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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:811-22903

J.P. Morgan Exchange-Traded Fund Trust

(Exact name of registrant as specified in charter)

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

J.P. Morgan Investment Management Inc.

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

With copies to:

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

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2019 through April 30, 2020

FormN-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1).

Semi-Annual Report

J.P. Morgan Exchange-Traded Funds

April 30, 2020 (Unaudited)

JPMorgan BetaBuilders Canada ETF

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

JPMorgan BetaBuilders Europe ETF

JPMorgan BetaBuilders International Equity ETF

JPMorgan BetaBuilders Japan ETF

JPMorgan BetaBuilders U.S. Equity ETF

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

JPMorgan Diversified Return Emerging Markets 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 International Equity ETF	12
JPMorgan BetaBuilders Japan ETF	15
JPMorgan Betabuilders U.S. Equity ETF	18
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF	21
JPMorgan Diversified Return Emerging Markets Equity ETF	24
JPMorgan Diversified Return International Equity ETF	27
JPMorgan Diversified Return U.S. Equity ETF	30
JPMorgan Diversified Return U.S. Mid Cap Equity ETF	33
JPMorgan Diversified Return U.S. Small Cap Equity ETF	36
JPMorgan U.S. Dividend ETF	39
JPMorgan U.S. Minimum Volatility ETF	42
JPMorgan U.S. Momentum Factor ETF	45
JPMorgan U.S. Quality Factor ETF	48
JPMorgan U.S. Value Factor ETF	51
Schedules of Portfolio Investments	54
Financial Statements	169
Financial Highlights	186
Notes to Financial Statements	192
Schedule of Shareholder Expenses	215
Liquidity Risk Management Program	217
Tax Letter	218
Board Approval of Initial Management Agreements	219

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

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

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

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

PRESIDENT’S LETTER

JUNE 17, 2020

Dear Shareholder,

Amid this year’s unprecedented uncertainty and significant changes in our personal and professional lives, I want to assure you that we believe that J.P. Morgan Exchange-Traded Funds is resilient and well-prepared for adverse events. We remain committed to providing our shareholders with the service and solutions to help investors build stronger portfolios.

  “Regardless of the economic or civil environment, we believe our broad platform of ETF solutions can provide fund shareholders with valuable tools to navigate the changes and challenges ahead.” – Joanna M. Gallegos

Regardless of the economic or civil environment, we believe our broad platform of ETF solutions can provide fund shareholders with valuable tools to navigate the changes and challenges ahead. While the global response to theCOVID-19 pandemic has deeply impacted financial markets, leading central banks have taken swift action to ensure those markets

maintain liquidity and continue to function. Thus we believe investors should have confidence that the fundamental investment principles of diversification and a long-term outlook will continue to serve them well in these uncertain times.

We are proud to bring a range of investment solutions to help you navigate changing market landscapes. 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

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 1

J.P. Morgan Exchange-Traded Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

While developed equity markets generally rallied in the final months of 2019, the global response to theCOVID-19 pandemic led to a dramatic increase in financial market volatility and drove asset prices sharply lower in February and March of 2020 before equity prices posted a small rebound in April 2020.

Global equity markets, led by the U.S. and Europe, largely recorded gains for the final two months of 2019 on the back of accommodative policies from leading central banks and investor expectations of a reduction in trade tensions. Even as economic data showed slowing or flat growth in China, Europe and the U.S. in the final quarter of 2019, there were no indicators that the longest recorded economic expansion in the U.S. would necessarily end. In the second half of December 2019, the U.S. and China reached a “Phase One” agreement that reduced trade tariffs and headed off the implementation of new tariffs. Combined with less aggressive U.S. trade rhetoric toward Mexico and toward European and Japanese auto industries, the U.S.-China trade agreement fueled price gains in developed markets equity.

In the U.K., the Conservative Party won a large majority in national elections in December 2019, which appeared to remove investor concerns about the possibility of anon-negotiated “hard Brexit” departure from the EU. Equity prices in the U.K. and the British pound briefly rallied on the election results.

Early January 2020 saw continued investor support for global equity that weathered a brief flare up in military tension between the U.S. and Iran. However, investor sentiment began to turn as the outbreak ofCOVID-19 began to impact large parts of China’s economy. Emerging markets equity led a slump in global equity markets. Notably, prices for benchmark Brent crude oil plummeted 11.9% in January amid shrinking demand from China and other economies hit by the pandemic.

U.S. equity prices found support in early February 2020 as companies began to report better-than-expected earnings from the final quarter of 2019. By the end of the month, global equity prices had fallen significantly and global demand for

petroleum had declined for the first time since the 2009 financial crisis. China’s central bank responded to the impact ofCOVID-19 by cutting the prime lending rate and regional authorities across China enacted a range of actions to counter the sharp drop in economic activity. By the end of February, yields on benchmark10-year U.S. Treasury bonds had fallen to a record low 1.1% as investors sought the perceived safety of government-backed bonds.

The month of March 2020 proved to be worse for global equity and a range of other asset classes asCOVID-19 was declared a pandemic and national, regional and municipal governments implementedat-home quarantines and a range of other actions designed to prevent hospitals and health care systems from being overwhelmed. The U.S. Federal Reserve slashed interest rates, restarted its quantitative easing or asset purchasing program, and unleashed an array of programs to maintain liquidity and functioning in financial markets. The European Central Bank also stepped in to shore up economic activity via negative interest rates and a commitment to continue purchasing assets until no longer necessary. Statements of broad support from both central banks, along with fiscal stimulus and/or wage protection policies from national governments across the globe, helped to reduce record high volatility in financial markets. However, leading equity indexes lost 20% or more of their value during the first quarter of 2020. Corporate bond prices generally fell and the prices of Brent crude oil ended the first quarter down by 60%. Only developed market sovereign bonds and commodity gold experienced price appreciation in March 2020.

Global equity markets rebounded slightly in April 2020 and fixed income markets rallied somewhat as investors reacted positively to the actions of central banks and national governments to mitigate the economic impact of the pandemic. Price gains were seen in large cap technology stocks and pharmaceutical sector stocks.

For the six months ended April 30, 2020, the S&P 500 Index returned-3.16%, the MSCI EAFE Index returned-14.00% and the MSCI Emerging Markets Index returned-10.39%.

2 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

JPMorgan BetaBuilders Canada ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

Reporting Period Return:
JPMorgan BetaBuilders Canada ETF
Net Asset Value*		(14.02)%
Market Price**		(13.81)%
Morningstar® Canada Target Market Exposure IndexSM		(14.17)%
Net Assets as of 4/30/2020	$	3,201,159,920

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 six months ended April 30, 2020, the Fund performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s allocations to the financials and energy sectors were leading detractors from absolute performance, while their allocations to the information technology and materials sectors were leading contributors to absolute performance.

HOW WAS THE FUND POSITIONED?

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

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 3

JPMorgan BetaBuilders Canada ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Royal Bank of Canada	6.5	%
	2.	Toronto-Dominion Bank (The)	5.6
	3.	Shopify, Inc., Class A	4.9
	4.	Enbridge, Inc.	4.6
	5.	Canadian National Railway Co.	4.4
	6.	Bank of Nova Scotia (The)	3.6
	7.	Brookfield Asset Management, Inc., Class A	3.5
	8.	Barrick Gold Corp.	3.4
	9.	TC Energy Corp.	3.2
	10.	Bank of Montreal	2.4

PORTFOLIO COMPOSITION BY SECTOR****
Financials	31.7	%
Energy	14.0
Materials	11.9
Industrials	11.0
Information Technology	8.3
Consumer Staples	4.4
Utilities	3.6
Consumer Discretionary	3.6
Communication Services	3.3
Others (each less than 1.0%)	1.0
Short-Term Investments	7.2

* 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 $21.09 as of April 30, 2020.

** Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $21.15.

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

**** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders Canada ETF
Net Asset Value		August 7, 2018		(14.02)%		(12.36)%		(6.35)%
Market Price				(13.81)%		(12.12)%		(6.20)%

* Not annualized.

LIFE OF FUND PERFORMANCE(8/7/18 TO 4/30/20)

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on August 7, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Canada ETF and Morningstar^® Canada Target Market Exposure Index^SM from August 7, 2018 to April 30, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar^® Canada Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^® Canada Target Market Exposure Index^SM is a free float adjusted market

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

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

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

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

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 5

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

Reporting Period Return:
JPMorgan BetaBuilders Developed Asiaex-Japan ETF
Net Asset Value*		(17.54)%
Market Price**		(17.83)%
Morningstar® Developed Asia Pacificex-Japan Target Market Exposure IndexSM		(16.62)%
Net Assets as of 4/30/2020	$	1,116,845,966

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Underlying Index is a free-float adjustedmarket-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 six months ended April 30, 2020, 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 detractors from absolute performance, while their exposure to the health care sector was the sole sector contributor to absolute performance. By country, the Fund’s and the Underlying Index’s exposures to Australia and Hong Kong were leading detractors from absolute performance, while their exposure to New Zealand was the sole country contributor to absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and real estate sectors and their smallest allocations were to 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 APRIL 30, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	AIA Group Ltd. (Hong Kong)	7.8	%
	2.	CSL Ltd. (Australia)	6.3
	3.	Commonwealth Bank of Australia (Australia)	5.0
	4.	BHP Group Ltd. (Australia)	4.2
	5.	Hong Kong Exchanges & Clearing Ltd. (Hong Kong)	2.7
	6.	Westpac Banking Corp. (Australia)	2.5
	7.	National Australia Bank Ltd. (Australia)	2.2
	8.	Australia & New Zealand Banking Group Ltd. (Australia)	2.2
	9.	Woolworths Group Ltd. (Australia)	2.1
	10.	Wesfarmers Ltd. (Australia)	1.9

PORTFOLIO COMPOSITION BY COUNTRY****
Australia	53.9	%
Hong Kong	27.1
Singapore	11.4
New Zealand	2.8
Macau	2.2
United Kingdom	1.4
Others (each less than 1.0%)	0.8
Short-Term Investments	0.4

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $20.46 as of April 30, 2020.

** Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $20.36.

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

**** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 7

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders Developed Asiaex-Japan ETF
Net Asset Value		August 7, 2018		(17.54)%		(16.86)%		(8.20)%
Market Price				(17.83)%		(17.44)%		(8.47)%

* Not annualized.

LIFE OF FUND PERFORMANCE(8/7/18 TO 4/30/20)

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information pleasecall 1-844-457-6383.

Fund commenced operations on August 7, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Developed Asia ex-Japan ETF and Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM from August 7, 2018 to April 30, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM is a free float adjusted

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

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

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

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

8 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

JPMorgan BetaBuilders Europe ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

Reporting Period Return:
JPMorgan BetaBuilders Europe ETF
Net Asset Value*		(15.58)%
Market Price**		(16.10)%
Morningstar® Developed Europe Target Market Exposure IndexSM		(15.35)%
Net Assets as of 4/30/2020	$	2,335,081,253

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 adjustedmarket-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 six months ended April 30, 2020, 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 exposure to the financials and industrials sectors were leading detractors from absolute performance, while their exposure to the health care sector was the sole sector contributor to absolute performance. By country, the Fund’s and the Underlying Index’s exposures to the U.K. and France were leading detractors from absolute performance, while their exposure to Denmark was the sole country contributor to absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and health care sectors and their smallest allocations were to the real estate and communications services sectors. The Fund’s and the Underlying Index’s largest country allocations were to the U.K. and France and their smallest country allocations were to Portugal and Austria.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 9

JPMorgan BetaBuilders Europe ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Nestle SA (Registered) (Switzerland)	3.9	%
	2.	Roche Holding AG (Switzerland)	3.0
	3.	Novartis AG (Registered) (Switzerland)	2.7
	4.	AstraZeneca plc (United Kingdom)	1.7
	5.	SAP SE (Germany)	1.6
	6.	ASML Holding NV (Netherlands)	1.5
	7.	Sanofi (France)	1.4
	8.	HSBC Holdings plc (United Kingdom)	1.3
	9.	Novo Nordisk A/S, Class B (Denmark)	1.3
	10.	GlaxoSmithKline plc (United Kingdom)	1.3

PORTFOLIO COMPOSITION BY COUNTRY****
United Kingdom	20.6	%
Switzerland	16.4
France	15.2
Germany	12.4
Netherlands	6.3
Sweden	4.6
Spain	3.7
Denmark	3.4
Italy	3.1
Finland	2.0
Belgium	1.6
Australia	1.0
Norway	1.0
Others (each less than 1.0%)	3.1
Short-Term Investments	5.6

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $20.27 as of April 30, 2020.

** Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $20.17.

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

**** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders Europe ETF
Net Asset Value		June 15, 2018		(15.58)%		(13.73)%		(7.83)%
Market Price				(16.10)%		(14.29)%		(8.07)%

* Not annualized.

LIFE OF FUND PERFORMANCE(6/15/18 TO 4/30/20)

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Europe ETF and Morningstar^® Developed Europe Target Market Exposure Index^SM from June 15, 2018 to April 30, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar^® Developed Europe Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar^® Developed Europe Target Market Exposure Index^SM is a

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

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

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

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

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 11

JPMorgan BetaBuilders International Equity ETF

FUND COMMENTARY

FOR THE PERIOD DECEMBER 3, 2019 (INCEPTION DATE) THROUGH APRIL 30, 2020 (Unaudited)

Reporting Period Return:
JPMorgan BetaBuilders International Equity ETF
Net Asset Value*		(14.74)%
Market Price**		(14.66)%
Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM		(14.42)%
Net Assets as of 4/30/2020	$	42,324,929

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Underlying Index is a free-float adjustedmarket-cap weighted index consisting of stocks from developed countries outside the U.S. and Canada. 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 December 3, 2019 to April 30, 2020, 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 industrials sectors were leading detractors from absolute performance, while their exposure to the health care sector was the sole sector contributor to absolute performance. The Fund’s and the Underlying Index’s exposures to the U.K. and Japan were leading detractors from absolute performance, while their exposures to Denmark and Switzerland were leading contributors to absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s large sector allocations were to the financials and industrials sectors, while their smallest allocations were to the real estate and utilities sectors. The Fund’s and the Underlying Index’s largest country allocations were to Japan and the U.K., while their smallest allocations were to Portugal and Austria.

12 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Nestle SA (Registered) (Switzerland)	2.4	%
	2.	Roche Holding AG (Switzerland)	1.9
	3.	Novartis AG (Registered) (Switzerland)	1.7
	4.	Toyota Motor Corp. (Japan)	1.2
	5.	AstraZeneca plc (United Kingdom)	1.1
	6.	SAP SE (Germany)	1.0
	7.	ASML Holding NV (Netherlands)	1.0
	8.	Sanofi (France)	0.9
	9.	AIA Group Ltd. (Hong Kong)	0.9
	10.	HSBC Holdings plc (United Kingdom)	0.8

PORTFOLIO COMPOSITION BY COUNTRY****
Japan	27.0	%
United Kingdom	13.1
Switzerland	10.3
France	9.6
Germany	7.8
Australia	6.6
Netherlands	3.9
Hong Kong	3.0
Sweden	2.9
Spain	2.3
Denmark	2.1
Italy	2.0
Singapore	1.3
Finland	1.3
Belgium	1.0
Others (each less than 1.0%)	3.5
Short-Term Investments	2.3

* 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 $42.33 as of April 30, 2020.

** Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $42.37.

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

**** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 13

JPMorgan BetaBuilders International Equity ETF

FUND COMMENTARY

FOR THE PERIOD DECEMBER 3, 2019 (INCEPTION DATE) THROUGH APRIL 30, 2020 (Unaudited) (continued)

TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan BetaBuilders International Equity ETF
Net Asset Value		December 3, 2019		(14.74)%
Market Price				(14.66)%

LIFE OF FUND PERFORMANCE12/3/19 TO 4/30/20

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 3, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders International Equity ETF and Morningstar^® Developed Markets ex-North America Target Market Exposure Index^SM from December 3, 2019 to April 30, 2020. 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 Markets ex-North America 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 Markets ex-North America Target Market Exposure Index^SM is a free float adjusted market capitalization weighted index which consists of stocks traded primarily on the Developed Markets ex-North America equity market. Investors cannot invest directly in an index.

Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses. 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.

14 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

JPMorgan BetaBuilders Japan ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

Reporting Period Return:
JPMorgan BetaBuilders Japan ETF
Net Asset Value*		(10.76)%
Market Price**		(10.95)%
Morningstar® Japan Target Market Exposure IndexSM		(10.35)%
Net Assets as of 4/30/2020	$	2,671,273,104

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 adjustedmarket-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 six months ended April 30, 2020, the Fund performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the industrials and consumer discretionary sectors were leading detractors from absolute performance, while their exposures to the communication services and health care sectors were leading contributors to absolute performance.

HOW WAS THE FUND POSITIONED?

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

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 15

JPMorgan BetaBuilders Japan ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Toyota Motor Corp.	4.6	%
	2.	Sony Corp.	2.3
	3.	SoftBank Group Corp.	2.0
	4.	Keyence Corp.	1.9
	5.	Takeda Pharmaceutical Co. Ltd.	1.6
	6.	Mitsubishi UFJ Financial Group, Inc.	1.5
	7.	Nintendo Co. Ltd.	1.4
	8.	Recruit Holdings Co. Ltd.	1.3
	9.	KDDI Corp.	1.3
	10.	Honda Motor Co. Ltd.	1.3

PORTFOLIO COMPOSITION BY SECTOR****
Industrials	20.9	%
Consumer Discretionary	18.3
Information Technology	11.7
Health Care	10.8
Financials	9.3
Communication Services	8.7
Consumer Staples	8.5
Materials	5.1
Real Estate	4.1
Utilities	1.7
Energy	0.7
Short-Term Investments	0.2

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $21.41 as of April 30, 2020.

** Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $21.39.

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

**** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.

16 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders Japan ETF
Net Asset Value		June 15, 2018		(10.76)%		(5.07)%		(6.06)%
Market Price				(10.95)%		(4.96)%		(6.11)%

* Not annualized.

