J P Morgan Exchange-Traded Fund Trust - High Yield Municipal Etf Fund (JMHI) N-CSR Certified 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: October 31

Date of reporting period: November 1, 2018 through October 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).

Annual Report

J.P. Morgan Exchange-Traded Funds

October 31, 2019

JPMorgan BetaBuilders Canada ETF

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

JPMorgan BetaBuilders Europe ETF

JPMorgan BetaBuilders Japan ETF

JPMorgan BetaBuilders U.S. Equity ETF

JPMorgan Diversified Return Emerging Markets Equity ETF

JPMorgan Diversified Return Europe Equity ETF

JPMorgan Diversified Return Global Equity ETF

JPMorgan Diversified Return International Equity ETF

JPMorgan Diversified Return U.S. Equity ETF

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

JPMorgan Diversified Return U.S. Small Cap Equity ETF

JPMorgan U.S. Dividend ETF

JPMorgan U.S. Minimum Volatility ETF

JPMorgan U.S. Momentum Factor ETF

JPMorgan U.S. Quality Factor ETF

JPMorgan U.S. Value Factor ETF

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

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

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

CONTENTS

President’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan BetaBuilders Canada ETF	3
JPMorgan BetaBuilders Developed Asia ex-Japan ETF	6
JPMorgan BetaBuilders Europe ETF	9
JPMorgan BetaBuilders Japan ETF	12
JPMorgan Betabuilders U.S. Equity ETF	15
JPMorgan Diversified Return Emerging Markets Equity ETF	17
JPMorgan Diversified Return Europe Equity ETF	20
JPMorgan Diversified Return Global Equity ETF	23
JPMorgan Diversified Return International Equity ETF	26
JPMorgan Diversified Return U.S. Equity ETF	29
JPMorgan Diversified Return U.S. Mid Cap Equity ETF	32
JPMorgan Diversified Return U.S. Small Cap Equity ETF	35
JPMorgan U.S. Dividend ETF	38
JPMorgan U.S. Minimum Volatility ETF	41
JPMorgan U.S. Momentum Factor ETF	44
JPMorgan U.S. Quality Factor ETF	47
JPMorgan U.S. Value Factor ETF	50
Schedules of Portfolio Investments	53
Financial Statements	163
Financial Highlights	180
Notes to Financial Statements	186
Report of Independent Registered Public Accounting Firm	213
Trustees	214
Officers	215
Schedule of Shareholder Expenses	216
Special Shareholder Meeting Results	218
Tax Letter	220
Board Approval of Management Agreement	221

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

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

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

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

PRESIDENT’S LETTER

DECEMBER 17, 2019 (Unaudited)

Dear Shareholder,

JPMorgan Exchange-Traded Funds has continued to grow in 2019. Our assets under management have surpassed $30 billion¹ and in September we became one of the top five providers in ETF flows.² Our expanding suite of liquid and transparent solutions provides well-diversified, well-priced portfolios that may help each investor to achieve their goals.

  “It is our belief that diversification across regions and asset classes is a key element of building robust portfolio.” —Joanna M. Gallegos

For the twelve months ended October 31, 2109, financial markets largely provided positive returns despite slowing global economic growth, U.S.-China trade tensions and geo-political uncertainties. Corporate profits remained buoyant, particularly in the U.S., and leading central banks maintained accommodative policies, which further supported financial markets. In July, the U.S. Federal Reserve responded to slowing economic growth by cutting interest rates for the first time in more than a decade and then followed with two more rate cuts by the end of the twelve month reporting period. Meanwhile, the European Central Bank resumed its monthly purchases of assets in an attempt to bolster flagging economic growth and inflation, which was below the bank’s target levels. China also moved to ease lending as the toll of reciprocal trade tariffs with the U.S. appeared to become a drag on exports. For the twelve months ended October 31, 2019, the MSCI World Index returned 12.69% (net of foreign withholding taxes, while the S&P 500 returned 14.33% and the Bloomberg Barclays U.S. Aggregate Index returned 11.51%.

It is our belief that diversification across regions and asset classes is a key element of building robust portfolio. For investors looking to diversify geographically, our BetaBuilders and Diversified Return ETFs can provide efficient and transparent exposures to regions and countries that continue to benefit from global economic growth. For investors looking to diversify geographically, developed economies outside the U.S. may provide attractive yields and diversification benefits. Our JPMorgan BetaBuilders Developed Asia ex-Japan ETF (BBAX), for example, returned 16.18% for twelve months ended October 31, 2019.

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

Sincerely,

Joanna M. Gallegos

President, J.P. Morgan Exchange-Traded Funds

J.P Morgan Asset Management

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

1 J.P. Morgan Asset Management, December 16, 2019.

2 Bloomberg L.P., September 30, 2019.

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

J.P. Morgan Exchange-Traded Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

Global equity markets generally provided positive returns for the reporting period amid slowing but continued growth in both the global economy and corporate profits. Investor optimism over U.S.-China trade negotiations and an extension of the deadline for Britain’s exit from the European Union (“Brexit”) also bolstered investor sentiment. Bond markets also provided positive returns for the period but generally underperformed equity markets. Emerging markets debt and U.S. investment grade bonds largely outperformed U.S. Treasury bonds.

In the final months of 2018, global equity markets generally slumped as investors faced both slowing global economic growth — particularly in China and Europe — and the prospect of rising U.S. interest rates. Equity prices largely rebounded in the first months of 2019, and markets remained buoyant through April 2019. Global equity markets were hit with a selloff in May 2019 and leading indexes in the U.S. and Asian

developed markets, as well as in emerging markets, dropped by more than 6%. Equity prices rebounded again in June and received further support at the end of July 2019, when the U.S. Federal Reserve (the “Fed”) responded to slowing economic growth by raising interest rates for the first time in more than a decade.

Investor concerns about increased U.S.-China trade tensions and uncertainty over the U.K.’s Brexit strategy led to increased market volatility in the final months of the reporting period. However, the Fed cut interest rates again in mid-September 2019 and, by the end of October 2019, leading U.S. equity indexes had returned to record highs.

For the twelve months ended October 31, 2019, the S&P 500 returned 14.33%, the MSCI EAFE Index returned 11.63% and the MSCI Emerging Markets Index returned 12.29%.

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

JPMorgan BetaBuilders Canada ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan BetaBuilders Canada ETF
Net Asset Value*		13.08%
Market Price**		12.97%
Morningstar® Canada Target Market Exposure Indexsm		12.72%
Net Assets as of 10/31/2019	$	3,800,754,020

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-capitalization weighted index consisting of stocks traded primarily on the Toronto Stock Exchange. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the twelve months ended October 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 allocations to the financials and information technology sectors were leading contributors to absolute performance, while their allocations to the health care sector was the sole sector detractor from absolute performance.

HOW WAS THE FUND POSITIONED?

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

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

JPMorgan BetaBuilders Canada ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Royal Bank of Canada	7.4	%
	2.	Toronto-Dominion Bank (The)	6.6
	3.	Enbridge, Inc.	4.7
	4.	Bank of Nova Scotia (The)	4.5
	5.	Canadian National Railway Co.	4.1
	6.	Brookfield Asset Management, Inc., Class A	3.2
	7.	Bank of Montreal	3.0
	8.	TC Energy Corp.	3.0
	9.	Suncor Energy, Inc.	2.9
	10.	Canadian Imperial Bank of Commerce	2.4

PORTFOLIO COMPOSITION BY SECTOR****
Financials	36.5	%
Energy	16.8
Industrials	10.5
Materials	9.3
Information Technology	5.3
Consumer Staples	4.0
Consumer Discretionary	3.9
Communication Services	3.3
Utilities	3.2
Health Care	1.0
Real Estate	0.5
Short-Term Investments	5.7

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $24.89 as of October 31, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. The midpoint price was $24.90 as of October 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 October 31, 2019. The Fund’s portfolio composition is subject to change.

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

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders Canada ETF
Net Asset Value		August 7, 2018		13.08%		3.10%
Market Price				12.97%		3.13%

LIFE OF FUND PERFORMANCE(8/7/18 TO 10/31/19)

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 August 7, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Canada ETF and Morningstar^® Canada Target Market Exposure Index^SM from August 7, 2018 to October 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar^® Canada Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^® Canada Target Market Exposure Index^SM is a free float adjusted market

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

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

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

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

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

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
Net Asset Value*		16.18%
Market Price**		15.94%
Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure Indexsm		16.77%
Net Assets as of 10/31/2019	$	1,442,853,830

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

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

HOW WAS THE FUND POSITIONED?

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

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	AIA Group Ltd. (Hong Kong)	6.9	%
	2.	Commonwealth Bank of Australia (Australia)	5.5
	3.	CSL Ltd. (Australia)	4.6
	4.	BHP Group Ltd. (Australia)	4.2
	5.	Westpac Banking Corp. (Australia)	3.8
	6.	National Australia Bank Ltd. (Australia)	3.3
	7.	Australia & New Zealand Banking Group Ltd. (Australia)	3.1
	8.	Hong Kong Exchanges & Clearing Ltd. (Hong Kong)	2.1
	9.	DBS Group Holdings Ltd. (Singapore)	2.0
	10.	Woolworths Group Ltd. (Australia)	2.0

PORTFOLIO COMPOSITION BY COUNTRY****
Australia	57.0	%
Hong Kong	24.7
Singapore	11.8
New Zealand	2.3
Macau	2.1
United Kingdom	1.4
Others (each less than 1.0%)	0.7

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $25.31 as of October 31, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. The midpoint price was $25.27 as of October 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 October 31, 2019. The Fund’s portfolio composition is subject to change.

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

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders Developed Asiaex-Japan ETF
Net Asset Value		August 7, 2018		16.18%		3.71%
Market Price				15.94%		3.57%

LIFE OF FUND PERFORMANCE(8/7/18 TO 10/31/19)

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 pleasecall 1-844-457-6383.

Fund commenced operations on August 7, 2018.

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

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

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

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

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

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

JPMorgan BetaBuilders Europe ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan BetaBuilders Europe ETF
Net Asset Value*		11.43%
Market Price**		11.32%
Morningstar® Developed Europe Target Market Exposure Indexsm		10.93%
Net Assets as of 10/31/2019	$	3,853,145,624

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the twelve months ended October 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 industrials and health care sectors were the leading contributors to absolute performance, while their exposure to the energy sector was the sole sector detractor from absolute performance during the reporting period.

By country, the Fund’s and the Underlying Index’s exposures to Switzerland and France were leading contributors to absolute performance, while their exposures to Norway and Austria were the largest detractors from absolute performance.

HOW WAS THE FUND POSITIONED?

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

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

JPMorgan BetaBuilders Europe ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Nestle SA (Registered) (Switzerland)	3.4	%
	2.	Novartis AG (Registered) (Switzerland)	2.4
	3.	Roche Holding AG (Switzerland)	2.3
	4.	HSBC Holdings plc (United Kingdom)	1.6
	5.	SAP SE (Germany)	1.5
	6.	TOTAL SA (France)	1.4
	7.	BP plc (United Kingdom)	1.4
	8.	AstraZeneca plc (United Kingdom)	1.4
	9.	Royal Dutch Shell plc, Class A (Netherlands)	1.3
	10.	LVMH Moet Hennessy Louis Vuitton SE (France)	1.2

PORTFOLIO COMPOSITION BY COUNTRY****
United Kingdom	22.1	%
France	16.7
Switzerland	14.8
Germany	13.1
Netherlands	6.9
Sweden	4.4
Spain	4.3
Italy	3.5
Denmark	2.7
Finland	1.9
Belgium	1.7
Norway	1.1
Australia	1.0
Others (each less than 1.0%)	2.9
Short-Term Investments	2.9

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $24.36 as of October 31, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. The midpoint price was $24.39 as of October 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 October 31, 2019. The Fund’s portfolio composition is subject to change.

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

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders Europe ETF
Net Asset Value		June 15, 2018		11.43%		1.21%
Market Price				11.32%		1.31%

LIFE OF FUND PERFORMANCE(6/15/18 TO 10/31/19)

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 June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Europe ETF and Morningstar^® Developed Europe Target Market Exposure Index^SM from June 15, 2018 to October 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar^® Developed Europe Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar^® Developed Europe Target Market Exposure Index^SM is a

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

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

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

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

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

JPMorgan BetaBuilders Japan ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan BetaBuilders Japan ETF
Net Asset Value*		8.74%
Market Price**		9.07%
Morningstar® Japan Target Market Exposure Indexsm		9.05%
Net Assets as of 10/31/2019	$	4,318,521,919

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-cap weighted index consisting of stocks traded primarily on the Tokyo or Nagoya stock exchanges. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the twelve months ended October 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 industrials and information technology sectors were leading contributors to absolute performance, while their exposures to the financials and energy sectors were leading detractors from absolute performance.

HOW WAS THE FUND POSITIONED?

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

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Toyota Motor Corp.	4.5	%
	2.	Sony Corp.	1.9
	3.	Mitsubishi UFJ Financial Group, Inc.	1.7
	4.	SoftBank Group Corp.	1.6
	5.	Keyence Corp.	1.5
	6.	Takeda Pharmaceutical Co. Ltd.	1.4
	7.	Recruit Holdings Co. Ltd.	1.3
	8.	Honda Motor Co. Ltd.	1.2
	9.	Sumitomo Mitsui Financial Group, Inc.	1.2
	10.	KDDI Corp.	1.1

PORTFOLIO COMPOSITION BY SECTOR****
Industrials	21.9	%
Consumer Discretionary	18.9
Information Technology	10.9
Financials	10.1
Health Care	9.3
Consumer Staples	8.3
Communication Services	7.3
Materials	5.7
Real Estate	4.8
Utilities	1.6
Others (each less than 1.0%)	1.2

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $24.54 as of October 31, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. The midpoint price was $24.57 as of October 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 October 31, 2019. The Fund’s portfolio composition is subject to change.

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

JPMorgan BetaBuilders Japan ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders Japan ETF
Net Asset Value		June 15, 2018		8.74%		(0.24	)%
Market Price				9.07%		(0.16	)%

LIFE OF FUND PERFORMANCE(6/15/18 TO 10/31/19)

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 June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Japan ETF and Morningstar^® Japan Target Market Exposure Index^SM from June 15, 2018 to October 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar^® Japan Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar^® Japan Target Market Exposure Index^SM is a free float adjusted market capitalization weighted index

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

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

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

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

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

JPMorgan BetaBuilders U.S. Equity ETF

FUND COMMENTARY

FOR THE PERIOD MARCH 12, 2019 (INCEPTION DATE) THROUGH OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan BetaBuilders U.S. Equity ETF
Net Asset Value*		9.95%
Market Price**		9.97%
Morningstar® US Target Market Exposure Indexsm		9.98%
Net Assets as of 10/31/2019	$	46,409,125

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-cap weighted index consisting of equity securities traded primarily in the U.S. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the period from inception on March 12, 2019 to October 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 information technology and financials sectors were leading contributors to absolute performance, while their exposure to the energy sector was the sole sector detractor from absolute performance.

HOW WAS THE FUND POSITIONED?

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	4.1	%
	2.	Apple, Inc.	4.0
	3.	Amazon.com, Inc.	2.8
	4.	Facebook, Inc., Class A	1.8
	5.	Berkshire Hathaway, Inc., Class B	1.6
	6.	JPMorgan Chase & Co.	1.5
	7.	Alphabet, Inc., Class C	1.4
	8.	Alphabet, Inc., Class A	1.4
	9.	Johnson & Johnson	1.3
	10.	Procter & Gamble Co. (The)	1.2

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	22.3	%
Health Care	13.9
Financials	13.0
Communication Services	10.3
Consumer Discretionary	10.2
Industrials	9.3
Consumer Staples	7.2
Energy	4.2
Utilities	3.5
Real Estate	3.2
Materials	2.6
Short-Term Investments	0.3

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $54.60 as of October 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 $54.61 as of October 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 October 31, 2019. The Fund’s portfolio composition is subject to change.

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

JPMorgan BetaBuilders U.S. Equity ETF

FUND COMMENTARY

FOR THE PERIOD MARCH 12, 2019 (INCEPTION DATE) THROUGH OCTOBER 31, 2019 (Unaudited) (continued)

TOTAL RETURNSAS OF OCTOBER 31, 2019 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan BetaBuilders U.S. Equity ETF
Net Asset Value		March 12, 2019		9.95%
Market Price				9.97%

LIFE OF FUND PERFORMANCE(3/12/19 TO 10/31/19)

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

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

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

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return Emerging Markets Equity ETF
Net Asset Value*		10.00%
Market Price**		10.31%
JP Morgan Diversified Factor Emerging Markets Equity Index (net of foreign withholding taxes)		10.66%
FTSE Emerging Index (net of foreign withholding taxes)		13.61%
MSCI Emerging Markets Index (net of foreign withholding taxes)		11.86%
Net Assets as of 10/31/2019	$	353,795,416

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which provides emerging markets equity exposure, diversified across emerging market regions and super-sectors, and beginning June 21, 2019, individual securities. The Underlying Index uses a proprietary multi-factor stock selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute return for the twelve months ended October 31, 2019 and performed in line with the Underlying Index, before considering differences in the net asset value calculations and foreign exchange pricing between the Underlying Index and the Fund and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index underperformed both the FTSE Emerging Index and the MSCI Emerging Markets Index, which are more traditional market capitalization weighted indexes.

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

Relative to the FTSE Emerging Index, The Fund’s and the Underlying Index’s security selection and underweight positions in the technology sector and consumer services sectors were leading detractors from performance. The Fund’s and the Underlying Index’s security selection and underweight positions in the financials sector and their security selection and overweight positions in the consumer goods sector were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

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

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

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	China Mobile Ltd. (China)	1.7	%
	2.	LUKOIL PJSC (Russia)	1.6
	3.	Naspers Ltd., Class N (South Africa)	1.6
	4.	Gazprom PJSC (Russia)	1.5
	5.	Vale SA (Brazil)	1.4
	6.	Petroleo Brasileiro SA (Preference) (Brazil)	1.3
	7.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)	1.2
	8.	Reliance Industries Ltd. (India)	1.2
	9.	Sberbank of Russia PJSC (Russia)	1.1
	10.	Itau Unibanco Holding SA (Preference) (Brazil)	1.0

PORTFOLIO COMPOSITION BY COUNTRY****
China	20.6	%
Brazil	14.6
Taiwan	11.1
India	9.0
Russia	7.6
South Africa	6.8
Mexico	4.4
Thailand	4.4
Indonesia	4.2
Malaysia	3.1
Saudi Arabia	1.9
Qatar	1.7
Turkey	1.6
Philippines	1.3
Kuwait	1.3
Chile	1.2
United Arab Emirates	1.1
Others (each less than 1.0%)	3.6
Short-Term Investments	0.5

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $54.43 as of October 31, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $54.50 as of October 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 October 31, 2019. The Fund’s composition is subject to change.

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

AVERAGE ANNUAL TOTAL RETURNSAS OFOCTOBER 31, 2019 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return Emerging Markets Equity ETF
Net Asset Value		January 7, 2015		10.00%		4.27%
Market Price				10.31%		4.30%

LIFE OF FUND PERFORMANCE(1/07/15 TO 10/31/19)

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 pleasecall 1-844-457-6383.

Fund commenced operations on January 7, 2015.

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

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

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

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

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

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

JPMorgan Diversified Return Europe Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return Europe Equity ETF
Net Asset Value*		11.09%
Market Price**		10.81%
JP Morgan Diversified Factor Europe Equity Index (net of foreign withholding taxes)		10.70%
FTSE Developed Europe Index (net of foreign withholding taxes)		10.81%
MSCI Europe Index (net of foreign withholding taxes)		10.90%
Net Assets as of 10/31/2019	$	17,280,937

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2019, and performed in line with the Underlying Index, before considering the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund also performed in line with the FTSE Developed Europe Index and the MSCI Europe Index, both of which are more traditional market capitalization weighted indexes.

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

Relative to the FTSE Developed Europe Index, the Fund’s and the Underlying Index’s security selection and underweight positions in the financials sector and their security selection and underweight positions in the oil & gas sector were leading contributors to performance, while the Fund’s and the Underlying Index’s security selection in the health care and consumer goods sectors were leading detractors from relative performance.

HOW WAS THE FUND POSITIONED?

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

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	ASML Holding NV (Netherlands)	0.5	%
	2.	UPM-Kymmene OYJ (Finland)	0.5
	3.	ConvaTec Group plc (United Kingdom)	0.4
	4.	Porsche Automobil Holding SE (Preference) (Germany)	0.4
	5.	Orion OYJ, Class B (Finland)	0.4
	6.	Next plc (United Kingdom)	0.4
	7.	OMV AG (Austria)	0.4
	8.	Peugeot SA (France)	0.4
	9.	Geberit AG (Registered) (Switzerland)	0.4
	10.	Neste OYJ (Finland)	0.4

PORTFOLIO COMPOSITION BY COUNTRY****
United Kingdom	19.6	%
France	15.2
Germany	12.6
Switzerland	9.0
Sweden	7.7
Italy	6.1
Spain	5.4
Netherlands	4.6
Finland	3.8
Denmark	3.7
Norway	2.4
Belgium	1.9
United States	0.7
Others (each less than 1.0%)	6.5
Short-Term Investments	0.8

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $57.60 as of October 31, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $57.58 as of October 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 October 31, 2019. The Fund’s composition is subject to change.

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

JPMorgan Diversified Return Europe Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return Europe Equity ETF
Net Asset Value		December 18, 2015		11.09%		6.53%
Market Price				10.81%		6.51%

LIFE OF FUND PERFORMANCE(12/18/15 TO 10/31/19)

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 December 18, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Europe Equity ETF, the JP Morgan Diversified Factor Europe Equity Index, the FTSE Developed Europe Index, and the MSCI Europe Index from December 18, 2015 to October 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor Europe Equity Index, the FTSE Developed Europe Index, and the MSCI Europe Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Europe Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Europe Equity Index. The JP Morgan Diversified Factor Europe Equity

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

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

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

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

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

JPMorgan Diversified Return Global Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return Global Equity ETF
Net Asset Value*		10.49%
Market Price**		10.30%
JP Morgan Diversified Factor Global Developed Equity Index (net of foreign withholding taxes)		10.70%
FTSE Developed Index (net of foreign withholding taxes)		12.47%
MSCI World Index (net of foreign withholding taxes)		12.69%
Net Assets as of 10/31/2019	$	145,749,540

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2019, and performed in line with the Underlying Index, before consideration of specific trading limits, differences in valuations because of the timing of the local market closings and the net asset value calculations, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index underperformed the FTSE Developed Index (net of foreign withholding taxes) and the MSCI World Index (net of foreign

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

By sector, the Fund’s and the Underlying Index’s positions in the technology and consumer goods sectors were leading contributors to absolute performance, while their positions in the oil & gas sector were the sole sector detractors from absolute performance. By region, the Fund’s and the Underlying Index’s allocations to the U.S. and Australia were leading contributors to absolute performance, while their allocations to Norway and South Korea detracted from absolute performance.

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

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest sector allocations were in the consumer goods and consumer services sectors, while their smallest allocations were in the oil & gas and telecommunications sectors. The Fund’s and the Underlying Index’s largest country allocations were in the U.S. and Japan and their smallest allocations were in Austria and New Zealand.

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

JPMorgan Diversified Return Global Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Samsung Electronics Co. Ltd. (South Korea)	0.4	%
	2.	Lam Research Corp. (United States)	0.4
	3.	Sekisui House Ltd. (Japan)	0.3
	4.	CSL Ltd. (Australia)	0.3
	5.	NAVER Corp. (South Korea)	0.3
	6.	SK Hynix, Inc. (South Korea)	0.3
	7.	Garmin Ltd. (United States)	0.3
	8.	Fortescue Metals Group Ltd. (Australia)	0.3
	9.	Hannover Rueck SE (Germany)	0.3
	10.	Advantest Corp. (Japan)	0.3

PORTFOLIO COMPOSITION BY COUNTRY****
Japan	22.7	%
United States	21.7
Australia	9.9
South Korea	7.6
United Kingdom	4.4
France	4.1
Hong Kong	3.6
Canada	3.4
Sweden	2.5
Spain	2.4
Switzerland	2.2
Germany	2.1
Netherlands	2.0
Singapore	2.0
Italy	1.5
Finland	1.1
Norway	1.0
Others (each less than 1.0%)	5.1
Short-Term Investments	0.7

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $60.73 as of October 31, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $60.57 as of October 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 October 31, 2019. The Fund’s composition is subject to change.

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

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019 (Unaudited)
	INCEPTION DATE		1 YEAR		5 YEAR		SINCE INCEPTION
JPMorgan Diversified Return Global Equity ETF
Net Asset Value		June 16, 2014		10.49%		6.36%		5.78%
Market Price				10.30%		6.13%		5.73%

LIFE OF FUND PERFORMANCE(6/16/14 TO 10/31/19)

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 June 16, 2014.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Global Equity ETF, the JP Morgan Diversified Factor Global Developed Equity Index, the FTSE Developed Index, and the MSCI World Index from June 16, 2014 to October 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor Global Developed Equity Index, the FTSE Developed Index and the MSCI World Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Global Developed Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Global Developed Equity Index. JP Morgan Diversified Factor Global Developed Equity Index is comprised of large- and mid-cap equity securities

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

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

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

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

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

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return International Equity ETF
Net Asset Value*		7.05%
Market Price**		7.23%
JP Morgan Diversified Factor International Equity Index (net of foreign withholding taxes)		7.30%
FTSE Developed ex North America Index (net of foreign withholding taxes)		10.54%
MSCI EAFE Index (net of foreign withholding taxes)		11.04%
Net Assets as of 10/31/2019	$	1,282,867,303

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2019, and performed in line with the Underlying Index, before considering differences due to specific trading limits, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index underperformed both the FTSE Developed ex North America Index and the MSCI EAFE Index, which are more traditional market capitalization weighted indexes.

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

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

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

HOW WAS THE FUND POSITIONED?

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

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Samsung Electronics Co. Ltd. (South Korea)	0.5	%
	2.	Sekisui House Ltd. (Japan)	0.4
	3.	Berkeley Group Holdings plc (United Kingdom)	0.4
	4.	UPM-Kymmene OYJ (Finland)	0.4
	5.	CSL Ltd. (Australia)	0.4
	6.	Segro plc, REIT (United Kingdom)	0.4
	7.	Techtronic Industries Co. Ltd. (Hong Kong)	0.4
	8.	United Utilities Group plc (United Kingdom)	0.4
	9.	National Grid plc (United Kingdom)	0.4
	10.	GlaxoSmithKline plc (United Kingdom)	0.4

PORTFOLIO COMPOSITION BY COUNTRY****
Japan	23.8	%
United Kingdom	19.8
Australia	10.3
South Korea	7.0
France	5.3
Hong Kong	5.0
Sweden	3.5
Netherlands	3.0
Germany	2.9
Singapore	2.4
Switzerland	2.4
Finland	2.1
Italy	2.0
Spain	1.9
United States	0.5
Norway	1.4
Others (each less than 1.0%)	5.5
Short-Term Investments	1.2

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $55.06 as of October 31, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $55.02 as of October 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 October 31, 2019. The Fund’s composition is subject to change.

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

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return International Equity ETF
Net Asset Value		November 5, 2014		7.05%		4.27%
Market Price				7.23%		4.25%

LIFE OF FUND PERFORMANCE(11/5/14 TO 10/31/19)

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 November 5, 2014.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Equity ETF, the JP Morgan Diversified Factor International Equity Index, the FTSE Developed ex North America Index, and the MSCI EAFE Index from November 5, 2014 to October 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor International Equity Index, the FTSE Developed ex North America Index and the MSCI EAFE Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor International Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor International Equity Index. JP Morgan Diversified Factor International Equity Index is comprised of large- and mid-cap equity securities from developed global markets (excluding North America). Holdings in this index are selected

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

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

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

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

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

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return U.S. Equity ETF
Net Asset Value*		11.65%
Market Price**		11.65%
JP Morgan Diversified Factor US Equity Index		11.86%
Russell 1000 Index		14.15%
Net Assets as of 10/31/2019	$	802,625,997

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

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

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s overweight positions in the oil & gas sector and their security selection in the technology sector were leading detractors from performance, while their security selection and overweight positions in the utilities sector and their security selection in the basic materials sector were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

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

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

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Global Payments, Inc.	0.5	%
	2.	Reliance Steel & Aluminum Co.	0.5
	3.	PulteGroup, Inc.	0.4
	4.	Cummins, Inc.	0.4
	5.	Garmin Ltd.	0.4
	6.	PPG Industries, Inc.	0.4
	7.	International Paper Co.	0.4
	8.	AES Corp.	0.4
	9.	Medical Properties Trust, Inc.	0.4
	10.	Lululemon Athletica, Inc.	0.4

PORTFOLIO COMPOSITION BY SECTOR****
Consumer Goods	14.0	%
Financials	12.8
Consumer Services	11.9
Industrials	10.6
Health Care	10.5
Utilities	10.5
Technology	9.0
Basic Materials	8.9
Oil & Gas	6.6
Telecommunications	2.2
Short-Term Investments	3.0

* 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 $76.44 as of October 31, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $76.45 as of October 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 October 31, 2019. The Fund’s composition is subject to change.

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

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Equity ETF
Net Asset Value		September 29, 2015		11.65%		12.57%
Market Price				11.65%		12.57%

LIFE OF FUND PERFORMANCE(9/29/15 TO 10/31/19)

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 September 29, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Equity ETF, the JP Morgan Diversified Factor US Equity Index, and the Russell 1000 Index from September 29, 2015 to October 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor US Equity Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the

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

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

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

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

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Net Asset Value*		9.73%
Market Price**		9.78%
JP Morgan Diversified Factor US Mid Cap Equity Index		10.02%
Russell Midcap Index		13.72%
Net Assets as of 10/31/2019	$	187,973,791

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index underperformed the Russell Midcap Index, which is a more traditional market capitalization weighted index.

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

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

HOW WAS THE FUND POSITIONED?

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

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Lam Research Corp.	0.5	%
	2.	Reliance Steel & Aluminum Co.	0.5
	3.	Teradyne, Inc.	0.5
	4.	HollyFrontier Corp.	0.5
	5.	Leggett & Platt, Inc.	0.4
	6.	Cummins, Inc.	0.4
	7.	International Paper Co.	0.4
	8.	Nucor Corp.	0.4
	9.	CDW Corp.	0.4
	10.	Medical Properties Trust, Inc.	0.4

PORTFOLIO COMPOSITION BY SECTOR****
Financials	14.3	%
Consumer Goods	13.6
Consumer Services	11.7
Industrials	11.2
Health Care	10.4
Technology	9.3
Utilities	9.0
Basic Materials	8.6
Oil & Gas	6.1
Telecommunications	1.0
Short-Term Investments	4.8

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $67.13 as of October 31, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $67.17 as of October 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 October 31, 2019. The Fund’s composition is subject to change.

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

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Net Asset Value		May 11, 2016		9.73%		10.39%
Market Price				9.78%		10.41%

LIFE OF FUND PERFORMANCE(5/11/16 TO 10/31/19)

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 May 11, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JP Morgan Diversified Factor US Mid Cap Equity Index, and the Russell Midcap Index from May 11, 2016 to October 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor US Mid Cap Equity Index and Russell Midcap Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of

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

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

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

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

JPMorgan Diversified Return U.S. Small Cap Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Net Asset Value*		5.64%
Market Price**		5.75%
JP Morgan Diversified Factor US Small Cap Equity Index		5.90%
Russell 2000 Index		4.90%
Net Assets as of 10/31/2019	$	140,343,327

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which tracks small cap equity securities of U.S. companies. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. Prior to June 28, 2019, the Underlying Index security selection process sought to exclude the least attractive stocks based on these characteristics. As of June 28, 2019, the Underlying Index was revised so that each of the individual characteristics is given equal input in security selection. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio.

Both the Fund and the Underlying Index outperformed the Russell 2000 Index, which is a more traditional market capitalization weighted index.

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

Relative to the Russell 2000 Index, the Fund’s and the Underlying Index’s overweight positions and security selection in the utilities sector and their underweight positions in the health care sector were leading contributors to performance, while the Fund’s and the Underlying Index’s security selection and overweight positions in the basic materials sector and their overweight positions in the oil & gas sector were leading detractors from relative performance.

HOW WAS THE FUND POSITIONED?

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

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 35

JPMorgan Diversified Return U.S. Small Cap Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	El Paso Electric Co.	0.7	%
	2.	Ormat Technologies, Inc.	0.6
	3.	American States Water Co.	0.5
	4.	California Water Service Group	0.4
	5.	Avista Corp.	0.4
	6.	Winnebago Industries, Inc.	0.4
	7.	ALLETE, Inc.	0.3
	8.	ONE Gas, Inc.	0.3
	9.	Fox Factory Holding Corp.	0.3
	10.	PNM Resources, Inc.	0.3

PORTFOLIO COMPOSITION BY SECTOR****
Financials	12.6	%
Consumer Goods	11.9
Consumer Services	11.2
Industrials	11.0
Technology	9.8
Health Care	7.9
Basic Materials	6.8
Utilities	5.9
Oil & Gas	5.5
Telecommunications	1.2
Short-Term Investments	16.2

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $30.84 as of October 31, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $30.87 as of October 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 October 31, 2019. The Fund’s composition is subject to change.

36 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Net Asset Value		November 15, 2016		5.64%		8.39%
Market Price				5.75%		8.43%

LIFE OF FUND PERFORMANCE(11/15/16 TO 10/31/19)

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 November 15, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Small Cap Equity ETF, the JP Morgan Diversified Factor US Small Cap Equity Index, and the Russell 2000 Index from November 15, 2016 to October 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor US Small Cap Equity Index and Russell 2000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the

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

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

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

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 37

JPMorgan U.S. Dividend ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan U.S. Dividend ETF
Net Asset Value*		12.57%
Market Price**		12.69%
JP Morgan US Dividend Index		12.83%
Russell 1000 Index		14.15%
Net Assets as of 10/31/2019	$	40,631,525

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

On an absolute basis, the Fund’s and the Underlying Index’s allocations to the utilities and financials sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s allocations to the oil & gas and consumer services sectors were leading detractors from performance.

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

HOW WAS THE FUND POSITIONED?

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

38 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Reliance Steel & Aluminum Co.	0.7	%
	2.	Intel Corp.	0.7
	3.	LyondellBasell Industries NV, Class A	0.7
	4.	Eastman Chemical Co.	0.7
	5.	KLA Corp.	0.6
	6.	AGNC Investment Corp.	0.6
	7.	CenturyLink, Inc.	0.6
	8.	PBF Energy, Inc., Class A	0.6
	9.	Liberty Property Trust	0.6
	10.	PPL Corp.	0.6

PORTFOLIO COMPOSITION BY SECTOR****
Financials	17.7	%
Utilities	16.0
Consumer Goods	14.1
Basic Materials	9.7
Consumer Services	9.3
Industrials	8.9
Oil & Gas	7.4
Health Care	6.2
Technology	5.3
Telecommunications	3.4
Short-Term Investments	2.0

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $27.09 as of October 31, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $27.10 as of October 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 October 31, 2019. The Fund’s composition is subject to change.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 39

JPMorgan U.S. Dividend ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Dividend ETF
Net Asset Value		November 8, 2017		12.57%		7.80%
Market Price				12.69%		7.82%

LIFE OF FUND PERFORMANCE(11/8/17 TO 10/31/19)

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 November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Dividend ETF, the JP Morgan US Dividend Index, and the Russell 1000 Index from November 8, 2017 to October 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Dividend Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Dividend Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark

administrator, administers, calculates and governs the JP Morgan US Dividend Index. The JP Morgan US Dividend Index contains U.S. large- and mid-cap equity securities from the Russell 1000 Index using a rules-based factor selection process. The Underlying Index is designed to provide exposure to the highest dividend yielding sectors on a risk adjusted basis, meaning that the index will establish sector weights by considering both the yield of the sector and the relative volatility of sector returns. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

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

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

40 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

JPMorgan U.S. Minimum Volatility ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan U.S. Minimum Volatility ETF
Net Asset Value*		17.82%
Market Price**		17.90%
JP Morgan US Minimum Volatility Index		18.02%
Russell 1000 Index		14.15%
Net Assets as of 10/31/2019	$	107,244,658

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute return for the twelve months ended October 31, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index outperformed the Russell 1000 Index, which

is a more traditional market capitalization weighted equity index.

In terms of absolute performance, the Fund’s and the Underlying Index’s positions in the utilities and financials sectors were leading contributors to performance, while their positions in the oil & gas sector were the sole sector detractors from performance.

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

HOW WAS THE FUND POSITIONED?

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

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 41

JPMorgan U.S. Minimum Volatility ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Archer-Daniels-Midland Co.	0.7	%
	2.	AT&T, Inc.	0.6
	3.	NextEra Energy, Inc.	0.6
	4.	Entergy Corp.	0.6
	5.	Southern Co. (The)	0.6
	6.	Microsoft Corp.	0.6
	7.	Sysco Corp.	0.6
	8.	ANSYS, Inc.	0.6
	9.	Dominion Energy, Inc.	0.6
	10.	ResMed, Inc.	0.6

PORTFOLIO COMPOSITION BY SECTOR****
Consumer Goods	18.7	%
Utilities	16.8
Health Care	16.8
Financials	14.0
Consumer Services	9.7
Basic Materials	5.1
Industrials	5.0
Oil & Gas	5.0
Technology	4.9
Telecommunications	3.5
Short-Term Investments	0.5

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $30.21 as of October 31, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $30.23 as of October 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 October 31, 2019. The Fund’s composition is subject to change.

42 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Minimum Volatility ETF
Net Asset Value		November 8, 2017		17.82%		12.26%
Market Price				17.90%		12.30%

LIFE OF FUND PERFORMANCE(11/8/17 TO 10/31/19)

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 November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Minimum Volatility ETF, the JP Morgan US Minimum Volatility Index, and the Russell 1000 Index from November 8, 2017 to October 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Minimum Volatility Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Minimum Volatility Index and developed the proprietary factors on which the index is based.

FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Minimum Volatility Index. The JP Morgan US Minimum Volatility Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based factor selection process. The Underlying Index is designed to distribute risk among sectors and stocks in order to seek to minimize the overall portfolio volatility based upon the parameters of the rules-based process. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

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

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

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 43

JPMorgan U.S. Momentum Factor ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan U.S. Momentum Factor ETF
Net Asset Value*		13.06%
Market Price**		13.06%
JP Morgan US Momentum Factor Index		13.18%
Russell 1000 Index		14.15%
Net Assets as of 10/31/2019	$	56,620,589

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio.

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

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

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

HOW WAS THE FUND POSITIONED?

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

44 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

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

PORTFOLIO COMPOSITION BY SECTOR****
Technology	21.3	%
Financials	19.0
Consumer Services	13.6
Health Care	12.5
Industrials	12.2
Consumer Goods	8.3
Oil & Gas	4.1
Utilities	3.5
Telecommunications	2.2
Basic Materials	2.1
Short-Term Investments	1.2

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $29.04 as of October 31, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $29.05 as of October 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 October 31, 2019. The Fund’s composition is subject to change.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 45

JPMorgan U.S. Momentum Factor ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Momentum Factor ETF
Net Asset Value		November 8, 2017		13.06%		9.15%
Market Price				13.06%		9.17%

LIFE OF FUND PERFORMANCE(11/8/17 TO 10/31/19)

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 pleasecall 1-844-457-6383.

Fund commenced operations on November 8, 2017.

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

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

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

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

46 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

JPMorgan U.S. Quality Factor ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan U.S. Quality Factor ETF
Net Asset Value*		14.10%
Market Price**		14.18%
JP Morgan US Quality Factor Index		14.36%
Russell 1000 Index		14.15%
Net Assets as of 10/31/2019	$	107,067,872

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio.

Both the Fund and the Underlying Index performed in line with the Russell 1000 Index, which is a more traditional market capitalization weighted index.

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

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

HOW WAS THE FUND POSITIONED?

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

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 47

JPMorgan U.S. Quality Factor ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Apple, Inc.	2.3	%
	2.	Microsoft Corp.	2.0
	3.	Johnson & Johnson	2.0
	4.	Visa, Inc., Class A	1.9
	5.	Alphabet, Inc., Class A	1.9
	6.	Home Depot, Inc. (The)	1.9
	7.	Facebook, Inc., Class A	1.8
	8.	Verizon Communications, Inc.	1.8
	9.	Mastercard, Inc., Class A	1.8
	10.	Merck & Co., Inc.	1.6

PORTFOLIO COMPOSITION BY SECTOR****
Technology	22.2	%
Financials	18.2
Consumer Services	13.8
Health Care	12.8
Industrials	12.5
Consumer Goods	7.8
Oil & Gas	4.2
Utilities	3.3	��
Basic Materials	2.1
Telecommunications	2.0
Short-Term Investments	1.1

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $29.74 as of October 31, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $29.76 as of October 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 October 31, 2019. The Fund’s composition is subject to change.

48 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Quality Factor ETF
Net Asset Value		November 8, 2017		14.10%		11.22%
Market Price				14.18%		11.25%

LIFE OF FUND PERFORMANCE(11/8/17 TO 10/31/19)

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 November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Quality Factor ETF, the JP Morgan US Quality Factor Index, and the Russell 1000 Index from November 8, 2017 to October 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Quality Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Quality Factor Index and developed the proprietary factors on which the index is based. FTSE

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

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

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

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 49

JPMorgan U.S. Value Factor ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan U.S. Value Factor ETF
Net Asset Value*		11.01%
Market Price**		11.05%
JP Morgan US Value Factor Index		11.56%
Russell 1000 Index		14.15%
Net Assets as of 10/31/2019	$	66,849,642

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute return for the twelve months ended October 31, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the

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

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

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

HOW WAS THE FUND POSITIONED?

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

50 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Apple, Inc.	2.2	%
	2.	Microsoft Corp.	1.9
	3.	Intel Corp.	1.8
	4.	Wells Fargo & Co.	1.7
	5.	Johnson & Johnson	1.5
	6.	Pfizer, Inc.	1.5
	7.	Walt Disney Co. (The)	1.5
	8.	Cisco Systems, Inc.	1.5
	9.	Comcast Corp., Class A	1.5
	10.	UnitedHealth Group, Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR****
Technology	21.8	%
Financials	19.0
Consumer Services	13.4
Industrials	12.8
Health Care	12.1
Consumer Goods	8.6
Oil & Gas	4.2
Utilities	3.2
Basic Materials	2.2
Telecommunications	2.0
Short-Term Investments	0.7

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $27.29 as of October 31, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $27.30 as of October 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 October 31, 2019. The Fund’s composition is subject to change.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 51

JPMorgan U.S. Value Factor ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Value Factor ETF
Net Asset Value		November 8, 2017		11.01%		7.07%
Market Price				11.05%		7.09%

LIFE OF FUND PERFORMANCE(11/8/17 TO 10/31/19)

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 November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Value Factor ETF, the JP Morgan US Value Factor Index, and the Russell 1000 Index from November 8, 2017 to October 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Value Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Value Factor Index and developed the proprietary factors on which the index is based. FTSE International

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

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

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

52 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

JPMorgan BetaBuilders Canada ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.4%
Aerospace & Defense — 0.6%
Bombardier, Inc., Class B*		5,418,770		6,829,518
CAE, Inc.		678,374		17,012,143
				23,841,661
Airlines — 0.6%
Air Canada*		678,048		24,144,295
Auto Components — 1.0%
Magna International, Inc.		744,561		40,034,781
Banks — 26.3%
Bank of Montreal (a)		1,628,132		120,524,539
Bank of Nova Scotia (The)		3,109,857		178,360,487
Canadian Imperial Bank of Commerce		1,133,676		96,669,313
National Bank of Canada (a)		855,115		44,161,356
Royal Bank of Canada		3,655,520		294,861,776
Toronto-Dominion Bank (The)		4,637,304		264,802,698
				999,380,169
Capital Markets — 4.1%
Brookfield Asset Management, Inc., Class A		2,347,413		129,801,905
CI Financial Corp.		555,225		8,081,135
IGM Financial, Inc.		206,428		5,825,624
TMX Group Ltd.		128,562		11,232,947
				154,941,611
Chemicals — 2.0%
Methanex Corp.		194,262		7,361,337
Nutrien Ltd.		1,459,775		69,835,565
				77,196,902
Commercial Services & Supplies — 1.9%
Ritchie Bros Auctioneers, Inc.		274,790		11,305,801
Waste Connections, Inc.		671,930		62,065,905
				73,371,706
Construction & Engineering — 0.5%
SNC-Lavalin Group, Inc.		447,346		8,086,940
WSP Global, Inc.		163,738		10,216,376
				18,303,316
Containers & Packaging — 0.4%
CCL Industries, Inc., Class B		369,022		15,188,431
Diversified Financial Services — 0.3%
Onex Corp. (a)		216,129		12,705,845
Diversified Telecommunication Services — 1.4%
BCE, Inc.		756,886		35,904,819
TELUS Corp.		506,089		18,001,875
				53,906,694

INVESTMENTS	SHARES		VALUE($)
Electric Utilities — 2.3%
Emera, Inc. (a)		608,015		25,172,772
Fortis, Inc.		1,110,618		46,141,536
Hydro One Ltd. (a) (b)		775,337		14,416,523
				85,730,831
Equity Real Estate Investment Trusts (REITs) — 0.6%
Canadian Apartment Properties		199,543		8,308,358
H&R		357,168		6,041,836
RioCan (a)		380,113		7,627,657
				21,977,851
Food & Staples Retailing — 3.8%
Alimentation Couche-Tard, Inc., Class B		2,228,510		66,833,304
Empire Co. Ltd., Class A		441,789		11,729,832
George Weston Ltd.		180,010		14,412,007
Loblaw Cos. Ltd.		447,802		23,880,960
Metro, Inc.		648,759		27,435,940
				144,292,043
Food Products — 0.5%
Saputo, Inc.		602,555		17,475,971
Gas Utilities — 0.3%
AltaGas Ltd. (a)		706,399		10,276,065
Hotels, Restaurants & Leisure — 1.6%
Restaurant Brands International, Inc.		759,085		49,662,405
Stars Group, Inc. (The)*		593,871		12,922,590
				62,584,995
Insurance — 7.6%
Fairfax Financial Holdings Ltd.		69,996		29,654,368
Great-West Lifeco, Inc.		685,804		16,677,778
iA Financial Corp., Inc.		270,894		13,045,939
Intact Financial Corp.		354,677		36,596,010
Manulife Financial Corp.		4,987,801		92,894,054
Power Corp. of Canada		834,948		19,322,159
Power Financial Corp.		609,209		14,246,175
Sun Life Financial, Inc.		1,506,080		67,568,345
				290,004,828
IT Services — 3.4%
CGI, Inc.*		612,826		47,635,810
Shopify, Inc., Class A*		255,537		80,128,146
				127,763,956
Media — 0.9%
Quebecor, Inc., Class B		455,284		10,584,463
Shaw Communications, Inc., Class B		1,157,171		23,616,093
				34,200,556

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 53

JPMorgan BetaBuilders Canada ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Metals & Mining — 7.2%
Agnico Eagle Mines Ltd.		607,197		37,318,804
Barrick Gold Corp.		4,527,587		78,650,969
First Quantum Minerals Ltd.		1,756,696		14,844,755
Franco-Nevada Corp.		477,068		46,290,555
Kinross Gold Corp.*		3,191,528		15,508,146
Kirkland Lake Gold Ltd.		487,393		22,887,599
Lundin Mining Corp.		1,630,746		8,233,590
Teck Resources Ltd., Class B		1,247,083		19,713,210
Wheaton Precious Metals Corp.		1,137,190		31,876,892
				275,324,520
Multiline Retail — 1.1%
Canadian Tire Corp. Ltd., Class A (a)		148,395		15,997,727
Dollarama, Inc.		745,966		25,095,857
				41,093,584
Multi-Utilities — 0.9%
Algonquin Power & Utilities Corp.		1,262,861		17,345,042
Atco Ltd., Class I		188,746		6,634,986
Canadian Utilities Ltd., Class A		304,912		8,892,013
				32,872,041
Oil, Gas & Consumable Fuels — 17.7%
ARC Resources Ltd. (a)		902,452		3,823,311
Cameco Corp.		1,008,564		9,005,173
Canadian Natural Resources Ltd.		3,028,571		76,363,862
Cenovus Energy, Inc.		2,598,700		22,137,586
Crescent Point Energy Corp.		1,394,362		5,092,158
Enbridge, Inc.		5,157,153		187,828,281
Encana Corp.		3,310,158		12,968,199
Husky Energy, Inc.		768,370		5,367,097
Imperial Oil Ltd.		602,550		15,005,421
Inter Pipeline Ltd. (a)		1,050,953		17,642,222
Keyera Corp.		545,633		12,647,616
Pembina Pipeline Corp.		1,302,321		45,849,689
PrairieSky Royalty Ltd. (a)		529,282		5,167,843
Seven Generations Energy Ltd., Class A*		742,730		4,161,679
Suncor Energy, Inc.		3,964,012		117,857,953
TC Energy Corp.		2,376,925		119,811,746
Tourmaline Oil Corp.		637,781		5,471,813
Vermilion Energy, Inc. (a)		395,381		5,223,316
				671,424,965
Paper & Forest Products — 0.2%
West Fraser Timber Co. Ltd.		128,542		5,943,518
Pharmaceuticals — 1.1%
Aurora Cannabis, Inc.* (a)		2,599,279		9,314,856

INVESTMENTS	SHARES		VALUE($)
Pharmaceuticals — continued
Bausch Health Cos., Inc.*		793,206		19,717,231
Canopy Growth Corp.* (a)		565,344		11,301,729
				40,333,816
Professional Services — 0.8%
Thomson Reuters Corp.		434,191		29,177,925
Road & Rail — 6.4%
Canadian National Railway Co.		1,836,483		164,253,054
Canadian Pacific Railway Ltd.		354,371		80,584,358
				244,837,412
Software — 2.2%
BlackBerry Ltd.* (a)		1,257,367		6,606,165
Constellation Software, Inc. (a)		50,222		49,601,613
Open Text Corp.		687,586		27,783,256
				83,991,034
Textiles, Apparel & Luxury Goods — 0.3%
Gildan Activewear, Inc.		519,025		13,260,338
Thrifts & Mortgage Finance — 0.1%
Genworth MI Canada, Inc. (a)		99,162		4,005,329
Trading Companies & Distributors — 0.2%
Finning International, Inc.		416,139		7,086,780
Wireless Telecommunication Services — 1.1%
Rogers Communications, Inc., Class B		908,876		42,790,525
Total Common Stocks (Cost $3,653,743,505)				3,779,464,294
Short-Term Investments — 6.0%
Investment of Cash Collateral from Securities Loaned — 6.0%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (c) (d)		173,986,803		174,004,202
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (c) (d)		52,671,952		52,671,952
Total Investment of Cash Collateral from Securities Loaned (Cost $226,676,154)				226,676,154
Total Investments — 105.4% (Cost $3,880,419,659)				4,006,140,448
Liabilities in Excess of Other Assets — (5.4)%				(205,386,428	)
NET ASSETS — 100.0%				3,800,754,020

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

(a)	Thesecurity or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is $213,748,097.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

(c)	Investment in 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.
(d)	Therate shown is the current yield as of October 31, 2019.
*	Non-incomeproducing security.

Futures contracts outstanding as of October 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
S&P/TSX 60 Index		136		12/2019		CAD		20,318,943		(100,766	)

Abbreviations

CAD	CanadianDollar
TSX	TorontoStock Exchange

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 55

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.1%
Australia — 56.6%
AGL Energy Ltd.		542,934		7,411,383
Alumina Ltd.		1,922,831		3,001,755
AMP Ltd.		2,423,233		3,061,853
APA Group		974,848		7,830,230
Aristocrat Leisure Ltd.		525,731		11,463,585
ASX Ltd.		159,727		9,066,402
Aurizon Holdings Ltd.		1,644,292		6,689,373
AusNet Services		1,425,512		1,820,904
Australia & New Zealand Banking Group Ltd.		2,388,284		43,889,777
Bendigo & Adelaide Bank Ltd.		397,829		2,919,711
BHP Group Ltd.		2,428,745		59,534,508
BlueScope Steel Ltd.		431,004		3,945,491
Boral Ltd.		968,589		3,362,861
Brambles Ltd.		1,310,516		10,834,102
Caltex Australia Ltd.		215,488		4,050,876
Challenger Ltd.		420,592		2,306,826
CIMIC Group Ltd.		80,978		1,845,399
Coca-Cola Amatil Ltd.		414,200		2,906,710
Cochlear Ltd.		47,270		6,896,226
Coles Group Ltd.		936,807		9,694,896
Commonwealth Bank of Australia		1,452,160		78,736,275
Computershare Ltd.		414,744		4,527,125
Crown Resorts Ltd.		290,201		2,493,004
CSL Ltd.		373,375		65,847,036
Dexus, REIT		894,118		7,373,318
Domino’s Pizza Enterprises Ltd.		51,491		1,811,543
Flight Centre Travel Group Ltd.		47,590		1,398,038
Fortescue Metals Group Ltd.		1,412,374		8,644,613
Goodman Group, REIT		1,322,475		13,131,205
GPT Group (The), REIT		1,591,815		6,533,973
Harvey Norman Holdings Ltd.		552,149		1,557,899
Iluka Resources Ltd.		345,316		2,235,179
Incitec Pivot Ltd.		1,381,986		3,288,352
Insurance Australia Group Ltd.		1,906,711		10,447,006
Lendlease Group		482,076		6,231,177
Macquarie Group Ltd.		261,137		24,112,720
Magellan Financial Group Ltd.		121,692		4,036,273
Medibank Pvt Ltd.		2,272,510		5,296,594
Mirvac Group, REIT		3,265,709		7,236,416
National Australia Bank Ltd.		2,378,957		46,696,904
Newcrest Mining Ltd.		629,880		13,749,230
Orica Ltd.		309,378		4,889,319
Origin Energy Ltd.		1,450,463		7,863,627
Qantas Airways Ltd.		636,474		2,815,210
QBE Insurance Group Ltd.		1,126,306		9,799,298

INVESTMENTS	SHARES		VALUE($)
Australia — continued
Ramsay Health Care Ltd.		131,870		6,230,943
REA Group Ltd.		40,213		3,017,961
Reece Ltd.		147,003		1,052,885
Rio Tinto Ltd.		306,316		19,154,867
Santos Ltd.		1,453,722		8,131,417
Scentre Group, REIT		4,399,067		11,622,978
SEEK Ltd.		289,349		4,528,320
Seven Group Holdings Ltd.		109,352		1,413,404
Sonic Healthcare Ltd.		375,743		7,400,257
South32 Ltd.		4,240,199		7,420,058
Stockland, REIT		2,011,421		6,790,499
Suncorp Group Ltd.		1,038,417		9,641,187
Sydney Airport		911,508		5,520,499
Tabcorp Holdings Ltd.		1,658,652		5,496,188
Telstra Corp. Ltd.		3,434,878		8,272,719
TPG Telecom Ltd.		283,758		1,278,947
Transurban Group		2,151,970		22,040,362
Treasury Wine Estates Ltd.		593,017		7,189,232
Vicinity Centres, REIT		2,651,616		4,880,892
Washington H Soul Pattinson & Co. Ltd.		96,144		1,437,183
Wesfarmers Ltd.		935,606		25,705,697
Westpac Banking Corp.		2,834,277		55,028,901
WiseTech Global Ltd.		120,444		2,163,023
Woodside Petroleum Ltd.		772,396		17,118,971
Woolworths Group Ltd.		1,083,480		27,938,774
Worley Ltd.		264,347		2,481,222
				816,241,588
China — 0.2%
Evergrande Health Industry Group Ltd.* (a)		1,770,000		1,578,169
Yangzijiang Shipbuilding Holdings Ltd.		2,021,300		1,415,090
				2,993,259
Hong Kong — 24.5%
AIA Group Ltd.		9,975,200		99,335,285
ASM Pacific Technology Ltd.		225,200		3,144,430
Bank of East Asia Ltd. (The)		1,167,000		2,811,188
Cathay Pacific Airways Ltd.		813,000		1,038,649
Chow Tai Fook Jewellery Group Ltd.		885,400		796,074
CK Asset Holdings Ltd.		2,103,500		14,635,541
CK Infrastructure Holdings Ltd.		612,000		4,404,398
CLP Holdings Ltd.		1,428,500		14,835,578
Dairy Farm International Holdings Ltd.		190,100		1,146,303
Guoco Group Ltd.		64,000		1,059,841
Hang Lung Group Ltd.		705,000		1,765,768
Hang Lung Properties Ltd.		1,559,000		3,426,999

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Hong Kong — continued
Hang Seng Bank Ltd.		599,500		12,508,629
Henderson Land Development Co. Ltd.		1,360,700		6,796,129
HK Electric Investments & HK Electric Investments Ltd. (b)		1,901,000		1,897,131
HKT Trust & HKT Ltd.		2,993,000		4,656,090
Hong Kong & China Gas Co. Ltd.		8,098,600		15,718,590
Hong Kong Exchanges & Clearing Ltd. (a)		975,700		30,396,994
Hutchison Port Holdings Trust		4,492,900		695,955
Hysan Development Co. Ltd.		511,000		2,013,977
Jardine Matheson Holdings Ltd.		255,300		14,554,912
Jardine Strategic Holdings Ltd.		146,400		4,727,524
Kerry Properties Ltd.		493,000		1,594,196
Kingston Financial Group Ltd. (a)		2,812,000		426,108
Link, REIT		1,737,500		18,923,812
MTR Corp. Ltd.		1,271,500		7,290,508
New World Development Co. Ltd.		4,733,000		6,770,257
NWS Holdings Ltd.		1,195,000		1,778,495
PCCW Ltd.		3,637,000		2,160,068
Power Assets Holdings Ltd.		1,127,500		8,045,998
Shangri-La Asia Ltd. (a)		1,096,000		1,124,948
Sino Land Co. Ltd.		2,476,000		3,701,291
Sun Hung Kai Properties Ltd.		1,211,000		18,350,669
Swire Pacific Ltd., Class A (a)		404,000		3,851,044
Swire Pacific Ltd., Class B		692,500		1,022,636
Swire Properties Ltd.		869,800		2,735,565
Techtronic Industries Co. Ltd.		1,419,000		11,089,506
WH Group Ltd. (b)		7,767,500		8,198,933
Wharf Holdings Ltd. (The)		906,000		2,055,944
Wharf Real Estate Investment Co. Ltd.		952,000		5,599,402
Wheelock & Co. Ltd.		642,000		3,970,516
Yue Yuen Industrial Holdings Ltd.		653,500		1,841,687
				352,897,568
Macau — 2.1%
Galaxy Entertainment Group Ltd.		2,143,000		14,755,927
MGM China Holdings Ltd.		689,428		1,091,698
Sands China Ltd.		2,004,979		9,875,764
SJM Holdings Ltd.		1,780,000		1,901,470
Wynn Macau Ltd.		1,201,516		2,607,387
				30,232,246
New Zealand — 2.2%
a2 Milk Co. Ltd.*		606,561		5,035,886
Auckland International Airport Ltd.		780,640		4,652,476
Contact Energy Ltd.		587,298		2,777,688
Fisher & Paykel Healthcare Corp. Ltd.		474,196		5,816,109

INVESTMENTS	SHARES		VALUE($)
New Zealand — continued
Fletcher Building Ltd.		707,074		2,077,478
Mercury NZ Ltd.		517,762		1,646,476
Meridian Energy Ltd.		1,037,632		3,058,616
Ryman Healthcare Ltd.		341,006		2,818,398
Spark New Zealand Ltd.		1,517,107		4,352,072
				32,235,199
Singapore — 11.7%
Ascendas, REIT		2,133,200		4,968,336
CapitaLand Commercial Trust, REIT		2,357,300		3,550,058
CapitaLand Ltd.		2,081,000		5,500,547
CapitaLand Mall Trust, REIT		2,345,500		4,376,340
City Developments Ltd.		509,600		4,035,622
ComfortDelGro Corp. Ltd.		1,789,300		3,021,559
DBS Group Holdings Ltd.		1,477,700		28,166,264
Frasers Property Ltd.		313,300		423,736
Genting Singapore Ltd.		4,695,400		3,239,424
Golden Agri-Resources Ltd.		5,464,500		820,227
Great Eastern Holdings Ltd.		47,100		756,163
Jardine Cycle & Carriage Ltd.		82,100		1,973,861
Keppel, REIT		1,582,400		1,406,620
Keppel Corp. Ltd.		1,198,000		6,032,393
Mapletree North Asia Commercial Trust, REIT (b)		1,691,600		1,590,215
Olam International Ltd.		578,300		776,630
Oversea-Chinese Banking Corp. Ltd.		3,170,900		25,491,526
SATS Ltd.		553,400		2,052,267
Sembcorp Industries Ltd.		726,600		1,219,882
Sembcorp Marine Ltd.*		668,100		671,349
SIA Engineering Co. Ltd.		181,300		355,472
Singapore Airlines Ltd.		431,400		2,981,737
Singapore Exchange Ltd.		680,900		4,470,477
Singapore Press Holdings Ltd.		1,322,800		2,152,718
Singapore Technologies Engineering Ltd.		1,287,900		3,772,704
Singapore Telecommunications Ltd.		6,736,800		16,313,539
StarHub Ltd.		489,900		468,125
Suntec, REIT		1,918,500		2,620,879
United Overseas Bank Ltd.		1,154,300		22,725,216
UOL Group Ltd.		447,500		2,562,333
Venture Corp. Ltd.		221,200		2,565,838
Wilmar International Ltd.		2,509,200		6,898,997
Yanlord Land Group Ltd.		546,900		485,409
				168,446,463
Taiwan — 0.0%(c)
FIT Hon Teng Ltd. (b)		1,265,000		513,648

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 57

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United Kingdom — 1.4%
CK Hutchison Holdings Ltd.		2,212,500		20,428,198
United States — 0.4%
James Hardie Industries plc, CHDI		365,788		6,282,120
Total Common Stocks (Cost $1,372,523,032)				1,430,270,289
Short-Term Investments — 0.1%
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (d) (e)		1,000,000		1,000,100
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (d) (e)		546,282		546,282
Total Investment of Cash Collateral from Securities Loaned (Cost $1,546,382)				1,546,382
Total Investments — 99.2% (Cost $1,374,069,414)				1,431,816,671
Other Assets Less Liabilities — 0.8%				11,037,159
NET ASSETS — 100.0%				1,442,853,830

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2019

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

INDUSTRY	PERCENTAGE
Banks		22.3	%
Insurance		9.4
Metals & Mining		8.2
Real Estate Management & Development		6.8
Equity Real Estate Investment Trusts (REITs)		6.6
Capital Markets		5.1
Biotechnology		4.6
Hotels, Restaurants & Leisure		4.0
Industrial Conglomerates		3.5
Food & Staples Retailing		2.8
Oil, Gas & Consumable Fuels		2.7
Diversified Telecommunication Services		2.6
Electric Utilities		2.5
Transportation Infrastructure		2.5
Multiline Retail		1.9
Gas Utilities		1.6
Food Products		1.5
Health Care Providers & Services		1.3
Road & Rail		1.2
Others (each less than 1.0%)		8.9

Abbreviations

CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
REIT	RealEstate Investment Trust
(a)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is $1,455,691.
(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)	Amountrounds to less than 0.1% of net assets.
(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)	Therate shown is the current yield as of October 31, 2019.
*	Non-incomeproducing security.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

Futures contracts outstanding as of October 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Hang Seng Index		22		11/2019		HKD		3,776,926		29,856
MSCI Singapore Index		44		11/2019		SGD		1,197,957		13,511
SPI 200 Index		66		12/2019		AUD		7,544,418		(26,387	)
										16,980

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 59

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.3%
Australia — 1.1%
BHP Group plc		879,927		18,663,725
Rio Tinto plc		414,751		21,592,691
				40,256,416
Austria — 0.5%
ANDRITZ AG		29,733		1,336,982
BAWAG Group AG (a)		20,413		843,678
Erste Group Bank AG		124,783		4,413,308
EVN AG		14,175		258,958
IMMOFINANZ AG*		38,449		1,105,434
Lenzing AG (b)		5,510		580,384
Oesterreichische Post AG		13,226		487,441
OMV AG		59,753		3,493,258
Raiffeisen Bank International AG		55,871		1,376,622
Strabag SE		6,330		210,384
Telekom Austria AG*		57,109		442,034
UNIQA Insurance Group AG		48,268		464,182
Verbund AG		28,368		1,536,838
Vienna Insurance Group AG Wiener Versicherung Gruppe		15,808		428,425
voestalpine AG (b)		46,626		1,169,971
				18,147,899
Belgium — 1.7%
Ackermans & van Haaren NV		9,349		1,433,163
Ageas		78,098		4,503,969
Anheuser-Busch InBev SA/NV		352,716		28,470,336
bpost SA		40,331		460,913
Colruyt SA		20,070		1,115,622
Elia System Operator SA/NV		13,731		1,183,786
Groupe Bruxelles Lambert SA		33,480		3,363,265
KBC Group NV (b)		142,225		10,000,455
Proximus SADP		64,513		1,982,534
Sofina SA		6,562		1,452,118
Solvay SA		30,320		3,296,572
Telenet Group Holding NV*		18,462		907,057
UCB SA		52,670		4,245,143
Umicore SA (b)		83,151		3,432,475
				65,847,408
Chile — 0.0%(c)
Antofagasta plc		143,024		1,610,839
Colombia — 0.0%(c)
Millicom International Cellular SA, SDR (b)		24,989		1,139,202
Denmark — 2.8%
Ambu A/S, Class B (b)		71,825		1,129,064
AP Moller — Maersk A/S, Class A		1,343		1,613,273

INVESTMENTS	SHARES		VALUE($)
Denmark — continued
AP Moller — Maersk A/S, Class B (b)		2,727		3,478,568
Carlsberg A/S, Class B		44,154		6,217,952
Chr Hansen Holding A/S		42,848		3,289,687
Coloplast A/S, Class B		48,685		5,861,477
Danske Bank A/S		283,767		4,055,183
Demant A/S* (b)		41,898		1,106,745
DSV Panalpina A/S		87,726		8,526,018
Genmab A/S*		27,086		5,918,148
GN Store Nord A/S		59,040		2,597,345
H Lundbeck A/S		25,534		872,512
ISS A/S		66,954		1,752,938
Jyske Bank A/S (Registered)* (b)		26,855		893,335
Novo Nordisk A/S, Class B		690,619		37,976,249
Novozymes A/S, Class B		88,510		4,172,326
Orsted A/S (a)		69,591		6,108,120
Pandora A/S		41,505		2,042,296
Rockwool International A/S, Class A		2,489		468,469
Rockwool International A/S, Class B		2,905		570,944
Tryg A/S		50,144		1,401,578
Vestas Wind Systems A/S		82,806		6,746,024
				106,798,251
Finland — 2.0%
Elisa OYJ		62,103		3,391,832
Fortum OYJ		180,474		4,410,356
Huhtamaki OYJ		39,555		1,831,615
Kesko OYJ, Class A		10,314		634,977
Kesko OYJ, Class B		28,179		1,877,512
Kone OYJ, Class B		168,361		10,720,533
Konecranes OYJ		27,502		849,328
Metso OYJ		53,244		2,015,648
Neste OYJ		179,461		6,484,369
Nokia OYJ		2,342,643		8,599,874
Nokian Renkaat OYJ		54,635		1,561,422
Nordea Bank Abp (b)		1,345,482		9,848,036
Orion OYJ, Class A		13,443		591,345
Orion OYJ, Class B		43,203		1,916,685
Sampo OYJ, Class A		205,472		8,420,212
Stora Enso OYJ, Class A (b)		21,403		310,320
Stora Enso OYJ, Class R		255,134		3,314,630
UPM-Kymmene OYJ		221,667		7,219,580
Wartsila OYJ Abp		202,146		2,135,625
				76,133,899
France — 17.1%
Accor SA		75,381		3,242,411

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
France — continued
Aeroports de Paris		13,552		2,577,445
Air Liquide SA		196,243		26,092,688
Airbus SE		251,093		36,021,402
Alstom SA		79,434		3,436,571
Amundi SA (a)		24,948		1,782,967
Arkema SA		29,951		3,065,124
Atos SE		40,067		3,109,467
AXA SA		808,725		21,407,948
BioMerieux		17,704		1,449,693
BNP Paribas SA		476,987		24,927,129
Bollore SA		375,038		1,624,804
Bouygues SA		103,701		4,398,797
Bureau Veritas SA		117,889		3,014,019
Capgemini SE		65,515		7,385,522
Carrefour SA		238,787		4,065,484
Casino Guichard Perrachon SA (b)		22,137		1,194,226
Cie de Saint-Gobain		227,266		9,256,081
Cie Generale des Etablissements Michelin SCA		74,972		9,128,387
CNP Assurances		65,440		1,298,935
Covivio, REIT		18,518		2,097,151
Credit Agricole SA		528,800		6,899,968
Danone SA		268,282		22,224,830
Dassault Aviation SA		966		1,341,920
Dassault Systemes SE		56,944		8,648,472
Edenred		101,324		5,340,560
Eiffage SA		33,481		3,596,067
Electricite de France SA		190,663		1,969,705
Engie SA		763,607		12,786,435
EssilorLuxottica SA		120,970		18,471,437
Eutelsat Communications SA (b)		71,442		1,355,250
Faurecia SE		30,869		1,440,600
Gecina SA, REIT		22,702		3,897,230
Getlink SE		181,019		3,032,230
Hermes International		14,516		10,456,646
ICADE, REIT		11,701		1,145,801
Iliad SA		10,755		1,114,600
Imerys SA		15,062		581,825
Ipsen SA		15,290		1,629,726
JCDecaux SA		31,563		862,791
Kering SA		30,956		17,613,860
Klepierre SA, REIT		87,094		3,246,450
Legrand SA		110,153		8,605,601
L’Oreal SA		102,399		29,906,843
LVMH Moet Hennessy Louis Vuitton SE		112,219		47,923,800
Natixis SA		378,824		1,740,441

INVESTMENTS	SHARES		VALUE($)
France — continued
Orange SA		794,510		12,787,248
Pernod Ricard SA (b)		90,635		16,743,303
Peugeot SA		237,490		6,014,701
Publicis Groupe SA		93,130		4,008,182
Renault SA		85,869		4,384,381
Rexel SA		103,120		1,278,432
Safran SA		139,763		22,137,065
Sanofi		477,632		44,031,535
Sartorius Stedim Biotech		9,966		1,493,021
Schneider Electric SE		230,342		21,408,092
SEB SA (b)		11,449		1,739,712
Societe Generale SA		331,969		9,440,842
Sodexo SA		35,631		3,918,290
Suez		175,745		2,741,190
Teleperformance		24,378		5,530,965
Thales SA		43,216		4,224,784
TOTAL SA		1,052,204		55,628,179
Ubisoft Entertainment SA*		30,046		1,775,697
Unibail-Rodamco-Westfield, REIT		57,390		8,874,580
Valeo SA		99,589		3,708,764
Veolia Environnement SA		234,359		6,169,215
Vinci SA (b)		208,312		23,371,844
Vivendi SA		345,593		9,623,940
Worldline SA* (a)		34,987		2,128,866
				659,572,167
Germany — 13.4%
1&1 Drillisch AG (b)		19,725		528,291
adidas AG		76,818		23,719,156
Allianz SE (Registered)		176,835		43,187,123
Aroundtown SA		370,586		3,132,411
BASF SE		382,652		29,088,914
Bayer AG (Registered)		388,518		30,139,749
Bayerische Motoren Werke AG (b)		132,887		10,175,792
Bayerische Motoren Werke AG (Preference)		23,069		1,419,970
Beiersdorf AG		40,798		4,830,038
Brenntag AG		64,046		3,210,001
Commerzbank AG		412,186		2,466,416
Continental AG (b)		44,966		6,022,784
Covestro AG (a)		70,577		3,389,244
Daimler AG (Registered)		369,939		21,623,997
Delivery Hero SE* (a) (b)		55,050		2,583,095
Deutsche Bank AG (Registered) (b)		861,050		6,244,109
Deutsche Boerse AG		79,035		12,239,336
Deutsche Lufthansa AG (Registered)		98,193		1,701,018

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 61

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Germany — continued
Deutsche Post AG (Registered)		403,962		14,310,382
Deutsche Telekom AG (Registered)		1,348,773		23,732,444
Deutsche Wohnen SE		149,862		5,650,162
E.ON SE		916,881		9,246,265
Evonik Industries AG		69,894		1,841,983
Fraport AG Frankfurt Airport Services Worldwide		15,356		1,283,496
Fresenius Medical Care AG & Co. KGaA		88,342		6,376,496
Fresenius SE & Co. KGaA		170,380		8,971,409
GEA Group AG		68,100		2,081,842
Hannover Rueck SE		25,270		4,477,945
HeidelbergCement AG		60,863		4,512,267
Henkel AG & Co. KGaA		42,015		4,042,600
Henkel AG & Co. KGaA (Preference)		74,179		7,705,178
HOCHTIEF AG		9,418		1,176,713
HUGO BOSS AG		26,705		1,125,951
Infineon Technologies AG		520,063		10,072,983
KION Group AG		27,060		1,800,513
LANXESS AG		34,609		2,248,866
Merck KGaA		53,837		6,420,954
MTU Aero Engines AG		21,710		5,805,929
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		60,107		16,700,117
Porsche Automobil Holding SE (Preference)		63,509		4,676,208
RWE AG		240,328		7,323,875
SAP SE		450,400		59,678,667
Sartorius AG (Preference) (b)		14,107		2,741,301
Siemens AG (Registered)		336,420		38,822,892
Siemens Healthineers AG (a)		62,493		2,655,162
Symrise AG (b)		53,025		5,096,069
Talanx AG		22,117		1,019,338
Telefonica Deutschland Holding AG		384,165		1,218,966
thyssenkrupp AG (b)		167,758		2,392,328
TUI AG		184,890		2,418,780
Uniper SE		76,235		2,375,983
United Internet AG (Registered)		51,899		1,566,746
Volkswagen AG		13,458		2,544,103
Volkswagen AG (Preference)		76,353		14,515,118
Vonovia SE		225,918		12,031,235
Wacker Chemie AG (b)		6,301		493,630
Wirecard AG (b)		47,783		6,045,311
Zalando SE* (a) (b)		55,309		2,398,035
				515,299,686
Ghana — 0.0%(c)
Tullow Oil plc		583,031		1,558,048

INVESTMENTS	SHARES		VALUE($)
Ireland — 1.0%
AIB Group plc		326,388		1,045,467
Bank of Ireland Group plc		384,927		1,855,363
CRH plc		335,023		12,198,115
Flutter Entertainment plc		32,383		3,345,134
Glanbia plc		83,461		929,910
Kerry Group plc, Class A		62,977		7,613,826
Kingspan Group plc		63,234		3,276,586
Ryanair Holdings plc, ADR*		40,576		3,028,593
Smurfit Kappa Group plc		97,952		3,271,354
				36,564,348
Italy — 3.6%
A2A SpA		648,763		1,302,378
Assicurazioni Generali SpA		505,917		10,258,732
Atlantia SpA		195,020		4,818,150
Banca Mediolanum SpA		102,999		883,198
Banco BPM SpA* (b)		628,257		1,430,141
Buzzi Unicem SpA		16,659		255,390
Buzzi Unicem SpA		29,260		706,004
Davide Campari-Milano SpA (b)		174,221		1,598,009
DiaSorin SpA		6,280		708,076
Enel SpA		3,215,888		24,924,305
Eni SpA		1,059,733		16,077,201
Ferrari NV		53,325		8,540,378
FinecoBank Banca Fineco SpA (b)		207,127		2,335,013
Freni Brembo SpA (b)		63,246		672,900
Hera SpA		328,899		1,408,907
Intesa Sanpaolo SpA		6,563,522		16,447,043
Leonardo SpA		168,608		1,958,824
Mediaset SpA* (b)		145,623		435,524
Mediobanca Banca di Credito Finanziario SpA		290,037		3,448,927
Moncler SpA		78,451		3,027,327
Nexi SpA* (a) (b)		104,619		1,083,159
Pirelli & C SpA (a) (b)		179,148		1,035,635
Poste Italiane SpA (a)		189,573		2,302,634
Prysmian SpA (b)		111,219		2,572,752
Recordati SpA		42,414		1,782,412
Saipem SpA* (b)		238,891		1,084,336
Salvatore Ferragamo SpA		28,068		524,955
Snam SpA		900,902		4,625,146
Telecom Italia SpA		2,495,822		1,444,594
Telecom Italia SpA*		4,497,055		2,632,098
Terna Rete Elettrica Nazionale SpA		583,527		3,856,767
UniCredit SpA (b)		880,174		11,166,807
Unione di Banche Italiane SpA (b)		421,849		1,285,067

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Italy — continued
UnipolSai Assicurazioni SpA		247,570		690,958
				137,323,747
Jordan — 0.0%(c)
Hikma Pharmaceuticals plc		56,519		1,471,912
Luxembourg — 0.3%
ArcelorMittal		267,975		3,984,516
Eurofins Scientific SE (b)		4,740		2,403,155
RTL Group SA		15,996		812,806
SES SA, FDR		158,962		3,081,466
Tenaris SA		195,813		1,986,503
				12,268,446
Mexico — 0.0%(c)
Fresnillo plc		76,256		704,512
Netherlands — 7.0%
ABN AMRO Bank NV, CVA (a)		171,516		3,197,071
Adyen NV* (a)		9,934		6,993,695
Aegon NV (b)		582,173		2,525,663
Akzo Nobel NV		94,847		8,744,273
Altice Europe NV*		296,951		1,699,097
Argenx SE*		14,217		1,731,192
ASML Holding NV		177,063		46,410,798
EXOR NV		40,020		3,068,095
GrandVision NV (a)		23,850		729,097
HAL Trust		34,766		5,278,018
Heineken Holding NV		42,000		4,007,452
Heineken NV		98,243		10,032,533
ING Groep NV		1,623,331		18,381,780
Koninklijke Ahold Delhaize NV		492,417		12,271,063
Koninklijke DSM NV		75,478		8,958,337
Koninklijke KPN NV		1,470,822		4,565,978
Koninklijke Philips NV		377,152		16,547,211
Koninklijke Vopak NV		27,564		1,514,247
NN Group NV		126,366		4,821,738
OCI NV*		26,068		586,123
Randstad NV		51,601		2,863,696
Royal Dutch Shell plc, Class A		1,782,543		51,672,529
Royal Dutch Shell plc, Class B		1,560,432		44,940,100
Wolters Kluwer NV		116,359		8,570,194
				270,109,980
Norway — 1.1%
Aker ASA, Class A		10,215		542,792
Aker BP ASA (b)		45,579		1,264,242
DNB ASA		375,279		6,832,816

INVESTMENTS	SHARES		VALUE($)
Norway — continued
Equinor ASA (b)		459,013		8,521,890
Gjensidige Forsikring ASA		78,829		1,473,719
Kongsberg Gruppen ASA		37,225		549,704
Leroy Seafood Group ASA		114,866		771,612
Mowi ASA		187,045		4,566,134
Norsk Hydro ASA		566,170		2,000,596
Orkla ASA		337,944		3,248,263
Salmar ASA		22,600		1,054,690
Schibsted ASA, Class A		33,130		972,977
Schibsted ASA, Class B		42,178		1,176,807
Storebrand ASA		193,958		1,371,185
Telenor ASA		270,428		5,061,266
TGS NOPEC Geophysical Co. ASA		49,466		1,284,697
Yara International ASA		73,016		2,844,427
				43,537,817
Portugal — 0.3%
Banco Comercial Portugues SA, Class R		3,337,273		756,806
EDP — Energias de Portugal SA		900,486		3,709,310
Galp Energia SGPS SA		188,675		3,017,817
Jeronimo Martins SGPS SA		101,812		1,710,814
Navigator Co. SA (The)		91,150		328,935
NOS SGPS SA		103,021		612,486
Sonae SGPS SA		385,719		389,167
				10,525,335
Russia — 0.1%
Evraz plc		225,950		1,078,224
Polymetal International plc		87,997		1,447,331
				2,525,555
South Africa — 0.4%
Anglo American plc		576,445		14,836,024
Spain — 4.3%
Acciona SA		8,915		928,750
ACS Actividades de Construccion y Servicios SA		113,546		4,607,487
Aena SME SA (a)		30,527		5,603,601
Amadeus IT Group SA		179,674		13,291,974
Banco Bilbao Vizcaya Argentaria SA		2,773,771		14,608,987
Banco de Sabadell SA		2,328,604		2,559,673
Banco Santander SA		6,923,386		27,799,462
Bankia SA		488,397		931,774
CaixaBank SA		1,488,009		4,267,015
EDP Renovaveis SA		61,782		704,214
Enagas SA		94,004		2,326,092
Endesa SA		131,730		3,587,649

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 63

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Spain — continued
Ferrovial SA		200,237		5,907,633
Grifols SA		122,439		3,949,954
Grifols SA (Preference), Class B		107,652		2,349,503
Iberdrola SA		2,491,513		25,610,258
Industria de Diseno Textil SA		440,803		13,735,783
Mapfre SA		408,104		1,139,018
Naturgy Energy Group SA		139,402		3,798,020
Red Electrica Corp. SA		179,431		3,606,121
Repsol SA		612,795		10,098,690
Siemens Gamesa Renewable Energy SA		93,160		1,282,521
Telefonica SA		1,900,684		14,595,893
				167,290,072
Sweden — 4.5%
Alfa Laval AB (b)		124,227		2,875,267
Assa Abloy AB, Class B		413,088		9,810,171
Atlas Copco AB, Class A		268,875		9,490,354
Atlas Copco AB, Class B		161,824		5,021,126
Axfood AB		43,720		941,678
Boliden AB		113,428		3,058,866
Castellum AB		106,993		2,186,471
Electrolux AB, Series B		106,923		2,811,149
Elekta AB, Class B		152,157		2,119,674
Epiroc AB, Class A		259,553		2,924,449
Epiroc AB, Class B		161,824		1,762,492
Essity AB, Class A		11,864		371,517
Essity AB, Class B		252,762		7,896,473
Fabege AB		114,380		1,708,204
Fastighets AB Balder, Class B* (b)		40,616		1,575,268
Getinge AB, Class B		90,670		1,550,145
Hennes & Mauritz AB, Class B (b)		322,525		6,759,966
Hexagon AB, Class B		116,690		5,974,288
Hexpol AB (b)		106,568		950,818
Holmen AB, Class B		41,176		1,215,132
Husqvarna AB, Class A		10,758		81,869
Husqvarna AB, Class B (b)		170,704		1,307,748
ICA Gruppen AB		38,547		1,705,771
Industrivarden AB, Class A		67,128		1,485,937
Industrivarden AB, Class C		69,300		1,501,500
Intrum AB		30,521		822,818
Investment AB Latour, Class B (b)		51,753		700,195
Investor AB, Class A		54,539		2,749,218
Investor AB, Class B		189,762		9,735,638
Kinnevik AB, Class A		283		7,924
Kinnevik AB, Class B (b)		100,260		2,743,878
L E Lundbergforetagen AB, Class B		26,595		1,002,361

INVESTMENTS	SHARES		VALUE($)
Sweden — continued
Lundin Petroleum AB		78,221		2,590,528
NCC AB, Class B		35,700		573,768
Nibe Industrier AB, Class B		151,985		2,081,045
Saab AB, Class B (b)		34,347		1,060,703
Sandvik AB		460,223		8,130,911
Securitas AB, Class B		132,694		2,124,714
Skandinaviska Enskilda Banken AB, Class A		669,008		6,416,679
Skanska AB, Class B		149,987		3,195,749
SKF AB, Class A		7,030		127,359
SKF AB, Class B		157,636		2,854,182
SSAB AB, Class A		97,400		272,618
SSAB AB, Class B		263,020		662,604
Svenska Cellulosa AB SCA, Class A		12,008		126,968
Svenska Cellulosa AB SCA, Class B		251,183		2,563,104
Svenska Handelsbanken AB, Class A		622,178		6,244,062
Svenska Handelsbanken AB, Class B (b)		14,330		144,005
Swedbank AB, Class A		386,722		5,419,246
Swedish Match AB (b)		70,463		3,310,235
Swedish Orphan Biovitrum AB*		79,330		1,258,041
Tele2 AB, Class B		207,087		2,964,483
Telefonaktiebolaget LM Ericsson, Class A		24,606		214,756
Telefonaktiebolaget LM Ericsson, Class B		1,090,387		9,528,664
Telia Co. AB		1,087,332		4,783,076
Trelleborg AB, Class B		101,058		1,634,174
Volvo AB, Class A		99,435		1,490,137
Volvo AB, Class B		683,417		10,241,535
				174,861,711
Switzerland — 15.1%
ABB Ltd. (Registered)		802,722		16,857,153
Adecco Group AG (Registered)		68,052		4,045,429
Alcon, Inc.*		203,587		12,039,753
Baloise Holding AG (Registered)		20,263		3,747,712
Barry Callebaut AG (Registered)		939		1,984,389
Chocoladefabriken Lindt & Spruengli AG		445		3,306,488
Chocoladefabriken Lindt & Spruengli AG (Registered)		46		3,767,664
Cie Financiere Richemont SA (Registered)		217,153		17,064,139
Coca-Cola HBC AG*		80,570		2,453,249
Credit Suisse Group AG (Registered)*		1,010,116		12,503,089
EMS-Chemie Holding AG (Registered)		2,921		1,830,003
Geberit AG (Registered)		15,405		7,827,128
Givaudan SA (Registered)		3,308		9,718,693
Glencore plc*		4,557,642		13,756,697
Julius Baer Group Ltd.*		92,817		4,110,274

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Switzerland — continued
Kuehne + Nagel International AG (Registered)		20,943		3,383,493
LafargeHolcim Ltd. (Registered)*		202,721		10,464,151
Lonza Group AG (Registered)*		30,981		11,166,561
Mediclinic International plc		199,649		946,772
Nestle SA (Registered)		1,239,855		132,641,354
Novartis AG (Registered)		1,062,636		92,848,114
Pargesa Holding SA		14,096		1,114,270
Partners Group Holding AG		7,786		6,084,458
Roche Holding AG		11,307		3,370,919
Roche Holding AG		292,700		88,089,816
Schindler Holding AG		16,920		4,145,342
Schindler Holding AG (Registered)		8,088		1,915,350
SGS SA (Registered)		2,161		5,636,116
Sika AG (Registered) (b)		52,574		9,037,813
Sonova Holding AG (Registered) (b)		22,895		5,253,907
STMicroelectronics NV		273,064		6,197,549
Straumann Holding AG (Registered)		4,697		4,196,684
Swatch Group AG (The)		12,805		3,550,548
Swatch Group AG (The) (Registered)		25,838		1,387,150
Swiss Life Holding AG (Registered)		13,994		7,008,435
Swiss Re AG		121,401		12,733,597
Swisscom AG (Registered)		10,567		5,404,965
Temenos AG (Registered)*		26,859		3,842,742
UBS Group AG (Registered)*		1,595,970		18,888,578
Vifor Pharma AG		17,870		2,814,155
Zurich Insurance Group AG		62,716		24,565,875
				581,700,574
United Arab Emirates — 0.0%(c)
NMC Health plc		38,989		1,105,209
United Kingdom — 22.6%
3i Group plc		404,571		5,911,948
Admiral Group plc		104,082		2,724,009
Aggreko plc		106,203		1,088,798
Ashtead Group plc		209,638		6,382,599
ASOS plc* (b)		23,632		1,086,339
Associated British Foods plc		147,751		4,264,802
AstraZeneca plc		546,508		53,293,966
Auto Trader Group plc (a)		389,328		2,836,758
AVEVA Group plc		26,707		1,447,111
Aviva plc		1,639,865		8,838,945
Babcock International Group plc		207,915		1,493,287
BAE Systems plc		1,329,394		9,930,197
Barclays plc		6,709,409		14,553,204
Barratt Developments plc		424,087		3,468,103

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
Berkeley Group Holdings plc		53,607		3,055,570
BP plc		8,428,767		53,449,888
British American Tobacco plc		953,828		33,360,970
British Land Co. plc (The), REIT		392,276		3,153,953
BT Group plc		3,649,045		9,684,045
Bunzl plc		139,116		3,619,067
Burberry Group plc		170,604		4,523,900
Centrica plc		2,428,711		2,285,582
CNH Industrial NV (b)		411,992		4,485,628
Coca-Cola European Partners plc		89,435		4,785,667
Compass Group plc		663,694		17,670,247
ConvaTec Group plc (a)		650,800		1,662,614
Croda International plc		54,699		3,412,764
DCC plc		42,022		3,940,802
Derwent London plc, REIT		43,862		2,016,991
Diageo plc		987,105		40,403,172
Direct Line Insurance Group plc		570,087		2,009,985
DS Smith plc		569,789		2,641,667
easyJet plc		110,423		1,771,407
Experian plc		384,039		12,105,414
Fiat Chrysler Automobiles NV		458,297		7,112,208
G4S plc		643,362		1,725,458
GlaxoSmithKline plc		2,079,719		47,635,842
GVC Holdings plc		239,699		2,765,346
Halma plc		157,200		3,814,526
Hammerson plc, REIT		319,059		1,198,588
Hargreaves Lansdown plc		114,613		2,631,891
Hiscox Ltd.		121,577		2,347,762
HSBC Holdings plc		8,566,608		64,721,681
Imperial Brands plc		400,797		8,791,669
Informa plc		520,660		5,233,284
InterContinental Hotels Group plc		78,206		4,732,616
International Consolidated Airlines Group SA		414,955		2,856,387
Intertek Group plc		66,951		4,642,101
ITV plc		1,502,085		2,605,763
J Sainsbury plc		715,993		1,886,840
JD Sports Fashion plc		173,525		1,726,143
John Wood Group plc		280,963		1,233,601
Johnson Matthey plc		82,504		3,277,628
Just Eat plc*		246,439		2,346,631
Kingfisher plc		883,655		2,370,500
Land Securities Group plc, REIT		311,531		3,794,611
Legal & General Group plc		2,461,017		8,412,591
Lloyds Banking Group plc		29,235,247		21,505,659
London Stock Exchange Group plc		131,144		11,818,544

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 65

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United Kingdom — continued
Marks & Spencer Group plc		808,515		1,904,693
Melrose Industries plc		2,014,387		5,567,136
Merlin Entertainments plc (a)		273,054		1,608,686
Micro Focus International plc		151,116		2,074,100
Mondi plc		201,319		4,174,128
National Grid plc		1,563,527		18,281,203
Next plc		55,506		4,733,908
Ocado Group plc*		244,371		4,212,049
Pearson plc		323,641		2,858,267
Persimmon plc		131,709		3,884,927
Phoenix Group Holdings plc		219,328		2,003,372
Prudential plc		1,077,306		18,817,128
Reckitt Benckiser Group plc		306,853		23,744,781
RELX plc		838,089		20,177,293
Rentokil Initial plc		761,788		4,483,272
Rightmove plc		379,739		2,947,604
Rolls-Royce Holdings plc*		793,339		7,300,105
Royal Bank of Scotland Group plc		1,905,098		5,266,147
Royal Mail plc		416,615		1,140,047
RSA Insurance Group plc		425,639		2,879,574
Sage Group plc (The)		464,334		4,327,639
Schroders plc		53,673		2,151,720
Schroders plc(Non-Voting)		18,961		569,200
Segro plc, REIT		452,416		4,949,116
Severn Trent plc		99,552		2,907,928
Smith & Nephew plc		371,255		7,969,512
Smiths Group plc		162,787		3,402,840
Spirax-Sarco Engineering plc		30,523		3,132,387
SSE plc		430,916		7,168,742
St James’s Place plc		219,362		2,958,768
Standard Chartered plc		1,123,106		10,190,987
Standard Life Aberdeen plc		1,007,071		3,959,466
Subsea 7 SA		98,737		927,606
Tate & Lyle plc		193,258		1,685,653
Taylor Wimpey plc		1,356,332		2,908,929
TechnipFMC plc		174,852		3,481,000
Tesco plc		4,046,223		12,351,316
Travis Perkins plc		103,581		1,923,928
Unilever NV (b)		643,557		38,038,547
Unilever plc		486,415		29,126,032
United Utilities Group plc		282,726		3,192,434
Vodafone Group plc		11,163,263		22,781,111
Weir Group plc (The)		107,633		1,880,029
Whitbread plc		55,658		2,929,651
Wm Morrison Supermarkets plc		988,207		2,552,888

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
WPP plc		519,673		6,485,289
				870,558,407
United States — 0.4%
Carnival plc		77,555		3,103,501
Ferguson plc		96,504		8,240,798
QIAGEN NV*		94,561		2,844,307
				14,188,606
Total Common Stocks (Cost $3,680,810,963)				3,825,936,070
Preferred Stocks — 0.0%(c)
United Kingdom — 0.0%(c)
Rolls-Royce Holdings plc* (Cost $46,881)		36,493,594		47,272
	NO. OF RIGHTS
Rights — 0.0%(c)
Italy — 0.0%(c)
Mediaset SpA, expiring 11/7/2019* (Cost $—)		146,727		6
	SHARES
Short-Term Investments — 3.0%
Investment of Cash Collateral from Securities Loaned — 3.0%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (d) (e)		84,000,399		84,008,799
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (d) (e)		30,866,797		30,866,797
Total Investment of Cash Collateral from Securities Loaned (Cost $114,870,696)				114,875,596
Total Investments — 102.3% (Cost $3,795,728,540)				3,940,858,944
Liabilities in Excess of Other Assets — (2.3)%				(87,713,320	)
NET ASSETS — 100.0%				3,853,145,624

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

Summary of Investments by Industry, October 31, 2019

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		10.6	%
Banks		8.3
Oil, Gas & Consumable Fuels		6.6
Insurance		5.7
Food Products		4.8
Textiles, Apparel & Luxury Goods		3.8
Chemicals		3.4
Short-Term Investments		2.9
Beverages		2.9
Personal Products		2.6
Diversified Telecommunication Services		2.4
Capital Markets		2.4
Aerospace & Defense		2.3
Electric Utilities		2.3
Metals & Mining		2.2
Machinery		2.2
Automobiles		2.1
Software		2.0
Health Care Equipment & Supplies		1.8
Professional Services		1.7
Electrical Equipment		1.6
Semiconductors & Semiconductor Equipment		1.6
Multi-Utilities		1.6
Construction & Engineering		1.2
Industrial Conglomerates		1.2
Hotels, Restaurants & Leisure		1.2
Tobacco		1.2
Household Products		1.1
Food & Staples Retailing		1.1
IT Services		1.0
Others (each less than 1.0%)		14.2

Abbreviations

ADR	AmericanDepositary Receipt
CVA	DutchCertification
FDR	FiduciaryDepository Receipt
OYJ	PublicLimited 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	RealEstate Investment Trust
SCA	Limitedpartnership with share capital
SDR	SwedishDepositary Receipt
SGPS	Holdingcompany
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is $107,191,515
(c)	Amountrounds to less than 0.1% of net assets.
(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)	Therate shown is the current yield as of October 31, 2019.
*	Non-incomeproducing security.

Futures contracts outstanding as of October 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
EURO STOXX 50 Index		324		12/2019		EUR		13,026,927		286,062
FTSE 100 Index		81		12/2019		GBP		7,599,073		(14,075	)
										271,987

Abbreviations

EUR	Euro
FTSE	FinancialTimes and the London Stock Exchange
GBP	BritishPound

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 67

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 98.9%
Air Freight & Logistics — 0.3%
SG Holdings Co. Ltd.		260,500		6,450,987
Yamato Holdings Co. Ltd.		440,300		7,384,986
				13,835,973
Airlines — 0.2%
ANA Holdings, Inc.		123,200		4,230,499
Japan Airlines Co. Ltd.		123,300		3,842,286
				8,072,785
Auto Components — 2.7%
Aisin Seiki Co. Ltd.		195,400		7,798,379
Bridgestone Corp.		709,100		29,463,047
Denso Corp.		556,700		25,847,537
Koito Manufacturing Co. Ltd.		137,600		7,198,301
NGK Spark Plug Co. Ltd.		187,800		3,807,419
NHK Spring Co. Ltd.		240,200		1,962,243
NOK Corp.		129,700		2,031,499
Stanley Electric Co. Ltd.		164,700		4,557,789
Sumitomo Electric Industries Ltd.		849,700		11,652,581
Sumitomo Rubber Industries Ltd.		199,700		2,646,776
Toyoda Gosei Co. Ltd.		79,400		1,857,540
Toyota Boshoku Corp.		92,400		1,357,615
Toyota Industries Corp.		219,700		13,182,546
Yokohama Rubber Co. Ltd. (The)		143,300		3,200,639
				116,563,911
Automobiles — 7.6%
Honda Motor Co. Ltd.		1,938,900		52,454,988
Isuzu Motors Ltd.		662,900		7,702,838
Mazda Motor Corp.		642,600		5,899,272
Mitsubishi Motors Corp.		733,900		3,350,841
Nissan Motor Co. Ltd.		2,574,900		16,249,114
Subaru Corp.		683,200		19,578,814
Suzuki Motor Corp.		494,000		23,323,773
Toyota Motor Corp.		2,793,900		193,843,248
Yamaha Motor Co. Ltd.		337,300		6,601,952
				329,004,840
Banks — 5.5%
Aozora Bank Ltd.		126,600		3,248,350
Bank of Kyoto Ltd. (The)		81,200		3,213,940
Chiba Bank Ltd. (The)		818,800		4,450,465
Chugoku Bank Ltd. (The)		209,100		2,043,300
Concordia Financial Group Ltd.		1,333,200		5,436,701
Fukuoka Financial Group, Inc.		204,700		3,946,071
Gunma Bank Ltd. (The)		456,600		1,536,526
Hachijuni Bank Ltd. (The)		546,900		2,352,576

INVESTMENTS	SHARES		VALUE($)
Banks — continued
Iyo Bank Ltd. (The)		346,600		1,831,347
Kansai Mirai Financial Group, Inc.		139,600		908,234
Kyushu Financial Group, Inc.		495,900		2,001,640
Mebuki Financial Group, Inc.		1,135,900		2,885,882
Mitsubishi UFJ Financial Group, Inc.		13,898,000		72,051,239
Mizuho Financial Group, Inc.		27,179,100		42,194,915
Resona Holdings, Inc.		2,363,300		10,276,961
Seven Bank Ltd.		782,600		2,268,886
Shinsei Bank Ltd.		213,500		3,328,412
Shizuoka Bank Ltd. (The)		615,300		4,675,528
Sumitomo Mitsui Financial Group, Inc.		1,469,700		52,179,048
Sumitomo Mitsui Trust Holdings, Inc.		417,700		15,223,245
Yamaguchi Financial Group, Inc.		282,800		1,984,210
				238,037,476
Beverages — 1.3%
Asahi Group Holdings Ltd.		491,700		24,623,088
Coca-Cola Bottlers Japan Holdings, Inc. (a)		165,700		3,762,065
Kirin Holdings Co. Ltd.		978,200		20,751,892
Suntory Beverage & Food Ltd.		135,600		5,797,012
				54,934,057
Biotechnology — 0.1%
PeptiDream, Inc.*		104,500		5,245,241
Building Products — 1.5%
AGC, Inc.		243,300		8,554,452
Daikin Industries Ltd.		313,700		43,905,339
LIXIL Group Corp.		311,900		5,800,689
TOTO Ltd.		170,500		6,960,805
				65,221,285
Capital Markets — 0.9%
Daiwa Securities Group, Inc.		1,673,400		7,521,607
Japan Exchange Group, Inc.		574,100		9,477,534
Matsui Securities Co. Ltd.		119,400		983,398
Nomura Holdings, Inc.		3,552,500		16,146,056
SBI Holdings, Inc.		240,400		5,228,301
				39,356,896
Chemicals — 4.3%
Air Water, Inc.		202,200		3,785,382
Asahi Kasei Corp.		1,501,300		16,666,448
Daicel Corp.		337,600		3,017,955
DIC Corp.		88,600		2,537,958
Hitachi Chemical Co. Ltd.		109,100		3,591,550
JSR Corp.		213,000		3,998,806

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Chemicals — continued
Kaneka Corp.		72,900		2,426,737
Kansai Paint Co. Ltd.		277,100		6,673,909
Kuraray Co. Ltd.		379,900		4,519,789
Mitsubishi Chemical Holdings Corp.		1,515,400		11,549,203
Mitsubishi Gas Chemical Co., Inc.		225,500		3,181,111
Mitsui Chemicals, Inc.		208,100		4,948,919
Nippon Paint Holdings Co. Ltd.		212,500		11,572,861
Nippon Shokubai Co. Ltd.		37,600		2,318,526
Nissan Chemical Corp.		158,500		6,507,674
Nitto Denko Corp.		170,000		9,405,372
Shin-Etsu Chemical Co. Ltd.		421,200		46,964,319
Showa Denko KK		160,400		4,500,333
Sumitomo Chemical Co. Ltd.		1,771,800		8,104,888
Taiyo Nippon Sanso Corp.		227,100		5,316,347
Teijin Ltd.		211,900		4,246,125
Toray Industries, Inc.		1,746,400		12,342,062
Tosoh Corp.		348,000		4,764,994
Ube Industries Ltd.		107,900		2,310,266
				185,251,534
Commercial Services & Supplies — 1.0%
Dai Nippon Printing Co. Ltd.		322,700		8,618,837
Park24 Co. Ltd. (a)		121,200		2,862,315
Secom Co. Ltd.		229,700		21,284,792
Sohgo Security Services Co. Ltd.		92,800		5,040,695
Toppan Printing Co. Ltd.		382,600		7,076,313
				44,882,952
Construction & Engineering — 0.9%
JGC Holdings Corp.		277,300		4,010,711
Kajima Corp.		537,500		7,386,633
Kinden Corp.		154,000		2,316,599
Obayashi Corp.		772,400		7,949,076
Shimizu Corp.		776,600		7,239,471
Taisei Corp.		240,200		9,471,909
				38,374,399
Construction Materials — 0.1%
Taiheiyo Cement Corp.		136,100		3,850,132
Consumer Finance — 0.2%
Acom Co. Ltd.		495,400		1,990,341
AEON Financial Service Co. Ltd.		120,800		1,841,040
Credit Saison Co. Ltd.		174,700		2,529,786
Hitachi Capital Corp.		54,700		1,225,730
Orient Corp.		643,900		940,689
				8,527,586

INVESTMENTS	SHARES		VALUE($)
Containers & Packaging — 0.1%
Toyo Seikan Group Holdings Ltd.		175,900		2,779,815
Diversified Consumer Services — 0.0%(b)
Benesse Holdings, Inc.		87,800		2,350,386
Diversified Financial Services — 0.7%
Mitsubishi UFJ Lease & Finance Co. Ltd.		575,300		3,531,758
ORIX Corp.		1,417,800		22,280,578
Tokyo Century Corp.		58,100		2,682,813
				28,495,149
Diversified Telecommunication Services — 0.8%
Nippon Telegraph & Telephone Corp.		689,000		34,203,966
Electric Utilities — 1.0%
Chubu Electric Power Co., Inc.		770,600		11,560,731
Chugoku Electric Power Co., Inc. (The) (a)		333,700		4,445,474
Kansai Electric Power Co., Inc. (The)		884,200		10,315,192
Kyushu Electric Power Co., Inc.		507,400		5,070,688
Shikoku Electric Power Co., Inc.		222,100		2,201,769
Tohoku Electric Power Co., Inc.		538,200		5,531,501
Tokyo Electric Power Co. Holdings, Inc.*		860,200		3,983,712
				43,109,067
Electrical Equipment — 2.0%
Fuji Electric Co. Ltd.		159,900		5,081,885
Furukawa Electric Co. Ltd.		75,700		2,115,917
Mabuchi Motor Co. Ltd.		63,700		2,580,936
Mitsubishi Electric Corp.		2,298,200		32,835,419
Nidec Corp.		293,700		43,240,213
				85,854,370
Electronic Equipment, Instruments & Components — 5.6%
Alps Alpine Co. Ltd.		234,600		5,029,497
Canon Marketing Japan, Inc.		58,100		1,229,264
Citizen Watch Co. Ltd.		343,000		1,823,579
Hamamatsu Photonics KK		157,300		6,107,845
Hirose Electric Co. Ltd.		35,800		4,509,728
Hitachi High-Technologies Corp.		70,900		4,411,098
Hitachi Ltd.		1,035,200		38,636,213
Ibiden Co. Ltd.		143,200		3,306,596
Keyence Corp.		100,100		63,292,871
Kyocera Corp.		375,700		24,648,502
Murata Manufacturing Co. Ltd.		687,300		37,422,238
Nippon Electric Glass Co. Ltd.		89,500		2,016,127
Omron Corp.		229,000		13,396,911
Shimadzu Corp.		294,800		7,872,960
TDK Corp.		138,700		13,686,054
Yaskawa Electric Corp.		285,300		10,852,172

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 69

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electronic Equipment, Instruments & Components — continued
Yokogawa Electric Corp.		256,000		4,690,668
				242,932,323
Entertainment — 1.6%
DeNA Co. Ltd.		114,700		1,955,154
GungHo Online Entertainment, Inc.		49,850		1,079,671
Konami Holdings Corp.		108,900		4,780,579
Nexon Co. Ltd.*		498,800		5,780,217
Nintendo Co. Ltd.		126,900		46,545,335
Square Enix Holdings Co. Ltd.		94,400		4,492,330
Toho Co. Ltd.		151,600		6,122,437
				70,755,723
Equity Real Estate Investment Trusts (REITs) — 1.8%
Advance Residence Investment Corp.		1,444		4,798,522
Daiwa House REIT Investment Corp.		1,997		5,814,871
GLP J		4,102		5,348,288
Japan Prime Realty Investment Corp.		987		4,743,523
Japan Real Estate Investment Corp.		1,481		10,109,022
Japan Retail Fund Investment Corp.		2,801		6,536,272
Nippon Building Fund, Inc.		1,510		11,455,783
Nippon Prologis REIT, Inc.		2,515		7,025,111
Nomura Real Estate Master Fund, Inc.		4,867		9,303,559
Orix JREIT, Inc.		2,955		6,681,607
United Urban Investment Corp.		3,339		6,736,203
				78,552,761
Food & Staples Retailing — 1.8%
Aeon Co. Ltd.		933,200		18,776,325
Cosmos Pharmaceutical Corp.		11,600		2,395,526
FamilyMart Co. Ltd.		271,200		6,727,441
Lawson, Inc.		53,600		2,956,921
Matsumotokiyoshi Holdings Co. Ltd.		98,200		3,459,019
Seven & i Holdings Co. Ltd.		853,800		32,256,825
Sundrug Co. Ltd.		72,900		2,412,314
Tsuruha Holdings, Inc.		38,500		4,330,810
Welcia Holdings Co. Ltd.		54,900		3,154,570
				76,469,751
Food Products — 1.8%
Ajinomoto Co., Inc.		587,700		11,173,464
Calbee, Inc.		120,500		4,027,801
Ezaki Glico Co. Ltd.		62,300		2,890,936
Kewpie Corp.		128,500		2,916,588
Kikkoman Corp.		207,600		9,986,115
MEIJI Holdings Co. Ltd.		155,100		11,179,280
NH Foods Ltd.		110,100		4,625,949
Nisshin Seifun Group, Inc.		280,100		5,552,762

INVESTMENTS	SHARES		VALUE($)
Food Products — continued
Nissin Foods Holdings Co. Ltd.		90,500		6,836,041
Toyo Suisan Kaisha Ltd.		109,000		4,589,443
Yakult Honsha Co. Ltd.		172,100		9,863,000
Yamazaki Baking Co. Ltd.		193,200		3,293,808
				76,935,187
Gas Utilities — 0.5%
Osaka Gas Co. Ltd.		446,000		8,721,387
Toho Gas Co. Ltd.		106,900		4,163,603
Tokyo Gas Co. Ltd.		416,600		10,169,636
				23,054,626
Health Care Equipment & Supplies — 2.3%
Asahi Intecc Co. Ltd.		278,500		7,663,037
Hoya Corp.		408,200		36,075,585
Olympus Corp.		1,394,100		18,968,670
Sysmex Corp.		176,900		11,542,383
Terumo Corp.		747,900		24,409,007
				98,658,682
Health Care Providers & Services — 0.3%
Alfresa Holdings Corp.		226,400		5,055,250
Medipal Holdings Corp.		238,000		5,437,715
Suzuken Co. Ltd.		87,400		4,666,626
				15,159,591
Health Care Technology — 0.2%
M3, Inc.		457,400		10,960,843
Hotels, Restaurants & Leisure — 0.9%
McDonald’s Holdings Co. Japan Ltd.		71,300		3,578,733
Oriental Land Co. Ltd.		241,200		35,360,151
				38,938,884
Household Durables — 3.5%
Casio Computer Co. Ltd.		249,600		4,051,900
Haseko Corp.		286,400		3,695,817
Iida Group Holdings Co. Ltd.		192,100		3,199,831
Nikon Corp.		429,200		5,472,433
Panasonic Corp.		2,494,500		20,964,725
Rinnai Corp.		41,500		3,050,390
Sekisui Chemical Co. Ltd.		487,500		8,499,926
Sekisui House Ltd.		695,000		14,987,243
Sharp Corp. (a)		222,200		2,548,892
Sony Corp.		1,361,200		82,855,086
				149,326,243

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Household Products — 0.7%
Lion Corp.		320,100		6,698,881
Pigeon Corp.		130,200		6,356,146
Unicharm Corp.		471,900		15,993,103
				29,048,130
Independent Power and Renewable Electricity Producers — 0.1%
Electric Power Development Co. Ltd.		186,100		4,518,588
Industrial Conglomerates — 0.5%
Keihan Holdings Co. Ltd.		115,200		5,439,386
Toshiba Corp.		484,000		16,550,951
				21,990,337
Insurance — 2.8%
Dai-ichi Life Holdings, Inc.		1,282,700		20,907,259
Japan Post Holdings Co. Ltd.		1,589,400		14,589,472
Japan Post Insurance Co. Ltd.		30,200		476,430
MS&AD Insurance Group Holdings, Inc.		527,100		17,020,712
Sompo Holdings, Inc.		399,600		15,706,710
Sony Financial Holdings, Inc.		163,100		3,508,843
T&D Holdings, Inc.		659,000		7,339,771
Tokio Marine Holdings, Inc.		759,900		41,084,463
				120,633,660
Interactive Media & Services — 0.3%
Kakaku.com, Inc.		141,200		3,278,649
LINE Corp.*		59,200		2,177,786
Z Holdings Corp.		2,838,800		8,739,865
				14,196,300
Internet & Direct Marketing Retail — 0.4%
Mercari, Inc.*		99,200		2,236,619
Rakuten, Inc.		875,300		8,344,606
ZOZO, Inc. (a)		210,200		4,896,178
				15,477,403
IT Services — 1.3%
Fujitsu Ltd.		204,000		18,080,324
GMO Payment Gateway, Inc.		44,500		3,279,611
Itochu Techno-Solutions Corp.		102,700		2,765,795
Nomura Research Institute Ltd.		411,800		8,742,808
NTT Data Corp.		690,600		9,068,166
Obic Co. Ltd.		71,500		8,952,173
Otsuka Corp.		118,100		4,761,551
SCSK Corp.		54,600		2,779,379
				58,429,807

INVESTMENTS	SHARES		VALUE($)
Leisure Products — 1.0%
Bandai Namco Holdings, Inc.		237,500		14,603,681
Sankyo Co. Ltd.		48,900		1,711,385
Sega Sammy Holdings, Inc.		190,800		2,685,147
Shimano, Inc.		91,300		15,196,955
Yamaha Corp.		180,400		8,401,095
				42,598,263
Machinery — 5.1%
Amada Holdings Co. Ltd.		394,000		4,486,915
Daifuku Co. Ltd.		135,500		7,189,867
FANUC Corp.		207,600		40,948,955
Harmonic Drive Systems, Inc. (a)		44,300		2,054,489
Hino Motors Ltd.		307,500		2,907,202
Hitachi Construction Machinery Co. Ltd.		113,000		2,916,779
Hoshizaki Corp.		58,800		4,998,137
IHI Corp.		165,600		4,080,905
JTEKT Corp.		264,600		3,374,811
Kawasaki Heavy Industries Ltd.		178,800		4,290,901
Komatsu Ltd.		1,040,800		24,370,243
Kubota Corp.		1,253,200		19,904,899
Kurita Water Industries Ltd.		114,500		3,296,182
Makita Corp.		299,800		10,082,531
MINEBEA MITSUMI, Inc.		457,000		8,679,138
MISUMI Group, Inc.		303,800		7,637,156
Mitsubishi Heavy Industries Ltd.		361,000		14,609,442
Nabtesco Corp.		133,900		4,262,680
NGK Insulators Ltd.		298,100		4,579,640
NSK Ltd.		519,300		4,828,664
SMC Corp.		72,200		31,193,375
Sumitomo Heavy Industries Ltd.		131,600		4,087,764
THK Co. Ltd.		131,800		3,789,948
				218,570,623
Marine — 0.2%
Mitsui OSK Lines Ltd.		129,100		3,516,493
Nippon Yusen KK		182,000		3,269,645
				6,786,138
Media — 0.5%
CyberAgent, Inc.		108,100		3,513,421
Dentsu, Inc.		265,500		9,491,564
Fuji Media Holdings, Inc.		50,100		676,981
Hakuhodo DY Holdings, Inc.		324,800		4,846,897
Nippon Television Holdings, Inc.		56,400		737,641
Tokyo Broadcasting System Holdings, Inc.		37,400		596,359
				19,862,863

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 71

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Metals & Mining — 1.1%
Daido Steel Co. Ltd.		42,300		1,845,889
Hitachi Metals Ltd.		215,800		2,708,359
JFE Holdings, Inc.		618,200		7,732,227
Kobe Steel Ltd.		390,000		2,096,844
Maruichi Steel Tube Ltd. (a)		85,500		2,334,863
Mitsubishi Materials Corp.		140,700		4,045,834
Nippon Steel Corp.		1,017,100		14,845,121
Sumitomo Metal Mining Co. Ltd.		292,700		9,790,727
Yamato Kogyo Co. Ltd.		51,400		1,333,402
				46,733,266
Multiline Retail — 0.8%
Isetan Mitsukoshi Holdings Ltd.		423,700		3,379,079
Izumi Co. Ltd.		48,300		1,816,967
J Front Retailing Co. Ltd.		289,700		3,683,796
Marui Group Co. Ltd. (a)		239,300		5,319,726
Pan Pacific International Holdings Corp.		644,100		10,139,002
Ryohin Keikaku Co. Ltd. (a)		282,400		6,286,866
Seria Co. Ltd.		48,700		1,224,116
Takashimaya Co. Ltd. (a)		190,200		2,207,846
				34,057,398
Oil, Gas & Consumable Fuels — 0.8%
Idemitsu Kosan Co. Ltd.		268,152		7,882,402
Inpex Corp.		1,158,200		10,706,963
JXTG Holdings, Inc.		3,564,600		16,661,798
				35,251,163
Paper & Forest Products — 0.1%
Oji Holdings Corp.		1,085,800		5,613,848
Personal Products — 2.1%
Kao Corp.		516,000		41,485,723
Kobayashi Pharmaceutical Co. Ltd.		59,600		4,765,617
Kose Corp.		36,400		6,453,503
Pola Orbis Holdings, Inc.		90,700		2,046,718
Shiseido Co. Ltd.		428,200		35,304,212
				90,055,773
Pharmaceuticals — 6.2%
Astellas Pharma, Inc.		1,920,700		32,964,387
Chugai Pharmaceutical Co. Ltd.		227,600		19,153,862
Daiichi Sankyo Co. Ltd.		652,700		42,917,501
Eisai Co. Ltd.		317,400		22,976,272
Hisamitsu Pharmaceutical Co., Inc.		88,600		4,123,379
Kyowa Kirin Co. Ltd.		271,600		4,997,446
Mitsubishi Tanabe Pharma Corp.		264,400		3,164,417
Nippon Shinyaku Co. Ltd.		65,300		5,891,148
Ono Pharmaceutical Co. Ltd.		552,600		10,409,246
Otsuka Holdings Co. Ltd.		597,200		24,897,423

INVESTMENTS	SHARES		VALUE($)
Pharmaceuticals — continued
Santen Pharmaceutical Co. Ltd.		428,100		7,583,080
Shionogi & Co. Ltd.		311,900		18,721,142
Sumitomo Dainippon Pharma Co. Ltd.		183,100		3,195,672
Taisho Pharmaceutical Holdings Co. Ltd.		58,200		4,142,355
Takeda Pharmaceutical Co. Ltd.		1,687,200		60,963,730
Tsumura & Co.		74,000		2,037,921
				268,138,981
Professional Services — 1.5%
Nihon M&A Center, Inc.		150,800		4,585,089
Persol Holdings Co. Ltd.		202,800		3,895,387
Recruit Holdings Co. Ltd.		1,706,400		56,710,572
				65,191,048
Real Estate Management & Development — 3.0%
Aeon Mall Co. Ltd.		109,400		1,750,294
Daito Trust Construction Co. Ltd.		81,000		10,734,157
Daiwa House Industry Co. Ltd.		713,100		24,548,546
Hulic Co. Ltd.		537,200		5,832,248
Mitsubishi Estate Co. Ltd.		1,489,100		28,911,447
Mitsui Fudosan Co. Ltd.		1,061,100		27,145,950
Nomura Real Estate Holdings, Inc.		129,800		3,076,181
Sumitomo Realty & Development Co. Ltd.		509,700		18,501,227
Tokyo Tatemono Co. Ltd.		232,100		3,302,200
Tokyu Fudosan Holdings Corp.		647,300		4,293,479
				128,095,729
Road & Rail — 4.6%
Central Japan Railway Co.		220,500		45,232,053
East Japan Railway Co.		404,500		36,720,927
Hankyu Hanshin Holdings, Inc.		272,100		10,888,628
Keikyu Corp.		295,300		5,878,133
Keio Corp.		130,700		8,085,555
Keisei Electric Railway Co. Ltd.		184,500		7,543,368
Kintetsu Group Holdings Co. Ltd.		204,200		11,130,116
Kyushu Railway Co.		171,300		5,659,334
Nagoya Railroad Co. Ltd.		210,500		6,691,350
Nankai Electric Railway Co. Ltd.		121,500		3,157,412
Nippon Express Co. Ltd.		95,400		5,443,103
Odakyu Electric Railway Co. Ltd.		362,800		8,831,343
Seibu Holdings, Inc.		302,500		5,339,125
Tobu Railway Co. Ltd.		227,200		7,581,643
Tokyu Corp.		608,700		11,512,717
West Japan Railway Co.		204,900		17,803,840
				197,498,647

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — 1.7%
Advantest Corp.		213,700		9,725,164
Disco Corp.		30,900		6,743,539
Renesas Electronics Corp.*		1,111,700		7,525,850
Rohm Co. Ltd.		101,200		8,017,957
SUMCO Corp.		273,000		4,534,768
Tokyo Electron Ltd.		176,800		35,819,429
				72,366,707
Software — 0.2%
Oracle Corp.		35,700		3,137,894
Trend Micro, Inc.		130,800		6,602,032
				9,739,926
Specialty Retail — 1.8%
ABC-Mart, Inc.		33,600		2,303,798
Fast Retailing Co. Ltd.		69,400		42,798,433
Hikari Tsushin, Inc.		21,900		4,800,409
K’s Holdings Corp.		224,300		2,562,700
Nitori Holdings Co. Ltd.		90,600		13,790,329
Shimamura Co. Ltd.		26,600		2,253,102
USS Co. Ltd.		234,600		4,543,778
Yamada Denki Co. Ltd.		765,400		3,699,547
				76,752,096
Technology Hardware, Storage & Peripherals — 1.9%
Brother Industries Ltd.		280,600		5,273,607
Canon, Inc.		1,156,300		31,728,551
FUJIFILM Holdings Corp.		440,700		19,347,721
Konica Minolta, Inc.		538,000		3,948,812
NEC Corp.		278,700		11,045,053
Ricoh Co. Ltd.		797,300		7,100,445
Seiko Epson Corp.		342,300		4,840,481
				83,284,670
Textiles, Apparel & Luxury Goods — 0.1%
Asics Corp.		203,300		3,490,322
Tobacco — 0.6%
Japan Tobacco, Inc.		1,198,700		27,093,871
Trading Companies & Distributors — 3.8%
ITOCHU Corp.		1,696,500		35,470,223
Marubeni Corp.		1,860,100		13,091,529
Mitsubishi Corp.		1,702,000		43,289,375
Mitsui & Co. Ltd.		1,865,200		32,032,873
MonotaRO Co. Ltd.		147,400		4,453,045
Sojitz Corp.		1,205,500		3,794,363
Sumitomo Corp.		1,338,900		21,746,950
Toyota Tsusho Corp.		254,000		8,762,630
				162,640,988

INVESTMENTS	SHARES		VALUE($)
Transportation Infrastructure — 0.2%
Japan Airport Terminal Co. Ltd.		77,800		3,843,054
Kamigumi Co. Ltd.		128,000		2,894,228
Mitsubishi Logistics Corp.		88,500		2,246,547
				8,983,829
Wireless Telecommunication Services — 4.0%
KDDI Corp.		1,714,400		47,439,410
NTT DOCOMO, Inc.		1,285,100		35,231,170
Softbank Corp.		1,742,300		23,899,679
SoftBank Group Corp.		1,767,100		67,974,003
				174,544,262
Total Common Stocks (Cost $4,121,630,584)				4,271,341,070
Short-Term Investments — 0.4%
Investment of Cash Collateral from Securities Loaned — 0.4%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (c) (d)		12,000,400		12,001,600
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (c) (d)		6,340,122		6,340,122
Total Investment of Cash Collateral from Securities Loaned (Cost $18,340,323)				18,341,722
Total Investments — 99.3% (Cost $4,139,970,907)				4,289,682,792
Other Assets Less Liabilities — 0.7%				28,839,127
NET ASSETS — 100.0%				4,318,521,919

Percentages indicated are based on net assets.

