		460,356
Fresenius SE & Co. KGaA		7,091		403,229
Hannover Rueck SE		4,175		630,466
Infineon Technologies AG		23,749		562,984
Merck KGaA		1,434		152,851
SAP SE		5,119		659,881
Telefonica Deutschland Holding AG		62,637		203,455
Uniper SE		7,753		235,252
				5,038,720
Hong Kong — 4.5%
ASM Pacific Technology Ltd.		37,600		436,123
Cathay Pacific Airways Ltd.		107,000		180,190
CK Hutchison Holdings Ltd.		58,760		617,798
CK Infrastructure Holdings Ltd.		39,000		316,271
CLP Holdings Ltd.		52,500		595,858
Hang Seng Bank Ltd.		24,500		643,704
Henderson Land Development Co. Ltd.		21,000		129,426
Hong Kong & China Gas Co. Ltd.		271,211		647,451
Hutchison Port Holdings Trust		695,800		163,450
Jardine Matheson Holdings Ltd.		7,000		460,811
Jardine Strategic Holdings Ltd.		7,500		283,719
Johnson Electric Holdings Ltd.		18,000		42,376
Link REIT, REIT		55,500		648,459
MTR Corp. Ltd.		108,500		646,382
New World Development Co. Ltd.		370,000		612,983
PCCW Ltd.		414,000		249,634
Power Assets Holdings Ltd.		45,500		317,370
Sun Hung Kai Properties Ltd.		21,000		362,425
Swire Pacific Ltd., Class A		44,000		557,193
Techtronic Industries Co. Ltd.		62,500		452,281
WH Group Ltd. (b)		595,500		704,604
Xinyi Glass Holdings Ltd.		362,000		414,029
				9,482,537
Israel — 0.3%
Check Point Software Technologies Ltd.*		5,090		614,668
Italy — 1.1%
Buzzi Unicem SpA		4,521		100,798

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 101

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Italy — continued
Enel SpA		75,549		478,389
Eni SpA		21,645		368,855
Italgas SpA		68,809		429,816
Recordati SpA		8,592		347,183
Terna Rete Elettrica Nazionale SpA		83,599		501,524
				2,226,565
Japan — 21.4%
Advantest Corp.		26,200		742,999
Aisin Seiki Co. Ltd.		6,800		263,057
ANA Holdings, Inc.		11,800		412,962
Aozora Bank Ltd.		15,700		383,607
Asahi Kasei Corp.		28,700		295,793
Astellas Pharma, Inc.		16,100		218,056
Bandai Namco Holdings, Inc.		4,000		191,763
Brother Industries Ltd.		26,000		513,369
Canon, Inc.		18,100		502,240
Capcom Co. Ltd.		23,300		525,734
Central Japan Railway Co.		2,800		602,110
Chubu Electric Power Co., Inc.		35,900		522,041
Chugoku Electric Power Co., Inc. (The)		26,200		312,818
COMSYS Holdings Corp.		9,200		242,046
Cosmo Energy Holdings Co. Ltd.		15,100		311,825
Credit Saison Co. Ltd.		12,300		157,373
Dai Nippon Printing Co. Ltd.		5,600		132,933
Daiichi Sankyo Co. Ltd.		15,900		786,167
Daito Trust Construction Co. Ltd.		200		26,781
Daiwa Securities Group, Inc.		28,600		133,128
DIC Corp.		10,900		320,171
Dowa Holdings Co. Ltd.		6,200		202,165
Ebara Corp.		5,800		178,506
Electric Power Development Co. Ltd.		11,900		276,621
FamilyMart UNY Holdings Co. Ltd.		18,900		503,998
Fast Retailing Co. Ltd.		600		347,154
Fuji Electric Co. Ltd.		8,200		290,698
FUJIFILM Holdings Corp.		13,800		644,685
Fujikura Ltd.		35,400		146,065
Fujitsu Ltd.		1,100		80,756
Hankyu Hanshin Holdings, Inc.		8,700		325,267
Hikari Tsushin, Inc.		3,500		648,931
Hitachi High-Technologies Corp.		10,300		459,091
Hokuriku Electric Power Co.		16,800		124,924
Honda Motor Co. Ltd.		13,600		379,480
Idemitsu Kosan Co. Ltd.		28,192		916,015
ITOCHU Corp.		34,200		617,086
Japan Airlines Co. Ltd.		17,100		557,689

INVESTMENTS	SHARES		VALUE($)
Japan — continued
Japan Petroleum Exploration Co. Ltd.		6,400		138,938
Japan Post Holdings Co. Ltd., ADR		40,500		453,586
Japan Tobacco, Inc.		4,400		101,674
JXTG Holdings, Inc.		123,700		601,824
Kaneka Corp.		8,900		343,670
Kansai Electric Power Co., Inc. (The)		30,100		364,158
Kawasaki Kisen Kaisha Ltd.*		7,600		110,481
KDDI Corp.		23,800		548,532
Keisei Electric Railway Co. Ltd.		12,900		452,476
Kirin Holdings Co. Ltd.		17,100		388,999
K’s Holdings Corp.		19,100		170,373
Kuraray Co. Ltd.		26,200		352,017
Kyushu Electric Power Co., Inc.		19,700		190,779
Lawson, Inc.		1,900		88,711
Marubeni Corp.		81,200		581,846
Mitsubishi Corp.		22,100		608,804
Mitsubishi Gas Chemical Co., Inc.		10,500		157,635
Mitsubishi Tanabe Pharma Corp.		19,700		247,966
Mitsui & Co. Ltd.		31,200		504,647
Mizuho Financial Group, Inc.		367,400		573,779
Mochida Pharmaceutical Co. Ltd.		11,600		538,764
MS&AD Insurance Group Holdings, Inc.		5,700		177,177
NEC Corp.		6,100		206,016
NH Foods Ltd.		3,000		120,904
Nihon M&A Center, Inc.		11,600		331,016
Nikon Corp.		27,400		382,115
Nippon Express Co. Ltd.		800		43,995
Nippon Kayaku Co. Ltd.		23,800		279,685
Nippon Paper Industries Co. Ltd.		20,500		406,260
Nippon Shokubai Co. Ltd.		6,000		417,402
Nippon Telegraph & Telephone Corp.		9,700		403,602
Nipro Corp.		22,500		279,494
Nissan Motor Co. Ltd.		52,100		418,261
Nissin Foods Holdings Co. Ltd.		4,600		304,435
Nomura Real Estate Holdings, Inc.		22,300		474,215
Nomura Research Institute Ltd.		9,100		445,435
NTT Data Corp.		34,500		402,305
NTT DOCOMO, Inc.		24,800		538,547
Oji Holdings Corp.		58,200		349,227
Oriental Land Co. Ltd.		2,500		276,522
Osaka Gas Co. Ltd.		20,200		373,678
Otsuka Corp.		14,000		550,662
Resona Holdings, Inc.		96,400		409,230
Ryohin Keikaku Co. Ltd.		600		114,446
Sankyo Co. Ltd.		10,400		410,731

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Japan — continued
Sawai Pharmaceutical Co. Ltd.		6,500		349,245
SBI Holdings, Inc.		13,100		280,882
SCSK Corp.		7,600		361,158
Sega Sammy Holdings, Inc.		4,400		55,732
Sekisui Chemical Co. Ltd.		30,000		481,605
Sekisui House Ltd.		35,900		578,826
Shimamura Co. Ltd.		2,600		193,867
Shimizu Corp.		18,900		161,884
Shionogi & Co. Ltd.		4,400		257,017
Showa Denko KK		10,200		348,229
Skylark Holdings Co. Ltd.		19,200		316,271
SoftBank Group Corp.		1,400		148,444
Sojitz Corp.		169,600		583,891
Sony Corp.		10,300		518,792
Square Enix Holdings Co. Ltd.		5,200		179,935
Sumitomo Chemical Co. Ltd.		55,200		275,393
Sumitomo Corp.		10,900		156,228
Sumitomo Dainippon Pharma Co. Ltd.		21,100		466,165
Sumitomo Mitsui Financial Group, Inc.		11,000		399,809
Sumitomo Mitsui Trust Holdings, Inc.		9,700		338,444
Sumitomo Osaka Cement Co. Ltd.		9,400		383,049
Suzuken Co. Ltd.		9,900		570,838
Taisei Corp.		7,200		316,801
Taisho Pharmaceutical Holdings Co. Ltd.		3,500		323,751
Takashimaya Co. Ltd.		4,000		44,977
Takeda Pharmaceutical Co. Ltd.		4,200		154,987
Teijin Ltd.		21,800		375,006
Terumo Corp.		20,200		609,609
Tohoku Electric Power Co., Inc.		23,500		269,013
Tokio Marine Holdings, Inc.		3,500		177,329
Tokyo Broadcasting System Holdings, Inc.		20,500		389,945
Tokyo Electric Power Co. Holdings, Inc.*		97,300		549,587
Tokyo Gas Co. Ltd.		15,100		384,177
Tokyo Tatemono Co. Ltd.		15,100		170,443
Tokyu Corp.		11,400		186,112
Tokyu Fudosan Holdings Corp.		6,100		34,415
Toppan Printing Co. Ltd.		23,300		378,184
Toyo Suisan Kaisha Ltd.		12,000		458,212
Toyota Industries Corp.		8,900		504,485
Toyota Motor Corp.		10,300		637,678
Trend Micro, Inc.		1,800		89,985
Tsumura & Co.		12,500		384,389
Ube Industries Ltd.		20,700		442,891
West Japan Railway Co.		2,200		163,623
Yamada Denki Co. Ltd.		82,400		390,611

INVESTMENTS	SHARES		VALUE($)
Japan — continued
Yokohama Rubber Co. Ltd. (The)		17,400		327,864
				45,100,901
Macau — 0.7%
Galaxy Entertainment Group Ltd.		54,000		404,418
Sands China Ltd.		97,052		534,190
SJM Holdings Ltd.		132,000		159,614
Wynn Macau Ltd.		135,497		389,848
				1,488,070
Netherlands — 1.9%
Aegon NV		50,578		264,025
Heineken Holding NV (a)		3,737		380,441
Koninklijke Ahold Delhaize NV		20,346		490,371
Koninklijke DSM NV		4,411		504,493
Koninklijke KPN NV		160,029		491,826
Koninklijke Philips NV		11,453		491,835
NN Group NV		10,244		447,044
Royal Dutch Shell plc, Class A		6,544		208,501
Wolters Kluwer NV		9,428		658,051
				3,936,587
New Zealand — 0.3%
Contact Energy Ltd.		53,597		240,621
Spark New Zealand Ltd.		191,986		471,071
				711,692
Norway — 1.0%
Aker BP ASA		3,717		122,689
Equinor ASA		17,187		383,127
Mowi ASA		25,931		562,586
Orkla ASA		34,476		270,586
Telenor ASA		24,465		491,792
Yara International ASA		4,980		225,166
				2,055,946
Portugal — 0.4%
EDP — Energias de Portugal SA*		131,049		497,287
Galp Energia SGPS SA		23,438		392,968
				890,255
Singapore — 2.0%
CapitaLand Mall Trust, REIT		282,600		503,195
ComfortDelGro Corp. Ltd.		261,200		517,355
DBS Group Holdings Ltd.		9,600		199,636
Genting Singapore Ltd.		143,000		103,692
Golden Agri-Resources Ltd.		749,100		159,276
Keppel Corp. Ltd.		113,000		563,125

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 103

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Singapore — continued
Sembcorp Industries Ltd.		117,400		229,593
Singapore Airlines Ltd.		48,900		348,429
Singapore Press Holdings Ltd.		151,200		279,447
Singapore Telecommunications Ltd.		82,000		191,293
United Overseas Bank Ltd.		13,600		278,507
Venture Corp. Ltd.		26,700		334,849
Wilmar International Ltd.		220,900		590,771
				4,299,168
South Africa — 0.3%
Anglo American plc		23,351		605,952
South Korea — 8.4%
Celltrion Healthcare Co. Ltd.*		5,943		385,653
Celltrion, Inc.*		2,113		384,311
CJ CheilJedang Corp.		1,227		331,016
Doosan Infracore Co. Ltd.*		24,565		153,056
E-MART, Inc.		1,205		177,716
GS Engineering & Construction Corp.		11,358		395,182
GS Holdings Corp.		7,279		324,387
Hankook Tire Co. Ltd.		9,619		327,317
Hanmi Pharm Co. Ltd.		203		75,646
Hanmi Science Co. Ltd.		3,436		221,601
Hanon Systems		19,059		204,939
Hanwha Aerospace Co. Ltd.*		8,378		221,770
Hanwha Chemical Corp.		17,505		309,359
Helixmith Co. Ltd.*		578		128,922
Hotel Shilla Co. Ltd.		182		17,957
Hyosung TNC Co. Ltd.		257		36,564
Hyundai Construction Equipment Co. Ltd.		1,120		47,052
Hyundai Engineering & Construction Co. Ltd.		11,620		522,823
Hyundai Mobis Co. Ltd.		2,566		511,854
Hyundai Motor Co.		4,316		512,312
Hyundai Steel Co.		6,666		264,727
Industrial Bank of Korea		27,729		336,246
Kakao Corp.		5,836		600,891
Kia Motors Corp.		15,165		587,855
Korea Electric Power Corp.		4,801		116,225
Korea Gas Corp.		5,467		215,905
Korea Zinc Co. Ltd.		531		205,960
Korean Air Lines Co. Ltd.		13,766		390,960
KT&G Corp.		6,533		571,456
LG Corp.		5,559		347,622
LG Display Co. Ltd.		15,122		257,146
LG Electronics, Inc.		2,928		190,238
LG Household & Health Care Ltd.		398		484,974
LG Uplus Corp.		38,248		468,506

INVESTMENTS	SHARES		VALUE($)
South Korea — continued
Lotte Chemical Corp.		1,024		235,940
LOTTE Fine Chemical Co. Ltd.		3,247		133,832
NAVER Corp.		2,047		209,638
NCSoft Corp.		1,089		490,417
Netmarble Corp.* (b)		1,946		212,667
POSCO		918		200,935
Samsung Biologics Co. Ltd.* (b)		1,140		332,258
Samsung C&T Corp.		1,156		101,609
Samsung Electro-Mechanics Co. Ltd.		3,780		352,327
Samsung Electronics Co. Ltd.		16,377		643,898
Samsung Engineering Co. Ltd.*		19,909		290,837
Samsung SDS Co. Ltd.		2,040		379,346
Shinsegae, Inc.		1,125		327,825
SK Holdings Co. Ltd.		2,413		530,646
SK Hynix, Inc.		9,996		676,437
SK Innovation Co. Ltd.		3,074		480,647
SK Telecom Co. Ltd.		2,360		500,570
SKC Co. Ltd.		6,284		192,411
S-Oil Corp.		3,768		297,102
Woori Financial Group, Inc.		42,289		501,393
Yuhan Corp.		895		188,287
				17,607,170
Spain — 2.3%
Acciona SA		2,450		284,153
ACS Actividades de Construccion y Servicios SA		7,549		347,150
Aena SME SA (b)		2,709		502,974
Amadeus IT Group SA		3,708		295,515
Enagas SA		17,899		510,575
Grifols SA		15,325		425,902
Iberdrola SA		63,860		580,321
Naturgy Energy Group SA		19,873		565,750
Red Electrica Corp. SA		18,905		392,352
Repsol SA		28,604		485,372
Telefonica SA		49,252		410,631
				4,800,695
Sweden — 2.4%
Autoliv, Inc. (a)		1,532		120,247
Boliden AB*		14,070		418,722
Hexagon AB, Class B		10,180		556,156
Investor AB, Class B		9,748		464,899
Kinnevik AB, Class B		294		8,568
Lundin Petroleum AB		8,351		271,961
Securitas AB, Class B (a)		32,136		561,947
Skanska AB, Class B		22,099		384,836

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Sweden — continued
Svenska Cellulosa AB SCA, Class B		7,868		68,686
Swedish Match AB		13,272		647,137
Tele2 AB, Class B		47,160		630,036
Telia Co. AB		126,077		537,155
Trelleborg AB, Class B		18,635		308,200
				4,978,550
Switzerland — 1.9%
Alcon, Inc.*		993		57,186
Baloise Holding AG (Registered)		3,055		523,753
Barry Callebaut AG (Registered)		121		221,859
Clariant AG (Registered)*		10,868		223,603
Kuehne + Nagel International AG (Registered)		341		49,566
Logitech International SA (Registered)		6,090		238,643
Lonza Group AG (Registered)*		266		82,149
Novartis AG (Registered)		4,967		406,996
Roche Holding AG		406		107,128
Sonova Holding AG (Registered)		2,993		604,533
Straumann Holding AG (Registered)		53		42,833
Swiss Life Holding AG (Registered)*		1,269		596,593
Swiss Prime Site AG (Registered)*		2,605		209,193
Swisscom AG (Registered)		963		448,714
Vifor Pharma AG		1,547		202,021
				4,014,770
United Kingdom — 3.6%
Barratt Developments plc		23,006		180,985
Bellway plc		3,880		157,557
BP plc		69,700		506,838
BT Group plc		83,344		248,700
Bunzl plc		3,037		91,599
Burberry Group plc		7,020		185,026
Coca-Cola European Partners plc		13,200		707,388
easyJet plc		4,973		75,351
Hammerson plc, REIT		14,435		60,733
International Consolidated Airlines Group SA		34,338		242,655
Land Securities Group plc, REIT		10,254		123,580
Linde plc		3,593		647,674
Mondi plc		9,707		213,314
Pearson plc		35,372		383,181
Persimmon plc		3,787		110,629
Rentokil Initial plc		61,777		314,829
Royal Mail plc		64,201		211,837
Sage Group plc (The)		46,350		439,358
Segro plc, REIT		44,129		391,009
Smith & Nephew plc		25,874		500,209

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
Tate & Lyle plc		43,356		434,548
Taylor Wimpey plc		109,672		260,011
United Utilities Group plc		32,660		354,296
Vodafone Group plc		230,533		427,610
Wm Morrison Supermarkets plc		149,072		420,178
				7,689,095
United States — 24.2%
AbbVie, Inc.		2,003		159,018
AES Corp.		19,569		335,021
AGNC Investment Corp., REIT		22,357		397,731
Air Products & Chemicals, Inc.		3,271		673,139
Alaska Air Group, Inc.		4,713		291,735
Alleghany Corp.*		868		570,172
Allstate Corp. (The)		2,015		199,606
Amdocs Ltd.		3,228		177,798
Ameren Corp.		8,740		636,010
American Electric Power Co., Inc.		5,953		509,279
American Water Works Co., Inc.		286		30,942
Annaly Capital Management, Inc., REIT		38,649		389,968
ANSYS, Inc.*		3,393		664,349
Anthem, Inc.		2,074		545,524
Ashland Global Holdings, Inc.		6,264		504,440
Assurant, Inc.		2,021		191,995
AT&T, Inc.		18,204		563,596
Avangrid, Inc.		6,643		340,188
Avery Dennison Corp.		5,623		622,185
Avnet, Inc.		8,651		420,525
Axis Capital Holdings Ltd.		6,447		366,512
Baxter International, Inc.		7,257		553,709
Becton Dickinson and Co.		1,177		283,351
Broadridge Financial Solutions, Inc.		4,798		566,788
Brown & Brown, Inc.		7,354		233,490
Carnival Corp.		7,089		388,903
Carnival plc		2,282		120,979
Celanese Corp.		5,545		598,250
CenterPoint Energy, Inc.		16,506		511,686
CenturyLink, Inc.		31,217		356,498
CF Industries Holdings, Inc.		9,494		425,141
Chevron Corp.		5,091		611,225
Church & Dwight Co., Inc.		9,146		685,493
Cigna Corp.		2,167		344,206
Cincinnati Financial Corp.		5,967		573,906
Cintas Corp.		3,014		654,460
Cisco Systems, Inc.		5,959		333,406
CMS Energy Corp.		9,143		507,894

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 105

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United States — continued
CNA Financial Corp.		6,022		278,999
Commerce Bancshares, Inc.		9,581		578,980
ConocoPhillips		6,073		383,328
Consolidated Edison, Inc.		3,422		294,840
Constellation Brands, Inc., Class A		2,917		617,441
Covetrus, Inc.* (a)		436		14,331
CSX Corp.		2,982		237,457
Darden Restaurants, Inc.		5,478		644,213
DTE Energy Co.		5,040		633,578
Eastman Chemical Co.		5,836		460,344
Everest Re Group Ltd.		1,279		301,205
Eversource Energy		8,863		635,123
Exelon Corp.		4,706		239,771
Fidelity National Information Services, Inc.		5,611		650,483
Foot Locker, Inc.		9,478		542,236
Garmin Ltd.		7,412		635,505
Gentex Corp.		20,630		475,109
Genuine Parts Co.		3,971		407,186
Harris Corp.		3,775		636,087
Hasbro, Inc.		6,041		615,336
HCP, Inc., REIT		7,941		236,483
Henry Schein, Inc.*		1,089		69,761
HollyFrontier Corp.		8,362		399,118
Hormel Foods Corp. (a)		13,453		537,313
IAC/InterActiveCorp*		2,433		547,036
Ingredion, Inc.		3,335		315,991
Intel Corp.		11,752		599,822
International Paper Co.		7,252		339,466
Interpublic Group of Cos., Inc. (The)		9,751		224,273
Intuit, Inc.		823		206,622
IQVIA Holdings, Inc.*		4,443		617,133
JM Smucker Co. (The)		4,233		519,093
Johnson & Johnson		4,122		582,026
Kinder Morgan, Inc.		21,490		427,006
Kohl’s Corp.		2,391		170,000
L3 Technologies, Inc.		2,941		642,844
Laboratory Corp. of America Holdings*		3,608		576,991
Lam Research Corp.		2,942		610,259
Leggett & Platt, Inc.		6,046		237,971
LyondellBasell Industries NV, Class A		2,035		179,548
ManpowerGroup, Inc.		1,924		184,781
Marathon Petroleum Corp.		2,233		135,923
McCormick & Co., Inc.(Non-Voting)		4,035		621,269
MDU Resources Group, Inc.		16,678		436,130
Merck & Co., Inc.		4,189		329,716

INVESTMENTS	SHARES		VALUE($)
United States — continued
Molson Coors Brewing Co., Class B		5,851		375,576
NextEra Energy, Inc.		1,061		206,301
NVR, Inc.*		194		611,581
Old Republic International Corp.		21,062		470,946
Pfizer, Inc.		13,123		532,925
Phillips 66		3,004		283,187
Pinnacle West Capital Corp.		6,642		632,783
Procter & Gamble Co. (The)		4,425		471,174
Public Service Enterprise Group, Inc.		4,280		255,302
PulteGroup, Inc.		16,588		521,858
Quest Diagnostics, Inc.		4,302		414,627
Raytheon Co.		3,106		551,595
Republic Services, Inc.		7,832		648,646
Southwest Airlines Co.		10,349		561,226
Starbucks Corp.		8,856		687,934
TJX Cos., Inc. (The)		4,049		222,209
T-Mobile US, Inc.*		2,278		166,271
Toll Brothers, Inc.		8,102		308,686
Torchmark Corp.		7,012		614,672
Tyson Foods, Inc., Class A		825		61,883
United Continental Holdings, Inc.*		758		67,356
UnitedHealth Group, Inc.		1,979		461,246
Universal Health Services, Inc., Class B		4,188		531,332
Valero Energy Corp.		3,923		355,659
Verizon Communications, Inc.		10,052		574,874
VMware, Inc., Class A		3,382		690,368
Walmart, Inc.		6,171		634,626
Walt Disney Co. (The)		3,975		544,456
Waters Corp.*		2,570		548,798
Westlake Chemical Corp.		5,577		388,996
WR Berkley Corp.		11,161		684,169
Xcel Energy, Inc.		11,349		641,219
Xylem, Inc.		8,238		687,050
Zimmer Biomet Holdings, Inc.		2,041		251,370
				51,028,146
Total Common Stocks (Cost $198,961,006)				209,747,624
Short-Term Investments — 0.0%(c)
Investment Companies — 0.0%(c)
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (d) (e) (Cost $52,770)		52,770		52,770

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Investment Of Cash Collateral From Securities Loaned — 1.6%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (d) (e)		1,999,800		2,000,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (d) (e)		1,438,708		1,438,708
Total Investment Of Cash Collateral From Securities Loaned (Cost $3,438,708)				3,438,708
Total Investments — 101.1% (Cost $202,452,484)				213,239,102
Liabilities in Excess of Other Assets — (1.1)%				(2,324,841	)
NET ASSETS — 100.0%				210,914,261

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

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

INDUSTRY	PERCENTAGE
Oil, Gas & Consumable Fuels		6.3	%
Electric Utilities		5.4
Chemicals		5.2
Diversified Telecommunication Services		4.3
Insurance		4.3
Pharmaceuticals		3.6
Food Products		3.4
Health Care Providers & Services		2.9
Household Durables		2.6
Hotels, Restaurants & Leisure		2.6
Metals & Mining		2.6
Banks		2.5
IT Services		2.5
Health Care Equipment & Supplies		2.2
Food & Staples Retailing		2.2
Equity Real Estate Investment Trusts (REITs)		2.1
Semiconductors & Semiconductor Equipment		2.1
Airlines		1.9
Software		1.9
Construction & Engineering		1.8
Multi-Utilities		1.8
Beverages		1.7
Wireless Telecommunication Services		1.7
Investment of cash collateral from securities loaned		1.6
Auto Components		1.6

INDUSTRY	PERCENTAGE
Road & Rail		1.6	%
Trading Companies & Distributors		1.5
Industrial Conglomerates		1.5
Automobiles		1.5
Commercial Services & Supplies		1.4
Gas Utilities		1.4
Technology Hardware, Storage & Peripherals		1.4
Aerospace & Defense		1.2
Real Estate Management & Development		1.2
Specialty Retail		1.2
Entertainment		1.1
Electronic Equipment, Instruments & Components		1.1
Media		1.0
Transportation Infrastructure		1.0
Others (each less than 1.0%)		11.1
Short-Term Investments		0.0	(f)

Abbreviations

ADR	—  American Depositary Receipt
OYJ	—  Public Limited Company
REIT	—  Real Estate Investment Trust
SCA	—  Limited partnership with share capital
SGPS	—  Holding company
(a)	—  The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $3,277,393.
(b)	—  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	—  Amount rounds to less than 0.1% of net assets.
(d)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—  The rate shown is the current yield as of April 30, 2019.
(f)	—  Amount rounds to less than 0.1%.
*	—  Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 107

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Futures contracts outstanding as of April 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
MSCI EAFEE-Mini Index		7		06/2019		USD		670,565		32,081
S&P 500E-Mini Index		1		06/2019		USD		147,475		10,610
										42,691

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.3%
Australia — 10.1%
AGL Energy Ltd.		455,451		7,145,273
Alumina Ltd.		3,199,528		5,062,872
Ansell Ltd.		324,302		6,174,148
APA Group		665,642		4,518,493
Atlas Arteria Ltd.		263,608		1,301,715
BHP Group plc		238,850		5,637,953
Brambles Ltd.		269,399		2,289,270
Caltex Australia Ltd.		87,528		1,678,374
CIMIC Group Ltd.		32,179		1,147,944
Coca-Cola Amatil Ltd.		445,823		2,765,482
Cochlear Ltd.		46,033		6,084,872
Coles Group Ltd.*		117,427		1,044,067
Computershare Ltd.		266,925		3,357,983
Crown Resorts Ltd.		165,837		1,554,557
CSL Ltd.		43,700		6,129,439
CSR Ltd.		717,951		1,803,565
Dexus, REIT		803,645		7,095,168
Downer EDI Ltd.		761,762		4,159,135
GPT Group (The), REIT		1,641,117		6,638,409
Harvey Norman Holdings Ltd. (a)		883,379		2,597,249
Healthscope Ltd.		3,006,476		5,194,392
Incitec Pivot Ltd.		359,902		855,273
Macquarie Group Ltd.		38,058		3,616,808
Metcash Ltd.		810,007		1,638,999
Mirvac Group, REIT		1,509,669		3,022,190
Oil Search Ltd.		788,959		4,320,679
Origin Energy Ltd.		879,051		4,568,047
Orora Ltd.		382,493		817,319
Qantas Airways Ltd.		1,253,755		4,959,507
Ramsay Health Care Ltd.		60,302		2,777,024
Rio Tinto Ltd.		94,355		6,359,750
Rio Tinto plc		103,830		6,057,345
Santos Ltd.		1,256,439		6,358,350
Sonic Healthcare Ltd.		378,038		6,836,388
Tabcorp Holdings Ltd.		1,790,828		6,047,068
Telstra Corp. Ltd.		1,937,986		4,615,980
TPG Telecom Ltd.		531,984		2,527,825
Vicinity Centres, REIT		2,927,602		5,250,173
Vocus Group Ltd.*		909,805		2,506,332
Wesfarmers Ltd.		216,625		5,498,438
Whitehaven Coal Ltd.		1,678,236		4,977,370
Woodside Petroleum Ltd.		256,880		6,403,948
WorleyParsons Ltd.		81,125		817,477
				174,212,650

INVESTMENTS	SHARES		VALUE($)
Austria — 0.3%
OMV AG		58,530		3,139,497
voestalpine AG		54,523		1,754,225
				4,893,722
Belgium — 0.7%
Colruyt SA		96,205		6,944,950
Groupe Bruxelles Lambert SA		26,898		2,575,758
Proximus SADP		108,629		3,042,383
				12,563,091
Cambodia — 0.1%
NagaCorp Ltd.		956,000		1,227,648
Chile — 0.4%
Antofagasta plc		525,447		6,246,390
China — 0.8%
China Mengniu Dairy Co. Ltd.*		403,000		1,488,842
FIH Mobile Ltd.* (a)		2,540,000		379,659
Nexteer Automotive Group Ltd. (a)		1,084,760		1,700,953
Semiconductor Manufacturing International Corp.*		697,300		746,606
Tingyi Cayman Islands Holding Corp.		808,000		1,330,557
Uni-President China Holdings Ltd.		1,827,000		1,673,055
Want Want China Holdings Ltd.		2,968,000		2,356,395
Xinyi Solar Holdings Ltd.		7,850,400		4,476,661
				14,152,728
Denmark — 0.7%
Chr Hansen Holding A/S		67,409		6,887,926
Demant A/S* (a)		112,806		3,564,263
DSV A/S		7,950		736,709
H Lundbeck A/S (a)		28,831		1,215,471
ISS A/S (a)		12,624		393,132
				12,797,501
Finland — 1.9%
Elisa OYJ		135,829		5,763,242
Fortum OYJ		257,639		5,464,654
Kesko OYJ, Class B		98,960		5,145,907
Neste OYJ		214,224		7,080,675
Nokian Renkaat OYJ		48,032		1,610,022
Orion OYJ, Class B		21,402		713,639
UPM-Kymmene OYJ		227,647		6,427,571
				32,205,710
France — 5.9%
Air Liquide SA		31,287		4,162,166
Arkema SA		40,235		4,131,190
Atos SE (a)		27,604		2,846,268

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 109

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
France — continued
Bouygues SA (a)		23,142		871,120
Capgemini SE		55,721		6,761,983
Casino Guichard Perrachon SA (a)		33,379		1,366,483
Cie Plastic Omnium SA		19,264		583,649
Covivio, REIT		15,065		1,630,551
Dassault Aviation SA		796		1,204,378
Dassault Systemes SE		44,211		7,001,382
Eiffage SA		58,201		6,076,834
Electricite de France SA		238,809		3,448,865
Eutelsat Communications SA		53,942		974,884
Faurecia SA		44,982		2,288,751
Gecina SA, REIT		18,056		2,697,816
Ipsen SA		9,095		1,062,204
Lagardere SCA		174,112		4,742,085
Orange SA		326,164		5,097,471
Pernod Ricard SA		32,618		5,687,503
Peugeot SA (a)		269,894		7,076,317
Safran SA		34,033		4,960,688
SCOR SE (a)		117,526		4,797,950
Sodexo SA		7,886		904,395
Thales SA		33,083		3,952,672
TOTAL SA		102,306		5,687,267
Vinci SA		50,110		5,060,922
Vivendi SA		207,958		6,036,155
				101,111,949
Germany — 3.3%
Axel Springer SE		60,443		3,423,465
Beiersdorf AG		4,299		470,400
Deutsche Lufthansa AG (Registered)		58,329		1,411,196
Deutsche Telekom AG (Registered)		312,828		5,241,403
Evonik Industries AG		153,703		4,588,442
Fraport AG Frankfurt Airport Services Worldwide		68,189		5,676,398
Fresenius Medical Care AG & Co. KGaA		70,768		5,964,571
Hannover Rueck SE		46,079		6,958,376
Hella GmbH & Co. KGaA		15,099		823,637
Infineon Technologies AG		268,668		6,368,932
Merck KGaA		14,854		1,583,295
SAP SE		53,869		6,944,158
Telefonica Deutschland Holding AG		1,306,267		4,242,955
Uniper SE		116,558		3,536,767
				57,233,995
Hong Kong — 6.0%
ASM Pacific Technology Ltd.		421,400		4,887,831
Cathay Pacific Airways Ltd.		1,350,000		2,273,423

INVESTMENTS	SHARES		VALUE($)
Hong Kong — continued
CK Hutchison Holdings Ltd.		623,042		6,550,613
CK Infrastructure Holdings Ltd.		736,500		5,972,665
CLP Holdings Ltd.		580,500		6,588,482
First Pacific Co. Ltd.		1,234,000		511,790
Hong Kong & China Gas Co. Ltd.		2,968,367		7,086,260
Hutchison Port Holdings Trust		5,585,300		1,312,037
Jardine Matheson Holdings Ltd.		51,000		3,357,334
Jardine Strategic Holdings Ltd.		83,900		3,173,866
Link REIT, REIT		608,000		7,103,845
Melco International Development Ltd.		308,000		756,851
MTR Corp. Ltd.		1,196,500		7,128,069
New World Development Co. Ltd.		1,534,000		2,541,394
PCCW Ltd.		9,946,000		5,997,236
Power Assets Holdings Ltd.		925,000		6,452,035
Swire Pacific Ltd., Class A		576,500		7,300,489
Swire Properties Ltd.		245,200		997,796
Techtronic Industries Co. Ltd.		958,000		6,932,567
WH Group Ltd. (b)		3,504,000		4,145,982
Wheelock & Co. Ltd.		310,000		2,209,189
Xinyi Glass Holdings Ltd.		5,178,000		5,922,223
Yue Yuen Industrial Holdings Ltd.		1,591,500		5,140,513
				104,342,490
Italy — 1.3%
Davide Campari-Milano SpA		719,832		7,261,654
Eni SpA		236,536		4,030,843
Italgas SpA		425,937		2,660,616
Recordati SpA		55,487		2,242,103
Terna Rete Elettrica Nazionale SpA		1,001,529		6,008,333
				22,203,549
Japan — 23.6%
Advantest Corp.		171,300		4,857,849
Alfresa Holdings Corp.		213,200		5,949,117
ANA Holdings, Inc.		153,700		5,378,999
Aozora Bank Ltd.		146,500		3,579,513
Asahi Kasei Corp.		169,500		1,746,930
Astellas Pharma, Inc.		68,500		927,755
Bandai Namco Holdings, Inc.		61,300		2,938,775
Brother Industries Ltd.		93,300		1,842,205
Canon Marketing Japan, Inc.		159,000		3,449,969
Canon, Inc.		171,400		4,756,020
Capcom Co. Ltd.		337,900		7,624,270
Central Japan Railway Co.		30,700		6,601,710
Chubu Electric Power Co., Inc.		437,300		6,359,014
Chugoku Electric Power Co., Inc. (The)		460,100		5,493,415

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Japan — continued
COMSYS Holdings Corp.		256,400		6,745,724
Cosmo Energy Holdings Co. Ltd.		228,600		4,720,738
Dai Nippon Printing Co. Ltd.		79,400		1,884,801
Daicel Corp.		145,400		1,631,192
Daiwa Securities Group, Inc.		643,900		2,997,248
Denka Co. Ltd.		62,700		1,893,249
DIC Corp.		142,300		4,179,852
Electric Power Development Co. Ltd.		198,000		4,602,596
FamilyMart UNY Holdings Co. Ltd.		72,100		1,922,660
Fuji Media Holdings, Inc.		100,300		1,349,807
FUJIFILM Holdings Corp.		131,000		6,119,836
Fujikura Ltd.		109,400		451,400
Gunma Bank Ltd. (The)		428,600		1,699,679
Hachijuni Bank Ltd. (The)		296,000		1,191,442
Hankyu Hanshin Holdings, Inc.		168,900		6,314,673
Hikari Tsushin, Inc.		35,400		6,563,473
Hitachi Capital Corp.		24,700		575,161
Hitachi High-Technologies Corp.		64,000		2,852,607
Hokuriku Electric Power Co.		98,700		733,931
Idemitsu Kosan Co. Ltd.		303,837		9,872,276
Iida Group Holdings Co. Ltd.		68,500		1,160,764
Inpex Corp.		55,400		538,976
Itochu Techno-Solutions Corp.		292,200		7,180,836
Japan Airlines Co. Ltd.		188,400		6,144,365
Japan Petroleum Exploration Co. Ltd.		122,000		2,648,509
Japan Post Holdings Co. Ltd., ADR		477,400		5,346,714
JXTG Holdings, Inc.		1,469,300		7,148,428
Kajima Corp.		41,200		611,494
Kaneka Corp.		118,700		4,583,559
Kansai Electric Power Co., Inc. (The)		248,700		3,008,838
KDDI Corp.		274,300		6,321,942
Keisei Electric Railway Co. Ltd.		44,700		1,567,883
Kirin Holdings Co. Ltd.		114,000		2,593,325
K’s Holdings Corp.		428,400		3,821,355
Kuraray Co. Ltd.		152,200		2,044,922
Kyushu Electric Power Co., Inc.		135,100		1,308,336
Lintec Corp.		121,800		2,630,493
Marubeni Corp.		887,000		6,355,880
Matsui Securities Co. Ltd.		304,400		2,715,355
Mebuki Financial Group, Inc.		364,700		929,836
Medipal Holdings Corp.		225,500		5,070,668
Mitsubishi Corp.		53,600		1,476,557
Mitsubishi Gas Chemical Co., Inc.		262,000		3,933,364
Mitsubishi Tanabe Pharma Corp.		181,500		2,284,560
Mitsubishi UFJ Lease & Finance Co. Ltd.		274,400		1,399,146

INVESTMENTS	SHARES		VALUE($)
Japan — continued
Mitsui & Co. Ltd.		199,900		3,233,302
Mochida Pharmaceutical Co. Ltd.		150,900		7,008,571
Nagoya Railroad Co. Ltd.		30,200		818,571
Nifco, Inc.		48,400		1,366,286
Nikon Corp.		217,500		3,033,210
Nippo Corp.		219,400		4,460,661
Nippon Express Co. Ltd.		29,500		1,622,308
Nippon Paper Industries Co. Ltd.		235,500		4,667,031
Nippon Shokubai Co. Ltd.		56,800		3,951,407
Nippon Telegraph & Telephone Corp.		131,900		5,488,152
Nipro Corp.		162,200		2,014,844
Nissan Motor Co. Ltd.		129,300		1,038,026
Nisshin Seifun Group, Inc.		314,700		7,338,115
Nissin Foods Holdings Co. Ltd.		79,700		5,274,667
Nomura Real Estate Holdings, Inc.		113,300		2,409,354
Nomura Research Institute Ltd.		57,400		2,809,668
NTT DOCOMO, Inc.		278,600		6,049,962
Oracle Corp.		28,700		1,967,894
Osaka Gas Co. Ltd.		331,500		6,132,395
Resona Holdings, Inc.		1,059,100		4,496,008
Sankyo Co. Ltd.		84,500		3,337,188
Sawai Pharmaceutical Co. Ltd.		41,900		2,251,287
SBI Holdings, Inc.		137,600		2,950,336
SCSK Corp.		52,700		2,504,344
Sekisui Chemical Co. Ltd.		228,800		3,673,041
Sekisui House Ltd.		398,500		6,425,128
Shimachu Co. Ltd.		147,700		3,571,548
Shionogi & Co. Ltd.		14,000		817,782
SKY Perfect JSAT Holdings, Inc.		288,400		1,153,847
Skylark Holdings Co. Ltd.		200,500		3,302,724
SoftBank Group Corp.		56,400		5,980,170
Sojitz Corp.		1,870,200		6,438,633
Sony Corp.		59,200		2,981,792
Sumitomo Dainippon Pharma Co. Ltd.		103,200		2,280,008
Sumitomo Mitsui Financial Group, Inc.		103,300		3,754,566
Sumitomo Osaka Cement Co. Ltd.		119,800		4,881,842
Suzuken Co. Ltd.		109,300		6,302,281
Taisei Corp.		131,700		5,794,813
Taisho Pharmaceutical Holdings Co. Ltd.		36,500		3,376,257
Teijin Ltd.		165,300		2,843,511
TIS, Inc.		50,900		2,322,355
Tobu Railway Co. Ltd.		77,300		2,188,845
Toho Co. Ltd.		3,600		151,180
Toho Gas Co. Ltd.		37,700		1,554,362
Tohoku Electric Power Co., Inc.		390,500		4,470,199

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 111

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Japan — continued
Tokuyama Corp.		91,000		2,260,899
Tokyo Century Corp.		16,600		767,751
Tokyo Electric Power Co. Holdings, Inc.*		315,300		1,780,934
Toyo Suisan Kaisha Ltd.		120,100		4,585,941
Toyota Industries Corp.		118,200		6,700,021
Tsumura & Co.		150,400		4,624,965
Ube Industries Ltd.		195,200		4,176,442
Yamada Denki Co. Ltd.		421,200		1,996,669
Yamaguchi Financial Group, Inc.		306,300		2,266,225
Yokohama Rubber Co. Ltd. (The)		234,900		4,426,165
Zeon Corp.		157,800		1,549,987
				408,258,461
Jordan — 0.4%
Hikma Pharmaceuticals plc		290,930		6,713,491
Luxembourg — 0.2%
RTL Group SA		52,300		2,947,008
Macau — 0.2%
Sands China Ltd.		697,912		3,841,420
Netherlands — 3.2%
Aegon NV		885,915		4,624,608
Akzo Nobel NV		54,995		4,672,679
ASR Nederland NV		54,283		2,415,270
Heineken Holding NV (a)		69,455		7,070,793
Koninklijke Ahold Delhaize NV		199,075		4,798,025
Koninklijke DSM NV		14,901		1,704,251
Koninklijke KPN NV		1,282,971		3,943,026
Koninklijke Philips NV		111,128		4,772,250
NN Group NV		145,359		6,343,411
Royal Dutch Shell plc, Class A		218,842		6,972,617
Wolters Kluwer NV		104,093		7,265,430
				54,582,360
New Zealand — 0.7%
Fisher & Paykel Healthcare Corp. Ltd.		232,660		2,461,276
Spark New Zealand Ltd.		2,345,270		5,754,531
Xero Ltd.*		114,377		4,399,232
				12,615,039
Norway — 1.5%
Aker BP ASA		83,341		2,750,875
Equinor ASA		212,234		4,731,044
Mowi ASA		282,850		6,136,572
Norsk Hydro ASA		478,515		2,061,005
Orkla ASA		361,540		2,837,562
Salmar ASA		21,370		972,010

INVESTMENTS	SHARES			VALUE($)
Norway — continued
Telenor ASA (a)		341,648			6,867,762
					26,356,830
Portugal — 0.6%
EDP — Energias de Portugal SA*		1,455,712			5,523,940
Galp Energia SGPS SA		331,457			5,557,296
					11,081,236
Russia — 0.3%
Evraz plc		683,919			5,616,041
Singapore — 2.5%
Ascendas, REIT		1,190,100			2,628,900
CapitaLand Commercial Trust, REIT		773,300			1,104,812
CapitaLand Mall Trust, REIT		3,290,900			5,859,743
ComfortDelGro Corp. Ltd.		1,573,800			3,117,201
Golden Agri-Resources Ltd.		11,682,800			2,484,027
Keppel Corp. Ltd.		1,287,000			6,413,647
Sembcorp Industries Ltd.		1,087,000			2,125,786
Singapore Press Holdings Ltd.		1,692,400			3,127,889
Singapore Telecommunications Ltd.		1,414,400			3,299,574
StarHub Ltd.		210,400			239,936
Suntec, REIT		1,303,800			1,773,426
Venture Corp. Ltd.		405,700			5,087,951
Wilmar International Ltd.		2,444,300			6,536,992
					43,799,884
South Africa — 0.4%
Anglo American plc		232,438			6,031,700
South Korea — 8.5%
Celltrion Healthcare Co. Ltd.*		546			35,398
Celltrion, Inc.*		5,613			1,020,823
CJ CheilJedang Corp.		5,440			1,467,585
Daelim Industrial Co. Ltd.		41,275			3,424,784
E-MART, Inc.		3,697			545,241
GS Engineering & Construction Corp.		114,585			3,986,787
GS Holdings Corp.		100,759			4,490,308
Hankook Tire Co. Ltd.		19,251			655,076
Hanwha Chemical Corp.		200,148			3,537,131
Hanwha Corp.		54,508			1,382,991
Hyosung TNC Co. Ltd.		317	��		45,100
Hyundai Department Store Co. Ltd.		33,409			2,905,172
Hyundai Engineering & Construction Co. Ltd.		23,916			1,076,061
Hyundai Mipo Dockyard Co. Ltd.		25,100			1,210,654
Hyundai Mobis Co. Ltd.		3,297			657,670
Hyundai Steel Co.		78,760			3,127,797
Industrial Bank of Korea		344,504			4,177,512

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
South Korea — continued
Kakao Corp.		57,854		5,956,811
Kangwon Land, Inc.		121,350		3,535,022
KCC Corp.		4,752		1,444,199
Korea Electric Power Corp.		79,913		1,934,577
Korea Gas Corp.		109,460		4,322,839
Korea Zinc Co. Ltd.		4,783		1,855,191
Korean Air Lines Co. Ltd.		88,011		2,499,549
KT&G Corp.		62,775		5,491,070
LG Corp.		89,127		5,573,393
LG Display Co. Ltd.		268,845		4,571,649
LG Uplus Corp.		420,055		5,145,326
NAVER Corp.		25,447		2,606,092
NCSoft Corp.		14,475		6,518,626
Orion Corp.		10,495		870,641
POSCO		23,836		5,217,311
Samsung Biologics Co. Ltd.*(b)		7,802		2,273,924
Samsung Electronics Co. Ltd.		171,419		6,739,720
Samsung SDS Co. Ltd.		23,809		4,427,373
Shinsegae, Inc.		8,582		2,500,795
SK Holdings Co. Ltd.		26,330		5,790,264
SK Hynix, Inc.		98,683		6,677,956
SK Innovation Co. Ltd.		37,715		5,897,076
SK Networks Co. Ltd.		161,270		809,228
SK Telecom Co. Ltd.		25,523		5,413,578
SKC Co. Ltd.		97,722		2,992,161
S-Oil Corp.		16,449		1,296,983
Woori Financial Group, Inc.		371,923		4,409,651
Yuhan Corp.		25,666		5,399,532
				145,916,627
Spain — 2.1%
Acciona SA		19,652		2,279,255
Acerinox SA		218,322		2,273,922
Amadeus IT Group SA		45,603		3,634,407
Corp. Financiera Alba SA		11,399		586,837
Enagas SA		202,212		5,768,165
Endesa SA		272,541		6,799,454
Ferrovial SA		51,393		1,267,332
Naturgy Energy Group SA		248,974		7,087,865
Repsol SA		337,628		5,729,106
				35,426,343
Sweden — 3.4%
Boliden AB*		250,949		7,468,225
Castellum AB		75,054		1,349,429
Hexagon AB, Class B		120,775		6,598,208

INVESTMENTS	SHARES		VALUE($)
Sweden — continued
ICA Gruppen AB		112,292		4,061,461
Investor AB, Class B		145,095		6,919,829
Securitas AB, Class B (a)		365,686		6,394,581
Skanska AB, Class B		231,430		4,030,164
Svenska Cellulosa AB SCA, Class B		105,771		923,365
Swedish Match AB		127,357		6,209,877
Tele2 AB, Class B		427,592		5,712,434
Telia Co. AB		1,264,882		5,389,066
Trelleborg AB, Class B		203,139		3,359,673
				58,416,312
Switzerland — 2.4%
Alcon, Inc.*		12,128		698,436
Baloise Holding AG (Registered)		29,420		5,043,803
Coca-Cola HBC AG*		115,898		4,150,920
EMS-Chemie Holding AG (Registered)		715		432,996
Flughafen Zurich AG (Registered) (a)		4,577		754,511
Kuehne + Nagel International AG (Registered) (a)		8,711		1,266,185
Lonza Group AG (Registered)*		15,964		4,930,151
Mediclinic International plc		439,790		1,970,524
Novartis AG (Registered)		60,836		4,984,908
Roche Holding AG		15,883		4,190,942
Sonova Holding AG (Registered)		36,311		7,334,177
Swisscom AG (Registered) (a)		12,362		5,760,126
Vifor Pharma AG		4,350		568,063
				42,085,742
United Arab Emirates — 0.0%(c)
NMC Health plc		20,111		742,657
United Kingdom — 17.3%
3i Group plc		124,715		1,745,065
Admiral Group plc		206,248		5,940,827
Ashtead Group plc		161,641		4,488,324
AstraZeneca plc		84,196		6,272,586
Auto Trader Group plc (b)		444,295		3,284,389
Babcock International Group plc		605,530		4,156,752
Barratt Developments plc		856,904		6,741,128
Bellway plc		126,743		5,146,710
Berkeley Group Holdings plc		130,556		6,404,638
BP plc		785,360		5,710,905
British Land Co. plc (The), REIT		799,603		6,203,859
BT Group plc		1,783,368		5,321,597
Bunzl plc		133,618		4,030,064
Burberry Group plc		219,063		5,773,846
Centrica plc		3,767,177		5,237,010

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 113

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United Kingdom — continued
ConvaTec Group plc (b)		1,332,605		2,413,605
Croda International plc		87,076		5,898,457
Derwent London plc, REIT		95,071		3,934,789
Diageo plc		177,340		7,476,249
Direct Line Insurance Group plc		1,164,291		5,010,002
easyJet plc		222,688		3,374,153
Experian plc		263,119		7,659,108
GlaxoSmithKline plc		345,099		7,089,446
Halma plc		328,329		7,725,475
Hammerson plc, REIT		867,294		3,649,019
HSBC Holdings plc		301,920		2,630,618
IMI plc		174,301		2,393,777
Imperial Brands plc		46,211		1,470,350
Inchcape plc		257,015		2,063,423
Informa plc		398,654		4,053,529
InterContinental Hotels Group plc		84,466		5,470,872
International Consolidated Airlines Group SA		400,311		2,828,861
Intertek Group plc		38,953		2,724,521
J Sainsbury plc		1,054,883		3,064,686
John Wood Group plc		439,111		2,692,082
Land Securities Group plc, REIT		282,370		3,403,104
Legal & General Group plc		1,638,288		5,957,685
Meggitt plc		958,572		6,821,028
Merlin Entertainments plc (b)		87,357		417,749
Micro Focus International plc		211,386		5,358,440
Mondi plc		258,206		5,674,143
National Grid plc		609,575		6,678,465
Pearson plc		610,838		6,617,141
Pennon Group plc		585,463		5,715,140
Persimmon plc		204,728		5,980,687
RELX plc		298,905		6,867,529
Rentokil Initial plc		1,451,974		7,399,569
Rolls-Royce Holdings plc*		74,345		890,321
Royal Mail plc		1,163,299		3,838,415
Sage Group plc (The)		781,674		7,409,604
Segro plc, REIT		781,823		6,927,408
Smith & Nephew plc		359,743		6,954,727
Smiths Group plc		315,052		6,272,543
SSE plc		309,312		4,628,120
Tate & Lyle plc		671,071		6,726,000
Taylor Wimpey plc		1,551,097		3,677,355
Unilever NV, CVA (a)		57,752		3,494,261
United Utilities Group plc		541,468		5,873,859
Vodafone Group plc		2,926,025		5,427,410
Whitbread plc		83,811		4,879,410

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
Wm Morrison Supermarkets plc		1,780,024		5,017,215
				298,988,050
United States — 0.5%
Carnival plc		113,920		6,039,425
Ferguson plc		34,404		2,448,391
				8,487,816
Total Common Stocks (Cost $1,662,862,887)				1,715,098,440
Preferred Stocks — 0.0%(c)
United Kingdom — 0.0%(c)
Rolls-Royce Holdings plc (Preference)* (Cost $6,806)		5,278,495		6,883
Short-term Investments — 0.0%(c)
Investment Companies — 0.0%(c)
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (d) (e) (Cost $569,515)		569,515		569,515
Investment Of Cash Collateral From Securities Loaned — 2.5%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (d) (e)		27,997,200		28,000,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (d) (e)		15,167,119		15,167,119
Total Investment Of Cash Collateral From Securities Loaned (Cost $43,167,119)				43,167,119
Total Investments — 101.8% (Cost $1,706,606,327)				1,758,841,957
Liabilities in Excess of Other Assets — (1.8)%				(30,742,599	)
NET ASSETS — 100.0%				1,728,099,358

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

Summary of Investments by Industry, April 30, 2019

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

INDUSTRY	PERCENTAGE
Oil, Gas & Consumable Fuels		6.9	%
Diversified Telecommunication Services		4.9
Electric Utilities		4.4
Chemicals		4.5
Equity Real Estate Investment Trusts (REITs)		3.9
Pharmaceuticals		3.7
Metals & Mining		3.7
Food Products		3.2
Insurance		3.0
Household Durables		3.0
Construction & Engineering		2.5
Investment of cash collateral from securities loaned		2.5
Health Care Equipment & Supplies		2.4
Health Care Providers & Services		2.3
Industrial Conglomerates		2.3
Hotels, Restaurants & Leisure		2.2
Beverages		2.1
IT Services		2.0
Food & Staples Retailing		2.0
Wireless Telecommunication Services		2.0
Gas Utilities		1.9
Software		1.9
Road & Rail		1.7
Trading Companies & Distributors		1.7
Banks		1.7
Airlines		1.6
Media		1.6
Semiconductors & Semiconductor Equipment		1.6
Electronic Equipment, Instruments & Components		1.5

INDUSTRY	PERCENTAGE
Auto Components		1.5	%
Commercial Services & Supplies		1.5
Professional Services		1.4
Entertainment		1.2
Technology Hardware, Storage & Peripherals		1.1
Multi-Utilities		1.1
Aerospace & Defense		1.0
Paper & Forest Products		1.0
Real Estate Management & Development		1.0
Others (each less than 1.0%)		10.5
Short-Term Investments		0.0	(f)

Abbreviations

ADR	—  American Depositary Receipt
CVA	—  Dutch Certification
OYJ	—  Public Limited Company
Preference	—  A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	—  Real Estate Investment Trust
SCA	—  Limited partnership with share capital
SGPS	—  Holding company
(a)	—  The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $37,115,611.
(b)	—  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	—  Amount rounds to less than 0.1% of net assets.
(d)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—  The rate shown is the current yield as of April 30, 2019.
(f)	—  Amount rounds to less than 0.1%.
*	—  Non-income producing security.

Futures contracts outstanding as of April 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
MSCI EAFEE-Mini Index		105		06/2019		USD		10,058,475		300,098
										300,098

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 115

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%
Aerospace & Defense — 1.5%
Boeing Co. (The)		6,032		2,278,226
Curtiss-Wright Corp.		8,598		979,656
FLIR Systems, Inc.		25,102		1,328,900
L3 Technologies, Inc.		4,905		1,072,135
Northrop Grumman Corp.		3,218		932,930
Raytheon Co.		9,413		1,671,655
Textron, Inc.		11,992		635,576
United Technologies Corp.		10,182		1,452,055
				10,351,133
Alternative Energy — 0.0% (a)
Arcosa, Inc.		3,617		112,597
Automobiles & Parts — 1.9%
Aptiv plc		19,142		1,640,470
Delphi Technologies plc		49		1,084
Ford Motor Co.		181,190		1,893,435
General Motors Co.		28,986		1,129,005
Gentex Corp.		97,626		2,248,327
Genuine Parts Co.		24,385		2,500,438
Harley-Davidson, Inc. (b)		46,365		1,726,169
Lear Corp.		9,485		1,356,355
				12,495,283
Banks — 2.7%
Bank of America Corp.		22,619		691,689
Bank of Hawaii Corp.		7,518		619,333
BB&T Corp.		37,515		1,920,768
Citizens Financial Group, Inc.		11,861		429,368
Comerica, Inc.		6,750		530,482
Cullen/Frost Bankers, Inc. (b)		3,227		328,154
Fifth Third Bancorp		64,375		1,855,287
Huntington Bancshares, Inc.		169,797		2,363,574
KeyCorp		25,597		449,227
M&T Bank Corp.		3,610		613,953
People’s United Financial, Inc.		44,272		765,463
Popular, Inc. (Puerto Rico)		13,187		761,022
Regions Financial Corp.		29,226		453,880
SunTrust Banks, Inc.		37,414		2,449,869
SVB Financial Group*		1,661		418,107
TCF Financial Corp.		48,164		1,065,869
Umpqua Holdings Corp.		34,133		592,549
US Bancorp		15,194		810,144
Wells Fargo & Co.		14,243		689,504
Zions Bancorp NA (b)		10,006		493,596
				18,301,838

INVESTMENTS	SHARES		VALUE($)
Beverages — 2.0%
Brown-Forman Corp., Class B (b)		36,169		1,927,446
Coca-Cola Co. (The)		51,797		2,541,161
Constellation Brands, Inc., Class A		11,762		2,489,662
Keurig Dr Pepper, Inc. (b)		51,366		1,493,210
Molson Coors Brewing Co., Class B		29,799		1,912,798
Monster Beverage Corp.*		7,317		436,093
PepsiCo, Inc.		21,406		2,741,038
				13,541,408
Chemicals — 5.8%
Air Products & Chemicals, Inc.		14,640		3,012,766
Ashland Global Holdings, Inc.		30,225		2,434,019
Avery Dennison Corp.		17,025		1,883,816
Cabot Corp.		13,604		617,350
Celanese Corp.		25,953		2,800,069
CF Industries Holdings, Inc.		62,907		2,816,976
Chemours Co. (The)		40,120		1,444,721
Eastman Chemical Co.		26,658		2,102,783
Ecolab, Inc.		15,705		2,890,976
Huntsman Corp.		90,300		2,008,272
Linde plc (United Kingdom)		15,312		2,760,141
LyondellBasell Industries NV, Class A		24,408		2,153,518
Mosaic Co. (The)		54,313		1,418,113
Olin Corp.		102,589		2,225,156
PPG Industries, Inc.		19,490		2,290,075
RPM International, Inc.		38,299		2,322,834
Scotts Miracle-Gro Co. (The) (b)		2,559		217,566
Versum Materials, Inc.		14,309		746,644
Westlake Chemical Corp.		29,115		2,030,771
WR Grace & Co.		20,409		1,542,512
				39,719,078
Construction & Materials — 0.2%
Sherwin-Williams Co. (The)		3,088		1,404,515
Electricity — 7.6%
AES Corp.		153,927		2,635,230
American Electric Power Co., Inc.		32,683		2,796,031
Avangrid, Inc. (b)		30,980		1,586,486
CMS Energy Corp.		48,757		2,708,452
Consolidated Edison, Inc.		25,701		2,214,398
Dominion Energy, Inc.		35,798		2,787,590
DTE Energy Co.		21,468		2,698,742
Entergy Corp.		28,419		2,753,801
Evergy, Inc.		43,906		2,538,645
Eversource Energy		37,993		2,722,578
Exelon Corp.		54,585		2,781,106

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electricity — continued
FirstEnergy Corp.		65,088		2,735,648
NextEra Energy, Inc.		14,130		2,747,437
NRG Energy, Inc.		63,635		2,619,853
Pinnacle West Capital Corp.		28,295		2,695,665
PPL Corp.		82,451		2,573,296
Public Service Enterprise Group, Inc.		45,102		2,690,334
Southern Co. (The)		35,382		1,883,030
Vistra Energy Corp.		101,861		2,775,712
Xcel Energy, Inc.		48,346		2,731,549
				51,675,583
Electronic & Electrical Equipment — 1.4%
Agilent Technologies, Inc.		16,989		1,333,636
AMETEK, Inc.		12,520		1,103,889
Amphenol Corp., Class A		15,203		1,513,611
Emerson Electric Co.		9,983		708,693
Hubbell, Inc.		6,092		777,339
Roper Technologies, Inc.		4,830		1,737,351
Waters Corp.*		10,951		2,338,476
				9,512,995
Financial Services — 3.4%
Ally Financial, Inc.		76,652		2,277,331
American Express Co.		9,230		1,082,033
Ameriprise Financial, Inc.		3,947		579,301
Bank of New York Mellon Corp. (The)		15,087		749,220
Capital One Financial Corp.		8,170		758,421
CME Group, Inc.		12,094		2,163,617
Discover Financial Services		12,696		1,034,597
E*TRADE Financial Corp.		10,228		518,150
Fidelity National Financial, Inc.		16,028		640,319
Intercontinental Exchange, Inc.		12,384		1,007,438
Invesco Ltd.		15,779		346,665
Mastercard, Inc., Class A		6,318		1,606,288
Moody’s Corp.		2,919		573,934
Morgan Stanley		8,902		429,521
Nasdaq, Inc.		5,130		472,986
Raymond James Financial, Inc.		6,088		557,478
S&P Global, Inc.		5,067		1,118,084
Santander Consumer USA Holdings, Inc.		74,371		1,587,821
SLM Corp.		59,577		605,302
Synchrony Financial		14,052		487,183
T. Rowe Price Group, Inc.		16,219		1,743,543
TD Ameritrade Holding Corp.		15,186		798,480
Visa, Inc., Class A		8,074		1,327,608
Western Union Co. (The)		37,514		729,272
				23,194,592

INVESTMENTS	SHARES		VALUE($)
Fixed Line Telecommunications — 1.0%
AT&T, Inc.		83,550		2,586,709
CenturyLink, Inc.		150,742		1,721,474
Verizon Communications, Inc.		46,594		2,664,711
				6,972,894
Food & Drug Retailers — 0.9%
AmerisourceBergen Corp.		13,800		1,031,688
Kroger Co. (The)		23,436		604,180
McKesson Corp.		6,292		750,321
Sysco Corp.		31,457		2,213,629
Walgreens Boots Alliance, Inc.		22,550		1,208,003
				5,807,821
Food Producers — 2.9%
Archer-Daniels-Midland Co.		49,702		2,216,709
Flowers Foods, Inc. (b)		45,115		980,800
General Mills, Inc.		38,576		1,985,507
Herbalife Nutrition Ltd.* (b)		28,908		1,527,788
Hershey Co. (The)		23,965		2,992,030
Hormel Foods Corp. (b)		61,170		2,443,130
JM Smucker Co. (The)		7,551		925,979
Kellogg Co. (b)		30,799		1,857,180
Lamb Weston Holdings, Inc.		3,903		273,405
McCormick & Co., Inc.(Non-Voting) (b)		17,402		2,679,386
TreeHouse Foods, Inc.*		15,856		1,062,035
Tyson Foods, Inc., Class A		16,653		1,249,141
				20,193,090
Forestry & Paper — 0.7%
Domtar Corp.		52,106		2,547,983
International Paper Co.		42,418		1,985,587
				4,533,570
Gas, Water & Multiutilities — 2.7%
Ameren Corp.		37,230		2,709,227
American Water Works Co., Inc.		26,101		2,823,867
Atmos Energy Corp.		10,980		1,123,693
CenterPoint Energy, Inc.		88,084		2,730,604
Duke Energy Corp.		29,469		2,685,215
National Fuel Gas Co. (b)		24,134		1,428,974
UGI Corp.		44,711		2,437,197
WEC Energy Group, Inc.		34,771		2,727,090
				18,665,867
General Industrials — 1.5%
3M Co.		4,521		856,775
Ball Corp.		1,393		83,496
Bemis Co., Inc.		11,273		647,296

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 117

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
General Industrials — continued
Danaher Corp.		13,276		1,758,273
Eaton Corp. plc		13,266		1,098,690
Fortive Corp.(b)		11,434		987,212
Honeywell International, Inc.		9,414		1,634,553
ITT, Inc.		29,696		1,798,093
Parker-Hannifin Corp.		5,056		915,540
Sonoco Products Co. (b)		12,009		757,287
				10,537,215
General Retailers — 6.0%
Amazon.com, Inc.*		941		1,812,855
Best Buy Co., Inc.		11,814		879,080
Burlington Stores, Inc.*		2,069		349,475
Costco Wholesale Corp.		8,487		2,083,813
Dick’s Sporting Goods, Inc. (b)		54,947		2,033,039
Dollar General Corp.		18,117		2,284,373
Dollar Tree, Inc.* (b)		8,887		988,945
eBay, Inc.		42,234		1,636,568
Foot Locker, Inc.		39,609		2,266,031
Gap, Inc. (The)		16,664		434,597
H&R Block, Inc. (b)		83,903		2,283,001
Home Depot, Inc. (The)		13,741		2,799,042
Kohl’s Corp.		39,276		2,792,524
Lowe’s Cos., Inc.		19,306		2,184,281
Macy’s, Inc.		61,760		1,453,830
Nordstrom, Inc. (b)		11,313		464,059
Ross Stores, Inc.		14,493		1,415,386
Target Corp.		27,002		2,090,495
Tiffany & Co.		19,389		2,090,522
TJX Cos., Inc. (The)		51,712		2,837,955
Tractor Supply Co.		26,445		2,737,057
Urban Outfitters, Inc.*		6,396		190,153
Walmart, Inc.		22,590		2,323,156
Williams-Sonoma, Inc. (b)		12,920		738,636
				41,168,873
Health Care Equipment & Services — 6.7%
Anthem, Inc.		8,823		2,320,714
Baxter International, Inc.		35,491		2,707,963
Becton Dickinson and Co.		7,113		1,712,384
Centene Corp.*		27,223		1,403,618
Cigna Corp.		15,211		2,416,115
DaVita, Inc.*		7,960		439,710
Edwards Lifesciences Corp.*		9,371		1,649,952
HCA Healthcare, Inc.		16,678		2,121,942
Hill-Rom Holdings, Inc.		25,013		2,536,818

INVESTMENTS	SHARES		VALUE($)
Health Care Equipment & Services — continued
Humana, Inc.		7,221		1,844,315
IDEXX Laboratories, Inc.*		8,611		1,997,752
Intuitive Surgical, Inc.*		4,126		2,106,859
Laboratory Corp. of America Holdings*		14,516		2,321,399
Medtronic plc		26,767		2,377,177
Quest Diagnostics, Inc.		24,602		2,371,141
STERIS plc		7,852		1,028,455
Stryker Corp.		14,072		2,658,342
Thermo Fisher Scientific, Inc.		10,068		2,793,367
UnitedHealth Group, Inc.		9,283		2,163,589
Universal Health Services, Inc., Class B		18,918		2,400,127
Varian Medical Systems, Inc.*		19,742		2,688,268
Zimmer Biomet Holdings, Inc.		16,185		1,993,345
				46,053,352
Household Goods & Home Construction — 3.1%
Church & Dwight Co., Inc.		40,308		3,021,084
Clorox Co. (The) (b)		15,762		2,517,664
DR Horton, Inc.		34,628		1,534,367
Energizer Holdings, Inc.		17,875		856,034
Fortune Brands Home & Security, Inc.		12,792		675,162
Leggett & Platt, Inc.		47,078		1,852,990
Lennar Corp., Class A		32,272		1,679,112
NVR, Inc.*		876		2,761,573
Procter & Gamble Co. (The)		26,914		2,865,803
PulteGroup, Inc.		98,230		3,090,316
				20,854,105
Industrial Engineering — 1.2%
Caterpillar, Inc.		5,994		835,684
Crane Co.		1,989		169,164
Cummins, Inc.		4,932		820,142
Dover Corp.		11,062		1,084,518
IDEX Corp.		6,135		961,109
Illinois Tool Works, Inc.		6,649		1,034,784
Ingersoll-Rand plc		10,628		1,303,099
PACCAR, Inc.		9,958		713,690
Rockwell Automation, Inc.		6,468		1,168,832
Trinity Industries, Inc.		10,821		233,301
				8,324,323
Industrial Metals & Mining — 1.6%
Freeport-McMoRan, Inc.		177,117		2,180,310
Nucor Corp.		43,797		2,499,495
Reliance Steel & Aluminum Co.		29,721		2,733,143
Southern Copper Corp. (Peru) (b)		47,680		1,831,866
Steel Dynamics, Inc.		55,664		1,763,435
				11,008,249

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Industrial Transportation — 0.7%
CH Robinson Worldwide, Inc.		11,284		914,004
CSX Corp.		10,473		833,965
Kansas City Southern		3,894		479,507
Norfolk Southern Corp.		6,708		1,368,566
Union Pacific Corp.		8,985		1,590,705
				5,186,747
Leisure Goods — 1.4%
Activision Blizzard, Inc.		20,850		1,005,178
Electronic Arts, Inc.*		12,647		1,197,039
Garmin Ltd.		31,587		2,708,269
Hasbro, Inc.		27,715		2,823,050
Polaris Industries, Inc.		7,468		719,915
Take-Two Interactive Software, Inc.*		9,924		960,941
				9,414,392
Life Insurance — 1.0%
Aflac, Inc.		43,669		2,200,044
Assurant, Inc.		9,328		886,160
Lincoln National Corp.		5,765		384,641
MetLife, Inc.		9,257		427,025
Principal Financial Group, Inc.		11,582		662,027
Prudential Financial, Inc.		5,007		529,290
Torchmark Corp.		17,610		1,543,693
				6,632,880
Media — 2.3%
Cable One, Inc.		84		89,084
CBS Corp.(Non-Voting), Class B		13,759		705,424
Comcast Corp., Class A		43,163		1,878,885
DISH Network Corp., Class A*		3,665		128,715
FactSet Research Systems, Inc. (b)		10,595		2,922,843
Fox Corp., Class A*		17,473		681,272
Graham Holdings Co., Class B		84		62,448
Interpublic Group of Cos., Inc. (The)		52,837		1,215,251
John Wiley & Sons, Inc., Class A		6,877		317,580
Liberty Media Corp-Liberty SiriusXM, Class A*		8,980		358,661
Nielsen Holdings plc		3,658		93,389
Omnicom Group, Inc.		22,419		1,794,193
Sirius XM Holdings, Inc. (b)		217,486		1,263,594
Viacom, Inc., Class B		29,861		863,282
Walt Disney Co. (The)		29,885		4,093,348
				16,467,969
Mining — 0.5%
Newmont Goldcorp Corp.		50,579		1,570,984

INVESTMENTS	SHARES		VALUE($)
Mining — continued
Royal Gold, Inc. (b)		23,477		2,043,908
				3,614,892
Mobile Telecommunications — 1.1%
Sprint Corp.* (b)		255,008		1,422,944
Telephone & Data Systems, Inc.		75,199		2,397,344
T-Mobile US, Inc.*		36,732		2,681,069
United States Cellular Corp.*		16,399		788,792
				7,290,149
Nonlife Insurance — 1.9%
Allstate Corp. (The)		8,712		863,011
American Financial Group, Inc.		4,549		470,958
Aon plc		9,433		1,699,261
Chubb Ltd.		7,187		1,043,552
Cincinnati Financial Corp.		14,902		1,433,274
Hanover Insurance Group, Inc. (The)		4,989		601,723
Marsh & McLennan Cos., Inc.		13,772		1,298,562
Mercury General Corp.		552		29,687
Old Republic International Corp.		29,941		669,481
Progressive Corp. (The)		31,686		2,476,261
Reinsurance Group of America, Inc.		3,510		531,800
Travelers Cos., Inc. (The)		6,745		969,594
WR Berkley Corp.		19,365		1,187,074
				13,274,238
Oil & Gas Producers — 4.6%
Apache Corp. (b)		12,813		421,676
Cabot Oil & Gas Corp.		80,850		2,093,206
Chesapeake Energy Corp.* (b)		32,750		95,303
Chevron Corp.		16,648		1,998,759
ConocoPhillips		39,094		2,467,613
Continental Resources, Inc.* (b)		6,822		313,744
Devon Energy Corp.		61,400		1,973,396
Diamondback Energy, Inc.		4,477		476,308
Exxon Mobil Corp.		29,698		2,384,155
Hess Corp.		13,657		875,687
HollyFrontier Corp.		40,523		1,934,163
Marathon Oil Corp.		119,928		2,043,573
Marathon Petroleum Corp.		40,061		2,438,513
Murphy Oil Corp.		61,451		1,673,925
Occidental Petroleum Corp.		30,099		1,772,229
PBF Energy, Inc., Class A		64,081		2,151,840
Phillips 66		20,949		1,974,862
Targa Resources Corp. (b)		17,947		720,572
Valero Energy Corp.		18,857		1,709,576

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 119

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Oil & Gas Producers — continued
Whiting Petroleum Corp.*		64,759		1,773,749
				31,292,849
Oil Equipment, Services & Distribution — 1.6%
Apergy Corp.*		5,495		218,097
Helmerich & Payne, Inc. (b)		32,341		1,892,595
Kinder Morgan, Inc.		103,893		2,064,354
National Oilwell Varco, Inc.		17,134		447,883
OGE Energy Corp.		47,077		1,993,240
ONEOK, Inc.		31,878		2,165,473
Patterson-UTI Energy, Inc.		17,069		231,968
Schlumberger Ltd.		22,883		976,646
Williams Cos., Inc. (The)		30,409		861,487
				10,851,743
Personal Goods — 3.5%
Capri Holdings Ltd.*		28,436		1,253,459
Carter’s, Inc.		14,508		1,536,542
Columbia Sportswear Co.		7,056		705,388
Estee Lauder Cos., Inc. (The), Class A		16,902		2,903,933
Hanesbrands, Inc.		45,067		814,361
Kimberly-Clark Corp.		22,702		2,914,483
Lululemon Athletica, Inc.*		14,775		2,605,571
NIKE, Inc., Class B		30,942		2,717,636
Nu Skin Enterprises, Inc., Class A		18,422		937,127
PVH Corp.		9,214		1,188,514
Ralph Lauren Corp.		17,745		2,334,887
Tapestry, Inc.		50,383		1,625,860
VF Corp.		22,427		2,117,333
				23,655,094
Pharmaceuticals & Biotechnology — 4.0%
Abbott Laboratories		34,171		2,718,645
AbbVie, Inc.		14,614		1,160,205
Amgen, Inc.		11,597		2,079,574
Biogen, Inc.*		4,288		982,981
Bristol-Myers Squibb Co.		36,639		1,701,149
Eli Lilly & Co.		21,002		2,458,074
Gilead Sciences, Inc.		24,518		1,594,651
Illumina, Inc.*		4,675		1,458,600
IQVIA Holdings, Inc.*		18,934		2,629,933
Johnson & Johnson		17,771		2,509,265
Merck & Co., Inc.		24,491		1,927,687
Pfizer, Inc.		56,471		2,293,287
United Therapeutics Corp.*		9,470		971,338
Vertex Pharmaceuticals, Inc.*		661		111,696
Zoetis, Inc.		26,641		2,713,119
				27,310,204

INVESTMENTS	SHARES		VALUE($)
Real Estate Investment & Services — 0.1%
CBRE Group, Inc., Class A*		7,164		373,030
Jones Lang LaSalle, Inc.		492		76,048
				449,078
Real Estate Investment Trusts — 4.2%
Alexandria Real Estate Equities, Inc.		6,332		901,613
American Tower Corp.		6,319		1,234,101
Annaly Capital Management, Inc.		73,966		746,317
AvalonBay Communities, Inc.		5,478		1,100,695
Boston Properties, Inc.		768		105,692
Camden Property Trust		1,336		134,468
Chimera Investment Corp. (b)		109,277		2,094,840
Crown Castle International Corp.		6,680		840,210
Digital Realty Trust, Inc.		5,160		607,384
Duke Realty Corp.		3,388		105,435
EPR Properties		11,380		897,427
Equity Residential		13,874		1,060,251
Federal Realty Investment Trust		917		122,740
HCP, Inc.		75,804		2,257,443
Host Hotels & Resorts, Inc.		27,657		532,121
Iron Mountain, Inc.		5,823		189,131
Liberty Property Trust		1,043		51,774
Medical Properties Trust, Inc.		145,494		2,540,325
MFA Financial, Inc.		52,008		390,580
New Residential Investment Corp.		160,359		2,695,635
Park Hotels & Resorts, Inc.		84,906		2,723,784
Prologis, Inc.		10,829		830,259
Rayonier, Inc.		19,968		634,783
Senior Housing Properties Trust		8,759		70,335
Simon Property Group, Inc.		4,158		722,245
Starwood Property Trust, Inc. (b)		59,020		1,360,411
STORE Capital Corp.		46,533		1,550,480
Vornado Realty Trust		2,561		177,068
Weingarten Realty Investors		8,378		242,459
WP Carey, Inc.		22,868		1,813,890
				28,733,896
Software & Computer Services — 4.9%
Adobe, Inc.*		7,039		2,036,031
Alphabet, Inc., Class A*		1,390		1,666,554
Cadence Design Systems, Inc.*		30,677		2,128,370
Citrix Systems, Inc.		21,322		2,152,669
Cognizant Technology Solutions Corp., Class A		23,283		1,698,728
Dell Technologies, Inc., Class C*		7,324		493,711
DXC Technology Co.		13,860		911,156

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Software & Computer Services — continued
Facebook, Inc., Class A*		7,856		1,519,350
Hewlett Packard Enterprise Co.		17,224		272,311
IAC/InterActiveCorp*		12,452		2,799,708
International Business Machines Corp.		9,859		1,382,922
Intuit, Inc.		10,293		2,584,160
Leidos Holdings, Inc. (b)		23,110		1,698,123
Microsoft Corp.		23,538		3,074,063
Oracle Corp.		26,987		1,493,191
Red Hat, Inc.*		10,837		1,978,078
Teradata Corp.* (b)		3,881		176,469
VeriSign, Inc.*		14,900		2,942,005
VMware, Inc., Class A		8,773		1,790,832
				32,798,431
Support Services — 4.2%
Accenture plc, Class A		12,668		2,314,064
Automatic Data Processing, Inc.		7,255		1,192,650
Broadridge Financial Solutions, Inc.		17,016		2,010,100
Cintas Corp.		12,841		2,788,295
Fastenal Co.		15,575		1,098,816
Fidelity National Information Services, Inc.		16,096		1,866,009
Fiserv, Inc.*		15,988		1,394,793
Global Payments, Inc.		5,567		813,172
Paychex, Inc.		17,617		1,485,289
PayPal Holdings, Inc.*		9,364		1,055,978
Republic Services, Inc.		29,498		2,443,024
Resideo Technologies, Inc.*		1,553		35,253
Robert Half International, Inc.		30,877		1,917,153
Total System Services, Inc.		23,082		2,359,904
Verisk Analytics, Inc.		2,241		316,294
Waste Management, Inc.		23,783		2,552,867
Worldpay, Inc., Class A*		13,339		1,563,464
WW Grainger, Inc.		6,369		1,796,058
				29,003,183
Technology Hardware & Equipment — 4.7%
Analog Devices, Inc.		17,335		2,015,020
Apple, Inc.		8,528		1,711,314
Applied Materials, Inc.		20,205		890,434
Broadcom, Inc.		4,938		1,572,259
Cisco Systems, Inc.		43,324		2,423,978
Cypress Semiconductor Corp.		21,551		370,246
F5 Networks, Inc.*		8,189		1,284,854
Harris Corp. (b)		16,086		2,710,491
HP, Inc.		73,021		1,456,769
Intel Corp.		27,677		1,412,634

INVESTMENTS	SHARES		VALUE($)
Technology Hardware & Equipment — continued
Juniper Networks, Inc.		42,901		1,191,361
KLA-Tencor Corp.		11,608		1,479,788
Lam Research Corp.		4,803		996,286
Maxim Integrated Products, Inc.		24,045		1,442,700
Micron Technology, Inc.*		22,574		949,463
Motorola Solutions, Inc.		13,975		2,025,117
NetApp, Inc.		14,390		1,048,312
ON Semiconductor Corp.*		44,067		1,016,185
Skyworks Solutions, Inc.		8,951		789,299
Teradyne, Inc.		21,462		1,051,638
Texas Instruments, Inc.		13,509		1,591,766
Western Digital Corp. (b)		8,551		437,127
Xilinx, Inc.		17,615		2,116,266
				31,983,307
Tobacco — 0.6%
Altria Group, Inc.		33,660		1,828,748
Philip Morris International, Inc.		22,641		1,959,805
				3,788,553
Travel & Leisure — 3.7%
Alaska Air Group, Inc.		2,940		181,986
Booking Holdings, Inc.*		602		1,116,704
Carnival Corp.		32,560		1,786,242
Darden Restaurants, Inc.		23,658		2,782,181
Delta Air Lines, Inc.		14,972		872,718
Dunkin’ Brands Group, Inc. (b)		16,104		1,201,842
Hilton Worldwide Holdings, Inc.		21,699		1,887,596
Las Vegas Sands Corp.		24,365		1,633,673
Marriott International, Inc., Class A		13,662		1,863,770
McDonald’s Corp.		13,848		2,735,949
Royal Caribbean Cruises Ltd.		8,510		1,029,199
Southwest Airlines Co.		4,903		265,890
Starbucks Corp.		37,750		2,932,420
United Continental Holdings, Inc.*		2,805		249,252
Wyndham Destinations, Inc.		27,703		1,206,743
Yum China Holdings, Inc. (China)		15,399		732,068
Yum! Brands, Inc.		27,444		2,864,879
				25,343,112
Total Common Stocks (Cost $606,269,219)				681,519,098
Short-Term Investments — 0.1%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (c) (d) (Cost $825,121)		825,121		825,121

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 121

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Investment Of Cash Collateral From Securities Loaned — 3.6%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d)		15,003,600		15,005,101
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d)		9,654,984		9,654,984
Total Investment Of Cash Collateral From Securities Loaned (Cost $24,660,085)				24,660,085
Total Investments — 103.5% (Cost $631,754,425)				707,004,304
Liabilities in Excess of Other Assets — (3.5%)				(24,098,942	)
NET ASSETS — 100.0%				682,905,362

Percentages indicated are based on net assets.

(a)	—  Amount rounds to less than 0.1% of net assets.
(b)	—  The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $24,018,945.
(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 April 30, 2019.
*	—  Non-income producing security.