LIFE OF FUND PERFORMANCE(6/15/18 TO 4/30/20)

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Japan ETF and Morningstar^® Japan Target Market Exposure Index^SM from June 15, 2018 to April 30, 2020. 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.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 17

JPMorgan BetaBuilders U.S. Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

Reporting Period Return:
JPMorgan BetaBuilders U.S. Equity ETF
Net Asset Value*		(3.01)%
Market Price**		(3.11)%
Morningstar® US Target Market Exposure IndexSM		(2.99)%
Net Assets as of 4/30/2020	$	128,587,716

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^® U.S. Target Market Exposure Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjustedmarket-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 six months ended April 30, 2020, 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 energy and financial services sectors were leading detractors from absolute performance, while their exposures to the information technology and health care sectors were leading contributors to absolute performance.

HOW WAS THE FUND POSITIONED?

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

18 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	5.3	%
	2.	Apple, Inc.	4.8
	3.	Amazon.com, Inc.	4.0
	4.	Facebook, Inc., Class A	1.9
	5.	Alphabet, Inc., Class A	1.6
	6.	Alphabet, Inc., Class C	1.6
	7.	Johnson & Johnson	1.5
	8.	Berkshire Hathaway, Inc., Class B	1.4
	9.	Visa, Inc., Class A	1.2
	10.	JPMorgan Chase & Co.	1.2

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	25.2	%
Health Care	15.1
Consumer Discretionary	10.8
Financials	10.6
Communication Services	10.6
Industrials	7.8
Consumer Staples	7.0
Utilities	3.2
Real Estate	3.0
Energy	2.9
Materials	2.5
Short-Term Investments	1.3

* 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 $52.48 as of April 30, 2020.

** Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $52.44.

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

**** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 19

JPMorgan BetaBuilders U.S. Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders U.S. Equity ETF
Net Asset Value		March 12, 2019		(3.01)%		0.90%		5.83%
Market Price				(3.11)%		0.80%		5.76%

* Not annualized.

LIFE OF FUND PERFORMANCE(3/12/19 TO 4/30/20)

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on March 12, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Equity ETF and the Morningstar^® US Target Market Exposure Index^SM from March 12, 2019 to April 30, 2020. 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.

Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses. 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.

20 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

FUND COMMENTARY

FOR THE PERIOD APRIL 14, 2020 (INCEPTION DATE) THROUGH APRIL 30, 2020 (Unaudited)

Reporting Period Return:
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
Net Asset Value*		5.67%
Market Price**		5.99%
Morningstar® US Mid Cap Target Market Exposure Extended IndexSM		5.68%
Net Assets as of 4/30/2020	$	5,365,707

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Underlying Index is a free-float adjustedmarket-cap weighted index consisting of equity securities traded primarily in the U.S. and targets securities ofmid-capitalization companies. 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 April 14, 2020 to April 30, 2020, the Fund had a positive absolute return and performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the health care and information technology sectors were leading contributors to absolute performance, while their exposures to the utilities and real estate 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 to the information technology and health care sectors and their smallest allocations were to the energy and consumer staples sectors.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 21

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

FUND COMMENTARY

FOR THE PERIOD APRIL 14, 2020 (INCEPTION DATE) THROUGH APRIL 30, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	West Pharmaceutical Services, Inc.	0.8	%
	2.	Tyler Technologies, Inc.	0.7
	3.	Insulet Corp.	0.7
	4.	EPAM Systems, Inc.	0.7
	5.	Teladoc Health, Inc.	0.6
	6.	Trade Desk, Inc. (The), Class A	0.6
	7.	Coupa Software, Inc.	0.6
	8.	Catalent, Inc.	0.6
	9.	Black Knight, Inc.	0.6
	10.	Masimo Corp.	0.6

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	21.4	%
Health Care	14.8
Financials	13.8
Industrials	13.2
Real Estate	10.9
Consumer Discretionary	10.1
Materials	4.8
Communication Services	3.2
Consumer Staples	3.2
Utilities	3.2
Energy	1.0
Short-Term Investments	0.4

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $53.66 as of April 30, 2020.

** Market price return was 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 was the closing price on the NYSE Arca. As of April 30, 2020, the closing price was $53.82.

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

**** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.

22 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
Net Asset Value		April 14, 2020		5.67%
Market Price				5.99%

LIFE OF FUND PERFORMANCE(4/14/20 TO 4/30/20)

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 April 14, 2020.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Mid Cap Equity ETF and Morningstar^® US Mid Cap Target Market Exposure Extended Index^SM from April 14, 2020 to April 30, 2020. 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 Mid Cap Target Market Exposure Extended 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^® US Mid Cap Target Market Exposure Extended Index^SM is a free float adjusted market capitalization-weighted index that consists of mid cap U.S. equity securities. 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.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 23

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

Reporting Period Return:
JPMorgan Diversified Return Emerging Markets Equity ETF
Net Asset Value*		(18.65)%
Market Price**		(20.24)%
JP Morgan Diversified Factor Emerging Markets Equity Index (net of foreign withholding taxes)		(18.07)%
FTSE Emerging Index (net of foreign withholding taxes)		(11.20)%
MSCI Emerging Markets Index (net of foreign withholding taxes)		(10.50)%
Net Assets as of 4/30/2020	$	261,320,344

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, super-sectors and 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 negative absolute return for the six months ended April 30, 2020, 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 financial services and consumer services sectors were leading detractors from absolute performance, while their positions in the technology sector were the sole contributor to absolute performance.

By country, the Fund’s and the Underlying Index’s positions in Brazil and South Africa were leading detractors from absolute performance, while their position in China was the leading contributor to absolute performance.

Relative to the FTSE Emerging Index, the Fund’s and Underlying Index’s security selection in Brazil and their underweight position and security selection in China were leading detractors from performance. The Fund’s and the Underlying Index’s underweight allocation and security selection in India were leading contributors to relative performance. The Fund’s and the Underlying Index’s underweight allocation and security selection in the technology and consumer services sectors were leading detractors from relative performance, while the Fund’s and the Underlying Index’s security selection in the financials sector and their overweight allocation and security selection in the telecommunications 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 to the financial services and consumer goods sectors, while their smallest allocations were to the health care and technology sectors. The Fund’s and the Underlying Index’s largest country allocations were to China and Brazil and their smallest allocations were to Singapore and Peru.

24 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Naspers Ltd., Class N (South Africa)	2.3	%
	2.	China Mobile Ltd. (China)	1.9
	3.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)	1.6
	4.	LUKOIL PJSC (Russia)	1.3
	5.	Vale SA (Brazil)	1.2
	6.	Gazprom PJSC (Russia)	1.2
	7.	Reliance Industries Ltd. (India)	1.2
	8.	Infosys Ltd. (India)	1.2
	9.	Hindustan Unilever Ltd. (India)	1.1
	10.	Industrial & Commercial Bank of China Ltd., Class H (China)	1.1

PORTFOLIO COMPOSITION BY COUNTRY****
China	23.7	%
Taiwan	14.1
Brazil	10.6
India	9.2
Russia	7.5
South Africa	5.6
Mexico	4.0
Thailand	4.0
Indonesia	3.7
Malaysia	3.2
Turkey	2.1
Saudi Arabia	2.0
Qatar	1.6
Kuwait	1.4
Chile	1.4
United Arab Emirates	1.3
Philippines	1.0
Greece	1.0
Others (each less than 1.0%)	2.3
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 $43.55 as of April 30, 2020.

** Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the NYSE Arca. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $42.75.

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

**** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s composition is subject to change.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 25

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		5 YEAR		SINCE INCEPTION
JPMorgan Diversified Return Emerging Markets Equity ETF
Net Asset Value		January 7, 2015		(18.65)%		(17.98)%		(1.99)%		(0.10)%
Market Price				(20.24)%		(19.89)%		(2.47)%		(0.44)%

* Not annualized.

LIFE OF FUND PERFORMANCE(1/07/15 TO 4/30/20)

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information pleasecall 1-844-457-6383.

Fund commenced operations on January 7, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Emerging Markets Equity ETF, the JP Morgan Diversified Factor Emerging Markets Equity Index, the FTSE Emerging Index and the MSCI Emerging Markets Index from January 7, 2015 to April 30, 2020. 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.

26 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

Reporting Period Return:
JPMorgan Diversified Return International Equity ETF
Net Asset Value*		(14.13)%
Market Price**		(14.49)%
JP Morgan Diversified Factor International Equity Index (net of foreign withholding taxes)		(13.55)%
FTSE Developed ex North America Index (net of foreign withholding taxes)		(13.85)%
MSCI EAFE Index (net of foreign withholding taxes)		(14.21)%
Net Assets as of 4/30/2020	$	919,607,610

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 negative absolute performance for the six months ended April 30, 2020, 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 underperformed the FTSE Developed ex North America Index and the Fund and the Underlying Index outperformed the MSCI EAFE Index, which are more traditional market capitalization weighted indexes.

By sector, the Fund’s and the Underlying Index’s position in the health care sector was the leading contributor to absolute performance, while their positions in the financials and consumer services sectors were leading detractors from absolute performance.

By country, the Fund’s and the Underlying Index’s positions in New Zealand was the leading contributors to absolute performance, while their positions in the U.K. and Australia were leading detractors from absolute performance.

Relative to FTSE Developedex-North America Index, the Fund’s and the Underlying Index’s underweight allocation and security selection in the health care sector was the leading detractor from performance, while the Fund’s and the Underlying Index’s underweight allocation and security selection in the financials sector was the leading contributor to relative performance.

HOW WAS THE FUND POSITIONED?

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

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 27

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Hikma Pharmaceuticals plc (Jordan)	0.5	%
	2.	Fortescue Metals Group Ltd. (Australia)	0.5
	3.	Capcom Co. Ltd. (Japan)	0.5
	4.	Chugai Pharmaceutical Co. Ltd. (Japan)	0.5
	5.	NTT DOCOMO, Inc. (Japan)	0.5
	6.	Roche Holding AG (Switzerland)	0.5
	7.	Galapagos NV (Belgium)	0.5
	8.	Kakao Corp. (South Korea)	0.5
	9.	Swedish Match AB (Sweden)	0.5
	10.	Advantest Corp. (Japan)	0.5

PORTFOLIO COMPOSITION BY COUNTRY****
Japan	26.4	%
United Kingdom	17.3
Australia	10.1
South Korea	5.9
Hong Kong	5.0
France	4.5
Sweden	3.9
Singapore	2.8
Germany	2.7
Netherlands	2.6
Finland	2.2
Switzerland	2.0
Italy	2.0
Spain	1.7
Norway	1.3
Belgium	1.2
New Zealand	1.1
Others (each less than 1.0%)	4.8
Short-Term Investments	2.5

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $46.68 as of April 30, 2020.

** Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the NYSE Arca. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $46.45..

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

**** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s composition is subject to change.

28 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		5 YEAR		SINCE INCEPTION
JPMorgan Diversified Return International Equity ETF
Net Asset Value		November 5, 2014		(14.13)%		(13.31)%		(0.31)%		1.03%
Market Price				(14.49)%		(13.78)%		(0.46)%		0.93%

* Not annualized.

LIFE OF FUND PERFORMANCE(11/5/14 TO 4/30/20)

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on November 5, 2014.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Equity ETF, the JP Morgan Diversified Factor International Equity Index, the FTSE Developed ex North America Index, and the MSCI EAFE Index from November 5, 2014 to April 30, 2020. 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.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 29

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

Reporting Period Return:
JPMorgan Diversified Return U.S. Equity ETF
Net Asset Value* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(12.26)%
Market Price** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(12.33)%
JP Morgan Diversified Factor US Equity Index . . . . . . . . . . . . . . . . . . . . . . . . . . .		(12.28)%
Russell 1000 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(3.56)%
Net Assets as of 4/30/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	582,315,755

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, diversified across sectors and securities. 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 negative absolute performance for the six months ended April 30, 2020, 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 technology and health care sectors were leading contributors to absolute performance, while the Fund’s and the Underlying Index’s positions in the financials and consumer services sectors were leading detractors from absolute performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s underweight allocation and security selection in the technology sector and their underweight allocation in the consumer services sector were leading detractors from performance, while their underweight position in the industrials sector was the leading contributor to relative performance.

HOW WAS THE FUND POSITIONED?

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

30 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Newmont Corp.	0.6	%
	2.	T-Mobile US, Inc.	0.5
	3.	Royal Gold, Inc.	0.5
	4.	Eli Lilly & Co.	0.5
	5.	General Mills, Inc.	0.5
	6.	Citrix Systems, Inc.	0.5
	7.	ScottsMiracle-Gro Co. (The)	0.5
	8.	Dollar General Corp.	0.5
	9.	Thermo Fisher Scientific, Inc.	0.5
	10.	Clorox Co. (The)	0.5

PORTFOLIO COMPOSITION BY SECTOR****
Consumer Goods	13.7	%
Health Care	11.9
Consumer Services	11.6
Financials	11.1
Industrials	11.0
Utilities	10.8
Technology	9.4
Basic Materials	9.1
Oil & Gas	5.5
Telecommunications	2.1
Short-Term Investments	3.8

* 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 $66.17 as of April 30, 2020.

** Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the NYSE Arca. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $66.13.

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

**** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s composition is subject to change.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 31

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Equity ETF
Net Asset Value		September 29, 2015		(12.26)%		(9.68)%		8.00%
Market Price				(12.33)%		(9.74)%		7.99%

* Not annualized.

LIFE OF FUND PERFORMANCE(9/29/15 TO 4/30/20)

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on September 29, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Equity ETF, the JP Morgan Diversified Factor US Equity Index, and the Russell 1000 Index from September 29, 2015 to April 30, 2020. 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.

32 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

Reporting Period Return:
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Net Asset Value*		(14.45)%
Market Price**		(14.37)%
JP Morgan Diversified Factor US Mid Cap Equity Index		(14.36)%
Russell Midcap Index		(11.64)%
Net Assets as of 4/30/2020	$	204,561,792

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, diversified across sectors and securities. 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 negative absolute performance for the six months ended April 30, 2020, 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 consumer services sectors were leading detractors from absolute performance, while the Fund’s and the Underlying Index’s positions in the technology and health care sectors were leading contributors to absolute performance.

Relative to the Russell Midcap Index, the Fund and the Underlying Index’s security selection in the technology sector and the oil & gas sector was a leading detractor from performance, while the Fund’s and Underlying Index’s overweight allocation in the telecommunications sector was the leading contributor to relative performance.

HOW WAS THE FUND POSITIONED?

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

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 33

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Citrix Systems, Inc.	0.6	%
	2.	Cabot Oil & Gas Corp.	0.6
	3.	Newmont Corp.	0.6
	4.	Centene Corp.	0.5
	5.	West Pharmaceutical Services, Inc.	0.5
	6.	Molina Healthcare, Inc.	0.5
	7.	Cadence Design Systems, Inc.	0.5
	8.	Veeva Systems, Inc., Class A	0.5
	9.	Dollar General Corp.	0.5
	10.	Clorox Co. (The)	0.5

PORTFOLIO COMPOSITION BY SECTOR****
Consumer Goods	13.5	%
Financials	12.5
Industrials	11.9
Consumer Services	11.7
Health Care	11.6
Technology	10.2
Utilities	9.3
Basic Materials	8.8
Oil & Gas	5.2
Telecommunications	0.8
Short-Term Investments	4.5

* 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 $56.82 as of April 30, 2020.

** Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the NYSE Arca. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $56.91.

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

**** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s composition is subject to change.

34 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Net Asset Value		May 11, 2016		(14.45)%		(13.25)%		4.83%
Market Price				(14.37)%		(13.13)%		4.87%

* Not annualized.

LIFE OF FUND PERFORMANCE(5/11/16 TO 4/30/20)

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on May 11, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JP Morgan Diversified Factor US Mid Cap Equity Index, and the Russell Midcap Index from May 11, 2016 to April 30, 2020. 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.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 35

JPMorgan Diversified Return U.S. Small Cap Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

Reporting Period Return:
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Net Asset Value*		(18.97)%
Market Price**		(19.24)%
JP Morgan Diversified Factor US Small Cap Equity Index		(18.99)%
Russell 2000 Index		(15.47)%
Net Assets as of 4/30/2020	$	121,450,812

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, diversified across sectors and securities. 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 negative absolute performance for the six months ended April 30, 2020, 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 2000 Index, which is a more traditional market capitalization weighted index.

During the reporting period, the Fund’s and the Underlying Index’s allocations to the financials and consumer services sectors were leading detractors from absolute performance, while their allocations to the health care and technology sectors were leading contributors to absolute performance.

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

HOW WAS THE FUND POSITIONED?

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

36 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	El Paso Electric Co.	0.8	%
	2.	Quidel Corp.	0.5
	3.	USANA Health Sciences, Inc.	0.4
	4.	Ormat Technologies, Inc.	0.4
	5.	Inphi Corp.	0.4
	6.	Qualys, Inc.	0.4
	7.	Lattice Semiconductor Corp.	0.4
	8.	Shenandoah Telecommunications Co.	0.4
	9.	Novagold Resources, Inc. (Canada)	0.4
	10.	Repligen Corp.	0.4

PORTFOLIO COMPOSITION BY SECTOR****
Financials	12.6	%
Consumer Goods	11.8
Technology	11.2
Industrials	10.9
Consumer Services	10.2
Health Care	9.7
Basic Materials	7.4
Utilities	6.1
Oil & Gas	5.0
Telecommunications	1.4
Short-Term Investments	13.7

* 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 $24.79 as of April 30, 2020.

** Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the NYSE Arca. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $24.73.

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

**** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s composition is subject to change.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 37

JPMorgan Diversified Return U.S. Small Cap Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Net Asset Value		November 15, 2016		(18.97)%		(19.73)%		0.82%
Market Price				(19.24)%		(19.90)%		0.75%

* Not annualized.