Abbreviations

REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is $17,484,369.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	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.
(d)	The rate shown is the current yield as of October 31, 2019.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 73

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

Futures contracts outstanding as of October 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
TOPIX Index		308		12/2019		JPY		47,216,779		1,459,579

Abbreviations

JPY	Japanese Yen
TOPIX	Tokyo Stock Price Index

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.6%
Aerospace & Defense — 2.5%
Arconic, Inc.		681		18,707
Boeing Co. (The)		939		319,175
General Dynamics Corp.		411		72,665
HEICO Corp.		70		8,634
HEICO Corp., Class A		125		11,909
Huntington Ingalls Industries, Inc.		72		16,248
L3Harris Technologies, Inc.		392		80,874
Lockheed Martin Corp.		438		164,986
Northrop Grumman Corp.		276		97,284
Raytheon Co.		490		103,983
Spirit AeroSystems Holdings, Inc., Class A		183		14,973
Textron, Inc.		405		18,666
TransDigm Group, Inc.		87		45,786
United Technologies Corp.		1,427		204,889
				1,178,779
Air Freight & Logistics — 0.6%
CH Robinson Worldwide, Inc.		238		18,002
Expeditors International of Washington, Inc.		302		22,028
FedEx Corp.		423		64,575
United Parcel Service, Inc., Class B		1,227		141,314
XPO Logistics, Inc.*		160		12,224
				258,143
Airlines — 0.4%
Alaska Air Group, Inc.		218		15,136
American Airlines Group, Inc.		697		20,952
Delta Air Lines, Inc.		1,018		56,071
Southwest Airlines Co.		850		47,710
United Airlines Holdings, Inc.*		389		35,337
				175,206
Auto Components — 0.2%
Aptiv plc		448		40,118
Autoliv, Inc. (Sweden)		138		10,742
BorgWarner, Inc.		362		15,088
Goodyear Tire & Rubber Co. (The)		409		6,491
Lear Corp.		99		11,659
				84,098
Automobiles — 0.5%
Ford Motor Co.		6,890		59,185
General Motors Co.		2,209		82,087
Harley-Davidson, Inc.		275		10,700
Tesla, Inc.*		250		78,730
				230,702

INVESTMENTS	SHARES		VALUE($)
Banks — 5.4%
Bank of America Corp.		14,729		460,576
BB&T Corp.		1,346		71,405
CIT Group, Inc.		167		7,163
Citigroup, Inc.		3,974		285,572
Citizens Financial Group, Inc.		785		27,601
Comerica, Inc.		261		17,075
East West Bancorp, Inc.		256		10,987
Fifth Third Bancorp		1,282		37,281
First Republic Bank		294		31,270
Huntington Bancshares, Inc.		1,824		25,773
JPMorgan Chase & Co. (a)		5,623		702,425
KeyCorp		1,765		31,717
M&T Bank Corp.		236		36,941
PNC Financial Services Group, Inc. (The)		783		114,866
Regions Financial Corp.		1,754		28,239
SunTrust Banks, Inc.		781		53,373
SVB Financial Group*		89		19,712
US Bancorp		2,520		143,690
Wells Fargo & Co.		7,051		364,043
Zions Bancorp NA		310		15,026
				2,484,735
Beverages — 1.8%
Brown-Forman Corp., Class A		99		6,153
Brown-Forman Corp., Class B		321		21,032
Coca-Cola Co. (The)		6,767		368,328
Constellation Brands, Inc., Class A		293		55,767
Keurig Dr Pepper, Inc.		471		13,263
Molson Coors Brewing Co., Class B		329		17,345
Monster Beverage Corp.*		680		38,168
PepsiCo, Inc.		2,460		337,438
				857,494
Biotechnology — 2.4%
AbbVie, Inc.		2,600		206,830
Alexion Pharmaceuticals, Inc.*		394		41,528
Alkermes plc*		276		5,390
Alnylam Pharmaceuticals, Inc.*		194		16,828
Amgen, Inc.		1,054		224,765
Biogen, Inc.*		324		96,782
BioMarin Pharmaceutical, Inc.*		313		22,915
Celgene Corp.*		1,245		134,497
Exact Sciences Corp.*		226		19,662
Gilead Sciences, Inc.		2,227		141,882
Incyte Corp.*		312		26,183
Neurocrine Biosciences, Inc.*		159		15,819

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 75

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Biotechnology — continued
Regeneron Pharmaceuticals, Inc.*		139		42,573
Seattle Genetics, Inc.*		200		21,480
Vertex Pharmaceuticals, Inc.*		454		88,748
				1,105,882
Building Products — 0.3%
Fortune Brands Home & Security, Inc.		244		14,652
Johnson Controls International plc		1,398		60,576
Lennox International, Inc.		63		15,584
Masco Corp.		509		23,541
Owens Corning		190		11,643
				125,996
Capital Markets — 2.6%
Affiliated Managers Group, Inc.		88		7,029
Ameriprise Financial, Inc.		228		34,403
Bank of New York Mellon Corp. (The)		1,509		70,546
BlackRock, Inc.		206		95,110
Charles Schwab Corp. (The)		2,044		83,211
CME Group, Inc.		630		129,623
E*TRADE Financial Corp.		422		17,635
Franklin Resources, Inc.		495		13,637
Goldman Sachs Group, Inc. (The)		567		120,987
Intercontinental Exchange, Inc.		986		93,000
Invesco Ltd.		678		11,404
KKR & Co., Inc., Class A		958		27,619
Moody’s Corp.		287		63,338
Morgan Stanley		2,209		101,724
MSCI, Inc.		150		35,184
Nasdaq, Inc.		203		20,253
Northern Trust Corp.		377		37,579
Raymond James Financial, Inc.		218		18,201
S&P Global, Inc.		431		111,194
SEI Investments Co.		223		13,362
State Street Corp.		653		43,144
T. Rowe Price Group, Inc.		413		47,825
TD Ameritrade Holding Corp.		473		18,154
				1,214,162
Chemicals — 1.8%
Air Products & Chemicals, Inc.		388		82,745
Albemarle Corp.		187		11,358
Ashland Global Holdings, Inc.		105		8,124
Axalta Coating Systems Ltd.*		363		10,705
Celanese Corp.		218		26,411
CF Industries Holdings, Inc.		386		17,505
Chemours Co. (The)		287		4,710

INVESTMENTS	SHARES		VALUE($)
Chemicals — continued
Dow, Inc.		1,307		65,990
DuPont de Nemours, Inc.		1,310		86,342
Eastman Chemical Co.		240		18,250
Ecolab, Inc.		441		84,703
FMC Corp.		227		20,770
International Flavors & Fragrances, Inc.		188		22,938
Linde plc (United Kingdom)		951		188,631
LyondellBasell Industries NV, Class A		455		40,813
Mosaic Co. (The)		625		12,425
PPG Industries, Inc.		414		51,800
Sherwin-Williams Co. (The)		142		81,269
Westlake Chemical Corp.		63		3,981
WR Grace & Co.		99		6,579
				846,049
Commercial Services & Supplies — 0.4%
Cintas Corp.		148		39,763
Copart, Inc.*		355		29,337
Republic Services, Inc.		373		32,641
Rollins, Inc.		245		9,337
Stericycle, Inc.*		159		9,159
Waste Management, Inc.		685		76,864
				197,101
Communications Equipment — 1.0%
Arista Networks, Inc.*		97		23,723
Cisco Systems, Inc.		7,464		354,615
F5 Networks, Inc.*		105		15,129
Juniper Networks, Inc.		609		15,115
Motorola Solutions, Inc.		291		48,399
Ubiquiti, Inc.		22		2,785
				459,766
Construction & Engineering — 0.1%
Fluor Corp.		246		3,963
Jacobs Engineering Group, Inc.		238		22,272
Quanta Services, Inc.		251		10,555
				36,790
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		108		28,286
Vulcan Materials Co.		234		33,432
				61,718
Consumer Finance — 0.7%
Ally Financial, Inc.		685		20,981
American Express Co.		1,195		140,149
Capital One Financial Corp.		828		77,211

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Consumer Finance — continued
Discover Financial Services		560		44,946
Santander Consumer USA Holdings, Inc.		184		4,615
Synchrony Financial		1,073		37,952
				325,854
Containers & Packaging — 0.3%
Avery Dennison Corp.		149		19,051
Ball Corp.		582		40,722
Crown Holdings, Inc.*		238		17,336
International Paper Co.		692		30,227
Packaging Corp. of America		167		18,280
Sealed Air Corp.		272		11,361
Westrock Co.		454		16,966
				153,943
Distributors — 0.1%
Genuine Parts Co.		256		26,260
LKQ Corp.*		542		18,423
				44,683
Diversified Consumer Services — 0.0% (b)
H&R Block, Inc.		354		8,846
Diversified Financial Services — 1.6%
AXA Equitable Holdings, Inc.		527		11,383
Berkshire Hathaway, Inc., Class B*		3,449		733,189
Jefferies Financial Group, Inc.		443		8,271
Voya Financial, Inc.		245		13,220
				766,063
Diversified Telecommunication Services — 2.1%
AT&T, Inc.		12,849		494,558
CenturyLink, Inc.		1,724		22,309
Verizon Communications, Inc.		7,273		439,798
Zayo Group Holdings, Inc.*		414		14,134
				970,799
Electric Utilities — 2.1%
Alliant Energy Corp.		415		22,136
American Electric Power Co., Inc.		868		81,930
Avangrid, Inc.		99		4,955
Duke Energy Corp.		1,280		120,653
Edison International		630		39,627
Entergy Corp.		347		42,154
Evergy, Inc.		413		26,395
Eversource Energy		567		47,481
Exelon Corp.		1,706		77,606
FirstEnergy Corp.		950		45,904
NextEra Energy, Inc.		857		204,257

INVESTMENTS	SHARES		VALUE($)
Electric Utilities — continued
OGE Energy Corp.		353		15,200
Pinnacle West Capital Corp.		199		18,730
PPL Corp.		1,271		42,566
Southern Co. (The)		1,837		115,106
Xcel Energy, Inc.		921		58,493
				963,193
Electrical Equipment — 0.5%
Acuity Brands, Inc.		70		8,735
AMETEK, Inc.		403		36,935
Eaton Corp. plc		737		64,200
Emerson Electric Co.		1,083		75,973
Hubbell, Inc.		97		13,745
Rockwell Automation, Inc.		205		35,258
Sensata Technologies Holding plc*		285		14,589
				249,435
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		524		52,573
CDW Corp.		255		32,617
Cognex Corp.		301		15,499
Corning, Inc.		1,374		40,712
Flex Ltd.*		904		10,622
IPG Photonics Corp.*		64		8,594
Keysight Technologies, Inc.*		328		33,098
TE Connectivity Ltd.		592		52,984
Trimble, Inc.*		443		17,649
Zebra Technologies Corp., Class A*		97		23,073
				287,421
Energy Equipment & Services — 0.3%
Baker Hughes Co.		1,140		24,396
Halliburton Co.		1,542		29,683
Helmerich & Payne, Inc.		191		7,163
National Oilwell Varco, Inc.		679		15,359
Schlumberger Ltd.		2,432		79,502
Transocean Ltd.*		385		1,829
				157,932
Entertainment — 1.8%
Activision Blizzard, Inc.		1,347		75,472
Electronic Arts, Inc.*		516		49,742
Live Nation Entertainment, Inc.*		243		17,132
Netflix, Inc.*		769		221,018
Take-Two Interactive Software, Inc.*		200		24,070
Viacom, Inc., Class A		17		406
Viacom, Inc., Class B		624		13,454
Walt Disney Co. (The)		3,166		411,327
				812,621

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 77

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — 3.2%
Alexandria Real Estate Equities, Inc.		201		31,909
American Tower Corp.		779		169,884
AvalonBay Communities, Inc.		244		53,109
Boston Properties, Inc.		253		34,712
Crown Castle International Corp.		731		101,455
Digital Realty Trust, Inc.		364		46,242
Duke Realty Corp.		634		22,279
Equinix, Inc.		150		85,017
Equity Residential		613		54,349
Essex Property Trust, Inc.		116		37,947
Extra Space Storage, Inc.		225		25,261
Federal Realty Investment Trust		122		16,593
HCP, Inc.		864		32,504
Host Hotels & Resorts, Inc.		1,281		20,996
Invitation Homes, Inc.		839		25,833
Iron Mountain, Inc.		506		16,597
Kimco Realty Corp.		744		16,041
Macerich Co. (The)		192		5,280
Mid-America Apartment Communities, Inc.		201		27,937
Prologis, Inc.		1,109		97,326
Public Storage		262		58,389
Realty Income Corp.		560		45,802
Regency Centers Corp.		293		19,701
SBA Communications Corp.		200		48,130
Simon Property Group, Inc.		542		81,669
SL Green Realty Corp.		143		11,955
Sun Communities, Inc.		158		25,699
UDR, Inc.		514		25,828
Ventas, Inc.		653		42,510
VEREIT, Inc.		1,713		16,856
VICI Properties, Inc.		812		19,123
Vornado Realty Trust		277		18,179
Welltower, Inc.		713		64,662
Weyerhaeuser Co.		1,310		38,265
WP Carey, Inc.		302		27,802
				1,465,841
Food & Staples Retailing — 1.5%
Costco Wholesale Corp.		771		229,072
Kroger Co. (The)		1,406		34,644
Sysco Corp.		902		72,042
Walgreens Boots Alliance, Inc.		1,332		72,967
Walmart, Inc.		2,500		293,150
				701,875

INVESTMENTS	SHARES		VALUE($)
Food Products — 1.1%
Archer-Daniels-Midland Co.		981		41,241
Bunge Ltd.		250		13,500
Campbell Soup Co.		295		13,661
Conagra Brands, Inc.		854		23,101
General Mills, Inc.		1,059		53,861
Hershey Co. (The)		260		38,186
Hormel Foods Corp.		489		19,995
Ingredion, Inc.		118		9,322
JM Smucker Co. (The)		201		21,242
Kellogg Co.		438		27,826
Kraft Heinz Co. (The)		1,093		35,337
Lamb Weston Holdings, Inc.		256		19,978
McCormick & Co., Inc.(Non-Voting)		217		34,870
Mondelez International, Inc., Class A		2,535		132,961
Tyson Foods, Inc., Class A		516		42,719
				527,800
Gas Utilities — 0.1%
Atmos Energy Corp.		207		23,284
National Fuel Gas Co.		152		6,887
UGI Corp.		369		17,590
				47,761
Health Care Equipment & Supplies — 3.5%
Abbott Laboratories		3,109		259,943
ABIOMED, Inc.*		80		16,606
Align Technology, Inc.*		126		31,789
Baxter International, Inc.		899		68,953
Becton Dickinson and Co.		475		121,600
Boston Scientific Corp.*		2,449		102,123
Cooper Cos., Inc. (The)		87		25,317
Danaher Corp.		1,122		154,634
Dentsply Sirona, Inc.		393		21,529
DexCom, Inc.*		159		24,524
Edwards Lifesciences Corp.*		364		86,770
Hologic, Inc.*		471		22,754
IDEXX Laboratories, Inc.*		152		43,322
Intuitive Surgical, Inc.*		203		112,249
Medtronic plc		2,360		257,004
ResMed, Inc.		253		37,424
STERIS plc		150		21,235
Stryker Corp.		563		121,760
Teleflex, Inc.		82		28,488
Varian Medical Systems, Inc.*		158		19,088
Zimmer Biomet Holdings, Inc.		360		49,763
				1,626,875

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Health Care Providers & Services — 2.6%
AmerisourceBergen Corp.		268		22,882
Anthem, Inc.		448		120,548
Cardinal Health, Inc.		525		25,961
Centene Corp.*		728		38,642
Cigna Corp.		664		118,497
CVS Health Corp.		2,285		151,701
DaVita, Inc.*		170		9,962
HCA Healthcare, Inc.		466		62,230
Henry Schein, Inc.*		259		16,209
Humana, Inc.		238		70,020
Laboratory Corp. of America Holdings*		171		28,176
McKesson Corp.		325		43,225
Quest Diagnostics, Inc.		237		23,996
UnitedHealth Group, Inc.		1,666		420,998
Universal Health Services, Inc., Class B		141		19,382
WellCare Health Plans, Inc.*		88		26,101
				1,198,530
Health Care Technology — 0.1%
Cerner Corp.		560		37,587
Veeva Systems, Inc., Class A*		227		32,196
				69,783
Hotels, Restaurants & Leisure — 1.9%
Aramark		432		18,904
Carnival Corp.		702		30,109
Chipotle Mexican Grill, Inc.*		46		35,795
Darden Restaurants, Inc.		217		24,363
Domino’s Pizza, Inc.		71		19,285
Hilton Worldwide Holdings, Inc.		506		49,062
Las Vegas Sands Corp.		595		36,795
Marriott International, Inc., Class A		480		60,744
McDonald’s Corp.		1,333		262,201
MGM Resorts International		917		26,135
Norwegian Cruise Line Holdings Ltd.*		378		19,187
Royal Caribbean Cruises Ltd.		303		32,975
Starbucks Corp.		2,106		178,083
Vail Resorts, Inc.		70		16,266
Wyndham Destinations, Inc.		160		7,426
Wynn Resorts Ltd.		170		20,628
Yum! Brands, Inc.		533		54,211
				892,169
Household Durables — 0.4%
DR Horton, Inc.		593		31,055
Garmin Ltd.		254		23,812
Lennar Corp., Class A		498		29,681

INVESTMENTS	SHARES		VALUE($)
Household Durables — continued
Lennar Corp., Class B		29		1,364
Mohawk Industries, Inc.*		105		15,055
Newell Brands, Inc.		668		12,672
NVR, Inc.*		6		21,820
PulteGroup, Inc.		455		17,854
Whirlpool Corp.		109		16,581
				169,894
Household Products — 1.7%
Church & Dwight Co., Inc.		432		30,214
Clorox Co. (The)		221		32,639
Colgate-Palmolive Co.		1,510		103,586
Kimberly-Clark Corp.		607		80,658
Procter & Gamble Co. (The)		4,401		547,969
				795,066
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		1,169		19,932
NRG Energy, Inc.		444		17,813
Vistra Energy Corp.		796		21,516
				59,261
Industrial Conglomerates — 1.3%
3M Co.		1,010		166,640
General Electric Co.		15,347		153,163
Honeywell International, Inc.		1,263		218,158
Roper Technologies, Inc.		184		62,001
				599,962
Insurance — 2.5%
Aflac, Inc.		1,304		69,321
Alleghany Corp.*		23		17,901
Allstate Corp. (The)		579		61,617
American Financial Group, Inc.		132		13,733
American International Group, Inc.		1,530		81,029
Aon plc		413		79,775
Arch Capital Group Ltd.*		713		29,775
Arthur J Gallagher & Co.		326		29,738
Brighthouse Financial, Inc.*		194		7,325
Chubb Ltd.		801		122,088
Cincinnati Financial Corp.		268		30,340
Everest Re Group Ltd.		71		18,253
Fidelity National Financial, Inc.		481		22,049
Globe Life, Inc.		175		17,033
Hartford Financial Services Group, Inc. (The)		634		36,189
Lincoln National Corp.		353		19,937
Loews Corp.		458		22,442

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 79

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Insurance — continued
Markel Corp.*		23		26,933
Marsh & McLennan Cos., Inc.		889		92,118
MetLife, Inc.		1,398		65,412
Principal Financial Group, Inc.		457		24,395
Progressive Corp. (The)		1,026		71,512
Prudential Financial, Inc.		709		64,618
Reinsurance Group of America, Inc.		108		17,547
Travelers Cos., Inc. (The)		458		60,026
Unum Group		369		10,162
Willis Towers Watson plc		225		42,053
WR Berkley Corp.		255		17,825
				1,171,146
Interactive Media & Services — 4.8%
Alphabet, Inc., Class A*		527		663,388
Alphabet, Inc., Class C*		530		667,858
Facebook, Inc., Class A*		4,231		810,871
IAC/InterActiveCorp*		125		28,406
Snap, Inc., Class A*		1,340		20,181
TripAdvisor, Inc.*		185		7,474
Twitter, Inc.*		1,359		40,729
				��
				2,238,907
Internet & Direct Marketing Retail — 3.4%
Amazon.com, Inc.*		729		1,295,185
Booking Holdings, Inc.*		75		153,658
eBay, Inc.		1,384		48,786
Expedia Group, Inc.		244		33,345
MercadoLibre, Inc. (Argentina)*		80		41,722
Qurate Retail, Inc., Series A*		682		6,506
				1,579,202
IT Services — 5.4%
Accenture plc, Class A		1,121		207,856
Akamai Technologies, Inc.*		290		25,085
Alliance Data Systems Corp.		71		7,100
Automatic Data Processing, Inc.		763		123,781
Broadridge Financial Solutions, Inc.		202		25,294
Cognizant Technology Solutions Corp., Class A		971		59,173
DXC Technology Co.		460		12,728
Fidelity National Information Services, Inc.		1,077		141,906
Fiserv, Inc.*		1,004		106,565
FleetCor Technologies, Inc.*		152		44,721
Gartner, Inc.*		157		24,191
Global Payments, Inc.		527		89,158
GoDaddy, Inc., Class A*		310		20,159
International Business Machines Corp.		1,559		208,485

INVESTMENTS	SHARES		VALUE($)
IT Services — continued
Jack Henry & Associates, Inc.		136		19,252
Leidos Holdings, Inc.		238		20,523
Mastercard, Inc., Class A		1,568		434,038
Paychex, Inc.		562		47,006
PayPal Holdings, Inc.*		2,070		215,487
Sabre Corp.		480		11,270
Square, Inc., Class A*		601		36,919
Twilio, Inc., Class A*		211		20,374
VeriSign, Inc.*		184		34,964
Visa, Inc., Class A		3,038		543,377
Western Union Co. (The)		746		18,695
				2,498,107
Leisure Products — 0.1%
Hasbro, Inc.		206		20,046
Mattel, Inc.*		609		7,271
Polaris, Inc.		101		9,964
				37,281
Life Sciences Tools & Services — 1.0%
Agilent Technologies, Inc.		544		41,208
Bio-Rad Laboratories, Inc., Class A*		37		12,270
Illumina, Inc.*		258		76,244
IQVIA Holdings, Inc.*		321		46,359
Mettler-Toledo International, Inc.*		41		28,903
PerkinElmer, Inc.		193		16,590
Thermo Fisher Scientific, Inc.		702		211,990
Waters Corp.*		118		24,971
				458,535
Machinery — 1.6%
Caterpillar, Inc.		988		136,146
Cummins, Inc.		276		47,605
Deere & Co.		551		95,951
Donaldson Co., Inc.		223		11,761
Dover Corp.		256		26,596
Flowserve Corp.		228		11,136
Fortive Corp.		517		35,673
IDEX Corp.		134		20,841
Illinois Tool Works, Inc.		516		86,987
Ingersoll-Rand plc		425		53,928
PACCAR, Inc.		610		46,397
Parker-Hannifin Corp.		225		41,285
Pentair plc		294		12,192
Snap-on, Inc.		98		15,942
Stanley Black & Decker, Inc.		268		40,556
Wabtec Corp.		321		22,268
Xylem, Inc.		318		24,387
				729,651

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Media — 1.6%
Altice USA, Inc., Class A*		543		16,806
CBS Corp.(Non-Voting), Class B		576		20,759
Charter Communications, Inc., Class A*		285		133,340
Comcast Corp., Class A		7,975		357,439
Discovery, Inc., Class A*		277		7,466
Discovery, Inc., Class C*		611		15,422
DISH Network Corp., Class A*		424		14,577
Fox Corp., Class A		625		20,025
Fox Corp., Class B		286		8,935
Interpublic Group of Cos., Inc. (The)		681		14,812
Liberty Broadband Corp., Class A*		41		4,838
Liberty Broadband Corp., Class C*		269		31,761
Liberty Media Corp.-Liberty SiriusXM, Class A*		148		6,647
Liberty Media Corp.-Liberty SiriusXM, Class C*		268		12,111
News Corp., Class A		679		9,309
News Corp., Class B		216		3,050
Omnicom Group, Inc.		380		29,332
Sirius XM Holdings, Inc.		2,427		16,309
				722,938
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		2,551		25,051
Newmont Goldcorp Corp.		1,442		57,291
Nucor Corp.		532		28,648
Southern Copper Corp. (Peru)		150		5,337
Steel Dynamics, Inc.		387		11,749
				128,076
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
AGNC Investment Corp.		965		16,453
Annaly Capital Management, Inc.		2,562		23,007
				39,460
Multiline Retail — 0.5%
Dollar General Corp.		454		72,794
Dollar Tree, Inc.*		414		45,706
Kohl’s Corp.		278		14,250
Macy’s, Inc.		543		8,232
Nordstrom, Inc.		188		6,749
Target Corp.		899		96,112
				243,843
Multi-Utilities — 1.1%
Ameren Corp.		431		33,489
CenterPoint Energy, Inc.		883		25,669
CMS Energy Corp.		498		31,832
Consolidated Edison, Inc.		583		53,764

INVESTMENTS	SHARES		VALUE($)
Multi-Utilities — continued
Dominion Energy, Inc.		1,445		119,285
DTE Energy Co.		322		40,997
NiSource, Inc.		658		18,450
Public Service Enterprise Group, Inc.		888		56,219
Sempra Energy		481		69,509
WEC Energy Group, Inc.		556		52,487
				501,701
Oil, Gas & Consumable Fuels — 3.8%
Apache Corp.		662		14,339
Cabot Oil & Gas Corp.		735		13,700
Cheniere Energy, Inc.*		410		25,236
Chevron Corp.		3,337		387,559
Cimarex Energy Co.		176		7,431
Concho Resources, Inc.		107		7,225
ConocoPhillips		1,953		107,806
Continental Resources, Inc.*		152		4,479
Devon Energy Corp.		712		14,439
Diamondback Energy, Inc.		287		24,613
EOG Resources, Inc.		1,020		70,696
EQT Corp.		448		4,812
Exxon Mobil Corp.		7,441		502,788
Hess Corp.		456		29,982
HollyFrontier Corp.		268		14,724
Kinder Morgan, Inc.		3,422		68,372
Marathon Oil Corp.		1,413		16,292
Marathon Petroleum Corp.		1,157		73,990
Murphy Oil Corp.		271		5,591
Noble Energy, Inc.		839		16,159
Occidental Petroleum Corp.		1,571		63,626
ONEOK, Inc.		727		50,766
Phillips 66		787		91,937
Pioneer Natural Resources Co.		293		36,045
Targa Resources Corp.		409		15,902
Valero Energy Corp.		729		70,698
Williams Cos., Inc. (The)		2,130		47,520
				1,786,727
Personal Products — 0.2%
Coty, Inc., Class A		516		6,032
Estee Lauder Cos., Inc. (The), Class A		389		72,459
Herbalife Nutrition Ltd.*		168		7,505
				85,996
Pharmaceuticals — 4.3%
Allergan plc		577		101,615
Bristol-Myers Squibb Co.		2,876		164,996

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 81

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Pharmaceuticals — continued
Elanco Animal Health, Inc.*		658		17,779
Eli Lilly & Co.		1,494		170,241
Jazz Pharmaceuticals plc*		100		12,563
Johnson & Johnson		4,641		612,798
Merck & Co., Inc.		4,503		390,230
Mylan NV*		906		17,350
Nektar Therapeutics*		308		5,275
Perrigo Co. plc		239		12,672
Pfizer, Inc.		9,725		373,148
Zoetis, Inc.		838		107,197
				1,985,864
Professional Services — 0.4%
CoStar Group, Inc.*		65		35,719
Equifax, Inc.		211		28,846
IHS Markit Ltd.*		703		49,224
ManpowerGroup, Inc.		104		9,456
Nielsen Holdings plc		626		12,620
TransUnion		329		27,182
Verisk Analytics, Inc.		288		41,673
				204,720
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A*		592		31,702
Road & Rail — 1.0%
CSX Corp.		1,401		98,448
JB Hunt Transport Services, Inc.		151		17,752
Kansas City Southern		175		24,636
Lyft, Inc., Class A*		347		14,380
Norfolk Southern Corp.		462		84,084
Old Dominion Freight Line, Inc.		114		20,757
Union Pacific Corp.		1,239		205,005
				465,062
Semiconductors & Semiconductor Equipment — 4.0%
Advanced Micro Devices, Inc.*		1,908		64,738
Analog Devices, Inc.		649		69,203
Applied Materials, Inc.		1,622		88,010
Broadcom, Inc.		699		204,702
Intel Corp.		7,789		440,312
KLA Corp.		278		46,993
Lam Research Corp.		254		68,844
Marvell Technology Group Ltd.		1,161		28,317
Maxim Integrated Products, Inc.		477		27,981
Microchip Technology, Inc.		420		39,602
Micron Technology, Inc.*		1,940		92,247
NVIDIA Corp.		1,071		215,292

INVESTMENTS	SHARES		VALUE($)
Semiconductors & Semiconductor Equipment — continued
Qorvo, Inc.*		206		16,657
QUALCOMM, Inc.		2,139		172,061
Skyworks Solutions, Inc.		303		27,591
Texas Instruments, Inc.		1,639		193,386
Xilinx, Inc.		444		40,289
				1,836,225
Software — 7.0%
Adobe, Inc.*		853		237,074
ANSYS, Inc.*		149		32,802
Autodesk, Inc.*		387		57,028
Cadence Design Systems, Inc.*		493		32,218
CDK Global, Inc.		211		10,664
Citrix Systems, Inc.		217		23,623
Fortinet, Inc.*		251		20,472
Intuit, Inc.		458		117,935
Microsoft Corp.		13,399		1,921,015
Oracle Corp.		3,872		210,985
Palo Alto Networks, Inc.*		169		38,429
Paycom Software, Inc.*		86		18,192
PTC, Inc.*		183		12,244
salesforce.com, Inc.*		1,543		241,464
ServiceNow, Inc.*		328		81,101
Splunk, Inc.*		262		31,429
SS&C Technologies Holdings, Inc.		389		20,232
Symantec Corp.		1,001		22,903
Synopsys, Inc.*		262		35,566
Teradata Corp.*		61		1,826
VMware, Inc., Class A		138		21,841
Workday, Inc., Class A*		286		46,378
				3,235,421
Specialty Retail — 2.3%
Advance Auto Parts, Inc.		124		20,148
AutoZone, Inc.*		41		46,920
Best Buy Co., Inc.		408		29,307
Burlington Stores, Inc.*		117		22,484
CarMax, Inc.*		291		27,112
Foot Locker, Inc.		192		8,354
Gap, Inc. (The)		376		6,114
Home Depot, Inc. (The)		1,925		451,566
L Brands, Inc.		408		6,952
Lowe’s Cos., Inc.		1,358		151,566
O’Reilly Automotive, Inc.*		135		58,794
Ross Stores, Inc.		642		70,408
Tiffany & Co.		190		23,657

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Specialty Retail — continued
TJX Cos., Inc. (The)		2,126		122,564
Tractor Supply Co.		208		19,764
Ulta Beauty, Inc.*		103		24,014
				1,089,724
Technology Hardware, Storage & Peripherals — 4.4%
Apple, Inc.		7,455		1,854,506
Dell Technologies, Inc., Class C*		269		14,227
Hewlett Packard Enterprise Co.		2,296		37,677
HP, Inc.		2,605		45,249
NetApp, Inc.		420		23,470
Seagate Technology plc		414		24,024
Western Digital Corp.		522		26,961
Xerox Holdings Corp.		336		11,401
				2,037,515
Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd.*		268		8,327
Hanesbrands, Inc.		634		9,643
Lululemon Athletica, Inc.*		200		40,854
NIKE, Inc., Class B		2,199		196,920
PVH Corp.		132		11,505
Ralph Lauren Corp.		90		8,645
Tapestry, Inc.		506		13,085
Under Armour, Inc., Class A*		329		6,794
Under Armour, Inc., Class C*		341		6,309
VF Corp.		575		47,317
				349,399
Thrifts & Mortgage Finance — 0.0% (b)
New York Community Bancorp, Inc.		820		9,553
Tobacco — 0.8%
Altria Group, Inc.		3,284		147,090
Philip Morris International, Inc.		2,736		222,820
				369,910
Trading Companies & Distributors — 0.2%
Fastenal Co.		1,007		36,192
United Rentals, Inc.*		136		18,165
Watsco, Inc.		56		9,873
WW Grainger, Inc.		75		23,163
				87,393
Water Utilities — 0.1%
American Water Works Co., Inc.		319		39,323

INVESTMENTS	SHARES		VALUE($)
Wireless Telecommunication Services — 0.1%
Sprint Corp.*		1,078		6,694
T-Mobile US, Inc.*		557		46,042
				52,736
Total Common Stocks (Cost $43,108,289)				46,228,345
Short-Term Investments — 0.3%
Investment Companies — 0.3%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (c) (d) (Cost $123,432)		123,432		123,432
Total Investments — 99.9% (Cost $43,231,721)				46,351,777
Other Assets Less Liabilities — 0.1%				57,348
NET ASSETS — 100.0%				46,409,125

Percentages indicated are based on net assets.

(a)	Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	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.
(d)	The rate shown is the current yield as of October 31, 2019.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 83

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

Futures contracts outstanding as of October 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
S&P 500 MicE-Mini Index		11		12/2019		USD		166,966		5,139

Abbreviations

USD     United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.7%
Bahrain — 0.1%
Ahli United Bank BSC		463,342		409,625
Brazil — 14.7%
Ambev SA*		206,668		894,591
Atacadao SA*		60,586		289,900
Azul SA (Preference)*		35,175		459,060
B3 SA — Brasil Bolsa Balcao		170,296		2,055,611
Banco Bradesco SA (Preference)		342,906		3,015,658
Banco BTG Pactual SA*		47,107		765,834
Banco do Brasil SA*		157,555		1,886,103
Banco do Estado do Rio Grande do Sul SA (Preference), Class B		76,073		424,893
Banco Santander Brasil SA		33,594		397,214
BB Seguridade Participacoes SA		57,652		488,040
BR Malls Participacoes SA		66,065		251,708
BRF SA*		104,505		920,103
CCR SA		311,514		1,289,398
Centrais Eletricas Brasileiras SA		78,757		779,617
Cia Brasileira de Distribuicao (Preference)*		34,942		721,754
Cia de Saneamento Basico do Estado de Sao Paulo*		72,863		993,611
Cia de Transmissao de Energia Eletrica Paulista (Preference)		134,895		792,115
Cia Energetica de Minas Gerais (Preference)		206,981		702,409
Cia Paranaense de Energia (Preference)		42,028		582,869
Cia Siderurgica Nacional SA		166,551		492,115
Cosan SA		50,207		719,836
CPFL Energia SA		64,335		526,968
CVC Brasil Operadora e Agencia de Viagens SA		21,554		274,739
EDP — Energias do Brasil SA		104,424		492,372
Energisa SA		54,831		653,378
Engie Brasil Energia SA		52,349		587,384
Equatorial Energia SA		37,539		951,275
Gerdau SA (Preference)		110,865		371,255
Grendene SA		96,030		236,573
Hapvida Participacoes e Investimentos SA (a)		52,748		739,432
Hypera SA*		95,972		823,677
IRB Brasil Resseguros S/A		50,001		469,776
Itau Unibanco Holding SA (Preference)		400,930		3,624,915
Itausa — Investimentos Itau SA (Preference)		378,860		1,294,198
Localiza Rent a Car SA		6,721		72,062
Lojas Renner SA		146,020		1,852,876

INVESTMENTS	SHARES		VALUE($)
Brazil — continued
M Dias Branco SA*		15,462		145,772
Magazine Luiza SA		110,597		1,224,413
Natura Cosmeticos SA		69,433		542,410
Notre Dame Intermedica Participacoes SA		73,909		1,102,968
Odontoprev SA		115,600		429,771
Petrobras Distribuidora SA		96,136		680,779
Petroleo Brasileiro SA (Preference)		590,598		4,473,848
Porto Seguro SA		7,810		111,663
Rumo SA*		212,042		1,209,705
Sao Martinho SA		54,150		234,936
Sul America SA		18,841		229,493
Telefonica Brasil SA (Preference)		88,947		1,177,015
TIM Participacoes SA*		229,036		648,188
Transmissora Alianca de Energia Eletrica SA		77,810		557,019
Ultrapar Participacoes SA		91,434		428,843
Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A		40,085		72,764
Vale SA*		423,357		4,986,756
WEG SA		145,746		934,693
YDUQS Part		78,786		768,706
				51,853,061
Chile — 1.2%
AES Gener SA		1,167,311		250,273
Aguas Andinas SA, Class A		923,072		423,199
Banco de Chile		2,413,127		310,752
Banco Santander Chile		294,111		18,247
Cencosud SA		16,129		21,901
Cia Cervecerias Unidas SA		40,189		401,018
Colbun SA		2,681,837		462,704
Empresas CMPC SA		119,894		273,221
Enel Americas SA		6,320,286		1,180,366
Enel Chile SA		7,295,752		600,011
Engie Energia Chile SA		202,360		300,156
Parque Arauco SA		49,213		129,403
				4,371,251
China — 20.7%
Air China Ltd., Class H		282,000		248,979
Angang Steel Co. Ltd., Class H		99,800		33,385
Anhui Conch Cement Co. Ltd., Class H		197,500		1,180,404
Anhui Gujing Distillery Co. Ltd., Class A		25,300		396,036
ANTA Sports Products Ltd.		189,000		1,848,821
Autohome, Inc., ADR* (b)		5,086		430,072
AviChina Industry & Technology Co. Ltd., Class H		228,000		107,696

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 85

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
China — continued
BAIC Motor Corp. Ltd., Class H (a)		225,000		139,569
Bank of China Ltd., Class H		4,366,000		1,780,390
Bank of Communications Co. Ltd., Class H		438,000		299,131
Baoshan Iron & Steel Co. Ltd., Class A		531,700		437,880
BBMG Corp., Class H		212,000		60,673
Beijing Capital International Airport Co. Ltd., Class H		154,000		145,857
Beijing Enterprises Holdings Ltd.		47,000		221,295
Beijing Enterprises Water Group Ltd.*		934,000		486,827
Bengang Steel Plates Co. Ltd., Class A		525,398		268,655
BYD Electronic International Co. Ltd.		71,000		121,919
CGN Power Co. Ltd., Class H (a)		2,537,000		658,915
China Agri-Industries Holdings Ltd.		34,000		11,202
China CITIC Bank Corp. Ltd., Class H		468,000		271,281
China Coal Energy Co. Ltd., Class H		163,000		65,001
China Communications Construction Co. Ltd., Class H		410,000		312,109
China Communications Services Corp. Ltd., Class H		736,000		454,501
China Conch Venture Holdings Ltd.		128,000		500,849
China Everbright Bank Co. Ltd., Class H		176,000		80,990
China Everbright International Ltd.		331,000		250,172
China Longyuan Power Group Corp. Ltd., Class H		266,000		143,702
China Medical System Holdings Ltd.		226,000		306,484
China Merchants Bank Co. Ltd., Class H		219,000		1,044,462
China Merchants Port Holdings Co. Ltd.		114,000		178,243
China Minsheng Banking Corp. Ltd., Class H		361,300		252,719
China Mobile Ltd.		727,500		5,912,175
China Molybdenum Co. Ltd., Class H		300,000		94,541
China National Building Material Co. Ltd., Class H		352,250		296,885
China Overseas Land & Investment Ltd.		82,000		258,750
China Petroleum & Chemical Corp., Class H		2,048,000		1,164,852
China Power International Development Ltd.		800,000		167,068
China Railway Construction Corp. Ltd., Class H		173,000		189,225
China Railway Group Ltd., Class H		350,000		210,950
China Resources Cement Holdings Ltd.		368,000		402,993
China Resources Gas Group Ltd. (b)		148,000		892,338
China Resources Land Ltd.		152,000		646,437
China Resources Pharmaceutical Group Ltd. (a)		298,500		275,667
China Resources Power Holdings Co. Ltd.		342,000		429,803
China Shenhua Energy Co. Ltd., Class H		560,500		1,138,342

INVESTMENTS	SHARES		VALUE($)
China — continued
China South Publishing & Media Group Co. Ltd., Class A		196,600		322,891
China State Construction International Holdings Ltd.		164,000		151,036
China Telecom Corp. Ltd., Class H		2,570,000		1,093,300
China Traditional Chinese Medicine Holdings Co. Ltd.		440,000		196,472
China Unicom Hong Kong Ltd.		1,096,000		1,079,011
China Vanke Co. Ltd., Class H (b)		74,000		269,845
China Yangtze Power Co. Ltd., Class A		248,900		631,505
Chinese Universe Publishing and Media Group Co. Ltd., Class A		186,900		315,569
Chongqing Changan Automobile Co. Ltd., Class B		45,600		18,777
Chongqing Dima Industry Co. Ltd., Class A		612,000		278,095
Chongqing Rural Commercial Bank Co. Ltd., Class H		157,000		83,798
CIMC Enric Holdings Ltd.		48,000		25,981
CITIC Ltd.		451,000		593,284
CNOOC Ltd.		2,042,000		3,039,008
Contemporary Amperex Technology Co. Ltd., Class A		40,700		397,230
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		120,000		51,622
COSCO SHIPPING Ports Ltd.		162,000		127,363
Country Garden Services Holdings Co. Ltd.		69,000		233,798
CRRC Corp. Ltd., Class H		372,000		248,807
Dali Foods Group Co. Ltd. (a)		753,000		514,811
Daqin Railway Co. Ltd., Class A		406,400		440,463
Datang International Power Generation Co. Ltd., Class H		516,000		101,779
Dongguan Development Holdings Co. Ltd., Class A		180,300		205,956
ENN Energy Holdings Ltd.		139,600		1,592,633
Foshan Haitian Flavouring & Food Co. Ltd., Class A		31,600		501,456
Fosun International Ltd.		179,076		234,156
Fujian Funeng Co. Ltd., Class A		210,500		264,949
Fujian Sunner Development Co. Ltd., Class A		95,600		391,043
Future Land Development Holdings Ltd. (b)		90,000		94,844
Fuyao Glass Industry Group Co. Ltd., Class H (a)		5,200		14,693
G-bits Network Technology Xiamen Co. Ltd., Class A		12,100		462,354
Geely Automobile Holdings Ltd.		224,000		423,856
Great Wall Motor Co. Ltd., Class H		483,500		391,757

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
China — continued
Greattown Holdings Ltd., Class A		369,200		348,857
Gree Electric Appliances, Inc. of Zhuhai, Class A		94,000		784,176
Guangdong Investment Ltd.		540,000		1,168,721
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		40,000		126,512
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		33,100		402,205
Haitian International Holdings Ltd. (b)		51,000		120,345
Heilongjiang Agriculture Co. Ltd., Class A		233,900		317,661
Henan Zhongyuan Expressway Co. Ltd., Class A		410,500		243,528
Huadian Power International Corp. Ltd., Class H		292,000		109,415
Huaneng Renewables Corp. Ltd., Class H		916,000		349,707
Huaxin Cement Co. Ltd., Class B		249,600		454,075
Industrial & Commercial Bank of China Ltd., Class H		4,460,000		3,195,114
Inner Mongolia Yitai Coal Co. Ltd., Class B		80,600		70,302
Jiangsu Expressway Co. Ltd., Class A		235,500		349,414
Jiangsu Expressway Co. Ltd., Class H		110,000		146,140
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		295,200		341,330
Jiangxi Copper Co. Ltd., Class H		92,000		107,707
Joyoung Co. Ltd., Class A		123,371		389,244
Kingboard Holdings Ltd.		55,000		146,570
Kunlun Energy Co. Ltd.		694,000		645,931
Kweichow Moutai Co. Ltd., Class A		12,800		2,143,579
Legend Holdings Corp., Class H (a)		35,600		78,256
Li Ning Co. Ltd.		249,000		844,315
Liuzhou Iron & Steel Co. Ltd., Class A		410,400		293,103
Lomon Billions Group Co. Ltd., Class A		169,000		292,148
Longfor Group Holdings Ltd. (a)		92,000		381,814
Luye Pharma Group Ltd. (a) (b)		296,500		219,158
Maanshan Iron & Steel Co. Ltd., Class H (b)		1,008,000		381,249
Momo, Inc., ADR		9,076		304,228
Nanjing Iron & Steel Co. Ltd., Class A		725,500		314,169
New China Life Insurance Co. Ltd., Class H		49,600		192,506
PetroChina Co. Ltd., Class H		1,642,000		800,740
Ping An Insurance Group Co. of China Ltd., Class H		285,000		3,289,410
Sansteel Minguang Co. Ltd. Fujian, Class A		284,800		306,862
Sany Heavy Industry Co. Ltd., Class A		266,000		508,613
SDIC Power Holdings Co. Ltd., Class A		450,700		533,819
Shaanxi Coal Industry Co. Ltd., Class A		363,000		431,873
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		304,000		349,004

INVESTMENTS	SHARES		VALUE($)
China — continued
Shanghai Electric Group Co. Ltd., Class H		260,000		79,528
Shanghai Industrial Holdings Ltd.		44,000		81,905
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		32,600		58,906
Shanxi Lanhua Sci-Tech Venture Co. Ltd., Class A		334,700		295,101
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		348,500		346,872
Shenzhen Expressway Co. Ltd., Class H		320,000		428,320
Shenzhen International Holdings Ltd.		80,044		162,732
Shenzhen Jinjia Group Co. Ltd., Class A		214,300		328,601
Shenzhou International Group Holdings Ltd.		113,300		1,565,653
Sichuan Expressway Co. Ltd., Class A		412,100		214,859
Sihuan Pharmaceutical Holdings Group Ltd.		738,000		96,693
Sinopec Engineering Group Co. Ltd., Class H		134,000		76,548
Sinopec Shanghai Petrochemical Co. Ltd., Class H		274,000		75,676
Sinotrans Ltd., Class H		189,000		55,571
Sinotruk Hong Kong Ltd.		257,500		389,100
Sunac China Holdings Ltd. (b)		126,000		571,509
Tangshan Jidong Cement Co. Ltd., Class A		151,900		301,150
Tianhe Chemicals Group Ltd.*‡ (a)		20,000		—
Weichai Power Co. Ltd., Class A		290,956		477,327
Weichai Power Co. Ltd., Class H		451,000		709,883
Weifu High-Technology Group Co. Ltd., Class A		127,900		304,740
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		173,800		450,530
Wuliangye Yibin Co. Ltd., Class A		55,600		1,040,711
Xiamen ITG Group Corp. Ltd., Class A		299,600		308,319
Xinhua Winshare Publishing and Media Co. Ltd., Class A		174,700		298,656
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		45,040		53,715
Xinxing Ductile Iron Pipes Co. Ltd., Class A		567,700		311,996
Xinyangfeng Agricultural Technology Co. Ltd., Class A		132,900		159,502
Yangzijiang Shipbuilding Holdings Ltd.		589,800		412,912
Yanzhou Coal Mining Co. Ltd., Class H		152,000		154,215
Yuexiu Property Co. Ltd.		682,000		150,219
YY, Inc., ADR*		3,837		218,095
Zhaojin Mining Industry Co. Ltd., Class H		73,500		82,201
Zhejiang Expressway Co. Ltd., Class H		408,000		334,099
Zhongsheng Group Holdings Ltd.		96,000		319,144

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 87

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
China — continued
Zhuzhou CRRC Times Electric Co. Ltd., Class H		46,400		172,170
Zijin Mining Group Co. Ltd., Class H		448,000		155,183
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		741,400		544,259
ZTE Corp., Class H*		69,000		192,503
				73,071,290
Colombia — 0.4%
Bancolombia SA (Preference)		38,322		500,227
Ecopetrol SA		1,009,530		907,980
Grupo Aval Acciones y Valores SA (Preference)		336,104		137,723
				1,545,930
Czech Republic — 0.3%
CEZ A/S		20,439		466,223
Komercni banka A/S		7,497		253,376
Moneta Money Bank A/S (a)		51,223		170,066
O2 Czech Republic A/S		13,530		127,714
				1,017,379
Egypt — 0.2%
Commercial International Bank Egypt SAE		132,285		663,884
ElSewedy Electric Co.		266,482		222,068
				885,952
Greece — 0.8%
Hellenic Telecommunications Organization SA		56,511		857,069
JUMBO SA		39,452		768,620
Mytilineos SA		43,621		478,057
OPAP SA		66,803		726,510
				2,830,256
Hong Kong — 0.6%
Bosideng International Holdings Ltd.		1,462,000		756,015
China Gas Holdings Ltd. (b)		126,600		539,308
Haier Electronics Group Co. Ltd.		190,000		542,467
Kingboard Laminates Holdings Ltd.		80,000		73,239
Lee & Man Paper Manufacturing Ltd.		107,000		59,499
Nine Dragons Paper Holdings Ltd.		119,000		103,228
				2,073,756
Hungary — 0.6%
Magyar Telekom Telecommunications plc		114,451		170,619
MOL Hungarian Oil & Gas plc		26,697		264,014
OTP Bank Nyrt.		23,344		1,076,554
Richter Gedeon Nyrt.		36,619		678,666
				2,189,853

INVESTMENTS	SHARES		VALUE($)
India — 9.0%
Asian Paints Ltd.		19,947		508,461
Aurobindo Pharma Ltd.		43,430		287,691
Bajaj Auto Ltd.		13,597		621,914
Bajaj Finance Ltd.		4,480		254,051
Bajaj Holdings & Investment Ltd.		1,406		72,667
Bharat Petroleum Corp. Ltd.		78,563		581,839
Bharti Infratel Ltd.		157,285		420,360
Castrol India Ltd.		34,035		73,009
Coal India Ltd.		115,531		337,502
Colgate-Palmolive India Ltd.		8,916		194,476
Cummins India Ltd.		3,974		30,445
Dabur India Ltd.		75,922		493,944
Divi’s Laboratories Ltd.		14,506		358,657
Dr Reddy’s Laboratories Ltd.		14,878		584,136
Federal Bank Ltd.		19,703		23,245
GAIL India Ltd.		85,585		165,527
GlaxoSmithKline Consumer Healthcare Ltd.		1,571		204,059
Glenmark Pharmaceuticals Ltd.		22,669		100,740
Havells India Ltd.		15,946		155,366
HCL Technologies Ltd.		49,877		817,644
Hindalco Industries Ltd.		44,490		117,608
Hindustan Petroleum Corp. Ltd.		65,497		299,409
Hindustan Unilever Ltd.		105,797		3,242,701
Hindustan Zinc Ltd.		16,563		49,601
Housing Development Finance Corp. Ltd.		91,626		2,749,886
ICICI Lombard General Insurance Co. Ltd. (a)		9,082		171,937
Indian Oil Corp. Ltd.		173,638		358,656
Infosys Ltd.		351,539		3,380,352
ITC Ltd.		461,223		1,673,867
JSW Steel Ltd.		56,724		182,010
Larsen & Toubro Infotech Ltd. (a)		1,262		30,636
Larsen & Toubro Ltd.		6,925		143,680
LIC Housing Finance Ltd.		8,920		51,811
Mphasis Ltd.		5,957		79,807
Muthoot Finance Ltd.		3,192		31,790
Nestle India Ltd.		3,621		762,068
NHPC Ltd.		439,167		145,504
NMDC Ltd.		60,042		95,120
NTPC Ltd.		410,126		707,744
Oil & Natural Gas Corp. Ltd.		244,748		488,485
Oil India Ltd.		21,533		52,073
Petronet LNG Ltd.		95,635		385,905
Piramal Enterprises Ltd.		11,993		284,257
Power Finance Corp. Ltd.*		15,299		23,514

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
India — continued
Power Grid Corp. of India Ltd.		139,192		389,246
REC Ltd.		119,447		234,982
Reliance Industries Ltd.		197,208		4,064,714
Shriram Transport Finance Co. Ltd.		6,476		103,807
Sun Pharmaceutical Industries Ltd.		12,594		76,933
Tata Consultancy Services Ltd.		83,441		2,670,030
Tata Power Co. Ltd. (The)		148,300		123,869
Tech Mahindra Ltd.		32,017		333,383
Titan Co. Ltd.		41,729		782,890
Torrent Power Ltd.		21,010		82,888
United Breweries Ltd.		8,457		152,158
UPL Ltd.		31,133		261,612
Vedanta Ltd.		145,400		303,469
Wipro Ltd.		133,980		490,631
				31,864,766
Indonesia — 4.2%
Adaro Energy Tbk. PT		3,499,000		326,224
Astra International Tbk. PT		3,885,600		1,921,821
Bank Central Asia Tbk. PT		1,491,800		3,339,137
Bank Mandiri Persero Tbk. PT		497,100		248,485
Bank Rakyat Indonesia Persero Tbk. PT		8,700,100		2,606,857
Bukit Asam Tbk. PT		1,966,800		314,937
Bumi Serpong Damai Tbk. PT*		486,100		48,950
Charoen Pokphand Indonesia Tbk. PT		1,922,000		861,977
Gudang Garam Tbk. PT		122,000		487,234
Hanjaya Mandala Sampoerna Tbk. PT		2,156,500		326,973
Indofood CBP Sukses Makmur Tbk. PT		261,500		216,503
Indofood Sukses Makmur Tbk. PT		597,500		327,432
Kalbe Farma Tbk. PT		5,670,900		643,980
Matahari Department Store Tbk. PT		609,500		157,996
Media Nusantara Citra Tbk. PT		4,059,400		380,102
Perusahaan Gas Negara Tbk. PT		3,597,000		539,798
Telekomunikasi Indonesia Persero Tbk. PT		7,834,800		2,286,358
				15,034,764
Kuwait — 1.3%
Agility Public Warehousing Co. KSC		243,772		602,617
Gulf Bank KSCP		175,000		151,697
Humansoft Holding Co. KSC		15,955		162,495
Kuwait Finance House KSCP		368,250		830,867
Mobile Telecommunications Co. KSC		506,022		943,024
National Bank of Kuwait SAKP		571,103		1,771,285
				4,461,985

INVESTMENTS	SHARES		VALUE($)
Malaysia — 3.1%
AirAsia Group Bhd.		395,100		180,388
AMMB Holdings Bhd.		310,200		295,889
Astro Malaysia Holdings Bhd.		404,400		130,690
Axiata Group Bhd.		358,400		368,386
CIMB Group Holdings Bhd.		460,755		578,257
DiGi.Com Bhd.		350,500		393,629
Gamuda Bhd.		101,700		90,940
Hong Leong Bank Bhd.		16,668		68,632
Hong Leong Financial Group Bhd.		20,200		84,213
IJM Corp. Bhd.		77,900		40,052
Malayan Banking Bhd.		530,408		1,090,748
Maxis Bhd.		595,800		767,174
MISC Bhd.		286,800		571,248
Nestle Malaysia Bhd.		16,000		553,727
Petronas Chemicals Group Bhd.		526,800		941,188
Petronas Dagangan Bhd.		76,100		429,081
Petronas Gas Bhd.		223,500		890,042
PPB Group Bhd.		176,260		762,517
RHB Bank Bhd.		182,600		251,274
Telekom Malaysia Bhd.		203,700		183,053
Tenaga Nasional Bhd.		645,700		2,138,396
Top Glove Corp. Bhd.		81,600		84,894
				10,894,418
Mexico — 4.4%
Alfa SAB de CV, Class A		774,009		673,559
Alpek SAB de CV		39,744		42,954
Banco del Bajio SA (a)		53,695		86,754
Coca-Cola Femsa SAB de CV		47,839		263,212
El Puerto de Liverpool SAB de CV, Class C1		35,876		182,788
Fibra Uno Administracion SA de CV, REIT		257,394		391,246
Fomento Economico Mexicano SAB de CV		200,426		1,781,553
Gruma SAB de CV, Class B		37,170		388,945
Grupo Aeroportuario del Centro Norte SAB de CV		156,741		1,087,690
Grupo Aeroportuario del Pacifico SAB de CV, Class B		115,545		1,211,101
Grupo Aeroportuario del Sureste SAB de CV, Class B		53,147		870,289
Grupo Carso SAB de CV, Series A1		114,281		381,402
Grupo Elektra SAB de CV		5,517		400,801
Grupo Financiero Banorte SAB de CV, Class O		243,554		1,331,688
Grupo Financiero Inbursa SAB de CV, Class O		891		1,108
Grupo Mexico SAB de CV, Series B		732,587		1,934,244

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 89

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Mexico — continued
Infraestructura Energetica Nova SAB de CV*		29,641		130,974
Kimberly-Clark de Mexico SAB de CV, Class A*		294,028		590,761
Megacable Holdings SAB de CV		120,655		495,315
Orbia Advance Corp. SAB de CV		110,973		240,216
Promotora y Operadora de Infraestructura SAB de CV		64,649		597,642
Wal-Mart de Mexico SAB de CV		884,145		2,649,700
				15,733,942
Pakistan — 0.1%
Oil & Gas Development Co. Ltd.		228,600		189,092
Peru — 0.1%
Cia de Minas Buenaventura SAA, ADR		27,372		419,886
Philippines — 1.3%
Ayala Corp.		10,725		181,588
Ayala Land, Inc.		321,050		306,804
BDO Unibank, Inc.		153,890		469,443
Bloomberry Resorts Corp.		506,900		99,737
Globe Telecom, Inc.		11,675		419,651
GT Capital Holdings, Inc.		9,316		163,983
International Container Terminal Services, Inc.		215,600		504,024
JG Summit Holdings, Inc.		476,580		715,314
Manila Electric Co.		76,100		507,483
Megaworld Corp.		187,400		17,825
Metro Pacific Investments Corp.		5,640,200		532,884
Metropolitan Bank & Trust Co.		109,338		145,552
PLDT, Inc.		9,430		202,929
San Miguel Corp.		94,570		311,227
				4,578,444
Qatar — 1.7%
Barwa Real Estate Co.		191,016		179,355
Commercial Bank PSQC (The)		164,270		193,789
Industries Qatar QSC		346,873		1,000,381
Masraf Al Rayan QSC		368,167		379,058
Qatar Electricity & Water Co. QSC		102,819		446,180
Qatar Fuel QSC		120,741		733,556
Qatar Gas Transport Co. Ltd.		594,859		403,543
Qatar International Islamic Bank QSC		43,826		114,470
Qatar Islamic Bank SAQ		13,658		57,093
Qatar National Bank QPSC		448,580		2,364,840
United Development Co. QSC		173,819		66,835
				5,939,100

INVESTMENTS	SHARES		VALUE($)
Russia — 7.6%
Aeroflot PJSC		103,307		172,225
Federal Grid Co. Unified Energy System PJSC		157,739,437		454,132
Gazprom PJSC		1,295,254		5,254,401
Inter RAO UES PJSC		10,172,558		685,620
LUKOIL PJSC		59,986		5,541,674
Magnit PJSC		14,346		723,950
Magnitogorsk Iron & Steel Works PJSC		214,839		122,469
MMC Norilsk Nickel PJSC		5,799		1,617,889
Mobile TeleSystems PJSC		220,129		979,759
Novatek PJSC		112,418		2,385,698
Novolipetsk Steel PJSC		107,269		209,367
ROSSETI PJSC		22,582,681		420,354
Rostelecom PJSC		313,831		384,180
RusHydro PJSC		54,360,980		432,387
Sberbank of Russia PJSC		1,035,153		3,793,744
Severstal PJSC		22,847		314,519
Sistema PJSFC		1,565,311		355,620
Surgutneftegas PJSC (Preference)		941,188		553,772
Tatneft PJSC		184,807		2,160,007
Transneft PJSC (Preference)		106		275,239
				26,837,006
Saudi Arabia — 1.9%
Almarai Co. JSC		44,646		593,849
Etihad Etisalat Co.*		107,798		646,564
Jarir Marketing Co.		15,383		649,836
Mobile Telecommunications Co. Saudi Arabia*		250,059		805,938
Saudi Airlines Catering Co.		15,761		363,805
Saudi Cement Co.		24,336		445,151
Saudi Electricity Co.		167,631		928,825
Saudi Telecom Co.		84,502		2,160,012
Seera Group Holding*		34,525		167,732
				6,761,712
South Africa — 6.8%
Absa Group Ltd.		71,058		728,777
African Rainbow Minerals Ltd.		12,676		126,997
Anglo American Platinum Ltd.		7,390		551,508
AVI Ltd.		61,390		351,914
Barloworld Ltd.		104,014		828,470
Bid Corp. Ltd.		66,901		1,560,747
Bidvest Group Ltd. (The)		45,488		620,949
Capitec Bank Holdings Ltd.		5,314		483,042
Clicks Group Ltd.		59,127		961,162
Foschini Group Ltd. (The)		61,147		705,199

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
South Africa — continued
Impala Platinum Holdings Ltd.*		82,755		569,766
KAP Industrial Holdings Ltd.		736,681		226,701
Kumba Iron Ore Ltd.		6,302		153,555
Motus Holdings Ltd.		79,361		375,970
Mr Price Group Ltd.		58,001		613,293
MTN Group Ltd.		286,832		1,775,371
MultiChoice Group*		96,648		804,926
Naspers Ltd., Class N		39,146		5,539,496
Nedbank Group Ltd.		39,601		600,759
Pioneer Foods Group Ltd.		30,533		217,644
Remgro Ltd.		28,917		331,562
RMB Holdings Ltd.		74,999		394,806
Sanlam Ltd.		173,670		913,998
SPAR Group Ltd. (The)		51,239		689,381
Super Group Ltd.*		50,185		93,791
Telkom SA SOC Ltd.		98,962		452,400
Tiger Brands Ltd.		30,853		438,107
Truworths International Ltd.		147,572		523,035
Tsogo Sun Gaming Ltd.		188,558		155,109
Vodacom Group Ltd.		144,715		1,264,277
Vukile Property Fund Ltd., REIT		79,580		101,855
Woolworths Holdings Ltd.		210,740		801,219
				23,955,786
Taiwan — 11.1%
Advantech Co. Ltd.		56,000		553,272
Asia Cement Corp.		352,000		496,892
Chang Hwa Commercial Bank Ltd.		721,912		563,298
Chicony Electronics Co. Ltd.		88,551		275,105
China Steel Corp.		1,855,000		1,428,323
Chunghwa Telecom Co. Ltd.		431,000		1,587,143
CTBC Financial Holding Co. Ltd.		2,132,395		1,482,469
Delta Electronics, Inc.		331,000		1,453,251
E.Sun Financial Holding Co. Ltd.		1,298,679		1,173,435
Eclat Textile Co. Ltd.		50,000		670,432
Eva Airways Corp.		491,077		230,103
Far Eastern New Century Corp.		847,000		823,747
Far EasTone Telecommunications Co. Ltd.		159,000		381,509
Feng TAY Enterprise Co. Ltd.		81,900		553,262
First Financial Holding Co. Ltd.		1,141,806		837,227
Formosa Chemicals & Fibre Corp.		481,000		1,398,112
Formosa Petrochemical Corp.		244,000		777,166
Formosa Plastics Corp.		679,000		2,179,520
Formosa Taffeta Co. Ltd.		303,000		344,667
Giant Manufacturing Co. Ltd.		64,000		473,244
Globalwafers Co. Ltd.		32,000		381,801

INVESTMENTS	SHARES		VALUE($)
Taiwan — continued
Hotai Motor Co. Ltd.		70,000		1,238,318
Hua Nan Financial Holdings Co. Ltd.		1,054,448		757,753
Lite-On Technology Corp.		322,000		530,599
Mega Financial Holding Co. Ltd.		1,283,233		1,259,463
Nan Ya Plastics Corp.		790,000		1,866,828
Novatek Microelectronics Corp.		86,000		550,885
Pou Chen Corp.		711,000		950,560
President Chain Store Corp.		121,000		1,207,110
Realtek Semiconductor Corp.		71,000		526,675
SinoPac Financial Holdings Co. Ltd.		1,212,580		497,648
Synnex Technology International Corp.		28,200		33,635
Taishin Financial Holding Co. Ltd.		32,489		15,088
Taiwan Business Bank		1,418,304		597,898
Taiwan Cement Corp.		744,884		988,940
Taiwan Cooperative Financial Holding Co. Ltd.		1,085,562		746,862
Taiwan Fertilizer Co. Ltd.		264,000		420,206
Taiwan High Speed Rail Corp.		316,000		373,950
Taiwan Mobile Co. Ltd.		269,000		1,002,989
Taiwan Semiconductor Manufacturing Co. Ltd.		446,000		4,370,713
Unimicron Technology Corp.		194,000		298,098
Uni-President Enterprises Corp.		867,000		2,141,821
Yuanta Financial Holding Co. Ltd.		1,304,665		815,377
				39,255,394
Thailand — 4.4%
Advanced Info Service PCL		224,600		1,703,823
Bangkok Bank PCL, NVDR		31,300		180,316
Bangkok Bank PCL		47,400		273,907
Bangkok Dusit Medical Services PCL, Class F		1,958,100		1,556,607
Bumrungrad Hospital PCL		102,300		408,296
Digital Telecommunications Infrastructure Fund, Class F		959,700		565,720
Electricity Generating PCL		78,700		904,472
Energy Absolute PCL		206,800		280,804
Home Product Center PCL		1,500,800		850,857
Intouch Holdings PCL, NVDR		377,700		825,574
Krung Thai Bank PCL		1,008,100		554,213
PTT Exploration & Production PCL		274,900		1,096,714
PTT PCL		2,208,300		3,310,563
Ratch Group PCL		262,800		640,161
Siam Commercial Bank PCL (The)		397,100		1,482,011
Thai Union Group PCL, Class F		743,300		359,432
Total Access Communication PCL		298,500		612,703
				15,606,173

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 91

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Turkey — 1.6%
Arcelik A/S*		136,854		423,980
BIM Birlesik Magazalar A/S		110,152		911,696
Ford Otomotiv Sanayi A/S		40,839		460,544
Haci Omer Sabanci Holding A/S		89,093		128,880
TAV Havalimanlari Holding A/S		178,023		811,580
Tekfen Holding A/S		211,028		624,803
Tofas Turk Otomobil Fabrikasi A/S		140,413		549,057
Turk Telekomunikasyon A/S*		499,634		507,465
Turkcell Iletisim Hizmetleri A/S		312,377		686,858
Turkiye Sise ve Cam Fabrikalari A/S		524,678		398,283
				5,503,146
United Arab Emirates — 1.1%
Abu Dhabi Commercial Bank PJSC		206,590		438,240
Abu Dhabi Islamic Bank PJSC		74,904		109,034
Aldar Properties PJSC		117,962		75,438
DP World plc		9,734		129,208
Dubai Islamic Bank PJSC		164,698		237,088
Emaar Malls PJSC		200,788		106,464
Emirates Telecommunications Group Co. PJSC		361,676		1,630,755
First Abu Dhabi Bank PJSC		303,722		1,257,037
				3,983,264
United States — 0.4%
JBS SA		185,124		1,305,862
Total Common Stocks (Cost $332,926,205)				352,573,093
	NO. OF RIGHTS
Rights — 0.0%
China — 0.0%
Legend Holdings Corp., expiring 12/31/2019* (Cost $—)		2,638		—
	SHARES
Short-Term Investments — 0.5%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (c) (d) (Cost $670,911)		670,911		670,911

INVESTMENTS	SHARES		VALUE($)
Investment of Cash Collateral from Securities Loaned — 0.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (c) (d) (Cost $1,212,618)		1,212,618		1,212,618
TotalShort-Term Investments (Cost $1,883,529)				1,883,529
Total Investments — 100.2% (Cost $334,809,734)				354,456,622
Liabilities in Excess of Other Assets — (0.2)%				(661,206	)
NET ASSETS — 100.0%				353,795,416

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2019

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

INDUSTRY	PERCENTAGE
Banks		15.8	%
Oil, Gas & Consumable Fuels		12.6
Wireless Telecommunication Services		5.8
Metals & Mining		4.8
Electric Utilities		4.2
Diversified Telecommunication Services		4.0
Food Products		3.5
Food & Staples Retailing		2.7
Transportation Infrastructure		2.7
Textiles, Apparel & Luxury Goods		2.4
Chemicals		2.4
IT Services		2.2
Independent Power and Renewable Electricity Producers		2.1
Beverages		2.0
Industrial Conglomerates		1.9
Specialty Retail		1.9
Insurance		1.7
Semiconductors & Semiconductor Equipment		1.6
Gas Utilities		1.6
Internet & Direct Marketing Retail		1.6
Pharmaceuticals		1.3
Construction Materials		1.3
Automobiles		1.3
Real Estate Management & Development		1.3
Health Care Providers & Services		1.2
Multiline Retail		1.2
Machinery		1.1
Household Products		1.1
Capital Markets		1.0
Others (each less than 1.0%)		11.2
Short-Term Investments		0.5

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

Abbreviations

ADR	American Depositary Receipt
JSC	Joint Stock Company
NVDR	Non-voting depository receipt
PJSC	Public Joint Stock Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company
REIT	Real Estate Investment Trust
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

(b)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is $1,106,394.
(c)	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.
(d)	The rate shown is the current yield as of October 31, 2019.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of October 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
MSCI Emerging MarketsE-Mini Index		21		12/2019		USD		1,093,680		22,206

Abbreviations

MSCI	Morgan Stanley Capital International
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 93

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 97.9%
Australia — 0.7%
BHP Group plc		2,817		59,750
Rio Tinto plc		1,112		57,893
				117,643
Austria — 0.7%
OMV AG		1,252		73,194
Verbund AG		1,068		57,859
				131,053
Belgium — 1.9%
Ageas		1,076		62,054
Colruyt SA		932		51,807
Groupe Bruxelles Lambert SA		26		2,612
Proximus SADP		2,163		66,470
Solvay SA		588		63,931
Telenet Group Holding NV*		306		15,034
UCB SA		819		66,010
				327,918
Chile — 0.3%
Antofagasta plc		5,287		59,546
Denmark — 3.7%
Carlsberg A/S, Class B		432		60,836
Chr Hansen Holding A/S		601		46,142
Coloplast A/S, Class B		535		64,412
Drilling Co. of 1972 A/S (The)*		278		15,693
DSV Panalpina A/S		643		62,493
GN Store Nord A/S		1,019		44,829
H Lundbeck A/S		1,561		53,340
Novo Nordisk A/S, Class B		1,240		68,186
Novozymes A/S, Class B		1,088		51,288
Orsted A/S (a)		667		58,544
Rockwool International A/S, Class B		38		7,468
Tryg A/S		1,639		45,812
Vestas Wind Systems A/S		727		59,227
				638,270
Finland — 3.8%
Elisa OYJ		1,265		69,090
Fortum OYJ		2,812		68,719
Kesko OYJ, Class B		916		61,031
Kone OYJ, Class B		1,103		70,234
Neste OYJ		2,020		72,988
Nokia OYJ		9,319		34,210
Orion OYJ, Class B		1,714		76,041
Sampo OYJ, Class A		1,371		56,183
Stora Enso OYJ, Class R		3,696		48,017

INVESTMENTS	SHARES		VALUE($)
Finland — continued
UPM-Kymmene OYJ		2,364		76,994
Wartsila OYJ Abp		2,170		22,926
				656,433
France — 15.0%
Air France-KLM*		5,441		64,859
Air Liquide SA		507		67,411
Arkema SA		509		52,090
Atos SE		580		45,012
AXA SA		1,061		28,086
BioMerieux		212		17,360
Bouygues SA		708		30,032
Bureau Veritas SA		682		17,436
Capgemini SE		531		59,860
Casino Guichard Perrachon SA (b)		1,199		64,683
Cie Generale des Etablissements Michelin SCA		462		56,252
Cie Plastic Omnium SA		512		13,986
CNP Assurances		1,170		23,224
Covivio, REIT		515		58,323
Danone SA		716		59,314
Dassault Aviation SA		22		30,561
Dassault Systemes SE		396		60,143
Edenred		1,079		56,872
Eiffage SA		482		51,770
Electricite de France SA		1,087		11,230
Engie SA		4,184		70,060
EssilorLuxottica SA		418		63,826
Eurazeo SE		162		11,304
Eutelsat Communications SA		3,557		67,476
Faurecia SE		636		29,681
Gecina SA, REIT		314		53,904
Hermes International		79		56,908
Imerys SA		448		17,306
Ingenico Group SA		642		68,650
Ipsen SA		137		14,603
Kering SA		122		69,418
Klepierre SA, REIT		526		19,607
Lagardere SCA		1,557		34,792
Legrand SA		671		52,421
L’Oreal SA		235		68,635
LVMH Moet Hennessy Louis Vuitton SE		162		69,183
Natixis SA		1,570		7,213
Orange SA		3,729		60,016
Pernod Ricard SA		335		61,886
Peugeot SA		2,890		73,192
Publicis Groupe SA		997		42,909

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
France — continued
Safran SA		441		69,850
Sanofi		751		69,233
Sartorius Stedim Biotech		411		61,573
Schneider Electric SE		679		63,107
SCOR SE		615		25,940
SEB SA		47		7,142
Societe BIC SA		293		20,342
Sodexo SA		563		61,912
Suez		1,667		26,001
Thales SA		32		3,128
TOTAL SA		1,211		64,023
Ubisoft Entertainment SA*		503		29,727
Valeo SA		1,086		40,443
Veolia Environnement SA		2,664		70,127
Vinci SA (b)		470		52,732
Vivendi SA		1,714		47,731
				2,594,505
Germany — 12.5%
adidas AG		217		67,003
Allianz SE (Registered)		220		53,729
Aroundtown SA		4,312		36,448
Axel Springer SE*		740		51,583
BASF SE		824		62,640
Bayer AG (Registered)		717		55,622
Carl Zeiss Meditec AG		552		60,170
Covestro AG (a)		868		41,683
Deutsche Boerse AG		270		41,812
Deutsche Lufthansa AG (Registered)		2,579		44,677
Deutsche Post AG (Registered)		992		35,142
Deutsche Telekom AG (Registered)		3,690		64,928
Deutsche Wohnen SE		1,178		44,413
E.ON SE		6,208		62,604
Evonik Industries AG		1,611		42,456
Fielmann AG		429		33,085
Fraport AG Frankfurt Airport Services Worldwide		245		20,478
Fresenius Medical Care AG & Co. KGaA		707		51,031
Fresenius SE & Co. KGaA		881		46,389
FUCHS PETROLUB SE (Preference)		315		13,420
Hannover Rueck SE		300		53,161
Hella GmbH & Co. KGaA		380		18,485
Henkel AG & Co. KGaA (Preference)		551		57,234
HOCHTIEF AG		128		15,993
HUGO BOSS AG		600		25,297
Infineon Technologies AG		2,822		54,659
LEG Immobilien AG		494		56,743

INVESTMENTS	SHARES		VALUE($)
Germany — continued
Merck KGaA		596		71,083
METRO AG		2,884		47,094
MTU Aero Engines AG		234		62,579
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		200		55,568
Porsche Automobil Holding SE (Preference)		1,036		76,281
ProSiebenSat.1 Media SE		3,625		53,529
Puma SE		250		18,807
RWE AG		2,238		68,202
SAP SE		524		69,431
Scout24 AG (a)		807		50,023
Siemens AG (Registered)		346		39,928
Siemens Healthineers AG (a)		1,610		68,405
Symrise AG		581		55,838
Talanx AG		708		32,631
Telefonica Deutschland Holding AG		18,738		59,456
Uniper SE		328		10,223
Volkswagen AG (Preference)		202		38,401
Vonovia SE		1,225		65,237
				2,153,601
Ireland — 0.5%
Flutter Entertainment plc		581		59,921
Smurfit Kappa Group plc		952		31,795
				91,716
Italy — 6.0%
A2A SpA		36,189		72,649
Assicurazioni Generali SpA		3,301		66,936
Atlantia SpA		1,901		46,966
DiaSorin SpA		537		60,547
Enel SpA		8,848		68,575
Eni SpA		3,865		58,636
Hera SpA		9,522		40,790
Infrastrutture Wireless Italiane SpA (a)		863		8,855
Intesa Sanpaolo SpA		21,911		54,905
Italgas SpA		9,808		63,141
Mediaset SpA*		3,504		10,480
Mediobanca Banca di Credito Finanziario SpA		4,822		57,340
Moncler SpA		1,444		55,722
Poste Italiane SpA (a)		5,924		71,955
Recordati SpA		1,452		61,019
Saipem SpA*		10,983		49,852
Snam SpA		12,577		64,569
Terna Rete Elettrica Nazionale SpA		10,144		67,046
UnipolSai Assicurazioni SpA		18,835		52,568
				1,032,551

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 95

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Jordan — 0.4%
Hikma Pharmaceuticals plc		2,595		67,581
Kazakhstan — 0.2%
KAZ Minerals plc		6,688		40,872
Luxembourg — 0.8%
RTL Group SA		784		39,837
SES SA, FDR		3,275		63,486
Tenaris SA		3,021		30,648
				133,971
Netherlands — 4.6%
Aalberts NV		488		19,665
ABN AMRO Bank NV, CVA (a)		728		13,570
Aegon NV		8,784		38,108
Akzo Nobel NV		712		65,642
ASML Holding NV		300		78,634
ASR Nederland NV		1,182		43,330
Heineken Holding NV		549		52,383
Heineken NV		417		42,584
Koninklijke Ahold Delhaize NV		2,632		65,590
Koninklijke DSM NV		513		60,887
Koninklijke KPN NV		20,117		62,451
Koninklijke Philips NV		1,358		59,581
NN Group NV		1,280		48,841
Randstad NV		62		3,441
Royal Dutch Shell plc, Class B		2,365		68,111
Wolters Kluwer NV		885		65,183
				788,001
Norway — 2.4%
Aker BP ASA		2,399		66,542
DNB ASA		2,592		47,193
Equinor ASA		2,927		54,342
Gjensidige Forsikring ASA		1,951		36,474
Mowi ASA		2,665		65,058
Orkla ASA		3,482		33,468
Salmar ASA		783		36,541
Schibsted ASA, Class A		496		14,567
Telenor ASA		3,145		58,861
				413,046
Poland — 0.9%
Grupa Lotos SA		2,041		50,970
Polski Koncern Naftowy ORLEN SA		2,311		63,190
Polskie Gornictwo Naftowe i Gazownictwo SA		30,072		37,049
				151,209

INVESTMENTS	SHARES		VALUE($)
Portugal — 0.7%
EDP — Energias de Portugal SA		16,847		69,397
Galp Energia SGPS SA		1,307		20,905
Jeronimo Martins SGPS SA		2,056		34,548
				124,850
Russia — 0.6%
Evraz plc		8,441		40,280
Polymetal International plc		4,424		72,764
				113,044
South Africa — 0.4%
Anglo American plc		2,640		67,946
Spain — 5.3%
Acciona SA		305		31,774
ACS Actividades de Construccion y Servicios SA		1,395		56,606
Aena SME SA (a)		173		31,756
Amadeus IT Group SA		789		58,369
Cellnex Telecom SA* (a)		1,180		50,916
Enagas SA		2,913		72,081
Endesa SA		2,478		67,488
Grifols SA		2,012		64,908
Iberdrola SA		6,243		64,172
Industria de Diseno Textil SA		1,660		51,727
Inmobiliaria Colonial Socimi SA, REIT		1,004		12,974
Merlin Properties Socimi SA, REIT		3,887		57,220
Naturgy Energy Group SA		2,430		66,206
Red Electrica Corp. SA		3,191		64,131
Repsol SA		4,086		67,336
Siemens Gamesa Renewable Energy SA		3,334		45,899
Telefonica SA		7,123		54,700
				918,263
Sweden — 7.6%
Alfa Laval AB		1,154		26,710
Atlas Copco AB, Class A		1,617		57,075
Boliden AB		2,639		71,167
Castellum AB		2,239		45,755
Elekta AB, Class B		4,822		67,175
Essity AB, Class B		2,047		63,950
Fastighets AB Balder, Class B*		966		37,466
Hennes & Mauritz AB, Class B		3,332		69,837
Hexagon AB, Class B		1,203		61,591
ICA Gruppen AB		1,299		57,483
Industrivarden AB, Class C		1,866		40,430
Investor AB, Class B		691		35,451
Lundin Petroleum AB		2,095		69,382
Sandvik AB		3,200		56,535

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Sweden — continued
Securitas AB, Class B		2,346		37,565
Skandinaviska Enskilda Banken AB, Class A		7,280		69,825
Skanska AB, Class B		1,835		39,098
SKF AB, Class B		1,298		23,502
Svenska Cellulosa AB SCA, Class B		5,360		54,694
Swedbank AB, Class A		2,851		39,952
Swedish Match AB		676		31,757
Swedish Orphan Biovitrum AB*		1,589		25,199
Tele2 AB, Class B		4,647		66,523
Telefonaktiebolaget LM Ericsson, Class B		6,678		58,358
Telia Co. AB		13,658		60,080
Trelleborg AB, Class B		1,484		23,997
Volvo AB, Class B		1,812		27,154
				1,317,711
Switzerland — 8.9%
ABB Ltd. (Registered)		1,516		31,836
Adecco Group AG (Registered)		374		22,233
Alcon, Inc.*		404		23,892
Baloise Holding AG (Registered)		198		36,621
Banque Cantonale Vaudoise (Registered)		20		15,682
Barry Callebaut AG (Registered)		1		2,113
Clariant AG (Registered)*		547		11,220
EMS-Chemie Holding AG (Registered)		94		58,891
Flughafen Zurich AG (Registered)		68		12,253
Geberit AG (Registered)		144		73,165
Georg Fischer AG (Registered)		28		26,742
Givaudan SA (Registered)		24		70,511
Glencore plc*		16,451		49,655
Helvetia Holding AG (Registered)		172		24,160
Logitech International SA (Registered)		1,400		57,466
Lonza Group AG (Registered)*		181		65,238
Nestle SA (Registered)		596		63,761
Novartis AG (Registered)		729		63,697
OC Oerlikon Corp. AG (Registered)		1,502		15,414
Pargesa Holding SA		293		23,161
Partners Group Holding AG		49		38,292
PSP Swiss Property AG (Registered)		360		47,651
Roche Holding AG		240		72,229
Schindler Holding AG		237		58,064
SGS SA (Registered)		22		57,378
Sika AG (Registered)		353		60,683
Sonova Holding AG (Registered)		275		63,107
STMicroelectronics NV		2,100		47,662
Swiss Life Holding AG (Registered)		135		67,610
Swiss Prime Site AG (Registered)*		481		49,578

INVESTMENTS	SHARES		VALUE($)
Switzerland — continued
Swiss Re AG		261		27,376
Swisscom AG (Registered)		128		65,471
Temenos AG (Registered)*		361		51,649
Vifor Pharma AG		45		7,087
Zurich Insurance Group AG		181		70,898
				1,532,446
United Kingdom — 19.3%
3i Group plc		3,587		52,416
Admiral Group plc		525		13,740
AstraZeneca plc		728		70,993
Auto Trader Group plc (a)		8,276		60,301
AVEVA Group plc		1,061		57,490
Barratt Developments plc		8,281		67,720
Bellway plc		1,705		69,785
Berkeley Group Holdings plc		1,254		71,477
BP plc		9,510		60,306
British American Tobacco plc		1,618		56,591
BT Group plc		23,768		63,077
Bunzl plc		1,957		50,911
Burberry Group plc		2,421		64,198
Compass Group plc		2,526		67,252
ConvaTec Group plc (a)		30,000		76,642
Croda International plc		979		61,082
Diageo plc		1,521		62,256
Experian plc		2,148		67,708
Fiat Chrysler Automobiles NV		2,464		38,238
GlaxoSmithKline plc		3,104		71,097
IMI plc		1,538		20,000
Imperial Brands plc		1,082		23,734
Inchcape plc		3,662		30,616
Informa plc		5,210		52,367
InterContinental Hotels Group plc		303		18,336
International Consolidated Airlines Group SA		6,406		44,096
Intertek Group plc		654		45,346
ITV plc		22,625		39,249
J Sainsbury plc		16,106		42,444
JD Sports Fashion plc		2,348		23,357
Johnson Matthey plc		1,154		45,845
Kingfisher plc		12,584		33,758
Legal & General Group plc		15,504		52,998
Marks & Spencer Group plc		12,387		29,181
Meggitt plc		7,305		59,107
Merlin Entertainments plc (a)		3,482		20,514
Micro Focus International plc		3,149		43,221
Mondi plc		2,444		50,674

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 97

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United Kingdom — continued
National Grid plc		5,915		69,160
Next plc		887		75,649
Pearson plc		5,855		51,709
Pennon Group plc		2,534		29,483
Persimmon plc		2,036		60,054
Phoenix Group Holdings plc		1,488		13,592
Reckitt Benckiser Group plc		812		62,834
RELX plc		2,678		64,474
Rentokil Initial plc		11,636		68,480
Rightmove plc		8,580		66,600
Sage Group plc (The)		6,649		61,969
Segro plc, REIT		6,215		67,988
Severn Trent plc		29		847
Smith & Nephew plc		2,670		57,315
Smiths Group plc		1,674		34,993
SSE plc		4,014		66,777
Subsea 7 SA		2,261		21,241
Tate & Lyle plc		6,872		59,940
Taylor Wimpey plc		30,022		64,388
Tesco plc		17,492		53,395
Unilever NV (b)		1,049		62,003
Unilever plc		1,017		60,897
United Utilities Group plc		6,426		72,560
Vodafone Group plc		29,823		60,860
Whitbread plc		1,022		53,794
Wm Morrison Supermarkets plc		17,219		44,483
WPP plc		4,290		53,537
				3,337,145
United States — 0.7%
Carnival plc		862		34,494
Ferguson plc		732		62,508
QIAGEN NV*		670		20,153
				117,155
Total Common Stocks (Cost $17,166,650)				16,926,476
	NO. OF RIGHTS
Rights — 0.0%
Italy — 0.0%
Mediaset SpA, expiring 11/7/2019* (Cost $—)		3,504		—

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 0.8%
Investment Companies — 0.0%(e)
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64%(c) (d) (Cost $119)		119		119
Investment of Cash Collateral from Securities Loaned — 0.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (c) (d) (Cost $133,278)		133,278		133,278
TotalShort-Term Investments (Cost $133,397)				133,397
Total Investments — 98.7% (Cost $17,300,047)				17,059,873
Other Assets Less Liabilities — 1.3%				221,064
NET ASSETS — 100.0%				17,280,937

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2019

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

INDUSTRY	PERCENTAGE
Insurance		6.5	%
Chemicals		5.5
Pharmaceuticals		5.2
Oil, Gas & Consumable Fuels		4.8
Diversified Telecommunication Services		4.4
Electric Utilities		4.1
Health Care Equipment & Supplies		3.9
Media		3.5
Food & Staples Retailing		3.1
Metals & Mining		3.0
Textiles, Apparel & Luxury Goods		2.9
Multi-Utilities		2.8
Machinery		2.6
Real Estate Management & Development		2.2
Software		2.0
Professional Services		2.0
Household Durables		2.0
Food Products		1.9
Hotels, Restaurants & Leisure		1.8
Banks		1.7
Beverages		1.6
Equity Real Estate Investment Trusts (REITs)		1.6
Gas Utilities		1.6
Electrical Equipment		1.5
Construction & Engineering		1.4

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INDUSTRY	PERCENTAGE
Paper & Forest Products		1.3	%
Automobiles		1.3
Aerospace & Defense		1.3
Specialty Retail		1.2
Personal Products		1.1
Household Products		1.1
Commercial Services & Supplies		1.1
Semiconductors & Semiconductor Equipment		1.1
Interactive Media & Services		1.0
IT Services		1.0
Others (each less than 1.0%)		14.1
Short-Term Investments		0.8

Abbreviations

CVA	Dutch Certification
FDR	Fiduciary Depository Receipt
OYJ	Public Limited Company

Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust
SCA	Limited partnership with share capital
SGPS	Holding company
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is $125,559.
(c)	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.
(d)	The rate shown is the current yield as of October 31, 2019.
(e)	Amount rounds to less than 0.1%.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
EURO STOXX 50 Index		6		12/2019		EUR		241,239		6,694
FTSE 100 Index		1		12/2019		GBP		93,816		(865	)
										5,829

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 99

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.3%
Australia — 9.9%
AGL Energy Ltd.		27,068		369,495
Alumina Ltd.		179,026		279,480
Ansell Ltd.		15,887		302,120
APA Group		37,736		303,105
Aristocrat Leisure Ltd.		10,865		236,912
ASX Ltd.		7,237		410,786
Aurizon Holdings Ltd.		89,462		363,953
BHP Group Ltd.		17,083		418,746
BlueScope Steel Ltd.		3,328		30,465
Boral Ltd.		18,499		64,227
Brambles Ltd.		39,301		324,903
Caltex Australia Ltd.		13,351		250,980
CIMIC Group Ltd.		5,995		136,619
Cochlear Ltd.		2,816		410,827
Coles Group Ltd.		3,323		34,389
Commonwealth Bank of Australia		7,765		421,019
Computershare Ltd.		221		2,412
Crown Resorts Ltd.		20,099		172,663
CSL Ltd.		2,776		489,565
CSR Ltd.		54,096		154,629
Dexus, REIT		45,663		376,559
Evolution Mining Ltd.		37,475		106,893
Flight Centre Travel Group Ltd.		5,747		168,828
Fortescue Metals Group Ltd.		76,729		469,630
Goodman Group, REIT		7,932		78,759
GPT Group (The), REIT		96,062		394,309
Harvey Norman Holdings Ltd.		67,492		190,430
Incitec Pivot Ltd.		53,032		126,186
Insurance Australia Group Ltd.		11,875		65,064
Macquarie Group Ltd.		3,841		354,668
Mirvac Group, REIT		192,425		426,390
Newcrest Mining Ltd.		11,447		249,869
Oil Search Ltd.		43,884		216,580
Origin Energy Ltd.		36,594		198,393
Qantas Airways Ltd.		92,147		407,579
Ramsay Health Care Ltd.		6,765		319,651
Rio Tinto Ltd.		6,216		388,705
Rio Tinto plc		5,456		284,049
Santos Ltd.		62,813		351,346
Scentre Group, REIT		107,885		285,048
SEEK Ltd.		7,587		118,737
Sonic Healthcare Ltd.		20,843		410,503
South32 Ltd.		143,805		251,649
Star Entertainment Grp Ltd. (The)		54,263		175,947
Suncorp Group Ltd.		11,565		107,375

INVESTMENTS	SHARES		VALUE($)
Australia — continued
Sydney Airport		55,780		337,829
Telstra Corp. Ltd.		129,354		311,542
Transurban Group		38,933		398,750
Treasury Wine Estates Ltd.		15,643		189,642
Wesfarmers Ltd.		16,269		446,989
WiseTech Global Ltd.		3,491		62,694
Woodside Petroleum Ltd.		19,105		423,433
Woolworths Group Ltd.		16,886		435,425
Worley Ltd.		15,679		147,167
				14,453,913
Austria — 0.2%
OMV AG		5,837		341,241
Belgium — 0.9%
Ageas		4,827		278,377
Colruyt SA		4,312		239,689
Groupe Bruxelles Lambert SA		2,612		262,391
Proximus SADP		9,259		284,536
Solvay SA		1,286		139,822
UCB SA		1,939		156,281
				1,361,096
Bermuda — 0.3%
RenaissanceRe Holdings Ltd.		2,241		419,470
Canada — 3.4%
Alimentation Couche-Tard, Inc., Class B		2,904		87,091
BCE, Inc.		8,308		394,111
Canadian Imperial Bank of Commerce		633		53,976
Canadian Tire Corp. Ltd., Class A		455		49,051
CGI, Inc.*		2,821		219,280
Fortis, Inc.		9,821		408,022
Husky Energy, Inc.		15,847		110,692
Hydro One Ltd. (a)		12,121		225,376
Imperial Oil Ltd.		7,872		196,038
Inter Pipeline Ltd.		11,367		190,817
Loblaw Cos. Ltd.		5,824		310,590
Metro, Inc.		9,728		411,396
National Bank of Canada		4,845		250,214
Pembina Pipeline Corp.		4,829		170,010
RioCan, REIT		9,081		182,227
Rogers Communications, Inc., Class B		5,133		241,665
Shaw Communications, Inc., Class B		10,544		215,187
Suncor Energy, Inc.		7,168		213,119
Teck Resources Ltd., Class B		11,317		178,893
TELUS Corp.		10,326		367,302
Thomson Reuters Corp.		6,007		403,674

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Canada — continued
Toronto-Dominion Bank (The)		1,962		112,036
				4,990,767
Chile — 0.0% (b)
Antofagasta plc		817		9,202
China — 0.9%
China Mengniu Dairy Co. Ltd.*		104,000		414,622
Lenovo Group Ltd.		422,000		294,194
Semiconductor Manufacturing International Corp.*		294,700		374,342
Xinyi Solar Holdings Ltd.		376,000		212,454
				1,295,612
Denmark — 0.7%
Carlsberg A/S, Class B		2,522		355,159
Chr Hansen Holding A/S		3,913		300,423
H Lundbeck A/S		2,466		84,265
Orsted A/S (a)		3,655		320,805
				1,060,652
Finland — 1.1%
Elisa OYJ		6,918		377,835
Fortum OYJ		7,848		191,786
Kesko OYJ, Class B		1,385		92,280
Kone OYJ, Class B		1,700		108,249
Neste OYJ		12,084		436,625
Sampo OYJ, Class A		2,108		86,386
Stora Enso OYJ, Class R		13,881		180,338
UPM-Kymmene OYJ		5,366		174,768
				1,648,267
France — 4.1%
Air France-KLM*		7,571		90,250
Alstom SA		4,223		182,701
Arkema SA		2,698		276,108
Atos SE		2,669		207,132
Bouygues SA		3,544		150,330
Capgemini SE		3,364		379,224
Casino Guichard Perrachon SA (c)		4,860		262,183
Danone SA		3,346		277,187
Dassault Systemes SE		2,712		411,890
Eiffage SA		2,802		300,952
Eutelsat Communications SA		10,921		207,171
Faurecia SE		2,726		127,217
Ingenico Group SA		818		87,470
Lagardere SCA		7,311		163,369
Orange SA		18,142		291,986

INVESTMENTS	SHARES		VALUE($)
France — continued
Pernod Ricard SA		1,915		353,764
Peugeot SA		15,301		387,515
Sanofi		3,360		309,749
SCOR SE		3,637		153,405
Sodexo SA		2,490		273,822
Thales SA		2,408		235,405
TOTAL SA		5,484		289,929
Vinci SA		1,715		192,417
Vivendi SA		10,082		280,760
				5,891,936
Germany — 2.1%
Covestro AG (a)		2,605		125,097
Deutsche Lufthansa AG (Registered)		11,399		197,467
Deutsche Telekom AG (Registered)		18,146		319,289
Evonik Industries AG		6,179		162,841
Fraport AG Frankfurt Airport Services Worldwide		3,297		275,572
Fresenius Medical Care AG & Co. KGaA		3,728		269,086
Fresenius SE & Co. KGaA		4,673		246,058
Hannover Rueck SE		2,594		459,667
Merck KGaA		983		117,239
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		745		206,991
SAP SE		3,312		438,845
Telefonica Deutschland Holding AG		55,019		174,577
Uniper SE (c)		3,840		119,680
				3,112,409
Hong Kong — 3.6%
ASM Pacific Technology Ltd.		25,800		360,241
Cathay Pacific Airways Ltd.		74,000		94,539
CK Infrastructure Holdings Ltd.		27,000		194,312
CLP Holdings Ltd.		37,000		384,261
Hang Seng Bank Ltd.		8,500		177,353
Henderson Land Development Co. Ltd.		17,300		86,406
Hong Kong & China Gas Co. Ltd.		197,531		383,388
Hutchison Port Holdings Trust		476,900		73,872
Jardine Matheson Holdings Ltd.		4,700		267,952
Jardine Strategic Holdings Ltd.		5,200		167,918
Johnson Electric Holdings Ltd.		12,500		22,826
Link, REIT		35,000		381,199
MTR Corp. Ltd.		67,000		384,164
New World Development Co. Ltd.		253,000		361,900
PCCW Ltd.		207,000		122,940
Power Assets Holdings Ltd.		35,500		253,333
Sun Hung Kai Properties Ltd.		15,000		227,300

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 101

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Hong Kong — continued
Swire Pacific Ltd., Class A		30,000		285,969
Techtronic Industries Co. Ltd.		43,500		339,953
WH Group Ltd. (a)		409,000		431,717
Xinyi Glass Holdings Ltd.		248,000		278,836
				5,280,379
Israel — 0.3%
Check Point Software Technologies Ltd.*		3,461		389,051
Italy — 1.5%
Assicurazioni Generali SpA		14,073		285,365
Buzzi Unicem SpA		3,102		74,847
Enel SpA		51,228		397,036
Eni SpA		16,315		247,515
Italgas SpA		47,052		302,907
Poste Italiane SpA (a)		8,147		98,957
Recordati SpA		5,897		247,816
Snam SpA		32,658		167,663
Terna Rete Elettrica Nazionale SpA		56,730		374,952
				2,197,058
Japan — 22.7%
Advantest Corp.		10,100		459,636
Aisin Seiki Co. Ltd.		2,300		91,793
ANA Holdings, Inc.		8,000		274,708
Aozora Bank Ltd.		6,200		159,082
Asahi Kasei Corp.		7,700		85,480
Astellas Pharma, Inc.		23,300		399,891
Bandai Namco Holdings, Inc.		5,100		313,595
Bridgestone Corp.		5,500		228,525
Brother Industries Ltd.		17,800		334,534
Canon, Inc.		11,600		318,301
Capcom Co. Ltd.		15,800		372,937
Central Japan Railway Co.		1,900		389,755
Chubu Electric Power Co., Inc.		24,500		367,555
Chugai Pharmaceutical Co. Ltd.		1,800		151,480
Chugoku Electric Power Co., Inc. (The)		15,100		201,159
COMSYS Holdings Corp.		6,300		185,857
Cosmo Energy Holdings Co. Ltd.		8,400		179,629
Credit Saison Co. Ltd.		8,400		121,638
Dai Nippon Printing Co. Ltd.		3,900		104,163
Daiichi Sankyo Co. Ltd.		6,300		414,249
Daito Trust Construction Co. Ltd.		100		13,252
Daiwa Securities Group, Inc.		19,800		88,997
DIC Corp.		7,800		223,432
Dowa Holdings Co. Ltd.		4,200		145,002
Ebara Corp.		2,200		65,090

INVESTMENTS	SHARES		VALUE($)
Japan — continued
Electric Power Development Co. Ltd.		7,200		174,819
FamilyMart Co. Ltd.		13,000		322,481
Fast Retailing Co. Ltd.		400		246,677
Fuji Electric Co. Ltd.		5,500		174,799
FUJIFILM Holdings Corp.		8,600		377,559
Fujikura Ltd.		7,100		32,944
Goldwin, Inc.		1,200		91,884
GungHo Online Entertainment, Inc.		5,680		123,020
Hankyu Hanshin Holdings, Inc.		5,900		236,100
Hikari Tsushin, Inc.		1,800		394,554
Hitachi Chemical Co. Ltd.		3,600		118,511
Hitachi High-Technologies Corp.		5,400		335,965
Hokuriku Electric Power Co.*		6,700		47,753
Honda Motor Co. Ltd.		9,600		259,718
Hoya Corp.		3,400		300,483
Idemitsu Kosan Co. Ltd.		14,492		425,996
ITOCHU Corp.		20,800		434,884
Japan Airlines Co. Ltd.		11,600		361,480
Japan Petroleum Exploration Co. Ltd.		4,400		112,498
Japan Post Holdings Co. Ltd.		17,900		164,308
Japan Tobacco, Inc.		3,300		74,589
JXTG Holdings, Inc.		78,700		367,863
Kaneka Corp.		4,800		159,785
Kansai Electric Power Co., Inc. (The)		23,400		272,987
KDDI Corp.		15,200		420,601
Keisei Electric Railway Co. Ltd.		8,800		359,792
Kirin Holdings Co. Ltd.		11,800		250,329
K’s Holdings Corp.		13,700		156,527
Kuraray Co. Ltd.		18,000		214,152
Kyowa Kirin Co. Ltd.		3,900		71,760
Kyushu Electric Power Co., Inc.		16,500		164,892
Lawson, Inc.		1,300		71,716
Marubeni Corp.		55,400		389,910
Mitsubishi Corp.		15,700		399,320
Mitsubishi Gas Chemical Co., Inc.		7,200		101,570
Mitsubishi Heavy Industries Ltd.		8,900		360,177
Mitsubishi Tanabe Pharma Corp.		13,600		162,769
Mitsui & Co. Ltd.		21,700		372,675
Mitsui Chemicals, Inc.		5,800		137,932
Mochida Pharmaceutical Co. Ltd.		7,900		315,272
MS&AD Insurance Group Holdings, Inc.		13,000		419,786
NEC Corp.		4,200		166,449
NH Foods Ltd.		2,100		88,233
Nihon M&A Center, Inc.		7,900		240,200
Nikon Corp.		18,600		237,156

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Japan — continued
Nippon Express Co. Ltd.		500		28,528
Nippon Kayaku Co. Ltd.		16,400		199,314
Nippon Paper Industries Co. Ltd.		14,100		243,050
Nippon Shokubai Co. Ltd.		4,100		252,818
Nippon Telegraph & Telephone Corp.		7,400		367,358
Nipro Corp.		13,400		157,123
Nissan Chemical Corp.		3,900		160,126
Nissin Foods Holdings Co. Ltd.		2,200		166,180
Nomura Real Estate Holdings, Inc.		15,300		362,601
Nomura Research Institute Ltd.		18,600		394,891
NTT Data Corp.		23,800		312,514
NTT DOCOMO, Inc.		16,400		449,608
Oji Holdings Corp.		40,900		211,463
Oriental Land Co. Ltd.		1,700		249,222
ORIX Corp.		13,800		216,866
Osaka Gas Co. Ltd.		12,600		246,389
Otsuka Corp.		9,300		374,957
Rakuten, Inc.		29,300		279,329
Resona Holdings, Inc.		66,700		290,049
Sankyo Co. Ltd.		7,100		248,483
Sawai Pharmaceutical Co. Ltd.		4,400		248,278
SBI Holdings, Inc.		9,000		195,735
SCSK Corp.		5,200		264,703
Secom Co. Ltd.		2,300		213,126
Sekisui Chemical Co. Ltd.		20,500		357,433
Sekisui House Ltd.		23,300		502,450
Shimamura Co. Ltd.		1,700		143,995
Shimizu Corp.		13,000		121,186
Shin-Etsu Chemical Co. Ltd.		1,100		122,651
Shionogi & Co. Ltd.		7,500		450,172
Showa Denko KK		11,400		319,849
Skylark Holdings Co. Ltd. (c)		15,500		281,327
SoftBank Group Corp.		1,600		61,546
Sojitz Corp.		115,200		362,597
Sony Corp.		7,400		450,432
Sumitomo Chemical Co. Ltd.		38,300		175,199
Sumitomo Corp.		12,700		206,278
Sumitomo Dainippon Pharma Co. Ltd.		14,300		249,580
Sumitomo Mitsui Financial Group, Inc.		10,300		365,683
Sumitomo Mitsui Trust Holdings, Inc.		7,400		269,696
Sumitomo Osaka Cement Co. Ltd.		6,400		279,373
Suzuken Co. Ltd.		6,600		352,400
Taisho Pharmaceutical Holdings Co. Ltd.		2,400		170,819
Teijin Ltd.		14,900		298,571
Terumo Corp.		14,000		456,914

INVESTMENTS	SHARES		VALUE($)
Japan — continued
Toho Co. Ltd.		2,000		80,771
Tohoku Electric Power Co., Inc.		14,000		143,889
Tokio Marine Holdings, Inc.		8,100		437,931
Tokyo Broadcasting System Holdings, Inc.		14,100		224,831
Tokyo Electric Power Co. Holdings, Inc.*		69,800		323,254
Tokyo Gas Co. Ltd.		8,500		207,494
Tokyo Tatemono Co. Ltd.		14,500		206,299
Tokyu Corp.		7,900		149,418
Tokyu Fudosan Holdings Corp.		4,500		29,848
Toppan Printing Co. Ltd.		15,800		292,226
Toyo Suisan Kaisha Ltd.		8,200		345,261
Toyota Industries Corp.		6,100		366,015
Toyota Motor Corp.		6,500		450,976
Trend Micro, Inc.		1,200		60,569
Tsumura & Co.		7,100		195,530
Ube Industries Ltd.		14,100		301,898
West Japan Railway Co.		2,800		243,293
Yamada Denki Co. Ltd.		56,400		272,608
Yokohama Rubber Co. Ltd. (The)		11,900		265,789
				33,131,377
Macau — 0.7%
Galaxy Entertainment Group Ltd.		38,000		261,654
Sands China Ltd.		79,452		391,351
SJM Holdings Ltd.		91,000		97,210
Wynn Macau Ltd.		93,097		202,028
				952,243
Netherlands — 2.0%
Aegon NV		34,683		150,467
Heineken Holding NV		2,560		244,264
Koninklijke Ahold Delhaize NV		16,180		403,207
Koninklijke DSM NV		2,994		355,352
Koninklijke KPN NV		108,569		337,038
Koninklijke Philips NV		7,765		340,682
NN Group NV		6,984		266,488
Royal Dutch Shell plc, Class A		13,052		378,353
Wolters Kluwer NV		5,732		422,179
				2,898,030
New Zealand — 0.4%
Contact Energy Ltd.		36,756		173,842
Spark New Zealand Ltd.		118,130		338,875
				512,717
Norway — 1.0%
Aker BP ASA		3,365		93,336
Equinor ASA		11,786		218,815

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 103

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Norway — continued
Mowi ASA		17,276		421,741
Orkla ASA		23,641		227,234
Telenor ASA		16,595		310,588
Yara International ASA		3,418		133,152
				1,404,866
Portugal — 0.3%
EDP — Energias de Portugal SA		88,928		366,315
Galp Energia SGPS SA		7,491		119,817
				486,132
Russia — 0.1%
Evraz plc		14,439		68,902
Singapore — 2.0%
Ascendas, REIT		36,000		83,846
CapitaLand Mall Trust, REIT		191,900		358,056
ComfortDelGro Corp. Ltd.		177,000		298,897
DBS Group Holdings Ltd.		7,500		142,957
Genting Singapore Ltd.		102,500		70,716
Golden Agri-Resources Ltd.		513,700		77,107
Keppel Corp. Ltd.		76,700		386,214
Sembcorp Industries Ltd.		69,400		116,515
Singapore Airlines Ltd.		28,800		199,059
Singapore Press Holdings Ltd.		103,900		169,086
Singapore Telecommunications Ltd.		55,100		133,428
United Overseas Bank Ltd.		10,000		196,874
Venture Corp. Ltd.		18,300		212,273
Wilmar International Ltd.		150,100		412,697
				2,857,725
South Africa — 0.3%
Anglo American plc		15,885		408,834
South Korea — 7.6%
Celltrion Healthcare Co. Ltd.*		5,027		236,659
Celltrion, Inc.*		2,603		445,504
CJ CheilJedang Corp.		597		117,339
Doosan Infracore Co. Ltd.*		16,843		81,679
Fila Korea Ltd.		1,274		62,863
GS Engineering & Construction Corp.		7,744		205,028
GS Holdings Corp.		4,991		212,702
Hankook Tire & Technology Co. Ltd.		6,594		175,830
Hanmi Pharm Co. Ltd.		223		63,787
Hanmi Science Co. Ltd.		2,358		88,193
Hanon Systems		13,075		130,128
Hanwha Aerospace Co. Ltd.*		5,125		166,476
Hanwha Chemical Corp.		10,037		140,440

INVESTMENTS	SHARES		VALUE($)
South Korea — continued
Hyundai Construction Equipment Co. Ltd.		139		3,324
Hyundai Engineering & Construction Co. Ltd.		7,479		275,549
Hyundai Mobis Co. Ltd.		1,912		389,921
Hyundai Motor Co.		3,027		317,061
Hyundai Steel Co.		2,926		79,689
Industrial Bank of Korea		19,017		192,592
Kakao Corp.		3,750		455,071
Kia Motors Corp.		11,592		423,657
Korea Gas Corp.		2,997		101,255
Korea Zinc Co. Ltd.		402		149,798
Korean Air Lines Co. Ltd.		9,443		202,114
KT&G Corp.		4,439		381,051
LG Corp.		3,810		227,139
LG Display Co. Ltd.*		1,869		21,908
LG Electronics, Inc.		1,201		68,828
LG Household & Health Care Ltd.		275		297,577
LG Uplus Corp.		26,128		301,848
Lotte Chemical Corp.		705		137,161
LOTTE Fine Chemical Co. Ltd.		2,224		84,326
NAVER Corp.		3,419		482,067
NCSoft Corp.		747		331,516
Netmarble Corp.* (a)		150		11,576
POSCO		1,274		231,162
Samsung Biologics Co. Ltd.* (a)		1,248		426,340
Samsung Electro-Mechanics Co. Ltd.		2,628		254,428
Samsung Electronics Co. Ltd.		13,752		594,359
Samsung Engineering Co. Ltd.*		13,650		208,382
Samsung SDS Co. Ltd.		1,407		243,012
Shinsegae, Inc.		430		87,145
SK Holdings Co. Ltd.		1,686		374,047
SK Hynix, Inc.		6,732		473,367
SK Innovation Co. Ltd.		2,106		288,176
SK Telecom Co. Ltd.		1,129		230,764
SKC Co. Ltd.		4,315		164,580
S-Oil Corp.		951		81,245
Woori Financial Group, Inc.		28,745		289,802
Yuhan Corp.		607		117,009
				11,125,474
Spain — 2.4%
Acciona SA		1,654		172,311
ACS Actividades de Construccion y Servicios SA		5,379		218,270
Aena SME SA (a)		2,290		420,357
Amadeus IT Group SA		5,281		390,679
Enagas SA		12,144		300,498
Endesa SA		2,878		78,382

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Spain — continued
Grifols SA		8,024		258,859
Iberdrola SA		40,157		412,774
Naturgy Energy Group SA		13,498		367,754
Red Electrica Corp. SA		12,965		260,565
Repsol SA		20,097		331,193
Telefonica SA		39,734		305,129
				3,516,771
Sweden — 2.5%
Boliden AB		9,599		258,861
Hennes & Mauritz AB, Class B		14,384		301,481
Hexagon AB, Class B		6,915		354,034
Investor AB, Class B		7,314		375,241
Lundin Petroleum AB		8,021		265,640
Securitas AB, Class B		21,830		349,545
Skanska AB, Class B		15,158		322,969
Svenska Cellulosa AB SCA, Class B		5,393		55,031
Swedish Match AB		9,024		423,932
Tele2 AB, Class B		29,294		419,348
Telia Co. AB		85,741		377,167
Trelleborg AB, Class B (c)		9,884		159,831
				3,663,080
Switzerland — 2.2%
Alcon, Inc.*		191		11,295
Baloise Holding AG (Registered)		2,074		383,593
Barry Callebaut AG (Registered)		83		175,404
Clariant AG (Registered)*		7,458		152,983
Kuehne + Nagel International AG (Registered)		231		37,320
LafargeHolcim Ltd. (Registered)*		2,591		133,743
Logitech International SA (Registered)		4,176		171,413
Lonza Group AG (Registered)*		187		67,401
Novartis AG (Registered)		3,396		296,726
Roche Holding AG		274		82,462
Sonova Holding AG (Registered)		1,781		408,701
Swiss Life Holding AG (Registered)		872		436,713
Swiss Prime Site AG (Registered)*		1,332		137,292
Swisscom AG (Registered)		660		337,586
Vifor Pharma AG		497		78,267
Zurich Insurance Group AG		775		303,568
				3,214,467
United Kingdom — 4.4%
Auto Trader Group plc (a)		21,463		156,386
Barratt Developments plc		27,815		227,466
Bellway plc		2,659		108,831
Berkeley Group Holdings plc		1,460		83,219