Futures contracts outstanding as of April 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500E-Mini Index		11		06/2019		USD		1,622,225		65,403
										65,403

Abbreviations

USD —  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%
Aerospace & Defense — 0.9%
FLIR Systems, Inc.		5,030		266,288
Hexcel Corp.		4,987		352,631
Huntington Ingalls Industries, Inc.		845		188,080
L3 Technologies, Inc.		1,243		271,695
Spirit AeroSystems Holdings, Inc., Class A		2,337		203,085
Textron, Inc.		3,777		200,181
				1,481,960
Alternative Energy — 0.1%
Arcosa, Inc.		6,131		190,858
Automobiles & Parts — 2.2%
Adient plc		3,416		78,910
Aptiv plc		3,918		335,773
BorgWarner, Inc.		5,628		235,081
Gentex Corp.		31,913		734,956
Genuine Parts Co.		5,943		609,395
Goodyear Tire & Rubber Co. (The)		9,172		176,194
Harley-Davidson, Inc.		11,467		426,916
Lear Corp.		3,218		460,174
Valvoline, Inc.		14,652		271,062
WABCO Holdings, Inc.*		2,707		358,515
				3,686,976
Banks — 2.8%
Associated Banc-Corp.		2,502		56,770
Bank of Hawaii Corp.		1,704		140,375
BankUnited, Inc.		2,952		107,984
Citizens Financial Group, Inc.		3,369		121,958
Comerica, Inc.		1,858		146,020
Commerce Bancshares, Inc.		4,293		259,426
Cullen/Frost Bankers, Inc.		1,478		150,298
Fifth Third Bancorp		6,223		179,347
First Horizon National Corp.		6,519		98,372
First Republic Bank		1,858		196,242
FNB Corp.		7,686		93,231
Huntington Bancshares, Inc.		42,823		596,096
KeyCorp		7,342		128,852
M&T Bank Corp.		1,072		182,315
PacWest Bancorp		2,174		85,982
People’s United Financial, Inc. (a)		10,946		189,256
Popular, Inc. (Puerto Rico)		6,229		359,475
Prosperity Bancshares, Inc.		1,423		104,790
Regions Financial Corp.		9,496		147,473
SunTrust Banks, Inc.		9,483		620,947
SVB Financial Group*		676		170,163
TCF Financial Corp.		13,676		302,650

INVESTMENTS	SHARES		VALUE($)
Banks — continued
Webster Financial Corp.		2,349		124,802
Zions Bancorp NA		2,766		136,447
				4,699,271
Beverages — 1.0%
Brown-Forman Corp., Class B		9,270		493,998
Keurig Dr Pepper, Inc.		19,402		564,016
Molson Coors Brewing Co., Class B		10,531		675,985
				1,733,999
Chemicals — 5.6%
Ashland Global Holdings, Inc.		6,465		520,627
Avery Dennison Corp.		5,325		589,211
Cabot Corp.		5,995		272,053
Celanese Corp.		6,321		681,973
CF Industries Holdings, Inc.		15,318		685,940
Chemours Co. (The)		16,942		610,081
Eastman Chemical Co.		6,126		483,219
FMC Corp.		2,507		198,203
Huntsman Corp.		26,076		579,930
International Flavors & Fragrances, Inc. (a)		1,428		196,764
Mosaic Co. (The)		18,978		495,516
NewMarket Corp.		1,151		482,937
Olin Corp.		24,997		542,185
RPM International, Inc.		11,170		677,461
Scotts Miracle-Gro Co. (The)		5,855		497,792
Versum Materials, Inc.		13,251		691,437
Westlake Chemical Corp.		6,656		464,256
WR Grace & Co.		8,323		629,052
				9,298,637
Construction & Materials — 0.6%
AO Smith Corp.		4,768		250,654
Armstrong World Industries, Inc.		1,188		102,964
Eagle Materials, Inc.		1,344		122,183
Jacobs Engineering Group, Inc.		759		59,156
Lennox International, Inc.		1,217		330,355
MDU Resources Group, Inc.		6,133		160,378
				1,025,690
Electricity — 5.8%
AES Corp.		37,522		642,377
Alliant Energy Corp.		2,436		115,052
CMS Energy Corp.		11,939		663,212
Consolidated Edison, Inc.		7,843		675,753
DTE Energy Co.		5,233		657,840
Edison International		10,617		677,046

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 123

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electricity — continued
Entergy Corp.		6,927		671,226
Evergy, Inc.		10,825		625,902
Eversource Energy		9,262		663,715
FirstEnergy Corp.		10,631		446,821
Hawaiian Electric Industries, Inc.		10,067		417,579
NRG Energy, Inc.		15,509		638,505
Pinnacle West Capital Corp.		6,897		657,077
PPL Corp.		20,099		627,290
Public Service Enterprise Group, Inc.		10,996		655,911
Vistra Energy Corp.		9,556		260,401
Xcel Energy, Inc.		11,840		668,960
				9,764,667
Electronic & Electrical Equipment — 2.1%
Agilent Technologies, Inc.		4,183		328,365
AMETEK, Inc.		4,611		406,552
Amphenol Corp., Class A		4,640		461,959
Keysight Technologies, Inc.*		5,300		461,259
National Instruments Corp.		5,461		257,213
nVent Electric plc		3,037		84,884
Regal Beloit Corp.		1,088		92,567
Roper Technologies, Inc.		1,168		420,130
Sensata Technologies Holding plc*		3,508		175,190
Waters Corp.*		2,670		570,152
				3,258,271
Financial Services — 2.7%
Ally Financial, Inc.		5,950		176,775
Ameriprise Financial, Inc.		1,422		208,707
CIT Group, Inc.		3,495		186,179
Credit Acceptance Corp.*		427		211,886
Discover Financial Services		3,119		254,167
E*TRADE Financial Corp.		3,728		188,860
Element Solutions, Inc.*		41,183		447,247
Fidelity National Financial, Inc.		5,031		200,988
Invesco Ltd.		2,969		65,229
Jefferies Financial Group, Inc.		10,297		211,809
LPL Financial Holdings, Inc.		2,540		188,189
Moody’s Corp.		1,600		314,592
MSCI, Inc.		1,596		359,706
Nasdaq, Inc.		2,645		243,869
Navient Corp.		6,497		87,774
Raymond James Financial, Inc.		2,270		207,864
Santander Consumer USA Holdings, Inc.		15,315		326,975
SLM Corp.		11,787		119,756
Synchrony Financial		3,476		120,513

INVESTMENTS	SHARES		VALUE($)
Financial Services — continued
T. Rowe Price Group, Inc.		1,745		187,588
Western Union Co. (The)		5,571		108,300
				4,416,973
Fixed Line Telecommunications — 0.5%
CenturyLink, Inc.		36,762		419,822
Zayo Group Holdings, Inc.*		15,049		470,883
				890,705
Food & Drug Retailers — 0.3%
AmerisourceBergen Corp.		3,488		260,763
Casey’s General Stores, Inc.		2,325		307,714
				568,477
Food Producers — 4.2%
Campbell Soup Co.		9,218		356,644
Flowers Foods, Inc.		26,180		569,153
Herbalife Nutrition Ltd.*		11,523		608,990
Hershey Co. (The)		5,841		729,249
Hormel Foods Corp.		14,908		595,425
Ingredion, Inc.		3,771		357,302
JM Smucker Co. (The)		4,635		568,390
Kellogg Co.		9,183		553,735
Lamb Weston Holdings, Inc.		7,677		537,774
McCormick & Co., Inc.(Non-Voting)		4,774		735,053
Post Holdings, Inc.*		5,518		622,320
TreeHouse Foods, Inc.*		5,773		386,676
Tyson Foods, Inc., Class A		4,654		349,097
				6,969,808
Forestry & Paper — 0.7%
Domtar Corp.		12,698		620,932
International Paper Co.		10,456		489,445
				1,110,377
Gas, Water & Multiutilities — 2.8%
Ameren Corp.		9,076		660,461
American Water Works Co., Inc.		6,391		691,442
Aqua America, Inc.		2,051		80,112
Atmos Energy Corp.		6,541		669,406
CenterPoint Energy, Inc.		21,451		664,981
National Fuel Gas Co.		9,166		542,719
UGI Corp.		11,775		641,855
WEC Energy Group, Inc.		8,477		664,851
				4,615,827
General Industrials — 1.1%
AptarGroup, Inc.		2,626		292,116

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
General Industrials — continued
Bemis Co., Inc.		3,482		199,937
Fortive Corp.		4,296		370,917
ITT, Inc.		2,032		123,038
Packaging Corp. of America		2,344		232,431
Parker-Hannifin Corp.		1,422		257,496
Silgan Holdings, Inc.		2,707		81,048
Sonoco Products Co. (a)		3,068		193,468
Westrock Co.		2,671		102,513
				1,852,964
General Retailers — 6.8%
AutoZone, Inc.*		490		503,872
Best Buy Co., Inc.		7,400		550,634
Burlington Stores, Inc.*		319		53,882
Copart, Inc.*		10,822		728,537
Dick’s Sporting Goods, Inc.		16,549		612,313
Dollar General Corp.		5,459		688,325
Dollar Tree, Inc.*		3,828		425,980
Foot Locker, Inc.		4,000		228,840
frontdoor, Inc.*		4,387		154,598
Gap, Inc. (The)		7,779		202,876
Grand Canyon Education, Inc.*		2,349		272,226
H&R Block, Inc. (a)		24,359		662,808
Henry Schein, Inc.*		7,205		461,552
KAR Auction Services, Inc.		10,403		587,561
Kohl’s Corp.		9,614		683,555
Macy’s, Inc.		14,411		339,235
Nordstrom, Inc.		10,187		417,871
Penske Automotive Group, Inc.		3,958		181,751
Ross Stores, Inc.		4,776		466,424
Service Corp. International		13,662		568,476
ServiceMaster Global Holdings, Inc.*		8,791		431,023
Tiffany & Co.		3,870		417,263
Tractor Supply Co.		6,783		702,041
Urban Outfitters, Inc.*		11,993		356,552
Williams-Sonoma, Inc. (a)		9,026		516,017
				11,214,212
Health Care Equipment & Services — 8.3%
ABIOMED, Inc.*		1,712		474,926
Acadia Healthcare Co., Inc.*		3,509		112,358
Bio-Rad Laboratories, Inc., Class A*		1,741		523,919
Bruker Corp.		7,365		284,289
Centene Corp.*		9,049		466,566
Chemed Corp.		1,472		481,020
Cooper Cos., Inc. (The)		2,271		658,408

INVESTMENTS	SHARES		VALUE($)
Health Care Equipment & Services — continued
DaVita, Inc.*		7,632		421,592
Dentsply Sirona, Inc.		5,206		266,183
Edwards Lifesciences Corp.*		3,754		660,967
Encompass Health Corp.		7,679		494,912
Hill-Rom Holdings, Inc.		6,096		618,256
Hologic, Inc.*		11,179		518,482
ICU Medical, Inc.*		1,141		259,577
IDEXX Laboratories, Inc.*		2,747		637,304
Laboratory Corp. of America Holdings*		3,730		596,502
MEDNAX, Inc.*		9,050		253,128
Molina Healthcare, Inc.*		4,601		596,428
Quest Diagnostics, Inc.		6,042		582,328
ResMed, Inc.		5,754		601,351
STERIS plc		5,345		700,088
Teleflex, Inc.		2,241		641,329
Universal Health Services, Inc., Class B		4,370		554,422
Varian Medical Systems, Inc.*		4,834		658,246
WellCare Health Plans, Inc.*		2,303		594,980
West Pharmaceutical Services, Inc.		5,386		666,733
Zimmer Biomet Holdings, Inc.		4,612		568,014
				13,892,308
Household Goods & Home Construction — 3.2%
Church & Dwight Co., Inc.		9,865		739,382
Clorox Co. (The)		4,091		653,455
DR Horton, Inc.		9,830		435,567
Energizer Holdings, Inc.		8,201		392,746
Fortune Brands Home & Security, Inc.		3,479		183,621
Leggett & Platt, Inc.		14,232		560,172
Lennar Corp., Class A		6,661		346,572
Middleby Corp. (The)*		1,704		225,150
NVR, Inc.*		169		532,769
PulteGroup, Inc.		24,037		756,204
Toll Brothers, Inc.		5,950		226,695
Whirlpool Corp.		1,886		261,815
				5,314,148
Industrial Engineering — 3.1%
Allison Transmission Holdings, Inc.		5,294		248,077
Crane Co.		1,883		160,149
Cummins, Inc.		1,497		248,936
Dover Corp.		2,819		276,375
Graco, Inc.		9,309		477,086
IDEX Corp.		2,937		460,110
Ingersoll-Rand plc		3,131		383,892
Lincoln Electric Holdings, Inc.		2,938		256,399

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 125

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Industrial Engineering — continued
Nordson Corp.		1,337		195,135
Oshkosh Corp.		2,486		205,319
PACCAR, Inc.		3,108		222,750
Pentair plc		3,018		117,672
Rockwell Automation, Inc.		1,827		330,157
Snap-on, Inc.		3,633		611,361
Toro Co. (The)		9,427		689,585
Trinity Industries, Inc.		2,495		53,792
Xylem, Inc.		2,547		212,420
				5,149,215
Industrial Metals & Mining — 1.5%
Freeport-McMoRan, Inc.		50,121		616,990
Nucor Corp.		10,672		609,051
Reliance Steel & Aluminum Co.		7,243		666,066
Steel Dynamics, Inc.		17,321		548,729
				2,440,836
Industrial Transportation — 0.9%
CH Robinson Worldwide, Inc.		3,265		264,465
Expeditors International of Washington, Inc.		3,644		289,406
Kansas City Southern		1,835		225,962
Landstar System, Inc.		3,650		397,704
Macquarie Infrastructure Corp.		2,901		117,519
Old Dominion Freight Line, Inc.		1,582		236,161
				1,531,217
Leisure Goods — 1.6%
Brunswick Corp.		6,481		331,892
Garmin Ltd.		7,699		660,112
Hasbro, Inc.		3,831		390,225
Polaris Industries, Inc.		2,497		240,711
Pool Corp.		3,213		590,357
Take-Two Interactive Software, Inc.*		3,033		293,686
Thor Industries, Inc.		2,703		178,047
				2,685,030
Life Insurance — 0.5%
Assurant, Inc.		2,516		239,020
Lincoln National Corp.		1,631		108,820
Principal Financial Group, Inc.		3,574		204,290
Torchmark Corp.		4,349		381,233
				933,363
Media — 2.4%
Discovery, Inc., Class A* (a)		13,611		420,580
Dolby Laboratories, Inc., Class A		3,802		245,951
FactSet Research Systems, Inc.		2,438		672,571

INVESTMENTS	SHARES		VALUE($)
Media — continued
Graham Holdings Co., Class B		485		360,563
Interpublic Group of Cos., Inc. (The)		13,261		305,003
John Wiley & Sons, Inc., Class A		1,653		76,335
Liberty Media Corp-Liberty SiriusXM, Class A*		3,285		131,203
Morningstar, Inc.		1,383		198,391
Omnicom Group, Inc.		5,423		434,003
Sirius XM Holdings, Inc.		76,323		443,437
Tribune Media Co., Class A		10,487		484,499
Viacom, Inc., Class B		8,978		259,554
				4,032,090
Mining — 0.7%
Newmont Goldcorp Corp.		16,934		525,970
Royal Gold, Inc.		7,311		636,496
				1,162,466
Mobile Telecommunications — 0.8%
Sprint Corp.* (a)		76,350		426,033
Telephone & Data Systems, Inc.		17,361		553,469
United States Cellular Corp.*		6,123		294,516
				1,274,018
Nonlife Insurance — 2.6%
Alleghany Corp.*		434		285,086
American Financial Group, Inc.		3,909		404,699
Arch Capital Group Ltd.*		393		13,276
Arthur J Gallagher & Co.		5,441		454,976
Assured Guaranty Ltd.		3,403		162,323
Axis Capital Holdings Ltd.		4,319		245,535
Brown & Brown, Inc.		11,953		379,508
Cincinnati Financial Corp.		3,404		327,397
CNA Financial Corp.		218		10,100
Everest Re Group Ltd.		843		198,527
First American Financial Corp.		2,585		147,500
Hanover Insurance Group, Inc. (The)		1,267		152,813
Loews Corp.		5,484		281,274
Mercury General Corp.		2,029		109,120
Old Republic International Corp.		18,772		419,742
Reinsurance Group of America, Inc.		1,687		255,597
WR Berkley Corp.		6,423		393,730
				4,241,203
Oil & Gas Producers — 4.2%
Apache Corp.		14,615		480,980
Cabot Oil & Gas Corp.		20,826		539,185
Cheniere Energy, Inc.*		6,118		393,693
CNX Resources Corp.*		34,822		312,005

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Oil & Gas Producers — continued
Continental Resources, Inc.*		10,868		499,819
Devon Energy Corp.		16,432		528,125
Diamondback Energy, Inc.		3,208		341,299
Hess Corp.		8,952		574,002
HollyFrontier Corp.		12,625		602,591
Marathon Oil Corp.		39,108		666,400
Murphy Oil Corp.		16,777		457,006
PBF Energy, Inc., Class A		15,605		524,016
SM Energy Co.		128		2,039
Targa Resources Corp.		10,808		433,941
Whiting Petroleum Corp.*		19,895		544,924
				6,900,025
Oil Equipment, Services & Distribution — 1.7%
Apergy Corp.*		4,756		188,766
Helmerich & Payne, Inc.		8,946		523,520
National Oilwell Varco, Inc.		15,035		393,015
OGE Energy Corp.		15,203		643,695
ONEOK, Inc.		8,101		550,301
RPC, Inc. (a)		11,377		117,069
Williams Cos., Inc. (The)		17,883		506,626
				2,922,992
Personal Goods — 2.9%
Capri Holdings Ltd.*		8,741		385,303
Carter’s, Inc.		4,922		521,289
Columbia Sportswear Co.		5,285		528,341
Hanesbrands, Inc.		9,937		179,562
Lululemon Athletica, Inc.*		4,315		760,950
Nu Skin Enterprises, Inc., Class A		6,549		333,148
PVH Corp.		2,726		351,627
Ralph Lauren Corp.		5,165		679,611
Tapestry, Inc.		12,405		400,309
Under Armour, Inc., Class C*		2,782		57,643
VF Corp.		6,529		616,403
				4,814,186
Pharmaceuticals & Biotechnology — 2.4%
Bio-Techne Corp.		3,340		683,331
Cardinal Health, Inc.		5,233		254,899
Charles River Laboratories International, Inc.*		4,547		638,717
Ionis Pharmaceuticals, Inc.*		4,533		336,938
IQVIA Holdings, Inc.*		4,616		641,162
Jazz Pharmaceuticals plc*		2,974		385,936
Mylan NV*		13,019		351,383
Perrigo Co. plc		6,877		329,546

INVESTMENTS	SHARES		VALUE($)
Pharmaceuticals & Biotechnology — continued
United Therapeutics Corp.*		4,691		481,156
				4,103,068
Real Estate Investment & Services — 0.2%
CBRE Group, Inc., Class A*		3,565		185,630
Jones Lang LaSalle, Inc.		809		125,047
				310,677
Real Estate Investment Trusts — 6.0%
AGNC Investment Corp.		11,959		212,751
Alexandria Real Estate Equities, Inc.		1,422		202,479
American Campus Communities, Inc.		944		44,557
Annaly Capital Management, Inc.		19,562		197,381
AvalonBay Communities, Inc.		1,526		306,619
Brandywine Realty Trust		6,562		100,989
Brixmor Property Group, Inc.		4,065		72,682
Camden Property Trust		1,847		185,901
Chimera Investment Corp.		34,669		664,605
CoreSite Realty Corp.		1,321		144,531
CubeSmart		484		15,444
Digital Realty Trust, Inc.		1,845		217,175
Douglas Emmett, Inc.		5,385		221,808
Duke Realty Corp.		7,659		238,348
EPR Properties		1,470		115,924
Equity Commonwealth		4,073		129,521
Equity LifeStyle Properties, Inc.		1,987		231,883
Essex Property Trust, Inc.		429		121,192
Extra Space Storage, Inc.		2,046		212,150
Federal Realty Investment Trust		276		36,943
Gaming and Leisure Properties, Inc.		4,447		179,570
HCP, Inc.		21,008		625,618
Highwoods Properties, Inc.		2,541		113,278
Hospitality Properties Trust		5,753		149,578
Host Hotels & Resorts, Inc.		8,809		169,485
Hudson Pacific Properties, Inc.		3,438		119,849
Iron Mountain, Inc.		3,112		101,078
Kilroy Realty Corp.		2,106		161,972
Lamar Advertising Co., Class A		2,610		215,769
Liberty Property Trust		4,600		228,344
Medical Properties Trust, Inc.		35,462		619,167
MFA Financial, Inc.		41,727		313,370
Mid-America Apartment Communities, Inc.		1,296		141,795
National Retail Properties, Inc.		1,637		86,139
New Residential Investment Corp.		39,082		656,968
Omega Healthcare Investors, Inc.		3,352		118,627
Outfront Media, Inc.		4,963		118,268

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 127

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Real Estate Investment Trusts — continued
Park Hotels & Resorts, Inc.		20,694		663,864
Retail Value, Inc.		146		4,891
Senior Housing Properties Trust		7,782		62,489
SITE Centers Corp.		1,299		17,199
Starwood Property Trust, Inc.		28,820		664,301
Sun Communities, Inc.		1,443		177,604
Taubman Centers, Inc.		1,884		92,881
Two Harbors Investment Corp.		11,861		164,393
Vornado Realty Trust		591		40,862
Weingarten Realty Investors		3,398		98,338
Welltower, Inc.		2,956		220,311
WP Carey, Inc.		1,532		121,518
				10,120,409
Software & Computer Services — 5.7%
Akamai Technologies, Inc.*		602		48,196
Amdocs Ltd.		9,904		545,512
ANSYS, Inc.*		3,053		597,778
Cadence Design Systems, Inc.*		11,174		775,252
CDW Corp.		6,915		730,224
Cerner Corp.*		5,519		366,737
Citrix Systems, Inc.		6,127		618,582
Covetrus, Inc.* (a)		2,955		97,131
Dell Technologies, Inc., Class C*		3,183		214,566
DXC Technology Co.		3,634		238,899
IAC/InterActiveCorp*		2,307		518,706
Leidos Holdings, Inc.		8,564		629,283
LogMeIn, Inc.		2,730		224,952
Manhattan Associates, Inc.*		4,853		327,335
PTC, Inc.*		6,261		566,433
Red Hat, Inc.*		3,429		625,895
SS&C Technologies Holdings, Inc.		10,499		710,362
Synopsys, Inc.*		6,384		772,975
Teradata Corp.*		1,468		66,750
Ultimate Software Group, Inc. (The)*		276		91,259
VeriSign, Inc.*		3,647		720,100
				9,486,927
Support Services — 2.9%
Booz Allen Hamilton Holding Corp.		3,452		204,669
Broadridge Financial Solutions, Inc. (a)		5,160		609,551
Cintas Corp.		1,548		336,133
Fastenal Co.		2,695		190,132
Fidelity National Information Services, Inc.		3,186		369,353
First Data Corp., Class A*		10,957		283,348
Fiserv, Inc.*		4,449		388,131

INVESTMENTS	SHARES		VALUE($)
Support Services — continued
Jack Henry & Associates, Inc. (a)		3,049		454,484
MSC Industrial Direct Co., Inc., Class A		1,793		149,985
Paychex, Inc.		3,742		315,488
Republic Services, Inc.		5,680		470,418
Robert Half International, Inc.		4,073		252,893
Total System Services, Inc.		3,131		320,114
TransUnion		4,034		280,968
Worldpay, Inc., Class A*		272		31,881
WW Grainger, Inc.		641		180,762
				4,838,310
Technology Hardware & Equipment — 4.3%
Analog Devices, Inc.		5,307		616,886
Cypress Semiconductor Corp.		21,913		376,465
F5 Networks, Inc.*		2,864		449,362
Harris Corp.		3,436		578,966
Juniper Networks, Inc.		16,297		452,568
KLA-Tencor Corp.		3,718		473,971
Lam Research Corp.		1,656		343,504
Marvell Technology Group Ltd.		10,505		262,835
Maxim Integrated Products, Inc.		7,642		458,520
Motorola Solutions, Inc.		4,518		654,703
NetApp, Inc.		4,833		352,084
ON Semiconductor Corp.*		13,177		303,862
Qorvo, Inc.*		4,515		341,379
Skyworks Solutions, Inc.		3,193		281,559
Teradyne, Inc.		8,054		394,646
Western Digital Corp.		2,746		140,376
Xilinx, Inc.		5,160		619,922
				7,101,608
Travel & Leisure — 3.9%
Alaska Air Group, Inc.		880		54,472
Choice Hotels International, Inc.		5,921		491,680
Cinemark Holdings, Inc.		10,104		424,873
Copa Holdings SA, Class A (Panama)		3,403		283,334
Darden Restaurants, Inc.		4,529		532,610
Dunkin’ Brands Group, Inc.		6,237		465,467
Extended Stay America, Inc.		23,125		414,169
Hilton Worldwide Holdings, Inc.		5,952		517,764
Hyatt Hotels Corp., Class A		6,106		468,513
Norwegian Cruise Line Holdings Ltd.*		4,763		268,586
Royal Caribbean Cruises Ltd.		2,425		293,280
Sabre Corp.		14,867		308,639
Six Flags Entertainment Corp.		7,753		411,607
United Continental Holdings, Inc.*		891		79,174

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Travel & Leisure — continued
Vail Resorts, Inc.		1,936		443,055
Wendy’s Co. (The)		22,868		425,573
Wyndham Destinations, Inc.		7,825		340,857
Yum China Holdings, Inc. (China)		8,127		386,358
				6,610,011
Total Common Stocks (Cost $152,716,855)				166,643,779
Short-Term Investments — 0.2%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (b) (c) (Cost $328,616)		328,616		328,616
Investment Of Cash Collateral From Securities Loaned — 1.8%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (b) (c)		1,999,800		2,000,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (b) (c)		975,516		975,516
Total Investment Of Cash Collateral From Securities Loaned (Cost $2,975,516)				2,975,516
Total Investments — 101.8% (Cost $156,020,987)				169,947,911
Liabilities in Excess of Other Assets — (1.8%)				(2,926,873	)
NET ASSETS — 100.0%				167,021,038

Percentages indicated are based on net assets.

(a)	—  The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $2,875,507.
(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 April 30, 2019.
*	—  Non-income producing security.

Futures contracts outstanding as of April 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P Midcap 400E-Mini Index		2		06/2019		USD		394,580		14,916
										14,916

Abbreviations

USD —  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 129

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%
Aerospace & Defense — 0.9%
AAR Corp.		3,101		104,721
Aerojet Rocketdyne Holdings, Inc.*		4,217		142,788
Aerovironment, Inc.*		2,123		145,553
Allegheny Technologies, Inc.* (a)		4,758		118,569
Cubic Corp.		2,078		117,989
ManTech International Corp., Class A		1,333		82,633
Moog, Inc., Class A		3,814		357,143
RBC Bearings, Inc.*		2,228		306,461
				1,375,857
Alternative Energy — 0.5%
Enphase Energy, Inc.* (a)		13,079		131,313
Green Plains, Inc.		11,901		206,720
Pacific Ethanol, Inc.*		448		488
Renewable Energy Group, Inc.*		6,091		146,915
REX American Resources Corp.*		3,363		284,207
				769,643
Automobiles & Parts — 2.0%
American Axle & Manufacturing Holdings, Inc.*		17,206		253,789
Cooper Tire & Rubber Co.		17,961		536,315
Cooper-Standard Holdings, Inc.*		4,418		223,860
Dana, Inc.		15,676		305,682
Dorman Products, Inc.*		8,692		762,028
Gentherm, Inc.*		9,650		408,774
Meritor, Inc.*		17,072		414,167
Modine Manufacturing Co.*		4,094		60,550
Stoneridge, Inc.*		3,635		114,248
Superior Industries International, Inc.		10,800		53,460
Tenneco, Inc., Class A		10,135		222,159
Titan International, Inc.		17,069		118,288
				3,473,320
Banks — 3.9%
1st Source Corp.		807		37,792
Ameris Bancorp		2,320		84,587
AmeriServ Financial, Inc.		2,988		12,340
Axos Financial, Inc.*		3,444		112,688
BancFirst Corp.		1,746		98,474
BancorpSouth Bank		2,762		84,186
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		2,855		114,257
Banner Corp.		1,925		102,063
Brookline Bancorp, Inc.		5,530		83,226
Cadence BanCorp		5,518		125,534
Capital City Bank Group, Inc.		586		13,443
Capitol Federal Financial, Inc.		10,013		138,179

INVESTMENTS	SHARES		VALUE($)
Banks — continued
Cathay General Bancorp		2,312		85,058
CenterState Bank Corp.		3,793		93,611
Chemical Financial Corp.		540		23,722
Columbia Banking System, Inc.		2,985		112,057
Community Bank System, Inc. (a)		2,899		192,668
Community Trust Bancorp, Inc.		1,970		83,233
CVB Financial Corp.		2,416		52,427
Dime Community Bancshares, Inc. (a)		6,750		136,012
First BanCorp (Puerto Rico)		9,846		111,260
First Busey Corp.		220		5,685
First Financial Bancorp		2,025		50,828
First Financial Bankshares, Inc.		1,870		115,042
First Financial Corp.		539		22,191
First Merchants Corp.		655		24,019
First Midwest Bancorp, Inc.		2,361		50,691
Fulton Financial Corp.		6,025		103,931
Glacier Bancorp, Inc.		2,316		98,638
Great Western Bancorp, Inc.		3,346		117,679
Hancock Whitney Corp.		2,251		98,459
Home BancShares, Inc.		5,076		97,408
Hope Bancorp, Inc.		7,660		107,700
Houlihan Lokey, Inc.		2,688		132,572
IBERIABANK Corp.		1,411		112,175
Independent Bank Corp.		2,603		208,839
Investors Bancorp, Inc.		14,786		173,736
Kearny Financial Corp.		8,304		116,256
NBT Bancorp, Inc.		989		37,602
Northwest Bancshares, Inc.		7,755		135,170
OceanFirst Financial Corp.		6,471		162,940
OFG Bancorp (Puerto Rico)		2,086		42,095
Old National Bancorp		7,088		121,063
Oritani Financial Corp.		6,133		106,407
Renasant Corp.		1,094		39,668
Republic Bancorp, Inc., Class A		1,536		72,591
S&T Bancorp, Inc.		1,759		70,501
Sandy Spring Bancorp, Inc.		667		23,272
Simmons First National Corp., Class A (a)		3,916		99,427
TrustCo Bank Corp.		6,792		54,336
Trustmark Corp. (a)		4,027		144,811
UMB Financial Corp.		1,638		114,431
Union Bankshares Corp.		3,018		110,157
United Bankshares, Inc. (a)		3,353		131,572
United Community Banks, Inc.		5,128		143,994
Valley National Bancorp (a)		14,521		152,180
Washington Federal, Inc. (a)		5,190		171,997
Webster Financial Corp.		18,838		1,000,863

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Banks — continued
WesBanco, Inc. (a)		4,638		187,004
Westamerica Bancorp		1,596		102,495
				6,757,242
Beverages — 1.2%
Boston Beer Co., Inc. (The), Class A*		3,457		1,071,705
Coca-Cola Consolidated, Inc.		2,388		776,172
National Beverage Corp. (a)		4,097		229,432
				2,077,309
Chemicals — 3.5%
AdvanSix, Inc.*		3,995		120,769
American Vanguard Corp.		3,144		49,487
Balchem Corp.		4,596		466,540
Ferro Corp.*		15,338		274,090
GCP Applied Technologies, Inc.*		2,480		71,399
HB Fuller Co.		9,861		482,893
Ingevity Corp.*		3,479		400,120
Innophos Holdings, Inc.		2,989		96,216
Innospec, Inc.		4,811		408,069
Koppers Holdings, Inc.*		2,449		65,486
Kraton Corp.*		7,220		236,960
Kronos Worldwide, Inc.		5,033		68,449
LSB Industries, Inc.*		2,998		17,538
Materion Corp.		2,100		121,863
Minerals Technologies, Inc.		13,687		859,133
PolyOne Corp.		7,140		197,350
Quaker Chemical Corp.		559		125,115
Rayonier Advanced Materials, Inc.		8,851		131,349
Sensient Technologies Corp. (a)		16,192		1,135,383
Stepan Co.		3,517		325,463
Tredegar Corp.		3,455		62,259
Trinseo SA		4,375		196,656
Tronox Holdings plc, Class A		7,111		100,550
				6,013,137
Construction & Materials — 2.2%
Advanced Drainage Systems, Inc.		4,095		114,865
Aegion Corp.*		3,742		74,503
Apogee Enterprises, Inc.		4,417		178,005
Argan, Inc.		1,758		84,067
Boise Cascade Co.		3,966		109,818
Builders FirstSource, Inc.*		6,203		85,477
Dycom Industries, Inc.*		1,664		82,518
EMCOR Group, Inc.		2,635		221,709
Generac Holdings, Inc.*		2,030		111,630
Gibraltar Industries, Inc.*		2,408		95,525

INVESTMENTS	SHARES		VALUE($)
Construction & Materials — continued
GMS, Inc.*		3,570		62,903
Granite Construction, Inc.		1,320		59,255
Griffon Corp.		5,729		112,403
Installed Building Products, Inc.*		2,094		100,575
JELD-WEN Holding, Inc.*		4,059		80,165
KBR, Inc.		6,562		145,808
LB Foster Co., Class A*		875		18,804
Louisiana-Pacific Corp.		6,074		152,154
Masonite International Corp.*		1,983		102,105
MasTec, Inc.* (a)		3,430		173,729
Mueller Water Products, Inc., Class A		11,780		126,399
NCI Building Systems, Inc.*		668		3,821
Patrick Industries, Inc.*		2,543		126,819
PGT Innovations, Inc.*		6,468		94,821
Quanex Building Products Corp.		4,777		79,872
Simpson Manufacturing Co., Inc.		3,528		224,663
TopBuild Corp.*		3,861		275,019
Trex Co., Inc.*		1,276		88,389
Tutor Perini Corp.*		3,475		69,396
Universal Forest Products, Inc.		8,224		303,877
US Concrete, Inc.*		1,768		83,326
Watts Water Technologies, Inc., Class A		2,774		237,427
				3,879,847
Electricity — 6.4%
ALLETE, Inc.		14,121		1,150,155
Atlantica Yield plc (Spain)		2,363		48,418
Black Hills Corp.		16,391		1,192,609
El Paso Electric Co.		12,211		746,214
IDACORP, Inc.		11,364		1,125,263
MGE Energy, Inc.		6,521		442,059
NorthWestern Corp.		15,248		1,065,073
Ormat Technologies, Inc.		19,894		1,161,014
Pattern Energy Group, Inc., Class A		28,986		670,156
PNM Resources, Inc.		25,095		1,165,412
Portland General Electric Co.		21,896		1,145,380
Sunrun, Inc.* (a)		40,210		611,594
TerraForm Power, Inc., Class A		39,268		532,474
				11,055,821
Electronic & Electrical Equipment — 1.9%
Anixter International, Inc.*		1,868		117,441
Atkore International Group, Inc.*		5,238		129,693
AZZ, Inc.		3,913		185,828
Badger Meter, Inc.		4,117		228,411
Belden, Inc.		1,817		100,934

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 131

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electronic & Electrical Equipment — continued
Benchmark Electronics, Inc.		2,643		71,440
Brady Corp., Class A		2,477		120,853
CTS Corp.		1,151		34,472
Daktronics, Inc.		6,098		46,223
Encore Wire Corp.		2,866		169,925
EnerSys		2,187		151,319
ESCO Technologies, Inc.		1,768		132,600
Fabrinet (Thailand)*		3,307		200,140
II-VI, Inc.*		1,991		79,321
Integer Holdings Corp.*		4,545		314,014
LSI Industries, Inc.		10,091		34,309
Methode Electronics, Inc.		2,655		78,349
MTS Systems Corp.		4,915		270,227
Novanta, Inc.*		2,080		181,002
Park Electrochemical Corp.		3,539		58,217
Plexus Corp.*		3,127		188,183
TTM Technologies, Inc.*		4,810		63,684
Veeco Instruments, Inc.*		2,155		26,248
Vicor Corp.*		1,463		54,877
Vishay Intertechnology, Inc.		6,229		123,397
				3,161,107
Financial Services — 0.4%
Clearway Energy, Inc., Class A		4,303		66,137
Clearway Energy, Inc., Class C		6,308		100,108
Encore Capital Group, Inc.*		2,542		71,837
EZCORP, Inc., Class A*		2,199		23,903
FirstCash, Inc.		1,772		173,089
MGIC Investment Corp.*		10,413		152,446
PRA Group, Inc.* (a)		1,689		47,495
Stewart Information Services Corp.		2,414		102,619
World Acceptance Corp.*		759		98,662
				836,296
Fixed Line Telecommunications — 1.0%
8x8, Inc.* (a)		19,553		467,708
Alaska Communications Systems Group, Inc.*		10,010		17,417
IDT Corp., Class B*		18,864		134,312
Vonage Holdings Corp.*		105,916		1,029,504
				1,648,941
Food & Drug Retailers — 0.5%
Core-Mark Holding Co., Inc.		3,328		120,973
Diplomat Pharmacy, Inc.*		3,095		17,270
GNC Holdings, Inc., Class A* (a)		5,082		11,282
Ingles Markets, Inc., Class A		2,331		63,986
Performance Food Group Co.*		4,975		203,726

INVESTMENTS	SHARES		VALUE($)
Food & Drug Retailers — continued
PetMed Express, Inc. (a)		8,873		193,875
Simply Good Foods Co. (The)* (a)		5,852		131,436
SpartanNash Co.		9,676		156,461
United Natural Foods, Inc.*		2,482		32,067
				931,076
Food Producers — 4.6%
Andersons, Inc. (The)		10,292		336,548
B&G Foods, Inc. (a)		11,137		289,562
Calavo Growers, Inc. (a)		4,562		437,085
Cal-Maine Foods, Inc.		8,258		339,486
Darling Ingredients, Inc.*		22,093		481,848
Dean Foods Co. (a)		21,070		35,819
Farmer Brothers Co.*		872		17,580
Fresh Del Monte Produce, Inc.		20,533		605,929
Hostess Brands, Inc.*		26,432		354,189
J&J Snack Foods Corp.		4,929		774,740
Lancaster Colony Corp.		7,485		1,113,094
Medifast, Inc.		5,255		770,856
MGP Ingredients, Inc. (a)		4,550		399,808
Nature’s Sunshine Products, Inc.*		1,095		9,855
Sanderson Farms, Inc. (a)		3,586		543,745
Seaboard Corp.		37		166,337
Tootsie Roll Industries, Inc.		10,222		396,920
USANA Health Sciences, Inc.*		11,358		947,939
				8,021,340
Forestry & Paper — 0.4%
Clearwater Paper Corp.*		3,498		70,555
PH Glatfelter Co.		13,000		205,140
Schweitzer-Mauduit International, Inc.		12,037		428,156
Verso Corp., Class A*		4,333		96,713
				800,564
Gas, Water & Multiutilities — 6.1%
American States Water Co.		16,177		1,151,317
Avista Corp.		27,708		1,195,323
California Water Service Group		20,786		1,047,406
Connecticut Water Service, Inc.		3,324		227,927
New Jersey Resources Corp.		22,359		1,119,739
Northwest Natural Holding Co.		10,029		670,840
ONE Gas, Inc.		12,747		1,128,364
SJW Group (a)		7,852		487,295
South Jersey Industries, Inc.		34,771		1,116,844
Southwest Gas Holdings, Inc.		12,279		1,021,490
Spark Energy, Inc., Class A (a)		18,998		179,721
Spire, Inc.		13,746		1,157,276
				10,503,542

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
General Industrials — 0.7%
Actuant Corp., Class A		3,000		76,740
Greif, Inc., Class A		3,307		130,692
Harsco Corp.*		4,133		93,571
Multi-Color Corp.		1,742		86,926
Myers Industries, Inc.		3,230		57,785
NACCO Industries, Inc., Class A		2,306		94,292
Otter Tail Corp.		7,856		403,013
TriMas Corp.*		3,555		109,956
				1,052,975
General Retailers — 6.6%
Aaron’s, Inc.		4,306		239,801
Abercrombie & Fitch Co., Class A		4,299		128,497
Adtalem Global Education, Inc.*		5,427		267,660
AMERCO		2,811		1,048,981
American Eagle Outfitters, Inc.		11,203		266,407
American Public Education, Inc.*		4,448		142,336
Asbury Automotive Group, Inc.*		2,717		217,849
At Home Group, Inc.* (a)		3,672		86,255
Barnes & Noble, Inc.		8,883		44,682
Bed Bath & Beyond, Inc.		9,788		163,557
Big Lots, Inc.		4,191		155,738
Boot Barn Holdings, Inc.*		5,643		162,462
Buckle, Inc. (The) (a)		9,300		171,864
Build-A-Bear Workshop, Inc.*		8,010		44,856
Caleres, Inc.		6,212		162,941
Cargurus, Inc.*		4,548		185,286
Carriage Services, Inc.		2,808		49,280
Cars.com, Inc.*		8,311		172,952
Cato Corp. (The), Class A		5,341		80,970
Chegg, Inc.*		5,186		184,881
Chico’s FAS, Inc.		13,193		46,176
Children’s Place, Inc. (The) (a)		1,509		170,245
Citi Trends, Inc.		4,673		86,497
Conn’s, Inc.*		2,124		54,948
Designer Brands, Inc.		6,310		140,398
Dillard’s, Inc., Class A		1,772		121,293
Etsy, Inc.*		2,012		135,890
Express, Inc.*		27,079		99,651
Five Below, Inc.*		2,088		305,662
Francesca’s Holdings Corp.*		9,129		6,315
GameStop Corp., Class A (a)		17,636		152,551
Genesco, Inc.*		3,698		165,707
Group 1 Automotive, Inc.		2,768		216,762
Guess?, Inc.		8,425		171,617
Haverty Furniture Cos., Inc.		4,865		115,884

INVESTMENTS	SHARES		VALUE($)
General Retailers — continued
Hibbett Sports, Inc.*		4,428		91,660
Hillenbrand, Inc.		9,396		404,216
Houghton Mifflin Harcourt Co.*		1,097		7,822
K12, Inc.*		664		20,000
Kirkland’s, Inc.*		4,687		27,560
Lands’ End, Inc.*		3,305		57,871
Laureate Education, Inc., Class A*		7,018		110,463
Liquidity Services, Inc.*		1,862		12,643
Lithia Motors, Inc., Class A		1,643		186,513
Lumber Liquidators Holdings, Inc.* (a)		1,569		20,742
Matthews International Corp., Class A		4,129		165,408
Monro, Inc.		7,709		646,245
Murphy USA, Inc.*		3,745		320,085
Office Depot, Inc.		23,081		55,394
Ollie’s Bargain Outlet Holdings, Inc.*		2,823		269,992
Party City Holdco, Inc.*		9,535		63,885
Pier 1 Imports, Inc.* (a)		7,971		7,229
PriceSmart, Inc.		2,213		132,360
RealNetworks, Inc.*		7,210		18,746
Regis Corp.*		7,095		132,818
Rent-A-Center, Inc.*		4,979		124,126
RH* (a)		895		95,505
Rollins, Inc.		23,425		905,845
Shoe Carnival, Inc. (a)		8,335		297,226
Shutterfly, Inc.*		2,205		96,645
Signet Jewelers Ltd.		3,540		82,057
Sonic Automotive, Inc., Class A		4,346		87,920
Sotheby’s* (a)		2,968		125,190
Stamps.com, Inc.*		799		68,554
Strategic Education, Inc.		1,203		172,450
Tailored Brands, Inc.		3,541		28,859
Tile Shop Holdings, Inc.		5,252		25,525
Titan Machinery, Inc.*		5,531		95,133
Weight Watchers International, Inc.*		2,345		47,885
Zovio, Inc.*		2,288		13,774
Zumiez, Inc.*		25,825		687,720
				11,672,917
Health Care Equipment & Services — 6.8%
Accuray, Inc.*		11,467		47,473
Amedisys, Inc.*		1,100		140,602
Anika Therapeutics, Inc.*		2,921		93,034
Avanos Medical, Inc.*		3,696		155,047
Axogen, Inc.* (a)		2,970		69,736
BioScrip, Inc.*		2,657		5,101
BioTelemetry, Inc.*		1,749		95,146

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 133

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Health Care Equipment & Services — continued
Brookdale Senior Living, Inc.*		18,857		116,536
CONMED Corp.		7,304		584,539
Ensign Group, Inc. (The)		2,703		139,259
Fluidigm Corp.*		2,095		28,785
Genesis Healthcare, Inc.*		6,451		8,386
Globus Medical, Inc., Class A*		3,779		170,395
Haemonetics Corp.*		2,818		245,955
Healthcare Services Group, Inc.		4,893		165,628
HealthEquity, Inc.*		1,994		135,093
HMS Holdings Corp.*		5,994		182,397
ICU Medical, Inc.*		3,412		776,230
Inogen, Inc.*		638		55,697
Intersect ENT, Inc.*		3,095		100,557
Invacare Corp.		12,558		92,929
iRhythm Technologies, Inc.*		1,227		93,632
LHC Group, Inc.*		5,240		582,216
LivaNova plc*		1,899		130,822
Magellan Health, Inc.*		4,470		312,900
Meridian Bioscience, Inc.		8,254		95,004
Merit Medical Systems, Inc.*		7,962		447,305
Natus Medical, Inc.*		9,926		265,620
Neogen Corp.*		5,430		329,384
NeoGenomics, Inc.*		7,656		159,475
NuVasive, Inc.*		3,792		229,795
Omnicell, Inc.*		12,730		1,022,983
OraSure Technologies, Inc.*		8,471		80,136
Orthofix Medical, Inc.*		2,564		140,482
Owens & Minor, Inc.		8,449		28,811
Patterson Cos., Inc. (a)		5,589		122,064
Quidel Corp.*		7,643		488,693
Repligen Corp.*		3,887		261,906
Select Medical Holdings Corp.*		8,467		121,671
STAAR Surgical Co.*		2,669		86,689
Surmodics, Inc.*		3,571		155,124
Tactile Systems Technology, Inc.*		2,449		121,862
Teladoc Health, Inc.* (a)		1,834		104,318
Tenet Healthcare Corp.*		3,897		85,344
Tivity Health, Inc.*		51,174		1,106,382
Varex Imaging Corp.*		5,063		166,269
WageWorks, Inc.*		3,663		178,718
West Pharmaceutical Services, Inc.		10,011		1,239,262
Wright Medical Group NV*		5,654		167,189
				11,732,581
Household Goods & Home Construction — 5.7%
ACCO Brands Corp.		33,636		307,433

INVESTMENTS	SHARES		VALUE($)
Household Goods & Home Construction — continued
American Woodmark Corp.*		3,212		288,855
Bassett Furniture Industries, Inc.		4,096		72,745
Beazer Homes USA, Inc.*		20,790		276,299
Central Garden & Pet Co.*		7,679		207,179
Central Garden & Pet Co., Class A*		14,080		344,678
CompX International, Inc.		1,651		25,706
Ethan Allen Interiors, Inc.		19,240		425,204
Hamilton Beach Brands Holding Co., Class A		4,552		82,391
Herman Miller, Inc.		15,224		590,996
HNI Corp.		11,200		411,152
Interface, Inc.		35,462		568,810
iRobot Corp.* (a)		2,443		252,948
KB Home		14,857		384,945
Kimball International, Inc., Class B		4,971		77,846
Knoll, Inc.		15,540		339,394
La-Z-Boy, Inc.		19,852		651,146
LGI Homes, Inc.*		8,311		576,035
LS Starrett Co. (The), Class A*		1,702		12,271
M/I Homes, Inc.*		15,515		437,058
MDC Holdings, Inc.		21,557		658,782
Meritage Homes Corp.*		9,912		506,999
National Presto Industries, Inc.		1,603		170,719
Skyline Champion Corp.		6,339		133,816
Sleep Number Corp.*		7,957		276,904
Steelcase, Inc., Class A		22,218		384,149
Taylor Morrison Home Corp., Class A*		10,356		200,492
TRI Pointe Group, Inc.*		28,503		371,964
Virco Manufacturing Corp.		3,223		14,665
WD-40 Co. (a)		5,562		935,807
William Lyon Homes, Class A*		11,650		196,419
				10,183,807
Industrial Engineering — 1.9%
Albany International Corp., Class A		3,813		282,048
Astec Industries, Inc.		1,257		42,374
Briggs & Stratton Corp.		27,824		339,453
CIRCOR International, Inc.*		1,574		53,075
Columbus McKinnon Corp.		7,521		296,027
EnPro Industries, Inc.		2,555		189,888
Federal Signal Corp.		3,681		105,902
Franklin Electric Co., Inc.		3,416		166,906
GATX Corp. (a)		2,005		154,646
Greenbrier Cos., Inc. (The)		1,560		55,427
John Bean Technologies Corp.		1,039		114,072
Kennametal, Inc.		3,098		126,089
Lindsay Corp.		762		64,770

SEE NOTES TO FINANCIAL STATEMENTS.

134 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Industrial Engineering — continued
Manitowoc Co., Inc. (The)*		1,904		34,005
MSA Safety, Inc.		2,319		254,881
Mueller Industries, Inc.		5,296		154,484
Proto Labs, Inc.*		1,412		155,024
Rexnord Corp.*		5,526		158,044
Standex International Corp.		1,263		83,446
Tennant Co.		2,201		146,102
Wabash National Corp.		7,426		111,984
Woodward, Inc.		2,076		226,076
				3,314,723
Industrial Metals & Mining — 0.8%
AK Steel Holding Corp.* (a)		13,640		33,009
Carpenter Technology Corp.		4,684		232,654
Century Aluminum Co.*		7,695		64,715
Cleveland-Cliffs, Inc. (a)		17,941		179,231
Commercial Metals Co.		12,371		213,895
Haynes International, Inc.		4,014		129,692
Kaiser Aluminum Corp.		4,768		469,171
Olympic Steel, Inc.		2,312		37,501
Worthington Industries, Inc.		5,411		217,144
				1,577,012
Industrial Transportation — 1.2%
Aircastle Ltd.		7,332		146,053
ArcBest Corp.		3,584		109,527
Atlas Air Worldwide Holdings, Inc.*		1,934		93,393
Covenant Transportation Group, Inc., Class A*		4,578		89,408
DHT Holdings, Inc.		14,550		77,552
Echo Global Logistics, Inc.*		4,320		99,101
Forward Air Corp.		2,788		176,536
Frontline Ltd. (Norway)* (a)		2,241		18,354
GasLog Ltd. (Monaco)		4,628		72,336
Heartland Express, Inc.		5,985		117,785
Hub Group, Inc., Class A*		3,128		130,031
Matson, Inc.		2,703		107,066
Nordic American Tankers Ltd.		2,119		4,535
Saia, Inc.*		2,192		141,143
Scorpio Tankers, Inc. (Monaco)		966		24,903
SEACOR Holdings, Inc.*		6,002		267,329
Ship Finance International Ltd. (Norway) (a)		12,847		163,928
Textainer Group Holdings Ltd. (China)*		2,826		27,101
Triton International Ltd. (Bermuda)		3,146		103,661
Werner Enterprises, Inc.		5,961		199,693
World Fuel Services Corp.		3,992		123,153
				2,292,588

INVESTMENTS	SHARES		VALUE($)
Leisure Goods — 3.6%
American Outdoor Brands Corp.*		17,647		173,823
Callaway Golf Co.		43,295		760,260
Camping World Holdings, Inc., Class A (a)		9,131		136,235
Fox Factory Holding Corp.*		16,996		1,318,890
Funko, Inc., Class A* (a)		5,147		102,065
JAKKS Pacific, Inc.*		9,440		10,195
LCI Industries		8,468		743,914
Nautilus, Inc.*		23,721		126,908
Pool Corp.		7,035		1,292,611
Sturm Ruger & Co., Inc.		8,097		453,351
Universal Electronics, Inc.*		5,867		223,239
Winnebago Industries, Inc.		14,996		530,409
ZAGG, Inc.*		32,573		268,402
				6,140,302
Life Insurance — 0.3%
Employers Holdings, Inc.		3,328		142,838
FBL Financial Group, Inc., Class A		1,651		103,138
National Western Life Group, Inc., Class A		226		60,279
Primerica, Inc.		904		117,782
				424,037
Media — 2.1%
Entercom Communications Corp., Class A (a)		11,182		76,932
EW Scripps Co. (The), Class A		5,634		128,399
Gannett Co., Inc.		13,962		130,265
Gray Television, Inc.*		8,697		203,771
Liberty Media Corp-Liberty Formula One, Class A*		13,964		527,281
LiveRamp Holdings, Inc.*		4,221		246,211
MDC Partners, Inc., Class A*		4,918		10,328
Meredith Corp. (a)		3,814		225,026
MSG Networks, Inc., Class A*		5,667		130,511
New York Times Co. (The), Class A		9,746		323,080
Nexstar Media Group, Inc., Class A		3,094		362,153
QuinStreet, Inc.*		7,224		103,086
Scholastic Corp.		4,832		192,700
Sinclair Broadcast Group, Inc., Class A		4,158		190,395
TEGNA, Inc.		19,546		311,172
Trade Desk, Inc. (The), Class A*		816		180,728
Viad Corp.		2,036		124,827
Yelp, Inc.*		4,465		178,868
				3,645,733
Mining — 1.0%
Arch Coal, Inc., Class A		2,867		278,042
Coeur Mining, Inc.*		5,030		18,158

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 135

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Mining — continued
Compass Minerals International, Inc.		6,539		375,273
CONSOL Energy, Inc.*		3,330		112,887
Hecla Mining Co.		38,612		81,085
Peabody Energy Corp.		7,770		223,543
SunCoke Energy, Inc.*		10,564		90,956
US Silica Holdings, Inc.		9,736		154,023
Warrior Met Coal, Inc.		7,007		217,217
				1,551,184
Mobile Telecommunications — 0.9%
Intelsat SA*		20,983		424,696
Iridium Communications, Inc.*		45,425		1,247,370
				1,672,066
Nonlife Insurance — 0.7%
Horace Mann Educators Corp.		2,701		104,204
Navigators Group, Inc. (The)		3,039		212,548
Protective Insurance Corp., Class B		547		8,889
RLI Corp.		2,083		169,410
Safety Insurance Group, Inc.		1,539		143,004
Selective Insurance Group, Inc. (a)		6,438		459,094
State Auto Financial Corp.		3,012		101,293
				1,198,442
Oil & Gas Producers — 1.0%
Abraxas Petroleum Corp.*		20,951		28,912
California Resources Corp.*		2,869		60,479
Callon Petroleum Co.*		11,300		84,863
Carrizo Oil & Gas, Inc.*		5,826		74,689
CVR Energy, Inc.		5,446		248,392
Delek US Holdings, Inc.		4,456		165,139
Denbury Resources, Inc.*		28,391		63,312
Gulfport Energy Corp.* (a)		16,124		105,612
Halcon Resources Corp.*		16,653		21,649
Laredo Petroleum, Inc.*		19,766		59,693
Matador Resources Co.*		8,465		166,676
Oasis Petroleum, Inc.*		23,289		142,063
Penn Virginia Corp.*		1,868		83,873
ProPetro Holding Corp.*		12,866		284,725
Southwestern Energy Co.*		36,276		143,290
SRC Energy, Inc.*		17,039		104,790
Ultra Petroleum Corp.*		15,649		6,579
W&T Offshore, Inc.*		13,321		84,988
				1,929,724
Oil Equipment, Services & Distribution — 1.7%
Archrock, Inc.		20,337		205,607

INVESTMENTS	SHARES		VALUE($)
Oil Equipment, Services & Distribution — continued
Bristow Group, Inc.*		4,429		2,237
C&J Energy Services, Inc.*		421		5,915
Cactus, Inc., Class A*		6,307		228,944
CARBO Ceramics, Inc.*		3,857		10,491
Chart Industries, Inc.*		4,304		379,914
Covia Holdings Corp.* (a)		5,527		26,585
Diamond Offshore Drilling, Inc.* (a)		12,969		125,929
Flotek Industries, Inc.*		322		1,150
Forum Energy Technologies, Inc.*		5,917		35,384
Geospace Technologies Corp.*		521		7,007
Golar LNG Ltd. (Bermuda)		6,674		130,410
Gulf Island Fabrication, Inc.*		6,103		52,486
Helix Energy Solutions Group, Inc.*		24,126		188,665
Keane Group, Inc.*		12,020		126,090
KLX Energy Services Holdings, Inc.*		1,135		31,837
Liberty Oilfield Services, Inc., Class A (a)		7,123		106,204
Matrix Service Co.*		4,902		96,128
McDermott International, Inc.*		8,223		66,524
MRC Global, Inc.*		12,012		208,168
Newpark Resources, Inc.* (a)		9,805		71,576
Noble Corp. plc*		37,325		98,165
NOW, Inc.*		13,687		200,104
Oceaneering International, Inc.*		7,967		152,966
Oil States International, Inc.*		9,183		177,416
Pioneer Energy Services Corp.*		12,639		21,992
SemGroup Corp., Class A		8,752		114,301
Teekay Tankers Ltd., Class A (Bermuda)*		19,222		20,952
TETRA Technologies, Inc.*		8,124		19,335
Unit Corp.*		7,034		95,381
				3,007,863
Personal Goods — 3.5%
Columbia Sportswear Co.		10,503		1,049,985
Crocs, Inc.*		11,080		308,578
Deckers Outdoor Corp.*		3,293		520,986
G-III Apparel Group Ltd.*		7,522		324,574
Helen of Troy Ltd.*		7,585		1,092,240
Movado Group, Inc.		4,695		167,377
Oxford Industries, Inc.		5,215		433,158
Steven Madden Ltd.		32,839		1,193,698
Vera Bradley, Inc.*		33,715		414,020
Wolverine World Wide, Inc.		15,177		558,665
				6,063,281
Pharmaceuticals & Biotechnology — 2.7%
Acceleron Pharma, Inc.*		3,188		129,847

SEE NOTES TO FINANCIAL STATEMENTS.

136 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Pharmaceuticals & Biotechnology — continued
Achillion Pharmaceuticals, Inc.*		11,791		34,901
Acorda Therapeutics, Inc.*		4,936		51,581
AMAG Pharmaceuticals, Inc.*		1,788		19,954
Amneal Pharmaceuticals, Inc.*		3,658		47,079
ANI Pharmaceuticals, Inc.*		1,907		135,359
Arena Pharmaceuticals, Inc.*		1,080		49,410
Array BioPharma, Inc.*		4,787		108,234
Assertio Therapeutics, Inc.* (a)		3,085		12,865
Blueprint Medicines Corp.* (a)		1,743		131,788
Cambrex Corp.*		2,967		127,640
Chimerix, Inc.*		2,418		6,529
Corcept Therapeutics, Inc.* (a)		7,137		88,356
Cyclerion Therapeutics, Inc.* (a)		918		13,981
Dynavax Technologies Corp.* (a)		2,194		14,590
Eagle Pharmaceuticals, Inc.*		1,947		100,095
Emergent BioSolutions, Inc.*		2,528		130,647
Enanta Pharmaceuticals, Inc.*		1,844		160,778
FibroGen, Inc.*		2,572		120,190
Five Prime Therapeutics, Inc.*		1,979		21,927
Genomic Health, Inc.*		2,304		148,216
Halozyme Therapeutics, Inc.*		5,761		92,925
Heron Therapeutics, Inc.*		4,016		87,067
Horizon Pharma plc*		3,814		97,371
ImmunoGen, Inc.*		3,209		7,670
Innoviva, Inc.*		10,348		145,182
Inovio Pharmaceuticals, Inc.* (a)		11,516		43,300
Insys Therapeutics, Inc.* (a)		3,342		14,371
Ironwood Pharmaceuticals, Inc.* (a)		8,337		99,127
Lannett Co., Inc.* (a)		2,651		20,386
Lexicon Pharmaceuticals, Inc.* (a)		7,215		41,847
Ligand Pharmaceuticals, Inc.* (a)		1,043		131,262
Luminex Corp.		9,757		222,557
Mallinckrodt plc* (a)		2,999		46,365
Medpace Holdings, Inc.*		2,452		137,729
Melinta Therapeutics, Inc.*		126		552
Momenta Pharmaceuticals, Inc.*		4,881		68,285
MyoKardia, Inc.*		2,135		102,437
Myriad Genetics, Inc.*		4,780		150,474
NewLink Genetics Corp.*		2,680		4,583
Novavax, Inc.* (a)		7,802		4,145
Novocure Ltd.*		2,007		88,449
Pacira BioSciences, Inc.*		1,122		44,678
Paratek Pharmaceuticals, Inc.* (a)		3,442		18,965
PDL BioPharma, Inc.*		25,770		84,268
PetIQ, Inc.* (a)		3,648		100,211

INVESTMENTS	SHARES		VALUE($)
Pharmaceuticals & Biotechnology — continued
Prestige Consumer Healthcare, Inc.*		3,641		107,118
PTC Therapeutics, Inc.*		3,467		129,735
Retrophin, Inc.*		5,960		113,717
Sangamo Therapeutics, Inc.*		2,921		34,146
Spark Therapeutics, Inc.*		436		46,517
Spectrum Pharmaceuticals, Inc.*		5,351		50,139
Supernus Pharmaceuticals, Inc.*		2,693		98,914
Syneos Health, Inc.*		2,693		126,383
Theravance Biopharma, Inc.*		3,573		85,216
Vanda Pharmaceuticals, Inc.*		7,733		125,971
Xencor, Inc.*		2,880		88,445
Zogenix, Inc.*		2,882		112,369
				4,626,843
Real Estate Investment & Services — 0.1%
Kennedy-Wilson Holdings, Inc.		3,973		85,578
Rafael Holdings, Inc., Class B*		5,099		82,604
				168,182
Real Estate Investment Trusts — 3.6%
Acadia Realty Trust		4,589		129,593
AG Mortgage Investment Trust, Inc.		3,337		57,096
Agree Realty Corp.		2,236		146,391
American Assets Trust, Inc.		4,412		203,790
Anworth Mortgage Asset Corp.		19,229		80,569
Apollo Commercial Real Estate Finance, Inc.		14,239		266,839
Arbor Realty Trust, Inc. (a)		10,867		148,443
ARMOUR Residential REIT, Inc.		6,000		114,480
Blackstone Mortgage Trust, Inc., Class A		7,849		279,346
Capstead Mortgage Corp.		20,734		178,105
CareTrust REIT, Inc.		5,328		129,204
Chesapeake Lodging Trust		781		22,259
CorePoint Lodging, Inc.		2,236		27,950
Cousins Properties, Inc.		9,435		90,293
DiamondRock Hospitality Co.		5,095		55,332
EastGroup Properties, Inc.		1,287		147,143
Exantas Capital Corp.		3,789		41,490
First Industrial Realty Trust, Inc.		5,575		196,630
Four Corners Property Trust, Inc.		5,300		150,732
Franklin Street Properties Corp.		5,985		47,042
GEO Group, Inc. (The)		3,858		77,237
Global Net Lease, Inc.		6,120		116,708
Healthcare Realty Trust, Inc.		542		16,737
Invesco Mortgage Capital, Inc.		5,633		91,931
Kite Realty Group Trust		529		8,353
Ladder Capital Corp.		7,765		135,111

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 137

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Real Estate Investment Trusts — continued
Lexington Realty Trust		3,348		30,366
LTC Properties, Inc.		7,071		318,619
Mack-Cali Realty Corp.		1,451		33,779
National Health Investors, Inc.		1,971		148,673
National Storage Affiliates Trust		4,417		129,241
New York Mortgage Trust, Inc.		16,450		103,635
Office Properties Income Trust		1,864		50,589
Pebblebrook Hotel Trust		3,201		104,225
Pennsylvania (a)		2,662		16,025
PennyMac Mortgage Investment Trust		4,913		103,173
Physicians Realty Trust		7,342		132,597
Piedmont Office Realty Trust, Inc., Class A		7,799		162,375
PotlatchDeltic Corp.		2,418		93,480
PS Business Parks, Inc.		1,628		250,093
Redwood Trust, Inc.		5,827		95,330
Retail Opportunity Investments Corp.		8,133		142,734
Rexford Industrial Realty, Inc.		5,247		198,809
RLJ Lodging Trust		5,553		102,231
RPT Realty		5,433		65,902
Ryman Hospitality Properties, Inc.		1,545		122,982
Sabra Health Care REIT, Inc.		4,512		88,255
Saul Centers, Inc.		1,542		82,266
STAG Industrial, Inc.		4,519		130,057
Summit Hotel Properties, Inc.		6,116		71,007
Sunstone Hotel Investors, Inc.		3,317		47,765
Tanger Factory Outlet Centers, Inc. (a)		5,220		94,273
Terreno Realty Corp.		2,872		128,235
Urban Edge Properties		474		8,802
Washington		3,784		106,860
Western Asset Mortgage Capital Corp.		8,085		85,054
Xenia Hotels & Resorts, Inc.		5,096		110,328
				6,316,564
Software & Computer Services — 6.1%
ACI Worldwide, Inc.*		16,397		582,421
Alarm.com Holdings, Inc.*		2,915		206,615
Alteryx, Inc., Class A* (a)		2,638		233,832
Appfolio, Inc., Class A*		1,427		138,576
Avaya Holdings Corp.*		11,546		220,298
Benefitfocus, Inc.*		2,365		96,326
Blackbaud, Inc.		2,420		191,882
Blackline, Inc.*		3,460		176,737
Blucora, Inc.*		4,248		148,680
Boingo Wireless, Inc.*		4,324		98,328
Bottomline Technologies de, Inc.*		3,408		172,343
CACI International, Inc., Class A*		1,739		339,001

INVESTMENTS	SHARES		VALUE($)
Software & Computer Services — continued
Carbonite, Inc.*		4,300		105,479
Cogent Communications Holdings, Inc.		5,955		328,895
CommVault Systems, Inc.*		4,633		243,696
Computer Programs & Systems, Inc.		2,214		67,284
Computer Task Group, Inc.*		4,527		20,960
Coupa Software, Inc.*		1,540		159,128
CSG Systems International, Inc.		5,517		246,334
Diebold Nixdorf, Inc.*		5,630		56,807
Ebix, Inc. (a)		4,207		212,369
Envestnet, Inc.*		2,870		203,741
Everbridge, Inc.*		2,854		210,882
Five9, Inc.*		2,897		153,744
Forrester Research, Inc.		3,873		196,981
Globant SA (Argentina)*		682		57,281
Gogo, Inc.* (a)		10,796		56,787
HubSpot, Inc.* (a)		1,489		274,706
j2 Global, Inc.		2,894		253,572
LivePerson, Inc.*		8,183		240,007
Medidata Solutions, Inc.*		3,116		281,499
Meet Group, Inc. (The)*		24,003		133,457
MicroStrategy, Inc., Class A*		1,374		205,688
NetScout Systems, Inc.*		3,853		113,278
New Relic, Inc.*		1,601		168,489
NextGen Healthcare, Inc.*		3,897		73,225
OneSpan, Inc.*		5,650		104,751
Perficient, Inc.*		4,696		138,250
Perspecta, Inc.		11,126		256,788
Progress Software Corp.		8,944		407,936
Q2 Holdings, Inc.* (a)		2,978		224,601
Qualys, Inc.*		6,815		615,122
Rosetta Stone, Inc.*		6,001		151,345
SailPoint Technologies Holding, Inc.*		4,798		135,591
Science Applications International Corp.		3,373		252,806
Shutterstock, Inc.		4,830		195,374
SPS Commerce, Inc.*		1,531		158,826
Tabula Rasa HealthCare, Inc.* (a)		2,190		116,639
TiVo Corp.		6,670		62,498
Unisys Corp.* (a)		12,914		144,766
Varonis Systems, Inc.*		2,645		188,192
Verint Systems, Inc.*		4,738		286,128
Virtusa Corp.*		3,550		197,202
Workiva, Inc.*		2,344		124,560
				10,430,703
Support Services — 3.6%
ABM Industries, Inc.		4,742		180,054

SEE NOTES TO FINANCIAL STATEMENTS.

138 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Support Services — continued
Acacia Research Corp.*		1,256		3,994
AMN Healthcare Services, Inc.*		1,977		102,923
Applied Industrial Technologies, Inc.		8,851		530,529
ASGN, Inc.*		2,793		176,071
Barnes Group, Inc.		2,681		149,117
Cimpress NV (Netherlands)*		1,019		92,118
Comfort Systems USA, Inc.		5,219		282,348
Covanta Holding Corp. (a)		10,418		188,253
CRA International, Inc.		2,532		131,867
Crawford & Co., Class B		696		6,139
Deluxe Corp.		2,317		103,616
DXP Enterprises, Inc.*		1,026		44,005
EVERTEC, Inc. (Puerto Rico)		5,222		163,501
ExlService Holdings, Inc.*		2,104		124,977
Exponent, Inc.		2,079		117,713
FTI Consulting, Inc.*		2,742		233,015
Heidrick & Struggles International, Inc.		1,244		44,510
Huron Consulting Group, Inc.*		1,524		73,655
Insperity, Inc.		1,412		168,819
Kaman Corp.		4,203		260,208
Kelly Services, Inc., Class A		1,988		44,253
Korn Ferry		1,773		83,366
Lawson Products, Inc.*		1,584		52,019
MAXIMUS, Inc.		15,252		1,123,310
McGrath RentCorp		2,746		170,252
Mobile Mini, Inc.		746		26,871
Navigant Consulting, Inc.		6,215		141,888
Paylocity Holding Corp.*		1,410		136,136
Resources Connection, Inc.		2,987		47,971
SiteOne Landscape Supply, Inc.*		2,744		184,671
Sykes Enterprises, Inc.*		1,681		46,648
Team, Inc.*		2,036		34,408
Tetra Tech, Inc.		4,653		301,142
TriNet Group, Inc.*		2,859		178,230
TrueBlue, Inc.*		1,091		26,359
TTEC Holdings, Inc.		4,259		155,283
UniFirst Corp.		2,196		347,253
Universal Technical Institute, Inc.*		3,744		12,692
				6,290,184
Technology Hardware & Equipment — 4.9%
3D Systems Corp.* (a)		7,883		83,875
Acacia Communications, Inc.*		3,068		177,576
ADTRAN, Inc.		11,730		201,052
Advanced Energy Industries, Inc.*		2,894		167,157
Agilysys, Inc.* (a)		3,570		68,294

INVESTMENTS	SHARES		VALUE($)
Technology Hardware & Equipment — continued
Amkor Technology, Inc.*		13,768		124,738
Applied Optoelectronics, Inc.* (a)		2,111		26,430
Axcelis Technologies, Inc.*		4,279		91,100
Brooks Automation, Inc.		5,188		194,602
Cabot Microelectronics Corp.		4,207		531,134
CalAmp Corp.*		4,238		61,917
Casa Systems, Inc.*		7,971		76,442
CEVA, Inc.*		3,343		84,210
Ciena Corp.*		5,719		219,381
Cirrus Logic, Inc.*		2,248		106,960
Cohu, Inc.		5,313		78,792
Comtech Telecommunications Corp.		5,327		125,344
Cray, Inc.*		4,120		108,191
Cree, Inc.* (a)		4,898		323,709
Diodes, Inc.*		5,323		193,864
DSP Group, Inc.*		1,553		22,192
Electronics For Imaging, Inc.*		3,617		134,516
Entegris, Inc.		7,000		286,020
Finisar Corp.*		4,808		115,921
Harmonic, Inc.*		8,792		49,763
Ichor Holdings Ltd.* (a)		4,889		123,105
Infinera Corp.*		5,658		24,556
Inseego Corp.* (a)		39,618		181,054
Insight Enterprises, Inc.*		6,747		381,745
InterDigital, Inc.		2,649		173,218
Lattice Semiconductor Corp.*		18,880		244,496
Loral Space & Communications, Inc.*		3,038		111,859
Lumentum Holdings, Inc.*		1,868		115,760
MaxLinear, Inc.*		3,100		83,421
Nanometrics, Inc.*		6,966		207,517
NeoPhotonics Corp.*		8,116		55,432
NETGEAR, Inc.*		2,635		81,764
PC Connection, Inc.		3,398		126,270
Photronics, Inc.*		7,782		72,684
Pitney Bowes, Inc.		20,633		146,701
Plantronics, Inc.		3,428		176,473
Power Integrations, Inc.		2,853		225,444
Rambus, Inc.*		11,013		126,209
Ribbon Communications, Inc.*		1,005		5,387
ScanSource, Inc.*		3,224		121,384
Semtech Corp.*		3,753		202,174
Silicon Laboratories, Inc.*		2,410		259,461
SMART Global Holdings, Inc.*		3,637		79,068
Stratasys Ltd.*		6,660		154,845
Synaptics, Inc.*		4,348		163,789

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 139

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Technology Hardware & Equipment — continued
SYNNEX Corp.		1,924		207,561
Systemax, Inc.		1,800		40,878
Tech Data Corp.*		1,990		212,154
Ultra Clean Holdings, Inc.*		4,552		54,487
ViaSat, Inc.*		3,380		306,971
Viavi Solutions, Inc.*		18,689		248,564
Vocera Communications, Inc.*		3,248		103,449
Xperi Corp.		8,450		209,983
				8,681,043
Tobacco — 0.8%
Pyxus International, Inc.*		4,701		107,324
Universal Corp.		10,750		578,995
Vector Group Ltd.		82,936		790,380
				1,476,699
Travel & Leisure — 4.0%
Allegiant Travel Co.		947		139,095
AMC Entertainment Holdings, Inc., Class A (a)		14,408		218,425
Avis Budget Group, Inc.*		3,541		125,883
Biglari Holdings, Inc., Class A*		197		145,189
Biglari Holdings, Inc., Class B*		170		23,686
BJ’s Restaurants, Inc.		3,419		170,642
Bloomin’ Brands, Inc.		7,235		144,628
Boyd Gaming Corp.		7,569		217,836
Brinker International, Inc.		5,765		246,569
Cheesecake Factory, Inc. (The)		6,202		307,743
Churchill Downs, Inc.		3,554		358,421
Chuy’s Holdings, Inc.*		3,089		61,440
Cracker Barrel Old Country Store, Inc. (a)		1,760		296,982
Dave & Buster’s Entertainment, Inc.		3,095		175,920
Dine Brands Global, Inc.		2,306		204,450
Dover Motorsports, Inc.		6,343		13,701
El Pollo Loco Holdings, Inc.*		8,745		111,761
Eldorado Resorts, Inc.*		3,749		185,088
Fiesta Restaurant Group, Inc.*		2,440		30,890
Hawaiian Holdings, Inc.		3,416		96,365
Hertz Global Holdings, Inc.*		7,111		129,278
Luby’s, Inc.*		8,019		11,628
Marcus Corp. (The)		1,883		70,838
Marriott Vacations Worldwide Corp.		2,604		275,061
Noodles & Co.*		3,672		26,255
Penn National Gaming, Inc.*		9,983		216,332
Planet Fitness, Inc., Class A*		5,415		409,916
Red Robin Gourmet Burgers, Inc.*		7,407		237,246
Red Rock Resorts, Inc., Class A		6,468		174,507

INVESTMENTS	SHARES		VALUE($)
Travel & Leisure — continued
Ruth’s Hospitality Group, Inc. (a)		5,030		130,679
SeaWorld Entertainment, Inc.*		7,588		201,993
Shake Shack, Inc., Class A*		3,921		240,357
SkyWest, Inc.		4,908		302,284
Spirit Airlines, Inc.*		3,337		181,466
Texas Roadhouse, Inc.		5,630		304,076
Travelport Worldwide Ltd.		12,813		200,908
Travelzoo*		693		12,176
Wingstop, Inc.		4,187		315,155
World Wrestling Entertainment, Inc., Class A (a)		2,782		233,271
				6,948,140
Total Common Stocks (Cost $167,837,752)				173,702,635
	NO. OF RIGHTS
Rights — 0.0% (b)
Chemicals — 0.0% (b)
Schuman, Inc., CVR*‡		5,865		—
Media — 0.0%(b)
Media General, Inc., CVR*‡		1,533
Total Rights (Cost $—)				—
	SHARES
Short-Term Investments — 0.2%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (c) (d) (Cost $388,121)		388,121		388,121
Investment Of Cash Collateral From Securities Loaned — 4.7%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d)		2,001,400		2,001,600
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d)		6,174,964		6,174,964
Total Investment Of Cash Collateral From Securities Loaned (Cost $8,176,164)				8,176,564
Total Investments — 104.7% (Cost $176,402,037)				182,267,320
Liabilities in Excess of Other Assets — (4.7%)				(8,160,391	)
NET ASSETS — 100.0%				174,106,929

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

140 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

Abbreviations

CVR	—  Contingent Value Rights
REIT	—  Real Estate Investment Trust
(a)	—  The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $7,819,428.
(b)	—  Amount rounds to less than 0.1% of net assets.

(c)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—  The rate shown is the current yield as of April 30, 2019.
*	—  Non-income producing security.
‡	—  Value determined using significant unobservable inputs.

Futures contracts outstanding as of April 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000E-Mini Index		4		06/2019		USD		318,680		5,167
										5,167

Abbreviations

USD —  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 141

JPMorgan U.S Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%
Aerospace & Defense — 0.6%
Lockheed Martin Corp.		544		181,331
Automobiles & Parts — 2.3%
Ford Motor Co.		19,386		202,584
General Motors Co.		4,381		170,640
Genuine Parts Co.		1,655		169,704
Harley-Davidson, Inc.		3,632		135,219
				678,147
Banks — 1.1%
New York Community Bancorp, Inc.		14,385		167,298
PacWest Bancorp		1,405		55,568
People’s United Financial, Inc.		6,780		117,226
				340,092
Beverages — 1.9%
Coca-Cola Co. (The)		3,674		180,246
Keurig Dr Pepper, Inc.		5,564		161,746
Molson Coors Brewing Co., Class B		811		52,058
PepsiCo, Inc.		1,515		193,996
				588,046
Chemicals — 6.5%
Air Products & Chemicals, Inc.		995		204,761
Cabot Corp.		466		21,147
Celanese Corp.		274		29,562
CF Industries Holdings, Inc.		4,263		190,897
Chemours Co. (The)		1,695		61,037
Dow, Inc.*		942		53,440
DowDuPont, Inc.		2,827		108,698
Eastman Chemical Co.		2,110		166,437
Huntsman Corp.		7,257		161,396
International Flavors & Fragrances, Inc.		1,167		160,801
Linde plc (United Kingdom)		1,047		188,732
LyondellBasell Industries NV, Class A		1,953		172,313
Olin Corp.		6,744		146,277
RPM International, Inc.		2,389		144,893
Scotts Miracle-Gro Co. (The)		2,196		186,704
				1,997,095
Construction & Materials — 0.6%
MDU Resources Group, Inc.		6,441		168,432
Electricity — 12.2%
AES Corp.		10,442		178,767
Alliant Energy Corp.		3,922		185,236
American Electric Power Co., Inc.		2,223		190,178
Avangrid, Inc.		2,384		122,085
CMS Energy Corp.		3,310		183,870

INVESTMENTS	SHARES		VALUE($)
Electricity — continued
Consolidated Edison, Inc.		2,185		188,260
Dominion Energy, Inc.		2,365		184,162
DTE Energy Co.		1,446		181,777
Edison International		3,006		191,693
Entergy Corp.		1,929		186,920
Evergy, Inc.		3,212		185,718
Eversource Energy		2,580		184,883
Exelon Corp.		3,715		189,279
FirstEnergy Corp.		4,419		185,731
Hawaiian Electric Industries, Inc.		3,113		129,127
NextEra Energy, Inc.		820		159,441
Pinnacle West Capital Corp.		1,920		182,918
PPL Corp.		5,600		174,776
Public Service Enterprise Group, Inc.		3,065		182,827
Southern Co. (The)		3,634		193,401
Xcel Energy, Inc.		3,285		185,602
				3,746,651
Electronic & Electrical Equipment — 1.2%
Emerson Electric Co.		2,466		175,062
Hubbell, Inc.		1,370		174,812
				349,874
Financial Services — 0.6%
BGC Partners, Inc., Class A		9,219		49,783
Invesco Ltd.		4,507		99,019
Lazard Ltd., Class A		1,012		39,346
				188,148
Fixed Line Telecommunications — 2.1%
AT&T, Inc.		5,894		182,478
CenturyLink, Inc.		13,640		155,769
Verizon Communications, Inc.		3,135		179,291
Zayo Group Holdings, Inc.*		4,128		129,165
				646,703
Food & Drug Retailers — 0.6%
Sysco Corp.		2,502		176,066
Food Producers — 3.2%
Archer-Daniels-Midland Co.		1,208		53,877
Campbell Soup Co.		4,471		172,983
Conagra Brands, Inc.		4,484		138,017
Flowers Foods, Inc.		7,813		169,855
General Mills, Inc.		3,597		185,137
JM Smucker Co. (The)		98		12,018
Kellogg Co.		2,363		142,489
Kraft Heinz Co. (The)		3,399		112,983
				987,359

SEE NOTES TO FINANCIAL STATEMENTS.

142 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Forestry & Paper — 1.2%
Domtar Corp.		3,532		172,715
International Paper Co.		3,929		183,917
				356,632
Gas, Water & Multiutilities — 4.0%
Ameren Corp.		2,527		183,890
CenterPoint Energy, Inc.		5,972		185,132
Duke Energy Corp.		2,017		183,789
National Fuel Gas Co.		2,654		157,143
NiSource, Inc.		5,906		164,069
Sempra Energy		1,497		191,541
WEC Energy Group, Inc.		2,362		185,252
				1,250,816
General Industrials — 3.0%
3M Co.		849		160,894
Bemis Co., Inc.		639		36,691
Eaton Corp. plc		2,260		187,173
General Electric Co.		12,232		124,399
Packaging Corp. of America		1,498		148,542
Sonoco Products Co.		3,105		195,801
Westrock Co.		2,410		92,496
				945,996
General Retailers — 4.6%
Foot Locker, Inc.		3,022		172,888
Gap, Inc. (The)		5,910		154,133
H&R Block, Inc.		6,155		167,477
Home Depot, Inc. (The)		971		197,793
Kohl’s Corp.		2,378		169,076
L Brands, Inc.		5,708		146,353
Macy’s, Inc.		5,997		141,169
Nordstrom, Inc.		2,335		95,782
Target Corp.		2,162		167,382
				1,412,053
Health Care Equipment & Services — 1.5%
Becton Dickinson and Co.		8		1,926
Medtronic plc		1,888		167,673
Quest Diagnostics, Inc.		1,624		156,521
ResMed, Inc.		1,398		146,105
				472,225
Household Goods & Home Construction — 2.9%
Clorox Co. (The)		1,100		175,703
Leggett & Platt, Inc.		3,913		154,016
Newell Brands, Inc.		7,151		102,831
Procter & Gamble Co. (The)		1,864		198,479

INVESTMENTS	SHARES		VALUE($)
Household Goods & Home Construction — continued
Stanley Black & Decker, Inc.		489		71,688
Whirlpool Corp.		1,192		165,473
				868,190
Industrial Engineering — 1.5%
Caterpillar, Inc.		1,238		172,602
Cummins, Inc.		1,077		179,094
Rockwell Automation, Inc.		192		34,696
Timken Co. (The)		1,315		63,054
				449,446
Industrial Metals & Mining — 1.6%
Nucor Corp.		2,973		169,669
Reliance Steel & Aluminum Co.		2,016		185,392
Southern Copper Corp. (Peru)		3,236		124,327
				479,388
Industrial Transportation — 0.9%
Macquarie Infrastructure Corp.		3,600		145,836
United Parcel Service, Inc., Class B		1,181		125,446
				271,282
Leisure Goods — 1.2%
Garmin Ltd.		2,143		183,741
Hasbro, Inc.		1,684		171,532
				355,273
Media — 0.8%
Nielsen Holdings plc		5,974		152,516
Viacom, Inc., Class B		2,938		84,938
				237,454
Mobile Telecommunications — 1.3%
Sprint Corp.*		10,505		58,618
Telephone & Data Systems, Inc.		5,090		162,269
T-Mobile US, Inc.*		2,495		182,110
				402,997
Nonlife Insurance — 0.6%
Old Republic International Corp.		8,061		180,244
Oil & Gas Producers — 2.4%
Chevron Corp.		1,534		184,172
Exxon Mobil Corp.		1,521		122,106
Murphy Oil Corp.		2,259		61,535
Occidental Petroleum Corp.		2,280		134,246
PBF Energy, Inc., Class A		3,186		106,986
Targa Resources Corp.		3,695		148,354
				757,399

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 143

JPMorgan U.S Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Oil Equipment, Services & Distribution — 2.9%
Helmerich & Payne, Inc.		2,767		161,925
Kinder Morgan, Inc.		4,120		81,865
Nabors Industries Ltd.		13,730		48,055
OGE Energy Corp.		3,677		155,684
ONEOK, Inc.		2,675		181,713
Schlumberger Ltd.		1,262		53,862
Williams Cos., Inc. (The)		6,104		172,926
				856,030
Personal Goods — 2.9%
Coty, Inc., Class A		15,856		171,562
Hanesbrands, Inc.		9,526		172,135
Kimberly-Clark Corp.		1,518		194,881
Nu Skin Enterprises, Inc., Class A		812		41,306
Tapestry, Inc.		3,862		124,627
VF Corp.		2,047		193,257
				897,768
Pharmaceuticals & Biotechnology — 5.2%
Abbott Laboratories		2,343		186,409
AbbVie, Inc.		1,794		142,426
Amgen, Inc.		884		158,519
Bristol-Myers Squibb Co.		2,923		135,715
Cardinal Health, Inc.		2,219		108,088
Eli Lilly & Co.		1,427		167,016
Gilead Sciences, Inc.		2,379		154,730
Johnson & Johnson		1,285		181,442
Merck & Co., Inc.		2,253		177,334
Pfizer, Inc.		4,033		163,780
				1,575,459
Real Estate Investment Trusts — 15.4%
AGNC Investment Corp.		9,859		175,392
Annaly Capital Management, Inc.		14,978		151,128
Apple Hospitality REIT, Inc.		5,853		96,282
Brandywine Realty Trust		9,401		144,681
Brixmor Property Group, Inc.		8,513		152,213
Chimera Investment Corp.		7,400		141,858
Colony Capital, Inc.		5,090		26,163
Corporate Office Properties Trust		1,109		30,919
Digital Realty Trust, Inc.		1,516		178,448
Duke Realty Corp.		3,848		119,750
EPR Properties		1,446		114,032
Gaming and Leisure Properties, Inc.		4,403		177,793
HCP, Inc.		4,673		139,162
Healthcare Trust of America, Inc., Class A		848		23,388
Hospitality Properties Trust		4,894		127,244

INVESTMENTS	SHARES		VALUE($)
Real Estate Investment Trusts — continued
Iron Mountain, Inc.		4,466		145,056
Kimco Realty Corp.		9,270		161,205
Liberty Property Trust		3,798		188,533
Macerich Co. (The)		3,409		136,837
Medical Properties Trust, Inc.		4,180		72,983
MFA Financial, Inc.		18,737		140,715
National Retail Properties, Inc.		2,647		139,285
New Residential Investment Corp.		8,988		151,088
Omega Healthcare Investors, Inc.		4,793		169,624
Outfront Media, Inc.		4,422		105,376
Park Hotels & Resorts, Inc.		4,237		135,923
Rayonier, Inc.		3,347		106,401
Retail Value, Inc.		386		12,931
Senior Housing Properties Trust		8,139		65,356
SITE Centers Corp.		6,440		85,266
Spirit Realty Capital, Inc.		4,483		181,382
Starwood Property Trust, Inc.		7,615		175,526
Two Harbors Investment Corp.		10,841		150,256
Uniti Group, Inc.		8,511		93,536
Ventas, Inc.		834		50,966
VEREIT, Inc.		20,032		165,464
Welltower, Inc.		1,844		137,433
WP Carey, Inc.		2,238		177,518
				4,747,113
Software & Computer Services — 1.2%
International Business Machines Corp.		1,099		154,157
Microsoft Corp.		1,719		224,501
				378,658
Support Services — 1.6%
Paychex, Inc.		2,339		197,201
Waste Management, Inc.		1,184		127,091
Xerox Corp.		5,032		167,868
				492,160
Technology Hardware & Equipment — 4.5%
Analog Devices, Inc.		1,687		196,097
Cypress Semiconductor Corp.		10,264		176,335
HP, Inc.		1,990		39,700
Intel Corp.		3,465		176,854
KLA-Tencor Corp.		1,559		198,741
Maxim Integrated Products, Inc.		2,973		178,380
Microchip Technology, Inc.		1,552		155,029
QUALCOMM, Inc.		2,274		195,860
Xilinx, Inc.		616		74,006
				1,391,002

SEE NOTES TO FINANCIAL STATEMENTS.