LIFE OF FUND PERFORMANCE(11/15/16 TO 4/30/20)

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on November 15, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Small Cap Equity ETF, the JP Morgan Diversified Factor US Small Cap Equity Index, and the Russell 2000 Index from November 15, 2016 to April 30, 2020. 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.

38 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

JPMorgan U.S. Dividend ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

Reporting Period Return:
JPMorgan U.S. Dividend ETF
Net Asset Value*		(18.99)%
Market Price**		(19.01)%
JP Morgan US Dividend Index		(19.14)%
Russell 1000 Index		(3.56)%
Net Assets as of 4/30/2020	$	32,203,757

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 negative absolute performance for the six months ended April 30, 2020 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 financials and consumer services sectors were leading detractors from performance, while the Fund’s and the Underlying Index’s allocations to the health care and technology sectors were leading contributors to absolute 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 detractor from performance, while the Fund’s and the Underlying Index’s underweight position in the industrials sector and their security selection in the telecommunications 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 to the financials and utilities sectors and their smallest allocations were to the telecommunications and technology sectors.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 39

JPMorgan U.S. Dividend ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	T-Mobile US, Inc.	1.1	%
	2.	Eli Lilly & Co.	0.8
	3.	Digital Realty Trust, Inc.	0.8
	4.	Gilead Sciences, Inc.	0.8
	5.	Amgen, Inc.	0.8
	6.	Johnson & Johnson	0.8
	7.	General Mills, Inc.	0.8
	8.	Clorox Co. (The)	0.8
	9.	Intel Corp.	0.7
	10.	Verizon Communications, Inc.	0.7

PORTFOLIO COMPOSITION BY SECTOR****
Utilities	17.3	%
Consumer Goods	14.3
Financials	13.6
Basic Materials	9.2
Industrials	9.0
Health Care	7.6
Consumer Services	7.2
Oil & Gas	6.6
Technology	5.4
Telecommunications	3.4
Short-Term Investments	6.4

* 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 $21.47 as of April 30, 2020.

** Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the NYSE Arca. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $21.47.

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

**** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s composition is subject to change.

40 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Dividend ETF
Net Asset Value		November 8, 2017		(18.99)%		(16.23)%		(2.47)%
Market Price				(19.01)%		(16.23)%		(2.47)%

* Not annualized.

LIFE OF FUND PERFORMANCE(11/8/17 TO 4/30/20)

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Dividend ETF, the JP Morgan US Dividend Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2020. 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.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 41

JPMorgan U.S. Minimum Volatility ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

Reporting Period Return:
JPMorgan U.S. Minimum Volatility ETF
Net Asset Value*		(9.19)%
Market Price**		(9.38)%
JP Morgan US Minimum Volatility Index		(9.24)%
Russell 1000 Index		(3.56)%
Net Assets as of 4/30/2020	$	94,821,854

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 negative absolute return for the six months ended April 30, 2020 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 equity index.

In terms of absolute performance, the Fund’s and the Underlying Index’s positions in the financials and utilities sectors were leading detractors from performance, while their positions in the health care and technology sectors were leading contributors to performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selection in the technology and utilities sectors was a leading detractor from performance. The Fund’s and the Underlying Index’s security selection in the industrials sector was the sole sector contributor to contributor to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the consumer goods and utilities sectors and their smallest allocations were to the telecommunications and basic materials sectors.

42 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	0.8	%
	2.	West Pharmaceutical Services, Inc.	0.8
	3.	Eli Lilly & Co.	0.7
	4.	Thermo Fisher Scientific, Inc.	0.7
	5.	Abbott Laboratories	0.7
	6.	Synopsys, Inc.	0.7
	7.	Crown Castle International Corp.	0.7
	8.	Hormel Foods Corp.	0.7
	9.	Clorox Co. (The)	0.7
	10.	Walmart, Inc.	0.7

PORTFOLIO COMPOSITION BY SECTOR****
Consumer Goods	19.9	%
Utilities	16.7
Health Care	15.5
Financials	12.0
Consumer Services	9.9
Technology	5.5
Industrials	5.3
Basic Materials	5.3
Oil & Gas	4.4
Telecommunications	2.9
Short-Term Investments	2.6

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $27.09 as of April 30, 2020.

** Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the NYSE Arca. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $27.05.

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

**** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s composition is subject to change.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 43

JPMorgan U.S. Minimum Volatility ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Minimum Volatility ETF
Net Asset Value		November 8, 2017		(9.19)%		(2.79)%		5.50%
Market Price				(9.38)%		(3.00)%		5.43%

* Not annualized.

LIFE OF FUND PERFORMANCE(11/8/17 TO 4/30/20)

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Minimum Volatility ETF, the JP Morgan US Minimum Volatility Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2020. 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.

44 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

JPMorgan U.S. Momentum Factor ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

Reporting Period Return:
JPMorgan U.S. Momentum Factor ETF
Net Asset Value*		(2.12)%
Market Price**		(1.98)%
JP Morgan US Momentum Factor Index		(2.04)%
Russell 1000 Index		(3.56)%
Net Assets as of 4/30/2020	$	86,074,407

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 negative absolute performance for the six months ended April 30, 2020 and performed in line with the Underlying Index, before considering operating expenses, fees

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

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

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

HOW WAS THE FUND POSITIONED?

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

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 45

JPMorgan U.S. Momentum Factor ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Amazon.com, Inc.	2.5	%
	2.	Microsoft Corp.	2.2
	3.	Apple, Inc.	2.1
	4.	Visa, Inc., Class A	2.0
	5.	Mastercard, Inc., Class A	1.8
	6.	Home Depot, Inc. (The)	1.8
	7.	Procter & Gamble Co. (The)	1.7
	8.	Merck & Co., Inc.	1.5
	9.	AT&T, Inc.	1.5
	10.	NVIDIA Corp.	1.4

PORTFOLIO COMPOSITION BY SECTOR****
Technology	24.9	%
Financials	16.7
Consumer Services	14.0
Health Care	14.0
Industrials	11.3
Consumer Goods	8.0
Utilities	3.1
Oil & Gas	2.8
Telecommunications	1.7
Basic Materials	1.7
Short-Term Investments	1.8

* 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 $28.22 as of April 30, 2020.

** Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the NYSE Arca. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $28.27.

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

**** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s composition is subject to change.

46 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Momentum Factor ETF
Net Asset Value		November 8, 2017		(2.12)%		0.65%		6.33%
Market Price				(1.98)%		0.72%		6.40%

* Not annualized.

LIFE OF FUND PERFORMANCE(11/8/17 TO 4/30/20)

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information pleasecall 1-844-457-6383.

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Momentum Factor ETF, the JP Morgan US Momentum Factor Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2020. 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.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 47

JPMorgan U.S. Quality Factor ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

Reporting Period Return:
JPMorgan U.S. Quality Factor ETF
Net Asset Value*		(3.04)%
Market Price**		(2.90)%
JP Morgan US Quality Factor Index		(3.00)%
Russell 1000 Index		(3.56)%
Net Assets as of 4/30/2020	$	227,240,555

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 negative absolute performance for the six months ended April 30, 2020 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and

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

On an absolute basis, the Fund’s and the Underlying Index’s allocations to the financials and consumer services sectors were leading detractors from performance, while the Fund’s and the Underlying Index’s allocations to the technology and health care sectors were the leading contributors to performance.

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

HOW WAS THE FUND POSITIONED?

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

48 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Johnson & Johnson	2.2	%
	2.	Microsoft Corp.	2.2
	3.	Apple, Inc.	2.2
	4.	Facebook, Inc., Class A	2.1
	5.	Alphabet, Inc., Class A	2.0
	6.	Visa, Inc., Class A	2.0
	7.	Mastercard, Inc., Class A	1.8
	8.	Home Depot, Inc. (The)	1.8
	9.	Verizon Communications, Inc.	1.8
	10.	Intel Corp.	1.7

PORTFOLIO COMPOSITION BY SECTOR****
Technology	25.3	%
Financials	16.1
Health Care	14.5
Consumer Services	13.0
Industrials	11.8
Consumer Goods	7.9
Oil & Gas	3.2
Utilities	3.1
Telecommunications	2.1
Basic Materials	1.9
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 $28.58 as of April 30, 2020.

** Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the NYSE Arca. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $28.64.

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

**** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s composition is subject to change.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 49

JPMorgan U.S. Quality Factor ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Quality Factor ETF
Net Asset Value		November 8, 2017		(3.04)%		0.54%		7.52%
Market Price				(2.90)%		0.72%		7.61%

* Not annualized.

LIFE OF FUND PERFORMANCE(11/8/17 TO 4/30/20)

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Quality Factor ETF, the JP Morgan US Quality Factor Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2020. 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.

50 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

JPMorgan U.S. Value Factor ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

Reporting Period Return:
JPMorgan U.S. Value Factor ETF
Net Asset Value*		(14.07)%
Market Price**		(13.84)%
JP Morgan US Value Factor Index		(13.89)%
Russell 1000 Index		(3.56)%
Net Assets as of 4/30/2020	$	54,018,315

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 negative absolute return for the six months ended April 30, 2020 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 financials and consumer services were leading detractors from performance, while the Fund’s and the Underlying Index’s allocations to the technology and health care sectors were leading contributors to 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 sector was the sole sector contributor to relative performance.

HOW WAS THE FUND POSITIONED?

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

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 51

JPMorgan U.S. Value Factor ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	2.3	%
	2.	Apple, Inc.	2.3
	3.	Intel Corp.	2.0
	4.	Johnson & Johnson	2.0
	5.	UnitedHealth Group, Inc.	1.9
	6.	Pfizer, Inc.	1.7
	7.	Cisco Systems, Inc.	1.5
	8.	Comcast Corp., Class A	1.4
	9.	Merck & Co., Inc.	1.4
	10.	Chevron Corp.	1.2

PORTFOLIO COMPOSITION BY SECTOR****
Technology	25.2	%
Health Care	15.0
Financials	14.6
Consumer Services	11.5
Industrials	11.0
Consumer Goods	7.8
Oil & Gas	3.2
Utilities	3.2
Telecommunications	1.9
Basic Materials	1.8
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 $22.99 as of April 30, 2020.

** Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the NYSE Arca. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $23.06.

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

**** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s composition is subject to change.

52 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Value Factor ETF
Net Asset Value		November 8, 2017		(14.07)%		(11.81)%		(0.66)%
Market Price				(13.84)%		(11.61)%		(0.54)%

* Not annualized.

LIFE OF FUND PERFORMANCE(11/8/17 TO 4/30/20)

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Value Factor ETF, the JP Morgan US Value Factor Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2020. 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.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 53

JPMorgan BetaBuilders Canada ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.1%
Aerospace & Defense — 0.4%
Bombardier, Inc., Class B* (a)		5,371,995		1,891,072
CAE, Inc.		671,591		11,097,089
				12,988,161
Airlines — 0.3%
Air Canada*		670,702		9,752,512
Auto Components — 0.9%
Magna International, Inc.		718,562		28,000,146
Banks — 22.5%
Bank of Montreal (a)		1,614,372		82,078,456
Bank of Nova Scotia (The)		3,071,310		123,121,590
Canadian Imperial Bank of Commerce (a)		1,125,355		66,682,913
National Bank of Canada		844,106		34,044,406
Royal Bank of Canada (a)		3,613,527		222,297,006
Toronto-Dominion Bank (The)		4,596,446		192,053,809
				720,278,180
Capital Markets — 4.4%
Brookfield Asset Management, Inc., Class A		3,533,277		119,404,684
CI Financial Corp.		532,493		5,657,941
IGM Financial, Inc.		204,613		4,333,483
TMX Group Ltd.		127,762		11,068,515
				140,464,623
Chemicals — 1.7%
Methanex Corp.		192,450		3,059,678
Nutrien Ltd.		1,446,999		51,675,937
				54,735,615
Commercial Services & Supplies — 2.2%
Ritchie Bros Auctioneers, Inc.		273,311		11,763,398
Waste Connections, Inc.		666,031		57,303,691
				69,067,089
Construction & Engineering — 0.6%
SNC-Lavalin Group, Inc.		443,405		8,177,166
WSP Global, Inc.		163,198		10,951,777
				19,128,943
Containers & Packaging — 0.3%
CCL Industries, Inc., Class B		365,851		11,435,883
Diversified Financial Services — 0.3%
Onex Corp.		214,767		9,899,386
Diversified Telecommunication Services — 1.5%
BCE, Inc.		753,181		30,458,392
TELUS Corp.		1,060,180		17,327,558
				47,785,950

INVESTMENTS	SHARES		VALUE($)
Electric Utilities — 2.6%
Emera, Inc. (a)		607,473		24,181,960
Fortis, Inc.		1,166,086		45,187,455
Hydro One Ltd. (b)		768,506		13,935,193
				83,304,608
Equity Real Estate Investment Trusts (REITs) — 0.4%
Canadian Apartment Properties		209,625		7,213,648
H&R (a)		354,022		2,507,746
RioCan (a)		392,538		4,483,893
				14,205,287
Food & Staples Retailing — 4.2%
Alimentation Couche-Tard, Inc., Class B		2,266,422		63,240,655
Empire Co. Ltd., Class A		437,714		9,663,387
George Weston Ltd.		178,796		12,683,155
Loblaw Cos. Ltd.		441,286		21,716,363
Metro, Inc.		642,145		26,420,233
				133,723,793
Food Products — 0.5%
Saputo, Inc.		597,564		15,025,497
Gas Utilities — 0.3%
AltaGas Ltd. (a)		702,922		8,403,048
Hotels, Restaurants & Leisure — 1.7%
Restaurant Brands International, Inc.		753,941		36,777,610
Stars Group, Inc. (The)*		588,637		16,420,686
				53,198,296
Insurance — 6.5%
Fairfax Financial Holdings Ltd.		69,375		18,810,670
Great-West Lifeco, Inc.		679,762		11,193,035
iA Financial Corp., Inc.		269,980		8,764,967
Intact Financial Corp.		361,229		34,377,676
Manulife Financial Corp.		4,922,315		61,990,863
Power Corp. of Canada		1,460,236		23,352,027
Sun Life Financial, Inc.		1,484,167		50,870,798
				209,360,036
IT Services — 6.4%
CGI, Inc.*		605,777		38,632,727
Shopify, Inc., Class A*		261,886		166,089,100
				204,721,827
Media — 0.9%
Quebecor, Inc., Class B		448,723		9,771,036
Shaw Communications, Inc., Class B		1,152,289		18,799,873
				28,570,909

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Metals & Mining — 10.5%
Agnico Eagle Mines Ltd.		605,561		35,382,216
Barrick Gold Corp.		4,490,219		115,582,131
First Quantum Minerals Ltd.		1,741,224		10,632,856
Franco-Nevada Corp.		476,305		63,016,868
Kinross Gold Corp.*		3,165,759		20,901,128
Kirkland Lake Gold Ltd.		673,955		27,859,744
Lundin Mining Corp.		1,614,977		7,912,743
Teck Resources Ltd., Class B		1,228,155		10,826,152
Wheaton Precious Metals Corp.		1,129,533		42,918,927
				335,032,765
Multiline Retail — 1.0%
Canadian Tire Corp. Ltd., Class A (a)		146,938		10,310,309
Dollarama, Inc.		738,397		23,160,611
				33,470,920
Multi-Utilities — 1.0%
Algonquin Power & Utilities Corp. (a)		1,323,937		18,356,970
Atco Ltd., Class I		187,242		5,258,299
Canadian Utilities Ltd., Class A		302,349		7,376,538
				30,991,807
Oil, Gas & Consumable Fuels — 14.9%
Cameco Corp.		999,680		9,939,704
Canadian Natural Resources Ltd.		2,991,375		50,094,437
Cenovus Energy, Inc.		2,575,882		9,345,310
Enbridge, Inc.		5,111,884		156,630,520
Husky Energy, Inc. (a)		761,601		2,445,746
Imperial Oil Ltd.		586,854		9,481,911
Inter Pipeline Ltd.		1,055,698		8,828,137
Keyera Corp.		543,743		8,066,592
Ovintiv, Inc. (a)		656,201		4,101,404
Pembina Pipeline Corp.		1,313,589		30,123,037
PrairieSky Royalty Ltd.		524,376		3,835,014
Suncor Energy, Inc.		3,896,052		69,470,894
TC Energy Corp.		2,360,038		108,613,121
Tourmaline Oil Corp.		632,161		6,267,338
				477,243,165
Paper & Forest Products — 0.1%
West Fraser Timber Co. Ltd.		127,420		3,546,285
Pharmaceuticals — 0.8%
Aurora Cannabis, Inc.* (a)		2,950,544		2,162,114
Bausch Health Cos., Inc.*		786,222		14,205,599
Canopy Growth Corp.* (a)		563,243		8,983,077
				25,350,790

INVESTMENTS	SHARES		VALUE($)
Professional Services — 0.9%
Thomson Reuters Corp. (a)		429,262		30,243,704
Road & Rail — 7.1%
Canadian National Railway Co.		1,812,305		149,872,071
Canadian Pacific Railway Ltd.		347,293		78,932,155
				228,804,226
Software — 2.5%
BlackBerry Ltd.* (a)		1,246,966		5,321,296
Constellation Software, Inc.		49,777		47,866,667
Open Text Corp.		682,427		25,788,039
				78,976,002
Textiles, Apparel & Luxury Goods — 0.2%
Gildan Activewear, Inc.		514,478		7,177,817
Thrifts & Mortgage Finance — 0.1%
Genworth MI Canada, Inc. (a)		97,856		2,412,743
Trading Companies & Distributors — 0.2%
Finning International, Inc.		412,477		5,236,157
Wireless Telecommunication Services — 1.2%
Rogers Communications, Inc., Class B		897,923		37,608,327
Total Common Stocks (Cost $3,621,322,424)				3,170,144,497
Short-Term Investments — 7.6%
Investment of Cash Collateral from Securities Loaned — 7.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)		90,706,451		90,724,593
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)		153,473,690		153,473,690
Total Investment of Cash Collateral from Securities Loaned (Cost $244,192,440)				244,198,283
Total Investments — 106.7% (Cost $3,865,514,864)				3,414,342,780
Liabilities in Excess of Other Assets — (6.7)%				(213,182,860	)
NET ASSETS — 100.0%				3,201,159,920