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
BP plc		47,317		300,054
BT Group plc		60,589		160,795
Bunzl plc		2,080		54,111
Burberry Group plc		4,809		127,520
CK Hutchison Holdings Ltd.		41,260		380,957
Coca-Cola European Partners plc		7,355		393,566
Compass Group plc		7,351		195,714
Informa plc		7,602		76,410
International Consolidated Airlines Group SA		23,547		162,088
Land Securities Group plc, REIT		7,031		85,641
Linde plc		2,189		434,188
Micro Focus International plc		7,304		100,249
Mondi plc		6,660		138,088
Pearson plc		24,251		214,175
Persimmon plc		2,599		76,661
RELX plc		10,489		252,526
Rentokil Initial plc		42,362		249,309
Sage Group plc (The)		31,639		294,879
Segro plc, REIT		34,184		373,949
Smith & Nephew plc		17,282		370,982
Tate & Lyle plc		29,610		258,267
Taylor Wimpey plc		75,209		161,301
Unilever plc		1,326		79,400
United Utilities Group plc		26,003		293,616
Vodafone Group plc		157,717		321,856
Wm Morrison Supermarkets plc		101,729		262,802
				6,395,006
United States — 21.7%
AbbVie, Inc.		1,376		109,461
AES Corp.		13,420		228,811
Air Products & Chemicals, Inc.		1,831		390,479
Alaska Air Group, Inc.		3,829		265,847
Alleghany Corp.*		552		429,616
Allstate Corp. (The)		1,379		146,753
Amcor plc		29,116		278,797
Amdocs Ltd.		979		63,831
Ameren Corp.		5,361		416,550
American Electric Power Co., Inc.		4,039		381,241
American Water Works Co., Inc.		198		24,407
ANSYS, Inc.*		1,146		252,292
Anthem, Inc.		1,408		378,865
Ashland Global Holdings, Inc.		2,630		203,483
Assurant, Inc.		1,388		174,985
AT&T, Inc.		11,729		451,449
Avangrid, Inc. (c)		3,280		164,164

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 105

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United States — continued
Avery Dennison Corp.		3,579		457,611
Avnet, Inc.		5,906		233,641
Axis Capital Holdings Ltd.		4,423		262,859
Baxter International, Inc.		4,702		360,643
Becton Dickinson and Co.		803		205,568
Broadridge Financial Solutions, Inc.		3,195		400,078
Brown & Brown, Inc.		5,044		190,058
Carnival Corp.		1,198		51,382
Celanese Corp.		3,648		441,955
CenturyLink, Inc.		21,992		284,576
CF Industries Holdings, Inc.		8,582		389,194
Chevron Corp.		3,462		402,077
Church & Dwight Co., Inc.		5,184		362,569
Cigna Corp.		57		10,172
Cincinnati Financial Corp.		3,677		416,273
Cintas Corp.		1,568		421,275
Cisco Systems, Inc.		4,089		194,268
CMS Energy Corp.		6,203		396,496
CNA Financial Corp.		4,130		185,189
Commerce Bancshares, Inc. (c)		3,871		249,138
ConocoPhillips		4,608		254,362
Consolidated Edison, Inc.		2,344		216,164
Constellation Brands, Inc., Class A		723		137,609
CSX Corp.		2,047		143,843
Cummins, Inc.		1,449		249,924
Darden Restaurants, Inc.		3,419		383,851
DTE Energy Co.		3,190		406,151
Eastman Chemical Co.		3,959		301,042
Everest Re Group Ltd.		872		224,182
Eversource Energy		5,161		432,182
Exelon Corp.		3,232		147,024
Fidelity National Information Services, Inc.		3,036		400,023
Foot Locker, Inc.		6,422		279,421
Garmin Ltd.		5,041		472,594
Gentex Corp.		13,984		392,251
Genuine Parts Co.		328		33,646
Globe Life, Inc.		4,633		450,930
Hasbro, Inc.		3,744		364,329
HCP, Inc., REIT		5,444		204,803
Henry Schein, Inc.*		748		46,814
HollyFrontier Corp.		5,733		314,971
Hormel Foods Corp.		9,133		373,448
IAC/InterActiveCorp*		1,624		369,054
Intel Corp.		7,992		451,788
International Paper Co.		4,975		217,308

INVESTMENTS	SHARES		VALUE($)
United States — continued
Interpublic Group of Cos., Inc. (The)		6,682		145,333
Intuit, Inc.		570		146,775
IQVIA Holdings, Inc.*		2,666		385,024
JM Smucker Co. (The)		2,872		303,513
Johnson & Johnson		2,802		369,976
Kinder Morgan, Inc.		14,703		293,766
Kohl’s Corp.		1,643		84,220
L3Harris Technologies, Inc.		1,956		403,542
Laboratory Corp. of America Holdings*		63		10,381
Lam Research Corp.		1,965		532,594
Leggett & Platt, Inc.		986		50,582
LyondellBasell Industries NV, Class A		1,397		125,311
ManpowerGroup, Inc.		1,319		119,923
Marathon Petroleum Corp.		1,075		68,746
McCormick & Co., Inc.(Non-Voting)		2,539		407,992
MDU Resources Group, Inc.		8,225		237,620
Merck & Co., Inc.		2,869		248,628
Molson Coors Brewing Co., Class B		4,014		211,618
NextEra Energy, Inc.		731		174,227
NVR, Inc.*		115		418,208
Old Republic International Corp.		15,066		336,574
Pfizer, Inc.		8,908		341,800
Phillips 66		2,058		240,416
Pinnacle West Capital Corp.		4,339		408,387
PPG Industries, Inc.		1,050		131,376
Procter & Gamble Co. (The)		3,000		373,530
Public Service Enterprise Group, Inc.		2,938		186,005
PulteGroup, Inc.		11,259		441,803
Quest Diagnostics, Inc.		2,940		297,675
Raytheon Co.		1,869		396,620
Republic Services, Inc.		4,634		405,521
Southwest Airlines Co.		7,028		394,482
Starbucks Corp.		4,283		362,170
TJX Cos., Inc. (The)		2,773		159,863
T-Mobile US, Inc.*		1,563		129,198
Toll Brothers, Inc.		5,561		221,161
Tyson Foods, Inc., Class A		561		46,445
United Airlines Holdings, Inc.*		516		46,873
UnitedHealth Group, Inc.		1,342		339,123
Universal Health Services, Inc., Class B		2,847		391,349
Valero Energy Corp.		2,691		260,973
Verizon Communications, Inc.		6,829		412,950
VMware, Inc., Class A		2,296		363,388
Walmart, Inc.		3,620		424,481
Walt Disney Co. (The)		2,699		350,654

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United States — continued
Waters Corp.*		1,748		369,912
Westlake Chemical Corp.		675		42,653
WR Berkley Corp.		5,805		405,770
Xcel Energy, Inc.		6,440		409,004
Xylem, Inc.		5,398		413,973
Zimmer Biomet Holdings, Inc.		1,403		193,937
				31,579,812
Total Common Stocks (Cost $139,427,730)				144,666,489
Short-Term Investments — 0.7%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (d) (e) (Cost $287,721)		287,721		287,721
Investment of Cash Collateral from Securities Loaned — 0.5%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (d) (e)		499,900		499,950
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (d) (e)		287,546		287,546
Total Investment of Cash Collateral from Securities Loaned (Cost $787,496)				787,496
TotalShort-Term Investments (Cost $1,075,217)				1,075,217
Total Investments — 100.0% (Cost $140,502,947)				145,741,706
Other Assets Less Liabilities — 0.0% (b)				7,834
NET ASSETS — 100.0%				145,749,540

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2019

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

INDUSTRY	PERCENTAGE
Oil, Gas & Consumable Fuels		6.1	%
Insurance		5.5
Electric Utilities		5.4
Chemicals		5.2
Diversified Telecommunication Services		4.5
Pharmaceuticals		3.6
Food Products		3.0
Metals & Mining		2.8
Household Durables		2.7

INDUSTRY	PERCENTAGE
IT Services		2.5	%
Hotels, Restaurants & Leisure		2.5
Health Care Equipment & Supplies		2.4
Food & Staples Retailing		2.3
Health Care Providers & Services		2.3
Equity Real Estate Investment Trusts (REITs)		2.2
Banks		2.2
Semiconductors & Semiconductor Equipment		2.0
Airlines		1.9
Road & Rail		1.8
Software		1.7
Auto Components		1.7
Gas Utilities		1.6
Commercial Services & Supplies		1.6
Construction & Engineering		1.6
Wireless Telecommunication Services		1.6
Technology Hardware, Storage & Peripherals		1.5
Multi-Utilities		1.5
Trading Companies & Distributors		1.5
Beverages		1.5
Machinery		1.3
Specialty Retail		1.3
Industrial Conglomerates		1.3
Automobiles		1.3
Real Estate Management & Development		1.2
Professional Services		1.1
Entertainment		1.1
Transportation Infrastructure		1.0
Electronic Equipment, Instruments & Components		1.0
Interactive Media & Services		1.0
Media		1.0
Others (each less than 1.0%)		10.0
Short-Term Investments		0.7

Abbreviations

OYJ	Public Limited Company
REIT	Real Estate Investment Trust
SCA	Limited partnership with share capital
SGPS	Holding company
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is $750,135.
(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.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 107

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

(e)	The rate shown is the current yield as of October 31, 2019.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
MSCI EAFEE-Mini Index		7		12/2019		USD		685,370		19,886
S&P 500E-Mini Index		2		12/2019		USD		303,500		7,321
										27,207

Abbreviations

EAFE	Europe,Australasia, and Far East
MSCI	MorganStanley Capital International
USD	UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.3%
Australia — 10.3%
AGL Energy Ltd.		343,105		4,683,594
Alumina Ltd.		2,929,412		4,573,141
Ansell Ltd.		242,773		4,616,761
APA Group		505,756		4,062,362
Atlas Arteria Ltd.		201,879		1,116,485
Aurizon Holdings Ltd.		224,947		915,138
AusNet Services		539,024		688,532
BHP Group Ltd.		128,036		3,138,477
BHP Group plc		181,572		3,851,240
Brambles Ltd.		209,821		1,734,601
Caltex Australia Ltd.		144,068		2,708,279
CIMIC Group Ltd.		41,892		954,672
Coca-Cola Amatil Ltd.		337,557		2,368,856
Cochlear Ltd.		32,970		4,809,997
Coles Group Ltd.		93,998		972,773
Computershare Ltd.		28,978		316,308
Crown Resorts Ltd.		126,639		1,087,907
CSL Ltd.		31,370		5,532,297
CSR Ltd.		542,471		1,550,614
Dexus, REIT		547,684		4,516,460
Downer EDI Ltd.		575,163		3,199,088
Fortescue Metals Group Ltd.		158,038		967,291
GPT Group (The), REIT		1,124,487		4,615,717
Harvey Norman Holdings Ltd. (a)		709,903		2,003,005
Incitec Pivot Ltd.		278,889		663,600
Macquarie Group Ltd.		30,104		2,779,726
Metcash Ltd.		609,970		1,185,726
Mirvac Group, REIT		1,203,239		2,666,232
Oil Search Ltd.		599,117		2,956,816
Origin Energy Ltd.		738,261		4,002,452
Orora Ltd.		294,459		627,628
Qantas Airways Ltd.		944,055		4,175,683
Ramsay Health Care Ltd.		69,553		3,286,425
Rio Tinto Ltd.		71,458		4,468,485
Rio Tinto plc		79,209		4,123,765
Santos Ltd.		949,563		5,311,396
Sonic Healthcare Ltd.		244,195		4,809,420
Tabcorp Holdings Ltd.		1,350,038		4,473,550
Telstra Corp. Ltd.		1,476,090		3,555,083
TPG Telecom Ltd.		226,511		1,020,925
Vicinity Centres, REIT		2,205,868		4,060,393
Vocus Group Ltd.*		384,804		882,226
Wesfarmers Ltd.		167,667		4,606,637
Whitehaven Coal Ltd.		1,322,647		3,008,215

INVESTMENTS	SHARES		VALUE($)
Australia — continued
Woodside Petroleum Ltd.		200,799		4,450,402
				132,098,380
Austria — 0.3%
OMV AG		43,911		2,567,109
voestalpine AG (a)		41,134		1,032,162
				3,599,271
Belgium — 0.6%
Colruyt SA		65,267		3,627,968
Groupe Bruxelles Lambert SA		20,245		2,033,730
Proximus SADP		81,441		2,502,744
				8,164,442
Cambodia — 0.1%
NagaCorp Ltd.		704,000		1,279,228
Chile — 0.4%
Antofagasta plc		393,799		4,435,246
China — 0.8%
China Mengniu Dairy Co. Ltd.*		327,000		1,303,666
Lenovo Group Ltd.		3,542,000		2,469,281
Nexteer Automotive Group Ltd.		356,760		332,508
Tingyi Cayman Islands Holding Corp.		112,000		148,993
Uni-President China Holdings Ltd.		1,371,000		1,416,149
Want Want China Holdings Ltd.		1,898,000		1,598,893
Xinyi Solar Holdings Ltd.		5,896,400		3,331,680
				10,601,170
Denmark — 0.4%
Chr Hansen Holding A/S		46,487		3,569,074
Demant A/S*		7,064		186,597
DSV Panalpina A/S		5,974		580,608
H Lundbeck A/S		21,782		744,304
				5,080,583
Finland — 2.1%
Elisa OYJ		95,419		5,211,427
Fortum OYJ		192,806		4,711,721
Kesko OYJ, Class B		74,060		4,934,474
Neste OYJ		143,516		5,185,587
Nokian Renkaat OYJ		27,169		776,467
Orion OYJ, Class B		16,180		717,820
UPM-Kymmene OYJ		170,450		5,551,469
				27,088,965
France — 5.3%
Air Liquide SA		29,578		3,932,724
Arkema SA		30,185		3,089,071

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 109

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
France — continued
Atos SE		27,992		2,172,366
Capgemini SE		40,000		4,509,210
Casino Guichard Perrachon SA (a)		25,184		1,358,603
Covivio, REIT		11,360		1,286,512
Dassault Aviation SA		585		812,654
Dassault Systemes SE		32,698		4,966,068
Eiffage SA		43,560		4,678,615
Eutelsat Communications SA (a)		40,699		772,057
Faurecia SE		16,197		755,885
Gecina SA, REIT		13,529		2,322,510
Lagardere SCA		130,605		2,918,445
Orange SA		197,822		3,183,848
Pernod Ricard SA		24,406		4,508,601
Peugeot SA		202,166		5,120,081
Safran SA		25,554		4,047,499
SCOR SE		87,941		3,709,276
Sodexo SA		5,953		654,643
Thales SA		8,897		869,768
TOTAL SA		76,572		4,048,227
Vinci SA (a)		37,630		4,221,948
Vivendi SA		155,679		4,335,288
				68,273,899
Germany — 3.0%
Axel Springer SE* (a)		45,795		3,192,198
Beiersdorf AG		3,250		384,765
Deutsche Lufthansa AG (Registered)		38,234		662,335
Deutsche Telekom AG (Registered)		234,056		4,118,351
Evonik Industries AG		115,357		3,040,113
Fraport AG Frankfurt Airport Services Worldwide		51,030		4,265,224
Fresenius Medical Care AG & Co. KGaA		48,252		3,482,813
Hannover Rueck SE		30,169		5,346,068
Hella GmbH & Co. KGaA		11,382		553,665
Infineon Technologies AG		152,438		2,952,537
Merck KGaA		11,214		1,337,455
SAP SE		39,325		5,210,621
Telefonica Deutschland Holding AG		549,822		1,744,601
Uniper SE (a)		51,845		1,615,830
				37,906,576
Hong Kong — 5.0%
ASM Pacific Technology Ltd.		317,100		4,427,614
Cathay Pacific Airways Ltd.		947,000		1,209,841
CK Infrastructure Holdings Ltd.		547,500		3,940,209
CLP Holdings Ltd.		432,500		4,491,696
Hong Kong & China Gas Co. Ltd.		2,229,103		4,326,471

INVESTMENTS	SHARES		VALUE($)
Hong Kong — continued
Hutchison Port Holdings Trust		4,216,100		653,078
Jardine Matheson Holdings Ltd.		38,500		2,194,924
Jardine Strategic Holdings Ltd.		62,200		2,008,552
Link, REIT		409,500		4,460,029
Melco International Development Ltd.		237,000		628,132
MTR Corp. Ltd.		796,500		4,566,960
New World Development Co. Ltd.		1,183,000		1,692,207
PCCW Ltd.		5,720,000		3,397,193
Power Assets Holdings Ltd.		706,000		5,038,114
Swire Pacific Ltd., Class A		417,500		3,979,730
Swire Properties Ltd.		189,800		596,931
Techtronic Industries Co. Ltd.		700,000		5,470,510
WH Group Ltd. (b)		2,672,000		2,820,412
Wheelock & Co. Ltd.		236,000		1,459,567
Xinyi Glass Holdings Ltd.		3,540,000		3,980,162
Yue Yuen Industrial Holdings Ltd.		1,081,000		3,046,462
				64,388,794
Indonesia — 0.0% (c)
First Pacific Co. Ltd.		766,000		293,043
Ireland — 0.2%
CRH plc		32,525		1,184,228
Flutter Entertainment plc		8,907		918,621
				2,102,849
Italy — 2.0%
Assicurazioni Generali SpA		103,385		2,096,389
Davide Campari-Milano SpA		496,617		4,555,125
Enel SpA		123,379		956,232
Eni SpA		199,482		3,026,340
Italgas SpA		517,829		3,333,631
Poste Italiane SpA (b)		199,725		2,425,944
Recordati SpA		41,701		1,752,449
Snam SpA		543,258		2,789,035
Terna Rete Elettrica Nazionale SpA		749,748		4,955,389
				25,890,534
Japan — 23.9%
Advantest Corp.		117,000		5,324,493
Alfresa Holdings Corp.		159,200		3,554,751
ANA Holdings, Inc.		115,300		3,959,225
Aozora Bank Ltd.		109,300		2,804,460
Asahi Kasei Corp.		104,600		1,161,201
Astellas Pharma, Inc.		53,500		918,204
Bandai Namco Holdings, Inc.		50,800		3,123,651
Brother Industries Ltd.		70,300		1,321,221
Canon Marketing Japan, Inc.		119,600		2,530,463

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Japan — continued
Canon, Inc.		24,200		664,041
Capcom Co. Ltd.		184,300		4,350,147
Central Japan Railway Co.		23,200		4,759,109
Chubu Electric Power Co., Inc.		325,800		4,887,732
Chugoku Electric Power Co., Inc. (The)		343,500		4,576,027
COMSYS Holdings Corp.		170,600		5,032,899
Cosmo Energy Holdings Co. Ltd.		186,500		3,988,188
Dai Nippon Printing Co. Ltd.		58,900		1,573,131
Daicel Corp.		108,300		968,142
Daiwa Securities Group, Inc.		485,000		2,179,981
Denka Co. Ltd.		47,300		1,365,015
DIC Corp.		105,900		3,033,518
Electric Power Development Co. Ltd.		149,800		3,637,209
FamilyMart Co. Ltd.		55,300		1,371,783
Fuji Media Holdings, Inc.		76,100		1,028,309
FUJIFILM Holdings Corp.		99,200		4,355,103
Gunma Bank Ltd. (The)		243,900		820,759
Hachijuni Bank Ltd. (The)		221,900		954,538
Hankyu Hanshin Holdings, Inc.		128,000		5,122,177
Hikari Tsushin, Inc.		19,500		4,274,337
Hitachi Capital Corp.		18,100		405,589
Hitachi High-Technologies Corp.		23,600		1,468,292
Hoya Corp.		9,800		866,097
Idemitsu Kosan Co. Ltd.		171,937		5,054,135
Iida Group Holdings Co. Ltd.		52,300		871,167
Inpex Corp.		167,600		1,549,376
ITOCHU Corp.		60,500		1,264,927
Itochu Techno-Solutions Corp.		175,600		4,729,051
Japan Airlines Co. Ltd.		141,200		4,400,087
Japan Petroleum Exploration Co. Ltd.		91,400		2,336,882
Japan Post Holdings Co. Ltd.		436,000		4,002,145
JXTG Holdings, Inc.		1,014,000		4,739,680
Kajima Corp.		32,200		442,511
Kaneka Corp.		58,200		1,937,395
Kansai Electric Power Co., Inc. (The)		187,200		2,183,900
KDDI Corp.		176,000		4,870,121
Keisei Electric Railway Co. Ltd.		34,900		1,426,903
Kirin Holdings Co. Ltd.		85,200		1,807,464
K’s Holdings Corp.		321,700		3,675,526
Kuraray Co. Ltd.		114,700		1,364,622
Kyushu Electric Power Co., Inc.		25,500		254,834
Lintec Corp.		91,300		1,917,557
Mani, Inc.		31,800		839,537
Marubeni Corp.		664,600		4,677,507
Matsui Securities Co. Ltd.		227,900		1,877,022

INVESTMENTS	SHARES		VALUE($)
Japan — continued
Mebuki Financial Group, Inc.		274,600		697,652
Medipal Holdings Corp.		170,100		3,886,367
Mitsubishi Corp.		40,600		1,032,637
Mitsubishi Gas Chemical Co., Inc.		198,000		2,793,170
Mitsubishi Heavy Industries Ltd.		109,600		4,435,443
Mitsubishi Tanabe Pharma Corp.		135,800		1,625,294
Mitsubishi UFJ Lease & Finance Co. Ltd.		206,400		1,267,087
Mitsui & Co. Ltd.		152,400		2,617,312
Mochida Pharmaceutical Co. Ltd.		107,800		4,302,070
MS&AD Insurance Group Holdings, Inc.		46,800		1,511,230
Nagoya Railroad Co. Ltd.		22,800		724,764
Nifco, Inc.		35,500		937,054
Nippo Corp.		165,000		3,390,325
Nippon Express Co. Ltd.		3,200		182,578
Nippon Paper Industries Co. Ltd.		175,900		3,032,096
Nippon Shokubai Co. Ltd.		42,200		2,602,175
Nippon Telegraph & Telephone Corp.		100,200		4,974,220
Nipro Corp.		122,800		1,439,900
Nissan Motor Co. Ltd.		1,800		11,359
Nisshin Seifun Group, Inc.		207,800		4,119,471
Nissin Foods Holdings Co. Ltd.		58,600		4,426,431
Nomura Real Estate Holdings, Inc.		84,500		2,002,598
Nomura Research Institute Ltd.		128,900		2,736,639
NTT DOCOMO, Inc.		190,800		5,230,805
Oracle Corp.		800		70,317
ORIX Corp.		155,400		2,442,095
Osaka Gas Co. Ltd.		193,200		3,777,964
Rakuten, Inc.		271,400		2,587,371
Resona Holdings, Inc.		797,500		3,467,980
Sankyo Co. Ltd.		66,300		2,320,344
Sawai Pharmaceutical Co. Ltd.		49,300		2,781,846
SBI Holdings, Inc.		104,500		2,272,702
SCSK Corp.		38,900		1,980,180
Sekisui Chemical Co. Ltd.		173,000		3,016,384
Sekisui House Ltd.		269,700		5,815,913
Shionogi & Co. Ltd.		66,900		4,015,532
Showa Denko KK		111,900		3,139,572
SKY Perfect JSAT Holdings, Inc.		215,800		891,254
Skylark Holdings Co. Ltd.		176,300		3,199,867
SoftBank Group Corp.		59,700		2,296,445
Sojitz Corp.		1,401,400		4,410,966
Sony Corp.		45,200		2,751,286
Sumitomo Dainippon Pharma Co. Ltd.		78,300		1,366,582
Sumitomo Mitsui Financial Group, Inc.		79,400		2,818,954
Sumitomo Osaka Cement Co. Ltd.		89,300		3,898,124

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 111

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Japan — continued
Suzuken Co. Ltd.		79,500		4,244,814
Taisho Pharmaceutical Holdings Co. Ltd.		27,800		1,978,651
Teijin Ltd.		125,000		2,504,793
TIS, Inc.		37,400		2,267,694
Tobu Railway Co. Ltd.		59,600		1,988,847
Toho Co. Ltd.		2,800		113,079
Toho Gas Co. Ltd.		29,000		1,129,509
Tohoku Electric Power Co., Inc.		292,300		3,004,195
Tokuyama Corp.		68,300		1,824,565
Tokyo Century Corp.		12,500		577,197
Tokyo Electric Power Co. Holdings, Inc.*		736,300		3,409,913
Toyo Suisan Kaisha Ltd.		89,800		3,781,027
Toyota Industries Corp.		86,800		5,208,216
Tsumura & Co.		100,300		2,762,209
Ube Industries Ltd.		147,400		3,156,007
Yamada Denki Co. Ltd.		316,800		1,531,247
Yamaguchi Financial Group, Inc.		66,000		463,076
Yokohama Rubber Co. Ltd. (The)		175,300		3,915,367
Zeon Corp.		118,600		1,351,056
				307,113,958
Jordan — 0.4%
Hikma Pharmaceuticals plc		195,780		5,098,658
Luxembourg — 0.2%
RTL Group SA		39,202		1,991,974
Macau — 0.2%
Sands China Ltd.		533,112		2,625,907
Netherlands — 3.0%
Aegon NV		664,889		2,884,513
Akzo Nobel NV		41,300		3,807,590
ASR Nederland NV		40,818		1,496,331
Heineken Holding NV		48,557		4,633,091
Koninklijke Ahold Delhaize NV		149,516		3,725,948
Koninklijke DSM NV		11,265		1,337,021
Koninklijke KPN NV		963,043		2,989,643
Koninklijke Philips NV		83,474		3,662,348
NN Group NV		108,827		4,152,504
Royal Dutch Shell plc, Class A		161,832		4,691,202
Wolters Kluwer NV		66,651		4,909,049
				38,289,240
New Zealand — 0.8%
Fisher & Paykel Healthcare Corp. Ltd.		174,869		2,144,803
Spark New Zealand Ltd.		1,725,083		4,948,685

INVESTMENTS	SHARES		VALUE($)
New Zealand — continued
Xero Ltd.*		72,769		3,451,739
				10,545,227
Norway — 1.4%
Aker BP ASA (a)		62,706		1,739,300
Equinor ASA		159,248		2,956,548
Mowi ASA		200,885		4,903,996
Norsk Hydro ASA		270,199		954,765
Orkla ASA		270,913		2,603,972
Salmar ASA		16,147		753,543
Telenor ASA		234,071		4,380,817
				18,292,941
Poland — 0.1%
Grupa Lotos SA		51,323		1,281,693
Portugal — 0.5%
EDP — Energias de Portugal SA		1,089,462		4,487,746
Galp Energia SGPS SA		74,527		1,192,043
				5,679,789
Russia — 0.3%
Evraz plc		511,961		2,443,057
Polymetal International plc		59,565		979,696
				3,422,753
Singapore — 2.5%
Ascendas, REIT		905,700		2,109,423
CapitaLand Commercial Trust, REIT		595,700		897,115
CapitaLand Mall Trust, REIT		2,476,800		4,621,325
ComfortDelGro Corp. Ltd.		1,192,000		2,012,909
Golden Agri-Resources Ltd.		7,992,900		1,199,743
Keppel Corp. Ltd.		947,200		4,769,518
Mapletree North Asia Commercial Trust, REIT (b)		734,400		690,384
Sembcorp Industries Ltd.		922,100		1,548,105
Singapore Press Holdings Ltd.		685,900		1,116,230
Singapore Telecommunications Ltd.		1,099,300		2,662,017
Suntec, REIT		991,400		1,354,360
Venture Corp. Ltd.		305,000		3,537,887
Wilmar International Ltd.		1,759,600		4,837,986
				31,357,002
South Africa — 0.4%
Anglo American plc		175,584		4,519,023
South Korea — 7.0%
Celltrion, Inc.*		4,822		825,286

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
South Korea — continued
Daelim Industrial Co. Ltd.		40,782		3,169,964
GS Engineering & Construction Corp.		86,234		2,283,108
GS Holdings Corp.		75,612		3,222,371
Hanwha Chemical Corp.		102,933		1,440,267
Hanwha Corp.		41,052		836,907
Hyundai Department Store Co. Ltd.		25,149		1,596,729
Hyundai Mipo Dockyard Co. Ltd.		18,986		708,019
Hyundai Mobis Co. Ltd.		2,780		566,936
Hyundai Steel Co.		39,508		1,075,997
Industrial Bank of Korea		258,546		2,618,394
Kakao Corp.		43,457		5,273,605
Kangwon Land, Inc.		91,439		2,461,916
KCC Corp.		3,592		697,201
Korea Electric Power Corp.*		61,404		1,342,331
Korea Gas Corp.		80,830		2,730,880
Korea Zinc Co. Ltd.		3,638		1,355,638
Korean Air Lines Co. Ltd.		31,767		679,928
KT&G Corp.		47,541		4,080,996
LG Corp.		66,720		3,977,618
LG Uplus Corp.		315,252		3,641,997
NAVER Corp.		19,779		2,788,769
NCSoft Corp.		10,907		4,840,482
POSCO		18,169		3,296,687
Samsung Electronics Co. Ltd.		150,510		6,505,020
Samsung SDS Co. Ltd.		17,261		2,981,255
SK Holdings Co. Ltd.		8,928		1,980,716
SK Hynix, Inc.		76,445		5,375,307
SK Innovation Co. Ltd.		28,528		3,903,644
SK Networks Co. Ltd.		121,891		607,983
SK Telecom Co. Ltd.		19,273		3,939,331
SKC Co. Ltd.		73,641		2,808,764
Woori Financial Group, Inc.		282,073		2,843,811
Yuhan Corp.		19,206		3,702,254
				90,160,111
Spain — 1.9%
Acciona SA		14,698		1,531,214
Amadeus IT Group SA		34,052		2,519,108
Corp. Financiera Alba SA		8,612		429,822
Enagas SA		151,321		3,744,379
Endesa SA		186,857		5,089,026
Ferrovial SA		39,335		1,160,509
Iberdrola SA		71,541		735,370
Naturgy Energy Group SA		170,109		4,634,635

INVESTMENTS	SHARES		VALUE($)
Spain — continued
Repsol SA		261,742		4,313,435
				24,157,498
Sweden — 3.5%
Boliden AB		187,993		5,069,696
Castellum AB		102,966		2,104,177
Hennes & Mauritz AB, Class B		35,277		739,389
Hexagon AB, Class B		90,448		4,630,751
ICA Gruppen AB		84,342		3,732,279
Investor AB, Class B		102,475		5,257,425
Securitas AB, Class B		273,801		4,384,138
Skanska AB, Class B		173,771		3,702,511
Svenska Cellulosa AB SCA, Class B		79,841		814,708
Swedish Match AB		95,350		4,479,385
Tele2 AB, Class B		320,036		4,581,365
Telia Co. AB		946,612		4,164,062
Trelleborg AB, Class B (a)		81,891		1,324,231
				44,984,117
Switzerland — 2.4%
Alcon, Inc.*		9,021		533,485
Baloise Holding AG (Registered)		22,092		4,085,992
Coca-Cola HBC AG*		108,657		3,308,461
EMS-Chemie Holding AG (Registered)		534		334,550
Flughafen Zurich AG (Registered)		3,435		618,960
Kuehne + Nagel International AG (Registered)		6,592		1,064,985
Lonza Group AG (Registered)*		11,995		4,323,389
Novartis AG (Registered)		45,693		3,992,439
Roche Holding AG		11,935		3,591,910
Sonova Holding AG (Registered) (a)		20,712		4,752,955
Swisscom AG (Registered)		9,241		4,726,723
				31,333,849
United Kingdom — 19.9%
3i Group plc		270,901		3,958,644
Admiral Group plc		185,981		4,867,451
Ashmore Group plc		160,670		969,109
Ashtead Group plc		121,755		3,706,930
Associated British Foods plc		84,175		2,429,694
AstraZeneca plc		27,451		2,676,946
Auto Trader Group plc (b)		718,700		5,236,660
AVEVA Group plc		34,410		1,864,496
Babcock International Group plc		454,106		3,261,480
Barratt Developments plc		625,262		5,113,274
Bellway plc		94,826		3,881,175
Berkeley Group Holdings plc		97,865		5,578,251

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 113

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United Kingdom — continued
BP plc		614,608		3,897,454
British American Tobacco plc		104,778		3,664,702
British Land Co. plc (The), REIT		283,359		2,278,245
BT Group plc		1,485,771		3,943,024
Bunzl plc		100,785		2,621,896
Burberry Group plc		49,445		1,311,131
Centrica plc		4,254,002		4,003,305
CK Hutchison Holdings Ltd.		481,542		4,446,118
Compass Group plc		180,226		4,798,353
ConvaTec Group plc (b)		1,453,556		3,713,435
Croda International plc		65,378		4,079,045
Derwent London plc, REIT		93,089		4,280,691
Diageo plc		114,715		4,695,397
Direct Line Insurance Group plc		1,160,515		4,091,687
Experian plc		157,608		4,968,011
GlaxoSmithKline plc		234,903		5,380,439
Halma plc		201,478		4,888,951
HSBC Holdings plc		518,084		3,914,183
IMI plc		131,107		1,704,937
Inchcape plc		194,217		1,623,761
Informa plc		341,466		3,432,161
InterContinental Hotels Group plc		63,460		3,840,265
International Consolidated Airlines Group SA		301,010		2,072,035
Intertek Group plc		29,493		2,044,921
J Sainsbury plc		46,718		123,115
John Wood Group plc		610,026		2,678,391
Land Securities Group plc, REIT		212,927		2,593,563
Legal & General Group plc		1,502,803		5,137,090
London Stock Exchange Group plc		42,854		3,861,952
Meggitt plc		638,584		5,166,994
Merlin Entertainments plc (b)		66,456		391,523
Micro Focus International plc		240,421		3,299,830
Mondi plc		169,629		3,517,071
National Grid plc		462,933		5,412,744
Next plc		37,540		3,201,652
Pearson plc		475,629		4,200,563
Pennon Group plc		438,155		5,097,860
Persimmon plc		155,946		4,599,828
Phoenix Group Holdings plc		244,374		2,232,146
Reckitt Benckiser Group plc		9,926		768,090
RELX plc		202,403		4,872,925
Rentokil Initial plc		878,705		5,171,351
Rightmove plc		179,845		1,395,990
Rolls-Royce Holdings plc*		58,267		536,158
Sage Group plc (The)		515,748		4,806,823
Segro plc, REIT		503,959		5,512,961

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
Severn Trent plc		66,271		1,935,785
Smith & Nephew plc		201,696		4,329,689
Smiths Group plc		236,178		4,936,978
Spirax-Sarco Engineering plc		11,165		1,145,795
SSE plc		119,274		1,984,249
Standard Chartered plc		451,579		4,097,597
Tate & Lyle plc		502,703		4,384,724
Taylor Wimpey plc		2,031,952		4,357,934
Unilever NV (a)		43,314		2,560,149
Unilever plc		76,933		4,606,669
United Utilities Group plc		481,752		5,439,759
Vodafone Group plc		2,261,111		4,614,298
Whitbread plc		67,842		3,570,976
Wm Morrison Supermarkets plc		1,335,989		3,451,333
				255,232,812
United States — 0.4%
Carnival plc		85,567		3,424,115
Ferguson plc		26,107		2,229,364
				5,653,479
Total Common Stocks (Cost $1,265,203,883)				1,272,943,011
Preferred Stocks — 0.0%(c)
United Kingdom — 0.0%(c)
Rolls-Royce Holdings plc* (Cost $3,443)		2,680,282		3,472
Short-Term Investments — 1.2%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (d) (e) (Cost $2,710,919)		2,710,919		2,710,919
Investment of Cash Collateral From Securities Loaned — 1.0%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (d) (e)		4,000,200		4,000,600
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (d) (e)		9,041,799		9,041,799
Total Investment of Cash Collateral From Securities Loaned (Cost $13,042,399)				13,042,399
TotalShort-Term Investments (Cost $15,753,318)				15,753,318
Total Investments — 100.5% (Cost $1,280,960,644)				1,288,699,801
Liabilities in Excess of Other Assets — (0.5)%				(5,832,498	)
NET ASSETS — 100.0%				1,282,867,303

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

Summary of Investments by Industry, October 31, 2019

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

INDUSTRY	PERCENTAGE
Oil, Gas & Consumable Fuels		6.4	%
Diversified Telecommunication Services		4.8
Electric Utilities		4.5
Chemicals		4.4
Pharmaceuticals		3.8
Equity Real Estate Investment Trusts (REITs)		3.7
Insurance		3.7
Metals & Mining		3.6
Food Products		3.2
Household Durables		2.8
Hotels, Restaurants & Leisure		2.6
Health Care Equipment & Supplies		2.5
Gas Utilities		2.4
Construction & Engineering		2.3
Industrial Conglomerates		2.1
Beverages		2.0
Wireless Telecommunication Services		2.0
Banks		2.0
Food & Staples Retailing		1.9
IT Services		1.9
Software		1.8
Health Care Providers & Services		1.8
Trading Companies & Distributors		1.8
Road & Rail		1.7
Semiconductors & Semiconductor Equipment		1.7
Media		1.5
Commercial Services & Supplies		1.5
Capital Markets		1.4

INDUSTRY	PERCENTAGE
Airlines		1.3	%
Electronic Equipment, Instruments & Components		1.3
Auto Components		1.3
Professional Services		1.3
Technology Hardware, Storage & Peripherals		1.2
Machinery		1.1
Interactive Media & Services		1.1
Multi-Utilities		1.1
Entertainment		1.1
Paper & Forest Products		1.0
Water Utilities		1.0
Diversified Financial Services		1.0
Others (each less than 1.0%)		9.2
Short-Term Investments		1.2

Abbreviations

OYJ	Public Limited Company
REIT	Real Estate Investment Trust
SCA	Limited partnership with share capital
SGPS	Holding company
(a)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is $12,277,449.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Investment in 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 October 31, 2019.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
MSCI EAFE E-Mini Index		86		12/2019		USD		8,420,260		266,142

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 115

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%
Aerospace & Defense — 1.0%
Boeing Co. (The)		7,067		2,402,144
Curtiss-Wright Corp.		9,959		1,346,955
FLIR Systems, Inc. (a)		2,979		153,597
Northrop Grumman Corp.		125		44,060
Raytheon Co.		11,042		2,343,223
United Technologies Corp.		11,879		1,705,587
				7,995,566
Automobiles & Parts — 1.6%
Delphi Technologies plc (a)		49		599
Ford Motor Co.		210,599		1,809,045
General Motors Co.		33,573		1,247,573
Gentex Corp.		118,361		3,320,026
Genuine Parts Co.		30,351		3,113,406
Harley-Davidson, Inc. (a)		53,917		2,097,911
Lear Corp.		11,164		1,314,784
				12,903,344
Banks — 2.4%
Bank of America Corp.		26,116		816,647
Bank of Hawaii Corp.		8,733		762,478
BB&T Corp.		43,994		2,333,882
Citizens Financial Group, Inc.		13,852		487,036
Fifth Third Bancorp		75,558		2,197,227
Huntington Bancshares, Inc.		198,760		2,808,479
KeyCorp		30,211		542,892
M&T Bank Corp.		4,195		656,643
People’s United Financial, Inc.		51,130		826,772
Popular, Inc. (Puerto Rico)		15,222		828,990
Regions Financial Corp.		34,114		549,235
SunTrust Banks, Inc.		43,770		2,991,242
TCF Financial Corp.		14,119		558,962
Umpqua Holdings Corp.		39,656		627,358
US Bancorp		17,730		1,010,965
Wells Fargo & Co.		16,448		849,210
Zions Bancorp NA		11,746		569,329
				19,417,347
Beverages — 2.0%
Brown-Forman Corp., Class B (a)		42,429		2,779,948
Coca-Cola Co. (The)		57,211		3,113,995
Constellation Brands, Inc., Class A		13,771		2,621,035
Keurig Dr Pepper, Inc. (a)		59,927		1,687,544
Molson Coors Brewing Co., Class B		34,657		1,827,117
Monster Beverage Corp.*		8,526		478,564
PepsiCo, Inc.		23,024		3,158,202
				15,666,405

INVESTMENTS	SHARES		VALUE($)
Chemicals — 6.0%
Air Products & Chemicals, Inc.		13,939		2,972,631
Ashland Global Holdings, Inc.		35,396		2,738,588
Avery Dennison Corp.		21,684		2,772,516
Cabot Corp.		15,780		687,850
Celanese Corp.		27,757		3,362,761
CF Industries Holdings, Inc.		65,319		2,962,217
Eastman Chemical Co.		34,744		2,641,934
Ecolab, Inc.		15,265		2,931,949
Huntsman Corp.		119,744		2,649,935
International Flavors & Fragrances, Inc. (a)		16,700		2,037,567
Linde plc (United Kingdom)		16,613		3,295,189
LyondellBasell Industries NV, Class A		30,370		2,724,189
NewMarket Corp.		3,849		1,868,651
Olin Corp. (a)		120,409		2,208,301
PPG Industries, Inc.		28,403		3,553,783
RPM International, Inc.		44,787		3,243,922
Scotts Miracle-Gro Co. (The)		29,619		2,973,451
Westlake Chemical Corp.		8,003		505,710
WR Grace & Co. (a)		23,821		1,582,905
				47,714,049
Construction & Materials — 0.3%
Sherwin-Williams Co. (The)		3,595		2,057,490
Electricity — 8.2%
AES Corp.		205,320		3,500,706
American Electric Power Co., Inc.		34,536		3,259,853
Avangrid, Inc. (a)		36,020		1,802,801
CMS Energy Corp.		49,930		3,191,525
Consolidated Edison, Inc.		35,406		3,265,141
Dominion Energy, Inc.		39,908		3,294,405
DTE Energy Co.		24,281		3,091,457
Entergy Corp. (a)		27,894		3,388,563
Evergy, Inc.		48,438		3,095,672
Eversource Energy		39,274		3,288,805
Exelon Corp.		66,616		3,030,362
FirstEnergy Corp.		68,425		3,306,296
Hawaiian Electric Industries, Inc.		19,243		868,821
IDACORP, Inc.		16,829		1,811,137
NextEra Energy, Inc.		14,366		3,423,992
NRG Energy, Inc.		74,530		2,990,144
Pinnacle West Capital Corp.		33,031		3,108,878
PPL Corp.		100,820		3,376,462
Public Service Enterprise Group, Inc.		52,054		3,295,539
Southern Co. (The)		54,021		3,384,956
Vistra Energy Corp.		126,119		3,408,996
Xcel Energy, Inc.		49,027		3,113,705
				66,298,216

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electronic & Electrical Equipment — 1.4%
Agilent Technologies, Inc.		19,979		1,513,409
AMETEK, Inc.		14,729		1,349,913
Amphenol Corp., Class A		17,748		1,780,657
Emerson Electric Co.		11,517		807,917
Hubbell, Inc.		7,030		996,151
Roper Technologies, Inc.		5,629		1,896,748
Waters Corp.*		12,827		2,714,450
				11,059,245
Financial Services — 2.9%
Ally Financial, Inc.		89,627		2,745,275
American Express Co.		10,735		1,259,001
Ameriprise Financial, Inc.		4,588		692,283
Capital One Financial Corp.		9,435		879,814
CME Group, Inc.		14,143		2,909,922
Discover Financial Services		14,783		1,186,483
Fidelity National Financial, Inc.		18,613		853,220
Intercontinental Exchange, Inc.		14,412		1,359,340
Mastercard, Inc., Class A		7,364		2,038,429
Moody’s Corp.		3,398		749,905
Morgan Stanley		10,401		478,966
Nasdaq, Inc.		5,983		596,924
Raymond James Financial, Inc.		7,097		592,529
S&P Global, Inc.		5,900		1,522,141
Santander Consumer USA Holdings, Inc.		91,562		2,296,375
Synchrony Financial		16,380		579,361
Visa, Inc., Class A		9,417		1,684,325
Western Union Co. (The) (a)		43,327		1,085,775
				23,510,068
Fixed Line Telecommunications — 1.2%
AT&T, Inc.		89,251		3,435,271
CenturyLink, Inc.		206,155		2,667,646
Verizon Communications, Inc.		54,122		3,272,757
				9,375,674
Food & Drug Retailers — 0.9%
AmerisourceBergen Corp.		16,210		1,384,010
Kroger Co. (The)		27,029		665,995
McKesson Corp.		7,294		970,102
Sysco Corp.		36,818		2,940,654
Walgreens Boots Alliance, Inc.		26,535		1,453,587
				7,414,348
Food Producers — 3.0%
Flowers Foods, Inc.		85,875		1,865,205
General Mills, Inc.		58,513		2,975,971

INVESTMENTS	SHARES		VALUE($)
Food Producers — continued
Hershey Co. (The)		19,867		2,917,866
Hormel Foods Corp. (a)		71,569		2,926,457
JM Smucker Co. (The)		8,799		929,878
Kellogg Co.		36,132		2,295,466
Lamb Weston Holdings, Inc.		4,505		351,570
McCormick & Co., Inc.(Non-Voting)		19,230		3,090,069
Mondelez International, Inc., Class A		57,016		2,990,489
TreeHouse Foods, Inc.* (a)		18,462		997,317
Tyson Foods, Inc., Class A		33,863		2,803,518
				24,143,806
Forestry & Paper — 0.7%
Domtar Corp.		64,051		2,330,816
International Paper Co.		80,495		3,516,022
				5,846,838
Gas, Water & Multiutilities — 2.6%
Ameren Corp.		40,651		3,158,583
American Water Works Co., Inc.		24,732		3,048,714
Atmos Energy Corp.		2,007		225,747
CenterPoint Energy, Inc.		2,227		64,739
Duke Energy Corp.		33,941		3,199,279
National Fuel Gas Co. (a)		42,022		1,904,017
Sempra Energy		22,225		3,211,735
UGI Corp.		52,400		2,497,908
WEC Energy Group, Inc.		32,878		3,103,683
				20,414,405
General Industrials — 1.3%
3M Co.		5,277		870,652
Ball Corp.		1,603		112,162
Danaher Corp.		15,573		2,146,271
Eaton Corp. plc		15,496		1,349,857
Honeywell International, Inc.		10,977		1,896,057
ITT, Inc.		34,859		2,072,368
Parker-Hannifin Corp.		5,889		1,080,573
Sonoco Products Co.		13,850		799,145
				10,327,085
General Retailers — 5.7%
AutoZone, Inc.*		2,167		2,479,871
Best Buy Co., Inc.		13,769		989,027
Burlington Stores, Inc.*		2,391		459,478
Costco Wholesale Corp.		9,925		2,948,817
Dick’s Sporting Goods, Inc.		64,404		2,507,248
Dollar General Corp.		20,165		3,233,256
Dollar Tree, Inc.*		10,357		1,143,413

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 117

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
General Retailers — continued
eBay, Inc.		49,076		1,729,929
Foot Locker, Inc. (a)		46,117		2,006,551
Gap, Inc. (The)		19,502		317,102
H&R Block, Inc. (a)		98,346		2,457,666
Home Depot, Inc. (The)		13,810		3,239,550
KAR Auction Services, Inc. (a)		53,754		1,336,324
Kohl’s Corp.		46,088		2,362,471
Lowe’s Cos., Inc.		22,634		2,526,181
Macy’s, Inc.		72,979		1,106,361
Nordstrom, Inc. (a)		13,149		472,049
Ross Stores, Inc.		16,907		1,854,191
Target Corp.		29,404		3,143,582
TJX Cos., Inc. (The)		57,252		3,300,578
Tractor Supply Co.		29,794		2,831,026
Walmart, Inc.		26,417		3,097,657
Williams-Sonoma, Inc.		14,985		1,000,848
				46,543,176
Health Care Equipment & Services — 6.8%
Anthem, Inc.		10,336		2,781,211
Baxter International, Inc.		35,796		2,745,553
Becton Dickinson and Co.		8,344		2,136,064
Centene Corp.*		4,173		221,503
Cigna Corp.		17,794		3,175,517
Edwards Lifesciences Corp.*		10,974		2,615,982
HCA Healthcare, Inc.		19,549		2,610,573
Hill-Rom Holdings, Inc.		29,070		3,043,338
Humana, Inc.		8,469		2,491,580
IDEXX Laboratories, Inc.*		10,073		2,870,906
Intuitive Surgical, Inc.*		4,836		2,674,066
Laboratory Corp. of America Holdings*		16,991		2,799,607
Medtronic plc		29,181		3,177,811
Quest Diagnostics, Inc.		28,774		2,913,367
STERIS plc		11,696		1,655,803
Stryker Corp.		14,270		3,086,173
Thermo Fisher Scientific, Inc.		10,966		3,311,513
UnitedHealth Group, Inc.		10,877		2,748,618
Universal Health Services, Inc., Class B		21,774		2,993,054
Varian Medical Systems, Inc.*		23,135		2,794,939
Zimmer Biomet Holdings, Inc.		18,960		2,620,841
				55,468,019
Household Goods & Home Construction — 3.1%
Church & Dwight Co., Inc.		39,482		2,761,371
Clorox Co. (The)		18,446		2,724,290
DR Horton, Inc.		40,751		2,134,130

INVESTMENTS	SHARES		VALUE($)
Household Goods & Home Construction — continued
Fortune Brands Home & Security, Inc.		15,020		901,951
Leggett & Platt, Inc. (a)		55,244		2,834,017
Lennar Corp., Class A		37,859		2,256,396
NVR, Inc.*		875		3,182,016
Procter & Gamble Co. (The)		26,184		3,260,170
PulteGroup, Inc.		93,094		3,653,009
Toll Brothers, Inc.		13,853		550,934
				24,258,284
Industrial Engineering — 1.5%
Caterpillar, Inc.		7,069		974,108
Crane Co.		2,297		175,766
Cummins, Inc.		21,080		3,635,878
Dover Corp.		12,813		1,331,143
IDEX Corp.		7,107		1,105,352
Illinois Tool Works, Inc.		10,737		1,810,043
Ingersoll-Rand plc		12,400		1,573,436
PACCAR, Inc.		11,484		873,473
Rockwell Automation, Inc.		7,493		1,288,721
				12,767,920
Industrial Metals & Mining — 1.7%
Freeport-McMoRan, Inc.		141,170		1,386,289
Nucor Corp.		64,254		3,460,078
Reliance Steel & Aluminum Co.		32,373		3,756,563
Southern Copper Corp. (Peru)		82,364		2,930,511
Steel Dynamics, Inc.		64,731		1,965,233
				13,498,674
Industrial Transportation — 0.7%
CH Robinson Worldwide, Inc. (a)		13,138		993,758
CSX Corp.		12,080		848,862
Kansas City Southern		4,537		638,719
Norfolk Southern Corp.		7,832		1,425,424
Union Pacific Corp.		10,479		1,733,855
				5,640,618
Leisure Goods — 1.3%
Activision Blizzard, Inc.		24,163		1,353,853
Electronic Arts, Inc.*		14,771		1,423,924
Garmin Ltd.		38,581		3,616,969
Hasbro, Inc.		28,482		2,771,583
Take-Two Interactive Software, Inc.* (a)		11,641		1,400,994
				10,567,323
Life Insurance — 1.0%
Aflac, Inc.		51,136		2,718,390
Assurant, Inc.		10,939		1,379,080

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Life Insurance — continued
Globe Life, Inc.		20,532		1,998,380
Lincoln National Corp.		6,737		380,506
MetLife, Inc.		10,799		505,285
Principal Financial Group, Inc.		13,447		717,801
Prudential Financial, Inc.		5,840		532,258
				8,231,700
Media — 2.1%
Cable One, Inc.		98		129,886
Comcast Corp., Class A		50,616		2,268,609
DISH Network Corp., Class A*		4,228		145,359
FactSet Research Systems, Inc.		10,789		2,735,227
Fox Corp., Class A		20,264		649,259
Graham Holdings Co., Class B		98		61,707
Interpublic Group of Cos., Inc. (The) (a)		61,705		1,342,084
John Wiley & Sons, Inc., Class A		7,941		365,842
Liberty Media Corp.-Liberty SiriusXM, Class A*		10,496		471,375
Nexstar Media Group, Inc., Class A		12,567		1,222,643
Nielsen Holdings plc		4,218		85,035
Omnicom Group, Inc.		26,057		2,011,340
Sinclair Broadcast Group, Inc., Class A		63,739		2,539,362
Viacom, Inc., Class B		40,085		864,233
Walt Disney Co. (The)		22,725		2,952,432
				17,844,393
Mining — 0.7%
Newmont Goldcorp Corp.		78,953		3,136,803
Royal Gold, Inc. (a)		23,614		2,726,000
				5,862,803
Mobile Telecommunications — 1.1%
Sprint Corp.*		345,513		2,145,636
Telephone & Data Systems, Inc.		88,198		2,301,086
T-Mobile US, Inc.*		40,332		3,333,843
United States Cellular Corp.* (a)		25,580		952,087
				8,732,652
Nonlife Insurance — 2.1%
Allstate Corp. (The)		10,248		1,090,592
American Financial Group, Inc.		5,302		551,620
Aon plc		11,065		2,137,315
Chubb Ltd.		8,371		1,275,908
Cincinnati Financial Corp.		20,731		2,346,956
Hanover Insurance Group, Inc. (The)		5,762		758,913
Marsh & McLennan Cos., Inc.		16,068		1,664,966
Mercury General Corp.		636		30,566
Old Republic International Corp.		36,269		810,249

INVESTMENTS	SHARES		VALUE($)
Nonlife Insurance — continued
Progressive Corp. (The)		37,081		2,584,546
Reinsurance Group of America, Inc.		4,090		664,502
Travelers Cos., Inc. (The)		7,929		1,039,175
WR Berkley Corp.		22,753		1,590,435
				16,545,743
Oil & Gas Producers — 4.8%
Cabot Oil & Gas Corp.		137,035		2,554,332
Chesapeake Energy Corp.* (a)		37,783		50,629
Chevron Corp.		26,747		3,106,397
ConocoPhillips		60,308		3,329,002
Devon Energy Corp. (a)		71,470		1,449,412
Diamondback Energy, Inc.		5,218		447,496
EOG Resources, Inc.		26,378		1,828,259
EQT Corp.		84,327		905,672
Exxon Mobil Corp.		34,827		2,353,260
Hess Corp.		32,508		2,137,401
HollyFrontier Corp.		53,264		2,926,324
Marathon Oil Corp.		171,987		1,983,010
Marathon Petroleum Corp.		46,905		2,999,575
Murphy Oil Corp. (a)		90,141		1,859,609
Noble Energy, Inc. (a)		103,899		2,001,095
Occidental Petroleum Corp.		44,395		1,797,998
PBF Energy, Inc., Class A		16,811		542,659
Phillips 66		29,138		3,403,901
Valero Energy Corp.		31,394		3,044,590
				38,720,621
Oil Equipment, Services & Distribution — 2.0%
Apergy Corp.*		6,338		159,527
Helmerich & Payne, Inc.		62,412		2,340,450
Kinder Morgan, Inc.		155,327		3,103,433
OGE Energy Corp.		55,197		2,376,783
ONEOK, Inc.		37,361		2,608,919
Patterson-UTI Energy, Inc.		134,034		1,115,163
Schlumberger Ltd.		26,679		872,137
Targa Resources Corp.		20,833		809,987
Williams Cos., Inc. (The)		99,408		2,217,792
				15,604,191
Personal Goods — 3.0%
Carter’s, Inc.		16,912		1,695,259
Colgate-Palmolive Co.		15,637		1,072,698
Columbia Sportswear Co.		8,134		735,720
Estee Lauder Cos., Inc. (The), Class A		15,904		2,962,438
Hanesbrands, Inc.		51,985		790,692

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 119

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Personal Goods — continued
Kimberly-Clark Corp.		22,316		2,965,350
Lululemon Athletica, Inc.*		17,038		3,480,352
NIKE, Inc., Class B		36,180		3,239,919
Nu Skin Enterprises, Inc., Class A		7,166		319,460
PVH Corp.		10,762		938,016
Ralph Lauren Corp.		20,861		2,003,908
Tapestry, Inc.		58,617		1,515,836
VF Corp.		26,295		2,163,815
				23,883,463
Pharmaceuticals & Biotechnology — 4.0%
Abbott Laboratories		36,917		3,086,630
AbbVie, Inc.		17,211		1,369,135
Amgen, Inc.		13,584		2,896,788
Biogen, Inc.*		4,989		1,490,264
Bristol-Myers Squibb Co.		43,065		2,470,639
Eli Lilly & Co.		24,611		2,804,423
Gilead Sciences, Inc.		28,499		1,815,671
Illumina, Inc.*		5,458		1,612,948
IQVIA Holdings, Inc.*		20,299		2,931,581
Johnson & Johnson		20,814		2,748,281
Merck & Co., Inc.		28,712		2,488,182
Pfizer, Inc.		66,206		2,540,324
Vertex Pharmaceuticals, Inc.*		759		148,370
Zoetis, Inc.		24,900		3,185,208
				31,588,444
Real Estate Investment & Services — 0.1%
CBRE Group, Inc., Class A*		8,280		443,394
Real Estate Investment Trusts — 4.8%
Alexandria Real Estate Equities, Inc.		7,449		1,182,529
American Tower Corp.		7,412		1,616,409
Apartment Investment & Management Co., Class A		25,992		1,426,441
AvalonBay Communities, Inc.		6,373		1,387,147
Boston Properties, Inc.		885		121,422
Camden Property Trust		1,546		176,816
Chimera Investment Corp. (a)		127,936		2,591,983
Crown Castle International Corp.		7,755		1,076,316
Digital Realty Trust, Inc.		5,993		761,351
Duke Realty Corp.		3,911		137,433
EPR Properties		24,903		1,937,204
Equity Residential		16,151		1,431,948
Federal Realty Investment Trust		1,057		143,763
HCP, Inc.		90,676		3,411,231
Iron Mountain, Inc.		6,729		220,711

INVESTMENTS	SHARES		VALUE($)
Real Estate Investment Trusts — continued
Liberty Property Trust		1,202		71,002
Medical Properties Trust, Inc.		168,752		3,498,229
MFA Financial, Inc.		60,807		461,525
New Residential Investment Corp.		187,746		2,973,897
Park Hotels & Resorts, Inc.		51,943		1,207,675
Prologis, Inc.		12,742		1,118,238
Starwood Property Trust, Inc.		113,151		2,783,515
STORE Capital Corp.		54,068		2,189,754
VEREIT, Inc.		279,723		2,752,474
Vornado Realty Trust		2,958		194,134
Weingarten Realty Investors		9,681		307,178
WP Carey, Inc.		35,057		3,227,347
				38,407,672
Software & Computer Services — 4.2%
Adobe, Inc.*		8,252		2,293,478
Alphabet, Inc., Class A*		1,615		2,032,962
Cadence Design Systems, Inc.*		35,996		2,352,339
Citrix Systems, Inc.		24,999		2,721,391
Cognizant Technology Solutions Corp., Class A		27,104		1,651,718
DXC Technology Co.		15,986		442,333
Facebook, Inc., Class A*		9,163		1,756,089
Hewlett Packard Enterprise Co.		19,873		326,116
IAC/InterActiveCorp* (a)		12,373		2,811,764
International Business Machines Corp.		11,579		1,548,460
Intuit, Inc.		10,922		2,812,415
Leidos Holdings, Inc.		36,049		3,108,505
Microsoft Corp.		22,834		3,273,711
Oracle Corp.		31,479		1,715,291
VeriSign, Inc.*		15,393		2,924,978
VMware, Inc., Class A		12,097		1,914,592
				33,686,142
Support Services — 4.7%
Accenture plc, Class A		14,825		2,748,851
Automatic Data Processing, Inc.		8,467		1,373,601
Booz Allen Hamilton Holding Corp.		24,980		1,757,843
Broadridge Financial Solutions, Inc.		19,957		2,499,016
Cintas Corp.		11,933		3,206,039
Fastenal Co.		36,259		1,303,149
Fidelity National Information Services, Inc.		23,116		3,045,764
Fiserv, Inc.*		18,644		1,978,874
Global Payments, Inc.		25,469		4,308,845
Paychex, Inc.		20,552		1,718,969
PayPal Holdings, Inc.*		10,845		1,128,964

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Support Services — continued
Republic Services, Inc.		34,503		3,019,358
Robert Half International, Inc.		35,909		2,056,508
Verisk Analytics, Inc.		2,624		379,693
Waste Management, Inc.		26,381		2,960,212
WW Grainger, Inc.		7,468		2,306,417
Xerox Holdings Corp.		60,812		2,063,351
				37,855,454
Technology Hardware & Equipment — 5.0%
Analog Devices, Inc.		20,328		2,167,575
Apple, Inc.		9,996		2,486,605
Applied Materials, Inc.		23,815		1,292,202
Broadcom, Inc.		5,752		1,684,473
Cisco Systems, Inc.		50,787		2,412,891
Cypress Semiconductor Corp.		28,082		653,468
F5 Networks, Inc.*		9,627		1,387,058
HP, Inc.		85,194		1,479,820
Intel Corp.		32,417		1,832,533
Juniper Networks, Inc.		50,112		1,243,780
KLA Corp.		13,540		2,288,802
L3Harris Technologies, Inc.		14,892		3,072,368
Lam Research Corp.		11,676		3,164,663
Maxim Integrated Products, Inc.		28,242		1,656,676
Micron Technology, Inc.*		26,259		1,248,615
Motorola Solutions, Inc.		16,354		2,719,997
NetApp, Inc.		16,809		939,287
ON Semiconductor Corp.*		51,295		1,046,418
Skyworks Solutions, Inc.		10,323		940,012
Teradyne, Inc.		24,936		1,526,582
Texas Instruments, Inc.		15,746		1,857,871
Western Digital Corp.		9,968		514,847
Xilinx, Inc.		20,688		1,877,229
				39,493,772
Tobacco — 0.5%
Altria Group, Inc.		39,155		1,753,753
Philip Morris International, Inc.		28,594		2,328,695
				4,082,448
Travel & Leisure — 3.4%
Alaska Air Group, Inc.		3,388		235,229
Booking Holdings, Inc.*		700		1,434,139
Carnival Corp.		37,940		1,627,246
Darden Restaurants, Inc.		25,790		2,895,443
Delta Air Lines, Inc.		17,433		960,209
Dunkin’ Brands Group, Inc.		18,792		1,477,427
Hilton Worldwide Holdings, Inc.		25,433		2,465,984

INVESTMENTS	SHARES		VALUE($)
Travel & Leisure — continued
Las Vegas Sands Corp.		28,440		1,758,730
Marriott International, Inc., Class A		16,045		2,030,495
McDonald’s Corp.		14,447		2,841,725
Royal Caribbean Cruises Ltd.		9,861		1,073,173
Southwest Airlines Co.		5,659		317,640
Starbucks Corp.		32,628		2,759,024
United Airlines Holdings, Inc.*		3,293		299,136
Wyndham Destinations, Inc.		32,491		1,507,907
Yum China Holdings, Inc. (China)		18,083		768,527
Yum! Brands, Inc.		26,964		2,742,508
				27,194,542
Total Common Stocks (cost $719,012,710)				801,065,334
Short-Term Investments — 3.1%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (b) (c) (Cost $894,552)		894,552		894,552
Investment of Cash Collateral From Securities Loaned — 3.0%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (b) (c)		17,002,300		17,004,001
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (b) (c)		6,625,093		6,625,093
Total Investment of Cash Collateral From Securities Loaned (Cost $23,628,694)				23,629,094
Total Short-Term Investments (Cost $24,523,246)				24,523,646
Total Investments — 102.9% (Cost $743,535,956)				825,588,980
Liabilities in Excess of Other Assets — (2.9%)				(22,962,983	)
NET ASSETS — 100.0%				802,625,997

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is $23,110,059.
(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)	Therate shown is the current yield as of October 31, 2019.
*	Non-incomeproducing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 121

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

Futures contracts outstanding as of October 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
S&P 500E-Mini Index		11		12/2019		USD		1,669,250		44,378

Abbreviations

USD UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%
Aerospace & Defense — 0.9%
Hexcel Corp.		5,940		443,243
Huntington Ingalls Industries, Inc.		987		222,726
L3Harris Technologies, Inc.		3,692		761,697
Spirit AeroSystems Holdings, Inc., Class A		2,790		228,278
				1,655,944
Air Freight & Logistics — 0.3%
CH Robinson Worldwide, Inc.		3,878		293,332
Expeditors International of Washington, Inc.		4,343		316,778
				610,110
Airlines — 0.3%
Alaska Air Group, Inc.		1,040		72,207
Copa Holdings SA, Class A (Panama) (a)		4,056		412,658
United Airlines Holdings, Inc.*		1,011		91,839
				576,704
Auto Components — 1.0%
Aptiv plc		4,706		421,422
BorgWarner, Inc.		6,713		279,798
Gentex Corp.		29,210		819,341
Lear Corp.		3,839		452,119
				1,972,680
Automobiles — 0.5%
Harley-Davidson, Inc. (a)		16,892		657,268
Thor Industries, Inc.		3,184		201,420
				858,688
Banks — 2.7%
Associated Banc-Corp.		2,960		59,526
Bank of Hawaii Corp.		2,064		180,208
BankUnited, Inc.		3,367		115,488
CIT Group, Inc.		4,196		179,966
Citizens Financial Group, Inc.		4,211		148,059
Comerica, Inc.		2,260		147,849
Commerce Bancshares, Inc. (a)		707		45,503
Cullen/Frost Bankers, Inc. (a)		1,537		138,453
Fifth Third Bancorp		7,514		218,507
First Horizon National Corp.		7,887		125,955
First Republic Bank		2,235		237,715
FNB Corp.		9,674		116,668
Huntington Bancshares, Inc.		51,788		731,764
KeyCorp		9,123		163,940
M&T Bank Corp.		1,299		203,332
PacWest Bancorp		2,723		100,724
People’s United Financial, Inc.		13,040		210,857
Popular, Inc. (Puerto Rico)		7,429		404,583

INVESTMENTS	SHARES		VALUE($)
Banks — continued
Prosperity Bancshares, Inc.		1,657		114,366
Regions Financial Corp.		11,499		185,134
SunTrust Banks, Inc.		11,484		784,817
TCF Financial Corp.		8,154		322,812
Zions Bancorp NA		3,274		158,691
				5,094,917
Beverages — 0.7%
Brown-Forman Corp., Class B (a)		10,871		712,268
Molson Coors Brewing Co., Class B		11,099		585,139
				1,297,407
Biotechnology — 0.1%
Ionis Pharmaceuticals, Inc.*		4,947		275,647
Building Products — 0.5%
AO Smith Corp.		5,716		283,971
Armstrong World Industries, Inc.		1,411		131,971
Fortune Brands Home & Security, Inc.		4,160		249,808
Lennox International, Inc.		1,318		326,020
				991,770
Capital Markets — 1.3%
Ameriprise Financial, Inc.		1,707		257,569
FactSet Research Systems, Inc.		2,662		674,870
Invesco Ltd.		2,909		48,929
LPL Financial Holdings, Inc.		3,026		244,622
Morningstar, Inc.		794		128,501
MSCI, Inc.		1,861		436,516
Nasdaq, Inc.		2,214		220,891
Raymond James Financial, Inc.		2,432		203,048
T. Rowe Price Group, Inc.		2,060		238,548
				2,453,494
Chemicals — 5.3%
Ashland Global Holdings, Inc.		7,828		605,652
Axalta Coating Systems Ltd.*		13,794		406,785
Cabot Corp.		14,224		620,024
Celanese Corp.		6,827		827,091
CF Industries Holdings, Inc.		16,185		733,990
Eastman Chemical Co.		9,904		753,100
Element Solutions, Inc.* (a)		23,299		253,027
FMC Corp.		7,561		691,831
Huntsman Corp.		31,135		689,018
International Flavors & Fragrances, Inc. (a)		5,261		641,895
NewMarket Corp.		991		481,121
Olin Corp.		45,577		835,882
RPM International, Inc.		11,368		823,384

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 123

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES			VALUE($)
Common Stocks — continued
Chemicals — continued
Scotts Miracle-Gro Co. (The)		5,149			516,908
Valvoline, Inc.		17,493			373,301
Westlake Chemical Corp. (a)		2,702			170,739
WR Grace & Co.		8,468			562,699
					9,986,447
Commercial Services & Supplies — 1.2%
Cintas Corp.		1,518			407,841
Copart, Inc.*		8,982			742,272
IAA, Inc.*		12,344			470,924
KAR Auction Services, Inc.		12,299			305,753
Republic Services, Inc.		4,504			394,145
					2,320,935
Communications Equipment — 0.9%
F5 Networks, Inc.*		3,404			490,448
Juniper Networks, Inc.		19,325			479,647
Motorola Solutions, Inc.		4,323			719,001
					1,689,096
Construction & Engineering — 0.0%(b)
Jacobs Engineering Group, Inc.		908			84,971
Construction Materials — 0.1%
Eagle Materials, Inc.		1,655			151,168
Consumer Finance — 0.5%
Ally Financial, Inc.		7,150			219,004
Credit Acceptance Corp.*		283			123,900
Discover Financial Services		3,824			306,914
Navient Corp.		6,832			94,077
Santander Consumer USA Holdings, Inc.		5,501			137,965
Synchrony Financial		4,283			151,490
					1,033,350
Containers & Packaging — 1.6%
AptarGroup, Inc.		3,155			372,763
Avery Dennison Corp.		6,419	��		820,733
International Paper Co.		19,852			867,135
Packaging Corp. of America		2,786			304,956
Silgan Holdings, Inc.		2,247			69,140
Sonoco Products Co.		6,577			379,493
Westrock Co.		3,134			117,118
					2,931,338
Distributors — 0.8%
Genuine Parts Co.		6,958			713,752
Pool Corp.		3,853			799,112
					1,512,864

INVESTMENTS	SHARES		VALUE($)
Diversified Consumer Services — 1.5%
frontdoor, Inc.*		5,250		253,208
Graham Holdings Co., Class B		558		351,350
Grand Canyon Education, Inc.*		2,757		253,534
H&R Block, Inc.		28,786		719,362
Service Corp. International (a)		16,087		731,637
ServiceMaster Global Holdings, Inc.*		10,490		423,586
				2,732,677
Diversified Financial Services — 0.1%
Jefferies Financial Group, Inc.		10,864		202,831
Diversified Telecommunication Services — 0.6%
CenturyLink, Inc.		43,897		568,027
Zayo Group Holdings, Inc.*		17,206		587,413
				1,155,440
Electric Utilities — 4.2%
Alliant Energy Corp.		2,963		158,047
Edison International		9,968		626,987
Entergy Corp.		6,921		840,763
Evergy, Inc.		12,010		767,559
Eversource Energy		9,702		812,446
FirstEnergy Corp.		13,541		654,301
Hawaiian Electric Industries, Inc.		13,292		600,134
IDACORP, Inc.		2,811		302,520
OGE Energy Corp.		18,066		777,922
Pinnacle West Capital Corp.		8,186		770,466
PPL Corp.		24,472		819,567
Xcel Energy, Inc.		12,177		773,361
				7,904,073
Electrical Equipment — 0.7%
AMETEK, Inc.		5,514		505,358
nVent Electric plc		3,240		74,714
Regal Beloit Corp.		1,333		98,709
Rockwell Automation, Inc.		2,204		379,066
Sensata Technologies Holding plc*		4,244		217,250
				1,275,097
Electronic Equipment, Instruments & Components — 1.5%
Amphenol Corp., Class A		5,425		544,290
CDW Corp.		6,670		853,160
Dolby Laboratories, Inc., Class A		4,434		285,239
FLIR Systems, Inc.		5,992		308,947
Keysight Technologies, Inc.*		6,313		637,045
National Instruments Corp.		6,543		270,815
				2,899,496

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Energy Equipment & Services — 0.9%
Apergy Corp.*		11,317		284,849
Baker Hughes Co.		16,905		361,767
Helmerich & Payne, Inc.		14,950		560,625
Patterson-UTI Energy, Inc.		65,522		545,143
				1,752,384
Entertainment — 0.6%
Cinemark Holdings, Inc.		10,988		402,161
Take-Two Interactive Software, Inc.*		3,646		438,796
Viacom, Inc., Class B		10,854		234,012
				1,074,969
Equity Real Estate Investment Trusts (REITs) — 5.1%
Alexandria Real Estate Equities, Inc.		1,696		269,240
American Campus Communities, Inc.		1,066		53,279
AvalonBay Communities, Inc.		1,840		400,494
Brandywine Realty Trust		7,488		114,417
Brixmor Property Group, Inc.		4,785		105,366
Camden Property Trust		2,177		248,984
CoreSite Realty Corp.		1,579		185,533
CubeSmart		607		19,242
Digital Realty Trust, Inc.		2,220		282,029
Douglas Emmett, Inc.		6,082		263,472
Duke Realty Corp.		9,332		327,926
EPR Properties		1,722		133,954
Equity Commonwealth		4,765		153,338
Equity LifeStyle Properties, Inc.		4,526		316,548
Essex Property Trust, Inc.		524		171,416
Extra Space Storage, Inc.		2,389		268,213
Federal Realty Investment Trust		312		42,435
Gaming and Leisure Properties, Inc.		5,016		202,446
HCP, Inc.		22,527		847,466
Highwoods Properties, Inc.		2,980		139,464
Host Hotels & Resorts, Inc.		10,635		174,308
Hudson Pacific Properties, Inc.		4,028		144,686
Iron Mountain, Inc.		3,884		127,395
Kilroy Realty Corp. (a)		2,462		206,636
Lamar Advertising Co., Class A		3,111		248,911
Liberty Property Trust		5,478		323,585
Medical Properties Trust, Inc.		41,133		852,687
Mid-America Apartment Communities, Inc.		1,559		216,685
National Retail Properties, Inc.		2,010		118,409
Omega Healthcare Investors, Inc. (a)		4,051		178,406
Outfront Media, Inc.		5,949		156,518
Park Hotels & Resorts, Inc.		24,613		572,252
Service Properties Trust		6,728		170,218

INVESTMENTS	SHARES		VALUE($)
Equity Real Estate Investment Trusts (REITs) — continued
SITE Centers Corp.		1,299		20,173
Sun Communities, Inc.		1,687		274,391
Vornado Realty Trust		701		46,007
Weingarten Realty Investors		3,692		117,147
Welltower, Inc.		3,610		327,391
WP Carey, Inc.		8,120		747,527
				9,568,594
Food & Staples Retailing — 0.2%
Casey’s General Stores, Inc.		2,770		473,144
Food Products — 3.7%
Campbell Soup Co. (a)		9,496		439,760
Flowers Foods, Inc.		31,606		686,482
Hershey Co. (The)		4,810		706,445
Hormel Foods Corp. (a)		9,365		382,935
Ingredion, Inc.		4,502		355,658
JM Smucker Co. (The)		7,176		758,360
Kellogg Co.		7,930		503,793
Lamb Weston Holdings, Inc.		9,313		726,786
McCormick & Co., Inc.(Non-Voting)		4,808		772,598
Post Holdings, Inc.*		5,826		599,495
TreeHouse Foods, Inc.*		6,898		372,630
Tyson Foods, Inc., Class A		8,217		680,285
				6,985,227
Gas Utilities — 1.0%
Atmos Energy Corp.		7,009		788,373
National Fuel Gas Co.		10,355		469,185
UGI Corp.		14,266		680,060
				1,937,618
Health Care Equipment & Supplies — 4.6%
ABIOMED, Inc.*		2,010		417,236
Cooper Cos., Inc. (The)		2,468		718,188
Dentsply Sirona, Inc.		12,946		709,182
Hill-Rom Holdings, Inc.		7,174		751,046
Hologic, Inc.*		13,494		651,895
ICU Medical, Inc.*		1,264		204,275
IDEXX Laboratories, Inc.*		2,668		760,407
ResMed, Inc.		5,562		822,731
STERIS plc		5,022		710,965
Teleflex, Inc.		2,152		747,626
Varian Medical Systems, Inc.*		5,850		706,738
West Pharmaceutical Services, Inc.		5,349		769,400
Zimmer Biomet Holdings, Inc.		5,601		774,226
				8,743,915

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 125

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Health Care Providers & Services — 3.9%
Acadia Healthcare Co., Inc.*		4,074		122,179
AmerisourceBergen Corp.		3,017		257,591
Cardinal Health, Inc.		6,373		315,145
Centene Corp.*		10,730		569,548
Chemed Corp.		1,776		699,584
Covetrus, Inc.*		2,954		29,289
DaVita, Inc.*		6,961		407,915
Encompass Health Corp. (a)		9,071		580,725
Henry Schein, Inc.*		8,578		536,854
Laboratory Corp. of America Holdings*		4,510		743,113
MEDNAX, Inc.*		10,511		230,822
Molina Healthcare, Inc.*		5,187		610,199
Quest Diagnostics, Inc.		7,314		740,542
Universal Health Services, Inc., Class B		5,128		704,895
WellCare Health Plans, Inc.*		2,723		807,642
				7,356,043
Health Care Technology — 0.6%
Cerner Corp.		6,586		442,052
Veeva Systems, Inc., Class A*		4,390		622,634
				1,064,686
Hotels, Restaurants & Leisure — 3.2%
Choice Hotels International, Inc.		4,227		374,005
Darden Restaurants, Inc.		5,408		607,156
Dunkin’ Brands Group, Inc.		7,430		584,146
Extended Stay America, Inc. (a)		27,454		390,121
Hilton Worldwide Holdings, Inc.		7,172		695,397
Hyatt Hotels Corp., Class A		7,213		539,100
Norwegian Cruise Line Holdings Ltd.*		5,683		288,469
Royal Caribbean Cruises Ltd.		2,376		258,580
Six Flags Entertainment Corp.		8,704		367,222
Vail Resorts, Inc.		2,310		536,775
Wendy’s Co. (The)		21,920		464,266
Wyndham Destinations, Inc.		9,264		429,942
Yum China Holdings, Inc. (China)		9,318		396,015
				5,931,194
Household Durables — 2.9%
DR Horton, Inc.		10,712		560,987
Garmin Ltd.		7,206		675,563
Leggett & Platt, Inc. (a)		17,225		883,642
Lennar Corp., Class A		7,893		470,423
NVR, Inc.*		190		690,952
PulteGroup, Inc.		21,486		843,111
Toll Brothers, Inc.		19,905		791,622
Whirlpool Corp.		3,750		570,450
				5,486,750

INVESTMENTS	SHARES		VALUE($)
Household Products — 0.8%
Church & Dwight Co., Inc.		9,802		685,552
Clorox Co. (The)		4,954		731,656
Energizer Holdings, Inc. (a)		1,549		65,817
				1,483,025
Independent Power and Renewable Electricity Producers — 1.0%
AES Corp.		45,521		776,133
NRG Energy, Inc.		18,764		752,812
Vistra Energy Corp.		9,868		266,732
				1,795,677
Insurance — 3.5%
Alleghany Corp.*		499		388,367
American Financial Group, Inc.		3,828		398,265
Arch Capital Group Ltd.*		518		21,632
Arthur J Gallagher & Co.		6,458		589,099
Assurant, Inc.		3,043		383,631
Assured Guaranty Ltd.		3,952		185,428
Axis Capital Holdings Ltd.		5,146		305,827
Brown & Brown, Inc.		11,921		449,183
Cincinnati Financial Corp.		4,591		519,747
CNA Financial Corp.		92		4,125
Everest Re Group Ltd.		1,005		258,375
Fidelity National Financial, Inc.		5,922		271,464
First American Financial Corp.		3,023		186,761
Globe Life, Inc.		5,184		504,559
Hanover Insurance Group, Inc. (The)		1,513		199,277
Lincoln National Corp.		2,040		115,219
Loews Corp.		5,665		277,585
Mercury General Corp.		1,192		57,288
Old Republic International Corp.		21,727		485,381
Principal Financial Group, Inc.		4,281		228,520
Reinsurance Group of America, Inc.		2,053		333,551
WR Berkley Corp.		6,069		424,223
				6,587,507
Interactive Media & Services — 0.3%
IAC/InterActiveCorp*		2,616		594,486
IT Services — 3.1%
Akamai Technologies, Inc.*		716		61,934
Amdocs Ltd.		11,848		772,490
Booz Allen Hamilton Holding Corp.		8,841		622,141
Broadridge Financial Solutions, Inc.		6,012		752,823
DXC Technology Co.		4,422		122,357
Fiserv, Inc.*		7,285		773,230
Jack Henry & Associates, Inc.		3,622		512,730

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
IT Services — continued
Leidos Holdings, Inc.		8,457		729,247
Paychex, Inc.		3,994		334,058
Sabre Corp.		17,710		415,831
VeriSign, Inc.*		3,329		632,576
Western Union Co. (The)		6,758		169,355
				5,898,772
Leisure Products — 0.5%
Hasbro, Inc.		6,520		634,461
Polaris, Inc.		2,804		276,615
				911,076
Life Sciences Tools & Services — 2.2%
Agilent Technologies, Inc.		5,051		382,613
Bio-Rad Laboratories, Inc., Class A*		1,783		591,278
Bio-Techne Corp.		3,765		783,760
Bruker Corp. (a)		5,799		258,056
Charles River Laboratories International, Inc.*		5,447		708,001
IQVIA Holdings, Inc.*		4,599		664,188
Waters Corp.*		3,218		680,993
				4,068,889
Machinery — 4.0%
Allison Transmission Holdings, Inc.		5,803		253,069
Crane Co.		1,883		144,087
Cummins, Inc.		5,110		881,373
Dover Corp.		3,433		356,654
Graco, Inc.		11,021		498,149
IDEX Corp.		3,496		543,733
Ingersoll-Rand plc		3,760		477,106
ITT, Inc.		2,464		146,485
Lincoln Electric Holdings, Inc.		3,369		301,761
Middleby Corp. (The)*		2,032		245,771
Nordson Corp.		1,599		250,739
Oshkosh Corp.		2,970		253,579
PACCAR, Inc.		3,657		278,152
Parker-Hannifin Corp.		1,702		312,300
Pentair plc		3,732		154,766
Snap-on, Inc.		4,372		711,193
Toro Co. (The)		10,806		833,467
WABCO Holdings, Inc.*		4,237		570,385
Xylem, Inc.		3,051		233,981
				7,446,750
Media — 1.4%
Discovery, Inc., Class A* (a)		16,107		434,164
Interpublic Group of Cos., Inc. (The)		16,060		349,305

INVESTMENTS	SHARES		VALUE($)
Media — continued
John Wiley & Sons, Inc., Class A		1,756		80,899
Liberty Media Corp.-Liberty SiriusXM, Class A*		3,223		144,745
Nexstar Media Group, Inc., Class A		4,289		417,277
Omnicom Group, Inc.		6,505		502,121
Sinclair Broadcast Group, Inc., Class A		12,049		480,032
Sirius XM Holdings, Inc. (a)		27,846		187,125
				2,595,668
Metals & Mining — 2.8%
Alcoa Corp.*		26,300		546,777
Freeport-McMoRan, Inc.		62,724		615,950
Newmont Goldcorp Corp.		19,573		777,635
Nucor Corp.		15,850		853,523
Reliance Steel & Aluminum Co.		7,778		902,559
Royal Gold, Inc.		5,842		674,400
Steel Dynamics, Inc.		27,457		833,595
				5,204,439
Mortgage Real Estate Investment Trusts (REITs) — 1.7%
Annaly Capital Management, Inc.		23,519		211,201
Chimera Investment Corp. (a)		40,482		820,165
MFA Financial, Inc.		49,622		376,631
New Residential Investment Corp.		47,305		749,311
Starwood Property Trust, Inc. (a)		32,384		796,647
Two Harbors Investment Corp.		14,251		197,661
				3,151,616
Multiline Retail — 1.3%
Dollar General Corp.		4,983		798,974
Dollar Tree, Inc.*		4,537		500,885
Kohl’s Corp.		11,392		583,954
Macy’s, Inc. (a)		17,381		263,496
Nordstrom, Inc. (a)		8,473		304,181
				2,451,490
Multi-Utilities — 3.4%
Ameren Corp.		9,993		776,456
CenterPoint Energy, Inc.		26,056		757,448
CMS Energy Corp.		12,360		790,051
Consolidated Edison, Inc.		8,725		804,620
DTE Energy Co.		6,003		764,302
MDU Resources Group, Inc.		7,354		212,457
Public Service Enterprise Group, Inc.		12,828		812,141
Sempra Energy		4,661		673,561
WEC Energy Group, Inc.		8,168		771,059
				6,362,095

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 127

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Oil, Gas & Consumable Fuels — 5.1%
Antero Midstream Corp. (a)		4,814		31,002
Apache Corp. (a)		21,345		462,333
Cabot Oil & Gas Corp.		44,934		837,570
Cheniere Energy, Inc.*		6,621		407,522
Concho Resources, Inc.		5,658		382,028
Continental Resources, Inc.*		2,880		84,873
Devon Energy Corp.		22,063		447,438
Diamondback Energy, Inc.		5,872		503,583
EQT Corp.		30,440		326,926
Hess Corp.		9,470		622,652
HollyFrontier Corp.		16,181		888,984
Marathon Oil Corp.		48,622		560,612
Murphy Oil Corp. (a)		21,241		438,202
Noble Energy, Inc.		25,319		487,644
ONEOK, Inc.		10,804		754,443
PBF Energy, Inc., Class A		20,937		675,846
Pioneer Natural Resources Co.		4,650		572,043
Targa Resources Corp.		12,761		496,148
Williams Cos., Inc. (The)		24,502		546,640
				9,526,489
Paper & Forest Products — 0.4%
Domtar Corp.		23,172		843,229
Personal Products — 0.2%
Nu Skin Enterprises, Inc., Class A		7,748		345,406
Pharmaceuticals — 0.6%
Jazz Pharmaceuticals plc*		3,479		437,067
Mylan NV*		15,836		303,259
Perrigo Co. plc		7,595		402,687
				1,143,013
Professional Services — 0.4%
Robert Half International, Inc.		4,754		272,261
TransUnion		4,851		400,790
				673,051
Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A*		4,283		229,355
Jones Lang LaSalle, Inc.		987		144,615
				373,970
Road & Rail — 0.6%
Kansas City Southern		2,193		308,730
Landstar System, Inc.		4,318		488,582
Old Dominion Freight Line, Inc.		1,535		279,493
				1,076,805

INVESTMENTS	SHARES		VALUE($)
Semiconductors & Semiconductor Equipment — 3.4%
Cypress Semiconductor Corp.		33,865		788,039
Entegris, Inc.		7,656		367,488
KLA Corp.		4,533		766,258
Lam Research Corp.		3,684		998,511
Marvell Technology Group Ltd.		12,518		305,314
Maxim Integrated Products, Inc.		9,106		534,158
ON Semiconductor Corp.*		15,831		322,952
Qorvo, Inc.*		5,410		437,453
Skyworks Solutions, Inc.		3,789		345,026
Teradyne, Inc.		14,594		893,445
Xilinx, Inc.		6,193		561,953
				6,320,597
Software — 2.3%
ANSYS, Inc.*		3,672		808,391
Cadence Design Systems, Inc.*		11,304		738,716
Citrix Systems, Inc.		7,096		772,471
LogMeIn, Inc.		3,290		216,087
Manhattan Associates, Inc.*		5,870		439,956
Paycom Software, Inc.*		476		100,688
SS&C Technologies Holdings, Inc.		10,967		570,394
Synopsys, Inc.*		5,490		745,268
				4,391,971
Specialty Retail — 2.4%
AutoZone, Inc.*		582		666,029
Best Buy Co., Inc.		7,566		543,466
Burlington Stores, Inc.*		382		73,409
Dick’s Sporting Goods, Inc. (a)		19,372		754,152
Foot Locker, Inc.		4,801		208,892
Gap, Inc. (The)		5,313		86,389
Penske Automotive Group, Inc.		1,960		95,491
Tiffany & Co. (a)		4,604		573,244
Tractor Supply Co.		7,486		711,320
Williams-Sonoma, Inc. (a)		10,885		727,009
				4,439,401
Technology Hardware, Storage & Peripherals — 0.7%
NetApp, Inc.		5,799		324,048
Western Digital Corp.		3,316		171,271
Xerox Holdings Corp.		21,986		745,985
				1,241,304
Textiles, Apparel & Luxury Goods — 2.3%
Capri Holdings Ltd.*		9,844		305,853
Carter’s, Inc.		5,834		584,800
Columbia Sportswear Co. (a)		2,752		248,918

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Textiles, Apparel & Luxury Goods — continued
Hanesbrands, Inc. (a)		37,222		566,147
Lululemon Athletica, Inc.*		4,062		829,745
PVH Corp.		3,214		280,132
Ralph Lauren Corp.		6,094		585,390
Skechers U.S.A., Inc., Class A*		15,274		570,789
Tapestry, Inc.		14,808		382,935
Under Armour, Inc., Class C*		2,818		52,133
				4,406,842
Trading Companies & Distributors — 0.3%
Fastenal Co.		6,500		233,610
MSC Industrial Direct Co., Inc., Class A		2,083		152,497
WW Grainger, Inc.		617		190,554
				576,661
Transportation Infrastructure — 0.1%
Macquarie Infrastructure Corp.		2,953		127,392
Water Utilities — 0.4%
American Water Works Co., Inc.		6,146		757,617
Wireless Telecommunication Services — 0.4%
Sprint Corp.*		12,638		78,482
Telephone & Data Systems, Inc.		21,465		560,022
United States Cellular Corp.*		2,831		105,370
				743,874
Total Common Stocks (Cost $173,151,458)				187,580,780

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 5.0%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (c) (d) (Cost $329,265)		329,265		329,265
Investment of Cash Collateral From Securities Loaned — 4.8%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (c) (d)		6,000,300		6,000,900
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70%) (c) (d)		3,100,057		3,100,057
Total Investment of Cash Collateral From Securities Loaned (cost $9,100,957)				9,100,957
Total Short-Term Investments (Cost $9,430,222)				9,430,222
Total Investments — 104.8% (Cost $182,581,680)				197,011,002
Liabilities in Excess of Other Assets — (4.8)%				(9,037,211	)
NET ASSETS — 100.0%				187,973,791

Percentages indicated are based on net assets.

(a)	Thesecurity or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is $8,836,243.
(b)	Amountrounds to less than 0.1% of net assets.
(c)	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.
(d)	Therate shown is the current yield as of October 31, 2019.
*	Non-incomeproducing security.

Futures contracts outstanding as of October 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
S&P Midcap 400E-Mini Index		2		12/2019		USD		390,920		10,026

Abbreviations

USD UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 129

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.9%
Aerospace & Defense — 1.0%
AAR Corp.		2,589		108,091
Aerojet Rocketdyne Holdings, Inc.* (a)		3,552		153,553
AeroVironment, Inc.* (a)		1,771		102,683
Allegheny Technologies, Inc.* (a)		4,101		86,162
Cubic Corp.		1,723		127,054
ManTech International Corp., Class A		1,139		90,186
Moog, Inc., Class A		3,233		270,634
RBC Bearings, Inc.*		1,873		300,504
				1,238,867
Alternative Energy — 1.4%
Arcosa, Inc.		8,241		316,537
Enphase Energy, Inc.* (a)		13,850		269,106
Green Plains, Inc. (a)		17,997		221,903
Plug Power, Inc.*		54,447		144,284
Renewable Energy Group, Inc.*		16,743		273,581
REX American Resources Corp.* (a)		2,738		221,559
SunPower Corp.* (a)		24,843		217,625
TPI Composites, Inc.* (a)		6,794		139,481
				1,804,076
Automobiles & Parts — 1.1%
Cooper Tire & Rubber Co. (a)		14,453		408,153
Cooper-Standard Holdings, Inc.* (a)		835		26,603
Dorman Products, Inc.* (a)		5,367		386,156
Gentherm, Inc.*		8,023		335,121
Meritor, Inc.*		14,148		311,680
Modine Manufacturing Co.*		900		10,287
Stoneridge, Inc.*		2,649		81,801
Titan International, Inc.		8,504		22,706
				1,582,507
Banks — 4.4%
1st Source Corp.		695		35,570
Ameris Bancorp		1,976		84,672
Atlantic Union Bankshares Corp.		2,589		95,430
Axos Financial, Inc.* (a)		2,893		84,042
BancFirst Corp.		1,435		83,072
BancorpSouth Bank (a)		2,438		74,773
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		2,395		78,915
Banner Corp.		1,637		88,365
Brookline Bancorp, Inc.		4,733		74,308
Cadence BanCorp		4,714		72,501
Capital City Bank Group, Inc. (a)		520		14,794
Capitol Federal Financial, Inc.		11,580		165,246
Cathay General Bancorp		2,031		72,243

INVESTMENTS	SHARES		VALUE($)
Banks — continued
CenterState Bank Corp.		3,291		83,460
Columbia Banking System, Inc. (a)		2,477		97,346
Community Bank System, Inc. (a)		4,383		297,080
Community Trust Bancorp, Inc.		1,606		70,359
CVB Financial Corp.		2,195		45,612
Dime Community Bancshares, Inc.		5,711		110,165
First BanCorp (Puerto Rico)		26,498		278,759
First Busey Corp.		184		4,852
First Financial Bancorp (a)		1,838		43,083
First Financial Bankshares, Inc. (a)		3,211		106,862
First Financial Corp.		449		19,698
First Merchants Corp.		641		25,351
First Midwest Bancorp, Inc. (a)		2,128		43,709
Fulton Financial Corp.		5,171		88,217
Glacier Bancorp, Inc. (a)		5,127		216,975
Great Western Bancorp, Inc.		2,809		97,950
Hancock Whitney Corp.		1,935		75,465
Home BancShares, Inc. (a)		4,260		78,725
Hope Bancorp, Inc.		6,408		91,442
Houlihan Lokey, Inc.		2,262		106,902
IBERIABANK Corp.		1,225		89,903
Independent Bank Corp. (a)		2,165		177,703
Investors Bancorp, Inc.		12,450		150,022
Kearny Financial Corp.		6,917		97,045
NBT Bancorp, Inc.		825		32,794
Northwest Bancshares, Inc.		10,124		170,792
OceanFirst Financial Corp.		5,378		128,695
OFG Bancorp (Puerto Rico)		4,577		92,959
Old National Bancorp (a)		15,050		270,825
Oritani Financial Corp.		6,860		128,008
Renasant Corp.		978		33,937
Republic Bancorp, Inc., Class A		1,253		55,721
S&T Bancorp, Inc.		1,474		55,503
Sandy Spring Bancorp, Inc.		577		19,906
Simmons First National Corp., Class A		3,336		79,797
TrustCo Bank Corp.		5,660		48,902
Trustmark Corp. (a)		6,902		236,877
UMB Financial Corp.		1,397		91,168
United Bankshares, Inc. (a)		7,542		298,211
United Community Banks, Inc.		4,290		129,601
Valley National Bancorp		12,332		142,805
Washington Federal, Inc.		8,482		309,254
WesBanco, Inc.		3,880		145,849
Westamerica Bancorp		2,432		160,561
				6,152,781

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Beverages — 0.5%
Boston Beer Co., Inc. (The), Class A*		946		354,239
Coca-Cola Consolidated, Inc.		1,220		334,719
				688,958
Chemicals — 4.2%
AdvanSix, Inc.* (a)		7,298		166,102
American Vanguard Corp.		2,623		36,670
Balchem Corp. (a)		3,865		391,177
Codexis, Inc.* (a)		11,967		161,794
CSW Industrials, Inc.		1,039		71,919
Ferro Corp.*		19,264		214,408
GCP Applied Technologies, Inc.*		6,565		135,633
HB Fuller Co.		8,234		401,819
Ingevity Corp.*		3,635		306,103
Innophos Holdings, Inc. (a)		4,198		136,939
Innospec, Inc.		4,000		365,440
Koppers Holdings, Inc.*		2,907		93,315
Kraton Corp.*		9,086		203,708
Kronos Worldwide, Inc.		7,339		93,059
LSB Industries, Inc.*		3,736		15,803
Materion Corp.		4,647		264,136
Minerals Technologies, Inc. (a)		8,496		420,127
Orion Engineered Carbons SA (Luxembourg)		12,435		205,924
PolyOne Corp.		8,618		276,207
Quaker Chemical Corp.		1,748		267,234
Rayonier Advanced Materials, Inc.		39,059		162,876
Sensient Technologies Corp.		7,873		492,535
Stepan Co.		3,166		309,382
Tredegar Corp. (a)		4,190		83,297
Trinseo SA		7,838		333,115
Tronox Holdings plc, Class A (a)		36,669		311,320
				5,920,042
Construction & Materials — 2.8%
Advanced Drainage Systems, Inc.		3,281		121,463
Aegion Corp.*		2,952		63,970
Apogee Enterprises, Inc.		3,635		136,458
Argan, Inc. (a)		1,465		55,450
Boise Cascade Co.		3,286		117,540
Builders FirstSource, Inc.*		5,293		119,675
EMCOR Group, Inc.		2,231		195,681
Generac Holdings, Inc.*		1,762		170,174
Gibraltar Industries, Inc.*		1,984		105,608
GMS, Inc.*		2,989		89,550
Granite Construction, Inc.		1,157		27,236
Great Lakes Dredge & Dock Corp.*		6,532		70,219
Griffon Corp.		4,820		102,714

INVESTMENTS	SHARES		VALUE($)
Construction & Materials — continued
Installed Building Products, Inc.*		1,710		111,526
JELD-WEN Holding, Inc.*		3,371		57,610
KBR, Inc.		5,613		158,062
LB Foster Co., Class A*		731		13,304
Louisiana-Pacific Corp.		5,152		150,593
Masonite International Corp.*		1,714		105,257
MasTec, Inc.*		2,891		181,959
Mueller Water Products, Inc., Class A		9,801		114,672
Patrick Industries, Inc.*		2,036		100,599
PGT Innovations, Inc.*		5,136		90,702
Quanex Building Products Corp.		3,889		75,019
Simpson Manufacturing Co., Inc.		2,922		241,474
TopBuild Corp.*		3,293		342,242
Trex Co., Inc.*		1,127		99,052
Universal Forest Products, Inc.		6,869		345,923
US Concrete, Inc.*		1,472		76,927
Watts Water Technologies, Inc., Class A		2,304		214,848
				3,855,507
Electricity — 3.5%
ALLETE, Inc.		6,759		581,679
Black Hills Corp.		3,743		295,061
El Paso Electric Co.		17,211		1,148,146
MGE Energy, Inc.		3,249		250,303
NorthWestern Corp.		4,808		348,676
Ormat Technologies, Inc.		12,236		936,788
Pattern Energy Group, Inc., Class A		2,118		59,368
PNM Resources, Inc.		10,767		561,499
Portland General Electric Co.		6,951		395,373
TerraForm Power, Inc., Class A		16,332		277,317
				4,854,210
Electronic & Electrical Equipment — 1.9%
Anixter International, Inc.* (a)		1,583		130,993
Atkore International Group, Inc.*		4,339		150,563
AZZ, Inc.		3,254		126,223
Badger Meter, Inc. (a)		3,374		195,017
Belden, Inc.		1,555		79,741
Benchmark Electronics, Inc.		2,206		74,783
Brady Corp., Class A (a)		2,699		152,062
CTS Corp. (a)		940		25,079
Daktronics, Inc.		5,091		34,924
Encore Wire Corp.		2,428		136,454
EnerSys		1,852		123,825
ESCO Technologies, Inc.		1,473		124,454
Fabrinet (Thailand)*		2,728		153,396
II-VI, Inc.*		2,765		91,660

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 131

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electronic & Electrical Equipment — continued
Integer Holdings Corp.*		3,796		293,962
Methode Electronics, Inc.		2,258		77,675
MTS Systems Corp.		4,013		226,654
Novanta, Inc.*		1,746		155,481
Park Aerospace Corp.		2,811		47,759
Plexus Corp.*		2,603		192,466
TTM Technologies, Inc.* (a)		4,019		47,063
Veeco Instruments, Inc.*		1,617		22,056
Vishay Intertechnology, Inc.		5,322		107,238
				2,769,528
Financial Services — 1.4%
Ares Management Corp.		10,268		303,625
Clearway Energy, Inc., Class A		3,588		61,606
Clearway Energy, Inc., Class C		5,244		95,074
Cohen & Steers, Inc. (a)		2,642		172,892
Encore Capital Group, Inc.* (a)		2,164		71,823
Essent Group Ltd.		5,788		301,497
EZCORP, Inc., Class A* (a)		1,579		8,306
Federated Investors, Inc., Class B		8,880		283,627
FirstCash, Inc.		1,512		127,598
NMI Holdings, Inc., Class A*		4,979		145,636
PRA Group, Inc.* (a)		1,433		48,622
Radian Group, Inc.		12,116		304,112
Stewart Information Services Corp.		1,936		79,221
World Acceptance Corp.*		629		65,296
				2,068,935
Fixed Line Telecommunications — 0.7%
8x8, Inc.* (a)		16,348		315,843
Consolidated Communications Holdings, Inc. (a)		32,330		129,320
Frontier Communications Corp.* (a)		65,682		59,771
IDT Corp., Class B* (a)		15,413		104,962
Pareteum Corp.*		55,097		20,386
Vonage Holdings Corp.*		31,300		305,801
				936,083
Food & Drug Retailers — 0.8%
Core-Mark Holding Co., Inc.		6,461		197,190
Diplomat Pharmacy, Inc.* (a)		2,605		14,171
GNC Holdings, Inc., Class A* (a)		4,223		11,149
Ingles Markets, Inc., Class A		4,047		159,573
Performance Food Group Co.*		6,878		293,072
PetMed Express, Inc. (a)		7,494		175,472
Simply Good Foods Co. (The)*		9,125		223,927
SpartanNash Co.		7,894		103,372
United Natural Foods, Inc.*		2,069		15,517
				1,193,443

INVESTMENTS	SHARES		VALUE($)
Food Producers — 2.7%
Andersons, Inc. (The)		6,769		124,685
B&G Foods, Inc. (a)		9,137		142,080
Calavo Growers, Inc.		2,526		219,080
Cal-Maine Foods, Inc.		2,868		114,404
Darling Ingredients, Inc.*		5,110		98,623
Fresh Del Monte Produce, Inc.		13,532		431,671
Hostess Brands, Inc.* (a)		21,883		279,665
J&J Snack Foods Corp.		2,135		407,273
John B Sanfilippo & Son, Inc.		982		104,210
Lancaster Colony Corp. (a)		3,631		505,363
Medifast, Inc. (a)		3,098		343,692
MGP Ingredients, Inc. (a)		1,647		70,640
Nature’s Sunshine Products, Inc.*		915		8,638
Sanderson Farms, Inc.		2,305		356,837
Tootsie Roll Industries, Inc. (a)		8,344		286,032
USANA Health Sciences, Inc.*		5,949		440,881
				3,933,774
Forestry & Paper — 0.7%
Clearwater Paper Corp.*		5,035		93,349
Neenah, Inc. (a)		1,258		81,141
PH Glatfelter Co.		10,528		189,504
Schweitzer-Mauduit International, Inc.		9,797		396,680
Verso Corp., Class A*		13,395		196,103
				956,777
Gas, Water & Multiutilities — 3.5%
American States Water Co.		8,195		779,590
Avista Corp.		12,434		597,205
California Water Service Group (a)		11,395		637,778
New Jersey Resources Corp.		8,542		372,431
Northwest Natural Holding Co.		5,374		372,741
ONE Gas, Inc.		6,214		576,908
SJW Group		4,107		297,142
South Jersey Industries, Inc. (a)		14,210		456,994
Southwest Gas Holdings, Inc.		3,064		267,487
Spark Energy, Inc., Class A (a)		12,412		118,783
Spire, Inc.		6,185		519,911
				4,996,970
General Industrials — 0.5%
Actuant Corp., Class A		2,586		64,055
Greif, Inc., Class A		2,742		107,404
Harsco Corp.* (a)		3,485		70,641
Myers Industries, Inc.		2,701		45,728
NACCO Industries, Inc., Class A		1,843		93,071
Otter Tail Corp.		6,390		362,185

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
General Industrials — continued
TriMas Corp.*		2,959		95,635
				838,719
General Retailers — 7.0%
1-800-Flowers.com, Inc., Class A* (a)		7,860		112,084
Aaron’s, Inc.		5,057		378,921
Abercrombie & Fitch Co., Class A		18,679		302,413
Adtalem Global Education, Inc.*		4,514		134,427
American Eagle Outfitters, Inc.		9,315		143,265
American Public Education, Inc.*		3,613		78,474
America’s Car-Mart, Inc.*		1,563		142,217
Asbury Automotive Group, Inc.*		2,246		231,630
At Home Group, Inc.* (a)		3,061		26,080
Bed Bath & Beyond, Inc. (a)		21,122		289,371
Big Lots, Inc.		3,610		78,228
BJ’s Wholesale Club Holdings, Inc.* (a)		10,847		289,615
Boot Barn Holdings, Inc.*		4,656		163,193
Buckle, Inc. (The) (a)		13,896		290,704
Caleres, Inc.		5,309		114,250
Career Education Corp.*		13,122		185,808
Cargurus, Inc.* (a)		3,821		128,347
Carriage Services, Inc.		2,305		59,377
Cars.com, Inc.*		6,795		76,852
Cato Corp. (The), Class A		6,710		117,358
Chegg, Inc.* (a)		4,428		135,763
Chico’s FAS, Inc.		10,841		37,293
Children’s Place, Inc. (The) (a)		1,258		103,043
Citi Trends, Inc.		3,676		65,617
Conn’s, Inc.*		1,796		43,445
Designer Brands, Inc., Class A		5,297		87,400
Dillard’s, Inc., Class A (a)		4,614		318,274
Express, Inc.* (a)		21,723		69,948
GameStop Corp., Class A (a)		14,082		76,606
Genesco, Inc.*		5,807		225,602
Group 1 Automotive, Inc.		3,694		367,331
Guess?, Inc. (a)		7,018		117,552
Haverty Furniture Cos., Inc. (a)		6,717		121,846
Hibbett Sports, Inc.* (a)		3,614		86,230
Hillenbrand, Inc.		7,759		238,900
Houghton Mifflin Harcourt Co.* (a)		917		5,924
K12, Inc.*		7,124		140,984
Lands’ End, Inc.* (a)		2,765		33,374
Laureate Education, Inc., Class A* (a)		14,757		228,069
Liquidity Services, Inc.*		1,556		10,098
Lithia Motors, Inc., Class A		2,346		369,448
Lumber Liquidators Holdings, Inc.*		1,331		12,285

INVESTMENTS	SHARES		VALUE($)
General Retailers — continued
Matthews International Corp., Class A (a)		3,450		127,581
Monro, Inc.		5,023		352,163
Murphy USA, Inc.*		3,337		393,532
Office Depot, Inc. (a)		97,823		201,515
Party City Holdco, Inc.* (a)		7,341		41,256
PriceSmart, Inc.		1,831		135,677
Regis Corp.* (a)		5,982		123,229
Rent-A-Center, Inc.		11,201		289,770
RH* (a)		755		137,184
Sally Beauty Holdings, Inc.*		17,370		269,235
Shoe Carnival, Inc. (a)		10,168		337,476
Signet Jewelers Ltd.		3,007		48,232
Sonic Automotive, Inc., Class A		3,748		120,798
Stamps.com, Inc.* (a)		673		56,821
Strategic Education, Inc.		1,512		186,021
Tailored Brands, Inc. (a)		2,979		13,823
Tile Shop Holdings, Inc.		4,389		7,374
Titan Machinery, Inc.*		4,400		73,040
WW International, Inc.*		2,058		71,762
Zumiez, Inc.*		15,656		499,583
				9,723,718
Health Care Equipment & Services — 5.8%
Accuray, Inc.* (a)		9,320		24,232
Amedisys, Inc.*		2,401		308,577
Anika Therapeutics, Inc.* (a)		2,400		168,936
Atrion Corp.		86		72,535
Avanos Medical, Inc.* (a)		3,070		135,203
Axogen, Inc.*		2,423		30,130
BioTelemetry, Inc.* (a)		2,440		96,039
Brookdale Senior Living, Inc.*		15,752		115,777
CONMED Corp.		4,093		450,312
CorVel Corp.*		1,024		81,019
Ensign Group, Inc. (The)		5,424		229,164
Fluidigm Corp.*		1,753		8,625
Genesis Healthcare, Inc.* (a)		5,390		6,899
Globus Medical, Inc., Class A*		3,219		168,579
Haemonetics Corp.*		2,405		290,356
Healthcare Services Group, Inc. (a)		4,125		100,485
HealthEquity, Inc.*		1,739		98,758
HMS Holdings Corp.*		8,812		288,064
Inogen, Inc.*		514		27,980
Intersect ENT, Inc.*		2,449		43,641
Invacare Corp. (a)		10,094		77,926
iRhythm Technologies, Inc.* (a)		1,045		69,827
Lantheus Holdings, Inc.*		5,535		115,405

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 133

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Health Care Equipment & Services — continued
LHC Group, Inc.*		3,492		387,507
LivaNova plc*		1,637		115,785
Magellan Health, Inc.*		3,674		238,443
Meridian Bioscience, Inc.		6,683		65,427
Merit Medical Systems, Inc.*		6,637		137,087
Natus Medical, Inc.* (a)		8,289		279,173
Neogen Corp.* (a)		4,555		296,348
NeoGenomics, Inc.*		12,401		284,355
NuVasive, Inc.*		4,639		327,235
Omnicell, Inc.*		5,744		404,320
Option Care Health, Inc.* (a)		2,193		7,763
OraSure Technologies, Inc.* (a)		6,775		57,858
Orthofix Medical, Inc.*		2,133		89,650
Owens & Minor, Inc.		7,078		47,635
Patterson Cos., Inc. (a)		12,548		214,947
Pennant Group, Inc. (The)* (a)		2,679		48,195
Quidel Corp.*		6,275		357,047
Repligen Corp.*		3,884		308,739
Select Medical Holdings Corp.*		7,051		128,469
STAAR Surgical Co.* (a)		2,186		71,657
Surmodics, Inc.*		3,022		143,575
Tactile Systems Technology, Inc.*		2,045		92,884
Teladoc Health, Inc.* (a)		1,587		121,564
Tenet Healthcare Corp.* (a)		3,274		82,963
Tivity Health, Inc.*		22,421		363,445
US Physical Therapy, Inc. (a)		1,177		166,510
Varex Imaging Corp.*		4,264		127,963
Wright Medical Group NV*		4,835		100,568
				8,075,581
Household Goods & Home Construction — 5.4%
ACCO Brands Corp.		20,481		187,401
American Woodmark Corp.*		3,126		309,974
Bassett Furniture Industries, Inc.		3,032		46,238
Beazer Homes USA, Inc.*		7,806		117,168
Central Garden & Pet Co., Class A*		7,648		216,285
CompX International, Inc.		1,217		17,841
Ethan Allen Interiors, Inc.		16,003		315,419
Hamilton Beach Brands Holding Co., Class A		3,252		60,650
Herman Miller, Inc.		9,722		452,073
HNI Corp.		9,210		349,980
Interface, Inc.		24,460		406,770
iRobot Corp.* (a)		2,040		98,042
KB Home		12,482		445,483
Kimball International, Inc., Class B		4,195		85,410
Knoll, Inc.		12,738		340,614

INVESTMENTS	SHARES		VALUE($)
Household Goods & Home Construction — continued
La-Z-Boy, Inc.		12,851		456,339
LGI Homes, Inc.* (a)		3,567		279,938
M/I Homes, Inc.*		10,685		472,063
MDC Holdings, Inc.		10,598		410,249
Meritage Homes Corp.*		6,289		453,374
National Presto Industries, Inc.		1,298		111,745
Sleep Number Corp.* (a)		6,532		314,320
Steelcase, Inc., Class A		18,222		318,338
Taylor Morrison Home Corp.*		11,552		289,378
TRI Pointe Group, Inc.*		19,624		308,882
WD-40 Co. (a)		2,412		452,009
William Lyon Homes, Class A*		6,185		119,680
				7,435,663
Industrial Engineering — 1.8%
Albany International Corp., Class A		3,196		268,400
Astec Industries, Inc.		975		34,213
Briggs & Stratton Corp.		13,780		101,559
CIRCOR International, Inc.* (a)		1,340		51,309
Columbus McKinnon Corp.		6,292		236,076
EnPro Industries, Inc.		2,110		146,750
Federal Signal Corp.		3,049		98,910
Franklin Electric Co., Inc.		2,831		152,449
GATX Corp.		1,698		135,076
John Bean Technologies Corp.		891		91,568
Kennametal, Inc.		2,595		80,315
Lindsay Corp.		635		59,950
MSA Safety, Inc.		2,014		241,821
Mueller Industries, Inc.		4,446		136,803
Proto Labs, Inc.* (a)		1,182		114,619
Rexnord Corp.*		4,685		132,539
Standex International Corp.		1,078		81,691
Tennant Co. (a)		1,863		144,252
Wabash National Corp.		5,982		85,303
				2,393,603
Industrial Metals & Mining — 1.4%
AK Steel Holding Corp.* (a)		126,016		297,398
Carpenter Technology Corp.		6,611		324,071
Century Aluminum Co.*		6,405		37,341
Cleveland-Cliffs, Inc. (a)		35,015		253,158
Commercial Metals Co.		17,480		337,888
Haynes International, Inc.		3,226		111,168
Kaiser Aluminum Corp.		3,933		421,146
Olympic Steel, Inc. (a)		2,575		38,574
Worthington Industries, Inc.		7,891		290,468
				2,111,212

SEE NOTES TO FINANCIAL STATEMENTS.

