J.P. Morgan Exchange - Traded Fund Trust - Betabuilders U S Treasury Bond 20+ Year Etf NCSRS 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.		Jon S. Rand, Esq.
JPMorgan Chase & Co.		Dechert LLP
1111 Polaris Parkway		1095 Avenue of the Americas
Columbus, OH 43240		New York, NY 10036

Registrant’s telephone number, including area code: 1-844-457-6383

Date of fiscal year end: Last day of February

Date of reporting period: March 1, 2019 through August 31, 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

August 31, 2019 (Unaudited)

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

JPMorgan Core Plus Bond ETF

JPMorgan Corporate Bond Research Enhanced ETF

JPMorgan Global Bond Opportunities ETF

JPMorgan High Yield Research Enhanced ETF (formerly known as JPMorgan Disciplined High Yield ETF)

JPMorgan Municipal ETF

JPMorgan U.S. Aggregate Bond ETF

JPMorgan Ultra-Short Income ETF

JPMorgan Ultra-Short Municipal Income ETF

JPMorgan USD Emerging Markets Sovereign Bond ETF

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

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

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

CONTENTS



President’s Letter			1

Market Overview			2

Fund Commentaries:

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF			3

JPMorgan Core Plus Bond ETF			5

JPMorgan Corporate Bond Research Enhanced ETF			7

JPMorgan Global Bond Opportunities ETF			9

JPMorgan High Yield Research Enhanced ETF (formerly known as JPMorgan Disciplined High Yield ETF)			12

JPMorgan Municipal ETF			15

JPMorgan U.S. Aggregate Bond ETF			17

JPMorgan Ultra-Short Income ETF			19

JPMorgan Ultra-Short Municipal Income ETF			21

JPMorgan USD Emerging Markets Sovereign Bond ETF			23

Schedules of Portfolio Investments			26

Financial Statements			172

Financial Highlights			184

Notes to Financial Statements			186

Schedule of Shareholder Expenses			210

Special Shareholder Meeting Results			212

Board Approval of Initial Investment Advisory Agreement			215

Board Approval of Investment Advisory Agreements			217

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

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

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

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

PRESIDENT’S LETTER

October 10, 2019 (Unaudited)

Dear Shareholder,

The upward trajectory of JPMorgan Exchange-Traded Funds’ growth has continued in 2019. So far this year, we’ve increased our assets under management to more than $27 billion; placing J.P. Morgan as a top five provider in ETF flows as of the end of September 2019.¹ We continue to offer an expanding suite oflow-cost, liquid and transparent solutions for building well-diversified, well-priced portfolios. J. P. Morgan is proud to provide ETFs that can help each investor to achieve their goals.

“Amid changing market environments, we believe that investors should have all the tools to build a diversified ETF portfolio — J.P. Morgan ETFs span asset classes, management styles and portfolio needs to help investors build portfolios that endure over market cycles.”

While our ETF business has been progressing, the U.S. economic expansion slowed but remained above global growth trends through the six months ended August 31, 2019. U.S. equity and bond markets provided positive returns amid growth in corporate profits and continued strength in consumer spending. In July, the U.S. Federal Reserve cut interest rates for the first time in more than a decade, which provided further support for both equity and bond prices. However, a slowing global economy and a sharp increase in reciprocal trade tariffs between the U.S. and China led to increased volatility in financial markets and downward pressure on asset prices in August. For the six months, the S&P 500

1	Bloomberg LP, September 30, 2019.

returned 6.15% and the Bloomberg Barclays U.S. Aggregate Index returned 8.02%.

Amid an uncertain macro backdrop, we believe diversification is key — both across and within asset classes. As interest rate volatility increases, an appropriately diversified fixed income portfolio can help investors generate income and diversify equity volatility. J.P. Morgan’s fixed income ETFs offerlow-cost, research-driven choices to achieve critical objectives and build a diversified bond portfolio. Our full suite of fixed income solutions span across global markets and into factor-based and active strategies with the potential for better performance, lower risk and greater diversification to stocks.

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,

LOGO

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



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	1

J.P. Morgan Exchange-Traded Funds

MARKET OVERVIEW

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)

Both equity and bond markets in the U.S. provided positive returns for the six month reporting period amid continued U.S. economic growth, buoyant corporate earnings and the U.S. Federal Reserve’s first reduction in benchmark interest rates in more than a decade. Global bond markets generally provided positive returns, particularly in emerging markets and lower-rated corporate bonds, which benefitted from investor demand for higher yielding assets.

While financial markets largely rallied in the first months of the reporting period, investor concerns about slowing global economic growth and an increase in U.S.-China trade tensions drove an increase in market volatility and weighed down asset prices in the final months of the period.

Amid market volatility, investors flocked to longer-dated U.S. Treasury bonds in August, which drove the yields on the30-year U.S. Treasury bonds below 2% for the first time. More notably, yields on10-year U.S. Treasury bonds fell below yields ontwo-year U.S. Treasury bonds for the first time since 2007. Thisso-called yield curve inversion, which has preceded every U.S. economic recession since 1950, put further pressure on financial markets at the end of the reporting period.

For the six months ended August 31, 2019, the Bloomberg Barclays U.S. Aggregate Index returned 8.02% and the Bloomberg Barclays U.S. High Yield Bond Index returned 4.46%.



2	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

FUND COMMENTARY

PERIOD MARCH 12, 2019 (FUND INCEPTION DATE) THROUGH AUGUST 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		3.56%
Market Price**		3.64%
Bloomberg Barclays Short-Term US Aggregate Bond Index		3.63%

Net Assets as of 8/31/2019	$	31,990,088
Duration as of 8/31/2019		2.6 Years

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders1-5 Year U.S. Aggregate Bond ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg Barclays Short-Term US Aggregate Bond Index (the “Underlying Index”),

INVESTMENT APPROACH

The Underlying Index, which includes bonds with remaining effective maturities between one and five years, is a subset of the Bloomberg Barclays US Aggregate Index which consists of U.S. dollar denominated investment-grade taxable bonds. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible and invests at least 80% of its assets in securities included in the Underlying Index.

HOW DID THE FUND PERFORM?

For the period from inception on March 12, 2019 to August 31, 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 and the Underlying Index’s exposure to U.S. Treasury bonds was a leading contributor to performance during the reporting period. The Fund’s and the Underlying Index’s exposures to U.S. agency mortgage backed securities was a leading detractor from performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the U.S. Treasury and corporate bond sectors and the smallest allocations were in the securitized debt and government related bond sectors.


PORTFOLIO COMPOSITION****
U.S. Treasury Obligations	57.9	%
Corporate Bonds	25.1
Mortgage-Backed Securities	6.7
Supranational	2.9
U.S. Government Agency Securities	2.3
Commercial Mortgage-Backed Securities	1.9
Foreign Government Securities	1.4
Asset-Backed Securities	1.1
Municipal Bonds	0.1
Short-Term Investments	0.6

The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $25.59 as of August 31, 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 $25.61 as of August 31, 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 August 31, 2019. The Fund’s composition is subject to change.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	3

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

FUND COMMENTARY

PERIOD MARCH 12, 2019 (FUND INCEPTION DATE) THROUGH AUGUST 31, 2019 (Unaudited) (continued)


TOTAL RETURNSAS OF AUGUST 31, 2019 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Betabuilders1-5 Year U.S. Aggregate Bond ETF
Net Asset Value		March 12, 2019		3.56	%
Market Price				3.64	%

LIFE OF FUND PERFORMANCE(3/12/19 TO 8/31/19)

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 1-5 Year U.S. Aggregate Bond ETF and the Bloomberg Barclays Short-Term US Aggregate Bond Index from March 12, 2019 to August 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays Short-Term US Aggregate Bond Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of

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

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

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



4	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

JPMorgan Core Plus Bond ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		7.71%
Market Price**		7.68%
Bloomberg Barclays US Aggregate Index		8.02%

Net Assets as of 8/31/2019	$	32,078,250
Duration as of 8/31/2019		6.1 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2019, the Fund underperformed the Bloomberg Barclays US Aggregate Index (the “Index”).

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

Relative to the Index, the Fund’s underweight position in investment grade credit detracted from performance. Agency mortgage-backed securities had negative performance for the reporting period and the Fund’s overweight position in the sector also detracted from relative performance.

HOW WAS THE FUND POSITIONED?

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

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


PORTFOLIO COMPOSITION****
Corporate Bonds	26.1	%
Mortgage-Backed Securities	17.4
U.S. Treasury Obligations	14.9
Asset-Backed Securities	13.0
Collateralized Mortgage Obligations	6.1
Commercial Mortgage-Backed Securities	6.1
Others (each less than 1.0%)	0.0	(a)
Short-Term Investments	16.4

(a)

Amount rounds to less than 0.1%.

***

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

****

Percentages indicated are based on total investments as of August 31, 2019. The Fund’s composition is subject to change.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	5

JPMorgan Core Plus Bond ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited) (continued)


TOTAL RETURNSAS OF AUGUST 31, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			CUMULATIVE SINCE INCEPTION
JPMorgan Core Plus Bond ETF
Net Asset Value		January 28, 2019		7.71	%		8.76	%
Market Price				7.68	%		8.98	%

Not annualized.

LIFE OF FUND PERFORMANCE(1/28/19 TO 8/31/19)

Fund commenced operations on January 28, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Core Plus Bond ETF and the Bloomberg Barclays US Aggregate Index from January 28, 2019 to August 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays US Aggregate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities

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



6	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

JPMorgan Corporate Bond Research Enhanced ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		11.26%
Market Price**		11.21%
Bloomberg Barclays U.S. Corporate Bond Index		11.08%

Net Assets as of 8/31/2019	$	29,344,923
Duration as of 8/31/2019		7.9 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2019, the Fund outperformed the Bloomberg Barclays U.S. Corporate Bond Index (the “Index”).

Relative to the Index, the Fund’s security selection within the energy and communications sectors was a leading contributor to performance during the reporting period. The Fund’s overweight position in Anadarko Petroleum Corp. was the largest contributor to performance as the company’s bonds benefitted from the company’s acquisition by Occidental Petroleum Corp.

In the communications sector, the Fund’s positions in Vodafone Group PLC and Verizon Communications Inc. helped relative performance.

The Fund’s underweight position in the technology sector detracted from relative performance as some of the higher quality, large issuers such as Microsoft Corp. and Apple Inc. outperformed during the period. The Fund’s underweight position in the insurance subsector also detracted from performance.

HOW WAS THE FUND POSITIONED?

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


PORTFOLIO COMPOSITION****
Corporate Bonds	97.7	%
U.S. Treasury Obligations	1.2
Asset-Backed Securities	0.1
Short-Term Investments	1.0

Market price return is calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca, Inc. The midpoint price was $56.00 as of August 31, 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 August 31, 2019. The Fund’s composition is subject to change.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	7

JPMorgan Corporate Bond Research Enhanced ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited) (continued)


TOTAL RETURNSAS OF AUGUST 31, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			CUMULATIVE SINCE INCEPTION
JPMorgan Corporate Bond Research Enhanced ETF
Net Asset Value		December 12, 2018		11.26	%		14.88	%
Market Price				11.21	%		15.08	%

Not annualized.

LIFE OF FUND PERFORMANCE(12/12/18 TO 8/31/19)

Fund commenced operations on December 12, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Corporate Bond Research Enhanced ETF and the Bloomberg Barclays US Corporate Bond Index from December 12, 2018 to August 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays US Corporate Bond Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain

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



8	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

JPMorgan Global Bond Opportunities ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		6.18%
Market Price**		6.32%
Bloomberg Barclays Multiverse Index		6.21%

Net Assets as of 8/31/2019	$	194,475,936
Duration as of 8/31/2019		4.2 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2019, the Fund posted a positive return of 6.18%. The Fund is managed with an unconstrained orientation and is not managed relative to a benchmark index. While the Fund is not managed to a benchmark, its return is compared to the Bloomberg Barclays Multiverse Index, which returned 6.21% for the reporting period.

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

There were no significant detractors from absolute performance. The Fund’s exposure to foreign currencies was the smallest contributor to absolute performance.

Relative to the Bloomberg Barclays Multiverse Index, the Fund’s shorter overall duration detracted from performance as interest rates fell during the period. Duration measures the price sensitivity of the portfolio of bonds relative to changes in interest rates. Generally, bonds with shorter duration will generally experience smaller price appreciation when interest rates fall, compared with bonds of longer duration.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund invested opportunistically across different markets and sectors. The Fund’s managers applied a flexible investment approach and did not manage to a benchmark. This allowed the Fund to shift its allocations based on changing market conditions. The Fund had exposure to a broad range of asset classes during the reporting period, including high yield and investment grade corporate bonds, agency andnon-agency mortgage-backed securities, asset-backed securities, commercial mortgage-backed securities, emerging markets debt, convertible bonds and foreign government securities. At the end of the reporting period, the Fund’s largest allocations were in U.S. high yield bonds, government bonds and securitized debt. The Fund’s smallest allocations were innon-agency mortgage-backed securities, convertible bonds and collateralized loan obligations.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	9

JPMorgan Global Bond Opportunities ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited) (continued)


PORTFOLIO COMPOSITION BY COUNTRY****
United States	46.2	%
Spain	5.0
Portugal	4.2
Canada	3.7
United Kingdom	3.3
France	2.8
Italy	2.5
Indonesia	1.6
South Africa	1.6
Mexico	1.6
Greece	1.5
Luxembourg	1.2
Germany	1.2
Netherlands	1.2
Switzerland	1.2
Malaysia	1.0
Ireland	1.0
Poland	1.0
Brazil	1.0
Others (each less than 1.0%)	13.2
Short-Term Investments	4.0

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 $51.33 as of August 31, 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 August 31, 2019. The Fund’s composition is subject to change.



10	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


AVERAGE ANNUAL TOTAL RETURNSAS OF AUGUST 31, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			1 YEAR			SINCE INCEPTION
JPMorgan Global Bond Opportunities ETF
Net Asset Value		April 5, 2017		6.18	%		8.94	%		5.01	%
Market Price				6.32	%		9.27	%		5.13	%

Not annualized.

LIFE OF FUND PERFORMANCE(4/5/17 TO 8/31/19)

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-date,month-end performance information please call1-844-457-6383.

Fund commenced operations on April 5, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Global Bond Opportunities ETF and the Bloomberg Barclays Multiverse Index from April 5, 2017 to August 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays Multiverse Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.

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

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



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	11

JPMorgan High Yield Research Enhanced ETF

(formerly known as JPMorgan Disciplined High Yield ETF)¹

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		5.46%
Market Price**		5.71%
ICE BofAML US High Yield Index		4.51%
Bloomberg Barclays US Aggregate Index		8.02%

Net Assets as of 8/31/2019	$	164,107,476
Duration as of 8/31/2019		3.1 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2019, the Fund posted a positive absolute performance and outperformed the ICE BofAML US High Yield Index (the “Benchmark”) and underperformed the Bloomberg Barclays US Aggregate Index.

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

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

HOW WAS THE FUND POSITIONED?

The Fund’s managers believed that bonds rated CCC generally have materially higher volatility and default risk than bonds rated BB andsingle-B, while providing inadequate incremental return over a market cycle to justify the higher volatility. In addition, the managers believe bonds issued by private companies have had a materially higher probability of default than similarly-rated bonds issued by public companies. As such, the Fund did not invest in bonds rated CCC or bonds issued by private companies. Relative to the Benchmark, the Fund was overweight in bonds rated BB and underweight in bonds rated B and CCC.



12	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


PORTFOLIO COMPOSITION BY INDUSTRY****
Oil, Gas & Consumable Fuels	11.3	%
Media	9.9
Hotels, Restaurants & Leisure	7.7
Diversified Telecommunication Services	7.0
Health Care Providers & Services	6.5
Wireless Telecommunication Services	4.0
Metals & Mining	3.5
Equity Real Estate Investment Trusts (REITs)	3.0
Aerospace & Defense	3.0
Consumer Finance	2.5
Containers & Packaging	2.4
Commercial Services & Supplies	2.2
Banks	2.0
Pharmaceuticals	2.0
Food Products	2.0
Technology Hardware, Storage & Peripherals	2.0
Chemicals	2.0
Communications Equipment	1.8
Auto Components	1.7
Trading Companies & Distributors	1.6
Software	1.5
Entertainment	1.4
Capital Markets	1.4
Energy Equipment & Services	1.4
Electric Utilities	1.3
Investment of cash collateral from securities loaned	1.3
IT Services	1.1
Independent Power and Renewable Electricity Producers	1.1
Household Durables	1.0
Others (each less than 1.0%)	8.5
Short-Term Investments	1.9

On September 9, 2019, the Fund’s name was changed to JPMorgan High Yield Research Enhanced ETF. The Fund’s investment approach also changed and its primary benchmark was changed to the Bloomberg Barclays US Corporate High Yield – 2% Issuer Capped Index.

***

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 August 31, 2019. The Fund’s composition is subject to change.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	13

JPMorgan High Yield Research Enhanced ETF

(formerly known as JPMorgan Disciplined High Yield ETF)

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF AUGUST 31, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			1 YEAR			SINCE INCEPTION
JPMorgan High Yield Research Enhanced ETF
Net Asset Value		September 14, 2016		5.46	%		8.36	%		5.90	%
Market Price				5.71	%		8.18	%		5.94	%

Not annualized.

LIFE OF FUND PERFORMANCE(9/14/16 TO 8/31/19)

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-date,month-end performance information please call1-844-457-6383.

Fund commenced operations on September 14, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan High Yield Research Enhanced ETF, the ICE BofAML US High Yield Index and the Bloomberg Barclays US Aggregate Index from September 14, 2016 to August 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML US High Yield Index and the Bloomberg Barclays US Aggregate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The ICE BofAML US High Yield Index is an unmanaged index, which measures the performance

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



14	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

JPMorgan Municipal ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		6.56%
Market Price**		6.42%
Bloomberg Barclays US1-15 Year Blend(1-17) Municipal Bond Index		5.04%

Net Assets as of 8/31/2019	$	35,531,083
Duration as of 8/31/2019		5.7 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2019, the Fund outperformed to the Bloomberg Barclays US1-15 Year Blend(1-17) Municipal Bond Index (the “Index”). Interest rates fell during the reporting period and lower rated bonds generally outperformed higher rated bonds.

Relative to the Index, the Fund’s longer overall duration was a leading contributor to performance. Duration measures the price sensitivity of a portfolio of bonds relative to changes in interest rates. Generally, a portfolio of bonds with a longer duration will experience a larger increase in price when interest rates fall. The Fund’s overweight allocations to bonds rated BBB and BB and its overweight allocations to local general obligation bonds and the leasing sector also contributed to relative performance.

The Fund’s underweight allocations to the hospital, industrial development revenue/pollution control revenue and transportation sectors were leading detractors from relative performance. The Fund’s allocation to floating rate notes, which were not held in the Index and were used tactically to maintain liquidity and market stability in the portfolio, also detracted from performance. Typically, floating rate notes do not experience price appreciation when interest rates fall. The Fund’s underweight positions in Connecticut and New Jersey bonds and its overweight positions in Texas and Florida bonds also hurt relative performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest allocations were in revenue bonds and general obligation bonds, while its smallest allocation was inpre-refunded bonds. In terms of quality, the Fund’s largest allocations were in bonds rated AA andsingle-A, while its smallest allocations were in unrated bonds and bonds rated BB. The Fund’s overall duration was 5.7 years compared with 4.5 years for the Index.


PORTFOLIO COMPOSITION****
Municipal Bonds	97.4	%
Short-Term Investments	2.6

***

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 August 31, 2019. The Fund’s composition is subject to change.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	15

JPMorgan Municipal ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited) (continued)


TOTAL RETURNSAS OF AUGUST 31, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			CUMULATIVE SINCE INCEPTION
JPMorgan Municipal ETF
Net Asset Value		October 29, 2018		6.56	%		11.61	%
Market Price				6.42	%		11.65	%

Not annualized.

LIFE OF FUND PERFORMANCE(10/29/18 TO 8/31/19)

Fund commenced operations on October 29, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Municipal ETF and the Bloomberg Barclays US 1-15 Year Blend (1-17) Municipal Bond Index from October 29, 2018 to August 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays US 1-15 Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses associated with an

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



16	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

JPMorgan U.S. Aggregate Bond ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		7.88%
Market Price**		8.07%
Bloomberg Barclays US Aggregate Index		8.02%

Net Assets as of 8/31/2019	$	189,858,909
Duration as of 8/31/2019		5.7 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2019, the Fund underperformed the Bloomberg Barclays US Aggregate Index (the “Index”).

Relative to the Index, the Fund’s security selection within corporate bonds detracted from performance. During the reporting period, interest rates generally declined and lower quality bonds outperformed higher quality bonds.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund applied a multi-factor credit screening process to the corporatesub-sectors of the Index that sought exposure to corporate debt issuers that the Fund’s portfolio managers believed had attractive value, quality and momentum characteristics. The Fund’s and the Index’s largest allocations at the end of the reporting period were in government bonds and corporate bonds and its smallest allocations were in agency debt and municipal bonds.


PORTFOLIO COMPOSITION****
U.S. Treasury Obligations	39.8	%
Mortgage-Backed Securities	26.8
Corporate Bonds	25.8
Commercial Mortgage-Backed Securities	2.0
Foreign Government Securities	1.6
Supranational	1.3
U.S. Government Agency Securities	1.3
Others (each less than 1.0%)	1.1
Short-Term Investments	0.3

Market price return is calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca, Inc. The midpoint price was $27.00 as of August 31, 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 August 31, 2019. The Fund’s composition is subject to change.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	17

JPMorgan U.S. Aggregate Bond ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited) (continued)


TOTAL RETURNSAS OF AUGUST 31, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			CUMULATIVE SINCE INCEPTION
JPMorgan U.S. Aggregate Bond ETF
Net Asset Value		December 12, 2018		7.88	%		9.92	%
Market Price				8.07	%		10.21	%

Not annualized.

LIFE OF FUND PERFORMANCE(12/12/18 TO 8/31/19)

Fund commenced operations on December 12, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Aggregate Bond ETF and the Bloomberg Barclays US Aggregate Index from December 12, 2018 to August 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays US Aggregate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the secu-

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



18	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

JPMorgan Ultra-Short Income ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		1.81%
Market Price**		1.81%
ICE BofAML US3-Month Treasury Bill Index		1.25%

Net Assets as of 8/31/2019	$	8,377,351,630
Duration as of 8/31/2019		0.5 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2019, the Fund outperformed the ICE BofAML US3-Month Treasury Bill Index (the “Index”). Interest rates fell during the reporting period and lower rated bonds generally outperformed higher rated bonds.

The Fund’s allocations to investment grade corporate bonds and money market securities were leading contributors to both absolute performance and performance relative to the Index during the reporting period. The Fund’s allocations to collateralized loan obligations, asset backed securities and commercial mortgage backed securities also contributed to absolute and relative performance. The Fund also added exposure to U.S. Treasury bonds which, given the steep decline in bond yields over the period, positively contributed to absolute and relative performance.

There were no significant detractors from absolute or relative performance during the reporting period.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio management team positioned the Fund according to its belief that interest rates would be moving lower throughout the year and that corporate credit fundamentals would remain favorable, despite

geopolitical risks and the potential impact of protracted trade tensions between the U.S. and China. The team added to its U.S. Treasury bonds allocation in an effort to protect against market volatility from trade uncertainty and benefit from a shift to a declining interest rate environment. In descending order, the Fund’s largest allocations were in corporate bonds, money market securities, collateralized loan obligations, asset backed securities, U.S. Treasury bonds, commercial mortgage backed securities, andnon-corporate credit.


PORTFOLIO COMPOSITION BY SECTOR****
Financials	45.6	%
Asset-Backed Securities	11.2
U.S. Treasury Obligations	6.2
Utilities	2.8
Energy	2.8
Consumer Discretionary	2.7
Industrials	2.5
Health Care	2.3
Consumer Staples	2.0
Communication Services	1.9
Real Estate	1.1
Others (each less than 1.0%)	2.0
Short-Term Investments	16.9

***

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

****

Percentages indicated are based on total investments as of August 31, 2019. The Fund’s composition is subject to change.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	19

JPMorgan Ultra-Short Income ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF AUGUST 31, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			1 YEAR			SINCE INCEPTION
JPMorgan Ultra-Short Income ETF
Net Asset Value		May 17, 2017		1.81	%		3.21	%		2.51	%
Market Price				1.81	%		3.18	%		2.54	%

Not annualized.

LIFE OF FUND PERFORMANCE(5/17/17 TO 8/31/19)

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-date,month-end performance information please call1-844-457-6383.

Fund commenced operations on May 17, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Ultra-Short Income ETF and the ICE BofAML 3-Month US Treasury Bill Index from May 17, 2017 to August 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the

securities included in the Index, if applicable. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. The index is rebalanced monthly and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond 3 months from the rebalancing date. Investors cannot invest directly in an index.



20	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

JPMorgan Ultra-Short Municipal Income ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		1.26%
Market Price**		1.26%
Bloomberg Barclays 1-Year Municipal Bond Index		1.51%

Net Assets as of 8/31/2019	$	123,669,200
Duration as of 8/31/2019		0.7 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2019, the Fund underperformed the Bloomberg Barclays 1- Year Municipal Bond Index (the “Index”). Interest rates fell during the reporting period and lower rated bonds generally outperformed higher rated bonds.

The Fund’s allocation to variable rate bonds, which are not held in the Index and are used tactically to maintain liquidity and market stability in the portfolio, was a leading detractor from both absolute performance and performance relative to the Index. Typically, variable rate bonds do not experience price appreciation when interest rates fall. The Fund’s underweight allocations to bonds ratedsingle-A and BBB and its overweight allocation to local general obligation bonds also detracted from relative performance.

The Fund’s allocation to bonds with maturities longer than two years, which are not held in the Index, was a leading contributor to both absolute performance and performance relative to the Index during the reporting period. Relative to the Index, the Fund’s overweight allocations to the leasing and industrial development revenue/pollution control revenue sectors, and its

underweight allocation to bonds issued in California also contributed to performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s overall duration was 0.7 years vs. 1.5 years for the Index. Duration measures the price sensitivity of a portfolio of bonds relative to changes in interest rates. Generally, bonds with shorter duration experience smaller increase in price as interest rates fall, relative to longer duration bonds.


PORTFOLIO COMPOSITION****
Municipal Bonds	98.6	%
Short-Term Investments	1.4

***

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 August 31, 2019. The Fund’s composition is subject to change.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	21

JPMorgan Ultra-Short Municipal Income ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited) (continued)


TOTAL RETURNSAS OF AUGUST 31, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			CUMULATIVE SINCE INCEPTION
JPMorgan Ultra-Short Municipal Income ETF
Net Asset Value		October 16, 2018		1.26	%		2.44	%
Market Price				1.26	%		2.50	%

Not annualized.

LIFE OF FUND PERFORMANCE(10/16/18 TO 8/31/19)

Fund commenced operations on October 16, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Ultra-Short Municipal Income ETF and the Bloomberg Barclays1-Year Municipal Bond Index from October 16, 2018 to August 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays 1-Year Municipal Bond Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg

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



22	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

JPMorgan USD Emerging Markets Sovereign Bond ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Net Asset Value*		9.62%
Market Price**		9.94%
JPMorgan Emerging Markets Risk-Aware Bond Index		9.88%

Net Assets as of 8/31/2019	$	66,104,839
Duration as of 8/31/2019		7.5 Years

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2019, the Fund performed in line with the Underlying Index. The majority of the Fund’s deviation against the Underlying Index was due to operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s liquidity filter detracted from absolute performance as less liquid bond issues outperformed other issues of emerging markets sovereign and quasi-sovereign debt. The Fund’s and the Underlying Index’s risk filter caused it to have no exposure to Argentina and Venezuela, which was a positive contributor to absolute performance.

HOW WAS THE FUND POSITIONED?

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



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	23

JPMorgan USD Emerging Markets Sovereign Bond ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited) (continued)


PORTFOLIO COMPOSITION BY COUNTRY****
Turkey	6.4	%
Brazil	5.0
South Africa	5.0
Oman	4.8
Ukraine	4.7
Egypt	4.5
Dominican Republic	4.5
Ecuador	4.2
Mexico	4.0
Sri Lanka	3.8
Indonesia	3.3
Russia	2.7
Philippines	2.7
Colombia	2.6
China	2.6
Kazakhstan	2.3
Peru	2.3
Saudi Arabia	2.2
Azerbaijan	2.0
Uruguay	2.0
Jamaica	1.8
Pakistan	1.6
Panama	1.6
Kenya	1.5
Malaysia	1.5
Qatar	1.5
Chile	1.4
Ghana	1.4
Ivory Coast	1.4
Poland	1.4
Hungary	1.3
Croatia	1.2
Iraq	1.2
Jordan	1.1
Romania	1.1
United States	1.0
Others (each less than 1.0%)	6.0
Short-Term Investments	0.4

the midpoint of the bid/ask spread at the close of business on the NYSE Arca, Inc. The midpoint price was $51.11 as of August 31, 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 August 31, 2019. The Fund’s composition is subject to change.



24	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


AVERAGE ANNUAL TOTAL RETURNSAS OF AUGUST 31, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan USD Emerging Markets Sovereign Bond ETF
Net Asset Value		January 29, 2018		9.62%		16.67%		6.10%
Market Price				9.94%		16.41%		6.42%

Not annualized.

LIFE OF FUND PERFORMANCE(1/29/18 TO 8/31/19)

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-date,month-end performance information please call1-844-457-6383.

Fund commenced operations on January 29, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan USD Emerging Markets Sovereign Bond ETF and the JPMorgan Emerging Markets Risk-Aware Bond Index from January 29, 2018 to August 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JPMorgan Emerging Markets Risk-Aware Bond Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The JPMorgan Emerging Markets Risk-Aware Bond Index (the “index”) is comprised of liquid, U.S. dollar-denominated sovereign and quasi-sovereign fixed and floating rate debt securities from emerging markets selected using a rules-based methodology and is owned by J.P. Morgan Investment Inc., the Fund’s adviser (the “Adviser”). The Index is maintained and calculated by J.P. Morgan Securities LLC (“JPMS” or the “Index Provider”), which selects securities in accordance with the methodology from among the components of the J.P. Morgan Emerging Market Bond Index Global Diversified, which was developed and is maintained by the Index Provider. The Index Provider and the Adviser are both wholly-owned subsidiaries of JPMorgan Chase & Co., a publicly-held financial services holding company. The Index starts with the J.P. Morgan

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



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	25

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
U.S. Treasury Obligations — 57.8%

U.S. Treasury Notes

1.38%, 8/31/2020		2,197,000		2,188,075

1.75%, 11/15/2020		313,000		313,122

1.75%, 12/31/2020		328,000		328,231

2.25%, 4/30/2021		80,000		80,844

1.13%, 9/30/2021		4,225,000		4,190,837

2.00%, 12/31/2021		4,196,000		4,244,189

1.75%, 6/30/2022		200,000		201,750

1.63%, 8/15/2022		482,000		484,674

1.88%, 9/30/2022		130,000		131,757

1.75%, 1/31/2023		23,000		23,244

1.50%, 2/28/2023		705,000		706,763

1.50%, 3/31/2023		24,000		24,070

1.25%, 7/31/2023		467,000		463,826

2.75%, 7/31/2023		687,000		721,323

2.63%, 12/31/2023		15,000		15,755

2.75%, 2/15/2024		16,000		16,916

2.38%, 2/29/2024		2,627,000		2,737,006

2.13%, 3/31/2024		70,000		72,182

2.00%, 4/30/2024		480,000		492,562

2.25%, 4/30/2024		15,000		15,563

2.00%, 5/31/2024		335,000		344,134

1.75%, 6/30/2024		282,000		286,505

1.75%, 7/31/2024		60,000		60,996

2.13%, 7/31/2024		325,000		335,893


Total U.S. Treasury Obligations (Cost $18,112,689)				18,480,217

Corporate Bonds — 25.1%

Aerospace & Defense — 0.4%

Boeing Co. (The)

8.75%, 8/15/2021		10,000		11,247

2.13%, 3/1/2022		8,000		8,033

Embraer SA (Brazil) 5.15%, 6/15/2022		15,000		15,909

General Dynamics Corp. 2.25%, 11/15/2022		16,000		16,188

Lockheed Martin Corp. 3.10%, 1/15/2023		5,000		5,189

Northrop Grumman Corp. 2.55%, 10/15/2022		15,000		15,233

Raytheon Co. 2.50%, 12/15/2022		6,000		6,078

Rockwell Collins, Inc. 3.20%, 3/15/2024		15,000		15,585

United Technologies Corp. 2.30%, 5/4/2022		29,000		29,252


				122,714


Air Freight & Logistics — 0.1%

FedEx Corp. 2.63%, 8/1/2022		6,000		6,104


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Air Freight & Logistics — continued

United Parcel Service of America, Inc. 8.38%, 4/1/2020		18,000		18,630


				24,734


Airlines — 0.1%

Delta Air Lines, Inc. 3.63%, 3/15/2022		18,000		18,495


Auto Components — 0.1%

Aptiv Corp. 4.15%, 3/15/2024		17,000		18,126


Automobiles — 0.0% (a)

General Motors Co. 4.88%, 10/2/2023		15,000		16,134


Banks — 6.9%

Bank of America Corp.

5.00%, 5/13/2021		145,000		151,952

(ICE LIBOR USD 3 Month + 0.93%), 2.82%, 7/21/2023 (b)		17,000		17,351

(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (b)		12,000		12,542

Bank of Montreal (Canada)

Series E, 3.30%, 2/5/2024		5,000		5,239

(USD Swap Semi 5 Year + 1.28%), 4.34%, 10/5/2028 (b)		31,000		32,948

Bank of Nova Scotia (The) (Canada)

2.70%, 3/7/2022		15,000		15,283

3.40%, 2/11/2024		38,000		40,044

BB&T Corp.

3.20%, 9/3/2021		27,000		27,579

3.75%, 12/6/2023		10,000		10,671

BNP Paribas SA (France) 5.00%, 1/15/2021		25,000		25,965

Canadian Imperial Bank of Commerce (Canada) 2.55%, 6/16/2022		15,000		15,264

Citigroup, Inc.

4.05%, 7/30/2022		15,000		15,731

(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (b)		112,000		114,527

(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023 (b)		20,000		20,355

(ICE LIBOR USD 3 Month + 1.02%), 4.04%, 6/1/2024 (b)		12,000		12,773

Citizens Financial Group, Inc. 2.38%, 7/28/2021		35,000		35,118

Comerica, Inc. 3.70%, 7/31/2023		15,000		15,856

Cooperatieve Rabobank UA (Netherlands) 4.50%, 1/11/2021		52,000		53,721

Fifth Third Bancorp

3.50%, 3/15/2022		25,000		25,829

4.30%, 1/16/2024		12,000		12,937

First Horizon National Corp. 3.50%, 12/15/2020		20,000		20,246

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Banks — continued

First Niagara Financial Group, Inc. 7.25%, 12/15/2021		12,000		13,281

HSBC Holdings plc (United Kingdom)

5.10%, 4/5/2021		82,000		85,592

4.88%, 1/14/2022		10,000		10,605

4.00%, 3/30/2022		15,000		15,738

Huntington Bancshares, Inc. 3.15%, 3/14/2021		22,000		22,319

KeyCorp 2.90%, 9/15/2020		20,000		20,165

Kreditanstalt fuer Wiederaufbau (Germany)

2.75%, 10/1/2020		15,000		15,159

2.50%, 2/15/2022		16,000		16,383

2.13%, 3/7/2022		15,000		15,231

2.00%, 10/4/2022		245,000		248,802

Landwirtschaftliche Rentenbank (Germany) 2.25%, 10/1/2021		20,000		20,272

Lloyds Bank plc (United Kingdom) 3.30%, 5/7/2021		35,000		35,584

M&T Bank Corp. 3.55%, 7/26/2023		22,000		23,210

Mitsubishi UFJ Financial Group, Inc. (Japan)

3.00%, 2/22/2022		40,000		40,777

3.22%, 3/7/2022		17,000		17,430

3.76%, 7/26/2023		5,000		5,286

3.41%, 3/7/2024		25,000		26,276

MUFG Americas Holdings Corp. 3.50%, 6/18/2022		5,000		5,171

NatWest Markets plc (United Kingdom) 5.63%, 8/24/2020		8,000		8,232

Oesterreichische Kontrollbank AG (Austria)

2.38%, 10/1/2021		22,000		22,352

2.63%, 1/31/2022		17,000		17,428

People’s United Financial, Inc. 3.65%, 12/6/2022		27,000		27,941

PNC Financial Services Group, Inc. (The)

3.30%, 3/8/2022		20,000		20,647

2.85%, 11/9/2022 (c)		12,000		12,279

3.50%, 1/23/2024		31,000		32,964

Regions Financial Corp. 3.80%, 8/14/2023		15,000		15,875

Royal Bank of Canada (Canada)

2.30%, 3/22/2021		22,000		22,159

2.75%, 2/1/2022		8,000		8,171

3.70%, 10/5/2023		15,000		15,947

2.55%, 7/16/2024		20,000		20,358

Royal Bank of Scotland Group plc (United Kingdom) 6.00%, 12/19/2023		50,000		54,447


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

Santander Holdings USA, Inc.

4.45%, 12/3/2021		38,000		39,645

3.40%, 1/18/2023		26,000		26,745

Santander UK Group Holdings plc (United Kingdom) 3.13%, 1/8/2021		35,000		35,188

Santander UK plc (United Kingdom) 4.00%, 3/13/2024		15,000		15,962

Sumitomo Mitsui Financial Group, Inc. (Japan)

2.93%, 3/9/2021		53,000		53,634

2.85%, 1/11/2022		10,000		10,166

2.78%, 7/12/2022		15,000		15,266

3.75%, 7/19/2023		10,000		10,572

SunTrust Bank

(ICE LIBOR USD 3 Month + 0.59%), 3.50%, 8/2/2022 (b)		20,000		20,473

3.20%, 4/1/2024		10,000		10,468

(ICE LIBOR USD 3 Month + 0.74%), 3.69%, 8/2/2024 (b)		12,000		12,647

Toronto-Dominion Bank (The) (Canada)

2.50%, 12/14/2020		35,000		35,230

2.55%, 1/25/2021		17,000		17,147

US Bancorp

3.00%, 3/15/2022		50,000		51,289

2.95%, 7/15/2022		20,000		20,516

Wells Fargo & Co.

2.50%, 3/4/2021		83,000		83,493

2.10%, 7/26/2021		55,000		55,044

Series M, 3.45%, 2/13/2023		12,000		12,466

Westpac Banking Corp. (Australia) 2.75%, 1/11/2023		80,000		82,155


				2,206,118


Beverages — 0.4%

Anheuser-Busch InBev Finance, Inc. (Belgium)

2.65%, 2/1/2021		15,000		15,139

3.70%, 2/1/2024		15,000		16,001

Coca-Cola Co. (The)

3.30%, 9/1/2021		20,000		20,579

2.20%, 5/25/2022		15,000		15,178

Constellation Brands, Inc. 2.25%, 11/6/2020		15,000		15,020

Diageo Investment Corp. (United Kingdom) 8.00%, 9/15/2022		10,000		11,759

Keurig Dr Pepper, Inc. 3.55%, 5/25/2021		15,000		15,360

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	27

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Beverages — continued

PepsiCo, Inc.

2.15%, 10/14/2020		17,000		17,049

2.25%, 5/2/2022		8,000		8,091


				134,176


Biotechnology — 0.5%

AbbVie, Inc. 3.75%, 11/14/2023		40,000		42,182

Amgen, Inc.

4.50%, 3/15/2020		15,000		15,176

3.63%, 5/22/2024		15,000		15,951

Biogen, Inc. 3.63%, 9/15/2022		15,000		15,631

Celgene Corp.

2.88%, 2/19/2021		24,000		24,255

3.63%, 5/15/2024		15,000		15,887

Gilead Sciences, Inc. 1.95%, 3/1/2022		23,000		22,983


				152,065


Capital Markets — 1.6%

Ares Capital Corp. 4.20%, 6/10/2024		5,000		5,189

Bank of New York Mellon Corp. (The)

2.45%, 11/27/2020		10,000		10,046

(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (b)		42,000		42,692

BlackRock, Inc. 4.25%, 5/24/2021		15,000		15,612

Charles Schwab Corp. (The) 3.25%, 5/21/2021		5,000		5,111

Deutsche Bank AG (Germany)

4.25%, 2/4/2021		47,000		47,528

Series D, 5.00%, 2/14/2022		20,000		20,730

Goldman Sachs Group, Inc. (The)

2.88%, 2/25/2021		25,000		25,238

(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (b)		123,000		125,154

Intercontinental Exchange, Inc. 4.00%, 10/15/2023		10,000		10,752

Jefferies Group LLC 6.88%, 4/15/2021		6,000		6,400

Morgan Stanley

2.75%, 5/19/2022		15,000		15,258

3.13%, 1/23/2023		32,000		32,984

(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (b)		60,000		63,110

Series F, 3.88%, 4/29/2024		15,000		16,094

Nomura Holdings, Inc. (Japan) 6.70%, 3/4/2020		18,000		18,399

Northern Trust Corp. 2.38%, 8/2/2022		15,000		15,236

State Street Corp.

(ICE LIBOR USD 3 Month + 0.64%), 2.65%, 5/15/2023 (b)		23,000		23,366


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Capital Markets — continued

(ICE LIBOR USD 3 Month + 0.77%), 3.78%, 12/3/2024 (b)		12,000		12,798

Stifel Financial Corp. 3.50%, 12/1/2020		13,000		13,169


				524,866


Chemicals — 0.5%

Dow Chemical Co. (The) 3.00%, 11/15/2022		20,000		20,423

DuPont de Nemours, Inc. 4.21%, 11/15/2023		10,000		10,771

LYB International Finance BV 4.00%, 7/15/2023		15,000		15,969

Mosaic Co. (The) 4.25%, 11/15/2023		10,000		10,561

Nutrien Ltd. (Canada)

4.88%, 3/30/2020		10,000		10,142

3.63%, 3/15/2024		20,000		21,040

Praxair, Inc. 2.70%, 2/21/2023		15,000		15,331

Sherwin-Williams Co. (The) 2.75%, 6/1/2022		7,000		7,108

Syngenta Finance NV (Switzerland) 3.13%, 3/28/2022		57,000		57,856


				169,201


Commercial Services & Supplies — 0.1%

RELX Capital, Inc. (United Kingdom) 3.13%, 10/15/2022		10,000		10,257

Republic Services, Inc. 5.25%, 11/15/2021		15,000		15,982

Waste Management, Inc. 2.90%, 9/15/2022		10,000		10,256


				36,495


Communications Equipment — 0.1%

Cisco Systems, Inc.

2.20%, 2/28/2021		10,000		10,066

2.20%, 9/20/2023		27,000		27,406

Motorola Solutions, Inc. 3.75%, 5/15/2022		6,000		6,206


				43,678


Consumer Finance — 1.7%

American Express Co.

3.00%, 2/22/2021		43,000		43,589

2.65%, 12/2/2022		12,000		12,232

3.40%, 2/27/2023		26,000		27,159

American Honda Finance Corp.

2.60%, 11/16/2022		25,000		25,481

3.63%, 10/10/2023		33,000		35,078

Capital One Financial Corp.

3.45%, 4/30/2021		15,000		15,316

4.75%, 7/15/2021		33,000		34,498

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Consumer Finance — continued

Caterpillar Financial Services Corp.

2.90%, 3/15/2021		34,000		34,570

2.85%, 6/1/2022		12,000		12,319

Discover Financial Services 3.85%, 11/21/2022		25,000		26,223

General Motors Financial Co., Inc.

3.45%, 1/14/2022		31,000		31,592

5.10%, 1/17/2024		55,000		59,457

John Deere Capital Corp.

2.88%, 3/12/2021		21,000		21,272

3.15%, 10/15/2021		18,000		18,442

2.65%, 6/24/2024		15,000		15,439

PACCAR Financial Corp. 2.65%, 5/10/2022		8,000		8,161

Synchrony Financial 3.75%, 8/15/2021		26,000		26,585

Toyota Motor Credit Corp.

2.80%, 7/13/2022		26,000		26,732

2.63%, 1/10/2023		33,000		33,793

2.25%, 10/18/2023		22,000		22,265


				530,203


Diversified Financial Services — 0.4%

Berkshire Hathaway, Inc. 3.40%, 1/31/2022		37,000		38,463

National Rural Utilities Cooperative Finance Corp. (ICE LIBOR USD 3 Month + 2.91%), 4.67%, 4/30/2043 (b)		15,000		15,185

ORIX Corp. (Japan) 2.90%, 7/18/2022		10,000		10,214

Private Export Funding Corp. Series EE, 2.80%, 5/15/2022		30,000		30,930

Shell International Finance BV (Netherlands)

4.38%, 3/25/2020		15,000		15,192

3.40%, 8/12/2023		10,000		10,576

Voya Financial, Inc. 3.13%, 7/15/2024		15,000		15,497


				136,057


Diversified Telecommunication Services — 0.4%

AT&T, Inc.

2.80%, 2/17/2021		21,000		21,177

3.40%, 6/15/2022 (c)		6,000		6,200

3.60%, 2/17/2023		15,000		15,679

3.55%, 6/1/2024		25,000		26,273

Telefonica Emisiones SA (Spain) 5.46%, 2/16/2021		25,000		26,165

Verizon Communications, Inc. 5.15%, 9/15/2023		20,000		22,478


				117,972


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Electric Utilities — 0.8%

Duke Energy Corp. 3.75%, 4/15/2024		8,000		8,501

Duke Energy Florida LLC 3.10%, 8/15/2021		27,000		27,394

Emera US Finance LP (Canada) 2.70%, 6/15/2021		9,000		9,065

Entergy Louisiana LLC 4.05%, 9/1/2023		15,000		16,113

Exelon Corp. 2.45%, 4/15/2021		17,000		17,048

Fortis, Inc. (Canada) 2.10%, 10/4/2021		9,000		8,962

Georgia Power Co. Series C, 2.00%, 9/8/2020		17,000		17,005

Hydro-Quebec (Canada) Series HY, 8.40%, 1/15/2022		17,000		19,506

NextEra Energy Capital Holdings, Inc.

Series H, 3.34%, 9/1/2020		13,000		13,137

3.15%, 4/1/2024		15,000		15,613

Oncor Electric Delivery Co. LLC 2.75%, 6/1/2024 (d)		20,000		20,648

PPL Capital Funding, Inc. 3.50%, 12/1/2022		15,000		15,563

Public Service Co. of Colorado 2.25%, 9/15/2022		18,000		18,157

Public Service Co. of New Hampshire 3.50%, 11/1/2023		15,000		15,823

Public Service Electric & Gas Co. 2.38%, 5/15/2023		15,000		15,229

Southern California Edison Co. Series A, 2.90%, 3/1/2021		8,000		8,075


				245,839


Electrical Equipment — 0.1%

ABB Finance USA, Inc. (Switzerland) 3.38%, 4/3/2023		20,000		20,911

Emerson Electric Co. 2.63%, 12/1/2021		6,000		6,104


				27,015


Electronic Equipment, Instruments & Components — 0.1%

Amphenol Corp. 4.00%, 2/1/2022		3,000		3,113

Flex Ltd. 5.00%, 2/15/2023		8,000		8,490

Jabil, Inc. 5.63%, 12/15/2020		10,000		10,381


				21,984


Energy Equipment & Services — 0.1%

National Oilwell Varco, Inc. 2.60%, 12/1/2022		15,000		15,008

Schlumberger Investment SA 3.65%, 12/1/2023		15,000		15,856


				30,864

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	29

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Entertainment — 0.1%

NBCUniversal Media LLC 5.15%, 4/30/2020		15,000		15,293

TWDC Enterprises 18 Corp. 2.45%, 3/4/2022		20,000		20,367

Viacom, Inc. 3.88%, 12/15/2021		12,000		12,404


				48,064


Equity Real Estate Investment Trusts (REITs) — 0.7%

American Campus Communities Operating Partnership LP

3.35%, 10/1/2020		16,000		16,198

American Tower Corp.

4.70%, 3/15/2022		6,000		6,373

3.38%, 5/15/2024		15,000		15,669

Boston Properties LP 3.85%, 2/1/2023		15,000		15,823

Brixmor Operating Partnership LP 3.88%, 8/15/2022		6,000		6,261

CC Holdings GS V LLC 3.85%, 4/15/2023		24,000		25,299

Digital Realty Trust LP 3.95%, 7/1/2022		3,000		3,142

ERP Operating LP 4.63%, 12/15/2021		15,000		15,787

HCP, Inc. 3.15%, 8/1/2022		6,000		6,168

Healthcare Trust of America Holdings LP

3.38%, 7/15/2021		10,000		10,182

Hospitality Properties Trust 4.25%, 2/15/2021		5,000		5,083

Host Hotels & Resorts LP 5.25%, 3/15/2022		5,000		5,310

Kimco Realty Corp. 3.40%, 11/1/2022		6,000		6,214

Liberty Property LP 4.13%, 6/15/2022		15,000		15,714

Office Properties Income Trust 4.25%, 5/15/2024		15,000		15,299

Realty Income Corp. 3.25%, 10/15/2022		8,000		8,294

Simon Property Group LP 3.75%, 2/1/2024		25,000		26,757

Ventas Realty LP 3.25%, 8/15/2022		8,000		8,224

VEREIT Operating Partnership LP 4.13%, 6/1/2021		8,000		8,227

Welltower, Inc. 5.25%, 1/15/2022		15,000		16,049


				236,073


Food & Staples Retailing — 0.3%

Costco Wholesale Corp.

2.30%, 5/18/2022		6,000		6,078

2.75%, 5/18/2024		6,000		6,231

Kroger Co. (The) 2.95%, 11/1/2021		16,000		16,253

Walgreens Boots Alliance, Inc. 3.30%, 11/18/2021		15,000		15,355

Walmart, Inc.

1.90%, 12/15/2020		21,000		21,040


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Food & Staples Retailing — continued

3.13%, 6/23/2021		10,000		10,244

2.35%, 12/15/2022		10,000		10,185

2.55%, 4/11/2023		9,000		9,226


				94,612


Food Products — 0.4%

Bunge Ltd. Finance Corp. 4.35%, 3/15/2024		35,000		37,362

Campbell Soup Co. 3.30%, 3/15/2021		15,000		15,211

Conagra Brands, Inc. 3.20%, 1/25/2023		10,000		10,196

General Mills, Inc. 3.15%, 12/15/2021		15,000		15,317

Hershey Co. (The) 4.13%, 12/1/2020		10,000		10,255

Kellogg Co. 3.13%, 5/17/2022		10,000		10,273

Mondelez International, Inc. 3.63%, 5/7/2023		20,000		21,062

Tyson Foods, Inc. 2.25%, 8/23/2021		10,000		10,028


				129,704


Gas Utilities — 0.2%

Dominion Energy Gas Holdings LLC 3.55%, 11/1/2023		17,000		17,728

ONE Gas, Inc. 3.61%, 2/1/2024		15,000		15,868

Southern Natural Gas Co. LLC 4.40%, 6/15/2021		15,000		15,432


				49,028


Health Care Equipment & Supplies — 0.2%

Abbott Laboratories 2.55%, 3/15/2022		15,000		15,247

Becton Dickinson and Co. 2.89%, 6/6/2022		15,000		15,247

Danaher Corp. 2.40%, 9/15/2020		15,000		15,031

Medtronic, Inc. 3.15%, 3/15/2022		12,000		12,412

Zimmer Biomet Holdings, Inc. 3.15%, 4/1/2022		10,000		10,210


				68,147


Health Care Providers & Services — 0.7%

Anthem, Inc. 3.50%, 8/15/2024		15,000		15,727

Cardinal Health, Inc. 2.62%, 6/15/2022		20,000		20,127

Cigna Holding Co. 4.00%, 2/15/2022		8,000		8,323

CVS Health Corp.

3.70%, 3/9/2023		21,000		21,948

4.00%, 12/5/2023		45,000		47,827

Express Scripts Holding Co.

2.60%, 11/30/2020		27,000		27,115

3.50%, 6/15/2024		10,000		10,479

HCA, Inc. 4.75%, 5/1/2023		10,000		10,749

Humana, Inc. 3.15%, 12/1/2022		15,000		15,392

McKesson Corp. 2.70%, 12/15/2022		10,000		10,116

SEE NOTES TO FINANCIAL STATEMENTS.



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


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

Health Care Providers & Services — continued

UnitedHealth Group, Inc. 3.35%, 7/15/2022		37,000		38,415


				226,218


Hotels, Restaurants & Leisure — 0.2%

Marriott International, Inc. 3.60%, 4/15/2024		15,000		15,830

McDonald’s Corp. 2.63%, 1/15/2022		17,000		17,274

Starbucks Corp. 3.85%, 10/1/2023		15,000		15,977


				49,081


Household Durables — 0.1%

DR Horton, Inc. 5.75%, 8/15/2023		6,000		6,689

Whirlpool Corp. 4.00%, 3/1/2024		31,000		32,928


				39,617


Household Products — 0.1%

Colgate-Palmolive Co. 2.10%, 5/1/2023		15,000		15,143

Procter & Gamble Co. (The) 3.10%, 8/15/2023		17,000		17,850


				32,993


Independent Power and Renewable Electricity Producers — 0.0% (a)

Enel Generacion Chile SA (Chile) 4.25%, 4/15/2024		7,000		7,381


Industrial Conglomerates — 0.3%

3M Co.

2.75%, 3/1/2022		8,000		8,181

2.25%, 3/15/2023		6,000		6,082

General Electric Co.

4.63%, 1/7/2021		17,000		17,384

3.10%, 1/9/2023		32,000		32,094

3.45%, 5/15/2024		16,000		16,240

Honeywell International, Inc.

2.15%, 8/8/2022		5,000		5,053

3.35%, 12/1/2023		10,000		10,589

Roper Technologies, Inc. 3.13%, 11/15/2022		10,000		10,272


				105,895


Insurance — 0.4%

AEGON Funding Co. LLC (Netherlands) 5.75%, 12/15/2020		18,000		18,832

Allstate Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.94%), 5.75%, 8/15/2053 (b)		6,000		6,390

American International Group, Inc.

6.40%, 12/15/2020		15,000		15,806

4.88%, 6/1/2022		3,000		3,215


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Insurance — continued

Aon plc 2.80%, 3/15/2021		6,000		6,057

Assurant, Inc. 4.00%, 3/15/2023		3,000		3,130

Chubb INA Holdings, Inc. 2.70%, 3/13/2023		15,000		15,356

Marsh & McLennan Cos., Inc. 2.75%, 1/30/2022		15,000		15,245

MetLife, Inc. 3.60%, 4/10/2024		5,000		5,328

Prudential Financial, Inc. (ICE LIBOR USD 3 Month + 3.04%), 5.20%, 3/15/2044 (b)		19,000		19,903

Trinity Acquisition plc 3.50%, 9/15/2021		5,000		5,105

Unum Group 3.00%, 5/15/2021		3,000		3,034


				117,401


Interactive Media & Services — 0.0% (a)

Alphabet, Inc. 3.63%, 5/19/2021		5,000		5,151


Internet & Direct Marketing Retail — 0.1%

Amazon.com, Inc. 2.80%, 8/22/2024		17,000		17,743

eBay, Inc. 3.80%, 3/9/2022		12,000		12,459

QVC, Inc. 5.13%, 7/2/2022		5,000		5,281


				35,483


IT Services — 0.4%

Fidelity National Information Services, Inc. 2.25%, 8/15/2021		15,000		15,026

Fiserv, Inc.

3.50%, 10/1/2022		15,000		15,659

2.75%, 7/1/2024		18,000		18,389

Mastercard, Inc. 2.00%, 11/21/2021		15,000		15,066

Total System Services, Inc. 3.75%, 6/1/2023		15,000		15,687

Visa, Inc. 2.80%, 12/14/2022		20,000		20,629

Western Union Co. (The) 5.25%, 4/1/2020		16,000		16,256


				116,712


Life Sciences Tools & Services — 0.1%

Thermo Fisher Scientific, Inc.

4.70%, 5/1/2020		10,000		10,160

3.00%, 4/15/2023		11,000		11,314


				21,474


Machinery — 0.0%(a)

CNH Industrial Capital LLC 3.88%, 10/15/2021		15,000		15,340


Media — 0.5%

Charter Communications Operating LLC 4.50%, 2/1/2024		20,000		21,505

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	31

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Media — continued

Comcast Corp.

3.30%, 10/1/2020		15,000		15,218

3.00%, 2/1/2024		18,000		18,714

3.70%, 4/15/2024		15,000		16,062

Discovery Communications LLC 3.30%, 5/15/2022		13,000		13,367

Fox Corp. 3.67%, 1/25/2022 (d)		18,000		18,658

Interpublic Group of Cos., Inc. (The) 4.20%, 4/15/2024		21,000		22,696

WPP Finance 2010 (United Kingdom) 4.75%, 11/21/2021		20,000		20,993


				147,213


Metals & Mining — 0.2%

ArcelorMittal (Luxembourg) 6.25%, 2/25/2022 (c)		15,000		16,280

BHP Billiton Finance USA Ltd. (Australia) 3.25%, 11/21/2021		25,000		25,661

Newmont Goldcorp Corp. 3.70%, 3/15/2023		10,000		10,416


				52,357


Multiline Retail — 0.0% (a)

Macy’s Retail Holdings, Inc. 3.45%, 1/15/2021		10,000		10,081

Target Corp. 2.90%, 1/15/2022		6,000		6,183


				16,264


Multi-Utilities — 0.1%

Berkshire Hathaway Energy Co. 3.75%, 11/15/2023		15,000		15,945

CenterPoint Energy, Inc. 3.85%, 2/1/2024		15,000		15,946

DTE Energy Co. Series F, 3.85%, 12/1/2023		8,000		8,486

San Diego Gas & Electric Co. 3.00%, 8/15/2021		6,000		6,112


				46,489


Oil, Gas & Consumable Fuels — 1.9%

BP Capital Markets America, Inc.

3.25%, 5/6/2022		6,000		6,195

3.22%, 4/14/2024		15,000		15,679

BP Capital Markets plc (United Kingdom) 3.99%, 9/26/2023		43,000		46,212

Canadian Natural Resources Ltd. (Canada) 3.80%, 4/15/2024		15,000		15,792

Chevron Corp. 2.42%, 11/17/2020		32,000		32,191

ConocoPhillips Co. 2.40%, 12/15/2022		23,000		23,244

Ecopetrol SA (Colombia) 5.88%, 9/18/2023		18,000		20,077


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oil, Gas & Consumable Fuels — continued

Enbridge Energy Partners LP 4.20%, 9/15/2021		15,000		15,473

Energy Transfer Operating LP 4.90%, 2/1/2024		27,000		29,214

Enterprise Products Operating LLC 3.50%, 2/1/2022		15,000		15,510

EOG Resources, Inc. 2.63%, 3/15/2023		25,000		25,546

EQM Midstream Partners LP 4.75%, 7/15/2023		25,000		25,202

EQT Corp. 4.88%, 11/15/2021		17,000		17,503

Equinor ASA (Norway)

3.15%, 1/23/2022		9,000		9,261

7.75%, 6/15/2023		15,000		18,035

Exxon Mobil Corp. 3.18%, 3/15/2024		22,000		23,206

Kinder Morgan Energy Partners LP

3.50%, 3/1/2021		15,000		15,229

4.15%, 2/1/2024		21,000		22,347

Marathon Petroleum Corp. 5.13%, 3/1/2021		16,000		16,649

Occidental Petroleum Corp.

2.70%, 2/15/2023		10,000		10,025

2.90%, 8/15/2024		18,000		18,162

ONEOK Partners LP 5.00%, 9/15/2023		24,000		26,126

Petroleos Mexicanos (Mexico)

3.50%, 1/30/2023		40,000		38,860

4.88%, 1/18/2024		18,000		18,072

Plains All American Pipeline LP 3.85%, 10/15/2023		15,000		15,568

Sunoco Logistics Partners Operations LP 4.25%, 4/1/2024		16,000		16,896

Total Capital International SA (France)

2.88%, 2/17/2022		10,000		10,239

3.70%, 1/15/2024		8,000		8,528

3.75%, 4/10/2024		20,000		21,525

TransCanada PipeLines Ltd. (Canada) 2.50%, 8/1/2022		6,000		6,050

Williams Cos., Inc. (The) 3.60%, 3/15/2022		15,000		15,444


				598,060


Paper & Forest Products — 0.1%

Fibria Overseas Finance Ltd. (Brazil) 5.25%, 5/12/2024		5,000		5,353

Georgia-Pacific LLC 8.00%, 1/15/2024		15,000		18,618


				23,971


Pharmaceuticals — 0.9%

Allergan Funding SCS 3.45%, 3/15/2022		24,000		24,652

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Pharmaceuticals — continued

AstraZeneca plc (United Kingdom) 3.50%, 8/17/2023		15,000		15,711

Bristol-Myers Squibb Co. 2.60%, 5/16/2022 (d)		27,000		27,507

GlaxoSmithKline Capital plc (United Kingdom)

2.85%, 5/8/2022		2,000		2,047

3.00%, 6/1/2024		18,000		18,732

GlaxoSmithKline Capital, Inc. (United Kingdom) 2.80%, 3/18/2023		10,000		10,315

Johnson & Johnson 2.25%, 3/3/2022		20,000		20,257

Merck & Co., Inc. 2.40%, 9/15/2022		17,000		17,268

Mylan, Inc. 4.20%, 11/29/2023		15,000		15,773

Novartis Capital Corp. (Switzerland) 2.40%, 5/17/2022		37,000		37,601

Pfizer, Inc. 3.40%, 5/15/2024		15,000		16,012

Sanofi (France) 4.00%, 3/29/2021		15,000		15,479

Shire Acquisitions Investments Ireland DAC 2.40%, 9/23/2021		33,000		33,102

Zoetis, Inc. 3.25%, 2/1/2023		20,000		20,684


				275,140


Professional Services — 0.0% (a)

Equifax, Inc. 3.60%, 8/15/2021		6,000		6,132


Road & Rail — 0.2%

Burlington Northern Santa Fe LLC 3.00%, 3/15/2023		15,000		15,517

CSX Corp. 4.25%, 6/1/2021		4,000		4,124

Norfolk Southern Corp. 3.85%, 1/15/2024		13,000		13,896

Ryder System, Inc. 3.75%, 6/9/2023		15,000		15,802

Union Pacific Corp.

2.95%, 3/1/2022		6,000		6,146

4.16%, 7/15/2022		15,000		15,820


				71,305


Semiconductors & Semiconductor Equipment — 0.5%

Analog Devices, Inc. 2.95%, 1/12/2021		15,000		15,145

Applied Materials, Inc. 4.30%, 6/15/2021		5,000		5,206

Broadcom Corp.

2.20%, 1/15/2021		25,000		24,880

3.00%, 1/15/2022		6,000		6,052

3.63%, 1/15/2024		10,000		10,204

Intel Corp.

2.35%, 5/11/2022		16,000		16,208

2.70%, 12/15/2022		15,000		15,440

Lam Research Corp. 2.80%, 6/15/2021		10,000		10,113


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Semiconductors & Semiconductor Equipment — continued

Microchip Technology, Inc. 4.33%, 6/1/2023		5,000		5,269

NXP BV (Netherlands) 4.88%, 3/1/2024 (d)		17,000		18,516

QUALCOMM, Inc. 2.60%, 1/30/2023		30,000		30,566

Texas Instruments, Inc.

1.85%, 5/15/2022		3,000		3,005

2.25%, 5/1/2023		5,000		5,055

Xilinx, Inc. 2.95%, 6/1/2024		10,000		10,309


				175,968


Software — 0.5%

CA, Inc. 3.60%, 8/15/2022		15,000		15,292

Microsoft Corp.

2.40%, 2/6/2022		6,000		6,103

2.38%, 2/12/2022		58,000		58,945

Oracle Corp.

2.80%, 7/8/2021		18,000		18,307

2.40%, 9/15/2023		30,000		30,448

3.40%, 7/8/2024		16,000		16,956

VMware, Inc. 2.95%, 8/21/2022		15,000		15,217


				161,268


Specialty Retail — 0.3%

Advance Auto Parts, Inc. 4.50%, 1/15/2022		15,000		15,645

AutoZone, Inc. 3.70%, 4/15/2022		5,000		5,209

Home Depot, Inc. (The)

3.25%, 3/1/2022		15,000		15,581

2.70%, 4/1/2023		15,000		15,505

Lowe’s Cos., Inc. 3.75%, 4/15/2021		15,000		15,356

O’Reilly Automotive, Inc. 3.80%, 9/1/2022		5,000		5,211

TJX Cos., Inc. (The) 2.75%, 6/15/2021		15,000		15,219


				87,726


Technology Hardware, Storage & Peripherals — 0.6%

Apple, Inc.

1.55%, 8/4/2021		53,000		52,738

2.10%, 9/12/2022		15,000		15,134

2.85%, 2/23/2023		15,000		15,497

2.40%, 5/3/2023		15,000		15,316

3.45%, 5/6/2024		10,000		10,711

Dell International LLC 4.42%, 6/15/2021 (d)		33,000		34,033

Hewlett Packard Enterprise Co.

3.60%, 10/15/2020 (c)		16,000		16,232

4.40%, 10/15/2022 (c)		3,000		3,179

HP, Inc. 4.30%, 6/1/2021		15,000		15,555

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	33

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Technology Hardware, Storage & Peripherals — continued

Seagate HDD Cayman 4.25%, 3/1/2022		10,000		10,355


				188,750


Thrifts & Mortgage Finance — 0.0% (a)

New York Community Bancorp, Inc. (ICE LIBOR USD 3 Month + 2.78%), 5.90%, 11/6/2028 (b)		15,000		15,804


Tobacco — 0.2%

Altria Group, Inc. 4.75%, 5/5/2021		19,000		19,821

BAT Capital Corp. (United Kingdom) 2.76%, 8/15/2022		22,000		22,272

Philip Morris International, Inc. 2.13%, 5/10/2023		25,000		24,958


				67,051


Trading Companies & Distributors — 0.3%

Air Lease Corp.

3.38%, 6/1/2021		15,000		15,252

2.75%, 1/15/2023		15,000		15,168

Aircastle Ltd. 5.50%, 2/15/2022		15,000		16,023

GATX Corp. 4.85%, 6/1/2021		15,000		15,667

International Lease Finance Corp.

8.63%, 1/15/2022		8,000		9,115

5.88%, 8/15/2022		31,000		34,048


				105,273


Wireless Telecommunication Services — 0.1%

Vodafone Group plc (United Kingdom)

2.50%, 9/26/2022		3,000		3,038

3.75%, 1/16/2024		15,000		15,847


				18,885


Total Corporate Bonds (Cost $7,875,523)				8,032,766

Mortgage-Backed Securities — 6.7%

FHLMC Gold Pools, 15 Year

Pool # J14776, 3.00%, 3/1/2026		26,513		27,318

Pool # G14783, 3.50%, 10/1/2026		24,180		25,058

Pool # J20134, 3.00%, 8/1/2027		14,766		15,215

Pool # G18452, 2.50%, 12/1/2027		60,512		61,478

Pool # J23906, 2.50%, 5/1/2028		61,865		62,852

Pool # J23582, 3.00%, 5/1/2028		22,993		23,693

Pool # G15724, 4.00%, 1/1/2029		5,894		6,149

Pool # G16577, 4.00%, 1/1/2029		12,954		13,512

Pool # G15093, 3.00%, 4/1/2029		14,820		15,290

Pool # G18511, 2.50%, 5/1/2029		10,922		11,095

Pool # G18512, 3.00%, 5/1/2029		29,440		30,334

Pool # G15290, 3.50%, 2/1/2030		5,088		5,334


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # G18549, 2.50%, 4/1/2030		45,094		45,926

Pool # G16749, 2.00%, 7/1/2030		14,233		14,334

Pool # J33012, 3.00%, 10/1/2030		42,623		43,918

Pool # G15855, 3.50%, 1/1/2031		3,663		3,828

Pool # G18587, 3.00%, 2/1/2031		23,466		24,179

Pool # G18597, 3.50%, 4/1/2031		2,826		2,938

Pool # G18618, 2.00%, 11/1/2031		15,039		15,017

Pool # G18620, 3.00%, 11/1/2031		17,832		18,375

Pool # G18626, 2.50%, 1/1/2032		90,032		91,358

Pool # G18632, 3.00%, 2/1/2032		29,607		30,454

Pool # G16207, 3.50%, 7/1/2032		14,164		14,890

Pool # J38058, 3.00%, 11/1/2032		55,524		57,287

Pool # G18676, 2.50%, 2/1/2033		20,684		20,976

Pool # J39722, 3.00%, 10/1/2033		14,785		15,171

Pool # J39886, 4.00%, 11/1/2033		12,771		13,542

Pool # G18715, 3.00%, 12/1/2033		18,926		19,413

Pool # G18720, 3.50%, 1/1/2034		17,511		18,145

Pool # G18723, 3.50%, 2/1/2034		15,356		15,911

Pool # G18726, 3.50%, 3/1/2034		13,351		13,846

GNMA I, 15 Year Pool # 794368, 3.00%, 2/15/2027		3,734		3,829

GNMA II, 15 Year

Pool # 796502, 3.00%, 4/20/2022		15,632		15,931

Pool # MA0756, 2.50%, 2/20/2028		5,583		5,705

Pool # MA1134, 3.00%, 7/20/2028		16,559		17,002

Pool # MA4355, 2.50%, 4/20/2032		15,802		16,072

Pool # MA4559, 3.00%, 7/20/2032		19,855		20,302

Pool # MA4625, 3.50%, 8/20/2032		14,266		14,776

Pool # MA5236, 3.50%, 6/20/2033		9,301		9,634

UMBS, 15 Year

Pool # AC8868, 4.50%, 12/1/2024		4,364		4,535

Pool # AE0988, 4.00%, 9/1/2025		8,630		8,979

Pool # ZK2607, 3.50%, 10/1/2025		5,956		6,169

Pool # AH0563, 3.00%, 12/1/2025		4,470		4,588

Pool # AL1168, 3.50%, 1/1/2026		21,106		21,862

Pool # AH9695, 4.00%, 4/1/2026		9,788		10,212

Pool # AK3264, 3.00%, 2/1/2027		16,523		17,018

Pool # AK5412, 3.00%, 3/1/2027		15,687		16,143

Pool # AL1746, 3.50%, 3/1/2027		16,827		17,479

Pool # BM4533, 4.00%, 8/1/2027		11,437		11,928

Pool # AQ5118, 2.50%, 11/1/2027		19,749		20,055

Pool # AQ1688, 2.00%, 12/1/2027		10,871		10,943

Pool # MA1277, 2.50%, 12/1/2027		91,282		92,694

Pool # AL3060, 3.00%, 2/1/2028		42,503		43,777

Pool # AT2769, 2.00%, 5/1/2028		19,061		19,187

Pool # AL4468, 3.50%, 11/1/2028		12,580		13,192

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Pool # BM3954, 2.50%, 12/1/2028		75,662		76,831

Pool # AV8783, 3.00%, 1/1/2029		35,377		36,328

Pool # AV4793, 3.50%, 5/1/2029		21,081		21,878

Pool # AW8317, 2.50%, 9/1/2029		13,532		13,741

Pool # AL7205, 3.50%, 12/1/2029		5,025		5,227

Pool # AX7696, 3.00%, 1/1/2030		48,164		49,603

Pool # AS4489, 2.50%, 3/1/2030		4,080		4,152

Pool # AY6338, 2.50%, 3/1/2030		62,721		63,613

Pool # AS4678, 3.00%, 3/1/2030		53,065		54,655

Pool # AS5237, 2.50%, 6/1/2030		14,835		15,046

Pool # BA6893, 2.50%, 2/1/2031		9,714		9,852

Pool # BC2482, 3.00%, 3/1/2031		39,439		40,617

Pool # ZS7502, 2.50%, 4/1/2031 (e)		5,697		5,794

Pool # BM3754, 3.50%, 4/1/2031		6,200		6,497

Pool # AS7467, 2.50%, 7/1/2031		19,587		19,866

Pool # AS7606, 2.50%, 7/1/2031		7,344		7,476

Pool # AS7620, 2.50%, 7/1/2031		114,510		116,358

Pool # AL8804, 3.50%, 7/1/2031		6,766		7,066

Pool # MA2774, 2.00%, 10/1/2031		17,497		17,463

Pool # ZS8628, 2.00%, 11/1/2031		5,013		5,003

Pool # BM3174, 3.50%, 5/1/2032		7,792		8,174

Pool # MA3217, 2.50%, 12/1/2032		12,130		12,296

Pool # 890822, 3.00%, 12/1/2032		87,837		90,411

Pool # BM3276, 3.50%, 12/1/2032		21,531		22,546

Pool # BJ9052, 3.50%, 2/1/2033		8,774		9,112

Pool # ZS7988, 3.50%, 2/1/2033		20,530		21,543

Pool # ZK9341, 3.00%, 3/1/2033		5,881		6,047

Pool # MA3437, 3.00%, 8/1/2033		19,884		20,397

Pool # ZT0716, 3.00%, 10/1/2033		11,886		12,197

Pool # ZT2104, 2.50%, 12/1/2033		4,854		4,921

Pool # BN4806, 4.00%, 1/1/2034		24,088		25,161

Pool # MA3588, 3.50%, 2/1/2034		42,342		43,839

Pool # CA3440, 3.50%, 4/1/2034		3,868		4,060

Pool # MA3657, 3.00%, 5/1/2034		16,277		16,693

Pool # MA3682, 3.50%, 6/1/2034		7,703		7,994

Pool # MA3695, 3.00%, 7/1/2034		7,796		7,997

Pool # SB8008, 2.50%, 8/1/2034		19,760		20,021

Pool # SB8013, 2.50%, 9/1/2034		12,000		12,159

Pool # SB8012, 3.50%, 9/1/2034		12,000		12,447

Pool # SB8014, 4.00%, 9/1/2034		15,000		15,620


Total Mortgage-Backed Securities (Cost $2,106,577)				2,149,549

Supranational — 2.9%

African Development Bank (Supranational)

1.25%, 7/26/2021		26,000		25,831


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


3.00%, 9/20/2023		15,000		15,851

Asian Development Bank (Supranational)

1.75%, 6/8/2021		57,000		57,129

2.13%, 11/24/2021		10,000		10,125

1.88%, 2/18/2022		15,000		15,130

1.88%, 8/10/2022		29,000		29,306

Asian Infrastructure Investment Bank (The) (Supranational) 2.25%, 5/16/2024		6,000		6,207

Corp. Andina de Fomento (Supranational) 2.13%, 9/27/2021		33,000		32,885

Council of Europe Development Bank (Supranational) 1.63%, 3/16/2021		12,000		11,992

European Bank for Reconstruction & Development (Supranational)

1.50%, 11/2/2021		10,000		9,983

2.13%, 3/7/2022		43,000		43,650

European Investment Bank (Supranational)

2.25%, 8/15/2022		76,000		77,604

2.50%, 3/15/2023		145,000		150,131

3.25%, 1/29/2024		8,000		8,606

2.63%, 3/15/2024		15,000		15,761

2.25%, 6/24/2024		19,000		19,680

Inter-American Development Bank (Supranational)

2.63%, 4/19/2021		15,000		15,237

1.75%, 4/14/2022		70,000		70,365

1.75%, 9/14/2022		43,000		43,319

International Bank for Reconstruction & Development (Supranational)

1.63%, 3/9/2021		100,000		99,991

1.38%, 5/24/2021		82,000		81,676

2.13%, 7/1/2022		35,000		35,620

2.50%, 3/19/2024		18,000		18,814

International Finance Corp. (Supranational) 2.25%, 1/25/2021		25,000		25,186


Total Supranational (Cost $901,391)				920,079

U.S. Government Agency Securities — 2.3%

FFCB 2.55%, 3/11/2021		48,000		48,674

FHLB

2.63%, 10/1/2020		45,000		45,448

1.13%, 7/14/2021		115,000		114,143

2.50%, 3/11/2022		70,000		71,744

2.13%, 6/10/2022		15,000		15,251

2.26%, 10/4/2022		40,000		40,011

FHLMC

2.38%, 1/13/2022		120,000		122,304

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	35

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
U.S. Government Agency Securities — continued

2.55%, 6/6/2022		20,000		20,000

2.55%, 6/20/2022		15,000		15,003

FNMA

1.38%, 2/26/2021		26,000		25,917

2.75%, 6/22/2021		50,000		51,078

2.63%, 1/11/2022		50,000		51,270

2.00%, 10/5/2022		28,000		28,445

1.75%, 7/2/2024		15,000		15,206

Israel Government AID Bond (Israel) 5.50%, 12/4/2023		51,000		59,103


Total U.S. Government Agency Securities (Cost $713,496)				723,597

Commercial Mortgage-Backed Securities — 1.9%

Citigroup Commercial MortgageTrust Series 2013-GC17, Class A4, 4.13%, 11/10/2046		20,000		21,623

Commercial Mortgage Trust

Series 2014-CR16, Class A3, 3.78%, 4/10/2047		24,970		26,742

Series 2014-LC15, Class A4, 4.01%, 4/10/2047		20,000		21,680

Series 2014-UBS4, Class A5, 3.69%, 8/10/2047		30,000		32,256

Series 2013-CR11, Class ASB, 3.66%, 8/10/2050		17,573		18,128

FHLMC, Multifamily Structured Pass-Through Certificates

Series K015, Class A2, 3.23%, 7/25/2021		91,835		93,391

Series K016, Class A2, 2.97%, 10/25/2021		28,428		28,919

Series K021, Class A1, 1.60%, 1/25/2022		16,970		16,861

Series K019, Class A2, 2.27%, 3/25/2022		16,000		16,177

Series K020, Class A2, 2.37%, 5/25/2022		10,000		10,126

Series K720, Class A2, 2.72%, 6/25/2022		15,000		15,311

Series K028, Class A2, 3.11%, 2/25/2023		10,000		10,403

FNMA ACES

Series 2014-M1, Class A2, 3.34%, 7/25/2023 (f)		14,396		15,074

Series 2014-M8, Class A2, 3.06%, 6/25/2024 (f)		38,000		39,924

GS Mortgage Securities Trust

Series 2014-GC18, Class A4, 4.07%, 1/10/2047		30,000		32,430


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Series 2014-GC18, Class AS, 4.38%, 1/10/2047		17,000		18,195

JP Morgan Chase Commercial Mortgage SecuritiesTrust Series 2013-C10, Class AS, 3.37%, 12/15/2047 ‡		20,000		20,694

JPMBB Commercial Mortgage Securities Trust

Series 2013-C17, Class ASB, 3.71%, 1/15/2047		17,225		17,891

Series 2014-C19, Class C, 4.85%, 4/15/2047 (f)		10,000		10,743

Morgan Stanley Bank of America Merrill LynchTrust Series 2015-C25, Class ASB, 3.38%, 10/15/2048		40,000		41,680

Morgan Stanley Capital I TrustSeries 2011-C3, Class A4, 4.12%, 7/15/2049		6,000		6,095

UBS Commercial Mortgage TrustSeries 2018-C13, Class A2, 4.21%, 10/15/2051		10,000		10,775

UBS-Barclays Commercial Mortgage TrustSeries 2013-C6, Class A4, 3.24%, 4/10/2046		23,000		23,936

Wells Fargo Commercial Mortgage Trust

Series 2013-LC12, Class A4, 4.22%, 7/15/2046 (f)		12,000		12,920

Series 2014-LC16, Class ASB, 3.48%, 8/15/2050		9,535		9,841

WFRBS Commercial Mortgage Trust

Series 2012-C10, Class A3, 2.88%, 12/15/2045		12,000		12,315

Series 2012-C10, Class B, 3.74%, 12/15/2045 ‡		15,000		15,489

Series 2014-C20, Class A3, 3.64%, 5/15/2047		19,782		20,214


Total Commercial Mortgage-Backed Securities (Cost $608,184)				619,833

Foreign Government Securities — 1.4%

Canada Government Bond (Canada)

2.63%, 1/25/2022		10,000		10,258

2.00%, 11/15/2022		20,000		20,318

Export Development Canada (Canada)

1.50%, 5/26/2021		15,000		14,965

1.38%, 10/21/2021		10,000		9,951

2.00%, 5/17/2022		35,000		35,427

Export-Import Bank of Korea (South Korea) 5.13%, 6/29/2020		50,000		51,192

Italy Government Bond (Italy) 6.88%, 9/27/2023		15,000		17,298

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Province of Alberta (Canada) 2.20%, 7/26/2022		15,000		15,237

Province of British Columbia Canada (Canada) 2.00%, 10/23/2022		15,000		15,185

Province of Ontario (Canada)

2.50%, 9/10/2021		15,000		15,240

2.25%, 5/18/2022		21,000		21,337

2.45%, 6/29/2022		15,000		15,339

3.05%, 1/29/2024		16,000		16,974

Province of Quebec (Canada) 2.63%, 2/13/2023		27,000		27,908

Republic of Colombia (Colombia) 8.13%, 5/21/2024		20,000		25,050

Republic of Hungary (Hungary)

5.38%, 2/21/2023		18,000		19,901

5.75%, 11/22/2023		20,000		22,757

Republic of Poland (Poland)

5.13%, 4/21/2021		22,000		23,126

5.00%, 3/23/2022		8,000		8,615

4.00%, 1/22/2024		7,000		7,610

Republic of Uruguay (Uruguay) 8.00%, 11/18/2022		5,000		5,673

United Mexican States (Mexico)

3.50%, 1/21/2021		8,000		8,155

3.63%, 3/15/2022		24,000		24,833

4.00%, 10/2/2023		6,000		6,345


Total Foreign Government Securities (Cost $429,515)				438,694

Asset-Backed Securities — 1.1%

Ally Auto ReceivablesTrust Series 2018-3, Class A4, 3.12%, 7/17/2023		10,000		10,278

Ally Master OwnerTrust Series 2018-4, Class A, 3.30%, 7/17/2023		10,000		10,231

American Express Credit Account MasterTrust Series 2017-7, Class A, 2.35%, 5/15/2025		30,000		30,640

AmeriCredit Automobile ReceivablesTrust Series 2017-3, Class D, 3.18%, 7/18/2023		15,000		15,218

BA Credit CardTrust Series 2018-A3, Class A3, 3.10%, 12/15/2023		22,000		22,555

BMW Vehicle LeaseTrust Series 2018-1, Class A3, 3.26%, 7/20/2021		10,000		10,125

Capital Auto Receivables AssetTrust Series 2016-1, Class D, 4.03%, 8/21/2023		8,000		8,033

Capital One Multi-Asset ExecutionTrust Series 2018-A1, Class A1, 3.01%, 2/15/2024		27,000		27,521


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


CarMax Auto OwnerTrust Series 2018-3, Class A3, 3.13%, 6/15/2023		17,000		17,337

Citibank Credit Card Issuance TrustSeries 2018-A3, Class A3, 3.29%, 5/23/2025		33,000		34,762

Discover Card Execution Note TrustSeries 2018-A4, Class A4, 3.11%, 1/16/2024		30,000		30,757

Ford Credit Auto LeaseTrust Series 2018-B, Class A3, 3.19%, 12/15/2021		10,000		10,113

Ford Credit Auto Owner Trust

Series 2018-A, Class A3, 3.03%, 11/15/2022		6,000		6,072

Series 2017-A, Class C, 2.41%, 7/15/2023		6,000		6,024

Ford Credit Floorplan Master Owner Trust ASeries 2018-2, Class A, 3.17%, 3/15/2025		15,000		15,656

GM Financial Automobile Leasing TrustSeries 2018-3, Class A3, 3.18%, 6/21/2021		10,000		10,076

GM Financial Consumer Automobile Receivables TrustSeries 2018-1, Class A3, 2.32%, 7/18/2022		10,000		10,030

Nissan Auto LeaseTrust Series 2019-A, Class A3, 2.76%, 3/15/2022		7,000		7,090

Nissan Auto Receivables Owner TrustSeries 2017-C, Class A3, 2.12%, 4/18/2022		15,000		15,015

Santander Drive Auto Receivables TrustSeries 2019-1, Class C, 3.42%, 4/15/2025		10,000		10,228

Synchrony Credit Card Master Note TrustSeries 2018-2, Class A, 3.47%, 5/15/2026		15,000		15,894

Toyota Auto Receivables Owner TrustSeries 2018-C, Class A3, 3.02%, 12/15/2022		12,000		12,227

World Omni Auto Receivables TrustSeries 2018-D, Class B, 3.67%, 12/16/2024		15,000		15,814


Total Asset-Backed Securities (Cost $345,095)				351,696

Municipal Bonds — 0.1%

Florida — 0.1%

Other Revenue — 0.1%

State Board of Administration Finance Corp. Series 2013A, Rev., 3.00%, 7/1/2020		20,000		20,167

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	37

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Illinois — 0.0% (a)

General Obligation — 0.0% (a)

State of Illinois, Taxable Pension Series 2003, GO, 4.95%, 6/1/2023		13,091		13,693


New Jersey — 0.0% (a)

Industrial Development Revenue/Pollution Control Revenue — 0.0% (a)

New Jersey Economic Development Authority, Cityscape Schools., Inc. Series B, Rev., AGM, 0.00%, 2/15/2021		10,000		9,702


Total Municipal Bonds (Cost $43,089)				43,562


	SHARES
Short-Term Investments — 0.6%

Investment Companies — 0.6%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.99% (g) (h) (Cost $184,514)		184,514		184,514


Total Investments — 99.9% (Cost $31,320,073)				31,944,507

Other Assets Less Liabilities — 0.1%				45,581


NET ASSETS — 100.0%				31,990,088

Percentages indicated are based on net assets.

Abbreviations


ACES		Alternative Credit Enhancement Securities
AGM		Insured by Assured Guaranty Municipal Corp.
BA		Banker’s Acceptance Rate
FFCB		Federal Farm Credit Bank
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		General Obligation
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
Rev. UMBS USD		Revenue Uniform Mortgage-Backed Securities United States Dollar

(a)		Amount rounds to less than 0.1% of net assets.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2019.
(c)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2019.
(d)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(e)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(f)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2019.
(g)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(h)		The rate shown is the current yield as of August 31, 2019.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 26.3%

Aerospace & Defense — 1.0%

Arconic, Inc.

5.13%, 10/1/2024		37,000		39,429

5.95%, 2/1/2037		14,000		15,243

Boeing Co. (The)

3.60%, 5/1/2034		20,000		22,114

3.25%, 2/1/2035		20,000		21,325

3.95%, 8/1/2059		15,000		16,995

L3Harris Technologies, Inc. 3.85%, 12/15/2026 (a)		40,000		43,364

Lockheed Martin Corp. 4.09%, 9/15/2052		20,000		24,086

Precision Castparts Corp. 4.38%, 6/15/2045		7,000		8,582

Rockwell Collins, Inc. 3.50%, 3/15/2027		40,000		43,079

TransDigm, Inc. 6.25%, 3/15/2026 (a)		25,000		26,968

United Technologies Corp. 3.65%, 8/16/2023		60,000		63,668


				324,853


Air Freight & Logistics — 0.1%

United Parcel Service, Inc. 3.05%, 11/15/2027		12,000		12,658

XPO Logistics, Inc. 6.13%, 9/1/2023 (a)		20,000		20,680


				33,338


Airlines — 0.1%

Continental Airlines Pass-Through TrustSeries 2012-2, Class A, 4.00%, 10/29/2024		22,430		23,767

United Airlines Holdings, Inc. 5.00%, 2/1/2024		20,000		21,200


				44,967


Auto Components — 0.3%

Allison Transmission, Inc. 5.00%, 10/1/2024 (a)		18,000		18,519

American Axle & Manufacturing, Inc. 6.25%, 4/1/2025		8,000		7,520

Goodyear Tire & Rubber Co. (The) 5.00%, 5/31/2026		19,000		18,810

Icahn Enterprises LP 6.38%, 12/15/2025		37,000		39,174


				84,023


Banks — 4.0%

Bank of America Corp.

(ICE LIBOR USD 3 Month + 0.79%),

3.00%, 12/20/2023 (b)		153,000		157,016

3.88%, 8/1/2025		47,000		51,286

(ICE LIBOR USD 3 Month + 1.06%), 3.56%, 4/23/2027 (b)		40,000		42,574


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028 (b)		17,000		18,436

(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 3/5/2029 (b)		35,000		38,492

(ICE LIBOR USD 3 Month + 1.21%), 3.97%, 2/7/2030 (b)		20,000		22,169

(ICE LIBOR USD 3 Month + 1.32%), 4.08%, 4/23/2040 (b)		5,000		5,737

(ICE LIBOR USD 3 Month + 1.52%), 4.33%, 3/15/2050 (b)		15,000		18,255

Bank of Montreal (Canada) 2.35%, 9/11/2022		9,000		9,127

Bank of Nova Scotia (The) (Canada) 3.40%, 2/11/2024		50,000		52,693

BB&T Corp. 2.85%, 10/26/2024		30,000		30,996

BNP Paribas SA (France) 3.25%, 3/3/2023		12,000		12,500

Canadian Imperial Bank of Commerce (Canada)

(ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023 (b)		15,000		15,160

3.10%, 4/2/2024		24,000		24,905

CIT Group, Inc. 5.25%, 3/7/2025		24,000		26,880

Citigroup, Inc.

2.75%, 4/25/2022		47,000		47,842

(ICE LIBOR USD 3 Month + 1.02%), 4.04%, 6/1/2024 (b)		60,000		63,857

(ICE LIBOR USD 3 Month + 1.19%), 4.07%, 4/23/2029 (b)		30,000		33,215

(ICE LIBOR USD 3 Month + 1.34%), 3.98%, 3/20/2030 (b)		40,000		44,212

(ICE LIBOR USD 3 Month + 1.84%), 4.28%, 4/24/2048 (b)		10,000		12,210

Comerica, Inc. 3.70%, 7/31/2023		5,000		5,286

HSBC Holdings plc (United Kingdom)

7.63%, 5/17/2032		23,000		32,950

6.10%, 1/14/2042		27,000		39,558

Huntington Bancshares, Inc. 2.30%, 1/14/2022		18,000		18,085

KeyCorp 5.10%, 3/24/2021		12,000		12,538

Mitsubishi UFJ Financial Group, Inc. (Japan)

2.67%, 7/25/2022		10,000		10,121

3.78%, 3/2/2025		7,000		7,530

MUFG Americas Holdings Corp. 3.50%, 6/18/2022		3,000		3,102

Royal Bank of Canada (Canada) 3.20%, 4/30/2021		100,000		102,199

Royal Bank of Scotland Group plc (United Kingdom) 6.10%, 6/10/2023		19,000		20,606

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	39

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Banks — continued

Santander UK plc (United Kingdom) 4.00%, 3/13/2024		5,000		5,321

Sumitomo Mitsui Financial Group, Inc. (Japan)

2.85%, 1/11/2022		18,000		18,316

3.75%, 7/19/2023		12,000		12,689

SunTrust Bank 4.05%, 11/3/2025		12,000		13,173

Toronto-Dominion Bank (The) (Canada) 3.25%, 3/11/2024		5,000		5,261

US Bancorp 3.00%, 7/30/2029		15,000		15,673

Wells Fargo & Co.

3.07%, 1/24/2023		110,000		112,485

3.00%, 10/23/2026		30,000		31,182

(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (b)		47,000		50,403

Westpac Banking Corp. (Australia) 3.65%, 5/15/2023		23,000		24,356


				1,268,396


Beverages — 0.3%

Anheuser-Busch Cos. LLC (Belgium) 4.90%, 2/1/2046		35,000		41,819

Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.75%, 1/23/2029		15,000		17,531

Keurig Dr Pepper, Inc. 3.55%, 5/25/2021		30,000		30,688


				90,038


Biotechnology — 0.3%

Celgene Corp. 5.00%, 8/15/2045		10,000		12,728

Gilead Sciences, Inc.

2.95%, 3/1/2027		57,000		59,260

4.15%, 3/1/2047		25,000		28,285


				100,273


Building Products — 0.1%

Standard Industries, Inc. 6.00%, 10/15/2025 (a)		32,000		33,640


Capital Markets — 2.1%

Ameriprise Financial, Inc. 4.00%, 10/15/2023		12,000		12,897

Bank of New York Mellon Corp. (The) 3.50%, 4/28/2023		12,000		12,651

Goldman Sachs Group, Inc. (The)

2.35%, 11/15/2021		95,000		95,178

(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (b)		71,000		72,244

(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (b)		53,000		55,145


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Capital Markets — continued

3.50%, 11/16/2026		12,000		12,561

3.85%, 1/26/2027		18,000		19,221

(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (b)		35,000		37,220

Morgan Stanley

3.75%, 2/25/2023		59,000		62,060

(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (b)		65,000		68,385

(SOFR + 1.15%), 2.72%, 7/22/2025 (b)		25,000		25,478

3.88%, 1/27/2026		29,000		31,353

3.63%, 1/20/2027		21,000		22,468

(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (b)		35,000		37,299

(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (b)		20,000		21,643

4.38%, 1/22/2047		20,000		24,319

MSCI, Inc. 5.75%, 8/15/2025 (a)		12,000		12,600

Northern Trust Corp. 3.95%, 10/30/2025		15,000		16,480

State Street Corp. 3.10%, 5/15/2023		15,000		15,563

TD Ameritrade Holding Corp. 2.75%, 10/1/2029		10,000		10,182


				664,947


Chemicals — 0.3%

CF Industries, Inc. 4.95%, 6/1/2043		15,000		14,737

Chemours Co. (The)

7.00%, 5/15/2025		17,000		16,787

5.38%, 5/15/2027		5,000		4,438

Ecolab, Inc. 3.25%, 12/1/2027		14,000		15,191

Olin Corp. 5.13%, 9/15/2027		13,000		13,358

PolyOne Corp. 5.25%, 3/15/2023		12,000		12,885

Valvoline, Inc. 4.38%, 8/15/2025		10,000		10,100


				87,496


Commercial Services & Supplies — 0.3%

ACCO Brands Corp. 5.25%, 12/15/2024 (a)		10,000		10,263

ADT Security Corp. (The) 4.13%, 6/15/2023		26,000		26,414

Aramark Services, Inc. 4.75%, 6/1/2026		15,000		15,375

Brink’s Co. (The) 4.63%, 10/15/2027 (a)		20,000		20,350

Covanta Holding Corp. 5.88%, 3/1/2024		10,000		10,275

Garda World Security Corp. (Canada) 8.75%, 5/15/2025 (a)		5,000		5,158

Pitney Bowes, Inc. 4.95%, 4/1/2023 (c)		13,000		12,350

Waste Management, Inc. 3.20%, 6/15/2026		5,000		5,320


				105,505

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Communications Equipment — 0.2%

CommScope, Inc. 5.50%, 6/15/2024 (a)		17,000		16,086

Nokia OYJ (Finland) 4.38%, 6/12/2027		13,000		13,488

Plantronics, Inc. 5.50%, 5/31/2023 (a)		20,000		20,348


				49,922


Construction & Engineering — 0.1%

AECOM 5.13%, 3/15/2027		18,000		18,801

MasTec, Inc. 4.88%, 3/15/2023		15,000		15,244


				34,045


Consumer Finance — 0.7%

Ally Financial, Inc.