144 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Tobacco — 1.2%
Altria Group, Inc.		3,295		179,017
Philip Morris International, Inc.		2,093		181,170
				360,187
Travel & Leisure — 4.5%
Cinemark Holdings, Inc.		3,685		154,954
Copa Holdings SA, Class A (Panama)		1,575		131,134
Darden Restaurants, Inc.		1,605		188,748
Extended Stay America, Inc.		7,899		141,471
International Game Technology plc		6,086		89,038
Las Vegas Sands Corp.		2,446		164,004
McDonald’s Corp.		951		187,889
Six Flags Entertainment Corp.		2,674		141,963
Wendy’s Co. (The)		5,695		105,984
Wyndham Destinations, Inc.		2,007		87,425
				1,392,610
Total Common Stocks (Cost $28,921,461)				30,578,326

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 0.1%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a) (b) (Cost $33,272)		33,272		33,272
Total Investments — 99.9% (Cost $28,954,733)				30,611,598
Other Assets Less Liabilities — 0.1%				19,107
NET ASSETS — 100.0%				30,630,705

Percentages indicated are based on net assets.

(a)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(b)	—  The rate shown is the current yield as of April 30, 2019.
*	—  Non-income producing security.

Futures contracts outstanding as of April 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 1000E-Mini Index		1		06/2019		USD		81,635		4,305
										4,305

Abbreviations

USD —  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 145

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%
Aerospace & Defense — 0.9%
Lockheed Martin Corp.		642		213,998
Raytheon Co.		1,043		185,226
				399,224
Automobiles & Parts — 0.5%
Genuine Parts Co.		2,178		223,332
Banks — 0.7%
TFS Financial Corp.		3,838		63,864
US Bancorp		3,743		199,577
				263,441
Beverages — 2.5%
Brown-Forman Corp., Class B		3,107		165,572
Coca-Cola Co. (The)		5,227		256,437
Constellation Brands, Inc., Class A		841		178,014
Molson Coors Brewing Co., Class B		2,472		158,678
PepsiCo, Inc.		2,051		262,630
				1,021,331
Chemicals — 5.2%
Air Products & Chemicals, Inc.		1,267		260,736
Ashland Global Holdings, Inc.		2,870		231,121
Avery Dennison Corp.		1,405		155,463
Dow, Inc.*		127		7,205
DowDuPont, Inc.		403		15,495
Ecolab, Inc.		1,401		257,896
International Flavors & Fragrances, Inc.		1,538		211,921
Linde plc (United Kingdom)		1,367		246,415
NewMarket Corp.		224		93,986
PPG Industries, Inc.		1,938		227,715
RPM International, Inc.		3,585		217,430
Scotts Miracle-Gro Co. (The)		1,877		159,583
WR Grace & Co.		879		66,435
				2,151,401
Electricity — 10.9%
Alliant Energy Corp.		5,167		244,037
American Electric Power Co., Inc.		2,922		249,977
Avangrid, Inc.		2,942		150,660
CMS Energy Corp.		4,356		241,976
Consolidated Edison, Inc.		2,874		247,624
Dominion Energy, Inc.		3,197		248,950
DTE Energy Co.		1,918		241,112
Entergy Corp.		2,542		246,320
Evergy, Inc.		4,012		231,974
Eversource Energy		3,395		243,286
Exelon Corp.		4,877		248,483

INVESTMENTS	SHARES		VALUE($)
Electricity — continued
FirstEnergy Corp.		5,248		220,573
Hawaiian Electric Industries, Inc.		3,268		135,557
NextEra Energy, Inc.		1,260		244,994
Pinnacle West Capital Corp.		2,528		240,843
PPL Corp.		6,900		215,349
Public Service Enterprise Group, Inc.		4,031		240,449
Southern Co. (The)		4,768		253,753
Vistra Energy Corp.		4,372		119,137
Xcel Energy, Inc.		4,321		244,137
				4,509,191
Electronic & Electrical Equipment — 0.6%
Hubbell, Inc.		1,038		132,449
Waters Corp.*		493		105,275
				237,724
Fixed Line Telecommunications — 1.9%
AT&T, Inc.		7,619		235,884
CenturyLink, Inc.		6,178		70,553
Verizon Communications, Inc.		4,167		238,311
Zayo Group Holdings, Inc.*		7,967		249,287
				794,035
Food & Drug Retailers — 1.4%
AmerisourceBergen Corp.		2,372		177,331
CVS Health Corp.		2,884		156,832
Sysco Corp.		3,509		246,928
				581,091
Food Producers — 6.9%
Archer-Daniels-Midland Co.		5,511		245,791
Campbell Soup Co.		3,603		139,400
Conagra Brands, Inc.		7,343		226,018
General Mills, Inc.		4,437		228,372
Hershey Co. (The)		2,142		267,429
Hormel Foods Corp.		5,286		211,123
Ingredion, Inc.		2,138		202,576
JM Smucker Co. (The)		1,690		207,245
Kellogg Co.		3,511		211,713
Kraft Heinz Co. (The)		3,260		108,362
Lamb Weston Holdings, Inc.		2,849		199,572
McCormick & Co., Inc.(Non-Voting)		1,593		245,274
Mondelez International, Inc., Class A		5,025		255,521
Tyson Foods, Inc., Class A		614		46,056
US Foods Holding Corp.*		1,450		52,998
				2,847,450

SEE NOTES TO FINANCIAL STATEMENTS.

146 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Gas, Water & Multiutilities — 5.5%
Ameren Corp.		3,329		242,251
American Water Works Co., Inc.		2,330		252,083
Aqua America, Inc.		4,919		192,136
Atmos Energy Corp.		2,400		245,616
CenterPoint Energy, Inc.		7,251		224,781
Duke Energy Corp.		2,643		240,830
NiSource, Inc.		8,111		225,324
Sempra Energy		1,546		197,811
UGI Corp.		4,153		226,380
WEC Energy Group, Inc.		3,107		243,682
				2,290,894
General Industrials — 0.5%
3M Co.		964		182,688
Bemis Co., Inc.		839		48,176
				230,864
General Retailers — 5.7%
AutoZone, Inc.*		254		261,191
Bright Horizons Family Solutions, Inc.*		697		89,320
Copart, Inc.*		2,666		179,475
Costco Wholesale Corp.		1,036		254,369
Dollar Tree, Inc.*		1,066		118,625
Henry Schein, Inc.*		2,431		155,730
Home Depot, Inc. (The)		1,280		260,736
O’Reilly Automotive, Inc.*		342		129,471
Rollins, Inc.		1,830		70,766
Service Corp. International		2,355		97,992
Target Corp.		2,753		213,137
TJX Cos., Inc. (The)		4,388		240,813
Walmart, Inc.		2,397		246,507
				2,318,132
Health Care Equipment & Services — 12.6%
Anthem, Inc.		787		207,005
Baxter International, Inc.		3,191		243,473
Becton Dickinson and Co.		923		222,203
Bio-Rad Laboratories, Inc., Class A*		737		221,786
Cigna Corp.		1,072		170,276
Cooper Cos., Inc. (The)		814		235,995
DaVita, Inc.*		3,134		173,122
Dentsply Sirona, Inc.		3,360		171,797
Hill-Rom Holdings, Inc.		2,235		226,674
Humana, Inc.		512		130,770
IDEXX Laboratories, Inc.*		950		220,400
Intuitive Surgical, Inc.*		432		220,592
Laboratory Corp. of America Holdings*		1,367		218,611

INVESTMENTS	SHARES		VALUE($)
Health Care Equipment & Services — continued
MEDNAX, Inc.*		3,164		88,497
Medtronic plc		2,358		209,414
Quest Diagnostics, Inc.		2,284		220,132
ResMed, Inc.		2,138		223,442
STERIS plc		1,810		237,074
Stryker Corp.		1,256		237,271
Teleflex, Inc.		817		233,809
Thermo Fisher Scientific, Inc.		911		252,757
UnitedHealth Group, Inc.		862		200,906
Varian Medical Systems, Inc.*		1,765		240,340
West Pharmaceutical Services, Inc.		1,652		204,501
Zimmer Biomet Holdings, Inc.		1,688		207,894
				5,218,741
Household Goods & Home Construction — 3.3%
Church & Dwight Co., Inc.		3,603		270,045
Clorox Co. (The)		1,442		230,331
Leggett & Platt, Inc.		4,561		179,521
Mohawk Industries, Inc.*		469		63,901
NVR, Inc.*		65		204,911
Procter & Gamble Co. (The)		2,406		256,191
Spectrum Brands Holdings, Inc.		298		18,348
Stanley Black & Decker, Inc.		875		128,275
				1,351,523
Industrial Engineering — 0.1%
Snap-on, Inc.		156		26,252
Industrial Transportation — 0.4%
United Parcel Service, Inc., Class B		1,686		179,087
Leisure Goods — 1.4%
Garmin Ltd.		2,397		205,519
Hasbro, Inc.		1,307		133,131
Pool Corp.		1,250		229,675
				568,325
Life Insurance — 0.4%
Aflac, Inc.		3,082		155,271
Media — 1.1%
Graham Holdings Co., Class B		70		52,040
Omnicom Group, Inc.		1,463		117,084
Walt Disney Co. (The)		2,101		287,774
				456,898
Mobile Telecommunications — 1.6%
Telephone & Data Systems, Inc.		6,506		207,411
T-Mobile US, Inc.*		3,282		239,553
United States Cellular Corp.*		3,995		192,160
				639,124

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 147

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Nonlife Insurance — 6.7%
Allstate Corp. (The)		2,239		221,795
American Financial Group, Inc.		1,979		204,886
Aon plc		288		51,880
Arch Capital Group Ltd.*		6,722		227,069
Arthur J Gallagher & Co.		1,241		103,772
Berkshire Hathaway, Inc., Class B*		1,180		255,718
Brown & Brown, Inc.		5,362		170,244
Chubb Ltd.		1,385		201,102
Cincinnati Financial Corp.		2,593		249,395
Everest Re Group Ltd.		583		137,297
Markel Corp.*		200		214,302
Marsh & McLennan Cos., Inc.		2,549		240,345
RenaissanceRe Holdings Ltd. (Bermuda)		1,453		225,738
White Mountains Insurance Group Ltd.		109		102,355
WR Berkley Corp.		2,532		155,212
				2,761,110
Oil & Gas Producers — 2.8%
Chevron Corp.		1,852		222,351
ConocoPhillips		2,431		153,445
EOG Resources, Inc.		367		35,250
Exxon Mobil Corp.		2,575		206,721
Occidental Petroleum Corp.		2,845		167,514
Phillips 66		2,136		201,361
Valero Energy Corp.		1,858		168,446
				1,155,088
Oil Equipment, Services & Distribution — 2.1%
Halliburton Co.		3,485		98,730
Kinder Morgan, Inc.		11,634		231,168
OGE Energy Corp.		5,574		236,003
ONEOK, Inc.		1,735		117,858
Schlumberger Ltd.		4,431		189,115
				872,874
Personal Goods — 3.0%
Colgate-Palmolive Co.		3,598		261,898
Estee Lauder Cos., Inc. (The), Class A		1,513		259,948
Kimberly-Clark Corp.		1,935		248,415
NIKE, Inc., Class B		2,763		242,674
VF Corp.		2,630		248,299
				1,261,234
Pharmaceuticals & Biotechnology — 5.8%
Abbott Laboratories		3,052		242,817
Amgen, Inc.		1,040		186,493
Bio-Techne Corp.		1,222		250,009

INVESTMENTS	SHARES		VALUE($)
Pharmaceuticals & Biotechnology — continued
Bristol-Myers Squibb Co.		2,927		135,901
Cardinal Health, Inc.		117		5,699
Eli Lilly & Co.		1,885		220,620
IQVIA Holdings, Inc.*		1,690		234,741
Johnson & Johnson		1,658		234,110
Merck & Co., Inc.		2,913		229,282
Pfizer, Inc.		5,244		212,959
QIAGEN NV*		4,066		158,411
Zoetis, Inc.		2,517		256,331
				2,367,373
Real Estate Investment Trusts — 5.5%
AGNC Investment Corp.		11,924		212,128
American Tower Corp.		1,344		262,483
Annaly Capital Management, Inc.		19,496		196,715
Apple Hospitality REIT, Inc.		7,564		124,428
Camden Property Trust		140		14,091
Chimera Investment Corp.		1,577		30,231
Crown Castle International Corp.		1,997		251,183
Equity Commonwealth		3,049		96,958
Equity LifeStyle Properties, Inc.		985		114,949
Federal Realty Investment Trust		1,198		160,352
Gaming and Leisure Properties, Inc.		4,660		188,171
MFA Financial, Inc.		9,362		70,309
National Retail Properties, Inc.		1,309		68,880
Regency Centers Corp.		726		48,765
Starwood Property Trust, Inc.		10,386		239,397
Two Harbors Investment Corp.		14,240		197,366
				2,276,406
Software & Computer Services — 3.9%
Amdocs Ltd.		3,355		184,794
ANSYS, Inc.*		1,299		254,344
CDK Global, Inc.		3,278		197,729
Cognizant Technology Solutions Corp., Class A		344		25,098
International Business Machines Corp.		901		126,383
Intuit, Inc.		959		240,767
Microsoft Corp.		2,116		276,350
Synopsys, Inc.*		2,329		281,995
				1,587,460
Support Services — 2.2%
Automatic Data Processing, Inc.		1,547		254,311
Jack Henry & Associates, Inc.		668		99,572
Paychex, Inc.		918		77,397
Republic Services, Inc.		2,786		230,736
Waste Management, Inc.		2,343		251,498
				913,514

SEE NOTES TO FINANCIAL STATEMENTS.

148 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Technology Hardware & Equipment — 1.5%
Harris Corp.		1,360		229,160
Motorola Solutions, Inc.		1,508		218,524
Texas Instruments, Inc.		1,238		145,873
				593,557
Tobacco — 0.9%
Altria Group, Inc.		3,450		187,439
Philip Morris International, Inc.		2,188		189,393
				376,832
Travel & Leisure — 1.3%
Choice Hotels International, Inc.		484		40,191
McDonald’s Corp.		1,287		254,273
Yum! Brands, Inc.		2,506		261,602
				556,066
Total Common Stocks (Cost $37,402,128)				41,184,845

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 0.2%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a) (b) (Cost $74,511)		74,511		74,511
Total Investments — 100.0% (Cost $37,476,639)				41,259,356
Liabilities in Excess of Other Assets — 0.0% (c)				(418	)
NET ASSETS — 100.0%				41,258,938

Percentages indicated are based on net assets.

Abbreviations

REIT	—  Real Estate Investment Trust
(a)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(b)	—  The rate shown is the current yield as of April 30, 2019.
(c)	—  Amount rounds to less than 0.1% of net assets.
*	—  Non-income producing security.

Futures contracts outstanding as of April 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 1000E-Mini Index		1		06/2019		USD		81,635		4,305
										4,305

Abbreviations

USD —  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 149

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.9%
Aerospace & Defense — 2.9%
Boeing Co. (The)		1,587		599,394
FLIR Systems, Inc.		1,630		86,292
HEICO Corp.		910		96,032
L3 Technologies, Inc.		508		111,039
Teledyne Technologies, Inc.*		407		101,144
TransDigm Group, Inc.*		302		145,721
				1,139,622
Alternative Energy — 0.1%
First Solar, Inc.*		466		28,673
Automobiles & Parts — 0.2%
Gentex Corp.		3,793		87,353
Banks — 1.7%
Commerce Bancshares, Inc.		616		37,225
First Republic Bank		845		89,249
Popular, Inc. (Puerto Rico)		1,037		59,845
SVB Financial Group*		382		96,157
TCF Financial Corp.		3,593		79,513
US Bancorp		4,030		214,879
Zions Bancorp NA		1,796		88,597
				665,465
Beverages — 0.7%
Coca-Cola Co. (The)		2,783		136,534
Monster Beverage Corp.*		2,191		130,584
				267,118
Chemicals — 2.2%
Air Products & Chemicals, Inc.		487		100,220
Ashland Global Holdings, Inc.		874		70,383
Avery Dennison Corp.		826		91,397
CF Industries Holdings, Inc.		2,336		104,606
Ecolab, Inc.		1,123		206,722
FMC Corp.		1,213		95,900
Mosaic Co. (The)		2,945		76,894
RPM International, Inc.		1,268		76,904
WR Grace & Co.		885		66,888
				889,914
Construction & Materials — 0.1%
Lennox International, Inc.		118		32,031
Electricity — 2.6%
AES Corp.		6,136		105,048
American Electric Power Co., Inc.		1,099		94,019
Avangrid, Inc.		907		46,448
DTE Energy Co.		824		103,585

INVESTMENTS	SHARES		VALUE($)
Electricity — continued
Exelon Corp.		4,132		210,525
NextEra Energy, Inc.		1,628		316,548
NRG Energy, Inc.		2,579		106,178
Vistra Energy Corp.		3,949		107,610
				1,089,961
Electronic & Electrical Equipment — 0.6%
Keysight Technologies, Inc.*		1,390		120,972
Zebra Technologies Corp., Class A*		517		109,160
				230,132
Financial Services — 7.3%
American Express Co.		2,041		239,266
CME Group, Inc.		1,296		231,854
Credit Acceptance Corp.*		167		82,869
E*TRADE Financial Corp.		1,858		94,126
Element Solutions, Inc.*		3,337		36,240
Interactive Brokers Group, Inc., Class A		712		38,619
LPL Financial Holdings, Inc.		1,226		90,834
MarketAxess Holdings, Inc.		182		50,656
Mastercard, Inc., Class A		2,723		692,296
Moody’s Corp.		854		167,914
MSCI, Inc.		634		142,891
S&P Global, Inc.		1,021		225,294
Visa, Inc., Class A		5,033		827,576
				2,920,435
Fixed Line Telecommunications — 1.7%
Verizon Communications, Inc.		11,762		672,669
Food & Drug Retailers — 0.4%
Sysco Corp.		2,302		161,992
Food Producers — 1.4%
Archer-Daniels-Midland Co.		3,036		135,405
Herbalife Nutrition Ltd.*		1,152		60,883
Hormel Foods Corp.		2,462		98,332
Lamb Weston Holdings, Inc.		1,334		93,447
McCormick & Co., Inc.(Non-Voting)		803		123,638
TreeHouse Foods, Inc.*		904		60,550
				572,255
Gas, Water & Multiutilities — 0.4%
Ameren Corp.		412		29,981
Atmos Energy Corp.		978		100,089
				130,070
General Industrials — 0.7%
AptarGroup, Inc.		386		42,938
Ball Corp.		2,288		137,143

SEE NOTES TO FINANCIAL STATEMENTS.

150 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
General Industrials — continued
Danaher Corp.		601		79,596
				259,677
General Retailers — 8.4%
Advance Auto Parts, Inc.		593		98,628
Amazon.com, Inc.*		394		759,049
Best Buy Co., Inc.		1,634		121,586
Bright Horizons Family Solutions, Inc.*		752		96,369
Burlington Stores, Inc.*		615		103,880
Copart, Inc.*		1,770		119,156
Costco Wholesale Corp.		1,145		281,132
frontdoor, Inc.*		471		16,598
Home Depot, Inc. (The)		3,173		646,340
Kohl’s Corp.		1,445		102,740
Netflix, Inc.*		1,308		484,666
O’Reilly Automotive, Inc.*		172		65,114
Rollins, Inc.		2,107		81,478
Ross Stores, Inc.		309		30,177
Service Corp. International		859		35,743
ServiceMaster Global Holdings, Inc.*		1,150		56,385
TJX Cos., Inc. (The)		4,680		256,838
				3,355,879
Health Care Equipment & Services — 8.3%
ABIOMED, Inc.*		308		85,442
Anthem, Inc.		905		238,042
Becton Dickinson and Co.		971		233,759
Boston Scientific Corp.*		5,560		206,387
Bruker Corp.		620		23,932
Centene Corp.*		2,081		107,296
Chemed Corp.		272		88,884
DexCom, Inc.*		763		92,376
Encompass Health Corp.		1,229		79,209
HCA Healthcare, Inc.		1,277		162,473
Hill-Rom Holdings, Inc.		556		56,390
Humana, Inc.		579		147,883
ICU Medical, Inc.*		298		67,795
IDEXX Laboratories, Inc.*		538		124,816
Insulet Corp.*		526		45,367
Intuitive Surgical, Inc.*		427		218,039
Masimo Corp.*		490		63,773
Molina Healthcare, Inc.*		726		94,111
Penumbra, Inc.*		317		42,637
ResMed, Inc.		1,019		106,496
STERIS plc		846		110,809
Teleflex, Inc.		370		105,887

INVESTMENTS	SHARES		VALUE($)
Health Care Equipment & Services — continued
UnitedHealth Group, Inc.		2,601		606,215
WellCare Health Plans, Inc.*		394		101,790
West Pharmaceutical Services, Inc.		401		49,640
				3,259,448
Household Goods & Home Construction — 1.8%
Church & Dwight Co., Inc.		1,738		130,263
Procter & Gamble Co. (The)		3,520		374,810
PulteGroup, Inc.		2,761		86,861
Wayfair, Inc., Class A* (a)		608		98,587
				690,521
Industrial Engineering — 0.2%
Xylem, Inc.		1,063		88,654
Industrial Transportation — 1.4%
CSX Corp.		3,109		247,570
Norfolk Southern Corp.		1,130		230,542
Old Dominion Freight Line, Inc.		646		96,435
				574,547
Leisure Goods — 1.0%
Garmin Ltd.		1,202		103,060
Hasbro, Inc.		836		85,155
Pool Corp.		554		101,792
Take-Two Interactive Software, Inc.*		893		86,469
				376,476
Life Insurance — 0.0%(b)
Torchmark Corp.		115		10,081
Media — 0.5%
Cable One, Inc.		41		43,482
Dolby Laboratories, Inc., Class A		673		43,536
FactSet Research Systems, Inc.		145		40,001
Fox Corp., Class A*		1,416		55,210
Graham Holdings Co., Class B		36		26,763
				208,992
Mobile Telecommunications — 0.2%
Telephone & Data Systems, Inc.		1,292		41,189
T-Mobile US, Inc.*		548		39,998
				81,187
Nonlife Insurance — 5.1%
American Financial Group, Inc.		257		26,607
Aon plc		1,063		191,489
Arthur J Gallagher & Co.		1,419		118,657
Berkshire Hathaway, Inc., Class B*		3,777		818,514
Brown & Brown, Inc.		2,886		91,630

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 151

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Nonlife Insurance — continued
CNA Financial Corp.		311		14,409
First American Financial Corp.		735		41,939
Hanover Insurance Group, Inc. (The)		149		17,971
Marsh & McLennan Cos., Inc.		1,984		187,071
Old Republic International Corp.		1,684		37,654
Progressive Corp. (The)		2,588		202,252
Reinsurance Group of America, Inc.		572		86,664
Travelers Cos., Inc. (The)		1,142		164,163
				1,999,020
Oil & Gas Producers — 4.3%
Chevron Corp.		3,298		395,958
ConocoPhillips		1,339		84,518
Continental Resources, Inc.*		1,334		61,351
Diamondback Energy, Inc.		828		88,091
EOG Resources, Inc.		1,719		165,110
HollyFrontier Corp.		1,587		75,748
Marathon Petroleum Corp.		2,852		173,601
Occidental Petroleum Corp.		2,720		160,154
PBF Energy, Inc., Class A		1,856		62,324
Phillips 66		1,729		162,993
Targa Resources Corp.		1,802		72,350
Valero Energy Corp.		1,805		163,641
WPX Energy, Inc.*		5,119		71,103
				1,736,942
Oil Equipment, Services & Distribution — 0.7%
Kinder Morgan, Inc.		2,012		39,978
OGE Energy Corp.		1,372		58,091
ONEOK, Inc.		2,081		141,362
				239,431
Personal Goods — 3.0%
Columbia Sportswear Co.		815		81,475
Estee Lauder Cos., Inc. (The), Class A		1,055		181,260
Lululemon Athletica, Inc.*		755		133,144
NIKE, Inc., Class B		4,149		364,407
Nu Skin Enterprises, Inc., Class A		1,029		52,345
Ralph Lauren Corp.		685		90,132
Under Armour, Inc., Class A*		3,555		82,085
Under Armour, Inc., Class C*		3,780		78,322
VF Corp.		1,175		110,932
				1,174,102
Pharmaceuticals & Biotechnology — 3.9%
Bio-Techne Corp.		287		58,717
Eli Lilly & Co.		3,091		361,771

INVESTMENTS	SHARES		VALUE($)
Pharmaceuticals & Biotechnology — continued
Exact Sciences Corp.*		886		87,439
Illumina, Inc.*		256		79,872
IQVIA Holdings, Inc.*		651		90,424
Merck & Co., Inc.		7,835		616,693
Sarepta Therapeutics, Inc.*		700		81,858
Zoetis, Inc.		1,922		195,736
				1,572,510
Real Estate Investment Trusts — 5.0%
Alexandria Real Estate Equities, Inc.		772		109,925
Apartment Investment & Management Co., Class A		1,566		77,298
Chimera Investment Corp.		3,392		65,025
CoreSite Realty Corp.		331		36,215
CyrusOne, Inc.		1,002		55,801
EPR Properties		648		51,101
Equity LifeStyle Properties, Inc.		922		107,597
Equity Residential		1,993		152,305
HCP, Inc.		3,720		110,782
Life Storage, Inc.		533		50,790
Medical Properties Trust, Inc.		5,124		89,465
National Retail Properties, Inc.		1,870		98,399
Omega Healthcare Investors, Inc.		2,630		93,076
Prologis, Inc.		2,700		207,009
Realty Income Corp.		1,894		132,599
STORE Capital Corp.		2,836		94,496
Sun Communities, Inc.		554		68,186
Two Harbors Investment Corp.		989		13,707
UDR, Inc.		2,209		99,295
Welltower, Inc.		2,021		150,625
WP Carey, Inc.		1,304		103,433
				1,967,129
Software & Computer Services — 15.5%
2U, Inc.*		191		11,556
Adobe, Inc.*		1,552		448,916
Alphabet, Inc., Class A*		598		716,978
ANSYS, Inc.*		647		126,683
Arista Networks, Inc.*		403		125,853
Aspen Technology, Inc.*		651		79,363
Atlassian Corp. plc, Class A*		996		109,709
Autodesk, Inc.*		431		76,809
Cadence Design Systems, Inc.*		2,081		144,380
CDW Corp.		782		82,579
Citrix Systems, Inc.		1,023		103,282
EPAM Systems, Inc.*		603		108,154
Fortinet, Inc.*		1,244		116,214

SEE NOTES TO FINANCIAL STATEMENTS.

152 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Software & Computer Services — continued
GoDaddy, Inc., Class A*		1,399		114,019
IAC/InterActiveCorp*		552		124,112
Intuit, Inc.		964		242,022
Leidos Holdings, Inc.		194		14,255
Match Group, Inc.		1,506		90,962
Microsoft Corp.		6,589		860,523
Nutanix, Inc., Class A*		1,702		73,509
Okta, Inc.*		1,121		116,618
Palo Alto Networks, Inc.*		547		136,110
Paycom Software, Inc.*		543		109,974
PTC, Inc.*		1,103		99,788
RealPage, Inc.*		1,096		71,470
Red Hat, Inc.*		867		158,254
RingCentral, Inc., Class A*		899		104,617
salesforce.com, Inc.*		2,357		389,730
ServiceNow, Inc.*		792		215,036
SS&C Technologies Holdings, Inc.		440		29,770
Synopsys, Inc.*		1,132		137,063
Tableau Software, Inc., Class A*		761		92,697
Twilio, Inc., Class A*		854		117,118
Veeva Systems, Inc., Class A*		971		135,814
VeriSign, Inc.*		696		137,425
VMware, Inc., Class A		631		128,806
Workday, Inc., Class A*		746		153,400
Zendesk, Inc.*		1,235		108,408
				6,211,976
Support Services — 7.3%
Automatic Data Processing, Inc.		1,651		271,408
Booz Allen Hamilton Holding Corp.		1,791		106,188
Broadridge Financial Solutions, Inc.		893		105,490
Cintas Corp.		592		128,547
CoStar Group, Inc.*		260		129,025
Euronet Worldwide, Inc.*		478		71,647
Fair Isaac Corp.*		381		106,585
Fidelity National Information Services, Inc.		477		55,299
Fiserv, Inc.*		1,955		170,554
Jack Henry & Associates, Inc.		704		104,938
PayPal Holdings, Inc.*		3,770		425,143
Republic Services, Inc.		1,509		124,975
Robert Half International, Inc.		1,319		81,897
Square, Inc., Class A*		1,698		123,648
Total System Services, Inc.		1,276		130,458
TransUnion		973		67,769
Verisk Analytics, Inc.		1,009		142,410
Waste Management, Inc.		1,867		200,404

INVESTMENTS	SHARES		VALUE($)
Support Services — continued
WEX, Inc.*		529		111,249
Worldpay, Inc., Class A*		1,166		136,667
WW Grainger, Inc.		344		97,008
				2,891,309
Technology Hardware & Equipment — 6.1%
Advanced Micro Devices, Inc.*		5,739		158,569
Apple, Inc.		3,275		657,194
Cisco Systems, Inc.		8,752		489,674
F5 Networks, Inc.*		582		91,316
Harris Corp.		764		128,734
KLA-Tencor Corp.		623		79,420
Motorola Solutions, Inc.		967		140,128
NetApp, Inc.		1,605		116,924
Texas Instruments, Inc.		2,838		334,401
Ubiquiti Networks, Inc. (a)		516		87,952
Xilinx, Inc.		1,286		154,500
				2,438,812
Travel & Leisure — 4.2%
Chipotle Mexican Grill, Inc.*		189		130,039
Choice Hotels International, Inc.		530		44,011
Darden Restaurants, Inc.		982		115,483
Domino’s Pizza, Inc.		371		100,385
Hilton Worldwide Holdings, Inc.		1,436		124,918
Hyatt Hotels Corp., Class A		1,010		77,497
Live Nation Entertainment, Inc.*		1,675		109,445
McDonald’s Corp.		2,287		451,843
TripAdvisor, Inc.*		1,416		75,374
United Continental Holdings, Inc.*		1,091		96,946
Vail Resorts, Inc.		366		83,759
Wendy’s Co. (The)		4,178		77,753
Yum China Holdings, Inc. (China)		2,734		129,974
Yum! Brands, Inc.		599		62,530
				1,679,957
Total Common Stocks (Cost $33,568,609)				39,704,340
Short-Term Investments — 0.1%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (c) (d) (Cost $58,474)		58,474		58,474

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 153

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Investment Of Cash Collateral From Securities Loaned — 0.5%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d) (Cost $183,685)		183,685		183,685
Total Investments — 100.5% (Cost $33,810,768)				39,946,499
Liabilities in Excess of Other Assets — (0.5%)				(197,644	)
NET ASSETS — 100.0%				39,748,855

Percentages indicated are based on net assets.

(a)	—  The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $180,731.
(b)	—  Amount rounds to less than 0.1% of net assets.
(c)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—  The rate shown is the current yield as of April 30, 2019.
*	—  Non-income producing security.

Futures contracts outstanding as of April 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 1000E-Mini Index		1		06/2019		USD		81,635		2,755
										2,755

Abbreviations

USD —  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

154 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.9%
Aerospace & Defense — 2.0%
Boeing Co. (The)		2,022		763,689
Raytheon Co.		1,435		254,842
Spirit AeroSystems Holdings, Inc., Class A		49		4,258
				1,022,789
Banks — 1.2%
Bank of Hawaii Corp.		1,355		111,625
Commerce Bancshares, Inc.		1,930		116,630
US Bancorp		7,177		382,677
				610,932
Beverages — 2.6%
Brown-Forman Corp., Class B		1,839		98,000
Coca-Cola Co. (The)		10,430		511,696
Monster Beverage Corp.*		2,299		137,021
PepsiCo, Inc.		4,707		602,731
				1,349,448
Chemicals — 2.0%
Air Products & Chemicals, Inc.		1,144		235,424
Linde plc (United Kingdom)		2,482		447,405
LyondellBasell Industries NV, Class A		1,851		163,314
NewMarket Corp.		104		43,636
PPG Industries, Inc.		1,443		169,553
Versum Materials, Inc.		579		30,212
				1,089,544
Construction & Materials — 0.3%
AO Smith Corp.		1,018		53,516
Watsco, Inc.		605		95,874
				149,390
Electricity — 1.7%
Exelon Corp.		4,040		205,838
NextEra Energy, Inc.		1,663		323,354
NRG Energy, Inc.		3,393		139,690
PG&E Corp.*		3,398		76,523
Pinnacle West Capital Corp.		1,448		137,951
				883,356
Electronic & Electrical Equipment — 1.5%
Agilent Technologies, Inc.		1,979		155,352
Allegion plc		545		54,081
Emerson Electric Co.		3,248		230,576
Mettler-Toledo International, Inc.*		212		157,995
Waters Corp.*		673		143,712
				741,716

INVESTMENTS	SHARES		VALUE($)
Financial Services — 7.3%
American Express Co.		3,179		372,674
Cboe Global Markets, Inc.		1,049		106,589
Eaton Vance Corp.		2,770		115,149
Franklin Resources, Inc.		2,273		78,623
Mastercard, Inc., Class A		3,469		881,959
Moody’s Corp.		1,153		226,703
MSCI, Inc.		621		139,961
Nasdaq, Inc.		1,487		137,101
S&P Global, Inc.		1,366		301,422
SEI Investments Co.		2,308		125,671
T. Rowe Price Group, Inc.		1,297		139,427
Visa, Inc., Class A		6,738		1,107,929
Western Union Co. (The)		6,405		124,513
				3,857,721
Fixed Line Telecommunications — 1.9%
AT&T, Inc.		12,889		399,043
Verizon Communications, Inc.		10,287		588,314
				987,357
Food Producers — 0.4%
Hershey Co. (The)		1,032		128,845
Hormel Foods Corp.		2,481		99,091
				227,936
Gas, Water & Multiutilities — 1.4%
Ameren Corp.		2,085		151,726
CenterPoint Energy, Inc.		4,227		131,037
National Fuel Gas Co.		1,937		114,690
UGI Corp.		2,413		131,532
WEC Energy Group, Inc.		2,401		188,310
				717,295
General Industrials — 1.8%
3M Co.		2,147		406,878
Honeywell International, Inc.		2,930		508,736
				915,614
General Retailers — 7.3%
Burlington Stores, Inc.*		805		135,972
Copart, Inc.*		2,208		148,642
Costco Wholesale Corp.		1,805		443,182
eBay, Inc.		5,667		219,596
Foot Locker, Inc.		1,943		111,159
H&R Block, Inc.		4,837		131,615
Home Depot, Inc. (The)		4,352		886,502
Kohl’s Corp.		501		35,621
Lowe’s Cos., Inc.		3,749		424,162

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 155

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
General Retailers — continued
Nordstrom, Inc.		1,972		80,892
O’Reilly Automotive, Inc.*		537		203,292
Ross Stores, Inc.		2,316		226,180
Target Corp.		2,884		223,279
Tiffany & Co.		1,107		119,357
TJX Cos., Inc. (The)		6,237		342,287
Tractor Supply Co.		390		40,365
Williams-Sonoma, Inc.		1,451		82,954
				3,855,057
Health Care Equipment & Services — 1.7%
Edwards Lifesciences Corp.*		1,305		229,771
IDEXX Laboratories, Inc.*		675		156,600
Intuitive Surgical, Inc.*		407		207,827
ResMed, Inc.		1,252		130,847
Varian Medical Systems, Inc.*		1,049		142,842
				867,887
Household Goods & Home Construction — 1.0%
Church & Dwight Co., Inc.		1,295		97,060
Clorox Co. (The)		906		144,716
Leggett & Platt, Inc.		1,349		53,097
Procter & Gamble Co. (The)		2,065		219,881
				514,754
Industrial Engineering — 2.2%
Allison Transmission Holdings, Inc.		2,379		111,480
Donaldson Co., Inc.		1,733		92,785
Graco, Inc.		2,660		136,325
IDEX Corp.		901		141,150
Illinois Tool Works, Inc.		1,809		281,535
Lincoln Electric Holdings, Inc.		1,122		97,917
Rockwell Automation, Inc.		947		171,132
Toro Co. (The)		1,759		128,671
				1,160,995
Industrial Metals & Mining — 0.1%
Southern Copper Corp. (Peru)		1,480		56,862
Industrial Transportation — 1.5%
Landstar System, Inc.		945		102,967
Union Pacific Corp.		3,047		539,441
United Parcel Service, Inc., Class B		1,383		146,902
				789,310
Leisure Goods — 0.1%
Electronic Arts, Inc.*		398		37,671

INVESTMENTS	SHARES		VALUE($)
Life Insurance — 0.7%
Aflac, Inc.		4,613		232,403
Torchmark Corp.		1,564		137,100
				369,503
Media — 1.4%
Cable One, Inc.		53		56,208
Dolby Laboratories, Inc., Class A		1,587		102,663
FactSet Research Systems, Inc.		552		152,280
Omnicom Group, Inc.		1,913		153,097
Sirius XM Holdings, Inc. (a)		22,548		131,004
Walt Disney Co. (The)		870		119,164
				714,416
Mining — 0.2%
Newmont Goldcorp Corp.		2,818		87,527
Nonlife Insurance — 4.7%
Allstate Corp. (The)		2,115		209,512
American Financial Group, Inc.		1,249		129,309
Aon plc		1,420		255,799
Arch Capital Group Ltd.*		3,506		118,433
Arthur J Gallagher & Co.		1,871		156,453
Brown & Brown, Inc.		4,169		132,366
Chubb Ltd.		1,559		226,367
Cincinnati Financial Corp.		52		5,001
Erie Indemnity Co., Class A		517		97,878
Hartford Financial Services Group, Inc. (The)		1,786		93,426
Marsh & McLennan Cos., Inc.		2,836		267,406
Old Republic International Corp.		2,825		63,167
Progressive Corp. (The)		3,395		265,319
Reinsurance Group of America, Inc.		441		66,816
Travelers Cos., Inc. (The)		1,436		206,425
WR Berkley Corp.		2,278		139,641
				2,433,318
Oil & Gas Producers — 4.3%
Cabot Oil & Gas Corp.		5,306		137,372
Chevron Corp.		4,467		536,308
ConocoPhillips		5,381		339,649
Exxon Mobil Corp.		8,931		716,981
Marathon Petroleum Corp.		2,635		160,392
Occidental Petroleum Corp.		3,521		207,317
Phillips 66		1,724		162,521
				2,260,540
Oil Equipment, Services & Distribution — 0.6%
Halliburton Co.		1,226		34,732
RPC, Inc. (a)		4,302		44,268

SEE NOTES TO FINANCIAL STATEMENTS.

156 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Oil Equipment, Services & Distribution — continued
Schlumberger Ltd.		5,073		216,516
				295,516
Personal Goods — 2.6%
Capri Holdings Ltd.*		1,270		55,982
Carter’s, Inc.		578		61,216
Colgate-Palmolive Co.		3,705		269,687
Estee Lauder Cos., Inc. (The), Class A		722		124,047
Kimberly-Clark Corp.		1,692		217,219
NIKE, Inc., Class B		5,328		467,958
Nu Skin Enterprises, Inc., Class A		508		25,842
VF Corp.		1,555		146,807
				1,368,758
Pharmaceuticals & Biotechnology — 10.4%
AbbVie, Inc.		6,173		490,074
Amgen, Inc.		2,718		487,392
Biogen, Inc.*		970		222,363
Bio-Techne Corp.		456		93,293
Bristol-Myers Squibb Co.		6,166		286,287
Eli Lilly & Co.		3,388		396,532
Gilead Sciences, Inc.		4,826		313,883
Ionis Pharmaceuticals, Inc.*		1,455		108,150
Johnson & Johnson		6,995		987,694
Merck & Co., Inc.		9,700		763,487
Nektar Therapeutics*		765		24,495
Pfizer, Inc.		19,975		811,185
Regeneron Pharmaceuticals, Inc.*		363		124,560
United Therapeutics Corp.*		721		73,953
Vertex Pharmaceuticals, Inc.*		1,397		236,065
Zoetis, Inc.		243		24,747
				5,444,160
Real Estate Investment Trusts — 4.9%
AGNC Investment Corp.		7,233		128,675
American Tower Corp.		2,095		409,154
Annaly Capital Management, Inc.		14,034		141,603
Brookfield Property REIT, Inc., Class A		2,886		60,115
Camden Property Trust		711		71,562
Chimera Investment Corp.		6,035		115,691
Equity LifeStyle Properties, Inc.		1,214		141,674
Equity Residential		1,515		115,776
Federal Realty Investment Trust		694		92,892
Gaming and Leisure Properties, Inc.		3,436		138,746
Lamar Advertising Co., Class A		1,286		106,314
Medical Properties Trust, Inc.		6,598		115,201
MFA Financial, Inc.		9,143		68,664

INVESTMENTS	SHARES		VALUE($)
Real Estate Investment Trusts — continued
New Residential Investment Corp.		7,418		124,697
Public Storage		984		217,641
Simon Property Group, Inc.		1,619		281,220
Starwood Property Trust, Inc.		5,371		123,801
Two Harbors Investment Corp.		7,571		104,934
Weingarten Realty Investors		1,481		42,860
				2,601,220
Software & Computer Services — 12.2%
Adobe, Inc.*		1,988		575,029
Akamai Technologies, Inc.*		1,176		94,150
Alphabet, Inc., Class A*		805		965,163
Aspen Technology, Inc.*		655		79,851
Atlassian Corp. plc, Class A*		1,180		129,977
Cadence Design Systems, Inc.*		2,707		187,812
Cerner Corp.*		2,236		148,582
Citrix Systems, Inc.		1,341		135,387
Cognizant Technology Solutions Corp., Class A		2,909		212,241
Facebook, Inc., Class A*		4,791		926,579
International Business Machines Corp.		2,871		402,715
Intuit, Inc.		1,266		317,842
Manhattan Associates, Inc.*		1,919		129,436
Match Group, Inc.		506		30,562
Microsoft Corp.		8,713		1,137,918
Palo Alto Networks, Inc.*		720		179,158
Premier, Inc., Class A*		930		30,904
Red Hat, Inc.*		1,140		208,084
Teradata Corp.*		1,731		78,709
VeriSign, Inc.*		914		180,469
VMware, Inc., Class A		822		167,795
				6,318,363
Support Services — 3.7%
Accenture plc, Class A		2,773		506,544
Automatic Data Processing, Inc.		2,098		344,890
Broadridge Financial Solutions, Inc.		1,110		131,124
Fiserv, Inc.*		2,536		221,241
Jack Henry & Associates, Inc.		877		130,726
MSC Industrial Direct Co., Inc., Class A		1,112		93,019
Paychex, Inc.		2,374		200,152
Robert Half International, Inc.		1,665		103,380
Verisk Analytics, Inc.		411		58,008
WW Grainger, Inc.		431		121,542
				1,910,626

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 157

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Technology Hardware & Equipment — 9.9%
Apple, Inc.		5,410		1,085,625
Cisco Systems, Inc.		17,400		973,530
F5 Networks, Inc.*		725		113,753
Intel Corp.		14,181		723,798
Juniper Networks, Inc.		4,322		120,022
KLA-Tencor Corp.		1,427		181,914
Lam Research Corp.		999		207,223
Maxim Integrated Products, Inc.		2,547		152,820
NVIDIA Corp.		2,265		409,965
NXP Semiconductors NV (Netherlands)		1,623		171,421
Teradyne, Inc.		3,026		148,274
Texas Instruments, Inc.		4,237		499,246
Ubiquiti Networks, Inc. (a)		743		126,644
Xilinx, Inc.		1,679		201,715
				5,115,950
Tobacco — 1.2%
Altria Group, Inc.		6,821		370,585
Philip Morris International, Inc.		3,184		275,607
				646,192
Travel & Leisure — 5.1%
Booking Holdings, Inc.*		219		406,243
Choice Hotels International, Inc.		393		32,635
Hilton Worldwide Holdings, Inc.		2,120		184,419
Las Vegas Sands Corp.		2,859		191,696
Marriott International, Inc., Class A		1,775		242,145
McDonald’s Corp.		2,674		528,302
Six Flags Entertainment Corp.		1,596		84,732
Southwest Airlines Co.		3,558		192,950
Starbucks Corp.		5,630		437,338
TripAdvisor, Inc.*		2,234		118,916

INVESTMENTS	SHARES		VALUE($)
Travel & Leisure — continued
Vail Resorts, Inc.		296		67,740
Yum! Brands, Inc.		1,520		158,673
				2,645,789
Total Common Stocks (Cost $46,297,564)				52,047,512
Short-Term Investments — 0.1%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (b) (c) (Cost $48,603)		48,603		48,603
Investment Of Cash Collateral From Securities Loaned — 0.5%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (b) (c) (Cost $276,387)		276,387		276,387
Total Investments — 100.5% (Cost $46,622,554)				52,372,502
Liabilities in Excess of Other Assets — (0.5%)				(263,806	)
NET ASSETS — 100.0%				52,108,696

Percentages indicated are based on net assets.

Abbreviations

REIT	—  Real Estate Investment Trust
(a)	—  The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $268,181.
(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 April 30, 2019.
*	—  Non-income producing security.

Futures contracts outstanding as of April 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 1000E-Mini Index		1		06/2019		USD		81,635		4,305
										4,305

Abbreviations

USD —  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

158 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.9%
Aerospace & Defense — 1.7%
General Dynamics Corp.		1,015		181,401
L3 Technologies, Inc.		814		177,924
Textron, Inc.		1,848		97,944
United Technologies Corp.		3,468		494,571
				951,840
Alternative Energy — 0.1%
Arcosa, Inc.		745		23,192
Automobiles & Parts — 1.6%
Ford Motor Co.		27,398		286,309
Gentex Corp.		5,611		129,221
Genuine Parts Co.		1,545		158,424
Goodyear Tire & Rubber Co. (The)		3,189		61,261
Harley-Davidson, Inc.		3,552		132,241
Lear Corp.		810		115,830
				883,286
Banks — 6.6%
Associated Banc-Corp.		4,271		96,909
Bank of America Corp.		3,602		110,149
Bank OZK		2,802		91,485
BB&T Corp.		5,669		290,253
BOK Financial Corp.		495		43,134
Citizens Financial Group, Inc.		5,336		193,163
Fifth Third Bancorp		6,857		197,619
FNB Corp.		10,852		131,635
Huntington Bancshares, Inc.		10,560		146,995
New York Community Bancorp, Inc.		11,616		135,094
PacWest Bancorp		3,469		137,199
People’s United Financial, Inc.		7,237		125,128
PNC Financial Services Group, Inc. (The)		2,876		393,811
Popular, Inc. (Puerto Rico)		2,577		148,719
Regions Financial Corp.		11,263		174,914
SunTrust Banks, Inc.		3,752		245,681
Umpqua Holdings Corp.		7,079		122,892
Wells Fargo & Co.		19,979		967,183
				3,751,963
Beverages — 0.5%
Keurig Dr Pepper, Inc.		4,309		125,263
Molson Coors Brewing Co., Class B		2,433		156,174
				281,437
Chemicals — 1.1%
Chemours Co. (The)		2,118		76,269
Eastman Chemical Co.		1,694		133,623
Huntsman Corp.		4,609		102,504

INVESTMENTS	SHARES		VALUE($)
Chemicals — continued
LyondellBasell Industries NV, Class A		2,256		199,047
Olin Corp.		3,702		80,296
				591,739
Construction & Materials — 0.6%
AECOM*		3,745		126,955
Eagle Materials, Inc.		916		83,274
Owens Corning		2,518		129,098
				339,327
Electricity — 2.2%
Avangrid, Inc.		2,036		104,264
Consolidated Edison, Inc.		2,450		211,092
Exelon Corp.		5,932		302,235
Hawaiian Electric Industries, Inc.		2,154		89,348
Pinnacle West Capital Corp.		463		44,110
PPL Corp.		6,124		191,130
Public Service Enterprise Group, Inc.		2,210		131,826
Southern Co. (The)		3,086		164,237
				1,238,242
Electronic & Electrical Equipment — 1.4%
Arrow Electronics, Inc.*		798		67,439
Emerson Electric Co.		3,911		277,642
Hubbell, Inc.		1,144		145,974
nVent Electric plc		2,588		72,335
Regal Beloit Corp.		1,483		126,174
WESCO International, Inc.*		2,179		124,726
				814,290
Financial Services — 3.7%
Ally Financial, Inc.		4,160		123,594
Bank of New York Mellon Corp. (The)		6,111		303,472
Capital One Financial Corp.		3,449		320,171
Goldman Sachs Group, Inc. (The)		2,015		414,929
Invesco Ltd.		8,107		178,111
Jefferies Financial Group, Inc.		5,064		104,166
Legg Mason, Inc.		4,058		135,740
Morgan Stanley		8,427		406,603
Navient Corp.		10,938		147,772
				2,134,558
Fixed Line Telecommunications — 1.9%
AT&T, Inc.		16,662		515,855
CenturyLink, Inc.		5,374		61,371
Verizon Communications, Inc.		8,593		491,434
				1,068,660

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 159

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Food & Drug Retailers — 1.8%
AmerisourceBergen Corp.		1,189		88,889
CVS Health Corp.		6,757		367,446
Kroger Co. (The)		6,723		173,319
McKesson Corp.		1,112		132,606
Walgreens Boots Alliance, Inc.		4,613		247,118
				1,009,378
Food Producers — 2.0%
Archer-Daniels-Midland Co.		4,410		196,686
Flowers Foods, Inc.		6,002		130,483
General Mills, Inc.		4,590		236,247
Ingredion, Inc.		618		58,556
JM Smucker Co. (The)		1,457		178,672
Kraft Heinz Co. (The)		2,605		86,590
Pilgrim’s Pride Corp.*		570		15,339
Tyson Foods, Inc., Class A		2,870		215,279
				1,117,852
Forestry & Paper — 0.4%
Domtar Corp.		2,377		116,235
International Paper Co.		2,629		123,064
				239,299
Gas, Water & Multiutilities — 0.9%
CenterPoint Energy, Inc.		5,516		170,996
Duke Energy Corp.		3,768		343,340
				514,336
General Industrials — 2.5%
Bemis Co., Inc.		2,403		137,980
Carlisle Cos., Inc.		1,105		156,269
Eaton Corp. plc		3,043		252,021
Graphic Packaging Holding Co.		8,458		117,397
Packaging Corp. of America		1,494		148,145
Parker-Hannifin Corp.		1,087		196,834
Silgan Holdings, Inc.		3,468		103,832
Sonoco Products Co.		2,256		142,263
Westrock Co.		3,295		126,462
				1,381,203
General Retailers — 3.3%
AutoNation, Inc.*		1,754		73,545
Best Buy Co., Inc.		2,368		176,203
Dick’s Sporting Goods, Inc.		3,058		113,146
Foot Locker, Inc.		2,190		125,290
Gap, Inc. (The)		5,108		133,217
H&R Block, Inc.		5,291		143,968
KAR Auction Services, Inc.		1,623		91,667

INVESTMENTS	SHARES		VALUE($)
General Retailers — continued
Kohl’s Corp.		2,233		158,766
L Brands, Inc.		2,989		76,638
Macy’s, Inc.		5,555		130,765
Nordstrom, Inc.		2,282		93,608
Penske Automotive Group, Inc.		2,588		118,841
Target Corp.		3,517		272,286
Williams-Sonoma, Inc.		2,177		124,459
				1,832,399
Health Care Equipment & Services — 5.3%
Anthem, Inc.		1,356		356,669
Baxter International, Inc.		3,194		243,702
Becton Dickinson and Co.		1,224		294,666
Cigna Corp.		1,971		313,074
Dentsply Sirona, Inc.		397		20,299
Hill-Rom Holdings, Inc.		1,089		110,446
MEDNAX, Inc.*		1,959		54,793
Medtronic plc		5,534		491,475
Quest Diagnostics, Inc.		1,457		140,426
UnitedHealth Group, Inc.		3,201		746,057
Universal Health Services, Inc., Class B		1,103		139,937
Zimmer Biomet Holdings, Inc.		1,222		150,501
				3,062,045
Household Goods & Home Construction — 3.1%
Leggett & Platt, Inc.		1,674		65,889
Lennar Corp., Class A		2,960		154,009
Newell Brands, Inc.		6,355		91,385
Procter & Gamble Co. (The)		9,516		1,013,264
PulteGroup, Inc.		4,825		151,795
Stanley Black & Decker, Inc.		1,233		180,758
Toll Brothers, Inc.		2,443		93,078
				1,750,178
Industrial Engineering — 3.2%
AGCO Corp.		1,710		121,034
Allison Transmission Holdings, Inc.		2,627		123,101
Crane Co.		1,412		120,091
Cummins, Inc.		1,282		213,184
Dover Corp.		1,709		167,550
Ingersoll-Rand plc		1,976		242,277
Oshkosh Corp.		1,667		137,678
PACCAR, Inc.		2,911		208,631
Pentair plc		3,155		123,013
Snap-on, Inc.		876		147,413
Timken Co. (The)		2,771		132,870
Trinity Industries, Inc.		5,162		111,293
				1,848,135

SEE NOTES TO FINANCIAL STATEMENTS.

160 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Industrial Metals & Mining — 0.7%
Nucor Corp.		2,930		167,215
Reliance Steel & Aluminum Co.		1,494		137,388
Steel Dynamics, Inc.		3,086		97,765
				402,368
Industrial Transportation — 2.1%
Genesee & Wyoming, Inc., Class A*		988		87,586
Kansas City Southern		1,396		171,903
Macquarie Infrastructure Corp.		2,936		118,937
Norfolk Southern Corp.		1,629		332,349
Ryder System, Inc.		1,951		122,913
Schneider National, Inc., Class B		1,343		28,069
Union Pacific Corp.		1,766		312,653
				1,174,410
Leisure Goods — 0.3%
Garmin Ltd.		1,729		148,244
Thor Industries, Inc.		986		64,948
				213,192
Life Insurance — 1.9%
Lincoln National Corp.		2,771		184,881
MetLife, Inc.		6,178		284,991
Principal Financial Group, Inc.		3,519		201,146
Prudential Financial, Inc.		3,034		320,724
Unum Group		3,100		114,452
				1,106,194
Media — 5.7%
Comcast Corp., Class A		19,930		867,553
Discovery, Inc., Class A*		3,508		108,397
DISH Network Corp., Class A*		4,193		147,258
Graham Holdings Co., Class B		120		89,212
Interpublic Group of Cos., Inc. (The)		5,560		127,880
John Wiley & Sons, Inc., Class A		1,806		83,401
Liberty Media Corp.-Liberty SiriusXM, Class C*		3,270		131,323
Lions Gate Entertainment Corp., Class A		3,697		53,939
Nielsen Holdings plc		5,510		140,670
Omnicom Group, Inc.		2,281		182,549
Qurate Retail, Inc.*		7,623		129,972
Tribune Media Co., Class A		2,689		124,232
Viacom, Inc., Class B		5,065		146,429
Walt Disney Co. (The)		6,645		910,166
				3,242,981
Nonlife Insurance — 1.9%
Assured Guaranty Ltd.		3,401		162,228
Axis Capital Holdings Ltd.		954		54,235

INVESTMENTS	SHARES		VALUE($)
Nonlife Insurance — continued
Everest Re Group Ltd.		36		8,478
First American Financial Corp.		2,646		150,981
Mercury General Corp.		1,106		59,481
Old Republic International Corp.		6,617		147,956
Reinsurance Group of America, Inc.		1,024		155,146
Travelers Cos., Inc. (The)		1,963		282,181
				1,020,686
Oil & Gas Producers — 4.4%
Chevron Corp.		6,883		826,373
ConocoPhillips		839		52,958
Exxon Mobil Corp.		11,440		918,403
HollyFrontier Corp.		2,041		97,417
Marathon Petroleum Corp.		4,288		261,010
PBF Energy, Inc., Class A		2,672		89,726
Valero Energy Corp.		2,579		233,812
				2,479,699
Oil Equipment, Services & Distribution — 0.7%
Helmerich & Payne, Inc.		1,332		77,949
Kinder Morgan, Inc.		10,910		216,782
OGE Energy Corp.		2,322		98,313
				393,044
Personal Goods — 0.9%
Capri Holdings Ltd.*		1,846		81,372
Hanesbrands, Inc.		3,425		61,890
PVH Corp.		989		127,571
Ralph Lauren Corp.		1,037		136,448
Tapestry, Inc.		3,294		106,297
				513,578
Pharmaceuticals & Biotechnology — 7.0%
Abbott Laboratories		2,312		183,943
Allergan plc		1,979		290,913
Amgen, Inc.		1,819		326,183
Cardinal Health, Inc.		2,424		118,073
Gilead Sciences, Inc.		5,406		351,606
Johnson & Johnson		6,698		945,758
Merck & Co., Inc.		8,636		679,739
Perrigo Co. plc		1,067		51,131
Pfizer, Inc.		23,798		966,437
United Therapeutics Corp.*		473		48,516
				3,962,299
Real Estate Investment & Services — 0.1%
Realogy Holdings Corp. (a)		5,898		76,792

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 161

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Real Estate Investment Trusts — 4.2%
AGNC Investment Corp.		9,263		164,789
Annaly Capital Management, Inc.		18,057		182,195
Apple Hospitality REIT, Inc.		4,689		77,134
Brandywine Realty Trust		5,444		83,783
Brixmor Property Group, Inc.		4,551		81,372
Chimera Investment Corp.		7,333		140,573
Colony Capital, Inc.		657		3,377
Columbia Property Trust, Inc.		2,274		51,643
EPR Properties		1,325		104,489
Hospitality Properties Trust		4,397		114,322
Kimco Realty Corp.		8,216		142,876
Medical Properties Trust, Inc.		8,364		146,035
MFA Financial, Inc.		18,541		139,243
New Residential Investment Corp.		9,196		154,585
Omega Healthcare Investors, Inc.		4,140		146,515
Park Hotels & Resorts, Inc.		4,819		154,594
Retail Properties of America, Inc., Class A		6,029		74,096
Senior Housing Properties Trust		10,342		83,046
Starwood Property Trust, Inc.		6,662		153,559
Two Harbors Investment Corp.		9,527		132,044
Weingarten Realty Investors		1,158		33,513
				2,363,783
Software & Computer Services — 7.1%
Akamai Technologies, Inc.*		1,707		136,662
Amdocs Ltd.		2,135		117,596
CDW Corp.		1,189		125,559
Cerner Corp.*		2,014		133,830
Cognizant Technology Solutions Corp., Class A		2,790		203,558
DXC Technology Co.		2,678		176,052
Hewlett Packard Enterprise Co.		11,955		189,008
International Business Machines Corp.		4,289		601,618
Leidos Holdings, Inc.		2,222		163,273
LogMeIn, Inc.		1,560		128,544
Microsoft Corp.		9,759		1,274,525
Oracle Corp.		11,281		624,178
Symantec Corp.		7,256		175,668
				4,050,071
Support Services — 1.8%
ADT, Inc.		7,631		50,288
Alliance Data Systems Corp.		486		77,809
Johnson Controls International plc		6,584		246,900
ManpowerGroup, Inc.		1,528		146,749
MSC Industrial Direct Co., Inc., Class A		1,410		117,946
Republic Services, Inc.		2,214		183,364

INVESTMENTS	SHARES		VALUE($)
Support Services — continued
Xerox Corp.		4,289		143,081
				966,137
Technology Hardware & Equipment — 14.6%
Analog Devices, Inc.		2,196		255,263
Apple, Inc.		5,779		1,159,672
Applied Materials, Inc.		6,495		286,235
Broadcom, Inc.		1,942		618,333
Cisco Systems, Inc.		19,376		1,084,087
CommScope Holding Co., Inc.*		2,533		62,768
Corning, Inc.		6,119		194,890
Cypress Semiconductor Corp.		8,420		144,656
Harris Corp.		1,118		188,383
HP, Inc.		10,808		215,620
Intel Corp.		19,203		980,121
Juniper Networks, Inc.		5,344		148,403
KLA-Tencor Corp.		1,561		198,996
Lam Research Corp.		1,201		249,123
Marvell Technology Group Ltd.		4,689		117,319
Maxim Integrated Products, Inc.		2,921		175,260
Microchip Technology, Inc.		1,487		148,536
Micron Technology, Inc.*		6,946		292,149
MKS Instruments, Inc.		1,518		138,153
NetApp, Inc.		2,324		169,303
NXP Semiconductors NV (Netherlands)		2,496		263,627
ON Semiconductor Corp.*		4,409		101,672
Skyworks Solutions, Inc.		2,011		177,330
Teradyne, Inc.		3,145		154,105
Texas Instruments, Inc.		4,691		552,741
Western Digital Corp.		3,274		167,367
				8,244,112
Travel & Leisure — 2.6%
Alaska Air Group, Inc.		1,534		94,954
Aramark		4,054		125,998
Carnival Corp.		3,401		186,579
Cinemark Holdings, Inc.		1,998		84,016
Copa Holdings SA, Class A (Panama)		1,354		112,734
Delta Air Lines, Inc.		4,623		269,475
Las Vegas Sands Corp.		3,137		210,336
Royal Caribbean Cruises Ltd.		1,194		144,402
Southwest Airlines Co.		2,756		149,458
Wyndham Destinations, Inc.		2,778		121,010
				1,498,962
Total Common Stocks (Cost $52,328,455)				56,541,667

SEE NOTES TO FINANCIAL STATEMENTS.

162 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 0.1%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (b) (c) (Cost $74,332)		74,332		74,332
Investment Of Cash Collateral From Securities Loaned — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (b) (c) (Cost $79,891)		79,891		79,891
Total Investments — 100.1% (Cost $52,482,678)				56,695,890
Liabilities in Excess of Other Assets — (0.1%)				(75,753	)
NET ASSETS — 100.0%				56,620,137

Percentages indicated are based on net assets.

Abbreviations

REIT	—  Real Estate Investment Trust
(a)	—  The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $74,487.
(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 April 30, 2019.
*	—  Non-income producing security.

Futures contracts outstanding as of April 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 1000E-Mini Index		2		06/2019		USD		163,270		5,610
										5,610

Abbreviations

USD —  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 163

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2019 (Unaudited)

	JPMorgan BetaBuilders Canada ETF		JPMorgan BetaBuilders Developed Asia ex-Japan ETF		JPMorgan BetaBuilders Europe ETF		JPMorgan BetaBuilders Japan ETF
ASSETS:
Investments innon-affiliates, at value	$	3,719,570,824	$	1,275,981,035	$	4,284,746,913	$	3,434,662,462
Investments of cash collateral received from securities loaned, at value (Note 2.D.)		175,374,510		5,629,387		273,946,690		4,939,149
Restricted cash		36,000		10,800		181,900		40,300
Cash		—		8,648		22,970		1,404,544
Foreign currency, at value		8,602,622		6,446,620		21,512,879		10,406,404
Deposits at broker for futures contracts		684,482		439,184		2,197,213		1,373,069
Segregated cash balance with Authorized Participant for deposit securities		114,993		—		—		—
Deferred offering costs (Note 2.G.)		4,589		4,234		1,751		1,715
Receivables:
Investment securities sold		9,846,341		—		—		—
Fund shares sold		—		103,111,295		—		—
Dividends fromnon-affiliates		7,588,659		1,107,513		13,234,527		30,641,125
Tax reclaims		676,656		3,954		3,189,954		940,667
Securities lending income (Note 2.D.)		293,379		29,075		166,827		17,551
Variation margin on futures contracts		—		—		140,660		357,126
Due from Adviser		185,833		201,189		317,640		7,770
Total Assets		3,922,978,888		1,392,972,934		4,599,659,924		3,484,791,882
LIABILITIES:
Payables:
Due to custodian		191,063		—		—		—
Investment securities purchased		—		102,075,823		—		—
Collateral received on securities loaned (Note 2.D.)		175,374,510		5,629,387		273,946,690		4,939,149
Fund shares redeemed		9,892,807		—		—		—
Variation margin on futures contracts		26,547		24,221		—		—
Accrued liabilities:
Administration fees		206,393		72,884		244,763		207,970
Custodian, Accounting and Transfer Agent fees		115,822		103,206		263,492		64,977
Trustees’ and Chief Compliance Officer’s fees		5,810		3,057		7,967		10,127
Professional fees		28,124		28,305		32,587		34,096
Collateral upon return of deposit securities		114,993		—		—		—
Other		15,085		13,823		36,699		22,227
Total Liabilities		185,971,154		107,950,706		274,532,198		5,278,546
Net Assets	$	3,737,007,734	$	1,285,022,228	$	4,325,127,726	$	3,479,513,336
NET ASSETS:
Paid-in-Capital	$	3,648,422,717	$	1,204,221,305	$	4,074,556,303	$	3,491,510,144
Total distributable earnings (loss)		88,585,017		80,800,923		250,571,423		(11,996,808	)
Total Net Assets	$	3,737,007,734	$	1,285,022,228	$	4,325,127,726	$	3,479,513,336
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		151,100,000		50,000,000		177,200,000		150,800,000
Net asset value, per share	$	24.73	$	25.70	$	24.41	$	23.07
Cost of investments innon-affiliates	$	3,625,591,611	$	1,200,561,015	$	4,075,286,279	$	3,508,884,161
Cost of foreign currency		8,580,880		6,493,276		21,416,943		10,389,508
Investment securities on loan, at value		167,876,062		5,345,743		256,352,424		4,734,944
Cost of investment of cash collateral		175,374,510		5,629,387		273,946,690		4,939,149

SEE NOTES TO FINANCIAL STATEMENTS.

164 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

	JPMorgan BetaBuilders U.S. Equity ETF		JPMorgan Diversified Return Emerging Markets Equity ETF		JPMorgan Diversified Return Europe Equity ETF			JPMorgan Diversified Return Global Equity ETF
ASSETS:
Investments innon-affiliates, at value	$	31,185,755	$	329,807,378	$	16,847,286		$	209,747,624
Investments in affiliates, at value		585,121		—		—			52,770
Investments of cash collateral received from securities loaned, at value (Note 2.D.)		—		746,461		295,789			3,438,708
Restricted cash		—		44,100		5,700			7,700
Cash		—		5,696,797		31,807			254,609
Foreign currency, at value		—		152,978		32,860			166,964
Deposits at broker for futures contracts		—		158,000		27,000			85,000
Segregated cash balance with Authorized Participant for deposit securities		—		1,458,914		—			—
Prepaid expenses		—		—		—			81
Receivables:
Investment securities sold		—		2,788		—			264
Fund shares sold		—		16,554,793		—			—
Dividends fromnon-affiliates		26,415		409,923		58,973			738,942
Dividends from affiliates		191		594		—			182
Tax reclaims		—		—		323,013			118,846
Securities lending income (Note 2.D.)		—		898		427			2,886
Variation margin on futures contracts		—		—		1,543			50
Due from Adviser		2		—		—			—
Due from Authorized Participant		—		1,249,294		—			—
Total Assets		31,797,484		356,282,918		17,624,398			214,614,626
LIABILITIES:
Payables:
Due to custodian		59		—		—			—
Investment securities purchased		—		22,409,540		—			71,642
Collateral received on securities loaned (Note 2.D.)		—		746,461		295,789			3,438,708
Variation margin on futures contracts		—		1,800		—			—
Accrued liabilities:
Investment advisory fees		—		34,635		19,350			33,516
Management fees (Note 3.A.)		502		—		—			—
Administration fees		—		18,740		1,069			12,990
Custodian, Accounting and Transfer Agent fees		—		125,642		37,923			51,614
Trustees’ and Chief Compliance Officer’s fees		—		3,161		224			3,638
Deferred foreign capital gains tax		—		350,899		—			—
Professional fees		—		45,249		31,816			61,048
Collateral upon return of deposit securities		—		1,458,914		—			—
Other		—		32,852		15,720			27,209
Total Liabilities		561		25,227,893		401,891			3,700,365
Net Assets	$	31,796,923	$	331,055,025	$	17,222,507		$	210,914,261
NET ASSETS:
Paid-in-Capital	$	30,208,910	$	322,662,869	$	17,942,958		$	201,622,879
Total distributable earnings (loss)		1,588,013		8,392,156		(720,451	)		9,291,382
Total Net Assets	$	31,796,923	$	331,055,025	$	17,222,507		$	210,914,261
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		600,000		6,000,000		300,000			3,500,000
Net asset value, per share	$	52.99	$	55.18	$	57.41		$	60.26
Cost of investments innon-affiliates	$	29,706,269	$	306,166,023	$	17,510,046		$	198,961,006
Cost of investments in affiliates		537,281		—		—			52,770
Cost of foreign currency		—		152,955		32,863			167,133
Investment securities on loan, at value		—		697,890		281,824			3,277,393
Cost of investment of cash collateral		—		746,461		295,789			3,438,708

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 165

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2019 (Unaudited) (continued)

	JPMorgan Diversified Return International Equity ETF		JPMorgan Diversified Return U.S. Equity ETF		JPMorgan Diversified Return U.S. Mid Cap Equity ETF		JPMorgan Diversified Return U.S. Small Cap Equity ETF
ASSETS:
Investments innon-affiliates, at value	$	1,715,105,323	$	681,519,098	$	166,643,779	$	173,702,635
Investments in affiliates, at value		569,515		825,121		328,616		388,121
Investments of cash collateral received from securities loaned, at value (Note 2.D.)		43,167,119		24,660,085		2,975,516		8,176,564
Restricted cash		43,200		15,950		4,500		18,900
Cash		1,343,873		—		—		—
Foreign currency, at value		344,993		—		—		—
Deposits at broker for futures contracts		629,000		198,000		37,000		63,000
Receivables:
Investment securities sold		1,112		—		—		—
Dividends fromnon-affiliates		9,912,640		607,367		104,869		42,831
Dividends from affiliates		2,490		1,309		450		452
Tax reclaims		1,545,165		—		—		—
Securities lending income (Note 2.D.)		63,262		3,727		201		3,931
Variation margin on futures contracts		—		3,630		—		—
Total Assets		1,772,727,692		707,834,287		170,094,931		182,396,434
LIABILITIES:
Payables:
Due to custodian		—		2,513		—		—
Investment securities purchased		455,608		—		—		—
Collateral received on securities loaned (Note 2.D.)		43,167,119		24,660,085		2,975,516		8,176,564
Variation margin on futures contracts		2,798		—		739		1,760
Accrued liabilities:
Investment advisory fees		374,029		45,330		14,908		22,016
Administration fees		106,862		41,383		10,192		9,613
Custodian, Accounting and Transfer Agent fees		149,352		29,244		15,991		28,765
Trustees’ and Chief Compliance Officer’s fees		22,557		7,007		1,460		980
Professional fees		185,799		74,589		32,600		34,011
Other		164,210		68,774		22,487		15,796
Total Liabilities		44,628,334		24,928,925		3,073,893		8,289,505
Net Assets	$	1,728,099,358	$	682,905,362	$	167,021,038	$	174,106,929
NET ASSETS:
Paid-in-Capital	$	1,700,451,981	$	603,995,895	$	152,571,329	$	164,343,730
Total distributable earnings (loss)		27,647,377		78,909,467		14,449,709		9,763,199
Total Net Assets	$	1,728,099,358	$	682,905,362	$	167,021,038	$	174,106,929
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		31,000,000		9,100,000		2,500,000		5,550,000
Net asset value, per share	$	55.75	$	75.04	$	66.81	$	31.37
Cost of investments innon-affiliates	$	1,662,869,693	$	606,269,219	$	152,716,855	$	167,837,752
Cost of investments in affiliates		569,515		825,121		328,616		388,121
Cost of foreign currency		343,672		—		—		—
Investment securities on loan, at value		37,115,611		24,018,945		2,875,507		7,819,428
Cost of investment of cash collateral		43,167,119		24,660,085		2,975,516		8,176,164

SEE NOTES TO FINANCIAL STATEMENTS.

166 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

	JPMorgan U.S. Dividend ETF		JPMorgan U.S. Minimum Volatility ETF		JPMorgan U.S. Momentum Factor ETF		JPMorgan U.S. Quality Factor ETF		JPMorgan U.S. Value Factor ETF
ASSETS:
Investments innon-affiliates, at value	$	30,578,326	$	41,184,845	$	39,704,340	$	52,047,512	$	56,541,667
Investments in affiliates, at value		33,272		74,511		58,474		48,603		74,332
Investments of cash collateral received from securities loaned, at value (Note 2.D.)		—		—		183,685		276,387		79,891
Restricted cash		1,800		2,400		800		1,200		4,200
Deposits at broker for futures contracts		12,000		8,000		8,000		12,000		20,000
Prepaid expenses		58		—		—		—		—
Receivables:
Dividends fromnon-affiliates		49,518		34,281		24,020		43,788		65,779
Dividends from affiliates		35		85		108		53		211
Securities lending income (Note 2.D.)		19		5		20		15		22
Variation margin on futures contracts		83		83		75		79		175
Due from Adviser		5,032		5,275		5,023		5,103		5,183
Total Assets		30,680,143		41,309,485		39,984,545		52,434,740		56,791,460
LIABILITIES:
Payables:
Due to custodian		—		—		2,743		—		—
Investment securities purchased		—		—		—		—		38,813
Collateral received on securities loaned (Note 2.D.)		—		—		183,685		276,387		79,891
Accrued liabilities:
Administration fees		1,881		2,167		2,412		2,931		3,603
Custodian, Accounting and Transfer Agent fees		10,171		10,564		9,046		8,796		11,020
Trustees’ and Chief Compliance Officer’s fees		390		415		379		424		331
Professional fees		29,228		29,116		29,192		29,034		29,244
Other		7,768		8,285		8,233		8,472		8,421
Total Liabilities		49,438		50,547		235,690		326,044		171,323
Net Assets	$	30,630,705	$	41,258,938	$	39,748,855	$	52,108,696	$	56,620,137
NET ASSETS:
Paid-in-Capital	$	28,895,019	$	37,380,011	$	35,185,111	$	46,521,756	$	51,247,817
Total distributable earnings (loss)		1,735,686		3,878,927		4,563,744		5,586,940		5,372,320
Total Net Assets	$	30,630,705	$	41,258,938	$	39,748,855	$	52,108,696	$	56,620,137
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		1,150,000		1,450,000		1,400,000		1,800,000		2,100,000
Net asset value, per share	$	26.64	$	28.45	$	28.39	$	28.95	$	26.96
Cost of investments innon-affiliates	$	28,921,461	$	37,402,128	$	33,568,609	$	46,297,564	$	52,328,455
Cost of investments in affiliates		33,272		74,511		58,474		48,603		74,332
Investment securities on loan, at value		—		—		180,731		268,181		74,487
Cost of investment of cash collateral		—		—		183,685		276,387		79,891

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 167

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED APRIL 30, 2019 (Unaudited)

	JPMorgan BetaBuilders Canada ETF			JPMorgan BetaBuilders Developed Asia ex-Japan ETF			JPMorgan BetaBuilders Europe ETF			JPMorgan BetaBuilders Japan ETF
INVESTMENT INCOME:
Dividend income fromnon-affiliates	$	38,396,011		$	20,171,249		$	62,215,051		$	40,596,458
Dividend income from affiliates		3,731			5,141			4,568			3,955
Interest income fromnon-affiliates		4,294			17,212			—			—
Interest income from affiliates		12,647			7,113			534			10
Non-cash dividend income fromnon-affiliates		2,856,289			—			—			—
Income from securities lending (net)		1,058,591			124,049			421,992			240,374
Foreign taxes withheld		(5,142,562	)		(203,097	)		(5,861,947	)		(4,143,613	)
Total investment income		37,189,001			20,121,667			56,780,198			36,697,184
EXPENSES:
Investment advisory fees (Note 3.A.)		2,243,967			945,415			1,205,949			3,121,480
Administration fees (Note 3.B.)		921,612			384,826			1,031,256			1,278,078
Interest expense tonon-affiliates		—			476			3,969			1,439
Interest expense to affiliates		—			386			22,175			5,867
Professional fees		64,595			42,981			49,295			76,697
Trustees’ and Chief Compliance Officer’s fees		40,234			18,881			46,366			60,521
Printing and mailing costs		125,718			83,936			91,326			124,770
Registration and filing fees		86,578			13,786			35,768			77,668
Custodian, Accounting and Transfer Agent fees (Note 3.C.)		336,818			346,090			748,454			349,351
Insurance expense		25			25			53			26
Offering costs (Note 2.G.)		8,389			7,741			6,887			6,545
Other		—			—			26,697			404
Total expenses		3,827,936			1,844,543			3,268,195			5,102,846
Less fee waived (Note 3.D)		(1,514,986	)		(759,069	)		(1,537,011	)		(1,813,728	)
Less expense reimbursements from affiliates (Note 3.D.)		(646	)		(1,119	)		—			—
Less expense reimbursements fromnon-affiliates (Note 3.C.)		(60,000	)		(135,000	)		(492,200	)		(155,000	)
Net expenses		2,252,304			949,355			1,238,984			3,134,118
Net investment income (loss)		34,936,697			19,172,312			55,541,214			33,563,066
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		(15,872,841	)		(2,609,129	)		(3,144,856	)		(11,739,832	)
In-kind redemptions innon-affiliates		(1,687,309	)		4,874,403			8,799,252			50,491,361
Futures contracts		470,696			578,840			1,741,119			(3,160,668	)
Foreign currency transactions		(504,771	)		178,884			(289,033	)		514,455
Net realized gain (loss)		(17,594,225	)		3,022,998			7,106,482			36,105,316
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		226,931,459			135,162,062			300,647,596			43,018,144
Investments in affiliates		199			—			800			200
Futures contracts		684,478			186,000			1,351,724			1,028,165
Foreign currency translations		119,232			(65,066	)		156,276			(178,625	)
Change in net unrealized appreciation/depreciation		227,735,368			135,282,996			302,156,396			43,867,884
Net realized/unrealized gains (losses)		210,141,143			138,305,994			309,262,878			79,973,200
Change in net assets resulting from operations	$	245,077,840		$	157,478,306		$	364,804,092		$	113,536,266

SEE NOTES TO FINANCIAL STATEMENTS.

168 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

	JPMorgan BetaBuilders U.S. Equity ETF (a)			JPMorgan Diversified Return Emerging Markets Equity ETF			JPMorgan Diversified Return Europe Equity ETF			JPMorgan Diversified Return Global Equity ETF
INVESTMENT INCOME:
Dividend income fromnon-affiliates	$	56,809		$	2,943,475		$	475,688		$	3,378,562
Dividend income from affiliates		3,177			1,410			—			3,884
Interest income fromnon-affiliates		—			1,091			267			819
Interest income from affiliates		—			2,026			1,014			872
Income from securities lending (net)		—			1,760			2,293			18,423
Foreign taxes withheld		—			(194,539	)		(45,594	)		(248,994	)
Total investment income		59,986			2,755,223			433,668			3,153,566
EXPENSES:
Investment advisory fees (Note 3.A.)		—			579,067			53,507			248,184
Management fees (Note 3.A.)		779			—			—			—
Administration fees (Note 3.B.)		—			102,471			14,418			80,979
Interest expense tonon-affiliates		—			—			—			1
Interest expense to affiliates		—			3,322			78			164
Professional fees		—			43,603			3,894			34,708
Trustees’ and Chief Compliance Officer’s fees		—			4,089			75			3,164
Printing and mailing costs		—			11,373			552			10,482
Registration and filing fees		—			7,020			5,525			5,538
Custodian, Accounting and Transfer Agent fees (Note 3.C.)		—			389,237			89,166			90,468
Insurance expense		—			7,898			2,849			8,694
Other		—			7,790			5,066			7,016
Total expenses		779			1,155,870			175,130			489,398
Less fee waived (Note 3.D.)		(2	)		(426,835	)		(67,926	)		(81,211	)
Less expense reimbursements from affiliates (Note 3.D.)		—			—			(5,752	)		—
Less expense reimbursements fromnon-affiliates (Note 3.C.)		—			(132,300	)		(34,200	)		(15,400	)
Net expenses		777			596,735			67,252			392,787
Net investment income (loss)		59,209			2,158,488			366,416			2,760,779
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		1,398			(6,104,979	)(b)		(551,555	)		(3,835,908	)
Investments in affiliates		80			—			—			—
In-kind redemptions innon-affiliates		—			—			819,335			2,393,841
Futures contracts		—			(10,065	)		17,289			(56,536	)
Foreign currency transactions		—			50,907			(1,427	)		(5,540	)
Net realized gain (loss)		1,478			(6,064,137	)		283,642			(1,504,143	)
Distributions of capital gains received from investment company affiliates		—			—			—			834
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		1,479,486			26,714,255	(c)		(982,436	)		14,183,559
Investments in affiliates		47,840			—			—			—
Futures contracts		—			16,417			11,281			60,567
Foreign currency translations		—			(9,825	)		(2,497	)		(2,403	)
Change in net unrealized appreciation/depreciation		1,527,326			26,720,847			(973,652	)		14,241,723
Net realized/unrealized gains (losses)		1,528,804			20,656,710			(690,010	)		12,738,414
Change in net assets resulting from operations	$	1,588,013		$	22,815,198		$	(323,594	)	$	15,499,193

(a) Commencement of operations was March 12, 2019.

(b) Net of foreign capital gains tax of approximately $15,344.

(c) Net change in foreign capital gains tax of approximately $(350,899).

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 169

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED APRIL 30, 2019 (Unaudited) (continued)

	JPMorgan Diversified Return International Equity ETF			JPMorgan Diversified Return U.S. Equity ETF			JPMorgan Diversified Return U.S. Mid Cap Equity ETF			JPMorgan Diversified Return U.S. Small Cap Equity ETF
INVESTMENT INCOME:
Dividend income fromnon-affiliates	$	28,161,217		$	7,326,948		$	1,465,517		$	886,896
Dividend income from affiliates		26,691			22,401			9,121			4,703
Interest income fromnon-affiliates		2,234			1,319			821			930
Interest income from affiliates		2,364			54			7			9
Income from securities lending (net)		167,286			45,044			6,838			26,906
Foreign taxes withheld		(2,197,446	)		—			—			—
Total investment income		26,162,346			7,395,766			1,482,304			919,444
EXPENSES:
Investment advisory fees (Note 3.A.)		1,817,015			692,513			168,189			165,369
Administration fees (Note 3.B.)		591,256			235,233			54,706			44,405
Interest expense to affiliates		365			—			—			—
Professional fees		133,878			56,103			26,457			21,815
Trustees’ and Chief Compliance Officer’s fees		24,672			10,842			2,518			2,126
Printing and mailing costs		70,318			26,241			6,009			4,769
Registration and filing fees		8,116			6,109			4,209			5,604
Custodian, Accounting and Transfer Agent fees (Note 3.C.)		285,933			50,076			32,542			53,745
Insurance expense		53,250			17,820			3,394			2,473
Other		41,478			14,692			4,470			3,645
Total expenses		3,026,281			1,109,629			302,494			303,951
Less fee waived (Note 3.D.)		(77,498	)		(514,932	)		(121,507	)		(104,986	)
Less expense reimbursements fromnon-affiliates (Note 3.C.)		(72,000	)		(24,650	)		(13,500	)		(33,600	)
Net expenses		2,876,783			570,047			167,487			165,365
Net investment income (loss)		23,285,563			6,825,719			1,314,817			754,079
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		(30,422,278	)		(6,134,057	)		(1,415,106	)		(52,082	)
In-kind redemptions innon-affiliates		5,167,485			10,690,226			2,221,747			4,417,586
Futures contracts		125,074			(195,231	)		(150,606	)		(86,551	)
Foreign currency transactions		12,901			—			—			—
Net realized gain (loss)		(25,116,818	)		4,360,938			656,035			4,278,953
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		91,509,491			42,009,415			8,919,179			4,310,690
Investments in affiliates		—			—			—			400
Futures contracts		386,177			84,851			34,746			33,753
Foreign currency translations		(12,639	)		—			—			—
Change in net unrealized appreciation/depreciation		91,883,029			42,094,266			8,953,925			4,344,843
Net realized/unrealized gains (losses)		66,766,211			46,455,204			9,609,960			8,623,796
Change in net assets resulting from operations	$	90,051,774		$	53,280,923		$	10,924,777		$	9,377,875

SEE NOTES TO FINANCIAL STATEMENTS.