134 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Industrial Transportation — 1.4%
Aircastle Ltd.		6,122		166,641
ArcBest Corp.		2,900		83,781
Atlas Air Worldwide Holdings, Inc.*		1,530		33,553
Covenant Transportation Group, Inc., Class A*		2,368		36,396
DHT Holdings, Inc.		11,899		91,979
Echo Global Logistics, Inc.*		3,484		69,367
Forward Air Corp.		2,317		160,267
GasLog Ltd. (Monaco)		3,649		50,028
Heartland Express, Inc. (a)		4,997		104,437
Hub Group, Inc., Class A*		2,608		119,446
Matson, Inc.		2,272		86,745
Nordic American Tankers Ltd. (a)		1,791		6,412
Saia, Inc.*		1,833		163,504
Scorpio Tankers, Inc. (Monaco)		975		31,015
SEACOR Holdings, Inc.*		4,863		208,671
Ship Finance International Ltd. (Norway) (a)		10,615		153,599
Triton International Ltd. (Bermuda)		2,649		97,218
Werner Enterprises, Inc.		4,919		179,544
World Fuel Services Corp.		3,370		140,765
				1,983,368
Leisure Goods — 2.1%
American Outdoor Brands Corp.* (a)		6,897		48,831
Callaway Golf Co.		13,934		281,745
Fox Factory Holding Corp.* (a)		9,214		561,501
Funko, Inc., Class A*		4,118		74,124
LCI Industries		4,812		467,341
Sturm Ruger & Co., Inc. (a)		4,524		207,018
Universal Electronics, Inc.*		4,911		255,961
Winnebago Industries, Inc.		12,330		592,703
YETI Holdings, Inc.* (a)		9,645		321,275
ZAGG, Inc.* (a)		15,866		116,932
				2,927,431
Life Insurance — 0.2%
Employers Holdings, Inc.		4,314		182,655
FBL Financial Group, Inc., Class A		1,346		77,233
National Western Life Group, Inc., Class A		190		51,794
				311,682
Media — 1.3%
Entercom Communications Corp., Class A (a)		9,162		31,884
EW Scripps Co. (The), Class A (a)		10,870		146,038
Gannett Co., Inc.		11,579		125,632
Gray Television, Inc.*		15,270		250,581
LiveRamp Holdings, Inc.*		5,162		201,783
MDC Partners, Inc., Class A* (a)		4,109		12,861

INVESTMENTS	SHARES		VALUE($)
Media — continued
Meredith Corp.		5,109		192,609
MSG Networks, Inc., Class A* (a)		12,651		205,073
QuinStreet, Inc.*		5,812		74,568
Scholastic Corp.		3,944		151,844
TEGNA, Inc.		19,351		290,846
Viad Corp.		3,341		203,868
Yelp, Inc.*		3,757		129,654
				2,017,241
Mining — 1.7%
Arch Coal, Inc., Class A (a)		3,598		283,846
Coeur Mining, Inc.*		50,480		278,650
Compass Minerals International, Inc. (a)		5,511		311,261
CONSOL Energy, Inc.*		11,195		148,110
Contura Energy, Inc.*		2,119		48,610
Hecla Mining Co. (a)		153,916		354,007
Novagold Resources, Inc. (Canada)*		37,280		271,398
Peabody Energy Corp.		14,588		153,612
SunCoke Energy, Inc.*		19,953		105,551
US Silica Holdings, Inc. (a)		26,345		117,499
Warrior Met Coal, Inc.		13,076		254,720
				2,327,264
Mobile Telecommunications — 0.7%
Intelsat SA*		17,298		439,196
Iridium Communications, Inc.*		17,396		425,680
Shenandoah Telecommunications Co.		4,209		135,361
				1,000,237
Nonlife Insurance — 1.1%
Argo Group International Holdings Ltd.		2,344		145,023
Horace Mann Educators Corp.		2,269		98,838
James River Group Holdings Ltd.		2,153		77,099
Kinsale Capital Group, Inc.		1,194		126,230
ProAssurance Corp. (a)		4,122		161,665
Protective Insurance Corp., Class B		457		7,271
RLI Corp. (a)		3,143		305,877
Safety Insurance Group, Inc. (a)		1,663		161,643
Selective Insurance Group, Inc.		5,223		361,014
State Auto Financial Corp.		2,394		79,217
				1,523,877
Oil & Gas Producers — 2.7%
Abraxas Petroleum Corp.*		17,498		5,074
Berry Petroleum Corp.		16,179		151,921
Bonanza Creek Energy, Inc.*		3,071		54,725
California Resources Corp.* (a)		2,265		12,661
Callon Petroleum Co.*		42,019		159,672

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 135

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Oil & Gas Producers — continued
Carrizo Oil & Gas, Inc.*		4,590		33,782
CVR Energy, Inc. (a)		6,868		325,681
Delek US Holdings, Inc.		8,741		349,203
Denbury Resources, Inc.* (a)		254,121		253,638
Gulfport Energy Corp.*		47,212		131,485
Jagged Peak Energy, Inc.* (a)		14,806		104,975
Laredo Petroleum, Inc.*		14,941		35,261
Magnolia Oil & Gas Corp., Class A*		26,957		264,718
Matador Resources Co.*		7,084		98,538
Northern Oil and Gas, Inc.* (a)		148,021		290,121
Oasis Petroleum, Inc.* (a)		19,657		51,305
Par Pacific Holdings, Inc.* (a)		9,094		205,979
PDC Energy, Inc.*		6,463		128,937
Penn Virginia Corp.*		1,562		37,176
ProPetro Holding Corp.*		25,179		195,137
QEP Resources, Inc.		38,114		126,920
SM Energy Co.		13,360		104,742
Southwestern Energy Co.*		73,484		150,642
SRC Energy, Inc.*		53,543		167,054
Talos Energy, Inc.*		3,454		74,365
W&T Offshore, Inc.*		62,645		252,459
Whiting Petroleum Corp.* (a)		14,417		91,404
				3,857,575
Oil Equipment, Services & Distribution — 2.6%
Archrock, Inc. (a)		28,382		273,603
Cactus, Inc., Class A*		10,729		318,866
Chart Industries, Inc.*		3,561		208,781
Covia Holdings Corp.* (a)		4,610		6,362
Diamond Offshore Drilling, Inc.* (a)		10,493		55,508
Dril-Quip, Inc.*		5,980		245,300
Flotek Industries, Inc.*		5,062		9,668
Forum Energy Technologies, Inc.*		4,946		5,737
Geospace Technologies Corp.*		1,213		17,698
Golar LNG Ltd. (Bermuda)		14,538		200,188
Helix Energy Solutions Group, Inc.*		37,672		323,602
KLX Energy Services Holdings, Inc.*		820		6,511
Liberty Oilfield Services, Inc., Class A (a)		21,360		196,726
Matrix Service Co.*		6,445		120,908
McDermott International, Inc.* (a)		6,834		11,139
MRC Global, Inc.*		17,628		200,254
Nabors Industries Ltd. (a)		110,450		204,333
Newpark Resources, Inc.* (a)		14,704		88,224
NexTier Oilfield Solutions, Inc.* (a)		19,078		82,415
Noble Corp. plc*		29,754		36,597
NOW, Inc.*		23,257		245,129

INVESTMENTS	SHARES		VALUE($)
Oil Equipment, Services & Distribution — continued
Oceaneering International, Inc.*		16,304		230,865
Oil States International, Inc.* (a)		13,795		196,855
RPC, Inc. (a)		19,181		79,409
SemGroup Corp., Class A		7,252		116,757
Solaris Oilfield Infrastructure, Inc., Class A (a)		13,482		143,448
Teekay Tankers Ltd., Class A (Bermuda)*		48,806		99,564
TETRA Technologies, Inc.*		6,807		11,572
Tidewater, Inc.*		3,036		49,274
Unit Corp.*		5,615		11,455
				3,796,748
Personal Goods — 1.9%
Crocs, Inc.*		12,328		431,357
Deckers Outdoor Corp.*		2,656		406,102
elf Beauty, Inc.*		8,929		150,007
Helen of Troy Ltd.*		2,698		404,052
Inter Parfums, Inc.		1,259		97,484
Movado Group, Inc.		1,816		47,307
Oxford Industries, Inc.		4,374		301,194
Steven Madden Ltd.		12,392		510,302
Vera Bradley, Inc.*		27,607		297,051
				2,644,856
Pharmaceuticals & Biotechnology — 3.7%
Acceleron Pharma, Inc.*		2,652		118,995
Achillion Pharmaceuticals, Inc.*		9,683		62,068
Acorda Therapeutics, Inc.*		3,799		6,268
AMAG Pharmaceuticals, Inc.* (a)		1,191		11,559
Amneal Pharmaceuticals, Inc.*		3,033		9,342
ANI Pharmaceuticals, Inc.*		3,335		260,497
Arena Pharmaceuticals, Inc.*		4,977		242,455
Arrowhead Pharmaceuticals, Inc.*		11,236		450,002
Assertio Therapeutics, Inc.* (a)		2,581		2,039
Blueprint Medicines Corp.*		1,488		102,434
Cambrex Corp.*		2,474		147,772
Chimerix, Inc.*		2,022		2,891
Corcept Therapeutics, Inc.* (a)		5,886		85,877
Cyclerion Therapeutics, Inc.*		566		1,353
Dynavax Technologies Corp.* (a)		1,834		9,335
Eagle Pharmaceuticals, Inc.*		1,546		96,934
Emergent BioSolutions, Inc.* (a)		2,121		121,236
Enanta Pharmaceuticals, Inc.* (a)		1,533		93,329
FibroGen, Inc.*		2,239		87,657
Five Prime Therapeutics, Inc.*		1,655		6,537
Genomic Health, Inc.*		5,112		340,868
Halozyme Therapeutics, Inc.*		4,786		73,322
Heron Therapeutics, Inc.* (a)		3,384		71,910

SEE NOTES TO FINANCIAL STATEMENTS.

136 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Pharmaceuticals & Biotechnology — continued
ImmunoGen, Inc.*		2,701		6,428
Innoviva, Inc.*		8,440		98,073
Inovio Pharmaceuticals, Inc.* (a)		9,596		20,440
Ironwood Pharmaceuticals, Inc.* (a)		7,053		70,812
Lannett Co., Inc.*		2,219		26,384
Lexicon Pharmaceuticals, Inc.*		6,028		22,364
Ligand Pharmaceuticals, Inc.* (a)		866		94,229
Luminex Corp.		8,001		163,980
Mallinckrodt plc* (a)		2,527		7,985
Medpace Holdings, Inc.* (a)		4,933		363,217
Momenta Pharmaceuticals, Inc.*		4,154		64,304
MyoKardia, Inc.* (a)		1,821		104,398
Myriad Genetics, Inc.* (a)		3,999		134,646
Novavax, Inc.*		305		1,272
Novocure Ltd.* (a)		4,655		333,484
Pacira BioSciences, Inc.* (a)		6,035		244,357
Paratek Pharmaceuticals, Inc.*		2,853		8,801
PDL BioPharma, Inc.* (a)		20,457		57,689
PetIQ, Inc.* (a)		2,936		72,578
Prestige Consumer Healthcare, Inc.*		3,022		107,160
PTC Therapeutics, Inc.*		2,927		119,685
Retrophin, Inc.* (a)		4,849		58,188
Sangamo Therapeutics, Inc.* (a)		2,436		22,046
Spark Therapeutics, Inc.*		486		53,057
Spectrum Pharmaceuticals, Inc.*		4,470		34,687
Supernus Pharmaceuticals, Inc.* (a)		2,277		63,278
Syneos Health, Inc.*		2,300		115,345
Theravance Biopharma, Inc.* (a)		2,967		47,828
Vanda Pharmaceuticals, Inc.*		6,182		83,519
Xencor, Inc.*		2,368		81,009
Zogenix, Inc.* (a)		2,407		107,473
				5,193,396
Real Estate Investment & Services — 0.2%
Kennedy-Wilson Holdings, Inc.		8,551		196,758
Rafael Holdings, Inc., Class B*		4,161		72,277
				269,035
Real Estate Investment Trusts — 7.6%
Acadia Realty Trust		8,410		235,312
AG Mortgage Investment Trust, Inc.		2,766		43,260
Agree Realty Corp. (a)	��	4,008		315,710
American Assets Trust, Inc.		5,813		284,605
Anworth Mortgage Asset Corp.		15,677		53,615
Apollo Commercial Real Estate Finance, Inc. (a)		14,755		270,017
ARMOUR Residential REIT, Inc.		5,021		84,001
Blackstone Mortgage Trust, Inc., Class A (a)		7,709		279,837

INVESTMENTS	SHARES		VALUE($)
Real Estate Investment Trusts — continued
Capstead Mortgage Corp.		17,473		135,066
CareTrust REIT, Inc.		10,841		262,786
Community Healthcare Trust, Inc.		1,764		85,413
CoreCivic, Inc.		5,952		90,828
CorePoint Lodging, Inc.		1,890		18,617
DiamondRock Hospitality Co.		4,567		45,579
EastGroup Properties, Inc.		2,438		326,570
Essential Properties Realty Trust, Inc.		6,735		172,820
Exantas Capital Corp.		4,620		54,331
First Industrial Realty Trust, Inc.		7,811		328,921
Four Corners Property Trust, Inc.		8,356		239,399
Franklin Street Properties Corp.		4,986		42,880
GEO Group, Inc. (The)		3,375		51,368
Global Net Lease, Inc.		12,991		253,065
Granite Point Mortgage Trust, Inc. (a)		6,209		115,487
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (a)		5,104		152,405
Healthcare Realty Trust, Inc.		8,469		294,467
Innovative Industrial Properties, Inc.		3,124		237,424
Invesco Mortgage Capital, Inc.		17,133		269,674
Kite Realty Group Trust		6,972		124,241
Ladder Capital Corp.		15,730		271,657
Lexington Realty Trust (a)		25,655		279,126
LTC Properties, Inc.		5,888		305,293
Mack-Cali Realty Corp.		5,372		115,068
National Health Investors, Inc.		3,432		294,431
National Storage Affiliates Trust		3,678		125,677
New York Mortgage Trust, Inc. (a)		44,901		281,080
Office Properties Income Trust (a)		1,576		50,243
Pebblebrook Hotel Trust		2,819		72,477
Pennsylvania REIT (a)		2,244		12,387
PennyMac Mortgage Investment Trust		12,653		289,627
Physicians Realty Trust (a)		14,860		277,436
Piedmont Office Realty Trust, Inc., Class A		13,294		298,317
PotlatchDeltic Corp.		2,009		85,322
PS Business Parks, Inc.		1,673		302,060
QTS Realty Trust, Inc., Class A (a)		2,835		151,928
Redwood Trust, Inc.		12,211		199,528
Retail Opportunity Investments Corp.		6,845		127,762
Rexford Industrial Realty, Inc.		7,155		344,084
RLJ Lodging Trust		4,801		78,784
RPT Realty (a)		10,381		150,525
Ryman Hospitality Properties, Inc. (a)		1,332		112,114
Sabra Health Care REIT, Inc.		13,978		343,859
Saul Centers, Inc.		1,821		97,496
STAG Industrial, Inc.		9,333		289,696

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 137

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Real Estate Investment Trusts — continued
Summit Hotel Properties, Inc.		5,109		62,636
Sunstone Hotel Investors, Inc.		3,092		41,773
Tanger Factory Outlet Centers, Inc. (a)		4,424		71,315
Terreno Realty Corp.		5,874		331,352
Urban Edge Properties		618		13,046
Washington		3,210		99,574
Western Asset Mortgage Capital Corp.		11,461		115,069
Xenia Hotels & Resorts, Inc. (a)		4,311		90,747
				10,649,187
Software & Computer Services — 5.8%
ACI Worldwide, Inc.*		12,785		401,321
Alarm.com Holdings, Inc.* (a)		4,530		223,782
Appfolio, Inc., Class A* (a)		2,789		271,175
Avaya Holdings Corp.*		9,656		116,741
Blackbaud, Inc.		2,060		172,937
Blackline, Inc.* (a)		2,906		135,826
Blucora, Inc.* (a)		6,493		140,444
Bottomline Technologies DE, Inc.* (a)		2,847		116,585
Carbonite, Inc.* (a)		3,452		59,271
Cogent Communications Holdings, Inc. (a)		4,906		287,688
CommVault Systems, Inc.*		3,822		189,839
Computer Programs & Systems, Inc.		1,851		42,703
CSG Systems International, Inc. (a)		5,863		337,943
Diebold Nixdorf, Inc.*		4,681		32,767
Ebix, Inc. (a)		3,449		147,031
Envestnet, Inc.* (a)		4,070		254,334
Everbridge, Inc.*		2,379		165,364
Five9, Inc.* (a)		3,355		186,236
Forrester Research, Inc.		3,302		113,853
Gogo, Inc.* (a)		8,763		53,893
Intelligent Systems Corp.*		2,425		109,537
j2 Global, Inc. (a)		3,210		304,822
LivePerson, Inc.* (a)		6,700		275,035
Meet Group, Inc. (The)*		38,687		164,807
MicroStrategy, Inc., Class A* (a)		1,139		174,552
NetScout Systems, Inc.*		3,229		78,206
NextGen Healthcare, Inc.*		5,868		99,198
NIC, Inc.		4,262		100,242
OneSpan, Inc.*		4,455		83,353
Perficient, Inc.*		8,514		333,749
Perspecta, Inc.		9,602		254,837
Progress Software Corp.		7,362		293,597
PROS Holdings, Inc.*		4,709		241,289
Q2 Holdings, Inc.* (a)		2,462		176,008
Qualys, Inc.* (a)		4,513		385,094

INVESTMENTS	SHARES		VALUE($)
Software & Computer Services — continued
Rosetta Stone, Inc.*		4,865		93,213
SailPoint Technologies Holding, Inc.*		4,077		78,931
Science Applications International Corp.		2,835		234,228
Shutterstock, Inc.* (a)		3,969		161,062
SPS Commerce, Inc.*		5,215		275,196
Tabula Rasa HealthCare, Inc.*		490		24,961
TiVo Corp.		5,573		45,364
Unisys Corp.*		10,626		109,023
Varonis Systems, Inc.*		2,204		157,696
Verint Systems, Inc.* (a)		4,680		212,425
Virtusa Corp.*		2,937		109,491
Workiva, Inc.* (a)		4,747		197,808
				8,223,457
Support Services — 3.4%
ABM Industries, Inc.		3,951		144,053
AMN Healthcare Services, Inc.*		1,632		95,896
Applied Industrial Technologies, Inc.		7,348		439,704
ASGN, Inc.*		2,368		150,581
Barnes Group, Inc. (a)		2,264		132,331
Cimpress NV (Netherlands)* (a)		864		114,152
Comfort Systems USA, Inc.		4,319		217,721
Covanta Holding Corp. (a)		8,665		125,123
CRA International, Inc.		2,068		101,849
Deluxe Corp.		1,902		98,581
DXP Enterprises, Inc.*		878		30,308
EVERTEC, Inc. (Puerto Rico) (a)		4,354		133,189
ExlService Holdings, Inc.*		1,762		122,688
Exponent, Inc.		1,775		112,766
FTI Consulting, Inc.*		2,365		257,477
Heidrick & Struggles International, Inc.		1,060		30,168
Huron Consulting Group, Inc.*		1,292		85,453
Insperity, Inc.		1,213		128,129
Kaman Corp.		3,461		203,057
Kelly Services, Inc., Class A		1,658		39,808
Korn Ferry		1,556		57,090
Lawson Products, Inc.*		1,247		57,300
MAXIMUS, Inc.		5,415		415,547
McGrath RentCorp		2,249		171,621
Mobile Mini, Inc.		648		24,378
Resources Connection, Inc.		2,497		36,581
SiteOne Landscape Supply, Inc.* (a)		2,283		201,041
Sykes Enterprises, Inc.*		1,425		44,025
Team, Inc.* (a)		1,695		30,781
Tetra Tech, Inc.		3,969		347,168
TriNet Group, Inc.*		2,409		127,653

SEE NOTES TO FINANCIAL STATEMENTS.

138 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Support Services — continued
TrueBlue, Inc.*		911		20,862
TTEC Holdings, Inc.		3,535		167,453
UniFirst Corp.		1,822		365,931
				4,830,465
Technology Hardware & Equipment — 5.9%
Acacia Communications, Inc.*		5,715		375,247
ADTRAN, Inc.		13,820		121,754
Advanced Energy Industries, Inc.* (a)		2,419		142,963
Agilysys, Inc.* (a)		4,007		100,936
Amkor Technology, Inc.* (a)		11,431		142,087
Axcelis Technologies, Inc.*		3,426		65,676
Brooks Automation, Inc.		4,318		183,386
Cabot Microelectronics Corp.		3,311		500,358
Casa Systems, Inc.*		2,462		16,545
CEVA, Inc.*		2,670		72,677
Cirrus Logic, Inc.*		7,171		487,341
Cohu, Inc.		4,197		69,754
Comtech Telecommunications Corp.		4,470		156,227
Diodes, Inc.*		8,622		402,216
DSP Group, Inc.*		2,265		33,771
FormFactor, Inc.*		4,682		102,208
Harmonic, Inc.*		12,171		94,690
Ichor Holdings Ltd.* (a)		7,583		220,741
Inphi Corp.*		6,102		438,612
Inseego Corp.* (a)		33,471		191,789
Insight Enterprises, Inc.*		5,694		349,498
InterDigital, Inc.		2,190		117,450
Lattice Semiconductor Corp.*		20,853		408,510
Loral Space & Communications, Inc.*		2,465		98,575
Lumentum Holdings, Inc.* (a)		1,641		102,825
MaxLinear, Inc.*		7,468		141,593
NeoPhotonics Corp.*		6,799		44,737
NETGEAR, Inc.*		2,208		59,991
Onto Innovation, Inc.*		5,880		189,336
PC Connection, Inc.		2,706		132,161
Photronics, Inc.*		6,491		76,594
Pitney Bowes, Inc.		16,630		73,172
Plantronics, Inc.		2,847		112,229
Power Integrations, Inc.		2,372		216,113
Rambus, Inc.*		9,119		126,253
Ribbon Communications, Inc.*		1,005		4,311
ScanSource, Inc.*		2,621		84,658
Semtech Corp.*		3,181		160,513
Silicon Laboratories, Inc.*		2,016		214,180
SMART Global Holdings, Inc.*		2,815		83,606

INVESTMENTS	SHARES		VALUE($)
Technology Hardware & Equipment — continued
Stratasys Ltd.* (a)		10,708		221,441
Synaptics, Inc.*		3,626		152,691
Systemax, Inc.		1,526		33,023
Tech Data Corp.*		2,966		360,369
Ultra Clean Holdings, Inc.*		3,805		81,313
Viavi Solutions, Inc.*		22,247		355,062
Vocera Communications, Inc.*		2,654		52,868
Xperi Corp.		12,127		246,239
				8,218,289
Tobacco — 0.6%
Universal Corp.		7,054		386,559
Vector Group Ltd. (a)		36,757		448,436
				834,995
Travel & Leisure — 4.5%
Allegiant Travel Co.		789		132,023
AMC Entertainment Holdings, Inc., Class A (a)		12,204		114,352
Avis Budget Group, Inc.*		2,990		88,833
Biglari Holdings, Inc., Class B*		124		10,351
BJ’s Restaurants, Inc. (a)		2,849		112,792
Bloomin’ Brands, Inc.		15,285		302,796
Boyd Gaming Corp.		6,315		172,084
Brinker International, Inc. (a)		4,722		209,893
Cheesecake Factory, Inc. (The) (a)		6,089		254,459
Churchill Downs, Inc.		3,021		392,700
Chuy’s Holdings, Inc.*		2,582		62,923
Cracker Barrel Old Country Store, Inc. (a)		1,713		266,371
Dave & Buster’s Entertainment, Inc. (a)		5,390		214,414
Denny’s Corp.*		10,741		216,109
Dine Brands Global, Inc.		2,832		207,161
El Pollo Loco Holdings, Inc.*		7,040		81,805
Eldorado Resorts, Inc.* (a)		3,167		141,787
Fiesta Restaurant Group, Inc.*		2,044		17,568
Hawaiian Holdings, Inc.		2,858		81,768
Hertz Global Holdings, Inc.*		6,814		92,057
IMAX Corp.*		5,298		113,112
Jack in the Box, Inc.		3,256		273,569
Marcus Corp. (The)		4,031		145,519
Marriott Vacations Worldwide Corp.		2,252		247,562
Noodles & Co.* (a)		2,736		14,583
Penn National Gaming, Inc.*		8,335		177,661
Red Robin Gourmet Burgers, Inc.* (a)		6,200		189,100
Red Rock Resorts, Inc., Class A		5,413		117,895
Ruth’s Hospitality Group, Inc.		7,077		145,645
SeaWorld Entertainment, Inc.* (a)		8,235		217,569
Shake Shack, Inc., Class A* (a)		3,268		268,891

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 139

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Travel & Leisure — continued
SkyWest, Inc.		4,057		241,594
Spirit Airlines, Inc.*		5,743		215,707
Texas Roadhouse, Inc.		4,830		272,895
Travelzoo*		585		5,920
Wingstop, Inc.		3,475		289,920
				6,109,388
Total Common Stocks (Cost $144,735,504)				140,249,445
	NO. OF RIGHTS
Rights — 0.0%
Chemicals — 0.0%
Schulman, Inc., CVR*‡		5,865		—
Media — 0.0%
Media General, Inc., CVR*‡		1,533		—
Total Rights (Cost $—)				—
	SHARES
Short-Term Investments — 19.3%
Investment Companies — 0.3%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (b) (c) (Cost $440,610)		440,610		440,610

INVESTMENTS	SHARES		VALUE($)
Investment of Cash Collateral From Securities Loaned — 19.0%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (b) (c)		18,999,800		19,001,700
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (b) (c)		7,634,136		7,634,136
Total Investment Of Cash Collateral From Securities Loaned (Cost $26,635,336)				26,635,836
Total Short-Term Investments (Cost $27,075,946)				27,076,446
Total Investments — 119.2% (Cost $171,811,450)				167,325,891
Liabilities in Excess of Other Assets — (19.2%)				(26,982,564	)
NET ASSETS — 100.0%				140,343,327

Percentages indicated are based on net assets.

Abbreviations

CVR	ContingentValue Rights
REIT	RealEstate Investment Trust
(a)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is $25,431,992.
(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)	Therate shown is the current yield as of October 31, 2019.
*	Non-incomeproducing security.
‡	Valuedetermined using significant unobservable inputs.

Futures contracts outstanding as of October 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Russell 2000E-Mini Index		2		12/2019		USD		156,290		8,156

Abbreviations

USD UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

140 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%
Aerospace & Defense — 0.6%
Lockheed Martin Corp.		616		232,035
Automobiles & Parts — 2.0%
Ford Motor Co.		23,668		203,308
General Motors Co.		5,741		213,336
Genuine Parts Co.		2,151		220,650
Harley-Davidson, Inc. (a)		4,747		184,706
				822,000
Banks — 1.0%
New York Community Bancorp, Inc.		18,742		218,344
PacWest Bancorp		1,850		68,431
People’s United Financial, Inc.		8,870		143,428
				430,203
Beverages — 1.6%
Coca-Cola Co. (The)		4,356		237,097
Keurig Dr Pepper, Inc.		4,120		116,019
Molson Coors Brewing Co., Class B		1,044		55,040
PepsiCo, Inc.		1,734		237,853
				646,009
Chemicals — 6.7%
Air Products & Chemicals, Inc.		1,043		222,430
Albemarle Corp. (a)		353		21,441
Cabot Corp.		1,650		71,923
Celanese Corp.		631		76,446
CF Industries Holdings, Inc.		4,803		217,816
Chemours Co. (The)		12,419		203,796
DuPont de Nemours, Inc.		3,425		225,742
Eastman Chemical Co.		3,566		271,159
Huntsman Corp.		11,705		259,032
International Flavors & Fragrances, Inc.		1,529		186,553
LyondellBasell Industries NV, Class A		3,029		271,701
Olin Corp.		13,732		251,845
RPM International, Inc.		3,120		225,982
Scotts Miracle-Gro Co. (The)		2,205		221,360
				2,727,226
Construction & Materials — 0.6%
MDU Resources Group, Inc.		8,329		240,625
Electricity — 12.0%
AES Corp.		15,255		260,098
Alliant Energy Corp.		4,414		235,443
American Electric Power Co., Inc.		2,551		240,789
Avangrid, Inc.		3,110		155,655
CMS Energy Corp.		3,721		237,846
Consolidated Edison, Inc.		2,605		240,233

INVESTMENTS	SHARES		VALUE($)
Electricity — continued
Dominion Energy, Inc.		3,002		247,815
DTE Energy Co.		1,789		227,775
Edison International		3,209		201,846
Entergy Corp.		2,078		252,435
Evergy, Inc.		3,564		227,775
Eversource Energy		2,930		245,358
Exelon Corp.		4,891		222,492
FirstEnergy Corp.		5,041		243,581
Hawaiian Electric Industries, Inc.		4,061		183,354
IDACORP, Inc.		834		89,755
NextEra Energy, Inc.		775		184,714
Pinnacle West Capital Corp.		2,426		228,335
PPL Corp.		7,885		264,069
Public Service Enterprise Group, Inc.		3,828		242,351
Southern Co. (The)		4,047		253,585
Xcel Energy, Inc.		3,650		231,812
				4,917,116
Electronic & Electrical Equipment — 1.2%
Emerson Electric Co.		3,228		226,444
Hubbell, Inc.		1,763		249,817
				476,261
Financial Services — 0.7%
BGC Partners, Inc., Class A		13,016		67,683
Invesco Ltd.		5,905		99,322
Lazard Ltd., Class A		2,639		98,514
				265,519
Fixed Line Telecommunications — 2.2%
AT&T, Inc.		6,836		263,118
CenturyLink, Inc.		20,566		266,124
Verizon Communications, Inc.		4,101		247,987
Zayo Group Holdings, Inc.*		3,758		128,298
				905,527
Food & Drug Retailers — 0.6%
Sysco Corp.		3,162		252,549
Food Producers — 3.3%
Archer-Daniels-Midland Co.		1,613		67,811
Campbell Soup Co.		5,189		240,303
Conagra Brands, Inc.		5,880		159,054
Flowers Foods, Inc.		9,967		216,483
General Mills, Inc.		4,315		219,461
JM Smucker Co. (The)		134		14,161
Kellogg Co.		3,097		196,752
Kraft Heinz Co. (The)		6,759		218,518
				1,332,543

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 141

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Forestry & Paper — 1.1%
Domtar Corp.		4,567		166,193
International Paper Co.		5,965		260,552
				426,745
Gas, Water & Multiutilities — 4.2%
Ameren Corp.		3,042		236,363
CenterPoint Energy, Inc.		8,451		245,671
Duke Energy Corp.		2,515		237,064
National Fuel Gas Co.		3,472		157,316
NiSource, Inc.		7,729		216,721
Sempra Energy		1,655		239,164
UGI Corp.		2,677		127,613
WEC Energy Group, Inc.		2,424		228,826
				1,688,738
General Industrials — 2.8%
3M Co.		1,142		188,419
Eaton Corp. plc		2,877		250,615
General Electric Co.		16,499		164,660
Packaging Corp. of America		1,959		214,432
Sonoco Products Co.		3,606		208,066
Westrock Co.		3,560		133,037
				1,159,229
General Retailers — 4.0%
Foot Locker, Inc.		3,918		170,472
Gap, Inc. (The)		7,648		124,356
H&R Block, Inc.		8,041		200,945
Home Depot, Inc. (The)		1,048		245,840
Kohl’s Corp.		3,085		158,137
L Brands, Inc.		11,673		198,908
Macy’s, Inc.		13,058		197,959
Nordstrom, Inc. (a)		3,054		109,639
Target Corp.		2,201		235,309
				1,641,565
Health Care Equipment & Services — 1.5%
Medtronic plc		2,184		237,838
Quest Diagnostics, Inc.		2,148		217,485
ResMed, Inc.		1,074		158,866
				614,189
Household Goods & Home Construction — 3.2%
Clorox Co. (The)		1,431		211,344
Leggett & Platt, Inc.		5,126		262,964
Newell Brands, Inc.		12,859		243,935
Procter & Gamble Co. (The)		1,999		248,896
Stanley Black & Decker, Inc.		649		98,213

INVESTMENTS		SHARES		VALUE($)
Household Goods & Home Construction — continued
Whirlpool Corp.			1,571		238,981
					1,304,333
Industrial Engineering — 1.5%
Caterpillar, Inc.			1,656		228,197
Cummins, Inc.			1,432		246,991
Rockwell Automation, Inc.			252		43,342
Timken Co. (The)			1,719		84,231
					602,761
Industrial Metals & Mining — 2.1%
Nucor Corp.			4,763		256,488
Reliance Steel & Aluminum Co.			2,401		278,612
Southern Copper Corp. (Peru)			5,383		191,527
Steel Dynamics, Inc.			4,229		128,392
					855,019
Industrial Transportation — 1.0%
Macquarie Infrastructure Corp.			4,698		202,672
United Parcel Service, Inc., Class B			1,585		182,544
					385,216
Leisure Goods — 1.0%
Garmin Ltd.			2,782		260,812
Hasbro, Inc.			1,680		163,481
					424,293
Media — 0.7%
Nielsen Holdings plc			9,290		187,286
Viacom, Inc., Class B			3,853		83,071
					270,357
	��
Mobile Telecommunications — 1.2%
Sprint Corp.*			13,740		85,325
Telephone & Data Systems, Inc.			6,577		171,594
T-Mobile US, Inc.*			2,971		245,583
					502,502
Nonlife Insurance — 0.6%
Old Republic International Corp.			10,422		232,828
Oil & Gas Producers — 3.7%
Apache Corp.			7,424		160,804
Chevron Corp.			2,040		236,926
Exxon Mobil Corp.			2,941		198,723
Marathon Petroleum Corp.			751		48,026
Murphy Oil Corp. (a)			7,778		160,460
Occidental Petroleum Corp.			4,458		180,549
PBF Energy, Inc., Class A			8,222		265,406
Valero Energy Corp.			2,697		261,555
					1,512,449

SEE NOTES TO FINANCIAL STATEMENTS.

142 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Oil Equipment, Services & Distribution — 3.9%
Antero Midstream Corp. (a)		12,955		83,430
Equitrans Midstream Corp. (a)		3,961		55,137
Helmerich & Payne, Inc.		5,128		192,300
Kinder Morgan, Inc.		9,563		191,069
OGE Energy Corp.		4,808		207,032
ONEOK, Inc.		3,297		230,230
Schlumberger Ltd.		5,980		195,486
Targa Resources Corp.		5,340		207,619
Williams Cos., Inc. (The)		8,271		184,526
				1,546,829
Personal Goods — 2.4%
Coty, Inc., Class A		14,338		167,611
Hanesbrands, Inc.		12,340		187,691
Kimberly-Clark Corp.		1,649		219,119
Nu Skin Enterprises, Inc., Class A		1,060		47,255
Tapestry, Inc.		5,054		130,697
VF Corp.		2,667		219,467
				971,840
Pharmaceuticals & Biotechnology — 4.9%
Abbott Laboratories		510		42,641
AbbVie, Inc.		2,508		199,512
Amgen, Inc.		1,128		240,546
Bristol-Myers Squibb Co.		3,918		224,776
Cardinal Health, Inc.		2,914		144,097
Eli Lilly & Co.		1,933		220,266
Gilead Sciences, Inc.		3,154		200,941
Johnson & Johnson		1,831		241,765
Merck & Co., Inc.		2,752		238,488
Pfizer, Inc.		5,622		215,716
				1,968,748
Real Estate Investment Trusts — 15.7%
AGNC Investment Corp.		15,683		267,395
Annaly Capital Management, Inc.		23,696		212,790
Apple Hospitality REIT, Inc.		7,638		125,874
Brandywine Realty Trust		12,265		187,409
Brixmor Property Group, Inc.		11,259		247,923
Chimera Investment Corp.		9,654		195,590
Colony Capital, Inc.		9,131		51,134
Corporate Office Properties Trust		1,415		41,941
Digital Realty Trust, Inc.		1,893		240,487
Duke Realty Corp.		2,630		92,418
EPR Properties		1,891		147,101
Gaming and Leisure Properties, Inc.		5,646		227,873
HCP, Inc.		6,126		230,460

INVESTMENTS	SHARES		VALUE($)
Real Estate Investment Trusts — continued
Healthcare Trust of America, Inc., Class A		1,143		35,433
Iron Mountain, Inc.		6,082		199,490
Kimco Realty Corp.		12,152		261,997
Liberty Property Trust		4,486		264,988
Macerich Co. (The) (a)		6,130		168,575
Medical Properties Trust, Inc.		5,480		113,600
MFA Financial, Inc.		24,444		185,530
National Retail Properties, Inc.		3,462		203,946
New Residential Investment Corp.		16,569		262,453
Omega Healthcare Investors, Inc.		5,740		252,790
Outfront Media, Inc.		5,767		151,730
Park Hotels & Resorts, Inc.		6,741		156,728
Rayonier, Inc.		4,368		117,849
Service Properties Trust		6,385		161,540
SITE Centers Corp.		8,402		130,483
Spirit Realty Capital, Inc.		4,825		240,478
Starwood Property Trust, Inc.		9,969		245,238
Two Harbors Investment Corp.		15,215		211,032
Ventas, Inc.		1,088		70,829
VEREIT, Inc.		23,735		233,552
Welltower, Inc.		2,431		220,467
WP Carey, Inc.		2,579		237,423
				6,394,546
Software & Computer Services — 1.0%
International Business Machines Corp.		1,490		199,258
Microsoft Corp.		1,378		197,564
				396,822
Support Services — 1.5%
Paychex, Inc.		2,654		221,980
Waste Management, Inc.		1,472		165,173
Xerox Holdings Corp.		6,517		221,122
				608,275
Technology Hardware & Equipment — 4.3%
Analog Devices, Inc.		2,143		228,508
Cypress Semiconductor Corp.		10,056		234,003
HP, Inc.		2,700		46,899
Intel Corp.		4,807		271,740
KLA Corp.		1,586		268,097
Maxim Integrated Products, Inc.		3,862		226,545
Microchip Technology, Inc.		2,040		192,352
QUALCOMM, Inc.		3,046		245,020
Xilinx, Inc.		659		59,798
				1,772,962

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 143

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Tobacco — 1.1%
Altria Group, Inc.		4,380		196,180
Philip Morris International, Inc.		2,840		231,290
				427,470
Travel & Leisure — 3.9%
Cinemark Holdings, Inc.		4,812		176,119
Copa Holdings SA, Class A (Panama)		2,054		208,974
Darden Restaurants, Inc.		1,915		214,997
Extended Stay America, Inc.		10,318		146,619
International Game Technology plc (a)		9,139		121,000
Las Vegas Sands Corp.		3,183		196,837
McDonald’s Corp.		995		195,716
Six Flags Entertainment Corp.		3,485		147,032
Wendy’s Co. (The)		3,078		65,192
Wyndham Destinations, Inc.		2,624		121,780
				1,594,266
Total Common Stocks (Cost $38,603,633)				40,549,595
Short-Term Investments — 2.0%
Investment Companies — 0.4%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (b) (c) (Cost $149,529)		149,529		149,529

INVESTMENTS	SHARES		VALUE($)
Investment of Cash Collateral From Securities Loaned — 1.6%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (b) (c) (Cost $654,469)		654,469		654,469
Total Short-Term Investments (Cost $803,998)				803,998
Total Investments — 101.8% (Cost $39,407,631)				41,353,593
Liabilities in Excess of Other Assets — (1.8%)				(722,068	)
NET ASSETS — 100.0%				40,631,525

Percentages indicated are based on net assets.

Abbreviations

REIT	RealEstate Investment Trust
(a)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is $628,762.
(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)	Therate shown is the current yield as of October 31, 2019.
*	Non-incomeproducing security.

Futures contracts outstanding as of October 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
S&P 500 MicE-Mini Index		8		12/2019		USD		121,430		1,695

Abbreviations

USD     UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

144 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%
Aerospace & Defense — 1.0%
Lockheed Martin Corp.		1,598		601,934
Raytheon Co.		2,561		543,470
				1,145,404
Automobiles & Parts — 0.7%
Genuine Parts Co.		5,881		603,273
WABCO Holdings, Inc.*		1,086		146,197
				749,470
Banks — 0.7%
TFS Financial Corp.		9,539		183,721
US Bancorp		9,290		529,716
				713,437
Beverages — 2.5%
Brown-Forman Corp., Class B		9,892		648,124
Coca-Cola Co. (The)		11,651		634,164
Constellation Brands, Inc., Class A		2,079		395,696
Molson Coors Brewing Co., Class B		6,035		318,165
PepsiCo, Inc.		4,686		642,779
				2,638,928
Chemicals — 5.1%
Air Products & Chemicals, Inc.		2,799		596,915
Ashland Global Holdings, Inc.		7,027		543,679
Avery Dennison Corp.		4,397		562,200
Ecolab, Inc.		3,094		594,265
International Flavors & Fragrances, Inc.		3,778		460,954
Linde plc (United Kingdom)		3,313		657,133
NewMarket Corp.		558		270,903
PPG Industries, Inc.		4,785		598,699
RPM International, Inc.		8,834		639,847
Scotts Miracle-Gro Co. (The)		3,861		387,606
WR Grace & Co.		3,547		235,698
				5,547,899
Electricity — 11.3%
Alliant Energy Corp.		12,141		647,601
American Electric Power Co., Inc.		6,975		658,370
Avangrid, Inc.		7,237		362,212
CMS Energy Corp.		10,102		645,720
Consolidated Edison, Inc.		7,158		660,111
Dominion Energy, Inc.		8,196		676,580
DTE Energy Co.		4,910		625,141
Entergy Corp.		5,643		685,512
Evergy, Inc.		9,800		626,318
Eversource Energy		7,947		665,482
Exelon Corp.		13,473		612,887

INVESTMENTS	SHARES		VALUE($)
Electricity — continued
FirstEnergy Corp.		13,008		628,547
Hawaiian Electric Industries, Inc.		7,981		360,342
IDACORP, Inc.		2,235		240,531
NextEra Energy, Inc.		2,915		694,761
Pinnacle West Capital Corp.		6,276		590,697
PPL Corp.		17,976		602,016
Public Service Enterprise Group, Inc.		10,523		666,211
Southern Co. (The)		10,940		685,500
Vistra Energy Corp.		2,569		69,440
Xcel Energy, Inc.		9,925		630,337
				12,034,316
Electronic & Electrical Equipment — 0.5%
Hubbell, Inc.		2,532		358,784
Waters Corp.*		1,206		255,214
				613,998
Fixed Line Telecommunications — 2.2%
AT&T, Inc.		18,199		700,480
CenturyLink, Inc.		31,678		409,913
Verizon Communications, Inc.		10,941		661,602
Zayo Group Holdings, Inc.*		18,260		623,397
				2,395,392
Food & Drug Retailers — 1.5%
AmerisourceBergen Corp.		5,800		495,204
CVS Health Corp.		7,117		472,498
Sysco Corp.		8,571		684,566
				1,652,268
Food Producers — 7.6%
Archer-Daniels-Midland Co.		16,717		702,783
Campbell Soup Co.		8,806		407,806
Conagra Brands, Inc.		18,086		489,226
Flowers Foods, Inc.		4,497		97,675
General Mills, Inc.		10,943		556,561
Hershey Co. (The)		3,987		585,571
Hormel Foods Corp.		14,791		604,804
Ingredion, Inc.		6,811		538,069
JM Smucker Co. (The)		4,136		437,092
Kellogg Co.		9,327		592,544
Kraft Heinz Co. (The)		6,464		208,981
Lamb Weston Holdings, Inc.		8,338		650,698
McCormick & Co., Inc.(Non-Voting)		3,805		611,425
Mondelez International, Inc., Class A		11,563		606,479
Post Holdings, Inc.*		2,634		271,039
Tyson Foods, Inc., Class A		6,467		535,403
US Foods Holding Corp.*		5,029		199,500
				8,095,656

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 145

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Gas, Water & Multiutilities — 5.7%
Ameren Corp.		8,251		641,103
American Water Works Co., Inc.		5,005		616,966
Aqua America, Inc.		12,391		561,684
Atmos Energy Corp.		5,776		649,684
CenterPoint Energy, Inc.		19,013		552,708
Duke Energy Corp.		6,863		646,906
National Fuel Gas Co.		4,192		189,940
NiSource, Inc.		19,867		557,070
Sempra Energy		3,821		552,173
UGI Corp.		10,814		515,503
WEC Energy Group, Inc.		6,656		628,326
				6,112,063
General Industrials — 0.7%
3M Co.		2,393		394,821
Honeywell International, Inc.		1,385		239,231
Sonoco Products Co.		1,644		94,859
				728,911
General Retailers — 5.9%
AutoZone, Inc.*		578		661,452
Bright Horizons Family Solutions, Inc.*		3,189		473,631
Copart, Inc.*		6,524		539,143
Costco Wholesale Corp.		2,170		644,729
Dollar Tree, Inc.*		2,615		288,696
Home Depot, Inc. (The)		2,818		661,046
O’Reilly Automotive, Inc.*		843		367,135
Rollins, Inc.		4,548		173,324
Service Corp. International		11,367		516,971
Target Corp.		5,957		636,863
TJX Cos., Inc. (The)		10,953		631,440
Walmart, Inc.		5,600		656,656
				6,251,086
Health Care Equipment & Services — 11.2%
Anthem, Inc.		1,971		530,357
Baxter International, Inc.		7,189		551,396
Becton Dickinson and Co.		2,282		584,192
Bio-Rad Laboratories, Inc., Class A*		317		105,124
Cigna Corp.		2,682		478,630
Cooper Cos., Inc. (The) (a)		1,976		575,016
Dentsply Sirona, Inc.		2,000		109,560
Henry Schein, Inc.*		5,954		372,631
Hill-Rom Holdings, Inc.		5,498		575,586
Humana, Inc.		1,261		370,986
IDEXX Laboratories, Inc.*		2,182		621,892
Laboratory Corp. of America Holdings*		3,347		551,485

INVESTMENTS	SHARES		VALUE($)
Health Care Equipment & Services — continued
MEDNAX, Inc.*		971		21,323
Medtronic plc		5,928		645,559
Quest Diagnostics, Inc.		5,670		574,087
ResMed, Inc.		4,571		676,142
STERIS plc		4,092		579,305
Stryker Corp.		2,894		625,885
Teleflex, Inc.		1,735		602,756
Thermo Fisher Scientific, Inc.		2,225		671,905
UnitedHealth Group, Inc.		2,163		546,590
Varian Medical Systems, Inc.*		4,342		524,557
West Pharmaceutical Services, Inc.		4,031		579,819
Zimmer Biomet Holdings, Inc.		4,144		572,825
				12,047,608
Household Goods & Home Construction — 2.8%
Church & Dwight Co., Inc.		7,908		553,086
Clorox Co. (The)		3,535		522,084
Leggett & Platt, Inc.		11,155		572,251
NVR, Inc.*		162		589,128
Procter & Gamble Co. (The)		5,347		665,755
Stanley Black & Decker, Inc.		1,527		231,081
				3,133,385
Industrial Engineering — 0.1%
Snap-on, Inc.		400		65,068
Industrial Transportation — 0.4%
United Parcel Service, Inc., Class B		4,190		482,562
Leisure Goods — 1.5%
Garmin Ltd.		6,454		605,063
Hasbro, Inc.		3,203		311,684
Pool Corp.		3,081		638,999
				1,555,746
Life Insurance — 0.4%
Aflac, Inc.		7,630		405,611
Media — 1.1%
Graham Holdings Co., Class B		364		229,196
Omnicom Group, Inc.		3,619		279,351
Walt Disney Co. (The)		4,595		596,982
				1,105,529
Mobile Telecommunications — 1.3%
Telephone & Data Systems, Inc.		15,893		414,649
T-Mobile US, Inc.*		8,150		673,679
United States Cellular Corp.*		8,765		326,233
				1,414,561

SEE NOTES TO FINANCIAL STATEMENTS.

146 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Nonlife Insurance — 6.9%
Allstate Corp. (The)		5,574		593,185
American Financial Group, Inc.		4,835		503,033
Aon plc		742		143,325
Arch Capital Group Ltd.*		16,119		673,130
Arthur J Gallagher & Co.		3,033		276,670
Berkshire Hathaway, Inc., Class B*		2,994		636,465
Brown & Brown, Inc.		13,184		496,773
Chubb Ltd.		3,416		520,667
Cincinnati Financial Corp.		5,663		641,108
Everest Re Group Ltd.		1,428		367,125
Markel Corp.*		490		573,790
Marsh & McLennan Cos., Inc.		6,227		645,242
RenaissanceRe Holdings Ltd. (Bermuda)		3,369		630,609
White Mountains Insurance Group Ltd.		280		299,880
WR Berkley Corp.		6,187		432,471
				7,433,473
Oil & Gas Producers — 2.5%
Chevron Corp.		4,642		539,122
ConocoPhillips		6,001		331,255
EOG Resources, Inc.		939		65,082
Exxon Mobil Corp.		7,775		525,357
Occidental Petroleum Corp.		4,348		176,094
Phillips 66		5,275		616,225
Valero Energy Corp.		4,642		450,181
				2,703,316
Oil Equipment, Services & Distribution — 2.5%
Halliburton Co.		8,825		169,881
Kinder Morgan, Inc.		28,915		577,722
OGE Energy Corp.		13,831		595,563
ONEOK, Inc.		7,390		516,044
Schlumberger Ltd.		8,140		266,097
Williams Cos., Inc. (The)		22,320		497,959
				2,623,266
Personal Goods — 2.8%
Colgate-Palmolive Co.		8,515		584,129
Estee Lauder Cos., Inc. (The), Class A		3,194		594,946
Kimberly-Clark Corp.		4,482		595,568
NIKE, Inc., Class B		6,930		620,582
VF Corp.		6,446		530,441
				2,925,666
Pharmaceuticals & Biotechnology — 5.7%
Abbott Laboratories		7,501		627,159
Amgen, Inc.		2,616		557,862

INVESTMENTS	SHARES		VALUE($)
Pharmaceuticals & Biotechnology — continued
Bio-Techne Corp.		2,991		622,636
Bristol-Myers Squibb Co.		7,313		419,547
Eli Lilly & Co.		4,711		536,819
IQVIA Holdings, Inc.*		4,073		588,223
Johnson & Johnson		4,222		557,473
Merck & Co., Inc.		7,388		640,244
Pfizer, Inc.		13,187		505,985
QIAGEN NV*		10,011		298,428
Zoetis, Inc.		5,047		645,612
				5,999,988
Real Estate Investment Trusts — 6.1%
AGNC Investment Corp.		35,706		608,787
American Tower Corp.		2,753		600,374
Annaly Capital Management, Inc.		63,422		569,530
Apple Hospitality REIT, Inc.		18,593		306,413
Camden Property Trust		360		41,173
Chimera Investment Corp.		13,085		265,102
Crown Castle International Corp.		4,395		609,982
Equity Commonwealth		7,462		240,127
Equity LifeStyle Properties, Inc.		4,998		349,560
Federal Realty Investment Trust		2,958		402,318
Gaming and Leisure Properties, Inc.		13,304		536,950
MFA Financial, Inc.		30,889		234,447
National Retail Properties, Inc.		3,274		192,871
Regency Centers Corp.		1,797		120,830
Starwood Property Trust, Inc.		25,638		630,695
Two Harbors Investment Corp.		40,063		555,674
WP Carey, Inc.		2,318		213,395
				6,478,228
Software & Computer Services — 3.5%
Amdocs Ltd.		8,277		539,660
ANSYS, Inc.*		3,080		678,062
CDK Global, Inc.		8,077		408,212
Cognizant Technology Solutions Corp., Class A		888		54,115
International Business Machines Corp.		2,257		301,829
Intuit, Inc.		2,195		565,212
Microsoft Corp.		4,779		685,165
Synopsys, Inc.*		4,493		609,925
				3,842,180
Support Services — 2.1%
Automatic Data Processing, Inc.		3,695		599,440
Jack Henry & Associates, Inc.		1,627		230,318
Paychex, Inc.		2,305		192,790
Republic Services, Inc.		7,134		624,296

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 147

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Support Services — continued
Verisk Analytics, Inc.		398		57,591
Waste Management, Inc.		5,345		599,763
				2,304,198
Technology Hardware & Equipment — 1.4%
L3Harris Technologies, Inc.		3,016		622,231
Motorola Solutions, Inc.		3,493		580,956
Texas Instruments, Inc.		2,651		312,792
				1,515,979
Tobacco — 0.8%
Altria Group, Inc.		8,918		399,437
Philip Morris International, Inc.		5,484		446,617
				846,054
Travel & Leisure — 1.3%
Choice Hotels International, Inc.		3,631		321,271
McDonald’s Corp.		2,939		578,101
Yum! Brands, Inc.		5,413		550,556
				1,449,928
Total Common Stocks (Cost $102,224,158)				107,011,174
Short-Term Investments — 0.5%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (b) (c) (Cost $138,939)		138,939		138,939

INVESTMENTS	SHARES		VALUE($)
Investment of Cash Collateral From Securities Loaned — 0.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (b) (c) (Cost $387,400)		387,400		387,400
Total Short-Term Investments (Cost $526,339)				526,339
Total Investments — 100.3% (Cost $102,750,497)				107,537,513
Liabilities in Excess of Other Assets — (0.3%)				(292,855	)
NET ASSETS — 100.0%				107,244,658

Percentages indicated are based on net assets.

Abbreviations

REIT	RealEstate Investment Trust
(a)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is $378,300.
(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)	Therate shown is the current yield as of October 31, 2019.
*	Non-incomeproducing security.

Futures contracts outstanding as of October 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
S&P 500 MicE-Mini Index		9		12/2019		USD		136,609		2,500

Abbreviations

USD     UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

148 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%
Aerospace & Defense — 2.2%
Boeing Co. (The)		2,249		764,457
HEICO Corp.		940		115,940
Teledyne Technologies, Inc.*		507		167,107
TransDigm Group, Inc.		407		214,196
				1,261,700
Alternative Energy — 0.1%
First Solar, Inc.*		1,208		62,562
Automobiles & Parts — 0.3%
Gentex Corp.		5,278		148,048
Banks — 0.8%
Popular, Inc. (Puerto Rico)		1,454		79,185
TCF Financial Corp.		1,449		57,375
US Bancorp		5,717		325,983
				462,543
Beverages — 0.7%
Coca-Cola Co. (The)		3,971		216,142
Monster Beverage Corp.*		3,093		173,610
				389,752
Chemicals — 2.2%
Air Products & Chemicals, Inc.		690		147,149
Ashland Global Holdings, Inc.		1,222		94,546
Avery Dennison Corp.		1,183		151,258
CF Industries Holdings, Inc.		3,206		145,392
Ecolab, Inc.		1,539		295,596
FMC Corp.		1,734		158,661
RPM International, Inc.		1,787		129,433
WR Grace & Co.		1,269		84,325
				1,206,360
Construction & Materials — 0.2%
Armstrong World Industries, Inc.		731		68,371
Lennox International, Inc. (a)		176		43,535
				111,906
Electricity — 2.4%
American Electric Power Co., Inc.		1,572		148,381
DTE Energy Co.		1,158		147,436
Entergy Corp.		1,782		216,477
Eversource Energy		2,511		210,271
NextEra Energy, Inc.		2,333		556,047
Southern Co. (The)		1,322		82,837
				1,361,449

INVESTMENTS	SHARES		VALUE($)
Electronic & Electrical Equipment — 0.6%
Keysight Technologies, Inc.*		1,884		190,115
Zebra Technologies Corp., Class A*		730		173,645
				363,760
Financial Services — 7.2%
American Express Co.		2,892		339,173
CME Group, Inc.		1,858		382,283
Credit Acceptance Corp.*		238		104,199
Element Solutions, Inc.*		1,300		14,118
LPL Financial Holdings, Inc.		1,666		134,679
MarketAxess Holdings, Inc.		296		109,103
Mastercard, Inc., Class A		3,834		1,061,289
Moody’s Corp.		1,172		258,649
MSCI, Inc.		814		190,932
S&P Global, Inc.		1,380		356,026
Visa, Inc., Class A		6,335		1,133,078
				4,083,529
Fixed Line Telecommunications — 2.0%
AT&T, Inc.		2,642		101,690
Verizon Communications, Inc.		16,738		1,012,147
				1,113,837
Food & Drug Retailers — 0.7%
Casey’s General Stores, Inc.		622		106,244
Sysco Corp.		3,291		262,852
				369,096
Food Producers — 1.3%
Hershey Co. (The)		1,261		185,203
Hormel Foods Corp.		3,502		143,197
Lamb Weston Holdings, Inc.		1,891		147,573
McCormick & Co., Inc.(Non-Voting)		1,142		183,508
TreeHouse Foods, Inc.*		1,287		69,524
				729,005
Gas, Water & Multiutilities — 1.1%
Ameren Corp.		577		44,833
American Water Works Co., Inc.		1,578		194,520
Atmos Energy Corp.		1,391		156,460
WEC Energy Group, Inc.		2,409		227,410
				623,223
General Industrials — 1.1%
AptarGroup, Inc.		534		63,092
Ball Corp.		2,674		187,100
Crown Holdings, Inc.*		2,238		163,016
Danaher Corp.		1,533		211,278
				624,486

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 149

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
General Retailers — 7.4%
Amazon.com, Inc.*		561		996,706
AutoZone, Inc.*		198		226,587
Bright Horizons Family Solutions, Inc.*		922		136,936
Burlington Stores, Inc.*		810		155,658
Copart, Inc.*		2,242		185,279
Costco Wholesale Corp.		1,628		483,695
Dollar General Corp.		1,688		270,654
frontdoor, Inc.*		658		31,735
Home Depot, Inc. (The)		4,504		1,056,548
O’Reilly Automotive, Inc.*		252		109,748
Rollins, Inc.		340		12,958
Ross Stores, Inc.		430		47,158
Service Corp. International		1,200		54,576
ServiceMaster Global Holdings, Inc.*		1,612		65,093
TJX Cos., Inc. (The)		6,658		383,834
				4,217,165
Health Care Equipment & Services — 8.5%
Anthem, Inc.		1,281		344,691
Becton Dickinson and Co.		1,399		358,144
Boston Scientific Corp.*		7,947		331,390
Bruker Corp. (a)		862		38,359
Chemed Corp.		335		131,960
Cooper Cos., Inc. (The)		472		137,352
DexCom, Inc.*		1,009		155,628
Edwards Lifesciences Corp.*		1,317		313,947
HCA Healthcare, Inc.		1,804		240,906
Hill-Rom Holdings, Inc.		772		80,821
IDEXX Laboratories, Inc.*		730		208,057
Insulet Corp.* (a)		734		106,665
Intuitive Surgical, Inc.*		600		331,770
Masimo Corp.*		698		101,761
Molina Healthcare, Inc.*		1,003		117,993
ResMed, Inc.		1,359		201,023
STERIS plc		1,064		150,631
Stryker Corp.		1,163		251,522
Teleflex, Inc.		478		166,062
Thermo Fisher Scientific, Inc.		1,197		361,470
UnitedHealth Group, Inc.		1,980		500,346
WellCare Health Plans, Inc.*		562		166,689
West Pharmaceutical Services, Inc.		580		83,427
				4,880,614
Household Goods & Home Construction — 2.3%
Church & Dwight Co., Inc.		2,361		165,128
Procter & Gamble Co. (The)		7,715		960,595

INVESTMENTS	SHARES		VALUE($)
Household Goods & Home Construction — continued
PulteGroup, Inc.		3,880		152,251
Wayfair, Inc., Class A*		877		72,116
				1,350,090
Industrial Engineering — 0.3%
Ingersoll-Rand plc		578		73,343
Xylem, Inc.		1,499		114,958
				188,301
Industrial Transportation — 1.1%
CSX Corp.		4,389		308,415
Norfolk Southern Corp.		1,567		285,194
				593,609
Leisure Goods — 1.1%
Garmin Ltd.		1,708		160,125
Hasbro, Inc.		1,183		115,118
Pool Corp.		720		149,328
Take-Two Interactive Software, Inc.*		1,267		152,483
				577,054
Life Insurance — 0.0%(b)
Globe Life, Inc.		159		15,475
Media — 1.0%
Cable One, Inc.		101		133,862
Dolby Laboratories, Inc., Class A		186		11,965
FactSet Research Systems, Inc.		214		54,253
Fox Corp., Class A		2,013		64,497
Graham Holdings Co., Class B		58		36,520
Roku, Inc.*		1,072		157,799
Sinclair Broadcast Group, Inc., Class A		2,235		89,042
				547,938
Mobile Telecommunications — 0.2%
Telephone & Data Systems, Inc.		314		8,192
T-Mobile US, Inc.*		1,235		102,085
				110,277
Nonlife Insurance — 5.1%
Aon plc		1,504		290,513
Arthur J Gallagher & Co.		1,968		179,521
Berkshire Hathaway, Inc., Class B*		5,370		1,141,555
Brown & Brown, Inc.		4,010		151,097
CNA Financial Corp.		432		19,371
Erie Indemnity Co., Class A		413		76,104
First American Financial Corp.		1,041		64,313
Hanover Insurance Group, Inc. (The)		231		30,425
Marsh & McLennan Cos., Inc.		2,802		290,343

SEE NOTES TO FINANCIAL STATEMENTS.

150 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Nonlife Insurance — continued
Old Republic International Corp.		2,476		55,314
Progressive Corp. (The)		3,585		249,874
Reinsurance Group of America, Inc.		805		130,788
Travelers Cos., Inc. (The)		1,628		213,366
				2,892,584
Oil & Gas Producers — 2.5%
Cabot Oil & Gas Corp.		5,865		109,324
Chevron Corp.		5,702		662,230
ConocoPhillips		1,901		104,935
Diamondback Energy, Inc.		1,158		99,310
EOG Resources, Inc.		2,433		168,631
Hess Corp.		2,836		186,467
WPX Energy, Inc.*		6,915		69,012
				1,399,909
Oil Equipment, Services & Distribution — 1.5%
Kinder Morgan, Inc.		12,944		258,621
OGE Energy Corp.		3,335		143,605
ONEOK, Inc.		3,221		224,923
Targa Resources Corp.		2,530		98,366
Williams Cos., Inc. (The)		8,696		194,008
				919,523
Personal Goods — 2.6%
Columbia Sportswear Co.		1,159		104,832
Estee Lauder Cos., Inc. (The), Class A		1,418		264,131
Lululemon Athletica, Inc.*		1,080		220,612
NIKE, Inc., Class B		5,904		528,703
Under Armour, Inc., Class A*		5,003		103,312
Under Armour, Inc., Class C*		5,322		98,457
VF Corp.		1,670		137,424
				1,457,471
Pharmaceuticals & Biotechnology — 4.1%
Bio-Techne Corp.		416		86,599
Eli Lilly & Co.		4,218		480,641
Exact Sciences Corp.*		1,270		110,490
Guardant Health, Inc.*		1,447		100,567
IQVIA Holdings, Inc.*		1,433		206,954
Merck & Co., Inc.		11,194		970,072
Zoetis, Inc.		2,747		351,396
				2,306,719
Real Estate Investment Trusts — 6.1%
Alexandria Real Estate Equities, Inc.		1,104		175,260
American Tower Corp.		964		210,229

INVESTMENTS	SHARES		VALUE($)
Real Estate Investment Trusts — continued
Apartment Investment & Management Co., Class A		2,222		121,943
Chimera Investment Corp.		4,860		98,464
CoreSite Realty Corp.		487		57,223
CyrusOne, Inc.		1,402		99,935
EPR Properties		914		71,100
Equity LifeStyle Properties, Inc.		2,370		165,758
Equity Residential		2,784		246,829
HCP, Inc.		5,181		194,909
Life Storage, Inc.		715		77,878
Medical Properties Trust, Inc.		7,299		151,308
National Retail Properties, Inc.		2,628		154,816
Omega Healthcare Investors, Inc.		3,622		159,513
Prologis, Inc.		3,807		334,102
Realty Income Corp.		2,676		218,870
STORE Capital Corp.		3,836		155,358
Sun Communities, Inc.		879		142,969
UDR, Inc.		3,135		157,534
Welltower, Inc.		2,860		259,373
WP Carey, Inc.		1,846		169,943
				3,423,314
Software & Computer Services — 14.2%
Adobe, Inc.*		2,205		612,836
Akamai Technologies, Inc.*		1,884		162,966
Alteryx, Inc., Class A*		976		89,304
Anaplan, Inc.*		2,427		114,554
ANSYS, Inc.*		882		194,172
Aspen Technology, Inc.*		1,114		128,233
Atlassian Corp. plc, Class A*		1,259		152,075
Avalara, Inc.*		1,537		109,127
Black Knight, Inc.*		1,261		80,956
CACI International, Inc., Class A*		597		133,579
Cadence Design Systems, Inc.*		2,729		178,340
CDW Corp.		1,556		199,028
Cerence, Inc.*		455		7,052
Ceridian HCM Holding, Inc.*		2,279		109,962
Coupa Software, Inc.*		1,058		145,464
Elastic NV*		1,461		105,207
EPAM Systems, Inc.*		806		141,824
Fortinet, Inc.*		1,782		145,340
HubSpot, Inc.* (a)		712		110,431
IAC/InterActiveCorp*		726		164,984
Intuit, Inc.		1,352		348,140
Leidos Holdings, Inc.		1,823		157,197
Manhattan Associates, Inc.*		1,622		121,569

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 151

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Software & Computer Services — continued
Match Group, Inc. (a)		1,554		113,426
Microsoft Corp.		8,331		1,194,415
MongoDB, Inc.*		919		117,421
Nuance Communications, Inc.*		3,699		60,368
Okta, Inc.*		1,297		141,464
Paycom Software, Inc.*		659		139,398
RealPage, Inc.* (a)		1,556		94,216
RingCentral, Inc., Class A*		1,075		173,634
salesforce.com, Inc.*		3,895		609,529
ServiceNow, Inc.*		1,152		284,844
Smartsheet, Inc., Class A*		2,680		105,592
Switch, Inc., Class A		2,647		39,096
Synopsys, Inc.*		1,381		187,471
Twilio, Inc., Class A*		1,336		129,004
Veeva Systems, Inc., Class A*		1,205		170,905
VeriSign, Inc.*		952		180,899
VMware, Inc., Class A		905		143,234
Workday, Inc., Class A*		1,134		183,889
Zendesk, Inc.*		1,691		119,469
Zscaler, Inc.*		1,892		83,210
				7,983,824
Support Services — 6.8%
Automatic Data Processing, Inc.		2,340		379,618
Booz Allen Hamilton Holding Corp.		2,037		143,344
Broadridge Financial Solutions, Inc.		1,268		158,779
Cintas Corp.		760		204,189
CoStar Group, Inc.*		331		181,891
Euronet Worldwide, Inc.*		937		131,245
Fair Isaac Corp.*		434		131,953
Fidelity National Information Services, Inc.		2,346		309,109
Fiserv, Inc.*		2,752		292,097
Jack Henry & Associates, Inc.		173		24,490
Paychex, Inc.		2,506		209,602
PayPal Holdings, Inc.*		5,379		559,954
Republic Services, Inc.		2,084		182,371
TransUnion		1,325		109,472
Verisk Analytics, Inc.		1,309		189,412
Waste Management, Inc.		2,587		290,287
WEX, Inc.*		737		139,426
Willis Towers Watson plc		1,080		201,852
				3,839,091
Technology Hardware & Equipment — 7.3%
Advanced Micro Devices, Inc.*		7,460		253,118
Broadcom, Inc.		1,903		557,294
Ciena Corp.*		3,376		125,317

INVESTMENTS	SHARES		VALUE($)
Technology Hardware & Equipment — continued
Cisco Systems, Inc.		18,844		895,279
Cypress Semiconductor Corp.		6,383		148,532
Entegris, Inc.		1,594		76,512
KLA Corp.		1,391		235,135
L3Harris Technologies, Inc.		1,393		287,390
Lam Research Corp.		1,116		302,481
Motorola Solutions, Inc.		1,268		210,894
Teradyne, Inc.		2,810		172,028
Texas Instruments, Inc.		3,951		466,178
Ubiquiti, Inc. (a)		1,092		138,236
ViaSat, Inc.*		1,668		114,825
Xilinx, Inc.		2,068		187,650
				4,170,869
Travel & Leisure — 4.8%
Chipotle Mexican Grill, Inc.*		234		182,089
Choice Hotels International, Inc.		739		65,387
Darden Restaurants, Inc.		1,377		154,596
Hilton Worldwide Holdings, Inc.		2,035		197,313
Hyatt Hotels Corp., Class A		324		24,216
Live Nation Entertainment, Inc.*		2,130		150,165
McDonald’s Corp.		3,466		681,762
Planet Fitness, Inc., Class A*		1,738		110,641
Starbucks Corp.		5,794		489,941
United Airlines Holdings, Inc.*		1,549		140,711
Vail Resorts, Inc.		156		36,250
Wendy’s Co. (The)		5,860		124,115
Yum China Holdings, Inc. (China)		3,958		168,215
Yum! Brands, Inc.		2,148		218,473
				2,743,874
Total Common Stocks (Cost $57,669,701)				56,528,957
Short-Term Investments — 1.2%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (c) (d) (Cost $87,612)		87,612		87,612
Investment of Cash Collateral From Securities Loaned — 1.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (c) (d) (Cost $561,328)		561,328		561,328
Total Short-Term Investments (Cost $648,940)				648,940
Total Investments — 101.0% (Cost $58,318,641)				57,177,897
Liabilities in Excess of Other Assets — (1.0%)				(557,308	)
NET ASSETS — 100.0%				56,620,589

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

152 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

(a)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is $541,227.
(b)	Amountrounds to less than 0.1% of net assets.

(c)	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.
(d)	Therate shown is the current yield as of October 31, 2019.
*	Non-incomeproducing security.

Futures contracts outstanding as of October 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
S&P 500 MicE-Mini Index		4		12/2019		USD		60,715		1,316

Abbreviations

USD UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 153

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.7%
Aerospace & Defense — 1.3%
Boeing Co. (The)		4,062		1,380,715
Spirit AeroSystems Holdings, Inc., Class A		116		9,491
				1,390,206
Banks — 1.2%
Bank of Hawaii Corp.		2,726		238,007
Commerce Bancshares, Inc.		3,882		249,845
US Bancorp		13,935		794,574
				1,282,426
Beverages — 2.8%
Brown-Forman Corp., Class B		3,702		242,555
Coca-Cola Co. (The)		20,920		1,138,676
Monster Beverage Corp.*		5,857		328,753
PepsiCo, Inc.		9,443		1,295,296
				3,005,280
Chemicals — 1.8%
Air Products & Chemicals, Inc.		2,301		490,711
Celanese Corp.		2,700		327,105
CF Industries Holdings, Inc.		4,004		181,581
LyondellBasell Industries NV, Class A		3,730		334,581
NewMarket Corp.		487		236,434
PPG Industries, Inc.		2,906		363,599
				1,934,011
Construction & Materials — 0.3%
AO Smith Corp.		2,044		101,546
Watsco, Inc.		1,210		213,323
				314,869
Electricity — 2.2%
AES Corp.		4,824		82,249
Exelon Corp.		10,817		492,065
Hawaiian Electric Industries, Inc.		1,341		60,546
IDACORP, Inc.		1,271		136,785
NextEra Energy, Inc.		3,348		797,962
NRG Energy, Inc.		6,832		274,100
PG&E Corp.*		7,292		44,992
Pinnacle West Capital Corp.		2,871		270,219
Vistra Energy Corp.		6,650		179,750
				2,338,668
Electronic & Electrical Equipment — 0.6%
Allegion plc		1,078		125,091
Mettler-Toledo International, Inc.*		422		297,485
Waters Corp.*		1,353		286,322
				708,898

INVESTMENTS	SHARES		VALUE($)
Financial Services — 7.3%
American Express Co.		6,400		750,592
Cboe Global Markets, Inc.		2,104		242,275
Eaton Vance Corp.		5,575		254,220
Mastercard, Inc., Class A		6,968		1,928,812
Moody’s Corp.		2,113		466,318
MSCI, Inc.		1,250		293,200
Nasdaq, Inc.		2,897		289,034
S&P Global, Inc.		2,517		649,361
SEI Investments Co.		4,528		271,318
T. Rowe Price Group, Inc.		2,587		299,574
Visa, Inc., Class A		11,545		2,064,939
Western Union Co. (The)		12,385		310,368
				7,820,011
Fixed Line Telecommunications — 2.0%
AT&T, Inc.		2,468		94,993
CenturyLink, Inc.		9,104		117,806
Verizon Communications, Inc.		32,336		1,955,358
				2,168,157
Food Producers — 0.5%
Hershey Co. (The)		2,061		302,699
Hormel Foods Corp.		4,969		203,182
				505,881
Gas, Water & Multiutilities — 1.1%
Ameren Corp.		4,379		340,248
National Fuel Gas Co.		4,256		192,839
UGI Corp.		5,014		239,018
WEC Energy Group, Inc.		4,376		413,095
				1,185,200
General Industrials — 1.8%
3M Co.		5,191		856,463
Honeywell International, Inc.		6,281		1,084,917
				1,941,380
General Retailers — 7.2%
Copart, Inc.*		4,120		340,477
Costco Wholesale Corp.		3,443		1,022,950
eBay, Inc.		10,713		377,633
Foot Locker, Inc.		3,891		169,297
frontdoor, Inc.*		2,682		129,353
H&R Block, Inc.		8,903		222,486
Home Depot, Inc. (The)		8,599		2,017,154
Kohl’s Corp.		982		50,337
Lowe’s Cos., Inc.		7,323		817,320
Nordstrom, Inc. (a)		3,927		140,979

SEE NOTES TO FINANCIAL STATEMENTS.

154 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
General Retailers — continued
O’Reilly Automotive, Inc.*		1,064		463,383
Ross Stores, Inc.		4,475		490,773
Target Corp.		5,424		579,880
TJX Cos., Inc. (The)		12,260		706,789
Tractor Supply Co.		766		72,785
Williams-Sonoma, Inc.		2,935		196,029
				7,797,625
Health Care Equipment & Services — 1.6%
Chemed Corp.		377		148,504
Edwards Lifesciences Corp.*		2,387		569,013
IDEXX Laboratories, Inc.*		1,312		373,933
ResMed, Inc.		2,487		367,877
Varian Medical Systems, Inc.*		2,103		254,064
				1,713,391
Household Goods & Home Construction — 0.9%
Church & Dwight Co., Inc.		2,594		181,424
Clorox Co. (The)		1,818		268,501
Procter & Gamble Co. (The)		4,261		530,537
				980,462
Industrial Engineering — 2.2%
Allison Transmission Holdings, Inc.		5,467		238,416
Donaldson Co., Inc.		3,482		183,641
Graco, Inc.		5,307		239,876
IDEX Corp.		1,793		278,865
Illinois Tool Works, Inc.		3,654		615,991
Lincoln Electric Holdings, Inc.		2,251		201,622
Rockwell Automation, Inc.		1,908		328,157
Toro Co. (The)		3,522		271,652
				2,358,220
Industrial Metals & Mining — 0.1%
Southern Copper Corp. (Peru)		2,945		104,783
Industrial Transportation — 1.7%
CH Robinson Worldwide, Inc.		3,408		257,781
Landstar System, Inc.		2,146		242,820
Union Pacific Corp.		6,092		1,007,982
United Parcel Service, Inc., Class B		2,787		320,979
				1,829,562
Leisure Goods — 0.1%
Electronic Arts, Inc.*		783		75,481
Life Insurance — 0.7%
Aflac, Inc.		8,949		475,729
Globe Life, Inc.		3,050		296,856
				772,585

INVESTMENTS	SHARES		VALUE($)
Media — 1.1%
Cable One, Inc.		110		145,791
Dolby Laboratories, Inc., Class A		3,182		204,698
FactSet Research Systems, Inc. (a)		967		245,154
Omnicom Group, Inc.		4,054		312,928
Sirius XM Holdings, Inc. (a)		43,358		291,366
				1,199,937
Mining — 0.2%
Royal Gold, Inc.		2,019		233,073
Mobile Telecommunications — 0.1%
Telephone & Data Systems, Inc.		2,283		59,563
Nonlife Insurance — 4.7%
Allstate Corp. (The)		4,256		452,924
American Financial Group, Inc.		2,513		261,453
Aon plc		2,702		521,918
Arch Capital Group Ltd.*		7,032		293,656
Arthur J Gallagher & Co.		3,581		326,659
Brown & Brown, Inc.		7,299		275,026
Chubb Ltd.		3,142		478,904
Cincinnati Financial Corp.		106		12,000
Erie Indemnity Co., Class A		1,044		192,378
Hartford Financial Services Group, Inc. (The)		3,594		205,146
Marsh & McLennan Cos., Inc.		5,573		577,474
Old Republic International Corp.		5,982		133,638
Progressive Corp. (The)		6,523		454,653
Reinsurance Group of America, Inc.		881		143,136
Travelers Cos., Inc. (The)		2,890		378,763
WR Berkley Corp.		3,930		274,707
				4,982,435
Oil & Gas Producers — 3.9%
Cabot Oil & Gas Corp.		10,681		199,094
Chevron Corp.		11,975		1,390,777
ConocoPhillips		11,746		648,379
Exxon Mobil Corp.		17,934		1,211,800
Occidental Petroleum Corp.		7,087		287,024
Phillips 66		3,470		405,365
				4,142,439
Oil Equipment, Services & Distribution — 0.3%
Schlumberger Ltd.		10,211		333,798
Personal Goods — 2.5%
Carter’s, Inc.		1,152		115,476
Colgate-Palmolive Co.		7,457		511,550
Estee Lauder Cos., Inc. (The), Class A		1,899		353,727
Kimberly-Clark Corp.		3,407		452,722

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 155

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Personal Goods — continued
NIKE, Inc., Class B		11,069		991,229
VF Corp.		3,133		257,815
				2,682,519
Pharmaceuticals & Biotechnology — 11.4%
AbbVie, Inc.		12,824		1,020,149
Amgen, Inc.		5,180		1,104,635
Biogen, Inc.*		1,953		583,381
Bio-Techne Corp.		909		189,226
Bristol-Myers Squibb Co.		15,745		903,291
Celgene Corp.*		4,368		471,875
Eli Lilly & Co.		7,664		873,313
Gilead Sciences, Inc.		11,073		705,461
Incyte Corp.*		1,197		100,452
Johnson & Johnson		16,264		2,147,498
Merck & Co., Inc.		20,356		1,764,051
Pfizer, Inc.		40,122		1,539,481
Regeneron Pharmaceuticals, Inc.*		731		223,891
Vertex Pharmaceuticals, Inc.*		2,811		549,494
Zoetis, Inc.		480		61,402
				12,237,600
Real Estate Investment Trusts — 4.5%
AGNC Investment Corp.		12,399		211,403
American Tower Corp.		3,969		865,560
Brookfield Property REIT, Inc., Class A		5,775		109,147
Camden Property Trust		1,437		164,350
Chimera Investment Corp.		12,072		244,578
Equity LifeStyle Properties, Inc.		4,306		301,162
Equity Residential (a)		3,037		269,260
Federal Realty Investment Trust		1,395		189,734
Gaming and Leisure Properties, Inc.		6,381		257,537
Lamar Advertising Co., Class A		2,594		207,546
Medical Properties Trust, Inc.		13,281		275,315
MFA Financial, Inc.		18,471		140,195
New Residential Investment Corp.		9,633		152,587
Public Storage		1,820		405,605
Simon Property Group, Inc.		3,259		491,066
Starwood Property Trust, Inc.		10,805		265,803
Vornado Realty Trust		2,258		148,193
Weingarten Realty Investors		2,982		94,619
				4,793,660
Software & Computer Services — 13.3%
Adobe, Inc.*		3,990		1,108,941
Akamai Technologies, Inc.*		3,461		299,376
Alphabet, Inc., Class A*		1,618		2,036,738

INVESTMENTS	SHARES		VALUE($)
Software & Computer Services — continued
Aspen Technology, Inc.*		2,047		235,630
Cadence Design Systems, Inc.*		4,985		325,770
Cerner Corp.		4,481		300,765
Citrix Systems, Inc.		3,119		339,534
Cognizant Technology Solutions Corp., Class A		5,853		356,682
EPAM Systems, Inc.*		899		158,188
Facebook, Inc., Class A*		10,386		1,990,477
International Business Machines Corp.		7,723		1,032,797
Intuit, Inc.		2,459		633,193
Manhattan Associates, Inc.*		2,974		222,901
Match Group, Inc. (a)		1,620		118,244
Microsoft Corp.		15,143		2,171,052
Oracle Corp.		19,639		1,070,129
Palo Alto Networks, Inc.*		1,449		329,488
Paycom Software, Inc.*		776		164,147
Premier, Inc., Class A*		4,699		153,093
Proofpoint, Inc.* (a)		2,219		256,006
Veeva Systems, Inc., Class A*		2,203		312,451
VeriSign, Inc.*		1,756		333,675
VMware, Inc., Class A		1,650		261,146
				14,210,423
Support Services — 4.7%
Accenture plc, Class A		5,497		1,019,254
Automatic Data Processing, Inc.		4,224		685,259
Broadridge Financial Solutions, Inc.		2,236		279,992
Fiserv, Inc.*		5,006		531,337
Jack Henry & Associates, Inc.		1,764		249,712
MSC Industrial Direct Co., Inc., Class A		2,231		163,332
Paychex, Inc.		4,518		377,886
PayPal Holdings, Inc.*		7,383		768,570
Robert Half International, Inc.		4,467		255,825
Verisk Analytics, Inc.		2,403		347,714
WW Grainger, Inc.		862		266,220
				4,945,101
Technology Hardware & Equipment — 9.0%
Apple, Inc.		10,001		2,487,849
Cisco Systems, Inc.		34,326		1,630,828
Intel Corp.		28,480		1,609,974
Juniper Networks, Inc.		8,661		214,966
Lam Research Corp.		1,997		541,267
Maxim Integrated Products, Inc.		5,717		335,359
NetApp, Inc.		1,627		90,917
NVIDIA Corp.		4,539		912,430
Qorvo, Inc.*		2,212		178,862

SEE NOTES TO FINANCIAL STATEMENTS.

156 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Technology Hardware & Equipment — continued
Teradyne, Inc.		5,130		314,059
Texas Instruments, Inc.		8,223		970,232
Ubiquiti, Inc.		913		115,577
Xilinx, Inc.		3,378		306,520
				9,708,840
Tobacco — 1.1%
Altria Group, Inc.		13,673		612,413
Philip Morris International, Inc.		6,413		522,275
				1,134,688
Travel & Leisure — 5.5%
Booking Holdings, Inc.*		402		823,606
Choice Hotels International, Inc.		767		67,864
Darden Restaurants, Inc.		2,544		285,615
Expedia Group, Inc.		2,408		329,077
Hilton Worldwide Holdings, Inc.		4,190		406,263
Las Vegas Sands Corp.		5,937		367,144
Marriott International, Inc., Class A		3,499		442,799
McDonald’s Corp.		5,366		1,055,492
Six Flags Entertainment Corp.		3,206		135,261
Southwest Airlines Co.		7,354		412,780
Starbucks Corp.		10,504		888,218
TripAdvisor, Inc.*		4,498		181,719
Vail Resorts, Inc.		595		138,260
Yum! Brands, Inc.		3,061		311,334
				5,845,432
Total Common Stocks (Cost $99,180,085)				106,736,604

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments – 1.1%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (b) (c) (Cost $260,405)		260,405		260,405
Investment of Cash Collateral From Securities Loaned — 0.9%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (b) (c) (Cost $946,322)		946,322		946,322
Total Short-Term Investments (Cost $1,206,727)				1,206,727
Total Investments — 100.8% (Cost $100,386,812)				107,943,331
Liabilities in Excess of Other Assets — (0.8%)				(875,459	)
NET ASSETS — 100.0%				107,067,872

Percentages indicated are based on net assets.

Abbreviations

REIT	RealEstate Investment Trust
(a)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is $928,985.
(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)	Therate shown is the current yield as of October 31, 2019.
*	Non-incomeproducing security.

Futures contracts outstanding as of October 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
S&P 500 MicE-Mini Index		17		12/2019		USD		258,039		3,452

Abbreviations

USD     UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 157

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.7%
Aerospace & Defense — 1.3%
General Dynamics Corp.		1,175		207,740
Textron, Inc.		2,158		99,462
United Technologies Corp.		4,064		583,509
				890,711
Automobiles & Parts — 1.9%
BorgWarner, Inc.		3,641		151,757
Ford Motor Co.		30,050		258,130
Gentex Corp.		5,785		162,269
Genuine Parts Co.		1,802		184,849
Goodyear Tire & Rubber Co. (The)		11,908		188,980
Harley-Davidson, Inc. (a)		4,585		178,402
Lear Corp.		1,372		161,580
				1,285,967
Banks — 8.2%
Associated Banc-Corp.		4,992		100,389
Bank of America Corp.		4,251		132,929
Bank OZK		3,240		90,914
BB&T Corp.		6,529		346,364
BOK Financial Corp.		605		46,676
Citigroup, Inc.		8,890		638,835
Citizens Financial Group, Inc.		6,253		219,856
Comerica, Inc.		1,776		116,186
Fifth Third Bancorp		7,937		230,808
First Horizon National Corp.		6,085		97,178
FNB Corp.		13,825		166,730
Huntington Bancshares, Inc.		12,411		175,367
KeyCorp		13,154		236,377
New York Community Bancorp, Inc.		14,287		166,444
PacWest Bancorp		4,278		158,243
People’s United Financial, Inc.		8,506		137,542
PNC Financial Services Group, Inc. (The)		3,174		465,626
Popular, Inc. (Puerto Rico)		3,012		164,034
Regions Financial Corp.		14,273		229,795
SunTrust Banks, Inc.		4,354		297,552
Umpqua Holdings Corp.		9,509		150,432
Wells Fargo & Co.		21,627		1,116,602
				5,484,879
Beverages — 0.5%
Keurig Dr Pepper, Inc.		5,030		141,645
Molson Coors Brewing Co., Class B		3,171		167,175
				308,820
Chemicals — 1.2%
Cabot Corp.		893		38,926
Chemours Co. (The)		5,052		82,903

INVESTMENTS	SHARES		VALUE($)
Chemicals — continued
DuPont de Nemours, Inc.		1,297		85,485
Eastman Chemical Co.		1,977		150,331
Huntsman Corp.		5,380		119,060
LyondellBasell Industries NV, Class A		2,617		234,745
Olin Corp.		4,324		79,302
				790,752
Construction & Materials — 0.5%
AECOM*		4,186		167,482
Owens Corning		2,636		161,534
				329,016
Electricity — 2.3%
Avangrid, Inc.		2,375		118,869
Consolidated Edison, Inc.		2,794		257,662
Exelon Corp.		6,644		302,236
Hawaiian Electric Industries, Inc.		2,515		113,552
Pinnacle West Capital Corp.		1,087		102,308
PPL Corp.		7,136		238,985
Public Service Enterprise Group, Inc.		2,581		163,403
Southern Co. (The)		3,606		225,952
				1,522,967
Electronic & Electrical Equipment — 1.6%
Arrow Electronics, Inc.*		930		73,730
Avnet, Inc.		1,892		74,848
Emerson Electric Co.		4,540		318,481
Hubbell, Inc.		1,183		167,631
nVent Electric plc		6,324		145,831
Regal Beloit Corp.		1,843		136,474
WESCO International, Inc.*		2,767		138,765
				1,055,760
Financial Services — 4.0%
Ally Financial, Inc.		4,882		149,536
Bank of New York Mellon Corp. (The)		7,116		332,673
Capital One Financial Corp.		3,803		354,630
Goldman Sachs Group, Inc. (The)		2,205		470,503
Invesco Ltd.		8,793		147,898
Janus Henderson Group plc (United Kingdom)		4,363		100,916
Jefferies Financial Group, Inc.		5,951		111,105
Legg Mason, Inc.		4,197		156,380
Morgan Stanley		8,954		412,332
Navient Corp.		11,364		156,482
State Street Corp.		4,219		278,750
				2,671,205

SEE NOTES TO FINANCIAL STATEMENTS.

158 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Fixed Line Telecommunications — 2.1%
AT&T, Inc.		19,492		750,247
CenturyLink, Inc.		6,274		81,186
Verizon Communications, Inc.		9,041		546,709
				1,378,142
Food & Drug Retailers — 1.9%
AmerisourceBergen Corp.		1,386		118,337
CVS Health Corp.		7,547		501,045
Kroger Co. (The)		7,847		193,350
McKesson Corp.		1,298		172,634
Walgreens Boots Alliance, Inc.		5,375		294,443
				1,279,809
Food Producers — 2.2%
Archer-Daniels-Midland Co.		5,147		216,380
Bunge Ltd.		2,239		120,906
Flowers Foods, Inc.		6,226		135,229
General Mills, Inc.		4,840		246,162
Ingredion, Inc.		1,876		148,204
JM Smucker Co. (The)		1,461		154,399
Kraft Heinz Co. (The)		7,528		243,380
Tyson Foods, Inc., Class A		2,552		211,280
				1,475,940
Forestry & Paper — 0.3%
Domtar Corp.		2,775		100,982
International Paper Co.		3,109		135,801
				236,783
Gas, Water & Multiutilities — 0.9%
CenterPoint Energy, Inc.		6,382		185,525
Duke Energy Corp.		4,412		415,875
National Fuel Gas Co.		728		32,986
				634,386
General Industrials — 2.2%
Carlisle Cos., Inc.		1,099		167,345
Eaton Corp. plc		3,323		289,467
Graphic Packaging Holding Co.		9,870		154,564
Packaging Corp. of America		1,638		179,295
Parker-Hannifin Corp.		1,291		236,886
Silgan Holdings, Inc.		4,048		124,557
Sonoco Products Co.		2,374		136,980
Westrock Co.		4,735		176,947
				1,466,041
General Retailers — 3.1%
AutoNation, Inc.*		2,025		102,971
Best Buy Co., Inc.		2,763		198,466

INVESTMENTS	SHARES		VALUE($)
General Retailers — continued
Dick’s Sporting Goods, Inc.		3,572		139,058
Foot Locker, Inc.		2,557		111,255
Gap, Inc. (The)		5,962		96,942
H&R Block, Inc.		5,467		136,620
KAR Auction Services, Inc.		2,871		71,373
Kohl’s Corp.		3,091		158,445
L Brands, Inc.		4,672		79,611
Macy’s, Inc.		9,791		148,431
Nordstrom, Inc. (a)		2,662		95,566
Penske Automotive Group, Inc.		2,975		144,942
Target Corp.		3,258		348,313
Urban Outfitters, Inc.*		2,972		85,297
Williams-Sonoma, Inc.		2,234		149,209
				2,066,499
Health Care Equipment & Services — 5.4%
Anthem, Inc.		1,543		415,191
Baxter International, Inc.		1,478		113,362
Becton Dickinson and Co.		1,421		363,776
Cigna Corp.		2,290		408,673
Hill-Rom Holdings, Inc.		1,270		132,956
MEDNAX, Inc.*		2,391		52,506
Medtronic plc		6,473		704,910
Quest Diagnostics, Inc.		1,700		172,125
UnitedHealth Group, Inc.		3,742		945,603
Universal Health Services, Inc., Class B		1,198		164,677
Zimmer Biomet Holdings, Inc.		1,412		195,181
				3,668,960
Household Goods & Home Construction — 1.5%
Leggett & Platt, Inc.		1,955		100,291
Lennar Corp., Class A		3,680		219,328
Newell Brands, Inc.		7,416		140,682
PulteGroup, Inc.		4,776		187,410
Stanley Black & Decker, Inc.		1,425		215,645
Toll Brothers, Inc.		4,021		159,915
				1,023,271
Industrial Engineering — 3.6%
AGCO Corp.		1,973		151,309
Allison Transmission Holdings, Inc.		3,066		133,708
Caterpillar, Inc.		2,621		361,174
Crane Co.		1,630		124,728
Cummins, Inc.		1,456		251,131
Dover Corp.		1,945		202,066
Ingersoll-Rand plc		1,148		145,670
Oshkosh Corp.		1,992		170,077

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 159

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Industrial Engineering — continued
PACCAR, Inc.		3,278		249,325
Pentair plc		3,682		152,692
Snap-on, Inc.		1,009		164,134
Timken Co. (The)		3,402		166,698
Trinity Industries, Inc.		6,025		119,174
				2,391,886
Industrial Metals & Mining — 0.7%
Nucor Corp.		3,421		184,221
Reliance Steel & Aluminum Co.		1,563		181,370
Steel Dynamics, Inc.		3,600		109,296
				474,887
Industrial Transportation — 1.8%
Kansas City Southern		1,417		199,485
Macquarie Infrastructure Corp.		3,340		144,088
Norfolk Southern Corp.		1,752		318,864
Ryder System, Inc.		2,275		110,633
Schneider National, Inc., Class B		3,289		75,220
Union Pacific Corp.		2,053		339,689
				1,187,979
Leisure Goods — 0.6%
Garmin Ltd.		2,018		189,188
Thor Industries, Inc.		2,953		186,807
				375,995
Life Insurance — 1.6%
Lincoln National Corp.		3,202		180,849
MetLife, Inc.		6,756		316,113
Principal Financial Group, Inc.		3,931		209,837
Prudential Financial, Inc.		3,396		309,511
Unum Group		3,657		100,714
				1,117,024
Media — 5.6%
AMC Networks, Inc., Class A*		997		43,419
CBS Corp.(Non-Voting), Class B		2,541		91,578
Comcast Corp., Class A		21,771		975,776
Discovery, Inc., Class A* (a)		4,095		110,381
DISH Network Corp., Class A*		4,294		147,628
Fox Corp., Class A		3,236		103,681
Fox Corp., Class B		2,537		79,256
Graham Holdings Co., Class B		137		86,264
Interpublic Group of Cos., Inc. (The)		6,487		141,092
John Wiley & Sons, Inc., Class A		2,119		97,622
Liberty Media Corp.-Liberty SiriusXM, Class C*		3,719		168,062
Lions Gate Entertainment Corp., Class A*		5,092		40,685

INVESTMENTS	SHARES		VALUE($)
Media — continued
Nexstar Media Group, Inc., Class A		816		79,389
Nielsen Holdings plc		6,431		129,649
Omnicom Group, Inc.		2,490		192,203
Qurate Retail, Inc., Series A*		8,897		84,877
Sinclair Broadcast Group, Inc., Class A		1,641		65,377
Viacom, Inc., Class B		6,502		140,183
Walt Disney Co. (The)		7,759		1,008,049
				3,785,171
Nonlife Insurance — 1.2%
Assured Guaranty Ltd.		3,749		175,903
First American Financial Corp.		2,912		179,903
Mercury General Corp.		1,288		61,901
Old Republic International Corp.		7,593		169,628
Reinsurance Group of America, Inc.		1,204		195,614
				782,949
Oil & Gas Producers — 3.9%
Chevron Corp.		8,043		934,114
ConocoPhillips		975		53,820
Exxon Mobil Corp.		13,368		903,276
HollyFrontier Corp.		2,384		130,977
Marathon Petroleum Corp.		4,978		318,343
Valero Energy Corp.		2,990		289,970
				2,630,500
Oil Equipment, Services & Distribution — 0.3%
Helmerich & Payne, Inc.		1,550		58,125
Kinder Morgan, Inc.		5,508		110,050
				168,175
Personal Goods — 1.2%
Capri Holdings Ltd.*		2,152		66,863
Hanesbrands, Inc.		10,686		162,534
Nu Skin Enterprises, Inc., Class A		1,139		50,777
PVH Corp.		1,966		171,357
Ralph Lauren Corp.		1,633		156,866
Tapestry, Inc.		7,275		188,131
				796,528
Pharmaceuticals & Biotechnology — 6.8%
Abbott Laboratories		1,513		126,502
Allergan plc		2,159		380,222
Amgen, Inc.		2,115		451,024
Cardinal Health, Inc.		2,830		139,944
Gilead Sciences, Inc.		6,285		400,417
Johnson & Johnson		7,823		1,032,949
Merck & Co., Inc.		10,094		874,746

SEE NOTES TO FINANCIAL STATEMENTS.

160 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Pharmaceuticals & Biotechnology — continued
Perrigo Co. plc (a)		1,242		65,851
Pfizer, Inc.		26,709		1,024,824
				4,496,479
Real Estate Investment Trusts — 4.0%
AGNC Investment Corp.		10,692		182,299
Annaly Capital Management, Inc.		20,845		187,188
Apple Hospitality REIT, Inc.		5,510		90,805
Brandywine Realty Trust		6,399		97,777
Brixmor Property Group, Inc.		5,348		117,763
Chimera Investment Corp.		8,233		166,801
Colony Capital, Inc.		835		4,676
Columbia Property Trust, Inc.		2,652		54,419
EPR Properties		1,552		120,730
Kimco Realty Corp.		9,526		205,381
Medical Properties Trust, Inc.		9,462		196,147
MFA Financial, Inc.		21,328		161,879
New Residential Investment Corp.		10,834		171,610
Omega Healthcare Investors, Inc.		4,451		196,022
Park Hotels & Resorts, Inc.		5,550		129,037
Retail Properties of America, Inc., Class A		7,087		97,517
Service Properties Trust		5,167		130,725
Starwood Property Trust, Inc.		7,266		178,744
Two Harbors Investment Corp.		11,195		155,275
Weingarten Realty Investors		1,396		44,295
				2,689,090
Software & Computer Services — 7.3%
Akamai Technologies, Inc.*		1,971		170,491
Amdocs Ltd.		2,492		162,478
CACI International, Inc., Class A*		376		84,130
CDK Global, Inc.		1,721		86,979
CDW Corp.		1,371		175,365
Cerence, Inc.*		497		7,704
Cerner Corp.		2,322		155,853
Cognizant Technology Solutions Corp., Class A		3,233		197,019
Covetrus, Inc.*		5,091		50,477
DXC Technology Co.		4,616		127,725
Hewlett Packard Enterprise Co.		13,955		229,002
International Business Machines Corp.		4,663		623,583
Leidos Holdings, Inc.		2,005		172,891
LogMeIn, Inc.		1,824		119,800
Microsoft Corp.		9,123		1,307,965
Nuance Communications, Inc.*		3,982		64,986
Oracle Corp.		11,859		646,197
SS&C Technologies Holdings, Inc.		2,194		114,110
Symantec Corp.		7,816		178,830

INVESTMENTS	SHARES		VALUE($)
Software & Computer Services — continued
Twitter, Inc.*		4,596		137,742
				4,813,327
Support Services — 2.0%
ADT, Inc. (a)		13,421		103,879
Alliance Data Systems Corp.		1,068		106,800
Johnson Controls International plc		6,270		271,679
ManpowerGroup, Inc.		1,783		162,110
MSC Industrial Direct Co., Inc., Class A		1,895		138,733
Republic Services, Inc.		2,297		201,010
Resideo Technologies, Inc.*		1,770		16,868
Robert Half International, Inc.		1,617		92,606
Xerox Holdings Corp.		5,094		172,839
				1,266,524
Technology Hardware & Equipment — 14.7%
Analog Devices, Inc.		2,547		271,587
Apple, Inc.		6,024		1,498,530
Applied Materials, Inc.		6,525		354,046
Broadcom, Inc.		2,074		607,371
Cisco Systems, Inc.		20,693		983,124
Corning, Inc.		7,143		211,647
Cypress Semiconductor Corp.		6,993		162,727
Entegris, Inc.		2,284		109,632
F5 Networks, Inc.*		723		104,170
HP, Inc.		12,613		219,088
Intel Corp.		21,281		1,203,015
Juniper Networks, Inc.		6,206		154,033
KLA Corp.		1,515		256,096
L3Harris Technologies, Inc.		1,510		311,528
Lam Research Corp.		1,199		324,977
Marvell Technology Group Ltd.		5,475		133,535
Maxim Integrated Products, Inc.		3,410		200,031
Microchip Technology, Inc.		1,717		161,896
Micron Technology, Inc.*		7,402		351,965
MKS Instruments, Inc.		1,770		191,549
NetApp, Inc.		2,712		151,547
ON Semiconductor Corp.*		5,146		104,978
Qorvo, Inc.*		1,465		118,460
QUALCOMM, Inc.		2,505		201,502
Skyworks Solutions, Inc.		2,325		211,715
SYNNEX Corp.		906		106,672
Teradyne, Inc.		3,083		188,741
Texas Instruments, Inc.		4,965		585,820
Western Digital Corp.		3,417		176,488
Xilinx, Inc.		1,582		143,551
				9,800,021

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 161

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Tobacco — 0.7%
Altria Group, Inc.		10,781		482,881
Travel & Leisure — 2.6%
Alaska Air Group, Inc.		1,789		124,210
Aramark		4,092		179,066
Carnival Corp.		3,972		170,359
Cinemark Holdings, Inc.		2,333		85,388
Copa Holdings SA, Class A (Panama)		1,346		136,942
Delta Air Lines, Inc.		4,607		253,754
Extended Stay America, Inc.		5,184		73,664
Las Vegas Sands Corp.		3,644		225,345
Royal Caribbean Cruises Ltd.		1,378		149,968
Sabre Corp.		4,049		95,071
Southwest Airlines Co.		3,218		180,626
Wyndham Destinations, Inc.		3,209		148,930
				1,823,323
Total Common Stocks (Cost $62,504,900)				66,652,647
Short-Term Investments — 0.8%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (b) (c) (Cost $154,371)		154,371		154,371

INVESTMENTS	SHARES		VALUE($)
Investment of Cash Collateral From Securities Loaned — 0.6%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (b) (c) (Cost $368,753)		368,753		368,753
Total Short-Term Investments (Cost $523,124)				523,124
Total Investments — 100.5% (Cost $63,028,024)				67,175,771
Liabilities in Excess of Other Assets — (0.5%)				(326,129	)
NET ASSETS — 100.0%				66,849,642

Percentages indicated are based on net assets.

Abbreviations

REIT	RealEstate Investment Trust
(a)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is $354,482.
(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)	Therate shown is the current yield as of October 31, 2019.
*	Non-incomeproducing security.

Futures contracts outstanding as of October 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
S&P 500 MicE-Mini Index		14		12/2019		USD		212,503		2,897

Abbreviations

USD     UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

162 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2019

	JPMorgan BetaBuilders Canada ETF		JPMorgan BetaBuilders Developed Asia ex-Japan ETF		JPMorgan BetaBuilders Europe ETF		JPMorgan BetaBuilders Japan ETF
ASSETS:
Investments innon-affiliates, at value	$	3,779,464,294	$	1,430,270,289	$	3,825,983,348	$	4,271,341,070
Investments of cash collateral received from securities loaned, at value (See Note 2.D.)		226,676,154		1,546,382		114,875,596		18,341,722
Restricted cash		4,500		17,220		11,147		9,300
Cash		688,534		57,635		380,089		817,695
Foreign currency, at value		9,922,541		11,786,909		15,039,731		8,335,920
Deposits at broker for futures contracts		756,966		687,282		1,317,169		1,487,276
Receivables:
Dividends fromnon-affiliates		9,218,728		315,786		4,219,677		37,514,990
Tax reclaims		694,561		22,108		6,632,037		645
Securities lending income (See Note 2.D.)		515,069		33,276		68,176		31,759
Variation margin on futures contracts		48,784		—		—		—
Due from Adviser		98,935		118,286		364,584		—
Total Assets		4,028,089,066		1,444,855,173		3,968,891,554		4,337,880,377
LIABILITIES:
Payables:
Investment securities purchased		—		—		440		—
Collateral received on securities loaned (See Note 2.D.)		226,676,154		1,546,382		114,875,596		18,341,722
Variation margin on futures contracts		—		74,601		56,033		213,908
Accrued liabilities:
Investment advisory fees		—		—		—		123,775
Administration fees		240,220		89,601		239,563		267,566
Custodian, Accounting and Transfer Agent fees		76,071		61,326		180,305		112,933
Trustees’ and Chief Compliance Officer’s fees		7,800		2,831		9,847		15,684
Professional fees		45,945		44,298		42,169		60,849
Other		288,856		182,304		341,977		222,021
Total Liabilities		227,335,046		2,001,343		115,745,930		19,358,458
Net Assets	$	3,800,754,020	$	1,442,853,830	$	3,853,145,624	$	4,318,521,919
NET ASSETS:
Paid-in-Capital	$	3,685,593,539	$	1,387,489,779	$	3,709,961,736	$	4,117,194,333
Total distributable earnings (loss)		115,160,481		55,364,051		143,183,888		201,327,586
Total Net Assets	$	3,800,754,020	$	1,442,853,830	$	3,853,145,624	$	4,318,521,919
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		152,700,000		57,000,000		158,200,000		176,000,000
Net asset value, per share	$	24.89	$	25.31	$	24.36	$	24.54
Cost of investments innon-affiliates	$	3,653,743,505	$	1,372,523,032	$	3,680,857,844	$	4,121,630,584
Cost of foreign currency		9,877,248		11,609,125		14,745,628		8,328,503
Investment securities on loan, at value (See Note 2.D.)		213,748,097		1,455,691		107,191,515		17,484,369
Cost of investment of cash collateral (See Note 2.D.)		226,676,154		1,546,382		114,870,696		18,340,323

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 163

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2019 (continued)

	JPMorgan BetaBuilders U.S. Equity ETF		JPMorgan Diversified Return Emerging Markets Equity ETF		JPMorgan Diversified Return Europe Equity ETF			JPMorgan Diversified Return Global Equity ETF
ASSETS:
Investments innon-affiliates, at value	$	45,525,920	$	352,573,093	$	16,926,476		$	144,666,489
Investments in affiliates, at value		825,857		670,911		119			287,721
Investments of cash collateral received from securities loaned, at value (See Note 2.D.)		—		1,212,618		133,278			787,496
Restricted cash		1,550		—		—			—
Cash		204		442,836		25,099			107,402
Foreign currency, at value		—		161,711		41,507			184,619
Deposits at broker for futures contracts		18,000		61,000		46,000			117,580
Receivables:
Investment securities sold		—		5,669		9			—
Dividends fromnon-affiliates		40,344		278,512		15,285			409,951
Dividends from affiliates		167		290		—			105
Tax reclaims		—		11,146		319,547			129,605
Securities lending income (See Note 2.D.)		—		325		657			3,892
Due from Adviser		38		22,291		—			—
Total Assets		46,412,080		355,440,402		17,507,977			146,694,860
LIABILITIES:
Payables:
Investment securities purchased		—		—		11,161			—
Collateral received on securities loaned (See Note 2.D.)		—		1,212,618		133,278			787,496
Variation margin on futures contracts		653		8,085		842			2,995
Accrued liabilities:
Investment advisory fees		—		—		6,304			4,260
Management fees (See Note 3.G.)		2,302		—		—			—
Administration fees		—		22,122		1,069			9,119
Custodian, Accounting and Transfer Agent fees		—		102,799		12,159			36,811
Trustees’ and Chief Compliance Officer’s fees		—		712		255			1,763
Deferred foreign capital gains tax		—		188,085		—			—
Professional fees		—		72,689		50,898			74,937
Other		—		37,876		11,074			27,939
Total Liabilities		2,955		1,644,986		227,040			945,320
Net Assets	$	46,409,125	$	353,795,416	$	17,280,937		$	145,749,540
NET ASSETS:
Paid-in-Capital	$	43,212,268	$	350,340,333	$	18,428,965		$	147,005,773
Total distributable earnings (loss)		3,196,857		3,455,083		(1,148,028	)		(1,256,233	)
Total Net Assets	$	46,409,125	$	353,795,416	$	17,280,937		$	145,749,540
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		850,000		6,500,000		300,000			2,400,000
Net asset value, per share	$	54.60	$	54.43	$	57.60		$	60.73
Cost of investments innon-affiliates	$	42,508,805	$	332,926,205	$	17,166,650		$	139,427,730
Cost of investments in affiliates		722,916		670,911		119			287,721
Cost of foreign currency		—		176,162		41,397			182,547
Investment securities on loan, at value (See Note 2.D.)		—		1,106,394		125,559			750,135
Cost of investment of cash collateral (See Note 2.D.)		—		1,212,618		133,278			787,496

SEE NOTES TO FINANCIAL STATEMENTS.

164 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

	JPMorgan Diversified Return International Equity ETF			JPMorgan Diversified Return U.S. Equity ETF		JPMorgan Diversified Return U.S. Mid Cap Equity ETF		JPMorgan Diversified Return U.S. Small Cap Equity ETF
ASSETS:
Investments innon-affiliates, at value	$	1,272,946,483		$	801,065,334	$	187,580,780	$	140,249,445
Investments in affiliates, at value		2,710,919			894,552		329,265		440,610
Investments of cash collateral received from securities loaned, at value (See Note 2.D.)		13,042,399			23,629,094		9,100,957		26,635,836
Restricted cash		57,600			7,250		3,225		8,400
Cash		363,435			—		—		—
Foreign currency, at value		514,154			—		—		—
Deposits at broker for futures contracts		703,000			236,000		60,000		36,000
Receivables:
Investment securities sold		—			—		—		1,534,580
Dividends fromnon-affiliates		4,866,597			698,208		101,092		46,818
Dividends from affiliates		3,343			2,025		689		594
Tax reclaims		1,512,144			—		—		—
Securities lending income (See Note 2.D.)		30,086			4,519		1,754		20,594
Total Assets		1,296,750,160			826,536,982		197,177,762		168,972,877
LIABILITIES:
Payables:
Due to custodian		—			204		—		3
Investment securities purchased		—			—		—		343,643
Collateral received on securities loaned (See Note 2.D.)		13,042,399			23,629,094		9,100,957		26,635,836
Fund shares redeemed		—			—		—		1,554,078
Variation margin on futures contracts		21,070			7,040		2,946		1,150
Accrued liabilities:
Investment advisory fees		192,658			51,147		17,055		14,745
Administration fees		85,069			50,646		11,693		8,729
Custodian, Accounting and Transfer Agent fees		163,634			14,015		10,425		12,589
Trustees’ and Chief Compliance Officer’s fees		6,363			2,027		432		405
Professional fees		190,331			73,833		41,974		41,570
Other		181,333			82,979		18,489		16,802
Total Liabilities		13,882,857			23,910,985		9,203,971		28,629,550
Net Assets	$	1,282,867,303		$	802,625,997	$	187,973,791	$	140,343,327
NET ASSETS:
Paid-in-Capital	$	1,341,910,659		$	729,098,729	$	176,261,127	$	146,810,731
Total distributable earnings (loss)		(59,043,356	)		73,527,268		11,712,664		(6,467,404	)
Total Net Assets	$	1,282,867,303		$	802,625,997	$	187,973,791	$	140,343,327
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		23,300,000			10,500,000		2,800,000		4,550,000
Net asset value, per share	$	55.06		$	76.44	$	67.13	$	30.84
Cost of investments innon-affiliates	$	1,265,207,326		$	719,012,710	$	173,151,458	$	144,735,504
Cost of investments in affiliates		2,710,919			894,552		329,265		440,610
Cost of foreign currency		510,047			—		—		—
Investment securities on loan, at value (See Note 2.D.)		12,277,449			23,110,059		8,836,243		25,431,992
Cost of investment of cash collateral (See Note 2.D.)		13,042,399			23,628,694		9,100,957		26,635,336

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 165

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2019 (continued)

	JPMorgan U.S. Dividend ETF		JPMorgan U.S. Minimum Volatility ETF		JPMorgan U.S. Momentum Factor ETF			JPMorgan U.S. Quality Factor ETF		JPMorgan U.S. Value Factor ETF
ASSETS:
Investments innon-affiliates, at value	$	40,549,595	$	107,011,174	$	56,528,957		$	106,736,604	$	66,652,647
Investments in affiliates, at value		149,529		138,939		87,612			260,405		154,371
Investments of cash collateral received from securities loaned, at value (See Note 2.D.)		654,469		387,400		561,328			946,322		368,753
Restricted cash		1,963		2,523		4,000			733		2,573
Deposits at broker for futures contracts		16,000		33,000		12,000			30,000		25,000
Receivables:
Fund shares sold		—		3,020,977		—			—		—
Dividends fromnon-affiliates		64,744		94,828		47,483			101,604		75,448
Dividends from affiliates		119		349		87			286		144
Securities lending income (See Note 2.D.)		270		128		220			281		663
Due from Adviser		8,537		9,534		10,229			11,899		4,599
Total Assets		41,445,226		110,698,852		57,251,916			108,088,134		67,284,198
LIABILITIES:
Payables:
Investment securities purchased		93,875		2,990,229		—			—		—
Collateral received on securities loaned (See Note 2.D.)		654,469		387,400		561,328			946,322		368,753
Variation margin on futures contracts		546		528		227			1,004		825
Accrued liabilities:
Administration fees		2,399		6,573		4,154			6,723		4,137
Custodian, Accounting and Transfer Agent fees		6,005		7,414		8,736			4,951		6,499
Trustees’ and Chief Compliance Officer’s fees		93		43		84			63		184
Professional fees		40,992		40,640		40,732			40,321		37,833
Other		15,322		21,367		16,066			20,878		16,325
Total Liabilities		813,701		3,454,194		631,327			1,020,262		434,556
Net Assets	$	40,631,525	$	107,244,658	$	56,620,589		$	107,067,872	$	66,849,642
NET ASSETS:
Paid-in-Capital	$	39,032,668	$	102,635,078	$	59,159,289		$	99,793,876	$	63,048,616
Total distributable earnings (loss)		1,598,857		4,609,580		(2,538,700	)		7,273,996		3,801,026
Total Net Assets	$	40,631,525	$	107,244,658	$	56,620,589		$	107,067,872	$	66,849,642
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		1,500,000		3,550,000		1,950,000			3,600,000		2,450,000
Net asset value, per share	$	27.09	$	30.21	$	29.04		$	29.74	$	27.29
Cost of investments innon-affiliates	$	38,603,633	$	102,224,158	$	57,669,701		$	99,180,085	$	62,504,900
Cost of investments in affiliates		149,529		138,939		87,612			260,405		154,371
Investment securities on loan, at value (See Note 2.D.)		628,762		378,300		541,227			928,985		354,482
Cost of investment of cash collateral (See Note 2.D.)		654,469		387,400		561,328			946,322		368,753

SEE NOTES TO FINANCIAL STATEMENTS.

166 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2019

	JPMorgan BetaBuilders Canada ETF			JPMorgan BetaBuilders Developed Asia ex-Japan ETF			JPMorgan BetaBuilders Europe ETF			JPMorgan BetaBuilders Japan ETF
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	11,201		$	20,495		$	—		$	—
Interest income from affiliates		42,023			19,698			5,224			3,155
Dividend income fromnon-affiliates		98,641,762			53,159,992			146,195,414			92,482,579
Dividend income from affiliates		3,731			5,141			4,568			3,955
Income from securities lending (net) (See Note 2.D.)		4,223,782			354,900			1,370,079			411,998
Foreign taxes withheld (net)		(13,378,572	)		(584,703	)		(13,388,066	)		(9,242,516	)
Total investment income		89,543,927			52,975,523			134,187,219			83,659,171
EXPENSES:
Investment advisory fees (See Note 3.A.)		5,824,551			2,280,500			3,073,512			6,821,856
Administration fees (See Note 3.B.)		2,334,999			911,832			2,587,534			2,738,751
Interest expense to affiliates		330			471			65,339			12,926
Professional fees		164,331			97,496			159,111			205,228
Trustees’ and Chief Compliance Officer’s fees		94,450			37,811			108,629			118,745
Shareholder communication costs		902,941			623,482			806,320			896,821
Registration and filing fees		278,893			104,098			280,343			213,901
Custodian, Accounting and Transfer Agent fees (See Note 3.C.)		755,071			613,500			1,311,792			846,186
Insurance expense		46,296			16,154			54,554			46,040
Offering costs (See Note 2.G.)		12,978			11,976			8,638			8,260
Other		4,417			10,207			55,557			9,788
Total expenses		10,419,257			4,707,527			8,511,329			11,918,502
Less fee waived (See Note 3.D.)		(4,518,121	)		(2,209,679	)		(4,742,995	)		(4,859,892	)
Less expense reimbursements from affiliates (See Note 3.D.)		—			(6,420	)		(447	)		—
Less expense reimbursements fromnon-affiliates (See Note 3.C.)		(67,500	)		(205,200	)		(609,900	)		(210,800	)
Net expenses		5,833,636			2,286,228			3,157,987			6,847,810
Net investment income (loss)		83,710,291			50,689,295			131,029,232			76,811,361
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		(24,337,257	)		(4,287,279	)		(13,066,068	)		(17,864,136	)
In-kind redemptions of investments innon-affiliates		(1,687,309	)		5,875,432			69,200,691			50,491,360
Futures contracts		836,464			996,082			3,417,139			(4,361,834	)
Foreign currency transactions		(164,595	)		(105,256	)		(884,426	)		1,830,426
Net realized gain (loss)		(25,352,697	)		2,478,979			58,667,336			30,095,816
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		258,673,035			117,489,299			236,312,466			266,950,329
Investments in affiliates		199			—			5,700			1,599
Futures contracts		281,723			110,709			291,373			2,035,656
Foreign currency translations		123,813			202,303			497,048			(18,265	)
Change in net unrealized appreciation/depreciation		259,078,770			117,802,311			237,106,587			268,969,319
Net realized/unrealized gains (losses)		233,726,073			120,281,290			295,773,923			299,065,135
Change in net assets resulting from operations	$	317,436,364		$	170,970,585		$	426,803,155		$	375,876,496

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 167

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2019 (continued)

	JPMorgan BetaBuilders U.S. Equity ETF(a)			JPMorgan Diversified Return Emerging Markets Equity ETF			JPMorgan Diversified Return Europe Equity ETF			JPMorgan Diversified Return Global Equity ETF
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	101		$	2,730		$	526		$	2,038
Interest income from affiliates		—			5,291			1,108			1,829
Dividend income fromnon-affiliates		421,475			11,643,864			831,988			5,902,641
Dividend income from affiliates		13,154			4,285			93			4,610
Non-cash dividend income fromnon-affiliates		—			2,468,188			—			—
Income from securities lending (net) (See Note 2.D.)		—			5,246			6,768			40,966
Foreign taxes withheld (net)		—			(1,077,800	)		(67,411	)		(424,818	)
Total investment income		434,730			13,051,804			773,072			5,527,266
EXPENSES:
Investment advisory fees (See Note 3.A.)		—			1,325,844			78,723			426,675
Management fees (See Note 3.G.)		4,259			—			—			—
Administration fees (See Note 3.B.)		—			229,763			20,722			136,758
Interest expense to affiliates		—			3,865			117			323
Professional fees		—			123,245			31,201			61,687
Trustees’ and Chief Compliance Officer’s fees		—			6,322			275			3,813
Shareholder communication costs		—			79,238			7,205			54,907
Registration and filing fees		—			20,703			5,500			11,594
Custodian, Accounting and Transfer Agent fees (See Note 3.C.)		—			790,936			112,425			161,211
Insurance expense		—			16,335			992			17,971
Other		6			15,693			6,379			13,648
Total expenses		4,265			2,611,944			263,539			888,587
Less fee waived (See Note 3.D.)		(172	)		(1,088,584	)		(99,445	)		(190,690	)
Less expense reimbursements from affiliates (See Note 3.D.)		—			(686	)		(30,660	)		—
Less expense reimbursements fromnon-affiliates (See Note 3.C.)		—			(161,700	)		(34,200	)		(23,100	)
Net expenses		4,093			1,360,974			99,234			674,797
Net investment income (loss)		430,637			11,690,830			673,838			4,852,469
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		(43,498	)		(9,356,480	)(b)		(831,658	)		(6,226,049	)
Investments in affiliates		554			—			—			—
In-kind redemptions of investments innon-affiliates		—			—			819,336			10,134,091
Futures contracts		1,850			(90,896	)		45,846			15,033
Foreign currency transactions		—			158,981			(1,550	)		(7,303	)
Net realized gain (loss)		(41,094	)		(9,288,395	)		31,974			3,915,772
Distributions of capital gains received from investment company affiliates		—			—			—			834
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		3,017,115			22,882,602	(c)		(559,850	)		8,635,700
Investments in affiliates		102,941			—			—			—
Futures contracts		5,139			8,009			(777	)		45,083
Foreign currency translations		—			(17,902	)		(240	)		6,324
Change in net unrealized appreciation/depreciation		3,125,195			22,872,709			(560,867	)		8,687,107
Net realized/unrealized gains (losses)		3,084,101			13,584,314			(528,893	)		12,603,713
Change in net assets resulting from operations	$	3,514,738		$	25,275,144		$	144,945		$	17,456,182

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

(b) Net of foreign capital gains tax of $15,344.

(c) Net change in foreign capital gains tax of $(188,085).

SEE NOTES TO FINANCIAL STATEMENTS.