5.75%, 11/20/2025		29,000		33,205

8.00%, 11/1/2031		27,000		37,732

Capital One Financial Corp. 3.20%, 1/30/2023		23,000		23,698

Credit Acceptance Corp. 6.63%, 3/15/2026 (a)		15,000		16,228

Curo Group Holdings Corp. 8.25%, 9/1/2025 (a)		10,000		8,700

John Deere Capital Corp. 2.65%, 6/10/2026		28,000		29,079

Springleaf Finance Corp. 7.13%, 3/15/2026		59,000		67,290


				215,932


Containers & Packaging — 0.3%

Ball Corp. 5.25%, 7/1/2025		20,000		22,450

Crown Americas LLC 4.25%, 9/30/2026		13,000		13,488

Greif, Inc. 6.50%, 3/1/2027 (a)		25,000		26,250

Reynolds Group Issuer, Inc. 5.75%, 10/15/2020		24,228		24,288

Sealed Air Corp. 5.50%, 9/15/2025 (a)		12,000		13,020


				99,496


Diversified Consumer Services — 0.0% (d)

Service Corp. International 5.38%, 5/15/2024		12,000		12,366


Diversified Financial Services — 0.6%

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

AIG Global Funding 1.90%, 10/6/2021 (a)		9,000		8,953

Berkshire Hathaway, Inc. 3.13%, 3/15/2026		27,000		28,623

CNG Holdings, Inc. 12.50%, 6/15/2024 (a)		10,000		9,700

National Rural Utilities Cooperative Finance Corp.

3.25%, 11/1/2025		40,000		42,398


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Diversified Financial Services — continued

3.40%, 2/7/2028		14,000		15,191

4.40%, 11/1/2048		14,000		17,444

ORIX Corp. (Japan) 4.05%, 1/16/2024		9,000		9,703

Shell International Finance BV (Netherlands)

3.25%, 5/11/2025		41,000		43,588

3.75%, 9/12/2046		13,000		14,816


				195,416


Diversified Telecommunication Services — 0.8%

AT&T, Inc. 4.75%, 5/15/2046		20,000		22,363

CCO Holdings LLC 5.75%, 2/15/2026 (a)		71,000		75,171

CenturyLink, Inc.

Series T, 5.80%, 3/15/2022		12,000		12,585

5.63%, 4/1/2025		1,000		1,022

Series G, 6.88%, 1/15/2028		3,000		3,002

Cincinnati Bell, Inc. 8.00%, 10/15/2025 (a)		4,000		3,511

Embarq Corp. 8.00%, 6/1/2036		32,000		31,372

Frontier Communications Corp.

6.88%, 1/15/2025		35,000		17,850

8.50%, 4/1/2026 (a)		7,000		6,807

Intelsat Jackson Holdings SA (Luxembourg)

5.50%, 8/1/2023		5,000		4,550

8.50%, 10/15/2024 (a)		13,000		12,903

Level 3 Financing, Inc. 5.25%, 3/15/2026		36,000		37,530

Qwest Corp. 6.88%, 9/15/2033		1,000		1,005

Sprint Capital Corp. 8.75%, 3/15/2032		10,000		12,525

Telecom Italia Capital SA (Italy) 6.00%, 9/30/2034		18,000		18,450

Windstream Services LLC 8.63%, 10/31/2025 (a) (c)		10,000		10,050


				270,696


Electric Utilities — 0.8%

Alabama Power Co.Series 13-A, 3.55%, 12/1/2023		15,000		15,900

Arizona Public Service Co. 3.15%, 5/15/2025		12,000		12,540

Connecticut Light & Power Co. (The) 4.00%, 4/1/2048		7,000		8,238

Duke Energy Carolinas LLC 3.20%, 8/15/2049		10,000		10,328

Entergy Louisiana LLC

2.40%, 10/1/2026		15,000		15,096

3.05%, 6/1/2031		25,000		26,384

Indiana Michigan Power Co. Series K, 4.55%, 3/15/2046		14,000		17,264

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	41

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Electric Utilities — continued

Kentucky Utilities Co. 5.13%, 11/1/2040		14,000		18,205

Monongahela Power Co. 4.10%, 4/15/2024 (a)		12,000		12,968

Public Service Electric & Gas Co. 3.00%, 5/15/2027		12,000		12,648

Southern California Edison Co. Series C, 4.13%, 3/1/2048		14,000		15,659

Southwestern Public Service Co.

3.30%, 6/15/2024		12,000		12,561

4.50%, 8/15/2041		14,000		17,022

Tucson Electric Power Co.

3.05%, 3/15/2025		12,000		12,341

4.85%, 12/1/2048		15,000		19,432

Vistra Operations Co. LLC 5.50%, 9/1/2026 (a)		19,000		19,950

Wisconsin Public Service Corp. 4.75%, 11/1/2044		15,000		19,065


				265,601


Electrical Equipment — 0.1%

Sensata Technologies BV 5.00%, 10/1/2025 (a)		15,000		15,900

Vertiv Group Corp. 9.25%, 10/15/2024 (a)		8,000		7,560


				23,460


Electronic Equipment, Instruments & Components — 0.0% (d)

CDW LLC 5.00%, 9/1/2025		12,000		12,540


Energy Equipment & Services — 0.2%

Nabors Industries, Inc. 5.50%, 1/15/2023		7,000		6,239

Noble Holding International Ltd. 6.20%, 8/1/2040		5,000		2,325

Schlumberger Holdings Corp. 3.90%, 5/17/2028 (a)		38,000		40,495

Transocean, Inc. 6.80%, 3/15/2038		5,000		3,300


				52,359


Entertainment — 0.4%

Live Nation Entertainment, Inc. 5.63%, 3/15/2026 (a)		2,000		2,133

NBCUniversal Media LLC 2.88%, 1/15/2023		48,000		49,402

Netflix, Inc. 4.38%, 11/15/2026		55,000		56,306

Viacom, Inc. (ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (b)		30,000		31,323


				139,164


Equity Real Estate Investment Trusts (REITs) — 0.6%

AvalonBay Communities, Inc. 3.35%, 5/15/2027		4,000		4,294


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Equity Real Estate Investment Trusts (REITs) — continued

Brookfield Property REIT, Inc. 5.75%, 5/15/2026 (a)		14,000		14,735

CyrusOne LP 5.38%, 3/15/2027		17,000		18,041

Equinix, Inc. 5.75%, 1/1/2025		17,000		17,722

ERP Operating LP 3.25%, 8/1/2027		7,000		7,478

GLP Capital LP 4.00%, 1/15/2030		10,000		10,081

Iron Mountain, Inc. 5.75%, 8/15/2024		18,000		18,225

MGM Growth Properties Operating Partnership LP 5.63%, 5/1/2024		12,000		13,110

National Retail Properties, Inc. 3.60%, 12/15/2026		3,000		3,181

Realty Income Corp. 4.13%, 10/15/2026		9,000		9,990

Simon Property Group LP 2.75%, 6/1/2023		65,000		66,691


				183,548


Food & Staples Retailing — 0.1%

Albertsons Cos. LLC 6.63%, 6/15/2024		18,000		18,855

New Albertsons LP 8.00%, 5/1/2031		10,000		10,150


				29,005


Food Products — 0.3%

JBS USA LUX SA 5.75%, 6/15/2025 (a)		50,000		52,031

Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		13,000		14,330

Pilgrim’s Pride Corp. 5.75%, 3/15/2025 (a)		16,000		16,640


				83,001


Gas Utilities — 0.1%

AmeriGas Partners LP 5.50%, 5/20/2025		23,000		24,322

Atmos Energy Corp. 5.50%, 6/15/2041		5,000		6,709

Boston Gas Co. 3.00%, 8/1/2029 (a)		5,000		5,214

Brooklyn Union Gas Co. (The) 3.87%, 3/4/2029 (a)		10,000		11,165


				47,410


Health Care Equipment & Supplies — 0.1%

Boston Scientific Corp. 4.70%, 3/1/2049		15,000		18,605

Teleflex, Inc. 4.63%, 11/15/2027		13,000		13,746


				32,351


Health Care Providers & Services — 1.2%

Centene Corp. 5.38%, 6/1/2026 (a)		29,000		31,003

Community Health Systems, Inc.

8.13%, 6/30/2024 (a)		10,000		7,600

8.00%, 3/15/2026 (a)		9,000		8,640

HCA, Inc. 5.38%, 9/1/2026		75,000		83,625

MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (a)		3,000		2,681

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Health Care Providers & Services — continued

Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (a) (e)		5,000		4,200

Team Health Holdings, Inc. 6.38%, 2/1/2025 (a)		18,000		12,060

Tenet Healthcare Corp. 4.50%, 4/1/2021		31,000		32,085

UnitedHealth Group, Inc.

3.88%, 10/15/2020		100,000		101,623

3.38%, 4/15/2027		23,000		24,727

4.63%, 11/15/2041		30,000		36,473

3.70%, 8/15/2049		10,000		10,931

WellCare Health Plans, Inc. 5.25%, 4/1/2025		24,000		25,129


				380,777


Hotels, Restaurants & Leisure — 0.5%

Boyne USA, Inc. 7.25%, 5/1/2025 (a)		19,000		20,734

CCM Merger, Inc. 6.00%, 3/15/2022 (a)		10,000		10,250

Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (a)		14,000		14,875

Enterprise Development Authority (The) 12.00%, 7/15/2024 (a)		7,000		7,845

Hilton Domestic Operating Co., Inc. 5.13%, 5/1/2026		3,000		3,166

Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		20,000		21,250

Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026		20,000		21,584

MGM Resorts International 5.50%, 4/15/2027		21,000		22,759

Scientific Games International, Inc. 5.00%, 10/15/2025 (a)		16,000		16,532

Wyndham Destinations, Inc. 5.40%, 4/1/2024 (c)		10,000		10,497

Wynn Las Vegas LLC 5.50%, 3/1/2025 (a)		25,000		26,375


				175,867


Household Durables — 0.1%

Lennar Corp. 4.75%, 5/30/2025		30,000		32,100

Toll Brothers Finance Corp. 4.88%, 11/15/2025		13,000		13,943


				46,043


Household Products — 0.1%

Kimberly-Clark Corp. 3.20%, 4/25/2029		5,000		5,477

Spectrum Brands, Inc. 5.75%, 7/15/2025		20,000		20,800


				26,277


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Independent Power and Renewable Electricity Producers — 0.2%

AES Corp. 5.50%, 4/15/2025		24,000		25,051

Calpine Corp. 5.88%, 1/15/2024 (a)		13,000		13,277

Clearway Energy Operating LLC 5.38%, 8/15/2024		13,000		13,325

NRG Energy, Inc. 6.63%, 1/15/2027		24,000		25,920


				77,573


Industrial Conglomerates — 0.1%

3M Co. 3.25%, 8/26/2049		20,000		20,238


Insurance — 0.5%

Aflac, Inc. 3.25%, 3/17/2025		4,000		4,231

Allstate Corp. (The) 5.35%, 6/1/2033		5,000		6,478

Athene Global Funding 4.00%, 1/25/2022 (a)		9,000		9,342

CNO Financial Group, Inc. 5.25%, 5/30/2025		15,000		16,294

Jackson National Life Global Funding 2.50%, 6/27/2022 (a)		18,000		18,208

Lincoln National Corp. 3.35%, 3/9/2025		3,000		3,116

Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		12,000		13,308

MetLife, Inc. 3.60%, 11/13/2025		23,000		24,983

New York Life Global Funding 3.00%, 1/10/2028 (a)		12,000		12,706

Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (a) (b)		7,000		7,525

Principal Financial Group, Inc. 3.70%, 5/15/2029		5,000		5,435

Progressive Corp. (The) 4.35%, 4/25/2044		3,000		3,655

Prudential Financial, Inc. 3.88%, 3/27/2028		10,000		11,202

Travelers Cos., Inc. (The) 5.35%, 11/1/2040		7,000		9,543


				146,026


Interactive Media & Services — 0.0% (d)

Rackspace Hosting, Inc. 8.63%, 11/15/2024 (a)		8,000		7,340


Internet & Direct Marketing Retail — 0.2%

Amazon.com, Inc. 3.15%, 8/22/2027		54,000		58,070


IT Services — 0.0% (d)

Banff Merger Sub, Inc. 9.75%, 9/1/2026 (a)		7,000		6,370

Mastercard, Inc. 3.65%, 6/1/2049		5,000		5,809


				12,179

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	43

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Leisure Products — 0.0% (d)

Mattel, Inc. 6.75%, 12/31/2025 (a)		7,000		7,193


Machinery — 0.2%

ATS Automation Tooling Systems, Inc. (Canada) 6.50%, 6/15/2023 (a)		15,000		15,506

Colfax Corp. 6.00%, 2/15/2024 (a)		5,000		5,331

Illinois Tool Works, Inc. 4.88%, 9/15/2041		7,000		9,188

Parker-Hannifin Corp. 3.25%, 3/1/2027		24,000		25,153

Tennant Co. 5.63%, 5/1/2025		10,000		10,325


				65,503


Media — 1.1%

AMC Networks, Inc. 5.00%, 4/1/2024		12,000		12,360

Cinemark USA, Inc. 4.88%, 6/1/2023		15,000		15,281

Clear Channel Worldwide Holdings, Inc.

9.25%, 2/15/2024 (a)		4,000		4,385

Comcast Corp.

3.38%, 8/15/2025		20,000		21,291

2.35%, 1/15/2027		60,000		60,272

3.90%, 3/1/2038		20,000		22,425

4.75%, 3/1/2044		46,000		56,781

3.40%, 7/15/2046		15,000		15,610

DISH DBS Corp. 6.75%, 6/1/2021		20,000		21,066

iHeartCommunications, Inc. 8.38%, 5/1/2027		5,000		5,394

Lamar Media Corp. 5.75%, 2/1/2026		24,000		25,440

Sirius XM Radio, Inc. 5.38%, 7/15/2026 (a)		30,000		31,687

TEGNA, Inc. 6.38%, 10/15/2023		19,000		19,532

Videotron Ltd. (Canada) 5.38%, 6/15/2024 (a)		12,000		12,960

WMG Acquisition Corp. 4.88%, 11/1/2024 (a)		13,000		13,423


				337,907


Metals & Mining — 0.4%

Commercial Metals Co. 4.88%, 5/15/2023		28,000		28,981

Freeport-McMoRan, Inc.

3.88%, 3/15/2023		31,000		31,322

5.45%, 3/15/2043		30,000		27,375

Rio Tinto Finance USA Ltd. (Australia) 7.13%, 7/15/2028		11,000		15,106

Steel Dynamics, Inc. 4.13%, 9/15/2025		13,000		13,097


				115,881


Multiline Retail — 0.1%

Neiman Marcus Group Ltd. LLC

14.00% (Blend (cash 8.00% + PIK 6.00%)), 4/25/2024 (a) (e)		13,652		8,815


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Multiline Retail — continued

8.00%, 10/25/2024 (a)		21,000		7,140


				15,955


Multi-Utilities — 0.3%

Berkshire Hathaway Energy Co.

3.25%, 4/15/2028		14,000		14,885

5.15%, 11/15/2043		15,000		19,627

3.80%, 7/15/2048		15,000		16,669

Consolidated Edison Co. of New York, Inc. Series A, 4.13%, 5/15/2049		12,000		14,030

Puget Sound Energy, Inc. 4.30%, 5/20/2045		14,000		16,776


				81,987


Oil, Gas & Consumable Fuels — 2.1%

Antero Midstream Partners LP 5.75%, 3/1/2027 (a)		3,000		2,752

Antero Resources Corp. 5.13%, 12/1/2022		8,000		7,360

BP Capital Markets America, Inc.

3.02%, 1/16/2027		16,000		16,686

4.23%, 11/6/2028		50,000		57,034

BP Capital Markets plc (United Kingdom) 3.81%, 2/10/2024		39,000		41,754

Buckeye Partners LP 5.60%, 10/15/2044		4,000		3,387

Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025		18,000		20,070

Cheniere Energy Partners LP 5.25%, 10/1/2025		12,000		12,405

DCP Midstream Operating LP 5.38%, 7/15/2025		20,000		21,150

Diamondback Energy, Inc. 4.75%, 11/1/2024		12,000		12,360

EnLink Midstream Partners LP

4.40%, 4/1/2024		8,000		7,920

5.60%, 4/1/2044		9,000		7,605

EP Energy LLC

9.38%, 5/1/2024 (a)		10,000		750

8.00%, 11/29/2024 (a)		17,000		7,310

7.75%, 5/15/2026 (a)		10,000		8,350

Hilcorp Energy I LP 5.00%, 12/1/2024 (a)		26,000		23,985

Murphy Oil Corp. 4.20%, 12/1/2022 (c)		13,000		13,130

NGPL PipeCo LLC 4.38%, 8/15/2022 (a)		5,000		5,150

Noble Energy, Inc. 3.85%, 1/15/2028		40,000		41,722

NuStar Logistics LP 5.63%, 4/28/2027		20,000		20,800

Occidental Petroleum Corp.

2.60%, 4/15/2022		26,000		26,113

4.40%, 4/15/2046		24,000		24,709

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Oil, Gas & Consumable Fuels — continued

Peabody Energy Corp. 6.00%, 3/31/2022 (a)		12,000		12,360

QEP Resources, Inc. 5.63%, 3/1/2026		23,000		18,630

Range Resources Corp. 5.00%, 8/15/2022		6,000		5,595

SM Energy Co. 6.13%, 11/15/2022		13,000		12,090

Southwestern Energy Co. 7.50%, 4/1/2026		5,000		4,376

Suncor Energy, Inc. (Canada) 6.80%, 5/15/2038		7,000		10,001

Sunoco Logistics Partners Operations LP 5.35%, 5/15/2045		20,000		21,794

Sunoco LP 5.50%, 2/15/2026		22,000		22,825

Tallgrass Energy Partners LP 5.50%, 9/15/2024 (a)		12,000		11,700

Targa Resources Partners LP 5.13%, 2/1/2025		25,000		25,625

Total Capital International SA (France)

3.70%, 1/15/2024		55,000		58,642

3.46%, 2/19/2029		15,000		16,442

3.46%, 7/12/2049		15,000		16,152

TransCanada PipeLines Ltd. (Canada)

3.75%, 10/16/2023		24,000		25,291

5.10%, 3/15/2049		13,000		15,881

Ultra Resources, Inc. 11.00% (Blend (cash 9.00% + PIK 2.00%)), 7/12/2024 (e)		25,283		2,967

Unit Corp. 6.63%, 5/15/2021		4,000		2,870

WPX Energy, Inc. 5.75%, 6/1/2026		15,000		15,563


				681,306


Paper & Forest Products — 0.0% (d)

Clearwater Paper Corp. 4.50%, 2/1/2023		13,000		13,016


Pharmaceuticals — 1.4%

Advanz Pharma Corp. (Canada) 8.00%, 9/6/2024		13,000		12,610

Bausch Health Cos., Inc. 7.00%, 3/15/2024 (a)		55,000		58,089

Bristol-Myers Squibb Co.

2.90%, 7/26/2024 (a)		35,000		36,288

3.40%, 7/26/2029 (a)		40,000		43,301

4.13%, 6/15/2039 (a)		29,000		33,656

4.25%, 10/26/2049 (a)		15,000		18,043

Eli Lilly & Co.

2.75%, 6/1/2025		52,000		54,065

3.88%, 3/15/2039		5,000		5,816

3.95%, 3/15/2049		10,000		11,704

4.15%, 3/15/2059		12,000		14,310

GlaxoSmithKline Capital plc (United Kingdom) 3.00%, 6/1/2024		35,000		36,429


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pharmaceuticals — continued

GlaxoSmithKline Capital, Inc. (United Kingdom) 3.88%, 5/15/2028		10,000		11,194

Novartis Capital Corp. (Switzerland) 4.00%, 11/20/2045		26,000		30,937

Pfizer, Inc.

3.60%, 9/15/2028		53,000		58,153

3.45%, 3/15/2029		30,000		32,846


				457,441


Professional Services — 0.1%

AMN Healthcare, Inc. 5.13%, 10/1/2024 (a)		35,000		35,962


Road & Rail — 0.3%

Avis Budget Car Rental LLC 5.25%, 3/15/2025 (a)		11,000		11,192

Burlington Northern Santa Fe LLC

4.70%, 9/1/2045		15,000		18,738

3.55%, 2/15/2050		10,000		10,950

DAE Funding LLC (United Arab Emirates) 5.75%, 11/15/2023 (a)		15,000		15,807

Norfolk Southern Corp. 2.90%, 2/15/2023		45,000		46,260


				102,947


Semiconductors & Semiconductor Equipment — 0.0% (d)

Amkor Technology, Inc. 6.63%, 9/15/2027 (a)		7,000		7,621


Software — 0.7%

Microsoft Corp.

3.50%, 2/12/2035		20,000		22,535

4.00%, 2/12/2055		10,000		12,250

3.95%, 8/8/2056		12,000		14,688

Nuance Communications, Inc. 5.63%, 12/15/2026		13,000		13,699

Open Text Corp. (Canada) 5.88%, 6/1/2026 (a)		14,000		14,962

Oracle Corp.

2.65%, 7/15/2026		112,000		114,741

4.00%, 7/15/2046		15,000		17,115

4.38%, 5/15/2055		13,000		15,675

Symantec Corp. 5.00%, 4/15/2025 (a)		11,000		11,073


				236,738


Specialty Retail — 0.5%

Group 1 Automotive, Inc. 5.25%, 12/15/2023 (a)		16,000		16,400

Home Depot, Inc. (The)

3.90%, 12/6/2028		26,000		29,642

5.95%, 4/1/2041		23,000		33,054

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	45

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Specialty Retail — continued

3.50%, 9/15/2056		10,000		10,887

L Brands, Inc. 5.63%, 10/15/2023		10,000		10,500

Lowe’s Cos., Inc. 4.05%, 5/3/2047		10,000		10,871

Penske Automotive Group, Inc. 5.50%, 5/15/2026		25,000		26,188

PetSmart, Inc.

7.13%, 3/15/2023 (a)		9,000		8,370

5.88%, 6/1/2025 (a)		6,000		5,880

Staples, Inc. 10.75%, 4/15/2027 (a)		6,000		6,060


				157,852


Technology Hardware, Storage & Peripherals — 0.7%

Apple, Inc.

2.75%, 1/13/2025		70,000		72,770

3.35%, 2/9/2027		35,000		37,825

4.38%, 5/13/2045		26,000		31,946

EMC Corp. 3.38%, 6/1/2023		47,000		46,597

Western Digital Corp. 4.75%, 2/15/2026		16,000		16,375

Xerox Corp. 4.12%, 3/15/2023 (c)		13,000		13,228


				218,741


Textiles, Apparel & Luxury Goods — 0.0% (d)

Hanesbrands, Inc. 4.63%, 5/15/2024 (a)		13,000		13,601


Thrifts & Mortgage Finance — 0.1%

Ladder Capital Finance Holdings LLLP 5.25%, 10/1/2025 (a)		13,000		13,260

Quicken Loans, Inc. 5.75%, 5/1/2025 (a)		20,000		20,850


				34,110


Tobacco — 0.5%

Altria Group, Inc. 3.88%, 9/16/2046		20,000		19,645

BAT Capital Corp. (United Kingdom) 3.56%, 8/15/2027		65,000		66,612

Philip Morris International, Inc.

2.75%, 2/25/2026		40,000		40,789

3.13%, 3/2/2028		12,000		12,348

3.38%, 8/15/2029		15,000		15,738


				155,132


Trading Companies & Distributors — 0.3%

Ahern Rentals, Inc. 7.38%, 5/15/2023 (a)		10,000		8,625

United Rentals North America, Inc. 4.63%, 10/15/2025		62,000		63,764

WESCO Distribution, Inc. 5.38%, 6/15/2024		13,000		13,422


				85,811


Wireless Telecommunication Services — 0.3%

Sprint Corp. 7.13%, 6/15/2024		30,000		33,164


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Wireless Telecommunication Services — continued

T-Mobile USA, Inc. 5.13%, 4/15/2025		45,000		46,882


				80,046


Total Corporate Bonds (Cost $7,979,051)				8,438,928

Mortgage-Backed Securities — 17.5%

FHLMC Gold Pools, 30 Year

Pool # G60855, 4.50%, 12/1/2045		204,350		219,743

FNMA, Other

Pool # AN3099, 2.53%, 10/1/2024		95,608		98,726

Pool # AN9917, 3.80%, 7/1/2028		349,649		394,428

Pool # AN8227, 3.13%, 2/1/2030		150,000		164,130

Pool # AN3609, 3.14%, 12/1/2031		125,000		137,734

Pool # AN9725, 3.76%, 7/1/2033		108,291		123,643

GNMA II, 30 Year

Pool # AJ9020, 4.50%, 10/20/2044		240,317		251,671

Pool # BM2418, 4.00%, 8/20/2049		74,445		79,485

Pool # BN7049, 4.50%, 8/20/2049		250,000		271,863

UMBS, 20 Year Pool # MA3004, 4.00%, 5/1/2037		1,106,849		1,162,537

UMBS, 30 Year

Pool # BM1164, 3.50%, 12/1/2045		326,244		340,355

Pool # MA3073, 4.50%, 7/1/2047		97,083		102,735

Pool # BK4769, 5.00%, 8/1/2048		1,626,963		1,739,168

Pool # BN5013, 5.00%, 1/1/2049		221,957		244,358

Pool # BO3039, 3.00%, 7/1/2049 (f)		280,838		286,272


Total Mortgage-Backed Securities (Cost $5,512,162)				5,616,848

U.S. Treasury Obligations — 15.0%

U.S. Treasury Notes

2.63%, 12/31/2023		1,600,000		1,680,625

2.63%, 12/31/2025		1,000,000		1,070,859

U.S. Treasury STRIPS Bonds

3.00%, 11/15/2039 (g)		1,600,000		1,107,904

3.13%, 8/15/2048 (g)		1,700,000		952,793


Total U.S. Treasury Obligations (Cost $4,173,287)				4,812,181

Asset-Backed Securities — 13.1%

American Credit Acceptance ReceivablesTrust Series 2017-1, Class C, 2.88%, 3/13/2023 (a)		23,197		23,209

American Homes 4 RentSeries 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (a)		150,000		165,649

American Homes 4 Rent Trust

Series 2014-SFR3, Class B, 4.20%, 12/17/2036 ‡ (a)		125,000		133,993

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Series 2015-SFR2, Class A, 3.73%, 10/17/2052 ‡ (a)		96,167		102,287

AmeriCredit Automobile ReceivablesTrust Series 2017-2, Class D, 3.42%, 4/18/2023		250,000		255,748

B2R MortgageTrust Series 2015-1, Class A1, 2.52%, 5/15/2048 ‡ (a)		6,227		6,208

CPS Auto Receivables Trust

Series 2015-C, Class D, 4.63%, 8/16/2021 (a)		100,000		100,914

Series 2017-C, Class D, 3.79%, 6/15/2023 (a)		100,000		101,474

Delta Air Lines Pass-Through Trust

Series 2007-1, Class A, 6.82%, 8/10/2022		824		908

Series 2019-1, Class AA, 3.20%, 4/25/2024		15,000		15,822

DT Auto OwnerTrust Series 2017-3A, Class D, 3.58%, 5/15/2023 (a)		99,000		99,879

First Investors Auto Owner Trust

Series 2015-1A, Class D, 3.59%, 1/18/2022 (a)		100,000		100,034

Series 2016-2A, Class D, 3.35%, 11/15/2022 (a)		90,000		91,065

Series 2017-1A, Class D, 3.60%, 4/17/2023 (a)		81,000		82,555

Flagship Credit Auto Trust

Series 2015-2, Class B, 3.08%, 12/15/2021 (a)		597		597

Series 2017-2, Class C, 2.96%, 7/15/2023 (a)		85,000		85,796

FNMA, GrantorTrust Series 2017-T1, Class A, 2.90%, 6/25/2027		598,977		629,500

Genesis Sales Finance Master TrustSeries 2019-AA, Class A, 4.68%, 8/20/2023 (a)		250,000		255,582

GLS Auto ReceivablesTrust Series 2018-3A, Class B, 3.78%, 8/15/2023 (a)		150,000		153,016

Lendmark Funding Trust

Series 2017-2A, Class A, 2.80%, 5/20/2026 (a)		380,000		379,987

Series 2018-2A, Class A, 4.23%, 4/20/2027 (a)		118,000		122,980

Prestige Auto Receivables TrustSeries 2018-1A, Class D, 4.14%, 10/15/2024 (a)		115,000		120,636

Pretium Mortgage Credit Partners I LLC

Series 2019-CFL1, Class A1, 3.72%, 1/25/2059 (a) (c)		250,000		250,273


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Progress Residential Trust

Series 2017-SFR1, Class A, 2.77%, 8/17/2034 (a)		99,635		100,919

Series 2017-SFR1, Class D, 3.57%, 8/17/2034 ‡ (a)		150,000		153,024

Regional Management Issuance TrustSeries 2018-1, Class A, 3.83%, 7/15/2027 (a)		200,000		201,448

Santander Drive Auto Receivables TrustSeries 2019-1, Class C, 3.42%, 4/15/2025		90,000		92,047

Spirit Master Funding LLCSeries 2014-3A, Class A, 5.74%, 3/20/2042 (a)		148,053		154,715

US Airways Pass-Through TrustSeries 2011-1, Class A, 7.13%, 10/22/2023		19,925		22,581

Vericrest Opportunity Loan TrustSeries 2019-NPL4, Class A1B, 4.15%, 8/25/2049 (a) (c)		200,000		200,898


Total Asset-Backed Securities (Cost $4,105,945)				4,203,744

Collateralized Mortgage Obligations — 6.2%

FHLMC, REMIC Series 4281, Class BC, 4.50%, 12/15/2043 (h)		254,834		279,338

FNMA, REMIC

Series 2003-7, Class FA, 2.90%, 2/25/2033 (h)		188,865		190,794

Series 2013-108, Class GU, 3.00%, 10/25/2033		545,000		573,306

Series 2005-110, Class TY, 5.50%, 12/25/2035		100,000		114,506

Series 2007-89, Class F, 2.73%, 9/25/2037 (h)		207,920		209,730

GNMA

Series 2010-H24, Class FA, 2.73%, 10/20/2060 (h)		116,260		115,864

Series 2014-H03, Class FA, 2.98%, 1/20/2064 (h)		141,908		142,292

Series 2015-H05, Class FC, 2.86%, 2/20/2065 (h)		363,095		363,095


Total Collateralized Mortgage Obligations (Cost $1,918,688)				1,988,925

Commercial Mortgage-Backed Securities — 6.2%

FHLMC, Multifamily Structured Pass-Through Certificates

Series KJ08, Class A2, 2.36%, 8/25/2022		72,882		73,630

Series K088, Class A2, 3.69%, 1/25/2029		350,000		397,458

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	47

JPMorgan Core Plus Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

FNMA ACESSeries 2017-M3, Class A2, 2.57%, 12/25/2026 (h)		350,000		361,520

FREMF Mortgage Trust

Series 2015-K720, Class B, 3.50%, 7/25/2022 (a) (h)		180,000		184,523

Series 2015-K44, Class B, 3.81%, 1/25/2048 (a) (h)		200,000		210,429

Series 2015-K45, Class B, 3.71%, 4/25/2048 (a) (h)		100,000		105,011

Series 2015-K50, Class B, 3.91%, 10/25/2048 (a) (h)		200,000		211,895

Series 2015-K51, Class B, 4.09%, 10/25/2048 (a) (h)		150,000		158,861

Series 2016-K52, Class B, 4.06%, 1/25/2049 (a) (h)		250,000		267,536


Total Commercial Mortgage-Backed Securities (Cost $1,875,126)				1,970,863


	SHARES
Preferred Stocks — 0.0% (d)

Internet & Direct Marketing Retail — 0.0% (d)

MYT Holding Co. (Preference), 10.00%, 6/7/2029 (a) (Cost $3,213)		3,382		3,179


	PRINCIPAL AMOUNT ($)
Convertible Bonds — 0.0% (d)

Media — 0.0% (d)

DISH Network Corp. 3.38%, 8/15/2026 (Cost $1,712)		2,000		1,840


	SHARES
Short-Term Investments — 16.5%

Investment Companies — 5.5%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.99% (i) (j) (Cost $1,751,366)		1,751,366		1,751,366


	PRINCIPAL AMOUNT
U.S. Treasury Obligations — 11.0%

U.S. Treasury Bills 2.01%, 11/14/2019 (g)		3,550,000		3,536,279


TotalShort-Term Investments (Cost $5,286,786)				5,287,645


Total Investments — 100.8% (Cost $30,855,970)				32,324,153

Liabilities in Excess of Other Assets — (0.8)%				(245,903)


NET ASSETS — 100.0%				32,078,250

Percentages indicated are based on net assets.

Abbreviations


ACES		Alternative Credit Enhancement Securities
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
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
REMIC		Real Estate Mortgage Investment Conduit
SOFR		Secured Overnight Financing Rate
STRIPS		Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
UMBS		Uniform Mortgage-Backed Securities
USD		United States Dollar

(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2019.
(c)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2019.
(d)		Amount rounds to less than 0.1% of net assets.
(e)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(f)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)		The rate shown is the effective yield as of August 31, 2019.
(h)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2019.
(i)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(j)		The rate shown is the current yield as of August 31, 2019.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


Futures contracts outstanding as of August 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 2 Year Note		4			12/2019		USD		864,438			(164	)
U.S. Treasury 5 Year Note		38			12/2019		USD		4,560,000			5,303
U.S. Treasury 10 Year Ultra Note		5			12/2019		USD		722,578			2,098
U.S. Treasury Long Bond		2			12/2019		USD		330,875			1,370
U.S. Treasury Ultra Bond		2			12/2019		USD		395,312			2,558

												11,165

Short Contracts
U.S. Treasury 10 Year Note		(4	)		12/2019		USD		(527,125	)		(665	)

												(665	)

												10,500


Abbreviations

USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	49

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 97.2%

Aerospace & Defense — 3.2%

Boeing Co. (The)

2.70%, 5/1/2022		122,000		124,496

3.10%, 5/1/2026		58,000		61,325

3.60%, 5/1/2034		40,000		44,229

L3Harris Technologies, Inc. 4.40%, 6/15/2028 (a)		28,000		31,750

Lockheed Martin Corp.

3.55%, 1/15/2026		34,000		36,882

4.09%, 9/15/2052		76,000		91,525

Northrop Grumman Corp.

3.25%, 1/15/2028		22,000		23,370

4.03%, 10/15/2047		97,000		112,306

Precision Castparts Corp. 3.25%, 6/15/2025		24,000		25,287

Rockwell Collins, Inc. 3.50%, 3/15/2027		101,000		108,776

United Technologies Corp.

3.10%, 6/1/2022		80,000		82,576

4.13%, 11/16/2028		30,000		34,329

4.45%, 11/16/2038		40,000		48,585

4.50%, 6/1/2042		20,000		24,126

3.75%, 11/1/2046		70,000		77,716


				927,278


Automobiles — 0.6%

General Motors Co.

4.88%, 10/2/2023		113,000		121,554

5.00%, 10/1/2028		26,000		27,948

5.00%, 4/1/2035		30,000		30,841


				180,343


Banks — 16.7%

Bank of America Corp.

(ICE LIBOR USD 3 Month + 0.66%), 2.37%, 7/21/2021 (b)		380,000		380,626

(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (b)		331,000		339,688

(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028 (b)		110,000		119,291

(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (b)		150,000		158,299

(ICE LIBOR USD 3 Month + 1.81%), 4.24%, 4/24/2038 (b)		110,000		128,271

Bank of Nova Scotia (The) (Canada) 2.70%, 3/7/2022		80,000		81,508

Canadian Imperial Bank of Commerce (Canada) 3.10%, 4/2/2024		180,000		186,790

Citigroup, Inc. 2.90%, 12/8/2021		50,000		50,869

(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023 (b)		225,000		228,866


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (b)		50,000		52,240

3.20%, 10/21/2026		225,000		234,799

(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (b)		58,000		62,182

(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (b)		20,000		22,224

4.65%, 7/23/2048		50,000		62,777

Citizens Financial Group, Inc. 4.30%, 12/3/2025		124,000		133,988

Cooperatieve Rabobank UA (Netherlands)

4.50%, 1/11/2021		28,000		28,932

3.88%, 2/8/2022		59,000		61,619

5.25%, 5/24/2041		10,000		13,727

HSBC Holdings plc (United Kingdom)

5.10%, 4/5/2021		110,000		114,823

4.00%, 3/30/2022		131,000		137,444

(ICE LIBOR USD 3 Month + 1.61%), 3.97%, 5/22/2030 (b)		200,000		214,754

Huntington Bancshares, Inc.

2.30%, 1/14/2022		180,000		180,848

2.63%, 8/6/2024		45,000		45,877

Mitsubishi UFJ Financial Group, Inc. (Japan)

2.67%, 7/25/2022		100,000		101,209

3.76%, 7/26/2023		66,000		69,897

3.68%, 2/22/2027		31,000		33,598

3.96%, 3/2/2028		39,000		43,426
PNC Financial Services Group, Inc. (The)

3.90%, 4/29/2024		13,000		14,009

3.15%, 5/19/2027		23,000		24,467

Regions Financial Corp. 3.20%, 2/8/2021		59,000		59,800

Royal Bank of Scotland Group plc (United Kingdom)

6.13%, 12/15/2022		39,000		42,190

6.00%, 12/19/2023		35,000		38,118

5.13%, 5/28/2024		101,000		106,903

Sumitomo Mitsui Financial Group, Inc. (Japan)

2.78%, 7/12/2022		80,000		81,420

2.63%, 7/14/2026		70,000		70,713

3.36%, 7/12/2027		59,000		62,919

SunTrust Bank 2.45%, 8/1/2022		40,000		40,470

US Bancorp

Series V, 2.63%, 1/24/2022		46,000		46,762

Series V, 2.38%, 7/22/2026		42,000		42,782

Series X, 3.15%, 4/27/2027		39,000		41,777

Wells Fargo & Co.

2.10%, 7/26/2021		100,000		100,084

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Banks — continued

2.63%, 7/22/2022		80,000		81,361

3.75%, 1/24/2024		40,000		42,599

3.00%, 10/23/2026		143,000		148,634

4.30%, 7/22/2027		70,000		77,530

(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (b)		141,000		151,208

3.90%, 5/1/2045		20,000		23,409

4.75%, 12/7/2046		50,000		61,338

Westpac Banking Corp. (Australia)

2.75%, 1/11/2023		70,000		71,888

2.85%, 5/13/2026		167,000		174,075


				4,893,028


Beverages — 2.1%

Anheuser-Busch Cos. LLC (Belgium)

3.65%, 2/1/2026		50,000		53,728

4.90%, 2/1/2046		104,000		124,262

Anheuser-Busch InBev Worldwide, Inc. (Belgium)

4.00%, 4/13/2028		40,000		44,345

4.90%, 1/23/2031		25,000		29,940

4.60%, 4/15/2048		97,000		112,760

4.44%, 10/6/2048		30,000		33,874

Keurig Dr Pepper, Inc.

4.06%, 5/25/2023		102,000		108,319

4.60%, 5/25/2028		40,000		45,190

Molson Coors Brewing Co. 4.20%, 7/15/2046		20,000		20,357

PepsiCo, Inc. 3.45%, 10/6/2046		30,000		33,126


				605,901


Biotechnology — 2.0%

AbbVie, Inc.

2.90%, 11/6/2022		160,000		162,853

3.60%, 5/14/2025		50,000		52,138

4.25%, 11/14/2028		95,000		103,334

4.70%, 5/14/2045		50,000		54,031

Celgene Corp.

3.90%, 2/20/2028		40,000		44,439

4.35%, 11/15/2047		70,000		84,521

Gilead Sciences, Inc. 4.15%, 3/1/2047		63,000		71,277


				572,593


Capital Markets — 7.7%

Bank of New York Mellon Corp. (The)

3.55%, 9/23/2021		99,000		101,952

2.20%, 8/16/2023		60,000		60,466


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Capital Markets — continued

(ICE LIBOR USD 3 Month + 1.07%), 3.44%, 2/7/2028 (b)		112,000		120,158

CME Group, Inc. 3.00%, 3/15/2025		82,000		86,374

Credit Suisse Group AG (Switzerland) (ICE LIBOR USD 3 Month + 1.24%), 4.21%, 6/12/2024 (a) (b)		250,000		264,725

Goldman Sachs Group, Inc. (The)

2.35%, 11/15/2021		40,000		40,075

5.75%, 1/24/2022		291,000		315,074

4.00%, 3/3/2024		188,000		202,185

3.85%, 1/26/2027		73,000		77,952

(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (b)		63,000		69,685

(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (b)		138,000		152,958

Morgan Stanley

2.63%, 11/17/2021		230,000		232,409

2.75%, 5/19/2022		182,000		185,127

3.70%, 10/23/2024		50,000		53,410

3.63%, 1/20/2027		70,000		74,892

(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (b)		100,000		108,217

(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038 (b)		110,000		122,890


				2,268,549


Chemicals — 1.3%

Dow Chemical Co. (The) 3.50%, 10/1/2024		55,000		57,669

DuPont de Nemours, Inc.

4.21%, 11/15/2023		164,000		176,682

4.73%, 11/15/2028		80,000		92,513

Eastman Chemical Co. 4.65%, 10/15/2044		21,000		22,924

Sherwin-Williams Co. (The) 2.75%, 6/1/2022		36,000		36,557


				386,345


Commercial Services & Supplies — 0.7%

Waste Management, Inc.

3.20%, 6/15/2026		80,000		85,126

3.45%, 6/15/2029		55,000		60,237

4.15%, 7/15/2049		50,000		59,204


				204,567


Communications Equipment — 0.4%

Cisco Systems, Inc. 2.50%, 9/20/2026		110,000		114,117


Consumer Finance — 2.2%

American Express Co. 3.70%, 8/3/2023		60,000		63,593

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	51

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Consumer Finance — continued

Avolon Holdings Funding Ltd. (Ireland)

3.95%, 7/1/2024 (a)		21,000		21,613

4.38%, 5/1/2026 (a)		20,000		20,766

Capital One Financial Corp.

3.30%, 10/30/2024		67,000		69,453

3.80%, 1/31/2028		40,000		42,645

Discover Financial Services 4.10%, 2/9/2027		45,000		48,450

General Motors Financial Co., Inc.

3.20%, 7/6/2021		154,000		155,918

4.35%, 1/17/2027		36,000		37,306

John Deere Capital Corp.

2.80%, 3/6/2023		104,000		107,026

2.60%, 3/7/2024		60,000		61,559

Park Aerospace Holdings Ltd. (Ireland) 5.50%, 2/15/2024 (a)		20,000		21,628


				649,957


Containers & Packaging — 0.4%

International Paper Co. 4.40%, 8/15/2047		40,000		42,653

WRKCo, Inc. 4.65%, 3/15/2026		54,000		59,696


				102,349


Diversified Financial Services — 1.2%

Berkshire Hathaway, Inc. 3.13%, 3/15/2026		30,000		31,803

GE Capital International Funding Co. Unlimited Co.

2.34%, 11/15/2020		200,000		198,879

ORIX Corp. (Japan) 2.90%, 7/18/2022		10,000		10,215

Shell International Finance BV (Netherlands)

3.25%, 5/11/2025		22,000		23,389

4.13%, 5/11/2035		50,000		58,318

4.38%, 5/11/2045		34,000		41,658


				364,262


Diversified Telecommunication Services — 3.3%

AT&T, Inc.

3.00%, 6/30/2022		149,000		152,334

3.40%, 5/15/2025		49,000		51,466

4.30%, 2/15/2030		16,000		17,767

5.25%, 3/1/2037		25,000		29,718

4.90%, 8/15/2037		20,000		22,881

4.35%, 6/15/2045		20,000		21,402

4.50%, 3/9/2048		170,000		185,559

Verizon Communications, Inc.

3.38%, 2/15/2025		7,000		7,433

4.33%, 9/21/2028		52,000		59,731


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Diversified Telecommunication Services — continued

4.02%, 12/3/2029 (a)		40,000		45,180

4.40%, 11/1/2034		20,000		23,168

4.27%, 1/15/2036		210,000		241,109

4.52%, 9/15/2048		100,000		120,426


				978,174


Electric Utilities — 4.9%

Duke Energy Corp.

3.75%, 4/15/2024		210,000		223,190

2.65%, 9/1/2026		18,000		18,216

3.75%, 9/1/2046		130,000		136,883

Emera US Finance LP (Canada) 4.75%, 6/15/2046		98,000		116,172

Entergy Louisiana LLC 4.00%, 3/15/2033		173,000		200,780

Exelon Corp. 4.45%, 4/15/2046		84,000		97,250

FirstEnergy Corp.

Series B, 3.90%, 7/15/2027		119,000		127,836

Series C, 4.85%, 7/15/2047		30,000		36,434

Florida Power & Light Co. 3.95%, 3/1/2048		30,000		35,336

Fortis, Inc. (Canada) 3.06%, 10/4/2026		62,000		63,479

Indiana Michigan Power Co. 4.25%, 8/15/2048		20,000		24,245

NextEra Energy Capital Holdings, Inc. 3.15%, 4/1/2024		30,000		31,250

Ohio Power Co. 4.00%, 6/1/2049		20,000		23,312

Southern California Edison Co. Series C, 3.60%, 2/1/2045		64,000		66,570

Southern Co. (The)

2.35%, 7/1/2021		44,000		44,126

3.25%, 7/1/2026		24,000		24,854

4.40%, 7/1/2046		54,000		60,991

Virginia Electric & Power Co.

Series A, 3.15%, 1/15/2026		17,000		17,925

Series A, 3.50%, 3/15/2027		43,000		46,356

4.60%, 12/1/2048		30,000		37,939


				1,433,144


Electrical Equipment — 0.2%

Eaton Corp. 2.75%, 11/2/2022		53,000		54,045


Energy Equipment & Services — 0.9%

Baker Hughes a GE Co. LLC 4.08%, 12/15/2047		101,000		98,595

Halliburton Co. 5.00%, 11/15/2045		50,000		55,998

Schlumberger Holdings Corp.

3.75%, 5/1/2024 (a)		20,000		21,149

3.90%, 5/17/2028 (a)		70,000		74,596


				250,338

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Entertainment — 0.1%

TWDC Enterprises 18 Corp. 4.13%, 6/1/2044		30,000		36,467


Equity Real Estate Investment Trusts (REITs) — 3.1%

American Tower Corp.

3.38%, 10/15/2026		110,000		115,155

3.55%, 7/15/2027		158,000		167,997

Boston Properties LP 4.50%, 12/1/2028		60,000		69,327

HCP, Inc. 4.00%, 6/1/2025		50,000		53,520

Simon Property Group LP

3.38%, 10/1/2024		60,000		63,737

3.30%, 1/15/2026		80,000		84,562

UDR, Inc. 3.00%, 8/15/2031		20,000		20,375

Welltower, Inc.

3.63%, 3/15/2024		140,000		147,488

4.00%, 6/1/2025		140,000		150,372

3.10%, 1/15/2030		35,000		35,618


				908,151


Food & Staples Retailing — 0.6%

Kroger Co. (The) 4.45%, 2/1/2047		20,000		20,928

Walmart, Inc.

3.05%, 7/8/2026		85,000		90,841

3.70%, 6/26/2028		25,000		28,083

4.05%, 6/29/2048		39,000		48,561


				188,413


Food Products — 0.5%

Kraft Heinz Foods Co.

3.50%, 6/6/2022		12,000		12,284

3.95%, 7/15/2025		22,000		22,829

4.38%, 6/1/2046		99,000		95,137

Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		23,000		25,352


				155,602


Gas Utilities — 0.1%

Atmos Energy Corp. 4.13%, 10/15/2044		31,000		36,200


Health Care Equipment & Supplies — 2.1%

Abbott Laboratories 3.75%, 11/30/2026		80,000		88,031

Becton Dickinson and Co.

2.89%, 6/6/2022		90,000		91,484

3.70%, 6/6/2027		48,000		51,422

4.69%, 12/15/2044		55,000		65,213

Boston Scientific Corp.

4.00%, 3/1/2028		189,000		208,040

4.55%, 3/1/2039		20,000		24,007


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Health Care Equipment & Supplies — continued

Medtronic, Inc. 4.38%, 3/15/2035		72,000		87,109


				615,306


Health Care Providers & Services — 4.3%

Aetna, Inc.

2.80%, 6/15/2023		215,000		218,427

3.88%, 8/15/2047		20,000		19,953

Anthem, Inc.

3.65%, 12/1/2027		31,000		32,891

4.65%, 8/15/2044		116,000		133,412

Cigna Corp.

4.80%, 8/15/2038		68,000		78,618

4.90%, 12/15/2048		20,000		23,668

CVS Health Corp.

3.35%, 3/9/2021		55,000		56,003

2.63%, 8/15/2024		10,000		10,057

4.10%, 3/25/2025		129,000		138,008

4.30%, 3/25/2028		46,000		50,211

3.25%, 8/15/2029		20,000		20,271

5.05%, 3/25/2048		136,000		158,462

HCA, Inc.

4.50%, 2/15/2027		40,000		43,367

5.25%, 6/15/2049		110,000		122,803

UnitedHealth Group, Inc.

3.75%, 7/15/2025		68,000		73,861

4.25%, 3/15/2043		70,000		81,025


				1,261,037


Hotels, Restaurants & Leisure — 0.8%

McDonald’s Corp.

3.70%, 1/30/2026		112,000		121,395

3.80%, 4/1/2028		33,000		36,582

4.88%, 12/9/2045		70,000		86,298


				244,275


Household Durables — 0.1%

Newell Brands, Inc. 4.20%, 4/1/2026		32,000		33,182


Independent Power and Renewable Electricity Producers — 0.1%

NRG Energy, Inc. 4.45%, 6/15/2029 (a)		20,000		21,016


Industrial Conglomerates — 2.1%

General Electric Co.

4.63%, 1/7/2021		100,000		102,261

4.65%, 10/17/2021		60,000		62,145

2.70%, 10/9/2022		160,000		158,959

6.75%, 3/15/2032		31,000		38,020

5.88%, 1/14/2038		41,000		47,355

4.13%, 10/9/2042		90,000		86,280

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	53

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Industrial Conglomerates — continued

Honeywell International, Inc. 2.30%, 8/15/2024		45,000		45,977

Roper Technologies, Inc. 4.20%, 9/15/2028		69,000		76,632


				617,629


Insurance — 1.6%

American International Group, Inc.

3.90%, 4/1/2026		28,000		30,059

4.50%, 7/16/2044		79,000		90,311

Athene Holding Ltd. 4.13%, 1/12/2028		84,000		85,940

Berkshire Hathaway Finance Corp.

4.20%, 8/15/2048		90,000		108,146

4.25%, 1/15/2049		20,000		24,503

Marsh & McLennan Cos., Inc. 4.38%, 3/15/2029		30,000		34,463

MetLife, Inc. 4.13%, 8/13/2042		20,000		22,947

New York Life Global Funding 2.88%, 4/10/2024 (a)		60,000		62,182

Prudential Financial, Inc. 3.91%, 12/7/2047		20,000		22,271


				480,822


Internet & Direct Marketing Retail — 0.6%

Amazon.com, Inc.

3.88%, 8/22/2037		140,000		162,555

4.05%, 8/22/2047		10,000		12,272


				174,827


IT Services — 2.0%

Fidelity National Information Services, Inc.

3.75%, 5/21/2029		45,000		49,352

Global Payments, Inc.

3.20%, 8/15/2029		70,000		71,732

4.15%, 8/15/2049		50,000		52,897

International Business Machines Corp.

2.80%, 5/13/2021		145,000		146,882

2.85%, 5/13/2022		100,000		102,288

3.00%, 5/15/2024		100,000		103,993

Mastercard, Inc.

2.95%, 6/1/2029		35,000		37,446

3.65%, 6/1/2049		20,000		23,234


				587,824


Life Sciences Tools & Services — 0.3%

Thermo Fisher Scientific, Inc. 3.00%, 4/15/2023		70,000		72,009


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Machinery — 0.1%

Illinois Tool Works, Inc. 2.65%, 11/15/2026		28,000		29,142


Media — 3.2%

Charter Communications Operating LLC

4.46%, 7/23/2022		88,000		92,982

6.48%, 10/23/2045		63,000		77,902

Comcast Corp.

3.70%, 4/15/2024		167,000		178,861

3.95%, 10/15/2025		78,000		85,405

4.15%, 10/15/2028		74,000		83,957

3.90%, 3/1/2038		20,000		22,426

4.60%, 10/15/2038		178,000		215,441

4.70%, 10/15/2048		38,000		47,545

Cox Communications, Inc. 3.50%, 8/15/2027 (a)		70,000		73,810

Time Warner Cable LLC 6.75%, 6/15/2039		48,000		59,039


				937,368


Metals & Mining — 0.6%

Glencore Funding LLC (Switzerland) 4.00%, 3/27/2027 (a)		120,000		124,062

Vale Overseas Ltd. (Brazil) 6.25%, 8/10/2026		40,000		46,070


				170,132


Multi-Utilities — 1.2%

Berkshire Hathaway Energy Co.

4.50%, 2/1/2045		80,000		97,011

3.80%, 7/15/2048		38,000		42,229

4.45%, 1/15/2049		49,000		59,907

Dominion Energy, Inc.

3.07%, 8/15/2024 (c)		32,000		32,902

3.90%, 10/1/2025		17,000		18,327

NiSource, Inc. 2.95%, 9/1/2029		35,000		35,783

San Diego Gas & Electric Co. Series TTT, 4.10%, 6/15/2049		30,000		34,837

Sempra Energy 3.80%, 2/1/2038		38,000		39,884


				360,880


Oil, Gas & Consumable Fuels — 7.6%

Andeavor Logistics LP 4.25%, 12/1/2027		28,000		29,631

BP Capital Markets America, Inc. 3.41%, 2/11/2026		95,000		101,059

BP Capital Markets plc (United Kingdom) 3.28%, 9/19/2027		80,000		84,796

Canadian Natural Resources Ltd. (Canada)

2.95%, 1/15/2023		125,000		126,990

3.85%, 6/1/2027		29,000		30,717

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Oil, Gas & Consumable Fuels — continued

Columbia Pipeline Group, Inc. 4.50%, 6/1/2025		60,000		65,102

Enbridge, Inc. (Canada) 4.25%, 12/1/2026		61,000		67,613

Energy Transfer Operating LP

7.50%, 10/15/2020		130,000		136,978

4.75%, 1/15/2026		22,000		24,060

4.95%, 6/15/2028		32,000		35,797

Enterprise Products Operating LLC

3.13%, 7/31/2029		20,000		20,715

5.10%, 2/15/2045		43,000		51,491

4.80%, 2/1/2049		34,000		39,948

4.20%, 1/31/2050		15,000		16,318

EOG Resources, Inc. 2.63%, 3/15/2023		70,000		71,424

EQM Midstream Partners LP 4.75%, 7/15/2023		118,000		118,965

Kinder Morgan, Inc.

4.30%, 6/1/2025		13,000		14,110

5.55%, 6/1/2045		63,000		75,602

Marathon Petroleum Corp. 4.75%, 9/15/2044		37,000		39,887

MPLX LP

4.00%, 3/15/2028		34,000		35,641

4.50%, 4/15/2038		60,000		62,255

Noble Energy, Inc.

5.25%, 11/15/2043		100,000		113,371

5.05%, 11/15/2044		20,000		22,231

Occidental Petroleum Corp.

2.70%, 8/15/2022		170,000		171,673

2.90%, 8/15/2024		185,000		186,730

3.00%, 2/15/2027		25,000		24,868

3.50%, 8/15/2029		41,000		41,772

Phillips 66

4.30%, 4/1/2022		64,000		67,644

4.65%, 11/15/2034		50,000		58,016

Suncor Energy, Inc. (Canada) 4.00%, 11/15/2047		30,000		33,047

Sunoco Logistics Partners Operations LP 5.40%, 10/1/2047		112,000		124,922

TransCanada PipeLines Ltd. (Canada) 4.63%, 3/1/2034		101,000		115,469

Williams Cos., Inc. (The) 3.75%, 6/15/2027		16,000		16,699


				2,225,541


Pharmaceuticals — 5.3%

Allergan Funding SCS 3.45%, 3/15/2022		50,000		51,347

AstraZeneca plc (United Kingdom) 4.38%, 11/16/2045		50,000		59,779


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pharmaceuticals — continued

Bristol-Myers Squibb Co.

2.90%, 7/26/2024 (a)		54,000		55,988

3.40%, 7/26/2029 (a)		30,000		32,476

4.25%, 10/26/2049 (a)		100,000		120,285

Eli Lilly & Co.

3.38%, 3/15/2029		30,000		32,956

3.88%, 3/15/2039		40,000		46,530

3.95%, 3/15/2049		55,000		64,373

Merck & Co., Inc.

2.75%, 2/10/2025		50,000		52,060

3.40%, 3/7/2029		30,000		33,031

Novartis Capital Corp. (Switzerland)

3.40%, 5/6/2024		59,000		63,090

3.00%, 11/20/2025		50,000		53,005

4.40%, 5/6/2044		43,000		53,819

Pfizer, Inc.

3.00%, 12/15/2026		40,000		42,322

4.00%, 12/15/2036		40,000		46,482

4.40%, 5/15/2044		20,000		24,364

4.13%, 12/15/2046		62,000		74,238

4.00%, 3/15/2049		10,000		11,774

Shire Acquisitions Investments Ireland DAC

2.40%, 9/23/2021		275,000		275,853

3.20%, 9/23/2026		221,000		229,864

Zoetis, Inc.

3.00%, 9/12/2027		80,000		83,100

4.70%, 2/1/2043		40,000		48,684


				1,555,420


Road & Rail — 2.4%

Burlington Northern Santa Fe LLC

4.90%, 4/1/2044		76,000		97,497

4.55%, 9/1/2044		25,000		30,484

4.15%, 4/1/2045		51,000		59,863

CSX Corp.

3.25%, 6/1/2027		124,000		131,646

4.10%, 3/15/2044		20,000		22,334

4.30%, 3/1/2048		77,000		89,553

Norfolk Southern Corp. 4.15%, 2/28/2048		90,000		105,509

Union Pacific Corp.

3.95%, 9/10/2028		21,000		23,619

3.70%, 3/1/2029		30,000		33,339

4.38%, 9/10/2038		41,000		48,439

4.30%, 3/1/2049		50,000		59,573


				701,856

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	55

JPMorgan Corporate Bond Research Enhanced ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Semiconductors & Semiconductor Equipment — 0.7%

Analog Devices, Inc. 3.50%, 12/5/2026		14,000		14,757

Broadcom Corp.

3.00%, 1/15/2022		54,000		54,438

3.88%, 1/15/2027		92,000		92,063

QUALCOMM,��Inc. 4.30%, 5/20/2047		40,000		45,392


				206,650


Software — 2.7%

Microsoft Corp.

2.88%, 2/6/2024		131,000		137,165

3.30%, 2/6/2027		30,000		32,801

3.45%, 8/8/2036		20,000		22,474

4.10%, 2/6/2037		150,000		180,857

3.70%, 8/8/2046		76,000		89,478

Oracle Corp.

1.90%, 9/15/2021		65,000		64,970

2.65%, 7/15/2026		46,000		47,126

3.25%, 11/15/2027		53,000		56,799

3.80%, 11/15/2037		40,000		44,606

4.00%, 7/15/2046		94,000		107,252

4.00%, 11/15/2047		10,000		11,448


				794,976


Specialty Retail — 0.9%

Home Depot, Inc. (The)

4.20%, 4/1/2043		20,000		23,827

4.25%, 4/1/2046		31,000		37,720

3.50%, 9/15/2056		20,000		21,775

Lowe’s Cos., Inc.

3.10%, 5/3/2027		40,000		41,839

3.70%, 4/15/2046		80,000		81,670

4.05%, 5/3/2047		57,000		61,966


				268,797


Technology Hardware, Storage & Peripherals — 1.4%

Apple, Inc.

2.40%, 5/3/2023		77,000		78,631

3.25%, 2/23/2026		120,000		128,493

2.90%, 9/12/2027		71,000		74,622

4.65%, 2/23/2046		107,000		136,846


				418,592


Thrifts & Mortgage Finance — 0.7%

Nationwide Building Society (United Kingdom) (ICE LIBOR USD 3 Month + 1.18%), 3.62%, 4/26/2023 (a) (b)		200,000		204,358


Investments	Principal Amount ($)		Value ($)


Tobacco �� 2.3%

Altria Group, Inc.

4.80%, 2/14/2029		70,000		79,265

5.80%, 2/14/2039		20,000		24,679

5.38%, 1/31/2044		80,000		94,640

5.95%, 2/14/2049		20,000		25,678

BAT Capital Corp. (United Kingdom) 4.39%, 8/15/2037		150,000		150,967

Philip Morris International, Inc.

3.38%, 8/15/2029		50,000		52,462

3.88%, 8/21/2042		40,000		41,083

4.25%, 11/10/2044		20,000		21,948

Reynolds American, Inc. (United Kingdom)

4.00%, 6/12/2022		123,000		128,552

4.45%, 6/12/2025		58,000		62,806


				682,080


Trading Companies & Distributors — 0.9%

Air Lease Corp. 3.00%, 9/15/2023		247,000		251,396


Wireless Telecommunication Services — 1.0%

Vodafone Group plc (United Kingdom)

3.75%, 1/16/2024		130,000		137,527

4.38%, 5/30/2028		70,000		78,527

5.25%, 5/30/2048		70,000		83,790


				299,844


Total Corporate Bonds (Cost $25,923,649)				28,524,782


U.S. Treasury Obligations — 1.1%

U.S. Treasury Bonds

3.00%, 2/15/2049		180,000		221,751

2.88%, 5/15/2049		10,000		12,050

U.S. Treasury Notes

2.25%, 4/30/2024		32,500		33,723

2.38%, 5/15/2029		63,000		67,922


Total U.S. Treasury Obligations (Cost $307,614)				335,446


Asset-Backed Securities — 0.2%

Air Canada Pass-Through Trust (Canada)Series 2017-1, Class AA, 3.30%, 1/15/2030 (a)		28,464		29,741

American Airlines Pass-ThroughTrust Series 2019-1, Class AA, 3.15%, 2/15/2032		20,000		21,140


Total Asset-Backed Securities (Cost $47,578)				50,881

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


INVESTMENTS	SHARES		VALUE ($)
Short-Term Investments — 1.0%

Investment Companies — 1.0%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.99% (d) (e) (Cost $298,084)		298,084		298,084


Total Investments — 99.5% (Cost $26,576,925)				29,209,193

Other Assets Less Liabilities — 0.5%				135,730


NET ASSETS — 100.0%				29,344,923

Percentages indicated are based on net assets.


Abbreviations

ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
USD		United States Dollar
(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2019.
(c)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2019.
(d)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)		The rate shown is the current yield as of August 31, 2019.


Futures contracts outstanding as of August 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 2 Year Note		5			12/2019		USD		1,080,547			(174	)
U.S. Treasury Long Bond		3			12/2019		USD		496,312			2,056

												1,882

Short Contracts
U.S. Treasury 5 Year Note		(1	)		12/2019		USD		(120,000	)		(143	)
U.S. Treasury 10 Year Note		(6	)		12/2019		USD		(790,688	)		(998	)
U.S. Treasury 10 Year Ultra Note		(2	)		12/2019		USD		(289,031	)		(911	)
U.S. Treasury Ultra Bond		(1	)		12/2019		USD		(197,656	)		(1,307	)

												(3,359	)

												(1,477	)


Abbreviations

USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	57

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Corporate Bonds — 45.6%

Argentina — 0.1%

Agua y Saneamientos Argentinos SA 6.63%, 2/1/2023 (a)		280,000		86,800


Australia — 0.7%

Australia & New Zealand Banking Group Ltd. 0.25%, 11/29/2022		EUR 350,000		394,207

Commonwealth Bank of Australia 0.38%, 4/24/2023 (a)		EUR 390,000		442,062

National Australia Bank Ltd. 0.88%, 11/16/2022 (a)		EUR 276,000		316,817

Transurban Finance Co. Pty. Ltd. 2.00%, 8/28/2025 (a)		EUR 150,000		182,626

Westpac Banking Corp. (USD ICE Swap Rate 5 Year + 2.00%), 4.11%, 7/24/2034 (b)		75,000		78,956


				1,414,668


Azerbaijan — 0.1%

State Oil Co. of the Azerbaijan Republic 4.75%, 3/13/2023 (a)		260,000		272,431


Bahrain — 0.1%

Batelco International Finance No. 1 Ltd. 4.25%, 5/1/2020 (a)		200,000		200,500


Belgium — 0.5%

Anheuser-Busch Cos. LLC

4.70%, 2/1/2036		20,000		23,280

4.90%, 2/1/2046		35,000		41,819

Anheuser-Busch InBev Worldwide, Inc.

4.15%, 1/23/2025		160,000		175,203

4.75%, 1/23/2029		375,000		438,270

4.90%, 1/23/2031		95,000		113,772

Solvay Finance SA (EUR Swap Annual 5 Year + 3.70%), 5.42%, 11/12/2023 (a) (b) (c) (d)		EUR 100,000		126,802


				919,146


Brazil — 0.9%

Braskem America Finance Co. 7.13%, 7/22/2041 (a)		240,000		285,600

Cemig Geracao e Transmissao SA 9.25%, 12/5/2024 (e)		200,000		230,020

JSL Europe SA 7.75%, 7/26/2024 (a)		200,000		206,425

Klabin Austria GmbH 7.00%, 4/3/2049 (a)		265,000		285,418

Petrobras Global Finance BV

6.00%, 1/27/2028		155,000		169,763

6.90%, 3/19/2049		330,000		372,859

Votorantim Cimentos International SA 7.25%, 4/5/2041 (a)		200,000		247,813


				1,797,898


INVESTMENTS	PRINCIPAL AMOUNT		VALUE


Canada — 0.8%

1011778 BC ULC

4.25%, 5/15/2024 (e)		25,000		25,806

5.00%, 10/15/2025 (e)		15,000		15,488

Advanz Pharma Corp. 8.00%, 9/6/2024		45,000		43,650

ATS Automation Tooling Systems, Inc. 6.50%, 6/15/2023 (e)		13,000		13,439

Bombardier, Inc.

6.00%, 10/15/2022 (e)		10,000		9,925

7.50%, 12/1/2024 (e)		35,000		34,872

7.50%, 3/15/2025 (e)		28,000		27,265

7.88%, 4/15/2027 (e)		67,000		64,906

Emera US Finance LP 3.55%, 6/15/2026		216,000		227,967

Encana Corp.

6.50%, 8/15/2034		100,000		122,164

6.50%, 2/1/2038		25,000		30,458

Garda World Security Corp. 8.75%, 5/15/2025 (e)		99,000		102,122

Gateway Casinos & Entertainment Ltd. 8.25%, 3/1/2024 (e)		36,000		37,440

Hudbay Minerals, Inc. 7.25%, 1/15/2023 (e)		20,000		20,647

Intertape Polymer Group, Inc. 7.00%, 10/15/2026 (e)		16,000		16,600

Kronos Acquisition Holdings, Inc. 9.00%, 8/15/2023 (e)		39,000		34,417

Mattamy Group Corp. 6.50%, 10/1/2025 (e)		16,000		16,960

MEG Energy Corp.

6.38%, 1/30/2023 (e)		178,000		168,210

6.50%, 1/15/2025 (e)		25,000		25,125

NOVA Chemicals Corp.

4.88%, 6/1/2024 (e)		80,000		82,100

5.00%, 5/1/2025 (e)		19,000		19,427

5.25%, 6/1/2027 (e)		45,000		46,969

Open Text Corp. 5.88%, 6/1/2026 (e)		40,000		42,748

Precision Drilling Corp.

7.75%, 12/15/2023		65,000		64,188

7.13%, 1/15/2026 (e)		6,000		5,355

Quebecor Media, Inc. 5.75%, 1/15/2023		32,000		34,651

Stars Group Holdings BV 7.00%, 7/15/2026 (e)		14,000		14,858

TransCanada PipeLines Ltd. 5.10%, 3/15/2049		12,000		14,660

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Corporate Bonds — continued

Canada — continued

Videotron Ltd.

5.38%, 6/15/2024 (e)		65,000		70,200

5.13%, 4/15/2027 (e)		40,000		42,100


				1,474,717


China — 0.3%

GCL New Energy Holdings Ltd. 7.10%, 1/30/2021 (a)		200,000		190,063

New Metro Global Ltd. 6.50%, 4/23/2021 (a)		200,000		187,230

Sino-Ocean Land Treasure III Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.26%), 4.90%, 9/21/2022 (a) (b) (c) (d)		200,000		173,750


				551,043


Denmark — 0.3%

Danske Bank A/S 5.00%, 1/12/2022 (e)		200,000		210,932

DKT Finance ApS 7.00%, 6/17/2023 (a)		EUR 100,000		118,417

TDC A/S 5.00%, 3/2/2022 (f)		EUR 200,000		243,868


				573,217


Finland — 0.1%

Nokia OYJ

2.00%, 3/15/2024 (a)		EUR 100,000		117,578

4.38%, 6/12/2027		40,000		41,500


				159,078


France — 2.7%

Altice France SA

5.63%, 5/15/2024 (a)		EUR 90,000		102,376

7.38%, 5/1/2026 (e)		200,000		213,500

BPCE SA

3.00%, 5/22/2022 (e)		250,000		254,210

5.15%, 7/21/2024 (e)		600,000		658,822

(EUR Swap Annual 5 Year + 2.37%), 2.75%, 11/30/2027 (a) (b)		EUR 200,000		238,432

Burger King France SAS 6.00%, 5/1/2024 (a)		EUR 100,000		116,955

Casino Guichard Perrachon SA 4.56%, 1/25/2023 (a) (f)		EUR 100,000		101,004

Constantin Investissement 3 SASU 5.38%, 4/15/2025 (a)		EUR 100,000		113,477


INVESTMENTS	PRINCIPAL AMOUNT		VALUE


France — continued

Credit Agricole SA

(EUR Swap Annual 5 Year + 5.12%), 6.50%, 6/23/2021 (a) (b) (c) (d)		EUR 300,000		356,092

2.38%, 7/1/2021 (e)		250,000		251,138

3.25%, 10/4/2024 (e)		376,000		388,845

(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (b) (c) (d) (e)		200,000		233,184

Elis SA 1.88%, 2/15/2023 (a)		EUR 300,000		347,371

Europcar Mobility Group 4.13%, 11/15/2024 (a)		EUR 100,000		115,429

Faurecia SE 3.63%, 6/15/2023 (a)		EUR 100,000		112,033

La Financiere Atalian SASU 4.00%, 5/15/2024 (a)		EUR 200,000		153,612

Loxam SAS 4.25%, 4/15/2024 (a)		EUR 150,000		171,944

Orano SA

4.38%, 11/6/2019 (a)		EUR 50,000		55,364

3.13%, 3/20/2023 (a)		EUR 300,000		357,741

Picard Groupe SAS (EURIBOR 3 Month + 3.00%), 3.00%, 11/30/2023 (a) (b)		EUR 100,000		107,674

Rexel SA 2.63%, 6/15/2024 (a)		EUR 300,000		337,546

SPIE SA 3.13%, 3/22/2024 (a)		EUR 200,000		241,498

TOTAL SA (EUR Swap Annual 5 Year + 3.78%), 3.88%, 5/18/2022 (a) (b) (c) (d)		EUR 100,000		120,346

Vallourec SA 2.25%, 9/30/2024 (a)		EUR 100,000		78,836


				5,227,429


Germany — 1.2%

CeramTec BondCo GmbH 5.25%, 12/15/2025 (a)		EUR 200,000		226,657

Deutsche Bank AG 4.25%, 10/14/2021		100,000		101,697

IHO Verwaltungs GmbH 3.75% (cash), 9/15/2026 (a) (g)		EUR 225,000		251,328

K+S AG 3.25%, 7/18/2024 (a)		EUR 100,000		120,328

Nidda BondCo GmbH 5.00%, 9/30/2025 (a)		EUR 225,000		252,573

Nidda Healthcare Holding GmbH 3.50%, 9/30/2024 (a)		EUR 100,000		114,979

ProGroup AG 3.00%, 3/31/2026 (a)		EUR 125,000		140,301

Techem Verwaltungsgesellschaft 674 mbH 6.00%, 7/30/2026 (a)		EUR 250,000		298,356

thyssenkrupp AG

1.38%, 3/3/2022 (a)		EUR 200,000		223,339

2.50%, 2/25/2025 (a)		EUR 100,000		112,731

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	59

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Corporate Bonds — continued

Germany — continued

Unitymedia GmbH 3.75%, 1/15/2027 (a)		EUR 200,000		234,647

Unitymedia Hessen GmbH & Co. KG 3.50%, 1/15/2027 (a)		EUR 100,000		116,775

WEPA Hygieneprodukte GmbH 3.75%, 5/15/2024 (a)		EUR 100,000		112,378


				2,306,089


Greece — 0.6%

Alpha Bank AE 2.50%, 2/5/2023 (a)		EUR 780,000		907,542

Crystal Almond SARL 10.00%, 11/1/2021 (a)		EUR 79,000		90,157

OTE plc 3.50%, 7/9/2020 (a)		EUR 100,000		112,879


				1,110,578


Guatemala — 0.1%

Comunicaciones Celulares SA 6.88%, 2/6/2024 (a)		200,000		206,563


Hong Kong — 0.2%

Melco Resorts Finance Ltd. 5.63%, 7/17/2027 (e)		200,000		204,437

WTT Investment Ltd. 5.50%, 11/21/2022 (e)		200,000		204,250


				408,687


Indonesia — 0.4%

Indonesia Asahan Aluminium Persero PT 5.71%, 11/15/2023 (e)		230,000		255,300

Pertamina Persero PT 3.65%, 7/30/2029 (e)		400,000		421,855


				677,155


Ireland — 1.0%

AerCap Ireland Capital DAC

4.63%, 7/1/2022		330,000		348,952

3.65%, 7/21/2027		180,000		184,667

Allied Irish Banks plc (EUR Swap Annual 5 Year + 3.95%), 4.13%, 11/26/2025 (a) (b)		EUR 100,000		114,439

Ardagh Packaging Finance plc

4.13%, 5/15/2023 (a)		EUR 100,000		112,349

6.75%, 5/15/2024 (a)		EUR 175,000		202,912

Avolon Holdings Funding Ltd.

3.95%, 7/1/2024 (e)		126,000		129,679

4.38%, 5/1/2026 (e)		60,000		62,298

James Hardie International Finance DAC 4.75%, 1/15/2025 (e)		200,000		205,000

Park Aerospace Holdings Ltd. 5.50%, 2/15/2024 (e)		129,000		139,501


INVESTMENTS	PRINCIPAL AMOUNT		VALUE


Ireland — continued

Smurfit Kappa Acquisitions ULC 2.38%, 2/1/2024 (a)		EUR 350,000		418,844


				1,918,641


Italy — 1.2%

Enel Finance International NV 3.50%, 4/6/2028 (e)		200,000		202,977

EVOCA SpA 7.00%, 10/15/2023 (a)		EUR 200,000		229,350

Leonardo SpA 4.88%, 3/24/2025		EUR 100,000		132,595

Nexi Capital SpA 4.13%, 11/1/2023 (a)		EUR 100,000		113,202

Rossini SARL 6.75%, 10/30/2025 (e)		EUR 250,000		300,125

Saipem Finance International BV 2.63%, 1/7/2025 (a)		EUR 250,000		288,501

Telecom Italia Capital SA 6.00%, 9/30/2034		30,000		30,750

Telecom Italia SpA

5.25%, 2/10/2022 (a)		EUR 100,000		123,093

3.25%, 1/16/2023 (a)		EUR 200,000		238,025

3.63%, 1/19/2024 (a)		EUR 225,000		271,028

3.63%, 5/25/2026 (a)		EUR 225,000		270,557

2.38%, 10/12/2027 (a)		EUR 150,000		167,468


				2,367,671


Japan — 0.1%

Sumitomo Mitsui Banking Corp. 0.55%, 11/6/2023 (a)		EUR 230,000		262,341


Kazakhstan — 0.2%

KazMunayGas National Co. JSC 4.75%, 4/19/2027 (a)		355,000		388,193


Kuwait — 0.2%

Kuwait Projects Co. SPC Ltd. 4.50%, 2/23/2027 (a)		270,000		273,797


Luxembourg — 1.2%

Altice Finco SA 4.75%, 1/15/2028 (a)		EUR 225,000		238,050

Altice Luxembourg SA

7.25%, 5/15/2022 (a)		EUR 58,976		66,319

6.25%, 2/15/2025 (a)		EUR 150,000		172,161

8.00%, 5/15/2027 (e)		EUR 123,000		144,739

INEOS Group Holdings SA

5.38%, 8/1/2024 (a)		EUR 100,000		112,933

5.63%, 8/1/2024 (e)		200,000		203,462

Intelsat Jackson Holdings SA

5.50%, 8/1/2023		80,000		72,800

8.00%, 2/15/2024 (e)		110,000		114,537

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Corporate Bonds — continued

Luxembourg — continued

8.50%, 10/15/2024 (e)		99,000		98,258

9.75%, 7/15/2025 (e)		120,000		123,150

Matterhorn Telecom Holding SA 4.88%, 5/1/2023 (a)		EUR 300,000		333,397

SES SA (EUR Swap Annual 5 Year + 4.66%), 4.62%, 1/2/2022 (a) (b) (c) (d)		EUR 350,000		411,594

Telenet Finance VI Luxembourg SCA 4.88%, 7/15/2027 (a)		EUR 210,000		253,303


				2,344,703


Mexico — 0.6%

Banco Mercantil del Norte SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.04%), 6.87%, 7/6/2022 (b) (c) (d) (e)		200,000		197,625

BBVA Bancomer SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033 (b) (e)		200,000		191,500

Cemex SAB de CV 7.75%, 4/16/2026 (e)		200,000		215,500

Petroleos Mexicanos

5.50%, 1/21/2021		200,000		204,194

6.38%, 2/4/2021		260,000		267,280


				1,076,099


Morocco — 0.1%

OCP SA 6.88%, 4/25/2044 (a)		200,000		248,688


Netherlands — 1.0%

ABN AMRO Bank NV

(EUR Swap Annual 5 Year + 5.45%), 5.75%, 9/22/2020 (a) (b) (c) (d)		EUR 200,000		229,200

4.75%, 7/28/2025 (e)		200,000		218,064

ING Groep NV (EUR Swap Annual 5 Year + 2.85%), 3.00%, 4/11/2028 (b)		EUR 100,000		120,137

Promontoria Holding 264 BV 6.75%, 8/15/2023 (a)		EUR 100,000		98,464

Sigma Holdco BV 5.75%, 5/15/2026 (a)		EUR 225,000		244,442

Sunshine Mid BV 6.50%, 5/15/2026 (e)		EUR 200,000		233,756

UPCB Finance IV Ltd. 4.00%, 1/15/2027 (a)		EUR 270,000		313,064

Ziggo Bond Co. BV 4.63%, 1/15/2025 (a)		EUR 200,000		227,646


INVESTMENTS	PRINCIPAL AMOUNT		VALUE


Netherlands — continued

Ziggo BV 4.25%, 1/15/2027 (a)		EUR 200,000		238,981


				1,923,754


Peru — 0.2%

Nexa Resources SA 5.38%, 5/4/2027 (a)		200,000		209,425

Southern Copper Corp. 5.88%, 4/23/2045		140,000		172,156


				381,581


Portugal — 0.2%

EDP — Energias de Portugal SA (EUR Swap Annual 5 Year + 5.04%), 5.38%, 9/16/2075 (a) (b)		EUR 100,000		118,422

EDP Finance BV 2.38%, 3/23/2023 (a)		EUR 200,000		239,525


				357,947


Qatar — 0.1%

ABQ Finance Ltd. 3.50%, 2/22/2022 (a)		200,000		203,438

Ras Laffan Liquefied Natural Gas Co. Ltd. II 5.30%, 9/30/2020 (a)		41,700		42,325


				245,763


Singapore — 0.2%

Oversea-Chinese Banking Corp. Ltd. 0.38%, 3/1/2023 (a)		EUR 390,000		440,991


Spain — 1.4%

AI Candelaria Spain SLU 7.50%, 12/15/2028 (a)		250,000		281,250

Bankinter SA (EUR Swap Annual 5 Year + 2.40%), 2.50%, 4/6/2027 (a) (b)		EUR 100,000		115,553

CaixaBank SA

(EUR Swap Annual 5 Year + 6.50%), 6.75%, 6/13/2024 (a) (b) (c) (d)		EUR 200,000		237,120

(EUR Swap Annual 5 Year + 3.35%), 3.50%, 2/15/2027 (a) (b)		EUR 200,000		233,773

Cellnex Telecom SA 2.88%, 4/18/2025 (a)		EUR 100,000		120,885

Cirsa Finance International SARL 6.25%, 12/20/2023 (e)		EUR 200,000		236,296

eDreams ODIGEO SA 5.50%, 9/1/2023 (e)		EUR 200,000		231,725

Grifols SA 3.20%, 5/1/2025 (a)		EUR 200,000		226,769

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	61

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT			VALUE
Corporate Bonds — continued

Spain — continued

Repsol International Finance BV (EUR Swap Annual 10 Year + 4.20%), 4.50%, 3/25/2075 (a) (b)		EUR 200,000			252,030

Telefonica Europe BV

(EUR Swap Annual 5 Year + 3.86%), 3.75%, 3/15/2022 (a) (b) (c) (d)		EUR 400,000			465,997

(EUR Swap Annual 5 Year + 2.33%), 2.63%, 3/7/2023 (a) (b) (c) (d)		EUR 200,000			223,679

Series NC5, (EUR Swap Annual 5 Year + 2.45%), 3.00%, 9/4/2023 (a) (b) (c) (d)		EUR 100,000			113,708


					2,738,785


Sweden — 0.7%

Stadshypotek AB Series 1586, 4.50%, 9/21/2022 (a)		SEK 6,000,000			699,160

Telefonaktiebolaget LM Ericsson 1.88%, 3/1/2024 (a)		EUR 225,000			262,804

Verisure Midholding AB 5.75%, 12/1/2023 (a)		EUR 200,000			227,503

Volvo Car AB

3.25%, 5/18/2021 (a)		EUR 100,000			115,536

2.00%, 1/24/2025 (a)		EUR 100,000			112,854


					1,417,857


Switzerland — 1.1%

Credit Suisse Group AG			��

(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (b) (c) (d) (e)		650,000			717,259

4.28%, 1/9/2028 (e)		250,000			271,863

Dufry One BV 2.50%, 10/15/2024 (a)		EUR 100,000			113,889

Glencore Finance Europe Ltd. 6.00%, 4/3/2022 (a) (f)		GBP 100,000			134,750

UBS Group Funding Switzerland AG

(EUR Swap Annual 5 Year + 5.29%), 5.75%, 2/19/2022 (a) (b) (c) (d)		EUR 600,000			721,888

(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (a) (b) (c) (d)		200,000			218,915


					2,178,564


Taiwan — 0.1%

Competition Team Technologies Ltd. 3.75%, 3/12/2024 (a)		200,000			208,188


INVESTMENTS	PRINCIPAL AMOUNT		VALUE


Turkey — 0.2%

Petkim Petrokimya Holding A/S 5.88%, 1/26/2023 (a)		260,000		250,250

Turkiye Garanti Bankasi A/S 5.25%, 9/13/2022 (a)		210,000		203,831


				454,081


United Arab Emirates — 0.0% (h)

Shelf Drilling Holdings Ltd. 8.25%, 2/15/2025 (e)		79,000		70,335


United Kingdom — 3.1%

Algeco Global Finance plc 6.50%, 2/15/2023 (a)		EUR 200,000		227,798

BAT Capital Corp.

3.56%, 8/15/2027		270,000		276,696

4.39%, 8/15/2037		315,000		317,032

Corral Petroleum Holdings AB 11.75% (cash), 5/15/2021 (a) (g) (i)		EUR 100,000		115,609

CPUK Finance Ltd. 4.25%, 8/28/2022 (a)		GBP 100,000		122,821

EC Finance plc 2.38%, 11/15/2022 (a)		EUR 300,000		335,073

Fiat Chrysler Automobiles NV 3.75%, 3/29/2024 (a)		EUR 100,000		124,779

Fiat Chrysler Finance Europe SA

4.75%, 3/22/2021 (a)		EUR 225,000		265,177

4.75%, 7/15/2022 (a)		EUR 100,000		124,293
HSBC Holdings plc

3.40%, 3/8/2021		280,000		284,479

(ICE LIBOR USD 3 Month + 1.21%), 3.80%, 3/11/2025 (b)		245,000		255,553

(USD ICE Swap Rate 5 Year + 4.37%), 6.37%, 3/30/2025 (b) (c) (d)		200,000		207,250

Iceland Bondco plc 4.63%, 3/15/2025 (e)		GBP 100,000		104,715

Lloyds Banking Group plc 4.58%, 12/10/2025		200,000		209,923

Merlin Entertainments plc 2.75%, 3/15/2022 (a)		EUR 100,000		115,977

Nomad Foods Bondco plc 3.25%, 5/15/2024 (a)		EUR 200,000		227,481

Royal Bank of Scotland Group plc

(USD Swap Semi 5 Year + 7.60%), 8.62%, 8/15/2021 (b) (c) (d)		200,000		211,750

(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023 (b)		235,000		237,827

6.10%, 6/10/2023		30,000		32,536

Santander UK Group Holdings plc 3.57%, 1/10/2023		400,000		407,387

SEE NOTES TO FINANCIAL STATEMENTS.



62	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Corporate Bonds — continued

United Kingdom — continued

Sky Ltd.

1.50%, 9/15/2021 (a)		EUR 200,000		227,719

2.25%, 11/17/2025 (a)		EUR 200,000		250,889

Standard Chartered plc (USD Swap Semi 5 Year + 5.72%), 7.75%, 4/2/2023 (b) (c) (d) (e)		200,000		214,000

Synlab Unsecured Bondco plc 8.25%, 7/1/2023 (a)		EUR 200,000		229,133

Tesco Corporate Treasury Services plc 2.13%, 11/12/2020 (a)		EUR 100,000		112,146

Virgin Media Finance plc 4.50%, 1/15/2025 (a)		EUR 200,000		226,954

Virgin Media Secured Finance plc 5.50%, 8/15/2026 (e)		200,000		209,250

Vodafone Group plc

4.38%, 5/30/2028		245,000		274,845

4.88%, 6/19/2049		121,000		139,764


				6,088,856


United States — 23.6%

Abbott Ireland Financing DAC 1.50%, 9/27/2026 (a)		EUR 200,000		241,566

AbbVie, Inc. 4.45%, 5/14/2046		50,000		52,535

Acadia Healthcare Co., Inc. 6.50%, 3/1/2024		54,000		55,755

ACCO Brands Corp. 5.25%, 12/15/2024 (e)		120,000		123,150

ACE Cash Express, Inc. 12.00%, 12/15/2022 (e)		23,000		23,000

ADT Security Corp. (The) 4.13%, 6/15/2023		74,000		75,179

AES Corp. 5.50%, 4/15/2025		15,000		15,657

Ahern Rentals, Inc. 7.38%, 5/15/2023 (e)		30,000		25,875

Air Lease Corp. 3.25%, 3/1/2025		45,000		46,063

Air Medical Group Holdings, Inc. 6.38%, 5/15/2023 (e)		70,000		61,337

AK Steel Corp.

6.38%, 10/15/2025		20,000		16,550

7.00%, 3/15/2027		18,000		15,120

Albertsons Cos. LLC

6.63%, 6/15/2024		124,000		129,890

5.75%, 3/15/2025		25,000		25,625

Allison Transmission, Inc.

5.00%, 10/1/2024 (e)		20,000		20,577

4.75%, 10/1/2027 (e)		50,000		51,250

Ally Financial, Inc. 4.63%, 5/19/2022		174,000		183,135


INVESTMENTS	PRINCIPAL AMOUNT		VALUE


United States — continued

Altria Group, Inc.

1.70%, 6/15/2025		EUR 300,000		353,055

2.20%, 6/15/2027		EUR 250,000		302,970

4.25%, 8/9/2042		15,000		15,463

3.88%, 9/16/2046		115,000		112,957

AMC Entertainment Holdings, Inc.

5.75%, 6/15/2025		137,000		130,150

5.88%, 11/15/2026		12,000		10,980

6.13%, 5/15/2027		18,000		16,605

AMC Networks, Inc. 5.00%, 4/1/2024		119,000		122,570

American Airlines Group, Inc. 5.00%, 6/1/2022 (e)		15,000		15,600

American Axle & Manufacturing, Inc.

6.63%, 10/15/2022		241,000		243,109

6.25%, 4/1/2025		11,000		10,340

6.50%, 4/1/2027		7,000		6,422

American Tower Corp.

REIT, 5.00%, 2/15/2024		570,000		633,272

REIT, 1.38%, 4/4/2025		EUR 140,000		163,214

American Woodmark Corp. 4.88%, 3/15/2026 (e)		95,000		95,475

AmeriGas Partners LP 5.50%, 5/20/2025		35,000		37,012

Amkor Technology, Inc. 6.63%, 9/15/2027 (e)		12,000		13,065

AMN Healthcare, Inc. 5.13%, 10/1/2024 (e)		21,000		21,577

Amsted Industries, Inc.

5.38%, 9/15/2024 (e)		4,000		4,110

5.63%, 7/1/2027 (e)		9,000		9,607

Antero Resources Corp. 5.13%, 12/1/2022		134,000		123,280

Aramark International Finance SARL 3.13%, 4/1/2025 (a)		EUR 100,000		113,198

Arconic, Inc. 5.90%, 2/1/2027		60,000		66,922

AT&T, Inc.

2.95%, 7/15/2026		42,000		42,814

4.75%, 5/15/2046		75,000		83,861

Avantor, Inc. 6.00%, 10/1/2024 (e)		200,000		214,500

Avis Budget Car Rental LLC

6.38%, 4/1/2024 (e)		45,000		47,025

5.25%, 3/15/2025 (e)		132,000		134,310

5.75%, 7/15/2027 (e)		14,000		14,258

Avis Budget Finance plc 4.13%, 11/15/2024 (a)		EUR 100,000		114,246

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	63

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Corporate Bonds — continued

United States — continued

Axalta Coating Systems LLC 4.25%, 8/15/2024 (a)		EUR 100,000		113,764

B&G Foods, Inc. 5.25%, 4/1/2025		49,000		49,688

Ball Corp. 4.38%, 12/15/2023		EUR 150,000		192,727

Banff Merger Sub, Inc. 9.75%, 9/1/2026 (e)		35,000		31,850

Bank of America Corp. 2.63%, 4/19/2021		270,000		272,609

(ICE LIBOR USD 3 Month + 0.37%), 2.74%, 1/23/2022 (b)		180,000		181,464

(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (b)		810,000		831,260

Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (b) (c) (d)		230,000		259,612

(ICE LIBOR USD 3 Month + 1.06%), 3.56%, 4/23/2027 (b)		295,000		313,986

Series L, 4.18%, 11/25/2027		180,000		195,869

Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028 (b) (c) (d)		335,000		364,212

Bausch Health Cos., Inc.

6.50%, 3/15/2022 (e)		74,000		76,612

4.50%, 5/15/2023 (a)		EUR 300,000		333,836

5.88%, 5/15/2023 (e)		116,000		117,450

7.00%, 3/15/2024 (e)		100,000		105,616

6.13%, 4/15/2025 (e)		495,000		509,850

5.50%, 11/1/2025 (e)		68,000		71,314

Becton Dickinson and Co. 1.40%, 5/24/2023		EUR 100,000		115,062

Belden, Inc. 3.38%, 7/15/2027 (a)		EUR 100,000		114,026

Berry Global, Inc.

5.13%, 7/15/2023		25,000		25,625

4.50%, 2/15/2026 (e)		13,000		12,935

5.63%, 7/15/2027 (e)		10,000		10,500

Big River Steel LLC 7.25%, 9/1/2025 (e)		10,000		10,575

Blue Racer Midstream LLC 6.13%, 11/15/2022 (e)		80,000		80,400

Boeing Co. (The) 3.50%, 3/1/2039		135,000		144,290

Booz Allen Hamilton, Inc. 5.13%, 5/1/2025 (e)		13,000		13,357

Boston Scientific Corp.

3.75%, 3/1/2026		110,000		118,125

4.00%, 3/1/2029		280,000		312,327

Boyd Gaming Corp.

6.88%, 5/15/2023		80,000		82,982


INVESTMENTS	PRINCIPAL AMOUNT		VALUE


United States — continued

6.38%, 4/1/2026		58,000		61,480

Boyne USA, Inc. 7.25%, 5/1/2025 (e)		28,000		30,555

Brazos Valley Longhorn LLC 6.88%, 2/1/2025		13,000		11,570

Brink’s Co. (The) 4.63%, 10/15/2027 (e)		42,000		42,735

Bristol-Myers Squibb Co.

2.90%, 7/26/2024 (e)		242,000		250,910

3.40%, 7/26/2029 (e)		130,000		140,727

4.25%, 10/26/2049 (e)		85,000		102,242

Broadcom Corp. 3.13%, 1/15/2025		210,000		207,410

Buckeye Partners LP

4.15%, 7/1/2023		171,000		170,743

3.95%, 12/1/2026		30,000		26,708

(ICE LIBOR USD 3 Month + 4.02%), 6.37%, 1/22/2078 (b)		45,000		33,863

Cablevision Systems Corp.