170 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

	JPMorgan U.S. Dividend ETF			JPMorgan U.S. Minimum Volatility ETF			JPMorgan U.S. Momentum Factor ETF			JPMorgan U.S. Quality Factor ETF			JPMorgan U.S. Value Factor ETF
INVESTMENT INCOME:
Dividend income fromnon-affiliates	$	545,493		$	374,889		$	264,854		$	445,974		$	663,301
Dividend income from affiliates		2,671			2,106			540			2,052			2,295
Interest income fromnon-affiliates		79			—			—			227			182
Interest income from affiliates		—			—			—			—			2
Income from securities lending (net)		251			65			175			1,550			241
Total investment income		548,494			377,060			265,569			449,803			666,021
EXPENSES:
Investment advisory fees (Note 3.A.)		32,073			35,706			39,031			45,275			53,189
Administration fees (Note 3.B.)		10,912			12,138			13,222			15,324			17,863
Professional fees		20,957			20,924			21,059			20,989			21,031
Trustees’ and Chief Compliance Officer’s fees		486			536			544			630			627
Printing and mailing costs		1,604			1,665			1,647			1,734			1,696
Registration and filing fees		5,793			5,894			5,897			6,240			6,231
Custodian, Accounting and Transfer Agent fees (Note 3.C.)		19,182			20,109			18,337			18,440			23,579
Insurance expense		963			965			1,012			999			992
Offering costs (Note 2.G.)		90			126			90			90			89
Other		1,082			1,223			1,266			1,202			1,243
Total expenses		93,142			99,286			102,105			110,923			126,540
Less fee waived (Note 3.D.)		(42,985	)		(47,844	)		(52,253	)		(60,599	)		(71,052	)
Less expense reimbursements from affiliates (Note 3.D.)		(30,756	)		(29,414	)		(27,905	)		(23,877	)		(20,212	)
Less expense reimbursements fromnon-affiliates (Note 3.C.)		(3,000	)		(3,600	)		(1,600	)		(3,000	)		(7,700	)
Net expenses		16,401			18,428			20,347			23,447			27,576
Net investment income (loss)		532,093			358,632			245,222			426,356			638,445
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		(44,831	)		111,216			(1,332,825	)		(154,355	)		(243,189	)
In-kind redemptions innon-affiliates		278,968			—			—			—			1,380,230
Futures contracts		(50,017	)		(13,636	)		(1,210	)		(31,315	)		(18,557	)
Net realized gain (loss)		184,120			97,580			(1,334,035	)		(185,670	)		1,118,484
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		1,623,063			2,575,517			4,813,673			4,120,697			3,917,925
Futures contracts		22,346			8,553			2,755			14,987			13,200
Change in net unrealized appreciation/depreciation		1,645,409			2,584,070			4,816,428			4,135,684			3,931,125
Net realized/unrealized gains (losses)		1,829,529			2,681,650			3,482,393			3,950,014			5,049,609
Change in net assets resulting from operations	$	2,361,622		$	3,040,282		$	3,727,615		$	4,376,370		$	5,688,054

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 171

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan BetaBuilders Canada ETF						JPMorgan BetaBuilders Developed Asia ex-Japan ETF
	Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018 (a)			Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	34,936,697		$	8,081,911		$	19,172,312		$	4,897,239
Net realized gain (loss)		(17,594,225	)		(1,239,799	)		3,022,998			(457,627	)
Change in net unrealized appreciation/depreciation		227,735,368			(133,423,165	)		135,282,996			(59,845,937	)
Change in net assets resulting from operations		245,077,840			(126,581,053	)		157,478,306			(55,406,325	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(27,328,404	)		(2,945,124	)		(17,111,294	)		(4,159,764	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,474,559,472			2,174,225,003			541,341,282			662,880,023
NET ASSETS:
Change in net assets		1,692,308,908			2,044,698,826			681,708,294			603,313,934
Beginning of period		2,044,698,826			—			603,313,934			—
End of period	$	3,737,007,734		$	2,044,698,826		$	1,285,022,228		$	603,313,934
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	1,555,525,273		$	2,219,440,596		$	576,502,388		$	662,880,023
Redeemed		(80,965,801	)		(45,215,593	)		(35,161,106	)		—
Total change in net assets resulting from capital transactions	$	1,474,559,472		$	2,174,225,003		$	541,341,282		$	662,880,023
SHARE TRANSACTIONS:
Issued		64,400,000			92,400,000			24,800,000			26,600,000
Redeemed		(3,800,000	)		(1,900,000	)		(1,400,000	)		—
Net increase in shares from share transactions		60,600,000			90,500,000			23,400,000			26,600,000

(a) Commencement of operations was August 7, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

172 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

	JPMorgan BetaBuilders Europe ETF						JPMorgan BetaBuilders Japan ETF
	Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018 (a)			Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	55,541,214		$	4,429,007		$	33,563,066		$	14,466,776
Net realized gain (loss)		7,106,482			(5,318	)		36,105,316			(2,096,213	)
Change in net unrealized appreciation/depreciation		302,156,396			(91,293,111	)		43,867,884			(117,813,749	)
Change in net assets resulting from operations		364,804,092			(86,869,422	)		113,536,266			(105,443,186	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(25,471,736	)		(1,891,512	)		(20,089,888	)		—
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,670,865,078			1,403,691,226			1,049,979,291			2,441,530,853
NET ASSETS:
Change in net assets		3,010,197,434			1,314,930,292			1,143,425,669			2,336,087,667
Beginning of period		1,314,930,292			—			2,336,087,667			—
End of period	$	4,325,127,726		$	1,314,930,292		$	3,479,513,336		$	2,336,087,667
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	2,732,980,811		$	1,403,691,226		$	1,661,894,796		$	2,441,530,853
Redeemed		(62,115,733	)		—			(611,915,505	)		—
Total change in net assets resulting from capital transactions	$	2,670,865,078		$	1,403,691,226		$	1,049,979,291		$	2,441,530,853
SHARE TRANSACTIONS:
Issued		121,600,000			58,200,000			75,200,000			102,800,000
Redeemed		(2,600,000	)		—			(27,200,000	)		—
Net increase in shares from share transactions		119,000,000			58,200,000			48,000,000			102,800,000

(a) Commencement of operations was June 15, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 173

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan BetaBuilders U.S. Equity ETF		JPMorgan Diversified Return Emerging Markets Equity ETF
	Period Ended April 30, 2019 (Unaudited) (a)		Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	59,209	$	2,158,488		$	5,819,759
Net realized gain (loss)		1,478		(6,064,137	)		(4,278,249	)
Change in net unrealized appreciation/depreciation		1,527,326		26,720,847			(22,751,387	)
Change in net assets resulting from operations		1,588,013		22,815,198			(21,209,877	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		—		(1,661,375	)		(8,601,176	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		30,208,910		96,096,950			77,874,259
NET ASSETS:
Change in net assets		31,796,923		117,250,773			48,063,206
Beginning of period		—		213,804,252			165,741,046
End of period	$	31,796,923	$	331,055,025		$	213,804,252
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	30,208,910	$	96,096,950		$	77,874,259
Total change in net assets resulting from capital transactions	$	30,208,910	$	96,096,950		$	77,874,259
SHARE TRANSACTIONS:
Issued		600,000		1,800,000			1,300,000
Net increase in shares from share transactions		600,000		1,800,000			1,300,000

(a) Commencement of operations was March 12, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

174 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

	JPMorgan Diversified Return Europe Equity ETF						JPMorgan Diversified Return Global Equity ETF
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	366,416		$	2,214,736		$	2,760,779		$	4,574,724
Net realized gain (loss)		283,642			2,599,003			(1,504,143	)		1,039,948
Distributions of capital gains received from investment company affiliates		—			—			834			—
Change in net unrealized appreciation/depreciation		(973,652	)		(11,434,565	)		14,241,723			(17,420,873	)
Change in net assets resulting from operations		(323,594	)		(6,620,826	)		15,499,193			(11,806,201	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(251,433	)		(4,014,806	)		(1,769,442	)		(5,818,989	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(57,023,254	)		5,964,063			(6,272,754	)		117,387,384
NET ASSETS:
Change in net assets		(57,598,281	)		(4,671,569	)		7,456,997			99,762,194
Beginning of period		74,820,788			79,492,357			203,457,264			103,695,070
End of period	$	17,222,507		$	74,820,788		$	210,914,261		$	203,457,264
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	10,124,234		$	17,683,797		$	5,628,705		$	154,127,556
Redeemed		(67,147,488	)		(11,719,734	)		(11,901,459	)		(36,740,172	)
Total change in net assets resulting from capital transactions	$	(57,023,254	)	$	5,964,063		$	(6,272,754	)	$	117,387,384
SHARE TRANSACTIONS:
Issued		200,000			300,000			100,000			2,500,000
Redeemed		(1,300,000	)		(200,000	)		(200,000	)		(600,000	)
Net increase (decrease) in shares from share transactions		(1,100,000	)		100,000			(100,000	)		1,900,000

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 175

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan Diversified Return International Equity ETF						JPMorgan Diversified Return U.S. Equity ETF
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	23,285,563		$	37,201,171		$	6,825,719		$	9,698,233
Net realized gain (loss)		(25,116,818	)		11,476,505			4,360,938			937,055
Change in net unrealized appreciation/depreciation		91,883,029			(167,979,171	)		42,094,266			5,530,137
Change in net assets resulting from operations		90,051,774			(119,301,495	)		53,280,923			16,165,425
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(14,058,298	)		(54,092,274	)		(5,943,452	)		(12,462,949	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		207,773,621			457,839,024			76,205,562			199,361,082
NET ASSETS:
Change in net assets		283,767,097			284,445,255			123,543,033			203,063,558
Beginning of period		1,444,332,261			1,159,887,006			559,362,329			356,298,771
End of period	$	1,728,099,358		$	1,444,332,261		$	682,905,362		$	559,362,329
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	250,250,101		$	530,366,203		$	119,326,579		$	206,369,804
Redeemed		(42,476,480	)		(72,527,179	)		(43,121,017	)		(7,008,722	)
Total change in net assets resulting from capital transactions	$	207,773,621		$	457,839,024		$	76,205,562		$	199,361,082
SHARE TRANSACTIONS:
Issued		4,600,000			8,900,000			1,700,000			2,900,000
Redeemed		(800,000	)		(1,300,000	)		(600,000	)		(100,000	)
Net increase in shares from share transactions		3,800,000			7,600,000			1,100,000			2,800,000

SEE NOTES TO FINANCIAL STATEMENTS.

176 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

	JPMorgan Diversified Return U.S. Mid Cap Equity ETF						JPMorgan Diversified Return U.S. Small Cap Equity ETF
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,314,817		$	1,609,625		$	754,079		$	845,794
Net realized gain (loss)		656,035			1,365,158			4,278,953			3,032,826
Change in net unrealized appreciation/depreciation		8,953,925			(1,296,856	)		4,344,843			(3,177,766	)
Change in net assets resulting from operations		10,924,777			1,677,927			9,377,875			700,854
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(1,049,544	)		(2,149,261	)		(533,323	)		(1,058,143	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		45,117,625			50,436,264			69,127,123			41,481,438
NET ASSETS:
Change in net assets		54,992,858			49,964,930			77,971,675			41,124,149
Beginning of period		112,028,180			62,063,250			96,135,254			55,011,105
End of period	$	167,021,038		$	112,028,180		$	174,106,929		$	96,135,254
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	57,162,819		$	57,240,549		$	87,411,506		$	51,393,702
Redeemed		(12,045,194	)		(6,804,285	)		(18,284,383	)		(9,912,264	)
Total change in net assets resulting from capital transactions	$	45,117,625		$	50,436,264		$	69,127,123		$	41,481,438
SHARE TRANSACTIONS:
Issued		900,000			900,000			2,900,000			1,650,000
Redeemed		(200,000	)		(100,000	)		(600,000	)		(300,000	)
Net increase in shares from share transactions		700,000			800,000			2,300,000			1,350,000

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 177

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan U.S. Dividend ETF						JPMorgan U.S. Minimum Volatility ETF
	Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018 (a)			Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	532,093		$	1,000,159		$	358,632		$	612,463
Net realized gain (loss)		184,120			(262,149	)		97,580			(98,636	)
Change in net unrealized appreciation/depreciation		1,645,409			15,761			2,584,070			1,202,952
Change in net assets resulting from operations		2,361,622			753,771			3,040,282			1,716,779
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(470,712	)		(908,996	)		(328,581	)		(549,553	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,328,669			27,566,351			11,101,467			26,278,544
NET ASSETS:
Change in net assets		3,219,579			27,411,126			13,813,168			27,445,770
Beginning of period		27,411,126			—			27,445,770			—
End of period	$	30,630,705		$	27,411,126		$	41,258,938		$	27,445,770
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	3,882,841		$	27,566,351		$	11,101,467		$	26,278,544
Redeemed		(2,554,172	)		—			—			—
Total change in net assets resulting from capital transactions	$	1,328,669		$	27,566,351		$	11,101,467		$	26,278,544
SHARE TRANSACTIONS:
Issued		150,000			1,100,000			400,000			1,050,000
Redeemed		(100,000	)		—			—			—
Net increase in shares from share transactions		50,000			1,100,000			400,000			1,050,000

(a) Commencement of operations was November 8, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

178 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

	JPMorgan U.S. Momentum Factor ETF						JPMorgan U.S. Quality Factor ETF
	Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018 (a)			Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	245,222		$	363,689		$	426,356		$	543,151
Net realized gain (loss)		(1,334,035	)		(304,570	)		(185,670	)		(97,686	)
Change in net unrealized appreciation/depreciation		4,816,428			1,322,058			4,135,684			1,618,569
Change in net assets resulting from operations		3,727,615			1,381,177			4,376,370			2,064,034
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(206,927	)		(338,121	)		(357,236	)		(496,228	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		7,652,797			27,532,314			18,874,295			27,647,461
NET ASSETS:
Change in net assets		11,173,485			28,575,370			22,893,429			29,215,267
Beginning of period		28,575,370			—			29,215,267			—
End of period	$	39,748,855		$	28,575,370		$	52,108,696		$	29,215,267
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	7,652,797		$	27,532,314		$	18,874,295		$	27,647,461
Total change in net assets resulting from capital transactions	$	7,652,797		$	27,532,314		$	18,874,295		$	27,647,461
SHARE TRANSACTIONS:
Issued		300,000			1,100,000			700,000			1,100,000
Net increase in shares from share transactions		300,000			1,100,000			700,000			1,100,000

(a) Commencement of operations was November 8, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 179

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan U.S. Value Factor ETF
	Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	638,445		$	674,149
Net realized gain (loss)		1,118,484			(145,490	)
Change in net unrealized appreciation/depreciation		3,931,125			287,697
Change in net assets resulting from operations		5,688,054			816,356
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(515,761	)		(616,329	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		22,461,335			28,786,482
NET ASSETS:
Change in net assets		27,633,628			28,986,509
Beginning of period		28,986,509			—
End of period	$	56,620,137		$	28,986,509
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	30,402,146		$	28,786,482
Redeemed		(7,940,811	)		—
Total change in net assets resulting from capital transactions	$	22,461,335		$	28,786,482
SHARE TRANSACTIONS:
Issued		1,250,000			1,150,000
Redeemed		(300,000	)		—
Net increase in shares from share transactions		950,000			1,150,000

(a) Commencement of operations was November 8, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

180 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 181

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
JPMorgan BetaBuilders Canada ETF
Six Months Ended April 30, 2019 (Unaudited)	$	22.59	$	0.34	$	2.08		$	2.42		$	(0.28	)
August 7, 2018 (g) through October 31, 2018		24.65		0.14		(2.15	)		(2.01	)		(0.05	)
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
Six Months Ended April 30, 2019 (Unaudited)		22.68		0.46		2.96			3.42			(0.40	)
August 7, 2018 (g) through October 31, 2018		25.36		0.22		(2.73	)		(2.51	)		(0.17	)
JPMorgan BetaBuilders Europe ETF
Six Months Ended April 30, 2019 (Unaudited)		22.59		0.47		1.56			2.03			(0.21	)
June 15, 2018 (g) through October 31, 2018		24.79		0.13		(2.30	)		(2.17	)		(0.03	)
JPMorgan BetaBuilders Japan ETF
Six Months Ended April 30, 2019 (Unaudited)		22.72		0.23		0.26			0.49			(0.14	)
June 15, 2018 (g) through October 31, 2018		24.79		0.24		(2.31	)		(2.07	)		—
JPMorgan BetaBuilders U.S. Equity ETF
March 12, 2019 (g) through April 30, 2019		50.14		0.11		2.74			2.85			—

(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 the mid-point of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the periods indicated.

(g) Commencement of operations.

(h) 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.

SEE NOTES TO FINANCIAL STATEMENTS.

182 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 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)
$	24.73	$	24.73		10.94	%		10.79	%	$	3,737,007,734		0.19	%(f)		2.95	%		0.32	%(f)		5	%
	22.59		22.62		(8.18	)		(8.05	)(h)		2,044,698,826		0.19	(f)		2.55			0.37	(f)		1
	25.70		25.75		15.22			15.39			1,285,022,228		0.19	(f)		3.84			0.37	(f)		3
	22.68		22.69		(9.97	)		(9.93	)(h)		603,313,934		0.19	(f)		3.94			0.45	(f)		2
	24.41		24.45		9.03			8.97			4,325,127,726		0.09	(f)		4.12			0.24	(f)		3
	22.59		22.64		(8.75	)		(8.55	)(h)		1,314,930,292		0.09	(f)		1.45			0.34	(f)		2
	23.07		23.02		2.23			2.19			3,479,513,336		0.19	(f)		2.04			0.31	(f)		2
	22.72		22.68		(8.35	)		(8.51	)(h)		2,336,087,667		0.19	(f)		2.63			0.37	(f)		5
	52.99		53.00		5.68			5.70	(h)		31,796,923		0.02			1.49			0.02			1

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 183

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment Operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Diversified Return Emerging Markets Equity ETF
Six Months Ended April 30, 2019 (Unaudited)	$	50.91	$	0.43	$	4.18		$	4.61		$	(0.34	)
Year Ended October 31, 2018		57.15		1.59		(5.37	)		(3.78	)		(2.46	)
Year Ended October 31, 2017		48.68		1.50		7.56			9.06			(0.59	)
Year Ended October 31, 2016		45.23		1.04		3.72			4.76			(1.31	)
January 7, 2015 (f) through October 31, 2015		50.00		1.29		(6.06	)		(4.77	)		—
JPMorgan Diversified Return Europe Equity ETF
Six Months Ended April 30, 2019 (Unaudited)		53.44		0.55		3.75	(j)		4.30			(0.33	)
Year Ended October 31, 2018		61.15		1.65		(6.36	)		(4.71	)		(3.00	)
Year Ended October 31, 2017		49.88		1.57		10.82			12.39			(1.12	)
December 18, 2015 (f) through October 31, 2016		50.00		1.39		(1.51	)		(0.12	)		—	(i)
JPMorgan Diversified Return Global Equity ETF
Six Months Ended April 30, 2019 (Unaudited)		56.52		0.77		3.46			4.23			(0.49	)
Year Ended October 31, 2018		61.00		1.42		(3.93	)		(2.51	)		(1.97	)
Year Ended October 31, 2017		51.70		1.15		9.28			10.43			(1.13	)
Year Ended October 31, 2016		50.53		1.14		0.99			2.13			(0.96	)
Year Ended October 31, 2015		49.69		1.08		0.08			1.16			(0.32	)
June 16, 2014 (f) through October 31, 2014		50.00		0.38		(0.69	)		(0.31	)		—
JPMorgan Diversified Return International Equity ETF
Six Months Ended April 30, 2019 (Unaudited)		53.10		0.82		2.34			3.16			(0.51	)
Year Ended October 31, 2018		59.18		1.51		(5.29	)		(3.78	)		(2.30	)
Year Ended October 31, 2017		50.00		1.43		8.57			10.00			(0.82	)
Year Ended October 31, 2016		51.17		1.28		(1.37	)(j)		(0.09	)		(1.08	)
November 5, 2014 (f) through October 31, 2015		50.00		1.39		(0.07	)		1.32			(0.15	)
JPMorgan Diversified Return U.S. Equity ETF
Six Months Ended April 30, 2019 (Unaudited)		69.92		0.79		5.02			5.81			(0.69	)
Year Ended October 31, 2018		68.52		1.39		1.88			3.27			(1.87	)
Year Ended October 31, 2017		57.06		1.17		10.75			11.92			(0.46	)
Year Ended October 31, 2016		54.13		1.10		2.09	(j)		3.19			(0.26	)
September 29, 2015 (f) through October 31, 2015		50.00	��	0.06		4.07			4.13			—
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Six Months Ended April 30, 2019 (Unaudited)		62.24		0.59		4.44			5.03			(0.46	)
Year Ended October 31, 2018		62.06		1.06		0.59			1.65			(1.47	)
Year Ended October 31, 2017		51.65		0.89		10.02			10.91			(0.50	)
May 11, 2016 (f) through October 31, 2016		50.00		0.42		1.23			1.65			—
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Six Months Ended April 30, 2019 (Unaudited)		29.58		0.19		1.75			1.94			(0.15	)
Year Ended October 31, 2018		28.95		0.33		0.73			1.06			(0.43	)
November 15, 2016 (f) through October 31, 2017		25.00		0.28		3.71			3.99			(0.04	)

(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 the mid-point of the bid/ask spread at the close of business on the NYSE Arca, Inc.

(f) Commencement of operations.

(g) Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.

(h) Certain non-recurring expenses incurred by the Fund were not annualized for the periods indicated.

(i) Amount rounds to less than $0.005.

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

(k) Amount rounds to less than 0.5%.

SEE NOTES TO FINANCIAL STATEMENTS.

184 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 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)
$	55.18	$	55.46		9.10	%		9.83	%	$	331,055,025		0.45	%		1.64	%		0.88	%		19	%
	50.91		50.83		(6.93	)		(7.43	)		213,804,252		0.45			2.80			0.96			53
	57.15		57.36		18.95			18.65			165,741,046		0.45			2.85			1.06			60
	48.68		48.98		11.02			11.63			43,809,461		0.45			2.33			1.91			44
	45.23		45.27		(9.54	)		(9.46	)(g)		36,185,674		0.45	(h)		3.18			2.07	(h)		46
	57.41		57.35		8.08			7.72			17,222,507		0.38			2.07			0.99			9
	53.44		53.56		(8.11	)		(8.33	)		74,820,788		0.40			2.77			0.70			51
	61.15		61.42		25.42			25.80			79,492,357		0.43			2.89			0.80			18
	49.88		49.95		(0.23	)		(0.09	)(g)		59,859,633		0.43	(h)		3.14			1.14	(h)		15
	60.26		60.20		7.57			7.56			210,914,261		0.38			2.67			0.47			12
	56.52		56.47		(4.34	)		(4.65	)		203,457,264		0.38			2.30			0.56			29
	61.00		61.14		20.61			20.40			103,695,070		0.38			2.06			0.80			26
	51.70		51.91		4.31			4.44			77,556,933		0.38			2.26			0.93			22
	50.53		50.67		2.36			1.82			50,530,034		0.38			2.16			1.52			18
	49.69		50.09		(0.62	)		0.18	(g)		24,846,767		0.38	(h)		2.01			5.19	(h)		14
	55.75		55.78		6.03			6.33			1,728,099,358		0.38			3.07			0.40			11
	53.10		52.98		(6.72	)		(7.22	)		1,444,332,261		0.40			2.57			0.44			28
	59.18		59.36		20.35			20.30			1,159,887,006		0.43			2.63			0.51			29
	50.00		50.17		(0.15	)		0.41			470,042,716		0.43			2.56			0.75			27
	51.17		51.05		2.65			2.40	(g)		92,113,607		0.43	(h)		2.72			1.33	(h)		20
	75.04		75.05		8.46			8.45			682,905,362		0.19			2.26			0.37			12
	69.92		69.93		4.74			4.70			559,362,329		0.19			1.95			0.41			32
	68.52		68.55		20.99			21.02			356,298,771		0.21			1.83			0.47			27
	57.06		57.08		5.92			5.90			125,538,258		0.29			1.95			0.90			22
	54.13		54.16		8.26			8.32	(g)		10,826,623		0.29	(h)		1.20			5.75	(h)		—	(k)
	66.81		66.82		8.21			8.21			167,021,038		0.24			1.87			0.43			12
	62.24		62.25		2.59			2.57			112,028,180		0.24			1.64			0.50			35
	62.06		62.08		21.25			21.31			62,063,250		0.26			1.54			0.62			31
	51.65		51.64		3.30			3.28	(g)		36,153,888		0.34	(h)		1.69			1.02	(h)		15
	31.37		31.36		6.65			6.61			174,106,929		0.29			1.32			0.53			9
	29.58		29.58		3.61			3.43			96,135,254		0.29			1.08			0.61			30
	28.95		29.00		15.96			16.16	(g)		55,011,105		0.31	(h)		1.08			0.97	(h)		24

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 185

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment Operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income
JPMorgan U.S. Dividend ETF
Six Months Ended April 30, 2019 (Unaudited)	$	24.92	$	0.48	$	1.67		$	2.15	$	(0.43	)
November 8, 2017 (g) through October 31, 2018		25.00		0.96		(0.17	)		0.79		(0.87	)
JPMorgan U.S. Minimum Volatility ETF
Six Months Ended April 30, 2019 (Unaudited)		26.14		0.31		2.28			2.59		(0.28	)
November 8, 2017 (g) through October 31, 2018		25.00		0.59		1.08			1.67		(0.53	)
JPMorgan U.S. Momentum Factor ETF
Six Months Ended April 30, 2019 (Unaudited)		25.98		0.19		2.37			2.56		(0.15	)
November 8, 2017 (g) through October 31, 2018		25.00		0.35		0.95			1.30		(0.32	)
JPMorgan U.S. Quality Factor ETF
Six Months Ended April 30, 2019 (Unaudited)		26.56		0.29		2.34			2.63		(0.24	)
November 8, 2017 (g) through October 31, 2018		25.00		0.52		1.52			2.04		(0.48	)
JPMorgan U.S. Value Factor ETF
Six Months Ended April 30, 2019 (Unaudited)		25.21		0.35		1.67			2.02		(0.27	)
November 8, 2017 (g) through October 31, 2018		25.00		0.64		0.16			0.80		(0.59	)

(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 the mid-point of the bid/ask spread at the close of business on the NYSE Arca, Inc.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the periods indicated.

(g) Commencement of operations.

(h) 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.

SEE NOTES TO FINANCIAL STATEMENTS.

186 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 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)
$	26.64	$	26.64		8.86	%		8.94	%	$	30,630,705		0.12	%(f)		3.81	%		0.67	%(f)		11	%
	24.92		24.90		3.08			2.99	(h)		27,411,126		0.12	(f)		3.81			0.76	(f)		24
	28.45		28.47		10.07			10.14			41,258,938		0.12	(f)		2.30			0.64	(f)		10
	26.14		26.14		6.69			6.69	(h)		27,445,770		0.12	(f)		2.33			0.76	(f)		17
	28.39		28.42		9.96			10.03			39,748,855		0.12	(f)		1.44			0.60	(f)		22
	25.98		25.99		5.17			5.21	(h)		28,575,370		0.12	(f)		1.32			0.74	(f)		44
	28.95		28.96		10.04			10.08			52,108,696		0.12	(f)		2.16			0.56	(f)		10
	26.56		26.56		8.15			8.15	(h)		29,215,267		0.12	(f)		2.01			0.74	(f)		22
	26.96		26.98		8.17			8.25			56,620,137		0.12	(f)		2.75			0.55	(f)		11
	25.21		25.21		3.12			3.12	(h)		28,986,509		0.12	(f)		2.52			0.75	(f)		26

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 187

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 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.

The following are 17 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Diversified/Non-Diversified
JPMorgan BetaBuilders Canada ETF	Diversified
JPMorgan BetaBuilders Developed Asiaex-Japan ETF	Diversified
JPMorgan BetaBuilders Europe ETF	Diversified
JPMorgan BetaBuilders Japan ETF	Diversified
JPMorgan BetaBuilders U.S. Equity ETF	Diversified
JPMorgan Diversified Return Emerging Markets Equity ETF	Diversified
JPMorgan Diversified Return Europe Equity ETF	Diversified
JPMorgan Diversified Return Global Equity ETF	Diversified
JPMorgan Diversified Return International Equity ETF	Diversified
JPMorgan Diversified Return U.S. Equity ETF	Diversified
JPMorgan Diversified Return U.S. Mid Cap Equity ETF	Diversified
JPMorgan Diversified Return U.S. Small Cap Equity ETF	Diversified
JPMorgan U.S. Dividend ETF	Diversified
JPMorgan U.S. Minimum Volatility ETF	Diversified
JPMorgan U.S. Momentum Factor ETF	Diversified
JPMorgan U.S. Quality Factor ETF	Diversified
JPMorgan U.S. Value Factor ETF	Diversified

JPMorgan BetaBuilders Canada ETF (the “BetaBuilders Canada ETF”) commenced operations on August 7, 2018. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Canada Target Market Exposure Index^SM.

JPMorgan BetaBuilders Developed Asiaex-Japan ETF (the “BetaBuilders Developed Asiaex-Japan ETF”) commenced operations on August 7, 2018. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Asiaex-Japan Target Market Exposure Index^SM.

JPMorgan BetaBuilders Europe ETF (the “BetaBuilders Europe ETF”) commenced operations on June 15, 2018. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Europe Target Market Exposure Index^SM.

JPMorgan BetaBuilders Japan ETF (the “BetaBuilders Japan ETF”) commenced operations on June 15, 2018. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Japan Target Market Exposure Index^SM.

JPMorgan BetaBuilders U.S. Equity ETF (the “BetaBuilders U.S. Equity ETF”) commenced operations on March 12, 2019. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® US Target Market Exposure Index^SM.

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

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

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

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

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

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

188 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

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

JPMorgan U.S. Dividend ETF (the “U.S. Dividend ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Dividend Index.

JPMorgan U.S. Minimum Volatility ETF (the “U.S. Minimum Volatility ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Minimum Volatility Index.

JPMorgan U.S. Momentum Factor ETF (the “U.S. Momentum Factor ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Momentum Factor Index.

JPMorgan U.S. Quality Factor ETF (the “U.S. Quality Factor ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Quality Factor Index.

JPMorgan U.S. Value Factor ETF (the “U.S. Value Factor ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Value Factor Index.

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

Shares of each Fund are listed and traded on the NYSE Arca, Inc., except shares of BetaBuilders Canada ETF, BetaBuilders Developed Asiaex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders Japan ETF and BetaBuilders U.S. Equity ETF which are listed and traded on Cboe BZX Exchange, Inc. Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units” as shown in the table below:

	Shares per Creation Unit
BetaBuilders Canada ETF		100,000
BetaBuilders Developed Asiaex-Japan ETF		200,000
BetaBuilders Europe ETF		200,000
BetaBuilders Japan ETF		400,000
BetaBuilders U.S. Equity ETF		50,000
Emerging Markets Equity ETF		100,000
Europe Equity ETF		100,000
Global Equity ETF		100,000
International Equity ETF		100,000
U.S. Equity ETF		100,000
U.S. Mid Cap Equity ETF		100,000
U.S. Small Cap Equity ETF		50,000
U.S. Dividend ETF		50,000
U.S. Minimum Volatility ETF		50,000
U.S. Momentum Factor ETF		50,000
U.S. Quality Factor ETF		50,000
U.S. Value Factor ETF		50,000

Creation Units are issued and redeemed principallyin-kind for a basket of securities. A cash amount may be substituted in Funds with sizeable exposure to market or sponsor restricted securities. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).

2. Significant Accounting Policies

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

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 189

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

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

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

Investments 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.

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”):

BetaBuilders Canada ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities(a)	$	3,894,945,334	$	—	$	—	$	3,894,945,334
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	301,989	$	—	$	—	$	301,989

190 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

BetaBuilders Developed Asiaex-Japan ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	686,582,569	$	—	$	686,582,569
China		—			4,072,369		—		4,072,369
Hong Kong		5,017,888			361,515,144		—		366,533,032
Ireland		—			4,378,756		—		4,378,756
Luxembourg		—			524,433		—		524,433
Macau		—			29,497,894		—		29,497,894
New Zealand		—			27,834,670		—		27,834,670
Singapore		374,298			155,597,712		—		155,972,010
Taiwan		—			585,302		—		585,302
Total Common Stocks		5,392,186			1,270,588,849		—		1,275,981,035
Investment of cash collateral from securities loaned		5,629,387			—		—		5,629,387
Total Investments in Securities	$	11,021,573		$	1,270,588,849	$	—	$	1,281,610,422
Appreciation in Other Financial Instruments
Futures Contracts	$	90,842		$	3,548	$	—	$	94,390
Depreciation in Other Financial Instruments
Futures Contracts	$	(2,119	)	$	—	$	—	$	(2,119	)

BetaBuilders Europe ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	53,593,791	$	—	$	53,593,791
Austria		6,936,242		13,980,798		—		20,917,040
Belgium		948,770		83,221,597		—		84,170,367
Chile		—		1,899,344		—		1,899,344
Colombia		—		1,627,481		—		1,627,481
Denmark		12,807,182		103,655,232		—		116,462,414
Finland		2,939,941		82,438,897		—		85,378,838
France		82,470,836		638,987,807		—		721,458,643
Germany		57,346,298		524,928,000		—		582,274,298
Ghana		—		1,878,807		—		1,878,807
Ireland		20,000,782		20,548,989		—		40,549,771
Italy		—		148,984,518		—		148,984,518
Jordan		—		1,486,554		—		1,486,554
Luxembourg		3,016,361		12,948,848		—		15,965,209
Mexico		—		835,256		—		835,256
Netherlands		—		310,241,385		—		310,241,385
Norway		1,128,239		50,676,915		—		51,805,154
Portugal		1,850,634		10,718,306		—		12,568,940
Russia		—		2,487,604		—		2,487,604
South Africa		—		17,051,246		—		17,051,246
Spain		871,874		196,830,025		—		197,701,899
Sweden		1,408,849		192,247,119		—		193,655,968
Switzerland		3,868,983		598,795,669		—		602,664,652
United Arab Emirates		—		1,462,307		—		1,462,307
United Kingdom		5,846,026		994,725,049		—		1,000,571,075
United States		—		16,972,737		—		16,972,737
Total Common Stocks		201,441,017		4,083,224,281		—		4,284,665,298

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 191

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

BetaBuilders Europe ETF(continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Preferred Stocks
United Kingdom	$	81,615	$	—	$	—	$	81,615
Investment of cash collateral from securities loaned		273,946,690		—		—		273,946,690
Total Investments in Securities	$	475,469,322	$	4,083,224,281	$	—	$	4,558,693,603
Appreciation in Other Financial Instruments
Futures Contracts	$	—	$	1,332,338	$	—	$	1,332,338

BetaBuilders Japan ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks	$	3,755,479	$	3,430,906,983	$	—	$	3,434,662,462
Investment of cash collateral from securities loaned		4,939,149		—		—		4,939,149
Total Investments in Securities	$	8,694,628	$	3,430,906,983	$	—	$	3,439,601,611
Appreciation in Other Financial Instruments
Futures Contracts	$	452,088	$	—	$	—	$	452,088

BetaBuilders U.S. Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities(a)	$	31,770,876	$	—	$	—	$	31,770,876

Emerging Markets Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
China	$	1,262,716	$	65,527,491	$	—	(b)	$	66,790,207
Czech Republic		101,064		1,057,570		—			1,158,634
Egypt		75,455		570,077		—			645,532
Greece		139,743		1,223,973		—			1,363,716
Hong Kong		—		1,255,224		—			1,255,224
Hungary		—		1,387,110		—			1,387,110
India		194,188		33,333,519		—			33,527,707
Indonesia		289,907		19,693,351		—			19,983,258
Kuwait		2,923,332		240,189		—			3,163,521
Malaysia		—		16,557,602		—			16,557,602
Pakistan		—		96,744		—			96,744
Philippines		1,246,500		5,497,014		—			6,743,514
Qatar		678,303		4,140,117		—			4,818,420
Singapore		—		36,951		—			36,951
South Africa		2,465,207		14,832,586		—			17,297,793
Taiwan		—		52,748,172		—			52,748,172
Thailand		10,715,557		12,024,063		—			22,739,620
Turkey		881,721		2,548,603		—			3,430,324
United Arab Emirates		424,015		3,726,225		—			4,150,240
Other Common Stocks		71,913,089		—		—			71,913,089
Total Common Stocks		93,310,797		236,496,581		—	(b)		329,807,378

192 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

Emerging Markets Equity ETF(continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Rights	$	—	$	—	(b)	$	—		$	—	(b)
Investment of cash collateral from securities loaned		746,461		—			—			746,461
Total Investments in Securities	$	94,057,258	$	236,496,581		$	—	(b)	$	330,553,839
Appreciation in Other Financial Instruments
Futures Contracts	$	30,614	$	—		$	—		$	30,614

Europe Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	137,327	$	—	$	137,327
Austria		—		143,833		—		143,833
Belgium		—		316,087		—		316,087
Chile		—		62,851		—		62,851
Denmark		69,516		718,087		—		787,603
Finland		64,112		562,556		—		626,668
France		343,074		2,314,969		—		2,658,043
Germany		357,439		1,724,781		—		2,082,220
Ireland		—		77,145		—		77,145
Italy		—		902,543		—		902,543
Jordan		—		68,513		—		68,513
Kazakhstan		—		56,710		—		56,710
Luxembourg		55,723		120,096		—		175,819
Netherlands		—		815,718		—		815,718
Norway		—		413,471		—		413,471
Poland		—		84,652		—		84,652
Portugal		11,025		126,899		—		137,924
Russia		—		132,318		—		132,318
South Africa		—		64,355		—		64,355
Spain		—		918,668		—		918,668
Sweden		61,957		1,046,721		—		1,108,678
Switzerland		8,408		1,485,545		—		1,493,953
United Arab Emirates		—		332		—		332
United Kingdom		24,736		3,409,732		—		3,434,468
United States		—		147,387		—		147,387
Total Common Stocks		995,990		15,851,296		—		16,847,286
Investment of cash collateral from securities loaned		295,789		—		—		295,789
Total Investments in Securities	$	1,291,779	$	15,851,296	$	—	$	17,143,075
Appreciation in Other Financial Instruments
Futures Contracts	$	—	$	17,887	$	—	$	17,887

Global Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	19,100,149	$	—	$	19,100,149
Austria		—		461,618		—		461,618
Belgium		—		1,971,591		—		1,971,591

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 193

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Global Equity ETF(continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Chile	$	—	$	14,158	$	—	$	14,158
China		—		1,537,045		—		1,537,045
Denmark		408,366		1,225,166		—		1,633,532
Finland		428,756		1,659,846		—		2,088,602
France		1,063,994		7,419,054		—		8,483,048
Germany		203,455		4,835,265		—		5,038,720
Hong Kong		—		9,482,537		—		9,482,537
Italy		—		2,226,565		—		2,226,565
Japan		—		45,100,901		—		45,100,901
Macau		—		1,488,070		—		1,488,070
Netherlands		—		3,936,587		—		3,936,587
New Zealand		—		711,692		—		711,692
Norway		—		2,055,946		—		2,055,946
Portugal		—		890,255		—		890,255
Singapore		—		4,299,168		—		4,299,168
South Africa		—		605,952		—		605,952
South Korea		828,710		16,778,460		—		17,607,170
Spain		—		4,800,695		—		4,800,695
Sweden		120,247		4,858,303		—		4,978,550
Switzerland		57,186		3,957,584		—		4,014,770
United Kingdom		1,355,062		6,334,033		—		7,689,095
United States		50,907,166		120,979		—		51,028,145
Other Common Stocks		8,503,063		—		—		8,503,063
Total Common Stocks		63,876,005		145,871,619		—		209,747,624
Short-Term Investments
Investment Companies		52,770		—		—		52,770
Investment of cash collateral from securities loaned		3,438,708		—		—		3,438,708
Total Investments in Securities	$	67,367,483	$	145,871,619	$	—	$	213,239,102
Appreciation in Other Financial Instruments
Futures Contracts	$	42,691	$	—	$	—	$	42,691

International Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	174,212,650	$	—	$	174,212,650
Austria		—		4,893,722		—		4,893,722
Belgium		—		12,563,091		—		12,563,091
Cambodia		—		1,227,648		—		1,227,648
Chile		—		6,246,390		—		6,246,390
China		—		14,152,728		—		14,152,728
Denmark		—		12,797,501		—		12,797,501
Finland		5,763,242		26,442,468		—		32,205,710
France		5,105,807		96,006,142		—		101,111,949
Germany		4,242,955		52,991,040		—		57,233,995
Hong Kong		—		104,342,490		—		104,342,490
Italy		—		22,203,549		—		22,203,549
Japan		—		408,258,461		—		408,258,461
Jordan		—		6,713,491		—		6,713,491
Luxembourg		—		2,947,008		—		2,947,008

194 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

International Equity ETF(continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Macau	$	—	$	3,841,420	$	—	$	3,841,420
Netherlands		—		54,582,360		—		54,582,360
New Zealand		—		12,615,039		—		12,615,039
Norway		—		26,356,830		—		26,356,830
Portugal		—		11,081,236		—		11,081,236
Russia		—		5,616,041		—		5,616,041
Singapore		—		43,799,884		—		43,799,884
South Africa		—		6,031,700		—		6,031,700
South Korea		5,064,727		140,851,900		—		145,916,627
Spain		586,837		34,839,506		—		35,426,343
Sweden		4,061,461		54,354,851		—		58,416,312
Switzerland		698,436		41,387,306		—		42,085,742
United Arab Emirates		—		742,657		—		742,657
United Kingdom		5,715,140		293,272,910		—		298,988,050
United States		—		8,487,816		—		8,487,816
Total Common Stocks		31,238,605		1,683,859,835		—		1,715,098,440
Preferred Stocks
United Kingdom		6,883		—		—		6,883
Short-Term Investments
Investment Companies		569,515		—		—		569,515
Investment of cash collateral from securities loaned		43,167,119		—		—		43,167,119
Total Investments in Securities	$	74,982,122	$	1,683,859,835	$	—	$	1,758,841,957
Appreciation in Other Financial Instruments
Futures Contracts	$	300,098	$	—	$	—	$	300,098

U.S. Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities(a)	$	707,004,304	$	—	$	—	$	707,004,304
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	65,403	$	—	$	—	$	65,403

U.S. Mid Cap Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities(a)	$	169,947,911	$	—	$	—	$	169,947,911
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	14,916	$	—	$	—	$	14,916

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 195

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

U.S. Small Cap Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	173,702,635	$	—	$	—		$	173,702,635
Rights
Food Products		—		—		—	(b)		—	(b)
Media		—		—		—	(b)		—	(b)
Total Rights		—		—		—	(b)		—	(b)
Short-Term Investments
Investment Companies		388,121		—		—			388,121
Investment of cash collateral from securities loaned		8,176,564		—		—			8,176,564
Total Investments in Securities	$	182,267,320	$	—	$	—	(b)	$	182,267,320
Appreciation in Other Financial Instruments
Futures Contracts	$	5,167	$	—	$	—		$	5,167

U.S. Dividend ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities(a)	$	30,611,598	$	—	$	—	$	30,611,598
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	4,305	$	—	$	—	$	4,305

U.S. Minimum Volatility ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities(a)	$	41,259,356	$	—	$	—	$	41,259,356
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	4,305	$	—	$	—	$	4,305

U.S. Momentum Factor ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities(a)	$	39,946,499	$	—	$	—	$	39,946,499
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	2,755	$	—	$	—	$	2,755

U.S. Quality Factor ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities(a)	$	52,372,502	$	—	$	—	$	52,372,502
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	4,305	$	—	$	—	$	4,305

196 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

U.S. Value Factor ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities(a)	$	56,695,890	$	—	$	—	$	56,695,890
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	5,610	$	—	$	—	$	5,610

(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.

(b) Value is zero.

There were no transfers into and out of level 3 for the six months ended April 30, 2019.

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 April 30, 2019, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and Regulation S under the Securities Act.

C. Futures Contracts — All funds, except BetaBuilders U.S. Equity ETF, used index futures contracts to obtain long and short exposure to the underlying commodities markets, to gain or reduce exposure to the stock market, to gain or reduce exposure to particular countries or regions, maintain liquidity, minimize transaction costs or to manage and hedge interest rate risk associated with portfolio investments.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations (“SOP”). Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the SOP at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the SOIs, 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 equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the SAL, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

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

The table below discloses the volume of the Funds’ futures contracts activity during the period ended April 30, 2019:

	BetaBuilders Canada ETF		BetaBuilders Developed Asia ex-Japan ETF		BetaBuilders Europe ETF		BetaBuilders Japan ETF		Emerging Markets Equity ETF		Europe Equity ETF		Global Equity ETF		International Equity ETF
Futures Contracts — Equity:
Average Notional Balance Long	$	12,661,569	$	7,235,322	$	17,284,661	$	22,038,555	$	685,500	$	255,406	$	961,006	$	7,291,481
Ending Notional Balance Long		16,303,352		8,417,399		35,593,884		44,597,244		809,475		328,888		818,040		10,058,475

	U.S. Equity ETF		U.S. Mid Cap Equity ETF		U.S. Small Cap Equity ETF		U.S. Dividend ETF		U.S. Minimum Volatility ETF		U.S. Momentum Factor ETF			U.S. Quality Factor ETF		U.S. Value Factor ETF
Futures Contracts — Equity:
Average Notional Balance Long	$	2,033,664	$	770,780	$	384,020	$	245,750	$	148,609	$	80,150	(a)	$	207,033	$	239,490
Ending Notional Balance Long		1,622,225		394,580		318,680		81,635		81,635		81,635			81,635		163,270

(a) For the period March 1, 2019 through April 30, 2019.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 197

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

D. Securities Lending—The Funds are 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.

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 certaindeminimis 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 in the SOIs. At April 30, 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
BetaBuilders Canada ETF	$	167,876,062	$	175,374,510	$	175,374,510
BetaBuilders Developed Asiaex-Japan ETF		5,345,743		5,629,387		5,629,387
BetaBuilders Europe ETF		256,352,424		273,946,690		273,946,690
BetaBuilders Japan ETF		4,734,944		4,939,149		4,939,149
Emerging Markets Equity ETF		697,890		746,461		746,461
Europe Equity ETF		281,824		295,789		295,789
Global Equity ETF		3,277,393		3,438,708		3,438,708
International Equity ETF		37,115,611		43,167,119		43,167,119
U.S. Equity ETF		24,018,945		24,660,085		24,660,085
U.S. Mid Cap Equity ETF		2,875,507		2,975,516		2,975,516
U.S. Small Cap Equity ETF		7,819,428		8,176,564		8,176,564
U.S. Momentum Factor ETF		180,731		183,685		183,685
U.S. Quality Factor ETF		268,181		276,387		276,387
U.S. Value Factor ETF		74,487		79,891		79,891

The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.

198 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

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 April 30, 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)
BetaBuilders Canada ETF	$	167,876,062	$	(167,876,062	)	$	—
BetaBuilders Developed Asiaex-Japan ETF		5,345,743		(5,345,743	)		—
BetaBuilders Europe ETF		256,352,424		(256,352,424	)		—
BetaBuilders Japan ETF		4,734,944		(4,734,944	)		—
Emerging Markets Equity ETF		697,890		(697,890	)		—
Europe Equity ETF		281,824		(281,824	)		—
Global Equity ETF		3,277,393		(3,277,393	)		—
International Equity ETF		37,115,611		(37,115,611	)		—
U.S. Equity ETF		24,018,945		(24,018,945	)		—
U.S. Mid Cap Equity ETF		2,875,507		(2,875,507	)		—
U.S. Small Cap Equity ETF		7,819,428		(7,819,428	)		—
U.S. Momentum Factor ETF		180,731		(180,731	)		—
U.S. Quality Factor ETF		268,181		(268,181	)		—
U.S. Value Factor ETF		74,487		(74,487	)		—

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:

BetaBuilders Canada ETF	$	6,950
BetaBuilders Developed Asiaex-Japan ETF		1,439
BetaBuilders Europe ETF		4,284
BetaBuilders Japan ETF		4,999
Emerging Markets Equity ETF		50
Europe Equity ETF		68
Global Equity ETF		709
International Equity ETF		2,168
U.S. Equity ETF		3,239
U.S. Mid Cap Equity ETF		580
U.S. Small Cap Equity ETF		1,915
U.S. Dividend ETF		79
U.S. Minimum Volatility ETF		23
U.S. Momentum Factor ETF		59
U.S. Quality Factor ETF		62
U.S. Value Factor ETF		57

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).

BetaBuilders U.S. Equity ETF did not lend out any securities during the period ended April 30, 2019.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 199

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

E. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer who is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below.

BetaBuilders Canada ETF

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares (a)	$	1,992,902	$	—	$	1,992,902	$	(199	)	$	199	$	—		—	$	—		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (a)(b)		49,999,700		1,086,000,000		1,006,000,000		13,601	*		—		130,013,301		130,000,301		776,455	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b)		19,883,026		762,883,617		737,405,434		—			—		45,361,209		45,361,209		268,626	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		190,063		8,147,244		8,337,307		—			—		—		—		3,731			—
Total	$	72,065,691	$	1,857,030,861	$	1,753,735,643	$	13,402		$	199	$	175,374,510			$	1,048,812		$	—

BetaBuilders Developed Asiaex-Japan ETF

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (a)(b)	$	—	$	15,000,000	$	13,000,000	$	—	$	—	$	2,000,000		1,999,800	$	9,551	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b)		—		15,221,432		11,592,045		—		—		3,629,387		3,629,387		45,066	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		254,772		48,388,688		48,643,460		—		—		—		—		5,141			—
Total	$	254,772	$	78,610,120	$	73,235,505	$	—	$	—	$	5,629,387			$	59,758		$	—

200 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

BetaBuilders Europe ETF

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares (a)	$	2,999,300	$	—	$	2,999,300	$	(300	)*	$	300	*	$	—		—	$	—		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (a)(b)		17,999,500		326,000,000		146,000,000		1,900	*		500	*		198,001,900		197,982,102		511,293	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b)		5,502,935		202,992,372		132,550,517		—			—			75,944,790		75,944,790		182,935	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		296,502		17,282,282		17,578,784		—			—			—		—		4,568			—
Total	$	26,798,237	$	546,274,654	$	299,128,601	$	1,600		$	800		$	273,946,690			$	698,796		$	—

BetaBuilders Japan ETF

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (a)(b)	$	12,999,800	$	308,000,000	$	318,000,000	$	4,200	*	$	200	*	$	3,004,200		3,003,900	$	501,273	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b)		6,499,769		166,619,774		171,184,594		—			—			1,934,949		1,934,949		144,493	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		288,800		16,223,341		16,512,141		—			—			—		—		3,955			—
Total	$	19,788,369	$	490,843,115	$	505,696,735	$	4,200		$	200		$	4,939,149			$	649,721		$	—

BetaBuilders U.S. Equity ETF

	For the period ended April 30, 2019
Security Description	Value at March 12, 2019 (c)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Chase & Co. Shares (d)	$	—	$	424,563	$	3,409	$	80	$	47,840	$	469,074		4,042	$	2,964	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b)		—		134,145		18,098		—		—		116,047		116,047		213		—
Total	$	—	$	558,708	$	21,507	$	80	$	47,840	$	585,121			$	3,177	$	—

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 201

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Emerging Markets Equity ETF

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b)	$	—	$	2,101,227	$	1,354,766	$	—	$	—	$	746,461		746,461	$	2,480	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		753,648		1,045,125		1,798,773		—		—		—		—		1,410			—
Total	$	753,648	$	3,146,352	$	3,153,539	$	—	$	—	$	746,461			$	3,890		$	—

Europe Equity ETF

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b)	$	—	$	2,207,995	$	1,912,206	$	—	$	—	$	295,789		295,789	$	2,605	*	$	—

Global Equity ETF

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (a)(b)	$	—	$	3,000,000	$	1,000,000	$	—	$	—	$	2,000,000		1,999,800	$	13,207	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b)		924,151		22,481,893		21,967,336		—		—		1,438,708		1,438,708		23,794	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b)		627,017		2,564,559		3,138,806		—		—		52,770		52,770		3,884			834
Total	$	1,551,168	$	28,046,452	$	26,106,142	$	—	$	—	$	3,491,478			$	40,885		$	834

202 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

International Equity ETF

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (a)(b)	$	—	$	82,000,000	$	54,000,000	$	—	$	—	$	28,000,000		27,997,200	$	130,365	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b)		—		75,041,151		59,874,032		—		—		15,167,119		15,167,119		81,722	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b)		6,618,219		29,759,755		35,808,459		—		—		569,515		569,515		26,691			—
Total	$	6,618,219	$	186,800,906	$	149,682,491	$	—	$	—	$	43,736,634			$	238,778		$	—

U.S. Equity ETF

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (a)(b)	$	—	$	103,000,000	$	88,000,000	$	5,101	*	$	—	$	15,005,101		15,003,600	$	258,088	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b)		4,709,887		138,139,988		133,194,891		—			—		9,654,984		9,654,984		100,430	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b)		6,889,863		16,566,472		22,631,214		—			—		825,121		825,121		22,401			—
Total	$	11,599,750	$	257,706,460	$	243,826,105	$	5,101		$	—	$	25,485,206			$	380,919		$	—

U.S. Mid Cap Equity ETF

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (a)(b)	$	—	$	3,000,000	$	1,000,000	$	—	$	—	$	2,000,000		1,999,800	$	1,191	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b)		643,332		18,834,328		18,502,144		—		—		975,516		975,516		17,357	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b)		3,620,915		4,842,302		8,134,601		—		—		328,616		328,616		9,121			—
Total	$	4,264,247	$	26,676,630	$	27,636,745	$	—	$	—	$	3,304,132			$	27,669		$	—

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 203

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

U.S. Small Cap Equity ETF

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (a)(b)	$	—	$	18,000,000	$	16,000,000	$	1,200	*	$	400	*	$	2,001,600		2,001,400	$	56,143	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b)		2,431,125		48,229,357		44,485,518		—			—			6,174,964		6,174,964		61,784	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b)		1,505,075		4,333,743		5,450,697		—			—			388,121		388,121		4,703			—
Total	$	3,936,200	$	70,563,100	$	65,936,215	$	1,200		$	400		$	8,564,685			$	122,630		$	—

U.S. Dividend ETF

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)	$	148,580	$	2,698,160	$	2,846,740	$	—	$	—	$	—		—	$	2,345	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b)		1,248,859		1,255,395		2,470,982		—		—		33,272		33,272		2,671			—
Total	$	1,397,439	$	3,953,555	$	5,317,722	$	—	$	—	$	33,272			$	5,016		$	—

U.S. Minimum Volatility ETF

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)	$	93,840	$	1,679,330	$	1,773,170	$	—	$	—	$	—		—	$	702	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b)		760,666		1,194,696		1,880,851		—		—		74,511		74,511		2,106			—
Total	$	854,506	$	2,874,026	$	3,654,021	$	—	$	—	$	74,511			$	2,808		$	—

U.S. Momentum Factor ETF

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b)	$	66,300	$	3,353,706	$	3,236,321	$	—	$	—	$	183,685		183,685	$	1,861	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b)		63,323		732,841		737,690		—		—		58,474		58,474		540			—
Total	$	129,623	$	4,086,547	$	3,974,011	$	—	$	—	$	242,159			$	2,401		$	—

204 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

U.S. Quality Factor ETF

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b)	$	58,800	$	2,495,576	$	2,277,989	$	—	$	—	$	276,387		276,387	$	1,887	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b)		836,372		1,604,930		2,392,699		—		—		48,603		48,603		2,052			—
Total	$	895,172	$	4,100,506	$	4,670,688	$	—	$	—	$	324,990			$	3,939		$	—

U.S. Value Factor ETF

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b)	$	57,600	$	2,351,525	$	2,329,234	$	—	$	—	$	79,891		79,891	$	1,672	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b)		692,762		1,758,303		2,376,733		—		—		74,332		74,332		2,295			—
Total	$	750,362	$	4,109,828	$	4,705,967	$	—	$	—	$	154,223			$	3,967		$	—

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

(b) The rate shown is the current yield as of April 30, 2019.

(c) Commencement of operations.

(d) Investment in affiliate. This security is included in an index in which the Fund, as an index fund, invests.

* Amount is included on the SOP as income from securities lending (net) (after payments of rebates and Citibank’s fee).

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

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices of securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the SOP.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the SOP. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end are included in Change in net unrealized appreciation/ depreciation on foreign currency translations on the SOP.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 205

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

G. Offering and Organizational Costs — Total offering costs incurred in connection with the offering of shares of the Funds are amortized on a straight line basis over 12 months from the date the Funds commenced operations. For the period ended April 30, 2019, total offering costs incurred were:

BetaBuilders Canada ETF	$	16,918
BetaBuilders Developed Asiaex-Japan ETF		15,610
BetaBuilders Europe ETF		13,889
BetaBuilders Japan ETF		13,250
U.S. Dividend ETF		4,068
U.S. Minimum Volatility ETF		5,756
U.S. Momentum Factor ETF		4,071
U.S. Quality Factor ETF		4,061
U.S. Value Factor ETF		4,073

Costs paid in connection with the organization of the Funds, if any, were recorded as an expense at the time the Funds commenced operations and are included as part of Professional fees on the SOP. For the period ended April 30, 2019, total offering costs amortized were:

BetaBuilders Canada ETF	$	8,389
BetaBuilders Developed Asiaex-Japan ETF		7,741
BetaBuilders Europe ETF		6,887
BetaBuilders Japan ETF		6,545
U.S. Dividend ETF		90
U.S. Minimum Volatility ETF		126
U.S. Momentum Factor ETF		90
U.S. Quality Factor ETF		90
U.S. Value Factor ETF		89

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

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

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

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2019, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

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

206 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee and Management Fee — Pursuant to Investment Advisory Agreement for all Funds, except the BetaBuilders U.S. Equity ETF, and a Management Agreement for the BetaBuilders U.S. Equity ETF, the Adviser supervises the investments of each Fund. For such services, the Adviser is paid a fee which is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

BetaBuilders Canada ETF	0.19	%
BetaBuilders Developed Asiaex-Japan ETF	0.19	%
BetaBuilders Europe ETF	0.09	%
BetaBuilders Japan ETF	0.19	%
BetaBuilders U.S. Equity ETF	0.02	%
Emerging Markets Equity ETF	0.44	%
Europe Equity ETF	0.30	%
Global Equity ETF	0.24	%
International Equity ETF	0.24	%
U.S. Equity ETF	0.23	%
U.S. Mid Cap Equity ETF	0.24	%
U.S. Small Cap Equity ETF	0.29	%
U.S. Dividend ETF	0.23	%
U.S. Minimum Volatility ETF	0.23	%
U.S. Momentum Factor ETF	0.23	%
U.S. Quality Factor ETF	0.23	%
U.S. Value Factor ETF	0.23	%

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

Under the Management Agreement, JPMIM is responsible for substantially all expenses of the BetaBuilders U.S. Equity ETF, except for the management fees, payments under the BetaBuilders U.S. Equity ETF’s12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the adviser and/or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of the BetaBuilders U.S. Equity ETF’s business. Additionally, the BetaBuilders U.S. Equity ETF shall be responsible for itsnon-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable.

B. Administration Fee — Pursuant to an Administration Agreement for all Funds, except the BetaBuilders U.S. Equity ETF, 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 also provides administration services to the BetaBuilders U.S. Equity ETF pursuant to the Management Agreement for that Fund; the Administrator is compensated as described in Note 3.A.

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, except the BetaBuilders U.S. Equity ETF, which is paid as described in Note 3.A, 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.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 207

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

For the period ended April 30, 2019, the amount of transaction fees paid by the Authorized Participants to the Funds that were used to reimburse Custodian and Transfer Agent fees were as follows:

BetaBuilders Canada ETF	$	60,000
BetaBuilders Developed Asiaex-Japan ETF		135,000
BetaBuilders Europe ETF		492,200
BetaBuilders Japan ETF		155,000
Emerging Markets Equity ETF		132,300
Europe Equity ETF		34,200
Global Equity ETF		15,400
International Equity ETF		72,000
U.S. Equity ETF		24,650
U.S. Mid Cap Equity ETF		13,500
U.S. Small Cap Equity ETF		33,600
U.S. Dividend ETF		3,000
U.S. Minimum Volatility ETF		3,600
U.S. Momentum Factor ETF		1,600
U.S. Quality Factor ETF		3,000
U.S. Value Factor ETF		7,700

Such amounts are included in expense reimbursements from non-affiliates in the SOP.

Restricted cash on the SAL is cash received from Authorized Participants for the reimbursement of creation and/or redemption of Fund shares.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the SOP.

D. Waivers and Reimbursements — The Adviser has contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses, (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses), exceed the percentages of the Funds’ respective average daily net assets as shown in the below table:

	Expense Cap
BetaBuilders Canada ETF		0.19	%
BetaBuilders Developed Asiaex-Japan ETF		0.19	%
BetaBuilders Europe ETF		0.09	%
BetaBuilders Japan ETF		0.19	%
Emerging Markets Equity ETF		0.45	%
Europe Equity ETF		0.38	%
Global Equity ETF		0.38	%
International Equity ETF		0.38	%
U.S. Equity ETF		0.19	%
U.S. Mid Cap Equity ETF		0.24	%
U.S. Small Cap Equity ETF		0.29	%
U.S. Dividend ETF		0.12	%
U.S. Minimum Volatility ETF		0.12	%
U.S. Momentum Factor ETF		0.12	%
U.S. Quality Factor ETF		0.12	%
U.S. Value Factor ETF		0.12	%

The expense limitation agreements were in effect for the period ended April 30, 2019 and are in place until at least February 28, 2022.

208 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

For the period ended April 30, 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
BetaBuilders Canada ETF	$	908,748	$	605,832	$	1,514,580	$	646
BetaBuilders Developed Asiaex-Japan ETF		455,139		303,426		758,565		1,119
BetaBuilders Europe ETF		921,929		614,620		1,536,549		—
BetaBuilders Japan ETF		1,087,871		725,248		1,813,119		—
Emerging Markets Equity ETF		324,108		102,471		426,579		—
Europe Equity ETF		53,507		14,418		67,925		5,752
Global Equity ETF		48,479		32,319		80,798		—
International Equity ETF		44,395		29,596		73,991		—
U.S. Equity ETF		307,366		204,911		512,277		—
U.S. Mid Cap Equity ETF		72,266		48,178		120,444		—
U.S. Small Cap Equity ETF		62,615		41,744		104,359		—
U.S. Dividend ETF		31,730		10,911		42,641		30,756
U.S. Minimum Volatility ETF		35,460		12,138		47,598		29,414
U.S. Momentum Factor ETF		38,978		13,222		52,200		27,905
U.S. Quality Factor ETF		45,026		15,324		60,350		23,877
U.S. Value Factor ETF		52,923		17,863		70,786		20,212

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). For each Fund, except the BetaBuilders U.S. Equity ETF, the Adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective fees and expenses incurred by each Fund from the applicable Fund’s investment in such affiliated money market funds, except for investments of securities lending collateral. For BetaBuilders U.S. Equity ETF, these waivers are covered under the Management Agreement as described in Note 3.A.

The amounts of these waivers resulting from investments in these money market funds for the period ended April 30, 2019, were as follows:

BetaBuilders Canada ETF	$	406
BetaBuilders Developed Asiaex-Japan ETF		504
BetaBuilders Europe ETF		462
BetaBuilders Japan ETF		609
BetaBuilders U.S. Equity ETF		2
Emerging Markets Equity ETF		256
Europe Equity ETF		1
Global Equity ETF		413
International Equity ETF		3,507
U.S. Equity ETF		2,655
U.S. Mid Cap Equity ETF		1,063
U.S. Small Cap Equity ETF		627
U.S. Dividend ETF		344
U.S. Minimum Volatility ETF		246
U.S. Momentum Factor ETF		53
U.S. Quality Factor ETF		249
U.S. Value Factor ETF		266

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

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

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, excluding the BetaBuilders U.S. Equity ETF, along with 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.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 209

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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 April 30, 2019, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
BetaBuilders Canada ETF	$	195,633,782	$	117,914,966
BetaBuilders Developed Asiaex-Japan ETF		135,303,909		30,316,361
BetaBuilders Europe ETF		104,921,526		72,137,806
BetaBuilders Japan ETF		72,508,725		67,359,440
BetaBuilders U.S. Equity ETF		225,644		244,808
Emerging Markets Equity ETF		112,697,137		51,044,424
Europe Equity ETF		3,440,276		3,621,936
Global Equity ETF		25,878,572		24,089,684
International Equity ETF		216,144,058		171,343,083
U.S. Equity ETF		82,142,305		73,457,512
U.S. Mid Cap Equity ETF		22,192,930		17,010,031
U.S. Small Cap Equity ETF		12,893,056		10,264,093
U.S. Dividend ETF		4,008,473		3,144,989
U.S. Minimum Volatility ETF		4,126,668		3,173,489
U.S. Momentum Factor ETF		7,691,918		7,547,858
U.S. Quality Factor ETF		6,001,494		4,205,710
U.S. Value Factor ETF		6,343,919		5,220,111

During the period ended April 30, 2019, there were no purchases or sales of U.S. Government securities.

For the period ended April 30, 2019,in-kind transactions associated with creations and redemptions were:

	In-Kind Creations		In-Kind Redemptions
BetaBuilders Canada ETF	$	1,479,200,133	$	73,579,797
BetaBuilders Developed Asiaex-Japan ETF		468,379,199		34,707,308
BetaBuilders Europe ETF		2,701,100,975		61,038,875
BetaBuilders Japan ETF		1,638,376,138		606,864,991
BetaBuilders U.S. Equity ETF		30,145,265		—
Emerging Markets Equity ETF		34,635,163		—
Europe Equity ETF		10,046,848		66,469,954
Global Equity ETF		4,795,720		10,686,974
International Equity ETF		211,120,357		37,757,391
U.S. Equity ETF		117,261,347		42,533,742
U.S. Mid Cap Equity ETF		55,189,879		11,612,031
U.S. Small Cap Equity ETF		85,991,652		18,054,329
U.S. Dividend ETF		3,795,369		2,004,161
U.S. Minimum Volatility ETF		10,882,814		—
U.S. Momentum Factor ETF		7,541,893		—
U.S. Quality Factor ETF		18,072,296		—
U.S. Value Factor ETF		29,838,508		7,666,552

210 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2019 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
BetaBuilders Canada ETF	$	3,800,966,121	$	167,237,245	$	72,956,043	$	94,281,202
BetaBuilders Developed Asiaex-Japan ETF		1,206,190,402		95,092,295		19,580,004		75,512,291
BetaBuilders Europe ETF		4,349,232,969		265,114,885		54,321,913		210,792,972
BetaBuilders Japan ETF		3,513,823,310		142,041,911		215,811,522		(73,769,611	)
BetaBuilders U.S. Equity ETF		30,243,550		1,814,018		286,692		1,527,326
Emerging Markets Equity ETF		306,912,484		34,690,333		11,018,364		23,671,969
Europe Equity ETF		17,805,835		684,408		1,329,281		(644,873	)
Global Equity ETF		202,452,484		20,990,659		10,161,350		10,829,309
International Equity ETF		1,706,606,327		143,344,399		90,808,671		52,535,728
U.S. Equity ETF		631,754,425		92,101,350		16,786,068		75,315,282
U.S. Mid Cap Equity ETF		156,020,987		18,239,193		4,297,353		13,941,840
U.S. Small Cap Equity ETF		176,402,037		13,961,533		8,091,083		5,870,450
U.S. Dividend ETF		28,954,733		2,726,066		1,064,896		1,661,170
U.S. Minimum Volatility ETF		37,476,639		4,508,637		721,615		3,787,022
U.S. Momentum Factor ETF		33,810,768		6,492,989		354,503		6,138,486
U.S. Quality Factor ETF		46,622,554		6,495,297		741,044		5,754,253
U.S. Value Factor ETF		52,482,678		5,206,699		987,877		4,218,822

As of October 31, 2018, the following Funds had net capital loss carryforwards as follows:

	Capital Loss Carryforward Character
	Short-Term			Long-Term
BetaBuilders Canada ETF	$	(772,844	)	$	—
BetaBuilders Developed Asiaex-Japan ETF		(149,273	)		—
BetaBuilders Japan ETF		(917,863	)		—
Emerging Markets Equity ETF		(8,430,347	)		(143,376	)
Europe Equity ETF		(149,231	)		—
Global Equity ETF		(404,849	)
International Equity ETF		(3,014,624	)		—
U.S. Equity ETF		(1,607,722	)		—
U.S. Mid Cap Equity ETF		(475,898	)		—
U.S. Small Cap Equity ETF		(348,136	)		—
U.S. Dividend ETF		(265,350	)		—
U.S. Minimum Volatility ETF		(91,144	)		(1,769	)
U.S. Momentum Factor ETF		(304,497	)		—
U.S. Quality Factor ETF		(108,318	)		—
U.S. Value Factor ETF		(104,119	)		—

During the year ended October 31, 2018, the following Funds utilized capital loss carryforwards as follows:

	Short-Term		Long-Term
Emerging Markets Equity ETF	$	1,583,336	$	469,956
Europe Equity ETF		84,108		—
Global Equity ETF		428,239		351,978
International Equity ETF		—		4,472,246
U.S. Equity ETF		—		243,462

6. Capital Share Transactions

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

Shares of the Funds may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds’ shares outstanding, act as executing or clearing broker for investment transactions on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 211

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.

Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105%, for BetaBuilders Canada ETF, BetaBuilders Developed Asiaex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders Japan ETF, Europe Equity ETF, Global Equity ETF and International Equity ETF, and plus at least 110% for Emerging Markets Equity ETF of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of April 30, 2019, the Adviser owns shares representing more than 10% of net assets of following Funds:

	% of Ownership
U.S. Dividend ETF		86	%
U.S. Minimum Volatility ETF		69
U.S. Momentum Factor ETF		71
U.S. Quality Factor ETF		55
U.S. Value Factor ETF		48

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

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

The BetaBuilders Canada ETF, BetaBuilders Developed Asiaex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders Japan ETF, Emerging Markets Equity ETF, Europe Equity ETF, Global Equity ETF and International Equity ETF may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period depending on the Funds. Such concentrations may subject each Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.

As of April 30, 2019, the following Funds hadnon-U.S. country allocations representing greater than 10% of total investments as follows:

Fund Name	Australia			Brazil			Canada			China			France			Germany			Hong Kong			India			Japan			Singapore			Switzerland			Taiwan			United Kingdom
BetaBuilders Canada ETF		—	%		—	%		92.6	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%
BetaBuilders Developed Asiaex-Japan ETF		53.6			—			—			—			—			—			28.6			—			—			12.2			—			—			—
BetaBuilders Europe ETF		—			—			—			—			15.8			12.8			—			—			—			—			13.2			—			22.0
BetaBuilders Japan ETF		—			—			—			—			—			—			—			—			99.9			—			—			—			—
Emerging Markets Equity ETF		—			10.7			—			20.2			—			—			—			10.1			—			—			—			16.0			—
Europe Equity ETF		—			—			—			—			15.5			12.1			—			—			—			—			—			—			20.0
Global Equity ETF		—			—			—			—			—			—			—			—			21.2			—			—			—			—
International Equity ETF		—			—			—			—			—			—			—			—			23.2			—			—			—			17.0

As of April 30, 2019, a significant portion of each Fund’s net assets noted in the table above consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Fund’s holdings. During such periods, investors may incur significant losses if shares are sold.

212 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

The Funds may not track the return of the underlying index for a number of reasons and therefore may not achieve its investment objective. For example, each Fund incurs a number of operating expenses not applicable to its underlying index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the underlying index. In addition, a Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, each Fund’s return differs from the return of the underlying index.

8. New Accounting Pronouncements

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 Funds’ net assets or results of operation.

9. Subsequent Event

At its June 11-12, 2019 meeting, the Board of Trustees approved a new management agreement for each of the Funds (except for BetaBuilders U.S. Equity ETF), contingent on approval by each Fund’s shareholders. This approval will be sought at a shareholder meeting expected to be held on August 22, 2019. If approved by shareholders of a Fund, the new agreement would become effective on November 1, 2019, and would result in the implementation of a single management fee in lieu of the fee structure currently in place for that Fund. In addition, if approved, this agreement would replace each Fund’s current investment advisory agreement, as well as its current administration and expense limitation agreements. This proposal will not result in an increase in a Fund’s current net expense ratio or change the level of services provided by JPMIM under the current investment advisory and administration agreements.

During the period April 30, 2019 through June 18, 2019, Global Equity ETF had net redemptions of $64,388,685. The amount represented approximately 31% of the Fund’s net assets as of April 30, 2019.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 213

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur ongoing costs, investment advisory fees, administration fees and other Fund expenses, in addition to brokerage commissions on your purchases and sales of Fund shares. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period November 1, 2018 and continued to hold your shares at the end of the reporting period, April 30, 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.

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio			Expenses Paid During the Period
JPMorgan BetaBuilders Canada ETF
Actual (1)	$	1,000.00	$	1,109.40		0.19	%	$	0.99
Hypothetical (1)		1,000.00		1,023.85		0.19			0.95
JPMorgan BetaBuilders Developed Asiaex-Japan ETF
Actual (1)		1,000.00		1,152.20		0.19			1.01
Hypothetical (1)		1,000.00		1,023.85		0.19			0.95
JPMorgan BetaBuilders Europe ETF
Actual (1)		1,000.00		1,090.30		0.09			0.47
Hypothetical (1)		1,000.00		1,024.35		0.09			0.45
JPMorgan BetaBuilders Japan ETF
Actual (1)		1,000.00		1,022.30		0.19			0.95
Hypothetical (1)		1,000.00		1,023.85		0.19			0.95
JPMorgan BetaBuilders U.S. Equity ETF
Actual (2)		1,000.00		1,056.80		0.02			0.03
Hypothetical (1)		1,000.00		1,024.70		0.02			0.10
JPMorgan Diversified Return Emerging Markets Equity ETF
Actual (1)		1,000.00		1,091.00		0.45			2.33
Hypothetical (1)		1,000.00		1,022.56		0.45			2.26
JPMorgan Diversified Return Europe Equity ETF
Actual (1)		1,000.00		1,080.80		0.38			1.96
Hypothetical (1)		1,000.00		1,022.91		0.38			1.91
JPMorgan Diversified Return Global Equity ETF
Actual (1)		1,000.00		1,075.70		0.38			1.96
Hypothetical (1)		1,000.00		1,022.91		0.38			1.91
JPMorgan Diversified Return International Equity ETF
ETF Shares
Actual (1)		1,000.00		1,060.30		0.38			1.94
Hypothetical (1)		1,000.00		1,022.91		0.38			1.91

214 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio			Expenses Paid During the Period
JPMorgan Diversified Return U.S. Equity ETF
Actual (1)	$	1,000.00	$	1,084.60		0.19	%	$	0.98
Hypothetical (1)		1,000.00		1,023.85		0.19			0.95
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Actual (1)		1,000.00		1,082.10		0.24			1.24
Hypothetical (1)		1,000.00		1,023.60		0.24			1.20
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Actual (1)		1,000.00		1,066.50		0.29			1.49
Hypothetical (1)		1,000.00		1,023.36		0.29			1.45
JPMorgan U.S. Dividend ETF
Actual (1)		1,000.00		1,088.60		0.12			0.62
Hypothetical (1)		1,000.00		1,024.20		0.12			0.60
JPMorgan U.S. Minimum Volatility ETF
Actual (1)		1,000.00		1,100.70		0.12			0.63
Hypothetical (1)		1,000.00		1,024.20		0.12			0.60
JPMorgan U.S. Momentum Factor ETF
Actual (1)		1,000.00		1,099.60		0.12			0.62
Hypothetical (1)		1,000.00		1,024.20		0.12			0.60
JPMorgan U.S. Quality Factor ETF
Actual (1)		1,000.00		1,100.40		0.12			0.62
Hypothetical (1)		1,000.00		1,024.20		0.12			0.60
JPMorgan U.S. Value Factor ETF
Actual (1)		1,000.00		1,081.70		0.12			0.62
Hypothetical (1)		1,000.00		1,024.20		0.12			0.60

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

(2) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 50/365 (to reflect the actual period). The Fund commenced operations on March 12, 2019.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 215

BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENT

(Unaudited)

JPMorgan BetaBuilders U.S. Equity ETF

On March5-6, 2019, the Board of Trustees heldin-person meetings and approved the initial management agreement (the “Management Agreement”) for the JPMorgan BetaBuilders U.S. Equity ETF (the “Fund”). The Management Agreement was approved by a majority of the Trustees who are not “Interested Persons” (as defined in the 1940 Act) of any party to the Management Agreement or any of their affiliates. In connection with the approval of the Management Agreement, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed Management Agreement, the Trustees reviewed the Management Agreement with representatives of the Adviser and with counsel to the Trust and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Management Agreement. They also considered information they received 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 Management Agreement in executive session with independent legal counsel at which no representatives of the Adviser were present.

Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Management Agreement. The Trustees considered information provided with respect to the Fund and the approval of the Management 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 the Fund under the Management Agreement was fair and reasonable and that initial approval of the Management Agreement was in the best interests of the Fund and its potential shareholders.

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

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of the initial Management Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the Management 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 the Fund. The Trustees also considered the investment strategy for the Fund, and the infrastructure supporting the portfolio management teams. In addition, the Trustees considered information about the structure and distribution strategy of the

Fund, how it fits within the Trust’s other fund offerings, and how it will be positioned against peer funds, as identified by management and/or Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data. The Trustees also considered the administration services to be provided by the Adviser under the Management Agreement.

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

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

Fall-Out Benefits

The Trustees reviewed information regarding potential“fall-out” or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Fund. 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 JPMorgan Chase Bank, N.A.’s roles as custodian, fund accountant and transfer agent for the Fund.

Economies of Scale

The Trustees considered the extent to which the Fund will benefit from economies of scale. The Trustees noted that the proposed unitary management fee schedule for the Fund does not contain breakpoints. The Trustees also considered that shareholders would benefit because expenses would be limited even when the Fund was new and not achieving economies of scale. The Trustees also considered the fact that increases in assets would not lead to fee decreases even if economies of scale are achieved, but also that they would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future.

Investment Performance

The Trustees considered the Fund’s investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.

216 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

Management Fees and Expense Ratios

The Trustees considered that under the Management Agreement, the Adviser will provide advisory and administrative services and will be responsible for substantially all of the expenses of the Fund (“unitary fee structure”). The Trustees considered the contractual management fee rate that will be paid by the Fund to the Adviser and compared the rate to information prepared by Broadridge, providing management fee rates paid by other funds in the same Broadridge category as the Fund. The Trustees also compared the management fee for the Fund 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 the Fund.

The Trustees noted that the Fund’s proposed management fee was in line with identified peer funds. The Trustees also noted that because the Fund was not yet operational, no profitability information was available. After considering the factors identified above, in light of the information, the Trustees concluded that the Fund’s proposed management fee was reasonable.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 217

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return Europe Equity ETF, JPMorgan Diversified Return Global Equity ETF, JPMorgan Diversified Return International Equity EFT, JPMorgan Diversified Return U.S Equity ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JPMorgan Diversified Return U.S. Small Cap Equity ETF, JPMorgan U.S. Dividend ETF, JPMorgan U.S. Minimum Volatility ETF, JPMorgan U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF

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 Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return Europe Equity ETF, JPMorgan Diversified Return Global Equity ETF, JPMorgan Diversified Return International Equity EFT, JPMorgan Diversified Return U.S Equity ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JPMorgan Diversified Return U.S. Small Cap Equity ETF, JPMorgan U.S. Dividend ETF, JPMorgan U.S. Minimum Volatility ETF, JPMorgan U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF (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 the day-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

218 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

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 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. 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 considered each Fund’s investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by management. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered each Fund’s performance 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.

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, as applicable. 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

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 219

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 Diversified Return Emerging Markets Equity 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 third 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 Diversified Return Europe Equity ETF’s net advisory fee and actual total expenses were in the first quintile based upon both 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 Diversified Return Global Equity ETF’s net advisory fee and actual total expenses were in the first and third quintiles, respectively, based upon the 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 Diversified Return International Equity EFT’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 third and four 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 Diversified Return U.S. Equity EFT’s net advisory fee and actual total expenses were in the first and second quintiles, respectively, based upon both 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 Diversified Return U.S. Mid Cap Equity ETF’s net advisory fee and actual total expenses were in the first and second quintiles, respectively, based upon the 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 Diversified Return U.S. Small Cap Equity EFT’s net advisory fee was in the first and second quintiles based upon the Peer Group and Universe, respectively; 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 U.S. Dividend EFT’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 third and first 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 U.S. Minimum Volatility 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.

The Trustees noted that the JPMorgan U.S. Momentum Factor ETF’s net advisory fee and actual total expenses were in the first quintile based upon both 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 U.S. Quality Factor 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.

The Trustees noted that the JPMorgan U.S. Value Factor EFT’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 first 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.

220 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

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.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on FormN-PORT. Prior to March 31, 2019, each Fund filed 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 Funds’ Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019.  All rights reserved. April 2019. SAN-ETF-419

Semi-Annual Report

J.P. Morgan Exchange-Traded Funds

April 30, 2019 (Unaudited)

JPMorgan Diversified Alternatives ETF

JPMorgan Event Driven ETF

JPMorgan Long/Short ETF

JPMorgan Managed Futures Strategy ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the 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 Diversified Alternatives ETF	3
JPMorgan Event Driven ETF	6
JPMorgan Long/Short ETF	9
JPMorgan Managed Futures Strategy ETF	12
Schedules of Portfolio Investments	14
Financial Statements	120
Financial Highlights	124
Notes to Financial Statements	126
Schedule of Shareholder Expenses	145
Board Approval of Investment Advisory Agreements	146

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 the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of a Fund.

Prospective investors should refer to the Funds’ 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 the Fund, including management fees and other expenses. Please read it carefully before investing.

Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from 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

JUNE 15, 2019 (Unaudited)

Dear Shareholders,

JPMorgan Exchange-Traded Funds entered 2019 after a year of tremendous growth in 2018, having been named “The industry’s fastest-growing ETF manager.”¹ This success was recognized at the sixth annual ETF.com awards, where J.P. Morgan Asset Management won four accolades, including “ETF Issuer of the Year²” and “ETF of the Year²” 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 of two additional BetaBuilders ETFs in March, JPMorgan BetaBuilders1-5 Year U.S. Aggregate Bond ETF (BBSA) and JPMorgan

BetaBuilders U.S. Equity ETF (BBUS), bringing our roster to 32 products and more than $25 billion in assets under management as of June 15, 2019.

  “We expanded our BetaBuilders suite to offer clients efficient access to portfolio building blocks. The exposures are simple, straightforward and priced for today’s market.” – Joanna M. Gallegos  

Despite signs of slowing growth in Europe and investor concerns about rising import tariffs, the U.S. economic expansion is poised to become the longest on record. Against this late-cycle backdrop, we believe J.P. Morgan’s broad line of equity and alternatives ETFs can help build portfolios designed to

weather market cycles and keep clients invested. For investors that are concerned about volatility, our Diversified Return Equity suite is designed to provide less downside while participating in up markets. This comprehensive suite seeks to provide investors a smoother ride across equity markets including: large, mid and small cap U.S. markets, international developed markets and emerging markets. Additionally, investors can access additional sources of diversification with our alternatives ETFs suite, which is designed to provide liquid,low-cost exposures to hedge fund strategies.

We are proud to bring a range of investment solutions to help you navigate a changing market landscape. We are committed to building solutions that address your needs and help you build stronger portfolios. Thank you for your belief in our Firm and our process.