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 55

JPMorgan BetaBuilders Canada ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

(a)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $223,612,348.
(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)	The rate shown is the current yield as of April 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
S&P/TSX 60 Index		236		06/2020		CAD		30,094,472		2,563,538

Abbreviations

CAD	Canadian Dollar
TSX	Toronto Stock Exchange

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

JPMorgan BetaBuilders Developed Asiaex-Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.4%
Australia — 53.8%
Afterpay Ltd.*		161,534		3,212,211
AGL Energy Ltd.		512,952		5,629,657
Alumina Ltd.		1,805,514		2,002,769
AMP Ltd.*		2,582,864		2,383,102
APA Group		919,831		6,499,403
Aristocrat Leisure Ltd.		496,694		8,145,677
ASX Ltd.		150,908		7,956,699
Aurizon Holdings Ltd.		1,552,625		4,716,646
AusNet Services		1,340,063		1,634,374
Australia & New Zealand Banking Group Ltd.		2,256,392		24,509,980
Bendigo & Adelaide Bank Ltd.		396,726		1,678,606
BHP Group Ltd.		2,294,618		46,843,045
BlueScope Steel Ltd.		407,205		2,657,773
Boral Ltd.		908,323		1,765,311
Brambles Ltd.		1,238,144		8,849,715
Caltex Australia Ltd.		203,329		3,273,575
Challenger Ltd.		397,211		1,265,054
CIMIC Group Ltd.		76,192		1,212,854
Coca-Cola Amatil Ltd.		392,677		2,186,267
Cochlear Ltd.		49,557		5,892,201
Coles Group Ltd.		935,934		9,385,382
Commonwealth Bank of Australia		1,371,965		55,422,574
Computershare Ltd.		389,438		3,063,971
Crown Resorts Ltd.		281,022		1,798,989
CSL Ltd.		352,752		70,313,131
Dexus, REIT		844,741		5,014,659
Domino’s Pizza Enterprises Ltd.		48,286		1,806,741
Evolution Mining Ltd.		1,309,513		4,264,481
Flight Centre Travel Group Ltd.‡		98,086		695,131
Fortescue Metals Group Ltd.		1,334,375		10,197,627
Goodman Group, REIT		1,249,444		10,641,808
GPT Group (The), REIT		1,501,982		4,127,853
Harvey Norman Holdings Ltd. (a)		513,681		921,656
Iluka Resources Ltd.		324,247		1,608,278
Incitec Pivot Ltd.		1,298,305		2,007,973
Insurance Australia Group Ltd.		1,801,417		6,730,642
LendLease Group		454,871		3,623,431
Macquarie Group Ltd.		247,140		16,371,293
Magellan Financial Group Ltd.		114,971		3,766,064
Medibank Pvt Ltd.		2,147,009		3,761,170
Mirvac Group, REIT		3,085,363		4,483,323
National Australia Bank Ltd.		2,247,583		24,627,847
Newcrest Mining Ltd.		595,097		10,785,191
Orica Ltd.		312,318		3,619,359
Origin Energy Ltd.		1,370,365		4,928,787

INVESTMENTS	SHARES		VALUE($)
Australia — continued
Qantas Airways Ltd.		578,476		1,436,736
QBE Insurance Group Ltd.		1,177,500		6,375,996
Ramsay Health Care Ltd.		141,140		5,731,916
REA Group Ltd.		37,759		2,160,533
Reece Ltd.		184,243		1,052,954
Rio Tinto Ltd.		289,399		16,310,871
Santos Ltd.		1,373,441		4,367,267
Scentre Group, REIT		4,150,801		6,235,530
SEEK Ltd.		275,208		3,072,499
Seven Group Holdings Ltd.		102,549		1,008,414
Sonic Healthcare Ltd.		355,851		6,284,417
South32 Ltd.		4,019,413		5,055,030
Stockland, REIT		1,897,903		3,524,229
Suncorp Group Ltd.		981,072		5,832,333
Sydney Airport		854,796		3,481,917
Tabcorp Holdings Ltd.		1,577,851		3,289,622
Telstra Corp. Ltd.		3,245,190		6,383,990
TPG Telecom Ltd.		264,283		1,261,082
Transurban Group		2,033,127		18,124,860
Treasury Wine Estates Ltd.		560,266		3,685,073
Vicinity Centres, REIT		2,489,831		2,383,601
Washington H Soul Pattinson & Co. Ltd.		91,600		1,101,642
Wesfarmers Ltd.		884,720		21,489,366
Westpac Banking Corp.		2,677,757		27,859,768
WiseTech Global Ltd.		114,806		1,367,126
Woodside Petroleum Ltd.		729,887		10,451,427
Woolworths Group Ltd.		1,023,861		23,694,121
Worley Ltd.		248,220		1,438,744
				600,743,344
Cambodia — 0.2%
NagaCorp Ltd.		2,020,000		2,384,089
China — 0.1%
Evergrande Health Industry Group Ltd.* (a)		1,670,000		1,283,795
Hong Kong — 27.0%
AIA Group Ltd.		9,424,600		86,496,805
ASM Pacific Technology Ltd.		213,300		2,155,334
Bank of East Asia Ltd. (The)		1,215,800		2,575,558
Cathay Pacific Airways Ltd. (a)		770,000		912,777
Chow Tai Fook Jewellery Group Ltd.		857,800		725,726
CK Asset Holdings Ltd.		1,995,000		12,605,898
CK Infrastructure Holdings Ltd.		578,000		3,433,329
CLP Holdings Ltd.		1,359,500		14,552,260
Dairy Farm International Holdings Ltd.		180,500		864,996
Guoco Group Ltd.		65,000		916,926
Hang Lung Group Ltd.		663,000		1,514,336
Hang Lung Properties Ltd.		1,462,000		3,127,520

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 57

JPMorgan BetaBuilders Developed Asiaex-Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Hong Kong — continued
Hang Seng Bank Ltd.		568,300		9,939,598
Henderson Land Development Co. Ltd.		1,284,700		5,235,935
HK Electric Investments & HK Electric Investments Ltd. (b)		1,780,000		1,841,610
HKT Trust & HKT Ltd.		2,831,000		4,568,444
Hong Kong & China Gas Co. Ltd.		7,655,600		13,720,366
Hong Kong Exchanges & Clearing Ltd.		924,600		29,644,678
Hysan Development Co. Ltd.		479,000		1,598,020
Jardine Matheson Holdings Ltd.		241,200		10,564,839
Jardine Strategic Holdings Ltd.		138,200		2,970,873
Kerry Properties Ltd.		462,000		1,276,032
Link, REIT		1,634,600		14,571,231
MTR Corp. Ltd.		1,208,000		6,692,717
New World Development Co. Ltd.		4,465,000		5,275,148
NWS Holdings Ltd.		1,121,000		1,168,271
PCCW Ltd.		3,407,000		2,087,076
Power Assets Holdings Ltd.		1,065,500		7,139,140
Shangri-La Asia Ltd.		1,028,000		848,895
Sino Land Co. Ltd.		2,322,000		3,245,066
Sun Hung Kai Properties Ltd.		1,151,000		15,738,578
Swire Pacific Ltd., Class A		379,000		2,464,702
Swire Pacific Ltd., Class B		692,500		757,056
Swire Properties Ltd.		816,000		2,288,690
Techtronic Industries Co. Ltd.		1,342,000		10,175,729
WH Group Ltd. (b)		7,343,500		7,003,887
Wharf Holdings Ltd. (The)		860,000		1,629,085
Wharf Real Estate Investment Co. Ltd. (a)		893,000		3,780,491
Wheelock & Co. Ltd.		606,000		4,441,367
Yue Yuen Industrial Holdings Ltd.		611,000		974,642
				301,523,631
Macau — 2.3%
Galaxy Entertainment Group Ltd.		2,026,000		13,030,230
MGM China Holdings Ltd.		647,828		800,013
Sands China Ltd.		1,890,579		7,654,004
SJM Holdings Ltd.		1,667,000		1,645,900
Wynn Macau Ltd.		1,127,116		1,946,389
				25,076,536
New Zealand — 2.8%
a2 Milk Co. Ltd.*		573,688		6,827,998
Auckland International Airport Ltd.		898,231		3,316,978
Contact Energy Ltd.		556,165		2,121,082
Fisher & Paykel Healthcare Corp. Ltd.		447,789		7,481,096
Fletcher Building Ltd.		644,104		1,443,115
Mercury NZ Ltd.		500,186		1,390,491
Meridian Energy Ltd.		973,071		2,651,330

INVESTMENTS	SHARES		VALUE($)
New Zealand — continued
Ryman Healthcare Ltd.		323,532		2,360,121
Spark New Zealand Ltd.		1,441,842		3,902,079
				31,494,290
Singapore — 11.4%
Ascendas, REIT		2,322,128		4,856,222
CapitaLand Commercial Trust, REIT		2,211,900		2,513,486
CapitaLand Ltd.*		1,951,400		4,140,414
CapitaLand Mall Trust, REIT		2,200,900		2,928,303
City Developments Ltd.		477,600		2,669,664
ComfortDelGro Corp. Ltd.		1,677,700		1,955,902
DBS Group Holdings Ltd.		1,396,000		19,654,440
Frasers Property Ltd.		300,100		260,726
Genting Singapore Ltd.		4,470,000		2,480,263
Golden Agri-Resources Ltd.*		5,234,100		575,586
Great Eastern Holdings Ltd.		44,700		591,657
Jardine Cycle & Carriage Ltd.		76,600		1,089,092
Keppel, REIT		1,491,400		1,113,942
Keppel Corp. Ltd.		1,123,400		4,742,688
Mapletree Commercial Trust, REIT		1,665,300		2,293,089
Mapletree North Asia Commercial Trust, REIT (b)		1,658,400		1,101,416
Olam International Ltd.		554,300		586,858
Oversea-Chinese Banking Corp. Ltd.		3,055,100		19,492,500
SATS Ltd.		518,100		1,200,332
Sembcorp Industries Ltd.		705,200		807,882
Sembcorp Marine Ltd.*		640,900		338,830
SIA Engineering Co. Ltd.		195,800		258,467
Singapore Airlines Ltd.		403,600		1,745,269
Singapore Exchange Ltd.		638,300		4,352,634
Singapore Press Holdings Ltd.		1,237,200		1,328,572
Singapore Technologies Engineering Ltd.		1,207,700		2,924,739
Singapore Telecommunications Ltd.		6,364,900		12,718,584
Suntec, REIT		2,057,300		2,032,039
United Overseas Bank Ltd.		1,090,800		15,586,569
UOL Group Ltd.		417,700		2,008,999
Venture Corp. Ltd.		207,500		2,318,954
Wilmar International Ltd.		2,367,700		5,962,539
Yanlord Land Group Ltd.		512,000		382,738
				127,013,395
United Kingdom — 1.4%
CK Hutchison Holdings Ltd.		2,109,000		15,632,282
United States — 0.4%
James Hardie Industries plc, CHDI		346,187		4,969,722
Total Common Stocks (Cost $1,321,122,064)				1,110,121,084

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	NO. OF RIGHTS		VALUE($)
Rights — 0.0%(c)
Australia — 0.0%(c)
Flight Centre Travel Group Ltd., expiring 5/1/2020* (Cost $271,954)		25,730		61,625
	SHARES
Short-Term Investments — 0.4%
Investment of Cash Collateral from Securities Loaned — 0.4%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (d) (e)		988,304		988,501
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (d) (e)		3,347,940		3,347,940
Total Investment of Cash Collateral from Securities Loaned (Cost $4,336,639)				4,336,441
Total Investments — 99.8% (Cost $1,325,730,657)				1,114,519,150
Other Assets Less Liabilities — 0.2%				2,326,816
NET ASSETS — 100.0%				1,116,845,966

Percentages indicated are based on net assets.    

Summary of Investments by Industry, April 30, 2020    

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

INDUSTRY	PERCENTAGE
Banks		18.1	%
Insurance		9.8
Metals & Mining		8.9
Real Estate Management & Development		7.0
Biotechnology		6.3
Equity Real Estate Investment Trusts (REITs)		6.1
Capital Markets		5.6
Hotels, Restaurants & Leisure		4.2
Industrial Conglomerates		3.3
Food & Staples Retailing		3.1
Electric Utilities		2.9
Diversified Telecommunication Services		2.8
Transportation Infrastructure		2.4
Oil, Gas & Consumable Fuels		2.2
Multiline Retail		2.0
Food Products		1.8
Gas Utilities		1.8
Health Care Providers & Services		1.4

INDUSTRY	PERCENTAGE
Health Care Equipment & Supplies		1.2	%
Road & Rail		1.2
Others (each less than 1.0%)		7.5
Short-Term Investments		0.4

Abbreviations

CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $4,116,135.
(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 April 30, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 59

JPMorgan BetaBuilders Developed Asiaex-Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

Futures contracts outstanding as of April 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Hang Seng Index		15		05/2020		HKD		2,356,128		38,396
MSCI Singapore Index		28		05/2020		SGD		588,235		21,525
SPI 200 Index		42		06/2020		AUD		3,709,909		438,553
										498,474

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.0%
Australia — 1.1%
BHP Group plc		635,263		10,662,875
Rio Tinto plc		299,428		13,899,048
				24,561,923
Austria — 0.4%
ANDRITZ AG		21,663		711,793
BAWAG Group AG* (a)		20,811		707,318
Erste Group Bank AG		90,207		1,955,044
EVN AG		10,323		161,309
IMMOFINANZ AG*		27,651		510,596
Lenzing AG		4,012		229,311
Oesterreichische Post AG* (b)		9,544		359,671
OMV AG		43,759		1,428,811
Raiffeisen Bank International AG		40,677		702,088
Strabag SE		4,316		120,843
Telekom Austria AG		41,861		294,507
UNIQA Insurance Group AG		34,225		230,746
Verbund AG		20,327		920,360
Vienna Insurance Group AG Wiener Versicherung Gruppe		11,528		230,425
voestalpine AG		33,176		687,606
				9,250,428
Belgium — 1.6%
Ackermans & van Haaren NV*		6,808		902,317
Ageas		56,394		2,032,674
Anheuser-Busch InBev SA/NV		254,647		11,858,926
bpost SA		29,417		205,259
Colruyt SA		14,462		866,731
Elia Group SA/NV		9,865		1,134,307
Galapagos NV* (b)		15,177		3,353,014
Groupe Bruxelles Lambert SA* (b)		24,406		1,952,380
KBC Group NV		102,848		5,578,576
Proximus SADP		47,908		1,022,522
Sofina SA		4,720		1,111,627
Solvay SA (b)		21,895		1,710,169
Telenet Group Holding NV		13,260		553,830
UCB SA*		38,028		3,484,849
Umicore SA		60,034		2,601,906
				38,369,087
Chile — 0.0%(c)
Antofagasta plc		103,451		1,059,330
China — 0.4%
Prosus NV*		127,046		9,631,472
Colombia — 0.0%(c)
Millicom International Cellular SA, SDR		29,725		772,437
Denmark — 3.5%
Ambu A/S, Class B		51,697		1,619,267

INVESTMENTS	SHARES		VALUE($)
Denmark — continued
AP Moller — Maersk A/S, Class A		974		902,505
AP Moller — Maersk A/S, Class B (b)		1,974		1,964,630
Carlsberg A/S, Class B		32,003		4,037,275
Chr Hansen Holding A/S		30,929		2,666,814
Coloplast A/S, Class B		35,149		5,543,839
Danske Bank A/S*		204,863		2,432,354
Demant A/S*		30,102		719,673
DSV Panalpina A/S		61,491		6,388,928
Genmab A/S*		19,539		4,696,876
GN Store Nord A/S		42,638		1,945,844
H Lundbeck A/S		18,410		671,702
ISS A/S*		47,629		708,116
Jyske Bank A/S (Registered)*		19,359		522,556
Novo Nordisk A/S, Class B		498,589		31,805,005
Novozymes A/S, Class B		64,233		3,151,055
Orsted A/S (a)		50,261		5,076,886
Pandora A/S		30,082		1,069,672
Rockwool International A/S, Class A		1,784		346,568
Rockwool International A/S, Class B		2,113		444,067
Tryg A/S		36,108		962,994
Vestas Wind Systems A/S		59,824		5,137,276
				82,813,902
Finland — 2.1%
Elisa OYJ		45,174		2,745,148
Fortum OYJ		130,445		2,161,495
Huhtamaki OYJ*		28,507		1,063,997
Kesko OYJ, Class A		29,696		483,427
Kesko OYJ, Class B		81,304		1,324,776
Kone OYJ, Class B		121,598		7,363,262
Konecranes OYJ		19,604		425,490
Metso OYJ		40,142		1,113,705
Neste OYJ		129,562		4,575,553
Nokia OYJ		1,693,829		6,106,148
Nokian Renkaat OYJ (b)		39,247		833,816
Nordea Bank Abp		971,488		6,231,063
Orion OYJ, Class A		9,567		472,753
Orion OYJ, Class B		31,166		1,583,805
Sampo OYJ, Class A		148,351		4,917,461
Stora Enso OYJ, Class R		183,264		2,156,021
UPM-Kymmene OYJ		160,057		4,389,592
Wartsila OYJ Abp		145,321		1,066,690
				49,014,202
France — 16.0%
Accor SA		54,144		1,506,200