8.00%, 4/15/2020		39,000		40,121

5.88%, 9/15/2022		20,000		21,394

California Resources Corp. 8.00%, 12/15/2022 (e)		5,000		2,875

Callon Petroleum Co. 6.13%, 10/1/2024		38,000		36,860

Calpine Corp. 5.25%, 6/1/2026 (e)		69,000		69,862

Camelot Finance SA 7.88%, 10/15/2024 (e)		30,000		31,275

Capital One Financial Corp. 3.80%, 1/31/2028		180,000		191,904

Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023		47,000		44,955

Catalent Pharma Solutions, Inc. 4.88%, 1/15/2026 (e)		35,000		35,525

CCO Holdings LLC

5.13%, 2/15/2023		12,000		12,195

5.88%, 4/1/2024 (e)		144,000		149,940

5.75%, 2/15/2026 (e)		501,000		530,434

5.13%, 5/1/2027 (e)		160,000		169,198

5.38%, 6/1/2029 (e)		16,000		17,100

CDK Global, Inc. 5.25%, 5/15/2029 (e)		35,000		36,137

Cedar Fair LP 5.25%, 7/15/2029 (e)		4,000		4,340

Centene Corp. 6.13%, 2/15/2024		48,000		50,304

Central Garden & Pet Co.

6.13%, 11/15/2023		20,000		20,750

5.13%, 2/1/2028		95,000		95,475

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Corporate Bonds — continued

United States — continued

CenturyLink, Inc.

Series T, 5.80%, 3/15/2022		80,000		83,900

Series W, 6.75%, 12/1/2023		80,000		86,700

CF Industries, Inc. 4.50%, 12/1/2026 (e)		190,000		206,055

Charter Communications Operating LLC

4.91%, 7/23/2025		279,000		308,346

5.38%, 5/1/2047		138,000		153,261

Chemours Co. (The)

6.63%, 5/15/2023		40,000		40,700

7.00%, 5/15/2025		33,000		32,588

4.00%, 5/15/2026		EUR 100,000		101,839

Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025		39,000		43,485

Cheniere Energy Partners LP 5.25%, 10/1/2025		30,000		31,012

Chesapeake Energy Corp. 8.00%, 6/15/2027		134,000		96,816

Cincinnati Bell, Inc.

7.00%, 7/15/2024 (e)		29,000		26,463

8.00%, 10/15/2025 (e)		4,000		3,511

Cinemark USA, Inc. 4.88%, 6/1/2023		15,000		15,281

CITGO Petroleum Corp. 6.25%, 8/15/2022 (e)		27,000		27,135

Citibank NA (ICE LIBOR USD 3 Month + 0.53%), 3.16%, 2/19/2022 (b)		376,000		381,569

Citigroup, Inc.

(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023 (b)		100,000		102,256

(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023 (b) (c) (d)		58,000		60,900

Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (b) (c) (d)		190,000		203,300

Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (b) (c) (d)		200,000		224,000

Clear Channel Worldwide Holdings, Inc.

Series B, 6.50%, 11/15/2022		450,000		459,752

9.25%, 2/15/2024 (e)		85,000		93,181

Clearwater Paper Corp. 4.50%, 2/1/2023		37,000		37,044

Clearway Energy Operating LLC 5.00%, 9/15/2026		44,000		44,550

Cleveland-Cliffs, Inc.

4.88%, 1/15/2024 (e)		15,000		15,300


INVESTMENTS	PRINCIPAL AMOUNT		VALUE


United States — continued

5.75%, 3/1/2025		3,000		3,007

CNO Financial Group, Inc. 5.25%, 5/30/2025		15,000		16,294

CNX Midstream Partners LP 6.50%, 3/15/2026 (e)		20,000		18,710

Cogent Communications Group, Inc. 5.38%, 3/1/2022 (e)		25,000		25,937

Comcast Corp.

3.95%, 10/15/2025		250,000		273,734

3.20%, 7/15/2036		170,000		174,967

4.60%, 8/15/2045		105,000		126,964

4.70%, 10/15/2048		120,000		150,141

Commercial Metals Co. 4.88%, 5/15/2023		15,000		15,525

CommScope Technologies LLC 6.00%, 6/15/2025 (e)		289,000		257,932

CommScope, Inc. 8.25%, 3/1/2027 (e)		48,000		47,040

Community Health Systems, Inc.

5.13%, 8/1/2021		33,000		33,000

6.25%, 3/31/2023		21,000		20,320

8.63%, 1/15/2024 (e)		37,000		37,000

8.13%, 6/30/2024 (e)		34,000		25,840

Concho Resources, Inc. 3.75%, 10/1/2027		53,000		55,170

Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (e)		21,000		17,850

Constellium SE 4.25%, 2/15/2026 (a)		EUR 200,000		229,882

Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026 (e)		105,000		90,037

Coty, Inc. 6.50%, 4/15/2026 (e)		50,000		47,250

Covanta Holding Corp. 5.88%, 7/1/2025		14,000		14,595

Crestwood Midstream Partners LP 5.75%, 4/1/2025		30,000		30,675

Crown Americas LLC 4.25%, 9/30/2026		74,000		76,775

Crown European Holdings SA

4.00%, 7/15/2022 (a)		EUR 350,000		423,211

2.63%, 9/30/2024 (a)		EUR 125,000		149,114

CSC Holdings LLC

5.25%, 6/1/2024		215,000		230,050

6.63%, 10/15/2025 (e)		210,000		224,822

Curo Group Holdings Corp. 8.25%, 9/1/2025 (e)		110,000		95,700

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	65

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Corporate Bonds — continued

United States — continued

CVR Partners LP 9.25%, 6/15/2023 (e)		98,000		102,361

Dana Financing Luxembourg SARL 6.50%, 6/1/2026 (e)		105,000		109,987

Darling Global Finance BV 3.63%, 5/15/2026 (a)		EUR 125,000		145,788

DaVita, Inc. 5.13%, 7/15/2024		82,000		83,411

DCP Midstream Operating LP 3.88%, 3/15/2023		74,000		74,925

Delek Logistics Partners LP 6.75%, 5/15/2025		29,000		29,000

Dell International LLC

7.13%, 6/15/2024 (e)		37,000		39,006

6.02%, 6/15/2026 (e)		255,000		287,793

Diamond Offshore Drilling, Inc. 7.88%, 8/15/2025		15,000		13,804

Diamond Sports Group LLC

5.38%, 8/15/2026 (e)		24,000		25,200

6.63%, 8/15/2027 (e)		9,000		9,427

DISH DBS Corp.

6.75%, 6/1/2021		10,000		10,533

5.88%, 7/15/2022		92,000		95,220

5.00%, 3/15/2023		100,000		98,125

5.88%, 11/15/2024		415,000		394,789

7.75%, 7/1/2026		100,000		98,250

Dole Food Co., Inc. 7.25%, 6/15/2025 (e)		39,000		37,635

Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (e)		60,000		63,750

Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026 (e)		13,000		14,089

Eldorado Resorts, Inc. 7.00%, 8/1/2023		40,000		41,800

Embarq Corp. 8.00%, 6/1/2036		105,000		102,938

Encompass Health Corp.

5.75%, 11/1/2024		110,000		111,375

5.75%, 9/15/2025		105,000		110,381

Energizer Holdings, Inc. 5.50%, 6/15/2025 (e)		70,000		70,913

EnLink Midstream Partners LP

4.40%, 4/1/2024		20,000		19,800

4.15%, 6/1/2025		20,000		19,100

5.60%, 4/1/2044		20,000		16,900

Entegris, Inc. 4.63%, 2/10/2026 (e)		65,000		66,950

Entercom Media Corp. 7.25%, 11/1/2024 (e)		20,000		20,325


INVESTMENTS	PRINCIPAL AMOUNT		VALUE


United States — continued

Enterprise Development Authority (The) 12.00%, 7/15/2024 (e)		63,000		70,604

Enterprise Products Operating LLC Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (b)		125,000		123,437

Envision Healthcare Corp. 8.75%, 10/15/2026 (e)		93,000		50,685

EP Energy LLC

9.38%, 5/1/2024 (e)		40,000		3,000

8.00%, 11/29/2024 (e)		37,000		15,910

7.75%, 5/15/2026 (e)		36,000		30,060

Equinix, Inc.

REIT, 5.38%, 4/1/2023		60,000		61,200

REIT, 2.88%, 10/1/2025		EUR 225,000		257,175

REIT, 5.88%, 1/15/2026		115,000		122,331

ESH Hospitality, Inc. REIT, 5.25%, 5/1/2025 (e)		110,000		113,712

Exela Intermediate LLC 10.00%, 7/15/2023 (e)		56,000		35,000

Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (e)		32,000		33,920

FirstCash, Inc. 5.38%, 6/1/2024 (e)		15,000		15,562

FirstEnergy Corp. Series B, 3.90%, 7/15/2027		295,000		316,904

Fox Corp.

4.03%, 1/25/2024 (e)		90,000		96,389

4.71%, 1/25/2029 (e)		40,000		46,335

Freeport-McMoRan, Inc.

3.55%, 3/1/2022		59,000		59,147

3.88%, 3/15/2023		25,000		25,260

Frontier Communications Corp.

7.63%, 4/15/2024		15,000		7,504

6.88%, 1/15/2025		35,000		17,850

8.50%, 4/1/2026 (e)		161,000		156,573

FXI Holdings, Inc. 7.88%, 11/1/2024 (e)		14,000		12,425

GCI LLC 6.88%, 4/15/2025		90,000		94,500

GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		200,000		203,203

General Electric Co.

1.50%, 5/17/2029		EUR 100,000		105,605

2.13%, 5/17/2037		EUR 100,000		105,904

4.50%, 3/11/2044		120,000		121,315

General Motors Co. 5.15%, 4/1/2038		115,000		119,272

General Motors Financial Co., Inc. 4.00%, 1/15/2025		330,000		339,674

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Corporate Bonds — continued

United States — continued

Genesis Energy LP 5.63%, 6/15/2024		35,000		33,425

GEO Group, Inc. (The) REIT, 5.88%, 10/15/2024		100,000		88,000

Gilead Sciences, Inc. 4.00%, 9/1/2036		20,000		22,801

Global Partners LP 7.00%, 6/15/2023		25,000		25,250

Goldman Sachs Group, Inc. (The)

(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (b)		205,000		208,249

(ICE LIBOR USD 3 Month + 1.60%), 3.72%, 11/29/2023 (b)		130,000		133,491

3.85%, 1/26/2027		159,000		169,786

(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029 (b)		67,000		72,104

Goodyear Tire & Rubber Co. (The)

5.00%, 5/31/2026		94,000		93,060

4.88%, 3/15/2027		21,000		20,265

Gray Television, Inc. 7.00%, 5/15/2027 (e)		60,000		65,607

Gulfport Energy Corp. 6.00%, 10/15/2024		78,000		56,745

H&E Equipment Services, Inc. 5.63%, 9/1/2025		15,000		15,712

Hanesbrands, Inc. 4.88%, 5/15/2026 (e)		51,000		53,763

HCA Healthcare, Inc. 6.25%, 2/15/2021		15,000		15,756

HCA, Inc.

5.88%, 5/1/2023		82,000		90,559

5.38%, 2/1/2025		130,000		144,300

5.88%, 2/15/2026		440,000		501,930

5.63%, 9/1/2028		4,000		4,551

Herc Holdings, Inc. 5.50%, 7/15/2027 (e)		19,000		19,594

Hertz Corp. (The)

7.63%, 6/1/2022 (e)		17,000		17,702

5.50%, 10/15/2024 (e)		213,000		208,740

7.13%, 8/1/2026 (e)		15,000		15,308

Hertz Holdings Netherlands BV 4.13%, 10/15/2021 (a)		EUR 125,000		139,614

Hilcorp Energy I LP

5.00%, 12/1/2024 (e)		23,000		21,217

6.25%, 11/1/2028 (e)		25,000		23,000

Hill-Rom Holdings, Inc.

5.75%, 9/1/2023 (e)		14,000		14,455

5.00%, 2/15/2025 (e)		15,000		15,412


INVESTMENTS	PRINCIPAL AMOUNT		VALUE


United States — continued

Hilton Domestic Operating Co., Inc. 5.13%, 5/1/2026		12,000		12,666

Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		15,000		15,938

Hilton Worldwide Finance LLC

4.63%, 4/1/2025		88,000		90,860

4.88%, 4/1/2027		33,000		34,732

Holly Energy Partners LP 6.00%, 8/1/2024 (e)		16,000		16,768

Hologic, Inc. 4.38%, 10/15/2025 (e)		15,000		15,337

Home Depot, Inc. (The) 2.95%, 6/15/2029		70,000		74,098

Hughes Satellite Systems Corp. 6.63%, 8/1/2026		15,000		16,162

Icahn Enterprises LP 6.38%, 12/15/2025		25,000		26,469

IHS Markit Ltd. 4.00%, 3/1/2026 (e)		21,000		22,327

Infor US, Inc. 6.50%, 5/15/2022		141,000		143,291

International Game Technology plc 4.75%, 2/15/2023 (a)		EUR 200,000		244,394

IQVIA, Inc.

3.50%, 10/15/2024 (a)		EUR 250,000		280,821

3.25%, 3/15/2025 (a)		EUR 200,000		226,134

IRB Holding Corp. 6.75%, 2/15/2026 (e)		58,000		58,290

Iron Mountain, Inc.

REIT, 5.75%, 8/15/2024		58,000		58,725

REIT, 3.00%, 1/15/2025 (a)		EUR 100,000		113,114

ITC Holdings Corp. 3.35%, 11/15/2027		140,000		149,962

Jack Ohio Finance LLC 6.75%, 11/15/2021 (e)		40,000		40,900

JBS USA LUX SA

5.88%, 7/15/2024 (e)		7,000		7,207

5.75%, 6/15/2025 (e)		6,000		6,244

6.75%, 2/15/2028 (e)		80,000		89,062

6.50%, 4/15/2029 (e)		43,000		47,622

JELD-WEN, Inc. 4.63%, 12/15/2025 (e)		70,000		68,600

Kaiser Aluminum Corp. 5.88%, 5/15/2024		10,000		10,375

Kennedy-Wilson, Inc. 5.88%, 4/1/2024		14,000		14,333

Kinetic Concepts, Inc. 7.88%, 2/15/2021 (e)		79,000		81,393

Kraft Heinz Foods Co. 4.38%, 6/1/2046		192,000		184,508

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	67

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Corporate Bonds — continued

United States — continued

Kroger Co. (The) 2.65%, 10/15/2026		135,000		134,461

L Brands, Inc.

5.63%, 10/15/2023		45,000		47,250

5.25%, 2/1/2028		18,000		16,425

L3Harris Technologies, Inc. 4.85%, 4/27/2035		185,000		221,355

Lamar Media Corp. 5.75%, 2/1/2026		50,000		53,000

Lennar Corp. 5.88%, 11/15/2024		48,000		53,520

Level 3 Financing, Inc.

5.38%, 5/1/2025		25,000		26,000

5.25%, 3/15/2026		61,000		63,593

Level 3 Parent LLC 5.75%, 12/1/2022		175,000		176,313

Liberty Mutual Group, Inc. 7.80%, 3/15/2037 (e)		15,000		18,975

Live Nation Entertainment, Inc. 5.63%, 3/15/2026 (e)		14,000		14,928

LKQ Italia Bondco SpA 3.88%, 4/1/2024 (a)		EUR 100,000		123,360

Lowe’s Cos., Inc. 3.65%, 4/5/2029		74,000		80,404

LPL Holdings, Inc. 5.75%, 9/15/2025 (e)		38,000		39,995

Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026		29,000		31,297

Martin Midstream Partners LP 7.25%, 2/15/2021		46,000		43,700

MasTec, Inc. 4.88%, 3/15/2023		34,000		34,553

Matador Resources Co. 5.88%, 9/15/2026		21,000		20,344

Mattel, Inc.

3.15%, 3/15/2023		10,000		9,400

6.75%, 12/31/2025 (e)		170,000		174,675

Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024 (e)		75,000		77,062

MetLife, Inc. 6.40%, 12/15/2036		20,000		23,336

MGM Resorts International

6.00%, 3/15/2023		315,000		346,500

4.63%, 9/1/2026		55,000		56,925

Midcontinent Communications 5.38%, 8/15/2027 (e)		9,000		9,342

Morgan Stanley

3.70%, 10/23/2024		360,000		384,554

3.63%, 1/20/2027		200,000		213,978

(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (b)		15,000		16,233

(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038 (b)		240,000		268,123


INVESTMENTS	PRINCIPAL AMOUNT		VALUE


United States — continued

MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (e)		79,000		70,611

MSCI, Inc. 5.38%, 5/15/2027 (e)		34,000		36,567

MTS Systems Corp. 5.75%, 8/15/2027 (e)		14,000		14,630

Nabors Industries, Inc.

5.10%, 9/15/2023		9,000		7,560

5.75%, 2/1/2025		90,000		72,000

Nationstar Mortgage LLC

6.50%, 7/1/2021		2,000		2,003

6.50%, 6/1/2022		45,000		45,056

NCR Corp.

5.75%, 9/1/2027 (e)		15,000		15,841

6.13%, 9/1/2029 (e)		15,000		15,920

Netflix, Inc.

4.38%, 11/15/2026		70,000		71,663

3.63%, 5/15/2027		EUR 100,000		118,819

4.88%, 4/15/2028		65,000		68,006

New Albertsons LP 8.00%, 5/1/2031		103,000		104,545

NextEra Energy Operating Partners LP 4.25%, 9/15/2024 (e)		10,000		10,370

Nielsen Co. Luxembourg SARL (The)

5.50%, 10/1/2021 (e)		110,000		110,319

5.00%, 2/1/2025 (e)		30,000		29,625

Nielsen Finance LLC 5.00%, 4/15/2022 (e)		38,000		38,190

Noble Energy, Inc. 3.85%, 1/15/2028		410,000		427,656

Noble Holding International Ltd.

7.88%, 2/1/2026 (e)		53,000		42,798

5.25%, 3/15/2042		12,000		5,280

Northern Oil and Gas, Inc. 8.50% (cash), 5/15/2023 (g)		30,150		31,017

Novelis Corp. 5.88%, 9/30/2026 (e)		74,000		78,163

NRG Energy, Inc. 6.63%, 1/15/2027		45,000		48,600

Nuance Communications, Inc. 5.63%, 12/15/2026		50,000		52,688

NuStar Logistics LP 5.63%, 4/28/2027		30,000		31,200

Oasis Petroleum, Inc.

6.88%, 1/15/2023		125,000		113,125

6.25%, 5/1/2026 (e)		33,000		26,606

Occidental Petroleum Corp. 2.90%, 8/15/2024		340,000		343,180

OI European Group BV 3.13%, 11/15/2024 (a)		EUR 150,000		179,144

ONEOK, Inc. 4.00%, 7/13/2027		130,000		136,754

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Corporate Bonds — continued

United States — continued

Outfront Media Capital LLC 5.88%, 3/15/2025		75,000		77,531

Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (e)		9,000		8,393

Party City Holdings, Inc. 6.63%, 8/1/2026 (e)		47,000		44,768

Pattern Energy Group, Inc. 5.88%, 2/1/2024 (e)		20,000		20,700

PBF Holding Co. LLC 7.25%, 6/15/2025		22,000		22,790

Peabody Energy Corp. 6.00%, 3/31/2022 (e)		20,000		20,600

Penske Automotive Group, Inc.

5.75%, 10/1/2022		35,000		35,459

5.50%, 5/15/2026		48,000		50,280

PetSmart, Inc. 5.88%, 6/1/2025 (e)		101,000		98,980

Pilgrim’s Pride Corp. 5.75%, 3/15/2025 (e)		63,000		65,520

Plantronics, Inc. 5.50%, 5/31/2023 (e)		53,000		53,922

Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (e) (g)		25,000		21,000

Post Holdings, Inc.

5.00%, 8/15/2026 (e)		63,000		65,678

5.75%, 3/1/2027 (e)		50,000		53,125

5.63%, 1/15/2028 (e)		50,000		53,250

Prime Security Services Borrower LLC

9.25%, 5/15/2023 (e)		18,000		18,929

5.25%, 4/15/2024 (e)		16,000		16,526

5.75%, 4/15/2026 (e)		16,000		16,680

PVH Corp. 3.63%, 7/15/2024 (a)		EUR 125,000		154,678

QEP Resources, Inc.

5.38%, 10/1/2022		38,000		34,200

5.63%, 3/1/2026		5,000		4,050

Qorvo, Inc. 5.50%, 7/15/2026		52,000		55,511

Quicken Loans, Inc. 5.75%, 5/1/2025 (e)		53,000		55,253

Rackspace Hosting, Inc. 8.63%, 11/15/2024 (e)		38,000		34,865

Radian Group, Inc. 4.50%, 10/1/2024		25,000		25,813

Rain CII Carbon LLC 7.25%, 4/1/2025 (e)		50,000		47,000

Realty Income Corp. REIT, 3.00%, 1/15/2027		170,000		176,956

Refinitiv US Holdings, Inc.

6.25%, 5/15/2026 (e)		21,000		22,864

8.25%, 11/15/2026 (e)		9,000		10,125


INVESTMENTS	PRINCIPAL AMOUNT		VALUE


United States — continued

Reynolds Group Issuer, Inc. 5.75%, 10/15/2020		72,683		72,865

Rite Aid Corp. 6.13%, 4/1/2023 (e)		80,000		64,600

Rockwell Collins, Inc.

3.70%, 12/15/2023		325,000		343,766

3.20%, 3/15/2024		400,000		416,937

3.50%, 3/15/2027		340,000		366,175

Roper Technologies, Inc. 3.80%, 12/15/2026		280,000		303,512

Schlumberger Holdings Corp.

3.75%, 5/1/2024 (e)		315,000		333,099

3.90%, 5/17/2028 (e)		120,000		127,879

Scientific Games International, Inc.

10.00%, 12/1/2022		16,000		16,600

5.00%, 10/15/2025 (e)		87,000		89,892

Scotts Miracle-Gro Co. (The) 6.00%, 10/15/2023		70,000		72,484

Sealed Air Corp. 5.13%, 12/1/2024 (e)		94,000		100,698

SemGroup Corp. 5.63%, 11/15/2023		58,000		54,810

Sempra Energy 3.80%, 2/1/2038		145,000		152,190

Sensata Technologies BV

4.88%, 10/15/2023 (e)		85,000		89,174

5.00%, 10/1/2025 (e)		14,000		14,840

Service Corp. International 7.50%, 4/1/2027		70,000		84,000

Shire Acquisitions Investments Ireland DAC 2.88%, 9/23/2023		225,000		230,133

Silgan Holdings, Inc. 3.25%, 3/15/2025		EUR 200,000		226,679

Sinclair Television Group, Inc. 5.63%, 8/1/2024 (e)		176,000		181,280

Sirius XM Radio, Inc.

4.63%, 5/15/2023 (e)		10,000		10,175

4.63%, 7/15/2024 (e)		12,000		12,525

5.38%, 4/15/2025 (e)		93,000		96,487

5.38%, 7/15/2026 (e)		2,000		2,113

5.00%, 8/1/2027 (e)		12,000		12,660

5.50%, 7/1/2029 (e)		14,000		15,256

Six Flags Entertainment Corp.

4.88%, 7/31/2024 (e)		10,000		10,350

5.50%, 4/15/2027 (e)		4,000		4,280

Solera LLC 10.50%, 3/1/2024 (e)		45,000		47,700

Sotheby’s 4.88%, 12/15/2025 (e)		20,000		20,500

Southwestern Energy Co. 6.20%, 1/23/2025 (f)		87,000		76,125

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	69

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Corporate Bonds — continued

United States — continued

Spectrum Brands, Inc.

6.63%, 11/15/2022		28,000		28,490

5.75%, 7/15/2025		90,000		93,600

Springleaf Finance Corp.

5.63%, 3/15/2023		60,000		64,500

7.13%, 3/15/2026		32,000		36,496

Sprint Capital Corp. 8.75%, 3/15/2032		157,000		196,639

Sprint Corp.

7.88%, 9/15/2023		173,000		194,625

7.13%, 6/15/2024		80,000		88,437

7.63%, 2/15/2025		376,000		420,650

SPX FLOW, Inc. 5.63%, 8/15/2024 (e)		50,000		52,188

SS&C Technologies, Inc. 5.50%, 9/30/2027 (e)		55,000		57,750

Standard Industries, Inc.

6.00%, 10/15/2025 (e)		24,000		25,230

4.75%, 1/15/2028 (e)		60,000		60,300

Staples, Inc.

7.50%, 4/15/2026 (e)		75,000		75,750

10.75%, 4/15/2027 (e)		46,000		46,460

Station Casinos LLC 5.00%, 10/1/2025 (e)		21,000		21,422

Steel Dynamics, Inc. 5.00%, 12/15/2026		25,000		26,125

Summit Materials LLC 6.13%, 7/15/2023		20,000		20,325

Summit Midstream Holdings LLC

5.50%, 8/15/2022		20,000		18,800

5.75%, 4/15/2025		20,000		17,154

Sunoco Logistics Partners Operations LP 5.35%, 5/15/2045		130,000		141,660

Sunoco LP

4.88%, 1/15/2023		20,000		20,450

5.50%, 2/15/2026		15,000		15,563

6.00%, 4/15/2027		22,000		23,155

Syneos Health, Inc. 7.50%, 10/1/2024 (e)		51,000		53,040

Talen Energy Supply LLC 6.50%, 6/1/2025		9,000		6,840

Tallgrass Energy Partners LP 5.50%, 9/15/2024 (e)		28,000		27,300

Targa Resources Partners LP

4.25%, 11/15/2023		62,000		61,922

6.75%, 3/15/2024		170,000		176,588


INVESTMENTS	PRINCIPAL AMOUNT		VALUE


United States — continued

Team Health Holdings, Inc. 6.38%, 2/1/2025 (e)		53,000		35,510

TEGNA, Inc. 6.38%, 10/15/2023		75,000		77,100

Teleflex, Inc. 5.25%, 6/15/2024		50,000		51,500

Tempur Sealy International, Inc.

5.63%, 10/15/2023		110,000		113,300

5.50%, 6/15/2026		50,000		52,250

Tenet Healthcare Corp.

4.50%, 4/1/2021		74,000		76,590

8.13%, 4/1/2022		145,000		156,223

6.75%, 6/15/2023		70,000		71,925

4.63%, 9/1/2024 (e)		6,000		6,180

5.13%, 5/1/2025		75,000		75,187

4.88%, 1/1/2026 (e)		30,000		30,828

6.25%, 2/1/2027 (e)		35,000		36,313

5.13%, 11/1/2027 (e)		21,000		21,709

Tennant Co. 5.63%, 5/1/2025		33,000		34,073

Tenneco, Inc. 5.00%, 7/15/2026		65,000		50,497

Terex Corp. 5.63%, 2/1/2025 (e)		65,000		66,142

Terraform Global Operating LLC 6.13%, 3/1/2026 (e)		10,000		10,275

TerraForm Power Operating LLC

4.25%, 1/31/2023 (e)		17,000		17,419

6.63%, 6/15/2025 (e) (f)		8,000		8,440

5.00%, 1/31/2028 (e)		21,000		21,867

Thermo Fisher Scientific, Inc. 3.00%, 4/15/2023		475,000		488,630

T-Mobile USA, Inc.

6.50%, 1/15/2024 ‡		150,000		—

6.38%, 3/1/2025		79,000		81,805

6.50%, 1/15/2026		375,000		403,125

6.50%, 1/15/2026 ‡		160,000		—

4.50%, 2/1/2026		50,000		51,875

TransDigm, Inc. 6.25%, 3/15/2026 (e)		70,000		75,511

Transocean Pontus Ltd. 6.13%, 8/1/2025 (e)		18,690		18,950

Transocean Poseidon Ltd. 6.88%, 2/1/2027 (e)		10,000		10,438

Transocean Proteus Ltd. 6.25%, 12/1/2024 (e)		36,000		36,810

Transocean, Inc.

9.00%, 7/15/2023 (e)		25,000		25,843

7.50%, 1/15/2026 (e)		55,000		50,188

7.50%, 4/15/2031		9,000		6,964

6.80%, 3/15/2038		36,000		23,760

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Corporate Bonds — continued

United States — continued

9.35%, 12/15/2041 (f)		29,000		24,142

Trinseo Materials Operating SCA 5.38%, 9/1/2025 (e)		28,000		26,320

Triumph Group, Inc. 7.75%, 8/15/2025		75,000		75,188

Tronox Finance plc 5.75%, 10/1/2025 (e)		8,000		7,420

Tronox, Inc. 6.50%, 4/15/2026 (e)		19,000		18,050

Twin River Worldwide Holdings, Inc. 6.75%, 6/1/2027 (e)		3,000		3,161

Ultra Resources, Inc. 11.00% (Blend (cash 9.00% + PIK 2.00%)), 7/12/2024 (g)		127,428		14,952

Union Pacific Corp.

3.15%, 3/1/2024		130,000		135,974

4.30%, 3/1/2049		100,000		119,146

United Airlines Holdings, Inc.

5.00%, 2/1/2024		25,000		26,500

4.88%, 1/15/2025		13,000		13,618

United Rentals North America, Inc. 5.50%, 5/15/2027		289,000		310,100

United States Cellular Corp. 6.70%, 12/15/2033		90,000		95,963

United States Steel Corp.

6.88%, 8/15/2025		9,000		8,541

6.25%, 3/15/2026		28,000		24,763

United Technologies Corp.

3.95%, 8/16/2025		125,000		137,219

4.13%, 11/16/2028		150,000		171,645

3.75%, 11/1/2046		115,000		127,676

Uniti Group LP REIT, 6.00%, 4/15/2023 (e)		85,000		80,962

Univision Communications, Inc.

5.13%, 5/15/2023 (e)		26,000		25,675

5.13%, 2/15/2025 (e)		21,000		20,263

Verizon Communications, Inc. 4.33%, 9/21/2028		230,000		264,195

Vertiv Group Corp. 9.25%, 10/15/2024 (e)		44,000		41,580

VICI Properties 1 LLC REIT, 8.00%, 10/15/2023		115,000		125,638

Vista Outdoor, Inc. 5.88%, 10/1/2023		85,000		76,765

Vistra Energy Corp. 5.88%, 6/1/2023		22,000		22,440

Vistra Operations Co. LLC 5.50%, 9/1/2026 (e)		55,000		57,750


INVESTMENTS	PRINCIPAL AMOUNT		VALUE


United States — continued

VOC Escrow Ltd. 5.00%, 2/15/2028 (e)		17,000		17,425

W&T Offshore, Inc. 9.75%, 11/1/2023 (e)		44,000		42,460

Walt Disney Co. (The) 4.95%, 10/15/2045 (e)		120,000		162,896

Welbilt, Inc. 9.50%, 2/15/2024		140,000		150,325

WellCare Health Plans, Inc. 5.25%, 4/1/2025		28,000		29,317

Wells Fargo & Co. 4.90%, 11/17/2045		150,000		186,678

WESCO Distribution, Inc. 5.38%, 6/15/2024		17,000		17,553

Western Digital Corp. 4.75%, 2/15/2026		50,000		51,173

Whiting Petroleum Corp.

5.75%, 3/15/2021		85,000		79,492

6.63%, 1/15/2026		21,000		15,198

William Carter Co. (The) 5.63%, 3/15/2027 (e)		8,000		8,520

Williams Cos., Inc. (The) 4.00%, 9/15/2025		275,000		292,313

Windstream Services LLC 8.63%, 10/31/2025 (e) (f)		15,000		15,075

WMG Acquisition Corp.

4.13%, 11/1/2024 (a)		EUR 135,000		153,756

4.88%, 11/1/2024 (e)		113,000		116,672

WPX Energy, Inc. 8.25%, 8/1/2023		70,000		77,875

Wyndham Destinations, Inc.

5.40%, 4/1/2024 (f)		2,000		2,099

6.35%, 10/1/2025 (f)		13,000		14,251

5.75%, 4/1/2027 (f)		17,000		18,148

Wynn Las Vegas LLC 5.50%, 3/1/2025 (e)		121,000		127,655

XPO Logistics, Inc.

6.50%, 6/15/2022 (e)		90,000		91,974

6.13%, 9/1/2023 (e)		26,000		26,884

6.75%, 8/15/2024 (e)		35,000		37,712

Zayo Group LLC 6.38%, 5/15/2025		104,000		106,990


				45,840,526


Total Corporate Bonds (Cost $87,502,256)				88,613,360

Foreign Government Securities — 25.6%

Angola — 0.1%

Republic of Angola 9.50%, 11/12/2025 (a)		200,000		226,500

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	71

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Foreign Government Securities — continued

Bahrain — 0.3%

Kingdom of Bahrain

6.00%, 9/19/2044 (a)		358,000		361,804

7.50%, 9/20/2047 (a)		260,000		300,868


				662,672


Belarus — 0.2%

Republic of Belarus 6.88%, 2/28/2023 (a)		350,000		375,156


Benin — 0.2%

Benin Government International Bond 5.75%, 3/26/2026 (e)		EUR 320,000		359,609


Canada — 2.8%

Canada Government Bond 2.25%, 6/1/2029		CAD 6,650,000		5,493,218


Colombia — 0.3%

Republic of Colombia

5.00%, 6/15/2045		200,000		241,800

5.20%, 5/15/2049		300,000		376,312


				618,112


Cyprus — 0.7%

Republic of Cyprus

2.75%, 6/27/2024 (a)		EUR 230,000		286,340

2.38%, 9/25/2028 (a)		EUR 570,000		739,917

2.75%, 2/26/2034 (a)		EUR 180,000		251,142


				1,277,399


Dominican Republic — 0.4%

Government of Dominican Republic

6.88%, 1/29/2026 (a)		350,000		400,531

9.75%, 6/5/2026 (e)		DOP 14,000,000		281,304

5.95%, 1/25/2027 (a)		160,000		175,600


				857,435


Ecuador — 0.2%

Republic of Ecuador 10.50%, 3/24/2020 (a)		350,000		358,969


Egypt — 0.2%

Arab Republic of Egypt 7.60%, 3/1/2029 (e)		280,000		302,575


El Salvador — 0.3%

Republic of El Salvador

7.38%, 12/1/2019 (a)		100,000		100,594

7.75%, 1/24/2023 (a)		152,000		165,347

7.12%, 1/20/2050 (e)		227,000		231,682


				497,623


INVESTMENTS	PRINCIPAL AMOUNT		VALUE


Ethiopia — 0.1%

Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (a)		200,000		208,063


Ghana — 0.1%

Republic of Ghana 7.88%, 8/7/2023 (a)		200,000		218,000


Greece — 0.9%

Greece Government Bond

3.38%, 2/15/2025 (a)		EUR 946,000		1,161,918

1.88%, 7/23/2026 (a)		EUR 466,000		529,064


				1,690,982


Guatemala — 0.1%

Republic of Guatemala 6.13%, 6/1/2050 (e)		230,000		274,922


Hungary — 0.7%

Republic of Hungary

3.00%, 8/21/2030		HUF 202,330,000		743,695

3.00%, 10/27/2038		HUF 163,620,000		601,749


				1,345,444


Indonesia — 1.2%

Republic of Indonesia

8.25%, 7/15/2021		IDR 11,161,000,000		808,848

8.25%, 5/15/2029		IDR 6,240,000,000		467,450

8.75%, 5/15/2031		IDR 8,404,000,000		638,372

6.63%, 2/17/2037 (a)		340,000		474,088


				2,388,758


Italy — 1.2%

Italy Government Bond

3.75%, 8/1/2021 (a)		EUR 820,000		967,461

1.00%, 7/15/2022 (a)		EUR 860,000		970,419

3.85%, 9/1/2049 (a)		EUR 215,000		331,405


				2,269,285


Ivory Coast — 0.1%

Republic of Cote d’Ivoire 5.13%, 6/15/2025 (a)		EUR 240,000		280,175


Jamaica — 0.1%

Jamaica Government International Bond 8.00%, 3/15/2039		220,000		284,556


Kenya — 0.1%

Republic of Kenya 8.25%, 2/28/2048 (a)		250,000		257,812

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Foreign Government Securities — continued

Lebanon — 0.3%

Republic of Lebanon

5.45%, 11/28/2019 (a)		250,000		246,328

6.85%, 3/23/2027 (a)		321,000		214,468

6.65%, 11/3/2028 (a)		199,000		132,273


				593,069


Malaysia — 1.0%

Malaysia Sovereign Sukuk Bhd. 4.64%, 11/7/2033		MYR 7,245,000		1,925,439


Mexico — 1.0%

United Mexican States 7.75%, 5/29/2031		MXN 36,000,000		1,887,265


Pakistan — 0.2%

Republic of Pakistan 6.88%, 12/5/2027 (a)		360,000		360,450


Panama — 0.2%

Republic of Panama 3.87%, 7/23/2060		400,000		457,625


Paraguay — 0.1%

Republic of Paraguay 5.00%, 4/15/2026 (a)		220,000		242,756


Peru — 0.4%

Republic of Peru 6.90%, 8/12/2037 (a)		PEN 1,895,000		687,720


Poland — 1.0%

Republic of Poland 2.75%, 4/25/2028		PLN 7,090,000		1,914,586


Portugal — 3.9%

Portugal Obrigacoes do Tesouro

5.13%, 10/15/2024 (a)		990,000		1,133,507

2.88%, 10/15/2025 (a)		EUR 2,460,000		3,213,174

2.88%, 7/21/2026 (a)		EUR 1,035,000		1,373,210

1.95%, 6/15/2029 (a)		EUR 790,000		1,022,298

2.25%, 4/18/2034 (a)		EUR 545,000		746,247


				7,488,436


Qatar — 0.2%

State of Qatar 5.10%, 4/23/2048 (a)		245,000		326,845


Romania — 0.3%

Republic of Romania

2.12%, 7/16/2031 (e)		EUR 193,000		219,541

4.63%, 4/3/2049 (e)		EUR 256,000		360,312


				579,853


INVESTMENTS	PRINCIPAL AMOUNT		VALUE


Russia — 0.5%

Russian Federation 7.75%, 9/16/2026		RUB 59,180,000		928,747


Saudi Arabia — 0.2%

Kingdom of Saudi Arabia 0.75%, 7/9/2027 (e)		EUR 400,000		458,414


Serbia — 0.3%

Republic of Serbia

4.88%, 2/25/2020 (a)		300,000		302,940

1.50%, 6/26/2029 (e)		EUR 230,000		263,525


				566,465


South Africa — 1.6%

Republic of South Africa

8.88%, 2/28/2035		ZAR 4,000,000		247,859

9.00%, 1/31/2040		ZAR 4,000,000		243,454

6.50%, 2/28/2041		ZAR 54,756,087		2,530,536


				3,021,849


South Korea — 0.2%

Korea Housing Finance Corp. 0.10%, 6/18/2024 (e)		EUR 371,000		413,562


Spain — 3.4%

Kingdom of Spain

2.15%, 10/31/2025 (a)		EUR 2,200,000		2,775,858

1.45%, 4/30/2029 (a)		EUR 1,750,000		2,178,441

1.85%, 7/30/2035 (a)		EUR 580,000		765,635

2.90%, 10/31/2046 (a)		EUR 610,000		983,252


				6,703,186


Sri Lanka — 0.2%

Republic of Sri Lanka

6.35%, 6/28/2024 (e)		200,000		199,603

7.55%, 3/28/2030 (e)		200,000		200,000


				399,603


United Arab Emirates — 0.3%

Abu Dhabi Government Bond 4.13%, 10/11/2047 (a)		450,000		558,844


Total Foreign Government Securities (Cost $48,949,764)				49,761,979

Asset-Backed Securities — 7.6%

Cayman Islands — 0.6%

Apidos CLO Series XXXA, Class A2, 3.90%, 10/18/2031 (e) (i)		250,000		246,552

Benefit Street Partners CLO XISeries 2017-11A, Class A2A, 4.05%, 4/15/2029 (e) (i)		250,000		248,797

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	73

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Asset-Backed Securities — continued

Cayman Islands — continued

BlueMountain CLO Ltd.Series 2014-2A, Class BR2, 4.03%, 10/20/2030 ‡ (e) (i)		350,000		346,452

Shackleton CLO Ltd.Series 2014-6RA, Class B, 4.03%, 7/17/2028 (e) (i)		260,000		258,919


				1,100,720


United States — 7.0%

ACCTrust Series 2019-1, Class A, 3.75%, 5/20/2022 (e)		95,418		96,350

Accelerated Assets LLCSeries 2018-1, Class C, 6.65%, 12/2/2033 ‡ (e)		236,167		246,402

American Credit Acceptance Receivables Trust

Series 2016-4, Class D, 4.11%, 4/12/2023 (e)		47,000		47,487

Series 2019-3, Class B, 2.59%, 8/14/2023 (e)		290,000		290,218

Series 2018-3, Class C, 3.75%, 10/15/2024 (e)		60,000		60,653

Series 2019-3, Class C, 2.76%, 9/12/2025 (e)		192,000		192,483

Series 2019-3, Class D, 2.89%, 9/12/2025 (e)		97,000		97,443

Business Jet Securities LLCSeries 2018-2, Class C, 6.66%, 6/15/2033 (e)		170,375		173,254

Chase FundingTrust Series 2003-6, Class 1A7, 5.02%, 11/25/2034 (f)		138,467		145,745

Citi Held For Asset IssuanceSeries 2015-PM2, Class C, 5.96%, 3/15/2022 ‡ (e)		24,142		24,173

Conn’s Receivables Funding LLC

Series 2019-A, Class B, 4.36%, 10/16/2023 ‡ (e)		110,000		111,157

Series 2019-A, Class C, 5.29%, 10/16/2023 ‡ (e)		100,000		100,989

Consumer Loan Underlying Bond CreditTrust Series 2017-NP1, Class C, 5.13%, 4/17/2023 ‡ (e)		5,782		5,788

CPS Auto Receivables Trust

Series 2018-A, Class B, 2.77%, 4/18/2022 (e)		640,000		641,254

Series 2018-A, Class D, 3.66%, 12/15/2023 (e)		400,000		408,033

Credit Acceptance Auto Loan Trust

Series 2018-1A, Class C, 3.77%, 6/15/2027 (e)		250,000		256,001

Series 2018-3A, Class B, 3.89%, 10/15/2027 (e)		250,000		259,097


INVESTMENTS	PRINCIPAL AMOUNT		VALUE


United States — continued

Credit-Based Asset Servicing & Securitization LLCSeries 2004-CB5, Class M1, 3.06%, 1/25/2034 ‡ (i)		115,796		116,190

CWABS, Inc. Asset-Backed CertificatesSeries 2003-5, Class AF5, 5.12%, 2/25/2034 ‡ (f)		116,679		119,742

Drive Auto Receivables Trust

Series 2018-3, Class D, 4.30%, 9/16/2024		256,000		264,437

Series 2018-4, Class C, 3.66%, 11/15/2024		260,000		263,569

DT Auto Owner Trust

Series 2018-3A, Class C, 3.79%, 7/15/2024 (e)		260,000		266,039

Series 2019-1A, Class D, 3.87%, 11/15/2024 (e)		65,000		67,107

Series 2019-1A, Class E, 4.94%, 2/17/2026 (e)		100,000		104,370

Exeter Automobile Receivables Trust

Series 2015-2A, Class D, 5.79%, 5/16/2022 (e)		100,000		101,082

Series 2015-3A, Class D, 6.55%, 10/17/2022 (e)		220,000		225,455

Series 2018-3A, Class C, 3.71%, 6/15/2023 (e)		99,000		100,900

Series 2017-3A, Class C, 3.68%, 7/17/2023 (e)		180,000		183,757

Series 2016-3A, Class D, 6.40%, 7/17/2023 (e)		350,000		366,782

Series 2018-2A, Class D, 4.04%, 3/15/2024 (e)		60,000		61,762

Series 2018-3A, Class D, 4.35%, 6/17/2024 (e)		210,000		219,357

Series 2019-1A, Class C, 3.82%, 12/16/2024 (e)		130,000		133,550

Series 2019-1A, Class D, 4.13%, 12/16/2024 (e)		240,000		250,324

Flagship Credit Auto Trust

Series 2018-3, Class A, 3.07%, 2/15/2023 (e)		202,288		203,358

Series 2017-4, Class D, 3.58%, 1/15/2024 (e)		280,000		287,320

Series 2017-2, Class E, 5.55%, 7/15/2024 (e)		380,000		398,295

Series 2018-3, Class C, 3.79%, 12/16/2024 (e)		170,000		175,908

FREED ABS Trust

Series 2018-1, Class A, 3.61%, 7/18/2024 (e)		58,441		58,737

SEE NOTES TO FINANCIAL STATEMENTS.



74	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Asset-Backed Securities — continued

United States — continued

Series 2018-1, Class B, 4.56%, 7/18/2024 ‡ (e)		100,000		102,420

GLS Auto Receivables Issuer Trust

Series 2019-2A, Class B, 3.32%, 3/15/2024 (e)		200,000		203,240

Series 2019-1A, Class C, 3.87%, 12/16/2024 (e)		155,000		159,719

Marlette Funding Trust

Series 2018-1A, Class B, 3.19%, 3/15/2028 ‡ (e)		100,000		100,192

Series 2018-1A, Class C, 3.69%, 3/15/2028 (e)		100,000		100,999

Series 2018-2A, Class B, 3.61%, 7/17/2028 ‡ (e)		335,000		337,308

Series 2018-2A, Class C, 4.37%, 7/17/2028 (e)		280,000		286,541

Series 2018-3A, Class A, 3.20%, 9/15/2028 (e)		38,250		38,333

MFA LLC

Series 2017-NPL1, Class A1, 3.35%, 11/25/2047 ‡ (e) (f)		219,216		220,351

Series 2018-NPL2, Class A1, 4.16%, 7/25/2048 ‡ (e) (f)		153,096		154,492

Morgan Stanley ABS Capital I, Inc. TrustSeries 2004-NC8, Class B1, 4.77%, 9/25/2034 ‡ (i)		311,899		314,091

OneMain Direct Auto Receivables Trust

Series 2018-1A, Class B, 3.71%, 4/14/2025 (e)		100,000		103,294

Series 2018-1A, Class D, 4.40%, 1/14/2028 (e)		160,000		166,242

OneMain Financial Issuance TrustSeries 2018-1A, Class D, 4.08%, 3/14/2029 ‡ (e)		100,000		102,580

Oportun Funding VI LLCSeries 2017-A, Class B, 3.97%, 6/8/2023 ‡ (e) (i)		293,000		293,284

PNMAC GMSR Issuer TrustSeries 2018-GT2, Class A, 4.80%, 8/25/2025 (e) (i)		210,000		210,753

Prestige Auto Receivables TrustSeries 2018-1A, Class C, 3.75%, 10/15/2024 (e)		440,000		454,565

Pretium Mortgage Credit Partners I LLCSeries 2019-NPL2, Class A2, 5.93%, 12/25/2058 ‡ (e) (f)		250,000		250,894

Progress Residential TrustSeries 2018-SFR3, Class E, 4.87%, 10/17/2035 ‡ (e)		262,000		275,869


INVESTMENTS	PRINCIPAL AMOUNT		VALUE


United States — continued

Santander Drive Auto Receivables TrustSeries 2018-4, Class D, 3.98%, 12/15/2025		350,000		362,418

SoFi Consumer Loan Program TrustSeries 2018-1, Class B, 3.65%, 2/25/2027 (e)		100,000		102,683

Structured Asset Investment Loan Trust

Series 2004-8, Class M3, 3.12%, 9/25/2034 ‡ (i)		79,021		77,572

Series 2005-HE3, Class M1, 2.87%, 9/25/2035 ‡ (i)		99,891		100,351

T-Mobile USA, Inc. 6.00%, 4/15/2024 ‡		328,000		—

Tricolor Auto Securitization Trust

Series 2018-2A, Class A, 3.96%, 10/15/2021 (e)		111,419		111,975

Series 2018-2A, Class C, 5.75%, 5/16/2022 (e)		385,581		393,854

Vericrest Opportunity Loan TrustSeries 2019-NPL3, Class A2, 6.17%, 3/25/2049 ‡ (e) (f)		190,000		192,038

Veros Automobile Receivables TrustSeries 2017-1, Class A, 2.84%, 4/17/2023 (e)		8,942		8,941

VOLT LXII LLCSeries 2017-NPL9, Class A1, 3.13%, 9/25/2047 ‡ (e) (f)		56,636		56,680

VOLT LXIV LLCSeries 2017-NP11, Class A1, 3.38%, 10/25/2047 ‡ (e) (f)		37,878		37,910

VOLT LXIX LLCSeries 2018-NPL5, Class A2, 5.80%, 8/25/2048 ‡ (e) (f)		389,000		388,424

VOLT LXX LLCSeries 2018-NPL6, Class A1B, 4.56%, 9/25/2048 ‡ (e) (f)		330,000		332,752

Westlake Automobile Receivables Trust

Series 2018-3A, Class C, 3.61%, 10/16/2023 (e)		130,000		132,247

Series 2018-3A, Class D, 4.00%, 10/16/2023 (e)		80,000		82,342

Series 2018-2A, Class E, 4.86%, 1/16/2024 (e)		310,000		318,449


				13,698,371


Total Asset-Backed Securities (Cost $14,534,350)				14,799,091

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	75

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Commercial Mortgage-Backed Securities — 5.9%

United States — 5.9%

BAMLL Re-REMIC TrustSeries 2014-FRR4, Class BK29, PO, 4/27/2023 (e)		400,000		312,977

Banc of America Commercial Mortgage TrustSeries 2007-5, Class AJ, 6.02%, 2/10/2051 (i)		343,589		372,963

BANKSeries 2017-BNK9, Class D, 2.80%, 11/15/2054 ‡ (e)		105,000		92,887

BHMSSeries 2018-ATLS, Class A, 3.45%, 7/15/2035 (e) (i)		492,000		491,993

BX Commercial Mortgage Trust

Series 2018-IND, Class E, 3.90%, 11/15/2035 ‡ (e) (i)		300,486		301,239

Series 2018-BIOA, Class D, 3.52%, 3/15/2037 ‡ (e) (i)		485,000		486,214

BX Trust

Series 2018-MCSF, Class B, 3.00%, 4/15/2035 ‡ (e) (i)		100,000		99,625

Series 2018-MCSF, Class C, 3.20%, 4/15/2035 ‡ (e) (i)		100,000		98,747

BXMT Ltd.Series 2017-FL1, Class D, 4.90%, 6/15/2035 ‡ (e) (i)		210,000		210,722

Citigroup Commercial Mortgage Trust

Series 2015-P1, Class D, 3.23%, 9/15/2048 ‡ (e)		205,000		194,891

Series 2016-P5, Class C, 4.46%, 10/10/2049 ‡ (i)		350,000		370,709

Commercial Mortgage TrustSeries 2015-CR23, Class CME, 3.81%, 5/10/2048 ‡ (e) (i)		540,000		539,483

CSAIL Commercial Mortgage TrustSeries 2017-C8, Class C, 4.32%, 6/15/2050 ‡		100,000		105,940

FHLMC, Multifamily Structured Pass-Through Certificates

Series K033, Class X1, IO, 0.42%, 7/25/2023 (i)		3,963,706		43,617

Series K078, Class X3, IO, 2.29%, 10/25/2028 (i)		1,820,000		298,055

Series K158, Class A2, 3.90%, 12/25/2030 (i)		250,000		291,311

Series K155, Class A2, 3.75%, 11/25/2032		650,000		743,937

Series K153, Class X3, IO, 3.90%, 4/25/2035 (i)		340,000		118,673

Series K036, Class X3, IO, 2.18%, 12/25/2041 (i)		2,640,000		216,768

Series K720, Class X3, IO, 1.37%, 8/25/2042 (i)		6,800,000		238,347


INVESTMENTS	PRINCIPAL AMOUNT		VALUE


United States — continued

Series K041, Class X3, IO, 1.70%, 11/25/2042 (i)		3,470,000		270,297

Series K042, Class X3, IO, 1.66%, 1/25/2043 (i)		3,025,000		229,956

Series K718, Class X3, IO, 1.48%, 2/25/2043 (i)		10,025,000		340,223

Series K045, Class X3, IO, 1.55%, 4/25/2043 (i)		1,915,000		141,094

Series K054, Class X3, IO, 1.65%, 4/25/2043 (i)		1,365,000		123,405

Series K050, Class X3, IO, 1.61%, 10/25/2043 (i)		1,010,000		83,026

Series K051, Class X3, IO, 1.67%, 10/25/2043 (i)		1,395,000		121,446

Series K052, Class X3, IO, 1.67%, 1/25/2044 (i)		750,000		66,950

Series K726, Class X3, IO, 2.20%, 7/25/2044 (i)		2,890,000		253,287

Series K067, Class X3, IO, 2.19%, 9/25/2044 (i)		1,385,000		201,243

Series K072, Class X3, IO, 2.21%, 12/25/2045 (i)		400,000		60,978

Series K088, Class X3, IO, 2.42%, 2/25/2047 (i)		980,000		180,322

FREMFSeries 2018-KF46, Class B, 4.17%, 3/25/2028 (e) (i)		688,930		680,534

FREMF Mortgage Trust

Series 2017-KF31, Class B, 5.12%, 4/25/2024 (e) (i)		56,790		57,442

Series 2017-KF36, Class B, 4.87%, 8/25/2024 (e) (i)		93,312		93,705

Series 2017-KF38, Class B, 4.72%, 9/25/2024 (e) (i)		60,527		60,818

Series 2018-KF47, Class B, 4.22%, 5/25/2025 (e) (i)		46,964		46,687

Series 2018-KF49, Class B, 4.12%, 6/25/2025 (e) (i)		581,045		576,593

Series 2013-K712, Class B, 3.41%, 5/25/2045 (e) (i)		220,000		219,818

Series 2017-K728, Class B, 3.76%, 11/25/2050 (e) (i)		190,000		198,574

Series 2017-K728, Class C, 3.76%, 11/25/2050 (e) (i)		105,000		107,271

GNMASeries 2017-23, IO, 0.74%, 5/16/2059 (i)		666,487		38,685

GS Mortgage Securities TrustSeries 2012-GCJ9, Class D, 4.90%, 11/10/2045 ‡ (e) (i)		320,000		329,058

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Commercial Mortgage-Backed Securities — continued

United States — continued

LB Commercial Mortgage TrustSeries 2007-C3, Class AJ, 6.07%, 7/15/2044 (i)		65,977		66,785

LB-UBS Commercial Mortgage TrustSeries 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (i)		242,970		141,214

Morgan Stanley Capital I TrustSeries 2005-HQ7, Class E, 5.55%, 11/14/2042 ‡ (i)		63,888		63,594

Velocity Commercial Capital Loan Trust

Series 2018-2, Class A, 4.05%, 10/26/2048 (e) (i)		257,490		264,555

Series 2019-1, Class A, 3.76%, 3/25/2049 (e) (i)		577,016		590,254

Series 2019-1, Class M1, 3.94%, 3/25/2049 ‡ (e) (i)		240,467		246,686


Total Commercial Mortgage-Backed Securities (Cost $11,158,447)				11,483,598


Collateralized Mortgage Obligations — 3.8%

Netherlands — 0.1%

Permanent Master Issuer plcSeries 2018-1A, Class 1A1, 2.68%, 7/15/2058 (e) (i)		255,000		255,075


United Kingdom — 0.1%

Lanark Master Issuer plcSeries 2019-1A, Class 1A1, 2.90%, 12/22/2069 (e) (i)		186,667		187,093


United States — 3.6%

Alternative Loan Trust

Series 2004-25CB, Class A1, 6.00%, 12/25/2034		165,076		168,920

Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035		101,881		104,833

Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		146,051		149,583

Series 2007-2CB, Class 1A6, 5.75%, 3/25/2037		180,121		152,579

Antler Mortgage TrustSeries 2019-RTL1, Class A2, 4.95%, 8/25/2022 (e) (i)		600,000		615,472

Chase Mortgage Finance TrustSeries 2007-A1, Class 1A5, 4.78%, 2/25/2037 (i)		41,745		42,452

CHL Mortgage Pass-Through TrustSeries 2007-16, Class A1, 6.50%, 10/25/2037		69,586		55,773

FHLMC Structured Agency Credit Risk DebtNotes Series 2018-HQA1, Class M2, 4.45%, 9/25/2030 (i)		60,000		60,431


INVESTMENTS	PRINCIPAL AMOUNT		VALUE


United States — continued

FHLMC, REMIC

Series 2916, Class S, IF, IO, 5.05%, 1/15/2035 (i)		2,445,890		506,177

Series 4305, Class SK, IF, IO, 4.40%, 2/15/2044 (i)		928,659		187,437

Series 4689, Class SD, IF, IO, 3.95%, 6/15/2047 (i)		713,775		123,197

Series 4714, Class SA, IF, IO, 3.95%, 8/15/2047 (i)		541,531		109,093

FNMA, Connecticut Avenue Securities

Series 2018-C05, Class 1M2, 4.50%, 1/25/2031 (i)		10,000		10,120

Series 2018-C06, Class 1M2, 4.15%, 3/25/2031 (i)		130,000		130,285

Series 2018-C06, Class 2M2, 4.25%, 3/25/2031 (i)		30,000		30,047

FNMA, REMIC

Series 2010-57, Class ID, IO, 4.00%, 6/25/2025		424,197		19,999

Series 2012-146, Class AI, IO, 3.00%, 1/25/2028		2,074,540		141,909

Series 2016-68, Class BI, IO, 3.00%, 10/25/2031		1,166,846		103,936

Series 2012-93, Class SE, IF, IO, 3.95%, 9/25/2042 (i)		160,858		31,490

Series 2012-124, Class UI, IO, 4.00%, 11/25/2042		225,602		26,155

Series 2012-133, Class NS, IF, IO, 4.00%, 12/25/2042 (i)		304,648		63,209

Series 2015-40, Class LS, IF, IO, 4.02%, 6/25/2045 (i)		515,570		96,572

Series 2016-75, Class SC, IF, IO, 3.95%, 10/25/2046 (i)		999,217		191,150

Series 2017-31, Class SG, IF, IO, 3.95%, 5/25/2047 (i)		1,744,833		325,610

Series 2017-39, Class ST, IF, IO, 3.95%, 5/25/2047 (i)		461,292		88,931

Series 2017-69, Class SH, IF, IO, 4.05%, 9/25/2047 (i)		778,287		157,821

Series 2019-42, Class SK, IF, IO, 3.90%, 8/25/2049 (i)		1,397,416		244,307

FNMA, STRIPS Series 409, Class 27, IO, 4.00%, 4/25/2027 (i)		321,477		26,496

GNMA

Series 2017-107, Class KS, IF, IO, 4.03%, 7/20/2047 (i)		575,224		97,477

Series 2019-42, Class SJ, IF, IO, 3.88%, 4/20/2049 (i)		1,578,631		282,595

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	77

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Collateralized Mortgage Obligations — continued

United States — continued

Series 2015-H13, Class GI, IO, 1.62%, 4/20/2065 (i)		281,376		12,599

Series 2017-H14, Class FG, 3.49%, 6/20/2067 (i)		398,579		406,844

Homeward Opportunities Fund I Trust

Series 2018-1, Class A1, 3.77%, 6/25/2048 (e) (i)		71,446		72,583

Series 2019-1, Class M1, 3.95%, 1/25/2059 ‡ (e) (i)		150,000		153,348

Merrill Lynch Mortgage Investors TrustSeries 2004-C, Class A1, 2.71%, 7/25/2029 (i)		96,354		93,827

OBX Trust

Series 2018-EXP1, Class 2A1, 3.00%, 4/25/2048 (e) (i)		228,983		228,666

Series 2019-EXP1, Class 2A1B, 3.10%, 1/25/2059 (e) (i)		426,000		418,843

PRPM LLCSeries 2019-1A, Class A1, 4.50%, 1/25/2024 (e) (f)		559,557		565,529

Structured Adjustable Rate Mortgage LoanTrust Series 2004-8, Class 3A, 4.41%, 7/25/2034 (i)		22,131		22,309

Toorak Mortgage Corp. Ltd.Series 2018-1, Class A1, 4.34%, 8/25/2021 (e) (f)		240,000		241,398

Verus Securitization Trust

Series 2018-2, Class A1, 3.68%, 6/1/2058 (e) (i)		159,375		160,932

Series 2019-1, Class A1, 3.84%, 2/25/2059 (e) (i)		267,368		271,225


				6,992,159


Total Collateralized Mortgage Obligations (Cost $7,270,783)				7,434,327


Mortgage-Backed Securities — 3.5%

United States — 3.5%

FHLMC Gold Pools, 30 Year Pool # G67705, 4.00%, 10/1/2047		1,846,433		1,976,143

UMBS, 15 Year

Pool # 890789, 3.00%, 9/1/2032		1,900,037		1,951,932

Pool # BM3956, 3.00%, 12/1/2032		402,898		415,103

UMBS, 30 Year Pool # CA4123, 3.50%, 9/1/2049		2,257,819		2,403,775


Total Mortgage-Backed Securities (Cost $6,569,039)				6,746,953


INVESTMENTS	PRINCIPAL AMOUNT		VALUE
U.S. Treasury Obligations — 1.2%

U.S. Treasury Bonds 3.00%, 2/15/2048		90,000		110,324

U.S. Treasury Notes 2.88%, 5/15/2028		1,970,000		2,192,317


				2,302,641


Total U.S. Treasury Obligations (Cost $2,046,982)				2,302,641


	NO. OF WARRANTS
Warrants — 0.0% (h)

Canada — 0.0% (h)

Ultra Petroleum Corp. expiring 7/14/2025, price 1.00 USD * (Cost $—)		2,450		86


	PRINCIPAL AMOUNT
Short-Term Investments — 3.8%

Foreign Government Treasury Bills — 0.8%

Italy Government Bond 0.06%, 12/13/2019 (a) (j) (Cost $1,810,490)		EUR 1,595,000		1,754,470

	Shares

Investment Companies — 3.0%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.99% (k) (l) (Cost $5,760,227)		5,760,227		5,760,227

TotalShort-Term Investments (Cost $7,570,717)				7,514,697

Total Investments — 97.0% (Cost $185,602,338)				188,656,732
Other Assets Less Liabilities — 3.0%				5,819,204

NET ASSETS — 100.0%				194,475,936

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

Abbreviations


ABS		Asset-backed securities
CAD		Canadian Dollar
CLO		Collateralized Loan Obligations
DOP		Dominican Republic Peso
EUR		Euro
EURIBOR		Euro Interbank Offered Rate
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GBP		British Pound
GNMA		Government National Mortgage Association
HUF		Hungarian Forint
ICE		Intercontinental Exchange
IDR		Indonesian Rupiah
IF		Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of August 31, 2019. The rate may be subject to a cap and floor.
IO		Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JSC		Joint Stock Company
LIBOR		London Interbank Offered Rate
MXN		Mexican Peso
MYR		Malaysian Ringgit
OYJ		Public Limited Company
PEN		Peruvian Nuevo Sol
PLN		Polish Zloty
PO		Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
PT		Limited liability company
REIT		Real Estate Investment Trust
REMIC		Real Estate Mortgage Investment Conduit
Re-REMIC		Combined Real Estate Mortgage Investment Conduit
RUB		Russian Ruble
SCA		Limited partnership with share capital
SEK		Swedish Krona
SPC		Special purpose company
STRIPS		Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
UMBS		Uniform Mortgage-Backed Securities
USD		United States Dollar
ZAR		South African Rand


(a)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2019.
(c)		Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of August 31, 2019.
(d)		Security is an interest bearing note with preferred security characteristics.
(e)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(f)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2019.
(g)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(h)		Amount rounds to less than 0.1% of net assets.
(i)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2019.
(j)		The rate shown is the effective yield as of August 31, 2019.
(k)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(l)		The rate shown is the current yield as of August 31, 2019.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	79

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


Futures contracts outstanding as of August 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)

Long Contracts

Australia 10 Year Bond		59		09/2019		AUD		5,911,890			279,796

Euro-BTP		22		09/2019		EUR		3,513,465			77,183

U.S. Treasury 2 Year Note		3		12/2019		USD		648,328			(123	)

U.S. Treasury 5 Year Note		59		12/2019		USD		7,080,000			8,228

U.S. Treasury 10 Year Note		5		12/2019		USD		658,906			809

U.S. Treasury 10 Year Ultra Note		34		12/2019		USD		4,913,531			14,269

U.S. Treasury Ultra Bond		10		12/2019		USD		1,976,562			12,946


											393,108

Short Contracts

3 Month Eurodollar		(196)		09/2019		USD		(47,989,375	)		(422,278	)

Euro-Bobl		(38)		09/2019		EUR		(5,689,496	)		(95,980	)

Euro-Bund		(73)		09/2019		EUR		(14,369,309	)		(434,733	)

Euro-Buxl		(2)		09/2019		EUR		(493,034	)		(57,240	)

U.S. Treasury 5 Year Note		(25)		12/2019		USD		(3,000,000	)		(3,521	)

U.S. Treasury 10 Year Note		(13)		12/2019		USD		(1,713,156	)		(2,161	)

U.S. Treasury 10 Year Ultra Note		(8)		12/2019		USD		(1,156,125	)		(3,721	)

U.S. Treasury Long Bond		(2)		12/2019		USD		(330,875	)		(1,380	)


											(1,021,014	)


											(627,906	)


Abbreviations
AUD		Australian Dollar
EUR		Euro
USD		United States Dollar


Forward foreign currency exchange contracts outstanding as of August 31, 2019:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
GBP	112,833	USD	136,134	HSBC Bank, NA		9/4/2019		1,162
USD	16,568,558	EUR	14,822,906	Goldman Sachs International		9/4/2019		277,443
USD	9,930,476	EUR	8,887,109	HSBC Bank, NA		9/4/2019		163,099
USD	345,789	EUR	310,027	State Street Corp.		9/4/2019		5,055
USD	504,592	GBP	414,086	Goldman Sachs International		9/4/2019		733
COP	6,259,449,494	USD	1,812,773	Goldman Sachs International^**		9/25/2019		3,951
IDR	12,526,011,740	USD	874,721	Goldman Sachs International^**		9/25/2019		5,481
THB	29,859,270	USD	969,142	HSBC Bank, NA		9/25/2019		8,090
USD	901,251	AUD	1,331,639	BNP Paribas		9/25/2019		3,868
USD	417,559	BRL	1,677,751	Citibank, NA^**		9/25/2019		12,968
USD	972,842	BRL	3,907,321	Goldman Sachs International^**		9/25/2019		30,589
USD	5,556,262	CAD	7,387,139	Merrill Lynch International		9/25/2019		5,989
USD	215,330	CNY	1,526,490	BNP Paribas^**		9/25/2019		1,386
USD	868,653	COP	2,987,270,011	Goldman Sachs International^**		9/25/2019		1,636
USD	1,408,591	EUR	1,268,357	Citibank, NA		9/25/2019		12,303
USD	506,098	EUR	450,513	Credit Suisse International		9/25/2019		10,144

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN EXCHANGE-TRADED��FUNDS	AUGUST 31, 2019


CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	30,723,734	EUR	27,401,153	Goldman Sachs International		9/25/2019		558,801
USD	1,216,749	EUR	1,096,631	State Street Corp.		9/25/2019		9,508
USD	1,647,325	HUF	480,077,865	Barclays Bank plc		9/25/2019		52,445
USD	195,242	HUF	56,409,212	Citibank, NA		9/25/2019		7,843
USD	2,810,719	MXN	55,306,280	Barclays Bank plc		9/25/2019		61,204
USD	1,905,729	MYR	7,993,770	Deutsche Bank AG^**		9/25/2019		5,710
USD	902,077	NZD	1,400,526	State Street Corp.		9/25/2019		19,052
USD	378,527	PEN	1,284,569	Citibank, NA^**		9/25/2019		430
USD	1,831,119	PLN	7,172,086	Barclays Bank plc		9/25/2019		28,819
USD	550,897	PLN	2,180,545	State Street Corp.		9/25/2019		2,940
USD	424,513	PLN	1,686,345	TD Bank Financial Group		9/25/2019		745
USD	949,942	RUB	63,017,660	Barclays Bank plc^**		9/25/2019		7,949
USD	710,532	SEK	6,806,528	Goldman Sachs International		9/25/2019		16,031
ZAR	7,091,107	USD	466,152	BNP Paribas		9/25/2019		22
ZAR	14,644,261	USD	950,227	State Street Corp.		9/25/2019		12,496
USD	4,384,589	EUR	3,949,276	BNP Paribas		10/3/2019		34,180
USD	21,964,077	EUR	19,787,195	Goldman Sachs International		10/3/2019		167,067
USD	367,739	GBP	301,253	Barclays Bank plc		10/3/2019		697
USD	1,749,935	CNY	12,152,356	Barclays Bank plc^**		12/23/2019		56,067

Total unrealized appreciation								1,585,903

EUR	3,949,276	USD	4,374,668	BNP Paribas		9/4/2019		(34,216	)
EUR	19,787,195	USD	21,914,318	Goldman Sachs International		9/4/2019		(167,201	)
EUR	283,571	USD	318,596	TD Bank Financial Group		9/4/2019		(6,937	)
GBP	301,253	USD	367,272	Barclays Bank plc		9/4/2019		(707	)
AUD	1,331,639	USD	904,160	HSBC Bank, NA		9/25/2019		(6,778	)
BRL	1,972,780	USD	489,002	Citibank, NA^**		9/25/2019		(13,265	)
BRL	3,612,292	USD	898,781	Goldman Sachs International^**		9/25/2019		(27,676	)
EUR	1,327,431	USD	1,477,508	BNP Paribas		9/25/2019		(16,187	)
EUR	278,000	USD	313,123	Credit Suisse International		9/25/2019		(7,083	)
EUR	258,134	USD	289,995	Merrill Lynch International		9/25/2019		(5,825	)
EUR	3,620,802	USD	4,074,256	State Street Corp.		9/25/2019		(88,246	)
HUF	89,204,830	USD	304,791	Barclays Bank plc		9/25/2019		(8,441	)
HUF	30,819,958	USD	105,794	Royal Bank of Canada		9/25/2019		(3,406	)
MXN	19,292,063	USD	984,552	State Street Corp.		9/25/2019		(25,460	)
PEN	494,941	USD	146,363	Barclays Bank plc^**		9/25/2019		(683	)
PLN	3,677,234	USD	934,212	State Street Corp.		9/25/2019		(10,146	)
USD	3,286,841	IDR	47,169,454,916	Goldman Sachs International^**		9/25/2019		(27,757	)
USD	607,652	PEN	2,066,017	Merrill Lynch International^**		9/25/2019		(455	)
USD	966,007	THB	29,859,270	BNP Paribas		9/25/2019		(11,226	)
USD	483,801	ZAR	7,435,000	Barclays Bank plc		9/25/2019		(4,981	)
USD	3,026,182	ZAR	46,796,826	Citibank, NA		9/25/2019		(50,270	)
USD	506,565	ZAR	7,763,000	Goldman Sachs International		9/25/2019		(3,780	)

Total unrealized depreciation								(520,726	)

Net unrealized appreciation								1,065,177

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	81

JPMorgan Global Bond Opportunities ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


Abbreviations

AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CNY		China Yuan
COP		Colombian Peso
EUR		Euro
GBP		British Pound
HUF		Hungarian Forint
IDR		Indonesian Rupiah
MXN		Mexican Peso
MYR		Malaysian Ringgit
NZD		New Zealand Dollar
PEN		Peru Nuevo Sol
PLN		Polish Zloty
RUB		Russian Ruble
SEK		Swedish Krona
THB		Thai Baht
USD		United States Dollar
ZAR		South African Rand

**		Non-deliverable forward.

Over-the-Counter (“OTC”) Credit default swap contracts outstanding — buy protection^(a) as of August 31, 2019:


REFERENCE OBLIGATION/ INDEX	FINANCING RATE PAID BY THE FUND (%)		PAYMENT FREQUENCY	COUNTERPARTY	MATURITY DATE		IMPLIED CREDIT SPREAD (%) (b)			NOTIONAL AMOUNT (C)		UPFRONT PAYMENTS (RECEIPTS) ($) (d)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
Republic of Turkey, 11.88%, 1/15/2030		1.00	Quarterly	Citibank, NA		6/20/2024		4.24	USD		607,000		97,418			(15,885	)		81,533
Republic of Turkey, 11.88%, 1/15/2030		1.00	Quarterly	Citibank, NA		6/20/2024		4.24	USD		311,000		50,228			(8,454	)		41,774
Republic of Turkey, 11.88%, 1/15/2030		1.00	Quarterly	Citibank, NA		6/20/2024		4.24	USD		608,000		88,713			(7,047	)		81,666
Republic of Turkey, 11.88%, 1/15/2030		1.00	Quarterly	Goldman Sachs International		6/20/2024		4.24	USD		550,000		81,789			(7,912	)		73,877
United Mexican States, 4.15%, 3/28/2027		1.00	Quarterly	Citibank, NA		6/20/2024		1.12	USD		1,920,000		15,458			(8,959	)		6,499

													333,606			(48,257	)		285,349

Republic of Indonesia, 5.88%, 3/13/2020		1.00	Quarterly	Citibank, NA		6/20/2024		0.90	USD		1,920,000		(12,064	)		(729	)		(12,793	)

													(12,064	)		(729	)		(12,793	)

													321,542			(48,986	)		272,556

Centrally Cleared Credit default swap contracts outstanding — buy protection^(a)as of August 31, 2019:


REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)		PAYMENT FREQUENCY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (b)		NOTIONAL AMOUNT (c)			UPFRONT PAYMENTS (RECEIPTS) ($) (d)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
CDX.NA.HY.32-V2		5.00		Quarterly		6/20/2024		320.51		USD	4,620,000		(345,830	)		(5,957	)		(351,787	)
CDX.NA.HY.32-V2		5.00		Quarterly		6/20/2024		320.51		USD	3,030,000		(217,555	)		(13,163	)		(230,718	)
iTraxx Europe 31-V1		5.00		Quarterly		6/20/2024		236.78		EUR	2,183,000		(249,080	)		(41,511	)		(290,591	)
iTraxx Europe 31-V1		5.00		Quarterly		6/20/2024		236.78		EUR	1,900,000		(204,979	)		(47,941	)		(252,920	)

													(1,017,444	)		(108,572	)		(1,126,016	)

SEE NOTES TO FINANCIAL STATEMENTS.



82	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

(a)

The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

(b)

Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

(c)	The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

(d)	Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).


Abbreviations

CDX		Credit Default Swap Index
EUR		Euro
USD		United States Dollar

Summary of total swap contracts outstanding as of August 31, 2019:



	NET UPFRONT PAYMENTS (RECEIPTS) ($)			VALUE ($)
Assets
OTC Credit default swap contracts outstanding — buy protection		333,606			285,349

Total OTC swap contracts outstanding		333,606			285,349

Liabilities
OTC Credit default swap contracts outstanding — buy protection		(12,064	)		(12,793	)

Total OTC swap contracts outstanding		(12,064	)		(12,793	)

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	83

JPMorgan High Yield Research Enhanced ETF

(formerly known as JPMorgan Disciplined High Yield ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 97.1%

Aerospace & Defense — 3.0%

Arconic, Inc.

6.15%, 8/15/2020		288,000		297,775

5.40%, 4/15/2021		385,000		396,743

5.13%, 10/1/2024		372,000		396,420

Bombardier, Inc. (Canada)

6.13%, 1/15/2023 (a)		390,000		388,050

7.50%, 3/15/2025 (a)		468,000		455,715

7.88%, 4/15/2027 (a)		643,000		622,906

TransDigm, Inc.

6.00%, 7/15/2022		330,000		335,362

6.50%, 7/15/2024		374,000		386,155

6.25%, 3/15/2026 (a)		1,287,000		1,388,326

6.38%, 6/15/2026		262,000		274,966


				4,942,418


Air Freight & Logistics — 0.4%

XPO Logistics, Inc.

6.50%, 6/15/2022 (a)		287,000		293,294

6.13%, 9/1/2023 (a)		145,000		149,930

6.75%, 8/15/2024 (a)		125,000		134,687


				577,911


Auto Components — 1.7%

Adient Global Holdings Ltd. 4.88%, 8/15/2026 (a)		300,000		231,750

Adient US LLC 7.00%, 5/15/2026 (a)		260,000		265,850

Allison Transmission, Inc.

5.00%, 10/1/2024 (a)		273,000		280,876

5.88%, 6/1/2029 (a)		125,000		134,063

American Axle & Manufacturing, Inc.

6.63%, 10/15/2022		80,000		80,700

6.25%, 4/1/2025		169,000		158,857

6.50%, 4/1/2027		145,000		133,037

Goodyear Tire & Rubber Co. (The)

5.13%, 11/15/2023 (b)		273,000		276,412

5.00%, 5/31/2026 (b)		244,000		241,560

4.88%, 3/15/2027 (b)		170,000		164,050

Icahn Enterprises LP

5.88%, 2/1/2022		390,000		396,337

6.25%, 2/1/2022		349,000		359,470

6.38%, 12/15/2025		122,000		129,168


				2,852,130


Automobiles — 0.6%

Fiat Chrysler Automobiles NV (United Kingdom) 5.25%, 4/15/2023		600,000		641,586


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Automobiles — continued

Jaguar Land Rover Automotive plc (United Kingdom)

5.63%, 2/1/2023 (a) (b)		150,000		143,645

4.50%, 10/1/2027 (a)		200,000		157,580


				942,811


Banks — 2.0%

Barclays plc (United Kingdom) (ICE LIBOR USD 3 Month + 3.05%), 5.09%, 6/20/2030 (c)		480,000		498,606

CIT Group, Inc.

4.13%, 3/9/2021		106,000		108,252

5.00%, 8/15/2022		330,000		351,810

5.00%, 8/1/2023		198,000		214,582

4.75%, 2/16/2024		70,000		75,163

5.25%, 3/7/2025		97,000		108,640

Goldman Sachs Capital I 6.35%, 2/15/2034		324,000		422,575

Intesa Sanpaolo SpA (Italy)

5.02%, 6/26/2024 (a)		600,000		615,091

5.71%, 1/15/2026 (a)		600,000		633,052

Royal Bank of Scotland Group plc (United Kingdom) (ICE LIBOR USD 3 Month + 2.50%), 7.65%, 9/30/2031 (c) (d) (e)		233,000		312,220


				3,339,991


Beverages — 0.0%(f)

Cott Holdings, Inc. (Canada) 5.50%, 4/1/2025 (a)		40,000		41,701


Building Products — 0.3%

Builders FirstSource, Inc. 5.63%, 9/1/2024 (a)		194,000		202,003

Summit Materials LLC 6.13%, 7/15/2023		201,000		204,266


				406,269


Capital Markets — 1.4%

Deutsche Bank AG (Germany) 4.50%, 4/1/2025		408,000		385,462

(USD Swap Semi 5 Year + 2.25%), 4.30%, 5/24/2028 (c)		408,000		375,754

(USD ICE Swap Rate 5 Year + 2.55%), 4.88%, 12/1/2032 (c)		400,000		357,544

Dresdner Funding Trust I 8.15%, 6/30/2031 (a)		340,000		459,850

MSCI, Inc.

5.25%, 11/15/2024 (a)		232,000		240,862

SEE NOTES TO FINANCIAL STATEMENTS.



84	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Capital Markets — continued

5.75%, 8/15/2025 (a)		224,000		235,200

4.75%, 8/1/2026 (a)		92,000		96,255

5.38%, 5/15/2027 (a)		159,000		171,005


				2,321,932


Chemicals — 2.0%

Ashland LLC 4.75%, 8/15/2022 (g)		298,000		313,186

Blue Cube Spinco LLC

9.75%, 10/15/2023		198,000		217,305

10.00%, 10/15/2025		93,000		104,392

CF Industries, Inc.

3.45%, 6/1/2023		217,000		221,909

5.15%, 3/15/2034		222,000		227,550

4.95%, 6/1/2043		180,000		176,850

5.38%, 3/15/2044		223,000		225,359

Chemours Co. (The)

6.63%, 5/15/2023		240,000		244,200

7.00%, 5/15/2025		200,000		197,500

5.38%, 5/15/2027		145,000		128,687

Element Solutions, Inc. 5.88%, 12/1/2025 (a)		243,000		253,935

Olin Corp.

5.13%, 9/15/2027		144,000		147,960

5.63%, 8/1/2029		241,000		250,339

5.00%, 2/1/2030		160,000		159,800

Tronox, Inc. 6.50%, 4/15/2026 (a) (b)		179,000		170,050

WR Grace & Co.-Conn. 5.13%, 10/1/2021 (a)		183,000		189,863


				3,228,885


Commercial Services & Supplies — 2.2%

ADT Security Corp. (The)

6.25%, 10/15/2021		312,000		331,500

3.50%, 7/15/2022		312,000		312,780

4.13%, 6/15/2023		177,000		179,821

4.88%, 7/15/2032 (a)		227,000		197,774

Aramark Services, Inc.

5.13%, 1/15/2024		281,000		289,728

5.00%, 4/1/2025 (a)		187,000		193,199

4.75%, 6/1/2026		73,000		74,825

5.00%, 2/1/2028 (a)		359,000		372,911

Nielsen Co. Luxembourg SARL (The) 5.50%, 10/1/2021 (a)		178,000		178,516

Nielsen Finance LLC

4.50%, 10/1/2020		225,000		225,180

5.00%, 4/15/2022 (a)		680,000		683,400


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Commercial Services & Supplies — continued

Prime Security Services Borrower LLC

5.25%, 4/15/2024 (a)		241,000		248,931

5.75%, 4/15/2026 (a) (b)		241,000		251,243


				3,539,808


Communications Equipment — 1.8%

CommScope Technologies LLC

6.00%, 6/15/2025 (a)		501,000		447,142

5.00%, 3/15/2027 (a)		216,000		180,630

CommScope, Inc.

5.00%, 6/15/2021 (a)		60,000		60,001

5.50%, 3/1/2024 (a)		375,000		380,156

5.50%, 6/15/2024 (a)		187,000		176,949

6.00%, 3/1/2026 (a)		375,000		381,937

Nokia OYJ (Finland)

3.38%, 6/12/2022		144,000		145,800

4.38%, 6/12/2027		145,000		150,438

6.63%, 5/15/2039		146,000		168,630

Telefonaktiebolaget LM Ericsson (Sweden)

4.13%, 5/15/2022		338,000		350,056

ViaSat, Inc.

5.63%, 9/15/2025 (a)		225,000		226,688

5.63%, 4/15/2027 (a)		200,000		212,500


				2,880,927


Construction & Engineering — 0.4%

AECOM

5.88%, 10/15/2024		249,000		268,920

5.13%, 3/15/2027		312,000		325,890


				594,810


Consumer Finance — 2.5%

Ally Financial, Inc.

5.13%, 9/30/2024		221,000		246,967

5.75%, 11/20/2025		331,000		378,995

8.00%, 11/1/2031		630,000		880,425

Navient Corp.

6.50%, 6/15/2022		267,000		289,028

5.50%, 1/25/2023		250,000		262,575

6.13%, 3/25/2024		125,000		132,656

Springleaf Finance Corp.

8.25%, 12/15/2020		217,000		232,157

7.75%, 10/1/2021		31,000		33,867

6.13%, 5/15/2022		254,000		273,685

5.63%, 3/15/2023		141,000		151,575

6.13%, 3/15/2024		216,000		235,440

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	85

JPMorgan High Yield Research Enhanced ETF

(formerly known as JPMorgan Disciplined High Yield ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Consumer Finance — continued

6.88%, 3/15/2025		406,000		460,303

7.13%, 3/15/2026		489,000		557,705


				4,135,378


Containers & Packaging — 2.4%

Ardagh Packaging Finance plc (Ireland)

4.63%, 5/15/2023 (a)		400,000		409,384

6.00%, 2/15/2025 (a)		600,000		626,625

Ball Corp.

4.38%, 12/15/2020		282,000		288,345

4.00%, 11/15/2023		312,000		329,550

5.25%, 7/1/2025		312,000		350,220

Berry Global, Inc.

5.50%, 5/15/2022		138,000		140,319

5.13%, 7/15/2023		182,000		186,550

4.50%, 2/15/2026 (a)		125,000		124,375

4.88%, 7/15/2026 (a)		402,000		422,100

5.63%, 7/15/2027 (a)		115,000		120,750

Crown Americas LLC

4.50%, 1/15/2023		287,000		301,350

4.75%, 2/1/2026		237,000		248,850

Owens-Brockway Glass Container, Inc.

5.00%, 1/15/2022 (a)		119,000		121,826

5.88%, 8/15/2023 (a)		182,000		193,830


				3,864,074


Diversified Consumer Services — 0.2%

Service Corp. International

5.38%, 5/15/2024		222,000		228,771

4.63%, 12/15/2027		141,000		146,993


				375,764


Diversified Financial Services — 0.2%

Allied Universal Holdco LLC 6.63%, 7/15/2026 (a)		322,000		342,125


Diversified Telecommunication Services — 7.0%

Altice France SA (France)

6.25%, 5/15/2024 (a)		246,000		253,606

7.38%, 5/1/2026 (a)		1,759,000		1,877,733

8.13%, 2/1/2027 (a)		539,000		594,247

CCO Holdings LLC

5.88%, 4/1/2024 (a)		116,000		120,785

5.75%, 2/15/2026 (a)		721,000		763,359

5.50%, 5/1/2026 (a)		61,000		64,279

5.13%, 5/1/2027 (a)		963,000		1,018,363

5.00%, 2/1/2028 (a)		721,000		757,050


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Diversified Telecommunication Services — continued

5.38%, 6/1/2029 (a)		191,000		204,131

CenturyLink, Inc.

Series S, 6.45%, 6/15/2021		387,000		407,801

Series T, 5.80%, 3/15/2022		429,000		449,914

Series Y, 7.50%, 4/1/2024		309,000		342,984

Embarq Corp. 8.00%, 6/1/2036		469,000		459,789

Intelsat Jackson Holdings SA (Luxembourg) 8.00%, 2/15/2024 (a)		374,000		389,427

Level 3 Financing, Inc.

5.38%, 8/15/2022		288,000		289,080

5.38%, 1/15/2024		245,000		249,287

5.38%, 5/1/2025		244,000		253,760

Sprint Capital Corp. 6.88%, 11/15/2028		781,000		865,934

Telecom Italia Capital SA (Italy)

7.20%, 7/18/2036		316,000		352,340

7.72%, 6/4/2038		318,000		367,290

Telecom Italia SpA (Italy) 5.30%, 5/30/2024 (a)		600,000		642,000

Virgin Media Finance plc (United Kingdom) 6.00%, 10/15/2024 (a)		200,000		206,500

Virgin Media Secured Finance plc (United Kingdom)

5.25%, 1/15/2026 (a)		400,000		410,000

5.50%, 8/15/2026 (a)		200,000		209,250


				11,548,909


Electric Utilities — 1.3%

Emera, Inc. (Canada)

Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (c)		374,000		406,725

NextEra Energy Operating Partners LP

4.25%, 7/15/2024 (a)		225,000		231,187

4.25%, 9/15/2024 (a)		160,000		165,920

4.50%, 9/15/2027 (a)		156,000		160,290

Vistra Operations Co. LLC

5.50%, 9/1/2026 (a)		317,000		332,850

5.63%, 2/15/2027 (a)		405,000		428,794

5.00%, 7/31/2027 (a)		410,000		423,325


				2,149,091


Electrical Equipment — 0.2%

Sensata Technologies BV

4.88%, 10/15/2023 (a)		139,000		145,825

5.00%, 10/1/2025 (a)		193,000		204,580


				350,405

SEE NOTES TO FINANCIAL STATEMENTS.



86	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Electronic Equipment, Instruments & Components — 0.3%

CDW LLC

5.00%, 9/1/2023		144,000		146,880

5.50%, 12/1/2024		167,000		181,821

5.00%, 9/1/2025		182,000		190,190


				518,891


Energy Equipment & Services — 1.4%

Diamond Offshore Drilling, Inc.

7.88%, 8/15/2025		126,000		115,958

5.70%, 10/15/2039		128,000		79,360

4.88%, 11/1/2043		207,000		117,990

Nabors Industries, Inc.

4.63%, 9/15/2021		240,000		228,600

5.75%, 2/1/2025		260,000		208,000

Rowan Cos., Inc. 4.88%, 6/1/2022		200,000		163,000

Transocean Guardian Ltd. 5.88%, 1/15/2024 (a)		94,340		95,166

Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024 (a)		36,000		38,025

Transocean Proteus Ltd. 6.25%, 12/1/2024 (a)		28,500		29,141

Transocean, Inc.

9.00%, 7/15/2023 (a)		352,000		363,873

7.25%, 11/1/2025 (a)		231,000		210,210

7.50%, 1/15/2026 (a)		198,000		180,675

USA Compression Partners LP

6.88%, 4/1/2026		230,000		235,750

6.88%, 9/1/2027 (a)		230,000		236,573


				2,302,321


Entertainment — 1.4%

Lions Gate Capital Holdings LLC

6.38%, 2/1/2024 (a)		125,000		132,024

5.88%, 11/1/2024 (a)		125,000		130,000

Live Nation Entertainment, Inc. 4.88%, 11/1/2024 (a)		163,000		168,909

Netflix, Inc.

5.50%, 2/15/2022		26,000		27,690

5.88%, 2/15/2025		160,000		176,600

4.38%, 11/15/2026 (b)		276,000		282,555

4.88%, 4/15/2028		451,000		471,859

5.88%, 11/15/2028		526,000		588,462

Viacom, Inc.

(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (c)		172,000		179,587


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Entertainment — continued

(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (c)		172,000		185,115


				2,342,801


Equity Real Estate Investment Trusts (REITs) — 3.1%

Brookfield Property REIT, Inc. 5.75%, 5/15/2026 (a)		310,000		326,275

CyrusOne LP 5.00%, 3/15/2024		202,000		208,565

Equinix, Inc.

5.38%, 4/1/2023		288,000		293,760

5.88%, 1/15/2026		341,000		362,739

5.38%, 5/15/2027		395,000		426,730

Iron Mountain, Inc.

6.00%, 8/15/2023		82,000		83,845

5.75%, 8/15/2024		286,000		289,575

4.88%, 9/15/2027 (a)		312,000		320,387

5.25%, 3/15/2028 (a)		257,000		266,637

MGM Growth Properties Operating Partnership LP

5.63%, 5/1/2024		315,000		344,138

4.50%, 9/1/2026		163,000		170,742

5.75%, 2/1/2027 (a)		237,000		261,636

MPT Operating Partnership LP

6.38%, 3/1/2024		139,000		145,603

5.25%, 8/1/2026		122,000		128,899

5.00%, 10/15/2027		394,000		420,595

SBA Communications Corp.

4.88%, 7/15/2022		202,000		205,151

4.00%, 10/1/2022		229,000		233,008

4.88%, 9/1/2024		336,000		347,760

Uniti Group LP 6.00%, 4/15/2023 (a)		175,000		166,687


				5,002,732


Food Products — 2.0%

B&G Foods, Inc.

4.63%, 6/1/2021		192,000		192,624

5.25%, 4/1/2025		307,000		311,314

Lamb Weston Holdings, Inc.

4.63%, 11/1/2024 (a)		214,000		223,718

4.88%, 11/1/2026 (a)		214,000		223,362

Pilgrim’s Pride Corp.

5.75%, 3/15/2025 (a)		316,000		328,640

5.88%, 9/30/2027 (a)		268,000		288,770

Post Holdings, Inc.

5.50%, 3/1/2025 (a)		316,000		330,615

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	87

JPMorgan High Yield Research Enhanced ETF

(formerly known as JPMorgan Disciplined High Yield ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Food Products — continued

5.00%, 8/15/2026 (a)		536,000		558,780

5.75%, 3/1/2027 (a)		410,000		435,625

5.63%, 1/15/2028 (a)		211,000		224,715

TreeHouse Foods, Inc. 6.00%, 2/15/2024 (a)		204,000		211,905


				3,330,068


Gas Utilities — 0.5%

AmeriGas Partners LP

5.63%, 5/20/2024		189,000		200,576

5.50%, 5/20/2025		193,000		204,097

5.88%, 8/20/2026		189,000		205,245

Suburban Propane Partners LP 5.50%, 6/1/2024		164,000		166,460


				776,378


Health Care Equipment & Supplies — 0.2%

Hologic, Inc. 4.38%, 10/15/2025 (a)		267,000		273,007

Teleflex, Inc. 4.63%, 11/15/2027		118,000		124,771


				397,778


Health Care Providers & Services — 6.5%

Acadia Healthcare Co., Inc. 5.63%, 2/15/2023		175,000		178,717

Centene Corp.

5.63%, 2/15/2021		396,000		401,445

6.13%, 2/15/2024		258,000		270,384

4.75%, 1/15/2025		339,000		351,712

5.38%, 6/1/2026 (a)		579,000		618,980

DaVita, Inc.

5.75%, 8/15/2022		349,000		352,525

5.13%, 7/15/2024		494,000		502,502

5.00%, 5/1/2025		422,000		422,527

Encompass Health Corp. 5.75%, 11/1/2024		310,000		313,875

HCA, Inc.

7.50%, 2/15/2022		624,000		698,761

5.38%, 2/1/2025		775,000		860,250

5.63%, 9/1/2028		468,000		532,496

5.88%, 2/1/2029		119,000		136,999

MEDNAX, Inc.

5.25%, 12/1/2023 (a)		231,000		232,155

6.25%, 1/15/2027 (a)		322,000		315,560

Molina Healthcare, Inc. 5.38%, 11/15/2022 (g)		205,000		219,102

Tenet Healthcare Corp.

6.00%, 10/1/2020		470,000		488,330


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Health Care Providers & Services — continued

8.13%, 4/1/2022		831,000		895,319

6.75%, 6/15/2023		408,000		419,220

4.63%, 7/15/2024		538,000		553,467

4.63%, 9/1/2024 (a)		69,000		71,070

5.13%, 5/1/2025		407,000		408,018

4.88%, 1/1/2026 (a)		340,000		349,384

6.25%, 2/1/2027 (a)		260,000		269,750

5.13%, 11/1/2027 (a)		254,000		262,573

WellCare Health Plans, Inc.

5.25%, 4/1/2025		346,000		362,280

5.38%, 8/15/2026 (a)		217,000		231,376


				10,718,777


Health Care Technology — 0.5%

IQVIA, Inc.

5.00%, 10/15/2026 (a)		400,000		422,000

5.00%, 5/15/2027 (a)		300,000		316,875


				738,875


Hotels, Restaurants & Leisure — 7.7%

1011778 BC ULC (Canada)

4.63%, 1/15/2022 (a)		351,000		352,316

4.25%, 5/15/2024 (a)		483,000		498,582

5.00%, 10/15/2025 (a)		901,000		930,282

Boyd Gaming Corp.

6.88%, 5/15/2023		202,000		209,530

6.38%, 4/1/2026		226,000		239,560

6.00%, 8/15/2026		191,000		201,744

Caesars Resort Collection LLC 5.25%, 10/15/2025 (a)		481,000		489,417

Cedar Fair LP

5.38%, 4/15/2027		160,000		172,400

5.25%, 7/15/2029 (a)		160,000		173,600

Churchill Downs, Inc.