Sincerely,

Joanna M. Gallegos

President, J.P. Morgan Exchange-Traded Funds

J.P. Morgan Asset Management

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

¹  Ignites.com as of November 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 January 14, 2019, and results were announced March 28, 2019.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 1

J.P. Morgan Exchange-Traded Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

Global equity prices generally declined in the final months of 2018, only to rebound in the first months of 2019, pushing leading U.S. equity indexes to record highs in the final week of April. While U.S. equity markets outperformed those of other developed markets, the largest returns for the six month reporting period came from emerging markets equity and emerging markets debt.

Investor expectations of rising U.S. interest rates, signs of slowing economic growth in both China and the Euro Zone and unresolved U.S.-China trade tensions combined to drive market volatility higher and equity prices lower in late 2018. The global sell-off became particularly acute in December. In the U.S., the S&P 500 Index returned -9.18% for the month, its worst single-month performance since February 2009 and its worst December performance since 1931.

In Europe, a sharp decline in manufacturing exports as well as political uncertainty in Italy and France led to weakening business sentiment. In the U.K., Prime Minister Theresa May’s inability to win Parliament’s approval for a plan to exit the European Union served to further erode business and investor confidence.

However, by the end of December, the U.S. Federal Reserve had moved to a neutral policy stance and the European Central Bank — while ending its quantitative easing program in the face of broad-based wage growth — reiterated its intention to hold interest rates at current levels through the end of 2019. The Bank of England also held U.K. interest rates steady.

Global equity and bond markets began to stabilize in January 2018 and asset prices generally advanced over the next three months as signs of inflationary pressure receded and corporate earnings showed surprising strength. Notably, global oil prices fell in December 2018 to $42 per barrel of West Texas Intermediate crude and then rose to $63 per barrel by the end of April 2019.

Among equity markets, the MSCI Emerging Markets Index returned 13.90%, the MSCI EAFE Index returned 7.73% and the S&P 500 Index returned 9.76% for the six months ended April 30, 2019.

2 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

JPMorgan Diversified Alternatives ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Alternatives ETF
Net Asset Value*		2.76%
Market Price**		2.59%
ICE BofAML3-Month US Treasury Bill Index		1.18%
Net Assets as of 4/30/2019	$	173,437,214

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Alternatives ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund seeks to achieve its investment objective by allocating assets across a variety of strategies commonly employed by hedge funds, including equity long/short, event driven and macro/managed futures strategies. The Fund seeks to achieve the efficiency of rules-based investing with the diversification benefits of alternative strategies without replicating an index.

The Fund uses derivatives, including swaps, futures and forward contracts, in implementing its strategies, and under normal market conditions, the Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired strategy.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2019, the Fund posted a positive absolute performance and outperformed the ICE BofAML 3-Month US Treasury Bill Index (the “Index”).

The Fund’s allocation to alternative investment strategies, which are not represented in the Index, contributed to performance relative to the Index. References to the Index are for informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund

is being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

On an absolute basis, the Fund’s event driven strategy, which seeks to benefit from pricing inefficiencies associated with corporate changes through the use of both long equity investments and derivative instruments, was a leading contributor to absolute performance. From a return perspective, the merger arbitrage factor within this strategy was the best performing factor during the reporting period and continued to deliver steady returns. Merger arbitrage involves exploiting the difference between the share price of a target company in a merger relative to the share price announced in the merger agreement.

The Fund’s relative value fixed income-based factors within the macro/managed futures strategy, which seek to balance long and short positions so that there is no aggregate exposure to the asset(s), contributed to absolute performance.

The Fund’s allocations to the equity momentum and equity value factors within the equity long-short strategy, which were implemented primarily through the use of equity securities and total return swaps contracts, detracted from absolute performance during the reporting period.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest allocation was to the event driven strategy, while the smallest allocation was to the macro/managed futures strategy.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 3

RISK ALLOCATION AS OF APRIL 30, 2019
Strategy	% of Risk Allocation****
Equity Long/Short (1)		34	%
Event Driven (2)		40
Macro/Managed Futures (3)		26

TOP TEN LONG HOLDINGS OF THE PORTFOLIO (a)
	1.	Anadarko Petroleum Corp.	1.6	%
	2.	Worldpay, Inc., Class A	1.6
	3.	First Data Corp.	1.6
	4.	Finisar Corp.	1.6
	5.	Tribune Media Co., Class A	1.5
	6.	Ultimate Software Group, Inc. (The)	1.4
	7.	WABCO Holdings, Inc.	1.4
	8.	Red Hat, Inc.	1.4
	9.	RPC Group plc	1.4
	10.	WellCare Health Plans, Inc.	1.3

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO (a)
	1.	Fiserv, Inc.	1.6	%
	2.	Fidelity National Information Services, Inc.	1.5
	3.	Chevron Corp.	1.0
	4.	Centene Corp.	0.9
	5.	BB&T Corp.	0.7
	6.	II-VI, Inc.	0.5
	7.	Jones Lang LaSalle, Inc.	0.4
	8.	Bristol-Myers Squibb Co.	0.2
	9.	Australian Pharmaceutical Industries Ltd.	0.2
	10.	Fidelity National Financial, Inc.	0.2

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $24.96 as of April 30, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $24.96 as of April 30, 2019.

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

**** Risk allocations are calculated as the standard deviation (volatility of an asset class) divided by the overall volatility of the Fund. Risk, as measured by standard deviation, shows how widely a set of values varies from the mean. It is a historical measure of the volatility of returns earned by the Fund. The percentages above represent the current risk allocation based on the Fund’s holdings as of April 30, 2019 and are not representative of the targeted equal risk allocation across asset classes over the long term. Holdings and allocations may vary over time.

(1) Equity Long/Short strategies involve simultaneously investing in equities (i.e., investing long) that the adviser believes are attractive based on relevant return factors and take short positions in equity securities that the adviser believes are unattractive based on the relevant return factors.

(2) Event Driven strategies seek to profit from investing in securities of companies that the Fund’s adviser believes will be impacted by pending or anticipated corporate or special situation events. In executing this investment strategy, the Fund seeks to capture the price difference between a security’s market price and the anticipated value post-event, based on the assumption that an event or catalyst will affect future pricing. For example, merger arbitrage strategies seek to capitalize on price discrepancies and returns generated by a corporate transaction.

(3) Macro/Managed Futures strategies aim to exploit macro-economic imbalances across the globe. The macro based strategies may be implemented through a broad range of asset classes including, but not limited to, equities, fixed income, currency and commodities based on a systematic assessment of their attractiveness.

(a) Percentages indicated are based upon total investments plus the current value of the total net long and short positions within each Total Return Basket Swap as of April 30, 2019. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

JPMorgan Diversified Alternatives ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR			SINCE INCEPTION
JPMorgan Diversified Alternatives ETF
Net Asset Value		September 12, 2016		2.76%		(1.54	)%		0.26%
Market Price				2.59%		(1.81	)%		0.26%

* Not annualized.

LIFE OF FUND PERFORMANCE(09/12/16 TO 4/30/19)

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 September 12, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Alternatives ETF and the ICE BofAML 3-Month US Treasury Bill Index from September 12, 2016 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of

the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index.

The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 5

JPMorgan Event Driven ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Event Driven ETF
Net Asset Value*		8.69%
Market Price**		8.59%
ICE BofAML 3-Month US Treasury Bill Index		1.18%
Net Assets as of 4/30/2019	$	27,546,693

INVESTMENT OBJECTIVE***

The JPMorgan Event Driven ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund employs a rules-based, bottom-up approach to building a diversified portfolio that seeks to capture returns by primarily investing in companies that the Fund’s adviser believes will be positively impacted by corporate or special situation events. The Fund seeks to profit by exploiting pricing inefficiencies associated with corporate change, through long and short equity positions across developed markets, achieved through the use of equities and derivative instruments.

The Fund uses derivatives, including swaps, futures and forward contracts, in implementing its strategies, and under normal market conditions, the Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired strategy.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2019 and outperformed the ICE BofAML 3-Month US Treasury Bill Index (the “Index”).

Relative to the Index, the Fund’s allocation to alternative investment strategies, which are not represented in the Index, contributed to performance. References to the Index are for

informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund is being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

In absolute terms, the Fund’s exposure to the share buybacks and merger arbitrage factors contributed to absolute performance. The share buybacks factor seeks to benefit from the relative outperformance by companies that repurchased a significant portion of their outstanding shares. Merger arbitrage involves exploiting the differences between the share price of a target company in a merger relative to the share price announced in the merger agreement. The Fund’s exposure to the index arbitrage and post-reorganization equity factors detracted from performance. The index arbitrage factor seeks to benefit from the relative outperformance of stocks that are being added to equity indexes and the relative underperformance of stocks that are being removed from equity indexes. The post-reorganization equity factor seeks to benefit from the relative outperformance of companies emerging from bankruptcy.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest allocation in notional exposure terms was to the share buybacks factor. From a sector perspective, the Fund’s largest positions were the information technology and consumer discretionary sectors and its smallest positions were the real estate and communications sectors.

6 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

TOP TEN LONG HOLDINGS OF THE PORTFOLIO(a)
	1.	U.S. Treasury Bills, 2.52%, 1/30/2020	4.0	%
	2.	U.S. Treasury Bills, 2.45%, 6/20/2019	2.7
	3.	U.S. Treasury Bills, 2.52%, 7/18/2019	2.7
	4.	U.S. Treasury Bills, 2.39%, 3/26/2020	2.6
	5.	First Data Corp., Class A	1.3
	6.	Anadarko Petroleum Corp.	1.3
	7.	Finisar Corp..	1.2
	8.	Worldpay, Inc., Class A.	1.2
	9.	Tribune Media Co., Class A	1.1
	10.	Red Hat, Inc.	1.1

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO (a)
	1.	Fiserv, Inc.	1.3	%
	2.	Fidelity National Information Services, Inc.	1.1
	3.	Chevron Corp.	0.8
	4.	Centene Corp.	0.7
	5.	BB&T Corp.	0.5
	6.	II-VI, Inc.	0.4
	7.	Jones Lang LaSalle, Inc.	0.3
	8.	Bristol-Myers Squibb Co.	0.2
	9.	Fidelity National Financial, Inc.	0.1
	10.	Australian Pharmaceutical Industries Ltd.	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 $26.23 as of April 30, 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 NYSE Arca. The midpoint price was $26.33 as of April 30, 2019.

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

(a) Percentages indicated are based upon total investments plus the current value of the total net long and short positions within each Total Return Basket Swap as of April 30, 2019. The Fund’s portfolio composition is subject to change.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 7

JPMorgan Event Driven ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan Event Driven ETF
Net Asset Value		November 29, 2017		8.69%		9.83%		6.19%
Market Price				8.59%		9.94%		6.45%

* Not annualized.

LIFE OF FUND PERFORMANCE(11/29/17 TO 4/30/19)

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 November 29, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Event Driven ETF and the ICE BofAML3-Month US Treasury Bill Index from November 29, 2017 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a

full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index.

The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

8 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

JPMorgan Long/Short ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Long/Short ETF Net Asset Value*		(3.18)%
Market Price**		(4.04)%
ICE BofAML3-Month US Treasury Bill Index		1.18%
Net Assets as of 4/30/2019	$	23,791,580

INVESTMENT OBJECTIVE***

The JPMorgan Long/Short ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund seeks to achieve its investment objective by taking advantage of pricing inefficiencies between equity securities by maintaining long and short exposures to equity factors such as value, quality, momentum and size. The Fund utilizes an equity long/short strategy, which involves simultaneously investing in equities (investing long) that the portfolio managers believe are attractive and holding short positions in equities that they believe are unattractive.

The Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, including swaps, futures and forward contracts, in implementing its strategies, and under normal market conditions, in addition to its exposure through direct investments. The Fund uses derivatives, including swaps, futures and forward contracts, in implementing its strategies, and under normal market conditions, the Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments.

Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired strategy. in addition to its exposure through direct investments. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired strategy.

HOW DID THE FUND PERFORM?

The Fund posted a negative absolute performance for the six months ended April 30 2019 and underperformed its broad-based market benchmark, the ICE BofAML3-Month US Treasury Bill Index (the “Index”).

Relative to the Index, the Fund’s allocation to alternative investment strategies, which are not represented in the Index, detracted from performance. References to the Index are for informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund is being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

In terms of absolute performance, the Fund’s allocations to the value, momentum and size factors, which were implemented primarily through the use of equity securities and total return swaps contracts, were leading detractors from performance. From a return perspective, the momentum factor was the worst performing factor over the period and suffered from a series of reversals. Specifically, the Fund’s allocation to the time-series momentum factor, which relies on a security’s recent past performance as an indicator of near future performance and which was implemented through the use of futures contracts, also detracted from absolute performance during the reporting period.

The Fund’s quality factor, which seeks to hold higher quality equity securities and sell lower quality securities, was a positive contributor to absolute performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s exposures were balanced across equity value, momentum and quality factors. In addition, the Fund had a slightly long overall exposure to developed market equities on an aggregate basis.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 9

TOP TEN LONG POSITIONS OF THE PORTFOLIO (a)
	1.	U.S. Treasury Bills, 2.38%, 7/18/2019.	11.6	%
	2.	Japan Government Two Year Bond (Japan), 0.10%, 7/15/2019	1.4
	3.	Helen of Troy Ltd.	0.6
	4.	Abercrombie & Fitch Co., Class A	0.5
	5.	Koninklijke Philips NV.	0.5
	6.	Navigant Consulting, Inc.	0.5
	7.	Greencore Group plc	0.5
	8.	Hershey Co. (The)	0.5
	9.	Lam Research Corp.	0.5
	10.	Akamai Technologies, Inc.	0.4

TOP TEN SHORT POSITIONS OF THE PORTFOLIO (a)
	1.	Medicines Co. (The).	0.4	%
	2.	HubSpot, Inc.	0.4
	3.	Varonis Systems, Inc	0.4
	4.	ams AG	0.4
	5.	Mitsubishi Electric Corp.	0.4
	6.	Keikyu Corp..	0.4
	7.	Martin Marietta Materials, Inc.	0.4
	8.	Jeronimo Martins SGPS SA	0.4
	9.	Beazley plc.	0.4
	10.	Sika AG (Registered).	0.4

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $21.63 as of April 30, 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 NYSE Arca. The midpoint price was $21.59 as of April 30, 2019.

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

(a) Percentages indicated are based upon total investments plus the current value of the total net long and short positions within each Total Return Basket Swap as of April 30, 2019. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

JPMorgan Long/Short ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			1 YEAR			SINCE INCEPTION
JPMorgan Long/Short ETF
Net Asset Value		January 23, 2018		(3.18	)%		(8.39	)%		(10.81	)%
Market Price				(4.04	)%		(8.94	)%		(10.94	)%

* Not annualized.

LIFE OF FUND PERFORMANCE(1/23/18 TO 4/30/19)

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 23, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Long/Short ETF and the ICE BofAML3-Month US Treasury Bill Index from January 23, 2018 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a

full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index.

The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 11

JPMorgan Managed Futures Strategy ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Managed Futures Strategy ETF
Net Asset Value*		2.91%
Market Price**		2.52%
ICE BofAML3-Month US Treasury Bill Index		1.18%
Net Assets as of 4/30/2019	$	51,907,881

INVESTMENT OBJECTIVE***

The JPMorgan Managed Futures Strategy ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund seeks to achieve its investment objective by investing globally to take advantage of opportunities across a broad range of asset classes, including equities, fixed income, currency and commodities based on the portfolio managers’ assessment of their relative attractiveness. The Fund’s portfolio managers seek to identify a set of investment return sources with distinct risk and return profiles that have a low correlation to one another and to traditional markets (each a “return factor”).

The Fund uses derivatives, including swaps, futures, options and forward contracts, in implementing its strategies, and under normal market conditions, the Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired return factor.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2019 and outperformed its broad-based market benchmark, the ICE BofAML3-Month US Treasury Bill Index (the “Index”).

The Fund’s allocation to alternative investment strategies, which are not represented in the Index, contributed to performance relative to the Index. References to the Index are for informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund

is being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

On an absolute basis, leading contributors to Fund performance included the Fund’s allocations to relative value fixed income and commodity-based return factors, which seek to balance out long and short positions so that exposure to the asset(s) is neutral. The Fund’s allocation to currency factors, implemented through currency forward contracts, was a detractor from absolute performance. The Fund’s interest rate directional fixed income-based, commodity-based and equity-based return factors, which seek to benefit from positive or negative exposure to an asset primarily through the use of futures contracts, also detracted from performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, among the Fund’s largest allocations were directional fixed income-based, commodity-based and equity-based return factors.

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $24.14 as of April 30, 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 NYSE Arca. The midpoint price was $24.15 as of April 30, 2019.

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

12 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

JPMorgan Managed Futures Strategy ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR			SINCE INCEPTION
JPMorgan Managed Futures Strategy ETF
Net Asset Value		December 5, 2017		2.91%		(1.03	)%		(1.94	)%
Market Price				2.52%		(1.55	)%		(1.94	)%

* Not annualized.

LIFE OF FUND PERFORMANCE(12/5/17 TO 4/30/19)

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 December 5, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Managed Futures Strategy ETF and the ICE BofAML3-Month US Treasury Bill Index from December 5, 2017 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of

the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index.

The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 13

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 56.8%
Aerospace & Defense — 0.3%
KeyW Holding Corp. (The)*		39,200		444,528
Airlines — 0.3%
Alaska Air Group, Inc.		4,666		288,825
United Continental Holdings, Inc.*		2,932		260,538
				549,363
Auto Components — 0.2%
Gentex Corp.		11,671		268,783
Banks — 2.6%
CIT Group, Inc.		8,000		426,160
Citigroup, Inc.		6,300		445,410
Comerica, Inc.		5,700		447,963
Fidelity Southern Corp.		9,000		261,990
Investors Bancorp, Inc.		32,500		381,875
OFG Bancorp (Puerto Rico)		14,134		285,224
Popular, Inc. (Puerto Rico)		12,023		693,847
SunTrust Banks, Inc.		22,550		1,476,574
				4,419,043
Beverages — 0.3%
Coca-Cola European Partners plc (United Kingdom)		5,431		291,048
Molson Coors Brewing Co., Class B		4,643		298,034
				589,082
Biotechnology — 1.4%
Spark Therapeutics, Inc.*		22,489		2,399,351
Building Products — 0.4%
Armstrong World Industries, Inc.		5,100		442,017
Continental Building Products, Inc.*		10,358		265,683
				707,700
Capital Markets — 0.2%
BrightSphere Investment Group plc		24,827		363,964
Chemicals — 2.3%
Celanese Corp.		4,000		431,560
CF Industries Holdings, Inc.		6,192		277,278
Chemours Co. (The)		10,800		388,908
DuluxGroup Ltd. (Australia)		163,157		1,121,658
Eastman Chemical Co.		3,095		244,134
Ecolab, Inc.		3,400		625,872
Element Solutions, Inc.*		39,100		424,626
Huntsman Corp.		10,659		237,056
Kraton Corp.*		7,053		231,479
				3,982,571

INVESTMENTS	SHARES		VALUE($)
Commercial Services & Supplies — 2.0%
ABM Industries, Inc.		6,800		258,196
Brady Corp., Class A		5,290		258,099
Deluxe Corp.		14,690		656,937
Herman Miller, Inc.		6,809		264,325
KAR Auction Services, Inc.		4,591		259,300
Multi-Color Corp.		22,548		1,125,145
Steelcase, Inc., Class A		17,212		297,595
Tetra Tech, Inc.		4,048		261,987
				3,381,584
Communications Equipment — 0.8%
Cisco Systems, Inc.		5,188		290,269
InterDigital, Inc.		5,900		385,801
Juniper Networks, Inc.		9,675		268,675
NetScout Systems, Inc.*		8,595		252,693
Plantronics, Inc.		4,886		251,531
				1,448,969
Construction & Engineering — 0.0% (a)
NRW Holdings Ltd. (Australia)		36,220		75,068
Construction Materials — 0.1%
Eagle Materials, Inc.		1,500		136,365
Consumer Finance — 0.5%
Ally Financial, Inc.		8,667		257,497
Navient Corp.		11,600		156,716
Santander Consumer USA Holdings, Inc.		11,677		249,304
SLM Corp.		14,000		142,240
				805,757
Containers & Packaging — 0.3%
Owens-Illinois, Inc.		8,800		173,888
Sonoco Products Co.		4,208		265,357
				439,245
Distributors — 0.1%
Core-Mark Holding Co., Inc.		6,981		253,759
Diversified Consumer Services — 0.6%
Adtalem Global Education, Inc.*		5,269		259,867
H&R Block, Inc.		9,804		266,767
Navitas Ltd. (Australia)		144,791		590,586
				1,117,220
Diversified Financial Services — 0.5%
AXA Equitable Holdings, Inc.		19,200		435,648
Jefferies Financial Group, Inc.		20,500		421,685
				857,333

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Diversified Telecommunication Services — 0.2%
Verizon Communications, Inc.		4,555		260,500
Electric Utilities — 0.7%
Evergy, Inc.		6,600		381,612
Exelon Corp.		5,450		277,677
IDACORP, Inc.		2,740		271,315
OGE Energy Corp.		6,326		267,843
				1,198,447
Electrical Equipment — 1.3%
Atkore International Group, Inc.*		10,215		252,923
Eaton Corp. plc		10,414		862,487
EnerSys		3,648		252,405
Generac Holdings, Inc.*		4,647		255,539
nVent Electric plc		9,147		255,659
Regal Beloit Corp.		3,496		297,440
				2,176,453
Electronic Equipment, Instruments & Components — 1.5%
Avnet, Inc.		9,000		437,490
Benchmark Electronics, Inc.		14,700		397,341
CDW Corp.		2,431		256,714
Dolby Laboratories, Inc., Class A		4,579		296,215
Fabrinet (Thailand)*		4,213		254,971
FLIR Systems, Inc.		5,093		269,623
Insight Enterprises, Inc.*		4,970		281,203
Tech Data Corp.*		2,402		256,077
Zebra Technologies Corp., Class A*		1,105		233,310
				2,682,944
Energy Equipment & Services — 0.2%
ProPetro Holding Corp.*		10,515		232,697
Seadrill Ltd. (United Kingdom)*		6,500		52,845
				285,542
Entertainment — 0.7%
Madison Square Garden Co. (The), Class A*		2,300		718,612
Marcus Corp. (The)		6,936		260,932
Viacom, Inc., Class B		9,049		261,607
				1,241,151
Food & Staples Retailing — 0.7%
Smart & Final Stores, Inc.*		61,268		400,080
Sysco Corp.		4,167		293,232
Walgreens Boots Alliance, Inc.		4,178		223,815
Walmart, Inc.		2,503		257,409
				1,174,536

INVESTMENTS	SHARES		VALUE($)
Food Products — 2.0%
B&G Foods, Inc.		11,222		291,772
Cal-Maine Foods, Inc.		7,001		287,811
GrainCorp Ltd., Class A (Australia)		119,279		756,433
Hershey Co. (The)		2,207		275,544
Ingredion, Inc.		6,857		649,701
Lancaster Colony Corp.		1,840		273,626
TreeHouse Foods, Inc.*		4,314		288,952
Wessanen (Netherlands)		45,657		591,975
				3,415,814
Health Care Equipment & Supplies — 1.4%
Atrion Corp.		313		275,440
Baxter International, Inc.		3,505		267,432
Danaher Corp.		8,407		1,113,423
Hill-Rom Holdings, Inc.		2,952		299,392
Integer Holdings Corp.*		3,583		247,549
STERIS plc		2,241		293,526
				2,496,762
Health Care Providers & Services — 1.2%
Chemed Corp.		859		280,704
Encompass Health Corp.		4,223		272,172
Ensign Group, Inc. (The)		5,624		289,749
Humana, Inc.		928		237,020
Magellan Health, Inc.*		2,000		140,000
Premier, Inc., Class A*		7,105		236,099
Sigma Healthcare Ltd. (Australia)		1,065,280		393,992
UnitedHealth Group, Inc.		1,109		258,475
				2,108,211
Hotels, Restaurants & Leisure — 1.5%
Brinker International, Inc.		15,087		645,271
Cracker Barrel Old Country Store, Inc.		800		134,992
Dine Brands Global, Inc.		2,882		255,518
International Speedway Corp., Class A		20,271		894,356
Jack in the Box, Inc.		4,900		377,790
Wyndham Destinations, Inc.		5,921		257,919
				2,565,846
Household Durables — 0.7%
Electrolux AB, Series B (Sweden)		23,074		565,505
Helen of Troy Ltd.*		2,111		303,984
PulteGroup, Inc.		9,120		286,915
				1,156,404
Household Products — 0.5%
Church & Dwight Co., Inc.		4,016		300,999
Kimberly-Clark Corp.		2,244		288,085

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 15

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Household Products — continued
Procter & Gamble Co. (The)		2,681		285,473
				874,557
Independent Power and Renewable Electricity Producers — 0.5%
AES Corp.		15,002		256,834
Clearway Energy, Inc., Class C		16,367		259,745
NRG Energy, Inc.		6,695		275,633
				792,212
Insurance — 1.0%
Aflac, Inc.		5,896		297,040
American Equity Investment Life Holding Co.		10,180		299,394
Athene Holding Ltd., Class A*		5,872		265,180
Navigators Group, Inc. (The)		9,040		632,258
Stewart Information Services Corp.		401		17,046
Universal Insurance Holdings, Inc.		7,964		237,248
				1,748,166
Interactive Media & Services — 0.2%
Cars.com, Inc.*		6,000		124,860
TripAdvisor, Inc.*		5,424		288,720
				413,580
Internet & Direct Marketing Retail — 0.4%
Booking Holdings, Inc.*		200		370,998
eBay, Inc.		10,400		403,000
				773,998
IT Services — 4.0%
Accenture plc, Class A		1,429		261,035
Akamai Technologies, Inc.*		3,321		265,879
Automatic Data Processing, Inc.		1,768		290,642
Broadridge Financial Solutions, Inc.		2,242		264,847
CACI International, Inc., Class A*		1,355		264,144
Cognizant Technology Solutions Corp., Class A		3,541		258,351
CSG Systems International, Inc.		5,734		256,023
Euronet Worldwide, Inc.*		1,982		297,082
EVERTEC, Inc. (Puerto Rico)		8,465		265,039
ManTech International Corp., Class A		5,126		317,761
Mastercard, Inc., Class A		1,059		269,240
MAXIMUS, Inc.		3,603		265,361
Total System Services, Inc.		2,523		257,952
Visa, Inc., Class A		1,778		292,357
Worldpay, Inc., Class A*		27,003		3,165,022
				6,990,735
Life Sciences Tools & Services — 0.6%
Agilent Technologies, Inc.		3,925		308,112
Charles River Laboratories International, Inc.*		1,929		270,967

INVESTMENTS	SHARES		VALUE($)
Life Sciences Tools & Services — continued
ICON plc (Ireland)*		2,108		287,911
Medpace Holdings, Inc.*		4,172		234,341
				1,101,331
Machinery — 1.2%
AGCO Corp.		4,067		287,862
Allison Transmission Holdings, Inc.		5,374		251,826
Cummins, Inc.		1,767		293,834
Global Brass & Copper Holdings, Inc.		9,274		402,399
Hillenbrand, Inc.		5,996		257,948
ITT, Inc.		4,136		250,435
Watts Water Technologies, Inc., Class A		3,021		258,567
				2,002,871
Media — 2.8%
AMC Networks, Inc., Class A*		4,845		282,996
Discovery, Inc., Class A*		8,753		270,468
Gray Television, Inc.*		12,565		294,398
John Wiley & Sons, Inc., Class A		6,232		287,794
Omnicom Group, Inc.		3,202		256,256
Sinclair Broadcast Group, Inc., Class A		5,809		265,994
TEGNA, Inc.		16,513		262,887
Tribune Media Co., Class A		64,812		2,994,314
				4,915,107
Metals & Mining — 0.5%
Sandstorm Gold Ltd. (Canada)*		18,700		100,640
Schnitzer Steel Industries, Inc., Class A		10,228		242,608
Steel Dynamics, Inc.		8,503		269,375
Warrior Met Coal, Inc.		8,119		251,689
				864,312
Multiline Retail — 0.4%
Kohl’s Corp.		3,417		242,949
Nordstrom, Inc.		6,316		259,082
Target Corp.		3,139		243,021
				745,052
Multi-Utilities — 1.1%
Innogy SE (Germany)*		37,559		1,630,283
NorthWestern Corp.		3,874		270,599
				1,900,882
Oil, Gas & Consumable Fuels — 4.0%
Anadarko Petroleum Corp.		44,689		3,255,594
Cabot Oil & Gas Corp.		9,849		254,990
ConocoPhillips		4,210		265,735
CONSOL Energy, Inc.*		7,509		254,555
CVR Energy, Inc.		6,598		300,935

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

16 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Delek US Holdings, Inc.		10,300		381,718
Devon Energy Corp.		12,200		392,108
Gulfport Energy Corp.*		48,600		318,330
HollyFrontier Corp.		5,257		250,917
Kinder Morgan, Inc.		12,846		255,250
PDC Energy, Inc.*		3,500		152,215
Peabody Energy Corp.		12,411		357,064
Phillips 66		2,648		249,627
Renewable Energy Group, Inc.*		12,156		293,203
				6,982,241
Paper & Forest Products — 0.5%
Domtar Corp.		5,665		277,018
Louisiana-Pacific Corp.		10,957		274,473
Verso Corp., Class A *		12,712		283,732
				835,223
Personal Products — 0.4%
Herbalife Nutrition Ltd.*		4,479		236,715
Medifast, Inc.		1,687		247,466
USANA Health Sciences, Inc.*		3,186		265,904
				750,085
Pharmaceuticals — 1.0%
Horizon Pharma plc*		10,352		264,286
Jazz Pharmaceuticals plc*		2,023		262,525
Johnson & Johnson		2,035		287,342
Mallinckrodt plc*		30,100		465,346
Pfizer, Inc.		6,678		271,194
Taro Pharmaceutical Industries Ltd.		2,442		262,295
				1,812,988
Professional Services — 0.7%
FTI Consulting, Inc.*		3,265		277,460
Korn Ferry		5,494		258,328
Navigant Consulting, Inc.		12,491		285,170
Nielsen Holdings plc		6,100		155,733
Robert Half International, Inc.		3,750		232,837
				1,209,528
Real Estate Management & Development — 0.9%
HFF, Inc., Class A		32,858		1,563,712
Road & Rail — 0.8%
ArcBest Corp.		7,998		244,419
CSX Corp.		8,464		673,988
Genesee & Wyoming, Inc., Class A*		4,500		398,925
				1,317,332

INVESTMENTS	SHARES		VALUE($)
Semiconductors & Semiconductor Equipment — 2.5%
Cabot Microelectronics Corp.		2,029		256,161
Diodes, Inc.*		7,862		286,334
Intel Corp.		4,388		223,964
KLA-Tencor Corp.		2,301		293,331
Kulicke & Soffa Industries, Inc. (Singapore)		10,806		251,456
Lam Research Corp.		1,324		274,637
Mellanox Technologies Ltd.*		6,178		743,213
MKS Instruments, Inc.		2,561		233,077
ON Semiconductor Corp.*		11,413		263,184
Qorvo, Inc.*		3,367		254,579
Teradyne, Inc.		5,785		283,465
Versum Materials, Inc.		15,061		785,883
Xperi Corp.		10,351		257,222
				4,406,506
Software — 1.6%
Check Point Software Technologies Ltd. (Israel)*		2,444		295,138
Citrix Systems, Inc.		2,479		250,280
Intuit, Inc.		1,079		270,894
LogMeIn, Inc.		3,372		277,853
Microsoft Corp.		2,342		305,865
Nuance Communications, Inc.*		41,000		690,030
Oracle Corp.		4,695		259,774
Progress Software Corp.		5,617		256,191
Red Hat, Inc.*		1,334		243,495
				2,849,520
Specialty Retail — 2.8%
Abercrombie & Fitch Co., Class A		9,258		276,722
American Eagle Outfitters, Inc.		12,167		289,331
Best Buy Co., Inc.		3,878		288,562
Designer Brands, Inc.		12,588		280,083
Dick’s Sporting Goods, Inc.		6,686		247,382
Foot Locker, Inc.		4,264		243,943
Gap, Inc. (The)		23,400		610,272
Genesco, Inc.*		6,417		287,546
Group 1 Automotive, Inc.		6,100		477,691
Michaels Cos., Inc. (The)*		31,800		357,432
Office Depot, Inc.		108,377		260,105
Rent-A-Center, Inc.*		11,051		275,501
Shoe Carnival, Inc.		7,153		255,076
Signet Jewelers Ltd.		9,543		221,207
Williams-Sonoma, Inc.		4,560		260,695
Zumiez, Inc.*		9,621		256,207
				4,887,755

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 17

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Technology Hardware, Storage & Peripherals — 0.7%
Apple, Inc.		1,243		249,433
Dell Technologies, Inc., Class C*		6,700		451,647
HP, Inc.		13,915		277,604
NetApp, Inc.		3,366		245,213
				1,223,897
Textiles, Apparel & Luxury Goods — 1.4%
Columbia Sportswear Co.		2,457		245,626
Deckers Outdoor Corp.*		1,783		282,088
Fossil Group, Inc.*		19,368		253,140
Movado Group, Inc.		8,553		304,914
Oxford Industries, Inc.		3,163		262,719
Ralph Lauren Corp.		2,127		279,871
VF Corp.		7,600		717,516
				2,345,874
Thrifts & Mortgage Finance — 0.3%
New York Community Bancorp, Inc.		22,786		265,001
Radian Group, Inc.		11,254		263,569
				528,570
Trading Companies & Distributors — 0.7%
HD Supply Holdings, Inc.*		15,712		717,881
WESCO International, Inc.*		2,500		143,100
WW Grainger, Inc.		999		281,718
				1,142,699

INVESTMENTS	SHARES		VALUE($)
Wireless Telecommunication Services — 0.3%
Shenandoah Telecommunications Co.		6,400		264,512
United States Cellular Corp.*		5,824		280,134
				544,646
Total Common Stocks (Cost $93,706,694)				98,525,674
Short-Term Investments — 34.1%
Investment Companies — 34.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (b) (c) (Cost $59,203,306)		59,203,306		59,203,306
Total Investment Companies (Cost $59,203,306)				59,203,306
Total Investments — 90.9% (Cost $152,910,000)				157,728,980
Other Assets Less Liabilities — 9.1%				15,708,234
NET ASSETS — 100.0%				173,437,214

Percentages indicated are based on net assets.

(a)	—  Amount rounds to less than 0.1% of net assets.
(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 April 30, 2019.
*	—  Non-income producing security.

Futures contracts outstanding as of April 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
CAC 40 10 Euro Index		4		05/2019		EUR		249,108		3,750
Hang Seng Index		3		05/2019		HKD		564,467		2,916
IBEX 35 Index		2		05/2019		EUR		214,709		2,631
LME Aluminum Base Metal		63		05/2019		USD		2,792,475		(196,122	)
LME Nickel Base Metal		15		05/2019		USD		1,093,275		(118,614	)
LME Zinc Base Metal		23		05/2019		USD		1,676,125		56,656
100 oz Gold		9		06/2019		USD		1,157,040		(13,574	)
Australia 10 Year Bond		70		06/2019		AUD		6,823,631		112,568
Australia 3 Year Bond		238		06/2019		AUD		19,114,542		144,813
Canada 10 Year Bond		53		06/2019		CAD		5,470,508		84,224
EURO STOXX 50 Index		6		06/2019		EUR		232,647		4,245
Euro-Bobl		96		06/2019		EUR		14,313,051		98,614
Euro-Bund		36		06/2019		EUR		6,674,821		101,032
Euro-Buxl		13		06/2019		EUR		2,751,980		100,938

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

18 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts — continued
FTSE 100 Index		3			06/2019		GBP		288,723			(1,458	)
FTSE MIB Index		2			06/2019		EUR		240,801			704
Japan 10 Year Bond		15			06/2019		JPY		20,578,123			37,160
Lean Hogs		3			06/2019		USD		105,870			(12,049	)
Live Cattle		118			06/2019		USD		5,392,600			(210,468	)
LME Aluminum Base Metal		3			06/2019		USD		133,950			(5,096	)
LME Zinc Base Metal		29			06/2019		USD		2,081,475			2,816
Long Gilt		29			06/2019		GBP		4,814,733			2,985
S&P 500 E-Mini Index		5			06/2019		USD		737,375			22,002
SPI 200 Index		10			06/2019		AUD		1,111,882			18,040
Sugar No. 11		28			06/2019		USD		386,982			(7,185	)
U.S. Treasury 2 Year Note		98			06/2019		USD		20,875,531			61,252
U.S. Treasury 5 Year Note		86			06/2019		USD		9,945,766			71,718
U.S. Treasury 10 Year Note		136			06/2019		USD		16,821,500			194,107
U.S. Treasury Long Bond		25			06/2019		USD		3,688,281			48,162
WTI Crude Oil		18			06/2019		USD		1,151,640			(9,448	)
Cocoa		60			07/2019		USD		1,415,400			(12,011	)
Copper		5			07/2019		USD		363,188			(5,176	)
LME Nickel Base Metal		8			07/2019		USD		585,168			(17,961	)
LME Zinc Base Metal		11			07/2019		USD		781,550			5,007
WTI Crude Oil		9			07/2019		USD		575,730			(4,514	)
Live Cattle		23			08/2019		USD		1,028,330			(38,398	)
Cotton No. 2		15			12/2019		USD		567,675			370
												524,636
Short Contracts
LME Aluminum Base Metal		(63	)		05/2019		USD		(2,792,475	)		111,371
LME Nickel Base Metal		(15	)		05/2019		USD		(1,093,275	)		93,588
LME Zinc Base Metal		(23	)		05/2019		USD		(1,676,125	)		(16,822	)
Natural Gas		(4	)		05/2019		USD		(103,080	)		12,199
WTI Crude Oil		(2	)		05/2019		USD		(127,780	)		(385	)
Canada 10 Year Bond		(5	)		06/2019		CAD		(516,086	)		24
Euro-Bund		(37	)		06/2019		EUR		(6,860,232	)		(106,960	)
Euro-Schatz		(6	)		06/2019		EUR		(753,177	)		29
Lean Hogs		(4	)		06/2019		USD		(141,160	)		(4,762	)
LME Aluminum Base Metal		(23	)		06/2019		USD		(1,026,950	)		79,856
LME Zinc Base Metal		(1	)		06/2019		USD		(71,775	)		(2,384	)
Long Gilt		(8	)		06/2019		GBP		(1,328,202	)		4,241
S&P 500 E-Mini Index		(225	)		06/2019		USD		(33,181,875	)		(1,704,797	)
Sugar No. 11		(25	)		06/2019		USD		(345,520	)		10,386
TOPIX Index		(1	)		06/2019		JPY		(145,743	)		(2,226	)
Cocoa		(18	)		07/2019		USD		(424,620	)		6,176
Coffee ‘C’		(54	)		07/2019		USD		(1,886,287	)		242,369
Corn		(271	)		07/2019		USD		(4,911,875	)		265,463
Cotton No. 2		(15	)		07/2019		USD		(575,850	)		10,030
Lean Hogs		(12	)		07/2019		USD		(443,400	)		5,055

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 19

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Short Contracts — continued
Natural Gas		(19	)		07/2019		USD		(501,790	)		6,799
Silver		(5	)		07/2019		USD		(374,375	)		(513	)
Soybean		(47	)		07/2019		USD		(2,006,900	)		135,474
Wheat		(120	)		07/2019		USD		(2,572,500	)		151,733
Feeder Cattle		(30	)		08/2019		USD		(2,237,250	)		152,424
Coffee ‘C’		(31	)		09/2019		USD		(1,109,606	)		27,675
Corn		(71	)		09/2019		USD		(1,315,275	)		15,078
												(508,879	)
												15,757

Abbreviations

AUD	—  Australian Dollar
CAC	—  Continuous Assisted Quotation
CAD	—  Canadian Dollar
EUR	—  Euro
FTSE	—  Financial Times and the London Stock Exchange
GBP	—  British Pound
HKD	—  Hong Kong Dollar
IBEX	—  International Business Exchange

JPY	—  Japanese Yen
LME	—  London Metal Exchange
MIB	—  Milan, Italian Stock Exchange
SPI	—  Australian Securities Exchange
TOPIX	—  Tokyo Stock Price Index
USD	—  United States Dollar
WTI	—  West Texas Intermediate

Forward foreign currency exchange contracts outstanding as of April 30, 2019:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
JPY	62,339,464	CAD	741,378	Royal Bank of Canada		5/10/2019		6,491
USD	1,191,391	AUD	1,662,938	Barclays Bank plc		5/10/2019		18,881
USD	2,382,442	AUD	3,351,275	TD Bank Financial Group		5/10/2019		19,512
USD	1,401,237	CHF	1,397,012	TD Bank Financial Group		5/10/2019		29,124
USD	3,243,839	EUR	2,879,394	BNP Paribas		5/10/2019		12,047
USD	544,295	SEK	5,042,221	Merrill Lynch International		5/10/2019		13,020
EUR	249,815	CAD	375,562	Merrill Lynch International		5/15/2019		84
EUR	173,877	CAD	261,341	State Street Corp.		5/15/2019		102
EUR	189,667	USD	211,413	Goldman Sachs International		5/15/2019		1,562
IDR	28,904,619,059	USD	2,029,534	Goldman Sachs International **		5/15/2019		1,449
INR	138,854,103	USD	1,989,314	Merrill Lynch International **		5/15/2019		2,556
JPY	20,619,103	NZD	275,581	Barclays Bank plc		5/15/2019		1,202
MXN	38,023,965	USD	1,997,386	HSBC Bank, NA		5/15/2019		4,036
NOK	1,821,332	USD	209,805	Barclays Bank plc		5/15/2019		1,421
NZD	417,400	USD	275,957	Standard Chartered Bank		5/15/2019		2,890
RUB	129,431,971	USD	1,990,220	Goldman Sachs International **		5/15/2019		8,656
USD	697,058	CHF	694,592	Citibank, NA		5/15/2019		14,499
USD	2,051,258	CZK	46,558,025	Citibank, NA		5/15/2019		13,348
USD	14,110,453	EUR	12,477,790	State Street Corp.		5/15/2019		99,249
USD	2,779,442	GBP	2,121,207	BNP Paribas		5/15/2019		11,395
USD	2,037,977	HUF	579,733,524	Merrill Lynch International		5/15/2019		28,730
USD	1,998,025	ILS	7,134,536	BNP Paribas		5/15/2019		13,273
USD	14,015,884	JPY	1,556,221,452	State Street Corp.		5/15/2019		30,021

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

20 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	2,029,182	KRW	2,311,826,777	Goldman Sachs International**		5/15/2019		43,133
USD	8,429,027	NOK	71,760,964	TD Bank Financial Group		5/15/2019		106,658
USD	1,969,527	PLN	7,479,002	BNP Paribas		5/15/2019		11,629
USD	3,148,367	SEK	29,018,148	Citibank, NA		5/15/2019		89,568
USD	459,065	EUR	407,791	BNP Paribas		6/12/2019		19
Total unrealized appreciation								584,555
CHF	89,084	USD	88,235	Citibank, NA		5/10/2019		(739	)
CHF	582,810	USD	577,713	Deutsche Bank AG		5/10/2019		(5,291	)
CHF	725,118	USD	726,307	Goldman Sachs International		5/10/2019		(14,112	)
EUR	1,182,321	USD	1,328,614	Standard Chartered Bank		5/10/2019		(1,593	)
USD	668,122	JPY	74,606,814	Merrill Lynch International		5/10/2019		(2,076	)
AUD	181,764	USD	129,927	Merrill Lynch International		5/15/2019		(1,751	)
CAD	16,290,682	USD	12,264,577	Merrill Lynch International		5/15/2019		(100,357	)
JPY	55,921,416	NZD	757,771	Barclays Bank plc		5/15/2019		(3,664	)
NOK	1,839,767	USD	216,768	State Street Corp.		5/15/2019		(3,403	)
NZD	27,578,370	USD	18,611,897	Merrill Lynch International		5/15/2019		(188,007	)
USD	241,796	NZD	362,565	Deutsche Bank AG		5/15/2019		(418	)
ZAR	28,023,257	USD	1,989,788	BNP Paribas		5/15/2019		(33,876	)
Total unrealized depreciation								(355,287	)
Net unrealized appreciation								229,268

** Non-deliverable forward.

Abbreviations

AUD	—  Australian Dollar
CAD	—  Canadian Dollar
CHF	—  Swiss Franc
CZK	—  Czech Republic Koruna
EUR	—  Euro
GBP	—  British Pound
HUF	—  Hungarian Forint
IDR	—  Indonesian Rupiah
ILS	—  Israeli Shekel
INR	—  India Rupee

JPY	—  Japanese Yen
KRW	—  Korean Republic Won
MXN	—  Mexican Peso
NOK	—  Norwegian Krone
NZD	—  New Zealand Dollar
PLN	—  Polish Zloty
RUB	—  Russian Ruble
SEK	—  Swedish Krona
USD	—  United States Dollar
ZAR	—  South African Rand

Over-the-Counter (“OTC”) Total Return Basket Swaps Outstanding at April 30, 2019
COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in GBP based on the local currencies of the positions within the swaps.	10/30/2020	$	2,237,652	$	(99,525	)	$	23,116	$	(76,409	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 21

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Meggitt plc		2,371		16,872		824			0.0	(a)
Air Freight & Logistics
Royal Mail plc		78,263		258,236		(6,012	)		(0.0	)(a)
Capital Markets
3i Group plc		18,353		256,803		(1,663	)		(0.0	)(a)
Distributors
Inchcape plc		19,544		156,907		(5,127	)		(0.0	)(a)
Energy Equipment & Services
Petrofac Ltd.		42,191		243,571		(13,462	)		(0.0	)(a)
Equity Real Estate Investment Trusts (REITs)
UNITE Group plc (The)		2,063		25,356		494			0.0	(a)
Food & Staples Retailing
J Sainsbury plc		14,308		41,568		(900	)		(0.0	)(a)
Food Products
Greencore Group plc		88,820		266,389		4,068			0.0	(a)
Tate & Lyle plc		2,295		23,002		1,037			0.0	(a)
		91,115		289,391		5,105			0.0	(a)
Hotels, Restaurants & Leisure
Carnival plc		2,837		150,403		1,078			0.0	(a)
Household Durables
Barratt Developments plc		34,808		273,829		(5,389	)		(0.0	)(a)
Berkeley Group Holdings plc		1,899		93,158		(2,168	)		(0.0	)(a)
Bovis Homes Group plc		18,762		272,026		(1,477	)		(0.0	)(a)
Redrow plc		9,088		73,152		(1,494	)		(0.0	)(a)
Taylor Wimpey plc		11,977		28,395		(1,275	)		(0.0	)(a)
		76,534		740,560		(11,803	)		(0.0	)(a)
Independent Power and Renewable Electricity Producers
Drax Group plc		56,022		249,509		(6,564	)		(0.0	)(a)
Machinery
Vesuvius plc		6,418		51,780		(68	)		(0.0	)(a)
Media
Pearson plc		25,120		272,122		(4,132	)		(0.0	)(a)
Metals & Mining
Anglo American plc		9,462		245,536		(21,943	)		(0.0	)(a)
BHP Group plc		10,774		254,316		(8,265	)		(0.0	)(a)
Rio Tinto plc		2,595		151,390		(4,240	)		(0.0	)(a)
		22,831		651,242		(34,448	)		(0.0	)(a)
Multi-Utilities
Centrica plc		69,689		96,879		786			0.0	(a)
Oil, Gas & Consumable Fuels
Royal Dutch Shell plc		584		18,848		(66	)		(0.0	)(a)
Tullow Oil plc		40,201		117,874		(8,881	)		(0.0	)(a)
		40,785		136,722		(8,947	)		(0.0	)(a)
Personal Products
Unilever plc		4,826		292,528		9,063			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

22 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Pharmaceuticals
Hikma Pharmaceuticals plc		5,850			134,994			8,515			0.0	(a)
Professional Services
Experian plc		8,929			259,914			6			0.0	(a)
Software
Avast plc* (b)		66,461			263,118			6,270			0.0	(a)
Micro Focus International plc		8,615			218,382			(39,458	)		(0.0	)(a)
		75,076			481,500			(33,188	)		(0.0	)(a)
Textiles, Apparel & Luxury Goods
Burberry Group plc		11,039			290,955			1,042			0.0	(a)
Tobacco
Imperial Brands plc		8,200			260,909			(5,378	)		(0.0	)(a)
Wireless Telecommunication Services
Vodafone Group plc		148,711			275,840			(624	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swaps		831,075			5,634,561			(105,403	)		0.0	(a)
Short Positions
Common Stocks
Aerospace & Defense
BAE Systems plc		(24,581	)		(157,989	)		257			0.0	(a)
Rolls-Royce Holdings plc*		(1,042,351	)		(1,359	)		(1,344	)		(0.0	)(a)
		(1,066,932	)		(159,348	)		(1,087	)		(0.0	)(a)
Banks
Metro Bank plc*		(2,239	)		(21,960	)		1,889			0.0	(a)
Standard Chartered plc		(18,281	)		(167,146	)		(6,967	)		(0.0	)(a)
		(20,520	)		(189,106	)		(5,078	)		(0.0	)(a)
Capital Markets
Quilter plc (b)		(79,668	)		(153,651	)		7,554			0.0	(a)
Schroders plc		(3,787	)		(156,732	)		1,102			0.0	(a)
St James’s Place plc		(10,716	)		(157,261	)		(1,639	)		(0.0	)(a)
		(94,171	)		(467,644	)		7,017			0.0	(a)
Chemicals
Johnson Matthey plc		(3,583	)		(156,306	)		4,207			0.0	(a)
Containers & Packaging
DS Smith plc		(33,479	)		(156,369	)		(756	)		(0.0	)(a)
Diversified Financial Services
Standard Life Aberdeen plc		(43,097	)		(157,025	)		1,149			0.0	(a)
Electrical Equipment
Melrose Industries plc		(21,668	)		(57,332	)		(1,763	)		(0.0	)(a)
Food Products
Associated British Foods plc		(5,546	)		(185,250	)		(3,546	)		(0.0	)(a)
Health Care Providers & Services
NMC Health plc		(1,100	)		(40,621	)		(4,456	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Merlin Entertainments plc		(34,349	)		(164,260	)		(2,952	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 23

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
TUI AG		(14,170	)		(157,789	)		(1,185	)		(0.0	)(a)
		(48,519	)		(322,049	)		(4,137	)		(0.0	)(a)
Industrial Conglomerates
DCC plc		(2,020	)		(180,811	)		770			0.0	(a)
Insurance
Beazley plc		(21,301	)		(160,506	)		(4,086	)		(0.0	)(a)
RSA Insurance Group plc		(22,187	)		(157,286	)		505			0.0	(a)
		(43,488	)		(317,792	)		(3,581	)		(0.0	)(a)
Internet & Direct Marketing Retail
Just Eat plc*		(16,271	)		(148,750	)		3,172			0.0	(a)
Machinery
Weir Group plc (The)		(6,701	)		(145,645	)		9,404			0.0	(a)
Media
ITV plc		(87,181	)		(155,673	)		3,815			0.0	(a)
Metals & Mining
Fresnillo plc		(16,001	)		(156,718	)		5,630			0.0	(a)
Multiline Retail
B&M European Value Retail SA		(30,672	)		(158,123	)		258			0.0	(a)
Pharmaceuticals
Dechra Pharmaceuticals plc		(4,580	)		(159,180	)		(4,116	)		(0.0	)(a)
Professional Services
Capita plc		(18,074	)		(30,130	)		(640	)		(0.0	)(a)
Real Estate Management & Development
Capital & Counties Properties plc		(7,618	)		(24,089	)		(67	)		(0.0	)(a)
Specialty Retail
Kingfisher plc		(8,395	)		(28,948	)		(317	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(1,579,616	)		(3,396,909	)		5,878			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		(748,541	)		2,237,652			(99,525	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month LIBOR on short positions, which is denominated in USD based on the local currencies of the positions within the swaps.	11/18/2019 - 4/20/2020	$	(13,606,635	)	$	(104,012	)	$	(9,215	)	$	(113,227	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

24 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Aerospace & Defense
BWX Technologies, Inc.		(2,976	)		(152,074	)		2,351			0.0	(a)
Air Freight & Logistics
FedEx Corp.		(804	)		(152,326	)		6,987			0.0	(a)
Auto Components
Veoneer, Inc.*		(899	)		(19,841	)		6,455			0.0	(a)
Capital Markets
Charles Schwab Corp. (The)		(3,443	)		(157,621	)		(792	)		(0.0	)(a)
Northern Trust Corp.		(1,635	)		(161,129	)		(10,922	)		(0.0	)(a)
		(5,078	)		(318,750	)		(11,714	)		(0.0	)(a)
Chemicals
Dow, Inc.*		(2,721	)		(154,362	)		(3,648	)		(0.0	)(a)
DowDuPont, Inc.		(645	)		(24,800	)		(461	)		(0.0	)(a)
Sensient Technologies Corp.		(2,239	)		(156,999	)		(3,806	)		(0.0	)(a)
		(5,605	)		(336,161	)		(7,915	)		(0.0	)(a)
Commercial Services & Supplies
Covanta Holding Corp.		(9,856	)		(178,098	)		(4,830	)		(0.0	)(a)
Stericycle, Inc.*		(2,744	)		(160,222	)		(6,448	)		(0.0	)(a)
		(12,600	)		(338,320	)		(11,278	)		(0.0	)(a)
Communications Equipment
Infinera Corp.*		(27,781	)		(120,569	)		13,891			0.0	(a)
NETGEAR, Inc.*		(4,459	)		(138,363	)		13,466			0.0	(a)
ViaSat, Inc.*		(1,771	)		(160,842	)		(4,640	)		(0.0	)(a)
		(34,011	)		(419,774	)		22,717			0.0	(a)
Construction & Engineering
Dycom Industries, Inc.*		(3,186	)		(157,994	)		(3,568	)		(0.0	)(a)
Construction Materials
US Concrete, Inc.*		(3,408	)		(160,619	)		(7,293	)		(0.0	)(a)
Consumer Finance
LendingClub Corp.*		(40,899	)		(130,059	)		818			0.0	(a)
PRA Group, Inc.*		(6,443	)		(181,177	)		(5,477	)		(0.0	)(a)
		(47,342	)		(311,236	)		(4,659	)		(0.0	)(a)
Containers & Packaging
AptarGroup, Inc.		(1,425	)		(158,517	)		(2,278	)		(0.0	)(a)
Crown Holdings, Inc.*		(2,647	)		(153,870	)		(4,500	)		(0.0	)(a)
		(4,072	)		(312,387	)		(6,778	)		(0.0	)(a)
Electric Utilities
Alliant Energy Corp.		(3,631	)		(171,492	)		(4,539	)		(0.0	)(a)
Electrical Equipment
GrafTech International Ltd.		(12,589	)		(144,144	)		3,412			0.0	(a)
Electronic Equipment, Instruments & Components
Itron, Inc.*		(3,052	)		(163,771	)		(10,804	)		(0.0	)(a)
Rogers Corp.*		(916	)		(153,448	)		(275	)		(0.0	)(a)
		(3,968	)		(317,219	)		(11,079	)		(0.0	)(a)
Energy Equipment & Services
McDermott International, Inc.*		(15,258	)		(123,437	)		27,922			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 25

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)				NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Energy Equipment & Services — continued
Oceaneering International, Inc.*		(8,753	)		(168,058	)			(17,068	)		(0.0	)(a)
Oil States International, Inc.*		(8,085	)		(156,202	)			(10,996	)		(0.0	)(a)
Weatherford International plc*		(218,139	)		(120,696	)			6,981			0.0	(a)
		(250,235	)		(568,393	)			6,839			0.0	(a)
Entertainment
Netflix, Inc.*		(411	)		(152,292	)			(4,188	)		(0.0	)(a)
Food & Staples Retailing
Casey’s General Stores, Inc.		(1,180	)		(156,173	)			1,817			0.0	(a)
Food Products
Kraft Heinz Co. (The)		(1,128	)		(37,495	)			(316	)		(0.0	)(a)
Gas Utilities
Northwest Natural Holding Co.		(2,620	)		(175,252	)			(5,371	)		(0.0	)(a)
Health Care Equipment & Supplies
Insulet Corp.*		(1,796	)		(154,905	)			(7,399	)		(0.0	)(a)
Nevro Corp.*		(2,775	)		(171,245	)			10,739			0.0	(a)
Wright Medical Group NV*		(3,097	)		(91,579	)			(5,482	)		(0.0	)(a)
		(7,668	)		(417,729	)			(2,142	)		(0.0	)(a)
Health Care Providers & Services
Guardant Health, Inc.*		(2,351	)		(154,014	)			(443	)		(0.0	)(a)
R1 RCM, Inc.*		(15,082	)		(157,909	)			(6,485	)		(0.0	)(a)
		(17,433	)		(311,923	)			(6,928	)		(0.0	)(a)
Health Care Technology
Evolent Health, Inc.*		(4,224	)		(57,235	)			(1,352	)		(0.0	)(a)
Teladoc Health, Inc.*		(540	)		(30,715	)			(2,851	)		(0.0	)(a)
		(4,764	)		(87,950	)			(4,203	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Hilton Grand Vacations, Inc.*		(4,729	)		(151,517	)			2,979			0.0	(a)
Red Rock Resorts, Inc.		(5,626	)		(151,790	)			3,965			0.0	(a)
Shake Shack, Inc.*		(2,596	)		(159,135	)			(257	)		(0.0	)(a)
Wynn Resorts Ltd.		(1,098	)		(158,606	)			(2,207	)		(0.0	)(a)
		(14,049	)		(621,048	)			4,480			0.0	(a)
Household Durables
iRobot Corp.*		(1,262	)		(130,667	)			31,903			0.0	(a)
Interactive Media & Services
Snap, Inc.*		(13,082	)		(145,734	)			6,934			0.0	(a)
Zillow Group, Inc.*		(4,986	)		(165,585	)			11,966			0.0	(a)
		(18,068	)		(311,319	)			18,900			0.0	(a)
Internet & Direct Marketing Retail
Farfetch Ltd.*		(6,356	)		(157,502	)	��		2,214			0.0	(a)
Groupon, Inc.*		(9,143	)		(32,183	)			(274	)		(0.0	)(a)
GrubHub, Inc.*		(634	)		(42,345	)			(1,724	)		(0.0	)(a)
Wayfair, Inc.*		(1,038	)		(168,312	)			(17,584	)		(0.0	)(a)
		(17,171	)		(400,342	)			(17,368	)		(0.0	)(a)
Leisure Products
Polaris Industries, Inc.		(385	)		(37,114	)			920			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

26 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Machinery
Alamo Group, Inc.		(1,510	)		(156,496	)		(2,854	)��		(0.0	)(a)
Welbilt, Inc.*		(9,125	)		(153,574	)		3,468			0.0	(a)
		(10,635	)		(310,070	)		614			0.0	(a)
Marine
Kirby Corp.*		(1,939	)		(158,455	)		(2,716	)		(0.0	)(a)
Media
Liberty Broadband Corp.*		(1,634	)		(161,292	)		(4,559	)		(0.0	)(a)
Metals & Mining
Alcoa Corp.*		(6,309	)		(168,324	)		(126	)		(0.0	)(a)
Coeur Mining, Inc.*		(37,856	)		(136,660	)		2,650			0.0	(a)
Compass Minerals International, Inc.		(2,697	)		(154,781	)		269			0.0	(a)
United States Steel Corp.		(9,712	)		(151,507	)		715			0.0	(a)
		(56,574	)		(611,272	)		3,508			0.0	(a)
Multi-Utilities
NiSource, Inc.		(6,539	)		(181,653	)		(1,438	)		(0.0	)(a)
Sempra Energy		(1,385	)		(177,211	)		(748	)		(0.0	)(a)
		(7,924	)		(358,864	)		(2,186	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
California Resources Corp.*		(5,675	)		(119,629	)		32,291			0.0	(a)
Centennial Resource Development, Inc.*		(5,579	)		(58,747	)		(1,227	)		(0.0	)(a)
Cheniere Energy, Inc.*		(2,340	)		(150,579	)		1,521			0.0	(a)
Extraction Oil & Gas, Inc.*		(28,623	)		(134,528	)		10,304			0.0	(a)
Kosmos Energy Ltd.		(22,865	)		(152,967	)		3,201			0.0	(a)
Oasis Petroleum, Inc.*		(22,634	)		(138,068	)		11,317			0.0	(a)
Parsley Energy, Inc.*		(6,916	)		(138,043	)		9,267			0.0	(a)
Targa Resources Corp.		(4,240	)		(170,236	)		(3,434	)		(0.0	)(a)
		(98,872	)		(1,062,797	)		63,240			0.0	(a)
Pharmaceuticals
Aerie Pharmaceuticals, Inc.*		(2,955	)		(112,733	)		3,014			0.0	(a)
Intersect ENT, Inc.*		(5,196	)		(168,818	)		(13,590	)		(0.0	)(a)
Medicines Co. (The)*		(3,356	)		(107,224	)		(13,189	)		(0.0	)(a)
MyoKardia, Inc.*		(3,335	)		(160,013	)		(2,068	)		(0.0	)(a)
TherapeuticsMD, Inc.*		(33,153	)		(142,558	)		(2,321	)		(0.0	)(a)
WaVe Life Sciences Ltd.*		(2,061	)		(54,679	)		870			0.0	(a)
		(50,056	)		(746,025	)		(27,284	)		(0.0	)(a)
Road & Rail
AMERCO		(419	)		(156,358	)		(2,158	)		(0.0	)(a)
Avis Budget Group, Inc.*		(4,334	)		(154,074	)		(737	)		(0.0	)(a)
		(4,753	)		(310,432	)		(2,895	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.*		(5,608	)		(154,949	)		280			0.0	(a)
MACOM Technology Solutions Holdings, Inc.*		(9,369	)		(130,135	)		23,610			0.0	(a)
Marvell Technology Group Ltd.		(6,244	)		(156,225	)		2,063			0.0	(a)
NVIDIA Corp.		(823	)		(148,963	)		5,216			0.0	(a)
		(22,044	)		(590,272	)		31,169			0.0	(a)
Software
Appian Corp.*		(4,807	)		(173,485	)		(16,392	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 27

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Software — continued
Autodesk, Inc.*		(895	)		(159,498	)		(8,064	)		(0.0	)(a)
Avalara, Inc.*		(2,773	)		(163,246	)		(8,632	)		(0.0	)(a)
Benefitfocus, Inc.*		(381	)		(15,518	)		(857	)		(0.0	)(a)
Box, Inc.*		(1,431	)		(29,507	)		(2,547	)		(0.0	)(a)
HubSpot, Inc.*		(944	)		(174,159	)		(23,090	)		(0.0	)(a)
Nutanix, Inc.*		(3,784	)		(163,431	)		(1,324	)		(0.0	)(a)
PROS Holdings, Inc.*		(3,505	)		(179,596	)		(29,267	)		(0.1	)
Q2 Holdings, Inc.*		(2,171	)		(163,737	)		(14,828	)		(0.0	)(a)
Varonis Systems, Inc.*		(2,442	)		(173,748	)		(27,253	)		(0.0	)(a)
		(23,133	)		(1,395,925	)		(132,254	)		(0.1	)
Specialty Retail
CarMax, Inc.*		(2,028	)		(157,900	)		(1,744	)		(0.0	)(a)
Carvana Co.*		(2,356	)		(168,595	)		(20,215	)		(0.0	)(a)
National Vision Holdings, Inc.*		(1,352	)		(36,504	)		1,866			0.0	(a)
		(5,736	)		(362,999	)		(20,093	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
3D Systems Corp.*		(16,133	)		(171,655	)		4,033			0.0	(a)
Pure Storage, Inc.*		(6,758	)		(154,488	)		(540	)		(0.0	)(a)
		(22,891	)		(326,143	)		3,493			0.0	(a)
Trading Companies & Distributors
SiteOne Landscape Supply, Inc.*		(2,326	)		(156,540	)		(5,071	)		(0.0	)(a)
Water Utilities
American Water Works Co., Inc.		(1,621	)		(175,376	)		(5,657	)		(0.0	)(a)
California Water Service Group		(3,178	)		(160,139	)		(763	)		(0.0	)(a)
		(4,799	)		(335,515	)		(6,420	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(789,859	)		(13,606,635	)		(104,012	)		(0.1	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BA on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.50%), which is denominated in CAD based on the local currencies of the positions within the swaps.	11/18/2019 – 4/20/2020	$	(2,063,663	)	$	63,960	$	10,304	$	74,264

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Trading Companies & Distributors
Toromont Industries Ltd.		4,955		257,681		(2,034	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Aerospace & Defense
Bombardier, Inc.*		(74,284	)		(126,976	)		24,807			0.0	(a)
Construction & Engineering
SNC-Lavalin Group, Inc.		(2,999	)		(74,768	)		1,941			0.0	(a)
Containers & Packaging
CCL Industries, Inc.		(4,188	)		(178,655	)		(3,223	)		(0.0	)(a)
Diversified Financial Services
Onex Corp.		(293	)		(16,996	)		478			0.0	(a)
Food Products
Premium Brands Holdings Corp.		(2,776	)		(166,867	)		(11,458	)		(0.0	)(a)
Gas Utilities
AltaGas Ltd.		(6,055	)		(80,495	)		443			0.0	(a)
Metals & Mining
Agnico Eagle Mines Ltd.		(4,350	)		(180,143	)		(4,567	)		(0.0	)(a)
First Quantum Minerals Ltd.		(13,541	)		(143,021	)		17,940			0.0	(a)
Franco-Nevada Corp.		(2,459	)		(176,188	)		(1,415	)		(0.0	)(a)
IAMGOLD Corp.*		(46,871	)		(140,995	)		2,151			0.0	(a)
Kinross Gold Corp.*		(17,230	)		(54,788	)		912			0.0	(a)
Lundin Mining Corp.		(28,167	)		(151,169	)		10,706			0.0	(a)
Yamana Gold, Inc.		(11,474	)		(25,180	)		349			0.0	(a)
		(124,092	)		(871,484	)		26,076			0.0	(a)
Multiline Retail
Dollarama, Inc.		(5,065	)		(152,135	)		5,273			0.0	(a)
Oil, Gas & Consumable Fuels
Inter Pipeline Ltd.		(10,593	)		(172,531	)		4,106			0.0	(a)
Keyera Corp.		(7,386	)		(170,688	)		7,360			0.0	(a)
Vermilion Energy, Inc.		(5,755	)		(146,957	)		4,749			0.0	(a)
		(23,734	)		(490,176	)		16,215			0.0	(a)
Software
Kinaxis, Inc.*		(2,979	)		(162,792	)		5,442			0.0	(a)
Total Short Positions of Total Return Basket Swaps		(246,465	)		(2,321,344	)		65,994			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		(241,510	)		(2,063,663	)		63,960			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month EURIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in EUR based on the local currencies of the positions within the swaps.	5/29/2020 – 10/30/2020	$	(2,730,112	)	$	14,589	$	58,225	$	72,814

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 29

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Automobiles
Peugeot SA		3,716		97,429		(6,022	)		(0.0	)(a)
Chemicals
Covestro AG (b)		1,071		58,849		(4,855	)		(0.0	)(a)
Commercial Services & Supplies
Societe BIC SA		3,138		270,328		(16,902	)		(0.0	)(a)
SPIE SA		13,971		269,715		12,717			0.0	(a)
		17,109		540,043		(4,185	)		(0.0	)(a)
Construction & Engineering
Koninklijke BAM Groep NV		54,345		265,390		2,755			0.0	(a)
Diversified Telecommunication Services
Koninklijke KPN NV		84,844		260,756		4,218			0.0	(a)
Telefonica SA		30,130		251,204		(2,538	)		(0.0	)(a)
		114,974		511,960		1,680			0.0	(a)
Electric Utilities
Iberdrola SA		31,554		286,744		11,421			0.0	(a)
Energy Equipment & Services
SBM Offshore NV		13,507		250,641		(1,180	)		(0.0	)(a)
Food & Staples Retailing
METRO AG		16,825		285,882		4,915			0.0	(a)
Food Products
Danone SA		3,248		262,584		2,672			0.0	(a)
Insurance
AXA SA		9,760		260,265		440			0.0	(a)
Unipol Gruppo SpA		56,224		286,413		(3,014	)		(0.0	)(a)
		65,984		546,678		(2,574	)		(0.0	)(a)
IT Services
Amadeus IT Group SA		782		62,323		1,927			0.0	(a)
Media
Eutelsat Communications SA		5,018		90,689		(767	)		(0.0	)(a)
ProSiebenSat.1 Media SE		2,664		42,114		(1,881	)		(0.0	)(a)
		7,682		132,803		(2,648	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Eni SpA		3,542		60,360		(932	)		(0.0	)(a)
TOTAL SA		880		48,920		(713	)		(0.0	)(a)
		4,422		109,280		(1,645	)		(0.0	)(a)
Paper & Forest Products
Ence Energia y Celulosa SA		23,721		127,816		(14,236	)		(0.0	)(a)
UPM-Kymmene OYJ		2,049		57,853		(568	)		(0.0	)(a)
		25,770		185,669		(14,804	)		(0.0	)(a)
Real Estate Management & Development
Aroundtown SA		30,305		246,214		3,553			0.0	(a)
Semiconductors & Semiconductor Equipment
Dialog Semiconductor plc*		7,039		273,846		13,535			0.0	(a)
Textiles, Apparel & Luxury Goods
adidas AG		992		255,527		(2,754	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swaps		399,325		4,371,862		1,791			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

30 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Aerospace & Defense
Airbus SE		(1,140	)		(156,100	)		(2,364	)		(0.0	)(a)
Air Freight & Logistics
PostNL NV		(61,102	)		(158,496	)		3,924			0.0	(a)
Automobiles
Bayerische Motoren Werke AG		(1,826	)		(155,773	)		3,442			0.0	(a)
Daimler AG (Registered)		(2,721	)		(178,595	)		2,394			0.0	(a)
Renault SA		(2,332	)		(159,104	)		7,929			0.0	(a)
		(6,879	)		(493,472	)		13,765			0.0	(a)
Banks
AIB Group plc		(33,603	)		(156,115	)		4,043			0.0	(a)
Bankia SA		(59,950	)		(166,041	)		(3,836	)		(0.0	)(a)
		(93,553	)		(322,156	)		207			0.0	(a)
Building Products
Cie de Saint-Gobain		(3,858	)		(158,178	)		1,361			0.0	(a)
Chemicals
BASF SE		(1,897	)		(154,873	)		2,892			0.0	(a)
K+S AG (Registered)		(1,568	)		(31,928	)		612			0.0	(a)
Umicore SA		(864	)		(33,530	)		8,574			0.0	(a)
Wacker Chemie AG		(1,671	)		(146,895	)		13,447			0.0	(a)
		(6,000	)		(367,226	)		25,525			0.0	(a)
Communications Equipment
Nokia OYJ		(29,917	)		(157,202	)		15,075			0.0	(a)
Construction & Engineering
Bouygues SA		(4,028	)		(151,624	)		6,515			0.0	(a)
Ferrovial SA		(7,447	)		(183,640	)		(8,282	)		(0.0	)(a)
		(11,475	)		(335,264	)		(1,767	)		(0.0	)(a)
Containers & Packaging
Huhtamaki OYJ		(4,606	)		(176,139	)		(9,797	)		(0.0	)(a)
Diversified Financial Services
Groupe Bruxelles Lambert SA		(1,801	)		(172,464	)		7,704			0.0	(a)
Wendel SA		(97	)		(13,435	)		(358	)		(0.0	)(a)
		(1,898	)		(185,899	)		7,346			0.0	(a)
Diversified Telecommunication Services
Cellnex Telecom SA (b)		(508	)		(15,648	)		(787	)		(0.0	)(a)
Iliad SA		(1,645	)		(167,588	)		11,754			0.0	(a)
Masmovil Ibercom SA*		(8,575	)		(187,930	)		(17,824	)		(0.0	)(a)
		(10,728	)		(371,166	)		(6,857	)		(0.0	)(a)
Electrical Equipment
Nexans SA		(2,169	)		(76,077	)		1,085			0.0	(a)
Prysmian SpA		(8,434	)		(162,848	)		(7,014	)		(0.0	)(a)
		(10,603	)		(238,925	)		(5,929	)		(0.0	)(a)
Energy Equipment & Services
Tenaris SA		(10,419	)		(144,426	)		7,878			0.0	(a)
Food & Staples Retailing
Jeronimo Martins SGPS SA		(10,121	)		(164,827	)		(5,506	)		(0.0	)(a)
Gas Utilities
Rubis SCA		(2,889	)		(158,462	)		(1,710	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 31

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Health Care Providers & Services
Orpea		(320	)		(39,043	)		(2,107	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Accor SA		(3,672	)		(154,691	)		(95	)		(0.0	)(a)
Autogrill SpA		(18,162	)		(176,497	)		(1,805	)		(0.0	)(a)
Elior Group SA (b)		(9,985	)		(138,198	)		(568	)		(0.0	)(a)
Paddy Power Betfair plc		(1,840	)		(154,120	)		4,117			0.0	(a)
		(33,659	)		(623,506	)		1,649			0.0	(a)
Industrial Conglomerates
Rheinmetall AG		(1,370	)		(157,862	)		(1,358	)		(0.0	)(a)
Internet & Direct Marketing Retail
Delivery Hero SE* (b)		(591	)		(27,237	)		(3,682	)		(0.0	)(a)
Zalando SE* (b)		(3,297	)		(155,091	)		(1,088	)		(0.0	)(a)
		(3,888	)		(182,328	)		(4,770	)		(0.0	)(a)
Life Sciences Tools & Services
Eurofins Scientific SE		(360	)		(164,854	)		(15,449	)		(0.0	)(a)
Machinery
Alstom SA*		(3,491	)		(153,594	)		5,505			0.0	(a)
ANDRITZ AG		(3,233	)		(154,395	)		4,199			0.0	(a)
GEA Group AG		(5,453	)		(152,781	)		5,485			0.0	(a)
Konecranes OYJ		(3,803	)		(158,965	)		(561	)		(0.0	)(a)
Outotec OYJ*		(22,033	)		(116,394	)		(4,293	)		(0.0	)(a)
		(38,013	)		(736,129	)		10,335			0.0	(a)
Media
Altice Europe NV*		(55,306	)		(175,511	)		(19,850	)		(0.0	)(a)
Metals & Mining
AMG Advanced Metallurgical Group NV		(5,026	)		(152,806	)		964			0.0	(a)
ArcelorMittal		(6,886	)		(149,812	)		438			0.0	(a)
thyssenkrupp AG		(10,747	)		(151,518	)		12,639			0.0	(a)
		(22,659	)		(454,136	)		14,041			0.0	(a)
Personal Products
Beiersdorf AG		(1,673	)		(183,061	)		(8,321	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Infineon Technologies AG		(6,572	)		(155,793	)		2,494			0.0	(a)
SOITEC*		(1,386	)		(140,380	)		2,845			0.0	(a)
		(7,958	)		(296,173	)		5,339			0.0	(a)
Technology Hardware, Storage & Peripherals
S&T AG		(5,597	)		(151,222	)		(1,957	)		(0.0	)(a)
Textiles, Apparel & Luxury Goods
Puma SE		(290	)		(179,383	)		(2,241	)		(0.0	)(a)
Transportation Infrastructure
Aeroports de Paris		(55	)		(11,204	)		(143	)		(0.0	)(a)
Getlink SE		(9,917	)		(159,624	)		(3,521	)		(0.0	)(a)
		(9,972	)		(170,828	)		(3,664	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(446,253	)		(7,101,974	)		12,798			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		(46,928	)		(2,730,112	)		14,589			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

32 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in CHF based on the local currencies of the positions within the swaps.	10/30/2020	$	521,275	$	(37,633	)	$	(2,698	)	$	(40,331	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Diversified Telecommunication Services
Sunrise Communications Group AG (b)		2,447			162,486			(2,699	)		(0.0	)(a)
Swisscom AG (Registered)		557			259,536			968			0.0	(a)
		3,004			422,022			(1,731	)		(0.0	)(a)
Health Care Equipment & Supplies
Sonova Holding AG (Registered)		344			69,482			1,860			0.0	(a)
Insurance
Zurich Insurance Group AG		809			257,883			4			0.0	(a)
Machinery
OC Oerlikon Corp. AG (Registered)		22,131			289,233			(4,410	)		(0.0	)(a)
Pharmaceuticals
Galenica AG (b)		5,420			276,533			18,557			0.0	(a)
Roche Holding AG		92			24,070			414			0.0	(a)
		5,512			300,603			18,971			0.0	(a)
Real Estate Management & Development
PSP Swiss Property AG (Registered)		184			18,775			49			0.0	(a)
Total Long Positions of Total Return Basket Swaps		31,984			1,357,998			14,743			0.0	(a)
Short Positions
Common Stocks
Capital Markets
Julius Baer Group Ltd.		(3,189	)		(154,044	)		(3,752	)		(0.0	)(a)
Chemicals
Givaudan SA (Registered)		(61	)		(157,948	)		(2,134	)		(0.0	)(a)
Sika AG (Registered)		(1,043	)		(159,810	)		(4,583	)		(0.0	)(a)
		(1,104	)		(317,758	)		(6,717	)		(0.0	)(a)
Machinery
VAT Group AG (b)		(1,285	)		(159,712	)		(6,165	)		(0.0	)(a)
Marine
Kuehne + Nagel International AG (Registered)		(100	)		(14,536	)		(270	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
ams AG*		(4,517	)		(190,673	)		(35,472	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(10,195	)		(836,723	)		(52,376	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		21,789			521,275			(37,633	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 33

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (3.75)% to 0.35%), which is denominated in JPY based on the local currencies of the positions within the swaps.	11/19/2019	$	(7,744,276	)	$	3,574	$	(36,777	)	$	(33,203	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Chemicals
Mitsubishi Chemical Holdings Corp.		10,900			77,713			4			0.0	(a)
Mitsubishi Gas Chemical Co., Inc.		4,100			61,553			1,591			0.0	(a)
		15,000			139,266			1,595			0.0	(a)
Construction & Engineering
Taisei Corp.		2,200			96,800			2,496			0.0	(a)
Diversified Telecommunication Services
Nippon Telegraph & Telephone Corp.		600			24,965			(186	)		(0.0	)(a)
Interactive Media & Services
Mixi, Inc.		2,800			60,503			(1,598	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
JXTG Holdings, Inc.		14,700			71,518			(1,116	)		(0.0	)(a)
Pharmaceuticals
Astellas Pharma, Inc.		8,800			119,186			(532	)		(0.0	)(a)
Shionogi & Co. Ltd.		2,700			157,715			2,042			0.0	(a)
		11,500			276,901			1,510			0.0	(a)
Wireless Telecommunication Services
NTT DOCOMO, Inc.		5,200			112,921			2,009			0.0	(a)
Total Long Positions of Total Return Basket Swaps		52,000			782,874			4,710			0.0	(a)
Short Positions
Common Stocks
Auto Components
Nifco, Inc.		(5,500	)		(155,260	)		3,461			0.0	(a)
Sumitomo Rubber Industries Ltd.		(12,500	)		(153,704	)		6,052			0.0	(a)
Toyo Tire Corp.		(6,900	)		(80,719	)		1,528			0.0	(a)
		(24,900	)		(389,683	)		11,041			0.0	(a)
Automobiles
Nissan Motor Co. Ltd.		(20,700	)		(166,180	)		12,285			0.0	(a)
Banks
Bank of Kyoto Ltd. (The)		(3,700	)		(160,338	)		(1,243	)		(0.0	)(a)
Japan Post Bank Co. Ltd.		(15,800	)		(173,963	)		621			0.0	(a)
		(19,500	)		(334,301	)		(622	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

34 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Building Products
TOTO Ltd.		(1,000	)		(42,388	)		(332	)		(0.0	)(a)
Chemicals
Air Water, Inc.		(10,400	)		(158,638	)		1,644			0.0	(a)
Kansai Paint Co. Ltd.		(8,800	)		(167,784	)		1,422			0.0	(a)
Toray Industries, Inc.		(24,900	)		(170,393	)		6,376			0.0	(a)
		(44,100	)		(496,815	)		9,442			0.0	(a)
Construction & Engineering
JGC Corp.		(10,700	)		(154,171	)		10,699			0.0	(a)
Construction Materials
Sumitomo Osaka Cement Co. Ltd.		(3,800	)		(154,850	)		2,740			0.0	(a)
Consumer Finance
Aiful Corp.*		(67,200	)		(157,667	)		981			0.0	(a)
Electrical Equipment
Fujikura Ltd.		(37,800	)		(155,968	)		7,218			0.0	(a)
GS Yuasa Corp.		(2,000	)		(40,184	)		748			0.0	(a)
Mitsubishi Electric Corp.		(11,600	)		(165,995	)		(7,962	)		(0.0	)(a)
Nidec Corp.		(1,100	)		(157,123	)		(1,539	)		(0.0	)(a)
		(52,500	)		(519,270	)		(1,535	)		(0.0	)(a)
Electronic Equipment, Instruments & Components
Hirose Electric Co. Ltd.		(400	)		(46,360	)		(289	)		(0.0	)(a)
Hitachi High-Technologies Corp.		(4,100	)		(182,745	)		(9,183	)		(0.0	)(a)
Murata Manufacturing Co. Ltd.		(2,900	)		(145,620	)		8,661			0.0	(a)
TDK Corp.		(1,800	)		(157,705	)		801			0.0	(a)
Yaskawa Electric Corp.		(4,300	)		(160,079	)		3,370			0.0	(a)
		(13,500	)		(692,509	)		3,360			0.0	(a)
Food & Staples Retailing
Aeon Co. Ltd.		(9,100	)		(168,228	)		(3,291	)		(0.0	)(a)
Cosmos Pharmaceutical Corp.		(100	)		(15,986	)		(365	)		(0.0	)(a)
Tsuruha Holdings, Inc.		(2,000	)		(170,451	)		(10,095	)		(0.0	)(a)
		(11,200	)		(354,665	)		(13,751	)		(0.0	)(a)
Food Products
Calbee, Inc.		(1,100	)		(30,459	)		(440	)		(0.0	)(a)
Nissin Foods Holdings Co. Ltd.		(2,300	)		(152,218	)		5,515			0.0	(a)
Yamazaki Baking Co. Ltd.		(10,000	)		(148,972	)		4,250			0.0	(a)
		(13,400	)		(331,649	)		9,325			0.0	(a)
Health Care Providers & Services
Japan Lifeline Co. Ltd.		(10,400	)		(164,948	)		(6,586	)		(0.0	)(a)
Hotels, Restaurants & Leisure
HIS Co. Ltd.		(4,100	)		(130,958	)		6,481			0.0	(a)
Kyoritsu Maintenance Co. Ltd.		(3,200	)		(164,435	)		(4,411	)		(0.0	)(a)
Resorttrust, Inc.		(1,900	)		(26,597	)		(107	)		(0.0	)(a)
		(9,200	)		(321,990	)		1,963			0.0	(a)
Household Durables
Panasonic Corp.		(6,100	)		(56,170	)		(288	)		(0.0	)(a)
Sharp Corp.*		(15,500	)		(172,910	)		4,482			0.0	(a)
		(21,600	)		(229,080	)		4,194			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 35