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 61

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
France — continued
Adevinta ASA*		68,249		566,856
Aeroports de Paris		9,772		953,910
Air Liquide SA (b)		141,678		18,000,807
Airbus SE*		181,272		11,477,881
Alstom SA		57,134		2,343,579
Amundi SA (a)		18,198		1,207,876
Arkema SA		21,524		1,791,508
Atos SE*		28,905		2,067,119
AXA SA		583,855		10,378,898
BioMerieux		12,755		1,575,931
BNP Paribas SA		344,361		10,818,564
Bollore SA		280,661		743,815
Bouygues SA*		74,867		2,303,522
Bureau Veritas SA		86,670		1,799,265
Capgemini SE		47,301		4,446,805
Carrefour SA		172,398		2,560,324
Casino Guichard Perrachon SA (b)		15,576		584,675
Cie de Saint-Gobain		164,327		4,372,403
Cie Generale des Etablissements Michelin SCA		54,161		5,233,098
CNP Assurances*		47,678		491,880
Covivio, REIT (b)		13,316		836,264
Credit Agricole SA		381,764		3,070,704
Danone SA		193,691		13,499,699
Dassault Aviation SA		707		575,786
Dassault Systemes SE		41,130		6,024,330
Edenred (b)		73,384		2,956,138
Eiffage SA		24,518		2,003,655
Electricite de France SA		136,946		1,090,218
Engie SA		551,338		5,981,782
EssilorLuxottica SA		87,330		10,848,526
Eutelsat Communications SA		50,859		569,432
Faurecia SE		22,273		798,074
Gecina SA, REIT		16,525		2,168,262
Getlink SE		130,019		1,658,397
Hermes International		10,482		7,663,082
ICADE, REIT		8,510		653,695
Iliad SA		7,774		1,157,711
Ipsen SA		11,016		820,283
JCDecaux SA		23,003		476,153
Kering SA (b)		22,379		11,384,304
Klepierre SA, REIT		62,493		1,268,665
Legrand SA		79,934		5,358,988
L’Oreal SA		73,931		21,494,789
LVMH Moet Hennessy Louis Vuitton SE		81,013		31,319,055
Natixis SA		273,296		645,190

INVESTMENTS	SHARES		VALUE($)
France — continued
Orange SA		573,595		6,968,630
Pernod Ricard SA		65,430		9,990,882
Peugeot SA		172,272		2,442,067
Publicis Groupe SA		66,900		1,974,820
Renault SA*		61,997		1,221,632
Safran SA		100,907		9,381,438
Sanofi (b)		344,824		33,680,259
Sartorius Stedim Biotech		7,232		1,734,040
Schneider Electric SE* (b)		166,291		15,367,351
SEB SA		8,229		986,885
Societe Generale SA		239,683		3,760,397
Sodexo SA (b)		26,037		2,081,542
Suez		126,856		1,434,900
Teleperformance		17,614		3,945,698
Thales SA		31,092		2,354,634
TOTAL SA		759,639		26,961,421
Ubisoft Entertainment SA*		21,598		1,606,500
Unibail-Rodamco-Westfield, REIT		41,397		2,451,178
Valeo SA		71,892		1,647,974
Veolia Environnement SA		169,123		3,605,444
Vinci SA		152,990		12,533,250
Vivendi SA (b)		242,118		5,232,935
Worldline SA* (a) (b)		25,119		1,701,294
				372,613,269
Germany — 13.0%
1&1 Drillisch AG		14,375		334,481
adidas AG		55,463		12,697,287
Allianz SE (Registered)		125,369		23,071,835
Aroundtown SA		332,646		1,789,261
BASF SE		275,948		14,122,056
Bayer AG (Registered)		295,492		19,434,330
Bayerische Motoren Werke AG		95,960		5,644,871
Bayerische Motoren Werke AG (Preference)		16,637		780,381
Beiersdorf AG		29,566		3,093,444
Brenntag AG		46,358		2,098,997
Continental AG*		32,491		2,714,997
Covestro AG (a)		50,472		1,695,413
Daimler AG (Registered)		267,389		9,145,511
Delivery Hero SE* (a)		39,746		3,371,066
Deutsche Bank AG (Registered) (b)		621,644		4,604,040
Deutsche Boerse AG		57,152		8,860,760
Deutsche Lufthansa AG (Registered)* (b)		70,957		635,256
Deutsche Post AG (Registered)		292,084		8,676,997
Deutsche Telekom AG (Registered)		973,853		14,237,375
Deutsche Wohnen SE		108,189		4,384,703

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Germany — continued
E.ON SE		659,391		6,605,305
Evonik Industries AG		50,105		1,232,605
Fraport AG Frankfurt Airport Services Worldwide (b)		11,167		489,153
Fresenius Medical Care AG & Co. KGaA		63,739		4,995,263
Fresenius SE & Co. KGaA		123,177		5,335,157
GEA Group AG*		49,943		1,146,087
Hannover Rueck SE		18,054		2,876,628
HeidelbergCement AG		44,554		2,112,356
Henkel AG & Co. KGaA		30,311		2,362,845
Henkel AG & Co. KGaA (Preference)		53,589		4,757,983
HOCHTIEF AG		6,761		529,057
Infineon Technologies AG		376,027		6,990,693
KION Group AG		19,429		963,722
LANXESS AG		24,981		1,229,201
Merck KGaA		38,756		4,497,964
MTU Aero Engines AG*		15,643		2,130,193
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		43,437		9,513,768
Porsche Automobil Holding SE (Preference)		46,303		2,338,013
Puma SE*		25,406		1,595,891
RWE AG		173,805		4,999,972
SAP SE		325,174		38,730,596
Sartorius AG (Preference)		10,220		2,871,222
Siemens AG (Registered)		242,874		22,413,181
Symrise AG		39,090		3,960,195
Talanx AG		15,896		564,513
Telefonica Deutschland Holding AG		276,370		786,208
thyssenkrupp AG* (b)		121,099		805,576
TUI AG (b)		131,762		524,900
Uniper SE		54,759		1,473,151
United Internet AG (Registered)		37,421		1,287,603
Volkswagen AG		9,701		1,434,234
Volkswagen AG (Preference)		55,197		7,679,629
Vonovia SE		163,107		8,065,456
Wacker Chemie AG		4,589		267,575
Wirecard AG (b)		34,543		3,418,292
Zalando SE* (a)		39,936		1,957,412
				304,334,660
Ghana — 0.0%(c)
Tullow Oil plc		420,449		136,477
Ireland — 0.9%
AIB Group plc*		238,006		329,357
Bank of Ireland Group plc		277,830		570,135
CRH plc		237,962		7,219,441

INVESTMENTS	SHARES		VALUE($)
Ireland — continued
Flutter Entertainment plc		23,899		2,941,322
Glanbia plc		60,258		641,285
Kerry Group plc, Class A		45,475		5,217,597
Kingspan Group plc		45,970		2,342,495
Smurfit Kappa Group plc		70,829		2,218,808
				21,480,440
Italy — 3.3%
A2A SpA		473,059		644,878
Amplifon SpA		24,887		569,696
Assicurazioni Generali SpA		365,252		5,210,923
Atlantia SpA		140,960		2,310,793
Banca Mediolanum SpA		76,179		465,498
Banco BPM SpA (b)		453,431		554,201
Buzzi Unicem SpA		12,250		128,016
Buzzi Unicem SpA		21,342		418,709
Davide Campari-Milano SpA		125,032		971,794
DiaSorin SpA		4,507		768,542
Enel SpA		2,321,720		15,858,396
Eni SpA (b)		765,428		7,291,723
Ferrari NV		38,494		6,016,435
FinecoBank Banca Fineco SpA*		148,788		1,657,740
Freni Brembo SpA (b)		46,077		390,885
Hera SpA		247,042		914,486
Infrastrutture Wireless Italiane SpA (a)		84,436		893,666
Intesa Sanpaolo SpA		4,749,342		7,416,117
Leonardo SpA		121,117		836,445
Mediaset SpA* (b)		106,247		216,003
Mediobanca Banca di Credito Finanziario SpA		208,325		1,211,100
Moncler SpA		56,437		2,122,422
Nexi SpA* (a)		75,159		1,140,118
Pirelli & C SpA (a) (b)		128,691		498,343
Poste Italiane SpA (a)		136,528		1,161,430
Prysmian SpA		80,252		1,514,196
Recordati SpA		29,950		1,304,254
Saipem SpA*		172,457		442,639
Salvatore Ferragamo SpA		20,275		251,696
Snam SpA		653,496		2,931,512
Telecom Italia SpA*		3,235,084		1,284,683
Telecom Italia SpA		1,803,339		719,224
Terna Rete Elettrica Nazionale SpA		430,701		2,697,022
UniCredit SpA*		635,492		4,907,760
Unione di Banche Italiane SpA		304,757		873,640
UnipolSai Assicurazioni SpA		177,822		435,869
				77,030,854

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 63

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Jordan — 0.1%
Hikma Pharmaceuticals plc		40,800		1,215,189
Luxembourg — 0.3%
ArcelorMittal SA		192,894		2,107,018
Eurofins Scientific SE (b)		3,422		1,892,951
RTL Group SA		11,716		390,156
SES SA, FDR		114,758		764,517
Tenaris SA (b)		141,322		977,827
				6,132,469
Mexico — 0.0%(c)
Fresnillo plc		55,575		493,685
Netherlands — 6.6%
ABN AMRO Bank NV, CVA (a)		123,512		947,454
Adyen NV* (a)		7,271		7,180,694
Aegon NV		420,076		1,086,589
Akzo Nobel NV		60,922		4,623,363
Altice Europe NV*		213,306		851,027
Argenx SE*		207		31,609
Argenx SE*		12,586		1,882,217
ASML Holding NV (b)		128,033		37,396,583
EXOR NV		28,850		1,573,321
GrandVision NV (a)		17,524		466,190
HAL Trust		25,094		3,222,913
Heineken Holding NV (b)		30,178		2,351,317
Heineken NV (b)		71,037		6,042,399
ING Groep NV		1,171,963		6,566,260
Koninklijke Ahold Delhaize NV (b)		331,071		8,038,524
Koninklijke DSM NV		54,565		6,687,591
Koninklijke KPN NV (b)		1,058,084		2,437,129
Koninklijke Philips NV		273,205		11,909,690
Koninklijke Vopak NV (b)		19,838		1,143,931
NN Group NV		93,497		2,704,641
OCI NV*		19,006		229,505
Randstad NV*		37,534		1,510,578
Royal Dutch Shell plc, Class A		1,257,932		20,710,926
Royal Dutch Shell plc, Class B		1,126,558		18,034,676
Wolters Kluwer NV (b)		82,111		6,039,548
				153,668,675
Norway — 1.0%
Aker ASA, Class A* (b)		7,433		196,085
Aker BP ASA		32,836		539,085
DNB ASA		271,301		3,284,888
Equinor ASA		331,390		4,588,699
Gjensidige Forsikring ASA		56,850		1,003,108
Kongsberg Gruppen ASA		27,167		349,103

INVESTMENTS	SHARES		VALUE($)
Norway — continued
Leroy Seafood Group ASA		83,863		445,372
Mowi ASA		135,043		2,312,884
Norsk Hydro ASA		408,656		1,036,702
Orkla ASA		243,973		2,203,779
Salmar ASA		16,282		634,558
Schibsted ASA, Class A		24,036		509,925
Schibsted ASA, Class B		30,503		592,441
Storebrand ASA		142,372		714,688
Telenor ASA		195,320		2,996,023
TGS NOPEC Geophysical Co. ASA		36,057		552,189
Yara International ASA		52,698		1,789,859
				23,749,388
Portugal — 0.3%
Banco Comercial Portugues SA, Class R (b)		2,433,287		272,246
EDP — Energias de Portugal SA		647,804		2,729,763
Galp Energia SGPS SA		136,169		1,571,542
Jeronimo Martins SGPS SA		73,438		1,245,034
Navigator Co. SA (The)*		75,716		196,732
NOS SGPS SA		75,235		281,801
Sonae SGPS SA		281,287		222,288
				6,519,406
Russia — 0.1%
Evraz plc		162,294		537,811
Polymetal International plc		63,511		1,300,636
				1,838,447
South Africa — 0.3%
Anglo American plc		416,314		7,404,172
Spain — 3.9%
Acciona SA		6,406		634,930
ACS Actividades de Construccion y Servicios SA		82,162		2,054,579
Aena SME SA* (a)		22,162		2,805,386
Amadeus IT Group SA		129,719		6,191,814
Banco Bilbao Vizcaya Argentaria SA		2,013,205		6,580,729
Banco de Sabadell SA		1,680,653		696,794
Banco Santander SA		4,998,358		11,168,281
Bankia SA		350,813		357,001
CaixaBank SA		1,079,452		1,942,071
Cellnex Telecom SA (a)		81,127		4,243,331
EDP Renovaveis SA		44,378		544,086
Enagas SA		74,577		1,740,757
Endesa SA		95,051		2,108,249
Ferrovial SA		144,561		3,619,784
Grifols SA		88,836		3,031,697

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Spain — continued
Grifols SA (Preference), Class B		78,092		1,607,623
Iberdrola SA		1,798,755		17,893,633
Industria de Diseno Textil SA		318,728		8,163,391
Mapfre SA		294,321		540,079
Naturgy Energy Group SA		100,126		1,768,977
Red Electrica Corp. SA		130,197		2,291,712
Repsol SA		442,412		4,015,699
Siemens Gamesa Renewable Energy SA		67,259		1,000,526
Telefonica SA		1,374,276		6,283,860
				91,284,989
Sweden — 4.9%
Alfa Laval AB*		89,662		1,675,509
Assa Abloy AB, Class B		298,294		5,340,042
Atlas Copco AB, Class A		194,411		6,700,273
Atlas Copco AB, Class B		116,949		3,617,452
Axfood AB		33,694		716,767
Boliden AB (b)		82,393		1,660,829
Castellum AB		77,802		1,364,633
Electrolux AB, Series B		76,285		1,043,111
Elekta AB, Class B		109,800		997,577
Epiroc AB, Class A		187,243		1,873,859
Epiroc AB, Class B		116,767		1,152,036
Essity AB, Class A*		8,410		272,608
Essity AB, Class B*		182,564		5,913,865
Fabege AB		82,150		973,142
Fastighets AB Balder, Class B*		28,904		1,142,206
Getinge AB, Class B		65,744		1,260,135
Hennes & Mauritz AB, Class B (b)		232,853		3,183,007
Hexagon AB, Class B*		84,247		4,134,164
Hexpol AB*		78,679		565,249
Holmen AB, Class B		29,740		853,245
Husqvarna AB, Class A		7,769		47,976
Husqvarna AB, Class B		129,383		778,535
ICA Gruppen AB		27,807		1,216,707
Industrivarden AB, Class A*		51,024		1,047,122
Industrivarden AB, Class C* (b)		50,729		1,038,068
Intrum AB (b)		22,237		338,966
Investment AB Latour, Class B (b)		37,071		554,243
Investor AB, Class A		39,176		1,932,692
Investor AB, Class B		136,972		6,807,263
Kinnevik AB, Class B		72,384		1,487,706
L E Lundbergforetagen AB, Class B* (b)		19,109		802,330
Lundin Energy AB (b)		56,474		1,453,023
NCC AB, Class B		26,070		397,432
Nibe Industrier AB, Class B		109,218		2,037,656

INVESTMENTS	SHARES		VALUE($)
Sweden — continued
Saab AB, Class B* (b)		24,762		564,824
Sandvik AB*		332,287		5,111,711
Securitas AB, Class B		95,794		1,133,454
Skandinaviska Enskilda Banken AB, Class A		484,213		3,986,264
Skanska AB, Class B*		107,738		2,049,794
SKF AB, Class A		4,801		75,764
SKF AB, Class B		111,743		1,763,709
SSAB AB, Class A* (b)		71,078		170,737
SSAB AB, Class B*		191,382		442,324
Svenska Cellulosa AB SCA, Class A* (b)		8,798		94,346
Svenska Cellulosa AB SCA, Class B*		181,546		1,925,607
Svenska Handelsbanken AB, Class A*		456,120		4,163,164
Svenska Handelsbanken AB, Class B* (b)		10,558		105,371
Swedbank AB, Class A		279,192		3,303,999
Swedish Match AB		51,114		3,158,665
Swedish Orphan Biovitrum AB* (b)		56,979		1,091,669
Tele2 AB, Class B		149,664		1,929,861
Telefonaktiebolaget LM Ericsson, Class A		17,972		169,746
Telefonaktiebolaget LM Ericsson, Class B		787,202		6,725,195
Telia Co. AB (b)		785,003		2,729,428
Trelleborg AB, Class B*		72,591		924,368
Volvo AB, Class A		71,425		913,048
Volvo AB, Class B		493,452		6,323,375
				113,235,851
Switzerland — 17.2%
ABB Ltd. (Registered)		580,392		11,017,167
Adecco Group AG (Registered)		48,878		2,138,937
Alcon, Inc.*		146,994		7,757,907
Baloise Holding AG (Registered)		14,614		2,186,509
Barry Callebaut AG (Registered)		682		1,335,376
Chocoladefabriken Lindt & Spruengli AG		317		2,469,428
Chocoladefabriken Lindt & Spruengli AG (Registered)		33		2,770,559
Cie Financiere Richemont SA (Registered)		157,000		8,907,154
Coca-Cola HBC AG		57,942		1,468,177
Credit Suisse Group AG (Registered)*		730,352		6,668,579
EMS-Chemie Holding AG (Registered)		2,090		1,351,545
Geberit AG (Registered)		11,147		4,984,973
Givaudan SA (Registered)		2,391		8,017,705
Glencore plc*		3,290,413		6,164,394
Julius Baer Group Ltd.*		67,061		2,633,832
Kuehne + Nagel International AG (Registered)		15,176		2,170,809
LafargeHolcim Ltd. (Registered)*		146,355		6,078,561
Lonza Group AG (Registered)*		22,397		9,779,999