5.50%, 4/1/2027 (a)		180,000		191,250

4.75%, 1/15/2028 (a)		160,000		164,800

Eldorado Resorts, Inc.

6.00%, 4/1/2025		276,000		292,560

6.00%, 9/15/2026		189,000		206,719

ESH Hospitality, Inc.

REIT, 5.25%, 5/1/2025 (a)		410,000		423,837

Hilton Domestic Operating Co., Inc.

4.25%, 9/1/2024		298,000		303,960

5.13%, 5/1/2026		432,000		455,976

4.88%, 1/15/2030 (a)		320,000		342,400

SEE NOTES TO FINANCIAL STATEMENTS.



88	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Hotels, Restaurants & Leisure — continued

Hilton Worldwide Finance LLC

4.63%, 4/1/2025		244,000		251,930

4.88%, 4/1/2027		177,000		186,293

International Game Technology plc

6.25%, 2/15/2022 (a)		600,000		634,500

6.50%, 2/15/2025 (a)		400,000		439,000

6.25%, 1/15/2027 (a)		213,000		233,768

KFC Holding Co.

5.00%, 6/1/2024 (a)		294,000		303,922

5.25%, 6/1/2026 (a)		299,000		316,193

4.75%, 6/1/2027 (a)		200,000		209,500

MGM Resorts International

6.63%, 12/15/2021		395,000		429,563

7.75%, 3/15/2022		213,000		239,141

6.00%, 3/15/2023		395,000		434,500

5.75%, 6/15/2025		245,000		269,814

5.50%, 4/15/2027		316,000		342,465

NCL Corp. Ltd. 4.75%, 12/15/2021 (a)		21,000		21,315

Sabre GLBL, Inc.

5.38%, 4/15/2023 (a)		153,000		156,825

5.25%, 11/15/2023 (a)		144,000		147,960

Scientific Games International, Inc. 5.00%, 10/15/2025 (a)		395,000		408,130

Six Flags Entertainment Corp.

4.88%, 7/31/2024 (a)		316,000		327,060

5.50%, 4/15/2027 (a)		163,000		174,410

Stars Group Holdings BV (Canada) 7.00%, 7/15/2026 (a)		280,000		297,150

Wyndham Destinations, Inc. 4.25%, 3/1/2022		172,000		176,300

Wynn Las Vegas LLC

4.25%, 5/30/2023 (a)		143,000		147,147

5.50%, 3/1/2025 (a)		568,000		599,240

5.25%, 5/15/2027 (a)		288,000		298,440


				12,693,499


Household Durables — 1.1%

Brookfield Residential Properties, Inc. (Canada)

6.50%, 12/15/2020 (a)		152,000		152,190

6.13%, 7/1/2022 (a)		153,000		155,104

Lennar Corp.

4.13%, 1/15/2022		155,000		159,991

4.75%, 11/15/2022 (g)		26,000		27,430

4.50%, 4/30/2024		169,000		179,774


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Household Durables — continued

4.75%, 11/29/2027		291,000		316,462

MDC Holdings, Inc. 6.00%, 1/15/2043		144,000		147,600

PulteGroup, Inc.

5.50%, 3/1/2026		216,000		237,060

5.00%, 1/15/2027		172,000		184,900

Tempur Sealy International, Inc. 5.50%, 6/15/2026		152,000		158,840


				1,719,351


Household Products — 0.5%

Energizer Holdings, Inc.

5.50%, 6/15/2025 (a)		168,000		170,192

6.38%, 7/15/2026 (a)		140,000		147,525

7.75%, 1/15/2027 (a)		189,000		206,719

Spectrum Brands, Inc. 5.75%, 7/15/2025		276,000		287,040


				811,476


Independent Power and Renewable Electricity Producers — 1.1%

AES Corp.

4.00%, 3/15/2021		70,000		71,495

4.88%, 5/15/2023		222,000		225,052

5.50%, 4/15/2025		170,000		177,443

Clearway Energy Operating LLC

5.38%, 8/15/2024		170,000		174,250

5.75%, 10/15/2025 (a)		187,000		194,951

NRG Energy, Inc.

7.25%, 5/15/2026		275,000		301,469

6.63%, 1/15/2027		389,000		420,120

5.75%, 1/15/2028		230,000		247,825


				1,812,605


Insurance — 0.1%

Genworth Holdings, Inc. 7.63%, 9/24/2021		179,000		186,608


Internet & Direct Marketing Retail — 0.4%

QVC, Inc.

4.38%, 3/15/2023		244,000		254,881

4.85%, 4/1/2024		186,000		197,606

4.45%, 2/15/2025		154,000		160,192


				612,679


IT Services — 1.1%

VeriSign, Inc.

4.63%, 5/1/2023		216,000		219,510

5.25%, 4/1/2025		138,000		150,765

4.75%, 7/15/2027		228,000		241,110

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	89

JPMorgan High Yield Research Enhanced ETF

(formerly known as JPMorgan Disciplined High Yield ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

IT Services — continued

Zayo Group LLC

6.00%, 4/1/2023		438,000		451,744

6.38%, 5/15/2025		284,000		292,165

5.75%, 1/15/2027 (a)		503,000		513,060


				1,868,354


Leisure Products — 0.3%

Mattel, Inc. 6.75%, 12/31/2025 (a)		421,000		432,578


Life Sciences Tools & Services — 0.3%

Avantor, Inc. 6.00%, 10/1/2024 (a)		500,000		536,250


Machinery — 0.2%

Colfax Corp. 6.00%, 2/15/2024 (a)		187,000		199,389

Navistar International Corp. 6.63%, 11/1/2025 (a)		125,000		126,562


				325,951


Media — 9.9%

Altice Financing SA (Luxembourg)

6.63%, 2/15/2023 (a)		600,000		618,750

7.50%, 5/15/2026 (a)		850,000		905,250

AMC Networks, Inc.

4.75%, 12/15/2022		155,000		157,325

5.00%, 4/1/2024		308,000		317,240

4.75%, 8/1/2025		218,000		222,633

Cablevision Systems Corp. 5.88%, 9/15/2022		92,000		98,412

Cinemark USA, Inc. 4.88%, 6/1/2023		213,000		216,994

Clear Channel Worldwide Holdings, Inc.

Series A, 6.50%, 11/15/2022		196,000		200,247

Series B, 6.50%, 11/15/2022		561,000		573,157

CSC Holdings LLC

5.13%, 12/15/2021 (a)		413,000		413,516

5.38%, 7/15/2023 (a)		400,000		411,104

7.75%, 7/15/2025 (a)		400,000		429,500

10.88%, 10/15/2025 (a)		567,000		643,545

5.50%, 5/15/2026 (a)		400,000		423,000

5.50%, 4/15/2027 (a)		400,000		428,000

7.50%, 4/1/2028 (a)		400,000		450,000

6.50%, 2/1/2029 (a)		200,000		224,125

DISH DBS Corp.

6.75%, 6/1/2021		572,000		602,488

5.88%, 7/15/2022		573,000		593,055

5.88%, 11/15/2024		570,000		542,241

Gray Television, Inc.

5.13%, 10/15/2024 (a)		152,000		156,940


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Media — continued

5.88%, 7/15/2026 (a)		202,000		211,090

7.00%, 5/15/2027 (a)		231,000		252,587

iHeartCommunications, Inc. 8.38%, 5/1/2027		467,000		503,776

Lamar Media Corp.

5.00%, 5/1/2023		145,000		147,855

5.38%, 1/15/2024		142,000		145,905

Meredith Corp. 6.88%, 2/1/2026		393,000		414,615

Nexstar Broadcasting, Inc. 5.63%, 8/1/2024 (a)		249,000		258,960

Nexstar Escrow, Inc. 5.63%, 7/15/2027 (a)		360,000		375,300

Outfront Media Capital LLC 5.63%, 2/15/2024		148,000		152,440

Quebecor Media, Inc. (Canada) 5.75%, 1/15/2023		247,000		267,459

Sinclair Television Group, Inc.

6.13%, 10/1/2022		127,000		128,746

5.63%, 8/1/2024 (a)		150,000		154,500

Sirius XM Radio, Inc.

3.88%, 8/1/2022 (a)		305,000		310,338

4.63%, 7/15/2024 (a)		282,000		294,337

5.38%, 4/15/2025 (a)		36,000		37,350

5.00%, 8/1/2027 (a)		437,000		461,035

5.50%, 7/1/2029 (a)		208,000		226,660

TEGNA, Inc. 6.38%, 10/15/2023		188,000		193,264

Telenet Finance Luxembourg Notes SARL (Belgium) 5.50%, 3/1/2028 (a)		400,000		406,800

Tribune Media Co. 5.88%, 7/15/2022		296,000		300,348

Unitymedia GmbH (Germany) 6.13%, 1/15/2025 (a)		400,000		417,200

Unitymedia Hessen GmbH & Co. KG (Germany)

5.00%, 1/15/2025 (a)		200,000		206,524

UPC Holding BV (Netherlands) 5.50%, 1/15/2028 (a)		200,000		208,500

UPCB Finance IV Ltd. (Netherlands) 5.38%, 1/15/2025 (a)		400,000		411,700

Videotron Ltd. (Canada)

5.00%, 7/15/2022		221,000		231,774

5.13%, 4/15/2027 (a)		172,000		181,030

Ziggo Bond Co. BV (Netherlands) 6.00%, 1/15/2027 (a)		150,000		156,375

Ziggo BV (Netherlands) 5.50%, 1/15/2027 (a)		600,000		632,970


				16,316,960

SEE NOTES TO FINANCIAL STATEMENTS.



90	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Metals & Mining — 3.5%

Alcoa Nederland Holding BV

6.75%, 9/30/2024 (a)		200,000		210,000

7.00%, 9/30/2026 (a)		200,000		215,440

6.13%, 5/15/2028 (a)		200,000		208,000

Allegheny Technologies, Inc.

5.95%, 1/15/2021		155,000		158,487

7.88%, 8/15/2023 (g)		167,000		179,108

Cleveland-Cliffs, Inc.

5.75%, 3/1/2025		82,000		82,205

5.88%, 6/1/2027 (a)		180,000		175,500

Constellium SE

6.63%, 3/1/2025 (a)		250,000		261,719

5.88%, 2/15/2026 (a)		250,000		260,625

FMG Resources August 2006 Pty. Ltd. (Australia)

4.75%, 5/15/2022 (a)		200,000		206,000

5.13%, 3/15/2023 (a)		151,000		157,040

5.13%, 5/15/2024 (a)		226,000		235,605

Freeport-McMoRan, Inc.

3.55%, 3/1/2022		587,000		588,467

3.88%, 3/15/2023		605,000		611,292

5.45%, 3/15/2043		595,000		542,938

Hudbay Minerals, Inc. (Canada) 7.63%, 1/15/2025 (a)		193,000		195,891

Novelis Corp.

6.25%, 8/15/2024 (a)		332,000		347,770

5.88%, 9/30/2026 (a)		437,000		461,581

Steel Dynamics, Inc.

5.13%, 10/1/2021		182,000		182,508

5.50%, 10/1/2024		139,000		143,239

United States Steel Corp.

6.88%, 8/15/2025 (b)		228,000		216,384

6.25%, 3/15/2026		195,000		172,454


				5,812,253


Mortgage Real Estate Investment Trusts (REITs) — 0.3%

Starwood Property Trust, Inc.

3.63%, 2/1/2021		127,000		127,953

5.00%, 12/15/2021		185,000		191,937

4.75%, 3/15/2025		107,000		109,675


				429,565


Oil, Gas & Consumable Fuels — 11.3%

Aker BP ASA (Norway)

4.75%, 6/15/2024 (a)		241,000		246,422

5.88%, 3/31/2025 (a)		161,000		169,533


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Oil, Gas & Consumable Fuels — continued

Antero Midstream Partners LP

5.38%, 9/15/2024		200,000		188,500

5.75%, 3/1/2027 (a)		200,000		183,500

5.75%, 1/15/2028 (a)		209,000		189,667

Antero Resources Corp.

5.38%, 11/1/2021		287,000		278,749

5.13%, 12/1/2022		300,000		276,000

5.63%, 6/1/2023 (b)		201,000		185,422

Callon Petroleum Co. 6.13%, 10/1/2024		193,000		187,210

Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023 (b)		102,000		97,563

Cheniere Corpus Christi Holdings LLC

7.00%, 6/30/2024		415,000		478,806

5.88%, 3/31/2025		468,000		521,820

5.13%, 6/30/2027		468,000		516,555

Cheniere Energy Partners LP

5.25%, 10/1/2025		467,000		482,761

5.63%, 10/1/2026		346,000		365,030

Chesapeake Energy Corp.

7.00%, 10/1/2024		280,000		213,500

8.00%, 1/15/2025		385,000		291,637

8.00%, 3/15/2026 (a)		125,000		89,375

8.00%, 6/15/2027 (b)		400,000		289,004

CNX Resources Corp.

5.88%, 4/15/2022		378,000		365,715

7.25%, 3/14/2027 (a)		125,000		104,687

Crestwood Midstream Partners LP

6.25%, 4/1/2023 (g)		188,000		191,290

5.75%, 4/1/2025		135,000		138,038

5.63%, 5/1/2027 (a)		125,000		124,960

DCP Midstream LP Series A, (ICE LIBOR USD 3 Month + 5.15%), 7.38%, 12/15/2022 (c) (d) (e)		156,000		149,370

DCP Midstream Operating LP

3.88%, 3/15/2023		63,000		63,787

5.38%, 7/15/2025		257,000		271,778

5.13%, 5/15/2029		193,000		197,835

(ICE LIBOR USD 3 Month + 3.85%), 5.85%, 5/21/2043 (a) (c)		162,000		149,850

Diamondback Energy, Inc.

4.75%, 11/1/2024		378,000		389,340

5.38%, 5/31/2025		250,000		262,500

Energy Transfer Operating LP

Series A, (ICE LIBOR USD 3 Month + 4.03%), 6.25%, 2/15/2023 (c) (d) (e)		296,000		275,712

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	91

JPMorgan High Yield Research Enhanced ETF

(formerly known as JPMorgan Disciplined High Yield ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Oil, Gas & Consumable Fuels — continued

Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (c) (d) (e)		160,000		151,600

EnLink Midstream Partners LP

4.40%, 4/1/2024		160,000		158,400

4.15%, 6/1/2025		234,000		223,470

5.45%, 6/1/2047		140,000		118,300

Genesis Energy LP

6.75%, 8/1/2022		194,000		196,105

6.50%, 10/1/2025		162,000		157,747

Matador Resources Co. 5.88%, 9/15/2026		328,000		317,750

MEG Energy Corp. (Canada)

6.38%, 1/30/2023 (a)		225,000		212,625

7.00%, 3/31/2024 (a)		275,000		261,594

6.50%, 1/15/2025 (a)		236,000		237,180

Moss Creek Resources Holdings, Inc. 10.50%, 5/15/2027 (a)		150,000		117,750

Murphy Oil Corp.

4.00%, 6/1/2022		10,000		10,000

4.20%, 12/1/2022 (g)		189,000		190,890

6.88%, 8/15/2024		160,000		167,648

5.75%, 8/15/2025		160,000		161,952

NGL Energy Partners LP 7.50%, 11/1/2023		169,000		171,058

NuStar Logistics LP

6.00%, 6/1/2026		161,000		172,673

5.63%, 4/28/2027		171,000		177,840

Oasis Petroleum, Inc. 6.88%, 3/15/2022		233,000		216,690

Parsley Energy LLC

5.38%, 1/15/2025 (a)		186,000		189,720

5.63%, 10/15/2027 (a)		218,000		224,540

PBF Holding Co. LLC 7.25%, 6/15/2025		203,000		210,290

PDC Energy, Inc. 5.75%, 5/15/2026		187,000		182,774

Peabody Energy Corp.

6.00%, 3/31/2022 (a)		139,000		143,170

6.38%, 3/31/2025 (a)		127,000		132,556

QEP Resources, Inc.

5.38%, 10/1/2022		155,000		139,500

5.25%, 5/1/2023		186,000		162,750

5.63%, 3/1/2026 (b)		138,000		111,780

Range Resources Corp.

5.00%, 8/15/2022		152,000		141,740

5.00%, 3/15/2023		206,000		182,310

4.88%, 5/15/2025		212,000		173,840


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Oil, Gas & Consumable Fuels — continued

Seven Generations Energy Ltd. (Canada)

5.38%, 9/30/2025 (a)		203,000		194,373

SM Energy Co.

6.13%, 11/15/2022		150,000		139,500

5.63%, 6/1/2025		140,000		119,000

6.75%, 9/15/2026		131,000		111,350

6.63%, 1/15/2027		156,000		132,600

Southwestern Energy Co.

6.20%, 1/23/2025 (g)		308,000		269,500

7.50%, 4/1/2026		174,000		152,285

7.75%, 10/1/2027		156,000		135,720

Sunoco LP

4.88%, 1/15/2023		312,000		319,020

5.50%, 2/15/2026		226,000		234,475

6.00%, 4/15/2027		125,000		131,563

Tallgrass Energy Partners LP

4.75%, 10/1/2023 (a)		170,000		168,513

5.50%, 9/15/2024 (a)		234,000		228,150

5.50%, 1/15/2028 (a)		238,000		224,017

Targa Resources Partners LP

4.25%, 11/15/2023		144,000		143,820

6.75%, 3/15/2024		34,000		35,317

5.88%, 4/15/2026		283,000		296,443

6.50%, 7/15/2027 (a)		234,000		253,890

5.00%, 1/15/2028		198,000		198,990

6.88%, 1/15/2029 (a)		234,000		258,570

TerraForm Power Operating LLC

4.25%, 1/31/2023 (a)		172,000		176,240

5.00%, 1/31/2028 (a)		218,000		226,997

Whiting Petroleum Corp.

5.75%, 3/15/2021		229,000		214,161

6.63%, 1/15/2026		312,000		225,794

WPX Energy, Inc.

6.00%, 1/15/2022		165,000		169,538

8.25%, 8/1/2023		92,000		102,350

5.25%, 9/15/2024		203,000		206,045

5.75%, 6/1/2026		156,000		161,850


				18,582,229


Personal Products — 0.3%

Edgewell Personal Care Co.

4.70%, 5/19/2021		155,000		157,712

4.70%, 5/24/2022		158,000		161,160

Prestige Brands, Inc. 6.38%, 3/1/2024 (a)		125,000		130,938


				449,810

SEE NOTES TO FINANCIAL STATEMENTS.



92	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Pharmaceuticals — 2.0%

Bausch Health Americas, Inc. 8.50%, 1/31/2027 (a)		100,000		110,998

Bausch Health Cos., Inc.

6.50%, 3/15/2022 (a)		247,000		255,719

5.88%, 5/15/2023 (a)		380,000		384,750

7.00%, 3/15/2024 (a)		564,000		595,674

6.13%, 4/15/2025 (a)		1,043,000		1,074,290

5.50%, 11/1/2025 (a)		363,000		380,689

Elanco Animal Health, Inc.

3.91%, 8/27/2021		70,000		71,350

4.27%, 8/28/2023		217,000		227,287

4.90%, 8/28/2028		217,000		236,665


				3,337,422


Real Estate Management & Development — 0.4%

Howard Hughes Corp. (The) 5.38%, 3/15/2025 (a)		284,000		292,520

Kennedy-Wilson, Inc. 5.88%, 4/1/2024		319,000		326,576


				619,096


Road & Rail — 0.4%

Hertz Corp. (The)

7.63%, 6/1/2022 (a)		390,000		406,107

5.50%, 10/15/2024 (a)		249,000		244,020


				650,127


Semiconductors & Semiconductor Equipment — 0.1%

Sensata Technologies UK Financing Co. plc

6.25%, 2/15/2026 (a)		200,000		212,442


Software — 1.5%

CDK Global, Inc.

5.00%, 10/15/2024 (g)		144,000		151,560

5.88%, 6/15/2026		143,000		151,880

4.88%, 6/1/2027		242,000		250,044

Nuance Communications, Inc. 5.63%, 12/15/2026		144,000		151,740

Open Text Corp. (Canada)

5.63%, 1/15/2023 (a)		238,000		243,950

5.88%, 6/1/2026 (a)		247,000		263,969

SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)		631,000		662,550

Symantec Corp.

4.20%, 9/15/2020		225,000		228,265

5.00%, 4/15/2025 (a)		324,000		326,161


				2,430,119


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Specialty Retail — 0.9%

Bed Bath & Beyond, Inc. 5.17%, 8/1/2044		268,000		186,975

L Brands, Inc.

6.63%, 4/1/2021		214,000		225,235

5.63%, 2/15/2022		277,000		291,196

5.25%, 2/1/2028		87,000		79,388

6.88%, 11/1/2035		322,000		272,090

6.75%, 7/1/2036		225,000		189,000

Penske Automotive Group, Inc.

5.75%, 10/1/2022		147,000		148,926

5.50%, 5/15/2026		116,000		121,510

Sally Holdings LLC 5.63%, 12/1/2025 (b)		26,000		26,065


				1,540,385


Technology Hardware, Storage & Peripherals — 2.0%

Dell International LLC

5.88%, 6/15/2021 (a)		425,000		432,025

7.13%, 6/15/2024 (a)		500,000		527,110

EMC Corp. 3.38%, 6/1/2023		294,000		291,482

NCR Corp.

4.63%, 2/15/2021		138,000		138,014

5.00%, 7/15/2022		227,000		228,548

6.38%, 12/15/2023		204,000		210,361

Western Digital Corp. 4.75%, 2/15/2026		741,000		758,376

Xerox Corp.

4.50%, 5/15/2021		300,000		307,500

4.12%, 3/15/2023 (g)		370,000		376,475


				3,269,891


Textiles, Apparel & Luxury Goods — 0.3%

Hanesbrands, Inc.

4.63%, 5/15/2024 (a)		245,000		256,331

4.88%, 5/15/2026 (a)		272,000		286,737


				543,068


Thrifts & Mortgage Finance — 0.1%

Ladder Capital Finance Holdings LLLP

5.25%, 3/15/2022 (a)		137,000		142,480


Tobacco — 0.2%

Vector Group Ltd. 6.13%, 2/1/2025 (a)		268,000		262,640


Trading Companies & Distributors — 1.6%

Beacon Roofing Supply, Inc. 4.88%, 11/1/2025 (a)		375,000		369,844

Fortress Transportation & Infrastructure Investors LLC

6.75%, 3/15/2022 (a)		125,000		130,000

Herc Holdings, Inc. 5.50%, 7/15/2027 (a)		386,000		398,062

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	93

JPMorgan High Yield Research Enhanced ETF

(formerly known as JPMorgan Disciplined High Yield ETF)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Trading Companies & Distributors — continued

United Rentals North America, Inc.

4.63%, 7/15/2023		131,000		133,866

5.88%, 9/15/2026		260,000		278,850

6.50%, 12/15/2026		343,000		373,013

5.50%, 5/15/2027		312,000		334,779

4.88%, 1/15/2028		522,000		547,447


				2,565,861


Wireless Telecommunication Services — 4.0%

C&W Senior Financing DAC (Ireland)

7.50%, 10/15/2026 (a)		200,000		216,960

6.88%, 9/15/2027 (a)		400,000		425,956

Hughes Satellite Systems Corp.

7.63%, 6/15/2021		245,000		264,600

5.25%, 8/1/2026		227,000		240,620

6.63%, 8/1/2026		237,000		255,367

Inmarsat Finance plc (United Kingdom) 4.88%, 5/15/2022 (a)		300,000		303,000

Millicom International Cellular SA (Colombia)

6.00%, 3/15/2025 (a)		200,000		207,625

6.63%, 10/15/2026 (a)		200,000		218,813

5.13%, 1/15/2028 (a) (b)		200,000		207,687

6.25%, 3/25/2029 (a)		200,000		217,813

Sprint Corp.

7.88%, 9/15/2023		1,342,000		1,509,750

7.13%, 6/15/2024		789,000		872,208

T-Mobile USA, Inc.

6.38%, 3/1/2025		524,000		542,602

6.38%, 3/1/2025 ‡		369,000		—

6.50%, 1/15/2026		621,000		667,575

6.50%, 1/15/2026 ‡		432,000		—

4.75%, 2/1/2028		456,000		479,931

4.75%, 2/1/2028 ‡		168,000		—


				6,630,507


Total Corporate Bonds (Cost $155,728,695)				159,358,166


	SHARES
Short-Term Investments — 1.9%

Investment Companies — 1.9%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.99% (h) (i) (Cost $3,167,845)		3,167,845		3,167,845


INVESTMENTS	SHARES		VALUE ($)
Investment of Cash Collateral from Securities Loaned — 1.3%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.05% (h) (i) (Cost $2,057,978)		2,057,978		2,057,978

Total Investments — 100.3% (Cost $160,954,518)				164,583,989
Liabilities in Excess of Other Assets — (0.3)%				(476,513)

NET ASSETS — 100.0%				164,107,476

Percentages indicated are based on net assets.


Abbreviations

ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
OYJ		Public Limited Company
REIT		Real Estate Investment Trust
USD		United States Dollar

(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)		The security or a portion of this security is on loan at August 31, 2019. The total value of securities on loan at August 31, 2019 is $1,987,184.
(c)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2019.
(d)		Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of August 31, 2019.
(e)		Security is an interest bearing note with preferred security characteristics.
(f)		Amount rounds to less than 0.1% of net assets.
(g)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2019.
(h)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(i)		The rate shown is the current yield as of August 31, 2019.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



94	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — 98.1%(a)

Alabama — 1.6%

Education — 0.4%

Auburn University Series 2016A, Rev., 5.00%, 6/1/2030		35,000		42,845

University of Alabama (The)Series B-2, Rev., 5.00%, 9/1/2031		95,000		120,738


				163,583


General Obligation — 0.3%

City of Pell City Series A, GO, 5.00%, 2/1/2025		100,000		118,108


Transportation — 0.7%

Alabama Federal Aid Highway Finance Authority Series 2016A, Rev., 5.00%, 9/1/2034		200,000		244,076


Utility — 0.2%

Black Belt Energy Gas District, Gas Supply Series 2017A, Rev., LIQ: Royal Bank of Canada, 4.00%, 7/1/2022 (b)		30,000		32,076

Southeast Alabama Gas Supply District (The), Project No. 1 Series 2018A, Rev., 4.00%, 4/1/2024 (b)		25,000		27,495


				59,571


Total Alabama				585,338


Alaska — 0.1%

Other Revenue — 0.1%

Alaska Municipal Bond Bank Authority Series 3, Rev., 5.00%, 10/1/2025		20,000		23,601


Arizona — 2.2%

Education — 0.9%

Arizona Industrial Development Authority, Equitable School Revolving Funds Series A, Rev., 5.00%, 11/1/2044		250,000		304,273


General Obligation — 0.2%

City of Phoenix GO, 5.00%, 7/1/2027		25,000		31,193

Maricopa County School District No. 3 Tempe Elementary, School Improvement Series A, GO, 5.00%, 7/1/2027		30,000		38,517


				69,710


Industrial Development Revenue/Pollution Control Revenue — 0.8%

Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2019A, Rev., 5.00%, 1/1/2036		250,000		292,965


Utility — 0.3%

Salt Verde Financial Corp. Rev., 5.25%, 12/1/2026		100,000		123,321


Total Arizona				790,269


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Arkansas — 0.4%

Education — 0.1%

University of Arkansas, UAMS Campus Rev., 5.00%, 11/1/2021		40,000		43,387


Water & Sewer — 0.3%

City of Fort Smith, Water and Sewer Construction Rev., 5.00%, 10/1/2024		75,000		88,788


Total Arkansas				132,175


California — 2.6%

Certificate of Participation/Lease — 0.5%

City of Roseville, 316 Vernon Street Project COP, 5.00%, 8/1/2025		70,000		85,935

City of Santa Rosa, Courthouse Square Project and Lease COP, 4.00%, 10/1/2024		90,000		103,521


				189,456


General Obligation — 0.3%

El Monte City School District, Election 2014 Series A, GO, 5.00%, 8/1/2025		55,000		67,339

Hermosa Beach City School District, Election of 2016 Series A, GO, 4.00%, 8/1/2023		15,000		16,732


				84,071


Other Revenue — 1.3%

Anaheim Public Financing Authority, Anaheim Convention Center Expansion Project Series A, Rev., 5.00%, 5/1/2026		50,000		59,070

Chula Vista Municipal Financing Authority Rev., 4.00%, 5/1/2026		60,000		71,393

Golden State Tobacco Securitization Corp., Tobacco SettlementSeries A-1, Rev., 5.00%, 6/1/2032		250,000		301,883

Municipal Improvement Corp. of Los Angeles, Real PropertySeries 2014-A, Rev., 5.00%, 5/1/2023		20,000		22,892


				455,238


Utility — 0.5%

California Municipal Finance Authority, San Antonio Gardens Project Rev., 5.00%, 11/15/2039		150,000		178,864


Total California				907,629


Colorado — 1.0%

Certificate of Participation/Lease — 0.0% (c)

State of Colorado, Higher Education Capital Construction, Lease Purchase Financing Program Series 2014A, COP, 5.00%, 11/1/2025		10,000		12,250

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	95

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Education — 0.2%

University of Colorado, University EnterpriseSeries A-2, Rev., 5.00%, 6/1/2026		40,000		49,850


General Obligation — 0.8%

Southlands Metropolitan District No. 1Series A-1, GO, 5.00%, 12/1/2037		250,000		286,217


Total Colorado				348,317


Connecticut — 1.8%

General Obligation — 1.5%

State of Connecticut

Series A, GO, 5.00%, 4/15/2033		135,000		165,078

Series 2019A, GO, 5.00%, 4/15/2035		300,000		376,533


				541,611


Special Tax — 0.3%

State of Connecticut, Special Tax Transportation Infrastructure Purposes Series B, Rev., 5.00%, 8/1/2023		75,000		85,877


Total Connecticut				627,488


Delaware — 0.1%

Transportation — 0.1%

Delaware Transportation Authority Rev., 5.00%, 7/1/2022		25,000		27,791


District of Columbia — 1.2%

Education — 0.4%

District of Columbia, International School Issue Rev., 5.00%, 7/1/2039		125,000		152,361


General Obligation — 0.4%

District of Columbia

Series 2018B, GO, 5.00%, 6/1/2025		30,000		36,456

Series D, GO, 5.00%, 6/1/2031		65,000		81,655


				118,111


Other Revenue — 0.1%

District of Columbia, Income Tax Series C, Rev., 5.00%, 12/1/2021		25,000		27,170


Water & Sewer — 0.3%

District of Columbia, Water and Sewer Authority Series B, Rev., 5.00%, 10/1/2025		65,000		79,009

District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien Series 2012A, Rev., 4.00%, 10/1/2022		35,000		38,104


				117,113


Total District of Columbia				414,755


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Florida — 6.0%

Certificate of Participation/ Lease — 0.9%

Monroe County School District Series 2018A, COP, 4.00%, 6/1/2025		45,000		51,798

Palm Beach County School District Series 2015B, COP, 5.00%, 8/1/2021		10,000		10,731

South Florida Water Management District COP, 5.00%, 10/1/2036		200,000		242,390


				304,919


Education — 1.4%

County of Palm Beach, Atlantic University

Rev., 5.00%, 4/1/2029 (d)		100,000		114,449

Rev., 5.00%, 4/1/2039 (d)		100,000		113,316

Escambia County School Board, Sales Tax Rev., 5.00%, 9/1/2027		120,000		149,793

State of Florida, State Board of Education, Lottery

Series 2016B, Rev., 5.00%, 7/1/2023		40,000		45,814

Series A, Rev., 5.00%, 7/1/2026		75,000		93,634


				517,006


General Obligation — 0.7%

County of Miami-Dade, Building Better Communities Program Series 2016A, GO, 5.00%, 7/1/2025		25,000		30,341

Florida State Board of Education, Public Education Capital Outlay

Series B, GO, 5.00%, 6/1/2024		30,000		35,442

Series B, GO, 5.00%, 6/1/2026		20,000		25,025

Series B, GO, 5.00%, 6/1/2031		75,000		94,812

Reedy Creek Improvement DistrictSeries 2016-A, GO, 5.00%, 6/1/2026		50,000		61,977


				247,597


Hospital — 0.8%

Palm Beach County Health Facilities Authority, ACTS Retirement Life Communities Inc. Obligated Group Rev., 5.00%, 11/15/2032		240,000		284,813


Industrial Development Revenue/Pollution Control Revenue — 0.1%

Florida Department of Environmental ProtectionSeries 2014-A, Rev., 5.00%, 7/1/2020		35,000		36,135


Other Revenue — 1.0%

City of Orlando, Capital Improvement

Series D, Rev., 5.00%, 10/1/2022		75,000		83,893

Series B, Rev., 5.00%, 10/1/2024		60,000		71,489

County of Hillsborough Rev., 5.00%, 10/1/2024		40,000		47,773

SEE NOTES TO FINANCIAL STATEMENTS.



96	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Other Revenue — continued

County of Lee Rev., 5.00%, 10/1/2025		40,000		48,680

County of Okaloosa Rev., 5.00%, 10/1/2024		30,000		35,733

County of Osceola, Sales Tax Series 2016A, Rev., 4.00%, 10/1/2023		10,000		11,084

Sunshine State Governmental Financing Commission, Miami-Dade County Program Series 2011A, Rev., 5.00%, 9/1/2020		20,000		20,769

Tampa Sports Authority, Stadium Project Rev., 4.00%, 1/1/2023		20,000		21,882


				341,303


Transportation — 0.1%

Tampa-Hillsborough County Expressway Authority Series B, Rev., 5.00%, 7/1/2031		40,000		50,625


Utility — 0.5%

County of Sarasota, Utility System Rev., 5.00%, 10/1/2022		30,000		33,499

Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation For Global Understanding, Inc., Project Rev., 5.00%, 7/1/2029		125,000		150,686


				184,185


Water & Sewer — 0.5%

City of Cape Coral, Water and Sewer Rev., 5.00%, 10/1/2022		25,000		27,906

City of Miami Beach, Water and Sewer Rev., 5.00%, 9/1/2033		25,000		31,191

East Central Regional Wastewater Treatment Facilities Operation Board, Green Bonds, Bio Solids Project Rev., 5.00%, 10/1/2024		30,000		35,860

Tampa Bay Water Utility System Series C, Rev., 5.00%, 10/1/2025		55,000		67,210

Tohopekaliga Water Authority, Utility System Rev., 5.00%, 10/1/2025		10,000		12,250


				174,417


Total Florida				2,141,000


Georgia — 0.1%

Hospital — 0.0%(c)

Richmond County Hospital Authority, University Health Services, Inc. Project Rev., 5.00%, 1/1/2022		20,000		21,628


Water & Sewer — 0.1%

County of DeKalb, Water and Sewerage Series B, Rev., 5.25%, 10/1/2026		25,000		31,926


Total Georgia				53,554


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Hawaii — 0.5%

General Obligation — 0.4%

City and County of Honolulu, Tax-Exempt Series D, GO, 5.00%, 9/1/2032		45,000		56,851

State of Hawaii

Series EP, GO, 5.00%, 8/1/2023		40,000		46,054

Series FK, GO, 5.00%, 5/1/2033		30,000		37,558


				140,463


Prerefunded — 0.0% (c)

State of Hawaii Series EE, GO, 5.00%, 11/1/2022 (e)		15,000		16,831


Transportation — 0.1%

State of Hawaii, Highway Fund Series B, Rev., 5.00%, 1/1/2027		25,000		31,181


Total Hawaii				188,475


Illinois — 4.7%

General Obligation — 3.5%

Champaign County Community Unit School District No. 4 Champaign, School Building GO, 5.00%, 1/1/2027		45,000		54,419

City of Decatur GO, 5.00%, 3/1/2027		130,000		155,034

City of Peoria Series B, GO, 5.00%, 1/1/2027		230,000		276,331

Cook and DuPage Counties, Village of Elk Grove GO, 5.00%, 1/1/2029		25,000		30,584

Grundy & Will Counties Community Unit School District No. 1 Coal City GO, 5.00%, 2/1/2027		225,000		268,247

Kane McHenry Cook and De Kalb Counties Unit School District No. 300, School Bonds GO, 5.00%, 1/1/2024		35,000		40,210

Kendall and Kane Counties Community Unit School District No. 115 Series 2017B, GO, 5.00%, 1/1/2027		25,000		30,563

Lake and McHenry Counties Community Unit School District No. 118 Wauconda GO, 5.00%, 1/1/2022		50,000		54,175

McLean & Woodford Counties Community Unit School District No. 5 Normal Series 2017A, GO, 4.00%, 12/1/2023		80,000		88,592

State of Illinois

GO, 5.00%, 4/1/2024		30,000		33,358

Series A, GO, 5.00%, 10/1/2024		30,000		33,613

Village of Bolingbrook Series A, GO, AGM, 5.00%, 1/1/2033		125,000		151,676

Will & Kendall Counties Community Consolidated School District 202 Plainfield GO, 4.00%, 1/1/2023		10,000		10,857


				1,227,659

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	97

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Transportation — 1.1%

Chicago O’Hare International Airport, Third Lien Series 2017B, Rev., 5.00%, 1/1/2034		40,000		48,633

Illinois State Toll Highway Authority

Series D, Rev., 5.00%, 1/1/2024		25,000		28,867

Series A, Rev., 5.00%, 1/1/2036		250,000		315,980


				393,480


Water & Sewer — 0.1%

Illinois Finance Authority, Clean Water Initiative Revolving Fund Rev., 5.00%, 7/1/2032		35,000		43,266


Total Illinois				1,664,405


Indiana — 2.0%

Education — 0.9%

Adams Central Elementary School Building Corp., Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2027		20,000		24,967

Ball State University, Student Fee Series R, Rev., 5.00%, 7/1/2024		35,000		41,428

Indiana State University, Housing and Dining System Rev., 5.00%, 4/1/2031		75,000		92,972

Indiana State University, Student Fee Series R, Rev., 5.00%, 10/1/2022		10,000		11,166

Indiana University

Series A, Rev., 5.00%, 6/1/2022		25,000		27,644

Series Y, Rev., 5.00%, 8/1/2028		25,000		32,011

Perry Township Multi School Building Corp. Rev., 5.00%, 7/15/2025		35,000		42,265

Warsaw Multi-School Building Corp., Ad Valorem Property Tax Rev., 4.00%, 1/15/2020		50,000		50,505


				322,958


Housing — 0.9%

Decatur County Jail Building Corp. Rev., 5.00%, 7/15/2028		250,000		302,758


Other Revenue — 0.1%

Indiana Finance Authority, State Revolving Fund Program Series A, Rev., 5.00%, 2/1/2031		25,000		30,672


Transportation — 0.1%

Indiana Finance Authority, Highway Series C, Rev., 5.00%, 12/1/2025		35,000		43,076


Total Indiana				699,464


Iowa — 0.4%

General Obligation — 0.1%

City of West Des Moines, Urban Renewal Series 2016B, GO, 5.00%, 6/1/2024		35,000		41,357


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Other Revenue — 0.1%

Iowa Finance Authority, State Revolving Fund, Green Bonds Rev., 5.00%, 8/1/2027		30,000		38,513


Water & Sewer — 0.2%

City of Cedar Rapids Series 2018D, Rev., 5.00%, 6/1/2022		70,000		77,402


Total Iowa				157,272


Kansas — 0.2%

Water & Sewer — 0.2%

City of Wichita, Water & Sewer Utility System Series A, Rev., 5.00%, 10/1/2020		20,000		20,829

Johnson County Water District No. 1 Series 2017A, Rev., 5.00%, 1/1/2025		50,000		60,304


				81,133


Total Kansas				81,133


Kentucky — 1.0%

Hospital — 0.2%

Louisville/Jefferson County Metropolitan Government, Health System, Norton Healthcare, Inc.Series 2016-A, Rev., 4.00%, 10/1/2036		65,000		72,159


Industrial Development Revenue/Pollution Control Revenue — 0.6%

Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group Series B, Rev., 5.00%, 8/15/2029		165,000		198,327


Water & Sewer — 0.2%

Louisville & Jefferson County Metropolitan Sewer District, Sewer and Drainage System

Series B, Rev., 5.00%, 5/15/2024		25,000		29,413

Series 2017A, Rev., 5.00%, 5/15/2027		40,000		49,958


				79,371


Total Kentucky				349,857


Louisiana — 2.1%

General Obligation — 0.3%

St. Tammany Parish Wide School District No. 12 Series 2012A, GO, 4.50%, 3/1/2024		70,000		80,359

State of LouisianaSeries 2016-B, GO, 4.00%, 8/1/2026		30,000		35,419


				115,778


Other Revenue — 0.9%

Louisiana Local Government Environmental Facilities and Community Development Authority Rev., 5.00%, 12/1/2030		250,000		320,545

SEE NOTES TO FINANCIAL STATEMENTS.



98	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Prerefunded — 0.2%

State of Louisiana, Gas and Fuels TaxSeries 2012A-1, Rev., 5.00%, 5/1/2022 (e)		55,000		60,596


Water & Sewer — 0.7%

City of Shreveport, Water and Sewer, Junior Lien Series 2019B, Rev., AGM, 5.00%, 12/1/2032		200,000		253,172


Total Louisiana				750,091


Maine — 0.4%

General Obligation — 0.1%

Regional School Unit No. 21 GO, 5.00%, 11/1/2025		30,000		36,644


Other Revenue — 0.3%

Maine Municipal Bond Bank Series C, Rev., 5.00%, 11/1/2024		75,000		89,546


Total Maine				126,190


Maryland — 0.8%

General Obligation — 0.5%

County of Spotsylvania, Commissioners of St. Mary’s, Public Improvement GO, 4.00%, 7/15/2027		70,000		84,904

State of Maryland, State and Local Facilities Loan of 2017

Series C, GO, 5.00%, 8/1/2024		50,000		59,362

Series A, GO, 5.00%, 8/1/2025		45,000		55,027


				199,293


Transportation — 0.3%

State of Maryland Department of Transportation Rev., 5.00%, 9/1/2026		75,000		94,189


Total Maryland				293,482


Massachusetts — 0.6%

Education — 0.2%

Massachusetts Development Finance Agency, Emerson College Rev., 5.00%, 1/1/2028		25,000		30,956

Massachusetts State College Building Authority Series D, Rev., 5.00%, 5/1/2027		45,000		56,905


				87,861


General Obligation — 0.3%

City of Boston Series 2017A, GO, 5.00%, 4/1/2025		10,000		12,174

Commonwealth of Massachusetts

Series B, GO, 5.00%, 7/1/2023		25,000		28,639

Series C, GO, 5.00%, 10/1/2026		25,000		31,355


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


General Obligation — continued

Town of Hopkinton GO, 5.00%, 11/15/2024		30,000		36,115


				108,283


Other Revenue — 0.1%

Massachusetts Bay Transportation Authority, Sales Tax Series A, Rev., 5.00%, 7/1/2022		20,000		22,207


Water & Sewer — 0.0% (c)

Springfield Water & Sewer Commission Series C, Rev., 5.00%, 7/15/2023		10,000		11,556


Total Massachusetts				229,907


Michigan — 3.6%

Education — 1.7%

Eastern Michigan University Series 2017A, Rev., 5.00%, 3/1/2026		500,000		607,080


General Obligation — 1.8%

Berrien Springs Public Schools, School Building and Site GO, Q-SBLF, 5.00%, 5/1/2030		250,000		325,552

Forest Hills Public Schools, School Building and Site Bonds Series 2019, GO, 5.00%, 5/1/2029		230,000		301,123


				626,675


Hospital — 0.1%

Michigan State Hospital Finance Authority, Trinity Health Credit Group Series C, Rev., 5.00%, 12/1/2025		25,000		30,602


Total Michigan				1,264,357


Minnesota — 1.0%

Education — 0.1%

University of Minnesota, Board of Regents Series B, Rev., 5.00%, 12/1/2025		15,000		18,528


General Obligation — 0.2%

Alexandria Lake Area Sanitation District, Sanitary Sewer Board Series 2015A, GO, 5.00%, 2/1/2022		30,000		32,811

City of Hopkins Series 2017B, GO, 4.00%, 2/1/2025		20,000		23,066

City of Maple Grove, Improvement Series 2013A, GO, 4.00%, 2/1/2022		20,000		21,398


				77,275


Housing — 0.7%

City of Apple Valley, Minnesota Senior Housing, Orchard Path Project Rev., 4.25%, 9/1/2038		250,000		261,707


Total Minnesota				357,510

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	99

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Mississippi — 1.2%

Education — 0.2%

Mississippi Development Bank, Special Obligation, Hinds County School District Project Rev., 4.00%, 3/1/2031		25,000		29,083

Mississippi State University Educational Building Corp., New Facilities and Refinancing Project Rev., 5.00%, 8/1/2025		35,000		42,462


				71,545


General Obligation — 0.8%

City of Tupelo Series 2019, GO, 4.00%, 12/1/2029		220,000		267,527

State of Mississippi Series B, GO, 5.00%, 12/1/2025		20,000		24,585


				292,112


Utility — 0.2%

West Rankin Utility Authority Rev., AGM, 5.00%, 1/1/2029		70,000		81,608


Total Mississippi				445,265


Missouri — 2.0%

General Obligation — 0.2%

Columbia School District GO, 5.00%, 3/1/2036		50,000		60,421


Hospital — 1.3%

Health and Educational Facilities Authority of the State of Missouri, City Art Institute Rev., 5.00%, 9/1/2030		200,000		250,900

Health and Educational Facilities Authority of the State of Missouri, St. Luke’s Episcopal-Presbyterian Hospitals Series 2015B, Rev., 5.00%, 12/1/2026		165,000		197,315

Missouri Development Finance Board, Fulton State Hospital Project Series 2016, Rev., 5.00%, 10/1/2025		25,000		29,603


				477,818


Transportation — 0.1%

Bi-State Development Agency, Metropolitan District, St. Clair County Metrolink Project Rev., AGM, 5.25%, 7/1/2024		40,000		47,853


Utility — 0.1%

County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2025		25,000		29,616


Water & Sewer — 0.3%

City of Kansas, Sanitary Sewer System Series B, Rev., 5.00%, 1/1/2033		25,000		31,482


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Water & Sewer — continued

Metropolitan St. Louis Sewer District Wastewater System Improvement Series 2017A, Rev., 5.00%, 5/1/2027		45,000		57,187


				88,669


Total Missouri				704,377


Montana — 0.6%

General Obligation — 0.6%

County of Missoula

Series 2016, GO, 4.00%, 7/1/2025		50,000		58,176

Series A, GO, 5.00%, 7/1/2030		120,000		148,619


				206,795


Total Montana				206,795


Nebraska — 2.6%

Education — 0.1%

University of Nebraska Facilities Corp., UNMC Global Center Project Series 2017, Rev., 5.00%, 12/15/2025		35,000		43,201


Utility — 2.3%

Central Plains Energy Project, Gas Project No. 3 Series 2017A, Rev., 5.00%, 9/1/2030		320,000		404,931

City of Lincoln, Electric System

Rev., 5.00%, 9/1/2026		85,000		106,186

Rev., 5.00%, 9/1/2028		50,000		62,958

Omaha Public Power District, Electric System

Series B, Rev., 5.00%, 2/1/2025		120,000		142,320

Series 2016A, Rev., 5.00%, 2/1/2026		40,000		49,417

Series A, Rev., 5.00%, 2/1/2027		30,000		36,977


				802,789


Water & Sewer — 0.2%

City of Omaha, Sewer Rev., 5.00%, 4/1/2027		50,000		61,773


Total Nebraska				907,763


Nevada — 0.9%

General Obligation — 0.6%

Clark County School District, Limited Tax

Series A, GO, 5.00%, 6/15/2032		95,000		118,231

Series A, GO, 4.00%, 6/15/2035		90,000		102,678


				220,909


Transportation — 0.1%

Clark County Rev., 5.00%, 7/1/2028		25,000		31,739

SEE NOTES TO FINANCIAL STATEMENTS.



100	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Water & Sewer — 0.2%

Truckee Meadows Water Authority Rev., 5.00%, 7/1/2029		50,000		62,672


Total Nevada				315,320


New Jersey — 2.3%

Education — 0.3%

New Jersey Economic Development Authority, School Facilities Construction Series II, Rev., 5.00%, 3/1/2027		115,000		124,256


General Obligation — 0.1%

City of New Brunswick Series 2015, GO, 4.00%, 3/15/2024		10,000		11,252

City of North Wildwood GO, 5.00%, 8/1/2022		10,000		11,115


				22,367


Other Revenue — 0.9%

Passaic County Improvement Authority, City of Paterson Project Series 2017, Rev., 5.00%, 6/15/2025		10,000		12,152

Tobacco Settlement Financing Corp. Series 2018A, Rev., 5.00%, 6/1/2027		265,000		325,738


				337,890


Prerefunded — 0.2%

New Jersey Turnpike Authority Series A, Rev., 5.00%, 1/1/2022 (e)		65,000		70,927


Transportation — 0.8%

New Jersey Transportation Trust Fund Authority, Transportation System Series A, Rev., 4.00%, 12/15/2031		250,000		277,953


Total New Jersey				833,393


New Mexico — 2.1%

Education — 0.1%

University of New Mexico (The), Board of Regents, Subordinate Lien System Rev., 5.00%, 6/1/2029		20,000		25,004


General Obligation — 0.4%

City of Albuquerque, General Purpose Series 2016A, GO, 5.00%, 7/1/2023		75,000		85,885

Santa Fe Community College District Series A, GO, 5.00%, 8/1/2023		50,000		57,234


				143,119


Hospital — 0.1%

New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services Series 2015A, Rev., 5.00%, 8/1/2025		25,000		30,346


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Other Revenue — 1.1%

City of Albuquerque, Gross Receipts Series 2015A, Rev., 5.00%, 7/1/2026		235,000		284,195

New Mexico Finance Authority, Senior Lien Public Project Revolving Fund Series 2016C, Rev., 5.00%, 6/1/2022		30,000		33,178

State of New Mexico, Severance Tax Permanent Fund Series 2016B, Rev., 4.00%, 7/1/2021		80,000		84,238


				401,611


Transportation — 0.3%

New Mexico Finance Authority, State Transportation, Subordinate Lien Series 2108A, Rev., 5.00%, 6/15/2027		100,000		127,246


Utility — 0.1%

New Mexico Finance Authority, Senior Lien Public Project Revolving Fund Series 2016E, Rev., 5.00%, 6/1/2024		25,000		29,537


Total New Mexico				756,863


New York — 6.4%

Education — 1.0%

Monroe County IDA, School Facility, Rochester School Modernization Project Rev., 5.00%, 5/1/2030		80,000		96,875

New York State Dormitory Authority, Columbia University Series B, Rev., 5.00%, 10/1/2038		25,000		32,229

Orange County Funding Corp., Mount Saint Mary College Project Series 2012B, Rev., 4.00%, 7/1/2023		200,000		214,164


				343,268


General Obligation — 1.9%

City of New York Series I, Subseries I-3, GO, VRDO, LOC: Bank of America NA, 1.27%, 9/6/2019 (b)		500,000		500,000

City of New York, Fiscal Year 2012 Series I, GO, 5.00%, 8/1/2022		45,000		50,050

City of New York, Fiscal Year 2013

Series 2013J, GO, 5.00%, 8/1/2023		40,000		45,955

Series I, GO, 5.00%, 8/1/2023		25,000		28,721

City of New York, Fiscal Year 2017 Series C, GO, 4.00%, 8/1/2022		10,000		10,832

County of Onondaga GO, 5.00%, 3/15/2026		20,000		23,589

County of Orange, Various Purpose Series A, GO, 4.00%, 3/15/2024		20,000		22,679


				681,826

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	101

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Housing — 0.2%

New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019Series S-2A, Rev., 5.00%, 7/15/2025		50,000		61,232


Other Revenue — 0.9%

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 Series C, Rev., 5.00%, 11/1/2022		25,000		28,023

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018 Series 1, Rev., 5.00%, 11/1/2026		25,000		31,420

New York City Trust for Cultural Resources, Carnegie Hall Rev., 5.00%, 12/1/2033		190,000		249,628

New York Convention Center Development Corp., Hotel Unit fee Secured Rev., 5.00%, 11/15/2025		25,000		30,568


				339,639


Special Tax — 0.5%

New York State Urban Development Corp., State Personal Income Tax, General PurposeSeries 2017-A, Rev., 5.00%, 3/15/2028		150,000		190,359


Water & Sewer — 1.9%

Erie County Water Authority Rev., 5.00%, 12/1/2027		20,000		25,212

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2014 Subseries AA-4, Rev., VRDO, LIQ: Bank of Montreal, 1.25%, 9/6/2019 (b)		650,000		650,000


				675,212


Total New York				2,291,536


North Carolina — 0.4%

General Obligation — 0.1%

County of Davidson GO, 5.00%, 6/1/2027		35,000		44,757


Other Revenue — 0.3%

County of Wayne Rev., 5.00%, 6/1/2024		25,000		29,558

State of North Carolina Rev., 5.00%, 3/1/2021		25,000		26,441

State of North Carolina, Limited Obligation Series C, Rev., 5.00%, 5/1/2024		25,000		29,506


				85,505


Total North Carolina				130,262


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


North Dakota — 0.1%

Other Revenue — 0.1%

North Dakota Public Finance Authority, State Revolving Fund Program Series 2011A, Rev., 5.00%, 10/1/2021		25,000		27,010


Ohio — 5.8%

Education — 1.1%

Bowling Green State University Series 2016A, Rev., 5.00%, 6/1/2024		25,000		29,121

Ohio Higher Educational Facility Commission Rev., 5.00%, 3/1/2027		55,000		64,783

Ohio Higher Educational Facility Commission, Denison University Series A, Rev., 5.00%, 11/1/2025		75,000		92,459

Ohio Higher Educational Facility Commission, University of Findlay 2019 Project Rev., 5.00%, 3/1/2034		160,000		188,592

Ohio State University (The) Series D, Rev., 4.00%, 12/1/2032		25,000		32,219


				407,174


General Obligation — 0.7%

City of Reynoldsburg GO, 5.00%, 12/1/2026		15,000		18,813

Sidney City School District GO, 4.00%, 12/1/2026		105,000		124,892

State of Ohio, Highway Capital Improvements Bonds, Full Faith and Credit/Highway User Receipts Series R, GO, 5.00%, 5/1/2021		20,000		21,287

State of Ohio, Infrastructure Improvement Bonds Series A, GO, 5.00%, 9/1/2028		25,000		32,892

State of Ohio, Natural Resources Series V, GO, 5.00%, 10/1/2027		35,000		45,110


				242,994


Hospital — 1.4%

County of Warren, Otterbein Homes Series A, Rev., 4.00%, 7/1/2033		205,000		231,679

Ohio Higher Educational Facility Commission, Hospital, Cleveland Clinic Health SystemSeries 2013-B-2, Rev., VRDO, LIQ: Bank of New York Mellon, 1.28%, 9/6/2019 (b)		250,000		250,000

State of Ohio, Cleveland Clinic Health System Obligated Group Series 2017A, Rev., 5.00%, 1/1/2028		25,000		32,187


				513,866


Industrial Development Revenue/ Pollution Control Revenue — 0.2%

Ohio Water Development Authority, Water Pollution Control Loan Fund Series A, Rev., 5.00%, 12/1/2026		45,000		56,838

SEE NOTES TO FINANCIAL STATEMENTS.



102	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Other Revenue — 0.1%

State of Ohio, Capital Facilities Lease-Appropriation Series 2018A, Rev., 5.00%, 6/1/2025		25,000		30,294


Prerefunded — 0.6%

South-Western City School District, School Facilities Construction and Improvement Bonds GO, 5.00%, 6/1/2022 (e)		160,000		177,130

State of Ohio, Highway Capital Improvements Bonds, Full Faith and Credit/Highway User Receipts Series R, GO, 5.00%, 5/1/2024 (e)		25,000		29,496


				206,626


Transportation — 0.5%

Ohio Turnpike and Infrastructure Commission Series A, Rev., 5.00%, 2/15/2027		135,000		170,658


Utility — 1.1%

American Municipal Power, Inc., Greenup Hydro-Electric Project Series 2016A, Rev., 5.00%, 2/15/2030		25,000		30,403

Lancaster Port Authority, Gas Supply Series 2019A, Rev., 5.00%, 2/1/2025 (b)		300,000		352,758


				383,161


Water & Sewer — 0.1%

Ohio Water Development Authority, Fresh Water Series 2016B, Rev., 5.00%, 6/1/2026		30,000		37,384


Total Ohio				2,048,995


Oklahoma — 1.2%

Education — 0.5%

Cleveland County Educational Facilities Authority, Norman Public Schools Project Series 2019, Rev., 5.00%, 6/1/2025		150,000		180,249


Hospital — 0.1%

Oklahoma Development Finance Authority, St. John Health System Rev., 5.00%, 2/15/2020 (e)		55,000		55,935


Other Revenue — 0.1%

Edmond Public Works Authority Rev., 4.00%, 7/1/2021		10,000		10,525

Oklahoma Capitol Improvement Authority Series C, Rev., 5.00%, 1/1/2030		10,000		12,532


				23,057


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Transportation — 0.3%

Oklahoma Capitol Improvement Authority, State Highway Rev., 5.00%, 7/1/2024		100,000		118,317


Water & Sewer — 0.2%

Oklahoma City Water Utilities Trust, Water and Sewer System Series 2013, Rev., 5.00%, 7/1/2021		25,000		26,782

Oklahoma Water Resources Board, Clean Water Program Rev., 5.00%, 4/1/2023		35,000		39,753


				66,535


Total Oklahoma				444,093


Oregon — 1.5%

General Obligation — 0.6%

City of Portland Series A, GO, 5.00%, 4/1/2025		30,000		36,433

State of Oregon,Article XI-Q State Projects Series A, GO, 5.00%, 5/1/2030		130,000		163,760

Washington County School District No. 1 West Union, Hillsborough School District GO, 5.00%, 6/15/2028		25,000		31,684


				231,877


Other Revenue — 0.6%

Oregon State Facilities Authority Rev., VRDO, LOC: U.S. Bank NA, 1.26%, 9/6/2019 (b)		200,000		200,000


Transportation — 0.3%

State of Oregon, Department of Transportation, User Tax Series 2017A, Rev., 5.00%, 11/15/2025		30,000		36,969

Tri-County Metropolitan Transportation District of Oregon Series A, Rev., 5.00%, 9/1/2030		45,000		56,725


				93,694


Total Oregon				525,571


Pennsylvania — 7.7%

Education — 0.8%

Northampton County General Purpose Authority, Moravian College Project Series 2016, Rev., 5.00%, 10/1/2027		185,000		218,477

Pennsylvania Higher Educational Facilities Authority, State System of Higher EducationSeries 2017AU-1, Rev., 5.00%, 6/15/2026		70,000		86,222


				304,699


General Obligation — 1.8%

Abington School District GO, 5.00%, 10/1/2020		20,000		20,812

Aliquippa School District GO, 3.88%, 12/1/2037		200,000		220,858

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	103

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

General Obligation — continued

County of Chester GO, 5.00%, 11/15/2027		30,000		38,720

Township of Upper St Clair Series A, GO, 4.00%, 6/1/2025		20,000		23,147

Upper Merion Area School District GO, 5.00%, 1/15/2034		20,000		24,154

West Mifflin School District GO, 3.00%, 4/1/2034		300,000		315,285


				642,976


Hospital — 1.8%

Berks County Industrial Development Authority, Healthcare Facilities Series 2017A, Rev., 5.00%, 5/15/2037		250,000		286,045

County of Lehigh, Health Network Hospital Series A, Rev., 4.00%, 7/1/2035		175,000		192,253

Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 4.00%, 9/1/2038		135,000		151,285


				629,583


Industrial Development Revenue/ Pollution Control Revenue — 0.6%

Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project

Series 2019, Rev., 4.00%, 12/1/2037		100,000		109,727

Series 2019, Rev., 4.00%, 12/1/2038		100,000		109,400


				219,127


Other Revenue — 1.0%

Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., 5.00%, 6/1/2035		225,000		276,973

Monroeville Finance Authority, UPMC Obligated Group Rev., 5.00%, 2/15/2022		60,000		65,624


				342,597


Prerefunded — 0.3%

Pennsylvania Turnpike Commission Series B, Rev., 5.25%, 12/1/2021 (e)		95,000		103,710


Transportation — 0.6%

Pennsylvania Turnpike Commission

Series A-1, Rev., 5.00%, 12/1/2029		105,000		133,096

Series A-1, Rev., 5.00%, 12/1/2031		60,000		75,458


				208,554


Water & Sewer — 0.8%

Pittsburgh Water & Sewer Authority Series B, Rev., AGM, 5.00%, 9/1/2033		200,000		272,572


Total Pennsylvania				2,723,818


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Rhode Island — 0.3%

Education — 0.0% (c)

Rhode Island Health & Educational Building Corp., Brown University Issue Series A, Rev., 5.00%, 9/1/2026		10,000		12,566


General Obligation — 0.3%

State of Rhode Island and Providence Plantations, Consolidated Capital Development Loan of 2018 Series 2018A, GO, 5.00%, 4/1/2029		75,000		97,382


Total Rhode Island				109,948


South Carolina — 1.4%

Industrial Development Revenue/ Pollution Control Revenue — 0.4%

South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Homes Series 2018A, Rev., 5.00%, 4/1/2033		125,000		140,267


Transportation — 0.9%

Charleston County Airport District Rev., 5.00%, 7/1/2035		250,000		319,835


Water & Sewer — 0.1%

City of Charleston, Waterworks and Sewer System Rev., 5.00%, 1/1/2026		25,000		30,964

City of Spartanburg, Water System Series 2017B, Rev., 5.00%, 6/1/2030		10,000		12,519


				43,483


Total South Carolina				503,585


South Dakota — 0.3%

Education — 0.1%

South Dakota Board of Regents, Housing and Auxiliary Facility System Rev., 5.00%, 4/1/2027		35,000		43,472


Other Revenue — 0.2%

City of Rapid City, Sales Tax Rev., 5.00%, 12/1/2023		25,000		28,861

South Dakota Conservancy District, State Revolving Fund Program Series 2018, Rev., 5.00%, 8/1/2025		35,000		42,778


				71,639


Total South Dakota				115,111


Tennessee — 1.2%

General Obligation — 0.7%

City of Johnson City Series 2016A, GO, 5.00%, 6/1/2023		15,000		17,140

City of Murfreesboro GO, 4.00%, 4/1/2025		25,000		28,301

County of Robertson GO, 5.00%, 6/1/2025		25,000		30,372

SEE NOTES TO FINANCIAL STATEMENTS.



104	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

General Obligation — continued

County of Shelby Series A, GO, 4.00%, 3/1/2021		20,000		20,872

County of Sullivan GO, 5.00%, 5/1/2026		30,000		37,311

County of Williamson GO, 5.00%, 4/1/2024		20,000		23,534

County of Wilson GO, 4.00%, 4/1/2021		20,000		20,909

Metropolitan Government of Nashville and Davidson County GO, 5.00%, 7/1/2025		10,000		12,191

Montgomery County, Public Improvement GO, 5.00%, 4/1/2027		25,000		31,770

State of Tennessee Series A, GO, 5.00%, 9/1/2025		25,000		29,817


				252,217


Prerefunded — 0.1%

Metropolitan Government of Nashville and Davidson County GO, 5.00%, 7/1/2022 (e)		20,000		22,065


Utility — 0.4%

Metropolitan Government of Nashville and Davidson County, Electric System Series 2014A, Rev., 5.00%, 5/15/2024		10,000		11,812

Tennessee Energy Acquisition Corp., Gas Project Series 2017A, Rev., 4.00%, 5/1/2023 (b)		130,000		140,590


				152,402


Total Tennessee				426,684


Texas — 9.8%

Education — 1.5%

Permanent University Fund — Texas A&M University System Series A, Rev., 5.00%, 7/1/2024		85,000		100,626

Regents of the University of Texas Series A, Rev., 5.00%, 2/15/2024		35,000		40,925

Texas A&M University, Financing System Series E, Rev., 5.00%, 5/15/2028		80,000		102,258

Series E, Rev., 5.00%, 5/15/2030		180,000		227,961

University of Texas (The), Board of Regents, Financing System Series 2016D, Rev., 5.00%, 8/15/2024		50,000		59,457

University of Texas System (The) Rev., 5.00%, 8/15/2022		10,000		11,138


				542,365


General Obligation — 5.6%

Alamo Community College District, Limited Tax GO, 5.00%, 2/15/2024		75,000		87,214

Allen Independent School District, School Building GO, PSF-GTD, 5.00%, 2/15/2032		55,000		66,828


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


General Obligation — continued

City of Denison Series 2019, GO, 5.00%, 2/15/2028		245,000		313,230

City of Houston, Public Improvement Series 2013A, GO, 5.00%, 3/1/2020		30,000		30,571

City of Hutto GO, 5.00%, 8/1/2026		80,000		99,213

City of League City GO, 5.00%, 2/15/2027		20,000		24,340

City of Pflugerville GO, 5.00%, 8/1/2026		25,000		31,051

City of San Angelo GO, 5.00%, 2/15/2027		20,000		25,026

City of San Marcos GO, 5.00%, 8/15/2031		270,000		336,442

Clint Independent School District, Unlimited Tax Series A, GO, PSF-GTD, 5.00%, 2/15/2024		25,000		29,095

County of Bexar, Certificates of Obligation Series A, GO, 5.00%, 6/15/2031		110,000		134,276

County of Fort Bend Series 2016B, GO, 5.00%, 3/1/2022		15,000		16,451

County of Hays, Limited Tax GO, 5.00%, 2/15/2026		20,000		24,609

County of Montgomery, Unlimited Tax GO, 5.00%, 3/1/2025		25,000		30,146

County of Williamson, Limited Tax GO, 5.00%, 2/15/2026		40,000		49,226

Cypress-Fairbanks Independent School District, School Building Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2025		20,000		24,071

Gregory-Portland Independent School District GO, PSF-GTD, 5.00%, 2/15/2033		30,000		36,271

Harris County, Unlimited Tax Series 2017A, GO, 5.00%, 10/1/2026		25,000		31,418

Laredo Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/1/2024		25,000		29,519

Marion Independent School District GO,PSF-GTD, 4.00%, 8/15/2033		280,000		322,448

North East Independent School District GO, PSF-GTD, 5.00%, 8/1/2025		20,000		24,355

Northside Independent School District GO, PSF-GTD, 5.00%, 8/15/2024		65,000		77,286

Pearland Independent School District Series A, GO, PSF-GTD, 5.00%, 2/15/2023		25,000		28,261

Prosper Independent School District, Unlimited Tax School Building GO,PSF-GTD, 5.00%, 2/15/2037		25,000		31,310

Sherman Independent School District Series A, GO, PSF-GTD, 5.00%, 2/15/2030		25,000		31,796

State of Texas, Transportation Commission MobilitySeries 2015-A, GO, 5.00%, 10/1/2024		50,000		59,598

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	105

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

General Obligation — continued

Wylie Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 2/15/2023		10,000		10,930


				2,004,981


Other Revenue — 0.2%

Metropolitan Transit Authority of Harris County Series 2017A, Rev., 5.00%, 11/1/2025		45,000		55,289


Transportation — 0.1%

Metropolitan Transit Authority of Harris County Series B, Rev., 5.00%, 11/1/2029		25,000		32,080


Utility — 1.5%

Brushy Creek Regional Utility Authority, Inc., Water Treatment And Distribution Project Rev., 5.00%, 8/1/2026		85,000		105,365

City of Houston, Combined Utility System, First Lien Series 2018D, Rev., 5.00%, 11/15/2030		45,000		58,103

City of San Antonio, Electric and Gas Systems Rev., 5.00%, 2/1/2028		100,000		126,952

Lower Colorado River Authority, Transmission Contract, LCRA Transmission Services Corp. Project

Rev., 5.00%, 5/15/2020		30,000		30,799

Rev., 5.00%, 5/15/2035		155,000		194,480


				515,699


Water & Sewer — 0.9%

City of Amarillo, Waterworks and Sewer System Series 2015A, Rev., 4.00%, 4/1/2025		25,000		28,864

City of Dallas, Waterworks and Sewer System Rev., 5.00%, 10/1/2022		10,000		10,810

North Texas Municipal Water District, Water System Rev., 5.00%, 6/1/2027		20,000		25,493

San Antonio Water System Series A, Rev., 5.00%, 5/15/2025		25,000		30,289

Tarrant Regional Water District Rev., 5.00%, 3/1/2025		125,000		150,794

Trinity River Authority LLC, Tarrant County Water Project Rev., 5.00%, 2/1/2026		60,000		73,735


				319,985


Total Texas				3,470,399


Utah — 2.6%

Education — 0.4%

Utah Charter School Finance Authority Series A, Rev., 5.00%, 4/15/2030		110,000		140,087


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


General Obligation — 0.3%

Snyderville Basin Special Recreation District Series 2017, GO, 4.00%, 12/15/2025		100,000		117,398


Other Revenue — 0.5%

City of Park City Rev., 5.00%, 6/15/2022		30,000		33,269

City of South Jordan Rev., 5.00%, 8/15/2029		45,000		59,965

County of Summit, Sales Tax Rev., 5.00%, 12/15/2023		70,000		81,545


				174,779


Prerefunded — 0.1%

Utah State Board of Regents, University of Utah (The) Series B, Rev., 5.00%, 8/1/2023 (e)		25,000		28,770


Transportation — 1.1%

Utah Transit Authority Series A, Rev.,BHAC-CR, 5.00%, 6/15/2035		295,000		406,749


Water & Sewer — 0.2%

Washington County Water Conservancy District Series 2012A, Rev., 4.50%, 10/1/2024		55,000		59,645


Total Utah				927,428


Vermont — 2.4%

Education — 2.4%

Vermont Educational and Health Buildings Financing Agency, Landmark College Project Series A, Rev., VRDO, LOC: TD Bank NA, 1.32%, 9/6/2019 (b)		850,000		850,000


Virginia — 2.0%

Education — 0.4%

Virginia College Building Authority, 21st Century College and Equipment Programs Series 2017B, Rev., 5.00%, 2/1/2024		75,000		87,665

Virginia Public School AuthoritySeries 2015-A, Rev., 4.00%, 8/1/2020		55,000		56,456


				144,121


General Obligation — 1.0%

City of Richmond Series B, GO, 5.00%, 7/15/2027		175,000		225,057

Commonwealth of Virginia Series A, GO, 5.00%, 6/1/2030		25,000		32,531

County of Spotsylvania, Public Improvement GO, 5.00%, 7/15/2029		85,000		112,288


				369,876


Housing — 0.1%

Virginia Public Building Authority, Public Facilities Series A, Rev., 5.00%, 8/1/2022		25,000		27,830

SEE NOTES TO FINANCIAL STATEMENTS.



106	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Transportation — 0.4%

Virginia Commonwealth Transportation BoardSeries 2013-A, Rev., GAN, 5.00%, 3/15/2023		100,000		113,657

Virginia Resources Authority, Infrastructure, Pooled Financing ProgramSeries 2013-C, Rev., 5.00%, 11/1/2023		35,000		40,572


				154,229


Water & Sewer — 0.1%

Hampton Roads Sanitation District, Wastewater Series 2014A, Rev., 5.00%, 7/1/2021		15,000		16,053


Total Virginia				712,109


Washington — 4.8%

Certificate of Participation/Lease — 0.2%

State of WashingtonSeries 2015-C, COP, 5.00%, 1/1/2029		55,000		66,710


Education — 0.7%

University of Washington Rev., 5.00%, 4/1/2032		190,000		236,443


General Obligation — 2.7%

City of University Place, Limited Tax GO, 5.00%, 12/1/2026		85,000		105,605

Clark County School District No. 101 La Center, Unlimited Tax GO, 5.00%, 12/1/2029		50,000		65,046

County of King, Limited Tax

Series A, GO, 5.00%, 7/1/2025		50,000		60,076

Series B, GO, 5.00%, 12/1/2025		20,000		23,246

County of Snohomish, Limited Tax GO, 5.00%, 12/1/2025		10,000		12,081

King County Public Hospital District No. 2, EvergreenHealth GO, 5.00%, 12/1/2031		105,000		123,227

King County School District No. 405 Bellevue, Credit Enhancement Program

GO, 5.00%, 12/1/2021		30,000		32,637

GO, 5.00%, 12/1/2026		20,000		25,320

King County School District No. 411 Issaquah GO, 5.00%, 12/1/2024		35,000		41,976

Kitsap County School District No. 401 Central Kitsap, Unlimited Tax GO, 5.00%, 12/1/2023		50,000		58,179

Mason County School District No. 309 Shelton, Unlimited Tax GO, 5.00%, 12/1/2029		45,000		56,759

Pasco School District No. 1, Franklin County, Unlimited Tax GO, 5.00%, 12/1/2030		35,000		44,334

Pierce and King Counties School District No. 417 Fife GO, 4.00%, 12/1/2020		75,000		77,686


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


General Obligation — continued

Pierce County, White River School District No. 416 GO, 5.00%, 12/1/2025		50,000		61,559

Snohomish County School District No. 15 Edmonds GO, 5.00%, 12/1/2025		25,000		30,872

Snohomish County School District No. 4 Lake Stevens GO, 5.00%, 12/1/2024		25,000		29,895

Spokane County, Mead School District No. 354 GO, 5.00%, 12/1/2024		20,000		23,972

State of Washington, Motor Vehicle Fuel Tax Series 2013E, GO, 5.00%, 2/1/2025		75,000		84,777


				957,247


Hospital — 0.1%

Washington Health Care Facilities Authority, Providence St. Joseph Health Series 2018B, Rev., 5.00%, 10/1/2028		30,000		38,777


Other Revenue — 0.1%

Washington State Convention Center Public Facilities District Rev., 5.00%, 7/1/2032		35,000		43,459


Prerefunded — 0.1%

City of Seattle, Municipal Light and Power Improvement Series 2011A, Rev., 5.00%, 2/1/2021 (e)		20,000		21,100

State of Washington, Various Purpose Series 2011A, GO, 5.00%, 8/1/2020 (e)		25,000		25,889


				46,989


Transportation — 0.2%

Central Puget Sound Regional Transit Authority, Sales TaxSeries 2015S-1, Rev., 5.00%, 11/1/2024		30,000		35,937

Port of Seattle, Intermediate Lien Series B, Rev., 5.00%, 3/1/2022		30,000		32,902


				68,839


Utility — 0.5%

Energy Northwest, Electric

Series 2016-A, Rev., 5.00%, 7/1/2028		25,000		31,069

Series 2017A, Rev., 5.00%, 7/1/2028		55,000		70,309

Energy Northwest, Electric Generating Station Series A, Rev., 5.00%, 7/1/2029		30,000		38,188

Grant County Public Utility District No. 2, Priest Rapids Hydroelectric Project Series 2014A, Rev., 5.00%, 1/1/2023		25,000		28,058


				167,624


Water & Sewer — 0.2%

City of Bonney Lake, Water & Sewer System Rev., 4.00%, 12/1/2030		10,000		11,532

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	107

JPMorgan Municipal ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Water & Sewer — continued

City of Seattle, Drainage and Wastewater System Improvement Rev., 4.00%, 4/1/2026		20,000		23,583

City of Seattle, Wastewater System Improvement Rev., 5.00%, 8/1/2024		35,000		41,588


				76,703


Total Washington				1,702,791


Wisconsin — 4.1%

Education — 0.7%

Public Finance Authority, Piedmont Community Charter School Rev., 5.00%, 6/15/2039		200,000		236,424


General Obligation — 1.5%

City of Milwaukee, Promissory Notes Series N4 & B5, GO, 5.00%, 4/1/2023		85,000		96,581

City of West Allis, Corporate Purpose Series A, GO, 4.00%, 4/1/2022		100,000		106,712

Hamilton School District, School Building Improvement GO, 5.00%, 4/1/2025		60,000		72,535

State of Wisconsin

Series 3, GO, 5.00%, 11/1/2021		80,000		86,693

Series B, GO, 4.00%, 5/1/2023		40,000		44,180

Series 1, GO, 5.00%, 11/1/2024		40,000		47,831

Series 2, GO, 5.00%, 11/1/2026		50,000		62,148

Village of Pleasant Prairie GO, 4.00%, 8/1/2024		10,000		11,349


				528,029


Industrial Development Revenue/Pollution Control Revenue — 0.2%

State of Wisconsin Environmental Improvement Fund

Series A, Rev., 5.00%, 6/1/2025		35,000		42,585

Series A, Rev., 5.00%, 6/1/2026		20,000		24,966


				67,551


Other Revenue — 0.7%

Public Finance Authority, Cedars Obligated Group

Rev., 4.25%, 5/1/2029 (d)		125,000		124,841

Rev., 5.50%, 5/1/2039 (d)		125,000		126,070


				250,911


Prerefunded — 0.4%

State of Wisconsin Series C, GO, 4.00%, 5/1/2021 (e)		25,000		26,179

State of Wisconsin, Clean Water Fund, Leveraged Loan Portfolio

Series 1, Rev., 5.00%, 6/1/2023 (e)		25,000		28,565

Rev., 5.00%, 6/1/2024 (e)		65,000		76,770


				131,514


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Transportation — 0.6%

Wisconsin Department of Transportation Series 2, Rev., 5.00%, 7/1/2031		180,000		227,720


Total Wisconsin				1,442,149


Total Municipal Bonds (Cost $32,630,239)				34,835,325


	SHARES
Short-Term Investments — 2.6%

Investment Companies — 2.6%

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.25% (f) (g) (Cost $933,510)		933,508		933,602


Total Investments — 100.7% (Cost $33,563,749)				35,768,927

Liabilities in Excess of Other Assets — (0.7)%				(237,844)


NET ASSETS — 100.0%				35,531,083

Percentages indicated are based on net assets.


Abbreviations

AGM		Insured by Assured Guaranty Municipal Corp.
BHAC		Insured by Berkshire Hathaway Assurance Corp.
COP		Certificate of Participation
CR		Custodial Receipts
GAN		Grant Anticipation Notes
GO		General Obligation
IDA		Industrial Development Authority
LIQ		Liquidity Agreement
LOC		Letter of Credit
PSF-GTD		Permanent School Fund Guaranteed
Q-SBLF		Qualified School Bond Loan Fund
Rev.		Revenue
VRDO		Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of August 31, 2019.

(a)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2019.
(c)		Amount rounds to less than 0.1% of net assets.
(d)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(e)		Security is prerefunded or escrowed to maturity.
(f)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(g)		The rate shown is the current yield as of August 31, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



108	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
U.S. Treasury Obligations — 39.6%

U.S. Treasury Bonds

8.75%, 8/15/2020		1,577,000		1,679,382

7.88%, 2/15/2021		241,000		262,323

8.13%, 5/15/2021		887,000		983,323

8.13%, 8/15/2021		2,028,000		2,281,817

6.75%, 8/15/2026		169,000		228,209

5.50%, 8/15/2028		160,000		213,737

5.25%, 11/15/2028		200,000		264,516

6.13%, 8/15/2029		150,000		213,861

6.25%, 5/15/2030		1,138,000		1,669,170

4.50%, 5/15/2038		921,000		1,327,175

3.50%, 2/15/2039		792,000		1,015,554

4.25%, 5/15/2039		792,000		1,116,225

4.50%, 8/15/2039		117,000		170,272

4.63%, 2/15/2040		118,000		174,903

3.13%, 2/15/2042		46,000		56,350

2.75%, 8/15/2042		231,000		266,778

3.00%, 5/15/2045		2,298,000		2,786,505

3.00%, 11/15/2045		66,000		80,224

2.25%, 8/15/2046		3,155,000		3,341,465

3.00%, 2/15/2047		1,766,000		2,158,521

3.00%, 5/15/2047		21,000		25,673

3.00%, 8/15/2048		39,000		47,908

3.38%, 11/15/2048		1,203,000		1,582,415

3.00%, 2/15/2049		250,000		307,988

2.88%, 5/15/2049		29,000		34,944

2.25%, 8/15/2049		85,000		90,396

U.S. Treasury Notes

2.63%, 8/15/2020		398,000		400,985

2.63%, 8/31/2020		1,458,000		1,469,789

1.38%, 9/15/2020		25,000		24,902

1.38%, 9/30/2020		741,000		737,787

2.88%, 10/31/2020		32,000		32,407

1.75%, 11/15/2020		1,302,000		1,302,407

2.00%, 1/15/2021		121,000		121,544

2.25%, 2/15/2021		29,000		29,254

1.25%, 3/31/2021		116,000		115,329

1.75%, 7/31/2021		600,000		602,484

1.13%, 9/30/2021		3,074,000		3,049,144

1.50%, 1/31/2022		3,672,000		3,674,582

2.38%, 3/15/2022		3,691,000		3,775,778

1.88%, 3/31/2022		2,591,000		2,617,720

1.75%, 6/15/2022		2,043,000		2,060,557

1.75%, 6/30/2022		3,585,000		3,616,369

1.25%, 7/31/2023		532,000		528,384

2.25%, 12/31/2023		1,799,000		1,861,614


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


2.25%, 1/31/2024		633,000		655,377

2.50%, 1/31/2024		254,000		265,688

2.13%, 2/29/2024		490,000		504,968

2.38%, 2/29/2024		6,429,000		6,698,717

2.13%, 3/31/2024		1,357,000		1,399,459

2.50%, 5/15/2024		100,000		104,918

2.00%, 5/31/2024		2,545,000		2,614,590

1.75%, 7/31/2024		400,000		406,703

1.88%, 8/31/2024		3,820,000		3,904,607

2.13%, 5/15/2025		163,000		169,151

2.00%, 8/15/2025		741,000		764,504

2.63%, 12/31/2025		2,369,000		2,536,866

2.63%, 1/31/2026		220,000		235,727

1.63%, 2/15/2026		162,000		163,728

2.25%, 3/31/2026		398,000		417,869

2.13%, 5/31/2026		50,000		52,148

1.88%, 6/30/2026		300,000		308,238

1.88%, 7/31/2026		373,000		383,316

1.50%, 8/15/2026		25,000		25,076

2.00%, 11/15/2026		250,000		259,365

2.38%, 5/15/2027		1,278,000		1,362,967

2.25%, 8/15/2027		451,000		477,373

2.75%, 2/15/2028		29,000		31,912

2.88%, 8/15/2028		55,000		61,329

3.13%, 11/15/2028		830,000		945,325

2.63%, 2/15/2029		1,686,000		1,852,031

2.38%, 5/15/2029		212,000		228,562


Total U.S. Treasury Obligations (Cost $70,948,847)				75,231,184

Mortgage-Backed Securities — 26.7%

FHLMC Gold Pools, 15 Year

Pool # J10548, 4.00%, 8/1/2024		69,915		72,823

Pool # G14005, 4.00%, 10/1/2025		86,158		89,904

Pool # J15449, 4.00%, 5/1/2026		232,317		243,102

Pool # G15201, 4.00%, 5/1/2027		63,764		66,388

Pool # G15438, 4.00%, 9/1/2027		43,834		45,748

Pool # G15602, 2.50%, 11/1/2027		141,719		144,296

Pool # G18466, 2.00%, 5/1/2028		28,376		28,579

Pool # G16762, 3.50%, 12/1/2028		67,610		70,064

Pool # G16570, 4.00%, 7/1/2029		44,872		46,718

Pool # G18556, 2.50%, 6/1/2030		90,909		92,248

Pool # V60840, 3.00%, 6/1/2030		21,790		22,454

Pool # G16622, 3.00%, 11/1/2030		89,433		92,101

Pool # G16044, 2.50%, 1/1/2032		228,653		232,028

Pool # J36524, 3.00%, 3/1/2032		279,016		287,001

Pool # G18706, 3.00%, 9/1/2033		43,271		44,375

Pool # G18730, 3.50%, 4/1/2034		188,610		195,830

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	109

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

FHLMC Gold Pools, 20 Year

Pool # C91911, 2.50%, 1/1/2037		36,864		37,418

Pool # G31005, 4.00%, 5/1/2037		132,026		139,863

Pool # C91974, 4.00%, 11/1/2037		322,361		338,024

FHLMC Gold Pools, 30 Year

Pool # A30892, 5.00%, 1/1/2035		78,512		87,196

Pool # A34212, 6.00%, 4/1/2035		24,329		26,787

Pool # A89760, 4.50%, 12/1/2039		57,083		61,819

Pool # G06856, 6.00%, 5/1/2040		22,625		25,913

Pool # G07794, 5.50%, 6/1/2041		22,479		25,457

Pool # Q03516, 4.50%, 9/1/2041		59,987		65,008

Pool # G08477, 3.50%, 2/1/2042		23,462		24,552

Pool # Q06771, 3.00%, 3/1/2042		86,911		89,870

Pool # C03858, 3.50%, 4/1/2042		199,482		208,969

Pool # Q08646, 3.50%, 6/1/2042		64,609		67,615

Pool # Q13477, 3.00%, 12/1/2042		249,123		257,595

Pool # Q14321, 3.00%, 12/1/2042		69,561		71,928

Pool # C04420, 3.00%, 1/1/2043		343,031		354,694

Pool # Q15020, 4.00%, 1/1/2043		50,184		53,655

Pool # C09031, 2.50%, 2/1/2043		216,731		218,919

Pool # Q17374, 4.00%, 4/1/2043		167,890		183,125

Pool # Q20542, 3.00%, 7/1/2043		96,095		99,360

Pool # C09044, 3.50%, 7/1/2043		42,821		44,811

Pool # G08599, 3.50%, 8/1/2044		161,119		168,529

Pool # G08607, 4.50%, 9/1/2044		82,810		89,038

Pool # Q31596, 3.50%, 2/1/2045		110,042		115,226

Pool # Q33006, 3.50%, 4/1/2045		70,509		73,629

Pool # V81760, 4.00%, 5/1/2045		50,010		52,812

Pool # G08659, 3.50%, 8/1/2045		128,873		134,568

Pool # Q35460, 3.50%, 8/1/2045		257,144		269,384

Pool # Q35223, 4.00%, 8/1/2045		39,028		40,889

Pool # G60480, 4.50%, 11/1/2045		201,324		217,121

Pool # G61796, 4.50%, 12/1/2045		182,307		197,284

Pool # G08700, 4.50%, 3/1/2046		59,749		63,872

Pool # Q39844, 3.50%, 4/1/2046		345,530		360,072

Pool # Q40780, 4.00%, 4/1/2046		121,305		127,935

Pool # G61260, 4.50%, 4/1/2046		55,659		60,270

Pool # G08710, 3.00%, 6/1/2046		39,452		40,632

Pool # Q42045, 3.50%, 7/1/2046		66,577		69,837

Pool # G08720, 4.50%, 8/1/2046		320,833		341,939

Pool # G08724, 2.50%, 9/1/2046		35,358		35,573

Pool # G61730, 3.00%, 9/1/2046		302,568		312,850

Pool # G61537, 3.50%, 9/1/2046		156,192		163,030

Pool # G61235, 4.50%, 9/1/2046		67,075		72,970

Pool # G61071, 3.00%, 10/1/2046		58,276		60,087

Pool # Q43892, 4.50%, 10/1/2046		171,230		189,218


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # G08736, 2.50%, 12/1/2046		28,705		28,880

Pool # Q46336, 4.00%, 1/1/2047		21,801		22,710

Pool # G08747, 3.00%, 2/1/2047		521,880		535,821

Pool # Q46343, 4.00%, 2/1/2047		353,281		378,392

Pool # G61623, 3.00%, 4/1/2047		69,100		71,235

Pool # G08767, 4.00%, 6/1/2047		23,342		24,492

Pool # V83480, 3.50%, 10/1/2047		48,359		50,034

Pool # G08793, 4.00%, 12/1/2047		136,828		143,270

Pool # Q53751, 3.50%, 1/1/2048		535,128		553,552

Pool # G08799, 3.00%, 2/1/2048		432,874		444,001

Pool # G08800, 3.50%, 2/1/2048		227,548		235,617

Pool # G08812, 3.00%, 4/1/2048		114,283		117,125

Pool # G08823, 3.50%, 7/1/2048		397,190		410,035

Pool # Q57420, 4.50%, 7/1/2048		104,473		110,464

Pool # G08835, 3.50%, 9/1/2048		44,839		46,207

Pool # Q58632, 3.50%, 9/1/2048		39,270		40,463

Pool # G08836, 4.00%, 9/1/2048		271,583		282,003

Pool # G08837, 4.50%, 9/1/2048		25,676		27,040

Pool # G08842, 4.00%, 10/1/2048		216,156		224,427

Pool # Q59812, 4.00%, 11/1/2048		1,105		1,151

Pool # Q62573, 3.50%, 12/1/2048		418,664		432,887

Pool # G08853, 4.50%, 12/1/2048		101,373		106,672

Pool # Q62234, 4.50%, 12/1/2048		95,803		102,782

Pool # G67718, 4.00%, 1/1/2049		36,024		38,250

Pool # G08862, 4.00%, 2/1/2049		187,777		194,723

Pool # G08875, 3.00%, 3/1/2049		133,572		136,219

Pool # G08872, 4.00%, 4/1/2049		83,858		86,912

Pool # G08874, 5.00%, 4/1/2049		58,040		62,173

Pool # G08876, 3.50%, 5/1/2049		24,218		24,907

Pool # G08882, 4.00%, 6/1/2049		157,778		164,210

GNMA I, 30 Year

Pool # 726769, 5.00%, 9/15/2039		43,930		48,086

Pool # 784660, 4.00%, 4/15/2043		13,799		14,713

Pool # AL2280, 3.00%, 3/15/2045		56,595		58,499

Pool # AL9314, 3.00%, 3/15/2045		133,871		138,227

Pool # 784664, 4.00%, 4/15/2045		59,384		63,293

Pool # AO0544, 3.00%, 8/15/2045		62,499		64,533

Pool # 627030, 3.00%, 12/15/2045		29,574		30,573

Pool # 784429, 3.00%, 8/15/2046		194,296		201,256

Pool # BE6231, 3.50%, 2/15/2048		92,920		96,915

Pool # BF1292, 4.00%, 3/15/2048		80,974		84,839

Pool # AF8266, 3.50%, 10/15/2048		99,523		103,940

GNMA II, 15 Year Pool # MA4625, 3.50%, 8/20/2032		71,331		73,881

GNMA II, 30 Year

Pool # 3330, 4.50%, 12/20/2032		170		182

SEE NOTES TO FINANCIAL STATEMENTS.