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Industrial Conglomerates
Toshiba Corp.		(5,400	)		(179,936	)		(2,749	)		(0.0	)(a)
Interactive Media & Services
LINE Corp.*		(4,400	)		(147,420	)		3,661			0.0	(a)
Internet & Direct Marketing Retail
ZOZO, Inc.		(8,100	)		(143,884	)		337			0.0	(a)
IT Services
GMO internet, Inc.		(9,700	)		(150,558	)		8,243			0.0	(a)
Machinery
CKD Corp.		(13,400	)		(155,854	)		(4,351	)		(0.0	)(a)
Daifuku Co. Ltd.		(800	)		(49,217	)		(954	)		(0.0	)(a)
FANUC Corp.		(800	)		(150,300	)		5,119			0.0	(a)
Kawasaki Heavy Industries Ltd.		(1,300	)		(30,372	)		1,272			0.0	(a)
Komatsu Ltd.		(6,200	)		(160,148	)		(3,472	)		(0.0	)(a)
Makita Corp.		(4,300	)		(156,879	)		1,954			0.0	(a)
MISUMI Group, Inc.		(2,300	)		(60,056	)		151			0.0	(a)
Mitsui E&S Holdings Co. Ltd.*		(9,700	)		(95,851	)		7,992			0.0	(a)
Miura Co. Ltd.		(2,200	)		(56,321	)		(1,473	)		(0.0	)(a)
Nabtesco Corp.		(5,200	)		(159,452	)		2,050			0.0	(a)
NGK Insulators Ltd.		(2,400	)		(35,649	)		350			0.0	(a)
		(48,600	)		(1,110,099	)		8,638			0.0	(a)
Marine
Kawasaki Kisen Kaisha Ltd.		(11,500	)		(167,175	)		(11,467	)		(0.0	)(a)
Nippon Yusen KK		(9,400	)		(160,626	)		(8,274	)		(0.0	)(a)
		(20,900	)		(327,801	)		(19,741	)		(0.0	)(a)
Metals & Mining
Dowa Holdings Co. Ltd.		(4,700	)		(153,254	)		3,894			0.0	(a)
Hitachi Metals Ltd.		(1,300	)		(15,027	)		364			0.0	(a)
Mitsubishi Materials Corp.		(700	)		(18,206	)		1,113			0.0	(a)
Sumitomo Metal Mining Co. Ltd.		(4,900	)		(154,124	)		4,784			0.0	(a)
		(11,600	)		(340,611	)		10,155			0.0	(a)
Multiline Retail
Marui Group Co. Ltd.		(7,700	)		(156,626	)		(3,790	)		(0.0	)(a)
Pan Pacific International Holdings Corp.		(600	)		(38,666	)		(745	)		(0.0	)(a)
Takashimaya Co. Ltd.		(2,800	)		(31,484	)		685			0.0	(a)
		(11,100	)		(226,776	)		(3,850	)		(0.0	)(a)
Personal Products
Shiseido Co. Ltd.		(2,100	)		(165,182	)		(4,129	)		(0.0	)(a)
Pharmaceuticals
Nippon Shinyaku Co. Ltd.		(1,100	)		(75,955	)		(6,312	)		(0.0	)(a)
Ono Pharmaceutical Co. Ltd.		(1,900	)		(35,692	)		(1,176	)		(0.0	)(a)
		(3,000	)		(111,647	)		(7,488	)		(0.0	)(a)
Professional Services
Outsourcing, Inc.		(12,100	)		(159,088	)		(3,997	)		(0.0	)(a)
Persol Holdings Co. Ltd.		(2,500	)		(47,124	)		(2,542	)		(0.0	)(a)
		(14,600	)		(206,212	)		(6,539	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

36 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Road & Rail
Keio Corp.		(2,700	)		(163,024	)		(7,880	)		(0.0	)(a)
Tobu Railway Co. Ltd.		(5,700	)		(161,402	)		(5,326	)		(0.0	)(a)
Tokyu Corp.		(11,000	)		(179,582	)		(6,554	)		(0.0	)(a)
		(19,400	)		(504,008	)		(19,760	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Rohm Co. Ltd.		(300	)		(22,122	)		309			0.0	(a)
Specialty Retail
Nitori Holdings Co. Ltd.		(400	)		(47,721	)		(177	)		(0.0	)(a)
Textiles, Apparel & Luxury Goods
Asics Corp.		(13,300	)		(163,853	)		(4,603	)		(0.0	)(a)
Transportation Infrastructure
Japan Airport Terminal Co. Ltd.		(4,000	)		(169,154	)		(6,647	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(500,600	)		(8,527,150	)		(1,136	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		(448,600	)		(7,744,276	)		3,574			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.35)% to 0.35%), which is denominated in AUD based on the local currencies of the positions within the swaps.	11/18/2019	$	970,914	$	(31,943	)	$	(7,322	)	$	(39,265	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
Qantas Airways Ltd.		14,050		55,578		(885	)		(0.0	)(a)
Construction & Engineering
CIMIC Group Ltd.		7,825		279,147		9,025			0.0	(a)
Food & Staples Retailing
Metcash Ltd.		57,993		117,345		5,347			0.0	(a)
IT Services
Computershare Ltd.		5,218		65,644		168			0.0	(a)
Metals & Mining
Alumina Ltd.		45,948		72,707		(3,723	)		(0.0	)(a)
BHP Group Ltd.		9,587		253,694		(2,999	)		(0.0	)(a)
Iluka Resources Ltd.		9,031		55,109		(3,505	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 37

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Metals & Mining — continued
Rio Tinto Ltd.		3,722			250,872			(7,235	)		(0.0	)(a)
Sandfire Resources NL		52,940			263,325			(9,764	)		(0.0	)(a)
		121,228			895,707			(27,226	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Beach Energy Ltd.		164,970			247,381			(1,362	)		(0.0	)(a)
Santos Ltd.		56,481			285,828			(1,539	)		(0.0	)(a)
Whitehaven Coal Ltd.		55,185			163,670			(9,812	)		(0.0	)(a)
Woodside Petroleum Ltd.		2,171			54,122			(424	)		(0.0	)(a)
		278,807			751,001			(13,137	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swaps		485,121			2,164,422			(26,708	)		0.0	(a)
Short Positions
Common Stocks
Beverages
Treasury Wine Estates Ltd.		(12,873	)		(156,146	)		(4,143	)		(0.0	)(a)
Building Products
Reliance Worldwide Corp. Ltd.		(44,542	)		(153,267	)		(993	)		(0.0	)(a)
Chemicals
Nufarm Ltd.		(43,336	)		(154,839	)		11,980			0.0	(a)
Diversified Financial Services
Challenger Ltd.		(11,945	)		(69,149	)		(3,550	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(3,517	)		(106,612	)		315			0.0	(a)
Star Entertainment Grp Ltd. (The)		(21,060	)		(67,434	)		553			0.0	(a)
		(24,577	)		(174,046	)		868			0.0	(a)
IT Services
NEXTDC Ltd.*		(35,128	)		(158,310	)		(6,268	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Oil Search Ltd.		(31,031	)		(169,939	)		6,329			0.0	(a)
Software
Xero Ltd.*		(4,103	)		(157,812	)		(9,458	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(207,535	)		(1,193,508	)		(5,235	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		277,586			970,914			(31,943	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in GBP based on the local currencies of the positions within the swaps.	10/30/2020	$	836,512	$	1,356	$	(331	)	$	1,025

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

38 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Capital Markets
Sole Realisation Co. plc* ‡		153		—		(139	)		(0.0	)(a)
Pharmaceuticals
BTG plc*		76,780		836,512		1,495			0.0	(a)
Total Long Positions of Total Return Basket Swaps		76,933		836,512		1,356			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in USD based on the local currencies of the positions within the swaps.	11/18/2019 – 4/20/2020	$	(2,878,078	)	$	(125,522	)	$	1,573	$	(123,949	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Rights
Media
Media General, Inc. CVR‡		1,329			—			(399	)		(0.0	)(a)
Short Positions
Common Stocks
IT Services
Fidelity National Information Services, Inc.		(24,826	)		(2,878,078	)		(125,123	)		(0.1	)
Total of Long and Short Positions of Total Return Basket Swaps		(23,497	)		(2,878,078	)		(125,522	)		(0.1	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio and pays or receives the net of one month LIBOR, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in CHF based on the local currencies of the positions within the swaps.	10/30/2020	$	—	$	—	$	12	$	12

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 39

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month BBR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.35%), which is denominated in AUD based on the local currencies of the positions within the swaps.	11/18/2019	$	2,184,018	$	(8,212	)	$	(907	)	$	(9,119	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Health Care Providers & Services
Healthscope Ltd.		1,264,094		2,184,018		(8,212	)		(0.0	)(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day LIBID and one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in GBP based on the local currencies of the positions within the swaps.	9/12/2019	$	1,513,610	$	(27,516	)	$	(26,478	)	$	(53,994	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Meggitt plc		40,225		286,234		13,980			0.0	(a)
Distributors
Inchcape plc		12,317		98,886		(3,231	)		(0.0	)(a)
Energy Equipment & Services
Petrofac Ltd.		969		5,594		(309	)		(0.0	)(a)
Equity Real Estate Investment Trusts (REITs)
UNITE Group plc (The)		21,014		258,281		5,027			0.0	(a)
Food & Staples Retailing
J Sainsbury plc		69,528		201,995		(4,373	)		(0.0	)(a)
Food Products
Tate & Lyle plc		27,605		276,679		12,473			0.0	(a)
Hotels, Restaurants & Leisure
Carnival plc		2,633		139,588		1,000			0.0	(a)
Household Durables
Berkeley Group Holdings plc		3,230		158,453		(3,688	)		(0.0	)(a)
Redrow plc		22,060		177,566		(3,627	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

40 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Household Durables — continued
Taylor Wimpey plc		99,541			235,993			(10,599	)		(0.0	)(a)
		124,831			572,012			(17,914	)		(0.0	)(a)
Machinery
Vesuvius plc		25,830			208,393			(275	)		(0.0	)(a)
Metals & Mining
Rio Tinto plc		1,742			101,627			(2,846	)		(0.0	)(a)
Multi-Utilities
Centrica plc		104,139			144,771			1,175			0.0	(a)
Oil, Gas & Consumable Fuels
Royal Dutch Shell plc		8,233			265,706			(934	)		(0.0	)(a)
Tullow Oil plc		41,211			120,836			(9,104	)		(0.0	)(a)
		49,444			386,542			(10,038	)		(0.0	)(a)
Pharmaceuticals
Hikma Pharmaceuticals plc		7,294			168,316			10,617			0.0	(a)
Total Long Positions of Total Return Basket Swaps		487,571			2,848,918			5,286			0.0	(a)
Short Positions
Common Stocks
Banks
Metro Bank plc*		(8,730	)		(85,621	)		7,366			0.0	(a)
Consumer Finance
Provident Financial plc		(11,899	)		(82,609	)		(3,595	)		(0.0	)(a)
Electrical Equipment
Melrose Industries plc		(39,568	)		(104,695	)		(3,220	)		(0.0	)(a)
Health Care Providers & Services
NMC Health plc		(3,440	)		(127,032	)		(13,934	)		(0.0	)(a)
Spire Healthcare Group plc (b)		(104,365	)		(182,227	)		(3,655	)		(0.0	)(a)
		(107,805	)		(309,259	)		(17,589	)		(0.0	)(a)
Multi-Utilities
National Grid plc		(15,017	)		(164,525	)		(4,175	)		(0.0	)(a)
Professional Services
Capita plc		(88,061	)		(146,801	)		(3,116	)		(0.0	)(a)
Real Estate Management & Development
Capital & Counties Properties plc		(42,546	)		(134,533	)		(371	)		(0.0	)(a)
Specialty Retail
Kingfisher plc		(41,680	)		(143,721	)		(1,572	)		(0.0	)(a)
Water Utilities
Severn Trent plc		(6,144	)		(163,544	)		(6,530	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(361,450	)		(1,335,308	)		(32,802	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		126,121			1,513,610			(27,516	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 41

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
UBS	The Fund receives the total return on a portfolio short equity positions and pays or receives the net of one month LIBOR on short positions, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps.	9/12/2019	$	(17,622,432	)	$	(184,600	)	$	562,988	$	378,388

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Aerospace & Defense
Cubic Corp.		(3,143	)		(178,459	)		(7,732	)		(0.0	)(a)
Kratos Defense & Security Solutions, Inc.*		(11,051	)		(175,490	)		(13,151	)		(0.0	)(a)
Mercury Systems, Inc.*		(2,181	)		(159,257	)		(12,584	)		(0.0	)(a)
		(16,375	)		(513,206	)		(33,467	)		(0.0	)(a)
Air Freight & Logistics
Air Transport Services Group, Inc.*		(6,703	)		(157,722	)		1,341			0.0	(a)
Airlines
American Airlines Group, Inc.		(4,617	)		(157,809	)		877			0.0	(a)
Auto Components
Veoneer, Inc.*		(4,561	)		(100,661	)		32,748			0.0	(a)
Beverages
Brown-Forman Corp.		(2,967	)		(158,111	)		(1,305	)		(0.0	)(a)
Constellation Brands, Inc.		(756	)		(160,023	)		(9,730	)		(0.0	)(a)
MGP Ingredients, Inc.		(1,781	)		(156,496	)		(1,015	)		(0.0	)(a)
		(5,504	)		(474,630	)		(12,050	)		(0.0	)(a)
Capital Markets
BlackRock, Inc.		(331	)		(160,614	)		(6,471	)		(0.0	)(a)
Cboe Global Markets, Inc.		(1,551	)		(157,597	)		(543	)		(0.0	)(a)
Interactive Brokers Group, Inc.		(2,852	)		(154,693	)		1,825			0.0	(a)
SEI Investments Co.		(2,729	)		(148,594	)		10,616			0.0	(a)
WisdomTree Investments, Inc.		(20,135	)		(144,972	)		13,289			0.0	(a)
		(27,598	)		(766,470	)		18,716			0.0	(a)
Chemicals
Albemarle Corp.		(2,144	)		(160,929	)		16,101			0.0	(a)
Axalta Coating Systems Ltd.*		(5,669	)		(152,950	)		5,839			0.0	(a)
DowDuPont, Inc.		(3,453	)		(132,768	)		1,899			0.0	(a)
GCP Applied Technologies, Inc.*		(5,975	)		(172,020	)		(478	)		(0.0	)(a)
International Flavors & Fragrances, Inc.		(1,150	)		(158,458	)		(2,058	)		(0.0	)(a)
RPM International, Inc.		(2,553	)		(154,839	)		2,042			0.0	(a)
		(20,944	)		(931,964	)		23,345			0.0	(a)
Commercial Services & Supplies
Brink’s Co. (The)		(1,935	)		(154,664	)		271			0.0	(a)
Communications Equipment
Extreme Networks, Inc.*		(19,681	)		(157,448	)		(4,920	)		(0.0	)(a)
Infinera Corp.*		(9,757	)		(42,345	)		4,878			0.0	(a)
		(29,438	)		(199,793	)		(42	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

42 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Construction & Engineering
WillScot Corp.*		(12,103	)		(163,027	)		(12,829	)		(0.0	)(a)
Construction Materials
Martin Marietta Materials, Inc.		(739	)		(163,984	)		(7,634	)		(0.0	)(a)
Summit Materials, Inc.*		(9,518	)		(166,756	)		(13,706	)		(0.0	)(a)
Vulcan Materials Co.		(1,274	)		(160,664	)		(4,217	)		(0.0	)(a)
		(11,531	)		(491,404	)		(25,557	)		(0.0	)(a)
Consumer Finance
LendingClub Corp.*		(11,718	)		(37,263	)		234			0.0	(a)
Containers & Packaging
Graphic Packaging Holding Co.		(11,342	)		(157,427	)		(10,775	)		(0.0	)(a)
Diversified Telecommunication Services
Iridium Communications, Inc.*		(6,390	)		(175,469	)		(6,582	)		(0.0	)(a)
Electronic Equipment, Instruments & Components
II-VI, Inc.*		(5,750	)		(229,080	)		7,130			0.0	(a)
nLight, Inc.*		(6,259	)		(163,548	)		(10,390	)		(0.0	)(a)
		(12,009	)		(392,628	)		(3,260	)		(0.0	)(a)
Energy Equipment & Services
Forum Energy Technologies, Inc.*		(28,424	)		(169,975	)		(19,613	)		(0.0	)(a)
Nabors Industries Ltd.		(39,116	)		(136,906	)		11,735			0.0	(a)
Superior Energy Services, Inc.*		(31,624	)		(113,530	)		37,949			0.0	(a)
US Silica Holdings, Inc.		(8,685	)		(137,397	)		16,588			0.0	(a)
		(107,849	)		(557,808	)		46,659			0.0	(a)
Entertainment
Spotify Technology SA*		(1,261	)	��	(171,206	)		4,893			0.0	(a)
Equity Real Estate Investment Trusts (REITs)
Alexander & Baldwin, Inc.		(7,553	)		(178,402	)		529			0.0	(a)
Food & Staples Retailing
PriceSmart, Inc.		(3,043	)		(182,002	)		1,248			0.0	(a)
Food Products
Hain Celestial Group, Inc. (The)*		(7,322	)		(159,766	)		4,100			0.0	(a)
Kraft Heinz Co. (The)		(4,153	)		(138,046	)		(1,163	)		(0.0	)(a)
Sanderson Farms, Inc.		(1,092	)		(165,580	)		(10,974	)		(0.0	)(a)
		(12,567	)		(463,392	)		(8,037	)		(0.0	)(a)
Gas Utilities
South Jersey Industries, Inc.		(5,423	)		(174,187	)		(4,013	)		(0.0	)(a)
Southwest Gas Holdings, Inc.		(2,080	)		(173,035	)		(1,955	)		(0.0	)(a)
		(7,503	)		(347,222	)		(5,968	)		(0.0	)(a)
Health Care Equipment & Supplies
Axogen, Inc.*		(8,074	)		(189,578	)		(21,315	)		(0.0	)(a)
Heska Corp.*		(1,991	)		(154,621	)		(6,411	)		(0.0	)(a)
iRhythm Technologies, Inc.*		(1,997	)		(152,391	)		(14,758	)		(0.0	)(a)
Penumbra, Inc.*		(1,204	)		(161,938	)		(6,658	)		(0.0	)(a)
ViewRay, Inc.*		(21,747	)		(151,359	)		1,087			0.0	(a)
Wright Medical Group NV*		(2,391	)		(70,702	)		(4,232	)		(0.0	)(a)
		(37,404	)		(880,589	)		(52,287	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 43

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Health Care Technology
Evolent Health, Inc.*		(7,234	)		(98,021	)		(2,315	)		(0.0	)(a)
Medidata Solutions, Inc.*		(1,789	)		(161,618	)		(20,520	)		(0.0	)(a)
Teladoc Health, Inc.*		(2,770	)		(157,558	)		(14,625	)		(0.0	)(a)
		(11,793	)		(417,197	)		(37,460	)		(0.0	)(a)
Household Durables
Installed Building Products, Inc.*		(3,357	)		(161,237	)		13,965			0.0	(a)
LGI Homes, Inc.*		(2,495	)		(172,928	)		649			0.0	(a)
Mohawk Industries, Inc.*		(1,190	)		(162,138	)		(5,331	)		(0.0	)(a)
Roku, Inc.*		(2,702	)		(171,820	)		(18,671	)		(0.0	)(a)
		(9,744	)		(668,123	)		(9,388	)		(0.0	)(a)
Independent Power and Renewable Electricity Producers
Ormat Technologies, Inc.		(2,705	)		(157,864	)		(1,839	)		(0.0	)(a)
Insurance
Markel Corp.*		(153	)		(163,941	)		(8,674	)		(0.0	)(a)
Interactive Media & Services
TrueCar, Inc.*		(24,327	)		(156,666	)		(4,622	)		(0.0	)(a)
Internet & Direct Marketing Retail
Groupon, Inc.*		(41,663	)		(146,654	)		(1,250	)		(0.0	)(a)
GrubHub, Inc.*		(1,950	)		(130,240	)		(5,304	)		(0.0	)(a)
		(43,613	)		(276,894	)		(6,554	)		(0.0	)(a)
IT Services
InterXion Holding NV*		(2,667	)		(184,530	)		(7,388	)		(0.0	)(a)
Leisure Products
Mattel, Inc.*		(12,957	)		(157,946	)		3,887			0.0	(a)
Polaris Industries, Inc.		(1,220	)		(117,608	)		2,916			0.0	(a)
		(14,177	)		(275,554	)		6,803			0.0	(a)
Machinery
Deere & Co.		(935	)		(154,864	)		3,198			0.0	(a)
Evoqua Water Technologies Corp.*		(11,424	)		(155,595	)		114			0.0	(a)
REV Group, Inc.		(12,732	)		(161,569	)		(6,366	)		(0.0	)(a)
Wabtec Corp.		(2,044	)		(151,399	)		7,890			0.0	(a)
		(27,135	)		(623,427	)		4,836			0.0	(a)
Media
Altice USA, Inc.		(6,761	)		(159,289	)		(2,704	)		(0.0	)(a)
GCI Liberty, Inc.*		(2,679	)		(159,722	)		(2,920	)		(0.0	)(a)
Liberty Global plc*		(5,752	)		(155,362	)		3,279			0.0	(a)
New York Times Co. (The)		(4,750	)		(157,462	)		2,327			0.0	(a)
		(19,942	)		(631,835	)		(18	)		(0.0	)(a)
Metals & Mining
Century Aluminum Co.*		(17,926	)		(150,758	)		3,585			0.0	(a)
Constellium NV*		(16,669	)		(155,688	)		1,000			0.0	(a)
Hecla Mining Co.		(69,634	)		(146,231	)		3,482			0.0	(a)
		(104,229	)		(452,677	)		8,067			0.0	(a)
Oil, Gas & Consumable Fuels
Callon Petroleum Co.*		(18,830	)		(141,413	)		11,298			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

44 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Carrizo Oil & Gas, Inc.*		(11,483	)		(147,212	)		(10,335	)		(0.0	)(a)
Centennial Resource Development, Inc.*		(8,864	)		(93,338	)		(1,950	)		(0.0	)(a)
Concho Resources, Inc.		(1,280	)		(147,686	)		2,022			0.0	(a)
Golar LNG Ltd.		(7,884	)		(154,053	)		8,909			0.0	(a)
Matador Resources Co.*		(7,195	)		(141,670	)		8,130			0.0	(a)
Noble Energy, Inc.		(5,630	)		(152,348	)		282			0.0	(a)
Parsley Energy, Inc.*		(329	)		(6,567	)		441			0.0	(a)
Pioneer Natural Resources Co.		(893	)		(148,649	)		7,680			0.0	(a)
WPX Energy, Inc.*		(10,395	)		(144,387	)		8,836			0.0	(a)
		(72,783	)		(1,277,323	)		35,313			0.0	(a)
Pharmaceuticals
Aerie Pharmaceuticals, Inc.*		(925	)		(35,289	)		943			0.0	(a)
Cymabay Therapeutics, Inc.*		(13,901	)		(178,072	)		(10,287	)		(0.0	)(a)
Intra-Cellular Therapies, Inc.*		(12,131	)		(159,765	)		(11,039	)		(0.0	)(a)
Medicines Co. (The)*		(1,985	)		(63,421	)		(7,801	)		(0.0	)(a)
Revance Therapeutics, Inc.*		(11,082	)		(146,725	)		2,771			0.0	(a)
Theravance Biopharma, Inc.*		(7,279	)		(173,604	)		(7,643	)		(0.0	)(a)
WaVe Life Sciences Ltd.*		(3,764	)		(99,859	)		(3,576	)		(0.0	)(a)
Zogenix, Inc.*		(4,195	)		(163,563	)		(9,718	)		(0.0	)(a)
		(55,262	)		(1,020,298	)		(46,350	)		(0.0	)(a)
Professional Services
TransUnion		(2,282	)		(158,941	)		3,172			0.0	(a)
Road & Rail
Hertz Global Holdings, Inc.*		(8,704	)		(158,239	)		(7,486	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Cree, Inc.*		(2,290	)		(151,346	)		2,473			0.0	(a)
First Solar, Inc.*		(2,546	)		(156,655	)		(734	)		(0.0	)(a)
MACOM Technology Solutions Holdings, Inc.*		(393	)		(5,459	)		990			0.0	(a)
Silicon Laboratories, Inc.*		(1,676	)		(180,438	)		(24,989	)		(0.0	)(a)
Veeco Instruments, Inc.*		(12,508	)		(152,348	)		5,879			0.0	(a)
		(19,413	)		(646,246	)		(16,381	)		(0.0	)(a)
Software
2U, Inc.*		(2,729	)		(165,105	)		(136	)		(0.0	)(a)
Benefitfocus, Inc.*		(3,278	)		(133,513	)		(7,376	)		(0.0	)(a)
Box, Inc.*		(6,311	)		(130,133	)		(11,234	)		(0.0	)(a)
Cloudera, Inc.*		(15,482	)		(172,315	)		(5,109	)		(0.0	)(a)
FireEye, Inc.*		(10,430	)		(167,089	)		(6,362	)		(0.0	)(a)
ForeScout Technologies, Inc.*		(3,907	)		(164,250	)		(15,276	)		(0.0	)(a)
Instructure, Inc.*		(3,791	)		(163,316	)		11,942			0.0	(a)
RingCentral, Inc.*		(1,409	)		(163,965	)		(15,316	)		(0.1	)
Yext, Inc.*		(8,208	)		(179,837	)		(13,297	)		(0.0	)(a)
		(55,545	)		(1,439,523	)		(62,164	)		(0.1	)
Specialty Retail
At Home Group, Inc.*		(7,314	)		(171,806	)		(2,852	)		(0.0	)(a)
Floor & Decor Holdings, Inc.*		(3,311	)		(158,994	)		(5,298	)		(0.0	)(a)
National Vision Holdings, Inc.*		(4,430	)		(119,610	)		6,113			0.0	(a)
		(15,055	)		(450,410	)		(2,037	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 45

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Tobacco
Vector Group Ltd.		(15,767	)		(150,259	)		16,555			0.0	(a)
Trading Companies & Distributors
Herc Holdings, Inc.*		(3,314	)		(159,602	)		(6,297	)		(0.0	)(a)
MRC Global, Inc.*		(8,374	)		(145,122	)		8,039			0.0	(a)
SiteOne Landscape Supply, Inc.*		(40	)		(2,692	)		(87	)		(0.0	)(a)
		(11,728	)		(307,416	)		1,655			0.0	(a)
Water Utilities
Aqua America, Inc.		(4,631	)		(180,887	)		(8,845	)		(0.0	)(a)
SJW Group		(2,730	)		(169,424	)		(1,802	)		(0.0	)(a)
		(7,361	)		(350,311	)		(10,647	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(884,333	)		(17,622,432	)		(184,600	)		(0.1	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day CORRA and one month CDOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.15%), which is denominated in CAD based on the local currencies of the positions within the swaps.	9/12/2019	$	2,460,188	$	(9,596	)	$	(11,906	)	$	(21,502	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Banks
Canadian Imperial Bank of Commerce		3,355		282,509		4,532			0.0	(a)
Chemicals
Methanex Corp.		4,373		239,720		(14,559	)		(0.0	)(a)
Food & Staples Retailing
Empire Co. Ltd.		12,121		269,617		629			0.0	(a)
Insurance
iA Financial Corp., Inc.		6,486		258,239		(3,230	)		(0.0	)(a)
IT Services
CGI, Inc.*		3,614		260,131		3,823			0.0	(a)
Media
Quebecor, Inc.		11,538		287,740		2,732			0.0	(a)
Metals & Mining
Teck Resources Ltd.		10,510		248,531		(12,179	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Imperial Oil Ltd.		8,585		249,405		(2,909	)		(0.0	)(a)
Parex Resources, Inc.*		14,845		252,865		5,786			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

46 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Suncor Energy, Inc.		8,647			285,157			(1,864	)		(0.0	)(a)
		32,077			787,427			1,013			0.0	(a)
Textiles, Apparel & Luxury Goods
Gildan Activewear, Inc.		6,780			250,005			(1,976	)		(0.0	)(a)
Thrifts & Mortgage Finance
Genworth MI Canada, Inc.		9,427			292,936			(1,483	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swaps		100,281			3,176,855			(20,698	)		0.0	(a)
Short Positions
Common Stocks
Construction & Engineering
SNC-Lavalin Group, Inc.		(3,206	)		(79,929	)		2,075			0.0	(a)
Diversified Financial Services
Onex Corp.		(2,350	)		(136,313	)		3,836			0.0	(a)
Gas Utilities
AltaGas Ltd.		(6,966	)		(92,606	)		509			0.0	(a)
Metals & Mining
Kinross Gold Corp.*		(36,944	)		(117,475	)		1,956			0.0	(a)
Yamana Gold, Inc.		(52,000	)		(114,115	)		1,583			0.0	(a)
		(88,944	)		(231,590	)		3,539			0.0	(a)
Multi-Utilities
Canadian Utilities Ltd.		(6,393	)		(176,229	)		1,143			0.0	(a)
Total Short Positions of Total Return Basket Swaps		(107,859	)		(716,667	)		11,102			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		(7,578	)		2,460,188			(9,596	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in EUR based on the local currencies of the positions within the swaps.	9/12/2019	$	10,206,152	$	(25,455	)	$	(30,139	)	$	(55,594	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Dassault Aviation SA		174		263,269		10,110		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 47

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Airlines
Air France-KLM*		25,131		290,000		(23,444	)		(0.0	)(a)
Automobiles
Peugeot SA		5,664		148,504		(9,179	)		(0.0	)(a)
Chemicals
Covestro AG (b)		3,413		187,536		(15,471	)		(0.0	)(a)
Construction & Engineering
ACS Actividades de Construccion y Servicios SA		6,264		288,058		1,599			0.0	(a)
HOCHTIEF AG		1,911		285,711		2,365			0.0	(a)
		8,175		573,769		3,964			0.0	(a)
Diversified Telecommunication Services
Deutsche Telekom AG (Registered)		15,799		264,711		896			0.0	(a)
Electric Utilities
Endesa SA		10,723		267,521		3,861			0.0	(a)
Enel SpA		43,159		273,290		5,824			0.0	(a)
Red Electrica Corp. SA		13,520		280,592		2,863			0.0	(a)
Terna Rete Elettrica Nazionale SpA		44,155		264,893		236			0.0	(a)
Verbund AG		5,884		292,182		2,237			0.0	(a)
		117,441		1,378,478		15,021			0.0	(a)
Electrical Equipment
Signify NV (b)		8,628		258,671		(4,747	)		(0.0	)(a)
Food & Staples Retailing
Koninklijke Ahold Delhaize NV		11,811		284,664		(7,247	)		(0.0	)(a)
Gas Utilities
Italgas SpA		41,760		260,854		2,033			0.0	(a)
Health Care Equipment & Supplies
Koninklijke Philips NV		6,413		275,398		21,255			0.0	(a)
Insurance
Ageas		4,939		261,003		2,972			0.0	(a)
ASR Nederland NV		5,879		261,580		(1,604	)		(0.0	)(a)
NN Group NV		6,305		275,148		4,277			0.0	(a)
UnipolSai Assicurazioni SpA		95,278		261,082		(102	)		(0.0	)(a)
		112,401		1,058,813		5,543			0.0	(a)
IT Services
Amadeus IT Group SA		2,454		195,576		6,046			0.0	(a)
Machinery
Valmet OYJ		10,470		288,417		16,370			0.0	(a)
Media
Eutelsat Communications SA		10,320		186,511		(1,578	)		(0.0	)(a)
Mediaset Espana Comunicacion SA		34,570		268,094		4,421			0.0	(a)
ProSiebenSat.1 Media SE		14,525		229,619		(10,256	)		(0.0	)(a)
Publicis Groupe SA		4,874		289,693		7,671			0.0	(a)
		64,289		973,917		258			0.0	(a)
Multi-Utilities
A2A SpA		169,001		282,846		1,466			0.0	(a)
Engie SA		17,866		265,176		(2,016	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

48 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Multi-Utilities — continued
Hera SpA		82,762			294,612			923			0.0	(a)
		269,629			842,634			373			0.0	(a)
Oil, Gas & Consumable Fuels
Enagas SA		9,297			265,200			5,013			0.0	(a)
Eni SpA		12,776			217,718			(3,363	)		(0.0	)(a)
Galp Energia SGPS SA		16,444			275,704			9,944			0.0	(a)
Neste OYJ		7,650			252,853			(23,406	)		(0.0	)(a)
OMV AG		5,107			273,935			(9,329	)		(0.0	)(a)
Repsol SA		16,037			272,127			1,197			0.0	(a)
Saras SpA		130,205			232,624			(10,020	)		(0.0	)(a)
TOTAL SA		3,678			204,463			(2,980	)		(0.0	)(a)
		201,194			1,994,624			(32,944	)		(0.0	)(a)
Paper & Forest Products
Ence Energia y Celulosa SA		26,857			144,714			(16,117	)		(0.0	)(a)
UPM-Kymmene OYJ		6,794			191,827			(1,885	)		(0.0	)(a)
		33,651			336,541			(18,002	)		(0.0	)(a)
Pharmaceuticals
Merck KGaA		2,588			275,856			3,656			0.0	(a)
Sanofi		3,166			276,232			17,423			0.0	(a)
UCB SA		3,314			263,393			2,128			0.0	(a)
		9,068			815,481			23,207			0.0	(a)
Real Estate Management & Development
Aroundtown SA		5,113			41,541			599			0.0	(a)
LEG Immobilien AG		2,168			252,961			483			0.0	(a)
Nexity SA		5,877			274,892			(4,644	)		(0.0	)(a)
TAG Immobilien AG		11,043			248,688			(2,443	)		(0.0	)(a)
		24,201			818,082			(6,005	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Siltronic AG		2,739			268,375			(7,102	)		(0.0	)(a)
Textiles, Apparel & Luxury Goods
Christian Dior SE		539			266,904			(284	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swaps		975,044			12,045,218			(19,349	)		0.0	(a)
Short Positions
Common Stocks
Chemicals
K+S AG (Registered)		(6,112	)		(124,455	)		2,384			0.0	(a)
Umicore SA		(3,520	)		(136,603	)		34,930			0.0	(a)
		(9,632	)		(261,058	)		37,314			0.0	(a)
Diversified Financial Services
Wendel SA		(1,053	)		(145,851	)		(3,892	)		(0.0	)(a)
Diversified Telecommunication Services
Cellnex Telecom SA (b)		(4,897	)		(150,847	)		(7,586	)		(0.0	)(a)
Electrical Equipment
OSRAM Licht AG		(4,150	)		(142,739	)		2,008			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 49

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Food Products
Kerry Group plc		(1,435	)		(160,628	)		(4,584	)		(0.0	)(a)
Health Care Providers & Services
Orpea		(1,000	)		(122,009	)		(6,586	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Elior Group SA (b)		(938	)		(12,982	)		(53	)		(0.0	)(a)
Internet & Direct Marketing Retail
Delivery Hero SE* (b)		(3,367	)		(155,174	)		(20,978	)		(0.0	)(a)
Rocket Internet SE* (b)		(6,410	)		(169,356	)		(3,971	)		(0.0	)(a)
		(9,777	)		(324,530	)		(24,949	)		(0.0	)(a)
Machinery
Outotec OYJ*		(8,405	)		(44,401	)		(1,638	)		(0.0	)(a)
Metals & Mining
Outokumpu OYJ		(39,161	)		(149,939	)		12,130			0.0	(a)
Semiconductors & Semiconductor Equipment
AIXTRON SE*		(14,142	)		(163,734	)		(6,671	)		(0.0	)(a)
SOITEC*		(133	)		(13,471	)		273			0.0	(a)
		(14,275	)		(177,205	)		(6,398	)		(0.0	)(a)
Transportation Infrastructure
Aeroports de Paris		(721	)		(146,877	)		(1,872	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(95,444	)		(1,839,066	)		(6,106	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		879,600			10,206,152			(25,455	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in JPY based on the local currencies of the positions within the swaps.	9/12/2019	$	13,953,903	$	155,151	$	(52,552	)	$	102,599

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Auto Components
Showa Corp.		17,400		255,574		1,119			0.0	(a)
TS Tech Co. Ltd.		8,000		240,261		(8,532	)		(0.0	)(a)
		25,400		495,835		(7,413	)		(0.0	)(a)
Automobiles
Isuzu Motors Ltd.		18,400		265,011		5,149			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

50 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Chemicals
Asahi Kasei Corp.		25,600		263,843		4,265			0.0	(a)
Daicel Corp.		23,000		258,029		962			0.0	(a)
Mitsubishi Chemical Holdings Corp.		25,900		184,658		11			0.0	(a)
Mitsubishi Gas Chemical Co., Inc.		12,900		193,666		5,006			0.0	(a)
Showa Denko KK		7,500		256,050		1,716			0.0	(a)
Sumitomo Chemical Co. Ltd.		57,200		285,371		5,528			0.0	(a)
Tokai Carbon Co. Ltd.		22,100		255,732		863			0.0	(a)
Tokuyama Corp.		10,800		268,327		(9,246	)		(0.0	)(a)
Tosoh Corp.		17,700		285,388		(1,864	)		(0.0	)(a)
Ube Industries Ltd.		13,100		280,284		(7,780	)		(0.0	)(a)
		215,800		2,531,348		(539	)		(0.0	)(a)
Construction & Engineering
Hazama Ando Corp.		41,200		277,050		9,252			0.0	(a)
Kyowa Exeo Corp.		10,200		278,994		645			0.0	(a)
Kyudenko Corp.		7,900		225,455		7,014			0.0	(a)
Maeda Corp.		30,300		301,753		8,797			0.0	(a)
Sumitomo Mitsui Construction Co. Ltd.		39,300		256,484		738			0.0	(a)
Taisei Corp.		3,600		158,401		4,084			0.0	(a)
		132,500		1,498,137		30,530			0.0	(a)
Construction Materials
Taiheiyo Cement Corp.		8,200		264,440		(13,001	)		(0.0	)(a)
Diversified Telecommunication Services
Nippon Telegraph & Telephone Corp.		5,900		245,490		(1,833	)		(0.0	)(a)
Electric Utilities
Chubu Electric Power Co., Inc.		19,200		279,197		3,030			0.0	(a)
Kansai Electric Power Co., Inc. (The)		17,900		216,559		(37,385	)		(0.0	)(a)
Tokyo Electric Power Co. Holdings, Inc.*		42,500		240,056		2,403			0.0	(a)
		79,600		735,812		(31,952	)		(0.0	)(a)
Electrical Equipment
Nippon Carbon Co. Ltd.		6,200		273,600		(19,062	)		(0.0	)(a)
Electronic Equipment, Instruments & Components
Japan Aviation Electronics Industry Ltd.		19,300		312,265		23,898			0.0	(a)
Entertainment
Capcom Co. Ltd.		11,600		261,739		9,685			0.0	(a)
DeNA Co. Ltd.		19,300		301,404		10,807			0.0	(a)
GungHo Online Entertainment, Inc.		71,700		223,696		(5,432	)		(0.0	)(a)
		102,600		786,839		15,060			0.0	(a)
Food & Staples Retailing
Lawson, Inc.		4,900		228,781		(3,428	)		(0.0	)(a)
Matsumotokiyoshi Holdings Co. Ltd.		8,300		274,819		11,025			0.0	(a)
		13,200		503,600		7,597			0.0	(a)
Food Products
Fuji Oil Holdings, Inc.		9,300		298,729		11,916			0.0	(a)
Health Care Providers & Services
Alfresa Holdings Corp.		10,700		298,572		17,180			0.0	(a)
Medipal Holdings Corp.		12,900		290,074		4,271			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 51

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Health Care Providers & Services — continued
Suzuken Co. Ltd.		5,100		294,068		4,722			0.0	(a)
		28,700		882,714		26,173			0.0	(a)
Hotels, Restaurants & Leisure
Round One Corp.		18,400		247,944		10,698			0.0	(a)
Household Durables
Casio Computer Co. Ltd.		19,300		243,107		(490	)		(0.0	)(a)
Nikon Corp.		19,700		274,732		(242	)		(0.0	)(a)
Sony Corp.		6,400		322,356		17,920			0.0	(a)
		45,400		840,195		17,188			0.0	(a)
Insurance
Japan Post Holdings Co. Ltd.		23,700		265,432		1,531			0.0	(a)
Interactive Media & Services
Mixi, Inc.		10,300		222,563		(5,877	)		(0.0	)(a)
IT Services
NET One Systems Co. Ltd.		10,400		270,024		19,470			0.1
Nihon Unisys Ltd.		11,200		287,127		11,896			0.0	(a)
		21,600		557,151		31,366			0.1
Machinery
DMG Mori Co. Ltd.		17,900		258,121		(9,375	)		(0.0	)(a)
IHI Corp.		10,100		241,122		1,581			0.0	(a)
Japan Steel Works Ltd. (The)		14,800		286,043		805			0.0	(a)
Mitsubishi Heavy Industries Ltd.		6,600		275,056		1,524			0.0	(a)
OKUMA Corp.		4,400		259,202		3,247			0.0	(a)
Takeuchi Manufacturing Co. Ltd.		13,800		261,695		9,458			0.0	(a)
		67,600		1,581,239		7,240			0.0	(a)
Metals & Mining
Tokyo Steel Manufacturing Co. Ltd.		31,600		270,617		24,254			0.0	(a)
Oil, Gas & Consumable Fuels
Cosmo Energy Holdings Co. Ltd.		13,400		276,719		4,228			0.0	(a)
JXTG Holdings, Inc.		38,800		188,769		(2,946	)		(0.0	)(a)
		52,200		465,488		1,282			0.0	(a)
Pharmaceuticals
Astellas Pharma, Inc.		9,100		123,249		(550	)		(0.0	)(a)
Kaken Pharmaceutical Co. Ltd.		5,700		244,167		4,679			0.0	(a)
Shionogi & Co. Ltd.		1,800		105,143		1,362			0.0	(a)
Sumitomo Dainippon Pharma Co. Ltd.		12,000		265,117		8,712			0.0	(a)
Taisho Pharmaceutical Holdings Co. Ltd.		2,600		240,501		8,238			0.0	(a)
		31,200		978,177		22,441			0.0	(a)
Road & Rail
Central Japan Railway Co.		1,300		279,551		1,034			0.0	(a)
Seino Holdings Co. Ltd.		20,700		281,801		840			0.0	(a)
		22,000		561,352		1,874			0.0	(a)
Semiconductors & Semiconductor Equipment
Advantest Corp.		8,600		243,885		(3,957	)		(0.0	)(a)
Specialty Retail
Aoyama Trading Co. Ltd.		12,000		263,580		195			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

52 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Specialty Retail — continued
Shimachu Co. Ltd.		10,400			251,483			11,322			0.0	(a)
		22,400			515,063			11,517			0.0	(a)
Technology Hardware, Storage & Peripherals
Brother Industries Ltd.		13,200			260,633			(164	)		(0.0	)(a)
NEC Corp.		7,800			263,430			2,724			0.0	(a)
		21,000			524,063			2,560			0.0	(a)
Trading Companies & Distributors
ITOCHU Corp.		15,500			279,674			1,325			0.0	(a)
Kanamoto Co. Ltd.		10,000			237,382			(7,376	)		(0.0	)(a)
Marubeni Corp.		35,400			253,662			1,865			0.0	(a)
Mitsubishi Corp.		10,200			280,987			6,779			0.0	(a)
Mitsui & Co. Ltd.		17,400			281,438			3,408			0.0	(a)
Sojitz Corp.		74,300			255,796			(311	)		(0.0	)(a)
		162,800			1,588,939			5,690			0.0	(a)
Transportation Infrastructure
Kamigumi Co. Ltd.		11,700			279,497			2,637			0.0	(a)
Wireless Telecommunication Services
KDDI Corp.		10,900			251,218			8,247			0.0	(a)
NTT DOCOMO, Inc.		6,500			141,152			2,511			0.0	(a)
		17,400			392,370			10,758			0.0	(a)
Total Long Positions of Total Return Basket Swaps		1,233,000			18,627,795			187,725			0.1
Short Positions
Common Stocks
Auto Components
Toyo Tire Corp.		(7,900	)		(92,418	)		1,749			0.0	(a)
Building Products
TOTO Ltd.		(3,100	)		(131,402	)		(1,029	)		(0.0	)(a)
Commercial Services & Supplies
Sohgo Security Services Co. Ltd.		(3,800	)		(169,788	)		(5,007	)		(0.0	)(a)
Toppan Printing Co. Ltd.		(10,000	)		(162,311	)		(2,437	)		(0.0	)(a)
		(13,800	)		(332,099	)		(7,444	)		(0.0	)(a)
Construction & Engineering
Chiyoda Corp.*		(50,300	)		(159,387	)		(5,394	)		(0.0	)(a)
Consumer Finance
Aiful Corp.*		(4,100	)		(9,620	)		60			0.0	(a)
Containers & Packaging
FP Corp.		(2,700	)		(164,506	)		(4,285	)		(0.0	)(a)
Electrical Equipment
GS Yuasa Corp.		(6,200	)		(124,569	)		2,318			0.0	(a)
Mabuchi Motor Co. Ltd.		(4,200	)		(155,770	)		1,442			0.0	(a)
		(10,400	)		(280,339	)		3,760			0.0	(a)
Electronic Equipment, Instruments & Components
Hirose Electric Co. Ltd.		(1,000	)		(115,900	)		(722	)		(0.0	)(a)
Omron Corp.		(2,900	)		(155,771	)		(1,120	)		(0.0	)(a)
		(3,900	)		(271,671	)		(1,842	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 53

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Food & Staples Retailing
Cosmos Pharmaceutical Corp.		(900	)		(143,875	)		(3,284	)		(0.0	)(a)
Food Products
Calbee, Inc.		(5,500	)		(152,297	)		(2,199	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Resorttrust, Inc.		(8,600	)		(120,387	)		(487	)		(0.0	)(a)
Saizeriya Co. Ltd.		(7,100	)		(159,735	)		(2,744	)		(0.0	)(a)
Toridoll Holdings Corp.		(7,400	)		(165,739	)		(4,827	)		(0.0	)(a)
		(23,100	)		(445,861	)		(8,058	)		(0.0	)(a)
Household Durables
Panasonic Corp.		(13,700	)		(126,152	)		(647	)		(0.0	)(a)
IT Services
GMO Payment Gateway, Inc.		(2,000	)		(159,483	)		(3,981	)		(0.0	)(a)
Machinery
Daifuku Co. Ltd.		(1,800	)		(110,737	)		(2,147	)		(0.0	)(a)
Kawasaki Heavy Industries Ltd.		(6,000	)		(140,178	)		5,873			0.0	(a)
MISUMI Group, Inc.		(3,700	)		(96,611	)		242			0.0	(a)
Mitsui E&S Holdings Co. Ltd.*		(6,000	)		(59,290	)		4,944			0.0	(a)
Miura Co. Ltd.		(4,100	)		(104,961	)		(2,746	)		(0.0	)(a)
NGK Insulators Ltd.		(8,100	)		(120,316	)		1,181			0.0	(a)
		(29,700	)		(632,093	)		7,347			0.0	(a)
Media
Vector, Inc.*		(13,500	)		(160,730	)		4,417			0.0	(a)
Metals & Mining
Hitachi Metals Ltd.		(13,300	)		(153,732	)		3,727			0.0	(a)
Mitsubishi Materials Corp.		(5,800	)		(150,853	)		9,216			0.0	(a)
		(19,100	)		(304,585	)		12,943			0.0	(a)
Multiline Retail
Pan Pacific International Holdings Corp.		(1,800	)		(116,000	)		(2,234	)		(0.0	)(a)
Takashimaya Co. Ltd.		(10,000	)		(112,442	)		2,446			0.0	(a)
		(11,800	)		(228,442	)		212			0.0	(a)
Pharmaceuticals
Nippon Shinyaku Co. Ltd.		(1,300	)		(89,765	)		(7,460	)		(0.0	)(a)
Ono Pharmaceutical Co. Ltd.		(6,200	)		(116,468	)		(3,837	)		(0.0	)(a)
		(7,500	)		(206,233	)		(11,297	)		(0.0	)(a)
Professional Services
Persol Holdings Co. Ltd.		(6,000	)		(113,096	)		(6,101	)		(0.0	)(a)
Road & Rail
Keikyu Corp.		(9,500	)		(162,316	)		(7,937	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Rohm Co. Ltd.		(1,800	)		(132,733	)		1,855			0.0	(a)
Specialty Retail
Nitori Holdings Co. Ltd.		(900	)		(107,372	)		(399	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
Seiko Epson Corp.		(9,800	)		(157,182	)		(1,020	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(251,000	)		(4,673,892	)		(32,574	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		982,000			13,953,903			155,151			0.1

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

54 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBSW on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in AUD based on the local currencies of the positions within the swaps.	9/12/2019	$	816,792	$	(28,630	)	$	(1,585	)	$	(30,215	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
Qantas Airways Ltd.		49,900			197,391			(3,142	)		(0.0	)(a)
Food & Staples Retailing
Metcash Ltd.		69,614			140,860			6,418			0.0	(a)
IT Services
Computershare Ltd.		16,828			211,700			543			0.0	(a)
Metals & Mining
Alumina Ltd.		116,520			184,379			(9,440	)		(0.0	)(a)
Iluka Resources Ltd.		32,119			195,997			(12,467	)		(0.1	)
Sandfire Resources NL		231			1,149			(43	)		(0.0	)(a)
		148,870			381,525			(21,950	)		(0.1	)
Oil, Gas & Consumable Fuels
Whitehaven Coal Ltd.		29,681			88,029			(5,277	)		(0.0	)(a)
Woodside Petroleum Ltd.		7,795			194,327			(1,522	)		(0.0	)(a)
		37,476			282,356			(6,799	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swaps		322,688			1,213,832			(24,930	)		(0.1	)
Short Positions
Common Stocks
Diversified Financial Services
Challenger Ltd.		(18,724	)		(108,392	)		(5,565	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(1,491	)		(45,197	)		133			0.0	(a)
Star Entertainment Grp Ltd. (The)		(27,145	)		(86,918	)		713			0.0	(a)
		(28,636	)		(132,115	)		846			0.0	(a)
Transportation Infrastructure
Qube Holdings Ltd.		(78,419	)		(156,533	)		1,019			0.0	(a)
Total Short Positions of Total Return Basket Swaps		(125,779	)		(397,040	)		(3,700	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		196,909			816,792			(28,630	)		(0.1	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 55

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in CHF based on the local currencies of the positions within the swaps.	9/12/2019	$	662,408	$	5,584	$	3,580	$	9,164

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Diversified Telecommunication Services
Sunrise Communications Group AG (b)		1,427			94,756			(2,432	)		(0.0	)(a)
Health Care Equipment & Supplies
Sonova Holding AG (Registered)		1,062			214,505			5,744			0.0	(a)
Pharmaceuticals
Roche Holding AG		964			252,210			4,340			0.0	(a)
Real Estate Management & Development
PSP Swiss Property AG (Registered)		2,418			246,728			643			0.0	(a)
Total Long Positions of Total Return Basket Swaps		5,871			808,199			8,295			0.0	(a)
Short Positions
Common Stocks
Marine
Kuehne + Nagel International AG (Registered)		(1,003	)		(145,791	)		(2,711	)		(0.0	)(a)
Total of Long and Short Positions of Total Return Basket Swaps		4,868			662,408			5,584			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in GBP based on the local currencies of the positions within the swaps.	9/12/2019 - 11/15/2021	$	4,118,527	$	(12,680	)	$	(729	)	$	(13,409	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Capital Markets
Sole Realisation Co. plc* ‡		698		—		(634	)		(0.0	)(a)
Containers & Packaging
RPC Group plc		261,905		2,699,421		11,579			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

56 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Industrial Conglomerates
Smiths Group plc		35,354		703,882		(8,346	)		(0.0	)(a)
Insurance
Prudential plc		31,478		715,224		(15,279	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swaps		329,435		4,118,527		(12,680	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps.	9/12/2019 - 9/16/2021	$	42,518,594	$	(164,364	)	$	(3,330	)	$	(167,694	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Air Freight & Logistics
XPO Logistics, Inc.*		7,500		510,600		15,375			0.0	(a)
Auto Components
Gentherm, Inc.*		10,500		444,780		(5,565	)		(0.0	)(a)
Automobiles
Fiat Chrysler Automobiles NV		26,400		406,824		(28,248	)		(0.0	)(a)
Banks
Regions Financial Corp.		29,000		450,370		8,120			0.0	(a)
Sterling Bancorp		20,900		447,678		24,453			0.0	(a)
Wells Fargo & Co.		7,900		382,439		6,557			0.0	(a)
		57,800		1,280,487		39,130			0.0	(a)
Biotechnology
Celgene Corp.*		8,644		818,241		7,780			0.0	(a)
Spark Therapeutics, Inc.*		3,200		341,408		(12,576	)		(0.0	)(a)
		11,844		1,159,649		(4,796	)		(0.0	)(a)
Building Products
Apogee Enterprises, Inc.		3,500		141,050		3,955			0.0	(a)
Masonite International Corp.*		7,600		391,324		2,204			0.0	(a)
		11,100		532,374		6,159			0.0	(a)
Capital Markets
MSCI, Inc.		2,000		450,760		8,060			0.0	(a)
Commercial Services & Supplies
Advanced Disposal Services, Inc.*		55,211		1,785,524		(27,053	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 57

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Commercial Services & Supplies — continued
KAR Auction Services, Inc.		11,900		672,112		(357	)		(0.0	)(a)
LSC Communications, Inc.		37,372		261,230		(374	)		(0.0	)(a)
		104,483		2,718,866		(27,784	)		(0.0	)(a)
Communications Equipment
Finisar Corp.*		128,358		3,094,711		(25,672	)		(0.0	)(a)
Quantenna Communications, Inc.*		39,826		969,763		2,788			0.0	(a)
		168,184		4,064,474		(22,884	)		(0.0	)(a)
Construction & Engineering
Arcosa, Inc.		4,700		146,311		5,734			0.0	(a)
MasTec, Inc.*		8,300		420,395		(10,126	)		(0.0	)(a)
Quanta Services, Inc.		10,400		422,240		6,136			0.0	(a)
		23,400		988,946		1,744			0.0	(a)
Consumer Finance
Navient Corp.		32,900		444,479		43,428			0.0	(a)
Santander Consumer USA Holdings, Inc.		18,400		392,840		(21,712	)		(0.0	)(a)
		51,300		837,319		21,716			0.0	(a)
Diversified Consumer Services
Sotheby’s*		10,500		442,890		(18,900	)		(0.0	)(a)
Diversified Financial Services
Voya Financial, Inc.		7,700		422,653		1,771			0.0	(a)
Electronic Equipment, Instruments & Components
Jabil, Inc.		14,500		438,045		(13,485	)		(0.0	)(a)
Energy Equipment & Services
Basic Energy Services, Inc.*		2,131		5,370		(1,364	)		(0.0	)(a)
Health Care Providers & Services
MEDNAX, Inc.*		14,200		397,174		28,542			0.0	(a)
WellCare Health Plans, Inc.*		10,189		2,632,328		61,745			0.0	(a)
		24,389		3,029,502		90,287			0.0	(a)
Hotels, Restaurants & Leisure
Starbucks Corp.		5,300		411,704		8,586			0.0	(a)
Household Durables
Meritage Homes Corp.*		8,300		424,545		14,691			0.0	(a)
Newell Brands, Inc.		25,000		359,500		(19,250	)		(0.0	)(a)
TRI Pointe Group, Inc.*		29,000		378,450		(34,220	)		(0.0	)(a)
		62,300		1,162,495		(38,779	)		(0.0	)(a)
Household Products
Spectrum Brands Holdings, Inc.		7,000		430,990		(2,520	)		(0.0	)(a)
Independent Power and Renewable Electricity Producers
Vistra Energy Corp.		14,800		403,300		18,352			0.0	(a)
Insurance
Lincoln National Corp.		6,600		440,352		3,498			0.0	(a)
Stewart Information Services Corp.		13,923		591,867		(18,378	)		(0.0	)(a)
Third Point Reinsurance Ltd.*		37,100		430,731		25,599			0.0	(a)
		57,623		1,462,950		10,719			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

58 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Internet & Direct Marketing Retail
Qurate Retail, Inc.*		23,700		404,085		6,399			0.0	(a)
IT Services
First Data Corp.*		121,781		3,149,257		90,118			0.0	(a)
LiveRamp Holdings, Inc.*		7,200		419,976		17,280			0.0	(a)
Luxoft Holding, Inc.*		23,846		1,393,083		(8,823	)		(0.0	)(a)
Perficient, Inc.*		8,603		253,273		10,324			0.0	(a)
Travelport Worldwide Ltd.		146,593		2,298,578		(4,398	)		(0.0	)(a)
		308,023		7,514,167		104,501			0.0	(a)
Leisure Products
Brunswick Corp.		12,200		624,762		(24,278	)		(0.0	)(a)
Life Sciences Tools & Services
Pacific Biosciences of California, Inc.*		86,609		640,041		—			0.0	(a)
Waters Corp.*		1,600		341,663		(41,664	)		(0.0	)(a)
		88,209		981,704		(41,664	)		(0.0	)(a)
Machinery
Wabash National Corp.		14,759		222,566		1,771			0.0	(a)
WABCO Holdings, Inc.*		21,156		2,801,900		(11,847	)		(0.0	)(a)
		35,915		3,024,466		(10,076	)		(0.0	)(a)
Media
Gannett Co., Inc.		63,550		592,921		(31,139	)		(0.0	)(a)
Sinclair Broadcast Group, Inc.		10,000		457,900		12,800			0.0	(a)
		73,550		1,050,821		(18,339	)		(0.0	)(a)
Metals & Mining
Reliance Steel & Aluminum Co.		4,300		395,428		8,428			0.0	(a)
Worthington Industries, Inc.		10,600		425,378		(2,862	)		(0.0	)(a)
		14,900		820,806		5,566			0.0	(a)
Multiline Retail
Nordstrom, Inc.		8,600		352,772		(24,424	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
QEP Resources, Inc.*		83,813		630,274		(42,745	)		(0.0	)(a)
Roan Resources, Inc.*		8,500		48,195		10,540			0.0	(a)
Ship Finance International Ltd.		31,300		399,388		1,252			0.0	(a)
Southwestern Energy Co.*		84,400		333,380		(16,880	)		(0.0	)(a)
		208,013		1,411,237		(47,833	)		(0.0	)(a)
Paper & Forest Products
Louisiana-Pacific Corp.		15,900		398,295		5,247			0.0	(a)
Pharmaceuticals
Jazz Pharmaceuticals plc*		2,800		363,356		3,724			0.0	(a)
Pfizer, Inc.		9,200		373,612		11,316			0.0	(a)
		12,000		736,968		15,040			0.0	(a)
Professional Services
ManpowerGroup, Inc.		4,800		460,992		(4,800	)		(0.0	)(a)
Navigant Consulting, Inc.		19,700		449,751		45,310			0.0	(a)
WageWorks, Inc.*		13,282		648,029		(4,415	)		(0.0	)(a)
		37,782		1,558,772		36,095			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 59

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Real Estate Management & Development
Realogy Holdings Corp.		32,700			425,754			4,251			0.0	(a)
Semiconductors & Semiconductor Equipment
QUALCOMM, Inc.		6,700			577,071			41,808			0.0	(a)
Teradyne, Inc.		9,800			480,200			41,062			0.0	(a)
Versum Materials, Inc.		38,831			2,026,202			6,990			0.0	(a)
		55,331			3,083,473			89,860			0.0	(a)
Software
Oracle Corp.		7,300			403,909			5,913			0.0	(a)
Red Hat, Inc.*		15,009			2,739,593			8,855			0.0	(a)
Ultimate Software Group, Inc. (The)*		8,667			2,865,743			2,080			0.0	(a)
		30,976			6,009,245			16,848			0.0	(a)
Specialty Retail
Asbury Automotive Group, Inc.*		1,800			144,324			8,154			0.0	(a)
Sleep Number Corp.*		8,000			278,400			(34,880	)		(0.0	)(a)
		9,800			422,724			(26,726	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
Electronics For Imaging, Inc.*		46,377			1,724,761			(14,841	)		(0.0	)(a)
Hewlett Packard Enterprise Co.		25,000			395,250			(21,250	)		(0.0	)(a)
Stratasys Ltd.*		25,100			583,575			(14,056	)		(0.0	)(a)
Xerox Corp.		12,100			403,656			(14,520	)		(0.0	)(a)
		108,577			3,107,242			(64,667	)		(0.0	)(a)
Trading Companies & Distributors
Rush Enterprises, Inc.		9,300			394,413			(16,833	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swaps		1,766,230			53,926,684			66,541			0.0	(a)
Short Positions
Common Stocks
Banks
Ameris Bancorp		(7,128	)		(259,887	)		(9,195	)		(0.0	)(a)
BB&T Corp.		(28,910	)		(1,480,192	)		(53,484	)		(0.0	)(a)
		(36,038	)		(1,740,079	)		(62,679	)		(0.0	)(a)
Commercial Services & Supplies
Quad/Graphics, Inc.		(23,123	)		(282,332	)		9,943			0.0	(a)
Electronic Equipment, Instruments & Components
II-VI, Inc.*		(22,434	)		(893,770	)		27,818			0.0	(a)
Energy Equipment & Services
Key Energy Services, Inc.*		(1,610	)		(6,730	)		(515	)		(0.0	)(a)
Health Care Providers & Services
Centene Corp.*		(34,094	)		(1,757,887	)		(114,556	)		(0.1	)
Insurance
Fidelity National Financial, Inc.		(8,291	)		(331,225	)		(8,540	)		(0.0	)(a)
IT Services
Fiserv, Inc.*		(36,530	)		(3,186,877	)		(79,635	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Chevron Corp.		(17,117	)		(2,055,067	)		(3,423	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

60 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Pharmaceuticals
Bristol-Myers Squibb Co.		(8,558	)		(397,348	)		(7,788	)		(0.0	)(a)
Real Estate Management & Development
Jones Lang LaSalle, Inc.		(4,896	)		(756,775	)		8,470			0.0	(a)
Total Short Positions of Total Return Basket Swaps		(192,691	)		(11,408,090	)		(230,905	)		(0.1	)
Total of Long and Short Positions of Total Return Basket Swaps		1,573,539			42,518,594			(164,364	)		(0.1	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
UBS	The Fund receives the total return on a portfolio and pays or receives the net of one day CORRA and one month CDOR, plus or minus a specified spread (rates range from 0.00% to 0.15%), which is denominated in CAD based on the local currencies of the positions within the swaps.	9/12/2019	$	—	$	—	$	111	$	111

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in EUR based on the local currencies of the positions within the swaps.	9/12/2019	$	3,920,996	$	(39,931	)	$	(103	)	$	(40,034	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Electric Utilities
EDP—Energias de Portugal SA*		513,195		1,947,403		(34,772	)		(0.0	)(a)
Interactive Media & Services
Scout24 AG (b)		38,336		1,973,593		(5,159	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swaps		551,531		3,920,996		(39,931	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 61

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBSW on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in AUD based on the local currencies of the positions within the swaps.	9/12/2019 - 4/6/2021	$	244,526	$	(23,031	)	$	(5,770	)	$	(28,801	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Metals & Mining
South32 Ltd.		244,151			576,641			(23,972	)		(0.0	)(a)
Short Positions
Common Stocks
Health Care Providers & Services
Australian Pharmaceutical Industries Ltd.		(326,934	)		(332,115	)		941			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		(82,783	)		244,526			(23,031	)		0.0	(a)

The following reference rates, and their values as of period-end, are used for security descriptions:

	VALUE
BA		1.98	%
BBR		1.60	%
BBSW		1.60	%
CDOR		1.98	%
CHF LIBOR		(0.79	)%
CORRA		1.78	%
EUR LIBOR		(0.41	)%
EURIBOR		(0.37	)%
GBP LIBOR		0.73	%
JPY LIBOR		(0.11	)%
USD LIBOR		2.48	%

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

62 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

Summary of total swap contracts outstanding as of April 30, 2019:

	NET UPFRONT PAYMENTS (RECEIPTS)($)		VALUE($)
Assets
Total return basket swaps contracts outstanding		—		638,377
Liabilities
Total return basket swaps contracts outstanding		—		(846,746	)

Abbreviations

AUD	—  Australian Dollar
BA	—  Banker’s Acceptance Rate
BBR	—  Bank Base Rate
BBSW	—  ASX Australia Bank Bill Short Term Rates
CAD	—  Canadian Dollar
CDOR	—  Canadian Dollar Offered Rate
CHF	—  Swiss Franc
CORRA	—  Canadian Overnight Repo Rate Average
CVR	—  Contingent Value Rights
EUR	—  Euro
EURIBOR	—  Euro Interbank Offered Rate
GBP	—  British Pound
JPY	—  Japanese Yen
LIBID	—  London Interbank Bid Rate
LIBOR	—  London Interbank Offered Rate
OYJ	—  Public Limited Company

SCA	—  Limited partnership with share capital
SGPS	—  Holding company
USD	—  United States Dollar
(a)	—  Amounts rounds to less than 0.1% of net assets.
(b)	—  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States.
*	—  Non-income producing security.
‡	—  Value determined using significant unobservable inputs.
(1)	—  Notional value represents market value, as of April 30, 2019,of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.
(2)	—  Unrealized appreciation (depreciation) represents the unrealized gain(loss) of the positions subsequent to the swap reset.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 63

JPMorgan Event Driven ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 68.8%
Aerospace & Defense — 0.2%
KeyW Holding Corp. (The)*		5,846		66,294
Banks — 3.3%
CIT Group, Inc.		3,400		181,118
Commonwealth Bank of Australia (Australia)		3,006		157,981
Fidelity Southern Corp.		1,117		32,516
Investors Bancorp, Inc.		13,700		160,975
Regions Financial Corp.		11,600		180,148
SunTrust Banks, Inc.		3,074		201,285
				914,023
Biotechnology — 1.4%
Spark Therapeutics, Inc.*		3,517		375,229
Building Products — 1.1%
Apogee Enterprises, Inc.		3,800		153,140
Masonite International Corp.*		3,200		164,768
				317,908
Capital Markets — 0.7%
E*TRADE Financial Corp.		3,600		182,376
Chemicals — 1.9%
DuluxGroup Ltd. (Australia)		24,201		166,375
Ecolab, Inc.		900		165,672
Element Solutions, Inc.*		16,500		179,190
				511,237
Commercial Services & Supplies — 0.6%
Multi-Color Corp.		3,087		154,041
Communications Equipment — 1.1%
InterDigital, Inc.		2,500		163,475
Quantenna Communications, Inc.*		5,686		138,454
				301,929
Construction & Engineering — 0.6%
Arcosa, Inc.		5,200		161,876
NRW Holdings Ltd. (Australia)		8,860		18,363
				180,239
Construction Materials — 0.6%
Eagle Materials, Inc.		1,900		172,729
Consumer Finance — 1.9%
Navient Corp.		26,600		359,366
SLM Corp.		15,300		155,448
				514,814
Containers & Packaging — 2.0%
Owens-Illinois, Inc.		9,700		191,672
RPC Group plc (United Kingdom)		35,462		365,502
				557,174

INVESTMENTS	SHARES		VALUE($)
Diversified Consumer Services — 0.9%
Navitas Ltd. (Australia)		18,142		73,999
Sotheby’s*		4,300		181,374
				255,373
Diversified Financial Services — 1.3%
AXA Equitable Holdings, Inc.		8,100		183,789
Jefferies Financial Group, Inc.		8,600		176,902
				360,691
Diversified Telecommunication Services — 0.8%
Zayo Group Holdings, Inc.*		6,900		215,901
Electric Utilities — 0.6%
Evergy, Inc.		2,800		161,896
Electrical Equipment — 0.6%
Eaton Corp. plc		2,000		165,640
Electronic Equipment, Instruments & Components — 0.7%
Jabil, Inc.		6,200		187,302
Energy Equipment & Services — 0.1%
Seadrill Ltd. (United Kingdom)*		2,400		19,512
Entertainment — 0.6%
Madison Square Garden Co. (The), Class A*		500		156,220
Food & Staples Retailing — 0.2%
Smart & Final Stores, Inc.*		9,088		59,345
Food Products — 1.2%
GrainCorp Ltd., Class A (Australia)		15,161		96,147
Ingredion, Inc.		1,700		161,075
Wessanen (Netherlands)		6,293		81,593
				338,815
Health Care Equipment & Supplies — 0.8%
Danaher Corp.		1,600		211,904
Health Care Providers & Services — 1.4%
Magellan Health, Inc.*		2,300		161,000
MEDNAX, Inc.*		6,000		167,820
Sigma Healthcare Ltd. (Australia)		133,180		49,256
				378,076
Hotels, Restaurants & Leisure — 4.5%
Caesars Entertainment Corp.*		17,900		167,544
Cracker Barrel Old Country Store, Inc.		1,100		185,614
Hyatt Hotels Corp., Class A		2,300		176,479
International Speedway Corp., Class A		2,520		111,182
Jack in the Box, Inc.		3,700		285,270
Papa John’s International, Inc. (a)		2,900		148,364
Starbucks Corp.		2,200		170,896
				1,245,349

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Household Durables — 1.7%
Electrolux AB, Series B (Sweden)		6,237		152,859
Installed Building Products, Inc.*		3,300		158,499
TRI Pointe Group, Inc.*		12,400		161,820
				473,178
Industrial Conglomerates — 0.6%
Smiths Group plc (United Kingdom)		8,763		174,467
Insurance — 1.7%
Lincoln National Corp.		2,800		186,816
Navigators Group, Inc. (The)		1,211		84,697
Stewart Information Services Corp.		100		4,251
Third Point Reinsurance Ltd. (Bermuda)*		15,500		179,955
				455,719
Interactive Media & Services — 1.5%
Cars.com, Inc.*		6,500		135,265
Scout24 AG (Germany) (b)		5,218		268,630
				403,895
Internet & Direct Marketing Retail — 0.6%
eBay, Inc.		4,400		170,500
IT Services — 5.7%
First Data Corp., Class A*		18,596		480,893
Luxoft Holding, Inc.*		3,069		179,291
Perficient, Inc.*		4,400		129,536
Travelport Worldwide Ltd.		21,911		343,564
Worldpay, Inc., Class A*		3,710		434,849
				1,568,133
Life Sciences Tools & Services — 0.3%
Pacific Biosciences of California, Inc.*		11,156		82,443
Machinery — 2.5%
Global Brass & Copper Holdings, Inc.		1,354		58,750
Tennant Co.		2,400		159,312
Wabash National Corp.		5,200		78,416
WABCO Holdings, Inc.*		3,054		404,472
				700,950
Media — 2.2%
Sinclair Broadcast Group, Inc., Class A		4,200		192,318
Tribune Media Co., Class A		9,089		419,912
				612,230
Multiline Retail — 0.5%
Nordstrom, Inc.		3,600		147,672
Multi-Utilities — 0.7%
Innogy SE (Germany)*		4,786		207,741

INVESTMENTS	SHARES		VALUE($)
Oil, Gas & Consumable Fuels — 4.7%
Anadarko Petroleum Corp.		6,553		477,386
Gulfport Energy Corp.*		38,700		253,485
Kosmos Energy Ltd. (Ghana)		27,200		181,968
PDC Energy, Inc.*		4,100		178,309
Peabody Energy Corp.		3,800		109,326
QEP Resources, Inc.*		10,861		81,675
				1,282,149
Paper & Forest Products — 0.6%
Louisiana-Pacific Corp.		6,700		167,835
Pharmaceuticals — 1.5%
Jazz Pharmaceuticals plc*		1,200		155,724
Mallinckrodt plc*		7,500		115,950
Pacira BioSciences, Inc.*		3,400		135,388
				407,062
Professional Services — 2.4%
ManpowerGroup, Inc.		2,000		192,080
Navigant Consulting, Inc.		8,300		189,489
Nielsen Holdings plc		6,600		168,498
WageWorks, Inc.*		2,111		102,996
				653,063
Real Estate Management & Development — 0.6%
Realogy Holdings Corp.		13,800		179,676
Road & Rail — 0.6%
Genesee & Wyoming, Inc., Class A*		1,900		168,435
Semiconductors & Semiconductor Equipment — 3.5%
Mellanox Technologies Ltd.*		840		101,052
QUALCOMM, Inc.		2,800		241,164
Teradyne, Inc.		4,100		200,900
Versum Materials, Inc.		7,919		413,213
				956,329
Software — 4.2%
Nuance Communications, Inc.*		10,000		168,300
Oracle Corp.		3,100		171,523
Red Hat, Inc.*		2,284		416,899
Ultimate Software Group, Inc. (The)*		1,176		388,845
				1,145,567
Specialty Retail — 1.8%
Asbury Automotive Group, Inc.*		2,300		184,414
Gap, Inc. (The)		6,300		164,304
Michaels Cos., Inc. (The)*		13,400		150,616
				499,334

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 65

JPMorgan Event Driven ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Textiles, Apparel & Luxury Goods — 0.6%
VF Corp.		1,700		160,497
Trading Companies & Distributors — 1.2%
HD Supply Holdings, Inc.*		3,800		173,622
WESCO International, Inc.*		2,800		160,272
				333,894
Total Common Stocks (Cost $18,135,398)				18,954,786
	PRINCIPAL AMOUNT($)
Foreign Government Securities — 1.0%
Japan Government Two Year Bond (Japan) 0.10%, 7/15/2019 (Cost $273,940)		JPY 30,900,000		277,541
	SHARES
Short-Term Investments — 30.2%
Investment Companies — 14.0%
JPMorgan Prime Money Market Fund Class IM Shares, 2.54% (c)(d) (Cost $3,854,360)		3,853,204		3,854,360
	PRINCIPAL AMOUNT($)
U.S. Treasury Obligations — 16.2%
U.S. Treasury Bills
2.45%, 6/20/2019 (e)		1,000,000		996,694
2.52%, 7/18/2019 (e)		1,000,000		994,859
2.52%, 1/30/2020 (e)		1,500,000		1,473,485
2.39%, 3/26/2020 (e)		1,000,000		978,894
Total U.S. Treasury Obligations (Cost $4,441,820)				4,443,932
Total Short-Term Investments (Cost $8,296,180)				8,298,292

INVESTMENTS	SHARES		VALUE($)
Investment of Cash Collateral from Securities Loaned — 0.5%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d) (Cost $148,400)		148,400		148,400
Total Investments — 100.5% (Cost $26,853,918)				27,679,019
Liabilities in Excess of Other Assets — (0.5%)				(132,326	)
Net Assets — 100.0%				27,546,693

Percentages indicated are based on net assets.

Abbreviations
JPY	—  Japanese Yen
(a)	—  The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $143,248.
(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)	—  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 April 30, 2019.
(e)	—  The rate shown is the effective yield as of April 30, 2019.
*	—  Non-income producing security.