168 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

	JPMorgan Diversified Return International Equity ETF			JPMorgan Diversified Return U.S. Equity ETF			JPMorgan Diversified Return U.S. Mid Cap Equity ETF			JPMorgan Diversified Return U.S. Small Cap Equity ETF
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	6,127		$	3,221		$	1,090		$	1,397
Interest income from affiliates		5,995			115			7			21
Dividend income fromnon-affiliates		59,330,080			16,608,279			3,229,418			2,113,151
Dividend income from affiliates		56,690			36,454			12,832			8,972
Income from securities lending (net) (See Note 2.D.)		408,051			75,753			20,077			136,269
Foreign taxes withheld (net)		(4,420,190	)		—			—			—
Total investment income		55,386,753			16,723,822			3,263,424			2,259,810
EXPENSES:
Investment advisory fees (See Note 3.A.)		3,638,389			1,560,277			379,929			387,748
Administration fees (See Note 3.B.)		1,160,440			518,199			120,876			101,917
Interest expense to affiliates		1,506			—			—			—
Professional fees		190,826			80,717			46,549			39,675
Trustees’ and Chief Compliance Officer’s fees		32,036			16,634			3,974			3,891
Shareholder communication costs		294,746			120,704			50,816			47,862
Registration and filing fees		37,572			30,545			10,815			17,398
Custodian, Accounting and Transfer Agent fees (See Note 3.C.)		693,857			92,910			52,133			105,743
Insurance expense		110,158			36,850			7,018			5,116
Other		83,687			28,937			8,319			6,647
Total expenses		6,243,217			2,485,773			680,429			715,997
Less fee waived (See Note 3.D.)		(287,592	)		(1,150,239	)		(281,669	)		(257,522	)
Less expense reimbursements from affiliates (See Note 3.D.)		—			—			(1,725	)		(4,200	)
Less expense reimbursements fromnon-affiliates (See Note 3.C.)		(201,600	)		(49,300	)		(18,000	)		(67,200	)
Net expenses		5,754,025			1,286,234			379,035			387,075
Net investment income (loss)		49,632,728			15,437,588			2,884,389			1,872,735
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		(65,313,824	)		(8,777,884	)		(2,388,322	)		(1,977,879	)
In-kind redemptions of investments innon-affiliates		58,273,499			19,996,137			4,074,921			13,589,703
Futures contracts		583,092			(61,970	)		(154,627	)		(80,716	)
Foreign currency transactions		133,712			—			—			—
Net realized gain (loss)		(6,323,521	)		11,156,283			1,531,972			11,531,108
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		47,013,018			48,812,160			9,421,577			(6,040,252	)
Investments in affiliates		—			400			—			500
Futures contracts		352,221			63,826			29,856			36,742
Foreign currency translations		83,304			—			—			—
Change in net unrealized appreciation/depreciation		47,448,543			48,876,386			9,451,433			(6,003,010	)
Net realized/unrealized gains (losses)		41,125,022			60,032,669			10,983,405			5,528,098
Change in net assets resulting from operations	$	90,757,750		$	75,470,257		$	13,867,794		$	7,400,833

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 169

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2019 (continued)

	JPMorgan U.S. Dividend ETF			JPMorgan U.S. Minimum Volatility ETF			JPMorgan U.S. Momentum Factor ETF			JPMorgan U.S. Quality Factor ETF			JPMorgan U.S. Value Factor ETF
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	—		$	—		$	—		$	20		$	53
Interest income from affiliates		—			4			3			—			2
Dividend income fromnon-affiliates		1,159,165			1,181,450			647,758			1,292,699			1,585,145
Dividend income from affiliates		3,427			4,014			1,512			3,375			3,546
Income from securities lending (net) (See Note 2.D.)		971			585			1,011			2,574			1,367
Total investment income		1,163,563			1,186,053			650,284			1,298,668			1,590,113
EXPENSES:
Investment advisory fees (See Note 3.A.)		72,160			115,989			101,601			137,273			120,947
Administration fees (See Note 3.B.)		23,984			38,317			33,626			45,323			39,958
Professional fees		39,977			39,943			40,079			40,009			37,551
Trustees’ and Chief Compliance Officer’s fees		664			818			896			1,101			1,319
Shareholder communication costs		6,506			8,073			7,113			10,077			8,625
Registration and filing fees		12,328			18,412			12,747			18,210			13,991
Custodian, Accounting and Transfer Agent fees (See Note 3.C.)		36,228			48,751			40,114			39,774			45,501
Insurance expense		1,990			1,995			2,091			2,065			2,050
Offering costs (See Note 2.G.)		90			126			90			90			89
Other		2,980			2,950			2,993			2,945			3,000
Total expenses		196,907			275,374			241,350			296,867			273,031
Less fee waived (See Note 3.D.)		(96,144	)		(154,306	)		(135,227	)		(182,596	)		(160,905	)
Less expense reimbursements from affiliates (See Note 3.D.)		(58,680	)		(42,702	)		(43,571	)		(33,752	)		(38,093	)
Less expense reimbursements fromnon-affiliates (See Note 3.C.)		(4,800	)		(18,000	)		(9,600	)		(9,000	)		(11,200	)
Net expenses		37,283			60,366			52,952			71,519			62,833
Net investment income (loss)		1,126,280			1,125,687			597,332			1,227,149			1,527,280
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		(214,448	)		(364,303	)		(1,257,413	)		(359,008	)		(514,012	)
In-kind redemptions of investments innon-affiliates		938,136			3,552,278			7,058,324			930,493			2,842,858
Futures contracts		(42,299	)		13,724			976			(21,899	)		(4,342	)
Net realized gain (loss)		681,389			3,201,699			5,801,887			549,586			2,324,504
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		1,912,160			3,579,816			(2,462,802	)		5,927,268			3,852,460
Futures contracts		19,736			6,748			1,316			14,134			10,487
Change in net unrealized appreciation/depreciation		1,931,896			3,586,564			(2,461,486	)		5,941,402			3,862,947
Net realized/unrealized gains (losses)		2,613,285			6,788,263			3,340,401			6,490,988			6,187,451
Change in net assets resulting from operations	$	3,739,565		$	7,913,950		$	3,937,733		$	7,718,137		$	7,714,731

SEE NOTES TO FINANCIAL STATEMENTS.

170 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan BetaBuilders Canada ETF						JPMorgan BetaBuilders Developed Asiaex-Japan ETF
	Year Ended October 31, 2019			Period Ended October 31, 2018 (a)			Year Ended October 31, 2019			Period Ended October 31, 2018 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	83,710,291		$	8,081,911		$	50,689,295		$	4,897,239
Net realized gain (loss)		(25,352,697	)		(1,239,799	)		2,478,979			(457,627	)
Change in net unrealized appreciation/depreciation		259,078,770			(133,423,165	)		117,802,311			(59,845,937	)
Change in net assets resulting from operations		317,436,364			(126,581,053	)		170,970,585			(55,406,325	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(75,222,486	)		(2,945,124	)		(50,248,812	)		(4,159,764	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,513,841,316			2,174,225,003			718,818,123			662,880,023
NET ASSETS:
Change in net assets		1,756,055,194			2,044,698,826			839,539,896			603,313,934
Beginning of period		2,044,698,826			—			603,313,934			—
End of period	$	3,800,754,020		$	2,044,698,826		$	1,442,853,830		$	603,313,934
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	1,594,807,117		$	2,219,440,596		$	759,011,170		$	662,880,023
Cost of shares redeemed		(80,965,801	)		(45,215,593	)		(40,193,047	)		—
Total change in net assets resulting from capital transactions	$	1,513,841,316		$	2,174,225,003		$	718,818,123		$	662,880,023
SHARE TRANSACTIONS:
Issued		66,000,000			92,400,000			32,000,000			26,600,000
Redeemed		(3,800,000	)		(1,900,000	)		(1,600,000	)		—
Net increase in shares from share transactions		62,200,000			90,500,000			30,400,000			26,600,000

(a) Commencement of operations was August 7, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 171

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan BetaBuilders Europe ETF						JPMorgan BetaBuilders Japan ETF
	Year Ended October 31, 2019			Period Ended October 31, 2018 (a)			Year Ended October 31, 2019			Period Ended October 31, 2018 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	131,029,232		$	4,429,007		$	76,811,361		$	14,466,776
Net realized gain (loss)		58,667,336			(5,318	)		30,095,816			(2,096,213	)
Change in net unrealized appreciation/depreciation		237,106,587			(91,293,111	)		268,969,319			(117,813,749	)
Change in net assets resulting from operations		426,803,155			(86,869,422	)		375,876,496			(105,443,186	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(126,316,866	)		(1,891,512	)		(20,089,888	)		—
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,237,729,043			1,403,691,226			1,626,647,644			2,441,530,853
NET ASSETS:
Change in net assets		2,538,215,332			1,314,930,292			1,982,434,252			2,336,087,667
Beginning of period		1,314,930,292			—			2,336,087,667			—
End of period	$	3,853,145,624		$	1,314,930,292		$	4,318,521,919		$	2,336,087,667
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	2,927,537,309		$	1,403,691,226		$	2,238,563,149		$	2,441,530,853
Cost of shares redeemed		(689,808,266	)		—			(611,915,505	)		—
Total change in net assets resulting from capital transactions	$	2,237,729,043		$	1,403,691,226		$	1,626,647,644		$	2,441,530,853
SHARE TRANSACTIONS:
Issued		130,000,000			58,200,000			100,400,000			102,800,000
Redeemed		(30,000,000	)		—			(27,200,000	)		—
Net increase in shares from share transactions		100,000,000			58,200,000			73,200,000			102,800,000

(a) Commencement of operations was June 15, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

172 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

	JPMorgan BetaBuilders U.S. Equity ETF			JPMorgan Diversified Return Emerging Markets Equity ETF
	Period Ended October 31, 2019 (a)			Year Ended October 31, 2019			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	430,637		$	11,690,830		$	5,819,759
Net realized gain (loss)		(41,094	)		(9,288,395	)		(4,278,249	)
Change in net unrealized appreciation/depreciation		3,125,195			22,872,709			(22,751,387	)
Change in net assets resulting from operations		3,514,738			25,275,144			(21,209,877	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(317,882	)		(9,059,080	)		(8,601,176	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		43,212,269			123,775,100			77,874,259
NET ASSETS:
Change in net assets		46,409,125			139,991,164			48,063,206
Beginning of period		—			213,804,252			165,741,046
End of period	$	46,409,125		$	353,795,416		$	213,804,252
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	43,212,269		$	123,775,100		$	77,874,259
Total change in net assets resulting from capital transactions	$	43,212,269		$	123,775,100		$	77,874,259
SHARE TRANSACTIONS:
Issued		850,000			2,300,000			1,300,000
Net increase in shares from share transactions		850,000			2,300,000			1,300,000

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 173

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan Diversified Return Europe Equity ETF						JPMorgan Diversified Return Global Equity ETF
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	673,838		$	2,214,736		$	4,852,469		$	4,574,724
Net realized gain (loss)		31,974			2,599,003			3,915,772			1,039,948
Distributions of capital gains received from investment company affiliates		—			—			834			—
Change in net unrealized appreciation/depreciation		(560,867	)		(11,434,565	)		8,687,107			(17,420,873	)
Change in net assets resulting from operations		144,945			(6,620,826	)		17,456,182			(11,806,201	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(661,542	)		(4,014,806	)		(4,502,466	)		(5,818,989	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(57,023,254	)		5,964,063			(70,661,440	)		117,387,384
NET ASSETS:
Change in net assets		(57,539,851	)		(4,671,569	)		(57,707,724	)		99,762,194
Beginning of period		74,820,788			79,492,357			203,457,264			103,695,070
End of period	$	17,280,937		$	74,820,788		$	145,749,540		$	203,457,264
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	10,124,234		$	17,683,797		$	5,664,966		$	154,127,556
Cost of shares redeemed		(67,147,488	)		(11,719,734	)		(76,326,406	)		(36,740,172	)
Total change in net assets resulting from capital transactions	$	(57,023,254	)	$	5,964,063		$	(70,661,440	)	$	117,387,384
SHARE TRANSACTIONS:
Issued		200,000			300,000			100,000			2,500,000
Redeemed		(1,300,000	)		(200,000	)		(1,300,000	)		(600,000	)
Net increase (decrease) in shares from share transactions		(1,100,000	)		100,000			(1,200,000	)		1,900,000

SEE NOTES TO FINANCIAL STATEMENTS.

174 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

	JPMorgan Diversified Return International Equity ETF						JPMorgan Diversified Return U.S. Equity ETF
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	49,632,728		$	37,201,171		$	15,437,588		$	9,698,233
Net realized gain (loss)		(6,323,521	)		11,476,505			11,156,283			937,055
Change in net unrealized appreciation/depreciation		47,448,543			(167,979,171	)		48,876,386			5,530,137
Change in net assets resulting from operations		90,757,750			(119,301,495	)		75,470,257			16,165,425
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(47,722,104	)		(54,092,274	)		(13,823,828	)		(12,462,949	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(204,500,604	)		457,839,024			181,617,239			199,361,082
NET ASSETS:
Change in net assets		(161,464,958	)		284,445,255			243,263,668			203,063,558
Beginning of period		1,444,332,261			1,159,887,006			559,362,329			356,298,771
End of period	$	1,282,867,303		$	1,444,332,261		$	802,625,997		$	559,362,329
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	298,833,792		$	530,366,203		$	261,868,954		$	206,369,804
Cost of shares redeemed		(503,334,396	)		(72,527,179	)		(80,251,715	)		(7,008,722	)
Total change in net assets resulting from capital transactions	$	(204,500,604	)	$	457,839,024		$	181,617,239		$	199,361,082
SHARE TRANSACTIONS:
Issued		5,500,000			8,900,000			3,600,000			2,900,000
Redeemed		(9,400,000	)		(1,300,000	)		(1,100,000	)		(100,000	)
Net increase (decrease) in shares from share transactions		(3,900,000	)		7,600,000			2,500,000			2,800,000

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 175

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan Diversified Return U.S. Mid Cap Equity ETF						JPMorgan Diversified Return U.S. Small Cap Equity ETF
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,884,389		$	1,609,625		$	1,872,735		$	845,794
Net realized gain (loss)		1,531,972			1,365,158			11,531,108			3,032,826
Change in net unrealized appreciation/depreciation		9,451,433			(1,296,856	)		(6,003,010	)		(3,177,766	)
Change in net assets resulting from operations		13,867,794			1,677,927			7,400,833			700,854
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(2,653,452	)		(2,149,261	)		(1,663,026	)		(1,058,143	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		64,731,269			50,436,264			38,470,266			41,481,438
NET ASSETS:
Change in net assets		75,945,611			49,964,930			44,208,073			41,124,149
Beginning of period		112,028,180			62,063,250			96,135,254			55,011,105
End of period	$	187,973,791		$	112,028,180		$	140,343,327		$	96,135,254
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	83,490,606		$	57,240,549		$	125,026,689		$	51,393,702
Cost of shares redeemed		(18,759,337	)		(6,804,285	)		(86,556,423	)		(9,912,264	)
Total change in net assets resulting from capital transactions	$	64,731,269		$	50,436,264		$	38,470,266		$	41,481,438
SHARE TRANSACTIONS:
Issued		1,300,000			900,000			4,150,000			1,650,000
Redeemed		(300,000	)		(100,000	)		(2,850,000	)		(300,000	)
Net increase in shares from share transactions		1,000,000			800,000			1,300,000			1,350,000

SEE NOTES TO FINANCIAL STATEMENTS.

176 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

	JPMorgan U.S. Dividend ETF						JPMorgan U.S. Minimum Volatility ETF
	Year Ended October 31, 2019			Period Ended October 31, 2018 (a)			Year Ended October 31, 2019			Period Ended October 31, 2018 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,126,280		$	1,000,159		$	1,125,687		$	612,463
Net realized gain (loss)		681,389			(262,149	)		3,201,699			(98,636	)
Change in net unrealized appreciation/depreciation		1,931,896			15,761			3,586,564			1,202,952
Change in net assets resulting from operations		3,739,565			753,771			7,913,950			1,716,779
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(1,057,550	)		(908,996	)		(948,027	)		(549,553	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		10,538,384			27,566,351			72,832,965			26,278,544
NET ASSETS:
Change in net assets		13,220,399			27,411,126			79,798,888			27,445,770
Beginning of period		27,411,126			—			27,445,770			—
End of period	$	40,631,525		$	27,411,126		$	107,244,658		$	27,445,770
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	15,758,539		$	27,566,351		$	93,087,661		$	26,278,544
Cost of shares redeemed		(5,220,155	)		—			(20,254,696	)		—
	��
Total change in net assets resulting from capital transactions	$	10,538,384		$	27,566,351		$	72,832,965		$	26,278,544
SHARE TRANSACTIONS:
Issued		600,000			1,100,000			3,200,000			1,050,000
Redeemed		(200,000	)		—			(700,000	)		—
Net increase in shares from share transactions		400,000			1,100,000			2,500,000			1,050,000

(a) Commencement of operations was November 8, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 177

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan U.S. Momentum Factor ETF						JPMorgan U.S. Quality Factor ETF
	Year Ended October 31, 2019			Period Ended October 31, 2018 (a)			Year Ended October 31, 2019			Period Ended October 31, 2018 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	597,332		$	363,689		$	1,227,149		$	543,151
Net realized gain (loss)		5,801,887			(304,570	)		549,586			(97,686	)
Change in net unrealized appreciation/depreciation		(2,461,486	)		1,322,058			5,941,402			1,618,569
Change in net assets resulting from operations		3,937,733			1,381,177			7,718,137			2,064,034
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(515,149	)		(338,121	)		(1,098,039	)		(496,228	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		24,622,635			27,532,314			71,232,507			27,647,461
NET ASSETS:
Change in net assets		28,045,219			28,575,370			77,852,605			29,215,267
Beginning of period		28,575,370			—			29,215,267			—
End of period	$	56,620,589		$	28,575,370		$	107,067,872		$	29,215,267
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	66,439,247		$	27,532,314		$	77,043,167		$	27,647,461
Cost of shares redeemed		(41,816,612	)		—			(5,810,660	)		—
Total change in net assets resulting from capital transactions	$	24,622,635		$	27,532,314		$	71,232,507		$	27,647,461
SHARE TRANSACTIONS:
Issued		2,300,000			1,100,000			2,700,000			1,100,000
Redeemed		(1,450,000	)		—			(200,000	)		—
Net increase in shares from share transactions		850,000			1,100,000			2,500,000			1,100,000

(a) Commencement of operations was November 8, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

178 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

	JPMorgan U.S. Value Factor ETF
	Year Ended October 31, 2019			Period Ended October 31, 2018 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,527,280		$	674,149
Net realized gain (loss)		2,324,504			(145,490	)
Change in net unrealized appreciation/depreciation		3,862,947			287,697
Change in net assets resulting from operations		7,714,731			816,356
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(1,321,813	)		(616,329	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		31,470,215			28,786,482
NET ASSETS:
Change in net assets		37,863,133			28,986,509
Beginning of period		28,986,509			—
End of period	$	66,849,642		$	28,986,509
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	46,088,396		$	28,786,482
Cost of shares redeemed		(14,618,181	)		—
Total change in net assets resulting from capital transactions	$	31,470,215		$	28,786,482
SHARE TRANSACTIONS:
Issued		1,850,000			1,150,000
Redeemed		(550,000	)		—
Net increase in shares from share transactions		1,300,000			1,150,000

(a) Commencement of operations was November 8, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 179

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment Operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan BetaBuilders Canada ETF
Year Ended October 31, 2019	$	22.59	$	0.66	$	2.24		$	2.90		$	(0.60	)
August 7, 2018 (g) through October 31, 2018		24.65		0.14		(2.15	)		(2.01	)		(0.05	)
JPMorgan BetaBuilders Developed Asiaex-Japan ETF
Year Ended October 31, 2019		22.68		1.05		2.58			3.63			(1.00	)
August 7, 2018 (g) through October 31, 2018		25.36		0.22		(2.73	)		(2.51	)		(0.17	)
JPMorgan BetaBuilders Europe ETF
Year Ended October 31, 2019		22.59		0.90		1.65			2.55			(0.78	)
June 15, 2018 (g) through October 31, 2018		24.79		0.13		(2.30	)		(2.17	)		(0.03	)
JPMorgan BetaBuilders Japan ETF
Year Ended October 31, 2019		22.72		0.48		1.48			1.96			(0.14	)
June 15, 2018 (g) through October 31, 2018		24.79		0.24		(2.31	)		(2.07	)		—
JPMorgan BetaBuilders U.S. Equity ETF
March 12, 2019 (g) through October 31, 2019		50.14		0.68		4.29			4.97			(0.51	)

(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 on the Cboe BZX Exchange, Inc.

(f) Certainnon-recurring expenses incurred by the Fund were not annualized for the periods indicated.

(g) Commencement of operations.

(h) Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.

SEE NOTES TO FINANCIAL STATEMENTS.

180 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 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)
$	24.89	$	24.90		13.08	%		12.97	%	$	3,800,754,020		0.19	%		2.73	%		0.34	%		7	%
	22.59		22.62		(8.18	)		(8.05	)(h)		2,044,698,826		0.19	(f)		2.55			0.37	(f)		1
	25.31		25.27		16.18			15.94			1,442,853,830		0.19			4.22			0.39			7
	22.68		22.69		(9.97	)		(9.93	)(h)		603,313,934		0.19	(f)		3.94			0.45	(f)		2
	24.36		24.39		11.43			11.32			3,853,145,624		0.09			3.83			0.25			7
	22.59		22.64		(8.75	)		(8.55	)(h)		1,314,930,292		0.09	(f)		1.45			0.34	(f)		2
	24.54		24.57		8.74			9.07			4,318,521,919		0.19			2.14			0.33			4
	22.72		22.68		(8.35	)		(8.51	)(h)		2,336,087,667		0.19	(f)		2.63			0.37	(f)		5
	54.60		54.61		9.95			9.97	(h)		46,409,125		0.02			2.01			0.02			3

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 181

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment Operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Diversified Return Emerging Markets Equity ETF
Year Ended October 31, 2019	$	50.91	$	2.07	$	2.97		$	5.04		$	(1.52	)
Year Ended October 31, 2018		57.15		1.59		(5.37	)		(3.78	)		(2.46	)
Year Ended October 31, 2017		48.68		1.50		7.56			9.06			(0.59	)
Year Ended October 31, 2016		45.23		1.04		3.72			4.76			(1.31	)
January 7, 2015 (f) through October 31, 2015		50.00		1.29		(6.06	)		(4.77	)		—
JPMorgan Diversified Return Europe Equity ETF
Year Ended October 31, 2019		53.44		1.40		4.46	(j)		5.86			(1.70	)
Year Ended October 31, 2018		61.15		1.65		(6.36	)		(4.71	)		(3.00	)
Year Ended October 31, 2017		49.88		1.57		10.82			12.39			(1.12	)
December 18, 2015 (f) through October 31, 2016		50.00		1.39		(1.51	)		(0.12	)		—	(i)
JPMorgan Diversified Return Global Equity ETF
Year Ended October 31, 2019		56.52		1.59		4.25			5.84			(1.63	)
Year Ended October 31, 2018		61.00		1.42		(3.93	)		(2.51	)		(1.97	)
Year Ended October 31, 2017		51.70		1.15		9.28			10.43			(1.13	)
Year Ended October 31, 2016		50.53		1.14		0.99			2.13			(0.96	)
Year Ended October 31, 2015		49.69		1.08		0.08			1.16			(0.32	)
JPMorgan Diversified Return International Equity ETF
Year Ended October 31, 2019		53.10		1.77		1.90			3.67			(1.71	)
Year Ended October 31, 2018		59.18		1.51		(5.29	)		(3.78	)		(2.30	)
Year Ended October 31, 2017		50.00		1.43		8.57			10.00			(0.82	)
Year Ended October 31, 2016		51.17		1.28		(1.37	)(j)		(0.09	)		(1.08	)
November 5, 2014 (f) through October 31, 2015		50.00		1.39		(0.07	)		1.32			(0.15	)
JPMorgan Diversified Return U.S. Equity ETF
Year Ended October 31, 2019		69.92		1.66		6.34			8.00			(1.48	)
Year Ended October 31, 2018		68.52		1.39		1.88			3.27			(1.87	)
Year Ended October 31, 2017		57.06		1.17		10.75			11.92			(0.46	)
Year Ended October 31, 2016		54.13		1.10		2.09	(j)		3.19			(0.26	)
September 29, 2015 (f) through October 31, 2015		50.00		0.06		4.07			4.13			—
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Year Ended October 31, 2019		62.24		1.18		4.78			5.96			(1.07	)
Year Ended October 31, 2018		62.06		1.06		0.59			1.65			(1.47	)
Year Ended October 31, 2017		51.65		0.89		10.02			10.91			(0.50	)
May 11, 2016 (f) through October 31, 2016		50.00		0.42		1.23			1.65			—
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Year Ended October 31, 2019		29.58		0.42		1.22			1.64			(0.38	)
Year Ended October 31, 2018		28.95		0.33		0.73			1.06			(0.43	)
November 15, 2016 (f) through October 31, 2017		25.00		0.28		3.71			3.99			(0.04	)

(a) Annualized for periods less than one year, unless otherwise indicated.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Market price total return is calculated assuming an initial investment made at the beginning of the period market price, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The market price presented to calculate the market price total return is themid-point of the bid/ask spread at the close of business on the NYSE Arca, Inc.

(f) Commencement of operations.

(g) Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.

(h) Certainnon-recurring expenses incurred by the Fund were not annualized for the periods indicated.

(i) Amount rounds to less than $0.005.

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

(k) Amount rounds to less than 0.5%.

SEE NOTES TO FINANCIAL STATEMENTS.

182 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 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)
$	54.43	$	54.50		10.00	%		10.31	%	$	353,795,416		0.45	%		3.87	%		0.87	%		51	%
	50.91		50.83		(6.93	)		(7.43	)		213,804,252		0.45			2.80			0.96			53
	57.15		57.36		18.95			18.65			165,741,046		0.45			2.85			1.06			60
	48.68		48.98		11.02			11.63			43,809,461		0.45			2.33			1.91			44
	45.23		45.27		(9.54	)		(9.46	)(g)		36,185,674		0.45	(h)		3.18			2.07	(h)		46
	57.60		57.58		11.09			10.81			17,280,937		0.38			2.58			1.01			20
	53.44		53.56		(8.11	)		(8.33	)		74,820,788		0.40			2.77			0.70			51
	61.15		61.42		25.42			25.80			79,492,357		0.43			2.89			0.80			18
	49.88		49.95		(0.23	)		(0.09	)(g)		59,859,633		0.43	(h)		3.14			1.14	(h)		15
	60.73		60.57		10.49			10.30			145,749,540		0.38			2.73			0.50			23
	56.52		56.47		(4.34	)		(4.65	)		203,457,264		0.38			2.30			0.56			29
	61.00		61.14		20.61			20.40			103,695,070		0.38			2.06			0.80			26
	51.70		51.91		4.31			4.44			77,556,933		0.38			2.26			0.93			22
	50.53		50.67		2.36			1.82			50,530,034		0.38			2.16			1.52			18
	55.06		55.02		7.05			7.23			1,282,867,303		0.38			3.27			0.41			25
	53.10		52.98		(6.72	)		(7.22	)		1,444,332,261		0.40			2.57			0.44			28
	59.18		59.36		20.35			20.30			1,159,887,006		0.43			2.63			0.51			29
	50.00		50.17		(0.15	)		0.41			470,042,716		0.43			2.56			0.75			27
	51.17		51.05		2.65			2.40	(g)		92,113,607		0.43	(h)		2.72			1.33	(h)		20
	76.44		76.45		11.65			11.65			802,625,997		0.19			2.27			0.37			24
	69.92		69.93		4.74			4.70			559,362,329		0.19			1.95			0.41			32
	68.52		68.55		20.99			21.02			356,298,771		0.21			1.83			0.47			27
	57.06		57.08		5.92			5.90			125,538,258		0.29			1.95			0.90			22
	54.13		54.16		8.26			8.32	(g)		10,826,623		0.29	(h)		1.20			5.75	(h)		—	(k)
	67.13		67.17		9.73			9.78			187,973,791		0.24			1.82			0.43			25
	62.24		62.25		2.59			2.57			112,028,180		0.24			1.64			0.50			35
	62.06		62.08		21.25			21.31			62,063,250		0.26			1.54			0.62			31
	51.65		51.64		3.30			3.28	(g)		36,153,888		0.34	(h)		1.69			1.02	(h)		15
	30.84		30.87		5.64			5.75			140,343,327		0.29			1.40			0.54			43
	29.58		29.58		3.61			3.43			96,135,254		0.29			1.08			0.61			30
	28.95		29.00		15.96			16.16	(g)		55,011,105		0.31	(h)		1.08			0.97	(h)		24

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 183

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment Operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income
JPMorgan U.S. Dividend ETF
Year Ended October 31, 2019	$	24.92	$	0.93	$	2.11		$	3.04	$	(0.87	)
November 8, 2017 (g) through October 31, 2018		25.00		0.96		(0.17	)		0.79		(0.87	)
JPMorgan U.S. Minimum Volatility ETF
Year Ended October 31, 2019		26.14		0.64		3.95			4.59		(0.52	)
November 8, 2017 (g) through October 31, 2018		25.00		0.59		1.08			1.67		(0.53	)
JPMorgan U.S. Momentum Factor ETF
Year Ended October 31, 2019		25.98		0.37		2.99			3.36		(0.30	)
November 8, 2017 (g) through October 31, 2018		25.00		0.35		0.95			1.30		(0.32	)
JPMorgan U.S. Quality Factor ETF
Year Ended October 31, 2019		26.56		0.58		3.11			3.69		(0.51	)
November 8, 2017 (g) through October 31, 2018		25.00		0.52		1.52			2.04		(0.48	)
JPMorgan U.S. Value Factor ETF
Year Ended October 31, 2019		25.21		0.75		1.97			2.72		(0.64	)
November 8, 2017 (g) through October 31, 2018		25.00		0.64		0.16			0.80		(0.59	)

(a) Annualized for periods less than one year, unless otherwise indicated.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Market price total return is calculated assuming an initial investment made at the beginning of the period market price, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The market price presented to calculate the market price total return is themid-point of the bid/ask spread at the close of business on the NYSE Arca, Inc.

(f) Certainnon-recurring expenses incurred by the Fund were not annualized for the periods indicated.

(g) Commencement of operations.

(h) Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.

SEE NOTES TO FINANCIAL STATEMENTS.

184 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 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)
$	27.09	$	27.10		12.57	%		12.69	%	$	40,631,525		0.12	%		3.59	%		0.63	%		20	%
	24.92		24.90		3.08			2.99	(h)		27,411,126		0.12	(f)		3.81			0.76	(f)		24
	30.21		30.23		17.82			17.90			107,244,658		0.12			2.22			0.54			15
	26.14		26.14		6.69			6.69	(h)		27,445,770		0.12	(f)		2.33			0.76	(f)		17
	29.04		29.05		13.06			13.06			56,620,589		0.12			1.35			0.55			52
	25.98		25.99		5.17			5.21	(h)		28,575,370		0.12	(f)		1.32			0.74	(f)		44
	29.74		29.76		14.10			14.18			107,067,872		0.12			2.05			0.50			21
	26.56		26.56		8.15			8.15	(h)		29,215,267		0.12	(f)		2.01			0.74	(f)		22
	27.29		27.30		11.01			11.05			66,849,642		0.12			2.90			0.52			22
	25.21		25.21		3.12			3.12	(h)		28,986,509		0.12	(f)		2.52			0.75	(f)		26

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 185

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019

1. Organization

J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company.

The following are 17 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Diversification Classification
JPMorgan BetaBuilders Canada ETF	Diversified
JPMorgan BetaBuilders Developed Asiaex-Japan ETF	Diversified
JPMorgan BetaBuilders Europe ETF	Diversified
JPMorgan BetaBuilders Japan ETF	Diversified
JPMorgan BetaBuilders U.S. Equity ETF	Diversified
JPMorgan Diversified Return Emerging Markets Equity ETF	Diversified
JPMorgan Diversified Return Europe Equity ETF	Diversified
JPMorgan Diversified Return Global Equity ETF	Diversified
JPMorgan Diversified Return International Equity ETF	Diversified
JPMorgan Diversified Return U.S. Equity ETF	Diversified
JPMorgan Diversified Return U.S. Mid Cap Equity ETF	Diversified
JPMorgan Diversified Return U.S. Small Cap Equity ETF	Diversified
JPMorgan U.S. Dividend ETF	Diversified
JPMorgan U.S. Minimum Volatility ETF	Diversified
JPMorgan U.S. Momentum Factor ETF	Diversified
JPMorgan U.S. Quality Factor ETF	Diversified
JPMorgan U.S. Value Factor ETF	Diversified

JPMorgan BetaBuilders Canada ETF (the “BetaBuilders Canada ETF”) commenced operations on August 7, 2018. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Canada Target Market Exposure Index^SM.

JPMorgan BetaBuilders Developed Asiaex-Japan ETF (the “BetaBuilders Developed Asiaex-Japan ETF”) commenced operations on August 7, 2018. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Asiaex-Japan Target Market Exposure Index^SM.

JPMorgan BetaBuilders Europe ETF (the “BetaBuilders Europe ETF”) commenced operations on June 15, 2018. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Europe Target Market Exposure Index^SM.

JPMorgan BetaBuilders Japan ETF (the “BetaBuilders Japan ETF”) commenced operations on June 15, 2018. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Japan Target Market Exposure Index^SM.

JPMorgan BetaBuilders U.S. Equity ETF (the “BetaBuilders U.S. Equity ETF”) commenced operations on March 12, 2019. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® US Target Market Exposure Index^SM.

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

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

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

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

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

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

186 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

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

JPMorgan U.S. Dividend ETF (the “U.S. Dividend ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Dividend Index.

JPMorgan U.S. Minimum Volatility ETF (the “U.S. Minimum Volatility ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Minimum Volatility Index.

JPMorgan U.S. Momentum Factor ETF (the “U.S. Momentum Factor ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Momentum Factor Index.

JPMorgan U.S. Quality Factor ETF (the “U.S. Quality Factor ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Quality Factor Index.

JPMorgan U.S. Value Factor ETF (the “U.S. Value Factor ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Value Factor Index.

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

Shares of each Fund are listed and traded at market price on an exchange as follows:

	Listing Exchange
BetaBuilders Canada ETF		Cboe BZX Exchange, Inc.
BetaBuilders Developed Asia ex-Japan ETF		Cboe BZX Exchange, Inc.
BetaBuilders Europe ETF		Cboe BZX Exchange, Inc.
BetaBuilders Japan ETF		Cboe BZX Exchange, Inc.
BetaBuilders U.S. Equity ETF		Cboe BZX Exchange, Inc.
Emerging Markets Equity ETF		NYSE Arca, Inc.
Europe Equity ETF		NYSE Arca, Inc.
Global Equity ETF		NYSE Arca, Inc.
International Equity ETF		NYSE Arca, Inc.
U.S. Equity ETF		NYSE Arca, Inc.
U.S. Mid Cap Equity ETF		NYSE Arca, Inc.
U.S. Small Cap Equity ETF		NYSE Arca, Inc.
U.S. Dividend ETF		NYSE Arca, Inc.
U.S. Minimum Volatility ETF		NYSE Arca, Inc.
U.S. Momentum Factor ETF		NYSE Arca, Inc.
U.S. Quality Factor ETF		NYSE Arca, Inc.
U.S. Value Factor 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
BetaBuilders Canada ETF		100,000
BetaBuilders Developed Asiaex-Japan ETF		200,000
BetaBuilders Europe ETF		200,000
BetaBuilders Japan ETF		400,000
BetaBuilders U.S. Equity ETF		50,000
Emerging Markets Equity ETF		100,000
Europe Equity ETF		100,000
Global Equity ETF		100,000
International Equity ETF		100,000
U.S. Equity ETF		100,000
U.S. Mid Cap Equity ETF		100,000
U.S. Small Cap Equity ETF		50,000

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 187

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

	Shares per Creation Unit
U.S. Dividend ETF		50,000
U.S. Minimum Volatility ETF		50,000
U.S. Momentum Factor ETF		50,000
U.S. Quality Factor ETF		50,000
U.S. Value Factor ETF		50,000

Creation Units are issued and redeemed principallyin-kind for a basket of securities. A cash amount may be substituted if a 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 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued 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 the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

Investments inopen-end investment companies, excluding Exchange-Traded Funds (“ETFs”), (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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

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

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

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

188 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

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

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

BetaBuilders Canada ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	4,006,140,448		$	—	$	—	$	4,006,140,448
Depreciation in Other Financial Instruments;
Futures Contracts (a)	$	(100,766	)	$	—	$	—	$	(100,766	)

BetaBuilders Developed Asiaex-Japan ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	816,241,588		$	—	$	816,241,588
China		—		2,993,259			—		2,993,259
Hong Kong		3,043,434		349,854,134			—		352,897,568
Macau		—		30,232,246			—		30,232,246
New Zealand		—		32,235,199			—		32,235,199
Singapore		423,736		168,022,727			—		168,446,463
Taiwan		—		513,648			—		513,648
United Kingdom		—		20,428,198			—		20,428,198
United States		—		6,282,120			—		6,282,120
Total Common Stocks		3,467,170		1,426,803,119			—		1,430,270,289
Short-Term Investments		1,546,382		—			—		1,546,382
Total Investments in Securities	$	5,013,552	$	1,426,803,119		$	—	$	1,431,816,671
Appreciation in Other Financial Instruments
Futures Contracts	$	13,511	$	29,856		$	—	$	43,367
Depreciation in Other Financial Instruments
Futures Contracts	$	—	$	(26,387	)	$	—	$	(26,387	)

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 189

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

BetaBuilders Europe ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	40,256,416	$	—	$	40,256,416
Austria		1,339,801			16,808,098		—		18,147,899
Belgium		2,299,408			63,548,000		—		65,847,408
Chile		—			1,610,839		—		1,610,839
Colombia		—			1,139,202		—		1,139,202
Denmark		—			106,798,251		—		106,798,251
Finland		4,337,129			71,796,770		—		76,133,899
France		15,132,897			644,439,270		—		659,572,167
Germany		56,129,161			459,170,525		—		515,299,686
Ghana		—			1,558,048		—		1,558,048
Ireland		19,239,516			17,324,832		—		36,564,348
Italy		—			137,323,747		—		137,323,747
Jordan		—			1,471,912		—		1,471,912
Luxembourg		812,806			11,455,640		—		12,268,446
Mexico		—			704,512		—		704,512
Netherlands		—			270,109,980		—		270,109,980
Norway		549,704			42,988,113		—		43,537,817
Portugal		—			10,525,335		—		10,525,335
Russia		—			2,525,555		—		2,525,555
South Africa		—			14,836,024		—		14,836,024
Spain		704,214			166,585,858		—		167,290,072
Sweden		—			174,861,711		—		174,861,711
Switzerland		7,074,152			574,626,422		—		581,700,574
United Arab Emirates		—			1,105,209		—		1,105,209
United Kingdom		9,710,586			860,847,821		—		870,558,407
United States		—			14,188,606		—		14,188,606
Total Common Stocks		117,329,374			3,708,606,696		—		3,825,936,070
Preferred Stocks		47,272			—		—		47,272
Rights		—			6		—		6
Short-Term Investments		114,875,596			—		—		114,875,596
Total Investments in Securities	$	232,252,242		$	3,708,606,702	$	—	$	3,940,858,944
Appreciation in Other Financial Instruments
Futures Contracts	$	286,062		$	—	$	—	$	286,062
Depreciation in Other Financial Instruments
Futures Contracts	$	(14,075	)	$	—	$	—	$	(14,075	)

190 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

BetaBuilders Japan ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks	$	16,628,083	$	4,254,712,987	$	—	$	4,271,341,070
Short-Term Investments		18,341,722		—		—		18,341,722
Total Investments in Securities	$	34,969,805	$	4,254,712,987	$	—	$	4,289,682,792
Appreciation in Other Financial Instruments
Futures Contracts	$	1,459,579	$	—	$	—	$	1,459,579

BetaBuilders U.S. Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	46,351,777	$	—	$	—	$	46,351,777
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	5,139	$	—	$	—	$	5,139

Emerging Markets Equity ETF

		Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Bahrain		$	—	$	409,625		$	—		$	409,625
China			952,395		72,118,895			—	(b)		73,071,290
Czech Republic			127,714		889,665			—			1,017,379
Greece			—		2,830,256			—			2,830,256
Hong Kong			—		2,073,756			—			2,073,756
Hungary			678,666		1,511,187			—			2,189,853
India			5,525,406		26,339,360			—			31,864,766
Indonesia			—		15,034,764			—			15,034,764
Kuwait			2,085,477		2,376,508			—			4,461,985
Malaysia			1,654,610		9,239,808			—			10,894,418
Pakistan			—		189,092			—			189,092
Philippines			1,238,361		3,340,083			—			4,578,444
Qatar			1,088,121		4,850,979			—			5,939,100
Saudi Arabia			1,541,708		5,220,004			—			6,761,712
South Africa			1,698,522		22,257,264			—			23,955,786
Taiwan			—		39,255,394			—			39,255,394
Thailand			5,882,408		9,723,765			—			15,606,173
Turkey			911,696		4,591,450			—			5,503,146
United Arab Emirates			1,630,755		2,352,509			—			3,983,264
Other Common Stocks			102,952,890		—			—			102,952,890
Total Common Stocks	��		127,968,729		224,604,364			—	(b)		352,573,093
Rights			—		—	(b)		—			—	(b)
Short-Term Investments			1,883,529		—			—			1,883,529
Total Investments in Securities		$	129,852,258	$	224,604,364		$	—	(b)	$	354,456,622
Appreciation in Other Financial Instruments
Futures Contracts		$	22,206	$	—		$	—		$	22,206

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 191

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

Europe Equity ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	117,643		$	—	$	117,643
Austria		—			131,053			—		131,053
Belgium		51,807			276,111			—		327,918
Chile		—			59,546			—		59,546
Denmark		—			638,270			—		638,270
Finland		69,090			587,343			—		656,433
France		146,937			2,447,568			—		2,594,505
Germany		318,783			1,834,818			—		2,153,601
Ireland		—			91,716			—		91,716
Italy		8,855			1,023,696			—		1,032,551
Jordan		—			67,581			—		67,581
Kazakhstan		—			40,872			—		40,872
Luxembourg		39,837			94,134			—		133,971
Netherlands		—			788,001			—		788,001
Norway		—			413,046			—		413,046
Poland		—			151,209			—		151,209
Portugal		—			124,850			—		124,850
Russia		—			113,044			—		113,044
South Africa		—			67,946			—		67,946
Spain		—			918,263			—		918,263
Sweden		—			1,317,711			—		1,317,711
Switzerland		—			1,532,446			—		1,532,446
United Kingdom		30,330			3,306,815			—		3,337,145
United States		—			117,155			—		117,155
Total Common Stocks		665,639			16,260,837			—		16,926,476
Rights		—			—	(b)		—		—	(b)
Short-Term Investments		133,397			—			—		133,397
Total Investments in Securities	$	799,036		$	16,260,837		$	—	$	17,059,873
Appreciation in Other Financial Instruments
Futures Contracts	$	6,694		$	—		$	—	$	6,694
Depreciation in Other Financial Instruments
Futures Contracts	$	(865	)	$	—		$	—	$	(865	)

Global Equity ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	14,453,913	$	—	$	14,453,913
Austria		—			341,241		—		341,241
Belgium		239,689			1,121,407		—		1,361,096
Chile		—			9,202		—		9,202
China		—			1,295,612		—		1,295,612
Denmark		—			1,060,652		—		1,060,652
Finland		377,835			1,270,432		—		1,648,267
France		536,005			5,355,931		—		5,891,936
Germany		174,577	��		2,937,832		—		3,112,409
Hong Kong		—			5,280,379		—		5,280,379

192 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

Global Equity ETF(continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Italy	$	—	$	2,197,058	$	—		$	2,197,058
Japan		—		33,131,377		—			33,131,377
Macau		—		952,243		—			952,243
Netherlands		—		2,898,030		—			2,898,030
New Zealand		—		512,717		—			512,717
Norway		—		1,404,866		—			1,404,866
Portugal		—		486,132		—			486,132
Russia		—		68,902		—			68,902
Singapore		—		2,857,725		—			2,857,725
South Africa		—		408,834		—			408,834
South Korea		—		11,125,474		—			11,125,474
Spain		—		3,516,771		—			3,516,771
Sweden		—		3,663,080		—			3,663,080
Switzerland		—		3,214,467		—			3,214,467
United Kingdom		827,754		5,567,252		—			6,395,006
United States		31,301,015		278,797		—			31,579,812
Other Common Stocks		5,799,288		—		—			5,799,288
Total Common Stocks		39,256,163		105,410,326		—			144,666,489
Short-Term Investments		1,075,217		—		—			1,075,217
Total Investments in Securities	$	40,331,380	$	105,410,326	$	—		$	145,741,706
Appreciation in Other Financial Instruments
Futures Contracts	$	27,207	$	—	$	—		$	27,207
							��

International Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	132,098,380	$	—	$	132,098,380
Austria		—		3,599,271		—		3,599,271
Belgium		3,627,968		4,536,474		—		8,164,442
Cambodia		—		1,279,228		—		1,279,228
Chile		—		4,435,246		—		4,435,246
China		—		10,601,170		—		10,601,170
Denmark		—		5,080,583		—		5,080,583
Finland		5,211,427		21,877,538		—		27,088,965
France		2,013,246		66,260,653		—		68,273,899
Germany		5,321,564		32,585,012		—		37,906,576
Hong Kong		—		64,388,794		—		64,388,794
Indonesia		—		293,043		—		293,043
Ireland		—		2,102,849		—		2,102,849
Italy		—		25,890,534		—		25,890,534
Japan		—		307,113,958		—		307,113,958
Jordan		—		5,098,658		—		5,098,658
Macau		—		2,625,907		—		2,625,907
Netherlands		—		38,289,240		—		38,289,240
New Zealand		—		10,545,227		—		10,545,227
Norway		—		18,292,941		—		18,292,941
Poland		—		1,281,693		—		1,281,693
Portugal		—		5,679,789		—		5,679,789
Russia		—		3,422,753		—		3,422,753

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 193

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

International Equity ETF(continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Singapore	$	—	$	31,357,002	$	—	$	31,357,002
South Africa		—		4,519,023		—		4,519,023
South Korea		—		90,160,111		—		90,160,111
Spain		429,822		23,727,676		—		24,157,498
Sweden		—		44,984,117		—		44,984,117
Switzerland		—		31,333,849		—		31,333,849
United Kingdom		11,314,336		243,918,476		—		255,232,812
United States		—		5,653,479		—		5,653,479
Other Common Stocks		1,991,974		—		—		1,991,974
Total Common Stocks		29,910,337		1,243,032,674		—		1,272,943,011
Preferred Stocks		3,472		—		—		3,472
Short-Term Investments		15,753,318		—		—		15,753,318
Total Investments in Securities	$	45,667,127	$	1,243,032,674	$	—	$	1,288,699,801
Appreciation in Other Financial Instruments
Futures Contracts	$	266,142	$	—	$	—	$	266,142

U.S. Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	825,588,980	$	—	$	—	$	825,588,980
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	44,378	$	—	$	—	$	44,378

U.S. Mid Cap Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	197,011,002	$	—	$	—	$	197,011,002
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	10,026	$	—	$	—	$	10,026

U.S. Small Cap Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	140,249,445	$	—	$	—		$	140,249,445
Rights		—		—		—	(b)		—	(b)
Short-Term Investments		27,076,446		—		—			27,076,446
Total Investments in Securities	$	167,325,891	$	—	$	—	(b)	$	167,325,891
Appreciation in Other Financial Instruments
Futures Contracts	$	8,156	$	—	$	—		$	8,156

194 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

U.S. Dividend ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	41,353,593	$	—	$	—	$	41,353,593
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	1,695	$	—	$	—	$	1,695

U.S. Minimum Volatility ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	107,537,513	$	—	$	—	$	107,537,513
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	2,500	$	—	$	—	$	2,500

U.S. Momentum Factor ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	57,177,897	$	—	$	—	$	57,177,897
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	1,316	$	—	$	—	$	1,316

U.S. Quality Factor ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	107,943,331	$	—	$	—	$	107,943,331
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	3,452	$	—	$	—	$	3,452

U.S. Value Factor ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	67,175,771	$	—	$	—	$	67,175,771
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	2,897	$	—	$	—	$	2,897

(a) All portfolio holdings designated as level 1 are disclosed individually on the SOIs.

(b) Value is zero.

There were no transfers into or out of level 3 for the year ended October 31, 2019.

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

As of October 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.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 195

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

C. Futures Contracts — The Funds used index futures contracts to obtain long exposure to the underlying commodities markets, to gain or reduce exposure to the stock market, to gain or reduce exposure to particular countries or regions, maintain liquidity, minimize transaction costs or to manage and hedge interest rate risk associated with portfolio investments.

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

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

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

The table below discloses the volume of the Funds’ futures contracts activity during the year ended October 31, 2019:

	BetaBuilders Canada ETF		BetaBuilders Developed Asia ex-Japan ETF		BetaBuilders Europe ETF		BetaBuilders Japan ETF		BetaBuilders U.S. Equity ETF			Emerging Markets Equity ETF		Europe Equity ETF		Global Equity ETF
Futures Contracts — Equity:
Average Notional Balance Long	$	15,151,614	$	9,090,538	$	19,762,694	$	24,412,142	$	163,841	(a)	$	1,051,703	$	289,129	$	873,211
Ending Notional Balance Long		20,318,943		12,519,301		20,626,000		47,216,779		166,966			1,093,680		335,055		988,870

	International Equity ETF		U.S. Equity ETF		U.S. Mid Cap Equity ETF		U.S. Small Cap Equity ETF		U.S. Dividend ETF		U.S. Minimum Volatility ETF		U.S. Momentum Factor ETF		U.S. Quality Factor ETF		U.S. Value Factor ETF
Futures Contracts — Equity:
Average Notional Balance Long	$	8,179,085	$	1,894,502	$	547,477	$	395,090	$	172,027	$	164,977	$	38,779	$	194,020	$	202,168
Ending Notional Balance Long		8,420,260		1,669,250		390,920		156,290		121,430		136,609		60,715		258,039		212,503

(a) For the period May 1, 2019 through October 31, 2019.

D. Securities Lending —The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market Fund and the Agency SL Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the SOP as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the SOP.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans ofnon-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans ofnon-U.S. securities), subject to certaindeminimis amounts.

196 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

The value of securities out on loan is recorded as an asset on the SAL. The value of the cash collateral received is recorded as a liability on the SAL and details of collateral investments are disclosed in the SOIs.

The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability.

The following table presents, for each lending fund, the 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 October 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)
BetaBuilders Canada ETF	$	213,748,097	$	(213,748,097	)	$	—
BetaBuilders Developed Asiaex-Japan ETF		1,455,691		(1,455,691	)		—
BetaBuilders Europe ETF		107,191,515		(107,191,515	)		—
BetaBuilders Japan ETF		17,484,369		(17,484,369	)		—
Emerging Markets Equity ETF		1,106,394		(1,106,394	)		—
Europe Equity ETF		125,559		(125,559	)		—
Global Equity ETF		750,135		(750,135	)		—
International Equity ETF		12,277,449		(12,277,449	)		—
U.S. Equity ETF		23,110,059		(23,110,059	)		—
U.S. Mid Cap Equity ETF		8,836,243		(8,836,243	)		—
U.S. Small Cap Equity ETF		25,431,992		(25,431,992	)		—
U.S. Dividend ETF		628,762		(628,762	)		—
U.S. Minimum Volatility ETF		378,300		(378,300	)		—
U.S. Momentum Factor ETF		541,227		(541,227	)		—
U.S. Quality Factor ETF		928,985		(928,985	)		—
U.S. Value Factor ETF		354,482		(354,482	)		—

* 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:

BetaBuilders Canada ETF	$	24,154
BetaBuilders Developed Asiaex-Japan ETF		2,777
BetaBuilders Europe ETF		15,109
BetaBuilders Japan ETF		8,676
Emerging Markets Equity ETF		261
Europe Equity ETF		159
Global Equity ETF		1,283
International Equity ETF		5,242
U.S. Equity ETF		6,650
U.S. Mid Cap Equity ETF		2,457
U.S. Small Cap Equity ETF		4,457
U.S. Dividend ETF		185
U.S. Minimum Volatility ETF		123
U.S. Momentum Factor ETF		175
U.S. Quality Factor ETF		199
U.S. Value Factor ETF		147

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included in the SOP as Income from securities lending (net).

BetaBuilders U.S. Equity ETF did not lend out any securities during the period ended October 31, 2019.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 197

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

E. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer who is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below.

BetaBuilders Canada ETF

	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares (a)	$	1,992,902	$	—	$	1,992,902	$	(199	)*	$	199	$	—		—	$	—		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (a)(b)		49,999,700		3,002,000,000		2,878,000,000		4,502	*		—		174,004,202		173,986,803		2,166,507	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a)(b)		19,883,026		2,254,627,489		2,221,838,563		—			—		52,671,952		52,671,952		701,724	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		190,063		8,147,244		8,337,307		—			—		—		—		3,731			—
Total	$	72,065,691	$	5,264,774,733	$	5,110,168,772	$	4,303		$	199	$	226,676,154			$	2,871,962		$	—

BetaBuilders Developed Asiaex-Japan ETF

	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (a)(b)	$	—	$	59,000,000	$	58,000,000	$	100	*	$	—	$	1,000,100		1,000,000	$	51,950	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a)(b)		—		36,337,168		35,790,886		—			—		546,282		546,282		74,817	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		254,772		48,388,688		48,643,460		—			—		—		—		5,141			—
Total	$	254,772	$	143,725,856	$	142,434,346	$	100		$	—	$	1,546,382			$	131,908		$	—

198 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

BetaBuilders Europe ETF

	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares (a)	$	2,999,300	$	—	$	2,999,300	$	(300	)*	$	300	$	—		—	$	—		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (a)(b)		17,999,500		713,000,000		647,000,000		3,899	*		5,400		84,008,799		84,000,399		1,516,777	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a)(b)		5,502,935		557,988,564		532,624,702		—			—		30,866,797		30,866,797		438,994	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		296,502		17,282,282		17,578,784		—			—		—		—		4,568			—
Total	$	26,798,237	$	1,288,270,846	$	1,200,202,786	$	3,599		$	5,700	$	114,875,596			$	1,960,339		$	—

BetaBuilders Japan ETF

	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (a)(b)	$	12,999,800	$	506,000,000	$	507,000,000	$	201	*	$	1,599	$	12,001,600		12,000,400	$	811,621	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a)(b)		6,499,769		282,946,013		283,105,660		—			—		6,340,122		6,340,122		238,804	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		288,800		16,223,341		16,512,141		—			—		—		—		3,955			—
Total	$	19,788,369	$	805,169,354	$	806,617,801	$	201		$	1,599	$	18,341,722			$	1,054,380		$	—

BetaBuilders U.S. Equity ETF

	For the period ended October 31, 2019
Security Description	Value at March 12, 2019 (c)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Chase & Co. (d)	$	—	$	613,167	$	14,237	$	554	$	102,941	$	702,425		5,623	$	11,214	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (a)(b)		—		820,366		696,934		—		—		123,432		123,432		1,940		—
Total	$	—	$	1,433,533	$	711,171	$	554	$	102,941	$	825,857			$	13,154	$	—

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 199

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

Emerging Markets Equity ETF

	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a)(b)	$	—	$	4,593,959	$	3,381,341	$	—	$	—	$	1,212,618		1,212,618	$	8,601	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (a)(b)		753,648		8,015,188		8,097,925		—		—		670,911		670,911		4,285			—
Total	$	753,648	$	12,609,147	$	11,479,266	$	—	$	—	$	1,883,529			$	12,886		$	—

Europe Equity ETF

	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a)(b)	$	—	$	3,145,894	$	3,012,616	$	—	$	—	$	133,278		133,278	$	4,421	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (a)(b)		—		468,851		468,732		—		—		119		119		93			—
Total	$	—	$	3,614,745	$	3,481,348	$	—	$	—	$	133,397			$	4,514		$	—

Global Equity ETF

	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (a)(b)	$	—	$	3,000,000	$	2,500,000	$	(50	)*	$	—	$	499,950		499,900	$	25,513	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a)(b)		924,151		39,639,537		40,276,142		—			—		287,546		287,546		35,094	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (a)(b)		627,017		3,660,510		3,999,806		—			—		287,721		287,721		4,610			834
Total	$	1,551,168	$	46,300,047	$	46,775,948	$	(50	)	$	—	$	1,075,217			$	65,217		$	834

200 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

International Equity ETF

	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (a)(b)	$	—	$	119,000,000	$	115,000,000	$	600	*	$	—	$	4,000,600		4,000,200	$	268,942	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a)(b)		—		175,712,354		166,670,555		—			—		9,041,799		9,041,799		153,253	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (a)(b)		6,618,219		82,653,193		86,560,493		—			—		2,710,919		2,710,919		56,690			—
Total	$	6,618,219	$	377,365,547	$	368,231,048	$	600		$	—	$	15,753,318			$	478,885		$	—

U.S. Equity ETF

	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (a)(b)	$	—	$	156,000,000	$	139,000,000	$	3,601	*	$	400	$	17,004,001		17,002,300	$	542,323	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a)(b)		4,709,887		266,113,079		264,197,873		—			—		6,625,093		6,625,093		184,014	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (a)(b)		6,889,863		34,644,771		40,640,082		—			—		894,552		894,552		36,454			—
Total	$	11,599,750	$	456,757,850	$	443,837,955	$	3,601		$	400	$	24,523,646			$	762,791		$	—

U.S. Mid Cap Equity ETF

	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (a)(b)	$	—	$	23,000,000	$	17,000,000	$	900	*	$	—	$	6,000,900		6,000,300	$	114,968	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a)(b)		643,332		91,865,224		89,408,499		—			—		3,100,057		3,100,057		71,116	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (a)(b)		3,620,915		9,102,309		12,393,959		—			—		329,265		329,265		12,832			—
Total	$	4,264,247	$	123,967,533	$	118,802,458	$	900		$	—	$	9,430,222			$	198,916		$	—

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 201

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

U.S. Small Cap Equity ETF

	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (a)(b)	$	—	$	57,000,000	$	38,000,000	$	1,200	*	$	500	$	19,001,700		18,999,800	$	209,571	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a)(b)		2,431,125		102,119,015		96,916,004		—			—		7,634,136		7,634,136		127,611	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (a)(b)		1,505,075		8,797,846		9,862,311		—			—		440,610		440,610		8,972			—
Total	$	3,936,200	$	167,916,861	$	144,778,315	$	1,200		$	500	$	27,076,446			$	346,154		$	—

U.S. Dividend ETF

	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a)(b)	$	148,580	$	8,147,797	$	7,641,908	$	—	$	—	$	654,469		654,469	$	6,282	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (a)(b)		1,248,859		2,295,663		3,394,993		—		—		149,529		149,529		3,427			—
Total	$	1,397,439	$	10,443,460	$	11,036,901	$	—	$	—	$	803,998			$	9,709		$	—

U.S. Minimum Volatility ETF

	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a)(b)	$	93,840	$	7,973,815	$	7,680,255	$	—	$	—	$	387,400		387,400	$	4,320	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (a)(b)		760,666		2,812,509		3,434,236		—		—		138,939		138,939		4,014			—
Total	$	854,506	$	10,786,324	$	11,114,491	$	—	$	—	$	526,339			$	8,334		$	—

U.S. Momentum Factor ETF

	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a)(b)	$	66,300	$	7,923,766	$	7,428,738	$	—	$	—	$	561,328		561,328	$	5,083	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (a)(b)		63,323		1,690,751		1,666,462		—		—		87,612		87,612		1,512			—
Total	$	129,623	$	9,614,517	$	9,095,200	$	—	$	—	$	648,940			$	6,595		$	—

202 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

U.S. Quality Factor ETF

	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a)(b)	$	58,800	$	7,198,303	$	6,310,781	$	—	$	—	$	946,322		946,322	$	6,416	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (a)(b)		836,372		3,145,724		3,721,691		—		—		260,405		260,405		3,375			—
Total	$	895,172	$	10,344,027	$	10,032,472	$	—	$	—	$	1,206,727			$	9,791		$	—

U.S. Value Factor ETF

	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a)(b)	$	57,600	$	5,285,951	$	4,974,798	$	—	$	—	$	368,753		368,753	$	4,550	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (a)(b)		692,762		3,199,498		3,737,889		—		—		154,371		154,371		3,546			—
Total	$	750,362	$	8,485,449	$	8,712,687	$	—	$	—	$	523,124			$	8,096		$	—

(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 October 31, 2019.

(c) Commencement of operations.

(d) Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.

* Amount is included on the SOP as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

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

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices of securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the SOP.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the SOP. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end are included in Change in net unrealized appreciation/ depreciation on foreign currency translations on the SOP.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 203

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

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

BetaBuilders Canada ETF	$	16,918
BetaBuilders Developed Asiaex-Japan ETF		15,611
BetaBuilders Europe ETF		13,889
BetaBuilders Japan ETF		13,250
U.S. Dividend ETF		4,068
U.S. Minimum Volatility ETF		5,756
U.S. Momentum Factor ETF		4,071
U.S. Quality Factor ETF		4,061
U.S. Value Factor ETF		4,073

Costs paid in connection with the organization of the Funds, if any, were recorded as an expense at the time the Funds commenced operations and are included as part of Offering costs on the SOP. For the year ended October 31, 2019, total offering costs amortized were as follows:

BetaBuilders Canada ETF	$	12,978
BetaBuilders Developed Asiaex-Japan ETF		11,976
BetaBuilders Europe ETF		8,638
BetaBuilders Japan ETF		8,260
U.S. Dividend ETF		90
U.S. Minimum Volatility ETF		126
U.S. Momentum Factor ETF		90
U.S. Quality Factor ETF		90
U.S. Value Factor ETF		89

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

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

I. Allocation of Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds.

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2019, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

L. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly for all Funds, except the BetaBuilders Japan ETF, which generally declares and pays any net investment income annually. Prior to March 1, 2019, the BetaBuilders Japan ETF distributed quarterly. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

204 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
BetaBuilders Canada ETF	$	(2,111,022	)	$	(162,042	)	$	2,273,064
BetaBuilders Developed Asia ex-Japan ETF		5,791,633			(62,604	)		(5,729,029	)
BetaBuilders Europe ETF		68,541,468			(792,169	)		(67,749,299	)
BetaBuilders Japan ETF		49,015,836			1,904,769			(50,920,605	)
BetaBuilders U.S. Equity ETF		(1	)		—			1
Emerging Markets Equity ETF		(686	)		221,602			(220,916	)
Europe Equity ETF		486,007			80,785			(566,792	)
Global Equity ETF		9,771,580			102,790			(9,874,370	)
International Equity ETF		53,732,903			1,257,546			(54,990,449	)
U.S. Equity ETF		19,691,157			5,568			(19,696,725	)
U.S. Mid Cap Equity ETF		4,076,154			(6,913	)		(4,069,241	)
U.S. Small Cap Equity ETF		13,123,858			(61,394	)		(13,062,464	)
U.S. Dividend ETF		927,934			(24,420	)		(903,514	)
U.S. Minimum Volatility ETF		3,523,569			(2,630	)		(3,520,939	)
U.S. Momentum Factor ETF		7,004,340			(7,202	)		(6,997,138	)
U.S. Quality Factor ETF		913,908			4,976			(918,884	)
U.S. Value Factor ETF		2,791,919			(11,074	)		(2,780,845	)

The reclassifications for the Funds relate primarily to foreign currency gains or losses, investments in real estate investment trusts (“REITs”), investments in passive foreign investment companies (“PFICs”),non-taxable dividends and redemptionsin-kind.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreement for all Funds, except the BetaBuilders U.S. Equity ETF, the Adviser manages the investments of each Fund. For such services, the Adviser is paid a fee which is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

BetaBuilders Canada ETF	0.19	%
BetaBuilders Developed Asiaex-Japan ETF	0.19	%
BetaBuilders Europe ETF	0.09	%
BetaBuilders Japan ETF	0.19	%
Emerging Markets Equity ETF	0.44	%
Europe Equity ETF	0.30	%
Global Equity ETF	0.24	%
International Equity ETF	0.24	%
U.S. Equity ETF	0.23	%
U.S. Mid Cap Equity ETF	0.24	%
U.S. Small Cap Equity ETF	0.29	%
U.S. Dividend ETF	0.23	%
U.S. Minimum Volatility ETF	0.23	%
U.S. Momentum Factor ETF	0.23	%
U.S. Quality Factor ETF	0.23	%
U.S. Value Factor ETF	0.23	%

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.D.

B. Administration Fee — Pursuant to an Administration Agreement for all Funds, except the BetaBuilders U.S. Equity ETF, the Administrator provides certain administration services to the Funds. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of each Fund’s respective average daily net assets. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.085% each Fund’s respective average daily net assets. The Administrator also provides administration services to the BetaBuilders U.S. Equity ETF pursuant to the Management Agreement for that Fund; the Administrator is compensated as described in Note 3.G.

The Administrator waived administration fees as outlined in Note 3.D.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 205

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

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

C. Custodian, Accounting and Transfer Agent Fees — JPMCB provides custody, accounting and transfer agency services to the Funds. The amounts paid directly to JPMCB by the Funds, except the BetaBuilders U.S. Equity ETF, which is paid as described in Note 3.G, for custody services are included in the Custodian, Accounting and Transfer Agent fees on the SOP. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the SOP. With respect to the transfer agency services provided by JPMCB for each creation or redemption transaction, the Authorized Participant will generally be responsible for such associated expenses; during the period, the Funds paid no transfer agency fees to JPMCB.

Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of fund shares. These fees are used to offset certain custodian charges incurred by the Fund for these transactions.

For the year ended October 31, 2019, the amount of transaction fees paid by the Authorized Participants to the Funds that were used to reimburse Custodian and Transfer Agent fees were as follows:

BetaBuilders Canada ETF	$	67,500
BetaBuilders Developed Asiaex-Japan ETF		205,200
BetaBuilders Europe ETF		609,900
BetaBuilders Japan ETF		210,800
Emerging Markets Equity ETF		161,700
Europe Equity ETF		34,200
Global Equity ETF		23,100
International Equity ETF		201,600
U.S. Equity ETF		49,300
U.S. Mid Cap Equity ETF		18,000
U.S. Small Cap Equity ETF		67,200
U.S. Dividend ETF		4,800
U.S. Minimum Volatility ETF		18,000
U.S. Momentum Factor ETF		9,600
U.S. Quality Factor ETF		9,000
U.S. Value Factor ETF		11,200

Such amounts are included in expense reimbursements fromnon-affiliates in the SOP.

Restricted cash on the SAL is cash received from Authorized Participants for the reimbursement of creation and/or redemption of Fund shares.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the SOP.

D. Waivers and Reimbursements — The Adviser has contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses, (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses), exceed the percentages of the Funds’ respective average daily net assets as shown in the below table:

	Expense Cap
BetaBuilders Canada ETF		0.19	%
BetaBuilders Developed Asiaex-Japan ETF		0.19	%
BetaBuilders Europe ETF		0.09	%
BetaBuilders Japan ETF		0.19	%
Emerging Markets Equity ETF		0.45	%
Europe Equity ETF		0.38	%
Global Equity ETF		0.38	%
International Equity ETF		0.38	%
U.S. Equity ETF		0.19	%
U.S. Mid Cap Equity ETF		0.24	%
U.S. Small Cap Equity ETF		0.29	%
U.S. Dividend ETF		0.12	%
U.S. Minimum Volatility ETF		0.12	%
U.S. Momentum Factor ETF		0.12	%
U.S. Quality Factor ETF		0.12	%
U.S. Value Factor ETF		0.12	%

The expense limitation agreements were in effect for the year ended October 31, 2019.

206 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

For the year ended October 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
BetaBuilders Canada ETF	$	2,710,628	$	1,807,086	$	4,517,714	$	—
BetaBuilders Developed Asiaex-Japan ETF		1,325,505		883,670		2,209,175		6,420
BetaBuilders Europe ETF		2,845,520		1,897,013		4,742,533		447
BetaBuilders Japan ETF		2,915,570		1,943,713		4,859,283		—
Emerging Markets Equity ETF		858,203		229,763		1,087,966		686
Europe Equity ETF		78,722		20,722		99,444		30,660
Global Equity ETF		114,111		76,074		190,185		—
International Equity ETF		168,560		112,373		280,933		—
U.S. Equity ETF		687,761		458,508		1,146,269		—
U.S. Mid Cap Equity ETF		168,160		112,106		280,266		1,725
U.S. Small Cap Equity ETF		154,571		101,917		256,488		4,200
U.S. Dividend ETF		71,749		23,984		95,733		58,680
U.S. Minimum Volatility ETF		115,576		38,317		153,893		42,702
U.S. Momentum Factor ETF		101,450		33,626		135,076		43,571
U.S. Quality Factor ETF		136,914		45,323		182,237		33,752
U.S. Value Factor ETF		120,553		39,958		160,511		38,093

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 BetaBuilders U.S. Equity ETF, the Adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective fees and expenses incurred by each Fund from the applicable Fund’s investment in such affiliated money market funds, except for investments of securities lending collateral. For BetaBuilders U.S. Equity ETF, these waivers are covered under the Management Agreement as described in Note 3.G.

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2019 were as follows:

BetaBuilders Canada ETF	$	407
BetaBuilders Developed Asiaex-Japan ETF		504
BetaBuilders Europe ETF		462
BetaBuilders Japan ETF		609
BetaBuilders U.S. Equity ETF		172
Emerging Markets Equity ETF		618
Europe Equity ETF		1
Global Equity ETF		505
International Equity ETF		6,659
U.S. Equity ETF		3,970
U.S. Mid Cap Equity ETF		1,403
U.S. Small Cap Equity ETF		1,034
U.S. Dividend ETF		411
U.S. Minimum Volatility ETF		413
U.S. Momentum Factor ETF		151
U.S. Quality Factor ETF		359
U.S. Value Factor ETF		394

E. Distribution Services — The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under the distribution agreement with the Trust (the “Distribution Agreement”). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.

F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and the JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule38a-1 under the 1940 Act. Each Fund, excluding the BetaBuilders U.S. Equity ETF, along with affiliated funds, makes reimbursement payments, on apro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the SOP.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 207

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

G. Management Fee — Pursuant to a Management Agreement for BetaBuilders U.S. Equity ETF, the Adviser manages the investments of BetaBuilders U.S. Equity ETF. For such services, the Adviser is paid a fee of 0.02%, which is accrued daily and paid monthly, based on BetaBuilders U.S. Equity ETF’s average daily net assets. Under the Management Agreement, JPMIM is responsible for substantially all expenses of the BetaBuilders U.S. Equity ETF, (including expenses of the Trust relating to BetaBuilders U.S. Equity ETF), except for the management fees, payments under the BetaBuilders U.S. Equity ETF’s12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the adviser and/or its affiliates), costs of holding shareholder meetings, litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of the BetaBuilders U.S. Equity ETF’s business. Additionally, the BetaBuilders U.S. Equity ETF shall be responsible for itsnon-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable.

Effective November 1, 2019, the Investment Advisory Agreement, Administration Agreement and Expense Limitation Agreement for each Fund except Betabuilders U.S. Equity ETF were replaced by a Management Agreement. Under the Management Agreement, JPMIM is responsible for substantially all expenses of each Fund (including expenses of the Trust relating to each Fund), except for the management fees, payments under a Fund’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, 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 itsnon-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:

BetaBuilders Canada ETF	0.19	%
BetaBuilders Developed Asiaex-Japan ETF	0.19	%
BetaBuilders Europe ETF	0.09	%
BetaBuilders Japan ETF	0.19	%
Emerging Markets Equity ETF	0.44	%
Europe Equity ETF	0.37	%
Global Equity ETF	0.29	%
International Equity ETF	0.37	%
U.S. Equity ETF	0.18	%
U.S. Mid Cap Equity ETF	0.24	%
U.S. Small Cap Equity ETF	0.29	%
U.S. Dividend ETF	0.12	%
U.S. Minimum Volatility ETF	0.12	%
U.S. Momentum Factor ETF	0.12	%
U.S. Quality Factor ETF	0.12	%
U.S. Value Factor ETF	0.12	%

4. Investment Transactions

During the year ended October 31, 2019, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
BetaBuilders Canada ETF	$	273,368,678	$	196,062,854
BetaBuilders Developed Asiaex-Japan ETF		233,034,243		86,750,204
BetaBuilders Europe ETF		231,637,118		214,975,077
BetaBuilders Japan ETF		186,361,167		130,388,044
BetaBuilders U.S. Equity ETF		1,115,861		1,041,463
Emerging Markets Equity ETF		236,465,459		153,124,709
Europe Equity ETF		5,293,020		5,536,386
Global Equity ETF		41,043,728		45,891,683
International Equity ETF		383,700,533		376,315,766
U.S. Equity ETF		171,404,743		161,059,176
U.S. Mid Cap Equity ETF		44,425,506		38,795,109
U.S. Small Cap Equity ETF		59,155,897		56,745,546
U.S. Dividend ETF		7,372,778		6,362,958

208 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
U.S. Minimum Volatility ETF	$	9,518,496	$	7,691,521
U.S. Momentum Factor ETF		23,024,620		22,735,162
U.S. Quality Factor ETF		14,391,911		12,837,428
U.S. Value Factor ETF		12,850,631		11,689,281

During the year ended October 31, 2019, there were no purchases or sales of U.S. Government securities.

For the year ended October 31, 2019,in-kind transactions associated with creations and redemptions were:

	In-Kind Creations		In-Kind Redemptions
BetaBuilders Canada ETF	$	1,516,229,435	$	73,579,797
BetaBuilders Developed Asiaex-Japan ETF		604,598,597		39,546,861
BetaBuilders Europe ETF		2,893,686,981		682,469,119
BetaBuilders Japan ETF		2,206,423,026		606,864,991
BetaBuilders U.S. Equity ETF		43,037,961		—
Emerging Markets Equity ETF		42,955,716		—
Europe Equity ETF		10,046,848		66,469,954
Global Equity ETF		4,795,720		68,935,978
International Equity ETF		252,209,756		457,321,859
U.S. Equity ETF		257,924,624		79,145,467
U.S. Mid Cap Equity ETF		80,954,781		18,121,044
U.S. Small Cap Equity ETF		122,670,547		84,781,849
U.S. Dividend ETF		15,518,675		4,582,355
U.S. Minimum Volatility ETF		91,833,080		20,043,193
U.S. Momentum Factor ETF		66,065,497		41,684,460
U.S. Quality Factor ETF		75,849,084		5,357,886
U.S. Value Factor ETF		45,219,167		14,142,705

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at October 31, 2019 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
BetaBuilders Canada ETF	$	3,884,821,827	$	312,598,789	$	191,380,934	$	121,217,855
BetaBuilders Developed Asiaex-Japan ETF		1,379,543,905		96,171,463		43,881,717		52,289,746
BetaBuilders Europe ETF		3,804,672,350		314,060,609		177,602,028		136,458,581
BetaBuilders Japan ETF		4,177,153,208		323,120,620		209,131,457		113,989,163
BetaBuilders U.S. Equity ETF		43,248,645		3,903,048		794,777		3,108,271
Emerging Markets Equity ETF		337,222,823		39,282,138		22,026,133		17,256,005
Europe Equity ETF		17,378,017		1,177,990		1,490,305		(312,315	)
Global Equity ETF		141,134,477		14,377,354		9,742,918		4,634,436
International Equity ETF		1,292,081,876		98,266,168		101,382,101		(3,115,933	)
U.S. Equity ETF		745,491,670		111,109,838		30,968,150		80,141,688
U.S. Mid Cap Equity ETF		183,015,890		22,354,541		8,349,403		14,005,138
U.S. Small Cap Equity ETF		172,402,839		10,064,960		15,133,752		(5,068,792	)
U.S. Dividend ETF		39,533,473		3,675,670		1,853,855		1,821,815
U.S. Minimum Volatility ETF		102,883,317		5,907,508		1,250,812		4,656,696
U.S. Momentum Factor ETF		58,412,985		1,150,396		2,384,168		(1,233,772	)
U.S. Quality Factor ETF		100,572,462		9,401,231		2,026,910		7,374,321
U.S. Value Factor ETF		63,309,967		6,064,202		2,195,501		3,868,701

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals, investments in passive foreign investment companies (“PFICs”) and non-taxable dividends.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 209

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

The tax character of distributions paid during the year ended October 31, 2019 was as follows:

	Ordinary Income*		Total Distributions Paid
BetaBuilders Canada ETF	$	75,222,486	$	75,222,486
BetaBuilders Developed Asiaex-Japan ETF		50,248,812		50,248,812
BetaBuilders Europe ETF		126,316,866		126,316,866
BetaBuilders Japan ETF		20,089,888		20,089,888
BetaBuilders U.S. Equity ETF		317,882		317,882
Emerging Markets Equity ETF		9,059,080		9,059,080
Europe Equity ETF		661,542		661,542
Global Equity ETF		4,502,466		4,502,466
International Equity ETF		47,722,104		47,722,104
U.S. Equity ETF		13,823,828		13,823,828
U.S. Mid Cap Equity ETF		2,653,452		2,653,452
U.S. Small Cap Equity ETF		1,663,026		1,663,026
U.S. Dividend ETF		1,057,550		1,057,550
U.S. Minimum Volatility ETF		948,027		948,027
U.S. Momentum Factor ETF		515,149		515,149
U.S. Quality Factor ETF		1,098,039		1,098,039
U.S. Value Factor ETF		1,321,813		1,321,813

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

The tax character of distributions paid during the year ended October 31, 2018 was as follows:

	Ordinary Income*		Total Distributions Paid
BetaBuilders Canada ETF	$	2,945,124	$	2,945,124
BetaBuilders Developed Asiaex-Japan ETF		4,159,764		4,159,764
BetaBuilders Europe ETF		1,891,512		1,891,512
Emerging Markets Equity ETF		8,601,176		8,601,176
Europe Equity ETF		4,014,806		4,014,806
Global Equity ETF		5,818,989		5,818,989
International Equity ETF		54,092,274		54,092,274
U.S. Equity ETF		12,462,949		12,462,949
U.S. Mid Cap Equity ETF		2,149,261		2,149,261
U.S. Small Cap Equity ETF		1,058,143		1,058,143
U.S. Dividend ETF		908,996		908,996
U.S. Minimum Volatility ETF		549,553		549,553
U.S. Momentum Factor ETF		338,121		338,121
U.S. Quality Factor ETF		496,228		496,228
U.S. Value Factor ETF		616,329		616,329

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

As of October 31, 2019, the estimated components of net assets (excludingpaid-in-capital) on a tax basis were as follows:

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
BetaBuilders Canada ETF	$	13,446,205	$	(19,539,163	)	$	121,253,437
BetaBuilders Developed Asiaex-Japan ETF		3,106,728		(224,560	)		52,481,883
BetaBuilders Europe ETF		10,045,797		(3,824,375	)		136,869,667
BetaBuilders Japan ETF		96,506,970		(9,152,650	)		113,973,270
BetaBuilders U.S. Equity ETF		112,754		(24,168	)		3,108,272
Emerging Markets Equity ETF		3,585,880		(17,191,447	)		17,049,352

210 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Europe Equity ETF	$	39,207	$	(890,210	)	$	(319,215	)
Global Equity ETF		616,634		(6,508,104	)		4,635,230
International Equity ETF		7,866,907		(63,817,842	)		(3,103,905	)
U.S. Equity ETF		2,479,665		(9,094,088	)		80,141,689
U.S. Mid Cap Equity ETF		365,107		(2,657,584	)		14,005,138
U.S. Small Cap Equity ETF		226,391		(1,625,003	)		(5,068,792	)
U.S. Dividend ETF		129,349		(352,308	)		1,821,815
U.S. Minimum Volatility ETF		237,938		(285,053	)		4,656,696
U.S. Momentum Factor ETF		100,547		(1,405,473	)		(1,233,772	)
U.S. Quality Factor ETF		180,839		(281,172	)		7,374,321
U.S. Value Factor ETF		251,138		(318,815	)		3,868,701

For the Funds, the cumulative timing differences primarily consist of wash sale loss deferrals,non-taxable dividends, foreign taxes and investments in passive foreign investment companies (“PFICs”).

As of October 31, 2019, the following Funds had net capital loss carryforwards as follows:

	Capital Loss Carryforward Character
	Short-Term		Long-Term
BetaBuilders Canada ETF	$	19,539,163	$	—
BetaBuilders Developed Asiaex-Japan ETF		—		224,560
BetaBuilders Europe ETF		3,010,441		813,934
BetaBuilders Japan ETF		9,152,650		—
BetaBuilders U.S. Equity ETF		24,168		—
Emerging Markets Equity ETF		13,649,613		3,541,834
Europe Equity ETF		545,128		345,082
Global Equity ETF		3,204,966		3,303,138
International Equity ETF		27,029,344		36,788,498
U.S. Equity ETF		8,505,408		588,680
U.S. Mid Cap Equity ETF		2,657,584		—
U.S. Small Cap Equity ETF		1,432,885		192,118
U.S. Dividend ETF		281,701		70,607
U.S. Minimum Volatility ETF		124,150		160,903
U.S. Momentum Factor ETF		947,749		457,724
U.S. Quality Factor ETF		281,172		—
U.S. Value Factor ETF		293,810		25,005

During the year ended October 31, 2019, the following Funds utilized capital loss carryforwards as follows:

	Capital Loss Carryforward Utilized
	Short-Term		Long-Term
BetaBuilders Developed Asiaex-Japan ETF	$	149,273	$	—
U.S. Quality Factor ETF		—		1,033

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 on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.

Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments

and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105%, for BetaBuilders Canada ETF, BetaBuilders

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 211

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

Developed Asiaex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders Japan ETF, Europe Equity ETF, Global Equity ETF and International Equity ETF, and plus at least 110% for Emerging Markets Equity ETF of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of October 31, 2019, the Adviser owns shares representing more than 10% of net assets of the following Funds:

	% of Ownership
U.S. Dividend ETF		66	%
U.S. Minimum Volatility ETF		26
U.S. Momentum Factor ETF		51
U.S. Quality Factor ETF		28
U.S. Value Factor ETF		39

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

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

The BetaBuilders Canada ETF, BetaBuilders Developed Asiaex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders Japan ETF, Emerging Markets Equity ETF, Europe Equity ETF, Global Equity ETF and International Equity ETF may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period depending on the Funds. Such concentrations may subject each Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.

As of October 31, 2019, the following Funds hadnon-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows:

Fund Name	Australia			Brazil			Canada			China			France			Germany			Hong Kong			Japan			Singapore			Switzerland			Taiwan			United Kingdom
BetaBuilders Canada ETF		—	%		—	%		97.2	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%
BetaBuilders Developed Asiaex-Japan ETF		57.1			—			—			—			—			—			24.7			—			11.8			—			—			—
BetaBuilders Europe ETF		—			—			—			—			17.2			13.5			—			—			—			15.2			—			22.8
BetaBuilders Japan ETF		—			—			—			—			—			—			—			100.0			—			—			—			—
Emerging Markets Equity ETF		—			14.7			—			20.7			—			—			—			—			—			—			11.1			—
Europe Equity ETF		—			—			—			—			15.3			12.7			—			—			—			—			—			19.7
Global Equity ETF		10.0			—			—			—			—			—			—			22.9			—			—			—			—
International Equity ETF		10.4			—			—			—			—			—			—			24.1			—			—			—			20.0

As of October 31, 2019, a significant portion of each Fund’s net assets noted in the table above consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Fund’s holdings. During such periods, investors may incur significant losses if shares are sold.

The Funds may not track the return of the underlying index for a number of reasons and therefore may not achieve its investment objective. For example, each Fund incurs a number of operating expenses not applicable to its underlying index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the underlying index. In addition, a Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, each Fund’s return differs from the return of the underlying index.

212 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TotheBoard of Trustees of J.P. Morgan Exchange-Traded Fund Trust and Shareholders of each of the seventeen funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of each of the funds listed in the table below (seventeen of the funds constituting J.P. Morgan Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

JPMorgan BetaBuilders Canada ETF (1)	JPMorgan Diversified Return Europe Equity ETF (4)	JPMorgan U.S. Dividend ETF (5)
JPMorgan BetaBuilders Developed Asia Ex-Japan ETF (1)	JPMorgan Diversified Return Global Equity ETF (4)	JPMorgan U.S. Minimum Volatility ETF (5)
JPMorgan BetaBuilders Europe ETF (2)	JPMorgan Diversified Return International Equity ETF (4)	JPMorgan U.S. Momentum Factor ETF (5)
JPMorgan BetaBuilders Japan ETF (2)	JPMorgan Diversified Return U.S. Equity ETF (4)	JPMorgan U.S. Quality Factor ETF (5)
JPMorgan BetaBuilders U.S. Equity ETF (3)	JPMorgan Diversified Return U.S. Mid Cap Equity ETF (4)	JPMorgan U.S. Value Factor ETF (5)
JPMorgan Diversified Return Emerging Markets Equity ETF (4)	JPMorgan Diversified Return U.S. Small Cap Equity ETF (4)

(1) Statement of operations for the year ended October 31, 2019, and statement of changes in net assets for the year ended October 31, 2019 and the period August 7, 2018 (commencement of operations) through October 31, 2018

(2) Statement of operations for the year ended October 31, 2019, and statement of changes in net assets for the year ended October 31, 2019 and the period June 15, 2018 (commencement of operations) through October 31, 2018

(3) Statement of operations and statement of changes in net assets for the period March 12, 2019 (commencement of operations) through October 31, 2019

(4) Statement of operations for the year ended October 31, 2019 and statement of changes in net assets for the years ended October 31, 2019 and 2018

(5) Statement of operations for the year ended October 31, 2019, and statement of changes in net assets for the year ended October 31, 2019 and the period November 8, 2017 (commencement of operations) through October 31, 2018

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

December 20, 2019

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

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 213

TRUSTEES

(Unaudited)

The Funds’ Statements of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling1-844-457-6383 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth; Positions With the Funds since)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (1)		Other Directorships Held During the Past 5 Years
Independent Trustees
Gary L. French (1951); Trustee of the Trust since 2014	Real Estate Investor (2011–present); Consultant to the Mutual Fund Industry (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011–2017); Senior Vice President–Fund Administration, State Street Corporation (2002–2010).		35	Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014).
Robert J. Grassi (1957); Trustee of the Trust since 2014	Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012).		35	None.
Thomas P. Lemke (1954); Trustee of the Trust since 2014	Retired; Executive Vice President and General Counsel, Legg Mason (2005-2013).		35	SEI family of funds (Independent Trustee of Advisors’ Inner Circle Fund III (20 portfolios) (from February 2014 to present); Independent Trustee of Winton Diversified Opportunities Fund (from December 2014 to 2018); Independent Trustee of Gallery Trust (from August 2015 to present); Independent Trustee of Schroder Series Trust (from 2017 to present) Independent Trustee of Schroder Global Series Trust (from February 2017 to present); Independent Trustee of O’Connor EQUUS (May 2014-April 2016), Independent Trustee of Winton Series Trust (December 2014-March 2017); Independent Trustee of AXA Premier VIP Trust (2014-June 2017); Independent Director of The Victory Funds (or their predecessor funds) (35 portfolios) (2014-March 2015); Symmetry Panoramic Trust (16 portfolios) (2018-present).
Lawrence R. Maffia (1950); Trustee of the Trust since 2014	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).		35	Director, ICI Mutual Insurance Company (1999-2013).
Emily A. Youssouf (1951); Trustee of the Trust since 2014	Clinical Professor, NYU Schack Institute of Real Estate (2009-present); Board Member(2005-present), Chair of Capital Committee (2006-2016), Chair of Audit Committee(2005-present), and Chair of IT Committee (2016-present), NYC Health and Hospitals Corporation; Board Member and Member of the Audit Committee and Related Parties Committee (2013-2018) and Member of the Risk Management Committee (2017-2018), PennyMac Financial Services, Inc.		35	Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee (2015-present) and Chair of the Audit and Finance Committee (2015-present) of the Transit Center Foundation; Vice Chair (2011-2013) and Board Member (2013-2014) of New York City Housing Authority.
Interested Trustee
Robert Deutsch (2) (1957); Chairman and Trustee of the Trust since 2014	Retired; Head of the Global ETF Business for JPMorgan Asset Management (2013-2017); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013).		35	Board of Directors of the JUST Capital Foundation (2017–present).

(1) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. Thirty three series of the Trust have commenced operations.

(2) Mr. Deutsch is an interested trustee because he was an employee of the Adviser until August 2017.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

214 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Joanna Gallegos (1975), President and Principal Executive Officer (2017)	Managing Director, Head of J.P. Morgan Asset Management’s U.S. Exchange Traded Funds business. Previously, Head of J.P. Morgan Asset Management’s ETF Product Development team from August 2013 to July 2017.
Lauren A. Paino (1973), Treasurer and Principal Financial Officer (2016)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.
Brian S. Shlissel (1964), Vice President (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Paul Shield (1960), Vice President and Assistant Treasurer (2016)	Managing Director and head of Business Management for JPMorgan Asset Management’s Exchange Traded Fund platform since 2013.
Elizabeth A. Davin (1964), Secretary (2018)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
Stephen M. Ungerman (1953), Chief Compliance Officer (2014)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Jessica K. Ditullio (1962), Assistant Secretary (2014)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2019)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014.
Carmine Lekstutis (1980), Assistant Secretary (2014)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Keri E. Riemer (1976), Assistant Secretary (2019)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (2016-2019); Associate, Seward & Kissel LLP (2011-2016).
Gregory S. Samuels (1980), Assistant Secretary (2014)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan Lewis & Bockius (law firm) from 2012 to 2016.
Frederick J. Cavaliere (1978), Assistant Treasurer (2015)*	Executive Director, J.P. Morgan Investment Management Inc. since February 2016; formerly, Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2010 to February 2016. Mr. Cavaliere has been with JPMorgan since May 2006.
Timothy J. Clemens (1975), Assistant Treasurer (2019)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2014)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from 2012 to May 2014.
Shannon Gaines (1977), Assistant Treasurer (2019)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jason Ronca (1978), Assistant Treasurer (2014)***	Executive Director, Assistant Treasurer and ETF Platform Manager for J.P. Morgan Asset Management since February 2017; formerly Vice President, Assistant Treasurer and ETF Platform Manager for J.P. Morgan Asset Management from May 2014 to February 2017. ETF Product Manager for Corporate Investment Bank responsible for setting the strategy and control agenda for the ETF servicing business from 2010 to May 2014; Prior to 2010, a Vice President in Fund Accounting within J.P. Morgan Investor Services, supporting a series of U.S. registered mutual funds.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

* The contact address for the officer is 4 New York Plaza, New York, NY 10004.

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

*** The contact address for the officer is 50 Rowes Wharf, Floor 3, Boston, MA 02110.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 215

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, excluding BetaBuilders U.S. Equity 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. As a shareholder of BetaBuilders U.S. Equity 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 May 1, 2019 and continued to hold your shares at the end of the reporting period, October 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 “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value May 1, 2019			Ending Account Value October 31, 2019		Annualized Expense Ratio(1)			Expenses Paid During the Period
JPMorgan BetaBuilders Canada ETF
Actual	$	1,000.00		$	1,019.30		0.19	%	$	0.97
Hypothetical		1,000.00			1,024.25		0.19			0.97
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
Actual		1,000.00			1,008.30		0.19			0.96
Hypothetical		1,000.00	��		1,024.25		0.19			0.97
JPMorgan BetaBuilders Europe ETF
Actual		1,000.00			1,022.00		0.09			0.46
Hypothetical		1,000.00			1,024.75		0.09			0.46
JPMorgan BetaBuilders Japan ETF
Actual		1,000.00			1,063.70		0.19			0.99
Hypothetical		1,000.00			1,024.25		0.19			0.97
JPMorgan BetaBuilders U.S. Equity ETF
Actual		1,000.00			1,040.40		0.02			0.10
Hypothetical		1,000.00			1,025.10		0.02			0.10
JPMorgan Diversified Return Emerging Markets Equity ETF
Actual		1,000.00			1,008.20		0.45			2.28
Hypothetical		1,000.00			1,022.94		0.45			2.29
JPMorgan Diversified Return Europe Equity ETF
Actual		1,000.00			1,027.90		0.38			1.94
Hypothetical		1,000.00			1,023.29		0.38			1.94
JPMorgan Diversified Return Global Equity ETF
Actual		1,000.00			1,027.20		0.38			1.94
Hypothetical		1,000.00			1,023.29		0.38			1.94
JPMorgan Diversified Return International Equity ETF
Actual		1,000.00			1,009.60		0.38			1.92
Hypothetical		1,000.00			1,023.29		0.38			1.94

216 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

	Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Annualized Expense Ratio(1)			Expenses Paid During the Period
JPMorgan Diversified Return U.S. Equity ETF
Actual	$	1,000.00	$	1,029.50		0.19	%	$	0.97
Hypothetical		1,000.00		1,024.25		0.19			0.97
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Actual		1,000.00		1,014.00		0.24			1.22
Hypothetical		1,000.00		1,024.00		0.24			1.22
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Actual		1,000.00		990.60		0.29			1.46
Hypothetical		1,000.00		1,023.74		0.29			1.48
JPMorgan U.S. Dividend ETF
Actual		1,000.00		1,034.00		0.12			0.62
Hypothetical		1,000.00		1,024.60		0.12			0.61
JPMorgan U.S. Minimum Volatility ETF
Actual		1,000.00		1,070.40		0.12			0.63
Hypothetical		1,000.00		1,024.60		0.12			0.61
JPMorgan U.S. Momentum Factor ETF
Actual		1,000.00		1,028.30		0.12			0.61
Hypothetical		1,000.00		1,024.60		0.12			0.61
JPMorgan U.S. Quality Factor ETF
Actual		1,000.00		1,036.90		0.12			0.62
Hypothetical		1,000.00		1,024.60		0.12			0.61
JPMorgan U.S. Value Factor ETF
Actual		1,000.00		1,026.30		0.12			0.61
Hypothetical		1,000.00		1,024.60		0.12			0.61

(1) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 217

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 BetaBuilders U.S. Equity ETF.

The new Management Agreement was approved by shareholders of JPMorgan BetaBuilders Europe ETF, JPMorgan BetaBuilders Japan ETF, JPMorgan BetaBuilders Developed Asia ex-Japan ETF, JPMorgan BetaBuilders Canada ETF, JPMorgan U.S. Dividend ETF, JPMorgan U.S. Minimum Volatility ETF, JPMorgan U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF.

The results of the voting for these Funds were as follows:

	Voting Results
Fund	For		Against		Abstain
JPMorgan BetaBuilders Canada ETF		3,665,895,757		230,335		1,382,810
JPMorgan BetaBuilders Developed Asia ex-Japan ETF		1,390,269,356		67,397		91,387
JPMorgan Beta Builders Europe ETF		4,323,674,981		245,541		42,084
JPMorgan BetaBuilders Japan ETF		3,550,439,799		186,505		209,983
JPMorgan U.S. Dividend ETF		26,993,677		21,184		113,283
JPMorgan U.S. Minimum Volatility ETF		35,314,936		30,389		138,515
JPMorgan U.S. Momentum Factor ETF		32,057,359		87		10,947
JPMorgan U.S. Quality Factor ETF		37,357,328		21,075		54,161
JPMorgan U.S. Value Factor ETF		39,251,793		—		91,963

For JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return Europe Equity ETF, JPMorgan Diversified Return Global Equity ETF, JPMorgan Diversified Return International Equity ETF, JPMorgan Diversified Return U.S. Equity ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF and JPMorgan Diversified Return U.S. Small Cap Equity 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.

The results of the voting for these Funds as of August 22, 2019, were as follows:

	Voting Results
Fund	For		Against		Abstain
JPMorgan Diversified Return Emerging Markets Equity ETF		140,345,100		415,039		18,303,360
JPMorgan Diversified Return Europe Equity ETF		3,530,213		86,193		279,220
JPMorgan Diversified Return Global Equity ETF		37,176,891		464,552		8,745,685
JPMorgan Diversified Return International Equity ETF		646,276,425		4,926,269		34,749,049
JPMorgan Diversified Return U.S. Equity ETF		287,139,444		2,636,059		24,094,740
JPMorgan Diversified Return U.S. Mid Cap Equity ETF		52,512,997		410,251		4,333,007
JPMorgan Diversified Return U.S. Small Cap Equity ETF		53,241,061		1,425,207		7,586,563

The new Management Agreement was approved by shareholders of JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return International Equity ETF, JPMorgan Diversified Return U.S. Equity ETF and JPMorgan Diversified Return U.S. Small Cap Equity ETF when the special meeting reconvened on September 17, 2019.

The results of the voting for these Funds as of September 17, 2019, were as follows:

	Voting Results
Fund	For		Against		Abstain
JPMorgan Diversified Return Emerging Markets Equity ETF		159,462,532		603,821		22,502,300
JPMorgan Diversified Return International Equity ETF		733,689,059		6,725,493		87,654,484
JPMorgan Diversified Return U.S. Equity ETF		330,786,630		3,673,221		48,341,008
JPMorgan Diversified Return U.S. Small Cap Equity ETF		62,338,330		1,631,537		18,969,024

For JPMorgan Diversified Return Europe Equity ETF, JPMorgan Diversified Return Global Equity ETF and JPMorgan Diversified Return U.S. Mid Cap Equity 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 of these Funds as of September 17, 2019, were as follows:

	Voting Results
Fund	For		Against		Abstain
JPMorgan Diversified Return Europe Equity ETF		5,875,925		86,193		1,435,660
JPMorgan Diversified Return Global Equity ETF		51,161,006		652,527		18,515,912
JPMorgan Diversified Return U.S. Mid Cap Equity ETF		65,957,084		632,039		14,335,167

218 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

The new Management Agreement was approved by shareholders of JPMorgan Diversified Return Europe Equity ETF, JPMorgan Diversified Return Global Equity ETF and JPMorgan Diversified Return U.S. Mid Cap Equity ETF when the special meeting reconvened on October 10, 2019.

The results of the voting for these Funds as of October 10, 2019, were as follows:

	Voting Results
Fund	For		Against		Abstain
JPMorgan Diversified Return Europe Equity ETF		6,273,653		100,108		2,378,430
JPMorgan Diversified Return Global Equity ETF		52,828,574		748,935		20,778,634
JPMorgan Diversified Return U.S. Mid Cap Equity ETF		73,100,493		686,562		19,307,564

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 219

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2019. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 will be provided under separate cover.

Dividends Received Deductions (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deductions for corporate shareholders for the fiscal year ended October 31, 2019:

	Dividends Received Deduction
BetaBuilders U.S. Equity ETF		100.00	%
Global Equity ETF		18.01
U.S. Equity ETF		99.97
U.S. Mid Cap Equity ETF		92.10
U.S. Small Cap Equity ETF		87.57
U.S. Dividend ETF		81.65
U.S. Minimum Volatility ETF		98.03
U.S. Momentum Factor ETF		100.00
U.S. Quality Factor ETF		98.76
U.S. Value Factor ETF		100.00

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2019:

	Qualified Dividend Income
BetaBuilders Canada ETF	$	87,790,470
BetaBuilders Developed Asiaex-Japan ETF		33,465,270
BetaBuilders Europe ETF		120,888,663
BetaBuilders Japan ETF		28,745,390
BetaBuilders U.S. Equity ETF		317,882
Emerging Markets Equity ETF		7,452,046
Europe Equity ETF		737,968
Global Equity ETF		4,800,288
International Equity ETF		47,907,942
U.S. Equity ETF		13,823,828
U.S. Mid Cap Equity ETF		2,533,064
U.S. Small Cap Equity ETF		1,504,458
U.S. Dividend ETF		911,621
U.S. Minimum Volatility ETF		948,027
U.S. Momentum Factor ETF		495,619
U.S. Quality Factor ETF		1,098,039
U.S. Value Factor ETF		1,321,813

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2019, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are

as follows or amounts as finally determined:

	Gross Income		Foreign Tax Pass Through
BetaBuilders Canada ETF	$	99,488,154	$	12,924,031
BetaBuilders Developed Asiaex-Japan ETF		53,225,783		630,051
BetaBuilders Europe ETF		146,607,404		10,257,310
BetaBuilders Japan ETF		92,467,523		8,655,502
Emerging Markets Equity ETF		14,121,955		1,097,794
Europe Equity ETF		833,179		81,971
Global Equity ETF		4,883,537		383,444
International Equity ETF		59,410,568		3,744,238

220 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

BOARD APPROVAL OF MANAGEMENT AGREEMENT

(Unaudited)

JPMorgan BetaBuilders Canada ETF, JPMorgan BetaBuilders Developed Asiaex-Japan ETF, JPMorgan BetaBuilders Europe ETF, JPMorgan BetaBuilders Japan ETF, JPMorgan Diversified Emerging Markets Equity ETF, JPMorgan Diversified Return Europe Equity ETF, JPMorgan Diversified Return Global Equity ETF, JPMorgan Diversified Return International Equity ETF, JPMorgan Diversified Return U.S. Equity ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JPMorgan Diversified Return U.S. Small Cap Equity ETF, JPMorgan U.S. Dividend ETF, JPMorgan U.S. Minimum Volatility ETF, JPMorgan U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF, JPMorgan U.S. Value Factor ETF

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 a new Management Agreement (the “New Management Agreement”) on behalf of each Fund. The Board also recommended that the Fund’s shareholders approve the New Management Agreement. Such approval was recently obtained, and the agreement went into effect November 1, 2019.

As part of their review of the New Management Agreement, the Trustees considered and reviewed information received from the Adviser about the proposed changes to the previously existing 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. 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 New 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 New Management Agreement. The Trustees also discussed the New 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 New 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 New Management Agreement was fair and reasonable and that the approval of the New 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 New 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 then-existing separate Investment Advisory and Administration Agreements, as well as the services that will be provided under the New 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 the Adviser’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.

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.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 221

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 also considered that adopting the New 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 New Management Agreement was not available (because the New Management Agreement was 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 then-existing Investment Advisory Agreement for each applicable Fund. In conjunction with the consideration of the New Management Agreement, the Trustees also considered that the Adviser’s profitability was not expected to increase 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 then-existing 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, the Adviser 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 increase 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 Fund assets increase, Fund fees will not necessarily decrease even if the Fund and the Adviser achieve economies of scale. In this regard, the Trustees noted that after the New 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 New 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 then-existing 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 New Management Agreement would be the same as or less than the amounts the Funds would have paid under the prior structure, which involved the then-existing 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 New Management Agreement in the future. In this regard, the Trustees noted that after the New 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 each Fund’s investment strategy and process, portfolio management team and a comparison of Fund performance against the index the Fund seeks to track. Performance for each Fund was considered by the Board in approving the continuation of the 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.

222 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

BOARD APPROVAL OF MANAGEMENT AGREEMENT

(Unaudited) (continued)

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 each 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 New 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 New Management Agreement.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 223

J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co.

Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on FormN-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Fund’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019.  All rights reserved. October 2019. AN-ETF-1019

Annual Report

J.P. Morgan Exchange-Traded Funds

October 31, 2019

JPMorgan Diversified Alternatives ETF

JPMorgan Event Driven ETF

JPMorgan Long/Short ETF

JPMorgan Managed Futures Strategy ETF

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

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

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

CONTENTS

President’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Diversified Alternatives ETF	3
JPMorgan Event Driven ETF	6
JPMorgan Long/Short ETF	9
JPMorgan Managed Futures Strategy ETF	12
Schedules of Portfolio Investments	14
Financial Statements	123
Financial Highlights	128
Notes to Financial Statements	130
Report of Independent Registered Public Accounting Firm	150
Trustees	151
Officers	152
Schedule of Shareholder Expenses	153
Special Shareholder Meeting Results	154
Tax Letter	155
Board Approval of Management Agreement	156

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 a Fund.

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

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

PRESIDENT’S LETTER

DECEMBER 17, 2019 (Unaudited)

Dear Shareholder,

JPMorgan Exchange-Traded Funds has continued to grow in 2019. Our assets under management have surpassed $30 billion¹ and in September we became one of the top five providers in ETF flows as of the end of September 2019.² Our expanding suite of liquid and transparent solutions provides well-diversified, well-priced portfolios that may help each investor to achieve their goals.

  “Against the current market backdrop, we believe diversification remains a key pillar in a well-constructed portfolio.” – Joanna M. Gallegos

For the twelve months ended October 31, 2109, financial markets largely provided positive returns despite slowing global economic growth, U.S.-China trade tensions and geo-political uncertainties. Corporate profits remained buoyant, particularly in the U.S., and leading central banks maintained accommodative policies, which further supported financial markets. In July, the U.S. Federal Reserve responded to slowing economic growth by cutting interest rates for the first time in more than a decade and then followed with two more rate cuts by the end of the twelve month reporting period. Meanwhile, the European Central Bank resumed its monthly purchases of assets in an attempt to bolster flagging economic growth and inflation,

which was below the bank’s target levels. China also moved to ease lending as the toll of reciprocal trade tariffs with the U.S. appeared to become a drag on exports. For the twelve months ended October 31, 2019, the MSCI World Index returned 12.69% (net of foreign withholding taxes, while the S&P 500 returned 14.33% and the Bloomberg Barclays U.S. Aggregate Index returned 11.51%.

Against the current market backdrop, we believe diversification remains a key pillar in a well-constructed portfolio. As such, our alternative investment strategy ETFs can provide investors with exposures to asset classes that may have a low correlation to the performance of traditional equity or fixed-income markets.

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

Sincerely,

Joanna M. Gallegos

President, J.P. Morgan Exchange-Traded Funds

J.P Morgan Asset Management

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

¹  J.P. Morgan Asset Management, December 16, 2019.

²  Bloomberg L.P., September 30, 2019.

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

J.P. Morgan Exchange-Traded Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

Global equity markets generally provided positive returns for the reporting period amid slowing but continued growth in both the global economy and corporate profits. Investor optimism over U.S.-China trade negotiations and an extension of the deadline for Britain’s exit from the European Union (“Brexit”) also bolstered investor sentiment. Bond markets also provided positive returns for the period but generally underperformed equity markets. Emerging markets debt and U.S. investment grade bonds largely outperformed U.S. Treasury bonds.

In the final months of 2018, global equity markets generally slumped as investors faced both slowing global economic growth — particularly in China and Europe — and the prospect of rising U.S. interest rates. Equity prices largely rebounded in the first months of 2019, and markets remained buoyant through April 2019. Global equity markets were hit with a sell-off in May 2019 and leading indexes in the U.S. and Asian

developed markets, as well as in emerging markets, dropped by more than 6%. Equity prices rebounded again in June and received further support at the end of July 2019, when the U.S. Federal Reserve (the “Fed”) responded to slowing economic growth by raising interest rates for the first time in more than a decade.

Investor concerns about increased U.S.-China trade tensions and uncertainty over the U.K.’s Brexit strategy led to increased market volatility in the final months of the reporting period. However, the Fed cut interest rates again inmid-September 2019 and, by the end of October 2019, leading U.S. equity indexes had returned to record highs.

For the twelve months ended October 31, 2019, the S&P 500 returned 14.33%, the MSCI EAFE Index returned 11.63% and the MSCI Emerging Markets Index returned 12.29%.

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

JPMorgan Diversified Alternatives ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Diversified Alternatives ETF
Net Asset Value*		2.76%
Market Price**		2.55%
ICE BofAML3-Month US Treasury Bill Index		2.40%
Net Assets as of 10/31/2019	$	104,798,391

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Alternatives ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund seeks to achieve its investment objective by allocating assets across a variety of strategies commonly employed by hedge funds, including equity long/short, event driven and macro/managed futures strategies. The Fund seeks to achieve the efficiency of rules-based investing with the diversification benefits of alternative strategies without replicating an index.

The Fund uses derivatives, including swaps, futures and forward contracts, in implementing its strategies, and under normal market conditions, the Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired strategy.

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2019, the Fund posted a positive absolute performance and outperformed the ICE BofAML3-Month US Treasury Bill Index (the “Index”).

The Fund’s allocation to alternative investment strategies, which are not represented in the Index, contributed to

performance relative to the Index. References to the Index are for informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund is being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

On an absolute basis, the Fund’s time series fixed income-based factors, which are part of the Fund’s macro/managed futures strategy and seek to benefit from positive or negative exposure to an asset primarily through the use of futures contracts, and relative value fixed income-based factors within the macro/managed futures strategy, which seek to balance long and short positions so that exposure to the asset(s) is neutral, were leading contributors to performance.

The Fund’s allocations to the value and size factors, which are part of the Fund’s equity long/short strategy and were implemented primarily through the use of equity securities and total return swaps contracts, detracted from absolute performance during the reporting period.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest allocation was to the event driven strategy, while the smallest allocation was to the macro/managed futures strategy.

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

JPMorgan Diversified Alternatives ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

RISK ALLOCATION AS OF OCTOBER 31, 2019
Strategy	% of Risk Allocation****
Equity Long/Short (1)		28	%
Event Driven (2)		42
Macro/Managed Futures (3)		30

TOP TEN LONG HOLDINGS OF THE PORTFOLIO(a)
	1.	WellCare Health Plans, Inc.	1.7	%
	2.	WABCO Holdings, Inc.	1.6
	3.	Zayo Group Holdings, Inc.	1.6
	4.	Cypress Semiconductor Corp.	1.6
	5.	Caesars Entertainment Corp.	1.5
	6.	Allergan plc.	1.5
	7.	Cambrex Corp.	1.3
	8.	Genomic Health, Inc.	1.3
	9.	Spark Therapeutics, Inc.	1.2
	10.	Acacia Communications, Inc.	1.2

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO(a)
	1.	Centene Corp.	1.0	%
	2.	Prosperity Bancshares, Inc.	1.0
	3.	BB&T Corp.	0.9
	4.	Exact Sciences Corp.	0.7
	5.	AbbVie, Inc.	0.6
	6.	Eldorado Resorts, Inc.	0.5
	7.	Callon Petroleum Co.	0.4
	8.	New Media Investment Group, Inc.	0.4
	9.	Bristol-Myers Squibb Co.	0.3
	10.	Pembina Pipeline Corp.	0.2

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $24.95 as of October 31, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $24.95 as of October 31, 2019.

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

**** Risk allocations are calculated as the standard deviation (volatility of an asset class) divided by the overall volatility of the Fund. Risk, as measured by standard deviation, shows how widely a set of values varies from the mean. It is a historical measure of the volatility of returns earned by the Fund. The percentages above represent the current risk allocation based on the Fund’s holdings as of October 31, 2019 and may not be representative of the targeted equal risk allocation across asset classes over the long term. Holdings and allocations may vary over time.

(1) Equity Long/Short strategies involve simultaneously investing in equities (i.e., investing long) that the adviser believes are attractive based on relevant return factors and take short positions in equity securities that the adviser believes are unattractive based on the relevant return factors.

(2) Event Driven strategies seek to profit from investing in securities of companies that the Fund’s adviser believes will be impacted by pending or anticipated corporate or special situation events. In executing this investment strategy, the Fund seeks to capture the price difference between a security’s market price and the anticipated value post-event, based on the assumption that an event or catalyst will affect future pricing. For example, merger arbitrage strategies seek to capitalize on price discrepancies and returns generated by a corporate transaction.

(3) Macro/Managed Futures strategies aim to exploit macro-economic imbalances across the globe. The macro based strategies may be implemented through a broad range of asset classes including, but not limited to, equities, fixed income, currency and commodities based on a systematic assessment of their attractiveness.

(a) Percentages indicated are based upon total investments plus the current value of the total net long and short positions within each Total Return Basket Swap as of October 31, 2019. The Fund’s portfolio composition is subject to change.

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

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Alternatives ETF
Net Asset Value		September 12, 2016		2.76%		0.22%
Market Price				2.55%		0.21%

LIFE OF FUND PERFORMANCE(09/12/16 TO 10/31/19)

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 September 12, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Alternatives ETF and the ICE BofAML 3-Month US Treasury Bill Index from September 12, 2016 to October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of

the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index.

The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

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

JPMorgan Event Driven ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Event Driven ETF
Net Asset Value*		6.17%
Market Price**		6.07%
ICE BofAML3-Month US Treasury Bill Index		2.40%
Net Assets as of 10/31/2019	$	29,475,685

INVESTMENT OBJECTIVE***

The JPMorgan Event Driven ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund employs a rules-based,bottom-up approach to building a diversified portfolio that seeks to capture returns by primarily investing in companies that the Fund’s adviser believes will be positively impacted by corporate or special situation events. The Fund seeks to profit by exploiting pricing inefficiencies associated with corporate change, through long and short equity positions across developed markets, achieved through the use of both equities and derivative instruments.

The Fund uses derivatives, including swaps, futures and forward contracts, in implementing its strategies, and under normal market conditions, the Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired strategy.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2019 and outperformed the ICE BofAML3-Month US Treasury Bill Index (the “Index”).

Relative to the Index, the Fund’s allocation to alternative investment strategies, which are not represented in the Index, contributed to performance. References to the Index are for informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund is being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

In absolute terms, the Fund’s exposure to the merger arbitrage factor made a positive contribution to absolute performance. Merger arbitrage involves exploiting the differences between the share price of a target company in a merger relative to the share price announced in the merger agreement. The share buybacks factor detracted from absolute performance. Share buybacks factor seeks to benefit from the relative outperformance by companies that repurchased a significant portion of their outstanding shares.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest allocation in notional exposure terms was to the merger arbitrage factor. From a sector perspective, the Fund’s largest positions were in the consumer discretionary and industrials sectors and its smallest positions were the consumer staples and real estate sectors.

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

TOP TEN LONG HOLDINGS OF THE PORTFOLIO(a)
	1.	U.S. Treasury Bills, 2.52%, 1/30/2020	4.1	%
	2.	Japan Treasury, (0.27)%, 3/10/2020	2.8
	3.	U.S. Treasury Bills, 2.39%, 3/26/2020	2.7
	4.	U.S. Treasury Bills, 2.07%, 4/23/2020	2.7
	5.	U.S. Treasury Bills, 1.94%, 5/21/2020	2.7
	6.	WellCare Health Plans, Inc.	1.3
	7.	Zayo Group Holdings, Inc.	1.3
	8.	Allergan plc	1.3
	9.	WABCO Holdings, Inc.	1.2
	10.	Acacia Communications, Inc.	1.2

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO(a)
	1.	Centene Corp.	0.7	%
	2.	Prosperity Bancshares, Inc.	0.7
	3.	Exact Sciences Corp.	0.6
	4.	BB&T Corp.	0.6
	5.	AbbVie, Inc.	0.4
	6.	Eldorado Resorts, Inc.	0.4
	7.	Callon Petroleum Co.	0.3
	8.	Bristol-Myers Squibb Co.	0.3
	9.	New Media Investment Group, Inc.	0.3
	10.	Pembina Pipeline Corp.	0.2

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $25.63 as of October 31, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $25.72 as of October 31, 2019.

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

(a) Percentages indicated are based upon total investments plus the current value of the total net long and short positions within each Total Return Basket Swap as of October 31, 2019. The Fund’s portfolio composition is subject to change.

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

JPMorgan Event Driven ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Event Driven ETF
Net Asset Value		November 29, 2017		6.17%		3.26%
Market Price				6.07%		3.45%

LIFE OF FUND PERFORMANCE(11/29/17 TO 10/31/19)

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 November 29, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Event Driven ETF and the ICE BofAML3-Month US Treasury Bill Index from November 29, 2017 to October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML3-Month US Treasury

Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index.

The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

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

JPMorgan Long/Short ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Long/Short ETF
Net Asset Value*		-1.84%
Market Price**		-2.04%
ICE BofAML3-Month US Treasury Bill Index		2.40%
Net Assets as of 10/31/2019	$	28,498,988

INVESTMENT OBJECTIVE***

The JPMorgan Long/Short ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund seeks to achieve its investment objective by taking advantage of pricing inefficiencies between equity securities by maintaining long and short exposures to equity factors such as value, quality, momentum and size. The Fund utilizes an equity long/short strategy, which involves simultaneously investing in equities (investing long) that the portfolio managers believe are attractive and holding short positions in equities that they believe are unattractive.

The Fund uses derivatives, including swaps, futures and forward contracts, in implementing its strategies, and under normal market conditions, the Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired strategy.

HOW DID THE FUND PERFORM?

The Fund posted a negative absolute performance for the twelve months ended October 31, 2019 and underperformed its broad-based market benchmark, the ICE BofAML3-Month US Treasury Bill Index (the “Index”).

Relative to the Index, the Fund’s allocation to alternative investment strategies, which are not represented in the Index,

detracted from performance. References to the Index are for informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund is being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

In terms of absolute performance, the Fund’s allocations to the value and size factors, which were implemented primarily through the use of equity securities and total return swaps contracts, were leading detractors from performance. From a return perspective, the size factor, which seeks to purchase small cap stocks long and take short positions in large cap stocks, was the worst performing factor over the period and suffered as larger cap stocks led the market. Also, the Fund’s allocation to the time-series momentum factor, which relies on a security’s recent past performance as an indicator of near future performance and which was implemented through the use of futures contracts, detracted from absolute performance during the reporting period.