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 65

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Switzerland — continued
Mediclinic International plc		146,272		475,585
Nestle SA (Registered)		895,116		94,801,763
Novartis AG (Registered)		767,171		65,469,200
Pargesa Holding SA		10,157		722,534
Partners Group Holding AG		5,610		4,420,907
Roche Holding AG		8,185		2,842,699
Roche Holding AG		211,314		73,177,485
Schindler Holding AG		12,251		2,726,528
Schindler Holding AG (Registered)		5,824		1,252,424
SGS SA (Registered)		1,566		3,532,428
Sika AG (Registered)		37,953		6,277,776
Sonova Holding AG (Registered)		16,275		2,939,489
STMicroelectronics NV		197,143		5,076,723
Straumann Holding AG (Registered)		3,390		2,579,206
Swatch Group AG (The)		8,670		1,739,737
Swatch Group AG (The) (Registered)		17,491		680,005
Swiss Life Holding AG (Registered)		10,113		3,586,307
Swiss Re AG		87,647		6,368,987
Swisscom AG (Registered)		7,646		3,972,803
Temenos AG (Registered)* (b)		19,387		2,512,196
UBS Group AG (Registered)*		1,152,224		12,337,432
Vifor Pharma AG		13,116		1,967,715
Zurich Insurance Group AG		45,271		14,353,368
				401,714,908
United Arab Emirates — 0.0%(c)
NMC Health plc‡		23,176		29
United Kingdom — 21.6%
3i Group plc		291,073		2,859,462
Admiral Group plc		75,683		2,208,475
Aggreko plc		77,465		446,714
Ashtead Group plc		139,483		3,810,014
ASOS plc*		17,212		519,317
Associated British Foods plc		107,154		2,543,765
AstraZeneca plc		394,554		41,267,233
Auto Trader Group plc (a)		278,944		1,605,743
AVEVA Group plc		19,391		870,312
Aviva plc		1,212,682		3,667,307
Babcock International Group plc		150,039		794,707
BAE Systems plc		959,839		6,122,270
Barclays plc		4,847,422		6,472,771
Barratt Developments plc		305,091		1,988,998
Berkeley Group Holdings plc		39,190		2,057,204
BP plc		6,085,185		23,978,170
British American Tobacco plc		688,628		26,542,650
British Land Co. plc (The), REIT		281,660		1,436,818

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
BT Group plc		2,638,404		3,845,533
Bunzl plc		100,948		2,191,052
Burberry Group plc		123,289		2,140,732
Centrica plc		1,753,416		876,984
CNH Industrial NV*		298,854		1,869,391
Coca-Cola European Partners plc		63,677		2,524,156
Compass Group plc		479,154		8,062,921
ConvaTec Group plc (a)		467,478		1,248,599
Croda International plc		39,546		2,424,950
DCC plc		30,478		2,167,257
Derwent London plc, REIT		32,191		1,257,840
Diageo plc		704,193		24,245,262
Direct Line Insurance Group plc		411,485		1,401,946
DS Smith plc		409,326		1,604,949
easyJet plc		79,811		604,545
Experian plc		273,930		8,226,219
Fiat Chrysler Automobiles NV		330,939		2,870,548
G4S plc		464,325		637,418
GlaxoSmithKline plc		1,501,455		31,324,251
GVC Holdings plc		173,039		1,642,456
Halma plc		113,663		2,988,245
Hammerson plc, REIT		232,593		206,090
Hargreaves Lansdown plc		82,324		1,489,610
Hiscox Ltd.		87,721		771,699
HSBC Holdings plc		6,207,403		31,905,821
Imperial Brands plc		285,554		6,007,620
Informa plc		376,448		2,079,447
InterContinental Hotels Group plc		56,462		2,571,997
Intertek Group plc		48,360		2,886,089
ITV plc		1,084,166		1,040,994
J Sainsbury plc		516,166		1,284,632
JD Sports Fashion plc		123,612		819,341
John Wood Group plc		207,718		525,960
Johnson Matthey plc		59,544		1,491,907
Kingfisher plc		637,689		1,265,044
Land Securities Group plc, REIT		224,832		1,874,889
Legal & General Group plc		1,776,902		4,568,417
Lloyds Banking Group plc		21,106,486		8,539,855
London Stock Exchange Group plc		94,823		8,875,135
M&G plc		777,770		1,289,409
Marks & Spencer Group plc		583,443		679,751
Meggitt plc		232,137		812,864
Melrose Industries plc		1,456,057		1,819,931
Micro Focus International plc		108,566		643,665
Mondi plc		146,041		2,578,984
National Grid plc		1,128,791		13,228,025

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United Kingdom — continued
Next plc		40,066		2,385,476
Ocado Group plc*		176,486		3,564,612
Pearson plc		233,960		1,349,165
Persimmon plc		95,519		2,646,474
Phoenix Group Holdings plc		157,590		1,195,844
Prudential plc		777,770		10,972,326
Reckitt Benckiser Group plc		221,528		18,453,230
RELX plc		605,066		13,651,382
Rentokil Initial plc		553,921		3,295,617
Rightmove plc		270,069		1,688,590
Rolls-Royce Holdings plc*		580,806		2,403,930
Royal Bank of Scotland Group plc		1,374,975		1,918,244
Royal Mail plc		299,304		624,604
RSA Insurance Group plc		307,066		1,391,642
Sage Group plc (The)		339,788		2,732,744
Schroders plc		38,755		1,294,401
Schroders plc(Non-Voting)		13,825		369,182
Segro plc, REIT		328,686		3,445,132
Severn Trent plc		71,984		2,160,063
Smith & Nephew plc		267,995		5,244,422
Smiths Group plc		117,526		1,829,930
Spirax-Sarco Engineering plc		22,027		2,410,624
SSE plc		311,105		4,879,799
St James’s Place plc		158,321		1,685,832
Standard Chartered plc		807,534		4,126,246
Standard Life Aberdeen plc		705,928		1,955,181
Subsea 7 SA*		71,197		390,810
Tate & Lyle plc		139,486		1,249,846
Taylor Wimpey plc		978,908		1,807,888
TechnipFMC plc		126,237		1,105,250
Tesco plc		2,921,512		8,641,306
Travis Perkins plc		74,654		974,793
Unilever NV		439,505		21,887,049
Unilever plc		351,165		18,082,252
United Utilities Group plc		204,373		2,313,475
Vodafone Group plc		8,059,354		11,369,131
Weir Group plc (The)		77,551		926,786
Whitbread plc		40,178		1,507,188
Wm Morrison Supermarkets plc		716,127		1,645,785
WPP plc		376,961		2,924,889
				505,105,500
United States — 0.4%
Carnival plc		55,800		768,937

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
Ferguson plc		69,780		5,031,297
QIAGEN NV*		68,275		2,843,128
				8,643,362
Total Common Stocks (Cost $2,779,010,728)				2,312,074,551
Short-Term Investments — 5.8%
Investment of Cash Collateral from Securities Loaned — 5.8%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (d) (e)		84,006,395		84,023,197
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (d) (e)		52,026,406		52,026,406
Total Investment of Cash Collateral from Securities Loaned (Cost $136,026,700)				136,049,603
Total Investments — 104.8% (Cost $2,915,037,428)				2,448,124,154
Liabilities in Excess of Other Assets — (4.8)%				(113,042,901	)
NET ASSETS — 100.0%				2,335,081,253

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		12.9	%
Banks		6.1
Food Products		5.3
Insurance		4.9
Oil, Gas & Consumable Fuels		4.8
Textiles, Apparel & Luxury Goods		3.8
Chemicals		3.5
Personal Products		2.6
Beverages		2.6
Capital Markets		2.4
Electric Utilities		2.4
Diversified Telecommunication Services		2.4
Machinery		2.2
Software		2.1
Semiconductors & Semiconductor Equipment		2.0
Health Care Equipment & Supplies		2.0

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 67

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INDUSTRY	PERCENTAGE
Metals & Mining		2.0	%
Professional Services		1.8
Electrical Equipment		1.7
Automobiles		1.6
Multi-Utilities		1.6
Aerospace & Defense		1.5
Tobacco		1.5
Household Products		1.3
IT Services		1.2
Food & Staples Retailing		1.2
Industrial Conglomerates		1.1
Construction & Engineering		1.0
Diversified Financial Services		1.0
Others (each less than 1.0%)		13.9
Short-Term Investments		5.6

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
SDR	Swedish Depositary Receipt
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 April 30, 2020. The total value of securities on loan at April 30, 2020 is $125,871,397.
(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 April 30, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of April 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		428		06/2020		EUR		13,517,233		1,801,229
FTSE 100 Index		107		06/2020		GBP		7,902,845		819,357
										2,620,586

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.0%
Australia — 6.6%
Afterpay Ltd.*		682		13,562
AGL Energy Ltd.		2,165		23,761
Alumina Ltd.		7,703		8,545
AMP Ltd.*		11,005		10,154
APA Group		3,900		27,557
Aristocrat Leisure Ltd.		2,100		34,440
ASX Ltd.		630		33,217
Aurizon Holdings Ltd.		6,570		19,959
AusNet Services		5,718		6,974
Australia & New Zealand Banking Group Ltd.		9,560		103,845
Bendigo & Adelaide Bank Ltd.		1,682		7,117
BHP Group Ltd.		9,816		200,387
BHP Group plc		6,975		117,075
BlueScope Steel Ltd.		1,720		11,226
Boral Ltd.		3,870		7,521
Brambles Ltd.		5,240		37,453
Caltex Australia Ltd.		855		13,765
Challenger Ltd.		1,685		5,366
CIMIC Group Ltd.		320		5,094
Coca-Cola Amatil Ltd.		1,665		9,270
Cochlear Ltd.		211		25,087
Coles Group Ltd.		3,970		39,810
Commonwealth Bank of Australia		5,810		234,704
Computershare Ltd.		1,655		13,021
Crown Resorts Ltd.		1,176		7,528
CSL Ltd.		1,495		297,994
Dexus, REIT		3,575		21,222
Domino’s Pizza Enterprises Ltd.		200		7,484
Evolution Mining Ltd.		5,614		18,282
Flight Centre Travel Group Ltd.‡		190		1,347
Fortescue Metals Group Ltd.		5,655		43,217
Goodman Group, REIT		5,300		45,141
GPT Group (The), REIT		6,365		17,493
Harvey Norman Holdings Ltd.		2,215		3,974
Iluka Resources Ltd.		1,380		6,845
Incitec Pivot Ltd.		5,535		8,561
Insurance Australia Group Ltd.		7,625		28,489
LendLease Group		1,935		15,414
Macquarie Group Ltd.		1,040		68,893
Magellan Financial Group Ltd.		490		16,051
Medibank Pvt Ltd.		9,095		15,933
Mirvac Group, REIT		13,085		19,014
National Australia Bank Ltd.		9,525		104,370
Newcrest Mining Ltd.		2,530		45,852
Orica Ltd.		1,318		15,274

INVESTMENTS	SHARES		VALUE($)
Australia — continued
Origin Energy Ltd.		5,800		20,861
Qantas Airways Ltd.		2,430		6,035
QBE Insurance Group Ltd.		4,986		26,999
Ramsay Health Care Ltd.		591		24,001
REA Group Ltd.		160		9,155
Reece Ltd.		750		4,286
Rio Tinto Ltd.		1,225		69,042
Rio Tinto plc		3,280		152,253
Santos Ltd.		5,825		18,522
Scentre Group, REIT		17,590		26,425
SEEK Ltd.		1,150		12,839
Seven Group Holdings Ltd.		440		4,327
Sonic Healthcare Ltd.		1,490		26,314
South32 Ltd.		16,975		21,349
Stockland, REIT		8,035		14,920
Suncorp Group Ltd.		4,150		24,671
Sydney Airport		3,640		14,827
Tabcorp Holdings Ltd.		6,640		13,844
Telstra Corp. Ltd.		13,750		27,049
TPG Telecom Ltd.		1,130		5,392
Transurban Group		8,610		76,756
Treasury Wine Estates Ltd.		2,365		15,556
Vicinity Centres, REIT		10,610		10,157
Washington H Soul Pattinson & Co. Ltd.		386		4,642
Wesfarmers Ltd.		3,731		90,624
Westpac Banking Corp.		11,345		118,035
WiseTech Global Ltd.		490		5,835
Woodside Petroleum Ltd.		3,095		44,318
Woolworths Group Ltd.		4,335		100,320
Worley Ltd.		1,055		6,115
				2,812,757
Austria — 0.2%
ANDRITZ AG		240		7,886
BAWAG Group AG* (a)		236		8,021
Erste Group Bank AG		1,000		21,673
EVN AG		120		1,875
IMMOFINANZ AG*		310		5,724
Lenzing AG		50		2,858
Oesterreichische Post AG* (b)		105		3,957
OMV AG		456		14,889
Raiffeisen Bank International AG		450		7,767
Strabag SE		50		1,400
Telekom Austria AG		470		3,307
UNIQA Insurance Group AG		375		2,528
Verbund AG		230		10,414

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 69

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Austria — continued
Vienna Insurance Group AG Wiener Versicherung Gruppe		130		2,599
voestalpine AG (b)		375		7,772
				102,670
Belgium — 1.0%
Ackermans & van Haaren NV*		74		9,808
Ageas		615		22,167
Anheuser-Busch InBev SA/NV (b)		2,805		130,629
bpost SA		315		2,198
Colruyt SA		155		9,289
Elia Group SA/NV		105		12,073
Galapagos NV*		165		36,453
Groupe Bruxelles Lambert SA* (b)		270		21,599
KBC Group NV		1,135		61,564
Proximus SADP		505		10,779
Sofina SA		53		12,482
Solvay SA		250		19,527
Telenet Group Holding NV		140		5,847
UCB SA*		415		38,030
Umicore SA		665		28,822
				421,267
Cambodia — 0.0%(c)
NagaCorp Ltd.		8,000		9,442
Chile — 0.0%(c)
Antofagasta plc		1,135		11,622
China — 0.3%
Evergrande Health Industry Group Ltd.* (b)		10,000		7,687
Prosus NV*		1,380		104,619
				112,306
Colombia — 0.0%(c)
Millicom International Cellular SA, SDR		320		8,316
Denmark — 2.2%
Ambu A/S, Class B		560		17,540
AP Moller — Maersk A/S, Class A		10		9,266
AP Moller — Maersk A/S, Class B (b)		21		20,900
Carlsberg A/S, Class B		355		44,784
Chr Hansen Holding A/S		340		29,316
Coloplast A/S, Class B		385		60,724
Danske Bank A/S*		2,255		26,774
Demant A/S* (b)		330		7,890
DSV Panalpina A/S		675		70,133
Genmab A/S*		210		50,481
GN Store Nord A/S		470		21,449
H Lundbeck A/S		205		7,480
ISS A/S* (b)		525		7,805

INVESTMENTS	SHARES		VALUE($)
Denmark — continued
Jyske Bank A/S (Registered)*		220		5,938
Novo Nordisk A/S, Class B		5,480		349,569
Novozymes A/S, Class B		715		35,075
Orsted A/S (a)		555		56,061
Pandora A/S		325		11,557
Rockwool International A/S, Class A		20		3,885
Rockwool International A/S, Class B		25		5,254
Tryg A/S		400		10,668
Vestas Wind Systems A/S		665		57,106
				909,655
Finland — 1.3%
Elisa OYJ		494		30,020
Fortum OYJ (b)		1,435		23,778
Huhtamaki OYJ*		315		11,757
Kesko OYJ, Class A		300		4,884
Kesko OYJ, Class B		880		14,339
Kone OYJ, Class B		1,340		81,143
Konecranes OYJ		215		4,666
Metso OYJ		430		11,930
Neste OYJ		1,415		49,971
Nokia OYJ		18,615		67,106
Nokian Renkaat OYJ		425		9,029
Nordea Bank Abp		10,670		68,437
Orion OYJ, Class A		110		5,436
Orion OYJ, Class B		335		17,024
Sampo OYJ, Class A		1,625		53,865
Stora Enso OYJ, Class R		2,020		23,764
UPM-Kymmene OYJ		1,755		48,131
Wartsila OYJ Abp		1,600		11,744
				537,024
France — 9.7%
Accor SA		595		16,552
Adevinta ASA*		745		6,188
Aeroports de Paris		100		9,762
Air Liquide SA (b)		1,565		198,840
Airbus SE*		1,995		126,321
Alstom SA		620		25,432
Amundi SA (a)		201		13,341
Arkema SA		240		19,976
Atos SE*		315		22,527
AXA SA		6,410		113,947
BioMerieux		140		17,298
BNP Paribas SA		3,780		118,754
Bollore SA		2,615		6,930
Bouygues SA*		820		25,230
Bureau Veritas SA		925		19,203

SEE NOTES TO FINANCIAL STATEMENTS.