Forward foreign currency exchange contracts outstanding as of April 30, 2019:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
USD	181,861	AUD	253,702	Citibank, NA		5/10/2019		2,980
USD	573,483	AUD	806,693	TD Bank Financial Group		5/10/2019		4,697
USD	143,792	CAD	191,162	Merrill Lynch International		5/10/2019		1,071
USD	368,609	CHF	367,498	TD Bank Financial Group		5/10/2019		7,661
USD	723,763	EUR	642,448	BNP Paribas		5/10/2019		2,688
USD	542,684	GBP	414,941	Standard Chartered Bank		5/10/2019		1,366
USD	132,557	SEK	1,227,975	Merrill Lynch International		5/10/2019		3,171
USD	281,812	JPY	30,900,000	State Street Corp.		7/16/2019		2,698
Total unrealized appreciation								26,332

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
CAD	185,904	USD	139,152	BNP Paribas		5/10/2019		(356	)
CAD	5,258	USD	3,932	Merrill Lynch International		5/10/2019		(7	)
CHF	55,373	USD	54,845	Citibank, NA		5/10/2019		(460	)
CHF	312,125	USD	312,420	State Street Corp.		5/10/2019		(5,857	)
EUR	169,552	USD	191,726	BNP Paribas		5/10/2019		(1,423	)
Total unrealized depreciation								(8,103	)
Net unrealized appreciation								18,229

Abbreviations

AUD	—  Australian Dollar
CAD	—  Canadian Dollar
CHF	—  Swiss Franc
EUR	—  Euro

GBP	—  British Pound
JPY	—  Japanese Yen
SEK	—  Swedish Krona
USD	—  United States Dollar

Over–the–Counter (“OTC”) Total Return Basket Swaps Outstanding at April 30, 2019
COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in GBP based on the local currencies of the positions within the swaps.	5/31/2019 - 5/29/2020	$	235,919	$	7,280	$	2,378	$	9,658

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Insurance
Prudential plc		5,790		131,557		7,094		0.0	(a)
Pharmaceuticals
BTG plc*		9,579		104,362		186		0.0	(a)
Total Long Positions of Total Return Basket Swaps		15,369		235,919		7,280		0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 67

JPMorgan Event Driven ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in USD based on the local currencies of the positions within the swaps.	2/10/2020	$	7,082,402	$	16,530	$	(1,405	)	$	15,125

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Air Freight & Logistics
XPO Logistics, Inc.*		3,200		217,856		22,016			0.1
Auto Components
Gentherm, Inc.*		4,400		186,384		8,492			0.0	(a)
Automobiles
Fiat Chrysler Automobiles NV		7,000		107,870		(2,030	)		(0.0	)(a)
Banks
BankUnited, Inc.		4,900		179,242		7,301			0.0	(a)
Citigroup, Inc.		2,700		190,890		13,986			0.1
Comerica, Inc.		2,200		172,898		2,464			0.0	(a)
Popular, Inc.		3,100		178,901		14,446			0.1
Sterling Bancorp		8,800		188,496		13,552			0.0	(a)
Wells Fargo & Co.		3,300		159,753		2,046			0.0	(a)
		25,000		1,070,180		53,795			0.2
Building Products
Armstrong World Industries, Inc.		2,100		182,007		4,956			0.0	(a)
Capital Markets
BrightSphere Investment Group plc		12,400		181,784		4,216			0.0	(a)
MSCI, Inc.		800		180,304		8,616			0.1
		13,200		362,088		12,832			0.1
Chemicals
Celanese Corp.		1,700		183,413		10,336			0.0	(a)
Chemours Co. (The)		4,500		162,045		(11,565	)		(0.0	)(a)
		6,200		345,458		(1,229	)		(0.0	)(a)
Commercial Services & Supplies
Deluxe Corp.		3,800		169,936		(5,282	)		(0.0	)(a)
KAR Auction Services, Inc.		2,900		163,792		11,774			0.0	(a)
		6,700		333,728		6,492			0.0	(a)
Construction & Engineering
MasTec, Inc.*		3,500		177,275		735			0.0	(a)
Quanta Services, Inc.		4,400		178,640		5,632			0.0	(a)
		7,900		355,915		6,367			0.0	(a)
Consumer Finance
Santander Consumer USA Holdings, Inc.		7,800		166,530		(5,616	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Electronic Equipment, Instruments & Components
Avnet, Inc.		3,800		184,718		8,740			0.0	(a)
Benchmark Electronics, Inc.		6,200		167,586		(10,788	)		(0.0	)(a)
		10,000		352,304		(2,048	)		(0.0	)(a)
Energy Equipment & Services
US Silica Holdings, Inc.		9,700		153,454		(16,393	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Brinker International, Inc.		3,600		153,972		(1,224	)		(0.0	)(a)
Household Durables
Meritage Homes Corp.*		3,500		179,025		9,205			0.0	(a)
Newell Brands, Inc.		10,600		152,428		(11,660	)		(0.0	)(a)
		14,100		331,453		(2,455	)		(0.0	)(a)
Household Products
Spectrum Brands Holdings, Inc.		2,900		178,553		11,020			0.0	(a)
Independent Power and Renewable Electricity Producers
Vistra Energy Corp.		6,200		168,950		8,370			0.0	(a)
Internet & Direct Marketing Retail
Booking Holdings, Inc.*		100		185,499		4,899			0.0	(a)
Qurate Retail, Inc.*		10,000		170,500		(400	)		(0.0	)(a)
		10,100		355,999		4,499			0.0	(a)
IT Services
LiveRamp Holdings, Inc.*		3,000		174,990		7,680			0.0	(a)
Leisure Products
Brunswick Corp.		2,500		128,025		(2,175	)		(0.0	)(a)
Life Sciences Tools & Services
Waters Corp.*		700		149,478		(25,998	)		(0.1	)
Machinery
Trinity Industries, Inc.		7,500		161,700		(9,000	)		(0.0	)(a)
Metals & Mining
Reliance Steel & Aluminum Co.		1,800		165,528		1,080			0.0	(a)
Worthington Industries, Inc.		4,500		180,585		3,285			0.0	(a)
		6,300		346,113		4,365			0.0	(a)
Oil, Gas & Consumable Fuels
Delek US Holdings, Inc.		4,400		163,064		(3,520	)		(0.0	)(a)
Devon Energy Corp.		5,100		163,914		3,774			0.0	(a)
Ship Finance International Ltd.		13,200		168,432		(396	)		(0.0	)(a)
Southwestern Energy Co.*		35,700		141,015		(27,846	)		(0.1	)
		58,400		636,425		(27,988	)		(0.1	)
Pharmaceuticals
Pfizer, Inc.		3,900		158,379		(8,268	)		(0.0	)(a)
Road & Rail
CSX Corp.		2,200		175,186		10,032			0.0	(a)
Software
MicroStrategy, Inc.*		1,100		164,670		2,156			0.0	(a)
Specialty Retail
Group 1 Automotive, Inc.		2,600		203,606		23,062			0.1

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 69

JPMorgan Event Driven ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Specialty Retail — continued
Sleep Number Corp.*		3,400			118,320			(47,804	)		(0.2	)
		6,000			321,926			(24,742	)		(0.1	)
Technology Hardware, Storage & Peripherals
Dell Technologies, Inc.*		2,800			188,748			11,536			0.0	(a)
Hewlett Packard Enterprise Co.		10,900			172,329			(5,014	)		(0.0	)(a)
Stratasys Ltd.*		6,600			153,450			(8,316	)		(0.0	)(a)
Xerox Corp.		5,100			170,136			(2,448	)		(0.0	)(a)
		25,400			684,663			(4,242	)		(0.0	)(a)
Trading Companies & Distributors
MRC Global, Inc.*		9,400			162,902			(10,152	)		(0.0	)(a)
Rush Enterprises, Inc.		3,900			165,399			(3,276	)		(0.0	)(a)
		13,300			328,301			(13,428	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swaps		270,400			8,452,557			16,236			0.1
Short Positions
Common Stocks
Banks
Ameris Bancorp		(884	)		(32,231	)		(1,211	)		(0.0	)(a)
BB&T Corp.		(3,940	)		(201,728	)		(12,175	)		(0.1	)
		(4,824	)		(233,959	)		(13,386	)		(0.1	)
Health Care Providers & Services
Centene Corp.*		(4,915	)		(253,417	)		28,163			0.1
IT Services
Fidelity National Information Services, Inc.		(3,411	)		(395,437	)		(12,109	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Chevron Corp.		(2,510	)		(301,351	)		(1,332	)		(0.0	)(a)
Pharmaceuticals
Bristol-Myers Squibb Co.		(1,782	)		(82,738	)		(962	)		(0.0	)(a)
Real Estate Management & Development
Jones Lang LaSalle, Inc.		(668	)		(103,253	)		(80	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(18,110	)		(1,370,155	)		294			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		252,290			7,082,402			16,530			0.1

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month BA on long positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.50%), which is denominated in CAD based on the local currencies of the positions within the swaps.		11/26/2019	$	29,062	$	(1,257	)	$	(34	)	$	(1,291	)

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Metals & Mining
Sandstorm Gold Ltd.*		5,400		29,062		(1,257	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month BBR on long positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.35%), which is denominated in AUD based on the local currencies of the positions within the swaps.		2/10/2020	$	142,333	$	(14,957	)	$	(74	)	$	(15,031	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Metals & Mining
South32 Ltd.		60,264		142,333		(14,957	)		(0.1	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day FEDEF and one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.20)% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps.	6/1/2028 – 4/18/2029	$	1,434,473	$	(47,976	)	$	21,751	$	(26,225	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Biotechnology
Celgene Corp.*		1,800		170,388		594		0.0	(a)
Commercial Services & Supplies
Advanced Disposal Services, Inc.*		8,168		264,153		573		0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 71

JPMorgan Event Driven ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Commercial Services & Supplies — continued
LSC Communications, Inc.		4,814			33,650			337			0.0	(a)
		12,982			297,803			910			0.0	(a)
Communications Equipment
Finisar Corp.*		19,019			458,548			(1,141	)		(0.0	)(a)
Diversified Financial Services
Voya Financial, Inc.		3,300			181,137			6,996			0.0	(a)
Energy Equipment & Services
Basic Energy Services, Inc.*		822			2,071			(715	)		(0.0	)(a)
Health Care Providers & Services
WellCare Health Plans, Inc.*		1,469			379,516			(37,856	)		(0.2	)
Insurance
Stewart Information Services Corp.		1,884			80,089			(2,656	)		(0.0	)(a)
Media
Gannett Co., Inc.		8,506			79,361			(7,315	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Roan Resources, Inc.*		9,600			54,432			(288	)		(0.0	)(a)
Real Estate Management & Development
HFF, Inc.		4,490			213,679			628			0.0	(a)
Technology Hardware, Storage & Peripherals
Electronics For Imaging, Inc.*		6,861			255,161			(4,170	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swaps		70,733			2,172,185			(45,013	)		(0.2	)
Short Positions
Common Stocks
Commercial Services & Supplies
Quad/Graphics, Inc.		(2,978	)		(36,361	)		417			0.0	(a)
Electronic Equipment, Instruments & Components
II-VI, Inc.*		(4,176	)		(166,372	)		1,420			0.0	(a)
Energy Equipment & Services
Key Energy Services, Inc.*		(596	)		(2,491	)		(161	)		(0.0	)(a)
Insurance
Fidelity National Financial, Inc.		(1,148	)		(45,863	)		(1,906	)		(0.0	)(a)
IT Services
Fiserv, Inc.*		(5,578	)		(486,625	)		(2,733	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(14,476	)		(737,712	)		(2,963	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		56,257			1,434,473			(47,976	)		(0.2	)

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Goldman Sachs	The Fund receives the total return on a portfolio and pays or receives the net of one day SONIA and one month LIBOR, plus or minus a specified spread (rates range from (0.25)% to 0.30%), which is denominated in GBP based on the local currencies of the positions within the swaps.		3/2/2029	$	—	$	—	$	(4,895	)	$	(4,895	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one day EONIA on long positions respectively, plus or minus a specified spread of 0.30%, which is denominated in EUR based on the local currencies of the positions within the swaps.		5/17/2028	$	252,220	$	(6,465	)	$	8	$	(6,457	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Electric Utilities
EDP — Energias de Portugal SA*		66,467		252,220		(6,465	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Goldman Sachs	The Fund receives the total return on a portfolio and pays or receives the net of one month CDOR, plus or minus a specified spread of 0.25%, which is denominated in CAD based on the local currencies of the positions within the swaps.		1/17/2029	$	—	$	—	$	(18,523	)	$	(18,523	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day OIS-RBA on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.30)% to 0.30%), which is denominated in AUD based on the local currencies of the positions within the swaps.		5/3/2028 – 12/21/2028	$	252,603	$	4,362	$	(2,952	)	$	1,410

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 73

JPMorgan Event Driven ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Health Care Providers & Services
Healthscope Ltd.		170,236			294,123			1,336		0.0	(a)
Short Positions
Common Stocks
Health Care Providers & Services
Australian Pharmaceutical Industries Ltd.		(40,872	)		(41,520	)		3,026		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		129,364			252,603			4,362		0.0	(a)

The following reference rates, and their values as of period-end, are used for security descriptions:

	VALUE
BA		1.98	%
BBR		1.60	%
CDOR		1.98	%
EONIA		(0.36	)%
FEDEF		2.45	%
GBP LIBOR		0.73	%
OIS-RBA		1.50	%
SONIA		0.71	%
USD LIBOR		2.48	%

Summary of total swap contracts outstanding as of January 31, 2019:

		NET UPFRONT PAYMENTS (RECEIPTS)($)		VALUE($)
Assets
Total return basket swaps contracts outstanding			—		26,193
Liabilities
Total return basket swaps contracts outstanding			—		(72,422	)
	��

Abbreviations

AUD	—  Australian Dollar
BA	—  Banker’s Acceptance Rate
BBR	—  Bank Base Rate
CAD	—  Canadian Dollar
CDOR	—  Canadian Dollar Offered Rate
EONIA	—  Euro Over Night Index Average
EUR	—  Euro
FEDEF	—  US Federal Fund Effective Rate (Continuous Series)
GBP	—  British Pound
LIBOR	—  London Interbank Offered Rate

OIS-RBA	—  Overnight Indexed Swap-Reserve Bank of Australia
SONIA	—  Sterling Overnight Index Average
USD	—  United States Dollar
(1)	—  Notional value represents market value, as of April 30, 2019, of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.
(2)	—  Unrealized appreciation (depreciation) represents the unrealized gain(loss) of the positions subsequent to the swap reset.
(a)	—  Amount rounds to less than 0.1% of net assets.
*	—  Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 65.7%
Airlines — 0.8%
Alaska Air Group, Inc.		1,458		90,250
United Continental Holdings, Inc.*		1,014		90,104
				180,354
Auto Components — 0.4%
Gentex Corp.		3,891		89,610
Banks — 0.7%
OFG Bancorp (Puerto Rico)		4,292		86,613
Popular, Inc. (Puerto Rico)		1,434		82,756
				169,369
Beverages — 0.7%
Coca-Cola European Partners plc (United Kingdom)		1,478		79,206
Molson Coors Brewing Co., Class B		1,321		84,795
				164,001
Building Products — 0.4%
Continental Building Products, Inc.*		3,325		85,286
Chemicals — 1.3%
CF Industries Holdings, Inc.		1,778		79,619
Eastman Chemical Co.		1,008		79,511
Huntsman Corp.		3,412		75,883
Kraton Corp.*		2,163		70,989
				306,002
Commercial Services & Supplies — 2.5%
ABM Industries, Inc.		2,254		85,584
Brady Corp., Class A		1,747		85,236
Deluxe Corp.		1,894		84,700
Herman Miller, Inc.		2,341		90,878
KAR Auction Services, Inc.		1,460		82,461
Steelcase, Inc., Class A		4,749		82,110
Tetra Tech, Inc.		1,348		87,242
				598,211
Communications Equipment — 1.4%
Cisco Systems, Inc.		1,371		76,707
Juniper Networks, Inc.		3,131		86,948
NetScout Systems, Inc.*		2,887		84,878
Plantronics, Inc.		1,640		84,427
				332,960
Consumer Finance — 0.7%
Ally Financial, Inc.		2,960		87,942
Santander Consumer USA Holdings, Inc.		3,544		75,664
				163,606

INVESTMENTS	SHARES		VALUE($)
Containers & Packaging — 0.3%
Sonoco Products Co.		1,263		79,645
Distributors — 0.3%
Core-Mark Holding Co., Inc.		2,110		76,698
Diversified Consumer Services — 0.7%
Adtalem Global Education, Inc.*		1,599		78,863
H&R Block, Inc.		3,236		88,051
				166,914
Diversified Telecommunication Services — 0.3%
Verizon Communications, Inc.		1,296		74,118
Electric Utilities — 1.0%
Exelon Corp.		1,551		79,023
IDACORP, Inc.		780		77,236
OGE Energy Corp.		1,800		76,212
				232,471
Electrical Equipment — 2.0%
Atkore International Group, Inc.*		3,314		82,055
Eaton Corp. plc		1,019		84,394
EnerSys		1,233		85,311
Generac Holdings, Inc.*		1,398		76,876
nVent Electric plc		2,751		76,890
Regal Beloit Corp.		921		78,359
				483,885
Electronic Equipment, Instruments & Components — 2.4%
CDW Corp.		843		89,021
Dolby Laboratories, Inc., Class A		1,378		89,143
Fabrinet (Thailand)*		1,284		77,708
FLIR Systems, Inc.		1,524		80,680
Insight Enterprises, Inc.*		1,414		80,004
Tech Data Corp.*		722		76,972
Zebra Technologies Corp., Class A*		376		79,389
				572,917
Energy Equipment & Services — 0.2%
ProPetro Holding Corp.*		2,611		57,781
Entertainment — 0.7%
Marcus Corp. (The)		1,974		74,262
Viacom, Inc., Class B		2,970		85,863
				160,125
Food & Staples Retailing — 1.1%
Sysco Corp.		1,269		89,300
Walgreens Boots Alliance, Inc.		1,456		77,998

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 75

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Food & Staples Retailing — continued
Walmart, Inc.		816		83,917
				251,215
Food Products — 2.1%
B&G Foods, Inc.		3,194		83,044
Cal-Maine Foods, Inc.		1,837		75,519
Hershey Co. (The)		734		91,640
Ingredion, Inc.		899		85,180
Lancaster Colony Corp.		499		74,206
TreeHouse Foods, Inc.*		1,228		82,252
				491,841
Health Care Equipment & Supplies — 2.0%
Atrion Corp.		100		88,000
Baxter International, Inc.		997		76,071
Danaher Corp.		600		79,464
Hill-Rom Holdings, Inc.		764		77,485
Integer Holdings Corp.*		1,119		77,312
STERIS plc		646		84,613
				482,945
Health Care Providers & Services — 2.0%
Chemed Corp.		253		82,675
Encompass Health Corp.		1,335		86,041
Ensign Group, Inc. (The)		1,514		78,001
Humana, Inc.		299		76,368
Premier, Inc., Class A*		2,377		78,988
UnitedHealth Group, Inc.		336		78,311
				480,384
Hotels, Restaurants & Leisure — 1.0%
Brinker International, Inc.		1,761		75,318
Dine Brands Global, Inc.		848		75,184
Wyndham Destinations, Inc.		1,967		85,682
				236,184
Household Durables — 0.8%
Helen of Troy Ltd.*		683		98,352
PulteGroup, Inc.		2,871		90,322
				188,674
Household Products — 1.1%
Church & Dwight Co., Inc.		1,143		85,668
Kimberly-Clark Corp.		639		82,035
Procter & Gamble Co. (The)		763		81,244
				248,947

INVESTMENTS	SHARES		VALUE($)
Independent Power and Renewable Electricity Producers — 1.0%
AES Corp.		4,269		73,085
Clearway Energy, Inc., Class C		5,665		89,903
NRG Energy, Inc.		1,874		77,153
				240,141
Insurance — 1.4%
Aflac, Inc.		1,678		84,538
American Equity Investment Life Holding Co.		2,897		85,201
Athene Holding Ltd., Class A*		1,880		84,901
Universal Insurance Holdings, Inc.		2,545		75,815
				330,455
Interactive Media & Services — 0.4%
TripAdvisor, Inc.*		1,544		82,187
IT Services — 4.9%
Accenture plc, Class A		432		78,914
Akamai Technologies, Inc.*		1,137		91,028
Automatic Data Processing, Inc.		503		82,688
Broadridge Financial Solutions, Inc.		669		79,029
CACI International, Inc., Class A*		440		85,774
Cognizant Technology Solutions Corp., Class A		1,090		79,526
CSG Systems International, Inc.		1,931		86,219
Euronet Worldwide, Inc.*		564		84,538
EVERTEC, Inc. (Puerto Rico)		2,555		79,997
ManTech International Corp., Class A		1,373		85,112
Mastercard, Inc., Class A		337		85,679
MAXIMUS, Inc.		1,087		80,058
Total System Services, Inc.		864		88,335
Visa, Inc., Class A		506		83,202
				1,170,099
Life Sciences Tools & Services — 1.3%
Agilent Technologies, Inc.		1,023		80,305
Charles River Laboratories International, Inc.*		570		80,068
ICON plc (Ireland)*		550		75,119
Medpace Holdings, Inc.*		1,363		76,560
				312,052
Machinery — 2.0%
AGCO Corp.		1,158		81,963
Allison Transmission Holdings, Inc.		1,634		76,569
Cummins, Inc.		468		77,824
Hillenbrand, Inc.		1,786		76,834
ITT, Inc.		1,382		83,680
Watts Water Technologies, Inc., Class A		913		78,144
				475,014

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Media — 2.4%
AMC Networks, Inc., Class A*		1,379		80,547
Discovery, Inc., Class A*		2,742		84,728
Gray Television, Inc.*		3,576		83,786
John Wiley & Sons, Inc., Class A		1,715		79,199
Omnicom Group, Inc.		972		77,789
Sinclair Broadcast Group, Inc., Class A		1,753		80,270
TEGNA, Inc.		5,571		88,690
				575,009
Metals & Mining — 1.0%
Schnitzer Steel Industries, Inc., Class A		3,379		80,150
Steel Dynamics, Inc.		2,278		72,167
Warrior Met Coal, Inc.		2,739		84,909
				237,226
Multiline Retail — 1.0%
Kohl’s Corp.		1,141		81,125
Nordstrom, Inc.		1,797		73,713
Target Corp.		904		69,988
				224,826
Multi-Utilities — 0.3%
NorthWestern Corp.		1,102		76,975
Oil, Gas & Consumable Fuels — 2.4%
Cabot Oil & Gas Corp.		2,402		62,188
ConocoPhillips		957		60,406
CONSOL Energy, Inc.*		1,836		62,241
CVR Energy, Inc.		1,499		68,369
HollyFrontier Corp.		1,392		66,440
Kinder Morgan, Inc.		3,121		62,014
Peabody Energy Corp.		2,132		61,338
Phillips 66		647		60,993
Renewable Energy Group, Inc.*		2,728		65,799
				569,788
Paper & Forest Products — 1.0%
Domtar Corp.		1,765		86,309
Louisiana-Pacific Corp.		3,024		75,751
Verso Corp., Class A*		3,494		77,986
				240,046
Personal Products — 0.9%
Herbalife Nutrition Ltd.*		1,339		70,766
Medifast, Inc.		506		74,225
USANA Health Sciences, Inc.*		907		75,698
				220,689

INVESTMENTS	SHARES		VALUE($)
Pharmaceuticals — 1.7%
Horizon Pharma plc*		2,946		75,211
Jazz Pharmaceuticals plc*		618		80,198
Johnson & Johnson		618		87,262
Pfizer, Inc.		2,032		82,519
Taro Pharmaceutical Industries Ltd.		732		78,624
				403,814
Professional Services — 1.4%
FTI Consulting, Inc.*		1,038		88,209
Korn Ferry		1,641		77,160
Navigant Consulting, Inc.		4,096		93,512
Robert Half International, Inc.		1,249		77,550
				336,431
Road & Rail — 0.7%
ArcBest Corp.		2,513		76,797
CSX Corp.		1,103		87,832
				164,629
Semiconductors & Semiconductor Equipment — 3.3%
Cabot Microelectronics Corp.		606		76,508
Diodes, Inc.*		2,237		81,472
Intel Corp.		1,322		67,475
KLA-Tencor Corp.		655		83,499
Kulicke & Soffa Industries, Inc. (Singapore)		3,179		73,975
Lam Research Corp.		440		91,269
MKS Instruments, Inc.		760		69,168
ON Semiconductor Corp.*		3,373		77,781
Qorvo, Inc.*		1,006		76,064
Xperi Corp.		3,504		87,074
				784,285
Software — 2.3%
Check Point Software Technologies Ltd. (Israel)*		624		75,354
Citrix Systems, Inc.		821		82,888
Intuit, Inc.		294		73,812
LogMeIn, Inc.		894		73,665
Microsoft Corp.		667		87,110
Oracle Corp.		1,533		84,821
Progress Software Corp.		1,693		77,218
				554,868
Specialty Retail — 4.4%
Abercrombie & Fitch Co., Class A		3,166		94,632
American Eagle Outfitters, Inc.		3,671		87,296
Best Buy Co., Inc.		1,100		81,851
Designer Brands, Inc.		3,583		79,722

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 77

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Specialty Retail — continued
Dick’s Sporting Goods, Inc.		2,202		81,474
Foot Locker, Inc.		1,350		77,234
Genesco, Inc.*		1,826		81,823
Office Depot, Inc.		32,225		77,340
Rent-A-Center, Inc.*		3,252		81,072
Shoe Carnival, Inc.		2,081		74,208
Signet Jewelers Ltd.		3,363		77,954
Williams-Sonoma, Inc.		1,210		69,176
Zumiez, Inc.*		2,938		78,239
				1,042,021
Technology Hardware, Storage & Peripherals — 1.0%
Apple, Inc.		376		75,452
HP, Inc.		4,109		81,975
NetApp, Inc.		1,039		75,691
				233,118
Textiles, Apparel & Luxury Goods — 2.0%
Columbia Sportswear Co.		764		76,377
Deckers Outdoor Corp.*		548		86,699
Fossil Group, Inc.*		5,512		72,042
Movado Group, Inc.		2,434		86,772
Oxford Industries, Inc.		1,050		87,213
Ralph Lauren Corp.		581		76,448
				485,551
Thrifts & Mortgage Finance — 0.7%
New York Community Bancorp, Inc.		7,004		81,457
Radian Group, Inc.		3,834		89,792
				171,249
Trading Companies & Distributors — 0.7%
HD Supply Holdings, Inc.*		1,982		90,558
WW Grainger, Inc.		265		74,730
				165,288
Wireless Telecommunication Services — 0.6%
Shenandoah Telecommunications Co.		1,672		69,104
United States Cellular Corp.*		1,658		79,750
				148,854
Total Common Stocks (Cost $14,757,932)				15,618,758

	PRINCIPAL AMOUNT($)		VALUE($)
Foreign Government Securities — 1.0%
Japan Government Two Year Bond (Japan) 0.10%, 7/15/2019 (Cost $232,273)		JPY  26,200,000		235,326
	SHARES
Short-Term Investments — 33.1%
Investment Companies — 24.8%
JPMorgan Prime Money Market Fund Class IM Shares, 2.54% (a) (b) (Cost $5,894,953)		5,893,185		5,894,953
	PRINCIPAL AMOUNT($)
U.S. Treasury Obligations — 8.3%
U.S. Treasury Bills 2.38%, 7/18/2019 (c) (Cost $1,989,914)		2,000,000		1,989,719
Total Short-Term Investments (Cost $7,884,867)				7,884,672
Total Investments — 99.8% (Cost $22,875,072)				23,738,756
Other Assets Less Liabilities — 0.2%				52,824
NET ASSETS — 100.0%				23,791,580

Percentages indicated are based on net assets.

Abbreviations

JPY	—  Japanese Yen
(a)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(b)	—  The rate shown is the current yield as of April 30, 2019.
(c)	—  The rate shown is the effective yield as of April 30, 2019.
*	—  Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

Futures contracts outstanding as of April 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
CAC 40 10 Euro Index		2		05/2019		EUR		124,554		1,872
Hang Seng Index		1		05/2019		HKD		188,156		978
IBEX 35 Index		1		05/2019		EUR		107,355		1,310
EURO STOXX 50 Index		2		06/2019		EUR		77,549		1,415
FTSE 100 Index		1		06/2019		GBP		96,241		(486	)
FTSE MIB Index		1		06/2019		EUR		120,400		366
S&P 500E-Mini Index		2		06/2019		USD		294,950		8,246
SPI 200 Index		4		06/2019		AUD		444,753		7,331
										21,032

Abbreviations

AUD	—  Australian Dollar
CAC	—  Continuous Assisted Quotation
EUR	—  Euro
FTSE	—  Financial Times and the London Stock Exchange
GBP	—  British Pound

HKD	—  Hong Kong Dollar
IBEX	—  International Business Exchange
MIB	—  Milan, Italian Stock Exchange
SPI	—  Australian Securities Exchange
USD	—  United States Dollar

Forward foreign currency exchange contracts outstanding as of April 30, 2019:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
JPY	1,993,327	USD	17,836	Goldman Sachs International		5/10/2019		70
USD	120,169	EUR	106,110	TD Bank Financial Group		5/10/2019		1,073
USD	238,948	JPY	26,200,000	State Street Corp.		7/16/2019		2,288
Total unrealized appreciation								3,431
EUR	131,312	USD	148,978	Barclays Bank plc		5/10/2019		(1,596	)
JPY	17,148,618	USD	154,557	Merrill Lynch International		5/10/2019		(509	)
USD	171,459	JPY	19,141,945	Standard Chartered Bank		5/10/2019		(494	)
Total unrealized depreciation								(2,599	)
Net unrealized appreciation								832

Abbreviations

EUR	—  Euro
JPY	—  Japanese Yen
USD	—  United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 79

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Over-the-Counter (“OTC”) Total Return Basket Swaps Outstanding at April 30, 2019
COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20% ), which is denominated in GBP based on the local currencies of the positions within the swaps.	7/31/2019 – 4/30/2020	$	1,054,875	$	(42,034	)	$	7,108	$	(34,926	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Meggitt plc		2,688		19,127		1,174			0.0	(a)
Air Freight & Logistics
Royal Mail plc		13,908		45,891		(30	)		(0.0	)(a)
Capital Markets
3i Group plc		6,204		86,809		3,368			0.0	(a)
Distributors
Inchcape plc		6,911		55,484		2,831			0.0	(a)
Energy Equipment & Services
Petrofac Ltd.		9,946		57,419		(9,836	)		(0.0	)(a)
Equity Real Estate Investment Trusts (REITs)
UNITE Group plc (The)		6,905		84,869		(422	)		(0.0	)(a)
Food & Staples Retailing
J Sainsbury plc		10,097		29,334		(429	)		(0.0	)(a)
Food Products
Greencore Group plc		30,797		92,366		7,720			0.0	(a)
Hotels, Restaurants & Leisure
Carnival plc		1,352		71,676		3,203			0.0	(a)
Household Durables
Barratt Developments plc		9,900		77,882		(110	)		(0.0	)(a)
Berkeley Group Holdings plc		1,575		77,264		1,411			0.0	(a)
Bovis Homes Group plc		4,818		69,855		2,645			0.0	(a)
Redrow plc		9,568		77,015		680			0.0	(a)
Taylor Wimpey plc		33,503		79,429		(352	)		(0.0	)(a)
		59,364		381,445		4,274			0.0	(a)
Independent Power and Renewable Electricity Producers
Drax Group plc		15,961		71,087		(6,851	)		(0.0	)(a)
Machinery
Vesuvius plc		622		5,018		76			0.0	(a)
Media
Pearson plc		7,366		79,795		842			0.0	(a)
Metals & Mining
Anglo American plc		3,118		80,911		(9,538	)		(0.1	)

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Metals & Mining — continued
BHP Group plc		3,320			78,367			(5,756	)		(0.0	)(a)
Rio Tinto plc		1,291			75,316			(4,842	)		(0.0	)(a)
		7,729			234,594			(20,136	)		(0.1	)
Multi-Utilities
Centrica plc		56,912			79,117			(2,247	)		(0.0	)(a)
Personal Products
Unilever plc		1,375			83,346			4,534			0.0	(a)
Pharmaceuticals
Hikma Pharmaceuticals plc		803			18,530			(208	)		(0.0	)(a)
Professional Services
Experian plc		2,704			78,711			2			0.0	(a)
Software
Avast plc* (b)		20,183			79,904			1,904			0.0	(a)
Micro Focus International plc		2,449			62,080			(12,701	)		(0.0	)(a)
		22,632			141,984			(10,797	)		(0.0	)(a)
Textiles, Apparel & Luxury Goods
Burberry Group plc		3,145			82,893			3,430			0.0	(a)
Tobacco
Imperial Brands plc		2,337			74,359			(3,253	)		(0.0	)(a)
Wireless Telecommunication Services
Vodafone Group plc		42,341			78,537			1,335			0.0	(a)
Total Long Positions of Total Return Basket Swaps		312,099			1,952,391			(21,420	)		(0.1	)
Short Positions
Common Stocks
Aerospace & Defense
Rolls-Royce Holdings plc*		(345,699	)		(451	)		(446	)		(0.0	)(a)
Banks
Metro Bank plc*		(1,186	)		(11,632	)		964			0.0	(a)
Standard Chartered plc		(6,401	)		(58,525	)		(4,465	)		(0.0	)(a)
		(7,587	)		(70,157	)		(3,501	)		(0.0	)(a)
Capital Markets
Quilter plc (b)		(31,063	)		(59,909	)		1,417			0.0	(a)
Schroders plc		(1,314	)		(54,383	)		(4,114	)		(0.1	)
St James’s Place plc		(3,733	)		(54,783	)		(3,764	)		(0.0	)(a)
		(36,110	)		(169,075	)		(6,461	)		(0.1	)
Chemicals
Johnson Matthey plc		(1,380	)		(60,202	)		(256	)		(0.0	)(a)
Electrical Equipment
Melrose Industries plc		(6,437	)		(17,032	)		(1,560	)		(0.0	)(a)
Food Products
Associated British Foods plc		(1,649	)		(55,080	)		(1,013	)		(0.0	)(a)
Health Care Providers & Services
NMC Health plc		(612	)		(22,600	)		(3,360	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 81

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Hotels, Restaurants & Leisure
Merlin Entertainments plc		(11,516	)		(55,071	)		(3,397	)		(0.0	)(a)
Industrial Conglomerates
DCC plc		(673	)		(60,240	)		(60	)		(0.0	)(a)
Insurance
Beazley plc		(8,544	)		(64,380	)		(6,100	)		(0.0	)(a)
Machinery
Weir Group plc (The)		(2,366	)		(51,425	)		1,549			0.0	(a)
Media
ITV plc		(30,266	)		(54,044	)		(606	)		(0.0	)(a)
Metals & Mining
Fresnillo plc		(5,372	)		(52,615	)		7,663			0.0	(a)
Multiline Retail
B&M European Value Retail SA		(11,956	)		(61,636	)		(839	)		(0.0	)(a)
Pharmaceuticals
Dechra Pharmaceuticals plc		(1,666	)		(57,903	)		(114	)		(0.0	)(a)
Professional Services
Capita plc		(9,813	)		(16,359	)		(765	)		(0.0	)(a)
Real Estate Management & Development
Capital & Counties Properties plc		(2,222	)		(7,026	)		(86	)		(0.0	)(a)
Specialty Retail
Kingfisher plc		(6,444	)		(22,220	)		(1,262	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(490,312	)		(897,516	)		(20,614	)		(0.1	)
Total of Long and Short Positions of Total Return Basket Swaps		(178,213	)		1,054,875			(42,034	)		(0.2	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month LIBOR on short positions, which is denominated in USD based on the local currencies of the positions within the swaps.	5/11/2020	$	(7,685,719	)	$	(57,082	)	$	(47,648	)	$	(104,730	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Aerospace & Defense
BWX Technologies, Inc.		(1,179	)		(60,247	)		(448	)		(0.0	)(a)
Cubic Corp.		(163	)		(9,255	)		(126	)		(0.0	)(a)
		(1,342	)		(69,502	)		(574	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Air Freight & Logistics
Air Transport Services Group, Inc.*		(426	)		(10,024	)		(264	)		(0.0	)(a)
FedEx Corp.		(278	)		(52,670	)		428			0.0	(a)
		(704	)		(62,694	)		164			0.0	(a)
Airlines
American Airlines Group, Inc.		(767	)		(26,216	)		(123	)		(0.0	)(a)
Auto Components
Veoneer, Inc.*		(936	)		(20,658	)		4,137			0.0	(a)
Beverages
Constellation Brands, Inc.		(262	)		(55,458	)		(5,651	)		(0.0	)(a)
Capital Markets
BlackRock, Inc.		(114	)		(55,317	)		(4,843	)		(0.0	)(a)
Cboe Global Markets, Inc.		(116	)		(11,787	)		(635	)		(0.0	)(a)
Charles Schwab Corp. (The)		(1,352	)		(61,895	)		(2,041	)		(0.0	)(a)
Interactive Brokers Group, Inc.		(1,118	)		(60,640	)		(1,386	)		(0.0	)(a)
Northern Trust Corp.		(643	)		(63,368	)		(3,311	)		(0.0	)(a)
SEI Investments Co.		(959	)		(52,217	)		1,544			0.0	(a)
WisdomTree Investments, Inc.		(1,623	)		(11,686	)		584			0.0	(a)
		(5,925	)		(316,910	)		(10,088	)		(0.0	)(a)
Chemicals
Albemarle Corp.		(288	)		(21,617	)		3,021			0.0	(a)
Axalta Coating Systems Ltd.*		(2,019	)		(54,473	)		(162	)		(0.0	)(a)
DowDuPont, Inc.		(1,115	)		(42,872	)		56			0.0	(a)
RPM International, Inc.		(999	)		(60,589	)		70			0.0	(a)
Sensient Technologies Corp.		(859	)		(60,233	)		(1,649	)		(0.0	)(a)
		(5,280	)		(239,784	)		1,336			0.0	(a)
Commercial Services & Supplies
Brink’s Co. (The)		(767	)		(61,306	)		(736	)		(0.0	)(a)
Covanta Holding Corp.		(3,262	)		(58,944	)		(1,566	)		(0.0	)(a)
Stericycle, Inc.*		(1,089	)		(63,587	)		(1,514	)		(0.0	)(a)
		(5,118	)		(183,837	)		(3,816	)		(0.0	)(a)
Communications Equipment
Infinera Corp.*		(11,403	)		(49,489	)		4,675			0.0	(a)
NETGEAR, Inc.*		(1,737	)		(53,899	)		5,420			0.0	(a)
ViaSat, Inc.*		(607	)		(55,128	)		(3,982	)		(0.0	)(a)
		(13,747	)		(158,516	)		6,113			0.0	(a)
Construction & Engineering
Dycom Industries, Inc.*		(1,248	)		(61,888	)		(2,983	)		(0.0	)(a)
WillScot Corp.*		(4,193	)		(56,480	)		(6,876	)		(0.0	)(a)
		(5,441	)		(118,368	)		(9,859	)		(0.0	)(a)
Construction Materials
Martin Marietta Materials, Inc.		(292	)		(64,795	)		(4,981	)		(0.0	)(a)
Summit Materials, Inc.*		(2,159	)		(37,826	)		(5,549	)		(0.1	)
US Concrete, Inc.*		(1,154	)		(54,388	)		(3,739	)		(0.0	)(a)
Vulcan Materials Co.		(438	)		(55,236	)		(2,781	)		(0.0	)(a)
		(4,043	)		(212,245	)		(17,050	)		(0.1	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 83

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

REFERENCE ENTITY	SHARES				NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Consumer Finance
LendingClub Corp.*		(16,390	)			(52,120	)		1,967			0.0	(a)
PRA Group, Inc.*		(2,132	)			(59,952	)		(2,921	)		(0.0	)(a)
		(18,522	)			(112,072	)		(954	)		(0.0	)(a)
Containers & Packaging
Crown Holdings, Inc.*		(1,057	)			(61,443	)		(1,966	)		(0.0	)(a)
Graphic Packaging Holding Co.		(3,926	)			(54,493	)		(4,358	)		(0.0	)(a)
		(4,983	)			(115,936	)		(6,324	)		(0.0	)(a)
Diversified Telecommunication Services
Iridium Communications, Inc.*		(2,115	)			(58,078	)		761			0.0	(a)
Electric Utilities
Alliant Energy Corp.		(1,202	)			(56,770	)		(1,130	)		(0.0	)(a)
Electronic Equipment, Instruments & Components
Itron, Inc.*		(1,048	)			(56,236	)		(6,246	)		(0.0	)(a)
nLight, Inc.*		(2,169	)			(56,676	)		(4,533	)		(0.0	)(a)
Rogers Corp.*		(314	)			(52,601	)		609			0.0	(a)
		(3,531	)			(165,513	)		(10,170	)		(0.0	)(a)
Energy Equipment & Services
Forum Energy Technologies, Inc.*		(7,769	)			(46,458	)		(1,243	)		(0.0	)(a)
McDermott International, Inc.*		(4,336	)			(35,078	)		2,255			0.0	(a)
Nabors Industries Ltd.		(11,086	)			(38,801	)		4,989			0.0	(a)
Oceaneering International, Inc.*		(2,475	)			(47,520	)		(5,569	)		(0.0	)(a)
Oil States International, Inc.*		(2,297	)			(44,378	)		(2,113	)		(0.0	)(a)
Superior Energy Services, Inc.*		(9,703	)			(34,834	)		13,875			0.1
Weatherford International plc*		(74,395	)			(41,163	)		3,578			0.0	(a)
		(112,061	)			(288,232	)		15,772			0.1
Entertainment
Netflix, Inc.*		(144	)			(53,358	)		(953	)		(0.0	)(a)
Spotify Technology SA*		(409	)			(55,530	)		3,190			0.0	(a)
		(553	)			(108,888	)		2,237			0.0	(a)
Food & Staples Retailing
Casey’s General Stores, Inc.		(409	)			(54,131	)		(888	)		(0.0	)(a)
PriceSmart, Inc.		(975	)			(58,315	)		4,056			0.0	(a)
		(1,384	)			(112,446	)		3,168			0.0	(a)
Food Products
Hain Celestial Group, Inc. (The)*		(2,424	)			(52,892	)		824			0.0	(a)
Kraft Heinz Co. (The)		(742	)			(24,664	)		(193	)		(0.0	)(a)
Sanderson Farms, Inc.		(373	)			(56,558	)		(6,967	)		(0.0	)(a)
		(3,539	)			(134,114	)		(6,336	)		(0.0	)(a)
Gas Utilities
Northwest Natural Holding Co.		(867	)			(57,994	)		(1,673	)		(0.0	)(a)
South Jersey Industries, Inc.		(1,795	)			(57,655	)		(1,849	)		(0.0	)(a)
Southwest Gas Holdings, Inc.		(29	)	��		(2,413	)		(20	)		(0.0	)(a)
		(2,691	)			(118,062	)		(3,542	)		(0.0	)(a)
Health Care Equipment & Supplies
Axogen, Inc.*		(2,673	)			(62,762	)		(4,410	)		(0.0	)(a)
Heska Corp.*		(655	)			(50,867	)		1,127			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Health Care Equipment & Supplies — continued
Insulet Corp.*		(594	)		(51,232	)		4,461			0.0	(a)
Nevro Corp.*		(918	)		(56,650	)		3,378			0.0	(a)
Penumbra, Inc.*		(30	)		(4,035	)		273			0.0	(a)
ViewRay, Inc.*		(27	)		(188	)		26			0.0	(a)
Wright Medical Group NV*		(1,898	)		(56,124	)		1,670			0.0	(a)
		(6,795	)		(281,858	)		6,525			0.0	(a)
Health Care Providers & Services
Guardant Health, Inc.*		(817	)		(53,522	)		(154	)		(0.0	)(a)
R1 RCM, Inc.*		(5,997	)		(62,788	)		600			0.0	(a)
		(6,814	)		(116,310	)		446			0.0	(a)
Health Care Technology
Evolent Health, Inc.*		(1,568	)		(21,246	)		(1,349	)		(0.0	)(a)
Teladoc Health, Inc.*		(168	)		(9,556	)		(52	)		(0.0	)(a)
		(1,736	)		(30,802	)		(1,401	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Hilton Grand Vacations, Inc.*		(1,874	)		(60,043	)		956			0.0	(a)
Wynn Resorts Ltd.		(378	)		(54,602	)		(1,304	)		(0.0	)(a)
		(2,252	)		(114,645	)		(348	)		(0.0	)(a)
Household Durables
Installed Building Products, Inc.*		(620	)		(29,778	)		2,492			0.0	(a)
iRobot Corp.*		(406	)		(42,037	)		9,119			0.0	(a)
LGI Homes, Inc.*		(767	)		(53,161	)		(1,680	)		(0.0	)(a)
Mohawk Industries, Inc.*		(279	)		(38,014	)		(1,409	)		(0.0	)(a)
		(2,072	)		(162,990	)		8,522			0.0	(a)
Independent Power and Renewable Electricity Producers
Ormat Technologies, Inc.		(935	)		(54,567	)		(2,347	)		(0.0	)(a)
Interactive Media & Services
Snap, Inc.*		(4,904	)		(54,631	)		4,316			0.0	(a)
TrueCar, Inc.*		(5,179	)		(33,353	)		466			0.0	(a)
Zillow Group, Inc.*		(1,650	)		(54,796	)		5,313			0.0	(a)
		(11,733	)		(142,780	)		10,095			0.0	(a)
Internet & Direct Marketing Retail
Groupon, Inc.*		(16,817	)		(59,196	)		673			0.0	(a)
GrubHub, Inc.*		(855	)		(57,105	)		2,984			0.0	(a)
Wayfair, Inc.*		(393	)		(63,725	)		(5,978	)		(0.0	)(a)
		(18,065	)		(180,026	)		(2,321	)		(0.0	)(a)
Leisure Products
Mattel, Inc.*		(3,595	)		(43,823	)		4,710			0.0	(a)
Polaris Industries, Inc.		(562	)		(54,177	)		(950	)		(0.0	)(a)
		(4,157	)		(98,000	)		3,760			0.0	(a)
Machinery
Alamo Group, Inc.		(588	)		(60,940	)		(3,222	)		(0.0	)(a)
Deere & Co.		(326	)		(53,995	)		(2,282	)		(0.0	)(a)
Evoqua Water Technologies Corp.*		(1,846	)		(25,143	)		(1,274	)		(0.0	)(a)
Wabtec Corp.		(708	)		(52,442	)		206			0.0	(a)
Welbilt, Inc.*		(3,592	)		(60,453	)		(970	)		(0.0	)(a)
		(7,060	)		(252,973	)		(7,542	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 85

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)				NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Media
Altice USA, Inc.		(200	)		(4,712	)			(142	)		(0.0	)(a)
GCI Liberty, Inc.*		(931	)		(55,506	)			(1,937	)		(0.0	)(a)
Liberty Broadband Corp.*		(566	)		(55,870	)			(2,524	)		(0.0	)(a)
Liberty Global plc*		(803	)		(21,689	)			297			0.0	(a)
New York Times Co. (The)		(1,881	)		(62,355	)			1,223			0.0	(a)
		(4,381	)		(200,132	)			(3,083	)		(0.0	)(a)
Metals & Mining
Alcoa Corp.*		(2,088	)		(55,708	)	��		5,157			0.0	(a)
Century Aluminum Co.*		(6,223	)		(52,335	)			4,543			0.0	(a)
Coeur Mining, Inc.*		(12,530	)		(45,233	)			7,017			0.1
Compass Minerals International, Inc.		(940	)		(53,947	)			1,053			0.0	(a)
Constellium NV*		(2,161	)		(20,184	)			(1,145	)		(0.0	)(a)
Hecla Mining Co.		(19,239	)		(40,402	)			5,194			0.0	(a)
		(43,181	)		(267,809	)			21,819			0.1
Multi-Utilities
NiSource, Inc.		(1,996	)		(55,449	)			179			0.0	(a)
Sempra Energy		(458	)		(58,601	)			(238	)		(0.0	)(a)
		(2,454	)		(114,050	)			(59	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
California Resources Corp.*		(1,656	)		(34,909	)			13,745			0.0	(a)
Callon Petroleum Co.*		(5,315	)		(39,916	)			2,604			0.0	(a)
Carrizo Oil & Gas, Inc.*		(3,288	)		(42,152	)			1,216			0.0	(a)
Centennial Resource Development, Inc.*		(4,079	)		(42,952	)			(4,446	)		(0.0	)(a)
Cheniere Energy, Inc.*		(658	)		(42,342	)			1,777			0.0	(a)
Concho Resources, Inc.		(360	)		(41,537	)			(2,750	)		(0.0	)(a)
Extraction Oil & Gas, Inc.*		(6,586	)		(30,954	)			2,503			0.0	(a)
Golar LNG Ltd.		(315	)		(6,155	)			482			0.0	(a)
Kosmos Energy Ltd.		(6,551	)		(43,826	)			(1,572	)		(0.0	)(a)
Noble Energy, Inc.		(1,567	)		(42,403	)			(2,868	)		(0.0	)(a)
Oasis Petroleum, Inc.*		(6,546	)		(39,931	)			3,862			0.0	(a)
Parsley Energy, Inc.*		(2,044	)		(40,798	)			(2,882	)		(0.0	)(a)
Pioneer Natural Resources Co.		(250	)		(41,615	)			(3,993	)		(0.0	)(a)
Targa Resources Corp.		(1,081	)		(43,402	)			(919	)		(0.0	)(a)
WPX Energy, Inc.*		(2,934	)		(40,753	)			(1,203	)		(0.0	)(a)
		(43,230	)		(573,645	)			5,556			0.0	(a)
Pharmaceuticals
Aerie Pharmaceuticals, Inc.*		(1,450	)		(55,317	)			9,715			0.1
Cymabay Therapeutics, Inc.*		(4,601	)		(58,939	)			1,518			0.0	(a)
Intra-Cellular Therapies, Inc.*		(1,121	)		(14,764	)			(336	)		(0.0	)(a)
Medicines Co. (The)*		(2,125	)		(67,894	)			(6,035	)		(0.0	)(a)
MyoKardia, Inc.*		(1,104	)		(52,970	)			4,869			0.0	(a)
Revance Therapeutics, Inc.*		(1,335	)		(17,675	)			1,589			0.0	(a)
TherapeuticsMD, Inc.*		(10,294	)		(44,264	)			3,912			0.0	(a)
WaVe Life Sciences Ltd.*		(795	)		(21,091	)			2,246			0.0	(a)
Zogenix, Inc.*		(942	)		(36,729	)			951			0.0	(a)
		(23,767	)		(369,643	)			18,429			0.1
Professional Services
TransUnion		(786	)		(54,745	)			(998	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Road & Rail
AMERCO		(159	)		(59,334	)		(428	)		(0.0	)(a)
Avis Budget Group, Inc.*		(1,692	)		(60,151	)		(1,303	)		(0.0	)(a)
Hertz Global Holdings, Inc.*		(3,383	)		(61,503	)		(2,063	)		(0.0	)(a)
		(5,234	)		(180,988	)		(3,794	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.*		(1,902	)		(52,552	)		381			0.0	(a)
MACOM Technology Solutions Holdings, Inc.*		(1,900	)		(26,391	)		8,227			0.0	(a)
Silicon Laboratories, Inc.*		(510	)		(54,907	)		(9,996	)		(0.0	)(a)
Veeco Instruments, Inc.*		(4,284	)		(52,179	)		(557	)		(0.0	)(a)
		(8,596	)		(186,029	)		(1,945	)		(0.0	)(a)
Software
2U, Inc.*		(877	)		(53,059	)		5,508			0.0	(a)
Appian Corp.*		(1,550	)		(55,940	)		(6,371	)		(0.0	)(a)
Autodesk, Inc.*		(310	)		(55,245	)		(2,402	)		(0.0	)(a)
Benefitfocus, Inc.*		(1,202	)		(48,957	)		1,334			0.0	(a)
Box, Inc.*		(2,994	)		(61,736	)		(2,575	)		(0.0	)(a)
Cloudera, Inc.*		(4,987	)		(55,505	)		2,494			0.0	(a)
FireEye, Inc.*		(7	)		(112	)		1			0.0	(a)
ForeScout Technologies, Inc.*		(1,293	)		(54,358	)		(776	)		(0.0	)(a)
HubSpot, Inc.*		(361	)		(66,601	)		(6,993	)		(0.0	)(a)
Instructure, Inc.*		(1,255	)		(54,065	)		3,125			0.0	(a)
Nutanix, Inc.*		(1,257	)		(54,290	)		(4,626	)		(0.0	)(a)
PROS Holdings, Inc.*		(1,206	)		(61,795	)		(9,539	)		(0.1	)
Q2 Holdings, Inc.*		(826	)		(62,297	)		(6,038	)		(0.0	)(a)
RingCentral, Inc.*		(484	)		(56,323	)		(6,331	)		(0.0	)(a)
Varonis Systems, Inc.*		(935	)		(66,525	)		(8,920	)		(0.1	)
Yext, Inc.*		(2,717	)		(59,530	)		(190	)		(0.0	)(a)
		(22,261	)		(866,338	)		(42,299	)		(0.2	)
Specialty Retail
At Home Group, Inc.*		(2,517	)		(59,124	)		(5,764	)		(0.0	)(a)
CarMax, Inc.*		(701	)		(54,580	)		(2,488	)		(0.0	)(a)
Carvana Co.*		(829	)		(59,323	)		(7,138	)		(0.1	)
Floor & Decor Holdings, Inc.*		(744	)		(35,727	)		(2,061	)		(0.0	)(a)
National Vision Holdings, Inc.*		(1,091	)		(29,457	)		2,815			0.0	(a)
		(5,882	)		(238,211	)		(14,636	)		(0.1	)
Technology Hardware, Storage & Peripherals
3D Systems Corp.*		(5,340	)		(56,818	)		1,442			0.0	(a)
Pure Storage, Inc.*		(2,355	)		(53,835	)		1,012			0.0	(a)
		(7,695	)		(110,653	)		2,454			0.0	(a)
Tobacco
Vector Group Ltd.		(1,300	)		(12,389	)		1,222			0.0	(a)
Trading Companies & Distributors
Herc Holdings, Inc.*		(1,146	)		(55,191	)		(8,836	)		(0.1	)
MRC Global, Inc.*		(3,332	)		(57,744	)		3,599			0.0	(a)
SiteOne Landscape Supply, Inc.*		(808	)		(54,378	)		(6,383	)		(0.0	)(a)
		(5,286	)		(167,313	)		(11,620	)		(0.1	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 87

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Water Utilities
American Water Works Co., Inc.		(537	)		(58,098	)		(2,234	)		(0.0	)(a)
Aqua America, Inc.		(35	)		(1,367	)		(84	)		(0.0	)(a)
California Water Service Group		(1,170	)		(58,957	)		866			0.0	(a)
SJW Group		(904	)		(56,102	)		(136	)		(0.0	)(a)
		(2,646	)		(174,524	)		(1,588	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(432,464	)		(7,685,719	)		(57,082	)		(0.2	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BA on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.50%), which is denominated in CAD based on the local currencies of the positions within the swaps.	5/11/2020	$	(233,494	)	$	18,848		(457	)	$	18,391

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Chemicals
Methanex Corp.		1,034			56,682			(3,428	)		(0.0	)(a)
IT Services
CGI, Inc.*		852			61,326			2,738			0.0	(a)
Oil, Gas & Consumable Fuels
Parex Resources, Inc.*		497			8,466			335			0.0	(a)
Thrifts & Mortgage Finance
Genworth MI Canada, Inc.		1,807			56,151			1,768			0.0	(a)
Total Long Positions of Total Return Basket Swaps		4,190			182,625			1,413			0.0	(a)
Short Positions
Common Stocks
Aerospace & Defense
Bombardier, Inc.*		(25,554	)		(43,681	)		8,154			0.0	(a)
Construction & Engineering
SNC-Lavalin Group, Inc.		(864	)		(21,540	)		546			0.0	(a)
Containers & Packaging
CCL Industries, Inc.		(1,377	)		(58,741	)		(1,863	)		(0.0	)(a)
Diversified Financial Services
Onex Corp.		(73	)		(4,234	)		2			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Food Products
Premium Brands Holdings Corp.		(1,036	)		(62,275	)		(1,745	)		(0.0	)(a)
Gas Utilities
AltaGas Ltd.		(1,609	)		(21,390	)		672			0.0	(a)
Metals & Mining
Agnico Eagle Mines Ltd.		(1,364	)		(56,486	)		1,980			0.0	(a)
First Quantum Minerals Ltd.		(4,694	)		(49,579	)		5,232			0.1
Franco-Nevada Corp.		(772	)		(55,314	)		2,164			0.0	(a)
Yamana Gold, Inc.		(47	)		(103	)		19			0.0	(a)
		(6,877	)		(161,482	)		9,395			0.1
Oil, Gas & Consumable Fuels
Keyera Corp.		(1,851	)		(42,776	)		2,274			0.0	(a)
Total Short Positions of Total Return Basket Swaps		(39,241	)		(416,119	)		17,435			0.1
Total of Long and Short Positions of Total Return Basket Swaps		(35,051	)		(233,494	)		18,848			0.1

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month EURIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in EUR based on the local currencies of the positions within the swaps.	7/31/2019 - 4/30/2020	$	2,661,500	$	(11,100	)	$	21,650	$	10,550

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Dassault Aviation SA		52		78,678		2,845			0.0	(a)
Airlines
AirFrance-KLM*		6,323		72,964		(2,298	)		(0.0	)(a)
Automobiles
Peugeot SA		2,906		76,192		1,583			0.0	(a)
Chemicals
Covestro AG (b)		1,401		76,982		(5,249	)		(0.0	)(a)
Commercial Services & Supplies
Societe BIC SA		893		76,929		(1,983	)		(0.0	)(a)
SPIE SA		4,244		81,932		3,863			0.0	(a)
		5,137		158,861		1,880			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 89

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Construction & Engineering
ACS Actividades de Construccion y Servicios SA		657		30,213		1,136			0.0	(a)
HOCHTIEF AG		146		21,828		708			0.0	(a)
Koninklijke BAM Groep NV		17,964		87,726		5,300			0.0	(a)
		18,767		139,767		7,144			0.0	(a)
Diversified Telecommunication Services
Deutsche Telekom AG (Registered)		4,496		75,330		60			0.0	(a)
Koninklijke KPN NV		25,790		79,262		1,282			0.0	(a)
Telefonica SA		9,009		75,111		402			0.0	(a)
		39,295		229,703		1,744			0.0	(a)
Electric Utilities
Endesa SA		3,051		76,118		(2,036	)		(0.0	)(a)
Enel SpA		13,611		86,187		(481	)		(0.0	)(a)
Iberdrola SA		8,970		81,514		1,528			0.0	(a)
Red Electrica Corp. SA		421		8,737		(151	)		(0.0	)(a)
Verbund AG		1,607		79,799		(1,604	)		(0.0	)(a)
		27,660		332,355		(2,744	)		(0.0	)(a)
Electrical Equipment
Signify NV (b)		2,628		78,788		2,855			0.0	(a)
Energy Equipment & Services
SBM Offshore NV		3,292		61,088		(287	)		(0.0	)(a)
Food & Staples Retailing
Koninklijke Ahold Delhaize NV		534		12,870		(1,096	)		(0.0	)(a)
METRO AG		4,789		81,373		2,885			0.0	(a)
		5,323		94,243		1,789			0.0	(a)
Food Products
Danone SA		985		79,632		810			0.0	(a)
Gas Utilities
Italgas SpA		1,849		11,550		(82	)		(0.0	)(a)
Health Care Equipment & Supplies
Koninklijke Philips NV		2,184		93,789		7,350			0.0	(a)
Insurance
Ageas		1,636		86,455		4,012			0.0	(a)
ASR Nederland NV		1,862		82,848		2,893			0.0	(a)
AXA SA		3,390		90,399		2,297			0.0	(a)
NN Group NV		310		13,528		687			0.0	(a)
Unipol Gruppo SpA		15,997		81,491		1,543			0.0	(a)
UnipolSai Assicurazioni SpA		7,296		19,993		272			0.0	(a)
		30,491		374,714		11,704			0.0	(a)
IT Services
Amadeus IT Group SA		1,068		85,116		412			0.0	(a)
Machinery
Valmet OYJ		2,983		82,173		(132	)		(0.0	)(a)
Media
Eutelsat Communications SA		4,365		78,888		5,146			0.1
Mediaset Espana Comunicacion SA		6,239		48,384		2,480			0.0	(a)
ProSiebenSat.1 Media SE		5,290		83,627		388			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Media — continued
Publicis Groupe SA		605			35,959			4,399			0.0	(a)
		16,499			246,858			12,413			0.1
Multi-Utilities
A2A SpA		44,632			74,698			(1,098	)		(0.0	)(a)
Engie SA		5,689			84,439			(2,374	)		(0.0	)(a)
Hera SpA		21,752			77,431			(2,018	)		(0.0	)(a)
		72,073			236,568			(5,490	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Enagas SA		2,239			63,868			(1,039	)		(0.0	)(a)
Eni SpA		3,598			61,314			(3,011	)		(0.0	)(a)
Galp Energia SGPS SA		628			10,529			238			0.0	(a)
Neste OYJ		1,732			57,247			(6,475	)		(0.1	)
OMV AG		904			48,490			(384	)		(0.0	)(a)
Repsol SA		3,767			63,921			(696	)		(0.0	)(a)
Saras SpA		3,979			7,109			(359	)		(0.0	)(a)
TOTAL SA		1,118			62,151			(994	)		(0.0	)(a)
		17,965			374,629			(12,720	)		(0.1	)
Paper & Forest Products
Ence Energia y Celulosa SA		14,346			77,301			(5,378	)		(0.0	)(a)
UPM-Kymmene OYJ		2,702			76,290			(4,202	)		(0.0	)(a)
		17,048			153,591			(9,580	)		(0.0	)(a)
Pharmaceuticals
Merck KGaA		772			82,288			(4,065	)		(0.0	)(a)
Sanofi		217			18,933			(53	)		(0.0	)(a)
		989			101,221			(4,118	)		(0.0	)(a)
Real Estate Management & Development
Aroundtown SA		9,310			75,639			525			0.0	(a)
LEG Immobilien AG		704			82,142			(2,032	)		(0.0	)(a)
Nexity SA		343			16,044			(362	)		(0.0	)(a)
TAG Immobilien AG		3,257			73,348			(2,564	)		(0.0	)(a)
		13,614			247,173			(4,433	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Dialog Semiconductor plc*		2,114			82,243			10,318			0.1
Siltronic AG		765			74,957			3,720			0.0	(a)
		2,879			157,200			14,038			0.1
Textiles, Apparel & Luxury Goods
adidas AG		325			83,716			1,239			0.0	(a)
Christian Dior SE		55			27,235			1,124			0.0	(a)
		380			110,951			2,363			0.0	(a)
Total Long Positions of Total Return Basket Swaps		293,791			3,754,786			21,797			0.1
Short Positions
Common Stocks
Aerospace & Defense
Airbus SE		(398	)		(54,498	)		(2,503	)		(0.0	)(a)
Automobiles
Daimler AG (Registered)		(889	)		(58,350	)		(3,478	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 91

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Banks
Bankia SA		(20,532	)		(56,867	)		(4,584	)		(0.0	)(a)
Chemicals
K+S AG (Registered)		(2,695	)		(54,877	)		(2,706	)		(0.0	)(a)
Umicore SA		(333	)		(12,923	)		2,458			0.0	(a)
		(3,028	)		(67,800	)		(248	)		(0.0	)(a)
Construction & Engineering
Bouygues SA		(112	)		(4,216	)		18			0.0	(a)
Containers & Packaging
Huhtamaki OYJ		(1,647	)		(62,983	)		(1,025	)		(0.0	)(a)
Diversified Telecommunication Services
Iliad SA		(375	)		(38,204	)		1,031			0.0	(a)
Electrical Equipment
Nexans SA		(420	)		(14,731	)		(688	)		(0.0	)(a)
OSRAM Licht AG		(1,322	)		(45,470	)		1,851			0.0	(a)
		(1,742	)		(60,201	)		1,163			0.0	(a)
Food & Staples Retailing
Jeronimo Martins SGPS SA		(3,972	)		(64,687	)		(3,059	)		(0.0	)(a)
Food Products
Kerry Group plc		(28	)		(3,134	)		(30	)		(0.0	)(a)
Gas Utilities
Rubis SCA		(1,078	)		(59,128	)		1,068			0.0	(a)
Hotels, Restaurants & Leisure
Elior Group SA (b)		(2,906	)		(40,221	)		(1,728	)		(0.0	)(a)
Paddy Power Betfair plc		(95	)		(7,957	)		(511	)		(0.0	)(a)
		(3,001	)		(48,178	)		(2,239	)		(0.0	)(a)
Internet & Direct Marketing Retail
Zalando SE* (b)		(420	)		(19,757	)		(2,664	)		(0.0	)(a)
Life Sciences Tools & Services
Eurofins Scientific SE		(105	)		(48,082	)		(5,669	)		(0.0	)(a)
Machinery
Alstom SA*		(1,333	)		(58,648	)		777			0.0	(a)
ANDRITZ AG		(1,124	)		(53,678	)		(1,655	)		(0.0	)(a)
GEA Group AG		(986	)		(27,626	)		(465	)		(0.0	)(a)
Outotec OYJ*		(9,318	)		(49,224	)		(3,649	)		(0.0	)(a)
		(12,761	)		(189,176	)		(4,992	)		(0.0	)(a)
Media
Altice Europe NV*		(14,321	)		(45,447	)		(5,958	)		(0.1	)
Metals & Mining
Outokumpu OYJ		(15,125	)		(57,910	)		4,149			0.0	(a)
thyssenkrupp AG		(2,761	)		(38,926	)		766			0.0	(a)
		(17,886	)		(96,836	)		4,915			0.0	(a)
Semiconductors & Semiconductor Equipment
Infineon Technologies AG		(2,286	)		(54,191	)		(2,986	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Transportation Infrastructure
Getlink SE		(3,824	)		(61,551	)		(1,657	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(88,405	)		(1,093,286	)		(32,897	)		(0.1	)
Total of Long and Short Positions of Total Return Basket Swaps		205,386			2,661,500			(11,100	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in CHF based on the local currencies of the positions within the swaps.	7/31/2019 – 6/30/2020	$	255,713	$	(18,565	)	$	8,378	$	(10,187	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Diversified Telecommunication Services
Sunrise Communications Group AG (b)		1,005			66,734			(5,964	)		(0.0	)(a)
Swisscom AG (Registered)		169			78,747			294			0.0	(a)
		1,174			145,481			(5,670	)		(0.0	)(a)
Health Care Equipment & Supplies
Sonova Holding AG (Registered)		150			30,297			699			0.0	(a)
Insurance
Zurich Insurance Group AG		246			78,417			1			0.0	(a)
Machinery
OC Oerlikon Corp. AG (Registered)		6,300			82,336			(1,279	)		(0.0	)(a)
Pharmaceuticals
Galenica AG (b)		1,606			81,939			5,121			0.0	(a)
Roche Holding AG		41			10,727			(304	)		(0.0	)(a)
		1,647			92,666			4,817			0.0	(a)
Total Long Positions of Total Return Basket Swaps		9,517			429,197			(1,432	)		0.0	(a)
Short Positions
Common Stocks
Capital Markets
Julius Baer Group Ltd.		(1,116	)		(53,908	)		(6,248	)		(0.0	)(a)
Chemicals
Sika AG (Registered)		(417	)		(63,894	)		(4,547	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 93

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Machinery
VAT Group AG (b)		(448	)		(55,682	)		(6,338	)		(0.1	)
Total Short Positions of Total Return Basket Swaps		(1,981	)		(173,484	)		(17,133	)		(0.1	)
Total of Long and Short Positions of Total Return Basket Swaps		7,536			255,713			(18,565	)		(0.1	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (3.48)% to 0.35%), which is denominated in JPY based on the local currencies of the positions within the swaps.	5/10/2019 – 4/13/2020	$	(94,019	)	$	9,352	$	2,142	$	11,494

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Auto Components
TS Tech Co. Ltd.		1,300		39,042		(635	)		(0.0	)(a)
Chemicals
Mitsubishi Chemical Holdings Corp.		9,500		67,732		(975	)		(0.0	)(a)
Mitsubishi Gas Chemical Co., Inc.		2,900		43,537		400			0.0	(a)
Tosoh Corp.		4,500		72,556		(594	)		(0.0	)(a)
		16,900		183,825		(1,169	)		(0.0	)(a)
Construction & Engineering
Taisei Corp.		1,700		74,800		2,386			0.0	(a)
Diversified Telecommunication Services
Nippon Telegraph & Telephone Corp.		1,500		62,413		983			0.0	(a)
Food & Staples Retailing
Matsumotokiyoshi Holdings Co. Ltd.		1,800		59,599		2,554			0.0	(a)
Interactive Media & Services
Mixi, Inc.		1,900		41,055		(1,376	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
JXTG Holdings, Inc.		7,900		38,435		71			0.0	(a)
Pharmaceuticals
Astellas Pharma, Inc.		2,900		39,277		(2,791	)		(0.0	)(a)
Shionogi & Co. Ltd.		1,100		64,255		568			0.0	(a)
		4,000		103,532		(2,223	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
Brother Industries Ltd.		3,600		71,082		1,659			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Trading Companies & Distributors
ITOCHU Corp.		4,400			79,391			218			0.0	(a)
Marubeni Corp.		7,500			53,742			627			0.0	(a)
		11,900			133,133			845			0.0	(a)
Wireless Telecommunication Services
NTT DOCOMO, Inc.		3,200			69,490			4,195			0.0	(a)
Total Long Positions of Total Return Basket Swaps		55,700			876,406			7,290			0.0	(a)
Short Positions
Common Stocks
Auto Components
Sumitomo Rubber Industries Ltd.		(700	)		(8,607	)		89			0.0	(a)
Chemicals
Kansai Paint Co. Ltd.		(2,400	)		(45,759	)		1,480			0.0	(a)
Toray Industries, Inc.		(8,700	)		(59,535	)		326			0.0	(a)
		(11,100	)		(105,294	)		1,806			0.0	(a)
Construction & Engineering
JGC Corp.		(3,000	)		(43,225	)		2,839			0.0	(a)
Consumer Finance
Aiful Corp.*		(18,200	)		(42,702	)		(709	)		(0.0	)(a)
Electrical Equipment
GS Yuasa Corp.		(1,700	)		(34,156	)		1,167			0.0	(a)
Electronic Equipment, Instruments & Components
Murata Manufacturing Co. Ltd.		(700	)		(35,150	)		1,882			0.0	(a)
Food & Staples Retailing
Aeon Co. Ltd.		(2,500	)		(46,216	)		872			0.0	(a)
Tsuruha Holdings, Inc.		(600	)		(51,136	)		(3,459	)		(0.0	)(a)
		(3,100	)		(97,352	)		(2,587	)		(0.0	)(a)
Food Products
Nissin Foods Holdings Co. Ltd.		(900	)		(59,563	)		1,192			0.0	(a)
Hotels, Restaurants & Leisure
HIS Co. Ltd.		(1,400	)		(44,717	)		4,902			0.0	(a)
Kyoritsu Maintenance Co. Ltd.		(200	)		(10,277	)		(776	)		(0.0	)(a)
		(1,600	)		(54,994	)		4,126			0.0	(a)
Household Durables
Sharp Corp.*		(4,800	)		(53,546	)		1,475			0.0	(a)
Industrial Conglomerates
Toshiba Corp.		(1,800	)		(59,979	)		211			0.0	(a)
Interactive Media & Services
LINE Corp.*		(900	)		(30,154	)		590			0.0	(a)
IT Services
GMO internet, Inc.		(1,500	)		(23,282	)		1,596			0.0	(a)
Machinery
FANUC Corp.		(300	)		(56,363	)		971			0.0	(a)
Marine
Kawasaki Kisen Kaisha Ltd.		(1,900	)		(27,620	)		(4,218	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 95

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Marine — continued
Nippon Yusen KK		(2,600	)		(44,429	)		(4,077	)		(0.0	)(a)
		(4,500	)		(72,049	)		(8,295	)		(0.0	)(a)
Multiline Retail
Marui Group Co. Ltd.		(2,000	)		(40,682	)		(787	)		(0.0	)(a)
Pan Pacific International Holdings Corp.		(700	)		(45,111	)		(1,503	)		(0.0	)(a)
		(2,700	)		(85,793	)		(2,290	)		(0.0	)(a)
Road & Rail
Keio Corp.		(900	)		(54,341	)		(858	)		(0.0	)(a)
Tokyu Corp.		(3,300	)		(53,875	)		(1,143	)		(0.0	)(a)
		(4,200	)		(108,216	)		(2,001	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(61,700	)		(970,425	)		2,062			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		(6,000	)		(94,019	)		9,352			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.60)% to 0.35% ), which is denominated in AUD based on the local currencies of the positions within the swaps.	4/14/2020	$	(221,036	)	$	(14,384	)	$	(3,429	)	$	(17,813	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Food & Staples Retailing
Metcash Ltd.		37,412			75,701			6,401			0.0	(a)
Metals & Mining
Sandfire Resources NL		7,580			37,703			(2,482	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Beach Energy Ltd.		559			838			(1	)		(0.0	)(a)
Whitehaven Coal Ltd.		12,598			37,364			2,088			0.0	(a)
		13,157			38,202			2,087			0.0	(a)
Total Long Positions of Total Return Basket Swaps		58,149			151,606			6,006			0.0	(a)
Short Positions
Common Stocks
Beverages
Treasury Wine Estates Ltd.		(4,488	)		(54,438	)		(7,130	)		(0.1	)

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)				NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Building Products
Reliance Worldwide Corp. Ltd.		(17,079	)		(58,768	)			(4,544	)		(0.0	)(a)
Chemicals
Nufarm Ltd.		(14,432	)		(51,566	)			(1,284	)		(0.0	)(a)
Diversified Financial Services
Challenger Ltd.		(2,240	)		(12,967	)			(891	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(568	)		(17,218	)			285			0.0	(a)
Star Entertainment Grp Ltd. (The)		(6,464	)		(20,698	)	��		(663	)		(0.0	)(a)
		(7,032	)		(37,916	)			(378	)		(0.0	)(a)
IT Services
NEXTDC Ltd.*		(13,402	)		(60,398	)			(4,505	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Oil Search Ltd.		(7,594	)		(41,588	)			1,548			0.0	(a)
Software
Xero Ltd.*		(1,430	)		(55,001	)			(3,206	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(67,697	)		(372,642	)			(20,390	)		(0.1	)
Total of Long and Short Positions of Total Return Basket Swaps		(9,548	)		(221,036	)			(14,384	)		(0.1	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day SONIA and one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (9.00)% to 0.30%), which is denominated in GBP based on the local currencies of the positions within the swaps.	5/16/2019 – 5/2/2029	$	(222,290	)	$	(26,896	)	$	(14,649	)	$	(41,545	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Meggitt plc		9,404		66,917		4,106			0.0	(a)
Air Freight & Logistics
Royal Mail plc		11,644		38,420		(25	)		(0.0	)(a)
Distributors
Inchcape plc		3,516		28,228		1,441			0.0	(a)
Food & Staples Retailing
J Sainsbury plc		16,378		47,582		(2,378	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 97

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Food Products
Tate & Lyle plc		8,409			84,282			3,891			0.0	(a)
Hotels, Restaurants & Leisure
Carnival plc		205			10,868			486			0.0	(a)
Machinery
Vesuvius plc		9,673			78,040			1,177			0.0	(a)
Metals & Mining
Rio Tinto plc		99			5,776			(371	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Royal Dutch Shell plc		1,940			62,610			(912	)		(0.0	)(a)
Tullow Oil plc		20,081			58,880			(4,618	)		(0.0	)(a)
		22,021			121,490			(5,530	)		(0.0	)(a)
Pharmaceuticals
Hikma Pharmaceuticals plc		2,630			60,690			(680	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swaps		83,979			542,293			2,117			0.0	(a)
Short Positions
Common Stocks
Aerospace & Defense
BAE Systems plc		(8,564	)		(55,043	)		90			0.0	(a)
Banks
Metro Bank plc*		(2,295	)		(22,509	)		1,866			0.0	(a)
Consumer Finance
Provident Financial plc		(721	)		(5,006	)		(245	)		(0.0	)(a)
Containers & Packaging
DS Smith plc		(13,333	)		(62,274	)		(2,811	)		(0.0	)(a)
Diversified Financial Services
Standard Life Aberdeen plc		(14,988	)		(54,609	)		400			0.0	(a)
Electrical Equipment
Melrose Industries plc		(17,490	)		(46,278	)		(4,240	)		(0.0	)(a)
Health Care Providers & Services
NMC Health plc		(1,198	)		(44,240	)		(6,576	)		(0.0	)(a)
Spire Healthcare Group plc (b)		(32,671	)		(57,045	)		1,019			0.0	(a)
		(33,869	)		(101,285	)		(5,557	)		(0.0	)(a)
Hotels, Restaurants & Leisure
TUI AG		(5,540	)		(61,690	)		(9,956	)		(0.1	)
Insurance
RSA Insurance Group plc		(8,598	)		(60,952	)		(2,431	)		(0.0	)(a)
Internet & Direct Marketing Retail
Just Eat plc*		(5,678	)		(51,908	)		1,107			0.0	(a)
Multi-Utilities
National Grid plc		(4,974	)		(54,495	)		(389	)		(0.0	)(a)
Professional Services
Capita plc		(25,486	)		(42,486	)		(1,988	)		(0.0	)(a)
Real Estate Management & Development
Capital & Counties Properties plc		(15,868	)		(50,176	)		(615	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Specialty Retail
Kingfisher plc		(11,060	)		(38,137	)		(2,165	)		(0.0	)(a)
Water Utilities
Severn Trent plc		(2,169	)		(57,735	)		(2,079	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(170,633	)		(764,583	)		(29,013	)		(0.1	)
Total of Long and Short Positions of Total Return Basket Swaps		(86,654	)		(222,290	)		(26,896	)		(0.1	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one day FEDEF on short positions, plus or minus a specified spread (rates range from (2.57)% to (0.20)%), which is denominated in USD based on the local currencies of the positions within the swaps.	5/25/2028 – 4/27/2029	$	(2,938,390	)	$	(14,458	)	$	(8,498	)	$	(22,956	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Aerospace & Defense
Cubic Corp.		(865	)		(49,115	)		(666	)		(0.0	)(a)
Kratos Defense & Security Solutions, Inc.*		(3,418	)		(54,278	)		(2,735	)		(0.0	)(a)
Mercury Systems, Inc.*		(747	)		(54,546	)		(5,169	)		(0.0	)(a)
		(5,030	)		(157,939	)		(8,570	)		(0.0	)(a)
Air Freight & Logistics
Air Transport Services Group, Inc.*		(2,229	)		(52,448	)		(1,382	)		(0.0	)(a)
Airlines
American Airlines Group, Inc.		(820	)		(28,028	)		(132	)		(0.0	)(a)
Auto Components
Veoneer, Inc.*		(1,031	)		(22,754	)		4,557			0.0	(a)
Beverages
Brown-Forman Corp.		(1,091	)		(58,139	)		(306	)		(0.0	)(a)
MGP Ingredients, Inc.		(619	)		(54,392	)		(6,301	)		(0.0	)(a)
		(1,710	)		(112,531	)		(6,607	)		(0.0	)(a)
Capital Markets
Cboe Global Markets, Inc.		(422	)		(42,879	)		(2,308	)		(0.0	)(a)
WisdomTree Investments, Inc.		(6,343	)		(45,670	)		2,283			0.0	(a)
		(6,765	)		(88,549	)		(25	)		(0.0	)(a)
Chemicals
Albemarle Corp.		(422	)		(31,675	)		4,427			0.0	(a)
Dow, Inc.*		(950	)		(53,894	)		(1,283	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 99

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Chemicals — continued
DowDuPont, Inc.		(305	)		(11,727	)		(215	)		(0.0	)(a)
GCP Applied Technologies, Inc.*		(1,978	)		(56,947	)		1,266			0.0	(a)
International Flavors & Fragrances, Inc.		(399	)		(54,978	)		(2,912	)		(0.0	)(a)
		(4,054	)		(209,221	)		1,283			0.0	(a)
Communications Equipment
Extreme Networks, Inc.*		(7,521	)		(60,168	)		(3,159	)		(0.0	)(a)
Infinera Corp.*		(493	)		(2,140	)		202			0.0	(a)
		(8,014	)		(62,308	)		(2,957	)		(0.0	)(a)
Construction Materials
Summit Materials, Inc.*		(1,466	)		(25,684	)		(3,767	)		(0.0	)(a)
Containers & Packaging
AptarGroup, Inc.		(494	)		(54,953	)		(684	)		(0.0	)(a)
Electrical Equipment
GrafTech International Ltd.		(4,423	)		(50,643	)		1,226			0.0	(a)
Energy Equipment & Services
US Silica Holdings, Inc.		(2,511	)		(39,724	)		4,244			0.0	(a)
Equity Real Estate Investment Trusts (REITs)
Alexander & Baldwin, Inc.		(2,404	)		(56,782	)		1,010			0.0	(a)
Food Products
Kraft Heinz Co. (The)		(1,006	)		(33,439	)		(261	)		(0.0	)(a)
Gas Utilities
Southwest Gas Holdings, Inc.		(660	)		(54,905	)		(455	)		(0.0	)(a)
Health Care Equipment & Supplies
iRhythm Technologies, Inc.*		(753	)		(57,462	)		(2,036	)		(0.0	)(a)
Penumbra, Inc.*		(360	)		(48,420	)		3,280			0.0	(a)
ViewRay, Inc.*		(7,171	)		(49,910	)		6,884			0.0	(a)
		(8,284	)		(155,792	)		8,128			0.0	(a)
Health Care Technology
Evolent Health, Inc.*		(2,410	)		(32,655	)		(2,072	)		(0.0	)(a)
Medidata Solutions, Inc.*		(608	)		(54,927	)		(8,761	)		(0.1	)
Teladoc Health, Inc.*		(927	)		(52,728	)		(288	)		(0.0	)(a)
		(3,945	)		(140,310	)		(11,121	)		(0.1	)
Hotels, Restaurants & Leisure
Red Rock Resorts, Inc.		(1,949	)		(52,584	)		1,569			0.0	(a)
Shake Shack, Inc.*		(894	)		(54,802	)		(101	)		(0.0	)(a)
		(2,843	)		(107,386	)		1,468			0.0	(a)
Household Durables
Installed Building Products, Inc.*		(608	)		(29,202	)		2,444			0.0	(a)
iRobot Corp.*		(68	)		(7,041	)		1,527			0.0	(a)
Mohawk Industries, Inc.*		(180	)		(24,525	)		(909	)		(0.0	)(a)
Roku, Inc.*		(894	)		(56,849	)		(4,487	)		(0.0	)(a)
		(1,750	)		(117,617	)		(1,425	)		(0.0	)(a)
Insurance
Markel Corp.*		(53	)		(56,790	)		(4,868	)		(0.0	)(a)
Interactive Media & Services
TrueCar, Inc.*		(3,793	)		(24,427	)		341			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Internet & Direct Marketing Retail
Farfetch Ltd.*		(2,248	)		(55,705	)		788			0.0	(a)
IT Services
InterXion Holding NV*		(922	)		(63,793	)		(839	)		(0.0	)(a)
Leisure Products
Mattel, Inc.*		(694	)		(8,460	)		909			0.0	(a)
Machinery
Evoqua Water Technologies Corp.*		(2,082	)		(28,357	)		(1,437	)		(0.0	)(a)
REV Group, Inc.		(4,352	)		(55,227	)		(6,006	)		(0.0	)(a)
		(6,434	)		(83,584	)		(7,443	)		(0.0	)(a)
Marine
Kirby Corp.*		(666	)		(54,426	)		(943	)		(0.0	)(a)
Media
Altice USA, Inc.		(2,143	)		(50,489	)		(1,521	)		(0.0	)(a)
Liberty Global plc*		(1,224	)		(33,060	)		453			0.0	(a)
		(3,367	)		(83,549	)		(1,068	)		(0.0	)(a)
Metals & Mining
Coeur Mining, Inc.*		(2,779	)		(10,032	)		(168	)		(0.0	)(a)
Constellium NV*		(4,369	)		(40,806	)		(2,315	)		(0.0	)(a)
Hecla Mining Co.		(6,566	)		(13,789	)		215			0.0	(a)
United States Steel Corp.		(3,413	)		(53,243	)		262			0.0	(a)
		(17,127	)		(117,870	)		(2,006	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Extraction Oil & Gas, Inc.*		(1,477	)		(6,942	)		561			0.0	(a)
Golar LNG Ltd.		(1,763	)		(34,449	)		2,697			0.0	(a)
Matador Resources Co.*		(2,024	)		(39,852	)		1,195			0.0	(a)
		(5,264	)		(81,243	)		4,453			0.0	(a)
Pharmaceuticals
Intersect ENT, Inc.*		(1,797	)		(58,385	)		(4,899	)		(0.0	)(a)
Intra-Cellular Therapies, Inc.*		(3,378	)		(44,488	)		(1,013	)		(0.0	)(a)
Revance Therapeutics, Inc.*		(2,476	)		(32,782	)		2,947			0.0	(a)
TherapeuticsMD, Inc.*		(2,779	)		(11,950	)		(520	)		(0.0	)(a)
Theravance Biopharma, Inc.*		(2,400	)		(57,240	)		24			0.0	(a)
WaVe Life Sciences Ltd.*		(1,277	)		(33,879	)		9,424			0.0	(a)
Zogenix, Inc.*		(494	)		(19,261	)		(148	)		(0.0	)(a)
		(14,601	)		(257,985	)		5,815			0.0	(a)
Semiconductors & Semiconductor Equipment
Cree, Inc.*		(791	)		(52,277	)		(1,914	)		(0.0	)(a)
First Solar, Inc.*		(874	)		(53,777	)		(254	)		(0.0	)(a)
MACOM Technology Solutions Holdings, Inc.*		(1,549	)		(21,516	)		6,708			0.0	(a)
Marvell Technology Group Ltd.		(2,124	)		(53,143	)		692			0.0	(a)
NVIDIA Corp.		(285	)		(51,585	)		1,814			0.0	(a)
		(5,623	)		(232,298	)		7,046			0.0	(a)
Software
Avalara, Inc.*		(954	)		(56,162	)		(2,907	)		(0.0	)(a)
FireEye, Inc.*		(3,445	)		(55,189	)		723			0.0	(a)
		(4,399	)		(111,351	)		(2,184	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 101

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Specialty Retail
Floor & Decor Holdings, Inc.*		(394	)		(18,920	)		(1,091	)		(0.0	)(a)
National Vision Holdings, Inc.*		(823	)		(22,221	)		2,123			0.0	(a)
		(1,217	)		(41,141	)		1,032			0.0	(a)
Tobacco
Vector Group Ltd.		(3,803	)		(36,243	)		3,574			0.0	(a)
Water Utilities
Aqua America, Inc.		(1,498	)		(58,512	)		(3,595	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(131,148	)		(2,938,390	)		(14,458	)		(0.1	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day CORRA and one month BA on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.25)% to 0.25%), which is denominated in CAD based on the local currencies of the positions within the swaps.	5/25/2028 – 4/27/2029	$	248,858	$	34,389	$	(162	)	$	34,227

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Banks
Canadian Imperial Bank of Commerce		937		78,900		2,557			0.0	(a)
Chemicals
Methanex Corp.		387		21,215		(1,283	)		(0.0	)(a)
Food & Staples Retailing
Empire Co. Ltd.		3,862		85,906		(408	)		(0.0	)(a)
Insurance
iA Financial Corp., Inc.		2,185		86,996		3,066			0.1
IT Services
CGI, Inc.*		315		22,673		1,012			0.0	(a)
Media
Quebecor, Inc.		3,508		87,484		2,407			0.0	(a)
Metals & Mining
Teck Resources Ltd.		3,425		80,991		(2,575	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Imperial Oil Ltd.		2,103		61,095		421			0.0	(a)
Parex Resources, Inc.*		3,133		53,366		2,112			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Suncor Energy, Inc.		1,876			61,866			243			0.0	(a)
		7,112			176,327			2,776			0.0	(a)
Textiles, Apparel & Luxury Goods
Gildan Activewear, Inc.		2,174			80,164			473			0.0	(a)
Thrifts & Mortgage Finance
Genworth MI Canada, Inc.		809			25,139			792			0.0	(a)
Trading Companies & Distributors
Toromont Industries Ltd.		1,543			80,242			1,158			0.0	(a)
Total Long Positions of Total Return Basket Swaps		26,257			826,037			9,975			0.1
Short Positions
Common Stocks
Construction & Engineering
SNC-Lavalin Group, Inc.		(1,465	)		(36,524	)		925			0.0	(a)
Diversified Financial Services
Onex Corp.		(855	)		(49,595	)		21			0.0	(a)
Gas Utilities
AltaGas Ltd.		(2,703	)		(35,934	)		1,128			0.0	(a)
Metals & Mining
IAMGOLD Corp.*		(17,776	)		(53,473	)		6,959			0.0	(a)
Kinross Gold Corp.*		(16,507	)		(52,489	)		5,569			0.0	(a)
Lundin Mining Corp.		(9,800	)		(52,595	)		(4,495	)		(0.0	)(a)
Yamana Gold, Inc.		(21,573	)		(47,342	)		8,888			0.1
		(65,656	)		(205,899	)		16,921			0.1
Multiline Retail
Dollarama, Inc.		(1,752	)		(52,624	)		1,822			0.0	(a)
Multi-Utilities
Canadian Utilities Ltd.		(2,117	)		(58,357	)		(1	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Inter Pipeline Ltd.		(2,618	)		(42,640	)		506			0.0	(a)
Vermilion Energy, Inc.		(1,634	)		(41,725	)		(295	)		(0.0	)(a)
		(4,252	)		(84,365	)		211			0.0	(a)
Software
Kinaxis, Inc.*		(986	)		(53,881	)		3,387			0.0	(a)
Total Short Positions of Total Return Basket Swaps		(79,786	)		(577,179	)		24,414			0.1
Total of Long and Short Positions of Total Return Basket Swaps		(53,529	)		248,858			34,389			0.2

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 103

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day EONIA and one month EURIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (4.75)% to 0.30%), which is denominated in EUR based on the local currencies of the positions within the swaps.	5/10/2019 – 4/30/2029	$	(1,078,468	)	$	(66,703	)	$	(14,533	)	$	(81,236	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Construction & Engineering
ACS Actividades de Construccion y Servicios SA		1,289		59,276		2,229			0.0	(a)
HOCHTIEF AG		402		60,103		1,948			0.0	(a)
		1,691		119,379		4,177			0.0	(a)
Electric Utilities
Red Electrica Corp. SA		3,120		64,752		(1,117	)		(0.0	)(a)
Terna Rete Elettrica Nazionale SpA		13,136		78,805		(4,139	)		(0.0	)(a)
		16,256		143,557		(5,256	)		(0.0	)(a)
Food & Staples Retailing
Koninklijke Ahold Delhaize NV		2,480		59,772		(5,089	)		(0.0	)(a)
Gas Utilities
Italgas SpA		11,590		72,397		(512	)		(0.0	)(a)
Insurance
NN Group NV		1,564		68,252		3,465			0.0	(a)
UnipolSai Assicurazioni SpA		24,432		66,949		913			0.0	(a)
		25,996		135,201		4,378			0.0	(a)
Media
Mediaset Espana Comunicacion SA		4,163		32,284		1,655			0.0	(a)
Publicis Groupe SA		698		41,487		5,076			0.0	(a)
		4,861		73,771		6,731			0.0	(a)
Oil, Gas & Consumable Fuels
Galp Energia SGPS SA		3,103		52,026		1,177			0.0	(a)
OMV AG		215		11,532		(91	)		(0.0	)(a)
Saras SpA		29,267		52,289		(2,642	)		(0.0	)(a)
		32,585		115,847		(1,556	)		(0.0	)(a)
Pharmaceuticals
Sanofi		735		64,128		(180	)		(0.0	)(a)
UCB SA		992		78,843		(5,612	)		(0.0	)(a)
		1,727		142,971		(5,792	)		(0.0	)(a)
Real Estate Management & Development
Nexity SA		1,307		61,134		(1,382	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Siltronic AG		111		10,876		540			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)				PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Textiles, Apparel & Luxury Goods
Christian Dior SE		102			50,509			2,084				0.0	(a)
Total Long Positions of Total Return Basket Swaps		98,706			985,414			(1,677	)			0.0	(a)
Short Positions
Common Stocks
Air Freight & Logistics
PostNL NV		(23,061	)		(59,819	)		2,559				0.0	(a)
Automobiles
Bayerische Motoren Werke AG		(638	)		(54,427	)		(2,081	)			(0.0	)(a)
Renault SA		(875	)		(59,698	)		(26	)			(0.0	)(a)
										��
		(1,513	)		(114,125	)		(2,107	)			(0.0	)(a)
Banks
AIB Group plc		(11,803	)		(54,835	)		(1,269	)			(0.0	)(a)
Building Products
Cie de Saint-Gobain		(1,346	)		(55,186	)		(2,365	)			(0.0	)(a)
Chemicals
BASF SE		(666	)		(54,373	)		(2,993	)			(0.0	)(a)
Umicore SA		(951	)		(36,906	)		7,020				0.0	(a)
Wacker Chemie AG		(660	)		(58,019	)		162				0.0	(a)
		(2,277	)		(149,298	)		4,189				0.0	(a)
Communications Equipment
Nokia OYJ		(9,916	)		(52,105	)		5,349				0.0	(a)
Construction & Engineering
Bouygues SA		(1,499	)		(56,426	)		241				0.0	(a)
Ferrovial SA		(2,463	)		(60,737	)		(3,684	)			(0.0	)(a)
		(3,962	)		(117,163	)		(3,443	)			(0.0	)(a)
Diversified Financial Services
Groupe Bruxelles Lambert SA		(596	)		(57,073	)		1,825				0.0	(a)
Wendel SA		(454	)		(62,883	)		(3,929	)			(0.0	)(a)
		(1,050	)		(119,956	)		(2,104	)			(0.0	)(a)
Diversified Telecommunication Services
Cellnex Telecom SA (b)		(1,889	)		(58,189	)		(2,611	)			(0.0	)(a)
Iliad SA		(152	)		(15,485	)		418				0.0	(a)
Masmovil Ibercom SA*		(2,836	)		(62,154	)		(2,951	)			(0.0	)(a)
		(4,877	)		(135,828	)		(5,144	)			(0.0	)(a)
Electrical Equipment
Nexans SA		(185	)		(6,489	)		(303	)			(0.0	)(a)
OSRAM Licht AG		(268	)		(9,218	)		(108	)			(0.0	)(a)
Prysmian SpA		(2,939	)		(56,747	)		(2,444	)			(0.0	)(a)
		(3,392	)		(72,454	)		(2,855	)			(0.0	)(a)
Energy Equipment & Services
Tenaris SA		(2,947	)		(40,851	)		479				0.0	(a)
Food Products
Kerry Group plc		(504	)		(56,416	)		(533	)			(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 105