110	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Pool # 711773, 3.50%, 6/20/2033		79,489		82,558

Pool # 3459, 5.50%, 10/20/2033		100,450		113,900

Pool # 4222, 6.00%, 8/20/2038		23,945		27,407

Pool # 709148, 4.50%, 2/20/2039		59,253		62,062

Pool # 4446, 4.50%, 5/20/2039		6,999		7,542

Pool # 4467, 4.00%, 6/20/2039		32,297		34,456

Pool # 4468, 4.50%, 6/20/2039		6,594		7,109

Pool # 4494, 4.00%, 7/20/2039		36,107		38,523

Pool # 4495, 4.50%, 7/20/2039		28,008		30,186

Pool # 4519, 4.50%, 8/20/2039		10,485		11,306

Pool # 4558, 4.50%, 10/20/2039		8,580		9,254

Pool # 4576, 4.00%, 11/20/2039		15,668		16,720

Pool # 4598, 4.50%, 12/20/2039		16,968		18,320

Pool # 4617, 4.50%, 1/20/2040		9,429		10,183

Pool # 4636, 4.50%, 2/20/2040		12,983		14,025

Pool # 4656, 4.00%, 3/20/2040		25,352		27,043

Pool # 4677, 4.00%, 4/20/2040		173,611		185,169

Pool # 4678, 4.50%, 4/20/2040		3,220		3,480

Pool # 4695, 4.00%, 5/20/2040		8,155		8,701

Pool # 4696, 4.50%, 5/20/2040		3,370		3,644

Pool # 4712, 4.00%, 6/20/2040		12,084		12,894

Pool # 4800, 4.00%, 9/20/2040		13,648		14,565

Pool # 4945, 4.00%, 2/20/2041		28,023		29,925

Pool # 4976, 3.50%, 3/20/2041		28,698		30,446

Pool # 4977, 4.00%, 3/20/2041		49,273		52,623

Pool # 5016, 4.00%, 4/20/2041		18,849		20,131

Pool # 5054, 4.00%, 5/20/2041		29,958		32,007

Pool # 5114, 4.00%, 7/20/2041		4,069		4,346

Pool # 779497, 3.50%, 10/20/2041		28,449		30,061

Pool # 5233, 4.00%, 11/20/2041		4,757		5,082

Pool # 5259, 4.00%, 12/20/2041		18,050		19,282

Pool # 5279, 3.50%, 1/20/2042		53,946		57,304

Pool # 5330, 3.00%, 3/20/2042		34,499		35,864

Pool # MA0220, 3.50%, 7/20/2042		23,238		24,685

Pool # 796468, 4.00%, 9/20/2042		54,777		58,280

Pool # MA0534, 3.50%, 11/20/2042		160,455		170,444

Pool # AA6040, 3.00%, 1/20/2043		145,263		150,063

Pool # AD1584, 3.00%, 1/20/2043		375,751		387,712

Pool # 783755, 3.00%, 4/20/2043		316,623		329,149

Pool # 783976, 3.50%, 4/20/2043		52,127		55,372

Pool # AG2675, 4.00%, 10/20/2043		71,202		75,604

Pool # MA1376, 4.00%, 10/20/2043		290,936		310,737

Pool # MA1679, 4.50%, 2/20/2044		11,729		12,582

Pool # MA1995, 3.50%, 6/20/2044		83,418		87,821

Pool # AI4705, 3.50%, 9/20/2044		39,402		41,453

Pool # MA2223, 3.50%, 9/20/2044		176,217		185,092


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # AI4926, 3.50%, 11/20/2044		21,099		22,007

Pool # 784026, 3.50%, 12/20/2044		273,001		287,466

Pool # AK7035, 3.50%, 2/20/2045		31,828		33,356

Pool # MA2677, 3.00%, 3/20/2045		70,152		72,659

Pool # MA2678, 3.50%, 3/20/2045		457,077		478,101

Pool # MA2754, 3.50%, 4/20/2045		22,231		23,244

Pool # 626942, 3.00%, 5/20/2045		493,249		504,877

Pool # MA2829, 5.00%, 5/20/2045		62,301		68,481

Pool # AM9881, 3.00%, 6/20/2045		27,752		28,633

Pool # MA2891, 3.00%, 6/20/2045		24,772		25,658

Pool # AN2972, 4.00%, 9/20/2045		154,027		162,344

Pool # 784623, 3.50%, 10/20/2045		138,646		145,871

Pool # AO8403, 3.50%, 10/20/2045		68,642		71,319

Pool # MA3247, 5.00%, 11/20/2045		60,031		65,227

Pool # AO9442, 3.50%, 12/20/2045		39,956		41,999

Pool # AQ6659, 3.50%, 12/20/2045		385,920		406,241

Pool # 784119, 3.00%, 2/20/2046		78,421		81,428

Pool # MA3456, 4.50%, 2/20/2046		31,625		33,667

Pool # AS2837, 3.50%, 3/20/2046		413,255		434,849

Pool # MA3523, 4.50%, 3/20/2046		31,413		33,496

Pool # MA3662, 3.00%, 5/20/2046		107,372		111,016

Pool # AS4942, 4.00%, 5/20/2046		37,282		39,326

Pool # MA3735, 3.00%, 6/20/2046		1,029,097		1,065,590

Pool # MA3736, 3.50%, 6/20/2046		313,745		327,457

Pool # 784768, 3.00%, 9/20/2046		179,043		184,609

Pool # AW0605, 4.50%, 9/20/2046		156,456		163,434

Pool # MA4002, 2.50%, 10/20/2046		136,704		138,794

Pool # AV8383, 3.00%, 10/20/2046		61,769		63,685

Pool # MA4072, 5.00%, 11/20/2046		64,438		71,046

Pool # MA4127, 3.50%, 12/20/2046		88,272		92,132

Pool # MA4260, 2.50%, 2/20/2047		157,153		159,554

Pool # 675725, 3.50%, 6/20/2047		17,115		18,001

Pool # MA4838, 4.00%, 11/20/2047		267,659		280,333

Pool # BD6940, 3.50%, 12/20/2047		1,036		1,090

Pool # 784678, 4.00%, 1/20/2048		36,329		38,258

Pool # 784474, 3.50%, 2/20/2048		282,915		297,498

Pool # MA5019, 3.50%, 2/20/2048		480,656		500,824

Pool # MA5191, 3.50%, 5/20/2048		109,686		114,229

Pool # MA5264, 4.00%, 6/20/2048		157,414		164,024

Pool # MA5265, 4.50%, 6/20/2048		61,474		64,509

Pool # MA5331, 4.50%, 7/20/2048		231,477		242,878

Pool # MA5528, 4.00%, 10/20/2048		99,897		104,134

Pool # MA5595, 4.00%, 11/20/2048		249,597		260,457

Pool # MA5651, 4.00%, 12/20/2048		184,606		192,609

Pool # MA5652, 4.50%, 12/20/2048		73,833		77,289

Pool # BK1663, 5.00%, 12/20/2048		38,221		40,185

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	111

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Pool # MA5709, 3.50%, 1/20/2049		421,465		439,247

Pool # MA5711, 4.50%, 1/20/2049		86,541		90,592

Pool # BK3770, 5.50%, 1/20/2049		79,441		85,736

Pool # MA5762, 3.50%, 2/20/2049		627,309		652,014

Pool # MA5763, 4.00%, 2/20/2049		92,570		96,624

Pool # MA5816, 3.50%, 3/20/2049		269,594		280,212

Pool # MA5876, 4.00%, 4/20/2049		59,224		61,836

Pool # MA5931, 4.00%, 5/20/2049		89,286		93,270

Pool # MA5985, 3.50%, 6/20/2049		75,613		78,591

Pool # MA5987, 4.50%, 6/20/2049		72,564		76,380

Pool # MA5988, 5.00%, 6/20/2049		179,213		189,460

Pool # MA6089, 3.00%, 8/20/2049		98,000		101,129

Pool # MA6093, 5.00%, 8/20/2049		60,000		63,346

UMBS, 15 Year

Pool # AC3256, 4.50%, 9/1/2024		65,735		68,892

Pool # ZK2080, 4.00%, 1/1/2025		150,725		157,222

Pool # AC7007, 4.50%, 1/1/2025		89,943		94,597

Pool # AL9580, 4.00%, 3/1/2025		56,766		59,108

Pool # 932724, 4.00%, 4/1/2025		22,716		23,701

Pool # ZK2723, 3.50%, 11/1/2025		58,088		60,168

Pool # AH4450, 3.00%, 1/1/2026		59,927		61,500

Pool # AK4047, 3.00%, 2/1/2027		52,580		54,159

Pool # AO4400, 2.50%, 7/1/2027		165,737		168,594

Pool # AB6811, 2.50%, 10/1/2027		36,727		37,297

Pool # AQ9442, 2.00%, 12/1/2027		66,960		67,408

Pool # AP6059, 2.00%, 6/1/2028		28,489		28,679

Pool # BM5381, 3.00%, 6/1/2028		214,657		220,497

Pool # FM1105, 2.50%, 6/1/2029		127,230		129,201

Pool # AS3345, 2.00%, 7/1/2029		22,778		22,768

Pool # AL7205, 3.50%, 12/1/2029		305,675		317,922

Pool # BM4202, 3.50%, 12/1/2029		186,408		193,817

Pool # MA2684, 3.00%, 7/1/2031		270,897		278,990

Pool # AL9418, 3.50%, 8/1/2031		104,931		109,875

Pool # BD5647, 2.00%, 11/1/2031		34,716		34,649

Pool # 890776, 3.50%, 11/1/2031		80,289		83,158

Pool # BM5490, 3.50%, 11/1/2031		54,869		56,923

Pool # BM4993, 3.50%, 3/1/2032		130,819		135,770

Pool # BM4741, 3.00%, 4/1/2032		39,703		40,823

Pool # BE8694, 3.50%, 7/1/2032		89,632		93,065

Pool # CA0775, 2.50%, 11/1/2032		68,599		69,709

Pool # MA3188, 3.00%, 11/1/2032		70,238		72,153

Pool # BH7081, 2.50%, 12/1/2032		124,573		126,277

Pool # MA3547, 3.00%, 12/1/2033		32,208		33,021

Pool # BD9105, 4.00%, 1/1/2034		137,100		143,834

Pool # MA3764, 2.50%, 9/1/2034		40,000		40,531


INVESTMENTS	PRINCIPAL AMOUNT ($)			VALUE ($)


UMBS, 20 Year

Pool # MA0885, 3.50%, 10/1/2031		78,748			82,084

Pool # AL6159, 4.50%, 1/1/2032		117,573			125,982

Pool # ZJ9491, 3.50%, 12/1/2032		35,750			37,052

Pool # MA2079, 4.00%, 11/1/2034		37,283			39,497

Pool # MA2287, 3.00%, 6/1/2035		99,432			102,327

Pool # AL6970, 3.50%, 7/1/2035		74,308			77,456

Pool # MA2508, 4.00%, 1/1/2036		135,035			143,063

Pool # MA3519, 4.00%, 11/1/2038		64,269			67,347

Pool # MA3683, 3.50%, 6/1/2039		138,049			143,129

Pool # RB5001, 3.50%, 7/1/2039		89,767			93,113

Pool # FM1295, 3.50%, 8/1/2039		80,452			83,573

UMBS, 30 Year

Pool # 725232, 5.00%, 3/1/2034		22,360			24,887

Pool # 790003, 6.00%, 8/1/2034		24,368			27,806

Pool # 735503, 6.00%, 4/1/2035		77,048			88,239

Pool # AB0284, 6.00%, 2/1/2037		88,892			101,790

Pool # BH7907, 6.50%, 12/1/2037		32,946			37,916

Pool # AU7519, 3.50%, 9/1/2038		101,233			104,732

Pool # BC1637, 5.00%, 6/1/2039		93,858			104,064

Pool # 190399, 5.50%, 11/1/2039		183,503			206,548

Pool # AD0700, 5.50%, 1/1/2040		103,247			116,092

Pool # AB1143, 4.50%, 6/1/2040		171,210			189,675

Pool # AD5479, 5.00%, 6/1/2040		69,867			76,968

Pool # AB1259, 5.00%, 7/1/2040		89,609			99,046

Pool # BM3090, 3.50%, 2/1/2041		438,743			458,785

Pool # AL0241, 4.00%, 4/1/2041		132,671			141,767

Pool # AK2386, 3.50%, 2/1/2042		85,673			89,612

Pool # AK7028, 4.00%, 4/1/2042		161,159			172,219

Pool # AO4134, 3.50%, 6/1/2042		28,516	��		29,862

Pool # AO8694, 4.50%, 7/1/2042		39,472			41,934

Pool # ZA6807, 4.50%, 8/1/2042		119,362			125,582

Pool # AB6632, 3.50%, 10/1/2042		484,408			506,686

Pool # AB7580, 3.00%, 1/1/2043		358,509			370,538

Pool # AQ1104, 3.00%, 1/1/2043		63,406			65,452

Pool # AR4239, 3.00%, 2/1/2043		79,768			82,424

Pool # AR2315, 3.50%, 2/1/2043		117,394			122,936

Pool # AR6770, 4.00%, 3/1/2043		32,207			34,458

Pool # AT8912, 3.00%, 7/1/2043		274,786			284,007

Pool # AU1629, 3.00%, 7/1/2043		197,676			204,401

Pool # AU3735, 3.00%, 8/1/2043		280,885			290,237

Pool # BM3704, 3.00%, 9/1/2043		84,423			86,957

Pool # AU4256, 3.50%, 9/1/2043		69,864			73,122

Pool # BM4635, 2.50%, 10/1/2043		324,217			327,324

Pool # AS1121, 4.00%, 11/1/2043		119,881			127,143

Pool # AL7696, 3.00%, 12/1/2043		132,181			136,611

Pool # AS1557, 4.00%, 1/1/2044		120,454			128,020

SEE NOTES TO FINANCIAL STATEMENTS.



112	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Pool # BM5365, 4.00%, 3/1/2044		183,471		195,675

Pool # AS2700, 4.00%, 6/1/2044		113,064		120,950

Pool # AS2947, 4.00%, 7/1/2044		113,030		120,064

Pool # AL9072, 5.00%, 7/1/2044		168,713		185,003

Pool # AL9569, 5.00%, 8/1/2044		379,463		418,300

Pool # BM4620, 3.00%, 10/1/2044		209,951		217,009

Pool # AX3072, 3.50%, 10/1/2044		47,728		49,831

Pool # AX2491, 4.00%, 10/1/2044		24,304		25,763

Pool # AS3710, 4.00%, 11/1/2044		74,253		78,906

Pool # AS4012, 3.50%, 12/1/2044		143,052		150,242

Pool # BM5171, 4.00%, 1/1/2045		122,733		130,968

Pool # AS4402, 3.50%, 2/1/2045		140,608		148,150

Pool # BM3398, 3.50%, 4/1/2045		29,159		30,621

Pool # AZ1803, 4.50%, 7/1/2045		39,852		42,338

Pool # AS5570, 3.50%, 8/1/2045		136,512		142,302

Pool # AS5778, 3.50%, 9/1/2045		53,760		56,102

Pool # AS5851, 4.50%, 9/1/2045		49,275		52,765

Pool # AS6196, 3.50%, 11/1/2045		71,728		75,018

Pool # AS6686, 4.50%, 1/1/2046		34,837		37,385

Pool # AS6654, 3.50%, 2/1/2046		49,298		51,413

Pool # AS6613, 4.00%, 2/1/2046		117,967		124,326

Pool # AL9128, 4.50%, 2/1/2046		54,684		59,210

Pool # AS6795, 4.00%, 3/1/2046		70,938		74,758

Pool # ZA4628, 4.00%, 3/1/2046		98,249		105,112

Pool # FM1224, 3.50%, 4/1/2046		55,585		58,118

Pool # BC1863, 2.50%, 5/1/2046		31,040		31,213

Pool # AL8936, 4.50%, 5/1/2046		42,311		45,425

Pool # AS7376, 3.00%, 6/1/2046		636,340		654,881

Pool # BM5587, 4.00%, 6/1/2046		126,683		134,064

Pool # BE5039, 3.50%, 7/1/2046		121,792		127,915

Pool # BD2357, 4.50%, 7/1/2046		117,868		125,266

Pool # ZM1621, 4.50%, 9/1/2046		229,232		255,806

Pool # MA2806, 3.00%, 11/1/2046		499,209		513,787

Pool # BM4990, 2.50%, 1/1/2047		24,482		24,709

Pool # AS8695, 4.00%, 1/1/2047		82,940		89,003

Pool # AL9916, 4.00%, 2/1/2047		166,482		175,189

Pool # AS8823, 4.00%, 2/1/2047		203,779		213,847

Pool # BM5955, 4.00%, 2/1/2047		98,023		104,107

Pool # MA2920, 3.00%, 3/1/2047		20,782		21,356

Pool # AS8966, 4.00%, 3/1/2047		438,497		461,691

Pool # AS9313, 4.00%, 3/1/2047		51,869		55,035

Pool # AS9480, 4.50%, 4/1/2047		98,742		107,370

Pool # BM5220, 3.50%, 5/1/2047		87,663		91,105

Pool # AS9946, 3.50%, 7/1/2047		374,104		390,842

Pool # AS9988, 4.50%, 7/1/2047		100,045		106,181

Pool # BH7375, 3.50%, 8/1/2047		219,307		227,368


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Pool # CA0553, 4.00%, 8/1/2047		291,319		305,168

Pool # CA0850, 3.00%, 9/1/2047		144,151		147,941

Pool # BH9394, 3.50%, 10/1/2047		287,296		297,675

Pool # BH9392, 3.50%, 11/1/2047		78,657		81,148

Pool # MA3237, 3.00%, 1/1/2048		853,485		875,395

Pool # ZS4750, 3.00%, 1/1/2048		99,955		102,560

Pool # BM3475, 4.00%, 1/1/2048		64,311		69,365

Pool # BJ5910, 3.50%, 2/1/2048		293,352		311,401

Pool # MA3276, 3.50%, 2/1/2048		234,530		242,683

Pool # MA3305, 3.50%, 3/1/2048		25,932		26,859

Pool # CA2687, 3.00%, 5/1/2048		48,053		49,692

Pool # BM4054, 4.00%, 5/1/2048		226,758		240,866

Pool # MA3425, 3.00%, 6/1/2048		122,258		125,044

Pool # BM4757, 3.50%, 7/1/2048		121,252		126,271

Pool # MA3414, 3.50%, 7/1/2048		70,126		72,250

Pool # ZS4777, 3.50%, 7/1/2048		34,105		35,190

Pool # MA3495, 4.00%, 10/1/2048		236,930		246,071

Pool # BM5950, 3.00%, 11/1/2048		298,164		307,213

Pool # MA3521, 4.00%, 11/1/2048		160,321		166,690

Pool # MA3536, 4.00%, 12/1/2048		316,296		328,447

Pool # MA3577, 3.00%, 1/1/2049		72,060		73,455

Pool # BK9581, 3.50%, 1/1/2049		140,112		147,160

Pool # MA3603, 3.00%, 2/1/2049		39,173		39,977

Pool # MA3592, 4.00%, 2/1/2049		415,253		430,181

Pool # QA0443, 4.00%, 2/1/2049		179,369		188,155

Pool # MA3593, 4.50%, 2/1/2049		410,412		431,379

Pool # BN4380, 3.00%, 3/1/2049		88,162		89,868

Pool # MA3614, 3.50%, 3/1/2049		36,615		37,617

Pool # MA3637, 3.50%, 4/1/2049		154,801		159,047

Pool # MA3638, 4.00%, 4/1/2049		132,458		137,399

Pool # ZT1864, 4.00%, 4/1/2049		28,322		29,340

Pool # BN5418, 4.50%, 4/1/2049		59,301		63,747

Pool # MA3639, 4.50%, 4/1/2049		28,166		29,654

Pool # ZT1951, 3.50%, 5/1/2049		64,903		66,717

Pool # ZT1952, 4.00%, 5/1/2049		410,879		426,470

Pool # CA3528, 5.00%, 5/1/2049		59,450		63,701

Pool # ZT2086, 3.50%, 6/1/2049 (a)		99,878		102,654

Pool # MA3687, 4.00%, 6/1/2049		195,934		203,719

Pool # FM1198, 3.00%, 7/1/2049		99,794		102,519

Pool # BO1169, 3.50%, 7/1/2049		246,913		254,188

Pool # MA3692, 3.50%, 7/1/2049		197,858		203,759

Pool # BO1766, 4.50%, 7/1/2049		290,257		306,356

Pool # QA1997, 3.00%, 8/1/2049		75,000		76,455

Pool # SD8005, 3.50%, 8/1/2049		238,892		245,902

Pool # MA3747, 4.50%, 8/1/2049		47,701		50,303


Total Mortgage-Backed Securities (Cost $49,391,962)				50,656,937

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	113

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds �� 25.7%

Aerospace & Defense — 0.7%

Boeing Co. (The)

1.65%, 10/30/2020		101,000		100,729

2.80%, 3/1/2023		26,000		26,655

1.88%, 6/15/2023		54,000		53,735

2.80%, 3/1/2024		100,000		103,156

2.60%, 10/30/2025		47,000		48,128

3.25%, 3/1/2028		100,000		106,962

3.45%, 11/1/2028		50,000		54,217

3.55%, 3/1/2038		105,000		112,202

3.50%, 3/1/2039		97,000		103,675

6.88%, 3/15/2039		30,000		45,399

5.88%, 2/15/2040		40,000		55,954

3.38%, 6/15/2046		52,000		53,316

3.83%, 3/1/2059		97,000		105,921

Hexcel Corp. 3.95%, 2/15/2027		125,000		132,293

Huntington Ingalls Industries, Inc. 3.48%, 12/1/2027		79,000		83,210

Spirit AeroSystems, Inc.

3.95%, 6/15/2023		33,000		34,296

3.85%, 6/15/2026		50,000		52,469

4.60%, 6/15/2028		71,000		78,023


				1,350,340


Auto Components — 0.1%

Lear Corp.

5.25%, 1/15/2025		151,000		156,287

4.25%, 5/15/2029		33,000		34,210


				190,497


Banks — 3.2%

Bancolombia SA (Colombia) 5.95%, 6/3/2021		400,000		422,056

Bank of Nova Scotia (The) (Canada) 1.88%, 4/26/2021		25,000		25,011

BankUnited, Inc. 4.88%, 11/17/2025		135,000		148,543

Canadian Imperial Bank of Commerce (Canada)

2.70%, 2/2/2021		68,000		68,700

2.55%, 6/16/2022		123,000		125,162

(ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023 (b)		28,000		28,298

3.50%, 9/13/2023		317,000		335,493

3.10%, 4/2/2024		45,000		46,697

Comerica, Inc. 3.70%, 7/31/2023		201,000		212,502

Commonwealth Bank of Australia (Australia) 2.55%, 3/15/2021		250,000		252,184


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

Discover Bank

4.20%, 8/8/2023		250,000		268,442

3.45%, 7/27/2026		90,000		94,044

4.65%, 9/13/2028		90,000		101,813

First Republic Bank 2.50%, 6/6/2022		100,000		100,772

Huntington Bancshares, Inc.

2.30%, 1/14/2022		136,000		136,641

4.00%, 5/15/2025		147,000		158,835

Kreditanstalt fuer Wiederaufbau (Germany)

2.63%, 4/12/2021		145,000		147,288

1.50%, 6/15/2021		40,000		39,930

1.75%, 9/15/2021		30,000		30,116

2.50%, 2/15/2022		25,000		25,597

2.13%, 3/7/2022		100,000		101,542

2.63%, 2/28/2024		36,000		37,793

2.50%, 11/20/2024		60,000		63,091

2.00%, 5/2/2025		183,000		188,047

2.88%, 4/3/2028		118,000		130,512

Landesbank Baden-Wuerttemberg (Germany) 7.63%, 2/1/2023		25,000		29,495

Landwirtschaftliche Rentenbank (Germany)

3.13%, 11/14/2023		31,000		33,033

2.00%, 1/13/2025		25,000		25,652

Lloyds Banking Group plc (United Kingdom) 3.75%, 1/11/2027		518,000		540,874

(ICE LIBOR USD 3 Month + 1.21%), 3.57%, 11/7/2028 (b)		40,000		40,939

National Bank of Canada (Canada) 2.20%, 11/2/2020		250,000		250,718

RBC USA Holdco Corp. 5.25%, 9/15/2020		25,000		25,800

Royal Bank of Canada (Canada)

2.50%, 1/19/2021		70,000		70,583

2.30%, 3/22/2021		25,000		25,182

2.75%, 2/1/2022		402,000		410,599

3.70%, 10/5/2023		139,000		147,937

2.55%, 7/16/2024		125,000		127,428

SunTrust Bank 2.45%, 8/1/2022		127,000		128,492

(ICE LIBOR USD 3 Month + 0.59%), 3.50%, 8/2/2022 (b)		121,000		123,865

3.00%, 2/2/2023		101,000		103,922

3.20%, 4/1/2024		127,000		133,178

4.05%, 11/3/2025		113,000		124,049

SunTrust Banks, Inc.

2.90%, 3/3/2021		108,000		109,230

4.00%, 5/1/2025		173,000		188,516

SEE NOTES TO FINANCIAL STATEMENTS.



114	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Banks — continued

SVB Financial Group 5.38%, 9/15/2020		135,000		139,119

Synovus Financial Corp. 3.13%, 11/1/2022		90,000		90,180


				6,157,900


Beverages — 0.2%

Diageo Capital plc (United Kingdom) 3.88%, 4/29/2043		124,000		143,402

Diageo Investment Corp. (United Kingdom) 4.25%, 5/11/2042		200,000		239,773


				383,175


Biotechnology — 0.1%

Biogen, Inc. 4.05%, 9/15/2025		100,000		108,594


Building Products — 0.0% (c)

Lennox International, Inc. 3.00%, 11/15/2023		25,000		25,337


Capital Markets — 2.9%

Affiliated Managers Group, Inc.

4.25%, 2/15/2024		53,000		56,984

3.50%, 8/1/2025		50,000		52,127

Ameriprise Financial, Inc.

3.00%, 3/22/2022		28,000		28,661

4.00%, 10/15/2023		55,000		59,113

3.70%, 10/15/2024		30,000		32,291

2.88%, 9/15/2026		217,000		224,774

Apollo Investment Corp. 5.25%, 3/3/2025		40,000		40,934

BGC Partners, Inc. 5.38%, 7/24/2023		89,000		95,882

BlackRock, Inc.

4.25%, 5/24/2021		89,000		92,635

3.38%, 6/1/2022		163,000		170,193

3.50%, 3/18/2024		95,000		102,278

3.20%, 3/15/2027		480,000		514,377

Brookfield Finance, Inc. (Canada)

3.90%, 1/25/2028		53,000		56,052

4.70%, 9/20/2047		417,000		471,549

Cboe Global Markets, Inc. 3.65%, 1/12/2027		38,000		41,101

CME Group, Inc.

3.75%, 6/15/2028		141,000		158,928

5.30%, 9/15/2043		149,000		207,130

4.15%, 6/15/2048		57,000		69,594

E*TRADE Financial Corp. 2.95%, 8/24/2022		120,000		122,473

Eaton Vance Corp. 3.63%, 6/15/2023		78,000		81,896


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Capital Markets — continued

Intercontinental Exchange, Inc.

2.75%, 12/1/2020		156,000		157,116

2.35%, 9/15/2022		146,000		147,663

4.00%, 10/15/2023		125,000		134,398

3.10%, 9/15/2027		75,000		79,484

3.75%, 9/21/2028		100,000		111,274

4.25%, 9/21/2048		101,000		124,355

Janus Capital Group, Inc. (United Kingdom) 4.88%, 8/1/2025		25,000		27,600

Lazard Group LLC

3.75%, 2/13/2025		253,000		265,892

3.63%, 3/1/2027		265,000		275,689

4.50%, 9/19/2028		100,000		110,305

Nasdaq, Inc.

4.25%, 6/1/2024		118,000		128,532

3.85%, 6/30/2026		154,000		167,097

S&P Global, Inc.

4.00%, 6/15/2025		25,000		27,512

2.95%, 1/22/2027		249,000		261,487

4.50%, 5/15/2048		200,000		254,085

Stifel Financial Corp.

3.50%, 12/1/2020		75,000		75,975

4.25%, 7/18/2024		26,000		27,528

TD Ameritrade Holding Corp.

2.95%, 4/1/2022		128,000		131,069

3.75%, 4/1/2024		144,000		154,041

3.63%, 4/1/2025		50,000		53,514

3.30%, 4/1/2027		25,000		26,527


				5,420,115


Chemicals — 0.6%

Ecolab, Inc.

4.35%, 12/8/2021		25,000		26,285

2.38%, 8/10/2022		26,000		26,260

3.25%, 1/14/2023		53,000		55,071

2.70%, 11/1/2026		35,000		36,299

5.50%, 12/8/2041		35,000		47,670

3.95%, 12/1/2047		291,000		342,161

LYB International Finance BV 5.25%, 7/15/2043		75,000		86,636

NewMarket Corp. 4.10%, 12/15/2022		50,000		52,293

SASOL Financing USA LLC (South Africa) 6.50%, 9/27/2028		335,000		371,745

Syngenta Finance NV (Switzerland) 3.13%, 3/28/2022		25,000		25,291


				1,069,711

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	115

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Commercial Services & Supplies — 0.1%

RELX Capital, Inc. (United Kingdom)

3.50%, 3/16/2023		96,000		100,056

4.00%, 3/18/2029		63,000		69,477


				169,533


Communications Equipment — 0.2%

Motorola Solutions, Inc.

3.75%, 5/15/2022		42,000		43,442

3.50%, 3/1/2023		142,000		146,174

4.00%, 9/1/2024		95,000		101,093

4.60%, 2/23/2028		40,000		43,367

5.50%, 9/1/2044		87,000		94,209


				428,285


Consumer Finance — 1.7%

American Express Co.

3.38%, 5/17/2021		40,000		40,869

2.50%, 8/1/2022		40,000		40,562

2.65%, 12/2/2022		82,000		83,585

3.40%, 2/27/2023		40,000		41,787

3.00%, 10/30/2024		28,000		29,059

4.05%, 12/3/2042		263,000		313,646

American Express Credit Corp.

2.70%, 3/3/2022		95,000		96,891

3.30%, 5/3/2027		300,000		324,186

Capital One Financial Corp.

2.40%, 10/30/2020		334,000		334,946

4.75%, 7/15/2021		30,000		31,363

3.20%, 1/30/2023		220,000		226,680

3.50%, 6/15/2023		40,000		41,776

3.75%, 4/24/2024		58,000		61,451

3.30%, 10/30/2024		125,000		129,576

3.80%, 1/31/2028		100,000		106,613

Discover Financial Services

3.85%, 11/21/2022		230,000		241,250

3.95%, 11/6/2024		27,000		28,783

3.75%, 3/4/2025		104,000		109,495

4.50%, 1/30/2026		20,000		22,088

4.10%, 2/9/2027		35,000		37,684

Synchrony Financial

3.75%, 8/15/2021		501,000		512,298

2.85%, 7/25/2022		73,000		73,985

4.25%, 8/15/2024		50,000		53,236

4.50%, 7/23/2025		25,000		26,868

3.70%, 8/4/2026		69,000		70,759

3.95%, 12/1/2027		30,000		31,101


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Consumer Finance — continued

5.15%, 3/19/2029		180,000		202,711


				3,313,248


Containers & Packaging — 0.1%

Amcor Finance USA, Inc. (Australia) 3.63%, 4/28/2026 (d)		94,000		97,940

Avery Dennison Corp. 4.88%, 12/6/2028		81,000		92,348

Sonoco Products Co. 5.75%, 11/1/2040		65,000		81,774


				272,062


Diversified Financial Services — 0.1%

Private Export Funding Corp.

Series BB, 4.30%, 12/15/2021		84,000		88,828


Diversified Telecommunication Services — 1.1%

Bell Canada, Inc. (Canada)

4.46%, 4/1/2048		109,000		131,032

4.30%, 7/29/2049		60,000		70,663

Deutsche Telekom International Finance BV (Germany) 9.25%, 6/1/2032		340,000		543,512

TELUS Corp. (Canada)

2.80%, 2/16/2027		50,000		50,978

4.60%, 11/16/2048		159,000		191,914

Verizon Communications, Inc.

3.13%, 3/16/2022		25,000		25,772

2.45%, 11/1/2022		113,000		114,565

3.50%, 11/1/2024		159,000		169,493

2.63%, 8/15/2026		25,000		25,611

4.33%, 9/21/2028		50,000		57,434

4.02%, 12/3/2029 (d)		163,000		184,108

7.75%, 12/1/2030		80,000		118,204

4.50%, 8/10/2033		25,000		29,555

4.40%, 11/1/2034		91,000		105,414

6.40%, 2/15/2038		40,000		54,585

4.81%, 3/15/2039		25,000		30,659

4.52%, 9/15/2048		28,000		33,719

5.01%, 4/15/2049		37,000		47,298

4.67%, 3/15/2055		47,000		57,889


				2,042,405


Electric Utilities — 0.9%

Avangrid, Inc. 3.80%, 6/1/2029		60,000		65,440

Baltimore Gas & Electric Co.

3.35%, 7/1/2023		25,000		26,217

2.40%, 8/15/2026		57,000		57,444

6.35%, 10/1/2036		20,000		28,874

3.50%, 8/15/2046		390,000		415,739

SEE NOTES TO FINANCIAL STATEMENTS.



116	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Electric Utilities — continued

DTE Electric Co.

3.38%, 3/1/2025		25,000		26,609

4.30%, 7/1/2044		90,000		109,533

Enel Americas SA (Chile) 4.00%, 10/25/2026		112,000		115,990

Enel Chile SA (Chile) 4.88%, 6/12/2028		134,000		148,164

Exelon Corp.

5.15%, 12/1/2020		60,000		61,719

4.95%, 6/15/2035		62,000		73,180

5.10%, 6/15/2045		83,000		104,168

Iberdrola International BV (Spain) 6.75%, 7/15/2036		40,000		56,380

NextEra Energy Capital Holdings, Inc.

Series H, 3.34%, 9/1/2020		25,000		25,264

2.80%, 1/15/2023		75,000		76,734

3.25%, 4/1/2026		40,000		41,808

3.55%, 5/1/2027		38,000		40,619

Oklahoma Gas & Electric Co.

3.80%, 8/15/2028		10,000		11,020

4.15%, 4/1/2047		27,000		31,255

Public Service Electric & Gas Co.

2.38%, 5/15/2023		147,000		149,256

3.65%, 9/1/2042		25,000		27,639

3.80%, 1/1/2043		29,000		32,704


				1,725,756


Electrical Equipment — 0.1%

Legrand France SA (France) 8.50%, 2/15/2025		50,000		65,083

Rockwell Automation, Inc.

3.50%, 3/1/2029		50,000		55,106

4.20%, 3/1/2049		66,000		81,355


				201,544


Electronic Equipment, Instruments & Components — 0.2%

Allegion US Holding Co., Inc.

3.20%, 10/1/2024		25,000		25,519

3.55%, 10/1/2027		70,000		71,925

FLIR Systems, Inc. 3.13%, 6/15/2021		60,000		60,758

Keysight Technologies, Inc. 4.60%, 4/6/2027		110,000		121,125


				279,327


Energy Equipment & Services — 0.0%(c)

Helmerich & Payne, Inc.

4.65%, 3/15/2025 (d)		30,000		32,630

4.65%, 3/15/2025		30,000		32,629


				65,259


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Entertainment — 0.6%

Electronic Arts, Inc. 4.80%, 3/1/2026		110,000		125,445

TWDC Enterprises 18 Corp.

7.00%, 3/1/2032		25,000		37,490

3.70%, 12/1/2042		50,000		56,886

3.00%, 7/30/2046		547,000		564,275

Walt Disney Co. (The)

4.50%, 2/15/2021 (d)		235,000		243,583

3.00%, 9/15/2022 (d)		25,000		25,821

5.40%, 10/1/2043 (d)		25,000		34,762


				1,088,262


Equity Real Estate Investment Trusts (REITs) — 0.0% (c)

Rayonier, Inc. 3.75%, 4/1/2022		25,000		25,486


Food & Staples Retailing — 0.4%

Ahold Finance USA LLC (Netherlands) 6.88%, 5/1/2029		60,000		78,300

Koninklijke Ahold Delhaize NV (Netherlands) 5.70%, 10/1/2040		77,000		97,678

Sysco Corp.

3.30%, 7/15/2026		290,000		305,085

3.25%, 7/15/2027		168,000		177,339

4.85%, 10/1/2045		125,000		155,979


				814,381


Food Products — 0.1%

Flowers Foods, Inc. 3.50%, 10/1/2026		114,000		118,198


Gas Utilities — 0.2%

Dominion Energy Gas Holdings LLC 3.60%, 12/15/2024		90,000		95,965

National Fuel Gas Co.

4.90%, 12/1/2021		67,000		69,696

3.75%, 3/1/2023		130,000		134,351

5.20%, 7/15/2025		50,000		54,850


				354,862


Health Care Equipment & Supplies — 0.8%

Baxter International, Inc.

2.60%, 8/15/2026		143,000		145,795

3.50%, 8/15/2046		50,000		50,727

Edwards Lifesciences Corp. 4.30%, 6/15/2028		105,000		119,257

Koninklijke Philips NV (Netherlands)

6.88%, 3/11/2038		49,000		74,213

5.00%, 3/15/2042		220,000		274,663

Stryker Corp.

2.63%, 3/15/2021		70,000		70,563

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	117

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Health Care Equipment & Supplies — continued

3.38%, 5/15/2024		73,000		76,940

3.38%, 11/1/2025		100,000		106,560

3.50%, 3/15/2026		71,000		76,271

3.65%, 3/7/2028		375,000		412,172

4.10%, 4/1/2043		25,000		28,602

4.38%, 5/15/2044		50,000		59,269

4.63%, 3/15/2046		53,000		66,971


				1,562,003


Hotels, Restaurants & Leisure — 0.6%

Choice Hotels International, Inc. 5.75%, 7/1/2022		29,000		31,053

Darden Restaurants, Inc.

3.85%, 5/1/2027		70,000		74,783

4.55%, 2/15/2048		29,000		31,138

Starbucks Corp.

2.10%, 2/4/2021		200,000		200,224

2.70%, 6/15/2022		300,000		306,158

3.85%, 10/1/2023		41,000		43,675

3.55%, 8/15/2029		200,000		218,836

4.30%, 6/15/2045		175,000		197,342


				1,103,209


Household Durables — 0.1%

Harman International Industries, Inc. 4.15%, 5/15/2025		96,000		102,278

NVR, Inc. 3.95%, 9/15/2022		75,000		77,965


				180,243


Household Products — 0.3%

Church & Dwight Co., Inc.

2.45%, 8/1/2022		98,000		99,009

3.15%, 8/1/2027		49,000		51,223

3.95%, 8/1/2047		51,000		56,401

Clorox Co. (The)

3.05%, 9/15/2022		60,000		61,679

3.50%, 12/15/2024		62,000		66,290

3.10%, 10/1/2027		65,000		68,703

3.90%, 5/15/2028		60,000		67,325


				470,630


Independent Power and Renewable Electricity Producers — 0.3%

Enel Generacion Chile SA (Chile) 4.25%, 4/15/2024		25,000		26,359

Exelon Generation Co. LLC

3.40%, 3/15/2022		104,000		107,090

4.25%, 6/15/2022		75,000		78,839


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Independent Power and Renewable Electricity Producers — continued

PSEG Power LLC

3.00%, 6/15/2021		50,000		50,610

3.85%, 6/1/2023		25,000		26,412

8.63%, 4/15/2031		171,000		242,280


				531,590


Industrial Conglomerates — 0.4%

Carlisle Cos., Inc.

3.75%, 11/15/2022		86,000		88,713

3.50%, 12/1/2024		20,000		20,807

3.75%, 12/1/2027		50,000		52,823

Ingersoll-Rand Global Holding Co. Ltd.

2.90%, 2/21/2021		417,000		421,253

4.25%, 6/15/2023		86,000		91,993


				675,589


Insurance — 0.1%

Loews Corp.

2.63%, 5/15/2023		107,000		108,696

3.75%, 4/1/2026		77,000		82,976

6.00%, 2/1/2035		30,000		39,545


				231,217


Interactive Media & Services — 0.2%

Alphabet, Inc.

3.63%, 5/19/2021		70,000		72,115

3.38%, 2/25/2024		40,000		42,746

2.00%, 8/15/2026		330,000		332,652


				447,513


Internet & Direct Marketing Retail — 0.2%

Booking Holdings, Inc.

2.75%, 3/15/2023		100,000		102,598

3.65%, 3/15/2025		64,000		68,420

3.60%, 6/1/2026		59,000		63,288

3.55%, 3/15/2028		51,000		55,253


				289,559


IT Services — 0.3%

Broadridge Financial Solutions, Inc. 3.40%, 6/27/2026		105,000		109,785

Mastercard, Inc.

2.00%, 11/21/2021		100,000		100,445

3.38%, 4/1/2024		35,000		37,377

2.95%, 11/21/2026		40,000		42,374

3.50%, 2/26/2028		63,000		69,476

3.80%, 11/21/2046		154,000		180,871

3.95%, 2/26/2048		96,000		115,825


				656,153

SEE NOTES TO FINANCIAL STATEMENTS.



118	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Leisure Products — 0.1%

Hasbro, Inc.

3.15%, 5/15/2021			77,000		77,887

3.50%, 9/15/2027			55,000		56,105

6.35%, 3/15/2040			60,000		71,930


					205,922


Life Sciences Tools & Services — 0.1%

Agilent Technologies, Inc.

3.20%, 10/1/2022			118,000		120,960

3.88%, 7/15/2023			93,000		98,132

Bio-Rad Laboratories, Inc. 4.88%, 12/15/2020			30,000		30,804


					249,896


Machinery — 0.1%

Fortive Corp.

3.15%, 6/15/2026			112,000		114,700

4.30%, 6/15/2046			25,000		27,442

IDEX Corp.

4.50%, 12/15/2020			85,000		86,971

4.20%, 12/15/2021			25,000		25,847


					254,960


Metals & Mining — 2.0%

Kinross Gold Corp. (Canada) 4.50%, 7/15/2027			117,000		122,557

Newmont Goldcorp Corp.

3.50%, 3/15/2022			25,000		25,661

3.70%, 3/15/2023			546,000		568,502

Rio Tinto Alcan, Inc. (Canada)

7.25%, 3/15/2031			50,000		71,641

6.13%, 12/15/2033			90,000		124,696

Rio Tinto Finance USA Ltd. (Australia) 5.20%, 11/2/2040			50,000		65,861

Rio Tinto Finance USA plc (Australia)

4.75%, 3/22/2042			90,000		114,042

4.13%, 8/21/2042			498,000		592,913

Southern Copper Corp. (Peru)

7.50%, 7/27/2035			100,000		135,031

5.25%, 11/8/2042			95,000		108,342

5.88%, 4/23/2045			390,000		479,578

Teck Resources Ltd. (Canada)

6.13%, 10/1/2035	��		31,000		36,261

6.00%, 8/15/2040			46,000		50,810

6.25%, 7/15/2041			206,000		233,394

5.40%, 2/1/2043			39,000		41,314

Vale Canada Ltd. (Brazil) 7.20%, 9/15/2032			253,000		299,172


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Metals & Mining — continued

Vale Overseas Ltd. (Brazil)

4.38%, 1/11/2022		40,000		41,338

6.88%, 11/21/2036		141,000		176,118

6.88%, 11/10/2039		100,000		125,906

Vale SA (Brazil) 5.63%, 9/11/2042		314,000		351,484


				3,764,621


Multiline Retail — 0.1%

Dollar General Corp.

3.25%, 4/15/2023		71,000		73,631

4.15%, 11/1/2025		117,000		127,573

3.88%, 4/15/2027		40,000		43,199

4.13%, 5/1/2028		25,000		27,661


				272,064


Multi-Utilities — 0.3%

Dominion Energy, Inc.

Series B, 2.75%, 9/15/2022		200,000		202,441

Series F, 5.25%, 8/1/2033		25,000		30,881

Series B, 5.95%, 6/15/2035		50,000		64,462

Series A, 4.60%, 3/15/2049		50,000		59,860

DTE Energy Co.

Series B, 2.60%, 6/15/2022		58,000		58,578

Series B, 3.30%, 6/15/2022		27,000		27,764

Public Service Enterprise Group, Inc.

2.00%, 11/15/2021		55,000		54,755

2.65%, 11/15/2022		130,000		131,264


				630,005


Oil, Gas & Consumable Fuels — 3.5%

Boardwalk Pipelines LP

3.38%, 2/1/2023		118,000		119,519

4.95%, 12/15/2024		46,000		49,459

5.95%, 6/1/2026		66,000		74,610

4.45%, 7/15/2027		25,000		26,021

4.80%, 5/3/2029		40,000		42,227

Burlington Resources LLC 5.95%, 10/15/2036		115,000		157,832

Cimarex Energy Co.

4.38%, 6/1/2024		50,000		52,726

3.90%, 5/15/2027		128,000		130,974

ConocoPhillips Co.

2.40%, 12/15/2022		258,000		260,731

4.30%, 11/15/2044		316,000		373,305

ConocoPhillips Holding Co. 6.95%, 4/15/2029		142,000		195,664

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	119

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Oil, Gas & Consumable Fuels — continued

Ecopetrol SA (Colombia) 5.88%, 9/18/2023		55,000		61,347

Eni USA, Inc. (Italy) 7.30%, 11/15/2027		52,000		67,666

Equinor ASA (Norway)

2.90%, 11/8/2020		35,000		35,382

3.63%, 9/10/2028		40,000		44,182

HollyFrontier Corp. 5.88%, 4/1/2026		131,000		145,796

Magellan Midstream Partners LP

4.25%, 2/1/2021		120,000		123,474

5.00%, 3/1/2026		300,000		340,478

5.15%, 10/15/2043		30,000		36,007

Nexen, Inc. (China) 7.88%, 3/15/2032		60,000		90,187

Petroleos Mexicanos (Mexico)

6.38%, 2/4/2021		50,000		51,400

4.63%, 9/21/2023		50,000		50,117

6.63%, 6/15/2038		163,000		152,405

5.50%, 6/27/2044		55,000		46,954

Phillips 66

4.30%, 4/1/2022		131,000		138,458

3.90%, 3/15/2028		357,000		388,106

4.65%, 11/15/2034		228,000		264,554

5.88%, 5/1/2042		30,000		39,742

4.88%, 11/15/2044		200,000		239,573

Suncor Energy, Inc. (Canada)

6.80%, 5/15/2038		29,000		41,432

6.50%, 6/15/2038		70,000		98,465

6.85%, 6/1/2039		132,000		191,803

4.00%, 11/15/2047		800,000		881,253

Valero Energy Corp.

3.65%, 3/15/2025		149,000		157,210

3.40%, 9/15/2026		170,000		175,990

4.35%, 6/1/2028		174,000		189,429

7.50%, 4/15/2032		57,000		79,012

6.63%, 6/15/2037		125,000		165,201

4.90%, 3/15/2045		100,000		115,044

Valero Energy Partners LP

4.38%, 12/15/2026		96,000		104,301

4.50%, 3/15/2028		45,000		49,561

Western Midstream Operating LP

5.38%, 6/1/2021		301,000		311,236

4.00%, 7/1/2022		79,000		80,488

3.95%, 6/1/2025		40,000		39,670

4.50%, 3/1/2028		40,000		39,933

5.45%, 4/1/2044		25,000		23,117


				6,542,041


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Personal Products — 0.2%

Estee Lauder Cos., Inc. (The)

3.15%, 3/15/2027		60,000		64,315

6.00%, 5/15/2037		55,000		77,142

4.38%, 6/15/2045		51,000		63,454

4.15%, 3/15/2047		100,000		121,799


				326,710


Pharmaceuticals — 0.9%

Johnson & Johnson

2.63%, 1/15/2025		25,000		25,945

2.45%, 3/1/2026		29,000		29,921

4.38%, 12/5/2033		60,000		72,826

5.95%, 8/15/2037		25,000		36,200

3.40%, 1/15/2038		107,000		117,039

4.50%, 9/1/2040		40,000		49,713

4.50%, 12/5/2043		25,000		31,596

3.70%, 3/1/2046		445,000		512,788

3.75%, 3/3/2047		56,000		65,165

3.50%, 1/15/2048		50,000		56,202

Zoetis, Inc.

3.25%, 8/20/2021		195,000		198,808

3.25%, 2/1/2023		176,000		182,034

4.50%, 11/13/2025		20,000		22,296

3.00%, 9/12/2027		100,000		103,875

3.90%, 8/20/2028		136,000		150,735

3.95%, 9/12/2047		25,000		27,918

4.45%, 8/20/2048		51,000		60,913


				1,743,974


Professional Services — 0.5%

Thomson Reuters Corp. (Canada)

3.35%, 5/15/2026		50,000		52,023

5.85%, 4/15/2040		132,000		161,605

5.65%, 11/23/2043		368,000		437,980

Verisk Analytics, Inc.

5.80%, 5/1/2021		210,000		222,212

4.13%, 9/12/2022		25,000		26,318

4.13%, 3/15/2029		25,000		27,901


				928,039


Semiconductors & Semiconductor Equipment — 0.5%

Maxim Integrated Products, Inc.

3.38%, 3/15/2023		58,000		59,783

3.45%, 6/15/2027		50,000		51,213

Micron Technology, Inc. 5.50%, 2/1/2025		255,000		260,333

Texas Instruments, Inc.

2.75%, 3/12/2021		119,000		120,528

SEE NOTES TO FINANCIAL STATEMENTS.



120	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Semiconductors & Semiconductor Equipment — continued

2.25%, 5/1/2023		65,000		65,725

2.90%, 11/3/2027		175,000		185,168

4.15%, 5/15/2048		136,000		168,649


				911,399


Software — 0.1%

Cadence Design Systems, Inc. 4.38%, 10/15/2024		96,000		103,760

Citrix Systems, Inc. 4.50%, 12/1/2027		116,000		125,026


				228,786


Specialty Retail — 0.2%

Best Buy Co., Inc.

5.50%, 3/15/2021		104,000		108,203

4.45%, 10/1/2028		48,000		52,343

TJX Cos., Inc. (The)

2.75%, 6/15/2021		85,000		86,246

2.50%, 5/15/2023		67,000		68,470

2.25%, 9/15/2026		137,000		137,865


				453,127


Textiles, Apparel & Luxury Goods — 0.2%

NIKE, Inc.

2.25%, 5/1/2023		72,000		73,165

2.38%, 11/1/2026		20,000		20,573

3.63%, 5/1/2043		152,000		171,516

3.88%, 11/1/2045		56,000		65,464

3.38%, 11/1/2046		115,000		125,044


				455,762


Total Corporate BondS (Cost $45,926,772)				48,808,117

Commercial Mortgage-Backed Securities — 2.0%

BANK

Series 2017-BNK4, Class ASB, 3.42%, 5/15/2050		30,000		31,941

Series 2019-BN16, Class A4, 4.01%, 2/15/2052		60,000		68,691

BBCMS MortgageTrust Series 2018-C2, Class A5, 4.31%, 12/15/2051		40,000		46,458

Benchmark Mortgage TrustSeries 2018-B8, Class A5, 4.23%, 1/15/2052		40,000		46,373

BENCHMARK Mortgage Trust

Series 2018-B2, Class B, 4.34%, 2/15/2051 ‡ (e)		20,000		22,534

Series 2018-B6, Class A2, 4.20%, 10/10/2051		50,000		54,001


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


CD Mortgage Trust

Series 2017-CD6, Class ASB, 3.33%, 11/13/2050		20,000		21,234

Series 2017-CD6, Class AM, 3.71%, 11/13/2050 (e)		30,000		32,526

CFCRE Commercial Mortgage TrustSeries 2016-C7, Class ASB, 3.64%, 12/10/2054		20,000		21,360

Citigroup Commercial Mortgage Trust

Series 2014-GC21, Class AAB, 3.48%, 5/10/2047		19,210		19,872

Series 2014-GC23, Class B, 4.17%, 7/10/2047 ‡ (e)		30,000		32,100

Series 2014-GC25, Class AAB, 3.37%, 10/10/2047		29,000		29,856

Series 2015-GC29, Class C, 4.28%, 4/10/2048 (e)		40,000		42,494

Series 2016-P4, Class A2, 2.45%, 7/10/2049		41,000		41,110

Series 2016-P5, Class A2, 2.40%, 10/10/2049		50,000		50,337

Commercial Mortgage Trust

Series 2013-CR9, Class A4, 4.37%, 7/10/2045 (e)		50,000		54,040

Series 2012-CR3, Class ASB, 2.37%, 10/15/2045		24,444		24,529

Series 2012-CR4, Class ASB, 2.44%, 10/15/2045		13,004		13,025

Series 2013-CR7, Class A4, 3.21%, 3/10/2046		69,298		71,861

Series 2013-CR12, Class C, 5.23%, 10/10/2046 (e)		10,000		10,153

Series 2014-UBS5, Class AM, 4.19%, 9/10/2047 (e)		40,000		43,182

Series 2014-CR20, Class A3, 3.33%, 11/10/2047		45,000		47,815

Series 2015-LC21, Class AM, 4.04%, 7/10/2048 (e)		30,000		32,627

Series 2015-LC23, Class A2, 3.22%, 10/10/2048		26,000		26,200

CSAIL Commercial Mortgage Trust

Series 2015-C4, Class A2, 3.16%, 11/15/2048		60,000		60,298

Series 2016-C5, Class A5, 3.76%, 11/15/2048		27,000		29,446

DBJPM MortgageTrust Series 2017-C6, Class A5, 3.33%, 6/10/2050		20,000		21,610

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	121

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

FHLMC, Multifamily StructuredPass-Through Certificates

Series K019, Class A2, 2.27%, 3/25/2022		20,000		20,221

Series K023, Class A1, 1.58%, 4/25/2022		19,923		19,802

Series K027, Class A2, 2.64%, 1/25/2023		80,000		82,045

Series K029, Class A2, 3.32%, 2/25/2023		150,000		157,099

Series K036, Class A2, 3.53%, 10/25/2023 (e)		162,000		172,139

Series K725, Class AM, 3.10%, 2/25/2024 (e)		50,000		52,541

Series K728, Class A2, 3.06%, 8/25/2024 (e)		50,000		52,573

Series K040, Class A2, 3.24%, 9/25/2024		70,000		74,479

Series K048, Class A1, 2.69%, 12/25/2024		41,123		41,985

Series K731, Class A2, 3.60%, 2/25/2025 (e)		50,000		54,017

Series K051, Class A2, 3.31%, 9/25/2025		40,000		43,249

Series K735, Class A2, 2.86%, 5/25/2026		50,000		52,934

Series K057, Class A2, 2.57%, 7/25/2026		63,000		65,794

Series K063, Class A1, 3.05%, 8/25/2026		47,155		49,338

Series K085, Class A2, 4.06%, 10/25/2028 (e)		80,000		92,969

Series K156, Class A3, 3.70%, 6/25/2033 (e)		91,000		105,016

FNMA ACES

Series 2012-M1, Class A2, 2.73%, 10/25/2021		44,354		44,941

Series 2014-M1, Class A2, 3.34%, 7/25/2023 (e)		47,988		50,249

Series 2014-M2, Class A2, 3.51%, 12/25/2023 (e)		44,717		47,569

Series 2014-M3, Class A2, 3.50%, 1/25/2024 (e)		41,229		43,875

Series 2017-M10, Class AV2, 2.65%, 7/25/2024 (e)		50,000		51,537

Series 2016-M6, Class A1, 2.14%, 5/25/2026		48,562		49,145

Series 2018-M10, Class A2, 3.50%, 7/25/2028 (e)		40,000		44,191

Series 2019-M1, Class A2, 3.67%, 9/25/2028 (e)		35,000		39,154


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Series 2018-M13, Class A1, 3.82%, 3/25/2030 (e)		34,803		38,982

GS Mortgage Securities Corp. IISeries 2013-GC10, Class AAB, 2.56%, 2/10/2046		13,722		13,814

GS Mortgage Securities Trust

Series 2011-GC5, Class A4, 3.71%, 8/10/2044		60,000		61,302

Series 2012-GCJ9, Class A3, 2.77%, 11/10/2045		39,658		40,567

Series 2014-GC24, Class AAB, 3.65%, 9/10/2047		25,000		25,976

Series 2015-GC28, Class A4, 3.14%, 2/10/2048		40,000		42,138

Series 2015-GC30, Class A4, 3.38%, 5/10/2050		25,000		26,692

JP Morgan Chase Commercial Mortgage Securities Trust

Series 2012-C8, Class A3, 2.83%, 10/15/2045		7,849		8,034

Series 2013-C16, Class ASB, 3.67%, 12/15/2046		20,321		20,961

Series 2012-LC9, Class A5, 2.84%, 12/15/2047		25,000		25,604

JPMBB Commercial Mortgage Securities Trust

Series 2014-C19, Class A3, 3.67%, 4/15/2047		40,000		40,901

Series 2015-C29, Class B, 4.12%, 5/15/2048 ‡ (e)		40,000		42,859

Series 2015-C31, Class A3, 3.80%, 8/15/2048		40,000		43,809

JPMDB Commercial Mortgage Securities Trust

Series 2016-C2, Class B, 3.99%, 6/15/2049 (e)		20,000		21,612

Series 2017-C5, Class B, 4.01%, 3/15/2050 ‡ (e)		20,000		21,705

Morgan Stanley Bank of America Merrill Lynch Trust

Series 2012-C5, Class A4, 3.18%, 8/15/2045		20,000		20,565

Series 2014-C14, Class A3, 3.67%, 2/15/2047		34,491		35,099

Series 2014-C17, Class A3, 3.53%, 8/15/2047		29,000		29,713

Series 2015-C22, Class AS, 3.56%, 4/15/2048 ‡		40,000		42,199

Series 2015-C25, Class ASB, 3.38%, 10/15/2048		50,000		52,102

SEE NOTES TO FINANCIAL STATEMENTS.



122	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Series 2015-C25, Class A5, 3.64%, 10/15/2048		40,000		43,425

Morgan Stanley Capital I Trust

Series 2012-C4, Class A4, 3.24%, 3/15/2045		38,000		38,990

Series 2017-H1, Class C, 4.28%, 6/15/2050 ‡ (e)		50,000		54,101

UBS Commercial Mortgage Trust

Series 2012-C1, Class A3, 3.40%, 5/10/2045		29,179		29,999

Series 2017-C1, Class A2, 2.98%, 6/15/2050		30,000		30,650

Series 2017-C4, Class ASB, 3.37%, 10/15/2050		40,000		42,347

UBS-Barclays Commercial MortgageTrust Series 2012-C2, Class A4, 3.53%, 5/10/2063		20,000		20,763

Wells Fargo Commercial Mortgage Trust

Series 2012-LC5, Class A3, 2.92%, 10/15/2045		79,638		81,687

Series 2015-C27, Class A4, 3.19%, 2/15/2048		45,433		47,648

Series 2015-C29, Class A4, 3.64%, 6/15/2048		20,000		21,651

Series 2018-C45, Class A3, 3.92%, 6/15/2051		45,000		50,609

Series 2015-NXS3, Class A2, 2.85%, 9/15/2057		70,000		70,287

WFRBS Commercial Mortgage Trust

Series 2012-C9, Class AS, 3.39%, 11/15/2045		60,000		62,110

Series 2014-C20, Class A3, 3.64%, 5/15/2047		9,891		10,108

Series 2013-C12, Class ASB, 2.84%, 3/15/2048		7,425		7,502

Series 2014-C22, Class A4, 3.49%, 9/15/2057		40,000		42,562

Series 2014-C22, Class A5, 3.75%, 9/15/2057		25,000		26,960


Total Commercial Mortgage-Backed Securities (Cost $3,702,923)				3,838,568

Foreign Government Securities — 1.6%

Canada Government Bond (Canada)

2.63%, 1/25/2022		65,000		66,677

2.00%, 11/15/2022		25,000		25,398

Export Development Canada (Canada)

2.00%, 5/17/2022		25,000		25,305

2.75%, 3/15/2023		25,000		26,075


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Export-Import Bank of Korea (South Korea) 2.63%, 12/30/2020		200,000		201,352

Italy Government Bond (Italy) 5.38%, 6/15/2033		96,000		111,422

Japan Bank for International Cooperation (Japan) 2.88%, 7/21/2027		218,000		234,045

Province of Alberta (Canada) 2.95%, 1/23/2024		50,000		52,819

Province of British Columbia Canada (Canada) 2.25%, 6/2/2026		49,000		50,685

Province of Ontario (Canada)

2.55%, 2/12/2021		20,000		20,226

2.55%, 4/25/2022		45,000		46,055

3.40%, 10/17/2023		95,000		101,520

3.05%, 1/29/2024		55,000		58,341

2.30%, 6/15/2026		30,000		31,052

Province of Quebec (Canada)

2.75%, 8/25/2021		50,000		51,032

2.38%, 1/31/2022		25,000		25,447

Republic of Colombia (Colombia)

8.13%, 5/21/2024		40,000		50,100

4.50%, 3/15/2029		90,000		102,234

10.38%, 1/28/2033		36,000		57,060

Republic of Hungary (Hungary)

6.38%, 3/29/2021		40,000		42,537

5.75%, 11/22/2023		50,000		56,891

Republic of Indonesia (Indonesia) 2.95%, 1/11/2023		200,000		202,476

Republic of Panama (Panama) 6.70%, 1/26/2036		40,000		58,500

Republic of Peru (Peru) 6.55%, 3/14/2037		25,000		37,945

Republic of Philippines (Philippines)

9.50%, 10/21/2024		90,000		121,839

10.63%, 3/16/2025		48,000		69,195

9.50%, 2/2/2030		27,000		44,668

Republic of Poland (Poland) 5.13%, 4/21/2021		95,000		99,864

Republic of Uruguay (Uruguay)

8.00%, 11/18/2022		136,000		154,318

4.50%, 8/14/2024		29,000		31,510

Svensk Exportkredit AB (Sweden) 2.88%, 3/14/2023		201,000		209,880

Tunisia Government Bond (Tunisia) 1.42%, 8/5/2021		205,000		203,176

United Mexican States (Mexico)

3.50%, 1/21/2021		30,000		30,581

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	123

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

8.00%, 9/24/2022		25,000		28,820

4.00%, 10/2/2023		70,000		74,287

6.75%, 9/27/2034		25,000		33,938

4.60%, 1/23/2046		200,000		217,063

5.75%, 10/12/2110		108,000		127,744


Total Foreign Government Securities (Cost $3,036,398)				3,182,077

Supranational — 1.3%

Asian Development Bank (Supranational)

2.88%, 11/27/2020		84,000		85,163

1.88%, 2/18/2022		47,000		47,407

1.75%, 9/13/2022		40,000		40,293

2.50%, 11/2/2027		80,000		85,658

3.13%, 9/26/2028		80,000		90,366

Corp. Andina de Fomento (Supranational)

2.13%, 9/27/2021		30,000		29,896

3.75%, 11/23/2023		125,000		132,500

Council of Europe Development Bank (Supranational) 2.50%, 2/27/2024		25,000		26,077

European Bank for Reconstruction & Development (Supranational)

2.00%, 2/1/2021		25,000		25,119

1.50%, 11/2/2021		32,000		31,947

European Investment Bank (Supranational)

2.38%, 5/13/2021		70,000		70,902

2.88%, 12/15/2021		30,000		30,902

2.63%, 5/20/2022		26,000		26,776

2.38%, 6/15/2022		67,000		68,570

2.00%, 12/15/2022		99,000		100,812

1.88%, 2/10/2025		200,000		204,531

2.38%, 5/24/2027		41,000		43,541

4.88%, 2/15/2036		29,000		40,713

Inter-American Development Bank (Supranational)

3.13%, 9/18/2028		109,000		123,309

2.25%, 6/18/2029		95,000		100,813

3.20%, 8/7/2042		207,000		247,497

4.38%, 1/24/2044		145,000		206,042

International Bank for Reconstruction & Development (Supranational)

1.63%, 9/4/2020		25,000		24,955

1.63%, 3/9/2021		89,000		88,992

1.38%, 5/24/2021		130,000		129,487

2.78%, 6/5/2024		52,000		52,175

2.50%, 11/25/2024		50,000		52,574

2.50%, 7/29/2025		130,000		137,401


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


3.13%, 11/20/2025		70,000		76,685

1.88%, 10/27/2026		89,000		91,231


Total Supranational (Cost $2,357,266)				2,512,334

U.S. Government Agency Securities — 1.3%

FFCB

1.68%, 10/13/2020		50,000		50,006

1.75%, 10/26/2020		75,000		75,060

2.55%, 3/11/2021		100,000		101,404

1.85%, 8/5/2022		34,000		34,326

FHLB

1.38%, 2/18/2021		55,000		54,856

2.07%, 8/26/2021		60,000		60,009

3.00%, 10/12/2021		30,000		30,903

1.88%, 11/29/2021		80,000		80,611

2.63%, 12/10/2021		110,000		112,735

3.38%, 12/8/2023		100,000		107,853

2.50%, 2/13/2024		30,000		31,374

3.25%, 11/16/2028		60,000		68,083

5.63%, 3/14/2036		50,000		74,964

5.50%, 7/15/2036		35,000		52,180

FHLMC

1.13%, 8/12/2021		60,000		59,567

2.38%, 1/13/2022		50,000		50,960

2.55%, 6/6/2022		47,000		47,001

2.75%, 6/19/2023		218,000		228,050

2.49% 12/14/2029		80,000		65,512

6.25%, 7/15/2032		40,000		60,218

FNMA

2.88%, 10/30/2020		30,000		30,419

2.50%, 4/13/2021		84,000		85,254

1.25%, 5/6/2021		34,000		33,835

1.25%, 8/17/2021		36,000		35,789

2.00%, 1/5/2022		55,000		55,553

2.38%, 1/19/2023		121,000		124,534

2.88%, 9/12/2023		50,000		52,786

2.50%, 2/5/2024		84,000		87,888

2.63%, 9/6/2024		25,000		26,426

2.13%, 4/24/2026		90,000		93,448

1.88%, 9/24/2026		50,000		51,246

Israel Government AID Bond (Israel) 5.50%, 12/4/2023		70,000		81,132

Tennessee Valley Authority

3.88%, 2/15/2021		20,000		20,640

1.88%, 8/15/2022		80,000		80,582

SEE NOTES TO FINANCIAL STATEMENTS.



124	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
U.S. Government Agency Securities — continued

3.50%, 12/15/2042		50,000		59,092

4.25%, 9/15/2065		10,000		14,337


Total U.S. Government Agency Securities (Cost $2,280,074)				2,378,633

Municipal Bonds — 0.7%

California — 0.2%

Education — 0.1%

Regents of the University of California Medical Center Pooled Series H, Rev., 6.55%, 5/15/2048		40,000		62,029


General Obligation — 0.1%

State of California Series 2018, GO, 2.80%, 4/1/2021		35,000		35,525

State of California, Various Purpose

GO, 5.70%, 11/1/2021		50,000		53,860

GO, 7.55%, 4/1/2039		80,000		134,125


				223,510


Transportation — 0.0% (c)

Bay Area Toll Authority, Toll Bridge, San Francisco Bay AreaSeries 2010S-1, Rev., 6.92%, 4/1/2040		40,000		61,435


Utility — 0.0% (c)

State of California Department of Water Resources Power Supply Series 2016P, Rev., 2.00%, 5/1/2022		35,000		35,352


Total California				382,326


Florida — 0.1%

Other Revenue — 0.1%

State Board of Administration Finance Corp.

Series 2013A, Rev., 3.00%, 7/1/2020		45,000		45,375

Series 2016A, Rev., 2.64%, 7/1/2021		100,000		101,128


				146,503


Total Florida				146,503


Illinois — 0.1%

General Obligation — 0.1%

Metropolitan Water Reclamation District of Greater Chicago, Build America Bonds GO, 5.72%, 12/1/2038		55,000		75,909

State of Illinois, Taxable Pension

Series 2003, GO, 4.95%, 6/1/2023		65,455		68,478


				144,387


Other Revenue — 0.0% (c)

Sales Tax Securitization Corp. Series 2019A, Rev., 4.64%, 1/1/2040		60,000		70,572


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Transportation — 0.0% (c)

Chicago O’Hare International Airport, Senior Lien Rev., 4.47%, 1/1/2049		25,000		32,415


Total Illinois				247,374


Massachusetts — 0.0% (c)

General Obligation — 0.0% (c)

Commonwealth of Massachusetts, Consolidated Loan of 2010, Build America Bonds

Series 2010E, GO, 4.20%, 12/1/2021		40,000		41,409

Series A, GO, 4.91%, 5/1/2029		15,000		18,288


				59,697


Total Massachusetts				59,697


Missouri — 0.0% (c)

Hospital — 0.0% (c)

Health and Educational Facilities Authority of the State of Missouri, Educational Facilities, The Washington University Series 2017A, Rev., 3.65%, 8/15/2057		45,000		52,662


New Jersey — 0.1%

Other Revenue — 0.0% (c)

New Jersey Economic Development Authority, Pension Funding Series 1997B, Rev., AGM, 0.00%, 2/15/2023		40,000		37,303


Transportation — 0.1%

New Jersey Transportation Trust Fund Authority, Build America Bonds Series C, Rev., 6.10%, 12/15/2028		65,000		67,991


Total New Jersey				105,294


New York — 0.1%

General Obligation — 0.0% (c)

City of New York, Build America BondsSeries H-1, GO, 6.25%, 6/1/2035		25,000		25,812

City of New York, Fiscal Year 2010, Build America Bonds SubseriesA-2, GO, 5.21%, 10/1/2031		25,000		30,619


				56,431


Special Tax — 0.0% (c)

New York State Urban Development Corp., State Personal Income Tax, Build America Bonds Series 2009E, Rev., 5.77%, 3/15/2039		25,000		31,651

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	125

JPMorgan U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Transportation — 0.1%

Port Authority of New York & New Jersey Series 182, Rev., 5.31%, 8/1/2046		60,000		67,558


Total New York				155,640


Oregon — 0.0% (c)

General Obligation — 0.0% (c)

State of Oregon GO, 5.76%, 6/1/2023		33,809		36,789


Texas — 0.1%

Education — 0.0% (c)

Permanent University Fund — Texas A&M University System Series B, Rev., 3.66%, 7/1/2047		20,000		21,299


General Obligation — 0.1%

City of Houston GO, 3.96%, 3/1/2047		40,000		46,887


Total Texas				68,186


Total Municipal Bonds (Cost $1,162,203)				1,254,471

Asset-Backed Securities — 0.5%

Ally Auto ReceivablesTrust Series 2018-2, Class A3, 2.92%, 11/15/2022		30,000		30,255

Ally Master Owner TrustSeries 2018-1, Class A2, 2.70%, 1/17/2023		30,000		30,297

American Express Credit Account MasterTrust Series 2018-6, Class A, 3.06%, 2/15/2024		100,000		102,493

AmeriCredit Automobile Receivables Trust

Series 2018-1, Class A3, 3.07%, 12/19/2022		20,000		20,168

Series 2018-1, Class C, 3.50%, 1/18/2024		15,000		15,485

Capital One Multi-Asset Execution Trust

Series 2015-A8, Class A8, 2.05%, 8/15/2023		20,000		20,041

Series 2016-A5, Class A5, 1.66%, 6/17/2024		20,000		19,987

Series 2017-A6, Class A6, 2.29%, 7/15/2025		10,000		10,192

CarMax Auto Owner Trust

Series 2016-4, Class A4, 1.60%, 6/15/2022		20,000		19,920

Series 2016-1, Class D, 3.11%, 8/15/2022		26,000		26,068

Series 2018-1, Class A4, 2.64%, 6/15/2023		25,000		25,444

Citibank Credit Card Issuance TrustSeries 2018-A6, Class A6, 3.21%, 12/7/2024		50,000		52,460	��


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Discover Card Execution Note Trust

Series 2018-A4, Class A4, 3.11%, 1/16/2024		40,000		41,012

Series 2018-A1, Class A1, 3.03%, 8/15/2025		18,000		18,785

Drive Auto Receivables TrustSeries 2018-1, Class D, 3.81%, 5/15/2024		46,000		46,825

Ford Credit Auto Owner TrustSeries 2018-A, Class A3, 3.03%, 11/15/2022		50,000		50,600

Ford Credit Floorplan Master Owner Trust ASeries 2018-1, Class A1, 2.95%, 5/15/2023		30,000		30,529

Honda Auto Receivables Owner Trust

Series 2018-1, Class A3, 2.64%, 2/15/2022		20,000		20,107

Series 2016-4, Class A4, 1.36%, 1/18/2023		67,000		66,687

Hyundai Auto Receivables TrustSeries 2016-B, Class C, 2.19%, 11/15/2022		20,000		20,026

Santander Drive Auto Receivables Trust

Series 2018-3, Class C, 3.51%, 8/15/2023		25,000		25,363

Series 2019-1, Class C, 3.42%, 4/15/2025		20,000		20,455

Synchrony Credit Card Master Note TrustSeries 2018-2, Class A, 3.47%, 5/15/2026		50,000		52,982

Toyota Auto Receivables Owner TrustSeries 2018-C, Class A3, 3.02%, 12/15/2022		70,000		71,329


Total Asset-Backed Securities (Cost $824,386)				837,510


	SHARES
Short-Term Investments — 0.3%

Investment Companies — 0.3%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.99% (f) (g) (Cost $503,250)		503,250		503,250


Total Investments — 99.7% (Cost $180,134,081)				189,203,081

Other Assets Less Liabilities — 0.3%				655,828


NET ASSETS — 100.0%				189,858,909

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



126	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


Abbreviations
ACES		Alternative Credit Enhancement Securities
AGM		Insured by Assured Guaranty Municipal Corp.
FFCB		Federal Farm Credit Bank
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		General Obligation
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
Rev.		Revenue
UMBS		Uniform Mortgage-Backed Securities
USD		United States Dollar

(a)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.


(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2019.
(c)		Amount rounds to less than 0.1% of net assets.
(d)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(e)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2019.
(f)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(g)		The rate shown is the current yield as of August 31, 2019.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	127

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Corporate Bonds — 64.8%

Aerospace & Defense — 0.2%

General Dynamics Corp. (ICE LIBOR USD 3 Month + 0.29%), 2.47%, 5/11/2020 (a)		834,000		835,063

Lockheed Martin Corp. 4.25%, 11/15/2019		8,237,000		8,269,207

United Technologies Corp. (ICE LIBOR USD 3 Month + 0.65%), 2.82%, 8/16/2021 (a)		6,881,000		6,881,831


				15,986,101


Automobiles — 2.5%

BMW US Capital LLC (Germany) 1.45%, 9/13/2019 (b)		12,245,000		12,241,527

(ICE LIBOR USD 3 Month + 0.38%), 2.68%, 4/6/2020 (a) (b)		15,489,000		15,511,365

(ICE LIBOR USD 3 Month + 0.41%), 2.75%, 4/12/2021 (a) (b)		12,300,000		12,303,542

(ICE LIBOR USD 3 Month + 0.50%), 2.68%, 8/13/2021 (a) (b)		979,000		981,290

(ICE LIBOR USD 3 Month + 0.64%), 2.94%, 4/6/2022 (a) (b)		10,500,000		10,519,916

Daimler Finance North America LLC (Germany)

2.25%, 3/2/2020 (b)		19,324,000		19,316,968

(ICE LIBOR USD 3 Month + 0.39%), 2.68%, 5/4/2020 (a) (b)		6,242,000		6,247,191

3.10%, 5/4/2020 (b)		6,874,000		6,911,681

2.20%, 5/5/2020 (b)		2,405,000		2,405,142

(ICE LIBOR USD 3 Month + 0.53%), 2.82%, 5/5/2020 (a) (b)		3,745,000		3,750,533

2.70%, 8/3/2020 (b)		5,567,000		5,590,959

(ICE LIBOR USD 3 Month + 0.43%), 2.61%, 2/12/2021 (a) (b)		3,400,000		3,395,376

(ICE LIBOR USD 3 Month + 0.45%), 2.60%, 2/22/2021 (a) (b)		2,600,000		2,596,489

(ICE LIBOR USD 3 Month + 0.90%), 3.06%, 2/15/2022 (a) (b)		24,697,000		24,798,455

(ICE LIBOR USD 3 Month + 0.88%), 3.03%, 2/22/2022 (a) (b)		28,500,000		28,611,641

Nissan Motor Acceptance Corp.

1.55%, 9/13/2019 (b)		3,196,000		3,195,331

2.25%, 1/13/2020 (b)		15,977,000		15,964,128

(ICE LIBOR USD 3 Month + 0.58%), 2.88%, 1/13/2020 (a) (b)		630,000		630,624

2.13%, 3/3/2020 (b)		4,651,000		4,643,404

(ICE LIBOR USD 3 Month + 0.39%), 2.72%, 9/28/2020 (a) (b)		5,350,000		5,349,452


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Automobiles — continued

Volkswagen Group of America Finance LLC (Germany)

2.45%, 11/20/2019 (b)		16,215,000		16,213,145

2.40%, 5/22/2020 (b)		1,700,000		1,701,829

(ICE LIBOR USD 3 Month + 0.94%), 3.12%, 11/12/2021 (a) (b)		5,700,000		5,729,796


				208,609,784


Banks — 30.0%

ABN AMRO Bank NV (Netherlands)

1.80%, 9/20/2019 (b)		39,356,000		39,340,258

2.45%, 6/4/2020 (b)		13,319,000		13,336,155

(ICE LIBOR USD 3 Month + 0.41%), 2.71%, 1/19/2021 (a) (b)		4,400,000		4,405,702

(ICE LIBOR USD 3 Month + 0.57%), 2.70%, 8/27/2021 (a) (b)		21,178,000		21,253,690

ANZ New Zealand Int’l Ltd. (New Zealand)

2.60%, 9/23/2019 (b)		1,590,000		1,590,339

2.20%, 7/17/2020 (b)		17,556,000		17,578,944

2.85%, 8/6/2020 (b)		2,350,000		2,367,714

2.75%, 1/22/2021 (b)		4,556,000		4,598,611

2.75%, 2/3/2021 (b)		835,000		842,331

(ICE LIBOR USD 3 Month + 1.01%), 3.27%, 7/28/2021 (a) (b)		13,356,000		13,509,356

Australia & New Zealand Banking Group Ltd. (Australia)

2.05%, 9/23/2019		3,913,000		3,912,846

(ICE LIBOR USD 3 Month + 0.32%), 2.64%, 7/2/2020 (a) (b)		3,000,000		3,004,335

2.25%, 11/9/2020		14,135,000		14,187,635

(ICE LIBOR USD 3 Month + 0.32%), 2.50%, 11/9/2020 (a) (b)		4,341,000		4,349,686

(ICE LIBOR USD 3 Month + 0.46%), 2.58%, 5/17/2021 (a) (b)		2,300,000		2,306,613

(ICE LIBOR USD 3 Month + 0.99%), 3.51%, 6/1/2021 (a) (b)		2,100,000		2,123,919

(ICE LIBOR USD 3 Month + 0.87%), 3.02%, 11/23/2021 (a) (b)		1,470,000		1,485,126

Bank of America Corp.

Series L, 2.25%, 4/21/2020		11,965,000		11,976,050

(ICE LIBOR USD 3 Month + 0.65%), 3.00%, 6/25/2022 (a)		10,680,000		10,726,570

(ICE LIBOR USD 3 Month + 1.18%), 3.46%, 10/21/2022 (a)		18,504,000		18,743,363

Bank of America NA (ICE LIBOR USD 3 Month + 0.35%), 2.48%, 5/24/2021 (a)		35,876,000		35,893,899

SEE NOTES TO FINANCIAL STATEMENTS.



128	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Banks — continued

Bank of Montreal (Canada) 3.10%, 7/13/2020		12,600,000		12,728,446

(ICE LIBOR USD 3 Month + 0.40%), 2.68%, 1/22/2021 (a)		69,769,000		69,935,423

Series D, (ICE LIBOR USD 3 Month + 0.46%), 2.76%, 4/13/2021 (a)		1,819,000		1,826,212

(ICE LIBOR USD 3 Month + 0.57%), 2.90%, 3/26/2022 (a)		30,500,000		30,612,564

Bank of Nova Scotia (The) (Canada) (ICE LIBOR USD 3 Month + 0.42%), 2.70%, 1/25/2021 (a)		52,500,000		52,677,228

(ICE LIBOR USD 3 Month + 0.64%), 3.11%, 3/7/2022 (a)		10,098,000		10,159,356

Banque Federative du Credit Mutuel SA (France)

2.20%, 7/20/2020 (b)		13,530,000		13,550,264

(ICE LIBOR USD 3 Month + 0.49%), 2.77%, 7/20/2020 (a) (b)		750,000		752,280

2.75%, 10/15/2020 (b)		33,626,000		33,891,846

(ICE LIBOR USD 3 Month + 0.73%), 3.01%, 7/20/2022 (a) (b)		30,361,000		30,507,451

Barclays Bank plc (United Kingdom) 5.13%, 1/8/2020		1,277,000		1,288,886

(ICE LIBOR USD 3 Month + 0.65%), 2.86%, 8/7/2020 (a)		1,886,000		1,890,738

BB&T Corp. 2.45%, 1/15/2020		12,925,000		12,934,177

(ICE LIBOR USD 3 Month + 0.57%), 2.98%, 6/15/2020 (a)		24,141,000		24,225,599

(ICE LIBOR USD 3 Month + 0.22%), 2.47%, 2/1/2021 (a)		10,007,000		9,993,421

BBVA USA (ICE LIBOR USD 3 Month + 0.73%), 3.18%, 6/11/2021 (a)		9,511,000		9,492,384

BNP Paribas SA (France)

2.38%, 5/21/2020		13,894,000		13,920,590

5.00%, 1/15/2021		8,392,000		8,716,140

(ICE LIBOR USD 3 Month + 0.39%), 2.57%, 8/7/2021 (a) (b)		55,000,000		54,999,862

BNZ International Funding Ltd. (New Zealand)

2.40%, 2/21/2020 (b)		3,565,000		3,569,352

(ICE LIBOR USD 3 Month + 0.70%), 2.85%, 2/21/2020 (a) (b)		3,737,000		3,747,707

(ICE LIBOR USD 3 Month + 0.98%), 3.41%, 9/14/2021 (a) (b)		21,969,000		22,234,498

Branch Banking & Trust Co. 2.10%, 1/15/2020		1,761,000		1,760,821

(ICE LIBOR USD 3 Month + 0.45%), 2.75%, 1/15/2020 (a)		13,300,000		13,314,523


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

(ICE LIBOR USD 3 Month + 0.22%), 2.74%, 6/1/2020 (a)		7,322,000		7,325,878

2.85%, 4/1/2021		4,492,000		4,545,502

Capital One NA

1.85%, 9/13/2019		13,286,000		13,284,260

2.35%, 1/31/2020		9,666,000		9,668,103

(ICE LIBOR USD 3 Month + 0.82%), 3.01%, 8/8/2022 (a)		17,800,000		17,798,818

Citibank NA

(ICE LIBOR USD 3 Month + 0.50%), 2.94%, 6/12/2020 (a)		1,690,000		1,694,946

(ICE LIBOR USD 3 Month + 0.57%), 2.83%, 7/23/2021 (a)		9,059,000		9,091,804

(ICE LIBOR USD 3 Month + 0.53%), 2.65%, 2/19/2022 (a)		25,800,000		25,823,109

(ICE LIBOR USD 3 Month + 0.60%), 2.74%, 5/20/2022 (a)		4,100,000		4,107,551

Citigroup, Inc.

(ICE LIBOR USD 3 Month + 1.38%), 3.71%, 3/30/2021 (a)		8,313,000		8,438,491

(ICE LIBOR USD 3 Month + 1.19%), 3.46%, 8/2/2021 (a)		7,950,000		8,054,430

(ICE LIBOR USD 3 Month + 0.96%), 3.24%, 4/25/2022 (a)		22,058,000		22,298,690

Citizens Bank NA 2.25%, 3/2/2020		34,000,000		34,005,777

(ICE LIBOR USD 3 Month + 0.54%), 3.06%, 3/2/2020 (a)		10,400,000		10,414,712

2.20%, 5/26/2020		6,668,000		6,666,971

(ICE LIBOR USD 3 Month + 0.57%), 2.70%, 5/26/2020 (a)		3,900,000		3,911,759

2.25%, 10/30/2020		3,220,000		3,224,661

(ICE LIBOR USD 3 Month + 0.72%), 2.90%, 2/14/2022 (a)		13,543,000		13,556,047

Comerica Bank 2.50%, 6/2/2020		20,077,000		20,130,997

Commonwealth Bank of Australia (Australia)

2.30%, 9/6/2019		6,371,000		6,371,057

5.00%, 10/15/2019 (b)		10,844,000		10,879,239

1.75%, 11/7/2019 (b)		11,325,000		11,315,973

2.25%, 3/10/2020 (b)		11,042,000		11,054,675

(ICE LIBOR USD 3 Month + 0.45%), 2.90%, 3/10/2020 (a) (b)		1,180,000		1,182,405

2.30%, 3/12/2020		3,150,000		3,154,284

(ICE LIBOR USD 3 Month + 0.68%), 3.08%, 9/18/2022 (a) (b)		20,500,000		20,641,323

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	129

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Banks — continued

Cooperatieve Rabobank UA (Netherlands)

2.25%, 1/14/2020		12,456,000		12,464,770

4.75%, 1/15/2020 (b)		10,067,000		10,162,109

2.50%, 1/19/2021		17,690,000		17,810,143

(ICE LIBOR USD 3 Month + 0.43%), 2.70%, 4/26/2021 (a)		4,750,000		4,763,431

3.13%, 4/26/2021		7,586,000		7,719,268

(ICE LIBOR USD 3 Month + 0.83%), 3.17%, 1/10/2022 (a)		3,700,000		3,737,038

Credit Agricole Corporate & Investment Bank SA (France) (ICE LIBOR USD 3 Month + 0.63%), 2.96%, 10/3/2021 (a)		32,889,000		32,948,447

Credit Agricole SA (France) 2.75%, 6/10/2020 (b)		25,670,000		25,782,632

(ICE LIBOR USD 3 Month + 0.97%), 3.42%, 6/10/2020 (a) (b)		3,549,000		3,570,091

(ICE LIBOR USD 3 Month + 1.18%), 3.50%, 7/1/2021 (a) (b)		6,523,000		6,609,574

Credit Suisse Group Funding Guernsey Ltd. (Switzerland)

3.13%, 12/10/2020		33,933,000		34,313,853

(ICE LIBOR USD 3 Month + 2.29%), 4.59%, 4/16/2021 (a)		6,956,000		7,155,954

DBS Group Holdings Ltd. (Singapore) (ICE LIBOR USD 3 Month + 0.49%),

2.94%, 6/8/2020 (a) (b)		9,339,000		9,343,693

2.85%, 4/16/2022 (b)		18,777,000		19,091,218

DNB Bank ASA (Norway) 2.13%, 10/2/2020 (b)		8,133,000		8,137,166

(ICE LIBOR USD 3 Month + 0.37%), 2.69%, 10/2/2020 (a) (b)		7,500,000		7,514,645

2.38%, 6/2/2021 (b)		29,079,000		29,200,573

Federation des Caisses Desjardins du Quebec (Canada)

2.25%, 10/30/2020 (b)		15,437,000		15,477,154

(ICE LIBOR USD 3 Month + 0.33%), 2.60%, 10/30/2020 (a) (b)		700,000		701,342

Fifth Third Bancorp 2.88%, 7/27/2020		46,641,000		46,945,733

Fifth Third Bank

1.63%, 9/27/2019		7,695,000		7,691,881

(ICE LIBOR USD 3 Month + 0.59%), 2.90%, 9/27/2019 (a)		1,278,000		1,278,486

2.20%, 10/30/2020		9,340,000		9,361,369

(ICE LIBOR USD 3 Month + 0.25%), 2.52%, 10/30/2020 (a)		9,905,000		9,912,450

(ICE LIBOR USD 3 Month + 0.44%), 2.71%, 7/26/2021 (a)		1,300,000		1,302,369


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

First Niagara Financial Group, Inc. 6.75%, 3/19/2020		12,012,000		12,302,479

HSBC Holdings plc (United Kingdom) (ICE LIBOR USD 3 Month + 2.24%),

4.69%, 3/8/2021 (a)		3,423,000		3,511,835

5.10%, 4/5/2021		6,520,000		6,805,872

(ICE LIBOR USD 3 Month + 0.60%), 2.72%, 5/18/2021 (a)		9,538,000		9,541,894

(ICE LIBOR USD 3 Month + 1.66%), 3.79%, 5/25/2021 (a)		16,910,000		17,227,538

(ICE LIBOR USD 3 Month + 0.65%), 3.09%, 9/11/2021 (a)		25,986,000		26,009,435

(ICE LIBOR USD 3 Month + 1.50%), 3.79%, 1/5/2022 (a)		14,543,000		14,808,706

HSBC USA, Inc.

2.38%, 11/13/2019		11,836,000		11,837,281

2.35%, 3/5/2020		11,540,000		11,551,933

5.00%, 9/27/2020		2,661,000		2,738,024

Huntington Bancshares, Inc. 3.15%, 3/14/2021		5,019,000		5,091,843

Huntington National Bank (The) 2.38%, 3/10/2020		11,834,000		11,843,625

(ICE LIBOR USD 3 Month + 0.51%), 2.96%, 3/10/2020 (a)		1,257,000		1,259,596

2.40%, 4/1/2020		3,086,000		3,090,658

(ICE LIBOR USD 3 Month + 0.55%), 2.84%, 2/5/2021 (a)		22,116,000		22,184,845

ING Groep NV (Netherlands) (ICE LIBOR USD 3 Month + 1.15%), 3.48%, 3/29/2022 (a)		19,625,000		19,842,639

KeyBank NA

2.50%, 12/15/2019		9,321,000		9,329,708

2.25%, 3/16/2020		10,776,000		10,786,271

Lloyds Bank plc (United Kingdom) 5.80%, 1/13/2020 (b)		11,970,000		12,121,570

(ICE LIBOR USD 3 Month + 0.49%), 2.70%, 5/7/2021 (a)		2,101,000		2,101,107

Manufacturers & Traders Trust Co. (ICE LIBOR USD 3 Month + 0.61%), 2.73%, 5/18/2022 (a)		14,091,000		14,105,729

Mitsubishi UFJ Financial Group, Inc. (Japan)

2.95%, 3/1/2021		5,500,000		5,559,672

(ICE LIBOR USD 3 Month + 0.65%), 2.92%, 7/26/2021 (a)		9,060,000		9,086,691

(ICE LIBOR USD 3 Month + 1.06%), 3.51%, 9/13/2021 (a)		7,076,000		7,150,605

(ICE LIBOR USD 3 Month + 0.92%), 3.07%, 2/22/2022 (a)		4,689,000		4,720,618

SEE NOTES TO FINANCIAL STATEMENTS.



130	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Banks — continued

(ICE LIBOR USD 3 Month + 0.79%), 3.07%, 7/25/2022 (a)		20,592,000		20,673,406

Mitsubishi UFJ Trust & Banking Corp. (Japan) 2.45%, 10/16/2019 (b)		23,344,000		23,348,295

Mizuho Financial Group, Inc. (Japan) 2.63%, 4/12/2021 (b)		47,556,000		47,844,262

(ICE LIBOR USD 3 Month + 1.14%), 3.59%, 9/13/2021 (a)		14,870,000		15,042,016

(ICE LIBOR USD 3 Month + 0.94%), 3.08%, 2/28/2022 (a)		6,525,000		6,562,813

(ICE LIBOR USD 3 Month + 0.88%), 3.33%, 9/11/2022 (a)		7,800,000		7,829,442

MUFG Bank Ltd. (Japan)

2.35%, 9/8/2019 (b)		10,549,000		10,548,973

2.30%, 3/5/2020 (b)		15,997,000		16,011,830

National Australia Bank Ltd. (Australia)

2.40%, 12/9/2019 (b)		3,000,000		3,002,731

2.25%, 1/10/2020		3,357,000		3,358,533

2.13%, 5/22/2020		2,985,000		2,988,427

(ICE LIBOR USD 3 Month + 0.35%), 2.69%, 1/12/2021 (a) (b)		7,670,000		7,684,222

(ICE LIBOR USD 3 Month + 1.00%), 3.34%, 7/12/2021 (a) (b)		4,750,000		4,809,449

(ICE LIBOR USD 3 Month + 0.71%), 2.95%, 11/4/2021 (a) (b)		17,000,000		17,142,416

(ICE LIBOR USD 3 Month + 0.72%), 2.87%, 5/22/2022 (a) (b)		10,500,000		10,578,657

National Bank of Canada (Canada) (ICE LIBOR USD 3 Month + 0.60%),

2.90%, 1/17/2020 (a)		16,239,000		16,279,936

2.20%, 11/2/2020		3,148,000		3,157,042

(ICE LIBOR USD 3 Month + 0.40%), 2.79%, 3/21/2021 (a) (b)		60,000,000		60,034,280

Nordea Bank Abp (Finland)

1.63%, 9/30/2019 (b)		724,000		723,692

4.88%, 1/27/2020 (b)		10,475,000		10,588,861

2.13%, 5/29/2020 (b)		18,219,000		18,237,027

(ICE LIBOR USD 3 Month + 0.47%), 2.59%, 5/29/2020 (a) (b)		5,302,000		5,314,924

2.50%, 9/17/2020 (b)		4,505,000		4,524,600

4.88%, 1/14/2021 (b)		4,132,000		4,286,399

2.25%, 5/27/2021 (b)		51,449,000		51,611,742

PNC Bank NA

2.40%, 10/18/2019		6,922,000		6,922,761

2.30%, 6/1/2020		4,368,000		4,375,507

2.50%, 1/22/2021		5,181,000		5,216,640

(ICE LIBOR USD 3 Month + 0.25%), 2.53%, 1/22/2021 (a)		1,500,000		1,500,436


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

2.15%, 4/29/2021		22,347,000		22,411,407

(ICE LIBOR USD 3 Month + 0.50%), 2.76%, 7/27/2022 (a)		2,165,000		2,167,173

Regions Bank (ICE LIBOR USD 3 Month + 0.38%), 2.70%, 4/1/2021 (a)		6,425,000		6,414,145

Royal Bank of Canada (Canada)

(ICE LIBOR USD 3 Month + 0.30%), 2.58%, 7/22/2020 (a)		6,368,000		6,378,395

(ICE LIBOR USD 3 Month + 0.40%), 2.68%, 1/25/2021 (a)		26,500,000		26,592,379

(ICE LIBOR USD 3 Month + 0.39%), 2.66%, 4/30/2021 (a)		7,500,000		7,523,995

Santander UK plc (United Kingdom) 2.35%, 9/10/2019		10,103,000		10,103,353

(ICE LIBOR USD 3 Month + 0.62%), 3.14%, 6/1/2021 (a)		2,800,000		2,801,086

3.40%, 6/1/2021		3,350,000		3,419,393

(ICE LIBOR USD 3 Month + 0.66%), 2.82%, 11/15/2021 (a)		6,288,000		6,303,640

Skandinaviska Enskilda Banken AB (Sweden)

1.50%, 9/13/2019		26,598,000		26,593,542

2.30%, 3/11/2020		4,055,000		4,058,735

2.45%, 5/27/2020 (b)		12,711,000		12,736,905

2.63%, 11/17/2020 (b)		38,006,000		38,200,971

2.63%, 3/15/2021		12,198,000		12,307,712

(ICE LIBOR USD 3 Month + 0.43%), 2.55%, 5/17/2021 (a) (b)		7,500,000		7,516,879

2.80%, 3/11/2022		7,280,000		7,408,362

Societe Generale SA (France)

2.63%, 9/16/2020 (b)		2,026,000		2,035,809

2.50%, 4/8/2021 (b)		6,677,000		6,702,447

(ICE LIBOR USD 3 Month + 1.33%), 3.63%, 4/8/2021 (a) (b)		5,150,000		5,223,117

5.20%, 4/15/2021 (b)		5,000,000		5,239,781

Standard Chartered plc (United Kingdom)

2.40%, 9/8/2019 (b)		3,165,000		3,165,036

2.25%, 4/17/2020 (b)		19,055,000		19,030,788

3.05%, 1/15/2021 (b)		34,673,000		34,910,743

(ICE LIBOR USD 3 Month + 1.15%), 3.43%, 1/20/2023 (a) (b)		10,773,000		10,740,789

Sumitomo Mitsui Banking Corp. (Japan) (ICE LIBOR USD 3 Month + 0.35%), 2.65%, 1/17/2020 (a)		9,863,000		9,873,257

Sumitomo Mitsui Financial Group, Inc. (Japan)

(ICE LIBOR USD 3 Month + 1.11%), 3.43%, 7/14/2021 (a)		5,404,000		5,461,088

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	131

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Banks — continued

(ICE LIBOR USD 3 Month + 0.97%), 3.31%, 1/11/2022 (a)		19,000,000		19,139,728

(ICE LIBOR USD 3 Month + 0.74%), 3.04%, 10/18/2022 (a)		1,890,000		1,897,092

Sumitomo Mitsui Trust Bank Ltd. (Japan)

1.95%, 9/19/2019 (b)		2,432,000		2,431,517

2.05%, 10/18/2019 (b)		5,298,000		5,296,835

(ICE LIBOR USD 3 Month + 0.91%), 3.21%, 10/18/2019 (a) (b)		4,200,000		4,205,392

SunTrust Bank

(ICE LIBOR USD 3 Month + 0.30%), 2.59%, 1/29/2021 (a)		13,273,000		13,291,076

(ICE LIBOR USD 3 Month + 0.59%), 2.71%, 5/17/2022 (a)		12,044,000		12,073,962

SunTrust Banks, Inc. 2.90%, 3/3/2021		8,079,000		8,171,002

Svenska Handelsbanken AB (Sweden) 1.50%, 9/6/2019		11,103,000		11,102,516

(ICE LIBOR USD 3 Month + 0.49%), 2.96%, 9/6/2019 (a)		5,311,000		5,311,215

5.13%, 3/30/2020 (b)		18,279,000		18,594,487

1.95%, 9/8/2020		2,706,000		2,705,511

2.40%, 10/1/2020		8,121,000		8,150,902

2.45%, 3/30/2021		8,784,000		8,845,524

(ICE LIBOR USD 3 Month + 0.47%), 2.60%, 5/24/2021 (a)		28,555,000		28,665,940

Toronto-Dominion Bank (The) (Canada) (ICE LIBOR USD 3 Month + 0.28%), 2.73%, 6/11/2020 (a)		8,731,000		8,745,927

UBS Group Funding Switzerland AG (Switzerland)

2.95%, 9/24/2020 (b)		16,113,000		16,256,415

(ICE LIBOR USD 3 Month + 1.44%), 3.78%, 9/24/2020 (a) (b)		17,549,000		17,789,415

(ICE LIBOR USD 3 Month + 1.78%), 4.08%, 4/14/2021 (a) (b)		1,400,000		1,430,037

3.00%, 4/15/2021 (b)		9,293,000		9,413,266

(ICE LIBOR USD 3 Month + 1.53%), 3.78%, 2/1/2022 (a) (b)		15,805,000		16,178,932

US Bank NA

(ICE LIBOR USD 3 Month + 0.31%), 2.60%, 2/4/2021 (a)		21,496,000		21,531,872

(ICE LIBOR USD 3 Month + 0.32%), 2.59%, 4/26/2021 (a)		1,831,000		1,833,249

Westpac Banking Corp. (Australia)

4.88%, 11/19/2019		7,187,000		7,228,522

2.15%, 3/6/2020		6,612,000		6,616,305

(ICE LIBOR USD 3 Month + 0.28%), 2.44%, 5/15/2020 (a)		1,783,000		1,785,587

3.05%, 5/15/2020		5,500,000		5,536,973


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Banks — continued

(ICE LIBOR USD 3 Month + 0.36%), 2.88%, 9/1/2020 (a) (b)		950,000		951,925

2.60%, 11/23/2020		8,727,000		8,791,757


				2,512,003,062


Beverages — 0.4%

Anheuser-Busch InBev Worldwide, Inc. (Belgium) 6.88%, 11/15/2019		5,773,000		5,806,671

Constellation Brands, Inc. 2.25%, 11/6/2020		8,000,000		8,010,607

(ICE LIBOR USD 3 Month + 0.70%), 2.86%, 11/15/2021 (a)		14,460,000		14,463,149

Diageo Capital plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.24%), 2.36%, 5/18/2020 (a)		2,215,000		2,215,415

Suntory Holdings Ltd. (Japan) 2.55%, 9/29/2019 (b)		2,023,000		2,023,038


				32,518,880


Biotechnology — 0.4%

AbbVie, Inc.