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

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
France — continued
Capgemini SE		515		48,416
Carrefour SA		1,890		28,069
Casino Guichard Perrachon SA (b)		170		6,381
Cie de Saint-Gobain		1,815		48,293
Cie Generale des Etablissements Michelin SCA		590		57,006
CNP Assurances*		430		4,436
Covivio, REIT (b)		146		9,169
Credit Agricole SA		4,185		33,662
Danone SA		2,125		148,106
Dassault Aviation SA		10		8,144
Dassault Systemes SE		450		65,912
Edenred		795		32,025
Eiffage SA		265		21,656
Electricite de France SA		1,510		12,021
Engie SA		6,050		65,640
EssilorLuxottica SA		955		118,634
Eutelsat Communications SA		555		6,214
Faurecia SE		245		8,779
Gecina SA, REIT		190		24,930
Getlink SE		1,430		18,240
Hermes International		115		84,073
ICADE, REIT		95		7,297
Iliad SA		85		12,658
Ipsen SA		120		8,936
JCDecaux SA		220		4,554
Kering SA		250		127,176
Klepierre SA, REIT		685		13,906
Legrand SA		875		58,662
L’Oreal SA		813		236,373
LVMH Moet Hennessy Louis Vuitton SE		895		346,001
Natixis SA		3,015		7,118
Orange SA		6,300		76,539
Pernod Ricard SA		715		109,177
Peugeot SA		1,880		26,650
Publicis Groupe SA		735		21,696
Renault SA*		680		13,399
Safran SA		1,115		103,663
Sanofi (b)		3,795		370,672
Sartorius Stedim Biotech		80		19,182
Schneider Electric SE*		1,835		169,577
SEB SA		90		10,793
Societe Generale SA		2,630		41,262
Sodexo SA (b)		280		22,385
Suez		1,401		15,847
Teleperformance		190		42,562
Thales SA		345		26,127
TOTAL SA		8,340		296,007

INVESTMENTS	SHARES		VALUE($)
France — continued
Ubisoft Entertainment SA*		235		17,480
Unibail-Rodamco-Westfield, REIT		450		26,645
Valeo SA		790		18,109
Veolia Environnement SA (b)		1,850		39,439
Vinci SA		1,660		135,991
Vivendi SA (b)		2,740		59,220
Worldline SA* (a)		275		18,626
				4,093,836
Germany — 7.9%
1&1 Drillisch AG		160		3,723
adidas AG		611		139,878
Allianz SE (Registered)		1,375		253,043
Aroundtown SA		3,650		19,633
BASF SE		3,040		155,577
Bayer AG (Registered)		3,255		214,079
Bayerische Motoren Werke AG		1,050		61,767
Bayerische Motoren Werke AG (Preference)		180		8,443
Beiersdorf AG		330		34,527
Brenntag AG		510		23,092
Continental AG*		355		29,664
Covestro AG (a)		560		18,811
Daimler AG (Registered)		2,935		100,386
Delivery Hero SE* (a)		445		37,743
Deutsche Bank AG (Registered)		6,835		50,622
Deutsche Boerse AG		625		96,899
Deutsche Lufthansa AG (Registered)* (b)		785		7,028
Deutsche Post AG (Registered)		3,205		95,212
Deutsche Telekom AG (Registered)		10,695		156,357
Deutsche Wohnen SE		1,185		48,026
E.ON SE		7,240		72,525
Evonik Industries AG		555		13,653
Fraport AG Frankfurt Airport Services Worldwide (b)		115		5,037
Fresenius Medical Care AG & Co. KGaA		700		54,859
Fresenius SE & Co. KGaA		1,350		58,472
GEA Group AG*		550		12,621
Hannover Rueck SE		195		31,070
HeidelbergCement AG		485		22,994
Henkel AG & Co. KGaA		340		26,504
Henkel AG & Co. KGaA (Preference)		595		52,828
HOCHTIEF AG		70		5,478
Infineon Technologies AG		4,140		76,967
KION Group AG		215		10,665
LANXESS AG		275		13,532
Merck KGaA		435		50,485

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 71

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Germany — continued
MTU Aero Engines AG*		175		23,831
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		475		104,037
Porsche Automobil Holding SE (Preference)		505		25,499
Puma SE*		280		17,588
RWE AG		1,905		54,803
SAP SE		3,575		425,809
Sartorius AG (Preference)		110		30,904
Siemens AG (Registered)		2,656		245,104
Symrise AG		425		43,057
Talanx AG		165		5,860
Telefonica Deutschland Holding AG		3,040		8,648
thyssenkrupp AG* (b)		1,345		8,947
TUI AG		1,450		5,776
Uniper SE		600		16,141
United Internet AG (Registered)		415		14,280
Volkswagen AG		115		17,002
Volkswagen AG (Preference)		605		84,174
Vonovia SE		1,790		88,513
Wacker Chemie AG		50		2,915
Wirecard AG		380		37,604
Zalando SE* (a)		445		21,811
				3,344,503
Ghana — 0.0%(c)
Tullow Oil plc		4,645		1,508
Hong Kong — 3.0%
AIA Group Ltd.		39,800		365,275
ASM Pacific Technology Ltd.		1,100		11,115
Bank of East Asia Ltd. (The)		6,000		12,710
Cathay Pacific Airways Ltd.		4,000		4,742
Chow Tai Fook Jewellery Group Ltd.		4,000		3,384
CK Asset Holdings Ltd.		8,500		53,709
CK Infrastructure Holdings Ltd.		2,500		14,850
CLP Holdings Ltd.		6,000		64,225
Dairy Farm International Holdings Ltd.		1,000		4,792
Hang Lung Group Ltd.		3,000		6,852
Hang Lung Properties Ltd.		6,000		12,835
Hang Seng Bank Ltd.		2,500		43,725
Henderson Land Development Co. Ltd.		5,000		20,378
HK Electric Investments & HK Electric Investments Ltd. (a)		7,500		7,760
HKT Trust & HKT Ltd.		12,000		19,365
Hong Kong & China Gas Co. Ltd.		33,000		59,143
Hong Kong Exchanges & Clearing Ltd.		3,900		125,043
Hysan Development Co. Ltd.		2,000		6,672

INVESTMENTS	SHARES		VALUE($)
Hong Kong — continued
Jardine Matheson Holdings Ltd.		1,000		43,801
Jardine Strategic Holdings Ltd.		600		12,898
Kerry Properties Ltd.		2,500		6,905
Link, REIT		6,900		61,508
MTR Corp. Ltd.		5,000		27,702
New World Development Co. Ltd.		20,000		23,629
NWS Holdings Ltd.		5,000		5,211
PCCW Ltd.		15,000		9,189
Power Assets Holdings Ltd.		4,500		30,151
Shangri-La Asia Ltd.		4,000		3,303
Sino Land Co. Ltd.		10,000		13,975
Sun Hung Kai Properties Ltd.		5,000		68,369
Swire Pacific Ltd., Class A		2,000		13,006
Swire Pacific Ltd., Class B		2,500		2,733
Swire Properties Ltd.		4,000		11,219
Techtronic Industries Co. Ltd.		5,500		41,704
WH Group Ltd. (a)		32,500		30,997
Wharf Holdings Ltd. (The)		2,000		3,789
Wharf Real Estate Investment Co. Ltd.		4,000		16,934
Wheelock & Co. Ltd.		2,000		14,658
Yue Yuen Industrial Holdings Ltd.		2,500		3,988
				1,282,244
Ireland — 0.6%
AIB Group plc*		2,600		3,598
Bank of Ireland Group plc		3,065		6,290
CRH plc		2,655		80,549
Flutter Entertainment plc		259		31,876
Glanbia plc		650		6,917
Kerry Group plc, Class A		495		56,794
Kingspan Group plc		505		25,733
Smurfit Kappa Group plc		775		24,278
				236,035
Israel — 0.4%
Azrieli Group Ltd.		125		7,402
Bank Hapoalim BM		3,700		23,715
Bank LeumiLe-Israel BM		4,945		26,644
Bezeq The Israeli Telecommunication Corp. Ltd.*		6,750		4,816
Elbit Systems Ltd.		76		10,303
Israel Chemicals Ltd.		2,280		7,955
Israel Discount Bank Ltd., Class A		3,855		12,507
Mizrahi Tefahot Bank Ltd.		440		9,012
Nice Ltd.*		205		33,667
Teva Pharmaceutical Industries Ltd.*		3,605		38,995
				175,016

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Italy — 2.0%
A2A SpA		5,170		7,048
Amplifon SpA (b)		275		6,295
Assicurazioni Generali SpA		4,015		57,281
Atlantia SpA		1,555		25,491
Banca Mediolanum SpA		835		5,102
Banco BPM SpA (b)		5,005		6,117
Buzzi Unicem SpA		25		261
Buzzi Unicem SpA		230		4,512
Davide Campari-Milano SpA (b)		1,380		10,726
DiaSorin SpA		49		8,356
Enel SpA		25,505		174,211
Eni SpA		8,410		80,116
Ferrari NV (b)		430		67,207
FinecoBank Banca Fineco SpA*		1,650		18,384
Freni Brembo SpA		515		4,369
Hera SpA		2,610		9,662
Infrastrutture Wireless Italiane SpA (a)		790		8,361
Intesa Sanpaolo SpA		52,055		81,284
Leonardo SpA		1,340		9,254
Mediaset SpA* (b)		1,170		2,379
Mediobanca Banca di Credito Finanziario SpA		2,191		12,737
Moncler SpA		625		23,504
Nexi SpA* (a)		825		12,515
Pirelli & C SpA (a) (b)		1,430		5,538
Poste Italiane SpA (a)		1,515		12,888
Prysmian SpA		890		16,793
Recordati SpA		340		14,806
Saipem SpA*		1,905		4,889
Salvatore Ferragamo SpA (b)		215		2,669
Snam SpA		7,180		32,209
Telecom Italia SpA*		35,670		14,165
Telecom Italia SpA		19,915		7,943
Terna Rete Elettrica Nazionale SpA		4,635		29,024
UniCredit SpA*		6,990		53,982
Unione di Banche Italiane SpA		3,355		9,618
UnipolSai Assicurazioni SpA		1,960		4,804
				844,500
Japan — 27.4%
ABC-Mart, Inc.		100		5,082
Acom Co. Ltd.		1,500		6,060
Advance Residence Investment Corp., REIT		5		15,341
Advantest Corp.		700		33,965
Aeon Co. Ltd.		3,000		60,395
AEON Financial Service Co. Ltd.		300		3,120
Aeon Mall Co. Ltd.		300		3,771

INVESTMENTS	SHARES		VALUE($)
Japan — continued
AGC, Inc.		800		19,728
Air Water, Inc.		500		6,741
Aisin Seiki Co. Ltd.		600		17,280
Ajinomoto Co., Inc.		2,000		35,622
Alfresa Holdings Corp.		700		13,959
Alps Alpine Co. Ltd.		800		8,251
Amada Co. Ltd.		1,500		13,559
ANA Holdings, Inc.*		300		6,375
Aozora Bank Ltd.		300		5,339
Asahi Group Holdings Ltd.		1,600		55,017
Asahi Intecc Co. Ltd.		800		21,193
Asahi Kasei Corp.		4,500		31,925
Asics Corp.		600		5,689
Astellas Pharma, Inc.		5,800		95,927
Bandai Namco Holdings, Inc.		700		34,977
Bank of Kyoto Ltd. (The)		200		6,846
Benesse Holdings, Inc.		300		8,543
Bridgestone Corp.		2,100		65,367
Brother Industries Ltd.		1,000		16,948
Calbee, Inc.		500		15,129
Canon Marketing Japan, Inc.		100		1,925
Canon, Inc.		3,600		75,726
Casio Computer Co. Ltd.		700		11,047
Central Japan Railway Co.		700		110,148
Chiba Bank Ltd. (The)		2,500		11,600
Chubu Electric Power Co., Inc.		2,500		33,810
Chugai Pharmaceutical Co. Ltd.		700		83,441
Chugoku Bank Ltd. (The)		700		6,446
Chugoku Electric Power Co., Inc. (The)		1,000		13,455
Citizen Watch Co. Ltd.		1,500		5,294
Coca-Cola Bottlers Japan Holdings, Inc.		500		8,953
Concordia Financial Group Ltd.		4,000		12,256
Credit Saison Co. Ltd.		500		5,679
CyberAgent, Inc.		300		12,596
Dai Nippon Printing Co. Ltd.		1,000		21,084
Daicel Corp.		1,000		8,117
Daido Steel Co. Ltd.		200		6,605
Daifuku Co. Ltd.		400		27,992
Dai-ichi Life Holdings, Inc.		4,000		50,129
Daiichi Sankyo Co. Ltd.		2,000		137,483
Daikin Industries Ltd.		1,000		128,331
Daito Trust Construction Co. Ltd.		200		19,017
Daiwa House Industry Co. Ltd.		2,300		58,283
Daiwa House REIT Investment Corp., REIT		6		14,518
Daiwa Securities Group, Inc.		5,000		20,792
DeNA Co. Ltd.		500		6,155

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 73

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Japan — continued
Denso Corp.		1,800		63,273
Dentsu Group, Inc.		800		16,707
DIC Corp.		300		6,967
Disco Corp.		100		22,331
East Japan Railway Co.		1,200		87,624
Eisai Co. Ltd.		1,000		69,811
Electric Power Development Co. Ltd.		600		12,008
Ezaki Glico Co. Ltd.		200		8,784
FamilyMart Co. Ltd.		900		15,262
FANUC Corp.		600		97,928
Fast Retailing Co. Ltd.		200		94,849
Fuji Electric Co. Ltd.		500		11,926
Fuji Media Holdings, Inc.		200		1,987
FUJIFILM Holdings Corp.		1,400		66,686
Fujitsu Ltd.		600		58,289
Fukuoka Financial Group, Inc.		600		8,572
Furukawa Electric Co. Ltd.		300		5,647
GLPJ-REIT, REIT		12		15,471
GMO Payment Gateway, Inc.		100		8,915
GungHo Online Entertainment, Inc.		100		1,551
Hachijuni Bank Ltd. (The)		1,500		5,356
Hakuhodo DY Holdings, Inc.		1,000		11,078
Hamamatsu Photonics KK		500		21,855
Hankyu Hanshin Holdings, Inc.		900		30,792
Harmonic Drive Systems, Inc.		100		4,620
Haseko Corp.		800		8,685
Hikari Tsushin, Inc.		100		19,353
Hino Motors Ltd.		1,000		5,949
Hirose Electric Co. Ltd.		100		10,980
Hisamitsu Pharmaceutical Co., Inc.		300		14,135
Hitachi Capital Corp.		200		3,868
Hitachi Construction Machinery Co. Ltd.		400		9,385
Hitachi Ltd.		3,200		94,974
Hitachi Metals Ltd.		600		5,781
Honda Motor Co. Ltd.		6,000		145,705
Hoshizaki Corp.		200		15,241
Hoya Corp.		1,300		118,551
Hulic Co. Ltd.		1,600		15,824
Ibiden Co. Ltd.		500		12,780
Idemitsu Kosan Co. Ltd.		800		18,178
IHI Corp.		500		6,197
Iida Group Holdings Co. Ltd.		600		7,969
Inpex Corp.		3,600		23,238
Isetan Mitsukoshi Holdings Ltd.		1,300		7,908
Isuzu Motors Ltd.		2,000		15,199

INVESTMENTS	SHARES		VALUE($)
Japan — continued
ITOCHU Corp.		5,100		99,986
Itochu Techno-Solutions Corp.		400		12,222
Iyo Bank Ltd. (The)		1,000		5,357
Izumi Co. Ltd.		100		2,927
J Front Retailing Co. Ltd.		1,000		8,158
Japan Airlines Co. Ltd.		500		8,919
Japan Airport Terminal Co. Ltd.		200		8,110
Japan Exchange Group, Inc.		1,700		31,621
Japan Post Holdings Co. Ltd.		5,000		39,994
Japan Prime Realty Investment Corp., REIT		3		8,310
Japan Real Estate Investment Corp., REIT		5		27,006
Japan Retail Fund Investment Corp., REIT		10		10,902
Japan Tobacco, Inc.		3,800		70,768
JFE Holdings, Inc.		1,900		12,608
JGC Holdings Corp.		1,000		9,657
JSR Corp.		700		13,168
JTEKT Corp.		1,000		7,326
JXTG Holdings, Inc.		10,500		37,226
Kajima Corp.		1,500		15,586
Kakaku.com, Inc.		300		6,122
Kamigumi Co. Ltd.		500		8,803
Kaneka Corp.		200		5,173
Kansai Electric Power Co., Inc. (The)		2,800		28,692
Kansai Mirai Financial Group, Inc.		500		1,681
Kansai Paint Co. Ltd.		800		15,196
Kao Corp.		1,600		123,386
Kawasaki Heavy Industries Ltd.		500		7,555
KDDI Corp.		5,300		153,511
Keihan Holdings Co. Ltd.		300		13,484
Keikyu Corp.		900		14,792
Keio Corp.		400		22,627
Keisei Electric Railway Co. Ltd.		600		18,099
Kewpie Corp.		500		9,929
Keyence Corp.		600		214,207
Kikkoman Corp.		600		27,570
Kinden Corp.		500		8,046
Kintetsu Group Holdings Co. Ltd.		600		28,662
Kirin Holdings Co. Ltd.		3,000		57,895
Kobayashi Pharmaceutical Co. Ltd.		200		18,540
Kobe Steel Ltd.*		1,000		3,345
Koito Manufacturing Co. Ltd.		500		18,834
Komatsu Ltd.		3,100		58,655
Konami Holdings Corp.		400		12,560
Konica Minolta, Inc.		2,000		7,739
Kose Corp.		100		12,501

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Japan — continued
K’s Holdings Corp.		700		7,626
Kubota Corp.		4,000		49,675
Kuraray Co. Ltd.		1,000		10,004
Kurita Water Industries Ltd.		300		8,370
Kyocera Corp.		1,200		64,116
Kyowa Kirin Co. Ltd.		800		18,568
Kyushu Electric Power Co., Inc.		1,500		11,886
Kyushu Financial Group, Inc.		1,500		6,328
Kyushu Railway Co.		500		13,452
Lawson, Inc.		200		10,396
LINE Corp.*		200		9,783
Lion Corp.		900		18,920
LIXIL Group Corp.		1,000		11,996
M3, Inc.		1,400		50,532
Mabuchi Motor Co. Ltd.		100		3,097
Makita Corp.		900		29,306
Marubeni Corp.		5,500		26,487
Marui Group Co. Ltd.		700		11,458
Maruichi Steel Tube Ltd.		300		6,745
Matsumotokiyoshi Holdings Co. Ltd.		400		13,767
Mazda Motor Corp.		2,000		11,307
McDonald’s Holdings Co. Japan Ltd.		200		9,779
Mebuki Financial Group, Inc.		3,500		7,352
Medipal Holdings Corp.		700		13,504
MEIJI Holdings Co. Ltd.		500		34,727
Mercari, Inc.*		400		10,101
MINEBEA MITSUMI, Inc.		1,500		24,389
MISUMI Group, Inc.		1,000		23,753
Mitsubishi Chemical Holdings Corp.		4,500		25,576
Mitsubishi Corp.		5,300		112,402
Mitsubishi Electric Corp.		7,100		87,363
Mitsubishi Estate Co. Ltd.		4,600		74,419
Mitsubishi Gas Chemical Co., Inc.		700		8,576
Mitsubishi Heavy Industries Ltd.		1,200		30,772
Mitsubishi Logistics Corp.		300		6,624
Mitsubishi Materials Corp.		400		8,193
Mitsubishi Motors Corp.		2,000		5,668
Mitsubishi UFJ Financial Group, Inc.		43,000		173,720
Mitsubishi UFJ Lease & Finance Co. Ltd.		2,000		9,550
Mitsui & Co. Ltd.		6,000		83,750
Mitsui Chemicals, Inc.		700		13,743
Mitsui Fudosan Co. Ltd.		3,300		60,677
Mitsui OSK Lines Ltd.		500		8,672
Mizuho Financial Group, Inc.		83,500		97,229
MonotaRO Co. Ltd.		500		16,066
MS&AD Insurance Group Holdings, Inc.		1,600		46,096