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Health Care Providers & Services
Orpea		(463	)		(56,490	)		(1,012	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Accor SA		(1,280	)		(53,923	)		(33	)		(0.0	)(a)
Autogrill SpA		(6,016	)		(58,463	)		(2,191	)		(0.0	)(a)
Elior Group SA (b)		(1,374	)		(19,017	)		(408	)		(0.0	)(a)
Paddy Power Betfair plc		(629	)		(52,685	)		(3,381	)		(0.1	)
		(9,299	)		(184,088	)		(6,013	)		(0.1	)
Industrial Conglomerates
Rheinmetall AG		(542	)		(62,453	)		(4,849	)		(0.0	)(a)
Internet & Direct Marketing Retail
Delivery Hero SE* (b)		(1,338	)		(61,664	)		(9,029	)		(0.1	)
Rocket Internet SE* (b)		(2,060	)		(54,427	)		(3,005	)		(0.0	)(a)
Zalando SE* (b)		(734	)		(34,527	)		(4,656	)		(0.0	)(a)
		(4,132	)		(150,618	)		(16,690	)		(0.1	)
Life Sciences Tools & Services
Eurofins Scientific SE		(19	)		(8,701	)		(1,026	)		(0.0	)(a)
Machinery
GEA Group AG		(920	)		(25,776	)		(434	)		(0.0	)(a)
Konecranes OYJ		(1,326	)		(55,427	)		(4,369	)		(0.0	)(a)
Outotec OYJ*		(1,410	)		(7,449	)		(553	)		(0.0	)(a)
		(3,656	)		(88,652	)		(5,356	)		(0.0	)(a)
Media
Altice Europe NV*		(4,939	)		(15,674	)		(2,055	)		(0.0	)(a)
Metals & Mining
AMG Advanced Metallurgical Group NV		(1,757	)		(53,418	)		337			0.0	(a)
ArcelorMittal		(2,419	)		(52,628	)		154			0.0	(a)
thyssenkrupp AG		(1,448	)		(20,415	)		402			0.0	(a)
		(5,624	)		(126,461	)		893			0.0	(a)
Personal Products
Beiersdorf AG		(554	)		(60,619	)		(1,704	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
AIXTRON SE*		(4,914	)		(56,894	)		(7,369	)		(0.1	)
SOITEC*		(530	)		(53,680	)		(6,573	)		(0.0	)(a)
		(5,444	)		(110,574	)		(13,942	)		(0.1	)
Technology Hardware, Storage & Peripherals
S&T AG		(1,995	)		(53,902	)		(1,960	)		(0.0	)(a)
Textiles, Apparel & Luxury Goods
Puma SE		(92	)		(56,908	)		(2,323	)		(0.0	)(a)
Transportation Infrastructure
Aeroports de Paris		(298	)		(60,706	)		(1,745	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(103,705	)		(2,063,882	)		(65,026	)		(0.3	)
Total of Long and Short Positions of Total Return Basket Swaps		(4,999	)		(1,078,468	)		(66,703	)		(0.3	)

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day BOJ TONAR and one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (4.00)% to 0.60%), which is denominated in JPY based on the local currencies of the positions within the swaps.	5/26/2028 – 5/2/2029	$	1,084,624	$	(61,449	)	$	9,608	$	(51,841	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Auto Components
TS Tech Co. Ltd.		1,300		39,042		(635	)		(0.0	)(a)
Automobiles
Isuzu Motors Ltd.		5,600		80,655		1,567			0.0	(a)
Chemicals
Asahi Kasei Corp.		7,200		74,206		(1,018	)		(0.0	)(a)
Daicel Corp.		7,800		87,505		(304	)		(0.0	)(a)
Mitsubishi Gas Chemical Co., Inc.		2,000		30,026		276			0.0	(a)
Showa Denko KK		2,300		78,522		527			0.0	(a)
Sumitomo Chemical Co. Ltd.		15,200		75,833		3,233			0.0	(a)
Tokai Carbon Co. Ltd.		6,700		77,530		262			0.0	(a)
Tokuyama Corp.		3,400		84,473		(2,185	)		(0.0	)(a)
Tosoh Corp.		500		8,062		(66	)		(0.0	)(a)
Ube Industries Ltd.		3,700		79,164		(2,761	)		(0.0	)(a)
		48,800		595,321		(2,036	)		(0.0	)(a)
Construction & Engineering
Hazama Ando Corp.		12,100		81,366		4,990			0.1
Kyowa Exeo Corp.		2,900		79,322		(332	)		(0.0	)(a)
Kyudenko Corp.		2,400		68,493		2,554			0.0	(a)
Maeda Corp.		7,800		77,679		1,914			0.0	(a)
Sumitomo Mitsui Construction Co. Ltd.		11,200		73,095		1,708			0.0	(a)
		36,400		379,955		10,834			0.1
Construction Materials
Taiheiyo Cement Corp.		2,300		74,172		(6,318	)		(0.0	)(a)
Diversified Telecommunication Services
Nippon Telegraph & Telephone Corp.		300		12,483		197			0.0	(a)
Electric Utilities
Chubu Electric Power Co., Inc.		4,800		69,800		(829	)		(0.0	)(a)
Kansai Electric Power Co., Inc. (The)		5,600		67,750		(11,519	)		(0.1	)
Tokyo Electric Power Co. Holdings, Inc.*		12,900		72,864		(2,266	)		(0.0	)(a)
		23,300		210,414		(14,614	)		(0.1	)
Electrical Equipment
Nippon Carbon Co. Ltd.		1,800		79,432		(5,699	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 107

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Electronic Equipment, Instruments & Components
Japan Aviation Electronics Industry Ltd.		5,500		88,987		10,295			0.0	(a)
Entertainment
Capcom Co. Ltd.		3,500		78,973		3,516			0.0	(a)
DeNA Co. Ltd.		5,200		81,208		4,816			0.0	(a)
GungHo Online Entertainment, Inc.		24,800		77,373		(5,483	)		(0.0	)(a)
		33,500		237,554		2,849			0.0	(a)
Food & Staples Retailing
Lawson, Inc.		1,700		79,373		(8,055	)		(0.0	)(a)
Matsumotokiyoshi Holdings Co. Ltd.		400		13,244		568			0.0	(a)
		2,100		92,617		(7,487	)		(0.0	)(a)
Food Products
Fuji Oil Holdings, Inc.		2,500		80,304		(1,260	)		(0.0	)(a)
Health Care Providers & Services
Alfresa Holdings Corp.		2,700		75,341		1,662			0.0	(a)
Medipal Holdings Corp.		3,300		74,205		(1,766	)		(0.0	)(a)
Suzuken Co. Ltd.		1,500		86,490		588			0.0	(a)
		7,500		236,036		484			0.0	(a)
Hotels, Restaurants & Leisure
Round One Corp.		6,000		80,851		4,880			0.0	(a)
Household Durables
Casio Computer Co. Ltd.		5,900		74,318		60			0.0	(a)
Nikon Corp.		5,600		78,096		(1,922	)		(0.0	)(a)
Sony Corp.		1,800		90,663		7,903			0.0	(a)
		13,300		243,077		6,041			0.0	(a)
Insurance
Japan Post Holdings Co. Ltd.		7,200		80,638		465			0.0	(a)
Interactive Media & Services
Mixi, Inc.		1,600		34,573		(1,159	)		(0.0	)(a)
IT Services
NET One Systems Co. Ltd.		3,400		88,277		1,267			0.0	(a)
Nihon Unisys Ltd.		3,000		76,909		1,073			0.0	(a)
		6,400		165,186		2,340			0.0	(a)
Machinery
DMG Mori Co. Ltd.		5,400		77,869		2,812			0.0	(a)
IHI Corp.		3,200		76,395		(387	)		(0.0	)(a)
Japan Steel Works Ltd. (The)		4,300		83,107		3,340			0.0	(a)
Mitsubishi Heavy Industries Ltd.		1,900		79,183		(311	)		(0.0	)(a)
OKUMA Corp.		1,300		76,582		3,047			0.0	(a)
Takeuchi Manufacturing Co. Ltd.		4,600		87,232		1,502			0.0	(a)
		20,700		480,368		10,003			0.0	(a)
Metals & Mining
Tokyo Steel Manufacturing Co. Ltd.		10,100		86,495		5,494			0.0	(a)
Oil, Gas & Consumable Fuels
Cosmo Energy Holdings Co. Ltd.		3,000		61,952		(1,947	)		(0.0	)(a)
JXTG Holdings, Inc.		5,000		24,326		45			0.0	(a)
		8,000		86,278		(1,902	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Pharmaceuticals
Astellas Pharma, Inc.		2,300			31,151			(2,214	)		(0.0	)(a)
Kaken Pharmaceutical Co. Ltd.		1,800			77,105			(1,653	)		(0.0	)(a)
Shionogi & Co. Ltd.		200			11,683			103			0.0	(a)
Sumitomo Dainippon Pharma Co. Ltd.		3,300			72,907			(4,150	)		(0.0	)(a)
Taisho Pharmaceutical Holdings Co. Ltd.		800			74,000			179			0.0	(a)
		8,400			266,846			(7,735	)		(0.0	)(a)
Road & Rail
Central Japan Railway Co.		400			86,016			(1,448	)		(0.0	)(a)
Seino Holdings Co. Ltd.		5,800			78,958			596			0.0	(a)
		6,200			164,974			(852	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Advantest Corp.		2,600			73,733			1,467			0.0	(a)
Specialty Retail
Aoyama Trading Co. Ltd.		3,400			74,681			541			0.0	(a)
Shimachu Co. Ltd.		3,000			72,543			(3,380	)		(0.0	)(a)
		6,400			147,224			(2,839	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
Brother Industries Ltd.		500			9,873			231			0.0	(a)
NEC Corp.		2,400			81,055			838			0.0	(a)
		2,900			90,928			1,069			0.0	(a)
Trading Companies & Distributors
Kanamoto Co. Ltd.		3,000			71,215			(1,945	)		(0.0	)(a)
Marubeni Corp.		4,400			31,529			368			0.0	(a)
Mitsubishi Corp.		2,800			77,134			47			0.0	(a)
Mitsui & Co. Ltd.		4,900			79,255			2,205			0.0	(a)
Sojitz Corp.		23,000			79,183			1,136			0.0	(a)
		38,100			338,316			1,811			0.0	(a)
Transportation Infrastructure
Kamigumi Co. Ltd.		3,300			78,832			1,422			0.0	(a)
Wireless Telecommunication Services
KDDI Corp.		3,200			73,752			5,253			0.0	(a)
NTT DOCOMO, Inc.		200			4,343			262			0.0	(a)
		3,400			78,095			5,515			0.0	(a)
Total Long Positions of Total Return Basket Swaps		315,500			4,703,386			14,197			0.0	(a)
Short Positions
Common Stocks
Auto Components
Nifco, Inc.		(2,200	)		(62,104	)		(1,857	)		(0.0	)(a)
Sumitomo Rubber Industries Ltd.		(3,900	)		(47,956	)		496			0.0	(a)
Toyo Tire Corp.		(4,900	)		(57,322	)		515			0.0	(a)
		(11,000	)		(167,382	)		(846	)		(0.0	)(a)
Automobiles
Nissan Motor Co. Ltd.		(6,900	)		(55,393	)		1,952			0.0	(a)
Banks
Bank of Kyoto Ltd. (The)		(1,300	)		(56,335	)		(1,015	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 109

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Banks — continued
Japan Post Bank Co. Ltd.		(5,600	)		(61,658	)		21			0.0	(a)
		(6,900	)		(117,993	)		(994	)		(0.0	)(a)
Building Products
TOTO Ltd.		(1,400	)		(59,343	)		(1,905	)		(0.0	)(a)
Chemicals
Air Water, Inc.		(3,900	)		(59,489	)		130			0.0	(a)
Kansai Paint Co. Ltd.		(500	)		(9,533	)		308			0.0	(a)
		(4,400	)		(69,022	)		438			0.0	(a)
Commercial Services & Supplies
Sohgo Security Services Co. Ltd.		(1,400	)		(62,553	)		(1,470	)		(0.0	)(a)
Toppan Printing Co. Ltd.		(3,500	)		(56,809	)		(2,448	)		(0.0	)(a)
		(4,900	)		(119,362	)		(3,918	)		(0.0	)(a)
Construction & Engineering
Chiyoda Corp.*		(8,600	)		(27,251	)		(4,608	)		(0.0	)(a)
JGC Corp.		(1,200	)		(17,290	)		1,135			0.0	(a)
		(9,800	)		(44,541	)		(3,473	)		(0.0	)(a)
Construction Materials
Sumitomo Osaka Cement Co. Ltd.		(1,500	)		(61,125	)		(325	)		(0.0	)(a)
Consumer Finance
Aiful Corp.*		(3,700	)		(8,681	)		(144	)		(0.0	)(a)
Containers & Packaging
FP Corp.		(900	)		(54,835	)		(1,511	)		(0.0	)(a)
Electrical Equipment
Fujikura Ltd.		(15,100	)		(62,305	)		(620	)		(0.0	)(a)
GS Yuasa Corp.		(1,200	)		(24,110	)		824			0.0	(a)
Mabuchi Motor Co. Ltd.		(1,500	)		(55,632	)		(1,759	)		(0.0	)(a)
Mitsubishi Electric Corp.		(4,600	)		(65,826	)		(2,910	)		(0.0	)(a)
Nidec Corp.		(400	)		(57,135	)		(3,010	)		(0.1	)
		(22,800	)		(265,008	)		(7,475	)		(0.1	)
Electronic Equipment, Instruments & Components
Hirose Electric Co. Ltd.		(500	)		(57,950	)		(2,548	)		(0.0	)(a)
Hitachi High-Technologies Corp.		(1,300	)		(57,943	)		(2,911	)		(0.1	)
Murata Manufacturing Co. Ltd.		(300	)		(15,064	)		807			0.0	(a)
Omron Corp.		(1,000	)		(53,714	)		(2,349	)		(0.0	)(a)
TDK Corp.		(700	)		(61,330	)		(1,182	)		(0.0	)(a)
Yaskawa Electric Corp.		(1,500	)		(55,842	)		(1,967	)		(0.0	)(a)
		(5,300	)		(301,843	)		(10,150	)		(0.1	)
Food & Staples Retailing
Aeon Co. Ltd.		(300	)		(5,546	)		105			0.0	(a)
Cosmos Pharmaceutical Corp.		(300	)		(47,958	)		940			0.0	(a)
Tsuruha Holdings, Inc.		(100	)		(8,523	)		(577	)		(0.0	)(a)
		(700	)		(62,027	)		468			0.0	(a)
Food Products
Calbee, Inc.		(2,000	)		(55,381	)		(2,749	)		(0.0	)(a)
Yamazaki Baking Co. Ltd.		(3,500	)		(52,140	)		1,830			0.0	(a)
		(5,500	)		(107,521	)		(919	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Health Care Providers & Services
Japan Lifeline Co. Ltd.		(3,400	)		(53,925	)		(303	)		(0.0	)(a)
Hotels, Restaurants & Leisure
HIS Co. Ltd.		(300	)		(9,582	)		69			0.0	(a)
Kyoritsu Maintenance Co. Ltd.		(900	)		(46,248	)		(3,493	)		(0.0	)(a)
Resorttrust, Inc.		(3,500	)		(48,995	)		(700	)		(0.0	)(a)
Saizeriya Co. Ltd.		(2,700	)		(60,744	)		(10,781	)		(0.1	)
Toridoll Holdings Corp.		(2,800	)		(62,712	)		(3,226	)		(0.0	)(a)
		(10,200	)		(228,281	)		(18,131	)		(0.1	)
Household Durables
Panasonic Corp.		(6,600	)		(60,774	)		(2,089	)		(0.0	)(a)
Interactive Media & Services
LINE Corp.*		(600	)		(20,103	)		393			0.0	(a)
Internet & Direct Marketing Retail
ZOZO, Inc.		(2,800	)		(49,738	)		(2,081	)		(0.0	)(a)
IT Services
GMO internet, Inc.		(2,200	)		(34,147	)		2,341			0.0	(a)
GMO Payment Gateway, Inc.		(700	)		(55,819	)		(4,080	)		(0.0	)(a)
		(2,900	)		(89,966	)		(1,739	)		(0.0	)(a)
Machinery
CKD Corp.		(4,600	)		(53,502	)		(1,493	)		(0.0	)(a)
Daifuku Co. Ltd.		(900	)		(55,369	)		(4,285	)		(0.0	)(a)
Kawasaki Heavy Industries Ltd.		(2,300	)		(53,735	)		2,581			0.0	(a)
Komatsu Ltd.		(2,100	)		(54,244	)		(1,624	)		(0.0	)(a)
Makita Corp.		(1,500	)		(54,725	)		(50	)		(0.0	)(a)
MISUMI Group, Inc.		(2,400	)		(62,667	)		(1,881	)		(0.0	)(a)
Mitsui E&S Holdings Co. Ltd.*		(6,000	)		(59,289	)		5,319			0.0	(a)
Miura Co. Ltd.		(2,200	)		(56,321	)		(4,637	)		(0.0	)(a)
Nabtesco Corp.		(1,800	)		(55,195	)		(897	)		(0.0	)(a)
NGK Insulators Ltd.		(3,700	)		(54,959	)		1,565			0.0	(a)
		(27,500	)		(560,006	)		(5,402	)		(0.0	)(a)
Marine
Kawasaki Kisen Kaisha Ltd.		(2,100	)		(30,528	)		(4,662	)		(0.0	)(a)
Nippon Yusen KK		(700	)		(11,961	)		(1,098	)		(0.0	)(a)
		(2,800	)		(42,489	)		(5,760	)		(0.0	)(a)
Media
Vector, Inc.*		(4,500	)		(53,577	)		2,842			0.0	(a)
Metals & Mining
Dowa Holdings Co. Ltd.		(1,700	)		(55,433	)		1,863			0.0	(a)
Hitachi Metals Ltd.		(4,800	)		(55,482	)		790			0.0	(a)
Mitsubishi Materials Corp.		(2,300	)		(59,821	)		3,246			0.0	(a)
Sumitomo Metal Mining Co. Ltd.		(1,900	)		(59,762	)		331			0.0	(a)
		(10,700	)		(230,498	)		6,230			0.0	(a)
Multiline Retail
Marui Group Co. Ltd.		(500	)		(10,171	)		(197	)		(0.0	)(a)
Pan Pacific International Holdings Corp.		(100	)		(6,444	)		(215	)		(0.0	)(a)
Takashimaya Co. Ltd.		(4,900	)		(55,097	)		2,872			0.0	(a)
		(5,500	)		(71,712	)		2,460			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 111

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Personal Products
Shiseido Co. Ltd.		(700	)		(55,061	)		(1,376	)		(0.0	)(a)
Pharmaceuticals
Nippon Shinyaku Co. Ltd.		(800	)		(55,240	)		(1,379	)		(0.0	)(a)
Ono Pharmaceutical Co. Ltd.		(3,000	)		(56,355	)		(1,442	)		(0.0	)(a)
		(3,800	)		(111,595	)		(2,821	)		(0.0	)(a)
Professional Services
Outsourcing, Inc.		(4,200	)		(55,221	)		(1,387	)		(0.0	)(a)
Persol Holdings Co. Ltd.		(2,900	)		(54,663	)		(4,866	)		(0.0	)(a)
		(7,100	)		(109,884	)		(6,253	)		(0.0	)(a)
Road & Rail
Keikyu Corp.		(3,800	)		(64,926	)		(4,500	)		(0.0	)(a)
Tobu Railway Co. Ltd.		(2,000	)		(56,633	)		(2,316	)		(0.0	)(a)
		(5,800	)		(121,559	)		(6,816	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Rohm Co. Ltd.		(700	)		(51,618	)		(2,711	)		(0.0	)(a)
Specialty Retail
Nitori Holdings Co. Ltd.		(400	)		(47,721	)		1,305			0.0	(a)
Technology Hardware, Storage & Peripherals
Seiko Epson Corp.		(3,400	)		(54,533	)		(960	)		(0.0	)(a)
Textiles, Apparel & Luxury Goods
Asics Corp.		(4,600	)		(56,671	)		(1,592	)		(0.0	)(a)
Transportation Infrastructure
Japan Airport Terminal Co. Ltd.		(1,300	)		(54,975	)		(2,040	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(191,000	)		(3,618,762	)		(75,646	)		(0.3	)
Total of Long and Short Positions of Total Return Basket Swaps		124,500			1,084,624			(61,449	)		(0.3	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day LIBOR and one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (1.75)% to 0.30%), which is denominated in CHF based on the local currencies of the positions within the swaps.	5/26/2028 – 4/30/2029	$	29,764	$	(20,158	)	$	(3,957	)	$	(24,115	)

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Health Care Equipment & Supplies
Sonova Holding AG (Registered)		283			57,161			1,319			0.0	(a)
Pharmaceuticals
Roche Holding AG		267			69,855			(1,982	)		(0.0	)(a)
Real Estate Management & Development
PSP Swiss Property AG (Registered)		781			79,691			832			0.0	(a)
Total Long Positions of Total Return Basket Swaps		1,331			206,707			169			0.0	(a)
Short Positions
Common Stocks
Chemicals
Givaudan SA (Registered)		(21	)		(54,375	)		(735	)		(0.0	)(a)
Marine
Kuehne + Nagel International AG (Registered)		(387	)		(56,252	)		(2,027	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
ams AG*		(1,571	)		(66,316	)		(17,565	)		(0.1	)
Total Short Positions of Total Return Basket Swaps		(1,979	)		(176,943	)		(20,327	)		(0.1	)
Total of Long and Short Positions of Total Return Basket Swaps		(648	)		29,764			(20,158	)		(0.1	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one dayOIS-RBA and one month BBR on long positions and short positions respectively, plus or minus a specified spread (rates range from (1.00)% to 0.30%), which is denominated in AUD based on the local currencies of the positions within the swaps.	7/27/2028 – 4/30/2029	$	618,659	$	(13,243	)	$	1,032	$	(12,211	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
Qantas Airways Ltd.		18,215		72,054		(1,663	)		(0.0	)(a)
Construction & Engineering
CIMIC Group Ltd.		2,513		89,648		3,121			0.0	(a)
Food & Staples Retailing
Metcash Ltd.		5,796		11,728		992			0.0	(a)
IT Services
Computershare Ltd.		6,789		85,407		1,589			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 113

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Metals & Mining
Alumina Ltd.		41,748			66,061			(7,259	)		(0.0	)(a)
BHP Group Ltd.		2,916			77,164			(912	)		(0.0	)(a)
Iluka Resources Ltd.		11,771			71,829			(4,487	)		(0.0	)(a)
Rio Tinto Ltd.		1,132			76,300			(2,201	)		(0.0	)(a)
Sandfire Resources NL		6,784			33,744			(2,222	)		(0.0	)(a)
		64,351			325,098			(17,081	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Beach Energy Ltd.		39,587			59,363			(50	)		(0.0	)(a)
Santos Ltd.		12,011			60,783			1,647			0.0	(a)
Whitehaven Coal Ltd.		10,854			32,191			1,799			0.0	(a)
Woodside Petroleum Ltd.		2,425			60,454			390			0.0	(a)
		64,877			212,791			3,786			0.0	(a)
Total Long Positions of Total Return Basket Swaps		162,541			796,726			(9,256	)		0.0	(a)
Short Positions
Common Stocks
Diversified Financial Services
Challenger Ltd.		(7,924	)		(45,871	)		(3,152	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(1,355	)		(41,075	)		679			0.0	(a)
Star Entertainment Grp Ltd. (The)		(10,343	)		(33,118	)		(1,060	)		(0.0	)(a)
		(11,698	)		(74,193	)		(381	)		(0.0	)(a)
Transportation Infrastructure
Qube Holdings Ltd.		(29,058	)		(58,003	)		(454	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swaps		(48,680	)		(178,067	)		(3,987	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swaps		113,861			618,659			(13,243	)		0.0	(a)

The following reference rates, and their values as ofperiod-end, are used for security descriptions:

	VALUE
1 day CHF LIBOR		(0.79	)%
1 month CHF LIBOR		(0.79	)%
BA		1.98	%
BBR		1.60	%
BOJ TONAR		(0.10	)%
CORRA		1.78	%
EONIA		(0.36	)%
EURIBOR		(0.37	)%
FEDEF		2.45	%
GBP LIBOR		0.73	%
JPY LIBOR		(0.11	)%
OIS-RBA		1.50	%
SONIA		0.71	%
USD LIBOR		2.48	%

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

Summary of total OTC swap contracts outstanding as of April 30, 2018:
	NET UPFRONT PAYMENTS (RECEIPTS)($)		VALUE($)
Assets
Total return basket swaps contracts outstanding		—		74,662
Liabilities
Total return basket swaps contracts outstanding		—		(401,559	)

Abbreviations

AUD	—  Australian Dollar
BA	—  Banker’s Acceptance Rate
BBR	—  Bank Base Rate
BOJ	—  Bank of Japan
CAD	—  Canadian Dollar
CHF	—  Swiss Franc
CORRA	—  Canadian Overnight Repo Rate Average
EONIA	—  Euro Over Night Index Average
EUR	—  Euro
EURIBOR	—  Euro Interbank Offered Rate
FEDEF	—  US Federal Fund Effective Rate (Continuous Series)
GBP	—  British Pound
JPY	—  Japanese Yen
LIBOR	—  London Interbank Offered Rate
OIS-RBA	—  Overnight Indexed Swap-Reserve Bank of Australia
OYJ	—  Public Limited Company
SCA	—  Limited partnership with share capital

SGPS	—  Holding company
SONIA TONAR USD	—  Sterling Overnight Index Average
	—  Tokyo Overnight Average Rate
	—  United States Dollar
(a)	—  Amount rounds to less than 0.1% of net assets.
(b)	—  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. 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.
*	—  Non-income producing security.
(1)	—  Notional value represents market value, as of April 30, 2019, of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.
(2)	—  Unrealized appreciation (depreciation) represents the unrealized gain(loss) of the positions subsequent to the swap reset.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 115

JPMorgan Managed Futures Strategy ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 85.6%
Investment Companies — 85.6%
JPMorgan Prime Money Market Fund Class IM Shares, 2.54% (a) (b) (Cost $44,419,264)		44,405,942		44,419,264
Total Investments — 85.6% (Cost $44,419,264)				44,419,264
Other Assets Less Liabilities — 14.4%				7,488,617
Net Assets — 100.0%				51,907,881

Percentages indicated are based on net assets.

(a)	Investmentin affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(b)	Therate shown is the current yield as of April 30, 2019.

Futures contracts outstanding as of April 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
CAC 40 10 Euro Index		3		05/2019		EUR		186,831		2,811
Hang Seng Index		3		05/2019		HKD		564,467		2,909
IBEX 35 Index		2		05/2019		EUR		214,709		2,631
LME Aluminum Base Metal		43		05/2019		USD		1,905,975		(136,505	)
LME Nickel Base Metal		10		05/2019		USD		728,850		(77,442	)
LME Zinc Base Metal		14		05/2019		USD		1,020,250		35,358
100 oz Gold		7		06/2019		USD		899,920		(10,779	)
Australia 10 Year Bond		55		06/2019		AUD		5,361,425		88,447
Australia 3 Year Bond		198		06/2019		AUD		15,902,014		119,281
Canada 10 Year Bond		43		06/2019		CAD		4,438,337		67,807
EURO STOXX 50 Index		5		06/2019		EUR		193,872		3,538
Euro-Bobl		80		06/2019		EUR		11,927,542		77,270
Euro-Bund		30		06/2019		EUR		5,562,351		78,284
Euro-Buxl		11		06/2019		EUR		2,328,598		85,388
FTSE 100 Index		2		06/2019		GBP		192,482		(998	)
FTSE MIB Index		2		06/2019		EUR		240,801		705
Japan 10 Year Bond		12		06/2019		JPY		16,462,498		29,188
Lean Hogs		3		06/2019		USD		105,870		(11,949	)
Live Cattle		75		06/2019		USD		3,427,500		(137,991	)
LME Aluminum Base Metal		1		06/2019		USD		44,650		(1,556	)
LME Zinc Base Metal		20		06/2019		USD		1,435,500		3,410
Long Gilt		25		06/2019		GBP		4,150,632		(2,107	)
S&P 500 E-Mini Index		4		06/2019		USD		589,900		15,467
SPI 200 Index		9		06/2019		AUD		1,000,694		15,779
U.S. Treasury 2 Year Note		81		06/2019		USD		17,254,266		49,982

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
U.S. Treasury 5 Year Note		71			06/2019		USD		8,211,039			59,015
U.S. Treasury 10 Year Note		95			06/2019		USD		11,750,313			130,268
U.S. Treasury Long Bond		20			06/2019		USD		2,950,625			39,392
WTI Crude Oil		12			06/2019		USD		767,760			(6,302	)
Cocoa		39			07/2019		USD		920,010			(5,097	)
Copper		4			07/2019		USD		290,550			(4,136	)
LME Nickel Base Metal		6			07/2019		USD		438,876			(15,152	)
LME Zinc Base Metal		7			07/2019		USD		497,350			3,187
WTI Crude Oil		6			07/2019		USD		383,820			(3,006	)
Live Cattle		15			08/2019		USD		670,650			(25,414	)
Cotton No. 2		10			12/2019		USD		378,450			245
												471,928
Short Contracts
LME Aluminum Base Metal		(43	)		05/2019		USD		(1,905,975	)		82,152
LME Nickel Base Metal		(10	)		05/2019		USD		(728,850	)		60,816
LME Zinc Base Metal		(14	)		05/2019		USD		(1,020,250	)		(8,514	)
Natural Gas		(3	)		05/2019		USD		(77,310	)		9,112
WTI Crude Oil		(2	)		05/2019		USD		(127,780	)		(385	)
Canada 10 Year Bond		(3	)		06/2019		CAD		(309,651	)		14
Euro-Bund		(22	)		06/2019		EUR		(4,079,057	)		(63,418	)
Euro-Schatz		(5	)		06/2019		EUR		(627,647	)		63
Lean Hogs		(7	)		06/2019		USD		(247,030	)		(17,371	)
LME Aluminum Base Metal		(19	)		06/2019		USD		(848,350	)		65,968
Long Gilt		(5	)		06/2019		GBP		(830,126	)		3,594
Sugar No. 11		(27	)		06/2019		USD		(373,162	)		10,559
TOPIX Index		(1	)		06/2019		JPY		(145,743	)		(2,226	)
Cocoa		(15	)		07/2019		USD		(353,850	)		5,195
Coffee ‘C’		(30	)		07/2019		USD		(1,047,937	)		135,997
Corn		(173	)		07/2019		USD		(3,135,625	)		159,215
Cotton No. 2		(13	)		07/2019		USD		(499,070	)		8,616
Lean Hogs		(8	)		07/2019		USD		(295,600	)		3,366
Natural Gas		(13	)		07/2019		USD		(343,330	)		4,655
Silver		(4	)		07/2019		USD		(299,500	)		(411	)
Soybean		(23	)		07/2019		USD		(982,100	)		63,370
Wheat		(75	)		07/2019		USD		(1,607,813	)		110,366
Feeder Cattle		(33	)		08/2019		USD		(2,460,975	)		142,140
Coffee ‘C’		(20	)		09/2019		USD		(715,875	)		17,415
Corn		(46	)		09/2019		USD		(852,150	)		9,614
												799,902
												1,271,830

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 117

JPMorgan Managed Futures Strategy ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Abbreviations

AUD	—  Australian Dollar
CAC	—  Continuous Assisted Quotation
CAD	—  Canadian Dollar
EUR	—  Euro
FTSE	—  Financial Times and the London Stock Exchange
GBP	—  British Pound
HKD	—  Hong Kong Dollar
IBEX	—  International Business Exchange

JPY	—  Japanese Yen
LME	—  London Metal Exchange
MIB	—  Milan, Italian Stock Exchange
SPI	—  Australian Securities Exchange
TOPIX	—  Tokyo Stock Price Index
USD	—  United States Dollar
WTI	—  West Texas Intermediate

Forward foreign currency exchange contracts outstanding as of April 30, 2019:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
USD	1,565,611	AUD	2,202,276	TD Bank Financial Group		5/10/2019		12,822
USD	359,724	EUR	319,309	BNP Paribas		5/10/2019		1,336
USD	281,313	JPY	31,276,238	TD Bank Financial Group		5/10/2019		356
CAD	109,013	USD	80,827	Merrill Lynch International		5/15/2019		573
IDR	4,128,077,527	USD	289,852	Goldman Sachs International**		5/15/2019		207
INR	19,977,438	USD	286,210	Merrill Lynch International**		5/15/2019		368
MXN	5,927,646	USD	311,377	HSBC Bank, NA		5/15/2019		629
NZD	125,779	NOK	721,236	Credit Suisse International		5/15/2019		383
NZD	151,325	USD	100,795	Barclays Bank plc		5/15/2019		298
RUB	20,170,984	USD	310,161	Goldman Sachs International**		5/15/2019		1,349
USD	311,856	CZK	7,078,281	Citibank, NA		5/15/2019		2,029
USD	5,651,051	EUR	4,997,191	State Street Corp.		5/15/2019		39,748
USD	692,698	GBP	528,651	BNP Paribas		5/15/2019		2,840
USD	309,866	HUF	88,146,196	Merrill Lynch International		5/15/2019		4,368
USD	311,816	ILS	1,113,430	BNP Paribas		5/15/2019		2,071
USD	4,455,173	JPY	494,669,889	State Street Corp.		5/15/2019		9,543
USD	308,538	KRW	351,514,676	Goldman Sachs International**		5/15/2019		6,558
USD	4,420,811	NOK	37,636,813	TD Bank Financial Group		5/15/2019		55,940
USD	310,836	PLN	1,180,355	BNP Paribas		5/15/2019		1,835
USD	59,081	SEK	560,401	Barclays Bank plc		5/15/2019		9
USD	2,011,726	SEK	18,541,856	Citibank, NA		5/15/2019		57,232
USD	533,984	JPY	58,550,000	State Street Corp.		7/16/2019		5,113
Total unrealized appreciation								205,607
AUD	1,450,300	USD	1,038,599	Merrill Lynch International		5/10/2019		(16,016	)
AUD	897,555	USD	641,584	Merrill Lynch International		5/15/2019		(8,649	)
CAD	5,621,921	USD	4,232,510	Merrill Lynch International		5/15/2019		(34,633	)
CHF	1,028,939	USD	1,032,591	Citibank, NA		5/15/2019		(21,478	)
EUR	50,295	USD	57,027	HSBC Bank, NA		5/15/2019		(551	)
NOK	486,836	NZD	84,813	Goldman Sachs International		5/15/2019		(199	)
NZD	85,589	USD	57,839	HSBC Bank, NA		5/15/2019		(661	)
NZD	10,586,757	USD	7,144,717	Merrill Lynch International		5/15/2019		(72,172	)
USD	58,432	EUR	52,413	Citibank, NA		5/15/2019		(422	)
USD	66,893	EUR	59,661	Merrill Lynch International		5/15/2019		(100	)
ZAR	4,375,591	USD	310,688	BNP Paribas		5/15/2019		(5,289	)
JPY	58,668,118	USD	541,210	Australia & New Zealand Banking Group Ltd.		7/16/2019		(11,272	)
Total unrealized depreciation								(171,442	)
Net unrealized appreciation								34,165

** — Non-deliverable forward.

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

Abbreviations

AUD	—  Australian Dollar
CAD	—  Canadian Dollar
CHF	—  Swiss Franc
CZK	—  Czech Republic Koruna
EUR	—  Euro
GBP	—  British Pound
HUF	—  Hungarian Forint
IDR	—  Indonesian Rupiah
ILS	—  Israeli Shekel
INR	—  India Rupee

JPY	—  Japanese Yen
KRW	—  Korean Republic Won
MXN	—  Mexican Peso
NOK	—  Norwegian Krone
NZD	—  New Zealand Dollar
PLN	—  Polish Zloty
RUB	—  Russian Ruble
SEK	—  Swedish Krona
USD	—  United States Dollar
ZAR	—  South African Rand

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 119

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2019 (Unaudited)

	JPMorgan Diversified Alternatives ETF (1)		JPMorgan Event Driven ETF		JPMorgan Long/Short ETF			JPMorgan Managed Futures Strategy ETF (1)
ASSETS:
Investments in non-affiliates, at value	$	98,525,674	$	23,676,259	$	17,843,803		$	—
Investments in affiliates, at value		59,203,306		3,854,360		5,894,953			44,419,264
Investments of cash collateral received from securities loaned, at value (Note 2.D.)		—		148,400		—			—
Restricted cash		400		—		—			—
Restricted cash for OTC derivatives		6,368,685		—		280,000			—
Cash		4,240,637		3,168		4,345			3,388,865
Foreign currency, at value		1,471,333		114,987		70,228			1,313,630
Deposits at broker for futures contracts		4,997,000		—		95,000			2,796,000
Prepaid Expenses		15,528		17,916		17,680			8,585
Receivables:
Investment securities sold		360,978		150,872		—			—
Fund shares sold		1,875		—		—			—
Interest from non-affiliates		37,339		4,243		7,587			—
Dividends from affiliates		128,149		3,155		6,761			86,530
Tax reclaims		13,590		2,058		119			—
Securities lending income (Note 2.D.)		—		690		—			—
Variation margin on futures contracts		—		—		595			44,756
Unrealized appreciation on forward foreign currency exchange contracts		584,555		26,332		3,431			205,607
Outstanding swap contracts, at value		638,377		26,193		74,662			—
Total Assets		176,587,426		28,028,633		24,299,164			52,263,237
LIABILITIES:
Payables:
Investment securities purchased		345,310		138,949		—			—
Collateral received on securities loaned (Note 2.D.)		—		148,400		—			—
Fund shares redeemed		1,250,002		—		—			—
Variation margin on futures contracts		59,504		—		—			—
Unrealized depreciation on forward foreign currency exchange contracts		355,287		8,103		2,599			171,442
Outstanding swap contracts, at value		846,746		72,422		401,559			—
Accrued liabilities:
Investment advisory fees		68,998		16,328		10,718			2,481
Administration fees		12,868		1,687		1,472			3,558
Custodian, Accounting and Transfer Agent fees		34,547		10,524		12,222			15,891
Trustees’ and Chief Compliance Officer’s fees		3,045		388		380			770
Professional fees		115,133		70,544		65,968			142,332
Other		58,772		14,595		12,666			18,882
Total Liabilities		3,150,212		481,940		507,584			355,356
Net Assets	$	173,437,214	$	27,546,693	$	23,791,580		$	51,907,881
NET ASSETS:
Paid-in-Capital	$	172,651,846	$	26,295,466	$	26,565,042		$	52,555,573
Total distributable earnings (loss)		785,368		1,251,227		(2,773,462	)		(647,692	)
Total Net Assets	$	173,437,214	$	27,546,693	$	23,791,580		$	51,907,881
Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		6,950,000		1,050,000		1,100,000			2,150,000
Net asset value, per share	$	24.96	$	26.23	$	21.63		$	24.14
Cost of investments in non-affiliates	$	93,706,694	$	22,851,158	$	16,980,119		$	—
Cost of investments in affiliates		59,203,306		3,854,360		5,894,953			44,419,264
Cost of foreign currency		1,469,543		114,725		70,400			1,308,312
Investment securities on loan, at value		—		143,248		—			—
Cost of investment of cash collateral		—		148,400		—			—

(1) Consolidated Statement of Assets and Liabilities.

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

STATEMENTS OF OPERATIONS

FOX THE SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)

	JPMorgan Diversified Alternatives ETF (1)			JPMorgan Event Driven ETF			JPMorgan Long/Short ETF			JPMorgan Managed Futures Strategy ETF (1)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	1,023,057		$	115,192		$	168,201		$	15,802
Dividend income from affiliates		750,833			39,486			65,650			471,344
Interest income from non-affiliates		43,780			54,932			26,666			28,952
Interest income from affiliates		7,575			92			46			2,789
Non-cash dividend income from non-affiliates		—			17,206			—			—
Income from securities lending (net)		—			1,024			35			—
Foreign taxes withheld		(7,606	)		(1,891	)		—			—
Total investment income		1,817,639			226,041			260,598			518,887
EXPENSES:
Investment advisory fees (Note 3.A.)		634,792			97,726			73,467			136,562
Administration fees (Note 3.B.)		85,119			10,208			9,587			21,868
Interest expense to non-affiliates		6,567			—			484			4,404
Interest expense to affiliates		2,230			128			389			1,247
Professional fees		79,438			71,286			68,272			17,661
Trustees’ and Chief Compliance Officer’s fees		15,125			463			394			19,278
Printing and mailing costs		11,765			2,821			767			2,859
Registration and filing fees		8,700			8,904			8,509			9,812
Custodian, Accounting and Transfer Agent fees (Note 3.C.)		60,905			26,272			25,992			33,992
Insurance expense		6,808			956			910			1,879
Offering costs (Note 2.G.)		—			1,133			8,227			3,567
Other		26,384			1,185			1,386			5,008
Total expenses		937,833			221,082			198,384			258,137
Less fee waived (Note 3.D.)		(182,732	)		(107,934	)		(83,054	)		(145,502	)
Less expense reimbursements from affiliates (Note 3.D.)		—			(6,847	)		(35,488	)		(2,728	)
Less expense reimbursements from non-affiliates (Note 3.C.)		(2,600	)		—			(800	)		—
Net expenses		752,501			106,301			79,042			109,907
Net investment income (loss)		1,065,138			119,740			181,556			408,980
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(845,561	)		(106,802	)		(720,333	)		—
Futures contracts		(1,291,308	)		26,981			(259,906	)		(1,069,828	)
Foreign currency transactions		(53,034	)		8,000			(3,714	)		4,325
Forward foreign currency exchange contracts		351,416			21,819			11,565			(149,119	)
Swaps		36,886			292,579			(291,629	)		—
Net realized gain (loss)		(1,801,601	)		242,577			(1,264,017	)		(1,214,622	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		6,353,828			1,588,943			1,630,404			—
Futures contracts		603,120			(18,000	)		24,573			2,326,792
Foreign currency translations		15,431			371			159			7,974
Forward foreign currency exchange contracts		(364,081	)		1,787			(3,422	)		(65,904	)
Swaps		(1,060,547	)		198,055			(1,362,048	)		—
Change in net unrealized appreciation/depreciation		5,547,751			1,771,156			289,666			2,268,862
Net realized/unrealized gains (losses)		3,746,150			2,013,733			(974,351	)		1,054,240
Change in net assets resulting from operations	$	4,811,288		$	2,133,473		$	(792,795	)	$	1,463,220

(1) Consolidated Statement of Operations.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 121

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Diversified Alternatives ETF(1)						JPMorgan Event Driven ETF
	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,065,138		$	1,300,771		$	119,740		$	155,470
Net realized gain (loss)		(1,801,601	)		(11,210,432	)		242,577			821,046
Change in net unrealized appreciation/depreciation		5,547,751			(3,747,495	)		1,771,156			(973,655	)
Change in net assets resulting from operations		4,811,288			(13,657,156	)		2,133,473			2,861
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		—			(868	)		(871,185	)		(13,930	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(33,002,636	)		61,503,845			—			26,295,474
NET ASSETS:
Change in net assets		(28,191,348	)		47,845,821			1,262,288			26,284,405
Beginning of period		201,628,562			153,782,741			26,284,405			—
End of period	$	173,437,214		$	201,628,562		$	27,546,693		$	26,284,405
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	9,822,635		$	80,126,851		$	—		$	26,295,474
Redeemed		(42,825,271	)		(18,623,006	)		—			—
Total change in net assets resulting from capital transactions	$	(33,002,636	)	$	61,503,845		$	—		$	26,295,474
SHARE TRANSACTIONS:
Issued		400,000			3,150,000			—			1,050,000
Redeemed		(1,750,000	)		(750,000	)		—			—
Net increase in shares from share transactions		(1,350,000	)		2,400,000			—			1,050,000

(a) Commencement of operations was November 29, 2017.

(1) Consolidated Statement of Changes in Net Assets.

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan Long/Short ETF						JPMorgan Managed Futures Strategy ETF (1)
	Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018 (a)			Six Months Ended April 30, 2019 (Unaudited)			Period Ended October 31, 2018 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	181,556		$	208,114		$	408,980		$	407,053
Net realized gain (loss)		(1,264,017	)		(3,293,298	)		(1,214,622	)		(2,347,424	)
Change in net unrealized appreciation/depreciation		289,666			268,758			2,268,862			(955,575	)
Change in net assets resulting from operations		(792,795	)		(2,816,426	)		1,463,220			(2,895,946	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		—			—			(353,288	)		(14,260	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,128,103			26,272,698			—			53,708,155
NET ASSETS:
Change in net assets		335,308			23,456,272			1,109,932			50,797,949
Beginning of period		23,456,272			—			50,797,949			—
End of period	$	23,791,580		$	23,456,272		$	51,907,881		$	50,797,949
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	5,599,472		$	26,272,698		$	—		$	53,708,155
Redeemed		(4,471,369	)		—			—			—
Total change in net assets resulting from capital transactions	$	1,128,103		$	26,272,698		$	—		$	53,708,155
SHARE TRANSACTIONS:
Issued		250,000			1,050,000			—			2,150,000
Redeemed		(200,000	)		—			—			—
Net increase in shares from share transactions		50,000			1,050,000			—			2,150,000

(a) Commencement of operations was January 23, 2018.

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

(1) Consolidated Statement of Changes in Net Assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 123

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment Operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Diversified Alternatives ETF(1)
Six Months Ended April 30, 2019 (Unaudited)	$	24.29	$	0.13		$	0.54		$	0.67		$	—		$	—		$	—
Year Ended October 31, 2018		26.06		0.17			(1.94	)		(1.77	)		—	(f)		—			—	(f)
Year Ended October 31, 2017		25.35		0.07			0.86			0.93			(0.21	)		(0.01	)		(0.22	)
September 12, 2016 (g) through October 31, 2016		25.00		(0.02	)		0.37			0.35			—			—			—
JPMorgan Event Driven ETF
Six Months Ended April 30, 2019 (Unaudited)		25.03		0.11			1.92			2.03			(0.83	)		—			(0.83	)
November 29, 2017 (g) through October 31, 2018		25.00		0.15			(0.11	)		0.04			(0.01	)		—			(0.01	)
JPMorgan Long/Short ETF
Six Months Ended April 30, 2019 (Unaudited)		22.34		0.16			(0.87	)		(0.71	)		—			—			—
January 23, 2018 (g) through October 31, 2018		25.00		0.20			(2.86	)		(2.66	)		—			—			—
JPMorgan Managed Futures Strategy ETF(1)
Six Months Ended April 30, 2019 (Unaudited)		23.63		0.19			0.48			0.67			(0.16	)		—			(0.16	)
December 5, 2017 (g) through October 31, 2018		25.00		0.19			(1.55	)		(1.36	)		(0.01	)		—			(0.01	)

(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 the mid-point of the bid/ask spread at the close of business on the NYSE Arca, Inc.

(f) Amount rounds to less than $0.01.

(g) Commencement of operations.

(h) 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.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(j) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(1) Consolidated Financial Highlights.

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 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)
$	24.96	$	24.96		2.76	%		2.59	%	$	173,437,214		0.78	%		1.11	%		0.97	%		75	%
	24.29		24.33		(6.79	)		(6.75	)		201,628,562		0.79			0.69			1.08			145
	26.06		26.09		3.68			3.51			153,782,741		0.76			0.25			1.31			107
	25.35		25.42		1.44			1.68	(h)		51,977,433		0.85	(i)		0.47			6.65	(i)		5
	26.23		26.33		8.65			8.59			27,546,693		0.82			0.92			1.69			108
	25.03		25.14		0.18			0.62	(h)		26,284,405		0.74	(i)		0.64			1.85	(i)		141
	21.63		21.59		(3.18	)		(4.04	)		23,791,580		0.65			1.48			1.58			75
	22.34		22.50		(10.64	)		(10.00	)(h)		23,456,272		0.60	(i)		1.15			1.95	(i)		99
	24.14		24.15		2.87			2.52			51,907,881		0.44			1.63			1.02			—	(j)
	23.63		23.72		(5.45	)		(5.09	)(h)		50,797,949		0.45	(i)		0.88			1.35	(i)		—	(j)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 125

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 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.

The following are 4 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Diversified/Non-Diversified
JPMorgan Diversified Alternatives ETF	Diversified
JPMorgan Event Driven ETF	Diversified
JPMorgan Long/Short ETF	Diversified
JPMorgan Managed Futures Strategy ETF	Non-Diversified

The investment objective of the JPMorgan Diversified Alternatives ETF (the “Diversified Alternatives ETF”) is to seek to provide long-term total return.

JPMorgan Event Driven ETF (the “Event Driven ETF”) commenced operations on November 29, 2017. The investment objective of the Fund is to seek to provide long-term total return.

JPMorgan Long/Short ETF (the “Long/Short ETF”) commenced operations on January 23, 2018. The investment objective of the Fund is to seek to provide long-term total return.

JPMorgan Managed Futures Strategy ETF (the “Managed Futures Strategy ETF”) commenced operations on December 5, 2017. The investment objective of the Fund is to seek to provide long-term total return.

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

Shares of the Funds are listed and traded on the NYSE Arca, Inc. Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, typically 50,000 shares referred to as “Creation Units.” Creation Units are issued and redeemed principally in cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).

Basis for Consolidation

Diversified Alternatives Fund CS Ltd. and Managed Futures Fund CS Ltd. (each, a “Subsidiary;” collectively, the “Subsidiaries”), are Cayman Islands exempted companies, incorporated on August 17, 2015 and August 17, 2017, respectively, are currently wholly-owned subsidiaries of the Diversified Alternatives ETF and Managed Futures Strategy ETF, respectively. Each Subsidiary acts as an investment vehicle for its respective Fund in order to effect certain investments on behalf of such Fund consistent with the Fund’s investment objectives and policies as described in the Fund’s prospectus. The consolidated financial statements for these Funds include the accounts of the Funds and the Subsidiaries. Subsequent references to the Funds within the Notes to Consolidated Financial Statements collectively refer to the Funds and the Subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

2. Significant Accounting Policies

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

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

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

126 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instruments are traded before the NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

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

Investments 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, swaps and other derivatives are valued utilizing market quotations from approved Pricing Services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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

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

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

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

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

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

Diversified Alternatives ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Chemicals	$	2,860,913	$	1,121,658	$	—	$	3,982,571
Construction & Engineering		—		75,068		—		75,068
Diversified Consumer Services		526,634		590,586		—		1,117,220
Food Products		2,659,381		756,433		—		3,415,814
Health Care Providers & Services		1,714,219		393,992		—		2,108,211
Household Durables		590,899		565,505		—		1,156,404
Other Common Stocks		86,670,386		—		—		86,670,386
Total Common Stocks		95,022,432		3,503,242		—		98,525,674
Short-Term Investments
Investment Companies		59,203,306		—		—		59,203,306
Total Investments in Securities	$	154,225,738	$	3,503,242	$	—	$	157,728,980

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 127

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Diversified Alternatives ETF(continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	584,555		$	—		$	584,555
Futures Contracts		2,492,434			14,246			—			2,506,680
Swaps		—			244,353			—			244,353
Total Appreciation in Other Financial Instruments	$	2,492,434		$	843,154		$	—		$	3,335,588
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(355,287	)	$	—		$	(355,287	)
Futures Contracts		(2,489,465	)		(1,458	)		—			(2,490,923	)
Swaps		—			(921,617	)		(1,172	)		(922,789	)
Total Depreciation in Other Financial Instruments	$	(2,489,465	)	$	(1,278,362	)	$	(1,172	)	$	(3,768,999	)

Event Driven ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Banks	$	756,042	$	157,981		$	—	$	914,023
Chemicals		344,862		166,375			—		511,237
Construction & Engineering		161,876		18,363			—		180,239
Containers & Packaging		191,672		365,502			—		557,174
Diversified Consumer Services		181,374		73,999			—		255,373
Food Products		242,668		96,147			—		338,815
Health Care Providers & Services		328,820		49,256			—		378,076
Household Durables		320,319		152,859			—		473,178
Industrial Conglomerates		—		174,467			—		174,467
Other Common Stocks		15,172,204		—			—		15,172,204
Total Common Stocks		17,699,837		1,254,949			—		18,954,786
Debt Securities
Foreign Government Securities		—		277,541			—		277,541
Short-Term Investments
Investment Companies		3,854,360		—			—		3,854,360
U.S. Treasury Obligations		—		4,443,932			—		4,443,932
Total Short-Term Investments		3,854,360		4,443,932			—		8,298,292
Investment of cash collateral from securities loaned		148,400		—			—		148,400
Total Investments in Securities	$	21,702,597	$	5,976,422		$	—	$	27,679,019
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	26,332		$	—	$	26,332
Swaps		—		28,172			—		28,172
Total Appreciation in Other Financial Instruments	$	—	$	54,504		$	—	$	54,504
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(8,103	)	$	—	$	(8,103	)
Swaps		—		(70,655	)		—		(70,655	)
Total Depreciation in Other Financial Instruments	$	—	$	(78,758	)	$	—	$	(78,758	)

128 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

Long/Short ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs				Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks (a)	$	15,618,758	$	—			$	—	$	15,618,758
Debt Securities
Foreign Government Securities		—		235,326				—		235,326
Short-Term Investments
Investment Companies		5,894,953		—				—		5,894,953
U.S. Treasury Obligations		—		1,989,719				—		1,989,719
Total Short-Term Investments		5,894,953		1,989,719				—		7,884,672
Total Investments in Securities	$	21,513,711	$	2,225,045			$	—	$	23,738,756
Appreciation in Other Financial Instruments						��
Forward Foreign Currency Exchange Contracts	$	—	$	3,431			$	—	$	3,431
Futures Contracts		15,577		5,941				—		21,518
Swaps		—		62,589				—		62,589
Total Appreciation in Other Financial Instruments	$	15,577	$	71,961			$	—	$	87,538
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(2,599	)		$	—	$	(2,599	)
Futures Contracts		—		(486	)			—		(486	)
Swaps		—		(346,072	)			—		(346,072	)
Total Depreciation in Other Financial Instruments	$	—	$	(349,157	)		$	—	$	(349,157	)

Managed Futures Strategy ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities	$	44,419,264		$	—		$	—	$	44,419,264
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	205,607		$	—	$	205,607
Futures Contracts		1,789,995			12,594			—		1,802,589
Total Appreciation in Other Financial Instruments	$	1,789,995		$	218,201		$	—	$	2,008,196
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(171,442	)	$	—	$	(171,442	)
Futures Contracts		(529,761	)		(998	)		—		(530,759	)
Total Depreciation in Other Financial Instruments	$	(529,761	)	$	(172,440	)	$	—	$	(702,201	)

(a) All portfolio holdings designated as level 1 are disclosed individually on the SOIs. Please refer to the SOIs for industry specifics of portfolio holdings.

There were no transfers into and out of level 3 for the six months ended April 30, 2019.

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 April 30, 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. Derivatives — The Funds used derivative instruments including futures, forward foreign currency exchange contracts and swaps, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 129

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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 Consolidated Statements of Assets and Liabilities/Statements of Assets and Liabilities (CSAL/SAL).

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by 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 C(1) — C(3) below describe the various derivatives used by the Funds.

(1). Futures Contracts —The Funds used index, commodities and treasury futures contracts to obtain long and short exposure to the underlying commodities markets, to gain or reduce exposure to the stock market, to gain or reduce exposure to particular countries or regions, maintain liquidity, minimize transaction costs or to manage and hedge interest rate risk associated with portfolio investments.

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

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

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

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

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

These Funds’ forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Funds may be required to post or receive collateral fornon-deliverable forward foreign currency exchange contracts.

(3). Swaps — The Diversified Alternatives ETF, Event Driven ETF and Long/Short ETF engaged in various swap transactions, including total return basket swaps, to manage credit and total return risks within their respective portfolios. The Funds also used swaps as alternatives to direct

130 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between a fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received are recorded as assets or liabilities, respectively, on the CSAL/SAL and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the CSAL/SAL at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the CSOIs/SOIs, while cash deposited, which is considered restricted, is recorded on the CSAL/SAL. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the CSAL/SAL. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on the CSOP/SOP. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Funds may be required to post or receive collateral based on the net value of the Funds’ outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds’ custodian bank. For certain counterparties cash collateral posted or received by the Funds is reported on the CSAL/SAL as Restricted cash for OTC derivatives.

The Funds’ swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Total Return Basket Swaps

The Diversified Alternatives ETF, Event Driven ETF and Long/Short ETF entered into total return basket swap agreements to obtain exposure to a portfolio of long and short securities. This is a highly specialized activity and a significant aspect of each Fund’s investment strategy.

Under the terms of the agreements, each swap is designed to function as a portfolio of direct investments in long and short equity positions. This means that a Fund has the ability to trade in and out of long and short positions within each swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in each swap value. Each swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within each swap. These interest charges and credits are based on defined market rates based on the local currencies of the positions in the portfolio plus or minus a specified spread and are referred to herein as “financing costs” and net dividends. Positions within each swap, accrued financing costs and net dividends, are part of the periodic reset. During a reset, any unrealized gains (losses) on positions, accrued financing costs, and net dividends become available for cash settlement between the Fund and the swap counterparty are recorded as Due from/to counterparty for swap contracts on the CSAL/SAL and as Net realized gain (loss) on transactions from swaps on the CSOP/SOP.

Each swap involves additional risks than if a Fund had invested in the underlying positions directly including: the risk that changes in the value of each swap may not correlate perfectly with the underlying long and short securities; counterparty risk related to the counterparty’s failure to perform under contract terms; liquidity risk related to the lack of a liquid market for each swap contract, which may limit the ability of a Fund to close out its positions; and, documentation risk relating to disagreement over contract terms. The total return basket swaps consist of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities. The Funds’ activities in each total return basket swap are concentrated with a single counterparty. Investing in swaps results in a form of leverage (i.e., a Fund’s risk of loss associated with these instruments may exceed their value as recorded on the CSAL/SAL).

The value of each swap is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing prices on the principal exchange on which the underlying securities are traded; (ii) financing costs; (iii) the value of dividends; (iv) cash balances within the swap; and (v) other factors, as applicable. The value of each swap is reflected on the CSAL/SAL as Outstanding swap contracts, at value. Changes in the value of each swap are recognized as Change in net unrealized appreciation/depreciation of swaps on the CSOP/SOP.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 131

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

(4). Summary of Derivatives Information

The following tables present the value of derivatives held as of April 30, 2019, by their primary underlying risk exposure and respective location on the CSAL/SAL:

Diversified Alternatives ETF

Derivative Contract	CSAL Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Commodity contracts	Receivables, Net assets — Unrealized Appreciation	$	1,390,525		$	—		$	—		$	1,390,525
Equity contracts	Receivables, Net assets — Unrealized Appreciation		54,288			—			638,377			692,665
Foreign exchange contracts	Receivables		—			584,555			—			584,555
Interest rate contracts	Receivables, Net assets — Unrealized Appreciation		1,061,867			—			—			1,061,867
Total		$	2,506,680		$	584,555		$	638,377		$	3,729,612
Gross Liabilities:
Commodity contracts	Payables, Net assets — Unrealized Depreciation	$	(675,482	)	$	—		$	—		$	(675,482	)
Equity contracts	Payables, Net assets — Unrealized Depreciation		(1,708,481	)		—			(846,746	)		(2,555,227	)
Foreign exchange contracts	Payables		—			(355,287	)		—			(355,287	)
Interest rate contracts	Payables, Net assets — Unrealized Depreciation		(106,960	)		—			—			(106,960	)
Total		$	(2,490,923	)	$	(355,287	)	$	(846,746	)	$	(3,692,956	)

Event Driven ETF

Derivative Contract	SAL Location
Gross Assets:		Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Equity contracts	Receivables	$	—		$	26,193		$	26,193
Foreign exchange contracts	Receivables		26,332			—			26,332
Total		$	26,332		$	26,193		$	52,525
Gross Liabilities:
Equity contracts	Payables	$	—		$	(72,422	)	$	(72,422	)
Foreign exchange contracts	Payables		(8,103	)		—			(8,103	)
Total		$	(8,103	)	$	(72,422	)	$	(80,525	)

Long/Short ETF

Derivative Contract	SAL Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Equity contracts	Receivables, Net assets — Unrealized Appreciation	$	21,518		$	—		$	74,662		$	96,180
Foreign exchange contracts	Receivables		—			3,431			—			3,431
Total		$	21,518		$	3,431		$	74,662		$	99,611
Gross Liabilities:
Equity contracts	Payables, Net assets — Unrealized Depreciation	$	(486	)	$	—		$	(401,559	)	$	(402,045	)
Foreign exchange contracts	Payables		—			(2,599	)		—			(2,599	)
Total		$	(486	)	$	(2,599	)	$	(401,559	)	$	(404,644	)

132 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

Managed Futures Strategy ETF

Derivative Contract	CSAL Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Commodity contracts	Receivables, Net assets — Unrealized Appreciation	$	930,756		$	—		$	930,756
Equity contracts	Receivables, Net assets — Unrealized Appreciation		43,840			—			43,840
Foreign exchange contracts	Receivables		—			205,607			205,607
Interest rate contracts	Receivables, Net assets — Unrealized Appreciation		827,993			—			827,993
Total		$	1,802,589		$	205,607		$	2,008,196
Gross Liabilities:
Commodity contracts	Payables, Net assets — Unrealized Depreciation	$	(462,010	)	$	—		$	(462,010	)
Equity contracts	Payables, Net assets — Unrealized Depreciation		(3,224	)		—			(3,224	)
Foreign exchange contracts	Payables		—			(171,442	)		(171,442	)
Interest rate contracts	Payables, Net assets — Unrealized Depreciation		(65,525	)		—			(65,525	)
Total		$	(530,759	)	$	(171,442	)	$	(702,201	)

(a) This amount represents the cumulative appreciation/depreciation of futures contracts as reported on the CSOI/SOI. The CSAL/SAL only reflects the current day variation margin receivable/payable from/to brokers.

The following tables present each Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of April 30, 2019.

Diversified Alternatives ETF

Counterparty	Gross Amount of Derivative Assets Subject to  Netting Arrangements Presented on the CSAL (a)		Derivatives Available for offset			Collateral Received			Net Amount Due from Counterparty (not less than zero)
Bank of America	$	148,115	$	(148,115	)	$	—		$	—
Barclays Bank plc		21,504		(3,664	)		—			17,840
BNP Paribas		48,363		(33,876	)		—			14,487
Citibank, NA		117,415		(739	)		—			116,676
Goldman Sachs International		54,800		(14,112	)		—			40,688
HSBC Bank, NA		4,036		—			—			4,036
Merrill Lynch International		44,390		(44,390	)		—			—
Royal Bank of Canada		6,491		—			—			6,491
Standard Chartered Bank		2,890		(1,593	)		—			1,297
State Street Corp.		129,372		(3,403	)		—			125,969
TD Bank Financial Group		155,294		—			—			155,294
Union Bank of Switzerland AG		490,262		(411,243	)		(79,019	)(b)		—
Total	$	1,222,932	$	(661,135	)	$	(79,019	)	$	482,778
Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the CSAL (a)		Derivatives Available for Offset			Collateral Posted			Net Amount Due to Counterparty (not less than zero)
Bank of America	$	435,503	$	(148,115	)	$	(287,388	)(b)	$	—
Barclays Bank plc		3,664		(3,664	)		—			—
BNP Paribas		33,876		(33,876	)		—			—
Citibank, NA		739		(739	)		—			—
Deutsche Bank AG		5,709		—			—			5,709
Goldman Sachs International		14,112		(14,112	)		—			—
Merrill Lynch International		292,191		(44,390	)		—			247,801
Standard Chartered Bank		1,593		(1,593	)		—			—
State Street Corp.		3,403		(3,403	)		—			—
Union Bank of Switzerland AG		411,243		(411,243	)		—			—
Total	$	1,202,033	$	(661,135	)	$	(287,388	)	$	253,510

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 133

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Event Driven ETF

Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the SAL(a)		Derivatives Available for offset			Collateral Received			Net Amount Due from Counterparty (not less than zero)
Bank of America	$	24,783	$	(16,322	)	$	(8,461	)(b)	$	—
BNP Paribas		2,688		(1,779	)		—			909
Citibank, NA		2,980		(460	)		—			2,520
Goldman Sachs		1,410		—			—			1,410
Merrill Lynch International		4,242		(7	)		—			4,235
Standard Chartered Bank		1,366		—			—			1,366
State Street Corp.		2,698		(2,698	)		—			—
TD Bank Financial Group		12,358		—			—			12,358
Total	$	52,525	$	(21,266	)	$	(8,461	)	$	22,798
Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the SAL(a)		Derivatives Available for Offset			Collateral Posted			Net Amount Due to Counterparty (not less than zero)
Bank of America	$	16,322	$	(16,322	)	$	—		$	—
BNP Paribas		1,779		(1,779	)		—			—
Citibank, NA		460		(460	)		—			—
Goldman Sachs		56,100		—			—			56,100
Merrill Lynch International		7		(7	)		—			—
State Street Corp.		5,857		(2,698	)		—			3,159
Total	$	80,525	$	(21,266	)	$	—		$	59,259

Long/Short ETF

Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the SAL(a)		Derivatives Available for offset			Collateral Received			Net Amount Due from Counterparty (not less than zero)
Bank of America	$	40,435	$	(40,435	)	$	—		$	—
Goldman Sachs International		34,297		(34,297	)		—			—
State Street Corp.		2,288		—			—			2,288
TD Bank Financial Group		1,073		—			—			1,073
Total	$	78,093	$	(74,732	)	$	—		$	3,361
Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the SAL(a)		Derivatives Available for Offset			Collateral Posted			Net Amount Due to Counterparty (not less than zero)
Bank of America	$	167,656	$	(40,435	)	$	(127,221	)(b)	$	—
Barclays Bank plc		1,596		—			—			1,596
Goldman Sachs International		233,903		(34,297	)		—			199,606
Merrill Lynch International		509		—			—			509
Standard Chartered Bank		494		—			—			494
Total	$	404,158	$	(74,732	)	$	(127,221	)	$	202,205

134 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

Managed Futures Strategy ETF

Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the CSAL(a)		Derivatives Available for offset			Collateral Received		Net Amount Due from Counterparty (not less than zero)
Barclays Bank plc	$	307	$	—		$	—	$	307
BNP Paribas		8,082		(5,289	)		—		2,793
Citibank, NA		59,261		(21,900	)		—		37,361
Credit Suisse International		383		—			—		383
Goldman Sachs International		8,114		(199	)		—		7,915
HSBC Bank, NA		629		(629	)		—		—
Merrill Lynch International		5,309		(5,309	)		—		—
State Street Corp.		54,404		—			—		54,404
TD Bank Financial Group		69,118		—			—		69,118
Total	$	205,607	$	(33,326	)	$	—	$	172,281
Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the CSAL(a)		Derivatives Available for Offset			Collateral Posted		Net Amount Due to Counterparty (not less than zero)
Australia & New Zealand Banking Group Ltd.	$	11,272	$	—		$	—	$	11,272
BNP Paribas		5,289		(5,289	)		—		—
Citibank, NA		21,900		(21,900	)		—		—
Goldman Sachs International		199		(199	)		—		—
HSBC Bank, NA		1,212		(629	)		—		583
Merrill Lynch International		131,570		(5,309	)		—		126,261
Total	$	171,442	$	(33,326	)	$	—	$	138,116

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

(b) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts.

The following tables present the effect of derivatives on the CSOP/SOP for the six months ended April 30, 2019, by primary underlying risk exposure:

Diversified Alternatives ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the CSOP
Derivative Contract	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Commodity contracts	$	(1,923,147	)	$	—		$	—		$	(1,923,147	)
Equity contracts		(297,586	)		—			36,886			(260,700	)
Foreign exchange contracts		—			351,416			—			351,416
Interest rate contracts		929,425			—			—			929,425
Total	$	(1,291,308	)	$	351,416		$	36,886		$	(903,006	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the CSOP
Derivative Contract	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Commodity contracts	$	2,241,803		$	—		$	—		$	2,241,803
Equity contracts		(3,082,819	)		—			(1,060,547	)		(4,143,366	)
Foreign exchange contracts		—			(364,081	)		—			(364,081	)
Interest rate contracts		1,444,136			—			—			1,444,136
Total	$	603,120		$	(364,081	)	$	(1,060,547	)	$	(821,508	)

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 135

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

Event Driven ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the SOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Swaps		Total
Equity contracts	$	26,981		$	—	$	292,579	$	319,560
Foreign exchange contracts		—			21,819		—		21,819
Total	$	26,981		$	21,819	$	292,579	$	341,379
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the SOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Swaps		Total
Equity contracts	$	(18,000	)	$	—	$	198,055	$	180,055
Foreign exchange contracts		—			1,787		—		1,787
Total	$	(18,000	)	$	1,787	$	198,055	$	181,842

Long/Short ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the SOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Equity contracts	$	(259,906	)	$	—		$	(291,629	)	$	(551,535	)
Foreign exchange contracts		—			11,565			—			11,565
Total	$	(259,906	)	$	11,565		$	(291,629	)	$	(539,970	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the SOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Equity contracts	$	24,573		$	—		$	(1,362,048	)	$	(1,337,475	)
Foreign exchange contracts		—			(3,422	)		—			(3,422	)
Total	$	24,573		$	(3,422	)	$	(1,362,048	)	$	(1,340,897	)

Managed Futures Strategy ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the CSOP
Derivative Contract	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Commodity contracts	$	(774,798	)	$	—		$	(774,798	)
Equity contracts		(634,805	)		—			(634,805	)
Foreign exchange contracts		—			(149,119	)		(149,119	)
Interest rate contracts		339,775			—			339,775
Total	$	(1,069,828	)	$	(149,119	)	$	(1,218,947	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the CSOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Commodity contracts	$	1,230,227		$	—		$	1,230,227
Equity contracts		78,455			—			78,455
Foreign exchange contracts		—			(65,904	)		(65,904	)
Interest rate contracts		1,018,110			—			1,018,110
Total	$	2,326,792		$	(65,904	)	$	2,260,888

136 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts and forward foreign currency exchange contracts activity for the six months ended April 30, 2019. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

	Diversified Alternatives ETF		Event Driven ETF			Long/Short ETF			Managed Futures Strategy ETF
Futures Contracts — Equity:
Average Notional Balance Long	$	1,554,459	$	—		$	501,061		$	1,264,465
Average Notional Balance Short		34,424,032		—			3,191,137	(b)		7,128,378
Ending Notional Balance Long		3,639,712		—			1,453,958			3,183,756
Ending Notional Balance Short		33,327,618		—			—			145,743
Futures Contracts — Interest Rate:
Average Notional Balance Long		140,128,181		—			—			101,239,148
Average Notional Balance Short		73,732,744		310,392	(a)		—			48,839,106
Ending Notional Balance Long		131,872,467		—			—			106,299,640
Ending Notional Balance Short		9,457,697		—			—			5,846,481
Futures Contracts — Commodities:
Average Notional Balance Long		23,699,579		—			—			14,178,372
Average Notional Balance Short		28,605,554		—			—			18,236,498
Ending Notional Balance Long		21,288,473		—			—			13,915,981
Ending Notional Balance Short		25,737,868		—			—			17,922,532
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		41,708,550		267,710			231,481			13,432,419
Average Settlement Value Sold		66,077,198		2,394,935			675,589			20,639,845
Ending Settlement Value Purchased		46,356,876		702,075			321,371			16,576,292
Ending Settlement Value Sold		63,398,387		2,948,561			530,576			21,709,409
Total Return Basket Swaps:
Average Notional Balance Long		122,815,920		10,028,092			16,166,642			—
Average Notional Balance Short		93,939,477		2,865,203			25,063,140			—
Ending Notional Balance Long		118,853,593		11,578,399			15,407,574			—
Ending Notional Balance Short		78,332,722		2,149,387			21,926,997			—

(a) For the period November 1, 2018 through November 30, 2018.

(b) For the period November 1, 2018 through March 31, 2019.

The Funds’ derivatives contracts held at April 30, 2019 are not accounted for as hedging instruments under GAAP.

D. Securities Lending — The Event Driven ETF and Long/Short ETF are authorized to engage in securities lending in order to generate additional income. Event Driven ETF and Long/Short ETF are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for both of these funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. 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.

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.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 137

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

The value of securities out on loan is recorded as an asset on the SAL. The value of the cash collateral received is recorded as a liability on the SAL and details of Collateral Investments are disclosed in the SOIs. As of April 30, 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
Event Driven ETF	$	143,248	$	148,400	$	148,400

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 it earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.

The following table presents the Funds’ value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of April 30, 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)
Event Driven ETF	$	143,248	$	(143,248	)	$	—

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:

Event Driven ETF	$	26
Long/Short ETF		13

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).

E. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below.

Diversified Alternatives ETF

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a) (b)	$	70,832,553	$	63,600,381	$	75,229,628	$	—	$	—	$	59,203,306		59,203,306	$	750,833	$	—

138 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

Event Driven ETF

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 2.54% (a) (b)	$	—	$	4,082,502	$	228,142	$	—	$	—	$	3,854,360		3,853,204	$	3,437		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a) (b)		—		1,401,494		1,253,094		—		—		148,400		148,400		1,224	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		5,600,338		9,826,229		15,426,567		—		—		—		—		36,049			—
Total	$	5,600,338	$	15,310,225	$	16,907,803	$	—	$	—	$	4,002,760			$	40,710		$	—

Long/Short ETF

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 2.54% (a) (b)	$	—	$	6,726,684	$	831,731	$	—	$	—	$	5,894,953		5,893,185	$	5,652		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		—		321,301		321,301		—		—		—		—		337	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		5,057,344		13,790,376		18,847,720		—		—		—		—		59,998			—
Total	$	5,057,344	$	20,838,361	$	20,000,752	$	—	$	—	$	5,894,953			$	65,987		$	—

Managed Futures Strategy ETF

	For the six months ended April 30, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2019		Shares at April 30, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 2.54% (a) (b)	$	—	$	44,517,241	$	97,977	$	—	$	—	$	44,419,264		44,405,942	$	42,833	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		42,503,224		5,827,447		48,330,671		—		—		—		—		428,511		—
Total	$	42,503,224	$	50,344,688	$	48,428,648	$	—	$	—	$	44,419,264			$	471,344	$	—

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

(b) The rate shown is the current yield as of April 30, 2019.

* Amount is included on the Statements of Operations as income from securities lending (net) (after payments of rebates and Citibank’s fee).

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 139

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

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

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices of securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the CSOP/SOP.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the CSOP/SOP. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/ depreciation on foreign currency translations on the CSOP/SOP.

G. Offering and Organizational Costs — Total offering costs incurred in connection with the offering of shares of the Funds are amortized on a straight line basis over 12 months from the date the Funds commenced operations.

Costs paid in connection with the organization of the Funds, if any, were recorded as an expense at the time the Funds commenced operations and are included as offering costs on the CSOP/SOP. For the six months ended April 30, 2019, total offering costs amortized were:

Event Driven ETF (a)	$	1,133
Long/Short ETF (b)		8,227
Managed Futures Strategy ETF (c)		3,567

(a) Commencement of operations was November 29, 2017.

(b) Commencement of operations was January 23, 2018.

(c) Commencement of operations was December 5, 2017.

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

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

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

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 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.

For Federal income tax purposes, taxable income of each Fund and its Subsidiary are separately calculated. The Subsidiary is classified as a controlled foreign corporation under the Code and its taxable income, including net gains, is included as ordinary income in the calculation of each Fund’s taxable income. Net losses of the Subsidiary are not deductible by each Fund either in the current period or carried forward to future periods.

K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

140 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

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

3. Fees and Other Transactions with Affiliates

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

Diversified Alternatives ETF	0.60	%
Event Driven ETF	0.75	%
Long/Short ETF	0.60	%
Managed Futures Strategy ETF	0.50	%

Each Subsidiary has entered into separate contracts with the Adviser and its affiliates to provide investment advisory and other services to the Subsidiary. The fee for services to the Subsidiary is accrued daily and paid monthly at an annual rate of 0.60% for the Diversified Alternatives ETF and 0.50% for the Managed Futures Strategy ETF of the Subsidiary’s average daily net assets. The Adviser has agreed to waive the advisory fee that it receives from the Fund in an amount equal to the advisory fee paid to the Adviser by the Subsidiary. This waiver will continue in effect so long as the Fund invests in the Subsidiary and may not be terminated without approval by the Fund’s Board.

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

B. Administration Fee —Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds and the Subsidiaries. In consideration of these services, 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. In consideration for services rendered to each Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an annualized rate of 0.10% of the average daily net assets of the Subsidiary.

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 portfolio custody, accounting and transfer agency services to the Funds. The amounts paid directly to JPMCB by the Funds for custody services are included in the Custodian, Accounting and Transfer Agent fees on the CSOP/SOP. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the CSOP/SOP. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are included in the Custodian, Accounting and Transfer Agent fees on the CSOP/SOP. With respect to the transfer agency services provided by JPMCB for each creation or redemption transaction, the Authorized Participant will generally be responsible for such associated expenses; during the period, the Funds paid no transfer agency fees to JPMCB.

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

For the six months ended April 30, 2019, the amount of transaction fees paid by the Authorized Participants that were used to reimburse Custodian and Transfer Agent fees were as follows:

Diversified Alternatives ETF	$	2,600
Long/Short ETF		800

Such amounts are included in expense reimbursements fromnon-affiliates in the CSOP/SOP.

Restricted cash on the CSAL/SAL is cash received from Authorized Participants for the reimbursement of creation and/or redemption of Fund shares.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the CSOP/SOP.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 141

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

D. Waivers and Reimbursements — The Adviser, Administrator and JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses, inclusive of each Subsidiary (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses), exceed the percentages of the Funds’ respective average daily net assets as shown in the below table:

	Expense Cap
Diversified Alternatives ETF		0.85	%
Event Driven ETF		0.85	%
Long/Short ETF		0.69	%
Managed Futures Strategy ETF		0.59	%

The expense limitation agreements were in effect for the six months ended April 30, 2019 and are in place until at least February 28, 2022.

For the six months ended Aril 30, 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
Diversified Alternatives ETF	$	66,505	$	44,336	$	110,841	$	—
Event Driven ETF		93,112		10,208		103,320		6,847
Long/Short ETF		67,144		9,587		76,731		35,488
Managed Futures Strategy ETF		79,177		21,868		101,045		2,728

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective fees and expenses of the affiliated money market funds incurred by each Fund because of each Fund’s investment in such money market funds, except for investments of securities lending collateral.

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2019 were as follows:

Diversified Alternatives ETF	$	71,891
Event Driven ETF		4,614
Long/Short ETF		6,323
Managed Futures Strategy ETF		44,457

The Diversified Alternatives ETF and Managed Futures Strategy ETF invest in Subsidiaries and, as a result, bear a portion of the expenses incurred by these Subsidiaries. These expenses are reflected in the fees waived shown on the CSOP and are included in the ratios to average net assets shown in the Financial Highlights.

The amounts of these waivers resulting from investments in Subsidiaries for the six months ended April 30, 2019 were as follows:

Diversified Alternatives ETF	$	110,841
Managed Futures Strategy ETF		48,919

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 has designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with 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 CSOP/SOP.

The Funds may use related party broker-dealers. For the six months ended April 30, 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.

142 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

4. Investment Transactions

During the six months ended April 30, 2019, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Diversified Alternatives ETF	$	96,673,319	$	120,786,870
Event Driven ETF		21,332,529		18,925,949
Long/Short ETF		11,779,532		11,805,760

During the six months ended April 30, 2019, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities, including each Subsidiary, held at April 30, 2019 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Diversified Alternatives ETF	$	152,910,000	$	11,665,930	$	(6,810,294	)	$	4,855,636
Event Driven ETF		26,853,918		1,413,128		(616,027	)		797,101
Long/Short ETF		22,875,072		1,452,080		(893,429	)		558,651
Managed Futures Strategy ETF		44,419,264		2,008,196		(702,201	)		1,305,995

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

The Federal income tax unrealized appreciation (depreciation) in value of investment securities includes unrealized appreciation of the Diversified Alternatives ETF’s investment in its Subsidiary of $715,042 and Managed Futures Strategy ETF’s investment in its Subsidiary of $468,745, when if realized is not deductible for income tax purposes.

During the year ended October 31, 2018 the Diversified Alternatives Fund CS Ltd. and Managed Futures Fund CS Ltd. had approximately $ 2,284,794 and $1,152,519 of losses for tax purposes. The Subsidiaries’ loss for the current year are not available to offset their future taxable income.

As of October 31, 2018, the Funds had net capital loss carryforwards, with no expiration dates, as follows:

	Capital Loss Carryforward Character
	Short-Term			Long-Term
Diversified Alternatives ETF	$	(1,134,347	)	$	(621,876	)
Event Driven ETF		—			(120,780	)
Long/Short ETF		(1,005,692	)		(205,479	)
Managed Futures Strategy ETF		(695,169	)		(873,417	)

6. Capital Share Transactions

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

Shares of the Funds may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds’ shares outstanding, act as executing or clearing broker for investment transactions on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.

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

Authorized Participants transacting in Creation Units for cash may also pay a variable fee to compensate the relevant fund for market impact expenses relating to investing in portfolio securities. Such variable fees, if any, are included in “Proceeds from shares issued” in the Statements of Changes in Net Assets.

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 143

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2019 (Unaudited) (continued)

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of April 30, 2019, the Adviser owns shares representing more than 10% of net assets of following Funds:

	% Ownership
Diversified Alternatives ETF		33	%
Event Driven ETF		95
Long/Short ETF		91
Managed Futures Strategy ETF		90

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

By investing in each Subsidiary, the Diversified Alternatives ETF and Managed Futures Strategy ETF are indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund.

The Funds will employ various alternative investment strategies that involve the use of complicated investment techniques. There is no guarantee that these strategies will succeed and their use may subject the Funds to greater volatility and loss.

Derivatives, including swap agreements, commodity options, forwards, futures and options on futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing a Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Funds to counterparty risk and to the credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting ability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with a Fund such as swap and option contracts, credit linked notes, exchange-traded notes and forward foreign currency exchange contracts.

Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Fund’s holdings. During such periods, investors may incur significant losses if shares are sold.

Since the Managed Futures Strategy ETF isnon-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s shares being more sensitive to economic results of those issuing the securities.

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”)2018-13 (“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.

9. Subsequent Event

At its June 11-12, 2019 meeting, the Board of Trustees approved a new management agreement for each of the Funds, contingent on approval by each Fund’s shareholders. This approval will be sought at a shareholder meeting expected to be held on August 22, 2019. If approved by shareholders of a Fund, the new agreement would become effective on November 1, 2019, and would result in the implementation of a single management fee in lieu of the fee structure currently in place for that Fund. In addition, if approved, this agreement would replace each Fund’s current investment advisory agreement, as well as its current administration and expense limitation agreements. This proposal will not result in an increase in a Fund’s current net expense ratio or change the level of services provided by JPMIM under the current investment advisory and administration agreements.

144 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur ongoing costs, including investment advisory fees, administration fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period, November 1, 2018 and continued to hold your shares at the end of the reporting period, April 30, 2019.

Actual Expenses

For each 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 Funds’ 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 Funds 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 November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio			Expenses Paid During the Period
JPMorgan Diversified Alternatives ETF
ETF Shares
Actual (1)	$	1,000.00	$	1,027.60		0.78	%	$	3.92
Hypothetical (1)		1,000.00		1,020.93		0.78			3.91
JPMorgan Event Driven ETF
ETF Shares
Actual (1)	$	1,000.00	$	1,086.50		0.82	%	$	4.24
Hypothetical (1)		1,000.00		1,020.73		0.82			4.11
JPMorgan Long/Short ETF
ETF Shares
Actual (1)	$	1,000.00	$	968.20		0.65	%	$	3.17
Hypothetical (1)		1,000.00		1,021.57		0.65			3.26
JPMorgan Managed Futures Strategy ETF
ETF Shares
Actual (1)	$	1,000.00	$	1,028.70		0.44	%	$	2.21
Hypothetical (1)		1,000.00		1,022.61		0.44			2.21

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

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 145

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

JPMorgan Diversified Alternatives ETF, JPMorgan Event Driven ETF, JPMorgan Long/Short ETF and JPMorgan Managed Futures Strategy 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 Diversified Alternatives ETF, JPMorgan Event Driven ETF, JPMorgan Long/Short ETF and JPMorgan Managed Futures Strategy 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 the day-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 information. The Trustees recognized that this information is

146 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

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. 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 least one-year of performance history in a report prepared by Broadridge. 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 applicable one- 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 Diversified Alternatives ETF’s performance was in the fifth quintile based upon the Universe for the one-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 the performance of the JPMorgan Event Driven ETF since its inception on November 29, 2017. 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 Long/Short ETF since its inception on January 23, 2018. The Trustees discussed the performance and investment strategy of the

APRIL 30, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 147

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 Managed Futures Strategy ETF since its inception on December 5, 2017. 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, as applicable. 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 Diversified Alternatives ETF’s net advisory fee and actual total expenses were in the second and first quintiles, respectively, based upon the 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 Event Driven ETF’s net advisory fee and actual total expenses were in the first and third quintiles, respectively, based upon the 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 Long/Short ETF’s net advisory fee and actual total expenses were in the first and second quintiles, respectively, based upon both 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 Managed Futures Strategy 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.

148 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2019

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.

Each 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 Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov. Shareholders may request the Form N-Q without charge by calling 1-844-457-6383 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Funds’ 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 Funds to the Adviser. A copy of the Funds’ 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 Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019.  All rights reserved. April 2019. SAN-DAETF-419

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.

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

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

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

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

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

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

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

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

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

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

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

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

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

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

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

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

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

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

Not applicable to a semi-annual report.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

Included in Item 1.

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

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.

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.

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

Not applicable.

(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.

(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
	July 2, 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
	President and Principal Executive Officer
	July 2, 2019

By:	/s/ Lauren A. Paino
	Lauren A. Paino
	Treasurer and Principal Financial Officer
	July 2, 2019