2.50%, 5/14/2020		25,382,000		25,419,533

2.30%, 5/14/2021		10,248,000		10,273,595


				35,693,128


Capital Markets — 4.6%

Bank of New York Mellon Corp. (The) 2.30%, 9/11/2019		4,978,000		4,977,927

CDP Financial, Inc. (Canada) 4.40%, 11/25/2019 (b)		1,172,000		1,178,106

Charles Schwab Corp. (The) (ICE LIBOR USD 3 Month + 0.32%), 2.47%, 5/21/2021 (a)		11,076,000		11,081,240

CPPIB Capital, Inc. (Canada) 1.25%, 9/20/2019 (b)		4,798,000		4,796,033

Goldman Sachs Bank USA 3.20%, 6/5/2020		1,305,000		1,316,483

(SOFR + 0.60%), 2.71%, 5/24/2021 (a)		15,914,000		15,923,524

Goldman Sachs Group, Inc. (The)

2.55%, 10/23/2019		1,033,000		1,033,448

5.38%, 3/15/2020		7,594,000		7,722,120

(ICE LIBOR USD 3 Month + 1.16%), 3.42%, 4/23/2020 (a)		7,445,000		7,483,074

Series D, 6.00%, 6/15/2020		3,000,000		3,086,188

(ICE LIBOR USD 3 Month + 1.20%), 3.61%, 9/15/2020 (a)		5,049,000		5,091,349

(ICE LIBOR USD 3 Month + 0.73%), 3.04%, 12/27/2020 (a)		5,444,000		5,450,967

SEE NOTES TO FINANCIAL STATEMENTS.



132	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Capital Markets — continued

(ICE LIBOR USD 3 Month + 1.77%), 3.90%, 2/25/2021 (a)		5,144,000		5,251,420

(ICE LIBOR USD 3 Month + 1.11%), 3.38%, 4/26/2022 (a)		20,664,000		20,828,513

(ICE LIBOR USD 3 Month + 0.78%), 3.04%, 10/31/2022 (a)		9,934,000		9,956,222

ING Bank NV (Netherlands) 2.50%, 10/1/2019 (b)		10,911,000		10,913,757

(ICE LIBOR USD 3 Month + 0.69%), 3.01%, 10/1/2019 (a) (b)		2,535,000		2,536,580

2.45%, 3/16/2020 (b)		27,206,000		27,259,705

(ICE LIBOR USD 3 Month + 0.97%), 3.09%, 8/17/2020 (a) (b)		6,025,000		6,072,502

5.00%, 6/9/2021 (b)		4,378,000		4,588,254

Macquarie Bank Ltd. (Australia) 2.85%, 1/15/2021 (b)		16,688,000		16,833,848

(ICE LIBOR USD 3 Month + 0.45%), 2.62%, 8/6/2021 (a) (b)		66,780,000		66,717,641

Morgan Stanley

5.63%, 9/23/2019		2,274,000		2,277,918

5.50%, 1/26/2020		6,500,000		6,581,753

(ICE LIBOR USD 3 Month + 1.14%), 3.40%, 1/27/2020 (a)		4,500,000		4,518,374

5.50%, 7/24/2020		4,030,000		4,149,603

5.75%, 1/25/2021		7,403,000		7,766,922

(ICE LIBOR USD 3 Month + 0.55%), 2.73%, 2/10/2021 (a)		5,500,000		5,504,702

2.50%, 4/21/2021		5,500,000		5,530,729

(ICE LIBOR USD 3 Month + 1.40%), 3.68%, 4/21/2021 (a)		5,904,000		5,999,914

(ICE LIBOR USD 3 Month + 0.93%), 3.21%, 7/22/2022 (a)		28,458,000		28,654,887

Nomura Holdings, Inc. (Japan) 6.70%, 3/4/2020		26,732,000		27,325,577

UBS AG (Switzerland) 2.20%, 6/8/2020 (b)		6,737,000		6,740,053

(ICE LIBOR USD 3 Month + 0.58%), 3.03%, 6/8/2020 (a) (b)		3,000,000		3,008,928

2.45%, 12/1/2020 (b)		26,063,000		26,169,337

(ICE LIBOR USD 3 Month + 0.48%), 3.00%, 12/1/2020 (a) (b)		10,162,000		10,186,186


				384,513,784


Chemicals — 0.4%

Air Liquide Finance SA (France)

1.38%, 9/27/2019 (b)		22,816,000		22,800,721

1.75%, 9/27/2021 (b)		3,960,000		3,933,419

Chevron Phillips Chemical Co. LLC 2.45%, 5/1/2020 (b)		2,922,000		2,923,127


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Chemicals — continued

DuPont de Nemours, Inc. (ICE LIBOR USD 3 Month + 0.71%), 2.87%, 11/15/2020 (a)		7,099,000		7,136,846


				36,794,113


Commercial Services & Supplies — 0.2%

Republic Services, Inc. 5.00%, 3/1/2020		17,167,000		17,390,406


Construction Materials — 0.1%

Martin Marietta Materials, Inc. (ICE LIBOR USD 3 Month + 0.65%), 2.80%, 5/22/2020 (a)		6,127,000		6,134,613


Consumer Finance — 2.9%

American Express Co.

2.20%, 10/30/2020		10,229,000		10,248,516

3.00%, 2/22/2021		15,608,000		15,822,260

(ICE LIBOR USD 3 Month + 0.53%), 2.65%, 5/17/2021 (a)		3,354,000		3,364,781

(ICE LIBOR USD 3 Month + 0.60%), 2.89%, 11/5/2021 (a)		8,000,000		8,043,040

(ICE LIBOR USD 3 Month + 0.62%), 2.76%, 5/20/2022 (a)		15,171,000		15,219,462

(ICE LIBOR USD 3 Month + 0.65%), 2.78%, 2/27/2023 (a)		5,921,000		5,927,038

American Express Credit Corp. 1.70%, 10/30/2019		9,547,000		9,539,791

(ICE LIBOR USD 3 Month + 0.57%), 2.84%, 10/30/2019 (a)		1,524,000		1,524,612

2.38%, 5/26/2020		6,488,000		6,496,357

Avolon Holdings Funding Ltd. (Ireland) 3.63%, 5/1/2022 (b)		11,415,000		11,578,235

Capital One Financial Corp. 2.50%, 5/12/2020		15,484,000		15,511,672

(ICE LIBOR USD 3 Month + 0.76%), 2.94%, 5/12/2020 (a)		8,250,000		8,274,343

(ICE LIBOR USD 3 Month + 0.95%), 3.40%, 3/9/2022 (a)		8,214,000		8,265,724

Caterpillar Financial Services Corp.

(ICE LIBOR USD 3 Month + 0.18%), 2.34%, 5/15/2020 (a)		7,353,000		7,355,079

(ICE LIBOR USD 3 Month + 0.23%), 2.64%, 3/15/2021 (a)		30,000,000		30,007,500

(ICE LIBOR USD 3 Month + 0.28%), 2.75%, 9/7/2021 (a)		5,263,000		5,266,222

General Motors Financial Co., Inc. 3.15%, 1/15/2020		6,581,000		6,593,143

(ICE LIBOR USD 3 Month + 0.93%), 3.23%, 4/13/2020 (a)		17,242,000		17,286,758

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	133

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Consumer Finance — continued

John Deere Capital Corp. 1.70%, 1/15/2020		5,495,000		5,487,470

(ICE LIBOR USD 3 Month + 0.42%), 2.76%, 7/10/2020 (a)		26,235,000		26,320,262

PACCAR Financial Corp.

(ICE LIBOR USD 3 Month + 0.20%), 2.38%, 11/13/2020 (a)		11,340,000		11,351,153

(ICE LIBOR USD 3 Month + 0.26%), 2.44%, 5/10/2021 (a)		1,099,000		1,099,489

Toyota Motor Credit Corp. (ICE LIBOR USD 3 Month + 0.40%), 2.52%, 5/17/2022 (a)		10,900,000		10,907,881


				241,490,788


Diversified Financial Services — 1.3%

AIG Global Funding

(ICE LIBOR USD 3 Month + 0.48%), 2.80%, 7/2/2020 (a) (b)		3,956,000		3,965,595

(ICE LIBOR USD 3 Month + 0.65%), 2.93%, 1/22/2021 (a) (b)		48,025,000		48,157,024

Boeing Capital Corp. 4.70%, 10/27/2019		3,910,000		3,924,729

CK Hutchison International II Ltd. (Hong Kong) 2.25%, 9/29/2020 (b)		12,136,000		12,128,415

CK Hutchison International Ltd. (Hong Kong) 1.88%, 10/3/2021 (b)		23,510,000		23,252,361

National Rural Utilities Cooperative Finance Corp.

2.00%, 1/27/2020 (c)		2,787,000		2,783,878

(ICE LIBOR USD 3 Month + 0.38%), 2.69%, 6/30/2021 (a)		7,659,000		7,685,642

Siemens Financieringsmaatschappij NV (Germany) (ICE LIBOR USD 3 Month + 0.34%), 2.75%, 3/16/2020 (a) (b)		4,536,000		4,542,120


				106,439,764


Diversified Telecommunication Services — 1.1%

AT&T, Inc. (ICE LIBOR USD 3 Month + 0.65%), 2.95%, 1/15/2020 (a)		12,300,000		12,321,857

Deutsche Telekom International Finance BV (Germany)

1.50%, 9/19/2019 (b)		5,145,000		5,143,011

(ICE LIBOR USD 3 Month + 0.45%), 2.87%, 9/19/2019 (a) (b)		4,490,000		4,490,882

2.23%, 1/17/2020 (b)		20,559,000		20,544,179

(ICE LIBOR USD 3 Month + 0.58%), 2.88%, 1/17/2020 (a) (b)		3,009,000		3,012,002

Orange SA (France) 1.63%, 11/3/2019		8,493,000		8,484,087


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Diversified Telecommunication Services — continued

Verizon Communications, Inc

.(ICE LIBOR USD 3 Month + 0.55%), 2.70%, 5/22/2020 (a)		14,024,000		14,055,126

(ICE LIBOR USD 3 Month + 1.00%), 3.41%, 3/16/2022 (a)		25,699,000		26,107,714


				94,158,858


Electric Utilities — 1.6%

Duke Energy Corp. (ICE LIBOR USD 3 Month + 0.50%), 2.68%, 5/14/2021 (a) (b)		14,791,000		14,837,375

Duke Energy Florida LLC

2.10%, 12/15/2019 (c)		132,750		132,696

1.85%, 1/15/2020		2,325,000		2,323,261

Eversource Energy 4.50%, 11/15/2019		4,818,000		4,836,859

Exelon Corp.

2.85%, 6/15/2020		3,500,000		3,515,587

5.15%, 12/1/2020		3,434,000		3,532,379

Florida Power & Light Co. (ICE LIBOR USD 3 Month + 0.40%), 2.64%, 5/6/2022 (a)		20,000,000		20,005,422

LG&E & KU Energy LLC 3.75%, 11/15/2020		7,783,000		7,900,073

Mississippi Power Co. (ICE LIBOR USD 3 Month + 0.65%), 2.96%, 3/27/2020 (a)		2,849,000		2,849,353

NextEra Energy Capital Holdings, Inc. 2.40%, 9/1/2021		13,863,000		13,935,689

(ICE LIBOR USD 3 Month + 0.72%), 2.85%, 2/25/2022 (a)		42,944,000		43,190,387

State Grid Overseas Investment 2016 Ltd. (China) 2.25%, 5/4/2020 (b)		9,618,000		9,614,853

Tampa Electric Co. 5.40%, 5/15/2021		5,014,000		5,287,188

Wisconsin Power & Light Co. 4.60%, 6/15/2020		1,368,000		1,394,230


				133,355,352


Energy Equipment & Services — 0.3%

Schlumberger Holdings Corp. 3.00%, 12/21/2020 (b)		15,462,000		15,614,706

Schlumberger Investment SA 3.30%, 9/14/2021 (b)		7,324,000		7,467,126


				23,081,832


Entertainment — 0.5%

NBCUniversal Enterprise, Inc. (ICE LIBOR USD 3 Month + 0.40%), 2.72%, 4/1/2021 (a) (b)		40,262,000		40,336,082

SEE NOTES TO FINANCIAL STATEMENTS.



134	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Equity Real Estate Investment Trusts (REITs) — 1.1%

Scentre Group Trust 1 (Australia)

2.38%, 11/5/2019 (b)		14,402,000		14,396,501

2.38%, 4/28/2021 (b)		1,737,000		1,736,888

WEA Finance LLC (France)

2.70%, 9/17/2019 (b)		10,346,000		10,346,637

3.25%, 10/5/2020 (b)		63,945,000		64,703,664


				91,183,690


Food & Staples Retailing — 0.6%

Alimentation Couche-Tard, Inc. (Canada) 2.35%, 12/13/2019 (b)		31,182,000		31,183,459

Kroger Co. (The)

1.50%, 9/30/2019		9,361,000		9,355,846

6.15%, 1/15/2020		7,740,000		7,845,622


				48,384,927


Food Products — 0.4%

General Mills, Inc. (ICE LIBOR USD 3 Month + 0.54%), 2.86%, 4/16/2021 (a)		8,055,000		8,059,430

Mondelez International Holdings Netherlands BV

1.63%, 10/28/2019 (b)		4,552,000		4,547,241

(ICE LIBOR USD 3 Month + 0.61%), 2.87%, 10/28/2019 (a) (b)		6,200,000		6,205,691

Mondelez International, Inc. 3.00%, 5/7/2020		14,496,000		14,565,822

Tyson Foods, Inc. (ICE LIBOR USD 3 Month + 0.55%), 3.07%, 6/2/2020 (a) (c)		1,372,000		1,373,601


				34,751,785


Health Care Equipment & Supplies — 0.0%(d)

Zimmer Biomet Holdings, Inc. (ICE LIBOR USD 3 Month + 0.75%), 3.17%, 3/19/2021 (a)		1,510,000		1,508,253


Health Care Providers & Services — 0.7%

Cigna Corp. 3.20%, 9/17/2020		5,909,000		5,963,325

CVS Health Corp. (ICE LIBOR USD 3 Month + 0.63%),

3.08%, 3/9/2020 (a)		1,743,000		1,746,887

2.80%, 7/20/2020		31,415,000		31,571,601

Express Scripts Holding Co. 2.60%, 11/30/2020		18,314,000		18,392,328

(ICE LIBOR USD 3 Month + 0.75%), 2.87%, 11/30/2020 (a)		3,400,000		3,400,530


				61,074,671


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Independent Power and Renewable Electricity Producers — 0.3%

Exelon Generation Co. LLC

5.20%, 10/1/2019		11,971,000		11,996,279

2.95%, 1/15/2020		14,634,000		14,662,331


				26,658,610


Industrial Conglomerates — 0.3%

Honeywell International, Inc. (ICE LIBOR USD 3 Month + 0.37%), 2.56%, 8/8/2022 (a)		21,297,000		21,351,286

Hutchison Whampoa International Ltd. (Hong Kong) 5.75%, 9/11/2019 (b)		1,826,000		1,826,082


				23,177,368


Insurance — 5.6%

AIA Group Ltd. (Hong Kong) (ICE LIBOR USD 3 Month + 0.52%), 2.91%, 9/20/2021 (a) (b)		10,683,000		10,662,734

Alterra Finance LLC 6.25%, 9/30/2020		4,128,000		4,303,887

American International Group, Inc.

6.40%, 12/15/2020		5,739,000		6,046,709

3.30%, 3/1/2021		10,954,000		11,135,289

Athene Global Funding 2.75%, 4/20/2020 (b) (c)		18,827,000		18,889,177

(ICE LIBOR USD 3 Month + 1.14%), 3.42%, 4/20/2020 (a) (b)		7,295,000		7,335,573

4.00%, 1/25/2022 (b)		11,205,000		11,630,872

(ICE LIBOR USD 3 Month + 1.23%), 3.56%, 7/1/2022 (a) (b)		26,740,000		26,909,756

Jackson National Life Global Funding

(ICE LIBOR USD 3 Month + 0.30%), 2.56%, 4/27/2020 (a) (b)		15,809,000		15,827,154

(ICE LIBOR USD 3 Month + 0.30%), 2.60%, 10/15/2020 (a) (b)		17,176,000		17,195,789

(ICE LIBOR USD 3 Month + 0.31%), 2.72%, 3/16/2021 (a) (b)		60,180,000		60,188,898

2.25%, 4/29/2021 (b)		18,748,000		18,805,065

(ICE LIBOR USD 3 Month + 0.48%), 2.93%, 6/11/2021 (a) (b)		3,446,000		3,451,553

(ICE LIBOR USD 3 Month + 0.73%), 3.04%, 6/27/2022 (a) (b)		7,250,000		7,311,463

Marsh & McLennan Cos., Inc. 2.35%, 3/6/2020		7,619,000		7,624,072

MassMutual Global Funding II

1.55%, 10/11/2019 (b)		6,914,000		6,909,229

2.00%, 4/15/2021 (b)		18,002,000		18,007,866

Metropolitan Life Global Funding I 2.00%, 4/14/2020 (b)		1,125,000		1,124,551

(ICE LIBOR USD 3 Month + 0.40%), 2.84%, 6/12/2020 (a) (b)		2,631,000		2,637,525

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	135

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Insurance — continued

(SOFR + 0.57%), 2.69%, 9/7/2020 (a) (b)		12,500,000		12,534,150

2.40%, 1/8/2021 (b)		29,283,000		29,453,017

(ICE LIBOR USD 3 Month + 0.23%), 2.53%, 1/8/2021 (a) (b)		12,450,000		12,450,627

New York Life Global Funding 1.50%, 10/24/2019 (b)		4,625,000		4,621,065

(ICE LIBOR USD 3 Month + 0.32%), 2.56%, 8/6/2021 (a) (b)		2,017,000		2,019,991

Pricoa Global Funding I 1.45%, 9/13/2019 (b)		1,242,000		1,241,766

Principal Life Global Funding II

2.38%, 9/11/2019 (b)		1,624,000		1,624,000

2.15%, 1/10/2020 (b)		15,820,000		15,818,677

(ICE LIBOR USD 3 Month + 0.33%), 2.85%, 3/2/2021 (a) (b)		20,233,000		20,227,067

Protective Life Global Funding

1.56%, 9/13/2019 (b)		10,119,000		10,116,711

2.26%, 4/8/2020 (b)		15,779,000		15,777,116

(ICE LIBOR USD 3 Month + 0.37%), 2.67%, 7/13/2020 (a) (b)		10,380,000		10,404,207

2.16%, 9/25/2020 (b)		2,458,000		2,460,385

2.70%, 11/25/2020 (b)		7,952,000		8,007,385

Reliance Standard Life Global Funding II

2.50%, 1/15/2020 (b)		9,888,000		9,892,223

2.38%, 5/4/2020 (b)		54,986,000		55,060,762


				467,706,311


Interactive Media & Services — 0.0% (d)

Tencent Holdings Ltd. (China) 2.88%, 2/11/2020 (b)		2,159,000		2,163,217


IT Services — 0.8%

International Business Machines Corp. (ICE LIBOR USD 3 Month + 0.40%),

2.58%, 5/13/2021 (a)		35,040,000		35,139,516

2.80%, 5/13/2021		30,461,000		30,856,427


				65,995,943


Media — 0.1%

Comcast Corp. (ICE LIBOR USD 3 Month + 0.33%), 2.65%, 10/1/2020 (a)		13,434,000		13,452,734


Multiline Retail — 0.2%

Dollar Tree, Inc. (ICE LIBOR USD 3 Month + 0.70%), 3.00%, 4/17/2020 (a)		14,311,000		14,311,876


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Multi-Utilities — 0.9%

Consolidated Edison Co. of New York, Inc. Series C, (ICE LIBOR USD 3 Month + 0.40%), 2.75%, 6/25/2021 (a)		2,631,000		2,640,524

Dominion Energy, Inc. 2.72%, 8/15/2021 (e)		20,166,000		20,335,636

DTE Energy Co.

1.50%, 10/1/2019		11,937,000		11,928,924

2.40%, 12/1/2019		3,111,000		3,111,074

TECO Finance, Inc. 5.15%, 3/15/2020		31,096,000		31,542,960

WEC Energy Group, Inc. 2.45%, 6/15/2020		5,887,000		5,894,077


				75,453,195


Oil, Gas & Consumable Fuels — 2.5%

BG Energy Capital plc (United Kingdom) 4.00%, 12/9/2020 (b)		2,453,000		2,506,788

BP Capital Markets America, Inc. 4.50%, 10/1/2020		4,183,000		4,295,031

BP Capital Markets plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.25%), 2.38%, 11/24/2020 (a)		31,151,000		31,181,372

Columbia Pipeline Group, Inc. 3.30%, 6/1/2020		26,017,000		26,188,981

Enbridge Energy Partners LP

5.20%, 3/15/2020		19,208,000		19,489,810

4.38%, 10/15/2020		3,886,000		3,967,868

Enbridge, Inc. (Canada) (ICE LIBOR USD 3 Month + 0.40%), 2.74%, 1/10/2020 (a)		24,575,000		24,585,289

Energy Transfer Operating LP 7.50%, 10/15/2020		1,000,000		1,053,678

Enterprise Products Operating LLC

2.55%, 10/15/2019		1,038,000		1,037,921

5.25%, 1/31/2020		5,938,000		6,006,025

EOG Resources, Inc. 2.45%, 4/1/2020		7,091,000		7,101,041

Exxon Mobil Corp. 1.90%, 8/16/2022		10,747,000		10,818,650

(ICE LIBOR USD 3 Month + 0.33%), 2.50%, 8/16/2022 (a)		26,284,000		26,351,918

Occidental Petroleum Corp. (ICE LIBOR USD 3 Month + 0.95%), 3.14%, 2/8/2021 (a)		23,830,000		23,938,665

Phillips 66

(ICE LIBOR USD 3 Month + 0.75%), 3.05%, 4/15/2020 (a) (b)		410,000		410,121

(ICE LIBOR USD 3 Month + 0.60%), 2.73%, 2/26/2021 (a)		1,115,000		1,115,042

Spectra Energy Partners LP (ICE LIBOR USD 3 Month + 0.70%), 3.18%, 6/5/2020 (a)		4,042,000		4,050,092

SEE NOTES TO FINANCIAL STATEMENTS.



136	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Oil, Gas & Consumable Fuels — continued

Total Capital International SA (France) 2.22%, 7/12/2021		16,284,000		16,391,919

TransCanada PipeLines Ltd. (Canada) 2.13%, 11/15/2019		1,513,000		1,511,916


				212,002,127


Pharmaceuticals — 1.1%

Bristol-Myers Squibb Co.

(ICE LIBOR USD 3 Month + 0.20%), 2.37%, 11/16/2020 (a) (b)		13,848,000		13,845,915

(ICE LIBOR USD 3 Month + 0.38%), 2.55%, 5/16/2022 (a) (b)		14,789,000		14,810,147

EMD Finance LLC (Germany) 2.40%, 3/19/2020 (b)		12,240,000		12,245,085

GlaxoSmithKline Capital plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.35%), 2.53%, 5/14/2021 (a)		3,393,000		3,399,786

Shire Acquisitions Investments Ireland DAC 1.90%, 9/23/2019		25,000,000		24,994,500

Zoetis, Inc. (ICE LIBOR USD 3 Month + 0.44%), 2.58%, 8/20/2021 (a)		22,847,000		22,733,837


				92,029,270


Road & Rail — 0.6%

Burlington Northern Santa Fe LLC 4.70%, 10/1/2019		3,405,000		3,411,257

ERAC USA Finance LLC 2.35%, 10/15/2019 (b)		9,681,000		9,678,683

Penske Truck Leasing Co. LP 3.65%, 7/29/2021 (b)		15,088,000		15,443,655

Ryder System, Inc.

2.45%, 9/3/2019		5,465,000		5,465,000

2.88%, 9/1/2020		13,115,000		13,185,378

2.88%, 6/1/2022		6,291,000		6,419,800


				53,603,773


Technology Hardware, Storage & Peripherals — 0.0%(d)

Apple, Inc. (ICE LIBOR USD 3 Month + 0.20%), 2.41%, 2/7/2020 (a)		400,000		400,258


Thrifts & Mortgage Finance — 1.2%

BPCE SA (France)

3.15%, 7/31/2020 (b)		65,000,000		65,588,786

2.65%, 2/3/2021		5,000,000		5,035,776

(ICE LIBOR USD 3 Month + 1.22%), 3.37%, 5/22/2022 (a) (b)		16,733,000		16,922,920

(ICE LIBOR USD 3 Month + 0.88%), 3.00%, 5/31/2022 (a)		1,500,000		1,510,478


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Thrifts & Mortgage Finance — continued

Nationwide Building Society (United Kingdom) 2.35%, 1/21/2020 (b)		10,299,000		10,309,416


				99,367,376


Tobacco — 0.6%

Altria Group, Inc.

2.63%, 1/14/2020		8,796,000		8,800,267

4.75%, 5/5/2021		5,514,000		5,752,456

BAT Capital Corp. (United Kingdom) 2.30%, 8/14/2020		8,200,000		8,200,885

(ICE LIBOR USD 3 Month + 0.59%), 2.77%, 8/14/2020 (a)		2,300,000		2,304,513

BAT International Finance plc (United Kingdom) 2.75%, 6/15/2020 (b)		14,626,000		14,658,758

Philip Morris International, Inc. 2.00%, 2/21/2020		9,640,000		9,628,802

Reynolds American, Inc. (United Kingdom) 6.88%, 5/1/2020		1,925,000		1,980,256


				51,325,937


Trading Companies & Distributors — 1.1%

Air Lease Corp. 4.75%, 3/1/2020		2,593,000		2,622,103

(ICE LIBOR USD 3 Month + 0.67%), 3.19%, 6/3/2021 (a)		59,617,000		59,757,564

Aviation Capital Group LLC

(ICE LIBOR USD 3 Month + 0.95%), 3.47%, 6/1/2021 (a) (b)		15,273,000		15,350,157

(ICE LIBOR USD 3 Month + 0.67%), 2.94%, 7/30/2021 (a) (b)		6,254,000		6,250,235

BOC Aviation Ltd. (Singapore) 3.00%, 3/30/2020 (b)		1,420,000		1,424,076

(ICE LIBOR USD 3 Month + 1.05%), 3.32%, 5/2/2021 (a) (b)		4,090,000		4,109,980


				89,514,115


Transportation Infrastructure — 0.1%

HPHT Finance 15 Ltd. (Hong Kong) 2.88%, 3/17/2020 (b)		8,593,000		8,615,039


Wireless Telecommunication Services — 0.1%

America Movil SAB de CV (Mexico) 5.00%, 3/30/2020		8,824,000		8,956,360


Total Corporate Bonds (Cost $5,409,154,289)				5,430,143,382


Asset-Backed Securities — 11.1%

AIMCO CLO (Cayman Islands)Series 2015-AA, Class AR, 3.15%, 1/15/2028 (b) (f)		4,500,000		4,482,950

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	137

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Allegro CLO II-S Ltd. (Cayman Islands)Series 2014-1RA, Class X, 2.93%, 10/21/2028 (b) (f)		1,000,000		1,000,000

Ally Auto ReceivablesTrust Series 2018-3, Class A2, 2.72%, 5/17/2021		1,658,028		1,659,225

ALM VI Ltd. (Cayman Islands)Series 2012-6A, Class X, 2.90%, 7/15/2026 ‡ (b) (f)		400,000		400,000

American Express Credit Account MasterTrust Series 2017-3, Class A, 1.77%, 11/15/2022		25,000,000		24,960,583

AmeriCredit Automobile Receivables Trust

Series 2016-4, Class A3, 1.53%, 7/8/2021		60,181		60,159

Series 2018-1, Class A2A, 2.71%, 7/19/2021		274,849		274,998

Series 2018-2, Class A2A, 2.86%, 11/18/2021		4,293,414		4,302,150

Series 2017-2, Class A3, 1.98%, 12/20/2021		2,037,648		2,035,895

Series 2018-3, Class A2A, 3.11%, 1/18/2022		5,952,186		5,968,699

Anchorage Capital CLO Ltd. (Cayman Islands)Series 2013-1A, Class X, 2.95%, 10/13/2030 ‡ (b) (f)		185,428		185,335

Apidos CLO (Cayman Islands)Series 2015-21A, Class A1R, 3.23%, 7/18/2027 (b) (f)		10,325,000		10,322,233

ARES XLVI CLO Ltd.Series 2017-46A, Class X, 2.90%, 1/15/2030 ‡ (b) (f)		93,750		93,745

Ares XXXVR CLO Ltd.Series 2015-35RA, Class X, 2.95%, 7/15/2030 (b) (f)		700,000		699,965

Atrium XV (Cayman Islands) Series 15A, Class X, 2.93%, 1/23/2031 (b) (f)		1,858,333		1,858,333

Avery Point III CLO Ltd. (Cayman Islands)Series 2013-3A, Class AR, 3.42%, 1/18/2025 (b) (f)		559,665		559,957

Avery Point VI CLO Ltd. (Cayman Islands)Series 2015-6A, Class AR, 3.34%, 8/5/2027 (b) (f)		41,921,000		41,920,413

Barings CLO Ltd. (Cayman Islands)

Series 2013-IA, Class AR, 3.08%, 1/20/2028 (b) (f)		6,975,000		6,940,669

Battalion CLO VII Ltd. (Cayman Islands)Series 2014-7A, Class XRR, 3.20%, 7/17/2028 ‡ (b) (f)		4,000,000		3,999,800


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Battalion CLO XI Ltd. (Cayman Islands)

Series 2017-11A, Class X, 3.08%, 10/24/2029 (b) (f)		475,000		474,763

Benefit Street Partners CLO II Ltd. (Cayman Islands)Series 2013-IIA, Class X, 4.00%, 7/15/2029 ‡ (b) (f)		137,500		137,431

Benefit Street Partners CLO XI (Cayman Islands)Series 2017-11A, Class X, 3.30%, 4/15/2029 (b) (f)		96,875		96,870

BlueMountain CLO Ltd. (Cayman Islands)

Series 2012-2A, Class AR2, 3.19%, 11/20/2028 (b) (f)		27,750,000		27,697,469

Series 2013-1A, Class A1R2, 3.51%, 1/20/2029 (b) (f)		12,000,000		12,011,220

Series 2014-2A, Class X, 2.88%, 10/20/2030 (b) (f)		2,142,857		2,142,857

Series 2016-3A, Class X, 2.78%, 11/15/2030 (b) (f)		2,025,000		2,024,899

BMW Vehicle Lease Trust Series 2019-1, Class A3, 2.84%, 11/22/2021		12,336,000		12,493,348

Bristol Park CLO Ltd. (Cayman Islands)Series 2016-1A, Class A, 3.72%, 4/15/2029 (b) (f)		33,500,000		33,494,908

Capital Auto Receivables AssetTrust Series 2018-2, Class A2, 3.02%, 2/22/2021 (b)		6,048,133		6,061,029

Carlyle Global Market Strategies CLO Ltd. (Cayman Islands)Series 2012-4A, Class XRR, 3.03%, 4/22/2032 (b) (f)		1,300,000		1,299,935

CarMax Auto Owner Trust Series 2018-3, Class A2A, 2.88%, 10/15/2021		3,797,831		3,807,386

CBAM Ltd. (Cayman Islands)Series 2017-3A, Class X, 3.00%, 10/17/2029 (b) (f)		4,470,000		4,470,000

CIFC Funding Ltd. (Cayman Islands)

Series 2015-4A, Class A1R, 3.43%, 10/20/2027 (b) (f)		440,000		439,806

Series 2016-1A, Class A, 3.76%, 10/21/2028 (b) (f)		8,490,000		8,500,502

Series 2013-1A, Class X, 3.17%, 7/16/2030 (b) (f)		424,435		424,413

Series 2014-1A, Class X, 2.90%, 1/18/2031 (b) (f)		428,571		428,571

Series 2013-3RA, Class X, 2.93%, 4/24/2031 (b) (f)		2,000,000		1,999,000

SEE NOTES TO FINANCIAL STATEMENTS.



138	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Citibank Credit Card Issuance Trust Series 2016-A1, Class A1, 1.75%, 11/19/2021		24,426,000		24,403,880

Clear Creek CLO (Cayman Islands)Series 2015-1A, Class X, 3.28%, 10/20/2030 ‡ (b) (f)		154,688		154,610

Cloud Pass-Through Trust Series 2019-1A, Class CLOU, 3.55%, 12/5/2022 (b) (f)		36,027,693		36,504,339

Cole Park CLO Ltd. (Cayman Islands)Series 2015-1A, Class AR, 3.33%, 10/20/2028 (b) (f)		11,565,000		11,584,475

Colombia Cent CLO Ltd. (Cayman Islands)Series 2018-27A, Class X, 2.98%, 10/25/2028 (b) (f)		1,791,666		1,791,666

Dell Equipment Finance Trust Series 2019-1, Class A2, 2.78%, 8/23/2021 (b)		25,987,000		26,171,380

Discover Card Execution Note Trust Series 2016-A4, Class A4, 1.39%, 3/15/2022		7,153,000		7,150,969

Drive Auto Receivables Trust Series 2018-5, Class A2A, 3.08%, 7/15/2021		2,270,012		2,270,741

Series 2019-1, Class A2A, 3.08%, 9/15/2021		557,660		558,187

Series 2018-3, Class A3, 3.01%, 11/15/2021		361,585		361,645

Series 2019-2, Class A3, 3.04%, 3/15/2023		25,569,000		25,816,733

Dryden 30 Senior Loan Fund (Cayman Islands)Series 2013-30A, Class X, 2.76%, 11/15/2028 ‡ (b) (f)		50,000		49,998

Dryden 36 Senior Loan Fund (Cayman Islands)Series 2014-36A, Class XR2, 2.95%, 4/15/2029 ‡ (b) (f)		1,400,000		1,400,351

Dryden 50 Senior Loan Fund (Cayman Islands)Series 2017-50A, Class X, 3.10%, 7/15/2030 ‡ (b) (f)		120,000		119,940

Dryden 61 CLO Ltd. (Cayman Islands)Series 2018-61A, Class X, 3.00%, 1/17/2032 (b) (f)		3,750,000		3,749,813

Dryden XXV Senior Loan Fund (Cayman Islands)Series 2012-25A, Class ARR, 3.20%, 10/15/2027 (b) (f)		32,900,000		32,819,921

Ford Credit Auto Owner Trust

Series 2014-2, Class A, 2.31%, 4/15/2026 (b)		31,385,000		31,385,395

Series 2015-1, Class A, 2.12%, 7/15/2026 (b)		5,224,000		5,221,841


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Series 2015-2, Class A, 2.44%, 1/15/2027 (b)		6,712,000		6,726,762

Series 2016-1, Class A, 2.31%, 8/15/2027 (b)		6,444,000		6,469,706

Galaxy XVIII CLO Ltd. (Cayman Islands)Series 2018-28A, Class X, 2.95%, 7/15/2031 (b) (f)		3,828,000		3,827,809

Galaxy XXI CLO Ltd. (Cayman Islands)Series 2015-21A, Class X, 2.78%, 4/20/2031 ‡ (b) (f)		250,000		249,988

GE Capital Credit Card MasterNote Trust Series 2012-7, Class A, 1.76%, 9/15/2022		20,921,000		20,916,123

GoldentTree Loan Management US CLO 1 Ltd. (Cayman Islands)Series 2017-1A, Class A, 3.50%, 4/20/2029 (b) (f)		11,250,000		11,268,585

GT Loan Financing I Ltd. (Cayman Islands)Series 2013-1A, Class XR, 2.91%, 7/28/2031 (b) (f)		1,071,428		1,071,428

Honda Auto Receivables Owner TrustSeries 2018-3, Class A2, 2.67%, 12/22/2020		4,682,126		4,688,911

ICG US CLO Ltd. (Cayman Islands)Series 2017-2A, Class X, 3.06%, 10/23/2029 (b) (f)		185,714		185,705

KKR CLO Ltd. (Cayman Islands)

Series 13, Class A1R, 3.12%, 1/16/2028 (b) (f)		12,260,000		12,177,282

Series 17, Class A, 3.64%, 4/15/2029 (b) (f)		20,275,000		20,270,783

Series 11, Class X, 2.90%, 1/15/2031 ‡ (b) (f)		243,750		243,628

KREF Ltd.Series 2018-FL1, Class A, 3.30%, 6/15/2036 (b) (f)		5,000,000		5,007,810

KVK CLO Ltd. (Cayman Islands)Series 2013-1A, Class X, 2.95%, 1/14/2028 ‡ (b) (f)		1,160,000		1,160,000

LCM XVI LP (Cayman Islands) Series 16A, Class XR, 3.00%, 10/15/2031 (b) (f)		5,960,000		5,960,000

LCM XVII LP (Cayman Islands) Series 17A, Class XR, 2.90%, 10/15/2031 (b) (f)		1,080,000		1,077,840

LCM XX LP (Cayman Islands) Series 20A, Class AR, 3.32%, 10/20/2027 (b) (f)		10,850,000		10,870,344

Magnetite VII Ltd. (Cayman Islands)Series 2012-7A, Class A1R2, 3.10%, 1/15/2028 (b) (f)		750,000		743,297

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	139

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Magnetite XVI Ltd. (Cayman Islands)Series 2015-16A, Class AR, 3.10%, 1/18/2028 (b) (f)		8,515,000		8,486,594

Magnetite XXI Ltd. (Cayman Islands)Series 2019-21A, Class X, 3.28%, 4/20/2030 (b) (f)		5,000,000		5,007,125

Mercedes-Benz Auto Lease Trust Series 2019-A, Class A2, 3.01%, 2/16/2021		11,585,952		11,616,852

Neuberger Berman CLO XIX Ltd. (Cayman Islands) Series 2015-19A, Class A1R2, 3.10%, 7/15/2027 (b) (f)		3,780,000		3,766,687

Neuberger Berman CLO XVI-S Ltd. (Cayman Islands)Series 2017-16SA, Class X, 2.90%, 1/15/2028 (b) (f)		25,000		24,999

Nissan Auto LeaseTrust Series 2019-B, Class A2A, 2.27%, 1/15/2021		17,074,000		17,115,295

Nissan Auto Receivables OwnerTrust Series 2019-A, Class A2A, 2.82%, 1/18/2022		10,044,000		10,090,219

Oak Hill Credit Partners Ltd. (Cayman Islands)Series 2014-10RA, Class X, 2.91%, 12/12/2030 (b) (f)		3,112,500		3,112,500

OCP CLO Ltd. (Cayman Islands)

Series 2015-8A, Class A1R, 3.15%, 4/17/2027 (b) (f)		44,130,134		44,078,281

Series 2015-9A, Class A1R, 3.10%, 7/15/2027 (b) (f)		16,285,000		16,252,625

Series 2016-12A, Class A1R, 3.42%, 10/18/2028 (b) (f)		10,420,000		10,420,188

Octagon Investment Partners 25 Ltd. (Cayman Islands) Series 2015-1A, Class AR, 3.08%, 10/20/2026 (b) (f)		24,750,000		24,684,413

Octagon Investment Partners 28 Ltd. (Cayman Islands)Series 2016-1A, Class XR, 2.93%, 10/24/2030 (b) (f)		953,333		953,333

Octagon Investment Partners XVII Ltd. (Cayman Islands)Series 2013-1A, Class X, 2.88%, 1/25/2031 ‡ (b) (f)		439,647		439,625

OHA Credit Funding 1 Ltd. (Cayman Islands)Series 2018-1A, Class X, 2.93%, 10/20/2030 (b) (f)		1,666,667		1,666,667

OHA Credit Partners XII Ltd.Series 2015-12A, Class XR, 2.91%, 7/23/2030 (b) (f)		3,100,000		3,100,000

Palmer Square Loan Funding Ltd. (Cayman Islands)

Series 2019-2A, Class A1, 3.49%, 4/20/2027 (b) (f)		24,650,000		24,571,095


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Series 2019-3A, Class A1, 3.04%, 8/20/2027 (b) (f)		31,700,000		31,683,675

Regatta XIII Funding Ltd. (Cayman Islands)Series 2018-2A, Class X, 2.95%, 7/15/2031 (b) (f)		3,228,571		3,228,410

Regatta XV Funding Ltd. (Cayman Islands)Series 2018-4A, Class X, 2.93%, 10/25/2031 (b) (f)		3,785,714		3,785,714

Santander Drive Auto Receivables Trust

Series 2018-4, Class A2, 2.73%, 3/15/2021		37,795		37,801

Series 2018-3, Class A3, 3.03%, 2/15/2022		2,864,333		2,867,210

Shackleton CLO Ltd. (Cayman Islands)

Series 2015-8A, Class A1R, 3.20%, 10/20/2027 (b) (f)		19,416,500		19,366,832

Series 2014-6RA, Class A, 3.32%, 7/17/2028 (b) (f)		16,485,000		16,423,165

Series 2014-5RA, Class X, 2.81%, 5/7/2031 ‡ (b) (f)		428,571		428,550

Symphony CLO XIV Ltd. (Cayman Islands)

Series 2014-14A, Class A1R, 3.58%, 7/14/2026 (b) (f)		3,619,332		3,621,522

Series 2014-14A, Class A2R, 3.58%, 7/14/2026 (b) (f)		3,561,090		3,562,041

Symphony CLO XV Ltd. (Cayman Islands)Series 2014-15A, Class XR2, 3.00%, 1/17/2032 (b) (f)		5,333,333		5,333,333

Synchrony Credit Card MasterNote Trust Series 2016-3, Class A, 1.58%, 9/15/2022		10,284,000		10,280,791

THL Credit Wind River CLO Ltd. (Cayman Islands)

Series 2017-1A, Class A, 3.64%, 4/18/2029 (b) (f)		7,500,000		7,515,555

Series 2014-2A, Class X, 2.95%, 1/15/2031 ‡ (b) (f)		375,000		374,813

Series 2014-1A, Class X, 2.90%, 7/18/2031 ‡ (b) (f)		1,125,000		1,124,984

Toyota Auto Receivables OwnerTrust Series 2018-C, Class A2A, 2.77%, 8/16/2021		5,516,384		5,534,084

Verizon Owner Trust

Series 2016-2A, Class A, 1.68%, 5/20/2021 (b)		3,389,194		3,385,793

Series 2017-3A, Class A1B, 2.44%, 4/20/2022 (b) (f)		440,000		440,197

Volvo Financial Equipment LLCSeries 2019-1A, Class A2, 2.90%, 11/15/2021 (b)		5,788,000		5,813,406

SEE NOTES TO FINANCIAL STATEMENTS.



140	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Voya CLO Ltd. (Cayman Islands)

Series 2014-3A, Class A1R, 3.00%, 7/25/2026 (b) (f)		2,328,272		2,322,060

Series 2015-2A, Class AR, 3.23%, 7/23/2027 (b) (f)		23,350,000		23,315,115

Series 2015-1A, Class A1R, 3.20%, 1/18/2029 (b) (f)		21,087,500		20,958,065

Series 2019-1A, Class A, 3.81%, 4/15/2029 (b) (f)		11,411,000		11,431,734

Series 2014-4A, Class XR, 3.00%, 7/14/2031 (b) (f)		571,429		571,400

Series 2015-3A, Class X, 2.98%, 10/20/2031 (b) (f)		2,988,000		2,987,851

Westlake Automobile ReceivablesTrust Series 2019-1A, Class A2A, 3.06%, 5/16/2022 (b)		7,500,000		7,533,276


Total Asset-backed Securities (Cost $931,481,820)				933,475,276


U.S. Treasury Obligations — 6.3%

U.S. Treasury Notes

1.00%, 11/30/2019		36,041,600		35,951,496

1.63%, 12/31/2019		40,000,000		39,953,125

1.50%, 4/15/2020		190,000,000		189,569,532

1.63%, 10/15/2020		83,000,000		82,886,523

1.63%, 6/30/2021		115,440,400		115,575,682

1.75%, 7/31/2021		58,880,000		59,123,800


Total U.S. Treasury Obligations (Cost $521,208,867)				523,060,158

Certificates of Deposit — 1.3%

Certificate of Deposit — 1.3%

Bank of Nova Scotia (The) (Canada) (ICE LIBOR USD 3 Month + 0.28%), 2.67%, 9/21/2020 (a)		3,000,000		3,000,923

Lloyds Bank Corporate Markets plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.50%), 2.84%, 9/24/2020 (a)		23,000,000		23,059,678

Nordea Bank Abp (Finland) (ICE LIBOR USD 3 Month + 0.32%), 2.61%, 5/5/2021 (a)		21,100,000		21,117,063

Sumitomo Mitsui Banking Corp. (Japan) (ICE LIBOR USD 3 Month + 0.39%), 2.57%, 2/12/2021 (a)		25,823,000		25,844,771

(ICE LIBOR USD 3 Month + 0.36%), 2.64%, 4/6/2021 (a)		25,929,000		25,934,937

Svenska Handelsbanken AB (Sweden) (ICE LIBOR USD 3 Month + 0.28%), 2.68%, 9/11/2020 (a)		6,000,000		6,003,626


Total Certificates Of Deposit (Cost $104,883,442)				104,960,998


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Commercial Mortgage-Backed Securities — 0.6%

BX Commercial Mortgage Trust Series 2018-IND, Class A, 2.95%, 11/15/2035 (b) (f)		13,448,768		13,454,105

BXMT Ltd.Series 2017-FL1, Class A, 3.07%, 6/15/2035 (b) (f)		1,000,000		1,000,000

BXPTrust Series 2017-CQHP, Class A, 3.05%, 11/15/2034 (b) (f)		500,000		498,594

CGDBB Commercial Mortgage Trust Series 2017-BIOC, Class A, 2.99%, 7/15/2032 (b) (f)		900,000		899,998

Citigroup Commercial Mortgage Trust Series 2017-1500, Class A, 3.05%, 7/15/2032 (b) (f)		1,800,000		1,800,018

Credit Suisse Mortgage Capital CertificatesSeries 2019-ICE4, Class A, 3.18%, 5/15/2036 (b) (f)		28,000,000		28,017,570

KNDL Mortgage Trust Series 2019-KNSQ, Class A, 3.00%, 5/15/2036 (b) (f)		5,600,000		5,598,237


Total Commercial Mortgage-backed Securities (Cost $51,248,934)				51,268,522


Foreign Government Securities — 0.0%(d)

Japan Bank for International Cooperation (Japan) (ICE LIBOR USD 3 Month + 0.48%), 3.00%, 6/1/2020 (a) (Cost $200,000)		200,000		200,586

Short-Term Investments — 15.6%

Certificates of Deposit — 3.7%

Barclays Bank plc (United Kingdom)

3.00%, 9/19/2019		25,250,000		25,260,080

2.95%, 4/9/2020		52,000,000		52,278,944

Canadian Imperial Bank of Commerce (Canada)

(ICE LIBOR USD 3 Month + 0.41%), 2.80%, 9/20/2019 (a)		1,950,000		1,950,546

3.08%, 10/25/2019		32,000,000		32,050,519

(ICE LIBOR USD 3 Month + 0.40%), 2.67%, 5/2/2020 (a)		4,000,000		4,007,932

Credit Agricole Corporate and Investment Bank (France) (ICE LIBOR USD 3 Month + 0.35%), 2.62%, 7/30/2020 (a)		21,500,000		21,522,944

Credit Suisse AG (Switzerland) 2.94%, 9/27/2019		21,000,000		21,012,113

Lloyds Bank plc 3.03%, 10/21/2019		6,000,000		6,007,262

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	141

JPMorgan Ultra-Short Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Short-Term Investments — continued

Certificates of Deposit — continued

Mizuho Bank Ltd. (Japan) (ICE LIBOR USD 3 Month + 0.33%), 2.63%, 4/15/2020 (a)		12,000,000		12,011,613

MUFG Bank Ltd. (Japan) 2.02%, 8/13/2020		35,000,000		35,008,725

National Bank of Canada (Canada) (ICE LIBOR USD 3 Month + 0.19%), 2.37%, 2/14/2020 (a)		5,000,000		5,003,091

Nordea Bank Abp (Finland) (ICE LIBOR USD 3 Month + 0.30%), 2.78%, 6/5/2020 (a)		4,000,000		4,006,551

Societe Generale SA (France)

3.05%, 10/18/2019		12,000,000		12,015,709

2.19%, 7/31/2020		44,926,000		45,055,323

Sumitomo Mitsui Banking Corp. (Japan) (ICE LIBOR USD 3 Month + 0.37%), 2.63%, 1/31/2020 (a)		6,959,000		6,964,682

US Bank NA 2.72%, 9/6/2019		12,080,000		12,081,416

Westpac Banking Corp. (Australia) 2.97%, 10/18/2019		16,600,000		16,616,127


Total Certificates of Deposit (Cost $312,266,963)				312,853,577


Commercial Paper — 5.9%

AT&T, Inc. 2.75%, 12/10/2019 (b) (g)		8,000,000		7,946,507

Bank of China Ltd. (China) 2.47%, 10/15/2019 (g)		14,340,000		14,298,094

BNZ International Funding Ltd. (New Zealand) 2.98%, 10/11/2019 (b) (g)		12,500,000		12,469,025

BP Capital Markets plc (United Kingdom) 3.03%, 10/10/2019 (b) (g)		34,700,000		34,615,270

Campbell Soup Co. 2.35%, 9/23/2019 (b) (g)		16,100,000		16,075,335

Enel Finance America LLC (Italy) 2.89%, 10/25/2019 (b) (g)		11,200,000		11,159,458

Industrial & Commercial Bank of China Ltd. (China) 2.40%, 10/31/2019 (b) (g)		143,500,000		142,929,110

Macquarie Bank Ltd. (Australia) 3.10%, 10/25/2019 (b) (g)		14,000,000		13,953,396

Michelin Luxembourg SCS (France) 2.70%, 9/9/2019 (b) (g)		1,917,000		1,915,793

Nutrien Ltd. (Canada)

2.26%, 10/10/2019 (b) (g)		9,400,000		9,375,195

2.26%, 10/11/2019 (b) (g)		31,750,000		31,664,138

Reckitt Benckiser Treasury Services plc (United Kingdom)

2.40%, 11/12/2019 (b) (g)		5,500,000		5,474,664


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Commercial Paper — continued

2.37%, 1/8/2020 (b) (g)		25,000,000		24,797,405

2.40%, 2/6/2020 (b) (g)		20,900,000		20,692,579

2.39%, 4/1/2020 (b) (g)		29,000,000		28,621,051

Suncor Energy, Inc. (Canada) 2.61%, 9/19/2019 (b) (g)		7,000,000		6,991,094

Toronto-Dominion Bank (The) (Canada) 3.09%, 10/18/2019 (b) (g)		28,000,000		27,919,890

VW Credit, Inc. (Germany)

2.94%, 10/17/2019 (b) (g)		4,000,000		3,987,616

2.38%, 2/10/2020 (b) (g)		32,600,000		32,251,741

Walgreens Boots Alliance, Inc.

2.33%, 2/21/2020 (g)		21,000,000		20,760,921

2.33%, 2/25/2020 (g)		24,000,000		23,720,760


Total Commercial Paper (Cost $491,504,819)				491,619,042


	SHARES

Investment Companies — 4.1%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.99% (h) (i) (Cost $343,725,884)		343,725,884		343,725,884


	PRINCIPAL AMOUNT ($)

Repurchase Agreements — 1.9%

Bofa Securities, Inc., 2.52%, dated 8/30/2019, due 12/09/2019, repurchase price $9,063,630, collateralized by Municipal Debt Securities, 0.00 — 6.50%, due 7/1/2026 — 7/1/2036, with the value of $9,720,000		9,000,000		9,000,000

Citigroup Global Markets, Inc., 2.62%, dated 8/30/2019, due 01/17/2020, repurchase price $12,122,458, collateralized by Collateralized Mortgage Obligations, 2.29% — 7.15%, due 1/25/2037 — 6/20/2041, Asset-Backed Securities, 2.26% — 4.89%, due 9/26/2034 — 5/25/2037, with the value of $13,199,993		12,000,000		12,000,000

SEE NOTES TO FINANCIAL STATEMENTS.



142	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Repurchase Agreements — continued

Wells Fargo Securities LLC, 3.04%, dated 8/30/2019, due 11/13/2019, repurchase price $140,886,667, collateralized by Asset-Backed Securities, 0.00% — 7.39%, due 5/16/2022 — 12/15/2040 with the value of $156,392,819		140,000,000		140,000,000


Total Repurchase Agreements (Cost $161,000,000)				161,000,000


TotalShort-Term Investments (Cost $1,308,497,666)				1,309,198,503


	SHARES
Investment of Cash Collateral from Securities Loaned — 0.1%

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.29% (h) (i)		1,999,800		2,000,000

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.05% (h) (i)		5,021,090		5,021,090


Total Investment of Cash Collateral from Securities Loaned (Cost $7,021,090)				7,021,090


Total Investments — 99.8% (Cost $8,333,696,108)				8,359,328,515

Other Assets Less Liabilities — 0.2%				18,023,115


NET ASSETS — 100.0%				8,377,351,630

Percentages indicated are based on net assets.

Abbreviations


CIFC		Commercial Industrial Finance Corp.
CLO		Collateralized Loan Obligations
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
REIT		Real Estate Investment Trust
SOFR		Secured Overnight Financing Rate
USD		United States Dollar

(a)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2019.
(b)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)		The security or a portion of this security is on loan at August 31, 2019. The total value of securities on loan at August 31, 2019 is $6,807,353.
(d)		Amount rounds to less than 0.1% of net assets.
(e)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2019.
(f)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2019.
(g)		The rate shown is the effective yield as of August 31, 2019.
(h)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(i)		The rate shown is the current yield as of August 31, 2019.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	143

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Municipal Bonds — 98.6%(a)

Alabama — 0.7%

Education — 0.0%(b)

Alabama Public School & College Authority Series B, Rev., 5.00%, 1/1/2020		20,000		20,253


Industrial Development Revenue/Pollution Control Revenue — 0.0%(b)

Madison County Public Building Authority, Department of Human Resources ProjectSeries 2019-0, Rev., 5.00%, 3/1/2020		30,000		30,531


Other Revenue — 0.2%

Alabama 21st Century Authority

Series A, Rev., 5.00%, 6/1/2020		125,000		128,412

County of Jefferson Rev., 5.00%, 9/15/2019		55,000		55,061


				183,473


Prerefunded — 0.3%

City of Troy, Electric Water and Sewer System Rev., AGM, 4.75%, 10/1/2020 (c)		20,000		20,781

South Alabama Gas District

Rev., 3.40%, 8/1/2020 (c)		300,000		306,258


				327,039


Special Tax — 0.0%(b)

Hoover City Board of Education

Rev., 4.00%, 2/15/2020		25,000		25,294


Transportation — 0.1%

Alabama Federal Aid Highway Finance Authority Series 2012A, Rev., GAN, 5.00%, 9/1/2019		145,000		145,000


Utility — 0.1%

Black Belt Energy Gas District, Gas Prepay Series 2018A, Rev., 4.00%, 12/1/2023 (d)		75,000		81,907

Black Belt Energy Gas District, Gas Supply Series 2016A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021 (d)		50,000		52,317

City of Huntsville, Electric System

Series 2017A, Rev., 5.00%, 12/1/2019		25,000		25,237


				159,461


Total Alabama				891,051


Alaska — 0.7%

Certificate of Participation/Lease — 0.3%

State of Alaska, Native Tribal Health Consortium housing facility project Series 2014, COP, 4.00%, 6/1/2022		280,000		301,300


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Education — 0.2%

University of Alaska

Series T, Rev., 5.00%, 10/1/2019		25,000		25,066

Series V-2, Rev., 5.00%, 10/1/2020		200,000		207,512


				232,578


General Obligation — 0.1%

Borough of North Slope Series 2018A, GO, 5.00%, 6/30/2021		20,000		21,403

Municipality of Anchorage Series C, GO, 5.00%, 9/1/2019		65,000		65,000


				86,403


Other Revenue — 0.0%(b)

Alaska Municipal Bond Bank Authority Series 2, Rev., 5.00%, 9/1/2019		30,000		30,000


Prerefunded — 0.0%(b)

Alaska Housing Finance Corp., Capital Project Series 2011A, Rev., 5.00%, 12/1/2020 (c)		50,000		52,428


Utility — 0.1%

Alaska Energy Authority, Power Sixth Series, Bradley Lake Hydroelectric Project Series 6, Rev., 5.00%, 7/1/2020		115,000		118,604


Total Alaska				821,313


Arizona — 0.8%

Certificate of Participation/Lease — 0.3%

Arizona School Facilities BoardSeries A-1, COP, AGM, 3.25%, 9/1/2019		125,000		125,000

Arizona State University Series A, COP, 5.00%, 9/1/2019		35,000		35,000

City of Tucson COP, AGM, 4.00%, 7/1/2020		25,000		25,579

State of Arizona

Series B, COP, 5.00%, 10/1/2019		25,000		25,073

Series A, COP, AGM, 5.25%, 10/1/2019		125,000		125,373


				336,025


General Obligation — 0.0%(b)

Pinal County, Florence Unified School District No. 1 GO, 4.00%, 7/1/2020		20,000		20,475


Hospital — 0.0%(b)

Arizona Health Facilities Authority, Banner Health Series 2015A, Rev., 5.00%, 1/1/2021		25,000		26,274

SEE NOTES TO FINANCIAL STATEMENTS.



144	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Industrial Development Revenue/Pollution Control Revenue — 0.3%

Chandler Industrial Development Authority, Intel Corp. Project Series 2018, Rev., 2.40%, 8/14/2023 (d)		400,000		417,904


Other Revenue — 0.0%(b)

City of Phoenix Civic Improvement Corp., Civic Plaza Expansion Series B, Rev., NATL-RE, 5.50%, 7/1/2020		20,000		20,694


Transportation — 0.1%

City of Phoenix, Civic Improvement Corp., Light Rail Project Series 2013, Rev., 5.00%, 7/1/2020		25,000		25,800

Pima County Regional Transportation Authority Rev., 5.00%, 6/1/2020		40,000		41,184

Regional Public Transportation Authority, Transportation Excise Tax, Maricopa County Public Transportation Fund Rev., 5.25%, 7/1/2021		30,000		32,284


				99,268


Water & Sewer — 0.1%

Arizona Water Infrastructure Finance Authority Series 2010A, Rev., 5.00%, 10/1/2019		45,000		45,134

County of Pima, Sewer System Series 2011B, Rev., 5.00%, 7/1/2020		25,000		25,801


				70,935


Total Arizona				991,575


Arkansas — 0.3%

General Obligation — 0.3%

El Dorado Special School District No. 15 Series 2012, GO, 3.00%, 2/1/2020		20,000		20,029

Newport Special School District, Subordinate Construction GO, 2.45%, 2/1/2021		330,000		330,280

Pine Bluff School District No. 3 Series 2015, GO, 3.00%, 2/1/2020		35,000		35,262


				385,571


Utility — 0.0%(b)

Arkansas Development Finance Authority, Mt. Magazine Project Rev., AGM, 3.00%, 1/1/2020		25,000		25,148


Total Arkansas				410,719


California — 0.6%

Certificate of Participation/Lease — 0.4%

Sweetwater Union High School District Series 2017, COP, 4.00%, 9/1/2019		500,000		500,000


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


General Obligation — 0.1%

Mount San Antonio Community College District Series A, GO, 5.00%, 9/1/2019		20,000		20,000

State of California, Various Purpose Series 2009, GO, 5.25%, 10/1/2020		25,000		25,083


				45,083


Other Revenue — 0.1%

California Statewide Communities Development Authority, Southern California Edison Co. Series 2013B, Rev., VRDO, 1.90%, 4/1/2020 (d)		100,000		100,255

Midpeninsula Regional Open Space District, Promissory Notes Series 2015, Rev., 5.00%, 9/1/2019		25,000		25,000


				125,255


Water & Sewer — 0.0% (b)

Bay Area Water Supply & Conservation Agency Series A, Rev., 4.00%, 10/1/2019		20,000		20,047

Los Angeles County Sanitation Districts Financing Authority, Sanitation Districts Financing Authority Capital Projects Series A, Rev., 5.00%, 10/1/2019		20,000		20,062


				40,109


Total California				710,447


Colorado — 0.6%

Certificate of Participation/Lease — 0.1%

Adams County, Colorado Refunding and Improvement Series 2015, COP, 4.00%, 12/1/2019		25,000		25,172

El Paso County School District No. 49 Series B, COP, 4.00%, 12/15/2019		25,000		25,198

Regional Transportation District Series 2015A, COP, 5.00%, 6/1/2020		25,000		25,712

State of Colorado, UCSC Fitzsimons Academic Projects Series A, COP, 5.00%, 11/1/2019		25,000		25,154


				101,236


Hospital — 0.3%

Colorado Health Facilities Authority, Catholic health Initiatives Series 2011A, Rev., 5.00%, 2/1/2020 (c)		100,000		101,581

Colorado Health Facilities Authority, Catholic Health Initiatives Series A, Rev., 5.00%, 2/1/2021 (c)		200,000		210,774

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	145

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Hospital — continued

Colorado Health Facilities Authority, Covenant Retirement Communities, Inc. Series 2012C, Rev., 5.00%, 12/1/2021		75,000		80,631


				392,986


Prerefunded — 0.1%

Colorado Health Facilities Authority, Catholic health Initiatives Series 2011A, Rev., 5.00%, 2/1/2021 (c)		50,000		52,677


Transportation — 0.1%

City & County of Denver, Airport System Series A, Rev., 5.00%, 11/15/2019		30,000		30,233

E-470 Public Highway Authority

Series 2015A, Rev., 2.25%, 9/1/2019		25,000		25,000

Series 2015A, Rev., 5.00%, 9/1/2019		110,000		110,000


				165,233


Total Colorado				712,132


Connecticut — 0.5%

General Obligation — 0.2%

State of Connecticut Series C, GO, 5.00%, 6/1/2020		100,000		102,791

Town of Groton Series A, GO, BAN, 2.75%, 4/30/2020		25,000		25,246

Town of South Windsor GO, BAN, 3.00%, 2/13/2020		50,000		50,384

Town of Trumbull GO, 3.00%, 9/1/2019		50,000		50,000


				228,421


Hospital — 0.1%

Connecticut State Health and Educational Facilities Authority, Yale University Issue

Series 2014A, Rev., VRDO, 1.30%, 2/3/2020 (d)		200,000		200,130


Housing — 0.1%

Connecticut Housing Finance Authority, Housing Mortgage Finance Program Series C, Subseries C-1, Rev., 1.80%, 5/15/2020		110,000		110,484


Other Revenue — 0.0% (b)

State of Connecticut Series C, Rev., 5.00%, 10/1/2019		50,000		50,149


Special Tax — 0.1%

State of Connecticut, Special Tax Transportation Infrastructure Purposes Series 2014A, Rev., 5.00%, 9/1/2019		65,000		65,000

Series 2010C, Rev., 4.00%, 11/1/2019		25,000		25,114


				90,114


Total Connecticut				679,298


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Delaware — 0.0%(b)

General Obligation — 0.0%(b)

State of DelawareSeries 2009-C, GO, 4.00%, 10/1/2019		25,000		25,056


District of Columbia — 0.3%

Other Revenue — 0.2%

District of Columbia, Income Tax

Series 2010A, Rev., 5.00%, 12/1/2019		25,000		25,238

Series F, Rev., 4.00%, 12/1/2021		35,000		37,265

District of Columbia, Kipp DC Project Series 2017B, Rev., 4.00%, 7/1/2020		250,000		254,795


				317,298


Transportation — 0.1%

Metropolitan Washington Airports Authority

Series C, Rev., 4.00%, 10/1/2019		60,000		60,132

Series 2009C, Rev., 5.00%, 10/1/2019		25,000		25,074


				85,206


Water & Sewer — 0.0%(b)

District of Columbia Water & Sewer Authority, Subordinate Lien Series A, Rev., 5.00%, 10/1/2019		25,000		25,074


Total District of Columbia				427,578


Florida — 12.2%

Certificate of Participation/Lease — 0.2%

Collier County School Board Series 2005A, COP, AGM, 5.25%, 2/15/2021		25,000		26,470

Escambia County School Board COP, 5.00%, 2/1/2020		30,000		30,469

Palm Beach County School District

Series 2014B, COP, 5.00%, 8/1/2020		35,000		36,225

Pasco County School Board Series 2013A, COP, 5.00%, 8/1/2021		50,000		53,573

School Board of Miami-Dade County (The)

Series D, COP, 5.00%, 2/1/2021		100,000		105,272

South Florida Water Management District COP, 5.00%, 10/1/2019		25,000		25,073

St Lucie County School Board Series 2015A, COP, 5.00%, 7/1/2021		30,000		32,048


				309,130


Education — 0.4%

Florida Higher Educational Facilities Financial Authority, Nova Southeastern University Project Series 2012A, Rev., 5.00%, 4/1/2020		200,000		204,138

SEE NOTES TO FINANCIAL STATEMENTS.



146	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Education — continued

Florida State University Housing Facility Series A, Rev., 5.00%, 5/1/2020		20,000		20,500

Manatee County School District, Sales Tax Series 2017, Rev., AGM, 4.00%, 10/1/2019		50,000		50,110

Pasco County School Board, Sales Tax

Series 2013, Rev., 2.13%, 10/1/2019		100,000		100,074

State of Florida, State Board of Education, Lottery Series 2010E, Rev., 5.00%, 7/1/2020		20,000		20,638

Volusia County School Board, Sales Tax Series 2016, Rev., 5.00%, 10/1/2019		45,000		45,133


				440,593


General Obligation — 0.1%

Florida State Board of Education, Public Education Capital Outlay Series 2015C, GO, 5.00%, 6/1/2020		30,000		30,865

State of Florida, State Board of Education Series B, GO, 5.00%, 6/1/2020		40,000		41,154


				72,019


Hospital — 2.7%

Brevard County Health Facilities Authority, Health First, Inc. Project Series 2014, Rev., 5.00%, 4/1/2021		310,000		327,202

City of Jacksonville, Health Care Facilities, Baptist Health Series 2019 B, Rev., VRDO, 1.27%, 9/12/2019 (d)		1,400,000		1,400,000

City of Tallahassee, Memorial Healthcare, Inc. Project Series 2016A, Rev., 5.00%, 12/1/2019		495,000		499,232

Miami Beach Health Facilities Authority Rev., 5.00%, 11/15/2019		320,000		322,272

Miami-Dade County Health Facilities Authority, Miami Children’s Hospital Project Rev., 4.00%, 8/1/2020		700,000		717,332

Palm Beach County Health Facilities Authority, Lifespace Communities Series 2015C, Rev., 5.00%, 5/15/2020		110,000		112,015


				3,378,053


Housing — 0.1%

Orange County Housing Finance Authority, Willow Key Apartments Series 2019A, Rev., 1.90%, 4/1/2021 (d)		100,000		100,812


Industrial Development Revenue/Pollution Control Revenue — 2.2%

Florida Department of Environmental ProtectionSeries 2014-A, Rev., 5.00%, 7/1/2021		20,000		21,429


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Industrial Development Revenue/Pollution Control Revenue — continued

Florida Department of Environmental Protection, Everglades Restoration Series A, Rev., VRDO, AGC, 1.31%, 9/11/2019 (d)		2,325,000		2,325,000

Palm Beach County Solid Waste Authority

Rev., 4.00%, 10/1/2019		25,000		25,055

Rev., 5.00%, 10/1/2019		350,000		350,980

State of Florida, Department of Environmental Protection Series A, Rev., 5.00%, 7/1/2020		25,000		25,814


				2,748,278


Other Revenue — 2.6%

City of Cape Coral Rev., 5.00%, 10/1/2020		50,000		52,091

City of Gulf Breeze, Local Government Loan Program, Remarketing Series 1985J, Rev., 4.50%, 12/1/2020		200,000		208,362

City of Jacksonville

Series 2011B, Rev., 5.00%, 10/1/2019		30,000		30,082

Series C, Rev., 5.00%, 10/1/2019		415,000		416,129

City of Jacksonville, Excise Tax Series 2009B, Rev., 5.00%, 10/1/2019		25,000		25,073

City of Ocoee Rev., 4.00%, 10/1/2019		25,000		25,053

City of Orlando Series C, Rev., 5.00%, 10/1/2019		100,000		100,295

City of Pembroke Pines Rev., AGM, 4.00%, 12/1/2019		100,000		100,698

City of Tallahassee Rev., 5.00%, 10/1/2020		270,000		281,021

County of Broward, Half-Cent Sales Tax Series A, Rev., 5.00%, 10/1/2020		20,000		20,826

County of Collier Series 2010B, Rev., 5.00%, 10/1/2021		30,000		32,440

County of Miami-Dade Series A, Rev., 5.00%, 4/1/2021		125,000		132,651

County of Miami-Dade, Juvenile Courthouse Series B, Rev., VRDO, AMBAC, LOC: TD Bank NA, 1.25%, 9/11/2019 (d)		1,375,000		1,375,000

County of Orange Rev., 5.00%, 10/1/2019		20,000		20,057

County of Orange, Sales Tax

Series C, Rev., 5.00%, 1/1/2020		20,000		20,251

County of Tallahassee, City of Leon, Blueprint 2000 Intergovernmental Agency Series 2011, Rev., AGM, 5.00%, 10/1/2019		50,000		50,143

Rev., NATL-RE, 5.25%, 10/1/2019		30,000		30,089

Florida Department of Environmental Protection Series 2011B, Rev., 5.00%, 7/1/2021		100,000		107,144

Orange County Convention Center Rev., 5.00%, 10/1/2021		85,000		91,655

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	147

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Other Revenue — continued

St. Johns County, School Board Rev., 5.00%, 10/1/2019		40,000		40,117


				3,159,177


Prerefunded — 0.7%

Capital Trust Agency Inc., Alexander Apartments Project Series 2011A, Rev., 6.00%, 7/1/2021 (c)		360,000		387,652

Capital Trust Agency, Inc., Mission Springs Apartments Project Series A, Rev., 4.25%, 12/1/2022 (c)		295,000		336,881

City of JacksonvilleSeries B-1A, Rev., 5.00%, 10/1/2019 (c)		20,000		20,059

County of Miami-Dade Series C, Rev., AGC, 5.38%, 10/1/2019 (c)		25,000		25,080

JEA Electric SystemSeries 3-C, Rev., 3.25%, 4/1/2020 (c)		25,000		25,312

Palm Beach County Solid Waste Authority Rev., BHAC-CR, 5.50%, 10/1/2019 (c)		50,000		50,165


				845,149


Transportation — 0.4%

County of Miami-Dade Series A, Rev., 5.75%, 10/1/2019		40,000		40,143

County of Miami-Dade, Seaport Department Series 2013A, Rev., 5.00%, 10/1/2019		100,000		100,266

Greater Orlando Aviation Authority Series B, Rev., 5.00%, 10/1/2019		25,000		25,073

Miami-Dade County Expressway Authority, Toll System Series 2014B, Rev., 5.00%, 7/1/2022		340,000		374,320


				539,802


Utility — 2.7%

City of Palm Coast, Utility System Improvement Rev., 5.00%, 10/1/2019		50,000		50,143

City of Port St. Lucie, Utility Systems Rev., NATL-RE, 5.25%, 9/1/2019		25,000		25,000

City of Tallahassee, Energy System

Rev., 5.00%, 10/1/2019		100,000		100,295

Rev., 5.00%, 10/1/2020		110,000		114,620

Rev., 5.00%, 10/1/2021		35,000		37,823

County of Charlotte, Utility System Rev., AGM, 5.00%, 10/1/2019		100,000		100,293

County of Martin, Consolidated Utilities System Series A, Rev., 4.00%, 10/1/2019		25,000		25,055

JEA Bulk Power Supply System, Scherer 4 Project Series A, Rev., 3.50%, 10/1/2019		20,000		20,036


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Utility — continued

JEA Electric System

Series A, Rev., 4.00%, 10/1/2019		20,000		20,039

Series 2013D, Rev., 5.00%, 10/1/2019		50,000		50,130

Series 2014A, Rev., 5.00%, 10/1/2019		100,000		100,285

Series 2015A, Rev., 5.00%, 10/1/2019		30,000		30,085

Series 2015B, Rev., 5.00%, 10/1/2019		70,000		70,199

Series A, Rev., 5.00%, 10/1/2019		335,000		335,955

Series B, Rev., 5.00%, 10/1/2019		2,000,000		2,005,200

Series G, Rev., 5.00%, 10/1/2019		30,000		30,093

Miami-Dade County Industrial Development Authority, Waste Management Inc. of Florida Project Rev., VRDO, 1.75%, 11/1/2019 (d)		155,000		155,048

St Johns River Power Park

Series 6, Rev., 5.00%, 10/1/2019		15,000		15,044

Series 7, Rev., 5.00%, 10/1/2019		65,000		65,189

Tampa Bay Water Utility System Series 2005, Rev., 5.50%, 10/1/2019		20,000		20,066


				3,370,598


Water & Sewer — 0.1%

County of Indian River, Water & Sewer System Rev., 5.00%, 9/1/2019		65,000		65,000

County of Lee County Series 2013B, Rev., 5.00%, 10/1/2022		35,000		39,130


				104,130


Total Florida				15,067,741


Georgia — 2.0%

Education — 0.2%

Private Colleges & Universities Authority Series B, Rev., 5.00%, 9/1/2019		260,000		260,000


General Obligation — 0.1%

Clarke County School District, Sales Tax GO, 5.00%, 9/1/2021		30,000		32,313

Houston County School District GO, 4.00%, 9/1/2019		50,000		50,000


				82,313


Hospital — 0.1%

Floyd County Hospital Authority, Medical Center Project Rev., 5.00%, 7/1/2020		35,000		36,084

Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project Rev., RAN, 5.00%, 8/1/2021		50,000		53,237


				89,321

SEE NOTES TO FINANCIAL STATEMENTS.



148	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Housing — 0.0%(b)

South Regional Joint Development Authority, Auxiliary Service Real Estate Rev., 5.00%, 8/1/2020		75,000		77,533


Industrial Development Revenue/Pollution Control Revenue — 0.2%

Fulton County Development Authority Series A, Rev., 4.00%, 5/1/2021		200,000		209,622


Prerefunded — 0.0%(b)

County of Columbia, Water and Sewer Rev., 5.00%, 6/1/2020 (c)		20,000		20,579


Utility — 1.4%

Main Street Natural Gas, Inc., Gas Supply

Series 2019B, Rev., 4.00%, 6/1/2022		450,000		481,414

Series 2019B, Rev., 4.00%, 12/1/2022		345,000		372,883

Series 2019B, Rev., 4.00%, 6/1/2023		240,000		262,121

Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 9/1/2023 (d)		90,000		98,342

Series 2018C, Rev., 4.00%, 12/1/2023 (d)		65,000		71,323

Monroe County Development Authority, Gulf Power Co. Plant Scherer Project

Rev., VRDO, 1.40%, 9/19/2019 (d)		325,000		324,824

Valdosta Housing Authority, Brown Rural Development Portfolio Project

Rev., 2.25%, 12/1/2020 (d)		100,000		101,100


				1,712,007


Water & Sewer — 0.0%(b)

County of DeKalb, Water and Sewerage

Series 2015, Rev., 5.00%, 10/1/2019		20,000		20,058


Total Georgia				2,471,433



Hawaii — 0.1%

General Obligation — 0.1%

City & County of Honolulu Series C, GO, 4.00%, 10/1/2019		75,000		75,164


Illinois — 1.5%

General Obligation — 0.7%

Cook County Series 2009C, GO, 5.00%, 11/15/2021		50,000		50,342

Cook County School District No. 81 Schiller Park, School Bonds GO, 4.00%, 12/1/2021		80,000		84,693

Fox Valley Park District Series 2015B, GO, 4.00%, 12/15/2019		20,000		20,147

Kane McHenry Cook and De Kalb Counties Unit School District No. 300, School Bonds GO, 4.00%, 1/1/2020		20,000		20,176


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


General Obligation — continued

Lake County Township High School District No. 121 Series 2016A, GO, 3.00%, 1/1/2024 (c)		370,000		397,606

Village of McCook

Series 2019A, GO, AGM, 4.00%, 12/1/2019		75,000		75,427

Series 2019A, GO, AGM, 4.00%, 12/1/2020		100,000		102,848

Series 2019A, GO, AGM, 4.00%, 12/1/2021		135,000		141,684


				892,923


Hospital — 0.3%

Illinois Finance Authority, Advocate HealthcareSeries 2008A-2, Rev., 5.00%, 2/12/2020 (d)		180,000		182,787

Illinois Finance Authority, Ascension Health Alliance Senior Credit GroupSeries E-2, Rev., 1.75%, 4/1/2021 (d)		100,000		100,829

Illinois Finance Authority, Unitypoint Health Series 2016, Rev., 5.00%, 2/15/2024		90,000		104,064


				387,680


Other Revenue — 0.1%

Railsplitter Tobacco Settlement Authority Rev., 5.25%, 6/1/2020		100,000		102,937

State of Illinois Rev., 4.00%, 6/15/2020		45,000		45,810


				148,747


Prerefunded — 0.2%

Cook County School District No. 144 Prairie Hills, School Bonds Series 2010A, GO, AGM, 5.00%, 12/1/2020 (c)		100,000		104,882

County of St Clair Series 2009, GO, 5.00%, 10/1/2019 (c)		20,000		20,059

Macoupin County Community Unit School District No. 7 Gillespie, School Building GO, AGC, 6.00%, 12/1/2021 (c)		50,000		55,483


				180,424


Transportation — 0.0%(b)

Regional Transportation Authority Series B, Rev., NATL-RE, 5.50%, 6/1/2020		45,000		46,398


Utility — 0.2%

City of Springfield, Senior Lien Electric Rev., 5.00%, 3/1/2020		50,000		50,912

Illinois Finance Authority, Prairie Power Inc. Series A, Rev., VRDO, 1.75%, 5/6/2020 (d)		125,000		124,677

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	149

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Utility — continued

Illinois Municipal Electric Agency, Power Supply System Series 2015A, Rev., 5.00%, 2/1/2020		60,000		60,915


				236,504


Total Illinois				1,892,676


Indiana — 5.6%

Education — 0.6%

City of Evansville, Economic Development Lease Rental School Project Series 2015C, Rev., 5.00%, 2/15/2020		25,000		25,409

Danville School Building Corp., Ad Valorem Property Tax Series 2015B, Rev., 5.00%, 1/15/2020		100,000		101,369

East Porter County School Building Corp. Rev., 4.00%, 7/15/2020		125,000		127,975

Elkhart Community Schools Building Corp., First Mortgage Bonds Series 2018B, Rev., 5.00%, 1/15/2020		75,000		76,017

Hamilton Southeastern Consolidated School Building Corp., First Mortgage Series B, Rev., 5.00%, 7/15/2022		35,000		38,705

Jennings County School Building Corp., First Mortgage

Series 2019A, Rev., 2.00%, 1/15/2021		90,000		90,942

Series 2019B, Rev., 3.00%, 1/15/2021		15,000		15,359

Series 2019B, Rev., 3.00%, 7/15/2021		50,000		51,630

Series 2019A, Rev., 2.00%, 1/15/2022		90,000		91,615

Series 2019B, Rev., 3.00%, 1/15/2022		40,000		41,647

Series 2019A, Rev., 2.00%, 1/15/2023		60,000		61,513


				722,181



Hospital — 3.9%

Indiana Finance Authority, Health Obligation Series H, Rev., 1.65%, 7/1/2022 (d)		1,000,000		1,013,430

Indiana Finance Authority, Parkview Health Series 2017A, Rev., 5.00%, 11/1/2020		35,000		36,549

Indiana Finance Authority, University Health Obligated Group Series E, Rev., VRDO, LOC: Bank of America NA, 1.27%, 9/11/2019 (d)		3,000,000		3,000,000

Indiana Health & Educational Facilities Financing Authority, Ascension Senior Credit Group

Series A-10, Rev., VRDO, 1.50%, 5/1/2020 (d)		250,000		250,010

Series B-3, Rev., 1.75%, 11/2/2021 (d)		80,000		80,525

Indiana Health Facility Financing Authority, Ascension Health Credit Group Rev., VRDO, 1.37%, 5/1/2020 (d)		455,000		455,205


				4,835,719


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Other Revenue — 0.1%

Fort Wayne Redevelopment Authority Rev., 4.00%, 2/1/2022		50,000		53,273

Indiana Finance Authority, Revolving Fund Series 2010C, Rev., 5.00%, 2/1/2020		20,000		20,322


				73,595


Prerefunded — 0.0%(b)

County of Allen, Maplecrest Bridge of 2009 GO, 3.90%, 9/1/2019 (c)		20,000		20,000


Utility — 1.0%

City of Rockport, Michigan Power Company Project Series D, Rev., 2.05%, 6/1/2021 (d)		1,000,000		1,011,600

City of Whiting, BP Products North America Inc. Project Rev., VRDO, 1.85%, 10/1/2019 (d)		200,000		200,070

Indiana Municipal Power Agency Series B, Rev., 5.00%, 1/1/2020		50,000		50,628

Indiana Municipal Power Agency, Power Supply System Series 2014A, Rev., 5.00%, 1/1/2021		20,000		21,008


				1,283,306


Water & Sewer — 0.0%(b)

City of Indianapolis, Department of Public Utilities Water System Series 2016B, Rev., 5.00%, 10/1/2019		25,000		25,072

Total Indiana				6,959,873


Iowa — 0.1%

General Obligation — 0.1%

Waukee Community School District GO, 5.00%, 6/1/2020 Series 2014C, GO, 5.00%, 6/1/2021		30,000 40,000		30,867 42,697


				73,564


Hospital — 0.0% (b)

Iowa State Board of Regents, University of Iowa Hospitals and Clinics Rev., 4.00%, 9/1/2020		25,000		25,703


Total Iowa				99,267


Kansas — 0.3%

General Obligation — 0.2%

City of Lawrence, Temporary Notes Series I, GO, 2.00%, 5/1/2021		120,000		120,739

City of Leawood, Temporary Notes Series 1, GO, 3.00%, 9/1/2019		100,000		100,000

City of Olathe Series 2018 231, GO, 5.00%, 10/1/2019		20,000		20,059

SEE NOTES TO FINANCIAL STATEMENTS.



150	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

General Obligation — continued

City of Overland Park Series 2013B, GO, 4.00%, 9/1/2019		35,000		35,000


				275,798


Other Revenue — 0.0%(b)

County of Shawnee, Public Building Commission, Expocentre Project Rev., 4.00%, 9/1/2019		25,000		25,000


Utility — 0.1%

Wyandotte County Unified Government, Kansas City, Utility System Series A, Rev., 5.00%, 9/1/2019		110,000		110,000


Total Kansas				410,798


Kentucky — 0.7%

General Obligation — 0.5%

City of Bowling Green Series 2016C, GO, 4.00%, 6/1/2020		100,000		102,211

County of Kenton

Series B, GO, 5.00%, 10/1/2020		305,000		317,173

Series B, GO, 5.00%, 10/1/2021		215,000		231,471


				650,855


Housing — 0.2%

Kentucky Housing Corp., Westminster Village Project Series 2019, Rev., 2.00%, 3/1/2021 (d)		200,000		202,624


Other Revenue — 0.0%(b)

Kentucky Association of Counties Finance Corp. Series C, Rev., 3.25%, 2/1/2021		50,000		51,352


Water & Sewer — 0.0%(b)

Louisville & Jefferson County Metropolitan Sewer District, Sewer and Drainage System Rev., BAN, 4.00%, 11/1/2019		25,000		25,108


Total Kentucky				929,939


Louisiana — 0.3%

General Obligation — 0.2%

City of Shreveport, Water & Sewer Improvement GO, 3.50%, 9/1/2019		250,000		250,000


Other Revenue — 0.1%

City of Lafayette, Public Improvement Sales Tax Rev., 5.00%, 5/1/2020		25,000		25,633

State of Louisiana, Gas and Fuels Tax Series 2010B, Rev., 5.00%, 5/1/2020		40,000		41,026


				66,659


Prerefunded — 0.0%(b)

State of Louisiana, Gas and Fuels Tax Series B, Rev., 5.00%, 5/1/2020 (c)		20,000		20,509


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Utility — 0.0%(b)

Louisiana Local Government Environmental Facilities & Community Development Authority, Parish of East Baton Rouge Road Improvements Project Rev., 5.00%, 8/1/2020		40,000		41,384


Total Louisiana				378,552


Maine — 0.0%(b)

Transportation — 0.0%(b)

Maine Municipal Bond Bank, Transportation Infrastructure Series 2011A, Rev., 5.00%, 9/1/2020		20,000		20,772


Maryland — 1.7%

General Obligation — 0.0%(b)

County of Prince George’s, Public Improvement Series 2011B, GO, 5.00%, 9/15/2019		40,000		40,047

Town of Ocean City, Mayor and City Council Series 2015, GO, 5.00%, 12/1/2019		20,000		20,189


				60,236


Hospital — 1.6%

Maryland Health and Higher Educational Facilities Authority, Pooled Loan Program Series B, Rev., VRDO, LOC: TD Bank NA, 1.25%, 9/11/2019 (d)		1,955,000		1,955,000


Transportation — 0.1%

Maryland State Transportation Authority, Transportation Facilities Projects Rev., 5.00%, 7/1/2020		25,000		25,813

Montgomery County Revenue Authority Series 2015A, Rev., 4.00%, 11/1/2019		35,000		35,159


				60,972


Total Maryland				2,076,208


Massachusetts — 0.6%

Education — 0.2%

Massachusetts Development Finance Agency, Emerson College Rev., 5.00%, 1/1/2020		200,000		202,288

University of Massachusetts Building Authority Series 2, Rev., 5.00%, 11/1/2020		25,000		26,121


				228,409


General Obligation — 0.2%

City of Newburyport, Municipal Purpose Loan of 2013 GO, 4.00%, 1/15/2020		25,000		25,275

City of Springfield Series 2012, GO, 4.00%, 9/1/2019		40,000		40,000

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	151

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

General Obligation — continued

Commonwealth of Massachusetts Series D, GO, AMBAC, 5.50%, 10/1/2019		40,000		40,133

Commonwealth of Massachusetts, Consolidated Loan of 2001 Series 2001D, GO, AGM-CR, 5.50%, 11/1/2019		25,000		25,179

Town of Concord, Municipal Purpose Loan GO, 4.00%, 9/15/2019		20,000		20,019

Town of Dartmouth GO, 4.00%, 4/15/2020		20,000		20,362

Town of Stoneham Series 2010, GO, 5.00%, 11/15/2019		20,000		20,154


				191,122


Hospital — 0.2%

Massachusetts Development Finance Agency, Umass Memorial Health Care Obligated Group Series I, Rev., 5.00%, 7/1/2022		245,000		269,008


Prerefunded — 0.0%(b)

Massachusetts Development Finance Agency, Boston UniversitySeries V-1, Rev., 5.00%, 10/1/2019 (c)		25,000		25,074


Transportation — 0.0%(b)

Massachusetts Bay Transportation Authority, Sales Tax Series 2010C, Rev., 5.00%, 7/1/2020		25,000		25,812

Massachusetts Department of Transportation Series A, Rev., 5.00%, 1/1/2020 (c)		20,000		20,277


				46,089


Total Massachusetts				759,702


Michigan — 1.1%

General Obligation — 0.2%

Byron Center Public Schools GO, 3.50%, 5/1/2022		25,000		25,390

City of Warren Series B, GO, 4.00%, 10/1/2019		25,000		25,052

County of Kent GO, 5.00%, 1/1/2021		110,000		115,680

Novi Community School District, School Building and Site Bonds Series I, GO, 4.00%, 5/1/2021		25,000		26,125

State of Michigan, Environmental Program Series A, GO, 5.00%, 12/1/2019		30,000		30,290


				222,537


Hospital — 0.5%

Michigan Finance Authority, Bronson Healthcare Group, Inc. Series B, Rev., 3.50%, 9/11/2019 (d) (e)		200,000		212,344

Michigan Finance Authority, Henry Ford Health System Rev., 5.00%, 11/15/2020		120,000		125,380


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Hospital — continued

Michigan State Hospital Finance Authority, Ascension Health Series 2010 F-1, Rev., 4.00%, 6/1/2023 (d)		50,000		55,049

Michigan State Hospital Finance Authority, Ascension Health Senior Credit GroupSeries F-5, Rev., 2.40%, 3/15/2023 (d)		140,000		145,652

Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group Series 2014D, Rev., 5.00%, 9/1/2020		25,000		25,945


				564,370


Other Revenue — 0.3%

Detroit Wayne County Stadium Authority Series 2012, Rev., AGM, 5.00%, 10/1/2019		175,000		175,465

Michigan State Building Authority, Facilities Program

Series 2015I, Rev., 5.00%, 4/15/2020		20,000		20,475

Series I, Rev., 5.00%, 4/15/2021		100,000		106,211

State of Michigan Rev., GAN, 5.00%, 3/15/2020		75,000		76,571


				378,722


Transportation — 0.1%

State of Michigan, Trunk Line Rev., 5.00%, 11/1/2019		25,000		25,158

Wayne County Airport Authority, Junior Lien Series 2017A, Rev., 5.00%, 12/1/2020		100,000		104,679


				129,837


Water & Sewer — 0.0%(b)

Michigan Finance Authority, Revolving Fund Cleanwater Series 2011, Rev., 5.00%, 10/1/2020		20,000		20,844

Michigan Finance Authority, Revolving Fund Drinking water Series 2012, Rev., 5.00%, 10/1/2019		20,000		20,060

Michigan Municipal Bond Authority, Clean Water Rev., 5.00%, 10/1/2019		20,000		20,059


				60,963


Total Michigan				1,356,429


Minnesota — 2.2%

Certificate of Participation/Lease — 0.7%

Duluth Independent School District No. 709

Series 2019C, COP, 5.00%, 2/1/2020		145,000		147,008

Series 2019C, COP, 5.00%, 2/1/2022		130,000		140,394

Series A, COP, 5.00%, 2/1/2022		200,000		215,990

SEE NOTES TO FINANCIAL STATEMENTS.