The Fund’s single stock momentum factor, which seeks to hold securities that have outperformed their peers, was a positive contributor to absolute performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s exposures were balanced across equity value, momentum and quality factors. In addition, the Fund had a slightly long overall exposure to developed market equities on an aggregate basis.

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

JPMorgan Long/Short ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

TOP TEN LONG HOLDINGS OF THE PORTFOLIO(a)
	1.	U.S. Treasury Bills, 1.94%, 5/21/2020	9.8	%
	2.	U.S. Treasury Bills, 1.94%, 6/18/2020	1.2
	3.	Cirrus Logic, Inc.	0.6
	4.	Zebra Technologies Corp., Class A	0.6
	5.	nVent Electric plc	0.6
	6.	Xerox Holdings Corp.	0.6
	7.	Atkore International Group, Inc.	0.5
	8.	UCB SA	0.5
	9.	ManTech International Corp., Class A	0.5
	10.	UnitedHealth Group, Inc.	0.5

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO(a)
	1.	ABIOMED, Inc.	0.4	%
	2.	Green Dot Corp., Class A	0.4
	3.	3D Systems Corp.	0.4
	4.	SMC Corp.	0.4
	5.	SiteOne Landscape Supply, Inc.	0.4
	6.	Advanced Micro Devices, Inc.	0.4
	7.	Cosmos Pharmaceutical Corp.	0.4
	8.	Varonis Systems, Inc.	0.4
	9.	Makita Corp.	0.4
	10.	PostNL NV	0.4

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $21.92 as of October 31, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $22.04 as of October 31, 2019.

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

(a) Percentages indicated are based upon total investments plus the current value of the total net long and short positions within each Total Return Basket Swap as of October 31, 2019. The Fund’s portfolio composition is subject to change.

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

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019 (Unaudited)
	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan Long/Short ETF
Net Asset Value		January 23, 2018		(1.84	)%		(7.14	)%
Market Price				(2.04	)%		(6.87	)%

LIFE OF FUND PERFORMANCE(1/23/18 TO 10/31/19)

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 23, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Long/Short ETF and the ICE BofAML3-Month US Treasury Bill Index from January 23, 2018 to October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a

full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index.

The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

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

JPMorgan Managed Futures Strategy ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
JPMorgan Managed Futures Strategy ETF
Net Asset Value*		7.05%
Market Price**		6.38%
ICE BofAML3-Month US Treasury Bill Index		2.40%
Net Assets as of 10/31/2019	$	51,499,845

INVESTMENT OBJECTIVE***

The JPMorgan Managed Futures Strategy ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund seeks to achieve its investment objective by investing globally to take advantage of opportunities across a broad range of asset classes, including equities, fixed income, currency and commodities based on the portfolio managers’ assessment of their relative attractiveness. The Fund’s portfolio managers seek to identify a set of investment return sources with distinct risk and return profiles that have a low correlation to one another and to traditional markets (each a “return factor”).

The Fund uses derivatives, including swaps, futures, options and forward contracts, in implementing its strategies, and under normal market conditions, the Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired return factor.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 2019 and outperformed its broad-based market benchmark, the ICE BofAML3-Month US Treasury Bill Index (the “Index”).

The Fund’s allocation to alternative investment strategies, which are not represented in the Index, contributed to performance relative to the Index. References to the Index are for informational purposes and are not an indication of how the

Fund is managed. The use of the Index does not imply the Fund is being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

On an absolute basis, leading contributors to Fund performance included the Fund’s interest rate directional fixed income-based return factors, which seek to benefit from positive or negative exposure to fixed income assets, primarily through the use of futures contracts. In addition, the Fund’s allocation to relative value fixed income return factors, which seek to balance out long and short positions so that exposure to the asset(s) is neutral, contributed to performance. The Fund’s leading detractor was directional commodity return factors, which seek to benefit from price trends in commodities through the use of futures contracts.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest allocation was to directional fixed income-based return factors.

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $25.12 as of October 31, 2019.

** Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $25.06 as of October 31, 2019.

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

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

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Managed Futures Strategy ETF
Net Asset Value		December 5, 2017		7.05%		0.63%
Market Price				6.38%		0.51%

LIFE OF FUND PERFORMANCE(12/5/17 TO 10/31/19)

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 December 5, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Managed Futures Strategy ETF and the ICE BofAML3-Month US Treasury Bill Index from December 5, 2017 to October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning

of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index.

The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

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

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

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

(Amounts in U.S. Dollars, unless otherwise noted)

INVESTMENTS	SHARES		VALUE
Common Stocks — 51.0%
Airlines — 0.3%
Alaska Air Group, Inc.		2,582		179,268
United Airlines Holdings, Inc.*		1,846		167,691
				346,959
Auto Components — 0.1%
Gentex Corp.		4,779		134,051
Banks — 1.7%
OFG Bancorp (Puerto Rico)		7,446		151,228
Pacific Premier Bancorp, Inc.		7,450		251,475
Popular, Inc. (Puerto Rico)		2,957		161,038
SunTrust Banks, Inc.		14,433		986,351
Synovus Financial Corp.		6,658		225,507
				1,775,599
Beverages — 0.3%
Coca-Cola European Partners plc (United Kingdom)		2,839		151,915
Molson Coors Brewing Co., Class B		2,980		157,105
				309,020
Biotechnology — 2.8%
Ligand Pharmaceuticals, Inc.*		2,112		229,806
Ra Pharmaceuticals, Inc.*		27,826		1,309,770
Spark Therapeutics, Inc.*		12,669		1,383,075
				2,922,651
Building Products — 0.2%
Johnson Controls International plc		5,353		231,945
Capital Markets — 0.7%
Cohen & Steers, Inc.		2,487		162,749
Lazard Ltd., Class A		6,634		247,647
Legg Mason, Inc.		4,244		158,132
Virtus Investment Partners, Inc.		1,537		166,734
				735,262
Chemicals — 1.2%
CF Industries Holdings, Inc.		2,888		130,971
Eastman Chemical Co.		1,725		131,169
Ecolab, Inc.		2,725		523,390
Huntsman Corp.		5,915		130,899
Kraton Corp.*		5,571		124,902
LyondellBasell Industries NV, Class A		2,667		239,230
				1,280,561
Commercial Services & Supplies — 1.0%
ABM Industries, Inc.		4,273		155,794
Brady Corp., Class A		2,726		153,583
Deluxe Corp.		2,981		154,505

INVESTMENTS	SHARES		VALUE
Commercial Services & Supplies — continued
Herman Miller, Inc.		3,925		182,512
Pitney Bowes, Inc.		54,472		239,677
Tetra Tech, Inc.		1,935		169,254
				1,055,325
Communications Equipment — 0.9%
Acacia Communications, Inc.*		4,956		325,411
Cisco Systems, Inc.		3,226		153,268
CommScope Holding Co., Inc.*		14,521		162,635
Juniper Networks, Inc.		6,510		161,578
NetScout Systems, Inc.*		7,092		171,768
				974,660
Construction Materials — 0.1%
Eagle Materials, Inc.		1,500		137,010
Consumer Finance — 0.7%
Ally Financial, Inc.		5,050		154,681
Navient Corp.		11,600		159,732
Santander Consumer USA Holdings, Inc.		5,899		147,947
SLM Corp.		14,000		118,160
World Acceptance Corp.*		1,505		156,234
				736,754
Containers & Packaging — 0.3%
Owens-Illinois, Inc.		8,800		74,800
Silgan Holdings, Inc.		4,332		133,296
Sonoco Products Co.		2,327		134,268
				342,364
Distributors — 0.2%
Core-Mark Holding Co., Inc.		4,503		137,432
LKQ Corp.*		2,300		78,177
				215,609
Diversified Consumer Services — 0.3%
H&R Block, Inc.		5,578		139,394
K12, Inc.*		6,033		119,393
				258,787
Diversified Financial Services — 0.2%
AXA Equitable Holdings, Inc.		11,590		250,344
Diversified Telecommunication Services — 0.3%
CenturyLink, Inc.		12,499		161,737
Verizon Communications, Inc.		2,745		165,990
				327,727
Electric Utilities — 0.7%
Evergy, Inc.		4,021		256,982
Exelon Corp.		3,455		157,168

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

INVESTMENTS	SHARES		VALUE
Common Stocks — continued
Electric Utilities — continued
OGE Energy Corp.		3,625		156,092
Pinnacle West Capital Corp.		1,648		155,110
				725,352
Electrical Equipment — 2.2%
Atkore International Group, Inc.*		4,561		158,267
Eaton Corp. plc		7,719		672,402
Generac Holdings, Inc.*		1,753		169,305
nVent Electric plc		7,411		170,898
OSRAM Licht AG (Germany)		21,724		969,151
Regal Beloit Corp.		2,190		162,169
				2,302,192
Electronic Equipment, Instruments & Components — 1.2%
Benchmark Electronics, Inc.		7,765		263,233
CDW Corp.		1,369		175,109
Dolby Laboratories, Inc., Class A		2,597		167,065
Fabrinet (Thailand)*		2,771		155,813
Insight Enterprises, Inc.*		2,603		159,772
Tech Data Corp.*		1,301		158,072
Zebra Technologies Corp., Class A*		763		181,495
				1,260,559
Energy Equipment & Services — 0.3%
Patterson-UTI Energy, Inc.		27,955		232,586
ProPetro Holding Corp.*		16,759		129,882
				362,468
Entertainment — 0.8%
IMAX Corp.*		7,401		158,011
Madison Square Garden Co. (The), Class A*		1,843		491,934
Marcus Corp. (The)		4,378		158,046
				807,991
Food & Staples Retailing — 0.2%
Walmart, Inc.		1,375		161,232
Food Products — 1.2%
B&G Foods, Inc.		10,123		157,413
General Mills, Inc.		2,834		144,137
Hershey Co. (The)		992		145,695
Hostess Brands, Inc.*		11,609		148,363
Ingredion, Inc.		2,041		161,239
Mondelez International, Inc., Class A		3,416		179,169
TreeHouse Foods, Inc.*		2,924		157,955
Tyson Foods, Inc., Class A		1,789		148,111
				1,242,082

INVESTMENTS	SHARES			VALUE
Health Care Equipment & Supplies — 1.8%
Atrion Corp.		209			176,277
Baxter International, Inc.		1,780			136,526
Danaher Corp.		6,374			878,465
Dentsply Sirona, Inc.		3,308			181,212
Hill-Rom Holdings, Inc.		1,482			155,151
Integer Holdings Corp.*		2,353			182,216
STERIS plc		1,021			144,543
					1,854,390
			��
Health Care Providers & Services — 1.2%
Acadia Healthcare Co., Inc.*		2,300			68,977
Chemed Corp.		361			142,202
Encompass Health Corp.		2,513			160,882
Ensign Group, Inc. (The)		3,808			160,888
Magellan Health, Inc.*		2,000			129,800
Premier, Inc., Class A*		4,067			132,503
Sigma Healthcare Ltd. (Australia)		767,437			307,488
UnitedHealth Group, Inc.		639			161,475
					1,264,215
Hotels, Restaurants & Leisure — 1.2%
Aramark		2,100			91,896
Bloomin’ Brands, Inc.		4,100			81,221
Cracker Barrel Old Country Store, Inc.		800			124,400
Dave & Buster’s Entertainment, Inc.		6,368			253,319
Dine Brands Global, Inc.		1,625			118,869
Koshidaka Holdings Co. Ltd. (Japan)		8,600			124,881
SeaWorld Entertainment, Inc.*		8,858			234,028
Starbucks Corp.		1,536			129,884
Wyndham Destinations, Inc.		3,081			142,989
					1,301,487
Household Durables — 1.3%
Electrolux AB, Series B (Sweden)		18,494			486,232
Garmin Ltd.		1,545			144,844
Helen of Troy Ltd.*		822			123,103
KB Home		3,580			127,770
La-Z-Boy, Inc.		3,919			139,164
Meritage Homes Corp.*		1,765			127,239
NVR, Inc.*		36			130,917
PulteGroup, Inc.		3,246			127,373
					1,406,642
Household Products — 0.4%
Church & Dwight Co., Inc.		1,963			137,292
Kimberly-Clark Corp.		1,096			145,636
Procter & Gamble Co. (The)		1,301			161,988
					444,916

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

INVESTMENTS	SHARES		VALUE
Common Stocks — continued
Independent Power and Renewable Electricity Producers — 0.5%
AES Corp.		9,349		159,401
Atlantica Yield plc (Spain)		6,624		159,042
Clearway Energy, Inc., Class C		8,930		161,901
				480,344
Insurance — 0.5%
First American Financial Corp.		2,826		174,590
MBIA, Inc.*		24,157		224,419
MetLife, Inc.		3,449		161,379
				560,388
Interactive Media & Services — 0.5%
IAC/InterActiveCorp*		1,400		318,150
Yelp, Inc.*		7,140		246,401
				564,551
Internet & Direct Marketing Retail — 0.5%
Booking Holdings, Inc.*		129		264,291
Quotient Technology, Inc.*		29,593		254,796
				519,087
IT Services — 2.1%
Accenture plc, Class A		802		148,707
Akamai Technologies, Inc.*		1,797		155,441
Automatic Data Processing, Inc.		926		150,225
Broadridge Financial Solutions, Inc.		1,220		152,768
CACI International, Inc., Class A*		747		167,141
Cardtronics plc, Class A*		4,425		151,601
CSG Systems International, Inc.		2,983		171,940
Euronet Worldwide, Inc.*		1,025		143,572
EVERTEC, Inc. (Puerto Rico)		5,272		161,270
ManTech International Corp., Class A		2,271		179,818
Mastercard, Inc., Class A		563		155,844
MAXIMUS, Inc.		2,008		154,094
Perficient, Inc.*		4,331		169,775
Visa, Inc., Class A		870		155,608
				2,217,804
Life Sciences Tools & Services — 0.6%
Agilent Technologies, Inc.		2,180		165,135
Charles River Laboratories International, Inc.*		1,197		155,586
ICON plc (Ireland)*		994		146,019
Medpace Holdings, Inc.*		1,932		142,253
				608,993
Machinery — 2.3%
AGCO Corp.		2,142		164,270
Allison Transmission Holdings, Inc.		3,586		156,385
CNH Industrial NV (United Kingdom)		24,700		269,477

INVESTMENTS	SHARES		VALUE
Machinery — continued
Cummins, Inc.		1,019		175,757
Fortive Corp.		4,800		331,200
Ingersoll-Rand plc		3,527		447,541
ITT, Inc.		2,733		162,477
Meritor, Inc.*		10,336		227,702
Oshkosh Corp.		1,877		160,258
Snap-on, Inc.		957		155,675
Watts Water Technologies, Inc., Class A		1,818		169,529
				2,420,271
Media — 1.4%
AMC Networks, Inc., Class A*		3,102		135,092
Comcast Corp., Class A		3,556		159,380
Gray Television, Inc.*		10,022		164,461
iHeartMedia, Inc., Class A*		5,000		71,700
Nexstar Media Group, Inc., Class A		1,620		157,610
Omnicom Group, Inc.		2,004		154,689
Sinclair Broadcast Group, Inc., Class A		3,997		159,240
Sirius XM Holdings, Inc.		35,875		241,080
TEGNA, Inc.		14,964		224,909
				1,468,161
Metals & Mining — 0.5%
Sandstorm Gold Ltd. (Canada)*		18,700		133,460
Schnitzer Steel Industries, Inc., Class A		6,653		141,975
Steel Dynamics, Inc.		4,362		132,430
Warrior Met Coal, Inc.		5,920		115,322
				523,187
Multiline Retail — 0.5%
Dillard’s, Inc., Class A		3,365		232,118
Kohl’s Corp.		2,592		132,866
Nordstrom, Inc.		3,407		122,311
				487,295
Multi-Utilities — 0.2%
NorthWestern Corp.		2,180		158,094
Oil, Gas & Consumable Fuels — 2.3%
Arch Coal, Inc., Class A		2,007		158,332
Chevron Corp.		1,335		155,047
ConocoPhillips		2,900		160,080
CVR Energy, Inc.		3,889		184,417
Delek US Holdings, Inc.		3,923		156,724
Devon Energy Corp.		9,018		182,885
HollyFrontier Corp.		2,721		149,492
Murphy Oil Corp.		10,424		215,047
PDC Energy, Inc.*		8,673		173,026

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

INVESTMENTS	SHARES		VALUE
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Peabody Energy Corp.		16,155		170,112
Phillips 66		1,336		156,072
Renewable Energy Group, Inc.*		9,657		157,795
Tallgrass Energy LP, Class A		20,665		385,609
				2,404,638
Paper & Forest Products — 0.8%
Canfor Corp. (Canada)*		34,476		416,717
Domtar Corp.		3,661		133,224
Louisiana-Pacific Corp.		4,680		136,796
Schweitzer-Mauduit International, Inc.		3,380		136,856
				823,593
Personal Products — 0.2%
Medifast, Inc.		1,687		187,156
Pharmaceuticals — 1.2%
Eli Lilly & Co.		2,336		266,187
Horizon Therapeutics plc*		5,689		164,469
Jazz Pharmaceuticals plc*		1,152		144,726
Johnson & Johnson		1,183		156,203
Merck & Co., Inc.		2,165		187,619
Pfizer, Inc.		4,855		186,287
Taro Pharmaceutical Industries Ltd.		1,900		153,596
				1,259,087
Professional Services — 0.6%
FTI Consulting, Inc.*		1,623		176,696
Korn Ferry		4,391		161,106
Nielsen Holdings plc		6,100		122,976
Robert Half International, Inc.		3,016		172,726
				633,504
Real Estate Management & Development — 1.0%
Unizo Holdings Co. Ltd. (Japan)		21,500		991,634
Road & Rail — 0.8%
ArcBest Corp.		5,183		149,737
CSX Corp.		2,244		157,686
Genesee & Wyoming, Inc., Class A*		4,500		499,635
				807,058
Semiconductors & Semiconductor Equipment — 2.4%
Cabot Microelectronics Corp.		1,010		152,631
Cirrus Logic, Inc.*		2,752		187,026
Diodes, Inc.*		3,967		185,060
Intel Corp.		2,822		159,528
KLA Corp.		930		157,207
Kulicke & Soffa Industries, Inc. (Singapore)		7,507		178,254

INVESTMENTS	SHARES		VALUE
Semiconductors & Semiconductor Equipment — continued
Lam Research Corp.		572		155,035
Mellanox Technologies Ltd.*		4,050		456,435
MKS Instruments, Inc.		1,413		152,915
NXP Semiconductors NV (Netherlands)		2,120		241,002
Qorvo, Inc.*		2,172		175,628
Rambus, Inc.*		11,586		160,408
Teradyne, Inc.		2,810		172,028
Xperi Corp.		1,453		29,503
				2,562,660
Software — 2.6%
Check Point Software Technologies Ltd. (Israel)*		1,438		161,646
Cision Ltd.*		79,853		804,120
Citrix Systems, Inc.		1,691		184,082
ForeScout Technologies, Inc.*		2,600		79,976
Intuit, Inc.		571		147,033
LogMeIn, Inc.		2,258		148,305
Microsoft Corp.		1,130		162,008
Oracle Corp.		2,904		158,239
Pivotal Software, Inc., Class A*		28,924		432,992
Progress Software Corp.		4,042		161,195
TiVo Corp.		28,599		232,796
				2,672,392
Specialty Retail — 2.9%
Aaron’s, Inc.		1,630		122,136
Abercrombie & Fitch Co., Class A		7,392		119,677
American Eagle Outfitters, Inc.		7,858		120,856
Best Buy Co., Inc.		1,712		122,973
Designer Brands, Inc., Class A		13,444		221,826
Dick’s Sporting Goods, Inc.		8,935		347,840
Foot Locker, Inc.		5,482		238,522
Gap, Inc. (The)		18,755		304,956
Genesco, Inc.*		9,135		354,895
Guess?, Inc.		12,795		214,316
Office Depot, Inc.		61,956		127,629
Rent-A-Center, Inc.		5,484		141,871
Signet Jewelers Ltd.		7,106		113,980
Urban Outfitters, Inc.*		8,150		233,905
Williams-Sonoma, Inc.		1,919		128,170
Zumiez, Inc.*		4,224		134,788
				3,048,340
Technology Hardware, Storage & Peripherals — 0.7%
Apple, Inc.		655		162,938
NetApp, Inc.		2,870		160,375
Seagate Technology plc		4,302		249,645

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

INVESTMENTS	SHARES		VALUE
Common Stocks — continued
Technology Hardware, Storage & Peripherals — continued
Xerox Holdings Corp.		4,632		157,164
				730,122
Textiles, Apparel & Luxury Goods — 0.8%
Carter’s, Inc.		1,408		141,138
Columbia Sportswear Co.		1,540		139,293
Deckers Outdoor Corp.*		969		148,160
Ralph Lauren Corp.		1,318		126,607
Wolverine World Wide, Inc.		8,425		250,054
				805,252
Thrifts & Mortgage Finance — 0.2%
Radian Group, Inc.		6,823		171,257
Trading Companies & Distributors — 1.1%
BMC Stock Holdings, Inc.*		6,176		166,690
HD Supply Holdings, Inc.*		8,700		343,998
Triton International Ltd. (Bermuda)		6,733		247,101
WESCO International, Inc.*		7,527		377,479
				1,135,268
Total Common Stocks (Cost $50,866,511)				53,408,290
INVESTMENTS	PRINCIPAL AMOUNT
Short-Term Investments — 31.9%
Foreign Government Treasury Bills — 2.0%
Japan Treasury Bills (Japan) (0.27)%, 3/10/2020 (c) (Cost $2,112,709)		JPY 228,200,000		2,114,733

INVESTMENTS	SHARES		VALUE
Investment Companies — 29.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (a)(b)		18,903,424		18,910,985
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (a)(b)		12,410,484		12,410,484
Total Investment Companies (Cost $31,317,626)				31,321,469
Total Short-Term Investments (Cost $33,430,335)				33,436,202
Total Investments — 82.9% (Cost $84,296,846)				86,844,492
Other Assets Less Liabilities — 17.1%				17,953,899
NET ASSETS — 100.0%				104,798,391

Percentages indicated are based on net assets.

Abbreviations
JPY	Japanese Yen
(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 October 31, 2019.
(c)	The rate shown is the effective yield as of October 31, 2019.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
CAC 40 10 Euro Index		10		11/2019		EUR		639,848		3,737
Feeder Cattle		14		11/2019		USD		1,033,200		102,146
IBEX 35 Index		2		11/2019		EUR		207,155		(712	)
LME Aluminum Base Metal		19		11/2019		USD		836,713		(8,181	)
LME Nickel Base Metal		13		11/2019		USD		1,301,898		(63,368	)
LME Zinc Base Metal		16		11/2019		USD		1,010,000		113,090
Natural Gas		3		11/2019		USD		79,050		6,110
100 oz Gold		18		12/2019		USD		2,724,660		121,912
Australia 10 Year Bond		63		12/2019		AUD		6,332,345		(18,013	)
Australia 3 Year Bond		115		12/2019		AUD		9,145,808		(2,220	)
Canada 10 Year Bond		22		12/2019		CAD		2,372,880		(38,842	)
Cocoa		8		12/2019		USD		192,240		(4,944	)
DAX Index		1		12/2019		EUR		359,322		14,241
EURO STOXX 50 Index		27		12/2019		EUR		1,085,577		24,423
Euro-Bobl		54		12/2019		EUR		8,110,060		(106,753	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts — continued
Euro-Bund		17			12/2019		EUR		3,259,052			(74,485	)
Euro-Buxl		4			12/2019		EUR		937,744			(49,118	)
Euro-Schatz		61			12/2019		EUR		7,624,832			(39,594	)
FTSE 100 Index		3			12/2019		GBP		281,447			(2,333	)
FTSE/MIB Index		8			12/2019		EUR		1,011,983			27,020
Japan 10 Year Bond		11			12/2019		JPY		15,709,047			(84,382	)
Live Cattle		7			12/2019		USD		328,230			10,249
LME Aluminum Base Metal		27			12/2019		USD		1,192,050			25,819
LME Nickel Base Metal		9			12/2019		USD		901,206			(21,249	)
LME Zinc Base Metal		17			12/2019		USD		1,065,475			35,699
S&P 500E-Mini Index		4			12/2019		USD		607,000			5,232
Silver		9			12/2019		USD		814,500			68,751
SPI 200 Index		7			12/2019		AUD		800,166			(528	)
TOPIX Index		2			12/2019		JPY		306,602			3,000
U.S. Treasury 2 Year Note		31			12/2019		USD		6,684,375			(11,204	)
U.S. Treasury 5 Year Note		36			12/2019		USD		4,292,156			(14,763	)
U.S. Treasury 10 Year Note		40			12/2019		USD		5,213,125			(33,658	)
U.S. Treasury Long Bond		14			12/2019		USD		2,257,938			(24,938	)
WTI Crude Oil		3			12/2019		USD		162,450			(1,788	)
Feeder Cattle		11			01/2020		USD		795,713			34,130
Cocoa		23			03/2020		USD		562,580			30,221
Copper		9			03/2020		USD		595,912			9,589
Silver		9			03/2020		USD		821,700			42,001
Cocoa		10			05/2020		USD		245,500			(1,510	)
Copper		5			05/2020		USD		331,563			5,024
												79,811
Short Contracts
Hang Seng Index		(4	)		11/2019		HKD		(686,714	)		592
LME Aluminum Base Metal		(47	)		11/2019		USD		(2,069,763	)		(20,292	)
LME Nickel Base Metal		(3	)		11/2019		USD		(300,438	)		8,073
Natural Gas		(44	)		11/2019		USD		(1,159,400	)		(55,601	)
WTI Crude Oil		(6	)		11/2019		USD		(324,540	)		1,694
Canada 10 Year Bond		(7	)		12/2019		CAD		(755,007	)		17,330
Coffee ‘C’		(12	)		12/2019		USD		(458,775	)		15,883
Copper		(18	)		12/2019		USD		(1,187,775	)		(30,060	)
Corn		(17	)		12/2019		USD		(331,500	)		29,500
Cotton No. 2		(42	)		12/2019		USD		(1,353,240	)		(24,506	)
Euro-Bund		(12	)		12/2019		EUR		(2,300,507	)		56,874
Lean Hogs		(40	)		12/2019		USD		(1,056,000	)		25,962
Live Cattle		(13	)		12/2019		USD		(609,570	)		(37,598	)
LME Aluminum Base Metal		(27	)		12/2019		USD		(1,192,050	)		1,828
LME Zinc Base Metal		(8	)		12/2019		USD		(501,400	)		(47,462	)
Long Gilt		(27	)		12/2019		GBP		(4,646,006	)		58,547
Natural Gas		(17	)		12/2019		USD		(464,780	)		(18,070	)
Russell 2000E-Mini Index		(56	)		12/2019		USD		(4,376,120	)		11,294
S&P 500E-Mini Index		(85	)		12/2019		USD		(12,898,750	)		(103,778	)
Wheat		(5	)		12/2019		USD		(127,188	)		(5,502	)
LME Aluminum Base Metal		(33	)		01/2020		USD		(1,445,400	)		(28,875	)
LME Zinc Base Metal		(6	)		01/2020		USD		(374,025	)		(1,406	)
Soybean		(10	)		01/2020		USD		(466,125	)		8,946
Lean Hogs		(12	)		02/2020		USD		(351,960	)		445
Live Cattle		(8	)		02/2020		USD		(391,520	)		(40,884	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Short Contracts — continued
Sugar No. 11		(127	)		02/2020		USD		(1,775,155	)		34,047
Coffee ‘C’		(12	)		03/2020		USD		(474,525	)		(4,761	)
Coffee ‘C’		(15	)		05/2020		USD		(604,969	)		(4,114	)
Corn		(15	)		05/2020		USD		(303,563	)		(8,594	)
												(160,488	)
												(80,677	)

Abbreviations

AUD	Australian Dollar
CAC	Continuous Assisted Quotation
CAD	Canadian Dollar
DAX	Deutscher Aktien Index
EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
HKD	Hong Kong Dollar

IBEX	International Business Exchange
JPY	Japanese Yen
LME	London Metal Exchange
MIB	Milan, Italian Stock Exchange
SPI	Australian Securities Exchange
TOPIX	Tokyo Stock Price Index
USD	United States Dollar
WTI	West Texas Intermediate

Forward foreign currency exchange contracts outstanding as of October 31, 2019:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
AUD	1,333,502	USD	907,872	Merrill Lynch International		11/12/2019		11,608
AUD	206,544	USD	139,000	Standard Chartered Bank		11/12/2019		3,416
EUR	106,749	USD	117,947	Barclays Bank plc		11/12/2019		1,179
EUR	744,906	USD	814,763	HSBC Bank, NA		11/12/2019		16,511
GBP	175,432	USD	217,159	Barclays Bank plc		11/12/2019		10,150
GBP	41,763	USD	51,396	BNP Paribas		11/12/2019		2,716
USD	140,159	JPY	15,017,830	BNP Paribas		11/12/2019		1,028
USD	1,092,959	JPY	116,495,499	Merrill Lynch International		11/12/2019		13,698
AUD	112,163	USD	76,759	Citibank, NA		11/18/2019		592
AUD	989,466	USD	667,619	Merrill Lynch International		11/18/2019		14,746
CAD	11,280,566	USD	8,467,867	Citibank, NA		11/18/2019		97,049
EUR	105,727	CAD	153,287	Barclays Bank plc		11/18/2019		1,644
EUR	55,077	USD	60,556	Citibank, NA		11/18/2019		929
EUR	318,862	USD	355,316	Merrill Lynch International		11/18/2019		647
GBP	66,653	CAD	110,670	Barclays Bank plc		11/18/2019		2,351
GBP	829,991	CAD	1,405,514	Citibank, NA		11/18/2019		8,461
GBP	454,465	NOK	5,383,695	HSBC Bank, NA		11/18/2019		3,478
GBP	175,332	SEK	2,188,167	Merrill Lynch International		11/18/2019		422
GBP	67,622	USD	84,997	Citibank, NA		11/18/2019		2,636
GBP	424,002	USD	546,535	State Street Corp.		11/18/2019		2,945
IDR	14,077,381,883	USD	989,289	Merrill Lynch International**		11/18/2019		8,544
INR	70,281,590	USD	984,708	Merrill Lynch International**		11/18/2019		2,547
NZD	237,809	USD	151,549	Citibank, NA		11/18/2019		960
RUB	64,344,892	USD	987,160	Goldman Sachs International**		11/18/2019		14,314
SEK	2,959,436	USD	305,998	Barclays Bank plc		11/18/2019		739
SEK	611,852	USD	62,400	State Street Corp.		11/18/2019		1,017
USD	988,412	ILS	3,447,000	Merrill Lynch International		11/18/2019		9,687

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
ZAR	15,036,865	USD	987,419	BNP Paribas		11/18/2019		5,749
MXN	19,580,404	USD	993,503	Merrill Lynch International		11/19/2019		21,897
USD	2,136,926	JPY	228,200,000	Standard Chartered Bank		3/10/2020		6,093
Total unrealized appreciation								267,753
JPY	21,897,941	USD	205,516	Barclays Bank plc		11/12/2019		(2,645	)
JPY	20,817,312	USD	193,183	Merrill Lynch International		11/12/2019		(324	)
USD	53,635	AUD	78,276	HSBC Bank, NA		11/12/2019		(338	)
USD	1,846,255	AUD	2,735,152	Merrill Lynch International		11/12/2019		(39,695	)
USD	498,816	CAD	664,508	Goldman Sachs International		11/12/2019		(5,714	)
USD	1,334,954	EUR	1,212,647	BNP Paribas		11/12/2019		(18,292	)
USD	500,947	EUR	451,370	Merrill Lynch International		11/12/2019		(2,757	)
USD	145,162	GBP	112,950	Barclays Bank plc		11/12/2019		(1,188	)
USD	97,381	GBP	78,939	Citibank, NA		11/12/2019		(4,901	)
USD	146,396	GBP	113,964	TD Bank Financial Group		11/12/2019		(1,267	)
USD	118,716	JPY	12,838,608	Goldman Sachs International		11/12/2019		(226	)
USD	138,216	JPY	14,987,078	HSBC Bank, NA		11/12/2019		(630	)
USD	283,497	JPY	30,787,730	Merrill Lynch International		11/12/2019		(1,733	)
USD	443,642	SEK	4,378,565	Merrill Lynch International		11/12/2019		(10,043	)
JPY	45,142,792	USD	423,700	Citibank, NA		11/18/2019		(5,336	)
NOK	12,433,207	USD	1,363,163	Merrill Lynch International		11/18/2019		(11,045	)
SEK	1,690,081	USD	176,227	Goldman Sachs International		11/18/2019		(1,055	)
USD	32,189	CHF	31,900	BNP Paribas		11/18/2019		(182	)
USD	4,786,096	EUR	4,352,686	Citibank, NA		11/18/2019		(73,058	)
USD	4,760,885	GBP	3,866,995	Citibank, NA		11/18/2019		(250,498	)
USD	1,005,286	HUF	304,705,106	Merrill Lynch International		11/18/2019		(29,694	)
USD	990,952	KRW	1,186,238,847	Goldman Sachs International**		11/18/2019		(22,901	)
USD	128,560	NZD	204,072	Merrill Lynch International		11/18/2019		(2,313	)
USD	1,007,946	PLN	3,975,931	Merrill Lynch International		11/18/2019		(32,777	)
USD	8,009,558	SEK	79,033,796	Citibank, NA		11/18/2019		(182,066	)
USD	189,629	SEK	1,831,258	State Street Corp.		11/18/2019		(176	)
USD	999,365	TWD	30,767,435	Merrill Lynch International**		11/18/2019		(11,641	)
USD	177,814	EUR	159,053	HSBC Bank, NA		12/11/2019		(29	)
Total unrealized depreciation								(712,524	)
Net unrealized depreciation								(444,771	)

** Non-deliverable forward.

Abbreviations
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee

JPY	Japanese Yen
KRW	Korean Republic Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
TWD	Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

Over-the-Counter (“OTC”) Total Return Basket Swaps Outstanding at October 31, 2019
COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in GBP based on the local currencies of the positions within the swaps.	10/30/2020	$	2,662,013	$	(26,172	)	$	(588	)	$	(26,760	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Meggitt plc		2,371		19,185		1,064			0.0	(a)
Airlines
Wizz Air Holdings plc* (b)		3,291		162,972		(2,676	)		(0.0	)(a)
Capital Markets
3i Group plc		11,711		171,131		7,003			0.0	(a)
Commercial Services & Supplies
Aggreko plc		16,450		168,646		1,492			0.0	(a)
Construction Materials
Rhi Magnesita NV		2,699		121,640		(3,114	)		(0.0	)(a)
Distributors
Inchcape plc		16,421		137,289		(1,314	)		(0.0	)(a)
Energy Equipment & Services
Petrofac Ltd.		33,288		166,136		(8,591	)		(0.0	)(a)
Food Products
Greencore Group plc		58,279		175,216		(4,819	)		(0.0	)(a)
Tate & Lyle plc		2,295		20,018		12			0.0	(a)
		60,574		195,234		(4,807	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Greggs plc		5,147		118,387		(6,246	)		(0.0	)(a)
Playtech plc		24,387		124,126		(1,966	)		(0.0	)(a)
		29,534		242,513		(8,212	)		(0.0	)(a)
Household Durables
Barratt Developments plc		16,380		133,953		(9,068	)		(0.0	)(a)
Berkeley Group Holdings plc		1,899		108,242		(3,139	)		(0.0	)(a)
Bovis Homes Group plc		9,463		143,417		(6,854	)		(0.0	)(a)
Redrow plc		9,088		70,848		(5,530	)		(0.0	)(a)
Taylor Wimpey plc		11,977		25,687		12			0.0	(a)
		48,807		482,147		(24,579	)		(0.0	)(a)
Independent Power and Renewable Electricity Producers
Drax Group plc		45,736		175,828		(4,211	)		(0.0	)(a)
Media
WPP plc		12,547		156,581		(1,850	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Metals & Mining
Anglo American plc		5,159			132,778			5,786			0.0	(a)
BHP Group plc		6,300			133,626			3,027			0.0	(a)
Rio Tinto plc		2,543			132,393			1,871			0.0	(a)
		14,002			398,797			10,684			0.0	(a)
Multi-Utilities
Centrica plc		131,797			124,030			4,551			0.0	(a)
Oil, Gas & Consumable Fuels
Royal Dutch Shell plc		584			16,819			(27	)		(0.0	)(a)
Tullow Oil plc		61,477			164,287			1,909			0.0	(a)
		62,061			181,106			1,882			0.0	(a)
Personal Products
Unilever plc		2,507			150,117			(130	)		(0.0	)(a)
Pharmaceuticals
GlaxoSmithKline plc		7,905			181,064			12,422			0.0	(a)
Hikma Pharmaceuticals plc		6,290			163,809			1,394			0.0	(a)
		14,195			344,873			13,816			0.0	(a)
Software
Avast plc (b)		29,434			158,043			5,046			0.0	(a)
AVEVA Group plc		3,372			182,711			11,222			0.0	(a)
Sage Group plc (The)		18,496			172,385			7,024			0.0	(a)
		51,302			513,139			23,292			0.0	(a)
Tobacco
Imperial Brands plc		6,083			133,433			(13,295	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		565,376			4,044,797			(8,995	)		0.0	(a)
Short Positions
Common Stocks
Capital Markets
St James’s Place plc		(8,818	)		(118,938	)		(4,189	)		(0.0	)(a)
Standard Life Aberdeen plc		(32,350	)		(127,189	)		(8,232	)		(0.0	)(a)
		(41,168	)		(246,127	)		(12,421	)		(0.0	)(a)
Chemicals
Johnson Matthey plc		(2,526	)		(100,350	)		(2,625	)		(0.0	)(a)
Containers & Packaging
DS Smith plc		(21,493	)		(99,646	)		(5,298	)		(0.0	)(a)
Electrical Equipment
Melrose Industries plc		(21,668	)		(59,884	)		(2,064	)		(0.0	)(a)
Health Care Providers & Services
NMC Health plc		(1,766	)		(50,060	)		6,427			0.0	(a)
Hotels, Restaurants & Leisure
Domino’s Pizza Group plc		(23,924	)		(88,654	)		(3,728	)		(0.0	)(a)
TUI AG		(6,750	)		(88,305	)		3,396			0.0	(a)
		(30,674	)		(176,959	)		(332	)		(0.0	)(a)
Insurance
Beazley plc		(13,326	)		(101,282	)		4,369			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Machinery
Weir Group plc (The)		(5,731	)		(100,103	)		1,156			0.0	(a)
Media
ITV plc		(71,579	)		(124,173	)		3,190			0.0	(a)
Metals & Mining
Fresnillo plc		(9,296	)		(85,884	)		(11,652	)		(0.0	)(a)
Multiline Retail
B&M European Value Retail SA		(17,850	)		(85,633	)		2,763			0.0	(a)
Paper & Forest Products
Mondi plc		(4,383	)		(90,877	)		(3,516	)		(0.0	)(a)
Professional Services
Capita plc*		(18,074	)		(36,561	)		3,367			0.0	(a)
Real Estate Management & Development
Capital & Counties Properties plc		(7,638	)		(25,245	)		(541	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(267,172	)		(1,382,784	)		(17,177	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		298,204			2,662,013			(26,172	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BA on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.50%), which is denominated in CAD based on the local currencies of the positions within the swaps.	11/18/2019 – 4/20/2020	$	(1,254,485	)	$	(26,064	)	$	1,090	$	(24,974	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Trading Companies & Distributors
Toromont Industries Ltd.		3,095			159,814			7,067			0.0	(a)
Short Positions
Common Stocks
Aerospace & Defense
Bombardier, Inc.*		(91,500	)		(115,321	)		(3,978	)		(0.0	)(a)
Construction & Engineering
SNC-Lavalin Group, Inc.		(2,999	)		(54,215	)		(14,398	)		(0.0	)(a)
Diversified Financial Services
Onex Corp.		(293	)		(17,225	)		200			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Food Products
Premium Brands Holdings Corp.		(1,633	)		(107,730	)		5,593			0.0	(a)
Metals & Mining
Agnico Eagle Mines Ltd.		(1,590	)		(97,723	)		(11,914	)		(0.0	)(a)
First Quantum Minerals Ltd.		(10,289	)		(86,946	)		(424	)		(0.0	)(a)
Franco-Nevada Corp.		(986	)		(95,673	)		(4,009	)		(0.0	)(a)
Kinross Gold Corp.*		(17,230	)		(83,723	)		(3,541	)		(0.0	)(a)
Pan American Silver Corp.		(6,411	)		(108,886	)		(4,133	)		(0.0	)(a)
Yamana Gold, Inc.		(17,212	)		(62,858	)		(4,989	)		(0.0	)(a)
		(53,718	)		(535,809	)		(29,010	)		(0.0	)(a)
Multiline Retail
Dollarama, Inc.		(2,384	)		(80,203	)		3,679			0.0	(a)
Multi-Utilities
Atco Ltd.		(3,145	)		(110,556	)		(38	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
MEG Energy Corp.*		(27,191	)		(104,462	)		2,131			0.0	(a)
Vermilion Energy, Inc.		(5,775	)		(76,292	)		8,664			0.0	(a)
		(32,966	)		(180,754	)		10,795			0.0	(a)
Software
BlackBerry Ltd.*		(20,947	)		(110,055	)		(3,032	)		(0.0	)(a)
Kinaxis, Inc.*		(1,604	)		(102,431	)		(2,942	)		(0.0	)(a)
		(22,551	)		(212,486	)		(5,974	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(211,189	)		(1,414,299	)		(33,131	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(208,094	)		(1,254,485	)		(26,064	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in USD based on the local currencies of the positions within the swaps.	11/18/2019 – 9/18/2020	$	(7,850,867	)	$	(193,567	)	$	(78	)	$	(193,645	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Specialty Retail
Foot Locker, Inc.		3,158		137,405		(2,811	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Aerospace & Defense
BWX Technologies, Inc.		(1,853	)		(107,659	)		(3,280	)		(0.0	)(a)
Air Freight & Logistics
FedEx Corp.		(654	)		(99,840	)		(1,798	)		(0.0	)(a)
Auto Components
Cooper-Standard Holdings, Inc.*		(1,933	)		(61,586	)		3,190			0.0	(a)
Veoneer, Inc.*		(899	)		(14,312	)		584			0.0	(a)
		(2,832	)		(75,898	)		3,774			0.0	(a)
Beverages
National Beverage Corp.		(2,179	)		(95,789	)		9,283			0.0	(a)
Capital Markets
Charles Schwab Corp. (The)		(2,499	)		(101,735	)		(1,924	)		(0.0	)(a)
Northern Trust Corp.		(1,068	)		(106,458	)		(5,340	)		(0.0	)(a)
		(3,567	)		(208,193	)		(7,264	)		(0.0	)(a)
Chemicals
Dow, Inc.		(1,817	)		(91,740	)		(4,597	)		(0.0	)(a)
DuPont de Nemours, Inc.		(214	)		(14,105	)		(81	)		(0.0	)(a)
Orion Engineered Carbons SA		(5,250	)		(86,940	)		(840	)		(0.0	)(a)
Sensient Technologies Corp.		(1,523	)		(95,279	)		(3,823	)		(0.0	)(a)
		(8,804	)		(288,064	)		(9,341	)		(0.0	)(a)
Commercial Services & Supplies
Stericycle, Inc.*		(2,062	)		(118,771	)		(7,145	)		(0.0	)(a)
Communications Equipment
Infinera Corp.*		(19,444	)		(108,692	)		(1,555	)		(0.0	)(a)
NETGEAR, Inc.*		(2,768	)		(75,206	)		12,899			0.0	(a)
ViaSat, Inc.*		(1,214	)		(83,572	)		3,241			0.0	(a)
		(23,426	)		(267,470	)		14,585			0.0	(a)
Construction & Engineering
Dycom Industries, Inc.*		(2,125	)		(96,879	)		10,816			0.0	(a)
Consumer Finance
LendingClub Corp.*		(8,158	)		(103,117	)		(3,100	)		(0.0	)(a)
PRA Group, Inc.*		(2,791	)		(94,699	)		837			0.0	(a)
		(10,949	)		(197,816	)		(2,263	)		(0.0	)(a)
Containers & Packaging
AptarGroup, Inc.		(790	)		(93,339	)		(292	)		(0.0	)(a)
Crown Holdings, Inc.*		(1,267	)		(92,288	)		(3,763	)		(0.0	)(a)
		(2,057	)		(185,627	)		(4,055	)		(0.0	)(a)
Electric Utilities
Alliant Energy Corp.		(1,818	)		(96,972	)		(654	)		(0.0	)(a)
Electrical Equipment
GrafTech International Ltd.		(7,986	)		(96,471	)		(5,271	)		(0.0	)(a)
Electronic Equipment, Instruments & Components
Flex Ltd.*		(9,317	)		(109,475	)		(16,584	)		(0.0	)(a)
Itron, Inc.*		(1,350	)		(102,951	)		1,377			0.0	(a)
Rogers Corp.*		(761	)		(103,100	)		10,836			0.0	(a)
		(11,428	)		(315,526	)		(4,371	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Energy Equipment & Services
Core Laboratories NV		(2,283	)		(100,543	)		(8,333	)		(0.0	)(a)
Diamond Offshore Drilling, Inc.*		(2,692	)		(14,241	)		1,076			0.0	(a)
Oceaneering International, Inc.*		(5,700	)		(80,712	)		(4,959	)		(0.0	)(a)
Oil States International, Inc.*		(5,556	)		(79,284	)		(10,723	)		(0.0	)(a)
		(16,231	)		(274,780	)		(22,939	)		(0.0	)(a)
Entertainment
Netflix, Inc.*		(337	)		(96,857	)		(4,081	)		(0.0	)(a)
Food Products
Kraft Heinz Co. (The)		(1,128	)		(36,468	)		(5,324	)		(0.0	)(a)
Gas Utilities
Northwest Natural Holding Co.		(1,321	)		(91,625	)		806			0.0	(a)
Health Care Equipment & Supplies
Insulet Corp.*		(620	)		(90,098	)		5,221			0.0	(a)
Nevro Corp.*		(1,169	)		(100,768	)		(1,403	)		(0.0	)(a)
Wright Medical Group NV*		(3,097	)		(64,418	)		31			0.0	(a)
		(4,886	)		(255,284	)		3,849			0.0	(a)
Health Care Providers & Services
Guardant Health, Inc.*		(951	)		(66,094	)		(4,023	)		(0.0	)(a)
R1 RCM, Inc.*		(7,752	)		(82,404	)		(4,341	)		(0.0	)(a)
		(8,703	)		(148,498	)		(8,364	)		(0.0	)(a)
Health Care Technology
Evolent Health, Inc.*		(4,224	)		(32,187	)		(676	)		(0.0	)(a)
Tabula Rasa HealthCare, Inc.*		(1,487	)		(75,748	)		(3,004	)		(0.0	)(a)
Teladoc Health, Inc.*		(540	)		(41,364	)		(3,985	)		(0.0	)(a)
		(6,251	)		(149,299	)		(7,665	)		(0.0	)(a)
Hotels, Restaurants & Leisure
MGM Resorts International		(2,628	)		(74,898	)		(1,656	)		(0.0	)(a)
Red Rock Resorts, Inc.		(4,454	)		(97,008	)		(4,276	)		(0.0	)(a)
Scientific Games Corp.*		(3,732	)		(89,531	)		(5,001	)		(0.0	)(a)
Shake Shack, Inc.*		(788	)		(64,836	)		8,298			0.0	(a)
Wynn Resorts Ltd.		(673	)		(81,662	)		(5,263	)		(0.0	)(a)
		(12,275	)		(407,935	)		(7,898	)		(0.0	)(a)
Household Durables
iRobot Corp.*		(1,262	)		(60,652	)		12,153			0.0	(a)
Interactive Media & Services
Snap, Inc.*		(6,800	)		(102,408	)		(10,472	)		(0.0	)(a)
Zillow Group, Inc.*		(2,545	)		(82,433	)		(1,629	)		(0.0	)(a)
		(9,345	)		(184,841	)		(12,101	)		(0.0	)(a)
Internet & Direct Marketing Retail
Farfetch Ltd.*		(4,576	)		(40,863	)		(4,073	)		(0.0	)(a)
GrubHub, Inc.*		(634	)		(21,594	)		13,714			0.0	(a)
Wayfair, Inc.*		(890	)		(73,185	)		22,426			0.0	(a)
		(6,100	)		(135,642	)		32,067			0.0	(a)
Leisure Products
Polaris, Inc.		(385	)		(37,980	)		(3,107	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Machinery
Welbilt, Inc.*		(5,989	)		(113,551	)		(5,630	)		(0.0	)(a)
Marine
Kirby Corp.*		(1,414	)		(111,932	)		2,757			0.0	(a)
Media
Liberty Broadband Corp.*		(933	)		(110,159	)		(6,578	)		(0.0	)(a)
Metals & Mining
Alcoa Corp.*		(4,218	)		(87,692	)		3,163			0.0	(a)
Coeur Mining, Inc.*		(20,343	)		(112,293	)		(13,223	)		(0.0	)(a)
Hecla Mining Co.		(24,767	)		(56,964	)		(7,678	)		(0.0	)(a)
United States Steel Corp.		(6,536	)		(75,230	)		(5,163	)		(0.0	)(a)
		(55,864	)		(332,179	)		(22,901	)		(0.0	)(a)
Multi-Utilities
NiSource, Inc.		(3,189	)		(89,420	)		(191	)		(0.0	)(a)
Sempra Energy		(677	)		(97,833	)		1,164			0.0	(a)
		(3,866	)		(187,253	)		973			0.0	(a)
Oil, Gas & Consumable Fuels
Centennial Resource Development, Inc.*		(5,579	)		(18,969	)		(1,172	)		(0.0	)(a)
Cheniere Energy, Inc.*		(1,592	)		(97,987	)		1,592			0.0	(a)
Oasis Petroleum, Inc.*		(22,634	)		(59,075	)		6,564			0.0	(a)
Parsley Energy, Inc.		(5,242	)		(82,876	)		(2,097	)		(0.0	)(a)
Penn Virginia Corp.*		(1,211	)		(28,822	)		3,028			0.0	(a)
Targa Resources Corp.		(2,563	)		(99,649	)		1,256			0.0	(a)
		(38,821	)		(387,378	)		9,171			0.0	(a)
Pharmaceuticals
Aerie Pharmaceuticals, Inc.*		(2,955	)		(65,571	)		(4,965	)		(0.0	)(a)
Intersect ENT, Inc.*		(5,196	)		(92,593	)		(5,248	)		(0.0	)(a)
MyoKardia, Inc.*		(1,719	)		(98,550	)		791			0.0	(a)
WaVe Life Sciences Ltd.*		(2,061	)		(52,123	)		(9,728	)		(0.0	)(a)
		(11,931	)		(308,837	)		(19,150	)		(0.0	)(a)
Road & Rail
AMERCO		(269	)		(108,956	)		(1,926	)		(0.0	)(a)
Avis Budget Group, Inc.*		(3,378	)		(100,360	)		(3,310	)		(0.0	)(a)
JB Hunt Transport Services, Inc.		(1,026	)		(120,617	)		(2,032	)		(0.0	)(a)
		(4,673	)		(329,933	)		(7,268	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.*		(3,002	)		(101,858	)		(8,886	)		(0.1	)
Impinj, Inc.*		(3,205	)		(105,428	)		(4,247	)		(0.0	)(a)
MACOM Technology Solutions Holdings, Inc.*		(4,766	)		(108,379	)		(8,102	)		(0.0	)(a)
NVIDIA Corp.		(553	)		(111,164	)		(5,823	)		(0.0	)(a)
		(11,526	)		(426,829	)		(27,058	)		(0.1	)
Software
Appian Corp.*		(1,578	)		(70,442	)		(4,986	)		(0.0	)(a)
Autodesk, Inc.*		(711	)		(104,773	)		(5,468	)		(0.0	)(a)
Avalara, Inc.*		(1,111	)		(78,881	)		(5,166	)		(0.0	)(a)
Benefitfocus, Inc.*		(381	)		(8,662	)		(88	)		(0.0	)(a)
HubSpot, Inc.*		(500	)		(77,550	)		(495	)		(0.0	)(a)
Nutanix, Inc.*		(3,784	)		(110,568	)		(11,636	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Software — continued
PROS Holdings, Inc.*		(1,301	)		(66,663	)		7,351			0.0	(a)
Q2 Holdings, Inc.*		(1,033	)		(73,849	)		1,043			0.0	(a)
Varonis Systems, Inc.*		(1,623	)		(116,126	)		(14,948	)		(0.1	)
Zuora, Inc.*		(5,991	)		(85,372	)		(3,774	)		(0.0	)(a)
		(18,013	)		(792,886	)		(38,167	)		(0.1	)
Specialty Retail
CarMax, Inc.*		(879	)		(81,896	)		976			0.0	(a)
Carvana Co.*		(1,130	)		(91,620	)		(8,170	)		(0.0	)(a)
National Vision Holdings, Inc.*		(1,352	)		(32,178	)		(1,095	)		(0.0	)(a)
		(3,361	)		(205,694	)		(8,289	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
3D Systems Corp.*		(13,638	)		(129,425	)		(16,638	)		(0.0	)(a)
Pure Storage, Inc.*		(5,718	)		(111,272	)		(7,033	)		(0.0	)(a)
		(19,356	)		(240,697	)		(23,671	)		(0.0	)(a)
Trading Companies & Distributors
SiteOne Landscape Supply, Inc.*		(1,375	)		(121,083	)		(12,952	)		(0.0	)(a)
Water Utilities
American Water Works Co., Inc.		(762	)		(93,932	)		(655	)		(0.0	)(a)
California Water Service Group		(1,699	)		(95,093	)		(1,750	)		(0.0	)(a)
		(2,461	)		(189,025	)		(2,405	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(329,547	)		(7,988,272	)		(190,756	)		(0.2	)
Total of Long and Short Positions of Total Return Basket Swap		(326,389	)		(7,850,867	)		(193,567	)		(0.2	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month EURIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in EUR based on the local currencies of the positions within the swaps.	5/29/2020 – 10/30/2020	$	(1,198,437	)	$	25,845	$	(8,511	)	$	17,334

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Automobiles
Peugeot SA		3,716		94,112		(3,958	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Chemicals
Covestro AG (b)		1,071			51,431			(3,193	)		(0.0	)(a)
Koninklijke DSM NV		1,139			135,186			(2,210	)		(0.0	)(a)
		2,210			186,617			(5,403	)		(0.0	)(a)
Commercial Services & Supplies
Edenred		3,414			179,944			11,053			0.0	(a)
SPIE SA		8,695			183,512			5,453			0.0	(a)
		12,109			363,456			16,506			0.0	(a)
Construction & Engineering
Eiffage SA		1,538			165,191			1,940			0.0	(a)
Koninklijke BAM Groep NV		54,345			137,974			(4,214	)		(0.0	)(a)
		55,883			303,165			(2,274	)		(0.0	)(a)
Diversified Telecommunication Services
Koninklijke KPN NV		50,906			158,031			(10,218	)		(0.0	)(a)
Telefonica SA		20,755			159,384			(4,202	)		(0.0	)(a)
		71,661			317,415			(14,420	)		(0.0	)(a)
Electric Utilities
Iberdrola SA		15,187			156,107			1,595			0.0	(a)
Energy Equipment & Services
SBM Offshore NV		9,528			164,315			540			0.0	(a)
Food Products
Danone SA		1,753			145,221			4,518			0.0	(a)
Gas Utilities
Snam SpA		34,799			178,655			2,198			0.0	(a)
Insurance
AXA SA		6,518			172,539			(1,418	)		(0.0	)(a)
Unipol Gruppo SpA		31,627			176,513			(72	)		(0.0	)(a)
		38,145			349,052			(1,490	)		(0.0	)(a)
Media
ProSiebenSat.1 Media SE		2,664			39,338			866			0.0	(a)
Oil, Gas & Consumable Fuels
Eni SpA		3,542			53,736			(697	)		(0.0	)(a)
Pharmaceuticals
Ipsen SA		1,486			158,389			(1,048	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Dialog Semiconductor plc*		3,296			148,255			(2,473	)		(0.0	)(a)
Textiles, Apparel & Luxury Goods
adidas AG		431			133,080			(2,165	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		256,410			2,790,913			(7,705	)		0.0	(a)
Short Positions
Common Stocks
Air Freight & Logistics
PostNL NV		(54,008	)		(124,090	)		648			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Automobiles
Bayerische Motoren Werke AG		(1,295	)		(99,164	)		(1,793	)		(0.0	)(a)
Daimler AG (Registered)		(1,496	)		(87,446	)		(6,619	)		(0.0	)(a)
		(2,791	)		(186,610	)		(8,412	)		(0.0	)(a)
Banks
Bankia SA		(59,950	)		(114,374	)		6,471			0.0	(a)
Chemicals
BASF SE		(1,209	)		(91,907	)		(2,480	)		(0.0	)(a)
K+S AG (Registered)		(2,910	)		(41,322	)		(553	)		(0.0	)(a)
Umicore SA		(864	)		(35,666	)		(588	)		(0.0	)(a)
Wacker Chemie AG		(1,179	)		(92,365	)		(6,888	)		(0.0	)(a)
		(6,162	)		(261,260	)		(10,509	)		(0.0	)(a)
Communications Equipment
Nokia OYJ		(18,195	)		(66,794	)		28,724			0.0	(a)
Construction & Engineering
Bouygues SA		(2,625	)		(111,347	)		2,093			0.0	(a)
Ferrovial SA		(3,662	)		(108,041	)		(1,844	)		(0.0	)(a)
		(6,287	)		(219,388	)		249			0.0	(a)
Containers & Packaging
Huhtamaki OYJ		(2,015	)		(93,306	)		(8,999	)		(0.0	)(a)
Diversified Financial Services
Groupe Bruxelles Lambert SA		(1,044	)		(104,876	)		(1,937	)		(0.0	)(a)
Wendel SA		(97	)		(13,754	)		(543	)		(0.0	)(a)
		(1,141	)		(118,630	)		(2,480	)		(0.0	)(a)
Diversified Telecommunication Services
Cellnex Telecom SA* (b)		(508	)		(21,919	)		1,291			0.0	(a)
Iliad SA		(899	)		(93,168	)		(866	)		(0.0	)(a)
Masmovil Ibercom SA*		(4,626	)		(107,109	)		9,265			0.0	(a)
United Internet AG (Registered)		(3,020	)		(91,169	)		28,297			0.0	(a)
		(9,053	)		(313,365	)		37,987			0.0	(a)
Electric Utilities
Fortum OYJ		(4,171	)		(101,929	)		(755	)		(0.0	)(a)
Electrical Equipment
Prysmian SpA		(5,142	)		(118,946	)		(3,086	)		(0.0	)(a)
Energy Equipment & Services
Tenaris SA		(7,672	)		(77,832	)		1,753			0.0	(a)
Food & Staples Retailing
Jeronimo Martins SGPS SA		(5,765	)		(96,873	)		(648	)		(0.0	)(a)
Gas Utilities
Rubis SCA		(1,640	)		(95,100	)		(1,812	)		(0.0	)(a)
Health Care Providers & Services
Orpea		(320	)		(38,542	)		323			0.0	(a)
Hotels, Restaurants & Leisure
Accor SA		(1,772	)		(76,220	)		(1,196	)		(0.0	)(a)
Autogrill SpA		(9,135	)		(90,315	)		(299	)		(0.0	)(a)
Elior Group SA (b)		(6,023	)		(78,002	)		(1,089	)		(0.0	)(a)
Flutter Entertainment plc		(912	)		(94,209	)		(5,788	)		(0.0	)(a)
		(17,842	)		(338,746	)		(8,372	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Industrial Conglomerates
Rheinmetall AG		(905	)		(109,149	)		(3,103	)		(0.0	)(a)
Internet & Direct Marketing Retail
Delivery Hero SE* (b)		(591	)		(27,731	)		319			0.0	(a)
Zalando SE* (b)		(1,646	)		(71,366	)		4,875			0.0	(a)
		(2,237	)		(99,097	)		5,194			0.0	(a)
Life Sciences Tools & Services
Eurofins Scientific SE		(221	)		(112,046	)		(7,594	)		(0.0	)(a)
Machinery
ANDRITZ AG		(2,666	)		(119,880	)		(6,920	)		(0.0	)(a)
Fincantieri SpA		(109,120	)		(115,148	)		(2,018	)		(0.0	)(a)
GEA Group AG		(3,469	)		(106,049	)		(2,870	)		(0.0	)(a)
		(115,255	)		(341,077	)		(11,808	)		(0.0	)(a)
Media
Altice Europe NV*		(20,819	)		(119,122	)		3,800			0.0	(a)
Metals & Mining
AMG Advanced Metallurgical Group NV		(3,205	)		(78,855	)		6,920			0.0	(a)
ArcelorMittal		(5,881	)		(87,444	)		(882	)		(0.0	)(a)
thyssenkrupp AG		(6,309	)		(89,970	)		1,467			0.0	(a)
		(15,395	)		(256,269	)		7,505			0.0	(a)
Semiconductors & Semiconductor Equipment
AIXTRON SE*		(2,739	)		(25,041	)		665			0.0	(a)
Infineon Technologies AG		(5,388	)		(104,359	)		(6,419	)		(0.0	)(a)
SOITEC*		(962	)		(106,109	)		195			0.0	(a)
		(9,089	)		(235,509	)		(5,559	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
S&T AG		(5,597	)		(119,362	)		(9,513	)		(0.0	)(a)
Transportation Infrastructure
Aeroports de Paris		(55	)		(10,461	)		(319	)		(0.0	)(a)
Getlink SE		(6,527	)		(109,333	)		(1,734	)		(0.0	)(a)
		(6,582	)		(119,794	)		(2,053	)		(0.0	)(a)
Wireless Telecommunication Services
1&1 Drillisch AG		(4,187	)		(112,140	)		25,599			0.0	(a)
Total Short Positions of Total Return Basket Swap		(382,441	)		(3,989,350	)		33,550			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(126,031	)		(1,198,437	)		25,845			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in CHF based on the local currencies of the positions within the swaps.	10/30/2020	$	713,604	$	(16,456	)	$	(3,246	)	$	(19,702	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Diversified Telecommunication Services
Sunrise Communications Group AG* (b)		2,085			162,224			1,638			0.0	(a)
Electronic Equipment, Instruments & Components
Landis+Gyr Group AG*		1,826			169,550			(1,609	)		(0.0	)(a)
Health Care Equipment & Supplies
Sonova Holding AG (Registered)		344			78,941			(580	)		(0.0	)(a)
Health Care Providers & Services
Galenica AG (b)		2,857			171,041			3,023			0.0	(a)
Insurance
Zurich Insurance Group AG		433			169,606			(298	)		(0.0	)(a)
Machinery
OC Oerlikon Corp. AG (Registered)		15,952			163,702			3,359			0.0	(a)
Pharmaceuticals
Roche Holding AG		92			27,428			640			0.0	(a)
Professional Services
Adecco Group AG (Registered)		2,688			159,791			73			0.0	(a)
Real Estate Management & Development
PSP Swiss Property AG (Registered)		184			24,355			52			0.0	(a)
Total Long Positions of Total Return Basket Swap		26,461			1,126,638			6,298			0.0	(a)
Short Positions
Common Stocks
Chemicals
Givaudan SA (Registered)		(32	)		(94,014	)		(2,844	)		(0.0	)(a)
Sika AG (Registered)		(551	)		(94,721	)		(5,209	)		(0.0	)(a)
		(583	)		(188,735	)		(8,053	)		(0.0	)(a)
Electrical Equipment
ABB Ltd. (Registered)		(5,061	)		(106,281	)		(9,786	)		(0.0	)(a)
Marine
Kuehne + Nagel International AG (Registered)		(100	)		(16,156	)		(1,292	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
ams AG*		(2,267	)		(101,862	)		(3,623	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(8,011	)		(413,034	)		(22,754	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		18,450			713,604			(16,456	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (3.75)% to 0.35%), which is denominated in JPY based on the local currencies of the positions within the swaps.	11/19/2019	$	(3,917,529	)	$	(67,167	)	$	(52,652	)	$	(119,819	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Diversified Telecommunication Services
Nippon Telegraph & Telephone Corp.		600			29,786			462			0.0	(a)
Pharmaceuticals
Astellas Pharma, Inc.		8,800			151,031			11,159			0.0	(a)
Shionogi & Co. Ltd.		2,700			162,062			10,067			0.0	(a)
		11,500			313,093			21,226			0.0	(a)
Wireless Telecommunication Services
NTT DOCOMO, Inc.		5,200			142,559			6,636			0.0	(a)
Total Long Positions of Total Return Basket Swap		17,300			485,438			28,324			0.0	(a)
Short Positions
Common Stocks
Auto Components
Toyo Tire Corp.		(6,900	)		(96,243	)		(6,921	)		(0.0	)(a)
Automobiles
Nissan Motor Co. Ltd.		(13,600	)		(85,824	)		982			0.0	(a)
Banks
Bank of Kyoto Ltd. (The)		(2,700	)		(106,867	)		(3,823	)		(0.0	)(a)
Building Products
TOTO Ltd.		(1,000	)		(40,826	)		(1,919	)		(0.0	)(a)
Chemicals
Air Water, Inc.		(5,100	)		(95,477	)		(678	)		(0.0	)(a)
JSR Corp.		(5,000	)		(93,869	)		(8,991	)		(0.0	)(a)
Toray Industries, Inc.		(11,800	)		(83,392	)		8,707			0.0	(a)
		(21,900	)		(272,738	)		(962	)		(0.0	)(a)
Construction & Engineering
JGC Holdings Corp.		(8,300	)		(120,046	)		(4,111	)		(0.0	)(a)
Consumer Finance
Aiful Corp.*		(46,300	)		(107,803	)		1,069			0.0	(a)
Electrical Equipment
Fujikura Ltd.		(23,800	)		(110,434	)		(10,640	)		(0.0	)(a)
Nidec Corp.		(800	)		(117,780	)		(6,056	)		(0.0	)(a)
		(24,600	)		(228,214	)		(16,696	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Electronic Equipment, Instruments & Components
Murata Manufacturing Co. Ltd.		(2,200	)		(119,786	)		268			0.0	(a)
TDK Corp.		(1,200	)		(118,409	)		(482	)		(0.0	)(a)
Yaskawa Electric Corp.		(2,900	)		(110,309	)		(1,927	)		(0.0	)(a)
		(6,300	)		(348,504	)		(2,141	)		(0.0	)(a)
Food & Staples Retailing
Aeon Co. Ltd.		(5,200	)		(104,626	)		114			0.0	(a)
Cosmos Pharmaceutical Corp.		(100	)		(20,651	)		(444	)		(0.0	)(a)
		(5,300	)		(125,277	)		(330	)		(0.0	)(a)
Food Products
Nissin Foods Holdings Co. Ltd.		(1,400	)		(105,751	)		(582	)		(0.0	)(a)
Yamazaki Baking Co. Ltd.*		(6,300	)		(107,407	)		4,108			0.0	(a)
		(7,700	)		(213,158	)		3,526			0.0	(a)
Hotels, Restaurants & Leisure
HIS Co. Ltd.		(3,100	)		(80,447	)		(1,894	)		(0.0	)(a)
Kyoritsu Maintenance Co. Ltd.		(1,800	)		(79,625	)		(2,607	)		(0.0	)(a)
		(4,900	)		(160,072	)		(4,501	)		(0.0	)(a)
Household Durables
Panasonic Corp.		(6,100	)		(51,267	)		(1,084	)		(0.0	)(a)
Sharp Corp.*		(7,500	)		(86,033	)		1,609			0.0	(a)
		(13,600	)		(137,300	)		525			0.0	(a)
Industrial Conglomerates
Toshiba Corp.		(3,200	)		(109,428	)		(450	)		(0.0	)(a)
Interactive Media & Services
LINE Corp.*		(2,800	)		(103,003	)		(3,790	)		(0.0	)(a)
IT Services
GMO Payment Gateway, Inc.		(400	)		(29,480	)		(1,724	)		(0.0	)(a)
Leisure Products
Sega Sammy Holdings, Inc.		(5,900	)		(83,031	)		1,594			0.0	(a)
Machinery
CKD Corp.		(7,300	)		(102,485	)		(1,960	)		(0.0	)(a)
Daifuku Co. Ltd.		(800	)		(42,449	)		1,106			0.0	(a)
FANUC Corp.		(600	)		(118,350	)		(1,238	)		(0.0	)(a)
IHI Corp.		(4,500	)		(110,894	)		(3,387	)		(0.0	)(a)
Komatsu Ltd.		(4,700	)		(110,050	)		(1,740	)		(0.0	)(a)
Makita Corp.		(3,400	)		(114,345	)		(6,627	)		(0.1	)
MISUMI Group, Inc.		(2,300	)		(57,819	)		(4,653	)		(0.0	)(a)
Nabtesco Corp.		(3,300	)		(105,055	)		(2,174	)		(0.0	)(a)
NGK Insulators Ltd.		(2,400	)		(36,871	)		(2,295	)		(0.0	)(a)
		(29,300	)		(798,318	)		(22,968	)		(0.1	)
Marine
Kawasaki Kisen Kaisha Ltd.*		(7,400	)		(110,111	)		(6,304	)		(0.0	)(a)
Nippon Yusen KK		(6,200	)		(111,384	)		(603	)		(0.0	)(a)
		(13,600	)		(221,495	)		(6,907	)		(0.0	)(a)
Metals & Mining
Hitachi Metals Ltd.		(1,300	)		(16,315	)		(1,430	)		(0.0	)(a)
JFE Holdings, Inc.		(7,700	)		(96,309	)		(3,096	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 35

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Metals & Mining — continued
Kobe Steel Ltd.		(16,800	)		(90,326	)		(2,975	)		(0.0	)(a)
		(25,800	)		(202,950	)		(7,501	)		(0.0	)(a)
Multiline Retail
Marui Group Co. Ltd.		(4,500	)		(100,037	)		(1,229	)		(0.0	)(a)
Pan Pacific International Holdings Corp.		(2,400	)		(37,779	)		(105	)		(0.0	)(a)
Takashimaya Co. Ltd.		(2,800	)		(32,502	)		(555	)		(0.0	)(a)
		(9,700	)		(170,318	)		(1,889	)		(0.0	)(a)
Personal Products
Shiseido Co. Ltd.		(1,200	)		(98,938	)		(3,451	)		(0.0	)(a)
Pharmaceuticals
Takeda Pharmaceutical Co. Ltd.		(2,800	)		(101,173	)		(3,136	)		(0.0	)(a)
Road & Rail
Nippon Express Co. Ltd.		(1,900	)		(108,406	)		(8,959	)		(0.0	)(a)
Tokyu Corp.		(5,300	)		(100,242	)		227			0.0	(a)
		(7,200	)		(208,648	)		(8,732	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Rohm Co. Ltd.		(300	)		(23,769	)		760			0.0	(a)
Textiles, Apparel & Luxury Goods
Asics Corp.		(5,300	)		(90,992	)		1,188			0.0	(a)
Transportation Infrastructure
Japan Airport Terminal Co. Ltd.		(2,400	)		(118,552	)		(3,183	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(273,000	)		(4,402,967	)		(95,491	)		(0.1	)
Total of Long and Short Positions of Total Return Basket Swap		(255,700	)		(3,917,529	)		(67,167	)		(0.1	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.35)% to 0.35%), which is denominated in AUD based on the local currencies of the positions within the swaps.	11/18/2019	$	605,580	$	25,687	$	2,423	$	28,110

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
Qantas Airways Ltd.		14,050		62,145		(1,090	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

36 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Construction & Engineering
CIMIC Group Ltd.		7,825			178,323			2,834			0.0	(a)
Food & Staples Retailing
Metcash Ltd.		57,993			112,733			(1,602	)		(0.0	)(a)
Metals & Mining
Alumina Ltd.		45,948			71,730			151			0.0	(a)
BHP Group Ltd.		5,408			132,564			2,660			0.0	(a)
Iluka Resources Ltd.		9,031			58,456			6,463			0.0	(a)
Rio Tinto Ltd.		2,148			134,321			4,022			0.0	(a)
		62,535			397,071			13,296			0.0	(a)
Oil, Gas & Consumable Fuels
Beach Energy Ltd.		105,850			166,500			(4,981	)		(0.0	)(a)
Santos Ltd.		28,396			158,833			6,227			0.0	(a)
Whitehaven Coal Ltd.		55,185			125,512			4,852			0.0	(a)
Woodside Petroleum Ltd.		2,171			48,117			320			0.0	(a)
		191,602			498,962			6,418			0.0	(a)
Total Long Positions of Total Return Basket Swap		334,005			1,249,234			19,856			0.0	(a)
Short Positions
Common Stocks
Beverages
Treasury Wine Estates Ltd.		(7,654	)		(92,791	)		5,360			0.0	(a)
Building Products
Reliance Worldwide Corp. Ltd.		(38,499	)		(112,027	)		(749	)		(0.0	)(a)
Chemicals
Nufarm Ltd.*		(21,741	)		(88,721	)		4,751			0.0	(a)
Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(2,511	)		(88,341	)		(1,948	)		(0.0	)(a)
Star Entertainment Grp Ltd. (The)		(21,060	)		(68,287	)		(3,638	)		(0.0	)(a)
		(23,571	)		(156,628	)		(5,586	)		(0.0	)(a)
IT Services
NEXTDC Ltd.*		(21,443	)		(94,762	)		1,619			0.0	(a)
Oil, Gas & Consumable Fuels
Oil Search Ltd.		(20,004	)		(98,725	)		436			0.0	(a)
Total Short Positions of Total Return Basket Swap		(132,912	)		(643,654	)		5,831			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		201,093			605,580			25,687			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in GBP based on the local currencies of the positions within the swaps.	10/30/2020	$	2,871,184	$	(4,576	)	$	1,454	$	(3,122	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 37

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)				PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Cobham plc		274,065		560,595		5,687				0.0	(a)
Capital Markets
Sole Realisation Co. plc*‡		153		—		—				0.0	(a)
Entertainment
Entertainment One Ltd.		67,602		488,221		(834	)			(0.0	)(a)
Hotels, Restaurants & Leisure
EI Group plc*		62,759		228,926		(326	)			(0.0	)(a)
Merlin Entertainments plc (b)		146,381		862,398		418				0.0	(a)
								��
		209,140		1,091,324		92				0.0	(a)
Internet & Direct Marketing Retail
Just Eat plc*		41,837		398,378		(9,238	)			(0.0	)(a)
Specialty Retail
BCA Marketplace plc		108,820		332,666		(283	)			(0.0	)(a)
Total Long Positions of Total Return Basket Swap		701,617		2,871,184		(4,576	)			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in USD based on the local currencies of the positions within the swaps.	11/18/2019 – 4/20/2020	$	(406,176	)	$	3,290	$	(17,723	)	$	(14,433	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Rights
Media
Media General, Inc. CVR*‡		1,329			—			(399	)		(0.0	)(a)
Short Positions
Common Stocks
Media
New Media Investment Group, Inc.		(46,104	)		(406,176	)		3,689			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(44,775	)		(406,176	)		3,290			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

38 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month EURIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in EUR based on the local currencies of the positions within the swaps.	12/31/2020	$	1,309,850	$	18	$	95	$	113

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Media
Axel Springer SE*		18,791		1,309,850		18		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.23%), which is denominated in GBP based on the local currencies of the positions within the swaps.	8/26/2022	$	(874,057	)	$	33,495	$	(1,229	)	$	32,266

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Meggitt plc		20,473		165,654		9,187			0.0	(a)
Food Products
Tate & Lyle plc		15,930		138,946		82			0.0	(a)
Household Durables
Berkeley Group Holdings plc		329		18,753		(544	)		(0.0	)(a)
Redrow plc		6,924		53,978		(4,213	)		(0.0	)(a)
Taylor Wimpey plc		52,351		112,277		54			0.0	(a)
		59,604		185,008		(4,703	)		(0.0	)(a)
Multi-Utilities
Centrica plc		66,557		62,635		2,298			0.0	(a)
Oil, Gas & Consumable Fuels
Royal Dutch Shell plc		4,962		142,904		(229	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		167,526		695,147		6,635			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 39

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Banks
Royal Bank of Scotland Group plc		(39,081	)		(108,029	)		(568	)		(0.0	)(a)
Capital Markets
Hargreaves Lansdown plc		(4,898	)		(112,474	)		(1,734	)		(0.0	)(a)
Commercial Services & Supplies
IWG plc		(22,361	)		(111,386	)		540			0.0	(a)
Construction & Engineering
Balfour Beatty plc		(37,672	)		(109,777	)		(597	)		(0.0	)(a)
Diversified Telecommunication Services
BT Group plc		(42,588	)		(113,023	)		723			0.0	(a)
Electrical Equipment
Melrose Industries plc		(19,977	)		(55,210	)		(1,903	)		(0.0	)(a)
Electronic Equipment, Instruments & Components
Spectris plc		(3,524	)		(109,250	)		1,186			0.0	(a)
Food & Staples Retailing
J Sainsbury plc		(39,140	)		(103,145	)		6,439			0.0	(a)
Health Care Providers & Services
NMC Health plc		(1,847	)		(52,356	)		10,978			0.0	(a)
Hotels, Restaurants & Leisure
SSP Group plc		(10,117	)		(83,426	)		3,447			0.0	(a)
Insurance
Hiscox Ltd.		(5,673	)		(109,551	)		3,906			0.0	(a)
Metals & Mining
Fresnillo plc		(1,428	)		(13,193	)		(1,790	)		(0.0	)(a)
Multi-Utilities
National Grid plc		(9,077	)		(106,131	)		(325	)		(0.0	)(a)
Paper & Forest Products
Mondi plc		(169	)		(3,504	)		(136	)		(0.0	)(a)
Professional Services
Capita plc*		(35,500	)		(71,810	)		6,614			0.0	(a)
Pagegroup plc		(19,225	)		(110,770	)		1,130			0.0	(a)
		(54,725	)		(182,580	)		7,744			0.0	(a)
Real Estate Management & Development
Capital & Counties Properties plc		(25,071	)		(82,863	)		(1,775	)		(0.0	)(a)
Water Utilities
Severn Trent plc		(3,879	)		(113,306	)		725			0.0	(a)
Total Short Positions of Total Return Basket Swap		(321,227	)		(1,569,204	)		26,860			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(153,701	)		(874,057	)		33,495			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

40 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month LIBOR on short positions, plus or minus a specified spread (rates range from 0.00% to 0.23%), which is denominated in USD based on the local currencies of the positions within the swaps.	8/26/2022	$	(11,726,646	)	$	(228,420	)	$	(24,514	)	$	(252,934	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Aerospace & Defense
Cubic Corp.		(1,533	)		(113,044	)		(6,071	)		(0.0	)(a)
Kratos Defense & Security Solutions, Inc.*		(5,815	)		(109,787	)		1,599			0.0	(a)
		(7,348	)		(222,831	)		(4,472	)		(0.0	)(a)
Air Freight & Logistics
Air Transport Services Group, Inc.*		(5,244	)		(109,652	)		(2,360	)		(0.0	)(a)
Airlines
American Airlines Group, Inc.		(3,670	)		(110,320	)		(6,753	)		(0.0	)(a)
Spirit Airlines, Inc.*		(2,936	)		(110,276	)		(244	)		(0.0	)(a)
		(6,606	)		(220,596	)		(6,997	)		(0.0	)(a)
Auto Components
Cooper-Standard Holdings, Inc.*		(701	)		(22,334	)		949			0.0	(a)
Veoneer, Inc.*		(3,877	)		(61,722	)		2,520			0.0	(a)
		(4,578	)		(84,056	)		3,469			0.0	(a)
Banks
SVB Financial Group*		(496	)		(109,854	)		(8,313	)		(0.0	)(a)
Beverages
Coca-Cola Consolidated, Inc.		(356	)		(97,672	)		4,607			0.0	(a)
Constellation Brands, Inc.		(568	)		(108,107	)		3,240			0.0	(a)
MGP Ingredients, Inc.		(2,256	)		(96,760	)		7,693			0.0	(a)
		(3,180	)		(302,539	)		15,540			0.0	(a)
Capital Markets
Cboe Global Markets, Inc.		(966	)		(111,235	)		1,515			0.0	(a)
Interactive Brokers Group, Inc.		(1,984	)		(94,379	)		(5,099	)		(0.0	)(a)
WisdomTree Investments, Inc.		(20,135	)		(102,890	)		(4,027	)		(0.0	)(a)
		(23,085	)		(308,504	)		(7,611	)		(0.0	)(a)
Chemicals
Albemarle Corp.		(1,344	)		(81,635	)		8,588			0.0	(a)
DuPont de Nemours, Inc.		(1,151	)		(75,862	)		(438	)		(0.0	)(a)
GCP Applied Technologies, Inc.*		(4,765	)		(98,445	)		(95	)		(0.0	)(a)
International Flavors & Fragrances, Inc.		(764	)		(93,216	)		(3,186	)		(0.0	)(a)
Mosaic Co. (The)		(5,109	)		(101,567	)		(1,686	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 41

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Chemicals — continued
Orion Engineered Carbons SA		(227	)		(3,759	)		(36	)		(0.0	)(a)
RPM International, Inc.		(1,285	)		(93,072	)		(3,868	)		(0.0	)(a)
		(14,645	)		(547,556	)		(721	)		(0.0	)(a)
Commercial Services & Supplies
Brink’s Co. (The)		(1,270	)		(107,899	)		1,334			0.0	(a)
US Ecology, Inc.		(1,749	)		(108,840	)		4,547			0.0	(a)
		(3,019	)		(216,739	)		5,881			0.0	(a)
Communications Equipment
NETGEAR, Inc.*		(806	)		(21,899	)		3,756			0.0	(a)
ViaSat, Inc.*		(360	)		(24,782	)		405			0.0	(a)
		(1,166	)		(46,681	)		4,161			0.0	(a)
Construction & Engineering
Fluor Corp.		(5,792	)		(93,309	)		17,086			0.0	(a)
WillScot Corp.*		(6,508	)		(102,566	)		(130	)		(0.0	)(a)
		(12,300	)		(195,875	)		16,956			0.0	(a)
Construction Materials
Martin Marietta Materials, Inc.		(399	)		(104,502	)		1,544			0.0	(a)
Summit Materials, Inc.*		(4,017	)		(92,110	)		(2,209	)		(0.0	)(a)
		(4,416	)		(196,612	)		(665	)		(0.0	)(a)
Consumer Finance
Green Dot Corp.*		(3,944	)		(113,745	)		(17,945	)		(0.0	)(a)
Containers & Packaging
Crown Holdings, Inc.*		(15	)		(1,093	)		(44	)		(0.0	)(a)
Graphic Packaging Holding Co.		(6,537	)		(102,369	)		(6,472	)		(0.0	)(a)
		(6,552	)		(103,462	)		(6,516	)		(0.0	)(a)
Diversified Telecommunication Services
GCI Liberty, Inc.*		(1,577	)		(110,359	)		(5,630	)		(0.0	)(a)
Iridium Communications, Inc.*		(4,103	)		(100,400	)		(862	)		(0.0	)(a)
		(5,680	)		(210,759	)		(6,492	)		(0.0	)(a)
Electrical Equipment
Vicor Corp.*		(3,364	)		(122,281	)		(18,098	)		(0.0	)(a)
Electronic Equipment, Instruments & Components
nLight, Inc.*		(8,350	)		(111,556	)		1,000			0.0	(a)
Trimble, Inc.*		(2,776	)		(110,596	)		(305	)		(0.0	)(a)
		(11,126	)		(222,152	)		695			0.0	(a)
Energy Equipment & Services
Diamond Offshore Drilling, Inc.*		(15,392	)		(81,423	)		1,539			0.0	(a)
Nabors Industries Ltd.		(59,052	)		(109,246	)		(10,120	)		(0.0	)(a)
Oceaneering International, Inc.*		(1,948	)		(27,584	)		(1,695	)		(0.0	)(a)
Oil States International, Inc.*		(2,099	)		(29,953	)		(4,051	)		(0.0	)(a)
US Silica Holdings, Inc.		(22,200	)		(99,012	)		14,738			0.0	(a)
Valaris plc		(22,026	)		(90,527	)		22,123			0.0	(a)
		(122,717	)		(437,745	)		22,534			0.0	(a)
Entertainment
Spotify Technology SA*		(862	)		(124,387	)		(24,972	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

42 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs)
Alexander & Baldwin, Inc.		(4,063	)		(95,521	)		5,688			0.0	(a)
Food & Staples Retailing
PriceSmart, Inc.		(1,620	)		(120,042	)		(10,789	)		(0.0	)(a)
Food Products
Archer-Daniels-Midland Co.		(2,641	)		(111,028	)		(3,877	)		(0.0	)(a)
Hain Celestial Group, Inc. (The)*		(4,315	)		(102,007	)		(6,386	)		(0.0	)(a)
Kraft Heinz Co. (The)		(3,029	)		(97,927	)		(14,297	)		(0.0	)(a)
		(9,985	)		(310,962	)		(24,560	)		(0.0	)(a)
Gas Utilities
Northwest Natural Holding Co.		(263	)		(18,242	)		11			0.0	(a)
South Jersey Industries, Inc.		(2,983	)		(95,933	)		(209	)		(0.0	)(a)
Southwest Gas Holdings, Inc.		(1,271	)		(110,958	)		1,947			0.0	(a)
		(4,517	)		(225,133	)		1,749			0.0	(a)
Health Care Equipment & Supplies
ABIOMED, Inc.*		(580	)		(120,396	)		(18,722	)		(0.1	)
AtriCure, Inc.*		(4,125	)		(109,684	)		2,764			0.0	(a)
Avanos Medical, Inc.*		(2,606	)		(114,768	)		(9,069	)		(0.0	)(a)
Axogen, Inc.*		(1,258	)		(15,643	)		(57	)		(0.0	)(a)
Glaukos Corp.*		(1,694	)		(108,128	)		976			0.0	(a)
Heska Corp.*		(1,520	)		(123,150	)		(7,737	)		(0.0	)(a)
Insulet Corp.*		(128	)		(18,601	)		225			0.0	(a)
iRhythm Technologies, Inc.*		(1,569	)		(104,841	)		3,191			0.0	(a)
Penumbra, Inc.*		(701	)		(109,335	)		(6,141	)		(0.0	)(a)
Tactile Systems Technology, Inc.*		(2,409	)		(109,417	)		(311	)		(0.0	)(a)
ViewRay, Inc.*		(28,044	)		(72,914	)		(2,244	)		(0.0	)(a)
Wright Medical Group NV*		(2,256	)		(46,925	)		(89	)		(0.0	)(a)
		(46,890	)		(1,053,802	)		(37,214	)		(0.1	)
Health Care Providers & Services
Guardant Health, Inc.*		(526	)		(36,557	)		(2,225	)		(0.0	)(a)
R1 RCM, Inc.*		(2,540	)		(27,000	)		(1,422	)		(0.0	)(a)
		(3,066	)		(63,557	)		(3,647	)		(0.0	)(a)
Health Care Technology
Evolent Health, Inc.*		(8,529	)		(64,991	)		(1,365	)		(0.0	)(a)
Inspire Medical Systems, Inc.*		(1,826	)		(111,350	)		(9,346	)		(0.0	)(a)
Tabula Rasa HealthCare, Inc.*		(479	)		(24,400	)		(967	)		(0.0	)(a)
Teladoc Health, Inc.*		(1,243	)		(95,214	)		(9,173	)		(0.0	)(a)
Vocera Communications, Inc.*		(5,362	)		(106,811	)		18,642			0.0	(a)
		(17,439	)		(402,766	)		(2,209	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Domino’s Pizza, Inc.		(347	)		(94,252	)		(5,524	)		(0.0	)(a)
Shake Shack, Inc.*		(263	)		(21,640	)		12			0.0	(a)
		(610	)		(115,892	)		(5,512	)		(0.0	)(a)
Household Durables
Cavco Industries, Inc.*		(411	)		(78,768	)		2,898			0.0	(a)
iRobot Corp.*		(543	)		(26,097	)		271			0.0	(a)
LGI Homes, Inc.*		(962	)		(75,498	)		8,696			0.0	(a)
Mohawk Industries, Inc.*		(663	)		(95,061	)		(12,073	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 43

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Household Durables — continued
Roku, Inc.*		(560	)		(82,432	)		(9,666	)		(0.0	)(a)
Sonos, Inc.*		(6,591	)		(86,210	)		902			0.0	(a)
		(9,730	)		(444,066	)		(8,972	)		(0.0	)(a)
Independent Power and Renewable Electricity Producers
Ormat Technologies, Inc.		(1,287	)		(98,533	)		(1,145	)		(0.0	)(a)
Insurance
Markel Corp.*		(99	)		(115,929	)		(3,433	)		(0.0	)(a)
Interactive Media & Services
Cargurus, Inc.*		(2,943	)		(98,855	)		(7,299	)		(0.0	)(a)
Eventbrite, Inc.*		(5,754	)		(103,457	)		(2,474	)		(0.0	)(a)
TrueCar, Inc.*		(24,327	)		(79,793	)		2,798			0.0	(a)
Zillow Group, Inc.*		(962	)		(31,159	)		(616	)		(0.0	)(a)
		(33,986	)		(313,264	)		(7,591	)		(0.0	)(a)
Internet & Direct Marketing Retail
Farfetch Ltd.*		(5,122	)		(45,739	)		(4,559	)		(0.0	)(a)
GrubHub, Inc.*		(660	)		(22,480	)		14,276			0.0	(a)
		(5,782	)		(68,219	)		9,717			0.0	(a)
Leisure Products
Polaris, Inc.		(536	)		(52,876	)		(4,326	)		(0.0	)(a)
Machinery
Deere & Co.		(620	)		(107,967	)		(136	)		(0.0	)(a)
Evoqua Water Technologies Corp.*		(6,989	)		(121,399	)		(3,145	)		(0.0	)(a)
Trinity Industries, Inc.		(5,545	)		(109,680	)		299			0.0	(a)
Wabtec Corp.		(1,388	)		(96,285	)		69			0.0	(a)
		(14,542	)		(435,331	)		(2,913	)		(0.0	)(a)
Media
Altice USA, Inc.*		(3,541	)		(109,594	)		(5,701	)		(0.0	)(a)
Metals & Mining
Alcoa Corp.*		(447	)		(9,293	)		335			0.0	(a)
Century Aluminum Co.*		(13,910	)		(81,095	)		7,512			0.0	(a)
Constellium SE*		(7,269	)		(96,896	)		6,615			0.0	(a)
Hecla Mining Co.		(19,206	)		(44,174	)		(5,954	)		(0.0	)(a)
United States Steel Corp.		(1,005	)		(11,568	)		(794	)		(0.0	)(a)
		(41,837	)		(243,026	)		7,714			0.0	(a)
Multi-Utilities
NiSource, Inc.		(836	)		(23,441	)		(653	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Antero Resources Corp.*		(38,240	)		(95,600	)		12,252			0.0	(a)
Callon Petroleum Co.*		(21,516	)		(81,761	)		430			0.0	(a)
Centennial Resource Development, Inc.*		(23,711	)		(80,617	)		(2,317	)		(0.0	)(a)
Concho Resources, Inc.		(1,663	)		(112,286	)		(6,724	)		(0.0	)(a)
Golar LNG Ltd.		(7,313	)		(100,700	)		3,876			0.0	(a)
Matador Resources Co.*		(7,389	)		(102,781	)		(8,848	)		(0.0	)(a)
Noble Energy, Inc.		(5,368	)		(103,388	)		(550	)		(0.0	)(a)
Oasis Petroleum, Inc.*		(16,213	)		(42,316	)		2,034			0.0	(a)
Parsley Energy, Inc.		(513	)		(8,110	)		(205	)		(0.0	)(a)
Penn Virginia Corp.*		(338	)		(8,044	)		845			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

44 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
SM Energy Co.		(13,033	)		(102,179	)		(5,342	)		(0.0	)(a)
Targa Resources Corp.		(61	)		(2,372	)		30			0.0	(a)
WPX Energy, Inc.*		(10,395	)		(103,742	)		(4,574	)		(0.0	)(a)
		(145,753	)		(943,896	)		(9,093	)		(0.0	)(a)
Pharmaceuticals
Aerie Pharmaceuticals, Inc.*		(1,726	)		(38,300	)		(2,900	)		(0.0	)(a)
Intersect ENT, Inc.*		(700	)		(12,474	)		(707	)		(0.0	)(a)
Revance Therapeutics, Inc.*		(8,289	)		(129,806	)		(4,062	)		(0.0	)(a)
Theravance Biopharma, Inc.*		(6,677	)		(107,633	)		3,441			0.0	(a)
WaVe Life Sciences Ltd.*		(2,552	)		(64,540	)		(12,045	)		(0.0	)(a)
Zogenix, Inc.*		(2,593	)		(115,777	)		(5,342	)		(0.0	)(a)
		(22,537	)		(468,530	)		(21,615	)		(0.0	)(a)
Professional Services
TransUnion		(1,273	)		(105,175	)		(1,540	)		(0.0	)(a)
Road & Rail
Hertz Global Holdings, Inc.*		(8,704	)		(117,591	)		1,828			0.0	(a)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.*		(539	)		(18,288	)		(1,595	)		(0.0	)(a)
Brooks Automation, Inc.		(2,716	)		(115,349	)		(7,360	)		(0.0	)(a)
Cohu, Inc.		(6,626	)		(110,124	)		(10,502	)		(0.0	)(a)
Cree, Inc.*		(2,109	)		(100,663	)		(7,118	)		(0.0	)(a)
Silicon Laboratories, Inc.*		(867	)		(92,110	)		2,089			0.0	(a)
		(12,857	)		(436,534	)		(24,486	)		(0.0	)(a)
Software
2U, Inc.*		(5,415	)		(97,064	)		(7,608	)		(0.0	)(a)
8x8, Inc.*		(5,614	)		(108,462	)		(896	)		(0.0	)(a)
Appian Corp.*		(676	)		(30,177	)		(2,136	)		(0.0	)(a)
Avalara, Inc.*		(245	)		(17,395	)		(1,139	)		(0.0	)(a)
Benefitfocus, Inc.*		(3,905	)		(88,780	)		(898	)		(0.0	)(a)
FireEye, Inc.*		(7,033	)		(111,403	)		(4,255	)		(0.0	)(a)
HubSpot, Inc.*		(163	)		(25,281	)		(162	)		(0.0	)(a)
Instructure, Inc.*		(2,734	)		(127,760	)		(10,389	)		(0.0	)(a)
Nutanix, Inc.*		(271	)		(7,919	)		(833	)		(0.0	)(a)
PROS Holdings, Inc.*		(827	)		(42,375	)		3,011			0.0	(a)
Q2 Holdings, Inc.*		(296	)		(21,161	)		299			0.0	(a)
RingCentral, Inc.*		(694	)		(112,095	)		104			0.0	(a)
Yext, Inc.*		(6,066	)		(99,846	)		(12,496	)		(0.1	)
Zuora, Inc.*		(922	)		(13,139	)		(581	)		(0.0	)(a)
		(34,861	)		(902,857	)		(37,979	)		(0.1	)
Specialty Retail
Floor & Decor Holdings, Inc.*		(1,674	)		(76,720	)		(2,544	)		(0.0	)(a)
National Vision Holdings, Inc.*		(1,758	)		(41,840	)		(1,424	)		(0.0	)(a)
		(3,432	)		(118,560	)		(3,968	)		(0.0	)(a)
Tobacco
Vector Group Ltd.		(8,338	)		(101,724	)		(5,086	)		(0.0	)(a)
Trading Companies & Distributors
MRC Global, Inc.*		(9,274	)		(105,353	)		658			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 45

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Water Utilities
American Water Works Co., Inc.		(162	)		(19,970	)		(415	)		(0.0	)(a)
Aqua America, Inc.		(2,132	)		(96,644	)		2,665			0.0	(a)
California Water Service Group		(336	)		(18,806	)		(463	)		(0.0	)(a)
SJW Group		(1,424	)		(103,026	)		797			0.0	(a)
		(4,054	)		(238,446	)		2,584			0.0	(a)
Total Short Positions of Total Return Basket Swap		(691,777	)		(11,726,646	)		(228,420	)		(0.2	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month CDOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.23%), which is denominated in CAD based on the local currencies of the positions within the swaps.	8/26/2022	$	1,852,612	$	(11,547	)	$	440	$	(11,107	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
Air Canada*		4,393		156,428		262			0.0	(a)
Banks
Laurentian Bank of Canada		4,853		166,913		(1,253	)		(0.0	)(a)
Chemicals
Methanex Corp.		3,556		134,751		9,180			0.0	(a)
Construction & Engineering
Aecon Group, Inc.		11,167		154,308		1,953			0.0	(a)
Food & Staples Retailing
Empire Co. Ltd.		5,679		150,782		554			0.0	(a)
Insurance
iA Financial Corp., Inc.		3,728		179,536		6,095			0.0	(a)
IT Services
CGI, Inc.*		1,989		154,608		710			0.0	(a)
Media
Quebecor, Inc.		6,921		160,900		290			0.0	(a)
Metals & Mining
Teck Resources Ltd.		8,083		127,772		(4,876	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Imperial Oil Ltd.		6,434		160,227		1,682			0.0	(a)
Parex Resources, Inc.*		10,057		136,298		(4,750	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

46 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Suncor Energy, Inc.		5,584			166,023			(1,780	)		(0.0	)(a)
		22,075			462,548			(4,848	)		(0.0	)(a)
Real Estate Management & Development
First Capital Realty, Inc.		9,576			158,497			(60	)		(0.0	)(a)
Textiles, Apparel & Luxury Goods
Gildan Activewear, Inc.		4,912			125,494			(2,879	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		86,932			2,132,537			5,128			0.0	(a)
Short Positions
Common Stocks
Construction & Engineering
SNC-Lavalin Group, Inc.		(3,206	)		(57,957	)		(15,392	)		(0.0	)(a)
Diversified Financial Services
Onex Corp.		(1,348	)		(79,246	)		922			0.0	(a)
Metals & Mining
First Quantum Minerals Ltd.		(227	)		(1,918	)		(9	)		(0.0	)(a)
Kinross Gold Corp.*		(953	)		(4,631	)		(196	)		(0.0	)(a)
Yamana Gold, Inc.		(9,432	)		(34,445	)		(2,734	)		(0.0	)(a)
		(10,612	)		(40,994	)		(2,939	)		(0.0	)(a)
Multi-Utilities
Canadian Utilities Ltd.		(3,308	)		(96,470	)		137			0.0	(a)
Oil, Gas & Consumable Fuels
Vermilion Energy, Inc.		(398	)		(5,258	)		597			0.0	(a)
Total Short Positions of Total Return Basket Swap		(18,872	)		(279,925	)		(16,675	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		68,060			1,852,612			(11,547	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.23%), which is denominated in EUR based on the local currencies of the positions within the swaps.	8/26/2022	$	5,116,748	$	182,221	$	27,283	$	209,504

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 47

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Air Freight & Logistics
Bollore SA		39,835		172,580		6,137			0.0	(a)
Automobiles
Peugeot SA		1,264		32,012		(1,346	)		(0.0	)(a)
Chemicals
Covestro AG (b)		1,658		79,620		(4,944	)		(0.0	)(a)
Construction & Engineering
ACS Actividades de Construccion y Servicios SA		4,734		192,097		3,373			0.0	(a)
HOCHTIEF AG		1,288		160,927		8,631			0.0	(a)
Vinci SA		1,444		162,011		6,506			0.0	(a)
		7,466		515,035		18,510			0.0	(a)
Construction Materials
HeidelbergCement AG		1,832		135,821		3,649			0.0	(a)
Diversified Financial Services
Banca IFIS SpA		9,084		154,113		5,632			0.0	(a)
Diversified Telecommunication Services
Deutsche Telekom AG (Registered)		9,404		165,469		(1,609	)		(0.0	)(a)
Elisa OYJ		2,986		163,084		786			0.0	(a)
		12,390		328,553		(823	)		(0.0	)(a)
Electric Utilities
EDP — Energias de Portugal SA		42,760		176,138		8,266			0.0	(a)
Endesa SA		6,035		164,362		4,972			0.0	(a)
Enel SpA		22,504		174,414		4,533			0.0	(a)
Verbund AG		2,613		141,560		(832	)		(0.0	)(a)
		73,912		656,474		16,939			0.0	(a)
Electrical Equipment
Signify NV (b)		5,444		159,510		7,199			0.0	(a)
Food & Staples Retailing
Koninklijke Ahold Delhaize NV		6,783		169,033		(4,803	)		(0.0	)(a)
Gas Utilities
Enagas SA		7,022		173,757		14,374			0.0	(a)
Italgas SpA		24,440		157,337		2,560			0.0	(a)
		31,462		331,094		16,934			0.0	(a)
Health Care Equipment & Supplies
Koninklijke Philips NV		3,344		146,715		1,008			0.0	(a)
Insurance
Ageas		2,924		168,629		(54	)		(0.0	)(a)
ASR Nederland NV		4,414		161,811		(793	)		(0.0	)(a)
Assicurazioni Generali SpA		8,682		176,050		(133	)		(0.0	)(a)
UnipolSai Assicurazioni SpA		62,208		173,620		(1,014	)		(0.0	)(a)
		78,228		680,110		(1,994	)		(0.0	)(a)
Machinery
Kone OYJ		2,715		172,880		13,246			0.0	(a)
Valmet OYJ		7,969		178,350		20,567			0.1
		10,684		351,230		33,813			0.1

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

48 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Media
ProSiebenSat.1 Media SE		8,209			121,219			2,669			0.0	(a)
Publicis Groupe SA		3,208			138,068			2,963			0.0	(a)
		11,417			259,287			5,632			0.0	(a)
Multi-Utilities
A2A SpA		89,375			179,418			12,431			0.0	(a)
Engie SA		10,429			174,631			750			0.0	(a)
Hera SpA		40,555			173,726			2,112			0.0	(a)
Iren SpA		53,391			165,660			3,109			0.0	(a)
RWE AG		5,342			162,795			(71	)		(0.0	)(a)
Veolia Environnement SA		6,609			173,974			3,849			0.0	(a)
		205,701			1,030,204			22,180			0.0	(a)
Oil, Gas & Consumable Fuels
Eni SpA		7,576			114,935			(1,491	)		(0.0	)(a)
Neste OYJ		4,398			158,911			16,318			0.1
OMV AG		3,088			180,530			9,231			0.0	(a)
Repsol SA		9,543			157,266			2,921			0.0	(a)
		24,605			611,642			26,979			0.1
Pharmaceuticals
Merck KGaA		1,464			174,606			1,509			0.0	(a)
UCB SA		2,048			165,067			3,419			0.0	(a)
		3,512			339,673			4,928			0.0	(a)
Semiconductors & Semiconductor Equipment
Siltronic AG		1,655			157,621			16,096			0.0	(a)
Textiles, Apparel & Luxury Goods
Christian Dior SE		253			124,971			1,647			0.0	(a)
Kering SA		288			163,871			12,958			0.0	(a)
		541			288,842			14,605			0.0	(a)
Transportation Infrastructure
Aena SME SA (b)		930			170,713			(3,497	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		531,747			6,769,882			182,834			0.2
Short Positions
Common Stocks
Aerospace & Defense
Thales SA		(1,140	)		(111,446	)		2,053			0.0	(a)
Banks
FinecoBank Banca Fineco SpA		(9,533	)		(107,469	)		(555	)		(0.0	)(a)
Chemicals
K+S AG (Registered)		(4,058	)		(57,624	)		(771	)		(0.0	)(a)
Umicore SA		(1,411	)		(58,246	)		(960	)		(0.0	)(a)
		(5,469	)		(115,870	)		(1,731	)		(0.0	)(a)
Communications Equipment
Nokia OYJ		(12,644	)		(46,416	)		75			0.0	(a)
Diversified Financial Services
Wendel SA		(595	)		(84,369	)		(3,332	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 49

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Diversified Telecommunication Services
Cellnex Telecom SA* (b)		(1,864	)		(80,430	)		4,739			0.0	(a)
Iliad SA		(288	)		(29,847	)		(278	)		(0.0	)(a)
		(2,152	)		(110,277	)		4,461			0.0	(a)
Energy Equipment & Services
Tenaris SA		(1,860	)		(18,869	)		425			0.0	(a)
Food Products
Kerry Group plc		(937	)		(113,282	)		(4,582	)		(0.0	)(a)
Gas Utilities
Rubis SCA		(302	)		(17,512	)		(331	)		(0.0	)(a)
Health Care Providers & Services
Orpea		(615	)		(74,073	)		318			0.0	(a)
Internet & Direct Marketing Retail
Delivery Hero SE* (b)		(1,274	)		(59,779	)		688			0.0	(a)
Rocket Internet SE* (b)		(3,424	)		(90,926	)		2,617			0.0	(a)
		(4,698	)		(150,705	)		3,305			0.0	(a)
Machinery
Konecranes OYJ		(3,222	)		(99,503	)		(1,382	)		(0.0	)(a)
Metso OYJ		(2,714	)		(102,743	)		(4,336	)		(0.0	)(a)
		(5,936	)		(202,246	)		(5,718	)		(0.0	)(a)
Media
JCDecaux SA		(4,043	)		(110,518	)		(5,993	)		(0.0	)(a)
Metals & Mining
ArcelorMittal		(470	)		(6,988	)		(70	)		(0.0	)(a)
Outokumpu OYJ		(32,618	)		(92,681	)		2,329			0.0	(a)
		(33,088	)		(99,669	)		2,259			0.0	(a)
Semiconductors & Semiconductor Equipment
AIXTRON SE*		(8,841	)		(80,827	)		11,535			0.0	(a)
Trading Companies & Distributors
Rexel SA		(9,235	)		(114,491	)		99			0.0	(a)
Transportation Infrastructure
Aeroports de Paris		(500	)		(95,095	)		(2,901	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(101,588	)		(1,653,134	)		(613	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		430,159			5,116,748			182,221			0.2

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBSW on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.23%), which is denominated in AUD based on the local currencies of the positions within the swaps.	8/26/2022	$	37,703	$	18,393	$	2,395	$	20,788

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

50 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
Qantas Airways Ltd.		21,619			95,624			(1,846	)		(0.0	)(a)
Food & Staples Retailing
Metcash Ltd.		21,577			41,944			(596	)		(0.0	)(a)
Metals & Mining
Alumina Ltd.		41,299			64,472			(66	)		(0.0	)(a)
Iluka Resources Ltd.		13,655			88,387			9,561			0.0	(a)
Regis Resources Ltd.		41,175			139,544			3,128			0.0	(a)
		96,129			292,403			12,623			0.0	(a)
Oil, Gas & Consumable Fuels
Whitehaven Coal Ltd.		14,740			33,524			1,296			0.0	(a)
Woodside Petroleum Ltd.		4,918			109,000			725			0.0	(a)
		19,658			142,524			2,021			0.0	(a)
Road & Rail
Aurizon Holdings Ltd.		38,658			157,270			2,948			0.0	(a)
Total Long Positions of Total Return Basket Swap		197,641			729,765			15,150			0.0	(a)
Short Positions
Common Stocks
Beverages
Treasury Wine Estates Ltd.		(1,447	)		(17,550	)		(9	)		(0.0	)(a)
Capital Markets
Platinum Asset Management Ltd.		(38,315	)		(109,396	)		(113	)		(0.0	)(a)
Construction Materials
Adelaide Brighton Ltd.		(46,829	)		(99,462	)		(1,343	)		(0.0	)(a)
Food Products
GrainCorp., Ltd.		(21,783	)		(108,614	)		2,239			0.0	(a)
Hotels, Restaurants & Leisure
Star Entertainment Grp Ltd. (The)		(6,162	)		(19,980	)		(936	)		(0.0	)(a)
IT Services
Afterpay Touch Group Ltd.*		(4,778	)		(94,853	)		2,783			0.0	(a)
NEXTDC Ltd.*		(3,943	)		(17,425	)		298			0.0	(a)
		(8,721	)		(112,278	)		3,081			0.0	(a)
Oil, Gas & Consumable Fuels
Oil Search Ltd.		(1,211	)		(5,977	)		26			0.0	(a)
Professional Services
ALS Ltd.		(19,425	)		(108,034	)		32			0.0	(a)
Transportation Infrastructure
Qube Holdings Ltd.		(49,405	)		(110,771	)		266			0.0	(a)
Total Short Positions of Total Return Basket Swap		(193,298	)		(692,062	)		3,243			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		4,343			37,703			18,393			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 51

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.23%), which is denominated in JPY based on the local currencies of the positions within the swaps.	11/22/2019 – 8/26/2022	$	6,974,441	$	44,683	$	42,539	$	87,222

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
Japan Airlines Co. Ltd.		5,400		168,275		(494	)		(0.0	)(a)
Auto Components
TS Tech Co. Ltd.		3,900		124,907		3,580			0.0	(a)
Yokohama Rubber Co. Ltd. (The)		5,700		127,311		6,011			0.0	(a)
		9,600		252,218		9,591			0.0	(a)
Beverages
Asahi Group Holdings Ltd.		3,400		170,263		3,681			0.0	(a)
Suntory Beverage & Food Ltd.		3,600		153,903		870			0.0	(a)
		7,000		324,166		4,551			0.0	(a)
Chemicals
DIC Corp.*		4,700		134,632		(1,044	)		(0.0	)(a)
Kureha Corp.		2,100		134,219		4,509			0.0	(a)
Mitsui Chemicals, Inc.		5,600		133,176		(822	)		(0.0	)(a)
Showa Denko KK		4,800		134,673		2,262			0.0	(a)
Teijin Ltd.		6,700		134,257		913			0.0	(a)
Tokuyama Corp.		5,000		133,570		3,405			0.0	(a)
Zeon Corp.		10,600		120,752		(14,792	)		(0.0	)(a)
		39,500		925,279		(5,569	)		(0.0	)(a)
Commercial Services & Supplies
Dai Nippon Printing Co. Ltd.		6,000		160,251		4,826			0.0	(a)
Sohgo Security Services Co. Ltd.		3,200		173,817		9,898			0.0	(a)
		9,200		334,068		14,724			0.0	(a)
Construction & Engineering
Hazama Ando Corp.		20,800		161,161		3,860			0.0	(a)
Kyowa Exeo Corp.		7,000		178,094		3,495			0.0	(a)
Kyudenko Corp.		5,200		169,918		(1,511	)		(0.0	)(a)
		33,000		509,173		5,844			0.0	(a)
Construction Materials
Sumitomo Osaka Cement Co. Ltd.		3,300		144,052		(5,381	)		(0.0	)(a)
Taiheiyo Cement Corp.		4,700		132,958		(3,869	)		(0.0	)(a)
		8,000		277,010		(9,250	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

52 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Containers & Packaging
Rengo Co. Ltd.		19,300		139,945		889			0.0	(a)
Diversified Financial Services
Mitsubishi UFJ Lease & Finance Co. Ltd.		28,600		175,575		2,077			0.0	(a)
Diversified Telecommunication Services
Nippon Telegraph & Telephone Corp.		2,700		134,036		2,080			0.0	(a)
Electronic Equipment, Instruments & Components
Hitachi Ltd.		4,500		167,951		(4,408	)		(0.0	)(a)
Japan Aviation Electronics Industry Ltd.		9,100		169,522		24,349			0.0	(a)
		13,600		337,473		19,941			0.0	(a)
Entertainment
Akatsuki, Inc.*		2,800		156,041		(5,894	)		(0.0	)(a)
Capcom Co. Ltd.		5,700		134,540		(12,611	)		(0.0	)(a)
GungHo Online Entertainment, Inc.*		7,170		155,291		3,411			0.0	(a)
		15,670		445,872		(15,094	)		(0.0	)(a)
Food & Staples Retailing
Lawson, Inc.		3,100		171,016		(1,213	)		(0.0	)(a)
Food Products
Morinaga & Co. Ltd.*		3,200		158,078		(476	)		(0.0	)(a)
Health Care Providers & Services
Alfresa Holdings Corp.		6,700		149,603		729			0.0	(a)
Medipal Holdings Corp.		7,300		166,787		4,233			0.0	(a)
Suzuken Co. Ltd.		2,900		154,843		(406	)		(0.0	)(a)
		16,900		471,233		4,556			0.0	(a)
Hotels, Restaurants & Leisure
Round One Corp.		9,600		123,788		(1,119	)		(0.0	)(a)
Sushiro Global Holdings Ltd.		2,100		144,381		(694	)		(0.0	)(a)
		11,700		268,169		(1,813	)		(0.0	)(a)
Household Durables
Sekisui House Ltd.		5,900		127,230		(722	)		(0.0	)(a)
Insurance
MS&AD Insurance Group Holdings, Inc.		5,000		161,456		(1,223	)		(0.0	)(a)
IT Services
Nihon Unisys Ltd.		4,900		161,746		3,576			0.0	(a)
Otsuka Corp.*		4,300		173,367		13,014			0.0	(a)
TIS, Inc.		2,700		163,711		185			0.0	(a)
		11,900		498,824		16,775			0.0	(a)
Leisure Products
Bandai Namco Holdings, Inc.		2,100		129,128		(4,443	)		(0.0	)(a)
Tomy Co. Ltd.		11,500		124,709		311			0.0	(a)
		13,600		253,837		(4,132	)		(0.0	)(a)
Machinery
Amada Holdings Co. Ltd.		14,000		159,433		5,094			0.0	(a)
DMG Mori Co. Ltd.		9,500		153,807		11,405			0.1
Ebara Corp.*		5,200		153,849		4,078			0.0	(a)
Glory Ltd.		5,400		158,990		(859	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 53

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Machinery — continued
MINEBEA MITSUMI, Inc.		8,400		159,529		11,223			0.0	(a)
Mitsubishi Heavy Industries Ltd.		3,900		157,830		(1,146	)		(0.0	)(a)
Shinmaywa Industries Ltd.		13,200		162,612		670			0.0	(a)
Takeuchi Manufacturing Co. Ltd.		10,600		165,639		(1,959	)		(0.0	)(a)
THK Co. Ltd.		5,300		152,403		10,168			0.0	(a)
		75,500		1,424,092		38,674			0.1
Media
Hakuhodo DY Holdings, Inc.		10,700		159,673		4,135			0.0	(a)
Metals & Mining
Mitsubishi Materials Corp.		4,700		135,149		5,983			0.0	(a)
Tokyo Steel Manufacturing Co. Ltd.		18,600		149,743		913			0.0	(a)
		23,300		284,892		6,896			0.0	(a)
Oil, Gas & Consumable Fuels
Cosmo Energy Holdings Co. Ltd.		7,400		158,244		2,920			0.0	(a)
Paper & Forest Products
Oji Holdings Corp.		25,900		133,909		3,488			0.0	(a)
Pharmaceuticals
Astellas Pharma, Inc.		900		15,446		1,020			0.0	(a)
Kaken Pharmaceutical Co. Ltd.		3,400		166,698		6,386			0.0	(a)
Kyowa Hakko Kirin Co. Ltd.		8,900		163,760		(3,090	)		(0.0	)(a)
Sawai Pharmaceutical Co. Ltd.		2,900		163,638		11,557			0.0	(a)
Shionogi & Co. Ltd.		200		12,005		746			0.0	(a)
Sumitomo Dainippon Pharma Co. Ltd.		8,600		150,097		7,852			0.0	(a)
		24,900		671,644		24,471			0.0	(a)
Professional Services
Meitec Corp.		3,200		166,817		4,684			0.0	(a)
TechnoPro Holdings, Inc.*		2,700		166,066		2,262			0.0	(a)
UT Group Co. Ltd.		6,200		154,006		12,496			0.0	(a)
		12,100		486,889		19,442			0.0	(a)
Real Estate Management & Development
SAMTY Co. Ltd.*		9,000		169,573		5,099			0.0	(a)
Road & Rail
Sankyu, Inc.		3,000		152,523		(9,440	)		(0.0	)(a)
Seino Holdings Co. Ltd.		13,100		168,440		3,430			0.0	(a)
		16,100		320,963		(6,010	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Optorun Co. Ltd.*		5,800		174,934		(2,342	)		(0.0	)(a)
Specialty Retail
ABC-Mart, Inc.		2,000		137,131		(1,209	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
Brother Industries Ltd.		9,000		169,146		1,915			0.0	(a)
FUJIFILM Holdings Corp.		3,600		158,048		4,072			0.0	(a)
		12,600		327,194		5,987			0.0	(a)
Trading Companies & Distributors
ITOCHU Corp.		7,600		158,900		(96	)		(0.0	)(a)
Kanamoto Co. Ltd.		6,500		173,772		1,138			0.0	(a)
		14,100		332,672		1,042			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