152	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Certificate of Participation/Lease — continued

Minnetonka Independent School District No. 276

Series E, COP, 3.00%, 10/1/2021		155,000		160,556

Series E, COP, 3.00%, 10/1/2022		85,000		89,472

Series E, COP, 4.00%, 10/1/2023		115,000		127,459


				880,879


Education — 0.0%(b)

Minnesota Higher Education Facilities Authority, St. Olaf CollegeSeries 8-G, Rev., 5.00%, 12/1/2019		25,000		25,229


General Obligation — 0.3%

City of Pipestone Series A, GO, 3.00%, 2/1/2020		80,000		80,580

Shakopee Independent School District No. 720, School Building Series 2013A, GO, 5.00%, 2/1/2020		200,000		203,108

State of Minnesota Series A, GO, 5.00%, 12/1/2019		25,000		25,239

State of Minnesota, Trunk Highway Series E, GO, 5.00%, 8/1/2020		35,000		36,244


				345,171


Housing — 0.2%

City of Maplewood, Maple Pond Apartments Project Series 2018A, Rev., 2.20%, 4/1/2020 (d)		150,000		150,830

Housing and Redevelopment Authority of The City of St Paul Minnesota, Millberry Apartments Project Series 2018A, Rev., VRDO, 2.15%, 3/1/2020 (d)		100,000		100,048


				250,878


Other Revenue — 0.0%(b)

State of Minnesota, General Fund Appropriation Series B, Rev., 5.00%, 3/1/2020		20,000		20,392


Transportation — 0.0%(b)

Minneapolis-St Paul Metropolitan Airports Commission, Subordinate Airport Series C, Rev., 5.00%, 1/1/2020		20,000		20,254


Utility — 0.5%

City of Minneapolis, 1500 Nicollet Apartments Project Rev., VRDO, 1.37%, 11/1/2019 (d)		175,000		174,996

City of Rochester, Eastgate Apartments Project Rev., VRDO, 1.70%, 12/1/2019 (d)		250,000		250,225


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Utility — continued

Housing and Redevelopment Authority of The City of St. Paul, Legends Berry Senior Apartments Project Series A, Rev., VRDO, 2.20%, 9/1/2020 (d)		125,000		125,488

Minnesota Municipal Power Agency Series 2010A, Rev., 5.00%, 10/1/2019		25,000		25,074


				575,783


Water & Sewer — 0.5%

Minnesota Rural Water Finance Authority, Inc., Public Projects Construction Rev., 2.00%, 8/1/2020		610,000		612,196


Total Minnesota				2,730,782


Mississippi — 2.7%

General Obligation — 0.0%(b)

Rankin County School District GO, 5.00%, 10/1/2019		20,000		20,058


Industrial Development Revenue/Pollution Control Revenue — 2.6%

Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project Series D, Rev., VRDO, 1.28%, 9/6/2019 (d)		3,240,000		3,240,000


Water & Sewer — 0.1%

Mississippi Development Bank, Special Obligation, Water and Sewer System Project Rev., AGM, 3.00%, 12/1/2020		100,000		102,047


Total Mississippi				3,362,105


Missouri — 2.6%

Education — 1.3%

Health & Educational Facilities Authority of the State of Missouri, Bethesda Health Group Inc. Rev., 4.00%, 8/1/2020		110,000		112,086

Health and Educational Facilities Authority of the State of Missouri, BJC Health System Series C, Rev., VRDO, LIQ: BJC Health System, 1.25%, 9/12/2019 (d)		815,000		815,000

Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects Series 2016A, Rev., 4.00%, 2/1/2020		20,000		20,170

Health and Educational Facilities Authority of the State of Missouri, SSM Health Series F, Rev., VRDO, 1.26%, 9/6/2019 (d)		700,000		700,000


				1,647,256


General Obligation — 0.1%

Columbia School District GO, 4.00%, 3/1/2020		25,000		25,350

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	153

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

General Obligation — continued

Jackson County Reorganized School District No. 7 GO, 4.00%, 3/1/2020		20,000		20,279


				45,629


Hospital — 0.1%

Health and Educational Facilities Authority of the State of Missouri, Coxhealth Series 2013A, Rev., 5.00%, 11/15/2022		50,000		55,759

Health and Educational Facilities Authority of the State of Missouri, Saint Luke’s Health System, Inc. Series 2010A, Rev., 4.00%, 11/15/2019		100,000		100,544


				156,303


Industrial Development Revenue/Pollution Control Revenue — 0.0%(b)

Kansas City Industrial Development Authority, Downtown Redevelopment District Series A, Rev., 5.00%, 9/1/2019		35,000		35,000


Other Revenue — 0.1%

City of Columbia Rev., 5.00%, 2/1/2020		25,000		25,376

County of Jackson Rev., 4.00%, 12/1/2019		70,000		70,455


				95,831


Utility — 0.9%

County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2019		300,000		302,748

Missouri Joint Municipal Electric Utility Commission Series 2014A, Rev., 5.00%, 1/1/2020		20,000		20,252

Missouri Joint Municipal Electric Utility Commission, Prairie State Project Series A, Rev., 5.00%, 12/1/2019		775,000		782,137


				1,105,137


Water & Sewer — 0.1%

City of Kansas City Series A, Rev., BHAC-CR, 5.00%, 9/9/2019		100,000		100,054


Total Missouri				3,185,210


Nebraska — 0.7%

General Obligation — 0.0%(b)

City of Omaha GO, 5.25%, 4/1/2021		25,000		26,647


Utility — 0.7%

Central Plains Energy Project, Gas Supply Rev., LIQ: Royal Bank of Canada, 5.00%, 12/1/2019 (d)		770,000		776,691

Nebraska Public Power District Series A, Rev., 5.00%, 1/1/2021		50,000		52,580


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Utility — continued

Norris Public Power District, Electric System Series 2011B, Rev., 4.00%, 1/1/2020		50,000		50,427


				879,698


Total Nebraska				906,345


Nevada — 0.7%

General Obligation — 0.1%

Clark County GO, 5.00%, 6/1/2020		25,000		25,705

State of Nevada, Capital Improvement and Cultural Affairs Series 2012B, GO, 5.00%, 8/1/2021		30,000		32,254


				57,959


Prerefunded — 0.0%(b)

Washoe County School District, Limited Tax, School ImprovementSeries 2011-A, GO, 5.00%, 6/1/2021 (c)		40,000		42,690


Transportation — 0.6%

Clark County, Passenger Facility Charge, Mccarran International AirportSeries F-2, Rev., VRDO, LOC: Union Bank NA, 1.31%, 9/11/2019 (d)		720,000		720,000


Total Nevada				820,649


New Hampshire — 0.2%

Other Revenue — 0.0%(b)

New Hampshire Municipal Bond Bank Series 2014A, Rev., 5.00%, 8/15/2020		25,000		25,939


Prerefunded — 0.1%

New Hampshire Business Finance Authority, Elliot Hospital Obligation Series 2009A, Rev., 6.00%, 10/1/2019 (c)		55,000		55,200


Transportation — 0.1%

State of New Hampshire, Federal Highway Grant Anticipation Bonds Rev., GAN, 5.00%, 9/1/2019		155,000		155,000


Total New Hampshire				236,139


New Jersey — 11.0%

Education — 0.3%

New Jersey Economic Development Authority, School Facilities Construction Series 2011EE, Rev., 5.25%, 9/1/2019 (c)		25,000		25,000

Rev., 5.00%, 3/1/2020		390,000		397,000


				422,000


General Obligation — 8.8%

Bernards Township School District Series 2013B, GO, 5.00%, 1/1/2021		20,000		21,045

SEE NOTES TO FINANCIAL STATEMENTS.



154	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

General Obligation — continued

Borough of Chatham Series 2019, GO, BAN, 2.50%, 5/22/2020		1,423,750		1,436,692

Borough of Haddon Heights Series A, GO, BAN, 2.00%, 8/6/2020		1,461,980		1,468,150

Borough of Kinnelon GO, BAN, 2.00%, 3/6/2020		908,000		910,116

Borough of North Haledon GO, BAN, 2.00%, 4/14/2020		857,000		859,142

Borough of Oakland GO, BAN, 3.25%, 12/13/2019		251,000		252,431

Borough of Ridgefield GO, BAN, 3.00%, 10/17/2019		900,000		901,962

City of Bridgeton GO, 3.00%, 6/11/2020		650,000		657,306

City of Orange Township GO, 3.00%, 12/5/2019		300,000		301,386

City of Somers Point GO, BAN, 3.00%, 12/3/2019		300,000		301,464

City of Woodbury, Water and Sewer Utility GO, 2.00%, 5/1/2020		45,000		45,288

County of Burlington, General ImprovementSeries 2016A-1, GO, 4.00%, 9/1/2019		25,000		25,000

Ocean Township Board of Education/Monmouth County GO, 4.00%, 3/1/2021		25,000		25,352

Township of Clark GO, BAN, 3.00%, 10/4/2019		900,000		901,116

Township of Edison, County of Middlesex Series 2011, GO, 5.00%, 2/1/2020		25,000		25,399

Township of Fairfield, Cumberland County Series 2019, GO, BAN, 2.50%, 3/25/2020		689,200		693,059

Township of Frelinghuysen Series 2019, GO, BAN, 2.50%, 6/4/2020		1,971,471		1,987,755

Township of Toms River Series 2015, GO, 4.00%, 12/1/2019		25,000		25,177


				10,837,840


Hospital — 0.0%(b)

Passaic County Improvement Authority, Preakness Healthcare Center Expansion Project Series 2015, Rev., 5.00%, 5/1/2020		25,000		25,638


Housing — 0.1%

New Jersey Housing & Mortgage Finance Agency, Oceanport Gardens Series B, Rev., 2.02%, 8/1/2020 (d)		100,000		100,548


Other Revenue — 1.3%

Camden County Improvement Authority Series A, Rev., 4.00%, 12/15/2019		100,000		100,812


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Other Revenue — continued

Garden State Preservation Trust Series C, Rev., AGM, 5.13%, 11/1/2019		35,000		35,222

Tobacco Settlement Financing Corp.

Series A, Rev., 5.00%, 6/1/2020		1,200,000		1,232,580

Series A, Rev., 5.00%, 6/1/2023		200,000		225,226


				1,593,840


Prerefunded — 0.0%(b)

New Jersey Educational Facilities Authority, Kean University Series 2009A, Rev., 5.00%, 9/1/2019 (c)		25,000		25,000


Transportation — 0.2%

New Jersey Infrastructure Bank

Series 2010A, Rev., 5.00%, 9/1/2019		25,000		25,000

Series 2012A, Rev., 5.00%, 9/1/2019		20,000		20,000

New Jersey Transportation Trust Fund Authority Series A, Rev., 4.00%, 12/15/2019		205,000		206,533

New Jersey Transportation Trust Fund Authority, Transportation System Series B, Rev., NATL-RE, 5.50%, 12/15/2019		20,000		20,239


				271,772


Utility — 0.3%

New Jersey Economic Development Authority, New Jersey Transit Corporation Projects Series B, Rev., 5.00%, 11/1/2019		335,000		336,940


Total New Jersey				13,613,578


New Mexico — 0.5%

Other Revenue — 0.3%

City of Farmington, Southern California Edison Co. Four Corners Project Series A, Rev., VRDO, 1.87%, 4/1/2020 (d)		260,000		260,674

New Mexico Finance Authority, Senior Lien Public Project Revolving Fund Series 2013A, Rev., 4.00%, 6/1/2021		20,000		21,008

State of New Mexico, Severance Tax Permanent Fund Series 2010A, Rev., 5.00%, 7/1/2020		20,000		20,645


				302,327


Transportation — 0.0%(b)

New Mexico Finance Authority, Subordinate LienSeries 2010A-2, Rev., NATL-RE, 5.00%, 12/15/2020		25,000		26,266

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	155

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Utility — 0.2%

Silver City Joint Utility System Series B, Rev., 2.00%, 12/1/2019		265,000		265,384


Total New Mexico				593,977


New York — 13.2%

Education — 0.1%

New York State Dormitory Authority Series F, Rev., 5.00%, 10/1/2019		25,000		25,074

New York State Dormitory Authority, General Purpose

Series 2016D, Rev., 5.00%, 2/15/2020		25,000		25,442

Series 2017A, Rev., 5.00%, 2/15/2020		35,000		35,619

New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2011A, Rev., 5.00%, 3/15/2020		25,000		25,517


				111,652


General Obligation — 11.0%

Cherry Valley-Springfield Central School District Series B, GO, 2.00%, 6/26/2020		1,500,000		1,508,355

City of New YorkSeries A-3, GO, VRDO, 1.26%, 9/6/2019 (d)		1,700,000		1,700,000

Series A-1, GO, 5.00%, 10/1/2019		225,000		225,664

City of Ogdensburg Series 2019, GO, BAN, 3.00%, 4/24/2020		500,000		503,860

City of Troy GO, BAN, 3.00%, 2/7/2020		1,000,000		1,008,860

City of Yonkers Series 2019A, GO, BAN, 2.25%, 12/17/2019		1,200,000		1,204,044

County of Nassau Series C, GO, BAN, 4.00%, 12/10/2019		325,000		327,389

County of Onondaga GO, 5.00%, 2/15/2020		20,000		20,365

De Ruyter Central School District GO, BAN, 2.25%, 7/10/2020		1,862,800		1,877,516

Harpursville Central School District Series 2019, GO, BAN, 3.00%, 3/11/2020		887,000		894,646

Montgomery County GO, BAN, 3.00%, 10/11/2019		900,000		901,737

Town of Colonie GO, BAN, 3.00%, 3/13/2020		1,075,000		1,085,083

Town of Oyster Bay Series 2019, GO, BAN, 3.00%, 3/13/2020		700,000		705,166

Town of Watertown Series 2019, GO, BAN, 2.25%, 4/16/2020		900,000		905,436

Village of Clayton GO, BAN, 2.75%, 2/13/2020		680,000		684,869


				13,552,990


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Other Revenue — 0.8%

City of Troy Capital Resources Corp., Rensselaer Polytechnic Institute Project Rev., 5.00%, 8/1/2020		20,000		20,691

Tender Option Bond Trust Receipts/CertificatesSeries 2018-XM0697, Rev., VRDO, LIQ: Bank of America NA, 1.50%, 9/13/2019 (d) (f)		750,000		750,000

Westchester Tobacco Asset Securitization Corp. Series B, Rev., 5.00%, 6/1/2021		260,000		274,477


				1,045,168


Special Tax — 0.0%(b)

New York State Dormitory Authority, State Personal Income Tax Series C, Rev., 5.00%, 3/15/2020		20,000		20,414


Transportation — 1.3%

Metropolitan Transportation Authority Series 2019A, Rev., BAN, 4.00%, 2/3/2020		1,020,000		1,031,312

Series 2018B-1A, Rev., BAN, 5.00%, 5/15/2020		50,000		51,333

Subseries 2018B-2B, Rev., BAN, 5.00%, 5/15/2021		200,000		212,560

Subseries 2008B-4, Rev., 5.00%, 11/15/2021		20,000		21,725

Metropolitan Transportation Authority, Dedicated Tax Fund Series A, Rev., 5.00%, 11/15/2020		50,000		52,359

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015

Series E-1, Rev., 5.00%, 2/1/2020		35,000		35,556

Port Authority of New York & New Jersey Rev., 5.00%, 10/15/2019		175,000		175,792


				1,580,637


Water & Sewer — 0.0%(b)

Nassau County Sewer & Storm Water Finance Authority Series A, Rev., 5.00%, 10/1/2019		25,000		25,071


Total New York				16,335,932


North Carolina — 1.7%

General Obligation — 0.1%

County of Durham GO, 5.00%, 11/1/2019		20,000		20,125

County of Guilford Series 2017, GO, 5.00%, 3/1/2020		40,000		40,776


				60,901

SEE NOTES TO FINANCIAL STATEMENTS.



156	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Hospital — 1.1%

North Carolina Medical Care Commission, Firsthealth Carolinas Series A, Rev., VRDO, LIQ: Branch Banking & Trust, 1.31%, 9/11/2019 (d)		1,000,000		1,000,000

North Carolina Medical Care Commission, Health Care Facilities, Wake Forest Baptist Obligated Group Series 2012B, Rev., 5.00%, 12/1/2020		205,000		214,307

North Carolina Medical Care Commission, Moses Cone Health Systems Series A, Rev., 5.00%, 10/1/2019		25,000		25,072

North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019B, Rev., 2.20%, 12/1/2022 (d)		60,000		61,385


				1,300,764


Housing — 0.4%

North Carolina Housing Finance Agency, Catawba Pines Apartments Rev., 2.00%, 9/1/2020 (d)		350,000		351,977

Wilmington Housing Authority Rev., VRDO, 1.50%, 10/1/2019 (d)		200,000		200,002


				551,979


Other Revenue — 0.0%(b)

County of Wake Series 2016A, Rev., 4.00%, 12/1/2019		25,000		25,178


Prerefunded — 0.1%

County of New Hanover, Regional Medical Project Series B, Rev., AGM, 5.13%, 10/1/2019 (c)		50,000		50,153

County of Wake Rev., 4.30%, 1/1/2020 (c)		30,000		30,318


				80,471


Transportation — 0.0%(b)

Raleigh Durham Airport Authority Series B, Rev., 5.00%, 11/1/2019		20,000		20,126


Water & Sewer — 0.0%(b)

Onslow Water and Sewer Authority, Combined Enterprise System Series 2016, Rev., 4.00%, 12/1/2019		25,000		25,178


Total North Carolina				2,064,597


North Dakota — 1.2%

General Obligation — 0.0%(b)

City of Fargo Series 2011A, GO, 4.00%, 5/1/2020		25,000		25,472


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Housing — 0.7%

North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage Series C, Rev., 1.75%, 7/1/2021		900,000		905,328


Other Revenue — 0.4%

North Dakota Public Finance Authority

Series A, Rev., 5.00%, 10/1/2019		25,000		25,073

Series A, Rev., 1.75%, 11/1/2023		430,000		429,811


				454,884


Utility — 0.1%

City of Grand Forks, The Alerus Project Series D, Rev., 5.00%, 12/15/2019		150,000		151,626


Total North Dakota				1,537,310


Ohio — 5.9%

Education — 0.2%

Bowling Green State University Series 2017B, Rev., 5.00%, 6/1/2020		35,000		35,939

Miami University/Oxford Rev., 5.00%, 9/1/2019		30,000		30,000

Ohio Higher Educational Facility Commission, Baldwin Wallace University 2012 Project Rev., 4.00%, 12/1/2019		50,000		50,335

Ohio State University, General Receipts Series 2014A, Rev., 5.00%, 12/1/2019		25,000		25,239

Youngstown State University Series 2016, Rev., 4.00%, 12/15/2019		50,000		50,374


				191,887


General Obligation — 2.5%

City of Reynoldsburg GO, 5.00%, 12/1/2020		60,000		62,891

City of Seven Hills, Capital Improvement Series 2019, GO, BAN, 3.00%, 4/9/2020		500,000		504,960

City of Willoughby

Series 2019, GO, BAN, 2.50%, 5/22/2020		2,365,000		2,386,357

Geauga County Public Library, Unlimited Tax

Series 2018A, GO, 3.00%, 12/1/2019		50,000		50,234

State of Ohio, Common Schools Series C, GO, 5.00%, 9/15/2019		25,000		25,030

State of Ohio, Infrastructure Improvement Bonds

Series 2011A, GO, 5.00%, 9/1/2019		25,000		25,000

Series 2015A, GO, 5.00%, 9/1/2020		45,000		46,738

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	157

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

General Obligation — continued

Vinton County Local School District, Galloa, Hocking and Jackson Counties

Series A, GO, 2.00%, 12/1/2019		45,000		45,094


				3,146,304


Hospital — 0.9%

County of Allen, Catholic Healthcare Partners

Series 2010B, Rev., 5.00%, 9/1/2019		260,000		260,000

Series 2012A, Rev., 5.00%, 5/1/2021		85,000		90,258

County of Allen, Hospital Facilities, Catholic Healthcare Partners Series B, Rev., 4.13%, 9/1/2020		40,000		41,149

County of Allen, Hospital Facilities, Mercy Health Series 2017A, Rev., 5.00%, 8/1/2021		480,000		514,061

County of Hamilton, Hospital Facilities, UC Health Rev., 5.00%, 2/1/2020		100,000		101,559

County of Lucas, Promedica Healthcare Obligated Group Series D, Rev., 5.00%, 11/15/2019		75,000		75,532

Ohio Higher Educational Facility Commission, Hospitals Health System Series 2010A, Rev., 5.00%, 1/15/2020		75,000		76,002


				1,158,561


Housing — 0.1%

Cuyahoga Metropolitan Housing Authority, Riverside Park Phase II Project Series 2019, Rev., 2.00%, 4/1/2021 (d)		100,000		101,460

Ohio State Building Authority, Administrative Building Fund Projects Series 2011A, Rev., 4.00%, 10/1/2019		20,000		20,044


				121,504


Other Revenue — 1.7%

County of Hamilton Series 2016A, Rev., 5.00%, 12/1/2019		30,000		30,287

State of Ohio, Cultural & Sports Capital Facilities Series A, Rev., 5.00%, 10/1/2019		25,000		25,074

Tender Option Bond Trust Receipts/Certificates Series C, Rev., VRDO, LOC: Citibank NA, 1.44%, 9/12/2019 (d) (f)		2,000,000		2,000,000


				2,055,361


Prerefunded — 0.1%

City of Mentor, Various Purpose GO, 4.50%, 12/1/2019 (c)		50,000		50,419

Huber Heights City School District, School Improvement Series 2009, GO, 4.75%, 12/1/2019 (c)		25,000		25,225


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Prerefunded — continued

State of Ohio, Capital Facilities Lease-Appropriation Series 2013B, Rev., 5.00%, 4/1/2021 (c)		25,000		26,549


				102,193


Utility — 0.4%

Lancaster Port Authority, Gas Supply

Series 2019A, Rev., 5.00%, 8/1/2021		300,000		320,409

Series 2019A, Rev., 5.00%, 2/1/2022		190,000		206,150


				526,559


Total Ohio				7,302,369


Oklahoma — 0.3%

General Obligation — 0.2%

Oklahoma County Independent School District No. 12, Edmond School District GO, 3.00%, 3/1/2021		40,000		41,131

Tulsa County, Independent School District No. 1 Series B, GO, 2.00%, 1/1/2020		200,000		200,542


				241,673


Other Revenue — 0.0%(b)

Tulsa County Public Facilities Authority, Capital Improvements Series 2015, Rev., 4.00%, 11/1/2019		25,000		25,112


Utility — 0.1%

Oklahoma Development Finance Authority, Repair Project Rev., 3.00%, 6/1/2020		90,000		91,077


Total Oklahoma				357,862


Pennsylvania — 3.9%

Education — 0.3%

Allegheny County Higher Education Building Authority, Duquesne University of the Holy Spirit Rev., 5.00%, 3/1/2020		35,000		35,650

Pennsylvania Higher Educational Facilities Authority

Series A, Rev., 5.00%, 9/1/2019 (c)		45,000		45,000

Series 2015A, Rev., 5.00%, 11/1/2019		225,000		226,114

Pennsylvania State University Series 2016A, Rev., 5.00%, 9/1/2019		35,000		35,000


				341,764


General Obligation — 0.8%

Allentown City School District GO, 2.05%, 1/2/2020		250,000		250,050

Butler Area School District GO, AGM, 3.00%, 10/1/2019		295,000		295,368

Central Cambria School District Series A, GO, 3.00%, 9/1/2019		35,000		35,000

SEE NOTES TO FINANCIAL STATEMENTS.



158	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

General Obligation — continued

Central York School District GO, 4.00%, 11/1/2019		55,000		55,246

Chambersburg Area School District Series A, GO, 5.00%, 3/1/2021		25,000		26,420

Commonwealth of Pennsylvania GO, 5.00%, 10/15/2019		100,000		100,434

County of Delaware GO, 5.00%, 10/1/2020		30,000		31,242

Palisades School District GO, 4.00%, 9/1/2019		100,000		100,000

Parkland School District GO, 4.00%, 4/15/2021		30,000		31,347

Southern Lehigh School District Series A, GO, 5.00%, 9/1/2019		20,000		20,000

Township of Dover GO, 3.00%, 9/1/2021		25,000		25,854

Trinity Area School District GO, AGM, 4.00%, 11/1/2020 (c)		30,000		30,989


				1,001,950


Hospital — 0.2%

Beaver County Hospital Authority, Heritage Valley Health System, Inc. Rev., 5.00%, 5/15/2020		165,000		169,087

DuBois Hospital Authority, Penn Highlands Healthcare Series 2018, Rev., 5.00%, 7/15/2020		25,000		25,818

Montgomery County Industrial Development Authority, Jefferson Health System Series 2012A, Rev., 5.00%, 10/1/2019		30,000		30,087


				224,992


Housing — 0.4%

Pittsburgh Housing Authority, Larimer/East Liberty Phase II Apartments Rev., VRDO, 1.40%, 10/1/2019 (d)		500,000		500,095


Industrial Development Revenue/Pollution Control Revenue — 0.4%

Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project

Series 2019, Rev., 4.00%, 12/1/2021		100,000		105,321

Series 2019, Rev., 4.00%, 12/1/2022		100,000		107,576

Series 2019, Rev., 4.00%, 12/1/2023		125,000		137,156

Pennsylvania Economic Development Financing Authority Series 2015B, Rev., 5.00%, 3/15/2020		25,000		25,520

Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project Rev., 2.80%, 12/1/2021 (d)		100,000		103,225


				478,798


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Other Revenue — 0.1%

Monroeville Finance Authority Rev., 5.00%, 2/15/2020		25,000		25,438

Urban Redevelopment Authority of Pittsburgh, Crawford Square Apartments Project Rev., VRDO, 2.25%, 6/1/2020 (d)		85,000		85,172


				110,610


Prerefunded — 0.1%

County of AlleghenySeries 2009C-62B, GO, 5.00%, 11/1/2019 (c)		20,000		20,123

Delaware River Port Authority Series 2010D, Rev., 5.00%, 1/1/2020 (c)		25,000		25,316

Pennsylvania Higher Educational Facilities Authority Series 2009C, Rev., 5.00%, 9/1/2019 (c)		30,000		30,000

Pennsylvania Turnpike Commission Series 2009D, Rev., 5.50%, 12/1/2019 (c)		25,000		25,265

Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Series B, Rev., 5.00%, 12/1/2021 (c)		50,000		54,308

South Fork Municipal Authority, Conemaugh Valley Memorial Hospital Series B, Rev., AGC, 5.38%, 7/1/2020 (c)		30,000		31,043

Washington County Industrial Development Authority, Washington Jefferson College Rev., 4.00%, 5/1/2020 (c)		25,000		25,473


				211,528


Transportation — 1.4%

Pennsylvania Turnpike Commission Series 2nd, Rev., VRDO, LOC: TD Bank NA, 1.25%, 9/12/2019 (d)		1,645,000		1,645,000

Series A, Rev., AGM, 5.25%, 7/15/2020		50,000		51,829

Philadelphia Airport Parking Authority Rev., 5.00%, 9/1/2019		40,000		40,000


				1,736,829


Utility — 0.1%

Philadelphia Gas Works Co., 1998 General Ordinance Series 2016, Rev., 5.00%, 10/1/2019		95,000		95,277


Water & Sewer — 0.1%

West Goshen Sewer Authority Rev., 3.00%, 5/1/2020		95,000		96,245

West View Municipal Authority Water Rev., 4.00%, 11/15/2019		20,000		20,115


				116,360


Total Pennsylvania				4,818,203

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	159

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

Rhode Island — 0.1%

Prerefunded — 0.0%(b)

Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund Series 2009A, Rev., 5.00%, 10/1/2019 (c)		20,000		20,059


Transportation — 0.1%

Rhode Island Turnpike & Bridge Authority, Motor Fuel Tax Series A, Rev., 4.00%, 10/1/2019		100,000		100,215


Total Rhode Island				120,274


South Carolina — 0.4%

Education — 0.0%(b)

Charleston Educational Excellence Finance Corp., Installment Purchase Series 2013B, Rev., 5.00%, 12/1/2019		25,000		25,238

Dorchester County School District No. 2, Growth Installment Purchase Series B, Rev., 5.00%, 12/1/2019		25,000		25,228


				50,466


General Obligation — 0.1%

County of Richland Series 2019A, GO, BAN, 3.00%, 2/27/2020		50,000		50,463

Fort Mill School District No. 4

Series A, GO, 4.00%, 3/1/2020		35,000		35,508

Series 2013D, GO, 5.00%, 3/1/2020		20,000		20,388

State of South Carolina, Highway Series A, GO, 5.00%, 10/1/2020		25,000		26,060


				132,419


Other Revenue — 0.2%

Saxe Gotha-Lexington Public Facilities Corp. Rev., 2.50%, 5/8/2020		200,000		201,452


Transportation — 0.1%

South Carolina Transportation Infrastructure Bank Series A, Rev., 4.00%, 10/1/2019		55,000		55,120



Water & Sewer — 0.0%(b)

Anderson Regional Joint Water System Series 2011A, Rev., 5.00%, 7/15/2020		25,000		25,826


Total South Carolina				465,283


South Dakota — 0.1%

Hospital — 0.0%(b)

South Dakota Health and Educational Facilities Authority, Sanford Health Rev., 5.25%, 11/1/2019		50,000		50,307


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Housing — 0.1%

South Dakota Board of Regents, Housing and Auxiliary Facility System Series 2013A, Rev., 5.00%, 4/1/2021		70,000		74,155


Total South Dakota				124,462


Tennessee — 3.4%

Education — 0.0%(b)

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board Series 2009A, Rev., 4.00%, 10/1/2019		45,000		45,099


General Obligation — 0.1%

County of Hamilton Series 2011A, GO, 5.00%, 1/1/2020		25,000		25,323

County of Rutherford Series 2010, GO, 4.00%, 4/1/2020		20,000		20,334

County of Shelby Series A, GO, 4.00%, 3/1/2020		20,000		20,289

State of Tennessee Series A, GO, 5.00%, 9/1/2020		30,000		31,175


				97,121


Hospital — 0.0%(b)

Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group Series 2018A, Rev., 5.00%, 7/1/2020		50,000		51,514


Housing — 1.9%

Memphis Health Educational & Housing Facility Board, Forum Flats Apartments Project Series 2017, Rev., VRDO, 1.80%, 12/1/2019 (d)		200,000		200,136

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Dandridge Towers Project Rev., VRDO, 1.87%, 7/1/2020 (d)		1,825,000		1,830,420

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Trevecca Towers I/East Project

Rev., 2.00%, 1/1/2021 (d)		250,000		252,310


				2,282,866


Other Revenue — 0.6%

Montgomery County Public Building Authority, Pooled Financing Series 2002, Rev., VRDO, LOC: Bank of America NA, 1.28%, 9/6/2019 (d)		685,000		685,000

SEE NOTES TO FINANCIAL STATEMENTS.



160	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Prerefunded — 0.7%

Johnson City Health and Educational Facilities Board, Mountain States Health AllianceSeries 2010-A, Rev., 6.50%, 7/1/2020 (c)		850,000		887,868

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Series B, Rev., 5.00%, 10/1/2019 (c)		30,000		30,088


				917,956


Utility — 0.1%

Tennessee Energy Acquisition Corp. Series C, Rev., 5.00%, 2/1/2020		95,000		96,259


Total Tennessee				4,175,815


Texas — 8.2%

Education — 0.5%

Alamo Community College District, Financing System Senior lien Series 2012A, Rev., 5.00%, 11/1/2020		20,000		20,886

Austin Community College District, Combined Fee Series 2014A, Rev., 5.00%, 2/1/2021		25,000		26,354

Clifton Higher Education Finance Corp., Baylor University Rev., 5.00%, 3/1/2020		45,000		45,826

Clifton Higher Education Finance Corp., Idea Public Schools Series 2014, Rev., PSF-GTD, 5.00%, 8/15/2020		60,000		62,046

Houston Independent School District Public Facility Corp. Rev., 5.00%, 9/15/2019		100,000		100,115

Permanent University Fund — Texas A&M University System Series A, Rev., 5.00%, 7/1/2020		35,000		36,127

Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Inc. Series 2017, Rev., 5.00%, 11/15/2019		240,000		241,627

University of Texas (The), Board of Regents, Financing System Series A, Rev., 5.00%, 8/15/2020		20,000		20,738


				553,719


General Obligation — 4.3%

Aledo Independent School District GO, PSF-GTD, 0.00%, 2/15/2022		85,000		81,449

Carrollton-Farmers Branch Independent School District Series 2012, GO, PSF-GTD, 5.00%, 2/15/2020		20,000		20,354

City of Abilene Series 2015, GO, 4.00%, 2/15/2020		20,000		20,259


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


General Obligation — continued

City of Baytown Series 2014, GO, 4.00%, 2/1/2020		25,000		25,299

GO, 5.00%, 2/1/2020		80,000		81,281

City of College Station GO, 5.00%, 2/15/2020		25,000		25,441

City of Dallas GO, 5.00%, 2/15/2021		75,000		79,115

City of Denton

Series 2015, GO, 4.00%, 2/15/2020		30,000		30,387

Series 2017, GO, 4.00%, 2/15/2020		25,000		25,323

City of El Paso GO, 5.00%, 8/15/2021		30,000		32,201

City of Fort Worth, Tarrant, Denton, Parker and Wise Counties GO, 3.50%, 3/1/2020		55,000		55,669

City of Frisco GO, 5.00%, 2/15/2021		25,000		26,395

City of Garland Series 2015, GO, 5.00%, 2/15/2020		25,000		25,440

City of Grand Prairie, Combination Tax Series 2013A, GO, 5.00%, 2/15/2021		65,000		68,668

City of Houston, Public Improvement

Series 2010A, GO, 5.00%, 3/1/2020		20,000		20,381

City of League City Series 2015, GO, 4.00%, 2/15/2020		20,000		20,254

City of Lewisville GO, 5.00%, 2/15/2021		25,000		26,392

City of Lubbock, Waterworks System GO, 5.00%, 2/15/2020		20,000		20,351

City of Mesquite, Certificates Obligation GO, 4.00%, 2/15/2020		25,000		25,326

City of New Braunfels Series 2016, GO, 5.00%, 2/1/2020		20,000		20,315

City of Paris GO, 4.50%, 12/15/2020		30,000		31,275

City of Sugar Land Series 2019, GO, 4.00%, 2/15/2020		25,000		25,328

Counties of Collin and Denton, City of Frisco, Improvement Series 2015A, GO, 5.00%, 2/15/2020		25,000		25,434

County of Bell, Limited Tax GO, 4.00%, 2/15/2020		375,000		379,800

County of Bexar, Certificates of Obligation

Series B, GO, 5.00%, 6/15/2020		20,000		20,597

Series B, GO, 5.00%, 6/15/2021		20,000		21,354

County of Chambers GO, 3.00%, 3/1/2020		150,000		151,374

County of Fort Bend GO, 5.00%, 3/1/2020		55,000		56,068

County of Webb, Limited Tax Series A, GO, 4.00%, 2/15/2020		50,000		50,625

County of Wichita GO, 5.00%, 9/15/2019		250,000		250,303

Dallas County Utility and Reclamation District, Unlimited Tax GO, 5.00%, 2/15/2020		80,000		81,341

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	161

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

General Obligation — continued

Fort Bend County Municipal Utility District No. 35 GO, AGM, 3.00%, 9/1/2019		30,000		30,000

Hays Consolidated Independent School District, School Building Series 2018B, GO, PSF-GTD, 2.70%, 8/15/2023 (d)		100,000		104,519

Hidalgo County Drain District No. 1, Improvement GO, 5.00%, 9/1/2022		100,000		111,356

Houston Community College System, Maintenance Tax Notes GO, 5.00%, 2/15/2020		20,000		20,339

Humble Independent School District Series 2012B, GO, 5.00%, 2/15/2020		20,000		20,352

Katy Independent School District GO, PSF-GTD, 5.00%, 2/15/2020		25,000		25,437

Keller Independent School District, Unlimited Tax Series A, GO, PSF-GTD, 5.00%, 8/15/2021		20,000		21,490

Northside Independent School District Series 2013, GO, PSF-GTD, 5.00%, 2/15/2020		20,000		20,344

Richardson Independent School District Series 2017, GO, PSF-GTD, 5.00%, 2/15/2020		30,000		30,529

Spring Branch Independent School District Series A, GO, PSF-GTD, 5.00%, 2/1/2020		30,000		30,488

State of Texas GO, VRDO, LIQ: State Street Bank & Trust, 1.36%, 9/11/2019 (d)		3,000,000		3,000,000

Town of Trophy Club GO, 3.00%, 9/1/2019		85,000		85,000


				5,323,653


Housing — 0.4%

Las Varas Public Facility Corp., Wurzbach Manor Apartments Rev., VRDO, 1.70%, 12/1/2020 (d)		100,000		100,217

Panhandle Regional Housing Finance Agency Rev., VRDO, 2.00%, 5/1/2020 (d)		125,000		125,514

Texas State Affordable Housing Corp., Palladium Glenn Heights Apartments Rev., VRDO, 1.90%, 9/25/2019 (d)		250,000		250,072


				475,803


Other Revenue — 0.7%

Harris County-Houston Sports Authority, 2nd Lien Series C, Rev., 5.00%, 11/15/2019		100,000		100,671

Harris County-Houston Sports Authority, Senior Lien Series 2014A, Rev., 5.00%, 11/15/2019		95,000		95,674

Lower Colorado River Authority

Series 2010B, Rev., 4.00%, 5/15/2020		25,000		25,493

Series A, Rev., 5.00%, 5/15/2020		35,000		35,929


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Other Revenue — continued

Lower Colorado River Authority, Transmission Contract, LCRA Transmission Services Corp. Project Series 2010B, Rev., 5.00%, 5/15/2020		40,000		41,044

Red River Authority Rev., NATL-RE, 4.45%, 6/1/2020		500,000		510,495

State of Texas, Public Finance AuthoritySeries 2016-A, Rev., 4.00%, 12/1/2019		50,000		50,337


				859,643


Prerefunded — 0.5%

City of Annetta, Certificates of Obligation GO, 5.00%, 8/1/2020 (c)		295,000		304,974

City of Killeen Series 2011, GO, 5.00%, 8/1/2020 (c)		25,000		25,866

Conroe Independent School District, School Building Series 2012, GO, PSF-GTD, 5.00%, 2/15/2021 (c)		20,000		21,099

Tarrant County Cultural Education Facilities Finance Corp.

Rev., 5.00%, 8/15/2020 (c)		20,000		20,732

Rev., 5.25%, 8/15/2020 (c)		45,000		46,747

Travis County Health Facilities Development Corp. Rev., 7.13%, 11/1/2020 (c)		220,000		235,046


				654,464


Transportation — 1.1%

Alamo Regional Mobility Authority, Vehicle Registration Fee Senior Lien Rev., 5.00%, 6/15/2021		25,000		26,531

Central Texas Regional Mobility Authority, Senior Lien Rev., 5.75%, 1/1/2020		1,250,000		1,267,350

Dallas Area Rapid Transit, Senior Lien Rev., 4.00%, 12/1/2020		20,000		20,676

Texas Transportation Commission, State Highway Fund Series 2016A, Rev., 5.00%, 10/1/2019		25,000		25,074


				1,339,631


Utility — 0.4%

City of Houston, Combined First Lien Series C, Rev., 4.00%, 11/15/2019		20,000		20,114

City of San Antonio, Electric and Gas Systems Series 2014, Rev., 5.00%, 2/1/2020		20,000		20,313

Sam Rayburn Municipal Power Agency Rev., 5.00%, 10/1/2019		150,000		150,393

Texas Municipal Power Agency

Rev., 5.00%, 9/1/2019		50,000		50,000

Rev., 5.00%, 9/1/2020		255,000		264,624


				505,444

SEE NOTES TO FINANCIAL STATEMENTS.



162	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Water & Sewer — 0.3%

City of Dallas, Waterworks and Sewer System Series 2016A, Rev., 5.00%, 10/1/2019		20,000		20,059

City of Garland, Water & Sewer System

Rev., 4.00%, 3/1/2020		25,000		25,367

Series 2018, Rev., 5.00%, 3/1/2020		45,000		45,881

County of El Paso, Water and Sewer Rev., 4.00%, 3/1/2020		50,000		50,663

North Harris County, Regional Water Authority, Senior Lien Series 2016, Rev., 5.00%, 12/15/2019		75,000		75,809

North Texas Municipal Water District, Water System Rev., 5.00%, 9/1/2019		20,000		20,000

San Antonio Water System Series 2017A, Rev., 5.00%, 5/15/2021		20,000		21,306

San Antonio Water System, Junior Lien

Series B, Rev., 5.00%, 5/15/2020		35,000		35,944

Trinity River Authority Central Regional Wastewater System

Rev., 5.00%, 8/1/2021		60,000		64,376

Trinity River Authority, Tarrant County Water Project Rev., 5.00%, 2/1/2020		30,000		30,467


				389,872


Total Texas				10,102,229


Utah — 0.3%

Education — 0.3%

Utah Charter School Finance Authority

Series A, Rev., 5.00%, 4/15/2021		35,000		36,935

Series A, Rev., 5.00%, 4/15/2022		30,000		32,656

Series A, Rev., 5.00%, 4/15/2023		80,000		89,698

Utah Charter School Finance Authority, Utah Charter Academies Project Rev., 3.00%, 10/15/2019		195,000		195,290


				354,579


Other Revenue — 0.0%(b)

Utah Transit Authority, Sales Tax Series A, Rev., 5.00%, 6/15/2020		25,000		25,770


Water & Sewer — 0.0%(b)

Jordan Valley Water Conservancy District Series A, Rev., 4.00%, 10/1/2019		30,000		30,066


Total Utah				410,415


Vermont — 0.1%

General Obligation — 0.1%

City of Burlington Series 2018D, GO, 5.00%, 11/1/2020		65,000		67,906


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Virginia — 0.4%

Education — 0.2%

Virginia College Building Authority, 21st Century College and Equipment Programs Series A, Rev., 5.00%, 2/1/2020		70,000		71,126

Virginia College Building Authority, Public Higher Education Financing Program

Series A, Rev., 5.00%, 9/1/2019		125,000		125,000

Series B, Rev., 5.00%, 9/1/2019		100,000		100,000


				296,126


General Obligation — 0.0%(b)

City of Norfolk, Capital Improvement Series 2016A, GO, 5.00%, 10/1/2019		35,000		35,104


Other Revenue — 0.1%

New River Valley Regional Jail Authority Rev., 3.00%, 10/1/2019		50,000		50,071


Prerefunded — 0.0%(b)

Virginia College Building Authority, Public Higher Education Financing Program Series B, Rev., 5.00%, 9/1/2019 (c)		50,000		50,000


Transportation — 0.1%

Virginia Commonwealth Transportation Board

Series 2013-A, Rev., GAN, 5.00%, 3/15/2020		25,000		25,524

Series A, Rev., 5.00%, 3/15/2020		35,000		35,734


				61,258


Total Virginia				492,559


Washington — 3.6%

Certificate of Participation/Lease — 0.0%(b)

State of Washington, Local Agency Real and Personal Property Series 2018C, COP, 5.00%, 7/1/2020		25,000		25,810


Education — 0.0%(b)

Washington State University Rev., 5.00%, 10/1/2020		35,000		36,476


General Obligation — 0.3%

City of Bellevue Series 2013, GO, 5.00%, 12/1/2019		30,000		30,286

City of Richland Series 2013A, GO, 4.00%, 12/1/2021		40,000		42,613

City of Seattle, Limited Tax

GO, 5.00%, 9/1/2019		25,000		25,000

Series B, GO, 5.00%, 8/1/2020		35,000		36,261

City of Vancouver Series 2015B, GO, 4.00%, 12/1/2019		55,000		55,389

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	163

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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

General Obligation — continued

County of Skagit, Limited Tax GO, 5.00%, 12/1/2021		20,000		21,731

King County Public Hospital District No. 2, Evergreenhealth GO, 5.00%, 12/1/2021		60,000		64,947

King County School District No. 405 Bellevue, Credit Enhancement Program GO, 5.00%, 12/1/2020		20,000		20,978

Pierce County School District No. 3 GO, 5.00%, 12/1/2019		20,000		20,185

Skagit County Public Hospital District No. 2, Refunding and Improvement-Limited Tax GO, 4.00%, 12/1/2019		50,000		50,328

State of Washington, Motor Vehicle Fuel Tax Series B, GO, 5.00%, 8/1/2020		20,000		20,708


				388,426


Hospital — 1.0%

Washington Health Care Facilities Authority, Commonspirit HealthSeries B-1, Rev., 5.00%, 8/1/2024 (d)		1,000,000		1,154,050

Washington Health Care Facilities Authority, Providence Health and Service Series 2011B, Rev., 5.00%, 10/1/2019		25,000		25,072


				1,179,122


Housing — 2.0%

Washington State Housing Finance Commission Rev., VRDO, LIQ: State Street Bank & Trust, 1.27%, 9/12/2019 (d)		2,450,000		2,450,000


Prerefunded — 0.1%

County of King, Sewer Rev., 5.00%, 1/1/2021 (c)		25,000		26,294

Series 2011C, Rev., 5.00%, 1/1/2021 (c)		25,000		26,295

Grant County Public Utility District No. 2, Electric SystemSeries 2011-I, Rev., 5.00%, 1/1/2021 (c)		25,000		26,294


				78,883


Transportation — 0.1%

State of Washington, Federal Highway Grant

Series 2012F, Rev., 5.00%, 9/1/2019		80,000		80,000

Series 2012F, Rev., 5.00%, 9/1/2020		20,000		20,775


				100,775


Utility — 0.1%

City of Tacoma, Electric System Series A, Rev., 4.00%, 1/1/2020 (c)		30,000		30,278

Energy Northwest, Electric Series A, Rev., 5.00%, 7/1/2021		25,000		26,760


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Utility — continued

Grant County Public Utility District No. 2, Hydroelectric Project Series 2012A, Rev., 5.00%, 1/1/2020		20,000		20,252

Public Utility District No. 1 of Cowlitz County Rev., 5.00%, 9/1/2019		45,000		45,000


				122,290


Water & Sewer — 0.0%(b)

County of King, Sewer

Series 2012C, Rev., 4.00%, 1/1/2020		20,000		20,190

Series 2010, Rev., 5.00%, 1/1/2020		25,000		25,318


				45,508


Total Washington				4,427,290


West Virginia — 0.7%

Hospital — 0.2%

Monongalia County Building Commission, Monongalia Health System Obligated Group Rev., 5.00%, 7/1/2020		200,000		204,790


Transportation — 0.1%

West Virginia Commissioner of Highways

Series 2017A, Rev., 5.00%, 9/1/2019		50,000		50,000

Series 2017A, Rev., 5.00%, 9/1/2020		75,000		77,841


				127,841


Utility — 0.4%

West Virginia Economic Development Authority, Appalachian Power Co. — AMOS ProjectSeries 2009-B, Rev., 2.63%, 6/1/2022 (d)		500,000		515,140


Total West Virginia				847,771


Wisconsin — 3.8%

Certificate of Participation/Lease — 0.0%(b)

State of Wisconsin Series 2015A, COP, 5.00%, 3/1/2020		35,000		35,666


Education — 0.8%

Milwaukee Redevelopment Authority, Milwaukee Public Schools

Series 2017, Rev., 5.00%, 11/15/2022		365,000		406,895

Series 2017, Rev., 5.00%, 11/15/2023		130,000		149,281

Milwaukee Redevelopment Authority, Milwaukee Public Schools — Neighborhood Schools Initiative Rev., NATL-RE, 4.00%, 8/1/2023		400,000		440,996


				997,172

SEE NOTES TO FINANCIAL STATEMENTS.



164	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

General Obligation — 1.6%

City of Kenosha Series 2012, GO, 5.00%, 9/1/2019		40,000		40,000

City of Oshkosh

Series A, GO, 0.05%, 12/1/2022		70,000		67,574

Series A, GO, 2.00%, 12/1/2023		200,000		206,842

City of Shawano, Promissory Notes Series 2019, GO, 3.00%, 4/1/2022		140,000		145,992

City of Waukesha

Series 2013A, GO, 4.00%, 10/1/2019		50,000		50,107

Series A, GO, 4.00%, 10/1/2020		20,000		20,612

City of West Allis, Corporate Purpose Series 2018A, GO, 4.00%, 4/1/2020		455,000		462,053

County of Milwaukee Series 2018D, GO, 3.00%, 8/1/2024		100,000		109,156

Ithaca School District, School Improvement Series 2014, GO, 3.00%, 3/1/2021		175,000		179,118

State of Wisconsin Series 3, GO, 5.00%, 11/1/2020		65,000		67,932

Village of Menomonee Falls

Series B, GO, 3.50%, 2/1/2022		150,000		157,786

Series B, GO, 3.50%, 2/1/2023		155,000		166,104

Series B, GO, 3.50%, 2/1/2024		245,000		267,168


				1,940,444


Hospital — 1.3%

Public Finance Authority, Wakemed Series 2019 C, Rev., VRDO, LOC: Barclays Bank plc, 1.27%, 9/6/2019 (d)		1,300,000		1,300,000

Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit GroupSeries 2018B-1, Rev., 5.00%, 1/26/2022 (d)		55,000		59,897

Wisconsin Health and Educational Facilities Authority, Ascension Health Alliance Senior Credit GroupSeries 2013B-3, Rev., 5.00%, 6/1/2020 (d)		150,000		154,349

Wisconsin Health and Educational Facilities Authority, Ministry Healthcare, Inc. Series 2010B, Rev., 4.25%, 8/15/2020 (c)		20,000		20,573

Wisconsin Health and Educational Facilities Authority, SSM Health Care Series 2010A, Rev., 4.00%, 6/1/2020 (c)		40,000		40,849

Wisconsin Health and Educational Facilities Authority, Unity Point Health Series 2014A, Rev., 5.00%, 12/1/2021		50,000		54,209


				1,629,877


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Prerefunded — 0.1%

City of Waukesha Series 2009B, GO, 4.00%, 10/1/2019 (c)		20,000		20,043

State of Wisconsin Series 1, GO, 5.00%, 5/1/2020 (c)		20,000		20,508

Wisconsin Health & Educational Facilities Authority, St. John’s Communities, Inc. Series A, Rev., 7.63%, 9/15/2019 (c)		30,000		30,060


				70,611


Transportation — 0.0%(b)

Wisconsin Department of Transportation Series 2012 1, Rev., 5.00%, 7/1/2020		25,000		25,812


Total Wisconsin				4,699,582


Total Municipal Bonds (Cost $121,483,383)				121,966,367


	SHARES
Short-term Investments — 1.4%

Investment Companies — 1.4%

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.25% (g) (h) (Cost $1,682,531)		1,682,373		1,682,541

Total Investments — 100.0% (Cost $123,165,914)				123,648,908
Other Assets Less Liabilities — 0.0%(b)				20,292

NET ASSETS — 100.0%				123,669,200

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	165

JPMorgan Ultra-Short Municipal Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

Abbreviations


AGC		Insured by Assured Guaranty Corp.
AGM		Insured by Assured Guaranty Municipal Corp.
AMBAC		Insured by American Municipal Bond Assurance Corp.
BAN		Bond Anticipation Note
BHAC		Insured by Berkshire Hathaway Assurance Corp.
COP		Certificate of Participation
CR		Custodial Receipts
GAN		Grant Anticipation Notes
GO		General Obligation
LIQ		Liquidity Agreement
LOC		Letter of Credit
NATL		Insured by National Public Finance Guarantee Corp.
PSF-GTD		Permanent School Fund Guaranteed
RE		Reinsured
Rev.		Revenue
VRDO		Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of August 31, 2019.

(a)		The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Security is prerefunded or escrowed to maturity.
(d)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2019.
(e)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(f)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(g)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(h)		The rate shown is the current yield as of August 31, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



166	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — 85.2%

Azerbaijan — 0.8%

Republic of Azerbaijan

4.75%, 3/18/2024 (a)		200,000		214,500

3.50%, 9/1/2032 (a)		282,000		278,034


				492,534


Bolivia, Plurinational State of — 0.3%

Plurinational State of Bolivia 4.50%, 3/20/2028 (a)		200,000		192,187


Brazil — 4.5%

Federative Republic of Brazil

4.88%, 1/22/2021		237,000		246,184

2.63%, 1/5/2023		200,000		200,187

4.25%, 1/7/2025		520,000		554,287

6.00%, 4/7/2026		181,000		211,940

4.63%, 1/13/2028		220,000		236,706

8.25%, 1/20/2034		191,000		266,266

5.63%, 1/7/2041		279,000		319,368

5.63%, 2/21/2047		842,000		965,932


				3,000,870


Chile — 0.5%

Republic of Chile 3.50%, 1/25/2050		270,000		307,884


China — 0.6%

Export-Import Bank of China (The) 2.88%, 4/26/2026 (b)		200,000		206,347

People’s Republic of China 2.13%, 11/2/2022 (b)		200,000		200,808


				407,155


Colombia — 2.6%

Republic of Colombia

8.13%, 5/21/2024		325,000		407,062

3.88%, 4/25/2027		216,000		233,888

7.38%, 9/18/2037		200,000		291,875

5.63%, 2/26/2044		205,000		264,386

5.00%, 6/15/2045		437,000		528,333


				1,725,544


Croatia — 1.2%

Republic of Croatia

5.50%, 4/4/2023 (a)		205,000		228,063

6.00%, 1/26/2024 (a)		509,000		588,849


				816,912


Dominican Republic — 4.4%

Government of Dominican Republic

5.88%, 4/18/2024 (a)		225,000		240,862


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Dominican Republic — continued

5.50%, 1/27/2025 (a)		116,000		123,758

5.95%, 1/25/2027 (b)		612,000		671,670

5.95%, 1/25/2027 (a)		198,000		217,305

6.00%, 7/19/2028 (a)		260,000		287,381

7.45%, 4/30/2044 (a)		319,000		386,389

6.85%, 1/27/2045 (a)		660,000		757,350

6.40%, 6/5/2049 (a)		230,000		252,641


				2,937,356


Ecuador — 4.2%

Republic of Ecuador

8.75%, 6/2/2023 (a)		200,000		210,200

7.95%, 6/20/2024 (a)		1,000,000		1,012,188

9.65%, 12/13/2026 (a)		864,000		896,400

8.88%, 10/23/2027 (a)		201,000		198,739

7.88%, 1/23/2028 (a)		500,000		470,312


				2,787,839


Egypt — 4.5%

Arab Republic of Egypt

6.13%, 1/31/2022 (a)		537,000		558,648

5.88%, 6/11/2025 (a) (c)		464,000		478,500

7.50%, 1/31/2027 (a)		740,000		802,900

8.50%, 1/31/2047 (a)		800,000		865,750

7.90%, 2/21/2048 (a)		225,000		231,609


				2,937,407


Ethiopia — 0.3%

Federal Democratic Republic of Ethiopia

6.63%, 12/11/2024 (a)		200,000		208,062


Gabon — 0.4%

Gabonese Republic 6.38%, 12/12/2024 (a)		290,000		280,031


Ghana — 1.4%

Republic of Ghana

8.13%, 1/18/2026 (a)		223,000		235,962

7.63%, 5/16/2029 (a)		200,000		197,250

8.63%, 6/16/2049 (a)		235,000		228,537

8.95%, 3/26/2051 (a)		275,000		269,844


				931,593


Hungary — 1.3%

Republic of Hungary

5.38%, 2/21/2023		170,000		187,956

5.75%, 11/22/2023		300,000		341,344

7.63%, 3/29/2041		190,000		319,437


				848,737

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	167

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

India — 0.3%

Export-Import Bank of India 3.88%, 2/1/2028 (a)		200,000		213,250


Indonesia — 2.2%

Perusahaan Penerbit SBSN Indonesia III 4.55%, 3/29/2026 (a)		200,000		219,938

Republic of Indonesia

4.75%, 1/8/2026 (a)		200,000		223,187

3.50%, 1/11/2028		200,000		209,688

4.10%, 4/24/2028		200,000		219,125

6.75%, 1/15/2044 (a)		401,000		588,467


				1,460,405


Iraq — 1.2%

Republic of Iraq

6.75%, 3/9/2023 (a)		300,000		306,563

5.80%, 1/15/2028 (a)		520,000		508,787


				815,350


Ivory Coast — 1.4%

Republic of Cote d’Ivoire

6.38%, 3/3/2028 (a)		373,000		376,264

5.75%, 12/31/2032 (a) (d)		363,440		360,260

6.13%, 6/15/2033 (a)		200,000		188,750


				925,274


Jamaica — 1.8%

Jamaica Government International Bond

6.75%, 4/28/2028		425,000		497,250

8.00%, 3/15/2039		290,000		375,097

7.88%, 7/28/2045		225,000		292,008


				1,164,355


Jordan — 1.1%

Kingdom of Jordan

6.13%, 1/29/2026 (a)		266,000		277,139

5.75%, 1/31/2027 (a) (c)		202,000		205,030

7.38%, 10/10/2047 (a)		225,000		234,000


				716,169


Kazakhstan — 0.6%

Republic of Kazakhstan 3.88%, 10/14/2024 (a)		350,000		373,100


Kenya — 1.5%

Republic of Kenya

6.88%, 6/24/2024 (a)		394,000		421,580

7.25%, 2/28/2028 (a)		260,000		271,700

8.25%, 2/28/2048 (a)		280,000		288,750


				982,030


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Kuwait — 0.3%

Kuwait Government Bond 3.50%, 3/20/2027 (a)		200,000		220,200


Lithuania — 0.2%

Republic of Lithuania 6.13%, 3/9/2021 (a)		100,000		105,840


Malaysia — 0.3%

Malaysia Sovereign Sukuk Bhd. 3.04%, 4/22/2025 (a)		200,000		208,875


Mexico — 1.9%

United Mexican States

4.00%, 10/2/2023		40,000		42,450

4.13%, 1/21/2026		725,000		771,037

6.05%, 1/11/2040		100,000		127,900

4.35%, 1/15/2047		200,000		210,188

5.75%, 10/12/2110		100,000		118,281


				1,269,856


Mongolia — 0.3%

Mongolia Government International Bond

5.13%, 12/5/2022 (a)		200,000		199,750


Morocco — 0.2%

Kingdom of Morocco 4.25%, 12/11/2022 (a)		150,000		157,359


Nigeria — 0.9%

Federal Republic of Nigeria

8.75%, 1/21/2031 (a)		314,000		345,106

7.88%, 2/16/2032 (a)		260,000		267,150


				612,256


Oman — 4.5%

Oman Government International Bond

3.88%, 3/8/2022 (a)		632,000		627,892

4.75%, 6/15/2026 (a)		300,000		289,875

5.38%, 3/8/2027 (a)		381,000		373,618

5.63%, 1/17/2028 (a)		200,000		196,500

6.50%, 3/8/2047 (a)		777,000		720,668

6.75%, 1/17/2048 (b)		205,000		192,764

Oman Sovereign Sukuk SAOC 5.93%, 10/31/2025 (b)		525,000		556,008


				2,957,325


Pakistan — 1.6%

Republic of Pakistan

5.63%, 12/5/2022 (a)		325,000		327,437

8.25%, 4/15/2024 (a)		400,000		435,375

6.88%, 12/5/2027 (a)		295,000		295,369


				1,058,181

SEE NOTES TO FINANCIAL STATEMENTS.



168	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Panama — 1.6%

Republic of Panama

3.88%, 3/17/2028		200,000		221,937

6.70%, 1/26/2036		384,000		561,600

4.50%, 5/15/2047		206,000		256,084


				1,039,621


Paraguay — 0.4%

Republic of Paraguay 6.10%, 8/11/2044 (a)		200,000		250,438


Peru — 1.9%

Republic of Peru

4.13%, 8/25/2027		500,000		572,813

8.75%, 11/21/2033		110,000		187,859

6.55%, 3/14/2037		100,000		151,781

5.63%, 11/18/2050		225,000		343,969


				1,256,422


Philippines — 2.5%

Republic of Philippines

10.63%, 3/16/2025		180,000		259,481

5.50%, 3/30/2026		200,000		240,375

9.50%, 2/2/2030		30,000		49,631

6.38%, 1/15/2032		296,000		416,158

6.38%, 10/23/2034		147,000		215,860

3.70%, 3/1/2041		214,000		251,584

3.70%, 2/2/2042		200,000		236,188


				1,669,277


Poland — 1.4%

Republic of Poland

3.00%, 3/17/2023		706,000		734,461

4.00%, 1/22/2024		150,000		163,066


				897,527


Qatar — 1.5%

State of Qatar

3.88%, 4/23/2023 (a)		415,000		441,353

5.10%, 4/23/2048 (b)		400,000		533,625


				974,978


Romania — 1.1%

Republic of Romania

6.75%, 2/7/2022 (a)		136,000		149,940

4.38%, 8/22/2023 (a)		100,000		106,625

4.88%, 1/22/2024 (a)		190,000		208,644

6.13%, 1/22/2044 (a)		100,000		131,437

5.13%, 6/15/2048 (a)		100,000		116,500


				713,146


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)


Russia — 2.5%

Russian Federation

4.25%, 6/23/2027 (a)		400,000		426,000

12.75%, 6/24/2028 (a)		383,000		648,227

7.50%, 3/31/2030 (a) (d)		82,125		92,678

5.88%, 9/16/2043 (a)		200,000		255,875

5.25%, 6/23/2047 (a)		200,000		238,313


				1,661,093


Saudi Arabia — 2.2%

Kingdom of Saudi Arabia

2.88%, 3/4/2023 (a)		320,000		329,600

3.63%, 3/4/2028 (b)		308,000		333,333

4.50%, 4/17/2030 (a)		217,000		253,565

4.50%, 10/26/2046 (b)		267,000		310,254

5.00%, 4/17/2049 (b)		200,000		250,000


				1,476,752


Serbia — 0.7%

Republic of Serbia 7.25%, 9/28/2021 (a)		442,000		483,106


Slovakia — 0.3%

Slovak Republic 4.38%, 5/21/2022 (a)		200,000		211,313


South Africa — 3.8%

Republic of South Africa

5.88%, 5/30/2022		526,000		562,820

5.88%, 9/16/2025		284,000		314,441

4.30%, 10/12/2028		494,000		491,357

5.88%, 6/22/2030		461,000		506,432

5.38%, 7/24/2044		204,000		208,845

5.00%, 10/12/2046		205,000		202,181

5.65%, 9/27/2047		221,000		232,326


				2,518,402


Sri Lanka — 3.8%

Republic of Sri Lanka

5.75%, 4/18/2023 (a)		450,000		446,063

6.85%, 11/3/2025 (a)		871,000		871,272

6.20%, 5/11/2027 (a)		605,000		566,998

6.75%, 4/18/2028 (a)		621,000		593,055


				2,477,388


Trinidad and Tobago — 0.3%

Republic of Trinidad & Tobago 4.50%, 8/4/2026 (a)		200,000		205,500


Turkey — 6.4%

Hazine Mustesarligi Varlik Kiralama A/S

5.00%, 4/6/2023 (a)		200,000		196,750

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	169

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)
Foreign Government Securities — continued

Turkey — continued

4.49%, 11/25/2024 (a)		203,000		190,181

Republic of Turkey

6.25%, 9/26/2022		681,000		687,810

5.75%, 3/22/2024		275,000		268,125

7.38%, 2/5/2025		119,000		123,016

4.25%, 4/14/2026		220,000		192,294

6.00%, 3/25/2027		651,000		619,874

6.13%, 10/24/2028		290,000		274,231

11.88%, 1/15/2030		100,000		133,500

8.00%, 2/14/2034		200,000		212,687

6.88%, 3/17/2036		225,000		215,508

6.75%, 5/30/2040		315,000		294,033

4.88%, 4/16/2043		250,000		191,563

6.63%, 2/17/2045		455,000		412,059

5.75%, 5/11/2047		240,000		196,650


				4,208,281


Ukraine — 4.7%

Republic of Ukraine

7.75%, 9/1/2021 (a)		110,000		114,620

7.75%, 9/1/2022 (a)		375,000		396,938

7.75%, 9/1/2023 (a)		217,000		230,671

7.75%, 9/1/2024 (a)		110,000		117,700

7.75%, 9/1/2025 (a)		100,000		106,250

7.75%, 9/1/2026 (a)		782,000		828,920

7.75%, 9/1/2027 (a)		420,000		444,675

7.38%, 9/25/2032 (a)		850,000		874,225


				3,113,999


United Arab Emirates — 0.5%

Abu Dhabi Government Bond 3.13%, 10/11/2027 (b)		300,000		325,125


Uruguay — 2.0%

Republic of Uruguay

4.50%, 8/14/2024		80,000		86,925

4.38%, 10/27/2027		282,000		313,196

7.63%, 3/21/2036		140,000		212,188

5.10%, 6/18/2050		450,000		559,828

4.98%, 4/20/2055		100,000		123,156


				1,295,293


Vietnam — 0.3%

Republic of Vietnam 4.80%, 11/19/2024 (a)		200,000		217,007


Total Foreign Government Securities (Cost $54,030,880)				56,308,354


INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE ($)

Corporate Bonds — 13.2%

Azerbaijan — 1.3%

Southern Gas Corridor CJSC 6.88%, 3/24/2026 (a)		401,000		473,681

State Oil Co. of the Azerbaijan Republic

4.75%, 3/13/2023 (b)		350,000		366,735


				840,416


Brazil — 0.5%

Banco Nacional de Desenvolvimento Economico e Social 5.75%, 9/26/2023 (a)		280,000		306,600


Chile — 0.9%

Corp. Nacional del Cobre de Chile

3.63%, 8/1/2027 (a)		372,000		398,389

4.50%, 8/1/2047 (a)		201,000		236,112


				634,501


China — 2.0%

CNAC HK Finbridge Co. Ltd. 3.50%, 7/19/2022 (b)		200,000		202,625

CNOOC Curtis Funding No. 1 Pty. Ltd. 4.50%, 10/3/2023 (a)		200,000		215,750

Sinopec Group Overseas Development Ltd. 3.63%, 4/12/2027 (a)		400,000		425,853

State Grid Overseas Investment Ltd.

3.13%, 5/22/2023 (a)		200,000		205,938

3.50%, 5/4/2027 (a)		250,000		267,163


				1,317,329


Indonesia — 1.1%

Indonesia Asahan Aluminium Persero PT 6.53%, 11/15/2028 (a)		225,000		278,719

Pertamina Persero PT 4.30%, 5/20/2023 (a)		220,000		231,756

Perusahaan Listrik Negara PT 5.25%, 10/24/2042 (a)		200,000		231,625


				742,100


Kazakhstan — 1.7%

Kazakhstan Temir Zholy Finance BV 6.95%, 7/10/2042 (a)		200,000		273,062

KazMunayGas National Co. JSC

5.38%, 4/24/2030 (a)		520,000		602,550

6.38%, 10/24/2048 (a)		200,000		252,563


				1,128,175


Malaysia — 1.1%

Petronas Capital Ltd.

7.88%, 5/22/2022 (a)		180,000		206,325

SEE NOTES TO FINANCIAL STATEMENTS.



170	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


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

Malaysia — continued

3.50%, 3/18/2025 (a)		250,000		265,781

4.50%, 3/18/2045 (a)		231,000		295,536


				767,642


Mexico — 2.0%

Comision Federal de Electricidad 4.75%, 2/23/2027 (a)		100,000		104,156

Petroleos Mexicanos 4.88%, 1/24/2022		60,000		60,975

(ICE LIBOR USD 3 Month + 3.65%), 6.10%, 3/11/2022 (e)		100,000		100,865

5.38%, 3/13/2022		150,000		153,375

4.63%, 9/21/2023		70,000		70,164

4.25%, 1/15/2025		75,000		71,659

5.50%, 6/27/2044		163,000		139,153

5.63%, 1/23/2046		767,000		657,848


				1,358,195


Oman — 0.3%

Lamar Funding Ltd. 3.96%, 5/7/2025 (a)		200,000		184,437


Peru — 0.4%

Petroleos del Peru SA 5.63%, 6/19/2047 (a)		200,000		243,860


Philippines — 0.2%

Power Sector Assets & Liabilities Management Corp. 7.39%, 12/2/2024 (a)		100,000		125,094


Russia — 0.2%

Vnesheconombank Via VEB Finance plc 6.80%, 11/22/2025 (a)		125,000		143,438


South Africa — 1.2%

Eskom Holdings SOC Ltd.

6.75%, 8/6/2023 (a)		260,000		265,850

7.13%, 2/11/2025 (a)		294,000		302,085

Transnet SOC Ltd. 4.00%, 7/26/2022 (a)		200,000		201,250


				769,185


Tunisia — 0.3%

Banque Centrale de Tunisie International Bond 5.75%, 1/30/2025 (a)		200,000		183,000


Total Corporate Bonds (Cost $8,302,704)				8,743,972



INVESTMENTS	SHARES		VALUE ($)
Short-term Investments — 0.4%

Investment Companies — 0.4%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.99% (f) (g) (Cost $256,588)		256,588		256,588

Investment of Cash Collateral from Securities Loaned — 1.0%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.05% (f) (g) (Cost $676,237)		676,237		676,237

Total Investments — 99.8% (Cost $63,266,409)				65,985,151
Other Assets Less Liabilities — 0.2%				119,688

NET ASSETS — 100.0%				66,104,839

Percentages indicated are based on net assets.

Abbreviations


CJSC		Closed Joint Stock Company
ICE		Intercontinental Exchange
JSC		Joint Stock Company
LIBOR		London Interbank Offered Rate
PT		Limited liability company
USD		United States Dollar

(a)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)		The security or a portion of this security is on loan at August 31, 2019. The total value of securities on loan at August 31, 2019 is $656,831.
(d)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2019.
(e)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2019.
(f)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(g)		The rate shown is the current yield as of August 31, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	171

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2019 (Unaudited)



	JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF		JPMorgan Core Plus Bond ETF		JPMorgan Corporate Bond Research Enhanced ETF
ASSETS:
Investments innon-affiliates, at value	$	31,759,993	$	30,572,787	$	28,911,109
Investments in affiliates, at value		184,514		1,751,366		298,084
Restricted cash		—		100		—
Cash		15,592		—		—
Deposits at broker for futures contracts		—		65,000		26,000
Deferred offering costs (See Note 2.I.)		—		4,410		4,411
Prepaid expenses		—		229		178
Receivables:
Investment securities sold		744,544		1,475		—
Investment securities sold — delayed delivery securities		12,192		—		—
Interest fromnon-affiliates		196,567		148,811		263,612
Dividends from affiliates		160		4,368		315
Variation margin on futures contracts		—		6,437		—
Due from Adviser		10		—		19,054

Total Assets		32,913,572		32,554,983		29,522,763

LIABILITIES:
Payables:
Due to custodian		—		2,260		—
Distributions		64,888		73,044		86,762
Investment securities purchased		811,081		10,363		12,146
Investment securities purchased — delayed delivery securities		46,179		288,078		—
Variation margin on futures contracts		—		—		1,184
Accrued liabilities:
Investment advisory fees		—		27,573		—
Management fees (See Note 3.A.)		1,336		—		—
Administration fees		—		2,030		1,854
Custodian, Accounting and Transfer Agent fees		—		5,132		5,462
Trustees’ and Chief Compliance Officer’s fees		—		106		190
Professional fees		—		57,421		56,152
Other		—		10,726		14,090

Total Liabilities		923,484		476,733		177,840

Net Assets	$	31,990,088	$	32,078,250	$	29,344,923


NET ASSETS:
Paid-in-Capital	$	31,338,122	$	30,304,831	$	26,362,338
Total distributable earnings (loss)		651,966		1,773,419		2,982,585

Total Net Assets	$	31,990,088	$	32,078,250	$	29,344,923


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		1,250,000		600,000		525,000

Net asset value, per share	$	25.59	$	53.46	$	55.90


Cost of investments innon-affiliates	$	31,135,559	$	29,104,604	$	26,278,841
Cost of investments in affiliates		184,514		1,751,366		298,084

SEE NOTES TO FINANCIAL STATEMENTS.



172	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019



	JPMorgan Global Bond Opportunities ETF		JPMorgan High Yield Research Enhanced ETF (formerly known as JPMorgan Disciplined High Yield ETF)		JPMorgan Municipal ETF
ASSETS:
Investments innon-affiliates, at value	$	182,896,505	$	159,358,166	$	34,835,325
Investments in affiliates, at value		5,760,227		3,167,845		933,602
Investments of cash collateral received from securities loaned, at value (See Note 2.F.)		—		2,057,978		—
Restricted cash		—		—		400
Cash		27,413		—		—
Foreign currency, at value		2,152,201		—		—
Deposits at broker for futures contracts		1,024,000		—		—
Deposits at broker for centrally cleared swaps		372,000		—		—
Due from custodian		5,548,399		—		—
Deferred offering costs (See Note 2.I.)		—		—		2,670
Prepaid expenses		—		—		117
Receivables:
Investment securities sold		258,533		—		—
Interest fromnon-affiliates		2,029,638		2,369,672		333,337
Dividends from affiliates		10,831		5,692		2,849
Tax reclaims		44,850		—		—
Securities lending income (See Note 2.F.)		—		1,928		—
Variation margin on futures contracts		376,005		—		—
Unrealized appreciation on forward foreign currency exchange contracts		1,585,903		—		—
Outstanding OTC swap contracts, at value (net upfront payments of $333,606, $0 and $0, respectively)		285,349		—		—
Due from Adviser		—		—		40,433

Total Assets		202,371,854		166,961,281		36,148,733


LIABILITIES:
Payables:
Distributions		551,722		670,592		67,152
Investment securities purchased		6,562,430		—		497,441
Collateral received on securities loaned (See Note 2.F.)		—		2,057,978		—
Unrealized depreciation on forward foreign currency exchange contracts		520,726		—		—
Outstanding OTC swap contracts, at value (net upfront receipts of $12,064, $0 and $0, respectively)		12,793		—		—
Variation margin on centrally cleared swaps (net upfront receipts of $1,017,444, $0 and $0, respectively)		53,119		—		—
Accrued liabilities:
Investment advisory fees		51,674		23,612		—
Administration fees		12,342		10,389		2,259
Custodian, Accounting and Transfer Agent fees		2,486		5,237		11,352
Collateral management fees		3,105		—		—
Trustees’ and Chief Compliance Officer’s fees		2,122		1,806		310
Deferred foreign capital gains tax		10,030		—		—
Professional fees		82,004		67,056		28,033
Other		31,365		17,135		11,103

Total Liabilities		7,895,918		2,853,805		617,650

Net Assets	$	194,475,936	$	164,107,476	$	35,531,083


NET ASSETS:
Paid-in-Capital	$	192,694,372	$	161,976,815	$	32,816,606
Total distributable earnings (loss)		1,781,564		2,130,661		2,714,477

Total Net Assets	$	194,475,936	$	164,107,476	$	35,531,083


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		3,800,000		3,200,000		650,000

Net asset value, per share	$	51.18	$	51.28	$	54.66


Cost of investments innon-affiliates	$	179,842,111	$	155,728,695	$	32,630,239
Cost of investments in affiliates		5,760,227		3,167,845		933,510
Cost of foreign currency		2,380,292		—		—
Investment securities on loan, at value (See Note 2.F.)		—		1,987,184		—
Cost of investment of cash collateral (See Note 2.F.)		—		2,057,978		—

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	173

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2019 (Unaudited) (continued)



	JPMorgan U.S. Aggregate Bond ETF		JPMorgan Ultra-Short Income ETF		JPMorgan Ultra-Short Municipal Income ETF		JPMorgan USD Emerging Markets Sovereign Bond ETF
ASSETS:
Investments innon-affiliates, at value	$	188,699,831	$	7,847,581,541	$	121,966,367	$	65,052,326
Investments in affiliates, at value		503,250		343,725,884		1,682,541		256,588
Investments of cash collateral received from securities loaned, at value (See Note 2.F.)		—		7,021,090		—		676,237
Repurchase agreements, at value		—		161,000,000		—		—
Restricted cash		800		2,850		1,000		—
Cash		—		16,762		—		—
Deferred offering costs (See Note 2.I.)		6,498		—		2,333		—
Prepaid expenses		2,066		44,400		567		—
Receivables:
Investment securities sold		3,231,388		—		—		2,045,143
Investment securities sold — delayed delivery securities		1,360,585		—		—		—
Interest fromnon-affiliates		1,210,622		44,337,085		1,055,883		950,947
Dividends from affiliates		1,038		493,960		1,790		326
Securities lending income (See Note 2.F.)		—		904		—		130
Due from Adviser		40,535		—		43,642		1,129

Total Assets		195,056,613		8,404,224,476		124,754,123		68,982,826


LIABILITIES:
Payables:
Due to custodian		58,344		—		—		—
Distributions		412,214		17,992,812		165,473		256,646
Investment securities purchased		3,637,714		745,559		651,287		1,840,030
Investment securities purchased — delayed delivery securities		1,001,439		—		212,620		—
Collateral received on securities loaned (See Note 2.F.)		—		7,021,090		—		676,237
Accrued liabilities:
Investment advisory fees		—		399,406		—		—
Administration fees		11,616		516,039		7,740		4,170
Custodian, Accounting and Transfer Agent fees		9,040		16,125		11,319		—
Trustees’ and Chief Compliance Officer’s fees		—		12,801		213		741
Professional fees		52,377		32,505		28,674		71,001
Other		14,960		136,509		7,597		29,162

Total Liabilities		5,197,704		26,872,846		1,084,923		2,877,987

Net Assets	$	189,858,909	$	8,377,351,630	$	123,669,200	$	66,104,839


NET ASSETS:
Paid-in-Capital	$	179,966,906	$	8,349,782,204	$	123,187,776	$	64,284,140
Total distributable earnings (loss)		9,892,003		27,569,426		481,424		1,820,699

Total Net Assets	$	189,858,909	$	8,377,351,630	$	123,669,200	$	66,104,839

Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		7,050,000		166,200,000		2,450,000		1,300,000

Net asset value, per share	$	26.93	$	50.41	$	50.48	$	50.85


Cost of investments innon-affiliates	$	179,630,831	$	7,821,949,134	$	121,483,383	$	62,333,584
Cost of investments in affiliates		503,250		343,725,884		1,682,531		256,588
Cost of repurchase agreements		—		161,000,000		—		—
Investment securities on loan, at value (See Note 2.F.)		—		6,807,353		—		656,831
Cost of investment of cash collateral (See Note 2.F.)		—		7,021,090		—		676,237

SEE NOTES TO FINANCIAL STATEMENTS.



174	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)



	JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF(a)			JPMorgan Core Plus Bond ETF			JPMorgan Corporate Bond Research Enhanced ETF
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	342,260		$	422,855		$	538,266
Interest income from affiliates		6			684			—
Dividend income from affiliates		723			30,099			2,495
Income from securities lending (net) (See Note 2.F.)		—			145			—

Total investment income		342,989			453,783			540,761


EXPENSES:
Investment advisory fees (See Note 3.A.)		—			41,396			19,544
Management fees (See Note 3.A.)		6,713			—			—
Administration fees (See Note 3.B.)		—			10,349			10,470
Interest expense tonon-affiliates		—			2			—
Interest expense to affiliates		—			2			12
Professional fees		—			51,970			42,732
Trustees’ and Chief Compliance Officer’s fees		—			274			449
Printing and mailing costs		—			261			970
Registration and filing fees		—			9,477			11,680
Custodian, Accounting and Transfer Agent fees (See Note 3.C.)		—			11,712			19,983
Insurance expense		—			97			116
Offering costs (See Note 2.I.)		—			5,411			7,888
Other		—			1,204			1,202

Total expenses		6,713			132,155			115,046

Less fee waived (See Note 3.E.)		(44	)		(51,745	)		(30,014	)
Less expense reimbursements from affiliates (See Note 3.E.)		—			(27,710	)		(65,440	)
Less expense reimbursements fromnon-affiliates (See Note 3.C.)		—			(100	)		(300	)

Net expenses		6,669			52,600			19,292

Net investment income (loss)		336,320			401,183			521,469


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		28,042			107,211			385,964
Futures contracts		—			179,376			(70,151	)

Net realized gain (loss)		28,042			286,587			315,813

Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		624,434			1,372,046			2,122,698
Futures contracts		—			13,684			(1,108	)

Change in net unrealized appreciation/depreciation		624,434			1,385,730			2,121,590

Net realized/unrealized gains (losses)		652,476			1,672,317			2,437,403

Change in net assets resulting from operations	$	988,796		$	2,073,500		$	2,958,872

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

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	175

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited) (continued)



	JPMorgan Global Bond Opportunities ETF			JPMorgan High Yield Research Enhanced ETF (formerly known as JPMorgan Disciplined High Yield ETF)			JPMorgan Municipal ETF
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	3,667,598		$	4,219,174		$	427,573
Interest income from affiliates		96			2			—
Dividend income from affiliates		57,742			24,472			10,934
Income from securities lending (net) (See Note 2.F.)		—			19,898			—
Foreign taxes withheld		31,825			—			—

Total investment income		3,757,261			4,263,546			438,507


EXPENSES:
Investment advisory fees (See Note 3.A.)		517,090			242,222			39,927
Administration fees (See Note 3.B.)		70,512			60,556			12,477
Collateral management fees		6,392			—			—
Interest expense to affiliates		1,878			—			552
Professional fees		58,981			58,435			23,398
Trustees’ and Chief Compliance Officer’s fees		2,769			2,286			476
Printing and mailing costs		2,725			8,297			506
Registration and filing fees		5,740			6,035			6,462
Custodian, Accounting and Transfer Agent fees (See Note 3.C.)		43,660			25,183			59,717
Insurance expense		5,093			3,778			159
Offering costs (See Note 2.I.)		—			—			8,277
Other		4,050			4,095			1,191

Total expenses		718,890			410,887			153,142

Less fee waived (See Note 3.E.)		(206,753	)		(90,652	)		(52,404	)
Less expense reimbursements from affiliates (See Note 3.E.)		—			—			(59,460	)
Less expense reimbursements fromnon-affiliates (See Note 3.C.)		(1,100	)		(200	)		(1,800	)

Net expenses		511,037			320,035			39,478

Net investment income (loss)		3,246,224			3,943,511			399,029


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		1,185,953	(a)		(254,834	)		407,634
Investments in affiliates		—			—			700
Futures contracts		(460,374	)		—			—
Foreign currency transactions		(24,801	)		—			—
Forward foreign currency exchange contracts		2,176,844			—			—
Swaps		(69,108	)		—			—

Net realized gain (loss)		2,808,514			(254,834	)		408,334

Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		5,250,984	(b)		4,802,656			1,295,825
Investments in affiliates		—			—			92
Futures contracts		(374,115	)		—			—
Foreign currency translations		(49,134	)		—			—
Forward foreign currency exchange contracts		474,173			—			—
Swaps		(157,558	)		—			—

Change in net unrealized appreciation/depreciation		5,144,350			4,802,656			1,295,917

Net realized/unrealized gains (losses)		7,952,864			4,547,822			1,704,251

Change in net assets resulting from operations	$	11,199,088		$	8,491,333		$	2,103,280

(a)	Net of foreign capital gains tax of $(10,195).

(b)	Net change in foreign capital gains tax of $(3,614).

SEE NOTES TO FINANCIAL STATEMENTS.



176	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019



	JPMorgan U.S. Aggregate Bond ETF			JPMorgan Ultra-Short Income ETF			JPMorgan Ultra-Short Municipal Income ETF			JPMorgan USD Emerging Markets Sovereign Bond ETF
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	2,385,522		$	106,216,838		$	859,053		$	1,659,279
Interest income from affiliates		6			1,407			—			1
Dividend income fromnon-affiliates		—			3			—			—
Dividend income from affiliates		7,651			1,669,656			14,570			2,611
Income from securities lending (net) (See Note 2.F.)		45			2,837			—			950

Total investment income		2,393,224			107,890,741			873,623			1,662,841


EXPENSES:
Investment advisory fees (See Note 3.A.)		55,910			5,392,134			69,819			102,421
Administration fees (See Note 3.B.)		59,904			2,696,067			34,909			24,005
Interest expense to affiliates		2,739			10,889			772			—
Professional fees		41,821			141,002			25,311			56,454
Trustees’ and Chief Compliance Officer’s fees		1,196			98,783			887			790
Printing and mailing costs		5,830			81,568			489			1,299
Registration and filing fees		20,268			133,243			7,662			8,729
Custodian, Accounting and Transfer Agent fees (See Note 3.C.)		37,551			185,353			67,450			20,741
Insurance expense		397			46,395			243			1,795
Offering costs (See Note 2.I.)		11,619			—			9,436			—
Other		971			25,988			87			766

Total expenses		238,206			8,811,422			217,065			217,000

Less fee waived (See Note 3.E.)		(115,814	)		(2,449,510	)		(104,728	)		(92,734	)
Less expense reimbursements from affiliates (See Note 3.E.)		(62,333	)		—			(24,808	)		—
Less expense reimbursements fromnon-affiliates (See Note 3.C.)		(2,100	)		(7,950	)		(4,600	)		—

Net expenses		57,959			6,353,962			82,929			124,266

Net investment income (loss)		2,335,265			101,536,779			790,694			1,538,575


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		798,940			1,627,200			(593	)		(48,951	)
Investments in affiliates		—			—			348			—

Net realized gain (loss)		798,940			1,627,200			(245	)		(48,951	)

Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		8,949,466			22,950,067			348,572			4,379,683
Investments in affiliates		—			—			10			—

Change in net unrealized appreciation/depreciation		8,949,466			22,950,067			348,582			4,379,683

Net realized/unrealized gains (losses)		9,748,406			24,577,267			348,337			4,330,732

Change in net assets resulting from operations	$	12,083,671		$	126,114,046		$	1,139,031		$	5,869,307

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	177

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED


	JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF			JPMorgan Core Plus Bond ETF
	Period Ended August 31, 2019 (unaudited) (a)			Six Months Ended August 31, 2019 (Unaudited)			Period Ended February 28, 2019 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	336,320		$	401,183		$	65,409
Net realized gain (loss)		28,042			286,587			8,375
Change in net unrealized appreciation/depreciation		624,434			1,385,730			92,883

Change in net assets resulting from operations		988,796			2,073,500			166,667


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(336,830	)		(403,183	)		(63,565	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		31,338,122			5,229,831			25,075,000


NET ASSETS:
Change in net assets		31,990,088			6,900,148			25,178,102
Beginning of period		—			25,178,102			—

End of period	$	31,990,088		$	32,078,250		$	25,178,102


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	31,338,122		$	5,229,831		$	25,075,000

Total change in net assets resulting from capital transactions	$	31,338,122		$	5,229,831		$	25,075,000


SHARE TRANSACTIONS:
Issued		1,250,000			100,000			500,000

Net increase in shares from share transactions		1,250,000			100,000			500,000

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

(b)	Commencement of operations was January 28, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



178	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


	JPMorgan Corporate Bond Research Enhanced ETF						JPMorgan Global Bond Opportunities ETF
	Six Months Ended August 31, 2019 (Unaudited)			Period Ended February 28, 2019 (a)			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	521,469		$	218,413		$	3,246,224		$	6,692,618
Net realized gain (loss)		315,813			36,262			2,808,514			271,962
Change in net unrealized appreciation/depreciation		2,121,590			509,173			5,144,350			(3,291,415	)

Change in net assets resulting from operations		2,958,872			763,848			11,199,088			3,673,165


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(521,780	)		(218,355	)		(2,143,418	)		(9,983,877	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,312,338			25,050,000			5,063,035			35,033,711


NET ASSETS:
Change in net assets		3,749,430			25,595,493			14,118,705			28,722,999
Beginning of period		25,595,493			—			180,357,231			151,634,232

End of period	$	29,344,923		$	25,595,493		$	194,475,936		$	180,357,231


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	1,312,338		$	25,050,000		$	5,063,035		$	35,033,711
Cost of shares redeemed		—			—			—			—

Total change in net assets resulting from capital transactions	$	1,312,338		$	25,050,000		$	5,063,035		$	35,033,711


SHARE TRANSACTIONS:
Issued		25,000			500,000			100,000			700,000
Redeemed		—			—			—			—

Net increase in shares from share transactions		25,000			500,000			100,000			700,000

(a)	Commencement of operations was December 12, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	179

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan High Yield Research Enhanced ETF (formerly known as JPMorgan Disciplined High Yield ETF)						JPMorgan Municipal ETF
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (Unaudited)			Period Ended February 28, 2019 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,943,511		$	6,940,696		$	399,029		$	249,211
Net realized gain (loss)		(254,834	)		(876,971	)		408,334			99,242
Change in net unrealized appreciation/depreciation		4,802,656			742,057			1,295,917			909,793

Change in net assets resulting from operations		8,491,333			6,805,782			2,103,280			1,258,246


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(4,034,980	)		(7,004,942	)		(398,244	)		(248,805	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		5,080,738			49,578,237			2,672,489			30,144,117


NET ASSETS:
Change in net assets		9,537,091			49,379,077			4,377,525			31,153,558
Beginning of period		154,570,385			105,191,308			31,153,558			—

End of period	$	164,107,476		$	154,570,385		$	35,531,083		$	31,153,558


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	5,080,738		$	64,284,563		$	13,354,178		$	30,144,117
Cost of shares redeemed		—			(14,706,326	)		(10,681,689	)		—

Total change in net assets resulting from capital transactions	$	5,080,738		$	49,578,237		$	2,672,489		$	30,144,117


SHARE TRANSACTIONS:
Issued		100,000			1,300,000			250,000			600,000
Redeemed		—			(300,000	)		(200,000	)		—

Net increase in shares from share transactions		100,000			1,000,000			50,000			600,000

(a)	Commencement of operations was October 29, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



180	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


	JPMorgan U.S. Aggregate Bond ETF						JPMorgan Ultra-Short Income ETF
	Six Months Ended August 31, 2019 (Unaudited)			Period Ended February 28, 2019 (a)			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,335,265		$	345,419		$	101,536,779		$	68,227,290
Net realized gain (loss)		798,940			22,161			1,627,200			198,669
Change in net unrealized appreciation/depreciation		8,949,466			119,461			22,950,067			2,890,875

Change in net assets resulting from operations		12,083,671			487,041			126,114,046			71,316,834


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(2,342,087	)		(336,622	)		(101,555,326	)		(68,093,896	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		81,387,243			98,579,663			2,649,730,635			5,499,788,071


NET ASSETS:
Change in net assets		91,128,827			98,730,082			2,674,289,355			5,503,011,009
Beginning of period		98,730,082			—			5,703,062,275			200,051,266

End of period	$	189,858,909		$	98,730,082		$	8,377,351,630		$	5,703,062,275


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	103,466,673		$	98,579,663		$	2,876,883,673		$	5,574,934,056
Cost of shares redeemed		(22,079,430	)		—			(227,153,038	)		(75,145,985	)

Total change in net assets resulting from capital transactions	$	81,387,243		$	98,579,663		$	2,649,730,635		$	5,499,788,071


SHARE TRANSACTIONS:
Issued		4,000,000			3,900,000			57,100,000			111,100,000
Redeemed		(850,000	)		—			(4,500,000	)		(1,500,000	)

Net increase in shares from share transactions		3,150,000			3,900,000			52,600,000			109,600,000

(a)	Commencement of operations was December 12, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	181

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan Ultra-Short Municipal Income ETF						JPMorgan USD Emerging Markets Sovereign Bond ETF
	Six Months Ended August 31, 2019 (Unaudited)			Period Ended February 28, 2019 (a)			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	790,694		$	264,520		$	1,538,575		$	2,624,577
Net realized gain (loss)		(245	)		186			(48,951	)		(840,894	)
Change in net unrealized appreciation/depreciation		348,582			134,833			4,379,683			(334,291	)

Change in net assets resulting from operations		1,139,031			399,539			5,869,307			1,449,392


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(794,107	)		(263,039	)		(1,541,215	)		(2,651,785	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		65,524,685			57,663,091			—			9,265,211


NET ASSETS:
Change in net assets		65,869,609			57,799,591			4,328,092			8,062,818
Beginning of period		57,799,591			—			61,776,747			53,713,929

End of period	$	123,669,200		$	57,799,591		$	66,104,839		$	61,776,747


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	68,042,902		$	57,663,091		$	—		$	9,265,211
Cost of shares redeemed		(2,518,217	)		—			—			—

Total change in net assets resulting from capital transactions	$	65,524,685		$	57,663,091		$	—		$	9,265,211


SHARE TRANSACTIONS:
Issued		1,350,000			1,150,000			—			200,000
Redeemed		(50,000	)		—			—			—

Net increase in shares from share transactions		1,300,000			1,150,000			—			200,000

(a)	Commencement of operations was October 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



182	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	183

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 BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
March 12, 2019 (f) through August 31, 2019 (Unaudited)	$	25.00	$	0.30	$	0.59		$	0.89		$	(0.30	)	$	—		$	(0.30	)

JPMorgan Core Plus Bond ETF
Six Months Ended August 31, 2019 (Unaudited)		50.36		0.76		3.10			3.86			(0.76	)		—			(0.76	)
January 28, 2019 (f) through February 28, 2019		50.00		0.13		0.36			0.49			(0.13	)		—			(0.13	)

JPMorgan Corporate Bond Research Enhanced ETF
Six Months Ended August 31, 2019 (Unaudited)		51.19		1.00		4.71			5.71			(1.00	)		—			(1.00	)
December 12, 2018 (f) through February 28, 2019		50.00		0.44		1.19			1.63			(0.44	)		—			(0.44	)

JPMorgan Global Bond Opportunities ETF
Six Months Ended August 31, 2019 (Unaudited)		48.75		0.87		2.13			3.00			(0.57	)		—			(0.57	)
Year Ended February 28, 2019		50.54		1.94		(0.97	)		0.97			(2.56	)		(0.20	)		(2.76	)
April 5, 2017 (f) through February 28, 2018		50.00		1.83		0.05	(k)		1.88			(1.34	)		—			(1.34	)

JPMorgan High Yield Research Enhanced ETF (formerly known as JPMorgan Disciplined High Yield ETF)
Six Months Ended August 31, 2019 (Unaudited)		49.86		1.25		1.44			2.69			(1.27	)		—			(1.27	)
Year Ended February 28, 2019		50.09		2.47		(0.23	)		2.24			(2.47	)		—			(2.47	)
Year Ended February 28, 2018		50.96		2.44		(0.92	)		1.52			(2.39	)		—			(2.39	)
September 14, 2016 (f) through February 28, 2017		50.00		1.14		0.96			2.10			(1.14	)		—	(j)		(1.14	)

JPMorgan Municipal ETF
Six Months Ended August 31, 2019 (Unaudited)		51.92		0.64		2.75			3.39			(0.65	)		—			(0.65	)
October 29, 2018 (f) through February 28, 2019		50.00		0.46		1.90			2.36			(0.44	)		—			(0.44	)

JPMorgan U.S. Aggregate Bond ETF
Six Months Ended August 31, 2019 (Unaudited)		25.32		0.38		1.60			1.98			(0.37	)		—			(0.37	)
December 12, 2018 (f) through February 28, 2019		25.00		0.18		0.29			0.47			(0.15	)		—			(0.15	)

JPMorgan Ultra-Short Income ETF
Six Months Ended August 31, 2019 (Unaudited)		50.20		0.72		0.19			0.91			(0.70	)		—			(0.70	)
Year Ended February 28, 2019		50.01		1.37		(0.04	)(k)		1.33			(1.14	)		—			(1.14	)
May 17, 2017 (f) through February 28, 2018		50.00		0.70		(0.08	)		0.62			(0.61	)		—			(0.61	)

JPMorgan Ultra-Short Municipal Income ETF
Six Months Ended August 31, 2019 (Unaudited)		50.26		0.43		0.20			0.63			(0.41	)		—			(0.41	)
October 16, 2018 (f) through February 28, 2019		50.00		0.35		0.23			0.58			(0.32	)		—			(0.32	)

JPMorgan USD Emerging Markets Sovereign Bond ETF
Six Months Ended August 31, 2019 (Unaudited)		47.52		1.18		3.34			4.52			(1.19	)		—			(1.19	)
Year Ended February 28, 2019		48.83		2.31		(1.30	)		1.01			(2.32	)		—			(2.32	)
January 29, 2018 (f) through February 28, 2018		50.00		0.19		(1.21	)		(1.02	)		(0.15	)		—			(0.15	)

(a)	Annualized for periods less than one year, unless otherwise indicated.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e)

Market price total return is calculated assuming an initial investment made at the beginning of the period market price, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The market price presented to calculate the market price total return is themid-point of the bid/ask spread at the close of business for the BetaBuilders1-5 Year U.S. Aggregate Bond ETF, Core Plus Bond ETF, Global Bond Opportunities ETF, High Yield Research Enhanced ETF, Municipal ETF, Ultra-Short Municipal Income ETF and Ultra-Short Income ETF on the Cboe BZX Exchange, Inc. and on the NYSE Arca, Inc. for the Corporate Bond Research Enhanced ETF, U.S. Aggregate Bond ETF and USD Emerging Markets Sovereign Bond ETF.

(f)	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)	Certainnon-recurring expenses incurred by the Fund were not annualized for the period indicated.

(i)	Amount rounds to less than 0.5%.

(j)	Amount rounds to less than $0.005.

(k)

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

SEE NOTES TO FINANCIAL STATEMENTS.



184	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 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)


	$25.59	$	25.61		3.56	%		3.64	%(g)	$	31,990,088		0.05	%		2.49	%		0.05	%		18	%


	53.46		53.57		7.71			7.68			32,078,250		0.38	(h)		2.91			0.94	(h)		77
	50.36		50.48		0.97			1.21	(g)		25,178,102		0.38	(h)		2.96			5.38	(h)		—	(i)


	55.90		56.00		11.26			11.21			29,344,923		0.14	(h)		3.74			0.80	(h)		39
	51.19		51.30		3.26			3.48	(g)		25,595,493		0.14	(h)		3.98			2.13	(h)		12


	51.18		51.33		6.18			6.32			194,475,936		0.54			3.46			0.77			40
	48.75		48.83		2.09			2.13			180,357,231		0.54			3.92			0.82			73
	50.54		50.60		3.76			3.88	(g)		151,634,232		0.53	(h)		3.98			1.10	(h)		52


	51.28		51.36		5.46			5.71			164,107,476		0.40			4.90			0.51			15
	49.86		49.82		4.66			4.00			154,570,385		0.40			5.01			0.57			23
	50.09		50.36		3.00			3.12			105,191,308		0.40			4.78			0.98			23
	50.96		51.16		4.24			4.64	(g)		30,574,068		0.39	(h)		4.99			1.74	(h)		8


	54.66		54.68		6.56			6.42			35,531,083		0.24	(h)		2.40			0.90	(h)		34
	51.92		52.01		4.74			4.92	(g)		31,153,558		0.23	(h)		2.65			1.06	(h)		15


	26.93		27.00		7.88			8.07			189,858,909		0.07	(h)		2.92			0.29	(h)		34
	25.32		25.34		1.90			1.98	(g)		98,730,082		0.07	(h)		3.26			1.14	(h)		53


	50.41		50.43		1.83			1.81			8,377,351,630		0.18			2.83			0.25			17
	50.20		50.23		2.68			2.66			5,703,062,275		0.17			2.74			0.28			43
	50.01		50.05		1.25			1.33	(g)		200,051,266		0.16	(h)		1.77			0.55	(h)		25


	50.48		50.51		1.26			1.26			123,669,200		0.18	(h)		1.70			0.46	(h)		97
	50.26		50.29		1.16			1.22	(g)		57,799,591		0.17	(h)		1.88			0.79	(h)		61


	50.85		51.11		9.62			9.94			66,104,839		0.39			4.82			0.68			25
	47.52		47.62		2.29			2.23			61,776,747		0.39			4.96			0.87			28
	48.83		48.95		(2.03	)		(1.79	)(g)		53,713,929		0.35	(h)		4.79			2.74	(h)		2

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	185

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited)

1. Organization

The following are 10 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:


		Diversification Classification
JPMorgan BetaBuilders1-5 Year U.S. Aggregate Bond ETF		Diversified
JPMorgan Core Plus Bond ETF		Diversified
JPMorgan Corporate Bond Research Enhanced ETF		Diversified
JPMorgan Global Bond Opportunities ETF		Diversified
JPMorgan High Yield Research Enhanced ETF*		Diversified
JPMorgan Municipal ETF		Diversified
JPMorgan U.S. Aggregate Bond ETF		Diversified
JPMorgan Ultra-Short Income ETF		Diversified
JPMorgan Ultra-Short Municipal Income ETF		Diversified
JPMorgan USD Emerging Markets Sovereign Bond ETF		Diversified

*	Effective September 9, 2019, JPMorgan Disciplined High Yield ETF changed its name to JPMorgan High Yield Research Enhanced ETF.

JPMorgan BetaBuilders1-5 Year U.S. Aggregate Bond ETF (the “BetaBuilders1-5 Year U.S. Aggregate Bond 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 Bloomberg Barclays Short-Term U.S. Aggregate Bond Index.

JPMorgan Core Plus Bond ETF (the “Core Plus Bond ETF”) commenced operations on January 28, 2019. The investment objective of the Fund is to seek a high level of current income by investing primarily in a diversified portfolio of high-, medium- andlow-grade debt securities.

JPMorgan Corporate Bond Research Enhanced ETF (the “Corporate Bond Research Enhanced ETF”) commenced operations on December 12, 2018. The investment objective of the Fund is to seek to provide total return.

The investment objective of JPMorgan High Yield Research Enhanced ETF (the “High Yield Research Enhanced ETF”) is to seek to provide a high level of income with capital appreciation as a secondary objective.

The investment objective of JPMorgan Global Bond Opportunities ETF (the “Global Bond Opportunities ETF”) is to seek to provide total return.

JPMorgan Municipal ETF (the “Municipal ETF”) commenced operations on October 29, 2018. The investment objective of the Fund is to seek to provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations. For purposes of the Fund’s investment objective, “gross income” means gross income for federal income tax purposes.

JPMorgan U.S. Aggregate Bond ETF (the “U.S. Aggregate Bond ETF”) commenced operations on December 12, 2018. The investment objective of the Fund is to seek long-term total return.

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

JPMorgan Ultra-Short Municipal Income ETF (the “Ultra-Short Municipal Income ETF”) commenced operations on October 16, 2018. The investment objective of the Fund is to seek to provide as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.

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

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



186	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

Shares of each Fund are listed and traded at market price on an exchange as follows:


		Listing Exchange
BetaBuilders1-5 Year U.S. Aggregate Bond ETF		Cboe BZX Exchange, Inc.
Core Plus Bond ETF		Cboe BZX Exchange, Inc.
Corporate Bond Research Enhanced ETF		NYSE Arca, Inc.
Global Bond Opportunities ETF		Cboe BZX Exchange, Inc.
High Yield Research Enhanced ETF		Cboe BZX Exchange, Inc.
Municipal ETF		Cboe BZX Exchange, Inc.
U.S. Aggregate Bond ETF		NYSE Arca, Inc.
Ultra-Short Income ETF		Cboe BZX Exchange, Inc.
Ultra-Short Municipal Income ETF		Cboe BZX Exchange, Inc.
USD Emerging Markets Sovereign Bond ETF		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, referred to as “Creation Units” as shown in the table below:


	Shares per Creation Unit
BetaBuilders1-5 Year U.S. Aggregate Bond ETF		50,000
Core Plus Bond ETF		100,000
Corporate Bond Research Enhanced ETF		25,000
Global Bond Opportunities ETF		100,000
High Yield Research Enhanced ETF		100,000
Municipal ETF		50,000
U.S. Aggregate Bond ETF		50,000
Ultra-Short Income ETF		50,000
Ultra-Short Municipal Income ETF		50,000
USD Emerging Markets Sovereign Bond ETF		100,000

The Funds may elect creations and redemptions in cash or partially in cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, thus, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 of the Trust (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/or 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



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	187

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

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

Investments inopen-end investment companies, excluding exchange traded funds (“ETFs”) ( “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. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by Global Bond Opportunities ETF at August 31, 2019.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

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

•

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

•

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

•

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

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

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

BetaBuilders1-5 Year U.S. Aggregate Bond ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	351,696	$	—	$	351,696
Commercial Mortgage-Backed Securities		—		583,650		36,183		619,833
Corporate Bonds		—		8,032,766		—		8,032,766
Foreign Government Securities		—		438,694		—		438,694
Mortgage-Backed Securities		—		2,149,549		—		2,149,549
Municipal Bonds		—		43,562		—		43,562
Supranational		—		920,079		—		920,079
U.S. Government Agency Securities		—		723,597		—		723,597
U.S. Treasury Obligations		—		18,480,217		—		18,480,217
Short-Term Investments
Investment Companies		184,514		—		—		184,514

Total Investments in Securities	$	184,514	$	31,723,810	$	36,183	$	31,944,507



188	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

Core Plus Bond ETF


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—		$	3,642,583	$	561,161		$	4,203,744
Collateralized Mortgage Obligations		—			1,988,925		—			1,988,925
Commercial Mortgage-Backed Securities		—			1,970,863		—			1,970,863
Convertible Bonds		—			1,840		—			1,840
Corporate Bonds		—			8,438,928		—			8,438,928
Mortgage-Backed Securities		—			5,616,848		—			5,616,848
Preferred Stocks		—			3,179		—			3,179
U.S. Treasury Obligations		—			4,812,181		—			4,812,181
Short-Term Investments
Investment Companies		1,751,366			—		—			1,751,366
U.S. Treasury Obligations		—			3,536,279		—			3,536,279

Total Short-Term Investments		1,751,366			3,536,279		—			5,287,645

Total Investments in Securities	$	1,751,366		$	30,011,626	$	561,161	*	$	32,324,153

Appreciation in Other Financial Instruments
Futures Contracts	$	11,329		$	—	$	—		$	11,329

Depreciation in Other Financial Instruments
Futures Contracts	$	(829	)	$	—	$	—		$	(829	)

Corporate Bond Research Enhanced ETF


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—		$	50,881	$	—	$	50,881
Corporate Bonds		—			28,524,782		—		28,524,782
U.S. Treasury Obligations		—			335,446		—		335,446
Short-Term Investments
Investment Companies		298,084			—		—		298,084

Total Investments in Securities	$	298,084		$	28,911,109	$	—	$	29,209,193

Appreciation in Other Financial Instruments
Futures Contracts	$	2,056		$	—	$	—	$	2,056

Depreciation in Other Financial Instruments
Futures Contracts	$	(3,533	)	$	—	$	—	$	(3,533	)



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	189

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

Global Bond Opportunities ETF


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Debt Securities
Asset-Backed Securities
Cayman Islands	$	—		$	754,268		$	346,452		$	1,100,720
United States		—			9,636,722			4,061,649			13,698,371

Total Asset-Backed Securities		—			10,390,990			4,408,101			14,799,091

Collateralized Mortgage Obligations
United States		—			6,838,811			153,348			6,992,159
Other Collateralized Mortgage Obligations		—			442,168			—			442,168

Total Collateralized Mortgage Obligations		—			7,280,979			153,348			7,434,327

Commercial Mortgage-Backed Securities
United States		—			8,202,589			3,281,009			11,483,598
Corporate Bonds
United States		—			45,840,526			—	(a)		45,840,526
Other Corporate Bonds		—			42,772,834			—			42,772,834

Total Corporate Bonds		—			88,613,360			—	(a)		88,613,360

Mortgage-Backed Securities		—			6,746,953			—			6,746,953
Foreign Government Securities		—			49,761,979			—			49,761,979
U.S. Treasury Obligations		—			2,302,641			—			2,302,641
Warrants		—			86			—			86
Short-Term Investments
Foreign Government Treasury Bills		—			1,754,470			—			1,754,470
Investment Companies		5,760,227			—			—			5,760,227

Total Short-Term Investments		5,760,227			1,754,470			—			7,514,697

Total Investments in Securities	$	5,760,227		$	175,054,047		$	7,842,458		$	188,656,732

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	1,585,903		$	—		$	1,585,903
Futures Contracts		393,231			—			—			393,231

Total Appreciation in Other Financial Instruments	$	393,231		$	1,585,903		$	—		$	1,979,134

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(520,726	)	$	—		$	(520,726	)
Futures Contracts		(1,021,137	)		—			—			(1,021,137	)
Swaps		—			(157,558	)		—			(157,558	)

Total Depreciation in Other Financial Instruments	$	(1,021,137	)	$	(678,284	)	$	—		$	(1,699,421	)

High Yield Research Enhanced ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Debt Securities
Corporate Bonds
Wireless Telecommunication Services	$	—	$	6,630,507	$	—	(a)	$	6,630,507
Other Corporate Bonds		—		152,727,659		—			152,727,659

Total Corporate Bonds		—		159,358,166		—	(a)		159,358,166

Short-Term Investments
Investment Companies		3,167,845		—		—			3,167,845
Investment of cash collateral from securities loaned		2,057,978		—		—			2,057,978

Total Investments in Securities	$	5,225,823	$	159,358,166	$	—	(a)	$	164,583,989



190	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

Municipal ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	933,602	$	34,835,325	$	—	$	35,768,927

U.S. Aggregate Bond ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	837,510	$	—	$	837,510
Commercial Mortgage-Backed Securities		—		3,623,070		215,498		3,838,568
Corporate Bonds		—		48,808,117		—		48,808,117
Foreign Government Securities		—		3,182,077		—		3,182,077
Mortgage-Backed Securities		—		50,656,937		—		50,656,937
Municipal Bonds		—		1,254,471		—		1,254,471
Supranational		—		2,512,334		—		2,512,334
U.S. Government Agency Securities		—		2,378,633		—		2,378,633
U.S. Treasury Obligations		—		75,231,184		—		75,231,184
Short-Term Investments
Investment Companies		503,250		—		—		503,250

Total Investments in Securities	$	503,250	$	188,484,333	$	215,498	$	189,203,081

Ultra-Short Income ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	922,912,478	$	10,562,798	$	933,475,276
Certificates of Deposit		—		104,960,998		—		104,960,998
Commercial Mortgage-Backed Securities		—		51,268,522		—		51,268,522
Corporate Bonds		—		5,430,143,382		—		5,430,143,382
Foreign Government Securities		—		200,586		—		200,586
U.S. Treasury Obligations		—		523,060,158		—		523,060,158
Short-Term Investments
Certificates of Deposit		—		312,853,577		—		312,853,577
Commercial Paper		—		491,619,042		—		491,619,042
Investment Companies		343,725,884		—		—		343,725,884
Repurchase Agreements		—		161,000,000		—		161,000,000

Total Short-Term Investments		343,725,884		965,472,619		—		1,309,198,503

Investment of cash collateral from securities loaned		7,021,090		—		—		7,021,090

Total Investments in Securities	$	350,746,974	$	7,998,018,743	$	10,562,798	$	8,359,328,515

Ultra-Short Municipal Income ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	1,682,541	$	121,966,367	$	—	$	123,648,908



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	191

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

USD Emerging Markets Sovereign Bond ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Corporate Bonds	$	—	$	8,743,972	$	—	$	8,743,972
Foreign Government Securities		—		56,308,354		—		56,308,354
Short-Term Investments
Investment Companies		256,588		—		—		256,588
Investment of cash collateral from securities loaned		676,237		—		—		676,237

Total Investments in Securities	$	932,825	$	65,052,326	$	—	$	65,985,151

(a)	Value is zero.

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

Level 3 securities are valued by brokers and pricing services. At August 31, 2019, the value of these securities was $561,161. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, results of broker and vendor due diligence, unchanged price review and consideration of macro or security specific events.

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the six months ended August 31, 2019 for Global Bond Opportunities ETF.

Transfers from level 2 to level 3 are due to a decline in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine the price for the six months ended August 31, 2019 for Core Plus Bond ETF.

There were no transfers into and out of level 3 for the six months ended August 31, 2019 for BetaBuilders1-5 Year U.S. Aggregate Bond ETF, Corporate Bond Research Enhanced ETF, High Yield Research Enhanced ETF, Municipal ETF, U.S. Aggregate Bond ETF, Ultra-Short Income ETF, Ultra-Short Municipal Income ETF and USD Emerging Markets Sovereign Bond ETF.

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


Core Plus Bond ETF	Balance as of February 28, 2019		Realized gain (loss)		Change in unrealized appreciation (depreciation)		Net accretion (amortization)		Purchases¹		Sales²			Transfers into Level 3		Transfers out of Level 3		Balance as of August 31, 2019
Investments in Securities
Asset-Backed Securities	$	—	$	1,853	$	16,691	$	12	$	131,016	$	(272,520	)	$	684,109	$	—	$	561,161


Global Bond Opportunities ETF	Balance as of February 28, 2019			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases¹		Sales²			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2019
Investments in Securities
Asset-Backed Securities — Cayman Islands	$	425,781		$	(1,269	)	$	(1,882	)	$	(6	)	$	—	$	(76,172	)	$	—	$	—		$	346,452
Asset-Backed Securities — United States		4,653,873			2,118			42,951			(309	)		649,983		(1,524,835	)		394,517		(156,649	)		4,061,649
Collateralized Mortgage Obligations — United States		—			—			3,355			—			149,993		—			—		—			153,348
Commercial Mortgage-Backed Securities — United States		2,809,277			(1,723	)		61,488			1,196			249,977		(629,270	)		790,064		—			3,281,009
Corporate Bonds — United States		—	(a)		—			—			—			—		—			—		—			—	(a)

Grand Total	$	7,888,931		$	(874	)	$	105,912		$	881		$	1,049,953	$	(2,230,277	)	$	1,184,581	$	(156,649	)	$	7,842,458

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

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

(a)	Value is zero.



192	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2019, which were valued using significant unobservable inputs (level 3) were as follows:


Core Plus Bond ETF	$	16,691
Global Bond Opportunities ETF		102,055

Global Bond Opportunities ETF

Quantitative Information about Level 3 Fair Value Measurements#


	Fair Value at August 31, 2019		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	4,061,649	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 44.00% (17.12%)
				Constant Default Rate		0.00% - 3.01% (0.46%)
				Yield (Discount Rate of Cash Flows)		2.09% - 5.96% (4.17%)

Asset-Backed Securities		4,061,649

		3,070,288	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (8.03%)
				Constant Default Rate		0.00% - 2.00% (0.16%)
				Yield (Discount Rate of Cash Flows)		2.35% - 102.31% (8.11%)

Commercial Mortgage-Backed Securities		3,070,288

		153,348	Discounted Cash Flow	Constant Prepayment Rate		20.00% (20.00%)
				Yield (Discount Rate of Cash Flows)		3.39% (3.39%)

Commercial Mortgage Obligations		153,348

Total	$	7,285,285

The table above does not include level 3 securities that are valued by brokers and pricing services. At August 31, 2019, the value of these securities was $557,173. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a)	Unobservable inputs were weighted by the relative fair value of the instruments.

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

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

As of August 31, 2019, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments —BetaBuilders1-5 Year U.S. Aggregate Bond ETF, Core Plus Bond ETF, U.S. Aggregate Bond ETF and Ultra-Short Municipal Income ETF purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Fund may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

BetaBuilders1-5 Year U.S. Aggregate Bond ETF, Core Plus Bond ETF, U.S. Aggregate Bond ETF and Ultra-Short Municipal Income ETF had delayed delivery securities outstanding as of August 31, 2019, which are shown as a Receivable for Investment securities sold — delayed delivery securities and Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities (“SAL”). The values of these securities held at August 31, 2019 are detailed on the SOIs.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	193

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

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

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

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

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

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

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds.

Notes (1) — (3) below describe the various derivatives used by the Funds.

(1). Futures Contracts — The Core Bond Plus ETF, Corporate Bond Research Enhanced ETF and Global Bond Opportunities ETF used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Funds also bought futures contracts to immediately invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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

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

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

(2). Forward Foreign Currency Exchange Contracts — The Global Bond Opportunities ETF may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign



194	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into.Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollar without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

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

(3). Swaps —The Global Bond Opportunities ETF engaged in various swap transactions, including credit default swaps, to manage credit risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between the 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 by the Fund are recorded as assets or liabilities, respectively, on the 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 SAL at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is 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 SOI, while cash deposited, which is considered restricted, is recorded on the SAL. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the 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 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 Fund may be required to post or receive collateral based on the net value of the Fund’s 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 Fund is held in a segregated account at the Fund’s custodian bank. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund, otherwise the cash collateral is included on the SAL as Restricted cash.

Credit Default Swaps

The Global Bond Opportunities ETF entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	195

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

4. Summary of Derivatives Information

The following table presents the value of derivatives held as of August 31, 2019, by their primary underlying risk exposure and respective location on the SAL:



Core Plus Bond ETF
Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net assets — Unrealized Appreciation	$	11,329


Gross Liabilities:
Interest rate contracts	Payables, Net assets — Unrealized Depreciation	$	(829	)

(a)	This amount reflects the cumulative appreciation/depreciation of futures contracts as reported on the SOIs. The SAL only reflects the current day variation margin receivable/payable from/to brokers.



Corporate Bond Research Enhanced ETF
Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net assets — Unrealized Appreciation	$	2,056


Gross Liabilities:
Interest rate contracts	Payables, Net assets — Unrealized Depreciation	$	(3,533	)

(a)	This amount reflects the cumulative appreciation/depreciation of futures contracts as reported on the SOIs. The SAL only reflects the current day variation margin receivable/payable from/to brokers.


Global Bond Opportunities ETF
Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Centrally Cleared Swaps (b)			OTC Swaps			Total
Credit contracts	Receivables	$	—		$	—		$	—		$	285,349		$	285,349
Foreign exchange contracts	Receivables		—			1,585,903			—			—			1,585,903
Interest rate contracts	Receivables, Net assets — Unrealized Appreciation		393,231			—			—			—			393,231

Total		$	393,231		$	1,585,903		$	—		$	285,349		$	2,264,483


Gross Liabilities:
Credit contracts	Payables	$	—		$	—		$	(1,126,016	)	$	(12,793	)	$	(1,138,809	)
Foreign exchange contracts	Payables		—			(520,726	)		—			—			(520,726	)
Interest rate contracts	Payables, Net assets — Unrealized Depreciation		(1,021,137	)		—			—			—			(1,021,137	)

Total		$	(1,021,137	)	$	(520,726	)	$	(1,126,016	)	$	(12,793	)	$	(2,680,672	)

(a)	This amount reflects the cumulative appreciation/depreciation of futures contracts as reported on the SOIs. The SAL only reflects the current day variation margin receivable/payable from/to brokers.

(b)	This amount represents the value of centrally cleared swaps as reported on the SOIs. The SAL only reflects the current day variation margin receivable/payable from/to brokers.



196	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of August 31, 2019.

Global Bond Opportunities ETF


Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the Statement of Assets and Liabilities(a)		Derivatives Available for Offset			Collateral Received		Net Amount Due from Counterparty (not less than zero)
Barclays Bank plc	$	207,181	$	(14,812	)	$	—	$	192,369
BNP Paribas		39,456		(39,456	)		—		—
Citibank, NA		245,016		(76,328	)		—		168,688
Credit Suisse International		10,144		(7,083	)		—		3,061
Deutsche Bank AG		5,710		—			—		5,710
Goldman Sachs International		1,135,609		(226,414	)		—		909,195
HSBC Bank, NA		172,351		(6,778	)		—		165,573
Merrill Lynch International		5,989		(5,989	)		—		—
State Street Corp.		49,051		(49,051	)		—		—
TD Bank Financial Group		745		(745	)		—		—

Total	$	1,871,252	$	(426,656	)	$	—	$	1,444,596


Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the Statement of Assets and Liabilities(a)		Derivatives Available for Offset			Collateral Posted		Net Amount Due to Counterparty (not less than zero)
Barclays Bank plc	$	14,812	$	(14,812	)	$	—	$	—
BNP Paribas		61,629		(39,456	)		—		22,173
Citibank, NA		76,328		(76,328	)		—		—
Credit Suisse International		7,083		(7,083	)		—		—
Goldman Sachs International		226,414		(226,414	)		—		—
HSBC Bank, NA		6,778		(6,778	)		—		—
Merrill Lynch International		6,280		(5,989	)		—		291
Royal Bank of Canada		3,406		—			—		3,406
State Street Corp.		123,852		(49,051	)		—		74,801
TD Bank Financial Group		6,937		(745	)		—		6,192

Total	$	533,519	$	(426,656	)	$	—	$	106,863

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

The following tables present the effect of derivatives on the SOP for the period ended August 31, 2019, by primary underlying risk exposure:


Core Plus Bond ETF
Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	179,376

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	13,684


Corporate Bond Research Enhanced ETF
Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(70,151	)



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	197

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(1,108	)


Global Bond Opportunities ETF
Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Swaps			Total
Credit contracts	$	—		$	—	$	(69,108	)	$	(69,108	)
Foreign exchange contracts		—			2,176,844		—			2,176,844
Interest rate contracts		(460,374	)		—		—			(460,374	)

Total	$	(460,374	)	$	2,176,844	$	(69,108	)	$	1,647,362


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Swaps			Total
Credit contracts	$	—		$	—	$	(157,558	)	$	(157,558	)
Foreign exchange contracts		—			474,173		—			474,173
Interest rate contracts		(374,115	)		—		—			(374,115	)

Total	$	(374,115	)	$	474,173	$	(157,558	)	$	(57,500	)

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts and forward foreign currency exchange contracts activity during the period ended August 31, 2019. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.


	Core Plus Bond ETF			Corporate Bond Research Enhanced ETF		Global Bond Opportunities ETF
Futures Contracts — Interest:
Average Notional Balance Long	$	4,003,227		$	1,228,079	$	32,661,612
Average Notional Balance Short		518,625	(a)		1,298,691		94,497,589
Ending Notional Balance Long		6,873,203			1,576,859		24,702,682
Ending Notional Balance Short		527,125			1,397,375		74,741,370

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		—			—		36,229,943
Average Settlement Value Sold		—			—		103,621,722
Ending Settlement Value Purchased		—			—		43,106,540
Ending Settlement Value Sold		—			—		119,786,494

Credit Default Swaps:
Average Notional Balance — Buy Protection		—			—		8,732,179	(b)
Ending Notional Balance — Buy Protection		—			—		18,053,421

(a)	For the period July 1, 2019 through August 31, 2019.

(b)	For the period March 1, 2019 through August 31, 2019.

The Funds’ derivatives contracts held at August 31, 2019 are not accounted for as hedging instruments under GAAP.

F. Securities Lending — The Funds, except Global Bond Opportunities ETF, 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



198	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

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 SALs. The value of the cash collateral received is recorded as a liability on the SAL and details of collateral investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability.

The following table presents the Funds’ value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of August 31, 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)
High Yield Research Enhanced ETF	$	1,987,184	$	(1,987,184	)	$	—
Ultra-Short Income ETF		6,807,353		(6,807,353	)		—
USD Emerging Markets Sovereign Bond ETF		656,831		(656,831	)		—

*	Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

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 cash collateral 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:


Core Plus Bond ETF	$	12
High Yield Research Enhanced ETF		1,397
U.S. Aggregate Bond ETF		4
Ultra-Short Income ETF		416
USD Emerging Markets Sovereign Bond ETF		205

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).

BetaBuilders1-5 Year U.S. Aggregate Bond ETF, Corporate Bond Research Enhanced ETF, Municipal ETF and Ultra-Short Municipal Income ETF did not lend out any securities during the period ended August 31, 2019.

G. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Included in the purchases and sales amounts in the tables below are exchanges between certain shares of the Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or calculating portfolio turnover.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	199

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

BetaBuilders1-5 Year U.S. Aggregate Bond ETF


For the period ended August 31, 2019
Security Description	Value at March 12, 2019 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2019		Shares at August 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.99% (b) (c)	$	—	$	1,742,179	$	1,557,665	$	—	$	—	$	184,514		184,514	$	723		$	—


Core Plus Bond ETF

For the six months ended August 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2019		Shares at August 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares (b)	$	—	$	2,078,531	$	2,078,531	$	—	$	—	$	—		—	$	342	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.99% (b) (c)		6,071,775		14,373,896		18,694,305		—		—		1,751,366		1,751,366		30,099			—

	$	6,071,775	$	16,452,427	$	20,772,836	$	—	$	—	$	1,751,366			$	30,441		$	—


Corporate Bond Research Enhanced ETF

For the six months ended August 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2019		Shares at August 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.99% (b) (c)	$	307,539	$	4,394,314	$	4,403,769	$	—	$	—	$	298,084		298,084	$	2,495		$	—


Global Bond Opportunities ETF

For the six months ended August 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2019		Shares at August 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.99% (b) (c)	$	10,805,532	$	42,662,981	$	47,708,286	$	—	$	—	$	5,760,227		5,760,227	$	57,742		$	—



200	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019



High Yield Research Enhanced ETF

For the six months ended August 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2019		Shares at August 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.05% (b) (c)	$	4,202,920	$	16,031,643	$	18,176,585	$	—	$	—	$	2,057,978		2,057,978	$	43,753	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.99% (b) (c)		2,621,250		17,142,488		16,595,893		—		—		3,167,845		3,167,845		24,472			—

Total	$	6,824,170	$	33,174,131	$	34,772,478	$	—	$	—	$	5,225,823			$	68,225		$	—


Municipal ETF

For the six months ended August 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2019		Shares at August 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.25% (b) (c)	$	1,050,773	$	26,800,424	$	26,918,387	$	700	$	92	$	933,602		933,508	$	10,934		$	—


U.S. Aggregate Bond ETF

For the six months ended August 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2019		Shares at August 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares (b)	$	—	$	98,065	$	98,065	$	—	$	—	$	—		—	$	125	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.99% (b) (c)		337,456		31,200,250		31,034,456		—		—		503,250		503,250		7,651			—

Total	$	337,456	$	31,298,315	$	31,132,521	$	—	$	—	$	503,250			$	7,776		$	—



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	201

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)



Ultra-Short Income ETF

For the six months ended August 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2019		Shares at August 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.29% (b) (c)	$	—	$	2,000,000	$	—	$	—	$	—	$	2,000,000		1,999,800	$	4,885	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.05% (b) (c)		—		18,217,493		13,196,403		—		—		5,021,090		5,021,090		15,940	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.99% (b) (c)		150,351,796		2,389,366,487		2,195,992,399		—		—		343,725,884		343,725,884		1,669,656			—

Total	$	150,351,796	$	2,409,583,980	$	2,209,188,802	$	—	$	—	$	350,746,974			$	1,690,481		$	—


Ultra-Short Municipal Income ETF

For the six months ended August 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2019		Shares at August 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.25% (b) (c)	$	146,947	$	76,922,276	$	75,387,040	$	348	$	10	$	1,682,541		1,682,373	$	14,570		$	—


USD Emerging Markets Sovereign Bond ETF
For the six months ended August 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2019		Shares at August 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.05% (b) (c)	$	—	$	2,614,820	$	1,938,583	$	—	$	—	$	676,237		676,237	$	6,976	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.99% (b) (c)		353,654		2,863,400		2,960,466		—		—		256,588		256,588		2,611			—

Total	$	353,654	$	5,478,220	$	4,899,049	$	—	$	—	$	932,825			$	9,587		$	—

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

(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(c)	The rate shown is the current yield as of August 31, 2019.

*	Amount is included on the SOP as Income from securities lending (net) (after payments of rebates and Citibank’s fee).



202	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

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

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the SOP.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the SOP. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/ depreciation on foreign currency translations on the SOP.

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


Core Plus Bond ETF	$	10,733
Corporate Bond Research Enhanced ETF		15,480
Municipal ETF		16,242
U.S. Aggregate Bond ETF		22,802
Ultra-Short Municipal Income ETF		18,516

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 six months ended August 31, 2019, total offering costs amortized were:


Core Plus Bond ETF	$	5,411
Corporate Bond Research Enhanced ETF		7,888
Municipal ETF		8,277
U.S. Aggregate Bond ETF		11,619
Ultra-Short Municipal Income ETF		9,436

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

K. Allocation of Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds.

L. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of August 31, 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.

M. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

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

O. New Accounting Pronouncements — In March 2017, the FASB issuedAccounting Standards Update (“ASU”)2017-08 (“ASU2017-08”) Premium Amortization on Purchased Callable Debt Securities,which shortens the amortization period for certain callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. The Funds have adopted and applied ASU2017-08 on a modified



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	203

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

retrospective basis through a cumulative-effect adjustment as of the beginning of the period of adoption. As a result of the adoption of ASU2017-08, as of March 1, 2019, the amortized cost basis of investments and unrealized appreciation (depreciation) of investments of the Funds were increased (decreased) by the amounts presented in the following table. The adoption of ASU2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.


Fund	Amortized Cost Basis of Investments			Unrealized Appreciation (Depreciation) of Investments
Core Plus Bond ETF	$	(70	)	$	70
Corporate Bond Research Enhanced ETF		(28	)		28
Global Bond Opportunities ETF		(282,217	)		282,217
High Yield Research Enhanced ETF		(238,372	)		238,372
Municipal ETF		532			(532	)
U.S. Aggregate Bond ETF		(73	)		73
Ultra-Short Income ETF		(74,493	)		74,493
Ultra-Short Municipal Income ETF		421			(421	)
USD Emerging Markets Sovereign Bond ETF		(164	)		164

In August 2018, the FASB issued ASU2018-13 (“ASU2018-13”),Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the DisclosureRequirements for Fair Value Measurement,which adds, removes, and modifies certain aspects of the fair value disclosure. ASU2018-13 amendments are the result of a broader disclosure project, FASB Concepts StatementConceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement for all Funds, except the BetaBuilders1-5 Year U.S. Aggregate Bond ETF, and a Management Agreement for the BetaBuilders1-5 Year U.S. Aggregate Bond ETF, the Adviser manages the investments of each Fund. For such services, the Adviser is paid an investment advisory 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:


BetaBuilders1-5 Year U.S. Aggregate Bond ETF	0.05	%
Core Plus Bond ETF	0.30
Corporate Bond Research Enhanced ETF	0.14
Global Bond Opportunities ETF	0.55
High Yield Research Enhanced ETF	0.30
Municipal ETF	0.24
U.S. Aggregate Bond ETF	0.07
Ultra-Short Income ETF	0.15
Ultra-Short Municipal Income ETF	0.15
USD Emerging Markets Sovereign Bond ETF	0.32

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

B. Administration Fee — Pursuant to an Administration Agreement for all Funds, except the BetaBuilders1-5 Year U.S. Aggregate Bond ETF, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of each Fund’s respective average daily net assets. The Administrator also provides administration services to the BetaBuilders1-5 Year U.S. Aggregate Bond 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.E.

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 BetaBuilders1-5 Year U.S. Aggregate Bond 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 ended August 31, 2019, the Funds paid no transfer agency fees to JPMCB.



204	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of fund shares. These fees are used to offset certain custodian charges incurred by the Fund for these transactions. For the period ended August 31, 2019, the amount of transaction fees paid by the Authorized Participants that were used to reimburse custodian fees were as follows:


Core Plus Bond ETF	$	100
Corporate Bond Research Enhanced ETF		300
Global Bond Opportunities ETF		1,100
High Yield Research Enhanced ETF		200
Municipal ETF		1,800
U.S. Aggregate Bond ETF		2,100
Ultra-Short Income ETF		7,950
Ultra-Short Municipal Income ETF		4,600

Such amounts are included in expense reimbursements fromnon-affiliates in the SOP.

Restricted cash on the SAL is cash received from Authorized Participants for the reimbursement of creation and/or redemption of Fund shares.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the SOP.

D. Collateral Management Fees — JPMCB provides derivatives collateral management services for Global Bond Opportunities ETF. The amount paid directly to JPMCB by the Fund for the services is included in Collateral management fees on the Statements of Operations.

E. Waivers and Reimbursements — The Adviser has contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses, (excluding acquired fund fees and expenses, dividend expenses related to short sales, 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 table below:


	Expense Cap
Core Plus Bond ETF		0.40	%
Corporate Bond Research Enhanced ETF		0.14
Global Bond Opportunities ETF		0.55
High Yield Research Enhanced ETF		0.40
Municipal ETF		0.24
U.S. Aggregate Bond ETF		0.07
Ultra-Short Income ETF		0.18
Ultra-Short Municipal Income ETF		0.18
USD Emerging Markets Sovereign Bond ETF		0.39

The expense limitation agreements were in effect for the period ended August 31, 2019 and are in place until at least June 30, 2022. For the period ended August 31, 2019, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.


	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Total		Contractual Reimbursements
Core Plus Bond ETF	$	38,873	$	10,349	$	49,222	$	27,710
Corporate Bond Research Enhanced ETF		19,317		10,470		29,787		65,440
Global Bond Opportunities ETF		130,276		70,512		200,788		—
High Yield Research Enhanced ETF		53,102		35,401		88,503		—
Municipal ETF		39,005		12,477		51,482		59,460
U.S. Aggregate Bond ETF		55,199		59,904		115,103		62,333
Ultra-Short Income ETF		1,395,940		930,627		2,326,567		—
Ultra-Short Municipal Income ETF		68,100		34,909		103,009		24,808
USD Emerging Markets Sovereign Bond ETF		68,462		24,005		92,467		—

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). For each Fund, except the BetaBuilders1-5 Year U.S. Aggregate Bond ETF, 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 on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. For BetaBuilders1-5 Year U.S. Aggregate Bond ETF, these waivers are covered under the Management Agreement as described in Note 3.A.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	205

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

The amounts of these waivers resulting from investments in these money market funds for the period ended August 31, 2019 were as follows:


BetaBuilders1-5 Year U.S. Aggregate Bond ETF	$	44
Core Plus Bond ETF		2,523
Corporate Bond Research Enhanced ETF		227
Global Bond Opportunities ETF		5,965
High Yield Research Enhanced ETF		2,149
Municipal ETF		922
U.S. Aggregate Bond ETF		711
Ultra-Short Income ETF		122,943
Ultra-Short Municipal Income ETF		1,719
USD Emerging Markets Sovereign Bond ETF		267

F. Distribution Services — The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives 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.

G. 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 designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule38a-1 under the 1940 Act. Each Fund, excluding the BetaBuilders1-5 Year U.S. Aggregate Bond 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.

During the six months ended August 31, 2019, the High Yield Research Enhanced ETF and Global Bond Opportunities ETF purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were 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.

H. Management Fee — Under the Management Agreement, JPMIM is responsible for substantially all expenses of the BetaBuilders1-5 Year U.S. Aggregate Bond ETF, except for the management fees, payments under the BetaBuilders1-5 Year U.S. Aggregate Bond 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, litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of the BetaBuilders1-5 Year U.S. Aggregate Bond ETF’s business. Additionally, the BetaBuilders1-5 Year U.S. Aggregate Bond 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.

Effective November 1, 2019, the Investment Advisory Agreement, Administration Agreement and Expense Limitation Agreement for each Fund will be replaced by a Management Agreement. Under the Management Agreement, JPMIM is responsible for substantially all expenses of each Fund, except for the management fees, payments under a Fund’s 12b-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, the costs of any securities lending program, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of each Fund’s business. Additionally, each Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expense associated with a Fund’s securities lending program, if applicable. For the avoidance of doubt, the Adviser’s payment of such expenses may be accomplished through a Fund’s payment of such expenses and a corresponding reduction in the fee payable to the Adviser, provided, however, that if the amount of expenses paid by a Fund exceeds the fee payable to the Adviser, the Adviser will reimburse that Fund for such amount. The management fee is accrued daily and paid no more frequently than monthly based on each Fund’s respective average daily net assets at following rate:


Core Plus Bond ETF	0.40	%
Corporate Bond Research Enhanced ETF	0.14
Global Bond Opportunities ETF	0.50
High Yield Research Enhanced ETF	0.40
Municipal ETF	0.24
U.S. Aggregate Bond ETF	0.07
Ultra-Short Income ETF	0.18
Ultra-Short Municipal Income ETF	0.18
USD Emerging Markets Sovereign Bond ETF	0.39



206	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

4. Investment Transactions

During the period ended August 31, 2019, purchases and sales of investments (excluding short-term investments) were as follows:


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
BetaBuilders1-5 Year U.S. Aggregate Bond ETF	$	15,617,143	$	2,613,332	$	20,638,346	$	2,587,145
Core Plus Bond ETF		20,430,313		18,033,866		8,713		9,426
Corporate Bond Research Enhanced ETF		9,841,559		8,519,497		1,795,038		2,054,390
Global Bond Opportunities ETF		77,355,645		70,401,246		—		—
High Yield Research Enhanced ETF		27,210,813		22,962,676		—		—
Municipal ETF		14,139,693		11,101,409		—		—
U.S. Aggregate Bond ETF		86,408,793		38,438,150		46,166,043		13,533,672
Ultra-Short Income ETF		2,765,618,786		910,902,287		256,217,633		—
Ultra-Short Municipal Income ETF		115,067,728		64,388,000		—		—
USD Emerging Markets Sovereign Bond ETF		15,563,637		15,498,337		—		—

For the period ended August 31, 2019, there were noin-kind transactions associated with creations and redemptions.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2019 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
BetaBuilders1-5 Year U.S. Aggregate Bond ETF	$	31,320,073	$	625,628	$	1,194	$	624,434
Core Plus Bond ETF		30,855,970		1,528,612		49,929		1,478,683
Corporate Bond Research Enhanced ETF		26,576,925		2,634,431		3,640		2,630,791
Global Bond Opportunities ETF		184,906,436		8,010,867		4,676,760		3,334,107
High Yield Research Enhanced ETF		160,954,518		5,171,225		1,541,754		3,629,471
Municipal ETF		33,563,749		2,205,337		159		2,205,178
U.S. Aggregate Bond ETF		180,134,081		9,091,331		22,331		9,069,000
Ultra-Short Income ETF		8,333,696,108		26,293,898		661,491		25,632,407
Ultra-Short Municipal Income ETF		123,165,914		484,106		1,112		482,994
USD Emerging Markets Sovereign Bond ETF		63,266,409		3,392,505		673,763		2,718,742

As of February 28, 2019, the following Funds had the following net capital loss carryforwards:


	Capital Loss Carryforward Character
	Short-Term		Long-Term
Global Bond Opportunities ETF	$	1,184,197	$	415,777
High Yield Research Enhanced ETF		278,732		77,763
USD Emerging Markets Sovereign Bond ETF		662,337		—

Net capital losses and specified ordinary losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended February 28, 2019, the Funds deferred to March 1, 2019 the following net capital losses and specified ordinary losses of:


	Net Capital Losses				Specified Ordinary Losses
	Short-Term		Long-Term		Specified Ordinary Losses
Global Bond Opportunities ETF	$	931,655	$	1,099,030	$	566,558
High Yield Research Enhanced ETF		361,803		188,246		—
Ultra-Short Income ETF		—		19,191		—
USD Emerging Markets Sovereign Bond ETF		123,967		3,736		—

6. Capital Share Transactions

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

Shares of the Funds may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds’ shares outstanding and act as executing or clearing broker for investment transactions



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	207

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.

Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105%, for BetaBuilders 1-5 Year U.S. Aggregate Bond ETF, Corporate Bond Research Enhanced ETF, Global Bond Opportunities ETF, High Yield Research Enhanced ETF, U.S. Aggregate Bond ETF, Ultra-Short Income ETF and USD Emerging Markets Sovereign Bond ETF, of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

Authorized Participants transacting in Creation Units for cash may also pay a variable fee to compensate the relevant fund for market impact expenses relating to investing in portfolio securities. Such variable fees, if any, are included in “Proceeds from shares issued” in the Statements of Changes in Net Assets.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of August 31, 2019, the Adviser owns shares representing more than 10% of net assets of the following Funds:


	% of Ownership
BetaBuilders1-5 Year U.S. Aggregate Bond ETF		78	%
Core Plus Bond ETF		82
Corporate Bond Research Enhanced ETF		94
Global Bond Opportunities ETF		34
Municipal ETF		77
USD Emerging Markets Sovereign Bond ETF		77

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

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

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

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

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The 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 Global Bond Opportunities ETF is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund such as swaps, forward foreign currency exchange contracts and TBA securities.

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as



208	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy, such as an interest rate increase by the Federal Reserve. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period depending on the Funds. Such concentrations may subject each Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Fund’s holdings. During such periods, investors may incur significant losses if shares are sold.

BetaBuilders 1-5 Year U.S. Aggregate Bond ETF and USD Emerging Markets Sovereign Bond ETF may not track the return of their underlying index for a number of reasons and therefore may not achieve their investment objective. For example, the Funds incur a number of operating expenses not applicable to their underlying index, and incur cost in buying and selling securities, especially when rebalancing the Funds’ securities holdings to reflect changes in the composition of the underlying index. In addition, each Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, the Funds’ return may differ from the return of the underlying index.

8. Subsequent Event

Effective September 9, 2019, the contractual expense limitation for High Yield Research Enhanced ETF was decreased from 0.40% to 0.24%.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	209

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds excluding BetaBuilders 1-5 Year U.S. Aggregate Bond ETF, you incur two types of ongoing costs: (1) transaction costs, including brokerage commissions on your purchases and sales of Fund shares and (2) ongoing costs, including , investment advisory fees, administration fees and other Fund expenses, in addition to brokerage commissions on your purchases and sales of Fund shares. As a shareholder of BetaBuilders 1-5 Year U.S. Aggregate Bond ETF, you incur two types of costs: (1) transaction costs, including brokerage commissions on your purchase and sales of Fund Shares and (2) ongoing costs, primarily management fees. The examples assume that you had a $1,000 investment at the beginning of the reporting period, March 1, 2019 and continued to hold your shares at the end of the reporting period, August 31, 2019.

Actual Expenses

For the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value March 1, 2019		Ending Account Value August 31, 2019		Annualized Expense Ratio			Expenses Paid During the Period
JPMorgan BetaBuilders1-5 Year U.S. Aggregate Bond ETF
Actual (1)	$	1,000.00	$	1,035.60		0.05	%	$	0.24
Hypothetical (2)		1,000.00		1,024.89		0.05			0.25

JPMorgan Core Plus Bond ETF
Actual (2)		1,000.00		1,077.10		0.38			1.98
Hypothetical (2)		1,000.00		1,023.23		0.38			1.93

JPMorgan Corporate Bond Research Enhanced ETF
Actual (2)		1,000.00		1,112.60		0.14			0.74
Hypothetical (2)		1,000.00		1,024.43		0.14			0.71

JPMorgan Global Bond Opportunities ETF
Actual (2)		1,000.00		1,061.80		0.54			2.80
Hypothetical (2)		1,000.00		1,022.42		0.54			2.75

JPMorgan High Yield Research Enhanced ETF (formerly known as JPMorgan Disciplined High Yield ETF)
Actual (2)		1,000.00		1,054.60		0.40			2.07
Hypothetical (2)		1,000.00		1,023.13		0.40			2.03

JPMorgan Municipal ETF
Actual (2)		1,000.00		1,065.60		0.24			1.25
Hypothetical (2)		1,000.00		1,023.93		0.24			1.22

JPMorgan U.S. Aggregate Bond ETF
Actual (2)		1,000.00		1,078.80		0.07			0.37
Hypothetical (2)		1,000.00		1,024.78		0.07			0.36

JPMorgan Ultra-Short Income ETF
Actual (2)		1,000.00		1,018.30		0.18			0.91
Hypothetical (2)		1,000.00		1,024.23		0.18			0.92

JPMorgan Ultra-Short Municipal Income ETF
Actual (2)		1,000.00		1,012.60		0.18			0.91
Hypothetical (2)		1,000.00		1,024.23		0.18			0.92



210	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


	Beginning Account Value March 1, 2019		Ending Account Value August 31, 2019		Annualized Expense Ratio			Expenses Paid During the Period

JPMorgan USD Emerging Markets Sovereign Bond ETF
Actual (2)	$	1,000.00	$	1,096.20		0.39	%	$	2.05
Hypothetical (2)		1,000.00		1,023.18		0.39			1.98

(1)	Expenses are equal to each Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 173/366 (to reflect the one-half year period). Commencement of operations was March 12, 2019.

(2)	Expenses are equal to each Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	211

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

J.P. Morgan Exchange-Traded Trust (the “Trust”) held a special meeting of shareholders on August 22, 2019, for the purpose of considering and voting upon the approval of a new Management Agreement with J.P. Morgan Investment Management Inc. which will implement a unitary fee structure for each of the Funds covered by this report, except for BetaBuilders1-5 Year U.S. Aggregate Bond ETF.

The new Management Agreement was approved by shareholders of JPMorgan Core Plus Bond ETF, JPMorgan Corporate Bond Research Enhanced ETF, JPMorgan Global Bond Opportunities ETF, JPMorgan Municipal ETF, JPMorgan USD Emerging Markets Sovereign Bond ETF and JPMorgan Ultra-Short Municipal Income ETF.

The results of the voting for these Funds were as follows:

JPMorgan Core Plus Bond ETF


	Votes Received
For		25,717,878
Against		—
Abstain		157

JPMorgan Corporate Bond Research Enhanced ETF


	Votes Received
For		26,908,567
Against		—
Abstain		—

JPMorgan Global Bond Opportunities ETF


	Votes Received
For		100,974,942
Against		69,713
Abstain		179,607

JPMorgan Municipal ETF


	Votes Received
For		27,036,940
Against		6,696
Abstain		429

JPMorgan USD Emerging Markets Sovereign Bond ETF


	Votes Received
For		52,518,785
Against		—
Abstain		895

JPMorgan Ultra-Short Municipal Income ETF


	Votes Received
For		56,910,324
Against		103,725
Abstain		592,737

For JPMorgan High Yield Research Enhanced ETF (formerly known as JPMorgan Disciplined High Yield ETF), JPMorgan U.S. Aggregate Bond ETF and JPMorgan Ultra-Short Income ETF, the August 22, 2019 meeting was adjourned to September 17, 2019 to allow shareholders of these Funds additional time to vote on the proposal.



212	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

The results of the voting for these Funds as of August 22, 2019, were as follows:

JPMorgan High Yield Research Enhanced ETF


	Votes Received
For		47,664,885
Against		302,497
Abstain		4,991,285

JPMorgan U.S. Aggregate Bond ETF


	Votes Received
For		46,031,554
Against		144,894
Abstain		4,450,007

JPMorgan Ultra-Short Income ETF


	Votes Received
For		3,364,497,185
Against		16,941,568
Abstain		193,573,446

The new Management Agreement was approved by shareholders of JPMorgan Ultra-Short Income ETF when the special meeting reconvened on September 17, 2019.

The results of the voting on September 17, 2019, were as follows:

JPMorgan Ultra-Short Income ETF


	Votes Received
For		3,532,417,335
Against		20,539,221
Abstain		249,821,958

For JPMorgan High Yield Research Enhanced ETF and JPMorgan U.S. Aggregate Bond ETF, the September 17, 2019 meeting was adjourned to October 10, 2019 to allow shareholders of these Funds additional time to vote on the proposal.

The results of the voting as of September 17, 2019, were as follows:

JPMorgan High Yield Research Enhanced ETF


	Votes Received
For		63,917,801
Against		532,770
Abstain		12,510,377

JPMorgan U.S. Aggregate Bond ETF


	Votes Received
For		47,656,457
Against		182,520
Abstain		4,894,536

The new Management Agreement was approved by shareholders of JPMorgan High Yield Research Enhanced ETF and JPMorgan U.S. Aggregate Bond ETF when the special meeting reconvened on October 10, 2019.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	213

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited) (continued)

The results of the voting on October 10, 2019 were as follows:

JPMorgan High Yield Research Enhanced ETF


	Votes Received
For		73,172,216
Against		682,508
Abstain		16,389,484

JPMorgan U.S. Aggregate Bond ETF


	Votes Received
For		75,726,344
Against		182,520
Abstain		8,201,400



214	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

BOARD APPROVAL OF INITIAL INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

JPMorgan BetaBuilders1-5 Year U.S. Aggregate Bond ETF

On March5-6, 2019, the Board of Trustees heldin-person meetings and approved the initial management agreement (the “Management Agreement”) for the JPMorgan BetaBuilders1-5 Year U.S. Aggregate Bond 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.

Summarized below are the material factors 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, regarding the nature, extend, and quality of services provided by the adviser. Among other things, 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. Further, the Trustees 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.

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.

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.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	215

BOARD APPROVAL OF INITIAL INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 and other factors, in light of the information, the Trustees concluded that the Fund’s proposed management fee was reasonable.

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. After considering the factors identified above, the Trustees concluded that the Fund’s shareholders will receive the benefits of potential economies of scale.



216	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

JPMorgan Core Plus Bond ETF, JPMorgan Corporate Bond Research Enhanced ETF, JPMorgan Global Bond Opportunities ETF, JPMorgan High Yield Research Enhanced ETF, JPMorgan Municipal ETF, JPMorgan U.S. Aggregate Bond ETF, JPMorgan Ultra-Short Income ETF, JPMorgan Ultra-Short Municipal Income ETF and JPMorgan USD Emerging Markets Sovereign Bond ETF

The Board meets regularly throughout the year and considers factors that are relevant to its consideration of investment advisory agreements at each meeting. The Board also meets for the specific purpose of considering approvals of amendments to and new investment advisory agreements for the Funds. At the June11-12, 2019 quarterly Board meeting, the Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust, Adviser or any of its affiliates (“Independent Trustees”), approved the new Management Agreement on behalf of each Fund. The Board also recommended that the Fund’s shareholders approve the Management Agreement. Such approval was recently obtained, and the agreement will take effect November 1, 2019.

As part of their review of the Management Agreement, the Trustees considered and reviewed information received from the Adviser about the proposed changes to the advisory agreements to convert them to a “unitary fee” structure. They also considered information received in connection with the December 2018 board meeting when the Trustees last approved the Investment Advisory Agreement for certain Funds. This included comprehensive information concerning the nature and quality of services provided by the Adviser,“fall-out” benefits received by the Adviser, and information on profitability and performance of the Funds. For new Funds (for which the Investment Advisory Agreement has not been reapproved), information provided by the Adviser when each of these Funds was initially approved was considered. The Board noted that the possibility of proposing a unitary fee had been raised by the Adviser at an earlier meeting, and that prior to the June11-12, 2019 meeting, the Adviser and the Board had several discussions about unitary fees generally, industry practice, the potential impact on the Funds, and related matters. Before voting on the Management Agreement, the Trustees reviewed the agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Management Agreement. The Trustees also discussed the Management Agreement 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 Management 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 approval process. Each Trustee attributed his or her own evaluation of the significance of the various factors and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from each Fund under the Management Agreement was fair and reasonable and that the approval of the Management 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

In connection with the approval of the Management Agreement on behalf of each Fund, the Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under its Investment Advisory and Administration Agreements, as well as those that will be provided under the Management Agreement. They also considered management’s representation that the services provided to the Funds will not change as a result of the transition to the unitary fee structure. The Trustees also took into account information furnished throughout the year at Trustee meetings, including consideration of the background and experience of JPMIM’s senior management and the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for theday-to-day management of each Fund. The Trustees also considered each Fund’s investment strategy, and the infrastructure supporting the portfolio management teams. In addition, the Trustees considered information about the structure and distribution strategies of the Funds, how they fit within the Trust’s fund offerings, and how each Fund is positioned against peer funds, as identified by management and/or Broadridge Investor Communication Solutions Inc. (“Broadridge”), an independent provider of investment company data. 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 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 general. 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.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	217

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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.

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, particularly those benefits potentially impacted by the implementation of the unitary fee structure. The Trustees also considered the benefits the Adviser receives as the result of JPMorgan Chase Bank, N.A.’s (“JPMCB”) roles as custodian, fund accountant and transfer agent for the Funds.

The Trustees considered that adopting the Management Agreement would benefit the Adviser by bringing the Funds in line with industry practice, which could potentially improve their marketability and ultimately increase the Adviser’s assets under management.

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

While information concerning the actual profitability to the Adviser and its affiliates with respect to the Management Agreement is not available (because the Management Agreement is not yet in effect), the Trustees received and considered information regarding the profitability to the Adviser in providing services to each Fund when renewing the Investment Advisory Agreement for each applicable Fund. In conjunction with the consideration of the Management Agreement, the Trustees also considered that the Adviser’s profitability was not expected to change in the near term as a result of the transition to the unitary fee structure. The Trustees reviewed and discussed the profitability 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 the Investment 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. The Trustees also considered the fees paid to JPMCB, also an affiliate of the Adviser, for custody, transfer agency and other related services for each Fund. It was noted that under the new fee structure, JPMIM will be responsible for providing the administrative services under the Management Agreement and for paying JPMCB for the services that it provides.

The Trustees also considered the fact that because each Fund’s total expense ratio would decrease, or stay the same, the Adviser’s profitability was not expected to change in the near term as a result of the transition to the unitary fee structure under the Management Agreement. They also noted, however, that if Fund assets increase, Fund fees will not necessarily decrease even if the Fund and JPMIM achieve economies of scale. In this regard, the Trustees noted that after the Management Agreement’s initialtwo-year term, the Trustees would have the opportunity to review the fee each year as part of the annual contract review process.

Based on these considerations and other factors, the Trustees concluded that the projected profitability to the Adviser under the Management Agreement would not be unreasonable in light of the anticipated services and benefits provided to each Fund under the new fee structure.

Economies of Scale

In connection with its review of the Investment Advisory Agreement, the Board discussed potential economies of scale or other efficiencies that may result from increases in the Funds’ asset levels. The Trustees noted that the management fees and other expenses paid by the Funds under the Management Agreement would be the same as or less than the amounts the Funds would have paid under the prior structure, which involved the Investment Advisory and Administration Agreements operating in conjunction with a terminable expense limitation agreement. The Trustees further considered that shareholders would benefit because expenses would be limited even when Funds are new or if assets decreased. The Trustees also considered the fact that increases in assets would not lead to fee decreases even if economies of scale were achieved, but that they will have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future. In this regard, the Trustees noted that after the Management Agreement’s initialtwo-year term, the Trustees would have the opportunity to review the fee each year as part of the annual contract renewal process.



218	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

Investment Performance

Except with respect to the JPMorgan Core Plus Bond ETF which commenced operations in January 2019, the Trustees considered each Fund’s investment strategy and process, portfolio management team and competitive positioning against identified peer funds and benchmark indexes (for actively managed Funds) and a comparison of Fund performance against the index the Fund seeks to track (for Funds managed against an index). Performance for each applicable Fund was considered by the Board in approving the continuation of the applicable Fund’s Investment Advisory Agreement in December 2018 and is also reviewed by the Trustees at regular Board Meetings. After considering such information, the Trustees concluded that the prospects for competitive future performance were acceptable.

For JPMorgan Core Plus Bond ETF, the Board considered the Fund’s investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds, as well as the fact that the Fund had recently commenced operations, and concluded that the prospects for competitive future performance were acceptable.

Management Fees and Expense Ratios

The Trustees considered the contractual unitary management fee rate that will be paid by each Fund to the Adviser and compared that rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as the Fund. The Trustees also considered additional fund comparisons proposed by the Adviser. The Trustees also considered information comparing the management fee for the Fund to the expense ratios of mutual funds with similar investment objectives or in similar asset classes managed by the Adviser.

The Trustees noted that each Fund’s estimated unitary management fees were in line with fees for identified peer funds. After considering the factors identified above, the Trustees concluded that the proposed management fees were reasonable.

Based on the foregoing, the Board, including all of the Independent Trustees, unanimously: (a) concluded that the terms of the Management Agreement are fair and reasonable; (b) concluded that the proposed fees were reasonable in light of the services that the Adviser will provide to each Fund; and (c) approved the Management Agreement.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	219

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 onForm N-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.

LOGO

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. August 2019.		SAN-FIETF-819

Semi-Annual Report

J.P. Morgan Exchange-Traded Funds

August 31, 2019 (Unaudited)

JPMorgan BetaBuilders MSCI US REIT ETF

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

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

CONTENTS



President’s Letter			1

Fund Commentary			2

Schedule of Portfolio Investments			5

Financial Statements			8

Financial Highlights			12

Notes to Financial Statements			14

Schedule of Shareholder Expenses			21

Special Shareholder Meeting Results			22

Board Approval of Investment Advisory Agreement			23

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

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

PRESIDENT’S LETTER

OCTOBER 10, 2019 (Unaudited)

Dear Shareholder,

The upward trajectory of JPMorgan Exchange-Traded Funds’ growth has continued in 2019. So far this year, we’ve increased our assets under management to more than $27 billion; placing J.P. Morgan as a top five provider in ETF flows as of the end of September 2019.¹ We continue to offer an expanding suite of liquid and transparent solutions for building well-diversified, well-priced portfolios. J.P. Morgan is proud to provide ETFs that can help each investor achieve their goals.

on asset prices in August. For the six months, the S&P 500 returned 6.15% and the Bloomberg Barclays U.S. Aggregate Index returned 8.02%.

Amid an uncertain macro backdrop, we believe diversification is key — both across and within asset classes. For investors looking to diversify from traditional equity and fixed income markets, real estate investment trusts (REITs) have historically offered attractive yield and diversification benefits compared to other asset classes. Considering our current low rate environment, I’m pleased to report our JPMorgan BetaBuilders MSCI US REIT ETF (BBRE) provided a positive return for the six months ended August 31, 2019 and offered a 30 day SEC Yield of 3.73% (3.59% unsubsidized) as of September 30, 2019.

Sincerely,

LOGO

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	Bloomberg L.P., September 30, 2019.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	1

JPMorgan BetaBuilders MSCI US REIT ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan BetaBuilders MSCI US REIT ETF Net Asset Value*		9.51%
Market Price**		9.47%
MSCI US REIT Index		9.57%

Net Assets as of 8/31/2019	$	634,157,491

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders MSCI US REIT ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the MSCI US REIT Index (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjustedmarket-cap weighted index made up of the stocks of publicly traded equity REITs. Using a passive investment approach, the Fund attempts to replicate the Underlying Index as closely as possible and invests at least 80% of its assets in securities included in the Underlying Index.

HOW DID THE MARKET PERFORM?

The real estate sector equity largely provided positive returns and outperformed the broader U.S. equity market during the reporting period. REITs benefitted from falling interest rates in 2019 as well as from investors seeking higher yielding assets.

For the six months ended August 31, 2019, the S&P 500 Index returned 6.15% and the MSCI US REIT Index returned 9.57%.

HOW DID THE FUND PERFORM?

For the six months ended August 31, 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 specialized and residential REIT sectors were leading contributors to absolute performance. The Fund’s and the Underlying Index’s exposures to the retail and hotel & resort REIT sectors were leading detractors from absolute performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the specialized and residential REIT sectors and the smallest allocations were in the diversified and the hotel & resorts REIT sectors.



2	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Prologis, Inc.	5.3	%
	2.	Equinix, Inc.	4.7
	3.	Simon Property Group, Inc.	4.7
	4.	Public Storage	4.2
	5.	Welltower, Inc.	3.7
	6.	Equity Residential	3.2
	7.	AvalonBay Communities, Inc.	3.0
	8.	Ventas, Inc.	2.7
	9.	Digital Realty Trust, Inc.	2.6
	10.	Realty Income Corp.	2.4


PORTFOLIO COMPOSITION BY SECTOR****
Apartments	23.7	%
Industrial	16.8
Health Care	12.7
Office	11.9
Storage	9.5
Diversified	8.6
Shopping Centers	5.5
Regional Malls	5.5
Hotels	4.9
Investment of cash collateral from securities loaned	0.7
Short-Term Investments	0.2

Market price return is calculated assuming an initial investment made at the market price at the beginning of the reporting 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 $88.06 as of August 31, 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 August 31, 2019. The Fund’s composition is subject to change.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	3

JPMorgan BetaBuilders MSCI US REIT ETF

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF AUGUST 31, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
Net Asset Value		June 15, 2018		9.51%		11.98%		16.09%
Market Price				9.47%		18.82%		16.07%

*	Not annualized.

LIFE OF FUND PERFORMANCE(6/15/18 TO 8/31/19)

Fund commenced operations on June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders MSCI US REIT ETF and the MSCI US REIT Index from June 15, 2018 to August 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI US REIT Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Underlying Index is a free-float adjusted market-cap weighted index designed to measure the performance of U.S. equity real estate investment trust (REIT) securities. The Underlying Index is made up of the stocks of publicly traded U.S. equity REITs, as determined by MSCI Inc., the index provider. To be included

initially in the Underlying Index, an equity REIT must meet certain criteria established by the index provider, including meeting a minimum market capitalization threshold as well as a liquidity threshold based on a number of factors, including trading volume and frequency of trading. Equity REITs in the Underlying Index tend to be small- and mid-cap stocks, and may include Health Care REITs, Hotel & Resort REITs, Industrial REITs, Office REITs, Residential REITs, Retail REITs, Diversified REITs and certain Specialized REITs. Specialized REITs that may be included in the Underlying Index own and/or operate (i) storage and self-storage facilities, (ii) data centers, (iii) correctional facilities, (iv) theaters, (v) casinos and gaming facilities or (vi) restaurants.



4	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

JPMorgan BetaBuilders MSCI US REIT ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


Investments	Shares		Value ($)
COMMON STOCKS — 99.8%

Apartments — 23.8%
Agree Realty Corp., REIT		24,878		1,858,138
American Campus Communities, Inc., REIT		88,785		4,126,727
American Homes 4 Rent, Class A, REIT		174,126		4,454,143
Apartment Investment & Management Co., Class A, REIT		96,269		4,909,719
AvalonBay Communities, Inc., REIT		90,174		19,167,385
Camden Property Trust, REIT		62,537		6,769,630
Equity LifeStyle Properties, Inc., REIT		55,266		7,445,435
Equity Residential, REIT		239,684		20,315,616
Essential Properties Realty Trust, Inc., REIT		47,173		1,071,299
Essex Property Trust, Inc., REIT		42,516		13,658,690
Front Yard Residential Corp., REIT		32,951		365,427
Getty Realty Corp., REIT		22,537		715,775
Independence Realty Trust, Inc., REIT		58,114		808,366
Investors Real Estate Trust, REIT		7,598		526,161
Invitation Homes, Inc., REIT		288,656		8,301,747
Mid-America Apartment Communities, Inc., REIT		73,740		9,341,383
National Retail Properties, Inc., REIT		105,227		5,908,496
NexPoint Residential Trust, Inc., REIT		12,229		567,426
Preferred Apartment Communities, Inc., Class A, REIT		28,040		377,418
Realty Income Corp., REIT		204,715		15,110,014
Spirit Realty Capital, Inc., REIT		63,935		3,065,044
STORE Capital Corp., REIT		132,196		4,991,721
Sun Communities, Inc., REIT		58,657		8,669,505
UDR, Inc., REIT		182,285		8,782,491

				151,307,756


Diversified — 8.7%
Alexander & Baldwin, Inc., REIT		44,330		1,014,714
American Assets Trust, Inc., REIT		31,622		1,481,807
American Finance Trust, Inc., REIT (a)		68,711		822,471
Armada Hoffler Properties, Inc., REIT		33,912		588,034
Colony Capital, Inc., REIT		298,077		1,341,347
CoreCivic, Inc., REIT		77,015		1,305,404
CorePoint Lodging, Inc., REIT		26,334		239,639
Cousins Properties, Inc., REIT		94,024		3,262,633
Duke Realty Corp., REIT		232,499		7,735,242
EPR Properties, REIT		48,842		3,821,887
Four Corners Property Trust, Inc., REIT		44,252		1,260,739
Gaming and Leisure Properties, Inc., REIT		131,913		5,160,437
GEO Group, Inc. (The), REIT		78,401		1,345,361
Gladstone Commercial Corp., REIT		19,594		444,196
Global Net Lease, Inc., REIT		54,229		1,040,112
Hannon Armstrong Sustainable Infrastructure Capital, Inc., REIT		41,304		1,141,230
iStar, Inc., REIT		41,844		535,603
Lexington Realty Trust, REIT		136,739		1,420,718
NorthStar Realty Europe Corp., REIT		26,031		440,705
One Liberty Properties, Inc., REIT		9,548		255,695
PS Business Parks, Inc., REIT		13,299		2,388,633
Spirit MTA REIT, REIT		27,920		234,528


Investments	Shares		Value ($)


Diversified — continued
UMH Properties, Inc., REIT		23,004		295,831
VICI Properties, Inc., REIT		265,629		5,886,339
Washington REIT, REIT		51,775		1,371,520
Whitestone REIT, REIT		23,181		287,908
WP Carey, Inc., REIT		110,228		9,898,474

				55,021,207


Health Care — 12.8%
CareTrust REIT, Inc., REIT		61,834		1,471,031
Community Healthcare Trust, Inc., REIT		11,588		494,112
HCP, Inc., REIT		309,198		10,732,262
Healthcare Realty Trust, Inc., REIT		83,581		2,777,397
Healthcare Trust of America, Inc., Class A, REIT		132,676		3,762,691
LTC Properties, Inc., REIT		25,702		1,254,258
Medical Properties Trust, Inc., REIT		284,356		5,286,178
National Health Investors, Inc., REIT		27,944		2,318,234
New Senior Investment Group, Inc., REIT		53,184		332,400
Omega Healthcare Investors, Inc., REIT		138,772		5,645,245
Physicians Realty Trust, REIT		119,851		2,075,819
Sabra Health Care REIT, Inc., REIT		116,111		2,510,320
Senior Housing Properties Trust, REIT		153,781		1,305,601
Universal Health Realty Income Trust, REIT		8,443		816,354
Ventas, Inc., REIT		231,831		17,014,077
Welltower, Inc., REIT		261,936		23,458,988

				81,254,967


Hotels — 5.0%
Apple Hospitality REIT, Inc., REIT		137,576		2,191,586
Ashford Hospitality Trust, Inc., REIT		62,704		175,571
Braemar Hotels & Resorts, Inc., REIT		18,080		165,794
Chatham Lodging Trust, REIT		30,132		499,890
Chesapeake Lodging Trust, REIT		39,301		1,012,001
DiamondRock Hospitality Co., REIT		130,304		1,233,979
Hersha Hospitality Trust, REIT		24,103		335,032
Hospitality Properties Trust, REIT		106,366		2,567,675
Host Hotels & Resorts, Inc., REIT		479,260		7,687,330
MGM Growth Properties LLC, Class A, REIT		58,555		1,805,836
Park Hotels & Resorts, Inc., REIT		130,398		3,070,873
Pebblebrook Hotel Trust, REIT		84,497		2,278,884
RLJ Lodging Trust, REIT		112,329		1,820,853
Ryman Hospitality Properties, Inc., REIT		31,613		2,518,291
Summit Hotel Properties, Inc., REIT		67,973		758,579
Sunstone Hotel Investors, Inc., REIT		147,892		1,943,301
Xenia Hotels & Resorts, Inc., REIT		72,864		1,472,581

				31,538,056


Industrial — 16.9%
CoreSite Realty Corp., REIT		23,870		2,773,217
CyrusOne, Inc., REIT		73,205		5,377,639
Digital Realty Trust, Inc., REIT		134,734		16,657,164
EastGroup Properties, Inc., REIT		23,781		2,961,210
Equinix, Inc., REIT		54,385		30,253,288

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	5

JPMorgan BetaBuilders MSCI US REIT ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


Investments	Shares		Value ($)
COMMON STOCKS — continued

Industrial — continued
First Industrial Realty Trust, Inc., REIT		81,818		3,186,811
Industrial Logistics Properties Trust, REIT		42,092		900,348
Innovative Industrial Properties, Inc., REIT (a)		7,185		640,615
Liberty Property Trust, REIT		95,915		4,999,090
Monmouth Real Estate Investment Corp., REIT		57,882		759,412
Prologis, Inc., REIT		408,043		34,120,556
STAG Industrial, Inc., REIT		81,278		2,363,564
Terreno Realty Corp., REIT		40,838		2,064,769

				107,057,683


Office — 12.0%
Alexandria Real Estate Equities, Inc., REIT		73,059		10,947,160
Boston Properties, Inc., REIT		99,953		12,835,964
Brandywine Realty Trust, REIT		113,943		1,635,082
Columbia Property Trust, Inc., REIT		75,599		1,617,063
Corporate Office Properties Trust, REIT		72,391		2,091,376
Douglas Emmett, Inc., REIT		104,639		4,415,766
Easterly Government Properties, Inc., REIT		44,005		904,303
Empire State Realty Trust, Inc., Class A, REIT		96,802		1,361,036
Equity Commonwealth, REIT		78,856		2,654,293
Franklin Street Properties Corp., REIT		69,367		525,108
Highwoods Properties, Inc., REIT		67,077		2,898,397
Hudson Pacific Properties, Inc., REIT		99,864		3,395,376
JBG SMITH Properties, REIT		82,402		3,152,700
Kilroy Realty Corp., REIT		65,320		5,085,815
Mack-Cali Realty Corp., REIT		58,438		1,190,382
Office Properties Income Trust, REIT		31,108		843,338
Paramount Group, Inc., REIT		121,337		1,599,222
Piedmont Office Realty Trust, Inc., Class A, REIT (a)		81,244		1,603,757
SL Green Realty Corp., REIT		54,543		4,375,439
VEREIT, Inc., REIT		629,600		6,138,600
Vornado Realty Trust, REIT		111,063		6,715,980

				75,986,157


Regional Malls — 5.5%
Macerich Co. (The), REIT		73,093		2,085,343
Pennsylvania REIT, REIT (a)		47,553		244,423
Simon Property Group, Inc., REIT		199,873		29,769,085
Tanger Factory Outlet Centers, Inc., REIT (a)		60,867		860,659
Taubman Centers, Inc., REIT		39,561		1,544,857
Washington Prime Group, Inc., REIT(a)		120,640		389,667

				34,894,034


Shopping Centers — 5.5%
Acadia Realty Trust, REIT		53,542		1,464,374
Alexander’s, Inc., REIT		1,484		560,314
Brixmor Property Group, Inc., REIT		192,754		3,552,456
Cedar Realty Trust, Inc., REIT		57,588		136,484
Federal Realty Investment Trust, REIT		48,451		6,260,354


Investments	Shares		Value ($)


Shopping Centers — continued
Kimco Realty Corp., REIT		273,006		5,017,850
Kite Realty Group Trust, REIT		54,289		775,790
Regency Centers Corp., REIT		108,092		6,973,015
Retail Opportunity Investments Corp., REIT		73,948		1,294,829
Retail Properties of America, Inc., Class A, REIT		138,165		1,569,554
Retail Value, Inc., REIT		9,858		364,647
RPT Realty, REIT		51,971		618,455
Saul Centers, Inc., REIT		8,853		444,686
Seritage Growth Properties, Class A, REIT (a)		21,930		857,244
SITE Centers Corp., REIT		93,426		1,294,884
Urban Edge Properties, REIT		77,880		1,363,679
Urstadt Biddle Properties, Inc., Class A, REIT		19,348		406,115
Weingarten Realty Investors, REIT		79,049		2,094,008

				35,048,738


Storage — 9.6%
Americold Realty Trust, REIT		117,704		4,286,780
CubeSmart, REIT		121,912		4,375,422
Extra Space Storage, Inc., REIT		82,442		10,051,329
Iron Mountain, Inc., REIT		185,569		5,910,373
Life Storage, Inc., REIT		30,169		3,196,707
National Storage Affiliates Trust, REIT		36,799		1,231,295
Public Storage, REIT		101,606		26,899,172
QTS Realty Trust, Inc., Class A, REIT		35,802		1,756,446
Rexford Industrial Realty, Inc., REIT		67,297		2,973,854

				60,681,378

TOTAL COMMON STOCKS (Cost $611,433,522)				632,789,976

SHORT-TERM INVESTMENTS — 0.2%

INVESTMENT COMPANIES — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.99% (b)(c) (Cost $1,025,580)		1,025,580		1,025,580


INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 0.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.05% (b)(c) (Cost $4,679,849)		4,679,849		4,679,849

Total Investments—100.7% (Cost $617,138,951)				638,495,405
Liabilities in Excess of Other Assets — (0.7)%				(4,337,914	)

Net Assets — 100.0%			$	634,157,491

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



6	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


Abbreviations
REIT		RealEstate Investment Trust
(a)		Thesecurity or a portion of this security is on loan at August 31, 2019. The total value of securities on loan at August 31, 2019 is $4,360,525.
(b)		Investmentin an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		Therate shown is the current yield as of August 31, 2019.

Futures contracts outstanding as of August 31, 2019:

Description

Number of
Contracts

Expiration
Date

Trading

Currency

Notional Amount
($)

Value and
Unrealized
Appreciation
(Depreciation) ($)

Long Contracts

DJ US Real Estate Index

09/2019

USD

1,196,910

32,078


Abbreviations
USD		UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	7

STATEMENT OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2019 (Unaudited)


	JPMorgan BetaBuilders MSCI US REIT ETF
ASSETS:
Investments innon-affiliates, at value	$	632,789,976
Investments in affiliates, at value		1,025,580
Investments of cash collateral received from securities loaned, at value (See Note 2.D.)		4,679,849
Restricted cash		4,800
Deposits at broker for futures contracts		82,000
Prepaid expenses		687
Receivables:
Dividends fromnon-affiliates		346,865
Dividends from affiliates		1,199
Securities lending income (See Note 2.D.)		2,768
Variation margin on futures contracts		330
Due from Adviser		1,430

Total Assets		638,935,484


LIABILITIES:
Payables:
Due to custodian		9,580
Collateral received on securities loaned (See Note 2.D.)		4,679,849
Accrued liabilities:
Administration fees		30,433
Custodian, Accounting and Transfer Agent fees		10,711
Trustees’ and Chief Compliance Officer’s fees		505
Professional fees		33,211
Other		13,704

Total Liabilities		4,777,993

Net Assets	$	634,157,491


NET ASSETS:
Paid-in-Capital	$	603,828,510
Total distributable earnings (loss)		30,328,981

Total Net Assets	$	634,157,491


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		7,200,000

Net asset value, per share	$	88.08


Cost of investments innon-affiliates	$	611,433,522
Cost of investments in affiliates		1,025,580
Investment securities on loan, at value (See Note 2.D.)		4,360,525
Cost of investment of cash collateral (See Note 2.D.)		4,679,849

SEE NOTES TO FINANCIAL STATEMENTS.



8	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)


	JPMorgan BetaBuilders MSCI US REIT ETF
INVESTMENT INCOME:
Dividend income fromnon-affiliates	$	3,513,336
Dividend income from affiliates		8,137
Interest income fromnon-affiliates		835
Income from securities lending (net) (See Note 2.D.)		9,430

Total investment income		3,531,738


EXPENSES:
Investment advisory fees (See Note 3.A.)		171,106
Administration fees (See Note 3.B.)		106,940
Professional fees		24,694
Trustees’ and Chief Compliance Officer’s fees		2,504
Printing and mailing costs		5,838
Registration and filing fees		7,556
Custodian, Accounting and Transfer Agent fees (See Note 3.C.)		25,516
Insurance expense		627
Offering costs (See Note 2.F.)		4,660
Other		1,493

Total expenses		350,934

Less fee waived (See Note 3.D.)		(183,444	)
Less expense reimbursements fromnon-affiliates (See Note 3.C.)		(9,600	)

Net expenses		157,890

Net investment income (loss)		3,373,848


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		657,251
In-kind redemptions of investments innon-affiliates		6,403,231
Futures contracts		80,379

Net realized gain (loss)		7,140,861

Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		14,896,763
Futures contracts		(15,946	)

Change in net unrealized appreciation/depreciation		14,880,817

Net realized/unrealized gains (losses)		22,021,678

Change in net assets resulting from operations	$	25,395,526

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED


	JPMorgan BetaBuilders MSCI US REIT ETF
	Six Months Ended August 31, 2019 (Unaudited)			Period Ended February 28, 2019 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,373,848		$	2,151,788
Net realized gain (loss)		7,140,861			1,203,906
Change in net unrealized appreciation/depreciation		14,880,817			6,507,715

Change in net assets resulting from operations		25,395,526			9,863,409


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(2,479,344	)		(1,574,130	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		475,212,385			127,739,645


NET ASSETS:
Change in net assets		498,128,567			136,028,924
Beginning of period		136,028,924			—

End of period	$	634,157,491		$	136,028,924


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	518,119,946		$	141,407,612
Cost of shares redeemed		(42,907,561	)		(13,667,967	)

Total change in net assets resulting from capital transactions	$	475,212,385		$	127,739,645


SHARE TRANSACTIONS:
Issued		6,025,000			1,850,000
Redeemed		(500,000	)		(175,000	)

Net increase in shares from share transactions		5,525,000			1,675,000

(a)	Commencement of operations was June 15, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



10	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	11

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 BetaBuilders MSCI US REIT ETF
Six Months Ended August 31, 2019 (Unaudited)	$	81.21	$	1.01	$	6.67	$	7.68	$	(0.81	)	$	—		$	(0.81	)
June 15, 2018 (h) through February 28, 2019		75.67		1.85		5.10		6.95		(1.35	)		(0.06	)		(1.41	)

(a)	Annualized for periods less than one year, unless otherwise indicated.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)

(f)	Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.

(g)	Certain non-recurring expenses incurred by the Fund were not annualized for the periods indicated.

(h)	Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 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)


$	88.08	$	88.06		9.51	%		9.47	%	$	634,157,491		0.11	%(g)		2.35	%		0.24	%(g)		3	%
	81.21		81.22		9.40			9.41	(f)		136,028,924		0.11	(g)		3.37			0.40	(g)		5

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	13

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 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 an open-end management investment company. JPMorgan BetaBuilders MSCI US REIT ETF (the “Fund” or the “MSCI US REIT ETF”) is a separate diversified series of the Trust covered in this report.

The Fund commenced operations on June 15, 2018. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the MSCI US REIT Index.

Shares of the Fund are listed and traded at market price on the Cboe BZX Exchange, Inc. Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems its shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, typically 25,000 shares, referred to as “Creation Units”.

Creation Units are issued and redeemed principally in-kind for a basket of securities. A cash amount may be substituted if the Fund has sizeable exposure to market or sponsor restricted securities. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Fund (each, an “Authorized Participant”).

2. Significant Accounting Policies

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

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

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

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAV of the Fund is calculated on a valuation date.

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

Futures contracts are generally valued on the basis of available market quotations.



14	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

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

•

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

•

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

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


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	638,495,405	$	—	$	—	$	638,495,405

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	32,078	$	—	$	—	$	32,078

(a)	All portfolio holdings designated as level 1 are disclosed individually on the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers into and out of level 3 for the six months ended August 31, 2019.

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

As of August 31, 2019, the Fund had no investments in restricted securities.

C. Futures Contracts — The Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Fund also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining cash balance for liquidity.

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

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

Derivatives Volume

The table below discloses the volume of the Fund’s futures contracts activity during the six months ended August 31, 2019: Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.


Futures Contracts — Equity:
Average Notional Balance Long	$	933,050
Ending Notional Balance Long		1,196,910



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	15

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

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

D. Securities Lending — Effective June 18, 2018, the Fund became authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market Fund. The Fund retains loan fees and the interest on cash collateral investments but is required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the SOP as Income from securities lending (net). The Fund also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the SOP.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level a of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certainde minimisamounts.

The value of securities out on loan is recorded as an asset on the SAL. The value of the cash collateral received is recorded as a liability on the SAL and details of collateral investments are disclosed on the SOI.

The Fund bears the risk of loss associated with the collateral investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Fund may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability.

The following table presents the Fund’s value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collated received or posted by the Fund as of August 31, 2019.


Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
$	4,360,525	$	(4,360,525	)	$	—

*	Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security.

JPMIM waived fees associated with the Fund’s investment in JPMorgan U.S. Government Money Market Fund in the amount of $415. JPMIM voluntarily waived investment advisory fees charged to the Fund to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the SOP as Income from securities lending (net).

E. Investment Transactions with Affiliates— The Fund invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuers listed in the tables below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below.


For the six months ended August 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2019		Shares at August 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.05% (a)(b)	$	132,381	$	21,862,980	$	17,315,512	$	—	$	—	$	4,679,849		4,679,849	$	22,916	*	$	—



16	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019


For the six months ended August 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2019		Shares at August 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.99% (a)(b)	$	1,275,554	$	12,348,508	$	12,598,482	$	—	$	—	$	1,025,580		1,025,580	$	8,137	$	—

Total	$	1,407,935	$	34,211,488	$	29,913,994	$	—	$	—	$	5,705,429			$	31,053	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of August 31, 2019.

*	Amount is included on the SOP as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

F. Offering and Organizational Costs — Total offering costs of $16,048 incurred in connection with the offering of shares of the Fund is amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Fund, if any, are recorded as an expense at the time the Fund commenced operations. For the six months ended August 31, 2019, total offering costs amortized were $4,660.

Costs paid in connection with the organization of the Fund, if any, were recorded as an expense at the time the Fund commenced operations and are included as part of Professional fees on the SOP.

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

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

H. Allocation of Expenses — Expenses directly attributable to a fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds.

I. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of August 31, 2019, no liability for Federal income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns since inception remain subject to examination by the Internal Revenue Service.

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

K. New Accounting Pronouncement — In August 2018, the FASB issuedAccounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”), Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management 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.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	17

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.12% of the Fund’s average daily net assets.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, effective January 1, 2019, the Administrator received a fee that was accrued daily and paid monthly at an annual rate of 0.075% of the Fund’s net assets. Prior to January 1, 2019, the Administrator received a fee that was accrued daily and paid monthly at an annual rate of 0.085% of the Fund’s average daily net assets.

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

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

C. Custodian, Accounting and Transfer Agent Fees — JPMCB provides custody, accounting and transfer agency services to the Fund. The amount paid directly to JPMCB by the Fund for custody services are included in the Custodian, Accounting and Transfer Agent fees on the SOP. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the SOP. With respect to the transfer agency services provided by JPMCB for each creation or redemption transaction, the Authorized Participant will generally be responsible for such associated expenses; during the six months ended August 31, 2019, the Fund paid no transfer agency fees to JPMCB.

For the six months ended August 31, 2019, the amount of transaction fees paid by the Authorized Participants to the Fund that were used to reimburse custodian fees were $9,600.

Such amounts are included in expense reimbursements from non-affiliates on the SOP.

Restricted cash on the SAL is cash received from Authorized Participants for the reimbursement of creation and/or redemption of Fund shares.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the SOP.

D. Waivers and Reimbursements — The Adviser has contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses, (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses), exceed 0.11% of the Fund’s average daily net assets.

The expense limitation agreement is in effect for the six months ended August 31, 2019 and the current agreement is in place until at least June 30, 2022.

For the six months ended August 31, 2019, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.


Contractual Waivers
Investment Advisory Fees	Administration Fees		Total
$109,577	$	73,052	$	182,629

Additionally, the Fund may invest in one or more money market funds advised by the Adviser (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 the Fund because of the Fund’s investment in such money market funds, except for investments of securities lending collateral.

The amount of the waivers resulting from investments in the money market fund for the six months ended August 31, 2019 was $815.

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

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

The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the SOP.



18	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

G. Management Fee— Effective November 1, 2019, the Investment Advisory Agreement, Administration Agreement and Expense Limitation Agreement were replaced by a Management Agreement. Under the Management Agreement, JPMIM is responsible for substantially all expenses of the Fund, except for the management fees, payments under the Funds 12b-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), brokers’ commissions and any other transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, costs of holding shareholder meetings, the costs of any securities lending program, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. If the amount of expenses paid by the Fund exceeds the fee payable to the Adviser, the Adviser will reimburse the Fund for such amount. The management fee is accrued daily and paid no more frequently than monthly at an annual rate of 0.11% of the Fund’s average daily net assets.

4. Investment Transactions

During the six months ended August 31, 2019, purchases and sales of investments (excluding short-term investments) were as follows:


Purchases (excluding U.S. Government)	Sales (excluding U.S. Government)
$18,815,484	$	8,867,582

During the six months ended August 31, 2019, there were no purchases or sales of U.S. Government securities.

For the six months ended August 31, 2019, in-kind transactions associated with creations and redemptions were as follows:


In-Kind Creations	In-Kind Redemptions
$509,566,515	$	42,380,725

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2019 were as follows:


Aggregate Cost	Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$617,138,951	$	32,193,494	$	10,804,962	$	21,388,532

At February 28, 2019, the Fund did not have any net capital loss carryforwards.

6. Capital Share Transactions

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

Shares of the Fund may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Fund’s shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Fund. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Fund that has not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

Significant shareholder transactions by the Adviser may impact the Fund’s performance.

Because the Fund may invest a significant portion of its assets in REITs, the Fund may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by defaults by tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	19

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

The Fund may not track the return of the underlying index for a number of reasons and therefore may not achieve its investment objective. For example, the Fund incurs a number of operating expenses not applicable to its underlying index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the underlying index. In addition, a Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, the Fund’s return differs from the return of the underlying index.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Fund’s original investment. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses.



20	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on your purchase and sales of Fund shares and (2) 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 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 March 1, 2019 and continued to hold your shares at the end of the reporting period, August 31, 2019.

Actual Expenses

example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes


	Beginning Account Value March 1, 2019		Ending Account Value August 31, 2019		Annualized Expense Ratio			Expenses Paid During the Period (1)
JPMorgan BetaBuilders MSCI US REIT ETF
Actual	$	1,000.00	$	1,095.10		0.11	%	$	0.58
Hypothetical		1,000.00		1,024.58		0.11			0.56

(1)	Expenses are equal to each Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	21

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

The new Management Agreement was approved by shareholders of the Fund.

The results of the voting were as follows:


	Votes Received
For		329,196,766
Against		3,175
Abstain		106,074



22	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board meets regularly throughout the year and considers factors that are relevant to its consideration of investment advisory agreements at each meeting. The Board also meets for the specific purpose of considering approvals of amendments to and new investment advisory agreements for the Fund. At the June11-12, 2019 quarterly Board meeting, the Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust, Adviser or any of its affiliates (“Independent Trustees”), approved the new Management Agreement on behalf of the Fund. The Board also recommended that the Fund’s shareholders approve the Management Agreement. Such approval was recently obtained, and the agreement will take effect November 1, 2019.

As part of their review of the Management Agreement, the Trustees considered and reviewed information received from the Adviser about the proposed changes to the Fund’s Investment Advisory Agreement to convert it to a “unitary fee” structure. They also considered information received in connection with the March 2018 Board meeting when the Trustees initially approved the Investment Advisory Agreement for the Fund. This included comprehensive information concerning the nature and quality of services provided by the Adviser and potential“fall-out” benefits expected to be received by the Adviser. The Board noted that the possibility of proposing a unitary fee had been raised by the Adviser at an earlier meeting, and that prior to the June11-12, 2019 meeting, the Adviser and the Board had several discussions about unitary fees generally, industry practice, the potential impact on the Fund, and related matters. Before voting on the Management Agreement, the Trustees reviewed the agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Management Agreement. The Trustees also discussed the Management Agreement 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 Management Agreement is provided below.

The Trustees considered information provided with respect to the Fund over the course of the year, as well as the materials furnished specifically in connection with this approval process. 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 the approval of the Management Agreement was in the best interests of the Fund and its shareholders.

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

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of the Management Agreement on behalf of the Fund, the Trustees received and considered information regarding the nature, extent and quality of services provided to the Fund under its Investment Advisory and Administration Agreements, as well as those that will be provided under the Management Agreement. They also considered management’s representation that the services provided to the Fund will not change as a result of the transition to the unitary fee structure. The Trustees also took into account information furnished throughout the year at Trustee meetings, including consideration of the background and experience of JPMIM’s senior management and 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 Fund’s investment strategy, and the infrastructure supporting the portfolio management team. In addition, the Trustees considered information about the structure and distribution strategies of the Fund, how they fit within the Trust’s fund offerings, and how the Fund is 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 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 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 general. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to continue to provide high quality service to the Fund, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to requests for additional information, questions or concerns raised by them.

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

Fall-Out Benefits

The Trustees reviewed information regarding potential“fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationships with the Fund, particularly those benefits potentially impacted by the implementation of the unitary fee structure. The Trustees also considered the benefits the Adviser receives as the result of JPMorgan Chase Bank, N.A.’s (“JPMCB”) roles as custodian, fund accountant and transfer agent for the Fund.



AUGUST 31, 2019	J.P. MORGAN EXCHANGE-TRADED FUNDS	23

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

The Trustees considered that adopting the Management Agreement would benefit the Adviser by bringing the Fund in line with industry practice, which could potentially improve their marketability and ultimately increase the Adviser’s assets under management.

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

The Trustees considered the fees that the Adviser earned from the Fund for providing investment advisory and administrative services and that because the Fund was relatively new, it was not likely to be profitable under the Investment Advisory Agreement. The Trustees also considered the fees paid to JPMCB, also an affiliate of the Adviser, for custody, transfer agency and other related services for the Fund. It was noted that under the new fee structure, JPMIM will be responsible for providing the administrative services under the Management Agreement and for paying JPMCB for the services that it provides.

The Trustees also considered the fact that because the Fund’s total expense ratio would stay the same, the Adviser’s profitability was not expected to change in the near term as a result of the transition to the unitary fee structure under the new Management Agreement. They also noted, however, that if the Fund’s assets increase, Fund fees will not necessarily decrease even if the Fund and JPMIM achieve economies of scale. In this regard, the Trustees noted that after the Management Agreement’s initialtwo-year term, the Trustees would have the opportunity to review the fee each year as part of the annual contract review process.

Based on these considerations and other factors noted above, the Trustees concluded that the projected profitability to the Adviser under the Management Agreement would not be unreasonable in light of the anticipated services and benefits provided to the Fund under the new fee structure.

Economies of Scale

The Trustees considered the extent to which the Fund will benefit from economies of scale. The Trustees noted that the management fees and other expenses paid by the Fund under the Management Agreement would be the same as or less than the amounts the Fund would have paid under the prior structure, which involved the Investment Advisory and Administration Agreement operating in conjunction with a terminable

expense limitation agreement. The Trustees further considered that shareholders would benefit because expenses would be limited even when the Fund is new or if assets decreased. The Trustees also considered the fact that increases in assets would not lead to fee decreases even if economies of scale were achieved, but that they will have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future. In this regard, The Trustees noted that after the Management Agreement’s initialtwo-year term, the Trustees would have the opportunity to review the fee each year as part of the annual contract renewal process.

Investment Performance

The Trustees considered the Fund’s investment strategy and process, portfolio management team and competitive positioning against identified peer funds and a comparison of Fund performance against the index the Fund seeks to track. The Trustees also considered Fund performance information reviewed at regular Board Meetings. After considering such information, the Trustees concluded that the prospects for competitive future performance were acceptable.

Management Fees and Expense Ratios

The Trustees considered the contractual unitary management fee rate that will be paid by the Fund to the Adviser and compared that rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as the Fund. The Trustees also considered additional fund comparisons proposed by the Adviser. The Trustees also considered information comparing the management fee for the Fund to the expense ratios of mutual funds with similar investment objectives or in similar asset classes managed by the Adviser.

The Trustees noted that the Fund’s estimated unitary management fees were in line with fees for identified peer funds. After considering the factors identified above, the Trustees concluded that the proposed management fees were reasonable.

Based on the foregoing, the Board, including all of the Independent Trustees, unanimously: (a) concluded that the terms of the Management Agreement are fair and reasonable; (b) concluded that the proposed fees were reasonable in light of the services that the Adviser will provide to the Fund; and (c) approved the Management Agreement.



24	J.P. MORGAN EXCHANGE-TRADED FUNDS	AUGUST 31, 2019

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

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

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC onForm N-PORT. Prior to March 31, 2019, the 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 Fund’s Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. The Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

LOGO

J.P. Morgan Asset Management is the brand name for the asset management businesses of JPMorgan Chase & Co. and its affiliates worldwide.


		^© JPMorgan Chase & Co., 2019. All rights reserved. August 2019.		SAN-RETF-819

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
		November 4, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Joanna M. Gallegos
		Joanna M. Gallegos
		President and Principal Executive Officer
		November 4, 2019


By:		/s/ Lauren A. Paino
		Lauren A. Paino
		Treasurer and Principal Financial Officer
		November 4, 2019

J.P. Morgan Exchange - Traded Fund Trust - Betabuilders U S Treasury Bond 20+ Year Etf (BBLB) N-CSRSCertified semi-annual shareholder report (management investment company)