54 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Transportation Infrastructure
Kamigumi Co. Ltd.		6,700			151,495			893			0.0	(a)
Wireless Telecommunication Services
KDDI Corp.		6,000			166,027			2,997			0.0	(a)
NTT DOCOMO, Inc.		1,100			30,157			1,404			0.0	(a)
		7,100			196,184			4,401			0.0	(a)
Total Long Positions of Total Return Basket Swap		516,070			11,262,422			148,929			0.1
Short Positions
Common Stocks
Auto Components
NGK Spark Plug Co. Ltd.		(4,500	)		(91,232	)		(4,059	)		(0.0	)(a)
Toyo Tire Corp.		(200	)		(2,790	)		(201	)		(0.0	)(a)
		(4,700	)		(94,022	)		(4,260	)		(0.0	)(a)
Automobiles
Mitsubishi Motors Corp.		(18,700	)		(85,380	)		(521	)		(0.0	)(a)
Beverages
Coca-Cola Bottlers Japan Holdings, Inc.		(4,900	)		(111,250	)		1,595			0.0	(a)
Building Products
TOTO Ltd.		(1,700	)		(69,404	)		(3,262	)		(0.0	)(a)
Capital Markets
Nomura Holdings, Inc.		(25,100	)		(114,079	)		(1,654	)		(0.0	)(a)
Chemicals
Kuraray Co. Ltd.		(7,300	)		(86,850	)		4,726			0.0	(a)
Taiyo Nippon Sanso Corp.		(4,000	)		(93,639	)		(1,776	)		(0.0	)(a)
Toray Industries, Inc.		(2,300	)		(16,255	)		1,697			0.0	(a)
		(13,600	)		(196,744	)		4,647			0.0	(a)
Construction & Engineering
Maeda Corp.		(11,700	)		(108,586	)		999			0.0	(a)
SHO-BOND Holdings Co. Ltd.*		(3,000	)		(116,431	)		(3,759	)		(0.0	)(a)
		(14,700	)		(225,017	)		(2,760	)		(0.0	)(a)
Electrical Equipment
Mabuchi Motor Co. Ltd.		(3,000	)		(121,551	)		(9,562	)		(0.0	)(a)
Electronic Equipment, Instruments & Components
Keyence Corp.		(200	)		(126,459	)		(2,235	)		(0.0	)(a)
Shimadzu Corp.		(4,000	)		(106,825	)		(6,561	)		(0.0	)(a)
		(4,200	)		(233,284	)		(8,796	)		(0.0	)(a)
Entertainment
Square Enix Holdings Co. Ltd.		(2,400	)		(114,212	)		(4,069	)		(0.0	)(a)
Food & Staples Retailing
Cosmos Pharmaceutical Corp.		(400	)		(82,605	)		(1,775	)		(0.0	)(a)
Kusuri no Aoki Holdings Co. Ltd.*		(1,400	)		(104,408	)		(6,605	)		(0.0	)(a)
		(1,800	)		(187,013	)		(8,380	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 55

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Food Products
Kikkoman Corp.		(2,400	)		(115,446	)		878			0.0	(a)
Gas Utilities
Nippon Gas Co. Ltd.		(3,400	)		(96,239	)		5,569			0.0	(a)
Health Care Equipment & Supplies
Asahi Intecc Co., Ltd.		(4,100	)		(112,813	)		(1,456	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Toridoll Holdings Corp.		(4,000	)		(91,352	)		(6,848	)		(0.0	)(a)
Household Durables
Panasonic Corp.		(5,200	)		(43,703	)		(924	)		(0.0	)(a)
Household Products
Pigeon Corp.		(2,600	)		(126,928	)		(15,358	)		(0.0	)(a)
Industrial Conglomerates
Keihan Holdings Co. Ltd.		(2,300	)		(108,599	)		766			0.0	(a)
IT Services
GMO Payment Gateway, Inc.		(1,200	)		(88,439	)		(5,172	)		(0.0	)(a)
Machinery
Daifuku Co. Ltd.		(1,200	)		(63,674	)		1,659			0.0	(a)
Hino Motors Ltd.		(13,600	)		(128,579	)		(10,138	)		(0.1	)
Hitachi Construction Machinery Co. Ltd.		(4,300	)		(110,993	)		(7,786	)		(0.0	)(a)
MISUMI Group, Inc.		(2,400	)		(60,333	)		(4,855	)		(0.0	)(a)
NGK Insulators Ltd.		(4,400	)		(67,596	)		(4,207	)		(0.0	)(a)
NTN Corp.		(34,700	)		(107,589	)		(959	)		(0.0	)(a)
SMC Corp.		(300	)		(129,612	)		(282	)		(0.0	)(a)
		(60,900	)		(668,376	)		(26,568	)		(0.1	)
Metals & Mining
Hitachi Metals Ltd.		(6,800	)		(85,342	)		(7,404	)		(0.0	)(a)
Multiline Retail
Isetan Mitsukoshi Holdings Ltd.		(11,700	)		(93,309	)		1,158			0.0	(a)
Pan Pacific International Holdings Corp.		(2,400	)		(37,779	)		(104	)		(0.0	)(a)
Ryohin Keikaku Co. Ltd.		(4,000	)		(89,049	)		(3,841	)		(0.0	)(a)
Takashimaya Co. Ltd.		(3,700	)		(42,950	)		(733	)		(0.0	)(a)
		(21,800	)		(263,087	)		(3,520	)		(0.0	)(a)
Personal Products
Kose Corp.		(600	)		(106,376	)		(1,248	)		(0.0	)(a)
Road & Rail
Keisei Electric Railway Co. Ltd.		(2,400	)		(98,125	)		1,125			0.0	(a)
Kyushu Railway Co.		(3,400	)		(112,328	)		34			0.0	(a)
Nankai Electric Railway Co. Ltd.		(3,700	)		(96,152	)		(1,473	)		(0.0	)(a)
Odakyu Electric Railway Co. Ltd.		(4,700	)		(114,408	)		384			0.0	(a)
		(14,200	)		(421,013	)		70			0.0	(a)
Semiconductors & Semiconductor Equipment
Disco Corp.		(500	)		(109,119	)		(8,970	)		(0.0	)(a)
Rohm Co. Ltd.		(1,000	)		(79,229	)		2,532			0.0	(a)
SCREEN Holdings Co. Ltd.*		(1,600	)		(111,078	)		2,437			0.0	(a)
		(3,100	)		(299,426	)		(4,001	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

56 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Technology Hardware, Storage & Peripherals
Seiko Epson Corp.		(7,700	)		(108,886	)		(2,008	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(235,100	)		(4,287,981	)		(104,246	)		(0.1	)
Total of Long and Short Positions of Total Return Basket Swap		280,970			6,974,441			44,683			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.23%), which is denominated in CHF based on the local currencies of the positions within the swaps.	8/26/2022	$	168,930	$	(5,289	)	$	262	$	(5,027	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Health Care Equipment & Supplies
Sonova Holding AG (Registered)		459			105,331			(774	)		(0.0	)(a)
Pharmaceuticals
Roche Holding AG		451			134,455			3,136			0.0	(a)
Real Estate Management & Development
PSP Swiss Property AG (Registered)		993			131,438			280			0.0	(a)
Total Long Positions of Total Return Basket Swap		1,903			371,224			2,642			0.0	(a)
Short Positions
Common Stocks
Marine
Kuehne + Nagel International AG (Registered)		(563	)		(90,956	)		(7,275	)		(0.0	)(a)
Pharmaceuticals
Vifor Pharma AG		(707	)		(111,338	)		(656	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(1,270	)		(202,294	)		(7,931	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		633			168,930			(5,289	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 57

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
UBS	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of One month LIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.23%), which is denominated in GBP based on the local currencies of the positions within the swaps.	11/15/2021 – 8/26/2022	$	592,325	$	12,762	$	40,123	$	52,885

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Capital Markets
Sole Realisation Co. plc*‡		698		—		(634	)		(0.0	)(a)
Industrial Conglomerates
Smiths Group plc		28,336		592,325		13,396			0.0	(a)
Total Long Positions of Total Return Basket Swap		29,034		592,325		12,762			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps.	11/16/2021 – 8/26/2022	$	25,935,742	$	55,612	$	23	$	55,635

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			��	PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Air Freight & Logistics
XPO Logistics, Inc.*		3,305		252,502		(1,124	)			(0.0	)(a)
Banks
LegacyTexas Financial Group, Inc.		29,954		1,274,243		(32,350	)			(0.0	)(a)
Biotechnology
Biogen, Inc.*		1,006		300,502		79,122				0.1
Celgene Corp.*		5,848		631,760		29,708				0.1
Genomic Health, Inc.*		22,449		1,496,899		(78,123	)			(0.1	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

58 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Biotechnology — continued
Ironwood Pharmaceuticals, Inc.*		9,600		96,384		12,480			0.0	(a)
Spark Therapeutics, Inc.*		2,977		324,999		27,180			0.0	(a)
		41,880		2,850,544		70,367			0.1
Building Products
Apogee Enterprises, Inc.		3,500		131,390		1,015			0.0	(a)
Commercial Services & Supplies
Advanced Disposal Services, Inc.*		36,559		1,198,404		3,656			0.0	(a)
Communications Equipment
Acacia Communications, Inc.*		20,140		1,322,392		15,709			0.0	(a)
Construction & Engineering
AECOM*		10,580		423,306		(11,109	)		(0.0	)(a)
Arcosa, Inc.		4,700		180,527		23,876			0.0	(a)
		15,280		603,833		12,767			0.0	(a)
Construction Materials
Eagle Materials, Inc.		4,168		380,705		(4,501	)		(0.0	)(a)
Diversified Consumer Services
Regis Corp.*		8,500		175,100		(2,930	)		(0.0	)(a)
Diversified Financial Services
Voya Financial, Inc.		4,397		237,262		4,309			0.0	(a)
Diversified Telecommunication Services
Zayo Group Holdings, Inc.*		53,344		1,821,164		(10,135	)		(0.0	)(a)
Electronic Equipment, Instruments & Components
Anixter International, Inc.*		14,790		1,223,873		(2,139	)		(0.0	)(a)
Avnet, Inc.		5,181		204,960		(9,222	)		(0.0	)(a)
		19,971		1,428,833		(11,361	)		(0.0	)(a)
Energy Equipment & Services
TechnipFMC plc		13,400		264,382		(42,478	)		(0.0	)(a)
Health Care Providers & Services
Tenet Healthcare Corp.*		15,678		397,280		23,987			0.0	(a)
WellCare Health Plans, Inc.*		6,526		1,935,612		144,551			0.2
		22,204		2,332,892		168,538			0.2
Hotels, Restaurants & Leisure
Bloomin’ Brands, Inc.		12,036		238,433		19,378			0.0	(a)
Caesars Entertainment Corp.*		141,659		1,739,573		33,290			0.0	(a)
Hilton Grand Vacations, Inc.*		7,002		243,179		2,731			0.0	(a)
		160,697		2,221,185		55,399			0.0	(a)
Independent Power and Renewable Electricity Producers
NRG Energy, Inc.		5,851		234,742		(176	)		(0.0	)(a)
Insurance
Athene Holding Ltd.*		5,670		245,794		13,381			0.0	(a)
IT Services
Presidio, Inc.		27,575		457,745		(3,171	)		(0.0	)(a)
Leisure Products
Brunswick Corp.		9,778		569,471		33,832			0.0	(a)
Callaway Golf Co.		5,800		117,276		(3,248	)		(0.0	)(a)
		15,578		686,747		30,584			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 59

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Life Sciences Tools & Services
Cambrex Corp.*		25,202			1,505,315			5,544			0.0	(a)
Pacific Biosciences of California, Inc.*		61,244			296,421			(37,971	)		(0.0	)(a)
Waters Corp.*		1,127			238,496			(4,654	)		(0.0	)(a)
		87,573			2,040,232			(37,081	)		(0.0	)(a)
Machinery
Milacron Holdings Corp.*		39,947			667,914			7,590			0.0	(a)
WABCO Holdings, Inc.*		13,606			1,831,640			(5,715	)		(0.0	)(a)
		53,553			2,499,554			1,875			0.0	(a)
Media
Altice USA, Inc.*		7,906			244,691			12,729			0.0	(a)
Gannett Co., Inc.		85,812			931,060			(5,149	)		(0.0	)(a)
		93,718			1,175,751			7,580			0.0	(a)
Metals & Mining
Cleveland-Cliffs, Inc.		31,659			228,895			9,814			0.0	(a)
Oil, Gas & Consumable Fuels
Arch Coal, Inc.		3,000			236,670			(270	)		(0.0	)(a)
Carrizo Oil & Gas, Inc.*		66,102			486,511			(7,271	)		(0.0	)(a)
CNX Resources Corp.*		32,492			273,908			32,492			0.0	(a)
Ship Finance International Ltd.		7,856			113,676			(2,593	)		(0.0	)(a)
		109,450			1,110,765			22,358			0.0	(a)
Pharmaceuticals
Allergan plc		9,864			1,737,149			24,759			0.0	(a)
Road & Rail
Genesee & Wyoming, Inc.*		10,371			1,151,492			(726	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Cypress Semiconductor Corp.		75,530			1,757,583			(12,840	)		(0.0	)(a)
Software
Pivotal Software, Inc.*		44,475			665,791			1,779			0.0	(a)
Specialty Retail
Abercrombie & Fitch Co.		15,585			252,321			4,208			0.0	(a)
Asbury Automotive Group, Inc.*		1,800			185,634			(342	)		(0.0	)(a)
Conn’s, Inc.*		9,135			220,976			(9,500	)		(0.0	)(a)
RH*		1,367			248,384			1,066			0.0	(a)
Tiffany & Co.		3,020			376,020			(13,782	)		(0.0	)(a)
		30,907			1,283,335			(18,350	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
Stratasys Ltd.*		20,118			416,040			2,817			0.0	(a)
Total Long Positions of Total Return Basket Swap		1,059,191			32,186,446			269,484			0.3
Short Positions
Common Stocks
Banks
BB&T Corp.		(18,503	)		(981,584	)		(7,031	)		(0.0	)(a)
Prosperity Bancshares, Inc.		(15,657	)		(1,080,646	)		27,869			0.0	(a)
		(34,160	)		(2,062,230	)		20,838			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

60 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Biotechnology
AbbVie, Inc.		(8,457	)		(672,754	)		(26,132	)		(0.1	)
Exact Sciences Corp.*		(9,606	)		(835,722	)		(22,769	)		(0.0	)(a)
		(18,063	)		(1,508,476	)		(48,901	)		(0.1	)
Health Care Providers & Services
Centene Corp.*		(21,836	)		(1,159,055	)		(135,383	)		(0.1	)
Hotels, Restaurants & Leisure
Eldorado Resorts, Inc.*		(12,608	)		(564,460	)		(21,812	)		(0.0	)(a)
Machinery
Hillenbrand, Inc.		(6,375	)		(196,286	)		(5,738	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Callon Petroleum Co.*		(112,638	)		(428,025	)		2,253			0.0	(a)
Pharmaceuticals
Bristol-Myers Squibb Co.		(5,790	)		(332,172	)		(25,129	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(211,470	)		(6,250,704	)		(213,872	)		(0.2	)
Total of Long and Short Positions of Total Return Basket Swap		847,721			25,935,742			55,612			0.1

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBSW on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in AUD based on the local currencies of the positions within the swaps.	4/6/2021 – 8/26/2022	$	968,966	$	18,214	$	(145	)	$	18,069

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Food Products
Bellamy’s Australia Ltd.*		95,461			841,732			(9,085	)		(0.0	)(a)
Metals & Mining
South32 Ltd.		195,686			342,437			10,483			0.0	(a)
Total Long Positions of Total Return Basket Swap		291,147			1,184,169			1,398			0.0	(a)
Short Positions
Common Stocks
Health Care Providers & Services
Australian Pharmaceutical Industries Ltd.		(235,526	)		(215,203	)		16,816			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		55,621			968,966			18,214			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 61

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
UBS	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.23%), which is denominated in EUR based on the local currencies of the positions within the swaps.	8/26/2022	$	1,252,666	$	(3,503	)	$	(5,072	)	$	(8,575	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
IT Services
Altran Technologies SA		78,789		1,252,666		(3,503	)		(0.0	)(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month CDOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.23%), which is denominated in CAD based on the local currencies of the positions within the swaps.	8/26/2022	$	2,134,107	$	15,406	$	594	$	16,000

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
WestJet Airlines Ltd.		49,923			1,160,991			757			0.0	(a)
Multiline Retail
Hudson’s Bay Co.		37,717			285,792			15,281			0.0	(a)
Oil, Gas & Consumable Fuels
Kinder Morgan Canada Ltd. (b)		25,584			271,943			(4,301	)		(0.0	)(a)
Paper & Forest Products
Canfor Corp.*		57,000			688,968			95			0.0	(a)
Total Long Positions of Total Return Basket Swap		170,224			2,407,694			11,832			0.0	(a)
Short Positions
Common Stocks
Oil, Gas & Consumable Fuels
Pembina Pipeline Corp.		(7,771	)		(273,587	)		3,574			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		162,453			2,134,107			15,406			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

62 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

The following reference rates, and their values as ofperiod-end, are used for security descriptions:

	VALUE
BA		1.83	%
BBR		0.75
BBSW		0.92
CDOR		1.96
CHF LIBOR		(0.79	)
EURIBOR		(0.44	)
EUR LIBOR		(0.51	)
GBP LIBOR		0.71
JPY LIBOR		(0.11	)
USD LIBOR		1.78

Summary of total swap contracts outstanding as of October 31, 2019:

	NET UPFRONT PAYMENTS (RECEIPTS)($)		VALUE($)
Assets
OTC Total return basket swaps contracts outstanding		—		537,926
Liabilities
OTC Total return basket swaps contracts outstanding		—		(680,098	)

Abbreviations

AUD	Australian Dollar
BA	Banker’s Acceptance Rate
BBR	Bank Base Rate
BBSW	ASX Australia Bank Bill Short Term Rates
CAD	Canadian Dollar
CDOR	Canadian Dollar Offered Rate
CHF	Swiss Franc
CVR	Contingent Value Rights
EUR	Euro
EURIBOR	Euro Interbank Offered Rate
GBP	British Pound
JPY	Japanese Yen
LIBOR	London Interbank Offered Rate
OYJ	Public Limited Company
SCA	Limited partnership with share capital
SGPS	Holding company
USD	United States Dollar

(a)	Amount rounds to less than 0.1% of net assets.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.
(1)	Notional value represents market value as of October 31, 2019, of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.
(2)	Unrealized appreciation (depreciation) represents the unrealized gain(loss) of the positions subsequent to the swap reset.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 63

JPMorgan Event Driven ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

(Amounts in U.S. Dollars, unless otherwise noted)

INVESTMENTS	SHARES			VALUE
Common Stocks — 70.2%
Airlines — 0.9%
WestJet Airlines Ltd. (Canada)		11,268			262,045
Banks — 2.6%
Commonwealth Bank of Australia (Australia)		3,404			184,565
Pacific Premier Bancorp, Inc.		5,771			194,800
SunTrust Banks, Inc.		3,074			210,077
Synovus Financial Corp.		5,157			174,668
					764,110
Biotechnology — 5.0%
Genomic Health, Inc.*		6,056			403,814
Ironwood Pharmaceuticals, Inc.*		16,410			164,756
Ligand Pharmaceuticals, Inc.*		1,544			168,003
Ra Pharmaceuticals, Inc.*		7,460			351,142
Spark Therapeutics, Inc.*		3,517			383,951
					1,471,666
Building Products — 1.1%
Apogee Enterprises, Inc.		3,972			149,109
Johnson Controls International plc		4,146			179,646
					328,755
Capital Markets — 0.6%
Lazard Ltd., Class A		5,138			191,802
Chemicals — 1.8%
Ashland Global Holdings, Inc.		2,221			171,839
Ecolab, Inc.		941			180,738
LyondellBasell Industries NV, Class A		2,066			185,320
					537,897
Commercial Services & Supplies — 0.7%
Advanced Disposal Services, Inc.*		787			25,798
Pitney Bowes, Inc.		42,191			185,640
					211,438
Communications Equipment — 1.5%
Acacia Communications, Inc.*		6,778			445,043
Construction & Engineering — 0.7%
Arcosa, Inc.		5,435	��		208,758
Construction Materials — 0.7%
Eagle Materials, Inc.		2,221			202,866
Consumer Finance — 1.5%
Navient Corp.		13,274			182,783
SLM Corp.		15,992			134,972
World Acceptance Corp.*		1,074			111,492
					429,247
Containers & Packaging — 0.3%
Owens-Illinois, Inc.		10,139			86,182

INVESTMENTS	SHARES		VALUE
Distributors — 0.6%
LKQ Corp.*		5,500		186,945
Diversified Consumer Services — 0.6%
Regis Corp.*		8,505		175,203
Diversified Financial Services — 0.6%
AXA Equitable Holdings, Inc.		8,428		182,045
Diversified Telecommunication Services — 1.6%
Zayo Group Holdings, Inc.*		13,564		463,075
Electric Utilities — 0.6%
Evergy, Inc.		2,623		167,636
Electrical Equipment — 1.5%
Eaton Corp. plc		2,090		182,060
OSRAM Licht AG (Germany)		5,921		264,148
				446,208
Electronic Equipment, Instruments & Components — 1.3%
Anixter International, Inc.*		4,258		352,349
Benchmark Electronics, Inc.		571		19,357
				371,706
Energy Equipment & Services — 1.1%
Patterson-UTI Energy, Inc.		21,652		180,145
TechnipFMC plc (United Kingdom)		6,800		134,164
				314,309
Entertainment — 0.5%
Madison Square Garden Co. (The), Class A*		523		139,599
Health Care Equipment & Supplies — 0.8%
Danaher Corp.		1,672		230,435
Health Care Providers & Services — 2.0%
Acadia Healthcare Co., Inc.*		5,400		161,946
Magellan Health, Inc.*		2,564		166,404
Sigma Healthcare Ltd. (Australia)		133,180		53,361
Tenet Healthcare Corp.*		8,000		202,720
				584,431
Hotels, Restaurants & Leisure — 5.3%
Aramark		4,100		179,416
Bloomin’ Brands, Inc.		9,300		184,233
Caesars Entertainment Corp.*		17,900		219,812
Cracker Barrel Old Country Store, Inc.		1,150		178,825
Dave & Buster’s Entertainment, Inc.		4,491		178,652
Hilton Grand Vacations, Inc.*		5,575		193,620
Koshidaka Holdings Co. Ltd. (Japan)		4,600		66,797
Papa John’s International, Inc. (a)		3,031		177,465
SeaWorld Entertainment, Inc.*		6,861		181,267
				1,560,087

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE
Common Stocks — continued
Household Durables — 0.6%
Electrolux AB, Series B (Sweden)		6,519		171,393
Independent Power and Renewable Electricity Producers — 0.6%
NRG Energy, Inc.		4,532		181,824
Industrial Conglomerates — 0.6%
Smiths Group plc (United Kingdom)		9,159		191,456
Insurance — 0.6%
MBIA, Inc.*		18,711		173,825
Interactive Media & Services — 1.2%
IAC/InterActiveCorp*		800		181,800
Yelp, Inc.*		5,140		177,381
				359,181
Internet & Direct Marketing Retail — 0.7%
Quotient Technology, Inc.*		22,921		197,350
IT Services — 0.4%
Presidio, Inc.		7,539		125,147
Leisure Products — 0.7%
Callaway Golf Co.		9,930		200,785
Life Sciences Tools & Services — 1.6%
Cambrex Corp.*		6,759		403,715
Pacific Biosciences of California, Inc.*		11,156		53,995
Waters Corp.*		78		16,506
				474,216
Machinery — 3.8%
CNH Industrial NV (United Kingdom)		12,700		138,557
Fortive Corp.		2,500		172,500
Ingersoll-Rand plc		1,463		185,640
Meritor, Inc.*		7,900		174,037
WABCO Holdings, Inc.*		3,348		450,708
				1,121,442
Media — 1.9%
Gannett Co., Inc.		12,180		132,153
iHeartMedia, Inc., Class A*		4,000		57,360
Sirius XM Holdings, Inc.		27,786		186,722
TEGNA, Inc.		12,000		180,360
				556,595
Multiline Retail — 0.6%
Dillard’s, Inc., Class A(a)		2,607		179,831
Oil, Gas & Consumable Fuels — 2.6%
Arch Coal, Inc., Class A		1,954		154,151
Carrizo Oil & Gas, Inc.*		13,000		95,680
Devon Energy Corp.		1,034		20,969
Gulfport Energy Corp.*		18,200		50,687

INVESTMENTS	SHARES		VALUE
Oil, Gas & Consumable Fuels — continued
Murphy Oil Corp.		8,074		166,567
PDC Energy, Inc.*		6,718		134,024
Peabody Energy Corp.		3,800		40,014
Tallgrass Energy LP, Class A		5,418		101,100
				763,192
Paper & Forest Products — 1.2%
Canfor Corp. (Canada)*		28,522		344,750
Pharmaceuticals — 1.1%
Eli Lilly & Co.		1,546		176,167
Pacira BioSciences, Inc.*		3,833		155,198
				331,365
Professional Services — 0.5%
Nielsen Holdings plc		6,898		139,064
Real Estate Management & Development — 0.9%
Unizo Holdings Co. Ltd. (Japan)		5,800		267,511
Road & Rail — 0.8%
Genesee & Wyoming, Inc., Class A*		2,063		229,055
Semiconductors & Semiconductor Equipment — 2.4%
Cypress Semiconductor Corp.		18,949		440,943
Mellanox Technologies Ltd.*		840		94,668
NXP Semiconductors NV (Netherlands)		1,642		186,663
				722,274
Software — 4.1%
Cision Ltd.*		21,991		221,449
Cloudera, Inc.*		26,100		221,328
ForeScout Technologies, Inc.*		6,100		187,636
Instructure, Inc.*		4,181		195,378
Pivotal Software, Inc., Class A*		19,439		291,002
TiVo Corp.		10,200		83,028
				1,199,821
Specialty Retail — 5.7%
Asbury Automotive Group, Inc.*		2,404		247,925
Designer Brands, Inc., Class A		9,596		158,334
Dick’s Sporting Goods, Inc.		4,447		173,122
Foot Locker, Inc.		4,246		184,743
Gap, Inc. (The)		6,585		107,072
Genesco, Inc.*		4,255		165,307
Guess?, Inc.		9,910		165,992
RH*		1,058		192,239
Tiffany & Co.		870		108,324
Urban Outfitters, Inc.*		6,312		181,154
				1,684,212

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 65

JPMorgan Event Driven ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

INVESTMENTS	SHARES		VALUE
Common Stocks — continued
Technology Hardware, Storage & Peripherals — 0.6%
Seagate Technology plc		3,332		193,356
Textiles, Apparel & Luxury Goods — 0.7%
Wolverine World Wide, Inc.		6,525		193,662
Trading Companies & Distributors — 2.4%
HD Supply Holdings, Inc.*		4,600		181,884
Triton International Ltd. (Bermuda)		5,215		191,391
WESCO International, Inc.*		6,821		342,073
				715,348
Total Common Stocks (Cost $20,303,318)				20,678,143
	PRINCIPAL AMOUNT
Short-Term Investments — 32.4%
Foreign Government Treasury Bills — 3.5%
Japan Treasury Bills (Japan) (0.27)%, 3/10/2020 (b) (Cost $1,021,173)		JPY 110,000,000		1,019,372
	SHARES
Investment Companies — 11.6%
JPMorgan Prime Money Market Fund Class IM Shares, 1.94% (c)(d) (Cost $3,426,549)		3,425,522		3,426,892
Investment of Cash Collateral From Securities Loaned — 1.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (c)(d) (Cost $357,950)		357,950		357,950

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
U.S. Treasury Obligations — 16.1%
U.S. Treasury Bills
2.52%, 1/30/2020 (b)		1,500,000		1,494,319
2.39%, 3/26/2020 (b)		1,000,000		993,791
2.07%, 4/23/2020 (b)		1,000,000		992,693
1.94%, 5/21/2020 (b)		1,000,000		991,449
1.94%, 6/18/2020 (b)		291,000		288,170
Total U.S. Treasury Obligations (Cost $4,748,194)				4,760,422
Total Short-Term Investments (Cost $9,553,866)				9,564,636
Total Investments — 102.6% (Cost $29,857,184)				30,242,779
Liabilities in Excess of Other Assets — (2.6)%				(767,094	)
NET ASSETS — 100.0%				29,475,685

Percentages indicated are based on net assets.

Abbreviations
JPY	Japanese Yen
(a)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is $342,245.
(b)	The rate shown is the effective yield as of October 31, 2019.
(c)	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.
(d)	The rate shown is the current yield as of October 31, 2019.
*	Non-income producing security.

Forward foreign currency exchange contracts outstanding as of October 31, 2019:
CURRENCY PURCHASED			CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
	EUR	203,939	USD	225,882	Australia & New Zealand Banking Group Ltd.		11/12/2019		1,702
	USD	260,779	CAD	342,389	Citibank, NA		11/12/2019		818
	USD	229,549	JPY	24,467,027	Merrill Lynch International		11/12/2019		2,877
	USD	1,034,079	JPY	110,000,000	Standard Chartered Bank		3/10/2020		6,946
	Total unrealized appreciation								12,343
	USD	309,054	AUD	458,126	Merrill Lynch International		11/12/2019		(6,835	)
	USD	237,317	CAD	316,146	Goldman Sachs International		11/12/2019		(2,718	)
	USD	121,312	EUR	110,368	BNP Paribas		11/12/2019		(1,853	)
	USD	145,174	EUR	131,830	Goldman Sachs International		11/12/2019		(1,941	)
	USD	172,364	GBP	140,058	BNP Paribas		11/12/2019		(9,109	)
	USD	124,420	SEK	1,227,975	Merrill Lynch International		11/12/2019		(2,817	)
	USD	180,094	EUR	161,094	Merrill Lynch International		12/11/2019		(33	)
	Total unrealized depreciation								(25,306	)
	Net unrealized depreciation								(12,963	)

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
SEK	Swedish Krona
USD	United States Dollar

Over-the-Counter (“OTC”) Total Return Basket Swaps Outstanding at October 31, 2019
COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in USD based on the local currencies of the positions within the swaps.		2/10/2020	$	675,900	$	6,824	$	3,262	$	10,086

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Air Freight & Logistics
XPO Logistics, Inc.*		2,560			195,584			13,722			0.1
Construction & Engineering
AECOM*		4,599			184,006			14,671			0.1
Electronic Equipment, Instruments & Components
Benchmark Electronics, Inc.		6,480			219,672			29,354			0.1
Hotels, Restaurants & Leisure
Caesars Entertainment Corp.*		16,177			198,653			8,574			0.0	(a)
Internet & Direct Marketing Retail
Booking Holdings, Inc.*		93			190,536			7,985			0.0	(a)
Leisure Products
Brunswick Corp.		2,613			152,181			16,828			0.1
Life Sciences Tools & Services
Waters Corp.*		732			154,906			234			0.0	(a)
Oil, Gas & Consumable Fuels
Devon Energy Corp.		5,331			108,113			(2,932	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
Stratasys Ltd.*		6,898			142,651			5,794			0.0	(a)
Total Long Positions of Total Return Basket Swap		45,483			1,546,302			94,230			0.4
Short Positions
Common Stocks
Banks
BB&T Corp.		(3,940	)		(209,017	)		(6,777	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 67

JPMorgan Event Driven ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Biotechnology
AbbVie, Inc.		(2,043	)		(162,521	)		(10,419	)		(0.0	)(a)
Health Care Providers & Services
Centene Corp.*		(4,915	)		(260,888	)		(44,186	)		(0.2	)
Hotels, Restaurants & Leisure
Eldorado Resorts, Inc.*		(3,032	)		(135,743	)		(14,281	)		(0.1	)
Pharmaceuticals
Bristol-Myers Squibb Co.		(1,782	)		(102,233	)		(11,743	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(15,712	)		(870,402	)		(87,406	)		(0.3	)
Total of Long and Short Positions of Total Return Basket Swap		29,771			675,900			6,824			0.1

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month EURIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in EUR based on the local currencies of the positions within the swaps.		12/31/2020	$	559,394	$	(3,027	)	$	41	$	(2,986	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
IT Services
Altran Technologies SA		20,203		321,208		(3,020	)		(0.0	)(a)
Media
Axel Springer SE*		3,417		238,186		(7	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		23,620		559,394		(3,027	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in GBP based on the local currencies of the positions within the swaps.		12/31/2020	$	474,626	$	3,137	$	14,943	$	18,080

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Cobham plc		71,349		145,943		2,159		0.0	(a)
Hotels, Restaurants & Leisure
EI Group plc*		13,389		48,839		34		0.0	(a)
Merlin Entertainments plc(b)		35,651		210,037		828		0.0	(a)
		49,040		258,876		862		0.0	(a)
Specialty Retail
BCA Marketplace plc		22,835		69,807		116		0.0	(a)
Total Long Positions of Total Return Basket Swap		143,224		474,626		3,137		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month BA on long positions, plus or minus a specified spread of 0.50%, which is denominated in CAD based on the local currencies of the positions within the swaps.		11/26/2019	$	38,539	$	6,369	$	(58	)	$	6,311

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Metals & Mining
Sandstorm Gold Ltd.*		5,400		38,539		6,369		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month BBR on long positions, plus or minus a specified spread of 0.35%, which is denominated in AUD based on the local currencies of the positions within the swaps.		2/10/2020	$	110,226	$	5,085	$	(14	)	$	5,071

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Metals & Mining
South32 Ltd.		62,989		110,226		5,085		0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 69

JPMorgan Event Driven ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day FEDEF and one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (5.69)% to 0.18%), which is denominated in USD based on the local currencies of the positions within the swaps.	6/1/2028 – 11/1/2029	$	3,889,890	$	262,106	$	(7,523	)	$	254,583

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Banks
LegacyTexas Financial Group, Inc.		7,055		300,120		353			0.0	(a)
Biotechnology
Biogen, Inc.*		780		232,994		59,054			0.2
Celgene Corp.*		1,800		194,454		14,796			0.1
Ligand Pharmaceuticals, Inc.*		236		25,679		1,418			0.0	(a)
		2,816		453,127		75,268			0.3
Commercial Services & Supplies
Advanced Disposal Services, Inc.*		8,168		267,747		1,388			0.0	(a)
Construction Materials
Eagle Materials, Inc.		1,978		180,670		2,097			0.0	(a)
Consumer Finance
World Acceptance Corp.*		380		39,448		(5,772	)		(0.0	)(a)
Diversified Financial Services
Voya Financial, Inc.		3,393		183,086		7,159			0.0	(a)
Electronic Equipment, Instruments & Components
Avnet, Inc.		4,013		158,754		(1,083	)		(0.0	)(a)
Benchmark Electronics, Inc.		5,444		184,552		24,661			0.1
		9,457		343,306		23,578			0.1
Health Care Providers & Services
WellCare Health Plans, Inc.*		1,610		477,526		52,792			0.2
Hotels, Restaurants & Leisure
Bloomin’ Brands, Inc.		9,322		184,669		10,721			0.0	(a)
Caesars Entertainment Corp.*		2,693		33,070		1,427			0.0	(a)
		12,015		217,739		12,148			0.0	(a)
Insurance
Athene Holding Ltd.*		4,391		190,350		22,789			0.1
Life Sciences Tools & Services
Waters Corp.*		47		9,946		15			0.0	(a)
Machinery
Milacron Holdings Corp.*		10,339		172,868		4,963			0.0	(a)
Media
Altice USA, Inc.*		6,124		189,538		16,535			0.1

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Media — continued
Gannett Co., Inc.		8,506			92,290			5,188			0.0	(a)
		14,630			281,828			21,723			0.1
Metals & Mining
Cleveland-Cliffs, Inc.		24,521			177,287			(1,471	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Arch Coal, Inc.		370			29,189			547			0.0	(a)
Carrizo Oil & Gas, Inc.*		3,149			23,177			(1,417	)		(0.0	)(a)
CNX Resources Corp.*		25,166			212,149			33,219			0.1
Devon Energy Corp.		2,675			54,249			(1,471	)		(0.0	)(a)
		31,360			318,764			30,878			0.1
Pharmaceuticals
Allergan plc		2,613			460,175			21,636			0.1
Eli Lilly & Co.		65			7,407			457			0.0	(a)
		2,678			467,582			22,093			0.1
Road & Rail
Genesee & Wyoming, Inc.*		1,796			199,410			431			0.0	(a)
Specialty Retail
Abercrombie & Fitch Co.		12,071			195,430			19,072			0.0	(a)
Conn’s, Inc.*		7,075			171,144			(4,882	)		(0.0	)(a)
Designer Brands, Inc.		1,198			19,767			(371	)		(0.0	)(a)
Genesco, Inc.*		384			14,918			637			0.0	(a)
		20,728			401,259			14,456			0.0	(a)
Technology Hardware, Storage & Peripherals
Stratasys Ltd.*		600			12,408			504			0.0	(a)
Total Long Positions of Total Return Basket Swap		157,962			4,694,471			285,392			1.0
Short Positions
Common Stocks
Banks
Prosperity Bancshares, Inc.		(3,688	)		(254,546	)		(1,291	)		(0.0	)(a)
Biotechnology
AbbVie, Inc.		(196	)		(15,592	)		(1,000	)		(0.0	)(a)
Exact Sciences Corp.*		(2,591	)		(225,417	)		(6,305	)		(0.0	)(a)
		(2,787	)		(241,009	)		(7,305	)		(0.0	)(a)
Health Care Providers & Services
Centene Corp.*		(472	)		(25,054	)		(4,243	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Eldorado Resorts, Inc.*		(240	)		(10,745	)		(1,130	)		(0.0	)(a)
Machinery
Hillenbrand, Inc.		(1,649	)		(50,772	)		(3,974	)		(0.0	)(a)
Media
New Media Investment Group, Inc.		(11,114	)		(97,914	)		(12,225	)		(0.1	)
Oil, Gas & Consumable Fuels
Callon Petroleum Co.*		(32,774	)		(124,541	)		6,882			0.0	(a)
Total Short Positions of Total Return Basket Swap		(52,724	)		(804,581	)		(23,286	)		(0.1	)
Total of Long and Short Positions of Total Return Basket Swap		105,238			3,889,890			262,106			0.9

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 71

JPMorgan Event Driven ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one dayOIS-RBA on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.28)% to 0.28%), which is denominated in AUD based on the local currencies of the positions within the swaps.	12/21/2028 – 9/19/2029	$	197,933	$	(173	)	$	(134	)	$	(307	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Food Products
Bellamy’s Australia Ltd.*		26,683			235,278			(1,992	)		(0.0	)(a)
Short Positions
Common Stocks
Health Care Providers & Services
Australian Pharmaceutical Industries Ltd.		(40,872	)		(37,345	)		1,819			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(14,189	)		197,933			(173	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one day SONIA and one month LIBOR on long positions, plus or minus a specified spread of 0.18%, which is denominated in GBP based on the local currencies of the positions within the swaps.	8/22/2029 – 10/26/2029	$	239,666	$	(3,694	)	$	(895	)	$	(4,589	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Entertainment
Entertainment One Ltd.		17,866		129,028		(1,128	)		(0.0	)(a)
Internet & Direct Marketing Retail
Just Eat plc*		11,619		110,638		(2,566	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		29,485		239,666		(3,694	)		0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day CORRA and one month BA on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.25)% to 0.18%), which is denominated in CAD based on the local currencies of the positions within the swaps.	8/23/2029	$	(400	)	$	(708	)	$	254	$	(454	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Oil, Gas & Consumable Fuels
Kinder Morgan Canada Ltd.(b)		6,792			72,195			(2,017	)		(0.0	)(a)
Short Positions
Common Stocks
Oil, Gas & Consumable Fuels
Pembina Pipeline Corp.		(2,062	)		(72,595	)		1,309			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		4,730			(400	)		(708	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month EURIBOR on long positions, plus or minus a specified spread of 0.18%, which is denominated in EUR based on the local currencies of the positions within the swaps.	7/9/2029	$	—	$	—	$	9,839	$	9,839

The following reference rates, and their values as ofperiod-end, are used for security descriptions:

	VALUE
BA		1.83	%
BBR		0.75
CORRA		1.76
EURIBOR		(0.44	)
FEDEF		1.58
GBP LIBOR		0.71
OIS-RBA		0.75
SONIA		0.71
USD LIBOR		1.78

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 73

JPMorgan Event Driven ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

Summary of total swap contracts outstanding as of October 31, 2019:

	NET UPFRONT PAYMENTS (RECEIPTS) ($)		VALUE ($)
Assets
OTC Total return basket swaps contracts outstanding		—		303,970
Liabilities
OTC Total return basket swaps contracts outstanding		—		(8,336	)

Abbreviations

AUD	Australian Dollar
BA	Banker’s Acceptance Rate
BBR	Bank Base Rate
CAD	Canadian Dollar
CORRA	Canadian Overnight Repo Rate Average
EUR	Euro
EURIBOR	Euro Interbank Offered Rate
FEDEF	US Federal Fund Effective Rate (Continuous Series)
GBP	British Pound
LIBOR	London Interbank Offered Rate
OIS-RBA	Overnight Indexed Swap-Reserve Bank Of Australia
SONIA	Sterling Overnight Index Average
USD	United States Dollar

(1)	Notional value represents market value as of October 31, 2019 of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.
(2)	Unrealized appreciation (depreciation) represents the unrealized gain (loss) of the positions subsequent to the swap reset.
(a)	Amount rounds to less than 0.1% of net assets.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 62.8%
Airlines — 0.7%
Alaska Air Group, Inc.		1,446		100,396
United Airlines Holdings, Inc.*		1,107		100,560
				200,956
Auto Components — 0.3%
Gentex Corp.		2,940		82,467
Banks — 0.6%
OFG Bancorp (Puerto Rico)		4,292		87,170
Popular, Inc. (Puerto Rico)		1,778		96,830
				184,000
Beverages — 0.6%
Coca-Cola European Partners plc (United Kingdom)		1,703		91,128
Molson Coors Brewing Co., Class B		1,681		88,622
				179,750
Capital Markets — 1.1%
Cohen & Steers, Inc.		1,531		100,189
Legg Mason, Inc.		2,644		98,515
Virtus Investment Partners, Inc.		995		107,938
				306,642
Chemicals — 1.2%
CF Industries Holdings, Inc.		1,938		87,888
Eastman Chemical Co.		1,061		80,678
Huntsman Corp.		3,628		80,288
Kraton Corp.*		3,571		80,062
				328,916
Commercial Services & Supplies — 1.7%
ABM Industries, Inc.		2,762		100,703
Brady Corp., Class A		1,747		98,426
Deluxe Corp.		2,093		108,480
Herman Miller, Inc.		2,043		94,999
Tetra Tech, Inc.		1,056		92,368
				494,976
Communications Equipment — 1.3%
Cisco Systems, Inc.		1,845		87,656
CommScope Holding Co., Inc.*		8,603		96,353
Juniper Networks, Inc.		3,729		92,554
NetScout Systems, Inc.*		4,326		104,776
				381,339
Consumer Finance — 0.6%
Ally Financial, Inc.		3,097		94,861
Santander Consumer USA Holdings, Inc.		3,544		88,884
				183,745

INVESTMENTS	SHARES		VALUE($)
Containers & Packaging — 0.6%
Silgan Holdings, Inc.		2,655		81,695
Sonoco Products Co.		1,426		82,280
				163,975
Distributors — 0.3%
Core-Mark Holding Co., Inc.		3,008		91,804
Diversified Consumer Services — 0.6%
H&R Block, Inc.		3,211		80,243
K12, Inc.*		4,167		82,465
				162,708
Diversified Telecommunication Services — 0.7%
CenturyLink, Inc.		7,684		99,431
Verizon Communications, Inc.		1,591		96,208
				195,639
Electric Utilities — 1.0%
Exelon Corp.		2,140		97,349
OGE Energy Corp.		2,153		92,708
Pinnacle West Capital Corp.		986		92,802
				282,859
Electrical Equipment — 1.9%
Atkore International Group, Inc.*		3,196		110,901
Eaton Corp. plc		1,229		107,058
Generac Holdings, Inc.*		1,077		104,017
nVent Electric plc		4,913		113,294
Regal Beloit Corp.		1,378		102,041
				537,311
Electronic Equipment, Instruments & Components — 2.1%
CDW Corp.		767		98,107
Dolby Laboratories, Inc., Class A		1,542		99,197
Fabrinet (Thailand)*		1,918		107,849
Insight Enterprises, Inc.*		1,559		95,691
Tech Data Corp.*		800		97,200
Zebra Technologies Corp., Class A*		479		113,940
				611,984
Energy Equipment & Services — 0.3%
ProPetro Holding Corp.*		11,467		88,869
Entertainment — 0.7%
IMAX Corp.*		4,517		96,438
Marcus Corp. (The)		2,735		98,733
				195,171
Food & Staples Retailing — 0.3%
Walmart, Inc.		803		94,160

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 75

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Food Products — 2.6%
B&G Foods, Inc. (a)		5,631		87,562
General Mills, Inc.		1,938		98,567
Hershey Co. (The)		685		100,606
Hostess Brands, Inc.*		6,952		88,847
Ingredion, Inc.		1,118		88,322
Mondelez International, Inc., Class A		1,703		89,322
TreeHouse Foods, Inc.*		1,830		98,857
Tyson Foods, Inc., Class A		1,184		98,023
				750,106
Health Care Equipment & Supplies — 2.4%
Atrion Corp.		125		105,429
Baxter International, Inc.		1,258		96,489
Danaher Corp.		697		96,060
Dentsply Sirona, Inc.		1,662		91,044
Hill-Rom Holdings, Inc.		943		98,723
Integer Holdings Corp.*		1,283		99,355
STERIS plc		682		96,551
				683,651
Health Care Providers & Services — 1.7%
Chemed Corp.		235		92,569
Encompass Health Corp.		1,515		96,990
Ensign Group, Inc. (The)		2,425		102,456
Premier, Inc., Class A*		2,827		92,104
UnitedHealth Group, Inc.		432		109,166
				493,285
Hotels, Restaurants & Leisure — 0.9%
Dine Brands Global, Inc.		1,057		77,320
Starbucks Corp.		1,049		88,703
Wyndham Destinations, Inc.		1,698		78,804
				244,827
Household Durables — 2.1%
Garmin Ltd.		903		84,656
Helen of Troy Ltd.*		573		85,813
KB Home		2,471		88,190
La-Z-Boy, Inc.		2,314		82,170
Meritage Homes Corp.*		1,220		87,950
NVR, Inc.*		21		76,368
PulteGroup, Inc.		2,059		80,795
				585,942
Household Products — 1.0%
Church & Dwight Co., Inc.		1,247		87,215
Kimberly-Clark Corp.		737		97,933
Procter & Gamble Co. (The)		763		95,001
				280,149

INVESTMENTS	SHARES		VALUE($)
Independent Power and Renewable Electricity Producers — 0.9%
AES Corp.		5,633		96,043
Atlantica Yield plc (Spain)		3,750		90,038
Clearway Energy, Inc., Class C		4,650		84,304
				270,385
Insurance — 0.7%
First American Financial Corp.		1,481		91,496
MetLife, Inc.		2,142		100,224
				191,720
IT Services — 4.7%
Accenture plc, Class A		515		95,491
Akamai Technologies, Inc.*		1,066		92,209
Automatic Data Processing, Inc.		603		97,825
Broadridge Financial Solutions, Inc.		788		98,673
CACI International, Inc., Class A*		415		92,856
Cardtronics plc, Class A*		2,721		93,222
CSG Systems International, Inc.		1,874		108,017
Euronet Worldwide, Inc.*		645		90,345
EVERTEC, Inc. (Puerto Rico)		3,015		92,229
ManTech International Corp., Class A		1,388		109,902
Mastercard, Inc., Class A		337		93,285
MAXIMUS, Inc.		1,274		97,767
Perficient, Inc.*		2,423		94,982
Visa, Inc., Class A		506		90,503
				1,347,306
Life Sciences Tools & Services — 1.3%
Agilent Technologies, Inc.		1,214		91,960
Charles River Laboratories International, Inc.*		729		94,755
ICON plc (Ireland)*		653		95,926
Medpace Holdings, Inc.*		1,231		90,639
				373,280
Machinery — 2.8%
AGCO Corp.		1,347		103,301
Allison Transmission Holdings, Inc.		2,197		95,811
Cummins, Inc.		579		99,866
ITT, Inc.		1,700		101,065
Meritor, Inc.*		4,291		94,531
Oshkosh Corp.		1,229		104,932
Snap-on, Inc.		581		94,511
Watts Water Technologies, Inc., Class A		1,084		101,083
				795,100
Media — 2.3%
AMC Networks, Inc., Class A*		2,012		87,623
Comcast Corp., Class A		1,967		88,161

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Media — continued
Gray Television, Inc.*		6,374		104,597
Nexstar Media Group, Inc., Class A		995		96,804
Omnicom Group, Inc.		1,259		97,182
Sinclair Broadcast Group, Inc., Class A		2,441		97,249
TEGNA, Inc.		6,582		98,927
				670,543
Metals & Mining — 0.8%
Schnitzer Steel Industries, Inc., Class A		3,883		82,863
Steel Dynamics, Inc.		2,697		81,881
Warrior Met Coal, Inc.		3,662		71,336
				236,080
Multiline Retail — 0.6%
Kohl’s Corp.		1,561		80,017
Nordstrom, Inc. (a)		2,323		83,396
				163,413
Multi-Utilities — 0.3%
NorthWestern Corp.		1,268		91,955
Oil, Gas & Consumable Fuels — 3.1%
Arch Coal, Inc., Class A		1,287		101,531
Chevron Corp.		845		98,138
ConocoPhillips		1,740		96,048
CVR Energy, Inc.		2,214		104,988
Delek US Holdings, Inc.		2,421		96,719
HollyFrontier Corp.		1,807		99,277
Peabody Energy Corp.		6,703		70,583
Phillips 66		909		106,189
Renewable Energy Group, Inc.*		6,232		101,831
				875,304
Paper & Forest Products — 0.9%
Domtar Corp.		2,244		81,659
Louisiana-Pacific Corp.		2,875		84,036
Schweitzer-Mauduit International, Inc.		2,059		83,369
				249,064
Personal Products — 0.4%
Medifast, Inc.		938		104,062
Pharmaceuticals — 2.1%
Horizon Therapeutics plc*		3,601		104,105
Jazz Pharmaceuticals plc*		791		99,373
Johnson & Johnson		715		94,409
Merck & Co., Inc.		1,129		97,839
Pfizer, Inc.		2,659		102,026
Taro Pharmaceutical Industries Ltd.		1,251		101,131
				598,883

INVESTMENTS	SHARES		VALUE($)
Professional Services — 1.0%
FTI Consulting, Inc.*		884		96,241
Korn Ferry		2,644		97,008
Robert Half International, Inc.		1,615		92,491
				285,740
Road & Rail — 0.7%
ArcBest Corp.		3,396		98,111
CSX Corp.		1,423		99,994
				198,105
Semiconductors & Semiconductor Equipment — 4.0%
Cabot Microelectronics Corp.		659		99,588
Cirrus Logic, Inc.*		1,696		115,260
Diodes, Inc.*		2,237		104,356
Intel Corp.		1,891		106,898
KLA Corp.		602		101,762
Kulicke & Soffa Industries, Inc. (Singapore)		4,156		98,684
Lam Research Corp.		352		95,406
MKS Instruments, Inc.		867		93,827
Qorvo, Inc.*		1,299		105,037
Rambus, Inc.*		7,000		96,915
Teradyne, Inc.		1,534		93,912
Xperi Corp.		929		18,864
				1,130,509
Software — 2.4%
Check Point Software Technologies Ltd. (Israel)*		802		90,153
Citrix Systems, Inc.		987		107,445
Intuit, Inc.		359		92,442
LogMeIn, Inc.		1,417		93,069
Microsoft Corp.		667		95,628
Oracle Corp.		1,746		95,140
Progress Software Corp.		2,504		99,859
				673,736
Specialty Retail — 3.5%
Aaron’s, Inc.		1,233		92,389
Abercrombie & Fitch Co., Class A		5,411		87,604
American Eagle Outfitters, Inc.		5,329		81,960
Best Buy Co., Inc.		1,100		79,013
Dick’s Sporting Goods, Inc.		1,963		76,420
Foot Locker, Inc.		1,850		80,494
Genesco, Inc.*		2,079		80,769
Office Depot, Inc.		44,835		92,360
Rent-A-Center, Inc.		3,312		85,681
Signet Jewelers Ltd.		4,985		79,959

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 77

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Specialty Retail — continued
Williams-Sonoma, Inc.		1,171		78,211
Zumiez, Inc.*		2,559		81,658
				996,518
Technology Hardware, Storage & Peripherals — 1.1%
Apple, Inc.		418		103,982
NetApp, Inc.		1,852		103,490
Xerox Holdings Corp.		3,308		112,240
				319,712
Textiles, Apparel & Luxury Goods — 1.2%
Carter’s, Inc.		841		84,302
Columbia Sportswear Co.		927		83,847
Deckers Outdoor Corp.*		532		81,343
Ralph Lauren Corp.		837		80,402
				329,894
Thrifts & Mortgage Finance — 0.3%
Radian Group, Inc.		3,834		96,233
Trading Companies & Distributors — 0.4%
BMC Stock Holdings, Inc.*		3,772		101,806
Total Common Stocks (Cost $16,779,883)				17,904,579
Short-Term Investments — 36.9%
Investment Companies — 28.6%
JPMorgan Prime Money Market Fund Class IM Shares, 1.94% (b)(c) (Cost $8,132,758)		8,130,318		8,133,570
Investment of Cash Collateral From Securities Loaned — 0.5%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (b)(c) (Cost $143,604)		143,604		143,604

INVESTMENTS	PRINCIPAL AMOUNT ($)		VALUE($)
U.S. Treasury Obligations — 7.8%
U.S. Treasury Bills
1.94%, 5/21/2020 (d)		2,000,000		1,982,897
1.94%, 6/18/2020 (d)		247,000		244,599
Total U.S. Treasury Obligations (Cost $2,222,550)				2,227,496
Total Short-Term Investments (Cost $10,498,912)				10,504,670
Total Investments — 99.7% (Cost $27,278,795)				28,409,249
Other Assets Less Liabilities — 0.3%				89,739
NET ASSETS — 100.0%				28,498,988

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is $142,631.
(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 October 31, 2019.
(d)	The rate shown is the effective yield as of October 31, 2019.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
CAC 40 10 Euro Index		7		11/2019		EUR		447,893		2,616
IBEX 35 Index		1		11/2019		EUR		103,577		(239	)
DAX Index		1		12/2019		EUR		359,322		14,241
EURO STOXX 50 Index		15		12/2019		EUR		603,098		14,418
FTSE 100 Index		3		12/2019		GBP		281,447		(2,334	)
FTSE/MIB Index		4		12/2019		EUR		505,992		14,713
S&P 500E-Mini Index		3		12/2019		USD		455,250		3,924
SPI 200 Index		5		12/2019		AUD		571,547		519
										47,858

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Short Contracts
Hang Seng Index		(2)		11/2019		HKD		(343,357	)		360
											360
											48,218

Abbreviations

AUD	Australian Dollar
CAC	Continuous Assisted Quotation
DAX	Deutscher Aktien Index
EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound

HKD	Hong Kong Dollar
IBEX	International Business Exchange
MIB	Milan, Italian Stock Exchange
SPI	Australian Securities Exchange
USD	United States Dollar

Forward foreign currency exchange contracts outstanding as of October 31, 2019:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
EUR	49,990	USD	54,947	BNP Paribas		11/12/2019		839
EUR	146,120	USD	162,655	Standard Chartered Bank		11/12/2019		406
USD	48,001	JPY	5,116,319	Merrill Lynch International		11/12/2019		602
Total unrealized appreciation								1,847
USD	290,870	EUR	265,461	Citibank, NA		11/12/2019		(5,370	)
USD	169,978	EUR	152,046	Merrill Lynch International		12/11/2019		(31	)
Total unrealized depreciation								(5,401	)
Net unrealized depreciation								(3,554	)

Abbreviations

EUR	Euro
JPY	Japanese Yen
USD	United States Dollar

Over-the-Counter (“OTC”) Total Return Basket Swaps Outstanding at October 31, 2019
COUNTERPARTY		DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America		The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in GBP based on the local currencies of the positions within the swaps.	4/30/2020 – 9/30/2020	$	1,167,546	$	58,552	$	10,557	$	69,109
	��

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 79

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Meggitt plc		2,688		21,750		(59	)		(0.0	)(a)
Airlines
Wizz Air Holdings plc* (b)		1,733		85,819		4,804			0.0	(a)
Capital Markets
3i Group plc		6,204		90,658		5,391			0.0	(a)
Distributors
Inchcape plc		6,911		57,780		2,757			0.0	(a)
Energy Equipment & Services
Petrofac Ltd.		13,153		65,645		(1,201	)		(0.0	)(a)
Food Products
Greencore Group plc		30,797		92,592		3,910			0.0	(a)
Hotels, Restaurants & Leisure
Greggs plc		2,763		63,552		919			0.0	(a)
Household Durables
Barratt Developments plc		8,203		67,083		4,563			0.0	(a)
Berkeley Group Holdings plc		1,260		71,819		6,154			0.0	(a)
Bovis Homes Group plc		4,739		71,822		6,389			0.0	(a)
Redrow plc		8,554		66,685		1,015			0.0	(a)
Taylor Wimpey plc		32,215		69,092		7,290			0.1
		54,971		346,501		25,411			0.1
Independent Power and Renewable Electricity Producers
Drax Group plc		21,555		82,866		8,188			0.0	(a)
Metals & Mining
Anglo American plc		2,361		60,765		1,936			0.0	(a)
BHP Group plc		2,594		55,020		(1,948	)		(0.0	)(a)
Rio Tinto plc		969		50,448		(1,048	)		(0.0	)(a)
		5,924		166,233		(1,060	)		(0.0	)(a)
Multi-Utilities
Centrica plc		78,569		73,939		6,111			0.0	(a)
Oil, Gas & Consumable Fuels
Royal Dutch Shell plc		764		22,003		(794	)		(0.0	)(a)
Tullow Oil plc		10,766		28,770		517			0.0	(a)
		11,530		50,773		(277	)		(0.0	)(a)
Personal Products
Unilever plc		1,375		82,334		(2,748	)		(0.0	)(a)
Pharmaceuticals
Hikma Pharmaceuticals plc		803		20,912		(315	)		(0.0	)(a)
Software
Avast plc(b)		17,018		91,377		11,075			0.0	(a)
AVEVA Group plc		1,732		93,848		11,114			0.1
Sage Group plc (The)		8,042		74,952		4,156			0.0	(a)
		26,792		260,177		26,345			0.1
Tobacco
Imperial Brands plc		3,200		70,193		(7,362	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		268,968		1,631,724		70,814			0.2

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Capital Markets
St James’s Place plc		(3,733	)		(50,351	)		(5,291	)		(0.0	)(a)
Chemicals
Johnson Matthey plc		(1,380	)		(54,823	)		(2,793	)		(0.0	)(a)
Electrical Equipment
Melrose Industries plc		(6,437	)		(17,790	)		(1,522	)		(0.0	)(a)
Health Care Providers & Services
NMC Health plc		(1,985	)		(56,268	)		9,092			0.0	(a)
Insurance
Beazley plc		(8,544	)		(64,937	)		1,819			0.0	(a)
Machinery
Weir Group plc (The)		(2,366	)		(41,327	)		23			0.0	(a)
Media
ITV plc		(30,266	)		(52,504	)		(4,698	)		(0.0	)(a)
Metals & Mining
Fresnillo plc		(5,372	)		(49,631	)		(4,124	)		(0.0	)(a)
Multiline Retail
B&M European Value Retail SA		(10,284	)		(49,336	)		(2,922	)		(0.0	)(a)
Professional Services
Capita plc*		(9,813	)		(19,850	)		(992	)		(0.0	)(a)
Real Estate Management & Development
Capital & Counties Properties plc		(2,227	)		(7,361	)		(854	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(82,407	)		(464,178	)		(12,262	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		186,561			1,167,546			58,552			0.2

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month LIBOR on short positions, which is denominated in USD based on the local currencies of the positions within the swaps.	5/11/2020	$	(9,908,870	)	$	(479,206	)	$	(25,947	)	$	(505,153	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Aerospace & Defense
BWX Technologies, Inc.		(1,272	)		(73,903	)		(3,727	)		(0.0	)(a)
Cubic Corp.		(222	)		(16,370	)		(1,235	)		(0.0	)(a)
Kratos Defense & Security Solutions, Inc.*		(1,427	)		(26,942	)		93			0.0	(a)
		(2,921	)		(117,215	)		(4,869	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 81

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Air Freight & Logistics
Air Transport Services Group, Inc.*		(1,277	)		(26,702	)		(1,967	)		(0.0	)(a)
FedEx Corp.		(497	)		(75,872	)		(5,616	)		(0.0	)(a)
		(1,774	)		(102,574	)		(7,583	)		(0.0	)(a)
Airlines
American Airlines Group, Inc.		(1,805	)		(54,258	)		(5,198	)		(0.0	)(a)
Auto Components
Cooper-Standard Holdings, Inc.*		(1,667	)		(53,110	)		1,734			0.0	(a)
Veoneer, Inc.*		(4,003	)		(63,728	)		(4,684	)		(0.0	)(a)
		(5,670	)		(116,838	)		(2,950	)		(0.0	)(a)
Banks
SVB Financial Group*		(83	)		(18,383	)		(2,410	)		(0.0	)(a)
Beverages
Coca-Cola Consolidated, Inc.		(233	)		(63,926	)		4,543			0.0	(a)
Constellation Brands, Inc.		(316	)		(60,144	)		752			0.0	(a)
National Beverage Corp.		(1,445	)		(63,522	)		5,896			0.0	(a)
		(1,994	)		(187,592	)		11,191			0.0	(a)
Capital Markets
Cboe Global Markets, Inc.		(168	)		(19,345	)		324			0.0	(a)
Charles Schwab Corp. (The)		(1,905	)		(77,553	)		(8,706	)		(0.1	)
Interactive Brokers Group, Inc.		(1,448	)		(68,881	)		(376	)		(0.0	)(a)
Northern Trust Corp.		(790	)		(78,747	)		(8,050	)		(0.0	)(a)
WisdomTree Investments, Inc.		(8,027	)		(41,018	)		(4,335	)		(0.0	)(a)
		(12,338	)		(285,544	)		(21,143	)		(0.1	)
Chemicals
Albemarle Corp.		(288	)		(17,493	)		1,359			0.0	(a)
Dow, Inc.		(209	)		(10,552	)		(1,164	)		(0.0	)(a)
DuPont de Nemours, Inc.		(764	)		(50,355	)		(2,116	)		(0.0	)(a)
GCP Applied Technologies, Inc.*		(1,737	)		(35,886	)		(3,543	)		(0.0	)(a)
International Flavors & Fragrances, Inc.		(298	)		(36,359	)		(1,800	)		(0.0	)(a)
Mosaic Co. (The)		(813	)		(16,163	)		(439	)		(0.0	)(a)
Orion Engineered Carbons SA		(4,056	)		(67,167	)		(3,204	)		(0.0	)(a)
RPM International, Inc.		(848	)		(61,421	)		(3,638	)		(0.0	)(a)
Sensient Technologies Corp.		(1,078	)		(67,440	)		1,164			0.0	(a)
		(10,091	)		(362,836	)		(13,381	)		(0.0	)(a)
Commercial Services & Supplies
Brink’s Co. (The)		(760	)		(64,570	)		(2,075	)		(0.0	)(a)
Stericycle, Inc.*		(1,294	)		(74,534	)		(10,481	)		(0.0	)(a)
US Ecology, Inc.		(857	)		(53,331	)		(189	)		(0.0	)(a)
		(2,911	)		(192,435	)		(12,745	)		(0.0	)(a)
Communications Equipment
Infinera Corp.*		(11,668	)		(65,224	)		(5,134	)		(0.0	)(a)
NETGEAR, Inc.*		(2,122	)		(57,655	)		7,554			0.0	(a)
ViaSat, Inc.*		(976	)		(67,188	)		2,128			0.0	(a)
		(14,766	)		(190,067	)		4,548			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Construction & Engineering
Dycom Industries, Inc.*		(1,550	)		(70,664	)		186			0.0	(a)
Fluor Corp.		(3,925	)		(63,232	)		7,104			0.0	(a)
WillScot Corp.*		(4,193	)		(66,082	)		(167	)		(0.0	)(a)
		(9,668	)		(199,978	)		7,123			0.0	(a)
Construction Materials
Martin Marietta Materials, Inc.		(233	)		(61,025	)		1,389			0.0	(a)
Summit Materials, Inc.*		(1,612	)		(36,963	)		(468	)		(0.0	)(a)
		(1,845	)		(97,988	)		921			0.0	(a)
Consumer Finance
Green Dot Corp.*		(3,068	)		(88,481	)		(17,702	)		(0.1	)
LendingClub Corp.*		(6,316	)		(79,834	)		(7,011	)		(0.0	)(a)
PRA Group, Inc.*		(2,099	)		(71,219	)		(2,939	)		(0.0	)(a)
		(11,483	)		(239,534	)		(27,652	)		(0.1	)
Containers & Packaging
AptarGroup, Inc.		(125	)		(14,768	)		(230	)		(0.0	)(a)
Crown Holdings, Inc.*		(845	)		(61,550	)		(8,628	)		(0.0	)(a)
Graphic Packaging Holding Co.		(3,971	)		(62,186	)		(5,321	)		(0.0	)(a)
		(4,941	)		(138,504	)		(14,179	)		(0.0	)(a)
Diversified Telecommunication Services
GCI Liberty, Inc.*		(1,070	)		(74,879	)		(5,832	)		(0.0	)(a)
Iridium Communications, Inc.*		(2,870	)		(70,229	)		(5,912	)		(0.0	)(a)
		(3,940	)		(145,108	)		(11,744	)		(0.0	)(a)
Electric Utilities
Alliant Energy Corp.		(1,202	)		(64,115	)		180			0.0	(a)
Electrical Equipment
GrafTech International Ltd.		(2,191	)		(26,468	)		(2,059	)		(0.0	)(a)
Vicor Corp.*		(295	)		(10,723	)		(1,490	)		(0.0	)(a)
		(2,486	)		(37,191	)		(3,549	)		(0.0	)(a)
Electronic Equipment, Instruments & Components
Flex Ltd.*		(6,148	)		(72,239	)		(13,157	)		(0.0	)(a)
Itron, Inc.*		(972	)		(74,125	)		(3,509	)		(0.0	)(a)
nLight, Inc.*		(3,177	)		(42,445	)		3,844			0.0	(a)
Rogers Corp.*		(530	)		(71,804	)		(275	)		(0.0	)(a)
Trimble, Inc.*		(278	)		(11,075	)		(664	)		(0.0	)(a)
		(11,105	)		(271,688	)		(13,761	)		(0.0	)(a)
Energy Equipment & Services
Core Laboratories NV		(1,611	)		(70,948	)		(2,255	)		(0.0	)(a)
Diamond Offshore Drilling, Inc.*		(5,659	)		(29,936	)		(1,302	)		(0.0	)(a)
Nabors Industries Ltd.		(42,789	)		(79,160	)		(9,841	)		(0.1	)
Oceaneering International, Inc.*		(5,424	)		(76,804	)		(3,688	)		(0.0	)(a)
Oil States International, Inc.*		(4,203	)		(59,977	)		(8,448	)		(0.0	)(a)
Valaris plc		(7,689	)		(31,602	)		3,152			0.0	(a)
		(67,375	)		(348,427	)		(22,382	)		(0.1	)
Entertainment
Netflix, Inc.*		(254	)		(73,002	)		(1,760	)		(0.0	)(a)
Spotify Technology SA*		(523	)		(75,469	)		(16,621	)		(0.1	)
		(777	)		(148,471	)		(18,381	)		(0.1	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 83

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs)
Alexander & Baldwin, Inc.		(466	)		(10,956	)		266			0.0	(a)
Food & Staples Retailing
PriceSmart, Inc.		(975	)		(72,248	)		(6,611	)		(0.0	)(a)
Food Products
Hain Celestial Group, Inc. (The)*		(3,006	)		(71,062	)		(10,281	)		(0.1	)
Kraft Heinz Co. (The)		(1,596	)		(51,599	)		(8,602	)		(0.0	)(a)
		(4,602	)		(122,661	)		(18,883	)		(0.1	)
Gas Utilities
Northwest Natural Holding Co.		(1,015	)		(70,400	)		142			0.0	(a)
South Jersey Industries, Inc.		(2,150	)		(69,144	)		409			0.0	(a)
Southwest Gas Holdings, Inc.		(109	)		(9,516	)		331			0.0	(a)
		(3,274	)		(149,060	)		882			0.0	(a)
Health Care Equipment & Supplies
ABIOMED, Inc.*		(431	)		(89,467	)		(19,498	)		(0.1	)
AtriCure, Inc.*		(2,774	)		(73,761	)		(3,800	)		(0.0	)(a)
Avanos Medical, Inc.*		(1,822	)		(80,241	)		(8,764	)		(0.1	)
Axogen, Inc.*		(2,238	)		(27,829	)		(1,914	)		(0.0	)(a)
Heska Corp.*		(655	)		(53,068	)		(5,522	)		(0.0	)(a)
Insulet Corp.*		(446	)		(64,813	)		4,273			0.0	(a)
iRhythm Technologies, Inc.*		(313	)		(20,915	)		(1,055	)		(0.0	)(a)
Nevro Corp.*		(901	)		(77,666	)		(6,640	)		(0.0	)(a)
Penumbra, Inc.*		(142	)		(22,148	)		(1,883	)		(0.0	)(a)
ViewRay, Inc.*		(27	)		(70	)		(8	)		(0.0	)(a)
Wright Medical Group NV*		(3,456	)		(71,885	)		(4,804	)		(0.0	)(a)
		(13,205	)		(581,863	)		(49,615	)		(0.2	)
Health Care Providers & Services
Guardant Health, Inc.*		(947	)		(65,816	)		(8,466	)		(0.0	)(a)
R1 RCM, Inc.*		(6,763	)		(71,891	)		(9,671	)		(0.1	)
		(7,710	)		(137,707	)		(18,137	)		(0.1	)
Health Care Technology
Evolent Health, Inc.*		(6,239	)		(47,541	)		(1,809	)		(0.0	)(a)
Inspire Medical Systems, Inc.*		(1,256	)		(76,591	)		(7,712	)		(0.0	)(a)
Tabula Rasa HealthCare, Inc.*		(1,068	)		(54,404	)		630			0.0	(a)
Teladoc Health, Inc.*		(162	)		(12,409	)		(1,391	)		(0.0	)(a)
Vocera Communications, Inc.*		(2,881	)		(57,390	)		14,203			0.0	(a)
		(11,606	)		(248,335	)		3,921			0.0	(a)
Hotels, Restaurants & Leisure
Domino’s Pizza, Inc.		(22	)		(5,976	)		(371	)		(0.0	)(a)
MGM Resorts International		(2,088	)		(59,508	)		(2,234	)		(0.0	)(a)
Red Rock Resorts, Inc.		(1,372	)		(29,882	)		(2,195	)		(0.0	)(a)
Scientific Games Corp.*		(2,733	)		(65,565	)		(9,661	)		(0.1	)
Shake Shack, Inc.*		(126	)		(10,367	)		1,368			0.0	(a)
Wynn Resorts Ltd.		(535	)		(64,917	)		(8,175	)		(0.0	)(a)
		(6,876	)		(236,215	)		(21,268	)		(0.1	)
Household Durables
Cavco Industries, Inc.*		(293	)		(56,153	)		(955	)		(0.0	)(a)
iRobot Corp.*		(1,040	)		(49,982	)		4,991			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Household Durables — continued
LGI Homes, Inc.*		(820	)		(64,354	)		2,997			0.0	(a)
Mohawk Industries, Inc.*		(346	)		(49,609	)		(6,910	)		(0.0	)(a)
Roku, Inc.*		(120	)		(17,664	)		(3,728	)		(0.0	)(a)
Sonos, Inc.*		(4,869	)		(63,687	)		802			0.0	(a)
		(7,488	)		(301,449	)		(2,803	)		(0.0	)(a)
Independent Power and Renewable Electricity Producers
Ormat Technologies, Inc.		(935	)		(71,584	)		(2,309	)		(0.0	)(a)
Insurance
Markel Corp.*		(7	)		(8,197	)		(183	)		(0.0	)(a)
Interactive Media & Services
Cargurus, Inc.*		(1,880	)		(63,149	)		(9,231	)		(0.1	)
Eventbrite, Inc.*		(4,001	)		(71,938	)		(3,212	)		(0.0	)(a)
Snap, Inc.*		(4,889	)		(73,628	)		(4,791	)		(0.0	)(a)
TrueCar, Inc.*		(5,179	)		(16,987	)		(1,010	)		(0.0	)(a)
Zillow Group, Inc.*		(2,086	)		(67,566	)		(7,697	)		(0.0	)(a)
		(18,035	)		(293,268	)		(25,941	)		(0.1	)
Internet & Direct Marketing Retail
Farfetch Ltd.*		(4,773	)		(42,623	)		(4,678	)		(0.0	)(a)
GrubHub, Inc.*		(1,068	)		(36,376	)		20,869			0.1
Wayfair, Inc.*		(543	)		(44,651	)		12,180			0.0	(a)
		(6,384	)		(123,650	)		28,371			0.1
Leisure Products
Polaris, Inc.		(676	)		(66,687	)		(9,478	)		(0.0	)(a)
Machinery
Deere & Co.		(326	)		(56,770	)		(2,067	)		(0.0	)(a)
Evoqua Water Technologies Corp.*		(2,415	)		(41,948	)		(3,888	)		(0.0	)(a)
Wabtec Corp.		(867	)		(60,144	)		(3,823	)		(0.0	)(a)
Welbilt, Inc.*		(4,246	)		(80,504	)		(10,403	)		(0.1	)
		(7,854	)		(239,366	)		(20,181	)		(0.1	)
Marine
Kirby Corp.*		(114	)		(9,024	)		80			0.0	(a)
Media
Altice USA, Inc.*		(200	)		(6,190	)		(540	)		(0.0	)(a)
Liberty Broadband Corp.*		(648	)		(76,509	)		(6,947	)		(0.0	)(a)
		(848	)		(82,699	)		(7,487	)		(0.0	)(a)
Metals & Mining
Alcoa Corp.*		(2,874	)		(59,751	)		(6,035	)		(0.0	)(a)
Century Aluminum Co.*		(9,415	)		(54,889	)		3,060			0.0	(a)
Coeur Mining, Inc.*		(10,483	)		(57,866	)		(2,831	)		(0.0	)(a)
Constellium SE*		(1,257	)		(16,756	)		(767	)		(0.0	)(a)
Hecla Mining Co.		(28,443	)		(65,419	)		(8,817	)		(0.1	)
		(52,472	)		(254,681	)		(15,390	)		(0.1	)
Multi-Utilities
NiSource, Inc.		(2,397	)		(67,212	)		2,325			0.0	(a)
Sempra Energy		(458	)		(66,186	)		870			0.0	(a)
		(2,855	)		(133,398	)		3,195			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 85

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels
Centennial Resource Development, Inc.*		(18,528	)		(62,995	)		5,744			0.0	(a)
Cheniere Energy, Inc.*		(1,113	)		(68,505	)		(234	)		(0.0	)(a)
Concho Resources, Inc.		(1,122	)		(75,757	)		(3,736	)		(0.0	)(a)
Golar LNG Ltd.		(3,339	)		(45,978	)		1,803			0.0	(a)
Matador Resources Co.*		(1,748	)		(24,315	)		210			0.0	(a)
Noble Energy, Inc.		(3,550	)		(68,373	)		3,053			0.0	(a)
Oasis Petroleum, Inc.*		(22,780	)		(59,456	)		10,706			0.1
Parsley Energy, Inc.		(4,378	)		(69,216	)		2,802			0.0	(a)
Penn Virginia Corp.*		(936	)		(22,277	)		1,806			0.0	(a)
SM Energy Co.		(7,106	)		(55,711	)		1,776			0.0	(a)
Targa Resources Corp.		(1,814	)		(70,528	)		(308	)		(0.0	)(a)
WPX Energy, Inc.*		(7,061	)		(70,469	)		1,130			0.0	(a)
		(73,475	)		(693,580	)		24,752			0.1
Pharmaceuticals
Aerie Pharmaceuticals, Inc.*		(2,632	)		(58,404	)		(11,765	)		(0.1	)
Intersect ENT, Inc.*		(1,856	)		(33,074	)		(668	)		(0.0	)(a)
MyoKardia, Inc.*		(1,370	)		(78,542	)		(5,480	)		(0.0	)(a)
Revance Therapeutics, Inc.*		(4,050	)		(63,423	)		(16,200	)		(0.1	)
WaVe Life Sciences Ltd.*		(1,442	)		(36,468	)		(8,840	)		(0.0	)(a)
Zogenix, Inc.*		(876	)		(39,114	)		(3,889	)		(0.0	)(a)
		(12,226	)		(309,025	)		(46,842	)		(0.2	)
Professional Services
TransUnion		(873	)		(72,127	)		(2,453	)		(0.0	)(a)
Road & Rail
AMERCO		(186	)		(75,337	)		(5,680	)		(0.0	)(a)
Avis Budget Group, Inc.*		(2,690	)		(79,920	)		(8,070	)		(0.1	)
Hertz Global Holdings, Inc.*		(5,567	)		(75,210	)		(3,229	)		(0.0	)(a)
JB Hunt Transport Services, Inc.		(501	)		(58,898	)		(5,000	)		(0.0	)(a)
		(8,944	)		(289,365	)		(21,979	)		(0.1	)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.*		(2,446	)		(82,993	)		(13,575	)		(0.1	)
Brooks Automation, Inc.		(1,658	)		(70,415	)		(10,810	)		(0.0	)(a)
Cohu, Inc.		(687	)		(11,418	)		(1,979	)		(0.0	)(a)
Cree, Inc.*		(545	)		(26,013	)		(55	)		(0.0	)(a)
Impinj, Inc.*		(2,238	)		(73,619	)		(2,853	)		(0.0	)(a)
MACOM Technology Solutions Holdings, Inc.*		(2,400	)		(54,576	)		(3,288	)		(0.0	)(a)
NVIDIA Corp.		(163	)		(32,766	)		(2,932	)		(0.0	)(a)
Silicon Laboratories, Inc.*		(658	)		(69,906	)		967			0.0	(a)
		(10,795	)		(421,706	)		(34,525	)		(0.1	)
Software
2U, Inc.*		(4,368	)		(78,296	)		(9,413	)		(0.0	)(a)
8x8, Inc.*		(3,530	)		(68,200	)		882			0.0	(a)
Appian Corp.*		(1,172	)		(52,318	)		4,735			0.0	(a)
Autodesk, Inc.*		(472	)		(69,554	)		(1,241	)		(0.0	)(a)
Avalara, Inc.*		(260	)		(18,460	)		104			0.0	(a)
Benefitfocus, Inc.*		(2,470	)		(56,155	)		1,371			0.0	(a)
FireEye, Inc.*		(1,465	)		(23,206	)		(1,509	)		(0.0	)(a)
HubSpot, Inc.*		(435	)		(67,469	)		2,171			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Software — continued
Instructure, Inc.*		(1,383	)		(64,628	)		(6,542	)		(0.0	)(a)
Nutanix, Inc.*		(2,506	)		(73,225	)		(13,871	)		(0.1	)
PROS Holdings, Inc.*		(1,161	)		(59,490	)		8,719			0.0	(a)
Q2 Holdings, Inc.*		(931	)		(66,557	)		3,696			0.0	(a)
RingCentral, Inc.*		(399	)		(64,447	)		5,159			0.0	(a)
Varonis Systems, Inc.*		(1,146	)		(81,996	)		(9,626	)		(0.0	)(a)
Yext, Inc.*		(3,777	)		(62,169	)		(5,703	)		(0.0	)(a)
Zuora, Inc.*		(4,752	)		(67,716	)		1,283			0.0	(a)
		(30,227	)		(973,886	)		(19,785	)		(0.1	)
Specialty Retail
CarMax, Inc.*		(645	)		(60,095	)		(3,715	)		(0.0	)(a)
Carvana Co.*		(690	)		(55,945	)		(8,156	)		(0.0	)(a)
Floor & Decor Holdings, Inc.*		(979	)		(44,867	)		2,359			0.0	(a)
National Vision Holdings, Inc.*		(1,636	)		(38,937	)		(867	)		(0.0	)(a)
		(3,950	)		(199,844	)		(10,379	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
3D Systems Corp.*		(9,252	)		(87,802	)		(15,636	)		(0.1	)
Pure Storage, Inc.*		(3,772	)		(73,403	)		(10,637	)		(0.0	)(a)
		(13,024	)		(161,205	)		(26,273	)		(0.1	)
Tobacco
Vector Group Ltd.		(2,161	)		(26,364	)		(2,053	)		(0.0	)(a)
Trading Companies & Distributors
SiteOne Landscape Supply, Inc.*		(971	)		(85,506	)		(15,856	)		(0.1	)
Water Utilities
American Water Works Co., Inc.		(537	)		(66,196	)		956			0.0	(a)
Aqua America, Inc.		(35	)		(1,587	)		5			0.0	(a)
California Water Service Group		(1,332	)		(74,552	)		(3,903	)		(0.0	)(a)
SJW Group		(997	)		(72,133	)		(1,336	)		(0.0	)(a)
		(2,901	)		(214,468	)		(4,278	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(475,104	)		(9,908,870	)		(479,206	)		(1.7	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BA on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.50%), which is denominated in CAD based on the local currencies of the positions within the swaps.	5/11/2020	$	(135,919	)	$	(8,198	)	$	(845	)	$	(9,043	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 87

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Chemicals
Methanex Corp.		1,034			39,182			3,277			0.0	(a)
IT Services
CGI, Inc.*		852			66,227			(925	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Parex Resources, Inc.*		497			6,736			(235	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		2,383			112,145			2,117			0.0	(a)
Short Positions
Common Stocks
Aerospace & Defense
Bombardier, Inc.*		(25,554	)		(32,207	)		(770	)		(0.0	)(a)
Construction & Engineering
SNC-Lavalin Group, Inc.		(864	)		(15,619	)		(4,133	)		(0.0	)(a)
Diversified Financial Services
Onex Corp.		(73	)		(4,292	)		50			0.0	(a)
Food Products
Premium Brands Holdings Corp.		(818	)		(53,964	)		3,941			0.0	(a)
Metals & Mining
Agnico Eagle Mines Ltd.		(963	)		(59,187	)		(5,736	)		(0.0	)(a)
First Quantum Minerals Ltd.		(3,161	)		(26,711	)		(3,590	)		(0.0	)(a)
Franco-Nevada Corp.		(578	)		(56,084	)		(77	)		(0.0	)(a)
		(4,702	)		(141,982	)		(9,403	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(32,011	)		(248,064	)		(10,315	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(29,628	)		(135,919	)		(8,198	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month EURIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in EUR based on the local currencies of the positions within the swaps.	4/30/2020 – 9/30/2020	$	2,440,120	$	87,207	$	(622	)	$	86,585

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)				PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Automobiles
Peugeot SA		2,495		63,189		1,884				0.0	(a)
Chemicals
Covestro AG (b)		1,401		67,279		(510	)			(0.0	)(a)
Koninklijke DSM NV		518		61,480		253				0.0	(a)
		1,919		128,759		(257	)			(0.0	)(a)
Commercial Services & Supplies
Edenred		1,569		82,698		8,566				0.1
SPIE SA		4,244		89,572		3,867				0.0	(a)
		5,813		172,270		12,433				0.1
Construction & Engineering
ACS Actividades de Construccion y Servicios SA		657		26,660		930				0.0	(a)
Eiffage SA		706		75,829		2,433				0.0	(a)
HOCHTIEF AG		146		18,241		1,463				0.0	(a)
Koninklijke BAM Groep NV		17,964		45,608		507				0.0	(a)
		19,473		166,338		5,333				0.0	(a)
Construction Materials
HeidelbergCement AG		1,019		75,547		5,390				0.0	(a)
Diversified Telecommunication Services
Deutsche Telekom AG (Registered)		4,496		79,110		2,357				0.0	(a)
Koninklijke KPN NV		25,790		80,062		(4,202	)			(0.0	)(a)
Telefonica SA		9,009		69,182		(62	)			(0.0	)(a)
		39,295		228,354		(1,907	)			(0.0	)(a)
Electric Utilities
Endesa SA		3,051		83,093		3,196				0.0	(a)
Enel SpA		11,197		86,781		2,263				0.0	(a)
Iberdrola SA		8,970		92,203		(803	)			(0.0	)(a)
Verbund AG		1,607		87,059		2,960				0.0	(a)
		24,825		349,136		7,616				0.0	(a)
Electrical Equipment
Signify NV (b)		2,628		77,001		6,692				0.0	(a)
Energy Equipment & Services
SBM Offshore NV		3,292		56,772		2,262				0.0	(a)
Food & Staples Retailing
Koninklijke Ahold Delhaize NV		534		13,307		(81	)			(0.0	)(a)
Food Products
Danone SA		985		81,599		(4,793	)	��		(0.0	)(a)
Gas Utilities
Enagas SA		4,005		99,102		7,567				0.0	(a)
Italgas SpA		1,849		11,903		149				0.0	(a)
Snam SpA		13,755		70,617		779				0.0	(a)
		19,609		181,622		8,495				0.0	(a)
Health Care Equipment & Supplies
Koninklijke Philips NV		1,740		76,341		2,665				0.0	(a)
Insurance
Ageas		1,636		94,349		2,469				0.0	(a)
ASR Nederland NV		1,862		68,258		(278	)			(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 89

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Insurance — continued
AXA SA		3,390			89,738			3,663			0.0	(a)
Unipol Gruppo SpA		15,997			89,280			2,754			0.0	(a)
UnipolSai Assicurazioni SpA		7,296			20,363			830			0.0	(a)
		30,181			361,988			9,438			0.0	(a)
Machinery
Valmet OYJ		2,983			66,761			8,848			0.0	(a)
Media
ProSiebenSat.1 Media SE		5,290			78,115			3,709			0.0	(a)
Publicis Groupe SA		1,038			44,674			(4,495	)		(0.0	)(a)
		6,328			122,789			(786	)		(0.0	)(a)
Multi-Utilities
A2A SpA		44,632			89,598			6,332			0.1
Engie SA		5,689			95,261			2,132			0.0	(a)
Hera SpA		21,752			93,179			2,488			0.0	(a)
RWE AG		2,684			81,794			581			0.0	(a)
		74,757			359,832			11,533			0.1
Oil, Gas & Consumable Fuels
Eni SpA		4,966			75,339			(439	)		(0.0	)(a)
Neste OYJ		2,401			86,754			9,003			0.1
OMV AG		1,463			85,530			5,955			0.0	(a)
Repsol SA		5,136			84,640			2,638			0.0	(a)
		13,966			332,263			17,157			0.1
Pharmaceuticals
Ipsen SA		708			75,464			6,759			0.0	(a)
Merck KGaA		772			92,074			2,631			0.0	(a)
		1,480			167,538			9,390			0.0	(a)
Semiconductors & Semiconductor Equipment
Dialog Semiconductor plc*		1,717			77,231			(4,317	)		(0.0	)(a)
Siltronic AG		1,018			96,954			18,716			0.1
		2,735			174,185			14,399			0.1
Textiles, Apparel & Luxury Goods
adidas AG		219			67,621			(441	)		(0.0	)(a)
Christian Dior SE		55			27,168			(146	)		(0.0	)(a)
Kering SA		138			78,521			7,261			0.0	(a)
		412			173,310			6,674			0.0	(a)
Transportation Infrastructure
Aena SME SA (b)		395			72,507			(1,140	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		256,864			3,501,408			121,245			0.4
Short Positions
Common Stocks
Automobiles
Daimler AG (Registered)		(889	)		(51,965	)		(6,762	)		(0.0	)(a)
Banks
Bankia SA		(20,532	)		(39,171	)		(84	)		(0.0	)(a)
FinecoBank Banca Fineco SpA		(5,436	)		(61,282	)		(3,533	)		(0.0	)(a)
		(25,968	)		(100,453	)		(3,617	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Chemicals
K+S AG (Registered)		(4,242	)		(60,237	)		(1,385	)		(0.0	)(a)
Wacker Chemie AG		(408	)		(31,963	)		(3,100	)		(0.0	)(a)
		(4,650	)		(92,200	)		(4,485	)		(0.0	)(a)
Construction & Engineering
Bouygues SA		(112	)		(4,751	)		(18	)		(0.0	)(a)
Containers & Packaging
Huhtamaki OYJ		(1,332	)		(61,679	)		(6,439	)		(0.0	)(a)
Diversified Telecommunication Services
Iliad SA		(375	)		(38,863	)		(3,183	)		(0.0	)(a)
Food & Staples Retailing
Jeronimo Martins SGPS SA		(3,972	)		(66,744	)		(3	)		(0.0	)(a)
Food Products
Kerry Group plc		(28	)		(3,385	)		(95	)		(0.0	)(a)
Gas Utilities
Rubis SCA		(1,120	)		(64,946	)		316			0.0	(a)
Hotels, Restaurants & Leisure
Elior Group SA (b)		(2,906	)		(37,635	)		829			0.0	(a)
Flutter Entertainment plc		(147	)		(15,185	)		(542	)		(0.0	)(a)
		(3,053	)		(52,820	)		287			0.0	(a)
Internet & Direct Marketing Retail
Zalando SE* (b)		(420	)		(18,210	)		993			0.0	(a)
Life Sciences Tools & Services
Eurofins Scientific SE		(124	)		(62,867	)		296			0.0	(a)
Machinery
ANDRITZ AG		(1,124	)		(50,542	)		(5,327	)		(0.1	)
Fincantieri SpA		(9,569	)		(10,098	)		(573	)		(0.0	)(a)
GEA Group AG		(986	)		(30,142	)		(2,820	)		(0.0	)(a)
		(11,679	)		(90,782	)		(8,720	)		(0.1	)
Media
Altice Europe NV*		(8,084	)		(46,255	)		(1,240	)		(0.0	)(a)
Metals & Mining
ArcelorMittal		(226	)		(3,361	)		(156	)		(0.0	)(a)
Outokumpu OYJ		(21,041	)		(59,786	)		(3,179	)		(0.0	)(a)
thyssenkrupp AG		(3,358	)		(47,887	)		(1,169	)		(0.0	)(a)
		(24,625	)		(111,034	)		(4,504	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
AIXTRON SE*		(2,215	)		(20,250	)		1,572			0.0	(a)
Infineon Technologies AG		(2,286	)		(44,277	)		(3,026	)		(0.0	)(a)
		(4,501	)		(64,527	)		(1,454	)		(0.0	)(a)
Transportation Infrastructure
Getlink SE		(3,824	)		(64,055	)		(6,045	)		(0.0	)(a)
Wireless Telecommunication Services
1&1 Drillisch AG		(2,455	)		(65,752	)		10,635			0.0	(a)
Total Short Positions of Total Return Basket Swap		(97,211	)		(1,061,288	)		(34,038	)		(0.1	)
Total of Long and Short Positions of Total Return Basket Swap		159,653			2,440,120			87,207			0.3

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 91

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in CHF based on the local currencies of the positions within the swaps.	4/30/2020 – 2/26/2021	$	187,779	$	(1,239	)	$	96	$	(1,143	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Electronic Equipment, Instruments & Components
Landis+Gyr Group AG*		943			87,561			561			0.0	(a)
Health Care Equipment & Supplies
Sonova Holding AG (Registered)		54			12,392			99			0.0	(a)
Health Care Providers & Services
Galenica AG (b)		1,606			96,147			3,799			0.0	(a)
Insurance
Zurich Insurance Group AG		246			96,358			832			0.0	(a)
Machinery
OC Oerlikon Corp. AG (Registered)		6,300			64,651			2,642			0.0	(a)
Pharmaceuticals
Roche Holding AG		41			12,223			393			0.0	(a)
Total Long Positions of Total Return Basket Swap		9,190			369,332			8,326			0.0	(a)
Short Positions
Common Stocks
Chemicals
Sika AG (Registered)		(280	)		(48,134	)		(4,625	)		(0.0	)(a)
Electrical Equipment
ABB Ltd. (Registered)		(2,577	)		(54,117	)		(6,727	)		(0.0	)(a)
Pharmaceuticals
Vifor Pharma AG		(402	)		(63,306	)		2,265			0.0	(a)
Semiconductors & Semiconductor Equipment
ams AG*		(356	)		(15,996	)		(478	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(3,615	)		(181,553	)		(9,565	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		5,575			187,779			(1,239	)		0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.75)% to 0.35%), which is denominated in AUD based on the local currencies of the positions within the swaps.	4/14/2020	$	(524,233	)	$	(3,195	)	$	(4,147	)	$	(7,342	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Food & Staples Retailing
Metcash Ltd.		37,412			72,726			981			0.0	(a)
Oil, Gas & Consumable Fuels
Beach Energy Ltd.		559			879			(26	)		(0.0	)(a)
Whitehaven Coal Ltd.		9,494			21,593			1,286			0.0	(a)
		10,053			22,472			1,260			0.0	(a)
Total Long Positions of Total Return Basket Swap		47,465			95,198			2,241			0.0	(a)
Short Positions
Common Stocks
Beverages
Treasury Wine Estates Ltd.		(5,684	)		(68,908	)		996			0.0	(a)
Building Products
Reliance Worldwide Corp. Ltd.		(26,332	)		(76,623	)		(6,648	)		(0.0	)(a)
Capital Markets
Platinum Asset Management Ltd.		(25,324	)		(72,304	)		(54	)		(0.0	)(a)
Chemicals
Nufarm Ltd.*		(14,432	)		(58,894	)		8,313			0.0	(a)
Construction Materials
Adelaide Brighton Ltd.		(26,301	)		(55,862	)		(2,887	)		(0.0	)(a)
Food Products
GrainCorp., Ltd.		(14,397	)		(71,786	)		1,480			0.0	(a)
Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(960	)		(33,775	)		(1,464	)		(0.0	)(a)
Star Entertainment Grp Ltd. (The)		(8,726	)		(28,294	)		(2,509	)		(0.0	)(a)
		(9,686	)		(62,069	)		(3,973	)		(0.0	)(a)
IT Services
Afterpay Touch Group Ltd.*		(933	)		(18,522	)		986			0.0	(a)
NEXTDC Ltd.*		(13,402	)		(59,227	)		(1,354	)		(0.0	)(a)
		(14,335	)		(77,749	)		(368	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Oil Search Ltd.		(13,384	)		(66,054	)		(2,253	)		(0.0	)(a)
Professional Services
ALS Ltd.		(1,651	)		(9,182	)		(42	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(151,526	)		(619,431	)		(5,436	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(104,061	)		(524,233	)		(3,195	)		0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 93

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (3.48)% to 0.35%), which is denominated in JPY based on the local currencies of the positions within the swaps.	4/13/2020	$	(866,212	)	$	(34,505	)	$	(9,272	)	$	(43,777	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Auto Components
TS Tech Co. Ltd.		400			12,811			895			0.0	(a)
Diversified Telecommunication Services
Nippon Telegraph & Telephone Corp.		1,500			74,464			(377	)		(0.0	)(a)
Pharmaceuticals
Astellas Pharma, Inc.		2,900			49,772			8,160			0.1
Shionogi & Co. Ltd.		1,100			66,025			6,014			0.0	(a)
		4,000			115,797			14,174			0.1
Technology Hardware, Storage & Peripherals
Brother Industries Ltd.		3,600			67,659			3,315			0.0	(a)
Trading Companies & Distributors
ITOCHU Corp.		3,800			79,450			2,420			0.0	(a)
Wireless Telecommunication Services
NTT DOCOMO, Inc.		3,200			87,728			3,200			0.0	(a)
Total Long Positions of Total Return Basket Swap		16,500			437,909			23,627			0.1
Short Positions
Common Stocks
Automobiles
Mitsubishi Motors Corp.		(12,700	)		(57,986	)		(3,510	)		(0.0	)(a)
Chemicals
Toray Industries, Inc.		(6,100	)		(43,110	)		2,814			0.0	(a)
Construction & Engineering
JGC Holdings Corp.		(3,000	)		(43,390	)		(4,804	)		(0.0	)(a)
Consumer Finance
Aiful Corp.*		(25,300	)		(58,907	)		(3,609	)		(0.0	)(a)
Electrical Equipment
Fujikura Ltd.		(3,800	)		(17,632	)		(2,661	)		(0.0	)(a)
Electronic Equipment, Instruments & Components
Murata Manufacturing Co. Ltd.		(700	)		(38,114	)		(1,290	)		(0.0	)(a)
Food & Staples Retailing
Aeon Co. Ltd.		(2,500	)		(50,301	)		(1,259	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Food Products
Nissin Foods Holdings Co. Ltd.		(900	)		(67,983	)		(1,284	)		(0.0	)(a)
Hotels, Restaurants & Leisure
HIS Co. Ltd.		(1,400	)		(36,331	)		(1,218	)		(0.0	)(a)
Kyoritsu Maintenance Co. Ltd.		(900	)		(39,812	)		(1,446	)		(0.0	)(a)
		(2,300	)		(76,143	)		(2,664	)		(0.0	)(a)
Household Durables
Panasonic Corp.		(1,200	)		(10,085	)		79			0.0	(a)
Sharp Corp.*		(3,400	)		(39,002	)		(1,637	)		(0.0	)(a)
		(4,600	)		(49,087	)		(1,558	)		(0.0	)(a)
Industrial Conglomerates
Toshiba Corp.		(1,800	)		(61,553	)		(872	)		(0.0	)(a)
Interactive Media & Services
LINE Corp.*		(800	)		(29,429	)		(5	)		(0.0	)(a)
Leisure Products
Sega Sammy Holdings, Inc.		(3,400	)		(47,848	)		1,329			0.0	(a)
Machinery
FANUC Corp.		(300	)		(59,175	)		(5,797	)		(0.1	)
IHI Corp.		(2,200	)		(54,215	)		(5,749	)		(0.0	)(a)
		(2,500	)		(113,390	)		(11,546	)		(0.1	)
Marine
Kawasaki Kisen Kaisha Ltd.*		(1,900	)		(28,272	)		(4,318	)		(0.1	)
Nippon Yusen KK		(2,600	)		(46,709	)		(2,647	)		(0.0	)(a)
		(4,500	)		(74,981	)		(6,965	)		(0.1	)
Metals & Mining
JFE Holdings, Inc.		(4,900	)		(61,288	)		(2,699	)		(0.0	)(a)
Kobe Steel Ltd.		(10,300	)		(55,378	)		(1,956	)		(0.0	)(a)
		(15,200	)		(116,666	)		(4,655	)		(0.0	)(a)
Multiline Retail
Marui Group Co. Ltd.		(2,000	)		(44,461	)		(2,052	)		(0.0	)(a)
Pan Pacific International Holdings Corp.		(2,800	)		(44,076	)		(222	)		(0.0	)(a)
Ryohin Keikaku Co. Ltd.		(300	)		(6,678	)		(1,143	)		(0.0	)(a)
Takashimaya Co. Ltd.		(1,600	)		(18,573	)		(482	)		(0.0	)(a)
		(6,700	)		(113,788	)		(3,899	)		(0.0	)(a)
Pharmaceuticals
Takeda Pharmaceutical Co. Ltd.		(2,000	)		(72,266	)		(3,948	)		(0.0	)(a)
Road & Rail
Nankai Electric Railway Co. Ltd.		(500	)		(12,994	)		(125	)		(0.0	)(a)
Nippon Express Co. Ltd.		(1,100	)		(62,761	)		(6,302	)		(0.0	)(a)
Tokyu Corp.		(3,300	)		(62,415	)		387			0.0	(a)
		(4,900	)		(138,170	)		(6,040	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Rohm Co. Ltd.		(100	)		(7,923	)		(225	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
Seiko Epson Corp.		(1,800	)		(25,454	)		(1,481	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(105,600	)		(1,304,121	)		(58,132	)		(0.2	)
Total of Long and Short Positions of Total Return Basket Swap		(89,100	)		(866,212	)		(34,505	)		(0.1	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 95

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day SONIA and one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (1.45)% to 0.18%), which is denominated in GBP based on the local currencies of the positions within the swaps.	5/25/2028 – 11/1/2029	$	(210,580	)	$	(54,205	)	$	(18,252	)	$	(72,457	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Meggitt plc		9,655		78,122		(212	)		(0.0	)(a)
Airlines
Wizz Air Holdings plc* (b)		449		22,235		1,245			0.0	(a)
Capital Markets
3i Group plc		1,005		14,686		873			0.0	(a)
Commercial Services & Supplies
Aggreko plc		9,817		100,644		460			0.0	(a)
Construction Materials
Rhi Magnesita NV		2,062		92,932		(7,153	)		(0.0	)(a)
Distributors
Inchcape plc		3,352		28,025		1,337			0.0	(a)
Energy Equipment & Services
Petrofac Ltd.		6,821		34,043		(623	)		(0.0	)(a)
Food Products
Greencore Group plc		4,083		12,276		519			0.0	(a)
Tate & Lyle plc		11,064		96,503		(2,650	)		(0.0	)(a)
		15,147		108,779		(2,131	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Greggs plc		759		17,458		253			0.0	(a)
Playtech plc		15,772		80,277		(951	)		(0.0	)(a)
		16,531		97,735		(698	)		(0.0	)(a)
Household Durables
Barratt Developments plc		1,883		15,399		1,048			0.0	(a)
Berkeley Group Holdings plc		304		17,328		1,485			0.0	(a)
Bovis Homes Group plc		1,098		16,641		1,480			0.0	(a)
Redrow plc		1,934		15,077		229			0.0	(a)
Taylor Wimpey plc		10,270		22,026		2,324			0.0	(a)
		15,489		86,471		6,566			0.0	(a)
Independent Power and Renewable Electricity Producers
Drax Group plc		4,543		17,465		1,726			0.0	(a)
Media
WPP plc		7,708		96,192		(1,136	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Metals & Mining
Anglo American plc		798			20,538			654			0.0	(a)
BHP Group plc		1,263			26,789			(948	)		(0.0	)(a)
Rio Tinto plc		588			30,612			(636	)		(0.0	)(a)
		2,649			77,939			(930	)		(0.0	)(a)
Multi-Utilities
Centrica plc		33,189			31,233			2,581			0.0	(a)
Oil, Gas & Consumable Fuels
Royal Dutch Shell plc		2,593			74,678			(2,694	)		(0.0	)(a)
Tullow Oil plc		25,278			67,551			718			0.0	(a)
		27,871			142,229			(1,976	)		(0.0	)(a)
Personal Products
Unilever plc		228			13,652			(456	)		(0.0	)(a)
Pharmaceuticals
GlaxoSmithKline plc		4,526			103,668			3,313			0.0	(a)
Hikma Pharmaceuticals plc		2,630			68,492			(1,033	)		(0.0	)(a)
		7,156			172,160			2,280			0.0	(a)
Software
Avast plc(b)		1,064			5,713			692			0.0	(a)
AVEVA Group plc		103			5,581			661			0.0	(a)
Sage Group plc (The)		3,472			32,359			1,795			0.0	(a)
		4,639			43,653			3,148			0.0	(a)
Tobacco
Imperial Brands plc		1,011			22,177			(2,326	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		169,322			1,280,372			2,575			0.0	(a)
Short Positions
Common Stocks
Banks
Royal Bank of Scotland Group plc		(25,780	)		(71,262	)		(374	)		(0.0	)(a)
Capital Markets
Hargreaves Lansdown plc		(3,211	)		(73,735	)		(226	)		(0.0	)(a)
St James’s Place plc		(2,425	)		(32,709	)		(3,437	)		(0.0	)(a)
Standard Life Aberdeen plc		(20,177	)		(79,329	)		(8,083	)		(0.1	)
		(25,813	)		(185,773	)		(11,746	)		(0.1	)
Chemicals
Johnson Matthey plc		(160	)		(6,356	)		(324	)		(0.0	)(a)
Commercial Services & Supplies
IWG plc		(14,751	)		(73,479	)		356			0.0	(a)
Construction & Engineering
Balfour Beatty plc		(24,851	)		(72,416	)		(393	)		(0.0	)(a)
Containers & Packaging
DS Smith plc		(13,306	)		(61,690	)		(2,850	)		(0.0	)(a)
Diversified Telecommunication Services
BT Group plc		(28,094	)		(74,558	)		(7,176	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 97

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Electrical Equipment
Melrose Industries plc		(19,485	)		(53,850	)		(4,607	)		(0.0	)(a)
Electronic Equipment, Instruments & Components
Spectris plc		(2,325	)		(72,079	)		782			0.0	(a)
Food & Staples Retailing
J Sainsbury plc		(27,503	)		(72,478	)		826			0.0	(a)
Health Care Providers & Services
NMC Health plc		(295	)		(8,362	)		1,351			0.0	(a)
Hotels, Restaurants & Leisure
Domino’s Pizza Group plc		(18,225	)		(67,536	)		(8,713	)		(0.1	)
SSP Group plc		(7,442	)		(61,368	)		(2,488	)		(0.0	)(a)
TUI AG		(4,625	)		(60,505	)		(5,294	)		(0.0	)(a)
		(30,292	)		(189,409	)		(16,495	)		(0.1	)
Insurance
Hiscox Ltd.		(3,546	)		(68,476	)		4,776			0.0	(a)
Machinery
Weir Group plc (The)		(1,943	)		(33,938	)		19			0.0	(a)
Media
ITV plc		(11,593	)		(20,111	)		(1,799	)		(0.0	)(a)
Metals & Mining
Fresnillo plc		(1,706	)		(15,761	)		(1,310	)		(0.0	)(a)
Multiline Retail
B&M European Value Retail SA		(2,755	)		(13,217	)		(783	)		(0.0	)(a)
Multi-Utilities
National Grid plc		(6,162	)		(72,048	)		(2,520	)		(0.0	)(a)
Paper & Forest Products
Mondi plc		(3,005	)		(62,305	)		(902	)		(0.0	)(a)
Professional Services
Capita plc*		(25,528	)		(51,639	)		(2,581	)		(0.0	)(a)
Pagegroup plc		(12,682	)		(73,070	)		745			0.0	(a)
		(38,210	)		(124,709	)		(1,836	)		(0.0	)(a)
Real Estate Management & Development
Capital & Counties Properties plc		(19,350	)		(63,955	)		(7,421	)		(0.0	)(a)
Water Utilities
Severn Trent plc		(2,558	)		(74,720	)		(4,354	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(303,483	)		(1,490,952	)		(56,780	)		(0.2	)
Total of Long and Short Positions of Total Return Basket Swap		(134,161	)		(210,580	)		(54,205	)		(0.2	)

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day CORRA and one month BA on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.25)% to 0.25%), which is denominated in CAD based on the local currencies of the positions within the swaps.	5/25/2028 – 11/1/2029	$	365,756	$	(22,068	)	$	(3,746	)	$	(25,814	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
Air Canada*		2,715			96,677			151			0.0	(a)
Banks
Laurentian Bank of Canada		2,831			97,369			985			0.0	(a)
Chemicals
Methanex Corp.		1,172			44,412			3,714			0.0	(a)
Construction & Engineering
Aecon Group, Inc.		5,814			80,339			1,849			0.0	(a)
Food & Staples Retailing
Empire Co. Ltd.		3,448			91,547			(1,387	)		(0.0	)(a)
Insurance
iA Financial Corp., Inc.		2,160			104,023			6,526			0.0	(a)
IT Services
CGI, Inc.*		315			24,485			(333	)		(0.0	)(a)
Media
Quebecor, Inc.		4,112			95,596			(80	)		(0.0	)(a)
Metals & Mining
Teck Resources Ltd.		4,880			77,140			(946	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Imperial Oil Ltd.		3,878			96,575			3,159			0.0	(a)
Parex Resources, Inc.*		6,340			85,923			(2,999	)		(0.0	)(a)
Suncor Energy, Inc.		3,230			96,034			(100	)		(0.0	)(a)
		13,448			278,532			60			0.0	(a)
Real Estate Management & Development
First Capital Realty, Inc.		5,905			97,737			(31	)		(0.0	)(a)
Textiles, Apparel & Luxury Goods
Gildan Activewear, Inc.		3,393			86,686			(21,346	)		(0.0	)(a)
Trading Companies & Distributors
Toromont Industries Ltd.		2,012			103,892			6,681			0.0	(a)
Total Long Positions of Total Return Basket Swap		52,205			1,278,435			(4,157	)		0.0	(a)
Short Positions
Common Stocks
Aerospace & Defense
Bombardier, Inc.*		(33,071	)		(41,681	)		(996	)		(0.0	)(a)
Construction & Engineering
SNC-Lavalin Group, Inc.		(3,915	)		(70,774	)		(18,728	)		(0.1	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 99

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Diversified Financial Services
Onex Corp.		(1,027	)		(60,375	)		696			0.0	(a)
Food Products
Premium Brands Holdings Corp.		(175	)		(11,545	)		843			0.0	(a)
Metals & Mining
Agnico Eagle Mines Ltd.		(87	)		(5,347	)		(518	)		(0.0	)(a)
First Quantum Minerals Ltd.		(3,866	)		(32,669	)		(4,386	)		(0.0	)(a)
Franco-Nevada Corp.		(73	)		(7,084	)		(10	)		(0.0	)(a)
Kinross Gold Corp.*		(14,250	)		(69,243	)		(663	)		(0.0	)(a)
Pan American Silver Corp.		(3,820	)		(64,880	)		(1,661	)		(0.0	)(a)
Yamana Gold, Inc.		(17,590	)		(64,238	)		(3,509	)		(0.0	)(a)
		(39,686	)		(243,461	)		(10,747	)		(0.0	)(a)
Multiline Retail
Dollarama, Inc.		(1,921	)		(64,626	)		3,549			0.0	(a)
Multi-Utilities
Atco Ltd.		(2,069	)		(72,731	)		(38	)		(0.0	)(a)
Canadian Utilities Ltd.		(2,337	)		(68,153	)		1,887			0.0	(a)
		(4,406	)		(140,884	)		1,849			0.0	(a)
Oil, Gas & Consumable Fuels
MEG Energy Corp.*		(18,202	)		(69,928	)		1,392			0.0	(a)
Vermilion Energy, Inc.		(4,748	)		(62,725	)		7,858			0.0	(a)
		(22,950	)		(132,653	)		9,250			0.0	(a)
Software
BlackBerry Ltd.*		(14,013	)		(73,624	)		(1,824	)		(0.0	)(a)
Kinaxis, Inc.*		(1,144	)		(73,056	)		(1,803	)		(0.0	)(a)
		(15,157	)		(146,680	)		(3,627	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(122,308	)		(912,679	)		(17,911	)		(0.1	)
Total of Long and Short Positions of Total Return Basket Swap		(70,103	)		365,756			(22,068	)		(0.1	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one day FEDEF on short positions, plus or minus a specified spread (rates range from (2.36)% to (0.18)%), which is denominated in USD based on the local currencies of the positions within the swaps.	5/25/2028 – 11/1/2029	$	(3,519,182	)	$	(133,798	)	$	(23,875	)	$	(157,673	)

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Aerospace & Defense
Cubic Corp.		(797	)		(58,771	)		(4,431	)		(0.0	)(a)
Kratos Defense & Security Solutions, Inc.*		(2,363	)		(44,613	)		153			0.0	(a)
		(3,160	)		(103,384	)		(4,278	)		(0.0	)(a)
Air Freight & Logistics
Air Transport Services Group, Inc.*		(2,350	)		(49,139	)		(3,619	)		(0.0	)(a)
Airlines
American Airlines Group, Inc.		(820	)		(24,649	)		(2,361	)		(0.0	)(a)
Spirit Airlines, Inc.*		(1,945	)		(73,054	)		(190	)		(0.0	)(a)
		(2,765	)		(97,703	)		(2,551	)		(0.0	)(a)
Auto Components
Cooper-Standard Holdings, Inc.*		(288	)		(9,176	)		373			0.0	(a)
Veoneer, Inc.*		(56	)		(891	)		(66	)		(0.0	)(a)
		(344	)		(10,067	)		307			0.0	(a)
Banks
SVB Financial Group*		(282	)		(62,457	)		(8,189	)		(0.0	)(a)
Beverages
Coca-Cola Consolidated, Inc.		(33	)		(9,054	)		(71	)		(0.0	)(a)
Constellation Brands, Inc.		(54	)		(10,278	)		128			0.0	(a)
MGP Ingredients, Inc.		(1,444	)		(61,933	)		3,798			0.0	(a)
		(1,531	)		(81,265	)		3,855			0.0	(a)
Capital Markets
Cboe Global Markets, Inc.		(422	)		(48,593	)		814			0.0	(a)
Charles Schwab Corp. (The)		(67	)		(2,727	)		(306	)		(0.0	)(a)
Interactive Brokers Group, Inc.		(59	)		(2,807	)		(15	)		(0.0	)(a)
WisdomTree Investments, Inc.		(6,709	)		(34,283	)		(3,623	)		(0.0	)(a)
		(7,257	)		(88,410	)		(3,130	)		(0.0	)(a)
Chemicals
Albemarle Corp.		(682	)		(41,425	)		3,219			0.0	(a)
Dow, Inc.		(996	)		(50,288	)		(5,548	)		(0.0	)(a)
DuPont de Nemours, Inc.		(150	)		(9,887	)		(415	)		(0.0	)(a)
GCP Applied Technologies, Inc.*		(1,192	)		(24,627	)		(2,432	)		(0.0	)(a)
International Flavors & Fragrances, Inc.		(209	)		(25,500	)		(1,262	)		(0.0	)(a)
Mosaic Co. (The)		(2,196	)		(43,656	)		(1,186	)		(0.0	)(a)
		(5,425	)		(195,383	)		(7,624	)		(0.0	)(a)
Commercial Services & Supplies
Brink’s Co. (The)		(111	)		(9,431	)		(303	)		(0.0	)(a)
Stericycle, Inc.*		(132	)		(7,603	)		(1,069	)		(0.0	)(a)
US Ecology, Inc.		(208	)		(12,944	)		(46	)		(0.0	)(a)
		(451	)		(29,978	)		(1,418	)		(0.0	)(a)
Communications Equipment
Infinera Corp.*		(493	)		(2,756	)		(217	)		(0.0	)(a)
NETGEAR, Inc.*		(594	)		(16,139	)		(61	)		(0.0	)(a)
		(1,087	)		(18,895	)		(278	)		(0.0	)(a)
Construction Materials
Summit Materials, Inc.*		(1,024	)		(23,480	)		(297	)		(0.0	)(a)
Containers & Packaging
AptarGroup, Inc.		(396	)		(46,787	)		(729	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 101

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Electric Utilities
Alliant Energy Corp.		(181	)		(9,655	)		(105	)		(0.0	)(a)
Electrical Equipment
GrafTech International Ltd.		(3,665	)		(44,273	)		(3,445	)		(0.0	)(a)
Vicor Corp.*		(1,911	)		(69,465	)		(9,651	)		(0.1	)
		(5,576	)		(113,738	)		(13,096	)		(0.1	)
Electronic Equipment, Instruments & Components
nLight, Inc.*		(1,631	)		(21,790	)		1,974			0.0	(a)
Trimble, Inc.*		(1,577	)		(62,828	)		(3,769	)		(0.0	)(a)
		(3,208	)		(84,618	)		(1,795	)		(0.0	)(a)
Energy Equipment & Services
Diamond Offshore Drilling, Inc.*		(8,154	)		(43,135	)		(1,875	)		(0.0	)(a)
Nabors Industries Ltd.		(366	)		(677	)		(84	)		(0.0	)(a)
Oil States International, Inc.*		(1,255	)		(17,909	)		(2,523	)		(0.0	)(a)
US Silica Holdings, Inc.		(14,426	)		(64,340	)		9,668			0.0	(a)
Valaris plc		(7,995	)		(32,859	)		3,278			0.0	(a)
		(32,196	)		(158,920	)		8,464			0.0	(a)
Entertainment
Spotify Technology SA*		(81	)		(11,688	)		(2,574	)		(0.0	)(a)
Equity Real Estate Investment Trusts (REITs)
Alexander & Baldwin, Inc.		(2,404	)		(56,518	)		1,370			0.0	(a)
Food Products
Archer-Daniels-Midland Co.		(1,751	)		(73,612	)		(2,528	)		(0.0	)(a)
Hain Celestial Group, Inc. (The)*		(434	)		(10,260	)		(1,484	)		(0.0	)(a)
Kraft Heinz Co. (The)		(1,006	)		(32,524	)		(5,423	)		(0.0	)(a)
		(3,191	)		(116,396	)		(9,435	)		(0.0	)(a)
Gas Utilities
Southwest Gas Holdings, Inc.		(660	)		(57,618	)		2,006			0.0	(a)
Health Care Equipment & Supplies
Avanos Medical, Inc.*		(32	)		(1,409	)		(154	)		(0.0	)(a)
Glaukos Corp.*		(1,123	)		(71,681	)		642			0.0	(a)
Heska Corp.*		(264	)		(21,389	)		(2,225	)		(0.0	)(a)
iRhythm Technologies, Inc.*		(753	)		(50,316	)		(2,538	)		(0.0	)(a)
Penumbra, Inc.*		(360	)		(56,149	)		(4,774	)		(0.1	)
Tactile Systems Technology, Inc.*		(1,591	)		(72,263	)		(243	)		(0.0	)(a)
ViewRay, Inc.*		(7,171	)		(18,645	)		(2,079	)		(0.0	)(a)
		(11,294	)		(291,852	)		(11,371	)		(0.1	)
Health Care Providers & Services
Guardant Health, Inc.*		(196	)		(13,622	)		(1,752	)		(0.0	)(a)
R1 RCM, Inc.*		(910	)		(9,673	)		(1,301	)		(0.0	)(a)
		(1,106	)		(23,295	)		(3,053	)		(0.0	)(a)
Health Care Technology
Evolent Health, Inc.*		(3,013	)		(22,959	)		(874	)		(0.0	)(a)
Tabula Rasa HealthCare, Inc.*		(265	)		(13,499	)		156			0.0	(a)
Teladoc Health, Inc.*		(886	)		(67,868	)		(7,611	)		(0.0	)(a)
Vocera Communications, Inc.*		(651	)		(12,968	)		648			0.0	(a)
		(4,815	)		(117,294	)		(7,681	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Hotels, Restaurants & Leisure
Domino’s Pizza, Inc.		(197	)		(53,509	)		(3,320	)		(0.0	)(a)
MGM Resorts International		(4	)		(114	)		(4	)		(0.0	)(a)
Red Rock Resorts, Inc.		(1,425	)		(31,036	)		(2,280	)		(0.0	)(a)
Shake Shack, Inc.*		(656	)		(53,976	)		5,090			0.0	(a)
		(2,282	)		(138,635	)		(514	)		(0.0	)(a)
Household Durables
iRobot Corp.*		(300	)		(14,418	)		2,157			0.0	(a)
Mohawk Industries, Inc.*		(106	)		(15,198	)		(2,117	)		(0.0	)(a)
Roku, Inc.*		(394	)		(57,997	)		(12,241	)		(0.1	)
		(800	)		(87,613	)		(12,201	)		(0.1	)
Insurance
Markel Corp.*		(53	)		(62,063	)		(1,386	)		(0.0	)(a)
Interactive Media & Services
Cargurus, Inc.*		(424	)		(14,242	)		(2,082	)		(0.0	)(a)
TrueCar, Inc.*		(3,793	)		(12,441	)		(739	)		(0.0	)(a)
Zillow Group, Inc.*		(75	)		(2,429	)		(277	)		(0.0	)(a)
		(4,292	)		(29,112	)		(3,098	)		(0.0	)(a)
Internet & Direct Marketing Retail
Farfetch Ltd.*		(2,735	)		(24,424	)		(2,114	)		(0.0	)(a)
Machinery
Deere & Co.		(91	)		(15,847	)		(577	)		(0.0	)(a)
Evoqua Water Technologies Corp.*		(2,082	)		(36,164	)		(3,352	)		(0.0	)(a)
Trinity Industries, Inc.		(3,663	)		(72,454	)		208			0.0	(a)
Wabtec Corp.		(224	)		(15,539	)		(988	)		(0.0	)(a)
		(6,060	)		(140,004	)		(4,709	)		(0.0	)(a)
Marine
Kirby Corp.*		(761	)		(60,241	)		533			0.0	(a)
Media
Altice USA, Inc.*		(2,143	)		(66,326	)		(5,786	)		(0.0	)(a)
Metals & Mining
Century Aluminum Co.*		(1,675	)		(9,765	)		544			0.0	(a)
Coeur Mining, Inc.*		(1,487	)		(8,208	)		(401	)		(0.0	)(a)
Constellium SE*		(3,386	)		(45,136	)		(2,065	)		(0.0	)(a)
Hecla Mining Co.		(776	)		(1,785	)		(241	)		(0.0	)(a)
United States Steel Corp.		(5,026	)		(57,849	)		(6,886	)		(0.0	)(a)
		(12,350	)		(122,743	)		(9,049	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Antero Resources Corp.*		(25,997	)		(64,992	)		8,431			0.0	(a)
Cheniere Energy, Inc.*		(44	)		(2,708	)		(9	)		(0.0	)(a)
Golar LNG Ltd.		(1,502	)		(20,683	)		811			0.0	(a)
Matador Resources Co.*		(2,882	)		(40,089	)		346			0.0	(a)
SM Energy Co.		(754	)		(5,911	)		188			0.0	(a)
		(31,179	)		(134,383	)		9,767			0.0	(a)
Pharmaceuticals
Aerie Pharmaceuticals, Inc.*		(983	)		(21,813	)		(4,394	)		(0.0	)(a)
Intersect ENT, Inc.*		(2,337	)		(41,646	)		(841	)		(0.0	)(a)
Revance Therapeutics, Inc.*		(711	)		(11,134	)		(2,844	)		(0.0	)(a)
Theravance Biopharma, Inc.*		(4,449	)		(71,718	)		6,411			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 103

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Pharmaceuticals — continued
WaVe Life Sciences Ltd.*		(1,424	)		(36,013	)		(8,729	)		(0.1	)
Zogenix, Inc.*		(842	)		(37,595	)		(3,739	)		(0.0	)(a)
		(10,746	)		(219,919	)		(14,136	)		(0.1	)
Road & Rail
JB Hunt Transport Services, Inc.		(96	)		(11,286	)		(958	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Cohu, Inc.		(3,701	)		(61,511	)		(10,659	)		(0.1	)
Cree, Inc.*		(925	)		(44,150	)		(92	)		(0.0	)(a)
MACOM Technology Solutions Holdings, Inc.*		(842	)		(19,147	)		(1,154	)		(0.0	)(a)
NVIDIA Corp.		(226	)		(45,430	)		(4,066	)		(0.0	)(a)
		(5,694	)		(170,238	)		(15,971	)		(0.1	)
Software
Appian Corp.*		(293	)		(13,079	)		1,184			0.0	(a)
Avalara, Inc.*		(718	)		(50,978	)		287			0.0	(a)
Benefitfocus, Inc.*		(559	)		(12,709	)		310			0.0	(a)
FireEye, Inc.*		(3,445	)		(54,569	)		(3,548	)		(0.0	)(a)
Instructure, Inc.*		(305	)		(14,253	)		(1,443	)		(0.0	)(a)
RingCentral, Inc.*		(56	)		(9,045	)		26			0.0	(a)
Yext, Inc.*		(728	)		(11,983	)		(1,099	)		(0.0	)(a)
		(6,104	)		(166,616	)		(4,283	)		(0.0	)(a)
Specialty Retail
CarMax, Inc.*		(6	)		(559	)		(35	)		(0.0	)(a)
Carvana Co.*		(142	)		(11,513	)		(1,678	)		(0.0	)(a)
Floor & Decor Holdings, Inc.*		(418	)		(19,157	)		633			0.0	(a)
National Vision Holdings, Inc.*		(823	)		(19,588	)		(436	)		(0.0	)(a)
		(1,389	)		(50,817	)		(1,516	)		(0.0	)(a)
Tobacco
Vector Group Ltd.		(3,993	)		(48,715	)		(3,793	)		(0.0	)(a)
Trading Companies & Distributors
MRC Global, Inc.*		(6,127	)		(69,603	)		427			0.0	(a)
Water Utilities
Aqua America, Inc.		(1,498	)		(67,904	)		210			0.0	(a)
Total Short Positions of Total Return Basket Swap		(189,086	)		(3,519,182	)		(133,798	)		(0.5	)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day EONIA and one month EURIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (8.75)% to 0.23%), which is denominated in EUR based on the local currencies of the positions within the swaps.	5/25/2028 – 11/1/2029	$	(473,595	)	$	48,239	$	10,457	$	58,696

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Air Freight & Logistics
Bollore SA		24,470		106,013		8,186			0.0	(a)
Automobiles
Peugeot SA		785		19,881		593			0.0	(a)
Chemicals
Covestro AG (b)		272		13,062		(99	)		(0.0	)(a)
Koninklijke DSM NV		181		21,482		88			0.0	(a)
		453		34,544		(11	)		(0.0	)(a)
Commercial Services & Supplies
Edenred		495		26,090		2,703			0.0	(a)
SPIE SA		620		13,086		565			0.0	(a)
		1,115		39,176		3,268			0.0	(a)
Construction & Engineering
ACS Actividades de Construccion y Servicios SA		1,829		74,217		2,589			0.0	(a)
Eiffage SA		235		25,240		810			0.0	(a)
HOCHTIEF AG		687		85,836		6,884			0.1
Koninklijke BAM Groep NV		20,712		52,585		585			0.0	(a)
Vinci SA		904		101,426		3,477			0.0	(a)
		24,367		339,304		14,345			0.1
Construction Materials
HeidelbergCement AG		103		7,636		545			0.0	(a)
Diversified Financial Services
Banca IFIS SpA		5,591		94,853		3,467			0.0	(a)
Diversified Telecommunication Services
Deutsche Telekom AG (Registered)		1,163		20,464		610			0.0	(a)
Elisa OYJ		1,838		100,384		483			0.0	(a)
Koninklijke KPN NV		4,144		12,864		(675	)		(0.0	)(a)
Telefonica SA		3,178		24,405		(22	)		(0.0	)(a)
		10,323		158,117		396			0.0	(a)
Electric Utilities
EDP — Energias de Portugal SA		23,989		98,816		2,638			0.0	(a)
Endesa SA		610		16,613		639			0.0	(a)
Enel SpA		1,573		12,192		318			0.0	(a)
Verbund AG		222		12,027		409			0.0	(a)
		26,394		139,648		4,004			0.0	(a)
Electrical Equipment
Signify NV (b)		959		28,099		2,442			0.0	(a)
Energy Equipment & Services
SBM Offshore NV		2,662		45,908		1,830			0.0	(a)
Food & Staples Retailing
Koninklijke Ahold Delhaize NV		3,132		78,050		(474	)		(0.0	)(a)
Food Products
Danone SA		122		10,107		(593	)		(0.0	)(a)
Gas Utilities
Italgas SpA		12,964		83,458		1,043			0.0	(a)
Snam SpA		5,090		26,132		288			0.0	(a)
		18,054		109,590		1,331			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 105

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Health Care Equipment & Supplies
Koninklijke Philips NV		367		16,102		562			0.0	(a)
Insurance
ASR Nederland NV		674		24,708		(101	)		(0.0	)(a)
Assicurazioni Generali SpA		4,519		91,634		1,559			0.0	(a)
AXA SA		451		11,939		487			0.0	(a)
Unipol Gruppo SpA		2,298		12,825		396			0.0	(a)
UnipolSai Assicurazioni SpA		29,410		82,082		3,345			0.0	(a)
		37,352		223,188		5,686			0.0	(a)
Machinery
Kone OYJ		1,669		106,275		9,352			0.1
Valmet OYJ		1,267		28,356		3,758			0.0	(a)
		2,936		134,631		13,110			0.1
Media
ProSiebenSat.1 Media SE		1,796		26,521		1,259			0.0	(a)
Publicis Groupe SA		1,020		43,899		(4,417	)		(0.0	)(a)
		2,816		70,420		(3,158	)		(0.0	)(a)
Multi-Utilities
A2A SpA		7,214		14,482		1,024			0.0	(a)
Iren SpA		32,860		101,957		1,913			0.0	(a)
RWE AG		426		12,982		92			0.0	(a)
Veolia Environnement SA		3,840		101,083		3,030			0.0	(a)
		44,340		230,504		6,059			0.0	(a)
Oil, Gas & Consumable Fuels
Eni SpA		1,424		21,604		(126	)		(0.0	)(a)
Neste OYJ		602		21,752		2,257			0.0	(a)
OMV AG		215		12,569		875			0.0	(a)
Repsol SA		1,068		17,600		549			0.0	(a)
		3,309		73,525		3,555			0.0	(a)
Pharmaceuticals
Ipsen SA		308		32,829		2,940			0.0	(a)
UCB SA		1,365		110,017		11,943			0.1
		1,673		142,846		14,883			0.1
Semiconductors & Semiconductor Equipment
Dialog Semiconductor plc*		313		14,079		(787	)		(0.0	)(a)
Textiles, Apparel & Luxury Goods
adidas AG		37		11,424		(74	)		(0.0	)(a)
Christian Dior SE		125		61,745		(305	)		(0.0	)(a)
Kering SA		20		11,380		1,052			0.0	(a)
		182		84,549		673			0.0	(a)
Transportation Infrastructure
Aena SME SA (b)		131		24,047		(378	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		211,949		2,224,817		79,534			0.3

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Aerospace & Defense
Thales SA		(754	)		(73,711	)		6,659			0.0	(a)
Air Freight & Logistics
PostNL NV		(35,095	)		(80,635	)		(7,089	)		(0.0	)(a)
Automobiles
Bayerische Motoren Werke AG		(820	)		(62,791	)		(4,921	)		(0.0	)(a)
Daimler AG (Registered)		(276	)		(16,133	)		(2,099	)		(0.0	)(a)
		(1,096	)		(78,924	)		(7,020	)		(0.0	)(a)
Banks
Bankia SA		(12,378	)		(23,615	)		(50	)		(0.0	)(a)
FinecoBank Banca Fineco SpA		(1,438	)		(16,211	)		(935	)		(0.0	)(a)
		(13,816	)		(39,826	)		(985	)		(0.0	)(a)
Chemicals
BASF SE		(796	)		(60,511	)		(4,563	)		(0.1	)
Umicore SA		(1,504	)		(62,085	)		(2,740	)		(0.0	)(a)
Wacker Chemie AG		(370	)		(28,987	)		(2,811	)		(0.0	)(a)
					��
		(2,670	)		(151,583	)		(10,114	)		(0.1	)
Communications Equipment
Nokia OYJ		(20,381	)		(74,819	)		17,656			0.0	(a)
Construction & Engineering
Bouygues SA		(1,499	)		(63,585	)		(238	)		(0.0	)(a)
Ferrovial SA		(2,477	)		(73,079	)		(1,774	)		(0.0	)(a)
		(3,976	)		(136,664	)		(2,012	)		(0.0	)(a)
Diversified Financial Services
Groupe Bruxelles Lambert SA		(740	)		(74,337	)		(2,480	)		(0.0	)(a)
Wendel SA		(523	)		(74,160	)		(2,164	)		(0.0	)(a)
		(1,263	)		(148,497	)		(4,644	)		(0.0	)(a)
Diversified Telecommunication Services
Cellnex Telecom SA* (b)		(1,630	)		(70,332	)		3,014			0.0	(a)
Iliad SA		(363	)		(37,620	)		(3,082	)		(0.0	)(a)
Masmovil Ibercom SA*		(2,836	)		(65,664	)		9,214			0.0	(a)
United Internet AG (Registered)		(2,326	)		(70,218	)		14,350			0.1
		(7,155	)		(243,834	)		23,496			0.1
Electric Utilities
Fortum OYJ		(2,843	)		(69,476	)		(3,123	)		(0.0	)(a)
Electrical Equipment
Prysmian SpA		(3,405	)		(78,766	)		(4,310	)		(0.0	)(a)
Energy Equipment & Services
Tenaris SA		(5,928	)		(60,139	)		1,423			0.0	(a)
Food Products
Kerry Group plc		(569	)		(68,791	)		(1,936	)		(0.0	)(a)
Gas Utilities
Rubis SCA		(164	)		(9,510	)		(180	)		(0.0	)(a)
Health Care Providers & Services
Orpea		(580	)		(69,857	)		1,763			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 107

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Hotels, Restaurants & Leisure
Accor SA		(1,384	)		(59,531	)		(1,912	)		(0.0	)(a)
Autogrill SpA		(5,802	)		(57,363	)		167			0.0	(a)
Elior Group SA(b)		(1,466	)		(18,986	)		418			0.0	(a)
Flutter Entertainment plc		(516	)		(53,302	)		(3,170	)		(0.0	)(a)
		(9,168	)		(189,182	)		(4,497	)		(0.0	)(a)
Industrial Conglomerates
Rheinmetall AG		(549	)		(66,213	)		3,427			0.0	(a)
Internet & Direct Marketing Retail
Delivery Hero SE* (b)		(1,304	)		(61,187	)		(3,290	)		(0.0	)(a)
Rocket Internet SE* (b)		(2,487	)		(66,043	)		200			0.0	(a)
Zalando SE* (b)		(1,012	)		(43,878	)		2,459			0.0	(a)
		(4,803	)		(171,108	)		(631	)		(0.0	)(a)
Life Sciences Tools & Services
Eurofins Scientific SE		(19	)		(9,633	)		45			0.0	(a)
Machinery
ANDRITZ AG		(666	)		(29,948	)		(3,156	)		(0.0	)(a)
Fincantieri SpA		(59,157	)		(62,425	)		(3,540	)		(0.0	)(a)
GEA Group AG		(1,582	)		(48,362	)		(4,525	)		(0.0	)(a)
Konecranes OYJ		(2,469	)		(76,249	)		(3,675	)		(0.0	)(a)
Metso OYJ		(2,045	)		(77,417	)		(4,637	)		(0.1	)
		(65,919	)		(294,401	)		(19,533	)		(0.1	)
Media
Altice Europe NV*		(4,939	)		(28,260	)		(757	)		(0.0	)(a)
JCDecaux SA		(2,730	)		(74,626	)		(2,666	)		(0.0	)(a)
		(7,669	)		(102,886	)		(3,423	)		(0.0	)(a)
Metals & Mining
AMG Advanced Metallurgical Group NV		(1,757	)		(43,228	)		4,753			0.0	(a)
ArcelorMittal		(3,702	)		(55,045	)		(2,557	)		(0.0	)(a)
thyssenkrupp AG		(813	)		(11,594	)		(283	)		(0.0	)(a)
		(6,272	)		(109,867	)		1,913			0.0	(a)
Semiconductors & Semiconductor Equipment
AIXTRON SE*		(4,914	)		(44,925	)		3,488			0.0	(a)
Infineon Technologies AG		(1,766	)		(34,205	)		(2,338	)		(0.0	)(a)
SOITEC*		(636	)		(70,152	)		(4,328	)		(0.0	)(a)
		(7,316	)		(149,282	)		(3,178	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
S&T AG		(2,713	)		(57,858	)		(3,625	)		(0.0	)(a)
Trading Companies & Distributors
Rexel SA		(5,778	)		(71,633	)		(8,343	)		(0.0	)(a)
Transportation Infrastructure
Aeroports de Paris		(373	)		(70,940	)		(3,565	)		(0.0	)(a)
Getlink SE		(740	)		(12,396	)		(1,170	)		(0.0	)(a)
		(1,113	)		(83,336	)		(4,735	)		(0.0	)(a)
Wireless Telecommunication Services
1&1 Drillisch AG		(298	)		(7,981	)		1,701			0.0	(a)
Total Short Positions of Total Return Basket Swap		(211,312	)		(2,698,412	)		(31,295	)		(0.1	)
Total of Long and Short Positions of Total Return Basket Swap		637			(473,595	)		48,239			0.2

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day LIBOR and one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.55)% to 0.18%), which is denominated in CHF based on the local currencies of the positions within the swaps.	5/26/2028 – 11/1/2029	$	265,055	$	(5,915	)	$	(2,805	)	$	(8,720	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Diversified Telecommunication Services
Sunrise Communications Group AG* (b)		1,283			99,824			1,008			0.0	(a)
Electronic Equipment, Instruments & Components
Landis+Gyr Group AG*		104			9,657			62			0.0	(a)
Health Care Equipment & Supplies
Sonova Holding AG (Registered)		356			81,694			654			0.0	(a)
Machinery
OC Oerlikon Corp. AG (Registered)		3,755			38,535			1,575			0.0	(a)
Pharmaceuticals
Roche Holding AG		267			79,600			2,560			0.0	(a)
Professional Services
Adecco Group AG (Registered)		1,655			98,383			45			0.0	(a)
Real Estate Management & Development
PSP Swiss Property AG (Registered)		731			96,759			803			0.0	(a)
Total Long Positions of Total Return Basket Swap		8,151			504,452			6,707			0.0	(a)
Short Positions
Common Stocks
Chemicals
Givaudan SA (Registered)		(21	)		(61,697	)		(2,167	)		(0.0	)(a)
Sika AG (Registered)		(84	)		(14,440	)		(1,387	)		(0.0	)(a)
		(105	)		(76,137	)		(3,554	)		(0.0	)(a)
Electrical Equipment
ABB Ltd. (Registered)		(869	)		(18,249	)		(2,269	)		(0.0	)(a)
Marine
Kuehne + Nagel International AG (Registered)		(476	)		(76,901	)		(5,019	)		(0.0	)(a)
Pharmaceuticals
Vifor Pharma AG		(65	)		(10,236	)		(52	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
ams AG*		(1,288	)		(57,874	)		(1,728	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(2,803	)		(239,397	)		(12,622	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		5,348			265,055			(5,915	)		0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 109

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day BOJ TONAR and one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (2.50)% to 0.28%), which is denominated in JPY based on the local currencies of the positions within the swaps.	5/26/2028 – 11/2/2029	$	2,117,578	$	5,164	$	25,968	$	31,132

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
Japan Airlines Co. Ltd.		3,100		96,602		2,773			0.0	(a)
Auto Components
TS Tech Co. Ltd.		2,100		67,257		4,698			0.0	(a)
Yokohama Rubber Co. Ltd. (The)		3,600		80,407		8,535			0.1
		5,700		147,664		13,233			0.1
Beverages
Asahi Group Holdings Ltd.		1,900		95,147		(744	)		(0.0	)(a)
Suntory Beverage & Food Ltd.		2,100		89,777		310			0.0	(a)
		4,000		184,924		(434	)		(0.0	)(a)
Chemicals
DIC Corp.*		2,900		83,071		2,966			0.0	(a)
Kureha Corp.		1,300		83,088		5,640			0.0	(a)
Mitsui Chemicals, Inc.		3,500		83,235		5,274			0.0	(a)
Showa Denko KK		2,900		81,365		5,732			0.0	(a)
Teijin Ltd.		4,600		92,177		3,795			0.0	(a)
Tokuyama Corp.		3,100		82,813		9,652			0.1
Zeon Corp.		6,500		74,046		(9,071	)		(0.0	)(a)
		24,800		579,795		23,988			0.1
Commercial Services & Supplies
Dai Nippon Printing Co. Ltd.		3,700		98,822		4,417			0.0	(a)
Sohgo Security Services Co. Ltd.		1,800		97,772		4,902			0.0	(a)
		5,500		196,594		9,319			0.0	(a)
Construction & Engineering
Hazama Ando Corp.		12,100		93,752		6,311			0.0	(a)
Kyowa Exeo Corp.		4,000		101,768		7,114			0.1
Kyudenko Corp.		2,800		91,494		862			0.0	(a)
		18,900		287,014		14,287			0.1
Construction Materials
Sumitomo Osaka Cement Co. Ltd.		1,900		82,939		2,146			0.0	(a)
Taiheiyo Cement Corp.		2,900		82,038		5,823			0.0	(a)
		4,800		164,977		7,969			0.0	(a)
Containers & Packaging
Rengo Co. Ltd.		11,600		84,112		2,247			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Diversified Financial Services
Mitsubishi UFJ Lease & Finance Co. Ltd.		14,900		91,471		3,550			0.0	(a)
Diversified Telecommunication Services
Nippon Telegraph & Telephone Corp.		300		14,893		(75	)		(0.0	)(a)
Electronic Equipment, Instruments & Components
Hitachi Ltd.		2,400		89,574		2,153			0.0	(a)
Japan Aviation Electronics Industry Ltd.		5,700		106,184		18,855			0.1
		8,100		195,758		21,008			0.1
Entertainment
Akatsuki, Inc.*		1,500		83,593		(8,999	)		(0.0	)(a)
Capcom Co. Ltd.		3,500		82,613		(9,645	)		(0.0	)(a)
GungHo Online Entertainment, Inc.*		4,380		94,864		4,892			0.0	(a)
		9,380		261,070		(13,752	)		(0.0	)(a)
Food & Staples Retailing
Lawson, Inc.		1,700		93,783		3,244			0.0	(a)
Food Products
Morinaga & Co. Ltd.*		1,900		93,859		582			0.0	(a)
Health Care Providers & Services
Alfresa Holdings Corp.		4,200		93,781		1,614			0.0	(a)
Medipal Holdings Corp.		4,000		91,390		3,012			0.0	(a)
Suzuken Co. Ltd.		1,800		96,109		409			0.0	(a)
		10,000		281,280		5,035			0.0	(a)
Hotels, Restaurants & Leisure
Round One Corp.		6,900		88,972		(8,252	)		(0.0	)(a)
Sushiro Global Holdings Ltd.		1,300		89,379		(2,008	)		(0.0	)(a)
		8,200		178,351		(10,260	)		(0.0	)(a)
Household Durables
Sekisui House Ltd.		4,100		88,414		(502	)		(0.0	)(a)
Insurance
MS&AD Insurance Group Holdings, Inc.		3,100		100,103		(758	)		(0.0	)(a)
IT Services
Nihon Unisys Ltd.		2,800		92,427		111			0.0	(a)
Otsuka Corp.*		2,500		100,795		5,725			0.0	(a)
TIS, Inc.		1,500		90,950		101			0.0	(a)
		6,800		284,172		5,937			0.0	(a)
Leisure Products
Bandai Namco Holdings, Inc.		1,400		86,085		204			0.0	(a)
Tomy Co. Ltd.		8,200		88,923		(91	)		(0.0	)(a)
		9,600		175,008		113			0.0	(a)
Machinery
Amada Holdings Co. Ltd.		8,400		95,660		6,389			0.0	(a)
DMG Mori Co. Ltd.		6,400		103,617		12,744			0.1
Ebara Corp.*		3,200		94,676		8,955			0.0	(a)
Glory Ltd.		3,300		97,161		(525	)		(0.0	)(a)
MINEBEA MITSUMI, Inc.		5,500		104,454		11,725			0.1
Mitsubishi Heavy Industries Ltd.		2,300		93,080		3,463			0.0	(a)
Shinmaywa Industries Ltd.		8,100		99,784		411			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 111

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Machinery — continued
Takeuchi Manufacturing Co. Ltd.		5,900		92,195		1,048			0.0	(a)
THK Co. Ltd.		3,600		103,519		11,570			0.0	(a)
		46,700		884,146		55,780			0.2
Media
Hakuhodo DY Holdings, Inc.		6,500		96,998		5,562			0.0	(a)
Metals & Mining
Mitsubishi Materials Corp.		2,900		83,390		6,372			0.1
Tokyo Steel Manufacturing Co. Ltd.		10,300		82,922		3,924			0.0	(a)
		13,200		166,312		10,296			0.1
Oil, Gas & Consumable Fuels
Cosmo Energy Holdings Co. Ltd.		4,500		96,230		3,801			0.0	(a)
Paper & Forest Products
Oji Holdings Corp.		15,900		82,207		5,601			0.0	(a)
Pharmaceuticals
Astellas Pharma, Inc.		3,700		63,502		10,411			0.1
Kaken Pharmaceutical Co. Ltd.		2,100		102,960		7,126			0.0	(a)
Kyowa Hakko Kirin Co. Ltd.		5,100		93,840		1,887			0.0	(a)
Sawai Pharmaceutical Co. Ltd.		1,800		101,569		9,991			0.0	(a)
Shionogi & Co. Ltd.		500		30,012		2,734			0.0	(a)
Sumitomo Dainippon Pharma Co. Ltd.		5,800		101,228		6,412			0.0	(a)
		19,000		493,111		38,561			0.1
Professional Services
Meitec Corp.		1,900		99,048		4,706			0.0	(a)
TechnoPro Holdings, Inc.*		1,600		98,409		2,658			0.0	(a)
UT Group Co. Ltd.		4,200		104,326		16,141			0.1
		7,700		301,783		23,505			0.1
Real Estate Management & Development
SAMTY Co. Ltd.*		5,300		99,859		3,207			0.0	(a)
Road & Rail
Sankyu, Inc.		1,800		91,514		(4,335	)		(0.0	)(a)
Seino Holdings Co. Ltd.		7,500		96,435		2,169			0.0	(a)
		9,300		187,949		(2,166	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Optorun Co. Ltd.*		3,000		90,483		3,211			0.0	(a)
Specialty Retail
ABC-Mart, Inc.		1,200		82,278		4,686			0.0	(a)
Technology Hardware, Storage & Peripherals
Brother Industries Ltd.		1,500		28,191		1,381			0.0	(a)
FUJIFILM Holdings Corp.		2,200		96,585		2,118			0.0	(a)
		3,700		124,776		3,499			0.0	(a)
Trading Companies & Distributors
ITOCHU Corp.		800		16,726		510			0.0	(a)
Kanamoto Co. Ltd.		3,800		101,590		7,066			0.0	(a)
		4,600		118,316		7,576			0.0	(a)
Transportation Infrastructure
Kamigumi Co. Ltd.		4,200		94,967		(561	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Wireless Telecommunication Services
KDDI Corp.		3,200			88,548			874			0.0	(a)
NTT DOCOMO, Inc.		200			5,483			200			0.0	(a)
		3,400			94,031			1,074			0.0	(a)
Total Long Positions of Total Return Basket Swap		304,680			6,613,290			251,136			0.9
Short Positions
Common Stocks
Auto Components
NGK Spark Plug Co. Ltd.		(3,000	)		(60,822	)		(5,414	)		(0.0	)(a)
Toyo Tire Corp.		(4,500	)		(62,767	)		(8,158	)		(0.1	)
		(7,500	)		(123,589	)		(13,572	)		(0.1	)
Automobiles
Mitsubishi Motors Corp.		(1,500	)		(6,849	)		53			0.0	(a)
Nissan Motor Co. Ltd.		(10,300	)		(64,999	)		(1,943	)		(0.0	)(a)
		(11,800	)		(71,848	)		(1,890	)		(0.0	)(a)
Banks
Bank of Kyoto Ltd. (The)		(1,700	)		(67,287	)		(4,672	)		(0.0	)(a)
Beverages
Coca-Cola Bottlers Japan Holdings, Inc.		(3,000	)		(68,112	)		12			0.0	(a)
Building Products
TOTO Ltd.		(1,800	)		(73,486	)		(6,187	)		(0.0	)(a)
Capital Markets
Nomura Holdings, Inc.		(15,900	)		(72,265	)		(3,335	)		(0.0	)(a)
Chemicals
Air Water, Inc.		(3,300	)		(61,779	)		(2,323	)		(0.0	)(a)
JSR Corp.		(3,300	)		(61,954	)		(8,857	)		(0.1	)
Kuraray Co. Ltd.		(5,100	)		(60,676	)		105			0.0	(a)
Taiyo Nippon Sanso Corp.		(2,600	)		(60,865	)		(5,542	)		(0.0	)(a)
Toray Industries, Inc.		(3,300	)		(23,322	)		1,522			0.0	(a)
		(17,600	)		(268,596	)		(15,095	)		(0.1	)
Construction & Engineering
JGC Holdings Corp.		(2,300	)		(33,266	)		(3,683	)		(0.0	)(a)
Maeda Corp.		(7,800	)		(72,390	)		666			0.0	(a)
SHO-BOND Holdings Co. Ltd.*		(1,900	)		(73,740	)		(5,526	)		(0.0	)(a)
		(12,000	)		(179,396	)		(8,543	)		(0.0	)(a)
Consumer Finance
Aiful Corp.*		(3,700	)		(8,615	)		(528	)		(0.0	)(a)
Electrical Equipment
Fujikura Ltd.		(11,900	)		(55,217	)		(8,326	)		(0.0	)(a)
Mabuchi Motor Co. Ltd.		(1,800	)		(72,930	)		(9,050	)		(0.1	)
Nidec Corp.		(500	)		(73,613	)		(6,292	)		(0.0	)(a)
		(14,200	)		(201,760	)		(23,668	)		(0.1	)
Electronic Equipment, Instruments & Components
Keyence Corp.		(100	)		(63,229	)		(3,471	)		(0.0	)(a)
Murata Manufacturing Co. Ltd.		(600	)		(32,669	)		(1,106	)		(0.0	)(a)
Shimadzu Corp.		(2,800	)		(74,777	)		(7,014	)		(0.1	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 113

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Electronic Equipment, Instruments & Components — continued
TDK Corp.		(700	)		(69,072	)		(4,985	)		(0.0	)(a)
Yaskawa Electric Corp.		(1,900	)		(72,272	)		(4,757	)		(0.0	)(a)
		(6,100	)		(312,019	)		(21,333	)		(0.1	)
Entertainment
Square Enix Holdings Co. Ltd.		(1,500	)		(71,382	)		(134	)		(0.0	)(a)
Food & Staples Retailing
Aeon Co. Ltd.		(1,200	)		(24,144	)		(604	)		(0.0	)(a)
Cosmos Pharmaceutical Corp.		(400	)		(82,604	)		(375	)		(0.0	)(a)
Kusuri no Aoki Holdings Co. Ltd.*		(900	)		(67,120	)		(3,338	)		(0.0	)(a)
		(2,500	)		(173,868	)		(4,317	)		(0.0	)(a)
Food Products
Kikkoman Corp.		(1,500	)		(72,154	)		(2,411	)		(0.0	)(a)
Yamazaki Baking Co. Ltd.*		(3,900	)		(66,490	)		2,400			0.0	(a)
		(5,400	)		(138,644	)		(11	)		(0.0	)(a)
Gas Utilities
Nippon Gas Co. Ltd.		(2,300	)		(65,103	)		3,558			0.0	(a)
Health Care Equipment & Supplies
Asahi Intecc Co., Ltd.		(2,700	)		(74,292	)		(959	)		(0.0	)(a)
Hotels, Restaurants & Leisure
HIS Co. Ltd.		(1,100	)		(28,546	)		(655	)		(0.0	)(a)
Kyoritsu Maintenance Co. Ltd.		(600	)		(26,542	)		(1,367	)		(0.0	)(a)
Toridoll Holdings Corp.		(2,900	)		(66,230	)		1,355			0.0	(a)
		(4,600	)		(121,318	)		(667	)		(0.0	)(a)
Household Durables
Panasonic Corp.		(6,600	)		(55,469	)		(2,787	)		(0.0	)(a)
Sharp Corp.*		(2,300	)		(26,384	)		(1,520	)		(0.0	)(a)
		(8,900	)		(81,853	)		(4,307	)		(0.0	)(a)
Household Products
Pigeon Corp.		(1,600	)		(78,109	)		(10,846	)		(0.1	)
Industrial Conglomerates
Keihan Holdings Co. Ltd.		(1,600	)		(75,547	)		533			0.0	(a)
Toshiba Corp.		(300	)		(10,259	)		(146	)		(0.0	)(a)
		(1,900	)		(85,806	)		387			0.0	(a)
Interactive Media & Services
LINE Corp.*		(1,200	)		(44,144	)		(353	)		(0.0	)(a)
IT Services
GMO Payment Gateway, Inc.		(900	)		(66,329	)		(1,722	)		(0.0	)(a)
Leisure Products
Sega Sammy Holdings, Inc.		(1,200	)		(16,888	)		384			0.0	(a)
Machinery
CKD Corp.		(5,100	)		(71,599	)		(6,731	)		(0.0	)(a)
Daifuku Co. Ltd.		(1,300	)		(68,980	)		(1,671	)		(0.0	)(a)
FANUC Corp.		(100	)		(19,725	)		(1,932	)		(0.0	)(a)
Hino Motors Ltd.		(8,500	)		(80,362	)		(11,343	)		(0.1	)
Hitachi Construction Machinery Co. Ltd.		(2,800	)		(72,274	)		(7,956	)		(0.0	)(a)
IHI Corp.		(800	)		(19,715	)		(2,091	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Machinery — continued
Komatsu Ltd.		(3,100	)		(72,586	)		(4,104	)		(0.0	)(a)
Makita Corp.		(2,400	)		(80,714	)		(11,092	)		(0.1	)
MISUMI Group, Inc.		(2,900	)		(72,902	)		(8,107	)		(0.0	)(a)
Nabtesco Corp.		(2,200	)		(70,037	)		(3,066	)		(0.0	)(a)
NGK Insulators Ltd.		(4,800	)		(73,741	)		(5,563	)		(0.0	)(a)
NTN Corp.		(22,900	)		(71,003	)		(633	)		(0.0	)(a)
SMC Corp.		(200	)		(86,408	)		(353	)		(0.0	)(a)
		(57,100	)		(860,046	)		(64,642	)		(0.2	)
Marine
Kawasaki Kisen Kaisha Ltd.*		(3,000	)		(44,640	)		(6,814	)		(0.0	)(a)
Nippon Yusen KK		(1,500	)		(26,947	)		(1,527	)		(0.0	)(a)
		(4,500	)		(71,587	)		(8,341	)		(0.0	)(a)
Metals & Mining
Hitachi Metals Ltd.		(5,400	)		(67,772	)		(7,977	)		(0.0	)(a)
Kobe Steel Ltd.		(800	)		(4,301	)		(155	)		(0.0	)(a)
		(6,200	)		(72,073	)		(8,132	)		(0.0	)(a)
Multiline Retail
Isetan Mitsukoshi Holdings Ltd.		(8,000	)		(63,801	)		391			0.0	(a)
Marui Group Co. Ltd.		(600	)		(13,338	)		(616	)		(0.0	)(a)
Pan Pacific International Holdings Corp.		(1,400	)		(22,038	)		48			0.0	(a)
Ryohin Keikaku Co. Ltd.		(2,600	)		(57,882	)		(9,903	)		(0.1	)
Takashimaya Co. Ltd.		(4,000	)		(46,432	)		(2,114	)		(0.0	)(a)
		(16,600	)		(203,491	)		(12,194	)		(0.1	)
Personal Products
Kose Corp.		(400	)		(70,918	)		(1,531	)		(0.0	)(a)
Shiseido Co. Ltd.		(900	)		(74,203	)		(2,508	)		(0.0	)(a)
		(1,300	)		(145,121	)		(4,039	)		(0.0	)(a)
Road & Rail
Keisei Electric Railway Co. Ltd.		(1,700	)		(69,505	)		494			0.0	(a)
Kyushu Railway Co.		(2,200	)		(72,683	)		22			0.0	(a)
Nankai Electric Railway Co. Ltd.		(2,200	)		(57,171	)		(550	)		(0.0	)(a)
Nippon Express Co. Ltd.		(300	)		(17,117	)		(1,718	)		(0.0	)(a)
Odakyu Electric Railway Co. Ltd.		(2,900	)		(70,592	)		(241	)		(0.0	)(a)
Tokyu Corp.		(400	)		(7,566	)		47			0.0	(a)
		(9,700	)		(294,634	)		(1,946	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Disco Corp.		(300	)		(65,471	)		(7,095	)		(0.0	)(a)
Rohm Co. Ltd.		(800	)		(63,383	)		(1,801	)		(0.0	)(a)
SCREEN Holdings Co. Ltd.*		(1,100	)		(76,367	)		(9,172	)		(0.1	)
		(2,200	)		(205,221	)		(18,068	)		(0.1	)
Technology Hardware, Storage & Peripherals
Seiko Epson Corp.		(3,400	)		(48,080	)		(2,796	)		(0.0	)(a)
Textiles, Apparel & Luxury Goods
Asics Corp.		(3,300	)		(56,655	)		(2,303	)		(0.0	)(a)
Transportation Infrastructure
Japan Airport Terminal Co. Ltd.		(1,500	)		(74,095	)		(5,713	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(235,800	)		(4,495,712	)		(245,972	)		(0.9	)
Total of Long and Short Positions of Total Return Basket Swap		68,880			2,117,578			5,164			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 115

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one dayOIS-RBA and one month BBR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.28)% to 0.30%), which is denominated in AUD based on the local currencies of the positions within the swaps.	11/13/2019 – 9/26/2029	$	851,310	$	47,478	$	(4,567	)	$	42,911

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
Qantas Airways Ltd.		21,500			95,097			927			0.0	(a)
Construction & Engineering
CIMIC Group Ltd.		4,476			102,003			6,645			0.0	(a)
Food & Staples Retailing
Metcash Ltd.		10,453			20,320			274			0.0	(a)
Metals & Mining
Alumina Ltd.		53,519			83,549			(19	)		(0.0	)(a)
BHP Group Ltd.		3,318			81,332			805			0.0	(a)
Iluka Resources Ltd.		13,916			90,076			16,939			0.1
Regis Resources Ltd.		28,371			96,151			(2,529	)		(0.0	)(a)
Rio Tinto Ltd.		1,318			82,419			2,195			0.0	(a)
		100,442			433,527			17,391			0.1
Oil, Gas & Consumable Fuels
Beach Energy Ltd.		60,867			95,743			(2,815	)		(0.0	)(a)
Santos Ltd.		18,763			104,951			9,627			0.1
Whitehaven Coal Ltd.		34,758			79,053			4,707			0.0	(a)
Woodside Petroleum Ltd.		4,484			99,381			3,829			0.0	(a)
		118,872			379,128			15,348			0.1
Road & Rail
Aurizon Holdings Ltd.		23,973			97,528			827			0.0	(a)
Total Long Positions of Total Return Basket Swap		279,716			1,127,603			41,412			0.2
Short Positions
Common Stocks
Chemicals
Nufarm Ltd.*		(929	)		(3,791	)		535			0.0	(a)
Construction Materials
Adelaide Brighton Ltd.		(3,594	)		(7,633	)		(188	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(939	)		(33,036	)		(2,152	)		(0.0	)(a)
Star Entertainment Grp Ltd. (The)		(10,276	)		(33,320	)		(2,954	)		(0.0	)(a)
		(11,215	)		(66,356	)		(5,106	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
IT Services
Afterpay Touch Group Ltd.*		(2,713	)		(53,858	)		11,612			0.0	(a)
NEXTDC Ltd.*		(2,797	)		(12,361	)		(283	)		(0.0	)(a)
		(5,510	)		(66,219	)		11,329			0.0	(a)
Oil, Gas & Consumable Fuels
Oil Search Ltd.		(1,175	)		(5,799	)		(198	)		(0.0	)(a)
Professional Services
ALS Ltd.		(11,030	)		(61,344	)		(281	)		(0.0	)(a)
Transportation Infrastructure
Qube Holdings Ltd.		(29,058	)		(65,151	)		(25	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(62,511	)		(276,293	)		6,066			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		217,205			851,310			47,478			0.2

The following reference rates, and their values as of period-end, are used for security descriptions:

	VALUE
1 day CHF LIBOR		(0.81	)%
1 month CHF LIBOR		(0.79	)
BA		1.83
BBR		0.75
BOJ TONAR		(0.10	)
CORRA		1.76
EONIA		(0.46	)
EURIBOR		(0.44	)
FEDEF		1.58
GBP LIBOR		0.71
JPY LIBOR		(0.11	)
OIS-RBA		0.75
SONIA		0.71
USD LIBOR		1.78

Summary of total swap contracts outstanding as of October 31, 2019
	NET UPFRONT PAYMENTS (RECEIPTS)($)		VALUE ($)
Assets
OTC Total return basket swap contracts outstanding		—		288,433
Liabilities
OTC Total return basket swap contracts outstanding		—		(831,122	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 117

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

Abbreviations

AUD	Australian Dollar
BA	Banker’s Acceptance Rate
BBR	Bank Base Rate
BOJ	Bank of Japan
CAD	Canadian Dollar
CHF	Swiss Franc
CORRA	Canadian Overnight Repo Rate Average
EONIA	Euro Overnight Index Average
EUR	Euro
EURIBOR	Euro Interbank Offered Rate
FEDEF	US Federal Fund Effective Rate (Continuous Series)
GBP	British Pound
JPY	Japanese Yen
LIBOR	London Interbank Offered Rate
OIS-RBA	Overnight Indexed Swap-Reserve Bank of Australia
OYJ	Public Limited Company
SCA	Limited partnership with share capital
SGPS	Holding Company

SONIA TONAR USD	Sterling Overnight Index Average
	Tokyo Overnight Average Rate
	United States Dollar
(a)	Amount rounds to less than 0.1% of net assets.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
*	Non-income producing security.
(1)	Notional value represents market value as of October 31, 2019 of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.
(2)	Unrealized appreciation (depreciation) represents the unrealized gain(loss) of the positions subsequent to the swap reset.

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

JPMorgan Managed Futures Strategy ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 89.0%
Investment Companies — 89.0%
JPMorgan Prime Money Market Fund Class IM Shares, 1.94% (a)(b)		44,810,456		44,828,379
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a)(b)		987,579		987,579
Total Investment Companies (Cost $45,811,481)				45,815,958
Total Investments — 89.0% (Cost $45,811,481)				45,815,958
Other Assets Less Liabilities — 11.0%				5,683,887
NET ASSETS — 100.0%				51,499,845

Percentages indicated are based on net assets.

(a)	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.
(b)	Therate shown is the current yield as of October 31, 2019.

Futures contracts outstanding as of October 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
CAC 40 10 Euro Index		15		11/2019		EUR		959,771		5,606
Feeder Cattle		15		11/2019		USD		1,107,000		104,931
IBEX 35 Index		3		11/2019		EUR		310,732		(829	)
LME Aluminum Base Metal		25		11/2019		USD		1,100,938		(9,900	)
LME Nickel Base Metal		12		11/2019		USD		1,201,752		(51,140	)
LME Zinc Base Metal		18		11/2019		USD		1,136,250		122,109
Natural Gas		5		11/2019		USD		131,750		10,180
WTI Crude Oil		1		11/2019		USD		54,090		117
100 oz Gold		18		12/2019		USD		2,724,660		114,012
Australia 10 Year Bond		78		12/2019		AUD		7,840,046		(38,752	)
Australia 3 Year Bond		166		12/2019		AUD		13,201,776		(3,677	)
Canada 10 Year Bond		31		12/2019		CAD		3,343,603		(54,459	)
Cocoa		11		12/2019		USD		264,330		(6,313	)
DAX Index		1		12/2019		EUR		359,322		14,241
EURO STOXX 50 Index		39		12/2019		EUR		1,568,056		35,340
Euro-Bobl		78		12/2019		EUR		11,714,531		(150,986	)
Euro-Bund		25		12/2019		EUR		4,792,723		(108,247	)
Euro-Buxl		7		12/2019		EUR		1,641,052		(85,956	)
Euro-Schatz		89		12/2019		EUR		11,124,755		(52,519	)
FTSE 100 Index		4		12/2019		GBP		375,263		(3,111	)
FTSE/MIB Index		11		12/2019		EUR		1,391,477		37,530
Japan 10 Year Bond		14		12/2019		JPY		19,993,333		(98,273	)
Live Cattle		10		12/2019		USD		468,900		14,670
LME Aluminum Base Metal		40		12/2019		USD		1,766,000		38,250
LME Nickel Base Metal		12		12/2019		USD		1,201,608		(31,303	)
LME Zinc Base Metal		23		12/2019		USD		1,441,525		45,831
S&P 500E-Mini Index		7		12/2019		USD		1,062,250		9,583

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 119

JPMorgan Managed Futures Strategy ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts — continued
Silver		13			12/2019		USD		1,176,500			51,560
SPI 200 Index		10			12/2019		AUD		1,143,094			846
TOPIX Index		2			12/2019		JPY		306,602			2,770
U.S. Treasury 2 Year Note		45			12/2019		USD		9,703,125			(16,264	)
U.S. Treasury 5 Year Note		51			12/2019		USD		6,080,555			(20,724	)
U.S. Treasury 10 Year Note		48			12/2019		USD		6,255,750			(40,363	)
U.S. Treasury Long Bond		20			12/2019		USD		3,225,625			(36,670	)
WTI Crude Oil		4			12/2019		USD		216,600			(2,381	)
Feeder Cattle		12			01/2020		USD		868,050			36,702
LME Aluminum Base Metal		2			01/2020		USD		87,600			62
Cocoa		12			03/2020		USD		293,520			27,404
Copper		10			03/2020		USD		662,125			12,223
Silver		4			03/2020		USD		365,200			18,664
Cocoa		11			05/2020		USD		270,050			(1,663	)
Copper		6			05/2020		USD		397,875			6,034
												(104,865	)
Short Contracts
Hang Seng Index		(7	)		11/2019		HKD		(1,201,749	)		1,030
LME Aluminum Base Metal		(40	)		11/2019		USD		(1,761,500	)		(8,154	)
LME Nickel Base Metal		(4	)		11/2019		USD		(400,584	)		10,764
LME Zinc Base Metal		(1	)		11/2019		USD		(63,125	)		1,403
Natural Gas		(37	)		11/2019		USD		(974,950	)		(46,693	)
WTI Crude Oil		(3	)		11/2019		USD		(162,270	)		(3,218	)
Canada 10 Year Bond		(7	)		12/2019		CAD		(755,007	)		17,330
Coffee ‘C’		(17	)		12/2019		USD		(649,931	)		13,843
Copper		(26	)		12/2019		USD		(1,715,675	)		(42,644	)
Corn		(25	)		12/2019		USD		(487,500	)		37,126
Cotton No. 2		(38	)		12/2019		USD		(1,224,360	)		8,166
Euro-Bund		(11	)		12/2019		EUR		(2,108,798	)		52,112
Lean Hogs		(50	)		12/2019		USD		(1,320,000	)		33,402
Live Cattle		(14	)		12/2019		USD		(656,460	)		(39,291	)
LME Aluminum Base Metal		(40	)		12/2019		USD		(1,766,000	)		11
LME Zinc Base Metal		(13	)		12/2019		USD		(814,775	)		(71,752	)
Long Gilt		(27	)		12/2019		GBP		(4,646,006	)		58,547
Natural Gas		(18	)		12/2019		USD		(492,120	)		(19,140	)
Wheat		(8	)		12/2019		USD		(203,500	)		(8,711	)
LME Aluminum Base Metal		(50	)		01/2020		USD		(2,190,000	)		(43,750	)
LME Zinc Base Metal		(9	)		01/2020		USD		(561,037	)		(2,108	)
Soybean		(15	)		01/2020		USD		(699,188	)		13,468
Lean Hogs		(13	)		02/2020		USD		(381,290	)		1,292
Live Cattle		(9	)		02/2020		USD		(440,460	)		(46,137	)
Sugar No. 11		(149	)		02/2020		USD		(2,082,662	)		34,406
Coffee ‘C’		(12	)		03/2020		USD		(474,525	)		(5,230	)
Coffee ‘C’		(16	)		05/2020		USD		(645,300	)		(4,136	)
Corn		(16	)		05/2020		USD		(323,800	)		(8,522	)
												(66,586	)
												(171,451	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

120 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

Abbreviations

AUD	Australian Dollar
CAC	Continuous Assisted Quotation
CAD	Canadian Dollar
DAX	Deutscher Aktien Index
EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
HKD	Hong Kong Dollar

IBEX	International Business Exchange
JPY	Japanese Yen
LME	London Metal Exchange
MIB	Milan, Italian Stock Exchange
SPI	Australian Securities Exchange
TOPIX	Tokyo Stock Price Index
USD	United States Dollar
WTI	West Texas Intermediate

Forward foreign currency exchange contracts outstanding as of October 31, 2019:
CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
AUD	1,110,655		USD	758,110	Merrill Lynch International		11/12/2019		7,712
EUR	79,967		USD	87,540	Barclays Bank plc		11/12/2019		1,699
USD	83,461		JPY	8,895,892	Merrill Lynch International		11/12/2019		1,046
AUD	1,956,709		USD	1,320,245	Merrill Lynch International		11/18/2019		29,160
AUD	41,443		USD	27,944	State Street Corp.		11/18/2019		637
CAD	6,726,087		USD	5,049,003	Citibank, NA		11/18/2019		57,866
CHF	521,111		USD	525,834	BNP Paribas		11/18/2019		2,975
CHF	42,776		USD	43,166	Merrill Lynch International		11/18/2019		241
EUR	119,446		CAD	173,384	HSBC Bank, NA		11/18/2019		1,701
EUR	169,705		USD	189,107	Merrill Lynch International		11/18/2019		344
EUR	34,441		USD	38,068	State Street Corp.		11/18/2019		381
GBP	67,683		CAD	112,379	Barclays Bank plc		11/18/2019		2,387
GBP	585,935		CAD	992,228	Citibank, NA		11/18/2019		5,973
GBP	74,556		CAD	125,539	HSBC Bank, NA		11/18/2019		1,303
GBP	22,580		CAD	37,863	State Street Corp.		11/18/2019		515
GBP	267,828		NOK	3,172,756	HSBC Bank, NA		11/18/2019		2,050
GBP	233,171		SEK	2,910,006	Merrill Lynch International		11/18/2019		562
GBP	64,083		USD	80,550	Citibank, NA		11/18/2019		2,498
GBP	28,460		USD	35,998	Merrill Lynch International		11/18/2019		884
GBP	420,908		USD	542,547	State Street Corp.		11/18/2019		2,924
IDR	3,938,705,663		USD	276,793	Merrill Lynch International**		11/18/2019		2,391
INR	19,751,928		USD	276,761	Merrill Lynch International**		11/18/2019		698
NOK	618,441		USD	66,798	Goldman Sachs International		11/18/2019		458
NZD	110,476		USD	70,404	Citibank, NA		11/18/2019		446
NZD	979,277		USD	616,919	Merrill Lynch International		11/18/2019		11,099
RUB	17,997,339		USD	276,027	Goldman Sachs International**		11/18/2019		4,086
SEK	1,323,025		USD	135,787	Barclays Bank plc		11/18/2019		1,341
SEK	3,501,281		USD	359,231	State Street Corp.		11/18/2019		3,666
USD	29,056		CAD	38,156	HSBC Bank, NA		11/18/2019		85
USD	277,986		ILS	969,403	Merrill Lynch International		11/18/2019		2,739
USD	969,308		NOK	8,840,916	Merrill Lynch International		11/18/2019		7,854
USD	27,691		NOK	252,987	State Street Corp.		11/18/2019		178
USD	54,383		SEK	521,535	Citibank, NA		11/18/2019		327
USD	29,041		ZAR	426,436	State Street Corp.		11/18/2019		875
ZAR	4,212,101		USD	276,594	BNP Paribas		11/18/2019		1,610
MXN	992,347		EUR	45,783	Citibank, NA		11/19/2019		348
MXN	4,450,258		USD	225,805	Merrill Lynch International		11/19/2019		4,977
Total unrealized appreciation									166,036
EUR	253,036		USD	282,788	BNP Paribas		11/12/2019		(414	)
USD	1,335,276		AUD	1,979,348	Merrill Lynch International		11/12/2019		(29,529	)
USD	725,106		EUR	659,692	BNP Paribas		11/12/2019		(11,074	)
USD	24,608		EUR	22,447	Merrill Lynch International		11/12/2019		(441	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 121

JPMorgan Managed Futures Strategy ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
GBP	67,855		JPY	9,490,243	BNP Paribas		11/18/2019		(16	)
JPY	121,476,609		USD	1,140,152	Citibank, NA		11/18/2019		(14,360	)
JPY	3,211,166		USD	30,127	Standard Chartered Bank		11/18/2019		(367	)
KRW	30,617,683		USD	26,235	Merrill Lynch International**		11/18/2019		(67	)
NZD	73,986		GBP	37,829	Merrill Lynch International		11/18/2019		(1,576	)
SEK	743,844		USD	77,359	Barclays Bank plc		11/18/2019		(262	)
USD	27,478		AUD	40,148	Merrill Lynch International		11/18/2019		(210	)
USD	65,127		AUD	94,931	Standard Chartered Bank		11/18/2019		(340	)
USD	37,072		CHF	36,829	Barclays Bank plc		11/18/2019		(301	)
USD	2,591,015		EUR	2,356,383	Citibank, NA		11/18/2019		(39,551	)
USD	32,588		GBP	26,640	Barclays Bank plc		11/18/2019		(1,935	)
USD	3,992,365		GBP	3,242,770	Citibank, NA		11/18/2019		(210,062	)
USD	277,479		HUF	84,104,741	Merrill Lynch International		11/18/2019		(8,196	)
USD	51,618		JPY	5,617,213	Citibank, NA		11/18/2019		(440	)
USD	279,950		KRW	335,120,004	Goldman Sachs International**		11/18/2019		(6,470	)
USD	46,130		NZD	72,641	Barclays Bank plc		11/18/2019		(456	)
USD	277,849		PLN	1,096,001	Merrill Lynch International		11/18/2019		(9,035	)
USD	45,472		SEK	448,654	Barclays Bank plc		11/18/2019		(1,029	)
USD	5,401,167		SEK	53,295,668	Citibank, NA		11/18/2019		(122,776	)
USD	29,018		SEK	288,171	Goldman Sachs International		11/18/2019		(850	)
USD	279,962		TWD	8,619,745	Merrill Lynch International**		11/18/2019		(3,280	)
Total unrealized depreciation									(463,037	)
Net unrealized depreciation									(297,001	)

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen

KRW	Korean Republic Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
TWD	Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand

** Non-deliverable forward.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

122 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2019

	JPMorgan Diversified Alternatives ETF (1)		JPMorgan Event Driven ETF		JPMorgan Long/Short ETF			JPMorgan Managed Futures Strategy ETF (1)
ASSETS:
Investments innon-affiliates, at value	$	55,523,023	$	26,457,937	$	20,132,075		$	—
Investments in affiliates, at value		31,321,469		3,426,892		8,133,570			45,815,958
Investments of cash collateral received from securities loaned, at value (See Note 2.D.)		—		357,950		143,604			—
Restricted cash		600		—		600			—
Restricted cash for OTC derivatives		340,000		—		300,000			—
Cash		9,225,948		6,577		11,700			373,964
Foreign currency, at value		1,239,610		2,990		153,830			1,516,095
Deposits at broker for futures contracts		3,816,000		—		326,000			3,898,000
Prepaid Expenses		2,245		20,441		17,102			—
Receivables:
Investment securities sold		2,770,485		—		923,599			—
Fund shares sold		2,499,659		—		—			—
Dividends fromnon-affiliates		41,115		16,886		12,609			—
Dividends from affiliates		69,433		183		433			81,465
Tax reclaims		20,012		2,943		119			—
Securities lending income (See Note 2.D.)		—		1,440		139			—
Variation margin on futures contracts		300,847		—		—			290,925
Unrealized appreciation on forward foreign currency exchange contracts		267,753		12,343		1,847			166,036
Outstanding swap contracts, at value		537,926		303,970		288,433			—
Total Assets		107,976,125		30,610,552		30,445,660			52,142,443
LIABILITIES:
Payables:
Due to custodian		43,104		—		—			—
Investment securities purchased		1,422,799		558,017		781,656			—
Collateral received on securities loaned (See Note 2.D.)		—		357,950		143,604			—
Variation margin on futures contracts		—		—		14,548			—
Unrealized depreciation on forward foreign currency exchange contracts		712,524		25,306		5,401			463,037
Outstanding swap contracts, at value		680,098		8,336		831,122			—
Accrued liabilities:
Investment advisory fees		39,816		18,185		12,870			11,227
Administration fees		7,959		1,853		1,703			3,731
Custodian, Accounting and Transfer Agent fees		25,994		8,505		10,037			11,711
Trustees’ and Chief Compliance Officer’s fees		1,548		126		204			301
Professional fees		150,774		133,605		121,903			122,079
Other		93,118		22,984		23,624			30,512
Total Liabilities		3,177,734		1,134,867		1,946,672			642,598
Net Assets	$	104,798,391	$	29,475,685	$	28,498,988		$	51,499,845
NET ASSETS:
Paid-in-Capital	$	103,535,840	$	28,844,977	$	29,674,968		$	49,402,751
Total distributable earnings (loss)		1,262,551		630,708		(1,175,980	)		2,097,094
Total Net Assets	$	104,798,391	$	29,475,685	$	28,498,988		$	51,499,845
Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		4,200,000		1,150,000		1,300,000			2,050,000
Net asset value, per share	$	24.95	$	25.63	$	21.92		$	25.12
Cost of investments innon-affiliates	$	52,979,220	$	26,072,685	$	19,002,433		$	—
Cost of investments in affiliates		31,317,626		3,426,549		8,132,758			45,811,481
Cost of foreign currency		1,228,778		2,976		152,064			1,491,911
Investment securities on loan, at value (See Note 2.D.)		—		342,245		142,631			—
Cost of investment of cash collateral (See Note 2.D.)		—		357,950		143,604			—

(1) Consolidated Statement of Assets and Liabilities.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 123

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2019

	JPMorgan Diversified Alternatives ETF (1)			JPMorgan Event Driven ETF			JPMorgan Long/Short ETF			JPMorgan Managed Futures Strategy ETF (1)
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	121,084		$	108,884		$	51,348		$	68,981
Interest income from affiliates		18,580			103			496			3,270
Dividend income fromnon-affiliates		1,752,287			264,391			321,255			—
Dividend income from affiliates		1,277,164			75,726			136,071			988,706
Non-cash dividend income fromnon-affiliates		—			28,541			—			—
Income from securities lending (net) (See Note 2.D.)		—			5,168			1,203			—
Foreign taxes withheld (net)		(17,617	)		(3,794	)		—			—
Total investment income		3,151,498			479,019			510,373			1,060,957
EXPENSES:
Investment advisory fees (See Note 3.A.)		1,081,393			203,476			147,220			273,977
Administration fees (See Note 3.B.)		143,015			20,783			18,806			42,929
Interest expense tonon-affiliates		10,188			—			770			7,833
Interest expense to affiliates (See Note 3.C.)		4,348			326			605			2,861
Professional fees		142,847			120,935			114,197			61,885
Trustees’ and Chief Compliance Officer’s fees		31,315			605			565			28,130
Shareholder communication costs		36,385			5,321			5,638			10,286
Registration and filing fees		17,658			17,713			17,540			18,452
Custodian, Accounting and Transfer Agent fees (See Note 3.C.)		116,703			48,995			51,660			65,460
Insurance expense		14,097			1,975			1,881			3,883
Offering costs (See Note 2.G.)		—			1,133			8,227			3,567
Other		54,416			4,103			4,047			9,833
Total expenses		1,652,365			425,365			371,156			529,096
Less fee waived (See Note 3.D.)		(377,443	)		(200,908	)		(166,026	)		(296,585	)
Less expense reimbursements from affiliates (See Note 3.D.)		—			—			(43,881	)		—
Less expense reimbursements fromnon-affiliates (See Note 3.C.)		(7,200	)		(400	)		(1,400	)		—
Net expenses		1,267,722			224,057			159,849			232,511
Net investment income (loss)		1,883,776			254,962			350,524			828,446
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		(1,767,147	)		(110,275	)		(961,308	)		—
Investments in affiliates		1,894			71			(96	)		277
Futures contracts		(225,432	)		26,981			(188,908	)		1,854,945
Foreign currency transactions		(95,101	)		4,046			(9,701	)		(19,780	)
Forward foreign currency exchange contracts		1,249,950			107,494			2,739			232,976
Swaps		33,487			(412,164	)		23,576			—
Net realized gain (loss)		(802,349	)		(383,847	)		(1,133,698	)		2,068,418
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		4,078,651			1,149,094			1,896,362			—
Investments in affiliates		3,843			343			812			4,477
Futures contracts		506,686			(18,000	)		51,759			883,511
Foreign currency translations		26,141			(111	)		2,122			30,483
Forward foreign currency exchange contracts		(1,038,120	)		(29,405	)		(7,808	)		(397,070	)
Swaps		(994,350	)		539,918			(1,577,840	)		—
Change in net unrealized appreciation/depreciation		2,582,851			1,641,839			365,407			521,401
Net realized/unrealized gains (losses)		1,780,502			1,257,992			(768,291	)		2,589,819
Change in net assets resulting from operations	$	3,664,278		$	1,512,954		$	(417,767	)	$	3,418,265

(1) Consolidated Statement of Operations.

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Diversified Alternatives ETF(1)						JPMorgan Event Driven ETF
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019				Period Ended October 31, 2018 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,883,776		$	1,300,771		$	254,962			$	155,470
Net realized gain (loss)		(802,349	)		(11,210,432	)		(383,847	)			821,046
Change in net unrealized appreciation/depreciation		2,582,851			(3,747,495	)		1,641,839				(973,655	)
Change in net assets resulting from operations		3,664,278			(13,657,156	)		1,512,954				2,861
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		—			(868	)		(871,185	)			(13,930	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(100,494,449	)		61,503,845			2,549,511				26,295,474
NET ASSETS:
Change in net assets		(96,830,171	)		47,845,821			3,191,280				26,284,405
Beginning of period		201,628,562			153,782,741			26,284,405				—
End of period	$	104,798,391		$	201,628,562		$	29,475,685			$	26,284,405
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	14,929,466		$	80,126,851		$	2,549,511			$	26,295,474
Cost of shares Redeemed		(115,423,915	)		(18,623,006	)		—		��		—
Total change in net assets resulting from capital transactions	$	(100,494,449	)	$	61,503,845		$	2,549,511			$	26,295,474
SHARE TRANSACTIONS:
Issued		600,000			3,150,000			100,000				1,050,000
Redeemed		(4,700,000	)		(750,000	)		—				—
Net increase (decrease) in shares from share transactions		(4,100,000	)		2,400,000			100,000				1,050,000

(a) Commencement of operations was November 29, 2017.

(1) Consolidated Statement of Changes in Net Assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 125

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan Long/Short ETF						JPMorgan Managed Futures Strategy ETF (1)
	Year Ended October 31, 2019			Period Ended October 31, 2018 (a)			Year Ended October 31, 2019			Period Ended October 31, 2018 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	350,524		$	208,114		$	828,446		$	407,053
Net realized gain (loss)		(1,133,698	)		(3,293,298	)		2,068,418			(2,347,424	)
Change in net unrealized appreciation/depreciation		365,407			268,758			521,401			(955,575	)
Change in net assets resulting from operations		(417,767	)		(2,816,426	)		3,418,265			(2,895,946	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		—			—			(353,288	)		(14,260	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		5,460,483			26,272,698			(2,363,081	)		53,708,155
NET ASSETS:
Change in net assets		5,042,716			23,456,272			701,896			50,797,949
Beginning of period		23,456,272			—			50,797,949			—
End of period	$	28,498,988		$	23,456,272		$	51,499,845		$	50,797,949
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	9,931,852		$	26,272,698		$	3,826,171		$	53,708,155
Cost of shares Redeemed		(4,471,369	)		—			(6,189,252	)		—
Total change in net assets resulting from capital transactions	$	5,460,483		$	26,272,698		$	(2,363,081	)	$	53,708,155
SHARE TRANSACTIONS:
Issued		450,000			1,050,000			150,000			2,150,000
Redeemed		(200,000	)		—			(250,000	)		—
Net increase (decrease) in shares from share transactions		250,000			1,050,000			(100,000	)		2,150,000

(a) Commencement of operations was January 23, 2018.

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

(1) Consolidated Statement of Changes in Net Assets.

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

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OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 127

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

						Per share operating performance
			Investment Operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Diversified Alternatives ETF(1)
Year Ended October 31, 2019	$	24.29	$	0.29		$	0.37		$	0.66		$	—		$	—		$	—
Year Ended October 31, 2018		26.06		0.17			(1.94	)		(1.77	)		—	(f)		—			—	(f)
Year Ended October 31, 2017		25.35		0.07			0.86			0.93			(0.21	)		(0.01	)		(0.22	)
September 12, 2016 (g) through October 31, 2016		25.00		(0.02	)		0.37			0.35			—			—			—
JPMorgan Event Driven ETF
Year Ended October 31, 2019		25.03		0.24			1.19			1.43			(0.83	)		—			(0.83	)
November 29, 2017 (g) through October 31, 2018		25.00		0.15			(0.11	)		0.04			(0.01	)		—			(0.01	)
JPMorgan Long/Short ETF
Year Ended October 31, 2019		22.34		0.31			(0.73	)		(0.42	)		—			—			—
January 23, 2018 (g) through October 31, 2018		25.00		0.20			(2.86	)		(2.66	)		—			—			—
JPMorgan Managed Futures Strategy ETF(1)
Year Ended October 31, 2019		23.63		0.39			1.26			1.65			(0.16	)		—			(0.16	)
December 5, 2017 (g) through October 31, 2018		25.00		0.19			(1.55	)		(1.36	)		(0.01	)		—			(0.01	)

(a) Annualized for periods less than one year, unless otherwise indicated.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Market price total return is calculated assuming an initial investment made at the beginning of the period market price, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The market price presented to calculate the market price total return is themid-point of the bid/ask spread at the close of business on the NYSE Arca, Inc.

(f) Amount rounds to less than $0.005.

(g) Commencement of operations.

(h) Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.

(i) Certainnon-recurring expenses incurred by the Fund were not annualized for the period indicated.

(j) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(1) Consolidated Financial Highlights.

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 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)
$	24.95	$	24.95		2.72	%		2.55	%	$	104,798,391		0.78	%		1.16	%		1.02	%		123	%
	24.29		24.33		(6.79	)		(6.75	)		201,628,562		0.79			0.69			1.08			145
	26.06		26.09		3.68			3.51			153,782,741		0.76			0.25			1.31			107
	25.35		25.42		1.44			1.68	(h)		51,977,433		0.85	(i)		0.47			6.65	(i)		5
	25.63		25.72		6.17			6.07			29,475,685		0.83			0.94			1.56			206
	25.03		25.14		0.18			0.62	(h)		26,284,405		0.74	(i)		0.64			1.85	(i)		141
	21.92		22.04		(1.88	)		(2.04	)		28,498,988		0.65			1.43			1.51			114
	22.34		22.50		(10.64	)		(10.00	)(h)		23,456,272		0.60	(i)		1.15			1.95	(i)		99
	25.12		25.06		7.05			6.38			51,499,845		0.46			1.63			1.04			—	(j)
	23.63		23.72		(5.45	)		(5.09	)(h)		50,797,949		0.45	(i)		0.88			1.35	(i)		—	(j)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 129

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019

1. Organization

J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company.

The following are 4 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Diversification Classification
JPMorgan Diversified Alternatives ETF	Diversified
JPMorgan Event Driven ETF	Diversified
JPMorgan Long/Short ETF	Diversified
JPMorgan Managed Futures Strategy ETF	Non-Diversified

The investment objective of the JPMorgan Diversified Alternatives ETF (the ��Diversified Alternatives ETF”), JPMorgan Event Driven ETF (the “Event Driven ETF”), JPMorgan Long/Short ETF (the “Long/Short ETF”) and JPMorgan Managed Futures Strategy ETF (the “Managed Futures Strategy ETF”) is to seek to provide long-term total return.

Event Driven ETF, Long/Short ETF and Managed Futures Strategy ETF commenced operations on November 29, 2017, January 23, 2018 and December 5, 2017, respectively.

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

Shares of each Fund are listed and traded at market price on the NYSE Arca, Inc. Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, typically 50,000 shares referred to as “Creation Units.” Creation Units are issued and redeemed principally in cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).

Basis for Consolidation

Diversified Alternatives Fund CS Ltd. and Managed Futures Fund CS Ltd. (each, a “Subsidiary;” collectively, the “Subsidiaries”), are Cayman Islands exempted companies, incorporated on August 17, 2015 and August 17, 2017, respectively, are currently wholly-owned subsidiaries of the Diversified Alternatives ETF and Managed Futures Strategy ETF, respectively. Each Subsidiary acts as an investment vehicle for its respective Fund in order to effect certain investments on behalf of such Fund consistent with the Fund’s investment objectives and policies as described in the Fund’s prospectus. The consolidated financial statements for these Funds include the accounts of the Funds and the Subsidiaries. Subsequent references to the Funds within the Notes to Consolidated Financial Statements collectively refer to the Funds and the Subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their consolidated financial statements/financial statements. The Funds are investment companies and, thus, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 —Investment Companies, which is part of US generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued 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.

130 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/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 the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

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. Forward foreign currency exchange contracts, swaps and other derivatives are valued utilizing market quotations from approved Pricing Services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

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

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

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

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

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

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

Diversified Alternatives ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Health Care Providers & Services	$	956,727	$	307,488	$	—	$	1,264,215
Hotels, Restaurants & Leisure		1,176,606		124,881		—		1,301,487
Household Durables		920,410		486,232		—		1,406,642
Real Estate Management & Development		—		991,634		—		991,634
Other Common Stocks		48,444,312		—		—		48,444,312
Total Common Stocks		51,498,055		1,910,235		—		53,408,290

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 131

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

Diversified Alternatives ETF(continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Short-Term Investments
Foreign Government Treasury Bills	$	—		$	2,114,733		$	—		$	2,114,733
Investment Companies		31,321,469			—			—			31,321,469
Total Short-Term Investments		31,321,469			2,114,733			—			33,436,202
Total Investments in Securities	$	82,819,524		$	4,024,968		$	—		$	86,844,492
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	267,753		$	—		$	267,753
Futures Contracts		925,797			27,612			—			953,409
Swaps		—			435,626			—			435,626
Total Appreciation in Other Financial Instruments	$	925,797		$	730,991		$	—		$	1,656,788
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(712,524	)	$	—		$	(712,524	)
Futures Contracts		(1,032,846	)		(1,240	)		—			(1,034,086	)
Swaps		—			(581,728	)		(1,033	)		(582,761	)
Total Depreciation in Other Financial Instruments	$	(1,032,846	)	$	(1,295,492	)	$	(1,033	)	$	(2,329,371	)

Event Driven ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Banks	$	579,545	$	184,565		$	—	$	764,110
Health Care Providers & Services		531,070		53,361			—		584,431
Hotels, Restaurants & Leisure		1,493,291		66,796			—		1,560,087
Household Durables		—		171,393			—		171,393
Industrial Conglomerates		—		191,456			—		191,456
Real Estate Management & Development		—		267,511			—		267,511
Other Common Stocks		17,139,155		—			—		17,139,155
Total Common Stocks		19,743,061		935,082			—		20,678,143
Short-Term Investments
Foreign Government Treasury Bills		—		1,019,372			—		1,019,372
Investment Companies		3,426,892		—			—		3,426,892
Investment of cash collateral from securities loaned		357,950		—			—		357,950
U.S. Treasury Obligations		—		4,760,422			—		4,760,422
Total Short-Term Investments		3,784,842		5,779,794			—		9,564,636
Total Investments in Securities	$	23,527,903	$	6,714,876		$	—	$	30,242,779
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	12,343		$	—	$	12,343
Swaps		—		283,521			—		283,521
Total Appreciation in Other Financial Instruments	$	—	$	295,864		$	—	$	295,864
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(25,306	)	$	—	$	(25,306	)
Swaps		—		(7,602	)		—		(7,602	)
Total Depreciation in Other Financial Instruments	$	—	$	(32,908	)	$	—	$	(32,908	)

132 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

Long/Short ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks (a)	$	17,904,579		$	—		$	—	$	17,904,579
Short-Term Investments
Investment Companies		8,133,570			—			—		8,133,570
Investment of cash collateral from securities loaned		143,604			—			—		143,604
U.S. Treasury Obligations		—			2,227,496			—		2,227,496
Total Short-Term Investments		8,277,174			2,227,496			—		10,504,670
Total Investments in Securities	$	26,181,753		$	2,227,496		$	—	$	28,409,249
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	1,847		$	—	$	1,847
Futures Contracts		35,199			15,592			—		50,791
Swaps		—			246,640			—		246,640
Total Appreciation in Other Financial Instruments	$	35,199		$	264,079		$	—	$	299,278
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(5,401	)	$	—	$	(5,401	)
Futures Contracts		(2,334	)		(239	)		—		(2,573	)
Swaps		—			(742,329	)		—		(742,329	)
Total Depreciation in Other Financial Instruments	$	(2,334	)	$	(747,969	)	$	—	$	(750,303	)

Managed Futures Strategy ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	45,815,958		$	—		$	—	$	45,815,958
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	166,036		$	—	$	166,036
Futures Contracts		952,159			39,406			—		991,565
Total Appreciation in Other Financial Instruments	$	952,159		$	205,442		$	—	$	1,157,601
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(463,037	)	$	—	$	(463,037	)
Futures Contracts		(1,162,187	)		(829	)		—		(1,163,016	)
Total Depreciation in Other Financial Instruments	$	(1,162,187	)	$	(463,866	)	$	—	$	(1,626,053	)

(a) All portfolio holdings designated as level 1 are disclosed individually on the SOIs. Please refer to the SOIs for industry specifics of portfolio holdings.

There were no transfers into or out of level 3 for the year ended October 31, 2019.

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

As of October 31, 2019, the Funds had no investments in restricted securities.

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

The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 133

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value, as recorded on the Consolidated Statements of Assets and Liabilities/Statements of Assets and Liabilities (“CSAL/SAL”).

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

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds.

Notes C(1) — C(3) below describe the various derivatives used by the Funds.

(1). Futures Contracts —The Funds used index, commodities and treasury futures contracts to obtain long and short exposure to the underlying commodities markets, to gain or reduce exposure to the stock market, to gain or reduce exposure to particular countries or regions, maintain liquidity, minimize transaction costs or to manage and hedge interest rate risk associated with portfolio investments.

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

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

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

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

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

These Funds’ forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Funds may be required to post or receive collateral fornon-deliverable forward foreign currency exchange contracts.

(3). Swaps — The Diversified Alternatives ETF, Event Driven ETF and Long/Short ETF engaged in various swap transactions, including total return basket swaps, to manage credit and total return risks within their respective portfolios. The Funds also used swaps as alternatives to direct

134 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

investments. Swap transactions are contracts negotiated over the counter (“OTC swaps”) between a fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received are recorded as assets or liabilities, respectively, on the CSAL/SAL and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the CSAL/SAL at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the CSOIs/SOIs, while cash deposited, which is considered restricted, is recorded on the CSAL/SAL. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the CSAL/SAL. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on the CSOP/SOP. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Funds may be required to post or receive collateral based on the net value of the Funds’ outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds’ custodian bank. For certain counterparties cash collateral posted or received by the Funds is reported on the CSAL/SAL as Restricted cash for OTC derivatives.

The Funds’ swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Total Return Basket Swaps

The Diversified Alternatives ETF, Event Driven ETF and Long/Short ETF entered into total return basket swap agreements to obtain exposure to a portfolio of long and short securities. This is a highly specialized activity and a significant aspect of each Fund’s investment strategy.

Under the terms of the agreements, each swap is designed to function as a portfolio of direct investments in long and/or short equity positions. This means that a Fund has the ability to trade in and out of long and short positions within each swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in each swap value. Each swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within each swap. These interest charges and credits are based on defined market rates based on the local currencies of the positions in the portfolio plus or minus a specified spread and are referred to herein as “financing costs” and net dividends. Positions within each swap, accrued financing costs and net dividends, are part of the periodic reset. During a reset, any unrealized gains (losses) on positions, accrued financing costs, and net dividends become available for cash settlement between the Fund and the swap counterparty are recorded as Due from/to counterparty for swap contracts on the CSAL/SAL and as Net realized gain (loss) on transactions from swaps on the CSOP/SOP.

Each swap involves additional risks than if a Fund had invested in the underlying positions directly including: the risk that changes in the value of each swap may not correlate perfectly with the underlying long and short securities; counterparty risk related to the counterparty’s failure to perform under contract terms; liquidity risk related to the lack of a liquid market for each swap contract, which may limit the ability of a Fund to close out its positions; and, documentation risk relating to disagreement over contract terms. The total return basket swaps consist of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities. The Funds’ activities in each total return basket swap are concentrated with a single counterparty. Investing in swaps results in a form of leverage (i.e., a Fund’s risk of loss associated with these instruments may exceed their value as recorded on the CSAL/SAL).

The value of each swap is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing prices on the principal exchange on which the underlying securities are traded; (ii) financing costs; (iii) the value of dividends; (iv) cash balances within the swap; and (v) other factors, as applicable. The value of each swap is reflected on the CSAL/SAL as Outstanding swap contracts, at value. Changes in the value of each swap are recognized as Change in net unrealized appreciation/depreciation of swaps on the CSOP/SOP.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 135

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

(4). Summary of Derivatives Information

The following tables present the value of derivatives held as of October 31, 2019, by their primary underlying risk exposure and respective location on the CSAL/SAL:

Diversified Alternatives ETF

Derivative Contracts	CSAL Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Commodity contracts	Receivables, Net assets — Unrealized Appreciation	$	731,119		$	—		$	—		$	731,119
Equity contracts	Receivables, Net assets — Unrealized Appreciation		89,539			—			537,926			627,465
Foreign exchange contracts	Receivables		—			267,753			—			267,753
Interest rate contracts	Receivables, Net assets — Unrealized Appreciation		132,751			—			—			132,751
Total		$	953,409		$	267,753		$	537,926		$	1,759,088
Gross Liabilities:
Commodity contracts	Payables, Net assets — Unrealized Depreciation	$	(428,765	)	$	—		$	—		$	(428,765	)
Equity contracts	Payables, Net assets — Unrealized Depreciation		(107,351	)		—			(680,098	)		(787,449	)
Foreign exchange contracts	Payables		—			(712,524	)		—			(712,524	)
Interest rate contracts	Payables, Net assets — Unrealized Depreciation		(497,970	)		—			—			(497,970	)
Total		$	(1,034,086	)	$	(712,524	)	$	(680,098	)	$	(2,426,708	)

Event Driven ETF

Derivative Contracts	SAL Location
Gross Assets:		Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Equity contracts	Receivables	$	—		$	303,970		$	303,970
Foreign exchange contracts	Receivables		12,343			—			12,343
Total		$	12,343		$	303,970		$	316,313
Gross Liabilities:
Equity contracts	Payables	$	—		$	(8,336	)	$	(8,336	)
Foreign exchange contracts	Payables		(25,306	)		—			(25,306	)
Total		$	(25,306	)	$	(8,336	)	$	(33,642	)

Long/Short ETF

Derivative Contracts	SAL Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Equity contracts	Receivables, Net assets — Unrealized Appreciation	$	50,791		$	—		$	288,433		$	339,224
Foreign exchange contracts	Receivables		—			1,847			—			1,847
Total		$	50,791		$	1,847		$	288,433		$	341,071
Gross Liabilities:
Equity contracts	Payables, Net assets — Unrealized Depreciation	$	(2,573	)	$	—		$	(831,122	)	$	(833,695	)
Foreign exchange contracts	Payables		—			(5,401	)		—			(5,401	)
Total		$	(2,573	)	$	(5,401	)	$	(831,122	)	$	(839,096	)

136 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

Managed Futures Strategy ETF

Derivative Contracts	CSAL Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Commodity contracts	Receivables, Net assets — Unrealized Appreciation	$	756,630		$	—		$	756,630
Equity contracts	Receivables, Net assets — Unrealized Appreciation		106,946			—			106,946
Foreign exchange contracts	Receivables		—			166,036			166,036
Interest rate contracts	Receivables, Net assets — Unrealized Appreciation		127,989			—			127,989
Total		$	991,565		$	166,036		$	1,157,601
Gross Liabilities:
Commodity contracts	Payables, Net assets — Unrealized Depreciation	$	(452,186	)	$	—		$	(452,186	)
Equity contracts	Payables, Net assets — Unrealized Depreciation		(3,940	)		—			(3,940	)
Foreign exchange contracts	Payables		—			(463,037	)		(463,037	)
Interest rate contracts	Payables, Net assets — Unrealized Depreciation		(706,890	)		—			(706,890	)
Total		$	(1,163,016	)	$	(463,037	)	$	(1,626,053	)

(a) This amount represents the cumulative appreciation/depreciation of futures contracts as reported on the CSOI/SOI. The CSAL/SAL only reflects the current day variation margin receivable/payable from/to brokers.

The following tables present each Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Funds as of October 31, 2019.

Diversified Alternatives ETF

Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the CSAL (a)		Derivatives Available for Offset			Collateral Received			Net Amount Due from Counterparty (not less than zero)
Bank of America	$	45,557	$	(45,557	)	$	—		$	—
Barclays Bank plc		16,063		(3,833	)		—			12,230
BNP Paribas		9,493		(9,493	)		—			—
Citibank, NA		110,627		(110,627	)		—			—
Goldman Sachs International		14,314		(14,314	)		—			—
HSBC Bank, NA		19,989		(997	)		—			18,992
Merrill Lynch International		83,796		(83,796	)		—			—
Standard Chartered Bank		9,509		—			—			9,509
State Street Corp.		3,962		(176	)		—			3,786
UBS		492,369		(277,643	)		(214,726	)(b)		—
Total	$	805,679	$	(546,436	)	$	(214,726	)	$	44,517
Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the CSAL (a)		Derivatives Available for Offset			Collateral Posted			Net Amount Due to Counterparty (not less than zero)
Bank of America	$	402,455	$	(45,557	)	$	—		$	356,898
Barclays Bank plc		3,833		(3,833	)		—			—
BNP Paribas		18,474		(9,493	)		—			8,981
Citibank, NA		515,859		(110,627	)		—			405,232
Goldman Sachs International		29,896		(14,314	)		—			15,582
HSBC Bank, NA		997		(997	)		—			—
Merrill Lynch International		142,022		(83,796	)		(58,226	)(b)		—
State Street Corp.		176		(176	)		—			—
TD Bank Financial Group		1,267		—			—			1,267
UBS		277,643		(277,643	)		—			—
Total	$	1,392,622	$	(546,436	)	$	(58,226	)	$	787,960

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 137

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

Event Driven ETF

Counterparty	Gross Amount of Derivative Assets Subject to  Netting Arrangements Presented on the SAL(a)		Derivatives Available for Offset			Collateral Received			Net Amount Due from Counterparty (not less than zero)
Australia & New Zealand Banking Group Ltd.	$	1,702	$	—		$	—		$	1,702
Bank of America		39,548		(2,986	)		—			36,562
Citibank, NA		818		—			—			818
Goldman Sachs International		264,422		(10,009	)		(254,413	)(b)		—
Merrill Lynch International		2,877		(2,877	)		—			—
Standard Chartered Bank		6,946		—			—			6,946
Total	$	316,313	$	(15,872	)	$	(254,413	)	$	46,028
Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the SAL(a)		Derivatives Available for Offset			Collateral Posted			Net Amount Due to Counterparty (not less than zero)
Bank of America	$	2,986	$	(2,986	)	$	—		$	—
BNP Paribas		10,962		—			—			10,962
Goldman Sachs International		10,009		(10,009	)		—			—
Merrill Lynch International		9,685		(2,877	)		—			6,808
Total	$	33,642	$	(15,872	)	$	—		$	17,770

Long/Short ETF

Counterparty	Gross Amount of Derivative Assets Subject to  Netting Arrangements Presented on the SAL(a)		Derivatives Available for Offset			Collateral Received		Net Amount Due from Counterparty (not less than zero)
Bank of America	$	155,694	$	(155,694	)	$	—	$	—
BNP Paribas		839		—			—		839
Goldman Sachs		132,739		(132,739	)		—		—
Standard Chartered Bank		406		—			—		406
Merrill Lynch International		602		(31	)		—		571
Total	$	290,280	$	(288,464	)	$	—	$	1,816
Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the SAL(a)		Derivatives Available for Offset			Collateral Posted		Net Amount Due to Counterparty (not less than zero)
Bank of America	$	566,458	$	(155,694	)	$	—	$	410,764
Citibank, NA		5,370		—			—		5,370
Goldman Sachs		264,664		(132,739	)		—		131,925
Merrill Lynch International		31		(31	)		—		—
Total	$	836,523	$	(288,464	)	$	—	$	548,059

138 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

Managed Futures Strategy ETF

Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the CSAL(a)		Derivatives Available for Offset			Collateral Received		Net Amount Due from Counterparty (not less than zero)
Barclays Bank plc	$	5,427	$	(3,983	)	$	—	$	1,444
BNP Paribas		4,585		(4,585	)		—		—
Citibank, NA		67,458		(67,458	)		—		—
Goldman Sachs International		4,544		(4,544	)		—		—
HSBC Bank, NA		5,139		—			—		5,139
Merrill Lynch International		69,707		(52,334	)		—		17,373
State Street Corp.		9,176		—			—		9,176
Total	$	166,036	$	(132,904	)	$	—	$	33,132
Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the CSAL(a)		Derivatives Available for Offset			Collateral Posted		Net Amount Due to Counterparty (not less than zero)
Barclays Bank plc	$	3,983	$	(3,983	)	$	—	$	—
BNP Paribas		11,504		(4,585	)		—		6,919
Citibank, NA		387,189		(67,458	)		—		319,731
Goldman Sachs International		7,320		(4,544	)		—		2,776
Merrill Lynch International		52,334		(52,334	)		—		—
Standard Chartered Bank		707		—			—		707
Total	$	463,037	$	(132,904	)	$	—	$	330,133

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the CSAL/SAL.

(b) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts.

The following tables present the effect of derivatives on the CSOP/SOP for the year ended October 31, 2019, by primary underlying risk exposure:

Diversified Alternatives ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the CSOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Commodity contracts	$	(3,495,587	)	$	—		$	—		$	(3,495,587	)
Equity contracts		(2,143,728	)		—			33,487			(2,110,241	)
Foreign exchange contracts		—			1,249,950			—			1,249,950
Interest rate contracts		5,413,883			—			—			5,413,883
Total	$	(225,432	)	$	1,249,950		$	33,487		$	1,058,005
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the CSOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Commodity contracts	$	1,829,114		$	—		$	—		$	1,829,114
Equity contracts		(1,446,438	)		—			(994,350	)		(2,440,788	)
Foreign exchange contracts		—			(1,038,120	)		—			(1,038,120	)
Interest rate contracts		124,010			—			—			124,010
Total	$	506,686		$	(1,038,120	)	$	(994,350	)	$	(1,525,784	)

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 139

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

Event Driven ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the SOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Equity contracts	$	26,981		$	—		$	(412,164	)	$	(385,183	)
Foreign exchange contracts		—			107,494			—			107,494
Total	$	26,981		$	107,494		$	(412,164	)	$	(277,689	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the SOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Equity contracts	$	(18,000	)	$	—		$	539,918		$	521,918
Foreign exchange contracts		—			(29,405	)		—			(29,405	)
Total	$	(18,000	)	$	(29,405	)	$	539,918		$	492,513

Long/Short ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the SOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Equity contracts	$	(188,908	)	$	—		$	23,576		$	(165,332	)
Foreign exchange contracts		—			2,739			—			2,739
Total	$	(188,908	)	$	2,739		$	23,576		$	(162,593	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the SOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Equity contracts	$	51,759		$	—		$	(1,577,840	)	$	(1,526,081	)
Foreign exchange contracts		—			(7,808	)		—			(7,808	)
Total	$	51,759		$	(7,808	)	$	(1,577,840	)	$	(1,533,889	)

Managed Futures Strategy ETF

Amount of Realized Gain (Loss) on Derivatives Recognized on the CSOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Commodity contracts	$	(1,879,846	)	$	—		$	(1,879,846	)
Equity contracts		(516,238	)		—			(516,238	)
Foreign exchange contracts		—			232,976			232,976
Interest rate contracts		4,251,029			—			4,251,029
Total	$	1,854,945		$	232,976		$	2,087,921
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the CSOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Commodity contracts	$	1,065,925		$	—		$	1,065,925
Equity contracts		140,845			—			140,845
Foreign exchange contracts		—			(397,070	)		(397,070	)
Interest rate contracts		(323,259	)		—			(323,259	)
Total	$	883,511		$	(397,070	)	$	486,441

140 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts, forward foreign currency exchange contracts and basket swaps activities for the year ended October 31, 2019. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

	Diversified Alternatives ETF		Event Driven ETF			Long/Short ETF		Managed Futures Strategy ETF
Futures Contracts — Equity:
Average Notional Balance Long	$	3,526,077	$	—		$	1,798,748	$	3,927,925
Average Notional Balance Short		28,442,159		310,392	(a)		1,672,576		4,255,794
Ending Notional Balance Long		5,299,100		—			3,328,126		7,476,567
Ending Notional Balance Short		17,961,584		—			343,357		1,201,749
Futures Contracts — Interest Rate:
Average Notional Balance Long		129,556,540		—			—		114,349,671
Average Notional Balance Short		48,962,758		—			—		33,500,193
Ending Notional Balance Long		71,939,362		—			—		98,916,874
Ending Notional Balance Short		7,701,520		—			—		7,509,811
Futures Contracts — Commodities:
Average Notional Balance Long		19,619,506		—			—		13,603,053
Average Notional Balance Short		24,143,655		—			—		17,886,282
Ending Notional Balance Long		14,994,640		—			—		16,936,323
Ending Notional Balance Short		17,323,661		—			—		20,491,012
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		36,867,685		250,660			211,721		13,504,491
Average Settlement Value Sold		56,336,228		2,351,036			528,520		19,939,639
Ending Settlement Value Purchased		22,411,450		225,882			217,602		14,765,029
Ending Settlement Value Sold		32,054,353		2,814,142			508,849		16,990,206
Total Return Basket Swaps:
Average Notional Balance Long		110,204,973		9,900,718			16,120,529		—
Average Notional Balance Short		77,118,451		2,683,229			24,062,987		—
Ending Notional Balance Long		73,759,550		7,970,697			19,176,685		—
Ending Notional Balance Short		47,791,276		1,784,923			27,420,132		—

(a) For the period November 1, 2018 through November 30, 2018.

The Funds’ derivatives contracts held at October 31, 2019 are not accounted for as hedging instruments under GAAP.

D. Securities Lending — The Event Driven ETF and Long/Short ETF are authorized to engage in securities lending in order to generate additional income. Event Driven ETF and Long/Short ETF are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for both of these funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the SOP as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the SOP.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans ofnon-US 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-US securities), subject to certainde minimis amounts.

The value of securities out on loan is recorded as an asset on the SAL. The value of the cash collateral received is recorded as a liability on the SAL and details of collateral investments are disclosed in the SOIs.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 141

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability.

The following table presents for each lending fund, the 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 October 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)
Event Driven ETF	$	342,245	$	(342,245	)	$	—
Long/Short ETF		142,631		(142,631	)		—

* 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:

Event Driven ETF	$	140
Long/Short ETF		41

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the SOP as Income from securities lending (net).

E. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below.

Diversified Alternatives ETF

For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (a) (b)	$	—	$	90,555,248	$	71,650,000	$	1,894	$	3,843	$	18,910,985		18,903,424	$	357,973	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (a) (b)		70,832,553		71,631,356		130,053,425		—		—		12,410,484		12,410,484		919,191		—
Total	$	70,832,553	$	162,186,604	$	201,703,425	$	1,894	$	3,843	$	31,321,469			$	1,277,164	$	—

142 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

Event Driven ETF

For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 1.94% (a) (b)	$	—	$	16,844,063	$	13,417,585	$	71	$	343	$	3,426,892		3,425,222	$	39,688		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a) (b)		—		4,423,655		4,065,705		—		—		357,950		357,950		4,258	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		5,600,338		9,826,229		15,426,567		—		—		—		—		36,038			—
Total	$	5,600,338	$	31,093,947	$	32,909,857	$	71	$	343	$	3,784,842			$	79,984		$	—

Long/Short ETF

For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 1.94% (a) (b)	$	—	$	18,796,624	$	10,663,770	$	(96	)	$	812	$	8,133,570		8,130,318	$	76,097		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a) (b)		—		1,151,168		1,007,564		—			—		143,604		143,604		1,239	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		5,057,344		13,790,376		18,847,720		—			—		—		—		59,974			—
Total	$	5,057,344	$	33,738,168	$	30,519,054	$	(96	)	$	812	$	8,277,174			$	137,310		$	—

Managed Futures Strategy ETF

For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 1.94% (a) (b)	$	—	$	55,350,558	$	10,526,933	$	277	$	4,477	$	44,828,379		44,810,456	$	547,719	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a) (b)		—		4,469,745		3,482,166		—		—		987,579		987,579		12,641		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		42,503,224		5,827,447		48,330,671		—		—		—		—		428,346		—
Total	$	42,503,224	$	65,647,750	$	62,339,770	$	277	$	4,477	$	45,815,958			$	988,706	$	—

(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 October 31, 2019.

* Amount is included on the SOP as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

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

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices of securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the CSOP/SOP.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the US dollar equivalent of the amounts actually received or paid. These reported

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 143

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the CSOP/SOP. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/ depreciation on foreign currency translations on the CSOP/SOP.

G. Offering and Organizational Costs — Total offering costs incurred in connection with the offering of shares of the Funds are amortized on a straight line basis over 12 months from the date the Funds commenced operations.

Costs paid in connection with the organization of the Funds, if any, were recorded as an expense at the time the Funds commenced operations and are included as offering costs on the CSOP/SOP. For the year ended October 31, 2019, total offering costs amortized were as follows:

Event Driven ETF	$	1,133
Long/Short ETF		8,227
Managed Futures Strategy ETF		3,567

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

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

I. Allocation of Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds.

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 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.

For Federal income tax purposes, taxable income of each Fund and its Subsidiary are separately calculated. The Subsidiary is classified as a controlled foreign corporation under the Code and its taxable income, including net gains, is included as ordinary income in the calculation of each Fund’s taxable income. Net losses of the Subsidiary are not deductible by each Fund either in the current period or carried forward to future periods.

K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

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

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Diversified Alternatives ETF	$	(1,624,193	)	$	4,457,451		$	(2,833,258	)
Event Driven ETF		—			(287,595	)		287,595
Long/Short ETF		(1,222,453	)		1,235,197			(12,744	)
Managed Futures Strategy ETF		(789,741	)		2,671,933			(1,882,192	)

The reclassifications for the Funds related primarily to investments in subsidiary, foreign currency gain/loss, investments in swaps contracts, net operating losses and non-taxable dividends.

144 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser manages the investments of each Fund and Subsidiary and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Diversified Alternatives ETF	0.60	%
Event Driven ETF	0.75	%
Long/Short ETF	0.60	%
Managed Futures Strategy ETF	0.50	%

Each Subsidiary has entered into separate contracts with the Adviser and its affiliates to provide investment advisory and other services to the Subsidiary. The fee for services to the Subsidiary is accrued daily and paid monthly at an annual rate of 0.60% for the Diversified Alternatives ETF and 0.50% for the Managed Futures Strategy ETF of the Subsidiary’s average daily net assets. The Adviser has agreed to waive the advisory fee that it receives from the Fund in an amount equal to the advisory fee paid to the Adviser by the Subsidiary. This waiver will continue in effect so long as the Fund invests in the Subsidiary and may not be terminated without approval by the Fund’s Board.

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.D.

B. Administration Fee —Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds and the Subsidiaries. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of each Fund’s respective average daily net assets. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.085% each Fund’s respective average daily net assets. In consideration for services rendered to each Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an annualized rate of 0.10% of the average daily net assets of the Subsidiary.

The Administrator waived administration fees as outlined in Note 3.D.

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

C. Custodian, Accounting and Transfer Agent Fees— JPMCB provides portfolio custody, accounting and transfer agency services to the Funds. The amounts paid directly to JPMCB by the Funds for custody services are included in the Custodian, Accounting and Transfer Agent fees on the CSOP/SOP. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the CSOP/SOP. 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 year ended October 31, 2019, the Funds paid no transfer agency fees to JPMCB.

Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are used to offset certain custodian charges incurred by the Fund for these transactions. For the year ended October 31, 2019, the amount of transaction fees paid by the Authorized Participants that were used to reimburse Custodian and Transfer Agent fees were as follows:

Diversified Alternatives ETF	$	7,200
Event Driven ETF		400
Long/Short ETF		1,400

Such amounts are included in expense reimbursements fromnon-affiliates in the CSOP/SOP.

Restricted cash on the CSAL/SAL is cash received from Authorized Participants for the reimbursement of creation and/or redemption of Fund shares.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the CSOP/SOP.

D. Waivers and Reimbursements — The Adviser, Administrator and JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses, inclusive of each Subsidiary (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses), exceed the percentages of the Funds’ respective average daily net assets as shown in the below table:

	Expense Cap
Diversified Alternatives ETF		0.85	%
Event Driven ETF		0.85	%
Long/Short ETF		0.69	%
Managed Futures Strategy ETF		0.59	%

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 145

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

The expense limitation agreements were in effect for the year ended October 31, 2019. For the year ended October 31, 2019, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Total		Contractual Reimbursements
Diversified Alternatives ETF	$	150,545	$	100,363	$	250,908	$	—
Event Driven ETF		173,173		20,783		193,956		—
Long/Short ETF		136,295		18,806		155,101		43,881
Managed Futures Strategy ETF		175,219		42,929		218,148		—

None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

Additionally, the Funds 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 each Fund because of each Fund’s investment in such money market funds, except for investments of securities lending collateral.

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2019 were as follows:

Diversified Alternatives ETF	$	126,535
Event Driven ETF		6,952
Long/Short ETF		10,925
Managed Futures Strategy ETF		78,437

The Diversified Alternatives ETF and Managed Futures Strategy ETF invest in Subsidiaries and, as a result, bear a portion of the expenses incurred by these Subsidiaries. These expenses are reflected in the fees waived shown on the CSOP and are included in the ratios to average net assets shown in the Financial Highlights.

The amounts of these waivers resulting from investments in Subsidiaries for the year ended October 31, 2019 were as follows:

Diversified Alternatives ETF	$	216,448
Managed Futures Strategy ETF		80,354

E. Distribution Services— The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under the distribution agreement with the Trust (the “Distribution Agreement”). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.

F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board has designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on apro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the CSOP/SOP.

The 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.

G.Management Fee —Effective November 1, 2019, the Investment Advisory Agreement, Administration Agreement and Expense Limitation Agreement for each Fund was replaced by a Management Agreement. Under the Management Agreement, JPMIM is responsible for substantially all expenses of each Fund (including expenses of the Trust relating to each Fund and any Subsidiary expenses), except for the management fees, payments under a Fund’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, 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 itsnon-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:

Diversified Alternatives ETF	0.85	%
Event Driven ETF	0.85	%
Long/Short ETF	0.69	%
Managed Futures Strategy ETF	0.59	%

146 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

4. Investment Transactions

During the year ended October 31, 2019, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Diversified Alternatives ETF	$	132,829,941	$	201,973,611
Event Driven ETF		43,049,315		38,458,462
Long/Short ETF		20,142,198		17,894,834
Managed Futures Strategy ETF		—		—

During the year ended October 31, 2019, there were no purchases or sales of US Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities, including each Subsidiary, held at October 31, 2019 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Diversified Alternatives ETF	$	90,087,066	$	6,642,108	$	8,850,679	$	(2,208,571	)
Event Driven ETF		30,139,861		1,389,377		1,003,788		385,589
Long/Short ETF		27,088,841		2,262,831		1,440,448		822,383
Managed Futures Strategy ETF		49,882,774		490,052		2,809,169		(2,319,117	)

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

The Federal income tax unrealized appreciation (depreciation) in value of investment securities includes unrealized depreciation of the Diversified Alternatives ETF’s investment in its Subsidiary of $(4,432,885) and Managed Futures Strategy ETF’s investment in its Subsidiary of $(2,191,824), when if realized is not deductible for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2019 was as follows:

	Ordinary Income*		Total Distributions Paid
Event Driven ETF	$	871,185	$	871,185
Managed Futures Strategy ETF		353,288		353,288

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

The tax character of distributions paid during the year ended October 31, 2018 was as follows:

	Ordinary Income*		Total Distributions Paid
Diversified Alternatives ETF	$	868	$	868
Event Driven ETF		13,930		13,930
Managed Futures Strategy ETF		14,260		14,260

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

As of October 31, 2019, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Diversified Alternatives ETF	$	4,323,948	$	(5,029,624	)	$	1,968,224
Event Driven ETF		464,396		(219,195	)		385,506
Long/Short ETF		—		(1,979,795	)		803,817
Managed Futures Strategy ETF		2,944,962		(430,324	)		(417,543	)

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 147

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

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

During the year ended October 31, 2019, the Diversified Alternatives Fund CS Ltd. and Managed Futures Fund CS Ltd. had approximately $1,579,996 and $789,486 of losses for tax purposes. The Subsidiaries’ loss for the current year are not available to offset their future taxable income.

As of October 31, 2019, the Funds had the following net capital loss carryforwards:

	Capital Loss Carryforward
	Short-Term		Long-Term
Diversified Alternatives ETF	$	5,006,942	$	22,682
Event Driven ETF		—		219,195
Long/Short ETF		1,671,917		307,878
Managed Futures Strategy ETF		430,324		—

During the year ended October 31, 2019, the following Funds utilized capital loss carryforwards as follows:

	Capital Loss Utilized
	Short-Term		Long-Term
Diversified Alternatives ETF	$	—	$	597,607
Managed Futures Strategy ETF		264,845		873,417

6. Capital Share Transactions

The Trust issues and redeems shares of the Funds only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Statements of Changes in Net Assets.

Shares of the Funds may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds’ shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.

Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

Authorized Participants transacting in Creation Units for cash may also pay a variable fee to compensate the relevant fund for market impact expenses relating to investing in portfolio securities. Such variable fees, if any, are included in “Proceeds from shares issued” in the Statements of Changes in Net Assets.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of October 31, 2019, the Adviser owns shares representing more than 10% of net assets of the following Funds:

	% of Ownership
Diversified Alternatives ETF		16	%
Event Driven ETF		86
Long/Short ETF		77
Managed Futures Strategy ETF		87

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

By investing in each Subsidiary, the Diversified Alternatives ETF and Managed Futures Strategy ETF are indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund.

The Funds will employ various alternative investment strategies that involve the use of complicated investment techniques. There is no guarantee that these strategies will succeed and their use may subject the Funds to greater volatility and loss.

148 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

Derivatives, including swap agreements, commodity options, forwards, futures and options on futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing a Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Funds to counterparty risk and to the credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting ability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with a Fund such as swap and option contracts, credit linked notes, exchange-traded notes and forward foreign currency exchange contracts.

Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Fund’s holdings. During such periods, investors may incur significant losses if shares are sold.

Since the Managed Futures Strategy ETF isnon-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s shares being more sensitive to economic results of those issuing the securities.

The London InterBank Offered Rate (“LIBOR”) is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 149

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust and Shareholders of each of the four funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of each of the funds listed in the table below (four of the funds constituting J.P. Morgan Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

JPMorgan Diversified Alternatives ETF (1)	JPMorgan Event Driven ETF (2)	JPMorgan Long/Short ETF (3)
JPMorgan Managed Futures Strategy ETF (4)

(1) Statement of operations for the year ended October 31, 2019 and statement of changes in net assets for the years ended October 31, 2019 and 2018

(2) Statement of operations for the year ended October 31, 2019, and statement of changes in net assets for the year ended October 31, 2019 and the period November 29, 2017 (commencement of operations) through October 31, 2018

(3) Statement of operations for the year ended October 31, 2019, and statement of changes in net assets for the year ended October 31, 2019 and the period January 23, 2018 (commencement of operations) through October 31, 2018

(4) Statement of operations for the year ended October 31, 2019, and statement of changes in net assets for the year ended October 31, 2019 and the period December 5, 2017 (commencement of operations) through October 31, 2018

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

December 20, 2019

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

150 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

TRUSTEES

(Unaudited)

The Funds’ Statements of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling1-844-457-6383 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth; Positions With the Funds since)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (1)		Other Directorships Held During the Past 5 Years
Independent Trustees
Gary L. French (1951); Trustee of the Trust since 2014	Real Estate Investor (2011–present); Consultant to the Mutual Fund Industry (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011–2017); Senior Vice President–Fund Administration, State Street Corporation (2002–2010).		35	Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014).
Robert J. Grassi (1957); Trustee of the Trust since 2014	Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012).		35	None.
Thomas P. Lemke (1954); Trustee of the Trust since 2014	Retired; Executive Vice President and General Counsel, Legg Mason (2005-2013).		35	SEI family of funds (Independent Trustee of Advisors’ Inner Circle Fund III (20 portfolios) (from February 2014 to present); Independent Trustee of Winton Diversified Opportunities Fund (from December 2014 to 2018); Independent Trustee of Gallery Trust (from August 2015 to present); Independent Trustee of Schroder Series Trust (from 2017 to present) Independent Trustee of Schroder Global Series Trust (from February 2017 to present); Independent Trustee of O’Connor EQUUS (May 2014-April 2016), Independent Trustee of Winton Series Trust (December 2014-March 2017); Independent Trustee of AXA Premier VIP Trust (2014-June 2017); Independent Director of The Victory Funds (or their predecessor funds) (35 portfolios) (2014-March 2015); Symmetry Panoramic Trust (16 portfolios) (2018-present).
Lawrence R. Maffia (1950); Trustee of the Trust since 2014	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).		35	Director, ICI Mutual Insurance Company (1999-2013).
Emily A. Youssouf (1951); Trustee of the Trust since 2014	Clinical Professor, NYU Schack Institute of Real Estate (2009-present); Board Member(2005-present), Chair of Capital Committee (2006-2016), Chair of Audit Committee(2005-present), and Chair of IT Committee (2016-present), NYC Health and Hospitals Corporation; Board Member and Member of the Audit Committee and Related Parties Committee (2013-2018) and Member of the Risk Management Committee (2017-2018), PennyMac Financial Services, Inc.		35	Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee (2015-present) and Chair of the Audit and Finance Committee (2015-present) of the Transit Center Foundation; Vice Chair (2011-2013) and Board Member (2013-2014) of New York City Housing Authority.
Interested Trustee
Robert Deutsch (2) (1957); Chairman and Trustee of the Trust since 2014	Retired; Head of the Global ETF Business for JPMorgan Asset Management (2013-2017); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013).		35	Board of Directors of the JUST Capital Foundation (2017–present).

⁽¹⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. Thirty three series of the Trust have commenced operations.

⁽²⁾  Mr. Deutsch is an interested trustee because he was an employee of the Adviser until August 2017.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 151

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Joanna Gallegos (1975), President and Principal Executive Officer (2017)	Managing Director, Head of J.P. Morgan Asset Management’s U.S. Exchange Traded Funds business. Previously, Head of J.P. Morgan Asset Management’s ETF Product Development team from August 2013 to July 2017.
Lauren A. Paino (1973), Treasurer and Principal Financial Officer (2016)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.
Brian S. Shlissel (1964), Vice President (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Paul Shield (1960), Vice President and Assistant Treasurer (2016)	Managing Director and head of Business Management for JPMorgan Asset Management’s Exchange Traded Fund platform since 2013.
Elizabeth A. Davin (1964), Secretary (2018)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
Stephen M. Ungerman (1953), Chief Compliance Officer (2014)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Jessica K. Ditullio (1962), Assistant Secretary (2014)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2019)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014.
Carmine Lekstutis (1980), Assistant Secretary (2014)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Keri E. Riemer (1976), Assistant Secretary (2019)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (2016-2019); Associate, Seward & Kissel LLP (2011-2016).
Gregory S. Samuels (1980), Assistant Secretary (2014)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan Lewis & Bockius (law firm) from 2012 to 2016.
Frederick J. Cavaliere (1978), Assistant Treasurer (2015)*	Executive Director, J.P. Morgan Investment Management Inc. since February 2016; formerly, Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2010 to February 2016. Mr. Cavaliere has been with JPMorgan since May 2006.
Timothy J. Clemens (1975), Assistant Treasurer (2019)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2014)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from 2012 to May 2014.
Shannon Gaines (1977), Assistant Treasurer (2019)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jason Ronca (1978), Assistant Treasurer (2014)***	Executive Director, Assistant Treasurer and ETF Platform Manager for J.P. Morgan Asset Management since February 2017; formerly Vice President, Assistant Treasurer and ETF Platform Manager for J.P. Morgan Asset Management from May 2014 to February 2017. ETF Product Manager for Corporate Investment Bank responsible for setting the strategy and control agenda for the ETF servicing business from 2010 to May 2014; Prior to 2010, a Vice President in Fund Accounting within J.P. Morgan Investor Services, supporting a series of U.S. registered mutual funds.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

* The contact address for the officer is 4 New York Plaza, New York, NY 10004.

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

*** The contact address for the officer is 50 Rowes Wharf, Floor 3, Boston, MA 02110.

152 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, 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 Funds and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period, May 1, 2019 and continued to hold your shares at the end of the reporting period, October 31, 2019.

Actual Expenses

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

multiply the result by the number under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Annualized Expense Ratio(1)			Expenses Paid During the Period
JPMorgan Diversified Alternatives ETF
Actual	$	1,000.00	$	999.60		0.78	%	$	3.93
Hypothetical		1,000.00		1,021.27		0.78			3.97
JPMorgan Event Driven ETF
Actual	$	1,000.00	$	977.10		0.83	%	$	4.14
Hypothetical		1,000.00		1,021.02		0.83			4.23
JPMorgan Long/Short ETF
Actual	$	1,000.00	$	1,013.40		0.66	%	$	3.35
Hypothetical		1,000.00		1,021.88		0.66			3.36
JPMorgan Managed Futures Strategy ETF
Actual	$	1,000.00	$	1,040.60		0.48	%	$	2.47
Hypothetical		1,000.00		1,022.79		0.48			2.45

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the actual period).

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 153

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.

The new Management Agreement was approved by shareholders of the Funds.

The results of the voting for the Funds were as follows:

	Voting Results
Fund	For		Against		Abstain
Diversified Alternatives ETF		101,909,354		90,108		450,757
Event Driven ETF		24,880,425		—		—
Long/Short ETF		22,338,067		—		—
Managed Futures Strategy ETF		45,651,916		24,837		—

154 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2019. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 will be provided under separate cover.

Dividends Received Deduction (DRD)

The Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended October 31, 2019:

	Dividends Received Deduction
Event Driven ETF		22.23	%

Qualified Dividend Income (QDI)

The Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2019:

	Qualified Dividend Income
Event Driven ETF	$	277,896

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 155

BOARD APPROVAL OF MANAGEMENT AGREEMENT

(Unaudited)

JPMorgan Diversified Alternatives ETF, JPMorgan Event Driven ETF, JPMorgan Long/Short ETF, JPMorgan Managed Futures Strategy 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 June 11-12, 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 a new Management Agreement (the “New Management Agreement”) on behalf of each Fund. The Board also recommended that the Fund’s shareholders approve the New Management Agreement. Such approval was recently obtained, and the agreement went into effect November 1, 2019.

As part of their review of the New Management Agreement, the Trustees considered and reviewed information received from the Adviser about the proposed changes to the previously existing 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. 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 June 11-12, 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 New 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 New Management Agreement. The Trustees also discussed the New 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 New 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 New Management Agreement was fair and reasonable

and that the approval of the New 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 New 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 then-existing separate Investment Advisory and Administration Agreements, as well as the services that will be provided under the New 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 the Adviser’s senior management and the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund. The Trustees also considered each Fund’s investment strategy, and the infrastructure supporting the portfolio management teams. In addition, the Trustees considered information about the structure and distribution strategies of the Funds, how they fit within the Trust’s fund offerings, and how each Fund is positioned against peer funds, as identified by management 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.

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

156 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

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 also considered that adopting the New 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 New Management Agreement was not available (because the New Management Agreement was 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 then-existing Investment Advisory Agreement for each applicable Fund. In conjunction with the consideration of the New Management Agreement, the Trustees also considered that the Adviser’s profitability was not expected to increase 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 then-existing 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, the Adviser 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 increase 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 Fund assets increase, Fund fees will not necessarily decrease even if the Fund and the Adviser achieve economies of scale. In this regard, the Trustees noted that after the New Management Agreement’s initial two-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 New 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 then-existing 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 New Management Agreement would be the same as or less than the amounts the Funds would have paid under the prior structure, which involved the then-existing 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 New Management Agreement in the future. In this regard, the Trustees noted that after the New Management Agreement’s initial two-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 each Fund’s investment strategy and process, portfolio management team and competitive positioning against identified peer funds and benchmark indexes. Performance for each Fund was considered by the Board in approving the continuation of the Funds’ 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.

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

OCTOBER 31, 2019 J.P. MORGAN EXCHANGE-TRADED FUNDS 157

BOARD APPROVAL OF MANAGEMENT AGREEMENT

(Unaudited) (continued)

same Broadridge category as each 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 New 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 New Management Agreement.

158 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2019

J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co.

Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC 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 Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2019.  All rights reserved. October 2019. AN-DAETF-1019

ITEM 2. CODE OF ETHICS.

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

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

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

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

The audit committee financial experts are Gary L. French, Robert J. Grassi, Thomas P. Lemke, Lawrence R. Maffia and EmilyA. Youssouf, each of which is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

AUDIT FEES

2019 – $722,000

2018 – $732,999

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

AUDIT-RELATED FEES

2019 – $146,800

2018 – $142,410

Audit-related fees consist of security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

TAX FEES

2019 – $278,620

2018 – $267,970

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended October 31, 2019 and 2018, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

ALL OTHER FEES

2019 – $0

2018 – $0

(e)(1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be

pre-approved either 1) without consideration of specific case-by- case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre- approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the “Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

2019 – 0.0%

2018 – 0.0%

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Not applicable.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2019 – $32.2 million

2018 – $32.9 million

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

The registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The members of the Audit Committee are Gary L. French, Robert J. Grassi, Thomas P. Lemke, Lawrence R. Maffia and Emily A. Youssouf.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b))

and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

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

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

J.P. Morgan Exchange-Traded Fund Trust

By:	/s/ Joanna M. Gallegos
	Joanna M. Gallegos
	President and Principal Executive Officer
	January 2, 2020

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
	January 2, 2020
By:	/s/ Lauren A. Paino
	Lauren A. Paino
	Treasurer and Principal Financial Officer
	January 2, 2020