INVESTMENTS	SHARES		VALUE($)
Japan — continued
Murata Manufacturing Co. Ltd.		2,200		123,963
Nabtesco Corp.		400		11,446
Nagoya Railroad Co. Ltd.		700		20,031
Nankai Electric Railway Co. Ltd.		400		8,930
NEC Corp.		900		34,537
Nexon Co. Ltd.		1,500		24,219
NGK Insulators Ltd.		1,000		13,083
NGK Spark Plug Co. Ltd.		400		5,989
NH Foods Ltd.		400		14,198
NHK Spring Co. Ltd.		500		3,308
Nidec Corp.		1,900		110,607
Nihon M&A Center, Inc.		500		16,311
Nikon Corp.		1,400		13,023
Nintendo Co. Ltd.		400		165,170
Nippon Building Fund, Inc., REIT		5		29,816
Nippon Electric Glass Co. Ltd.		200		2,914
Nippon Express Co. Ltd.		300		14,653
Nippon Paint Holdings Co. Ltd.		600		34,677
Nippon Prologis REIT, Inc., REIT		7		19,378
Nippon Shinyaku Co. Ltd.		200		14,045
Nippon Shokubai Co. Ltd.		100		4,723
Nippon Steel Corp.		3,300		27,765
Nippon Telegraph & Telephone Corp.		4,300		97,927
Nippon Television Holdings, Inc.		200		2,234
Nippon Yusen KK		500		6,582
Nissan Chemical Corp.		500		19,184
Nissan Motor Co. Ltd.		7,500		25,528
Nisshin Seifun Group, Inc.		1,000		15,538
Nissin Foods Holdings Co. Ltd.		300		24,661
Nitori Holdings Co. Ltd.		300		45,983
Nitto Denko Corp.		500		24,977
NOK Corp.		500		5,823
Nomura Holdings, Inc.		11,000		45,646
Nomura Real Estate Holdings, Inc.		500		8,130
Nomura Real Estate Master Fund, Inc., REIT		16		18,195
Nomura Research Institute Ltd.		1,300		31,825
NSK Ltd.		2,000		13,843
NTT Data Corp.		2,000		20,408
NTT DOCOMO, Inc.		3,900		114,938
Obayashi Corp.		2,500		21,851
Obic Co. Ltd.		200		30,012
Odakyu Electric Railway Co. Ltd.		1,200		26,463
Oji Holdings Corp.		3,500		17,771
Olympus Corp.		4,300		68,228
Omron Corp.		700		41,115

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 75

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Japan — continued
Ono Pharmaceutical Co. Ltd.		1,600		38,548
Oracle Corp.		200		20,590
Orient Corp.		2,000		2,288
Oriental Land Co. Ltd.		800		101,156
ORIX Corp.		4,300		50,600
Orix JREIT, Inc., REIT		10		11,955
Osaka Gas Co. Ltd.		1,500		27,933
Otsuka Corp.		400		18,111
Otsuka Holdings Co. Ltd.		1,800		70,747
Pan Pacific International Holdings Corp.		1,900		36,810
Panasonic Corp.		7,800		59,459
Park24 Co. Ltd.		300		4,710
PeptiDream, Inc.*		400		14,919
Persol Holdings Co. Ltd.		500		5,750
Pigeon Corp.		400		14,244
Pola Orbis Holdings, Inc.		200		3,569
Rakuten, Inc.		2,500		21,198
Recruit Holdings Co. Ltd.		5,300		154,607
Renesas Electronics Corp.*		3,500		18,482
Resona Holdings, Inc.		7,200		22,486
Ricoh Co. Ltd.		2,500		17,041
Rinnai Corp.		100		7,575
Rohm Co. Ltd.		400		25,290
Ryohin Keikaku Co. Ltd.		900		10,711
Sankyo Co. Ltd.		200		5,491
Santen Pharmaceutical Co. Ltd.		1,400		24,782
SBI Holdings, Inc.		800		14,942
SCSK Corp.		100		4,527
Secom Co. Ltd.		700		58,254
Sega Sammy Holdings, Inc.		500		6,056
Seibu Holdings, Inc.		1,000		11,997
Seiko Epson Corp.		1,000		11,356
Sekisui Chemical Co. Ltd.		1,500		19,011
Sekisui House Ltd.		2,200		37,740
Seria Co. Ltd.		100		3,250
Seven & i Holdings Co. Ltd.		2,600		86,104
Seven Bank Ltd.		2,000		5,422
SG Holdings Co. Ltd.		800		22,258
Sharp Corp.*		700		7,706
Shikoku Electric Power Co., Inc.		500		3,865
Shimadzu Corp.		900		22,413
Shimamura Co. Ltd.		100		6,305
Shimano, Inc.		300		44,207
Shimizu Corp.		2,500		19,200
Shin-Etsu Chemical Co. Ltd.		1,300		143,393

INVESTMENTS	SHARES		VALUE($)
Japan — continued
Shinsei Bank Ltd.		600		7,238
Shionogi & Co. Ltd.		900		49,705
Shiseido Co. Ltd.		1,300		76,431
Shizuoka Bank Ltd. (The)		1,900		11,535
Showa Denko KK		500		10,944
SMC Corp.		200		90,405
Softbank Corp.		5,400		73,537
SoftBank Group Corp.		5,500		235,745
Sohgo Security Services Co. Ltd.		200		9,540
Sojitz Corp.		3,000		6,943
Sompo Holdings, Inc.		1,200		38,923
Sony Corp.		4,200		270,287
Sony Financial Holdings, Inc.		500		9,478
Square Enix Holdings Co. Ltd.		300		12,296
Stanley Electric Co. Ltd.		500		11,392
Subaru Corp.		2,200		44,032
SUMCO Corp.		800		11,390
Sumitomo Chemical Co. Ltd.		5,500		16,870
Sumitomo Corp.		4,000		45,249
Sumitomo Dainippon Pharma Co. Ltd.		500		6,918
Sumitomo Electric Industries Ltd.		2,500		25,721
Sumitomo Heavy Industries Ltd.		500		10,537
Sumitomo Metal Mining Co. Ltd.		1,000		24,923
Sumitomo Mitsui Financial Group, Inc.		4,500		118,338
Sumitomo Mitsui Trust Holdings, Inc.		1,200		34,940
Sumitomo Realty & Development Co. Ltd.		1,500		40,174
Sumitomo Rubber Industries Ltd.		500		4,853
Sundrug Co. Ltd.		200		6,848
Suntory Beverage & Food Ltd.		500		18,829
Suzuken Co. Ltd.		300		11,562
Suzuki Motor Corp.		1,500		47,873
Sysmex Corp.		500		34,544
T&D Holdings, Inc.		2,000		17,288
Taiheiyo Cement Corp.		400		7,852
Taisei Corp.		800		24,938
Taisho Pharmaceutical Holdings Co. Ltd.		200		12,495
Taiyo Nippon Sanso Corp.		600		9,306
Takashimaya Co. Ltd.		500		4,519
Takeda Pharmaceutical Co. Ltd.		5,200		187,520
TDK Corp.		400		34,483
Teijin Ltd.		500		7,974
Terumo Corp.		2,300		76,320
THK Co. Ltd.		500		11,952
TIS, Inc.		700		13,349
Tobu Railway Co. Ltd.		800		27,136

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Japan — continued
Toho Co. Ltd.		500		16,374
Toho Gas Co. Ltd.		300		14,740
Tohoku Electric Power Co., Inc.		1,500		14,118
Tokio Marine Holdings, Inc.		2,300		107,906
Tokyo Broadcasting System Holdings, Inc.		100		1,546
Tokyo Century Corp.		100		3,418
Tokyo Electric Power Co. Holdings, Inc.*		2,500		8,416
Tokyo Electron Ltd.		500		106,491
Tokyo Gas Co. Ltd.		1,300		28,530
Tokyo Tatemono Co. Ltd.		800		8,997
Tokyu Corp.		2,000		30,104
Tokyu Fudosan Holdings Corp.		2,000		9,784
Toppan Printing Co. Ltd.		1,200		17,826
Toray Industries, Inc.		5,500		25,216
Toshiba Corp.		1,400		34,717
Tosoh Corp.		1,000		12,222
TOTO Ltd.		500		17,404
Toyo Seikan Group Holdings Ltd.		500		5,072
Toyo Suisan Kaisha Ltd.		400		19,235
Toyoda Gosei Co. Ltd.		300		5,588
Toyota Boshoku Corp.		200		2,497
Toyota Industries Corp.		600		30,200
Toyota Motor Corp.		8,600		531,711
Toyota Tsusho Corp.		800		19,043
Trend Micro, Inc.		400		20,293
Tsumura & Co.		200		5,532
Tsuruha Holdings, Inc.		100		13,408
Ube Industries Ltd.		500		8,385
Unicharm Corp.		1,400		51,595
United Urban Investment Corp., REIT		10		10,033
USS Co. Ltd.		700		11,084
Welcia Holdings Co. Ltd.		200		14,520
West Japan Railway Co.		700		43,258
Workman Co. Ltd.		100		6,328
Yakult Honsha Co. Ltd.		500		29,045
Yamada Denki Co. Ltd.		2,500		11,855
Yamaguchi Financial Group, Inc.		800		4,311
Yamaha Corp.		500		20,183
Yamaha Motor Co. Ltd.		1,000		12,866
Yamato Holdings Co. Ltd.		1,300		22,690
Yamato Kogyo Co. Ltd.		100		1,962
Yamazaki Baking Co. Ltd.		600		10,610
Yaskawa Electric Corp.		800		26,084
Yokogawa Electric Corp.		700		9,541
Yokohama Rubber Co. Ltd. (The)		500		6,359

INVESTMENTS	SHARES		VALUE($)
Japan — continued
Z Holdings Corp.		8,800		33,962
ZOZO, Inc.		600		9,681
				11,589,773
Jordan — 0.0%(c)
Hikma Pharmaceuticals plc		450		13,403
Luxembourg — 0.2%
ArcelorMittal SA		2,120		23,157
Eurofins Scientific SE		38		21,021
RTL Group SA		120		3,996
SES SA, FDR		1,260		8,394
Tenaris SA (b)		1,555		10,759
				67,327
Macau — 0.2%
Galaxy Entertainment Group Ltd.		8,000		51,452
MGM China Holdings Ltd. (b)		2,000		2,470
Sands China Ltd.		8,000		32,388
SJM Holdings Ltd.		5,000		4,937
Wynn Macau Ltd. (b)		4,000		6,907
				98,154
Mexico — 0.0%(c)
Fresnillo plc		590		5,241
Netherlands — 4.0%
ABN AMRO Bank NV, CVA (a)		1,365		10,471
Adyen NV* (a)		80		79,006
Aegon NV		4,635		11,989
Akzo Nobel NV		671		50,922
Altice Europe NV*		2,365		9,436
Argenx SE*		140		20,937
ASML Holding NV		1,409		411,548
EXOR NV		325		17,724
GrandVision NV (a)		200		5,321
HAL Trust		280		35,961
Heineken Holding NV (b)		320		24,933
Heineken NV (b)		790		67,197
ING Groep NV		12,865		72,080
Koninklijke Ahold Delhaize NV		3,636		88,283
Koninklijke DSM NV		605		74,150
Koninklijke KPN NV (b)		11,660		26,857
Koninklijke Philips NV		2,990		130,342
Koninklijke Vopak NV		218		12,571
NN Group NV		1,005		29,072
OCI NV*		210		2,536
Randstad NV*		411		16,541

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 77

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Netherlands — continued
Royal Dutch Shell plc, Class A		13,824		227,602
Royal Dutch Shell plc, Class B		12,370		198,027
Wolters Kluwer NV (b)		902		66,345
				1,689,851
New Zealand — 0.3%
a2 Milk Co. Ltd.*		2,430		28,922
Auckland International Airport Ltd.		3,825		14,125
Contact Energy Ltd.		2,370		9,039
Fisher & Paykel Healthcare Corp. Ltd.		1,890		31,576
Fletcher Building Ltd.		2,735		6,128
Mercury NZ Ltd.		2,075		5,768
Meridian Energy Ltd.		4,150		11,307
Ryman Healthcare Ltd.		1,365		9,957
Spark New Zealand Ltd.		6,065		16,414
				133,236
Norway — 0.6%
Aker ASA, Class A*		85		2,242
Aker BP ASA		360		5,910
DNB ASA		2,965		35,900
Equinor ASA		3,642		50,430
Gjensidige Forsikring ASA		630		11,116
Kongsberg Gruppen ASA		300		3,855
Leroy Seafood Group ASA		930		4,939
Mowi ASA		1,485		25,434
Norsk Hydro ASA		4,520		11,467
Orkla ASA		2,685		24,253
Salmar ASA		180		7,015
Schibsted ASA, Class A		270		5,728
Schibsted ASA, Class B		345		6,701
Storebrand ASA		1,555		7,806
Telenor ASA		2,150		32,979
TGS NOPEC Geophysical Co. ASA		385		5,896
Yara International ASA		585		19,869
				261,540
Portugal — 0.2%
Banco Comercial Portugues SA, Class R (b)		26,470		2,962
EDP — Energias de Portugal SA		7,150		30,129
Galp Energia SGPS SA		1,505		17,369
Jeronimo Martins SGPS SA		820		13,902
Navigator Co. SA (The)*		740		1,923
NOS SGPS SA		825		3,090
Sonae SGPS SA		3,110		2,458
				71,833

INVESTMENTS	SHARES		VALUE($)
Russia — 0.1%
Evraz plc		1,785		5,915
Polymetal International plc		697		14,274
				20,189
Singapore — 1.3%
Ascendas, REIT		9,500		19,867
CapitaLand Commercial Trust, REIT		9,500		10,795
CapitaLand Ltd.*		9,000		19,096
CapitaLand Mall Trust, REIT		9,500		12,640
City Developments Ltd.		2,500		13,974
ComfortDelGro Corp. Ltd.		6,500		7,578
DBS Group Holdings Ltd.		6,000		84,475
Frasers Property Ltd.		1,000		869
Genting Singapore Ltd.		18,000		9,988
Golden Agri-Resources Ltd.*		22,000		2,419
Great Eastern Holdings Ltd.		100		1,324
Jardine Cycle & Carriage Ltd.		300		4,265
Keppel, REIT		5,500		4,108
Keppel Corp. Ltd.		4,500		18,998
Mapletree Commercial Trust, REIT		7,000		9,639
Mapletree North Asia Commercial Trust, REIT (a)		7,000		4,649
Olam International Ltd.		2,500		2,647
Oversea-Chinese Banking Corp. Ltd.		12,900		82,306
SATS Ltd.		2,200		5,097
Sembcorp Industries Ltd.		2,500		2,864
Sembcorp Marine Ltd.*		3,000		1,586
Singapore Airlines Ltd.		1,500		6,486
Singapore Exchange Ltd.		2,500		17,048
Singapore Press Holdings Ltd.		4,500		4,832
Singapore Technologies Engineering Ltd.		5,500		13,320
Singapore Telecommunications Ltd.		27,500		54,951
Suntec, REIT		7,000		6,914
United Overseas Bank Ltd.		4,600		65,730
UOL Group Ltd.		2,000		9,619
Venture Corp. Ltd.		1,000		11,176
Wilmar International Ltd.		10,500		26,442
Yanlord Land Group Ltd.		2,000		1,495
				537,197
South Africa — 0.2%
Anglo American plc		4,570		81,278
Spain — 2.4%
Acciona SA		70		6,938
ACS Actividades de Construccion y Servicios SA		910		22,756
Aena SME SA* (a)		240		30,380
Amadeus IT Group SA		1,415		67,541

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Spain — continued
Banco Bilbao Vizcaya Argentaria SA		22,030		72,011
Banco de Sabadell SA		18,830		7,807
Banco Santander SA		54,915		122,702
Bankia SA		3,865		3,933
CaixaBank SA		11,860		21,338
Cellnex Telecom SA (a)		890		46,551
EDP Renovaveis SA		490		6,008
Enagas SA		811		18,930
Endesa SA		1,045		23,178
Ferrovial SA		1,590		39,813
Grifols SA		965		32,932
Grifols SA (Preference), Class B		850		17,498
Iberdrola SA		19,755		196,519
Industria de Diseno Textil SA		3,525		90,284
Mapfre SA		3,250		5,964
Naturgy Energy Group SA		1,105		19,523
Red Electrica Corp. SA		1,430		25,171
Repsol SA		4,855		44,068
Siemens Gamesa Renewable Energy SA		745		11,082
Telefonica SA		15,095		69,022
				1,001,949
Sweden — 2.9%
Alfa Laval AB*		995		18,593
Assa Abloy AB, Class B		3,285		58,808
Atlas Copco AB, Class A		2,145		73,926
Atlas Copco AB, Class B		1,290		39,902
Axfood AB		346		7,360
Boliden AB (b)		895		18,041
Castellum AB		845		14,821
Electrolux AB, Series B		840		11,486
Elekta AB, Class B		1,205		10,948
Epiroc AB, Class A		2,070		20,716
Epiroc AB, Class B		1,295		12,777
Essity AB, Class A*		105		3,404
Essity AB, Class B*		2,010		65,111
Fabege AB		910		10,780
Fastighets AB Balder, Class B*		320		12,645
Getinge AB, Class B		715		13,705
Hennes & Mauritz AB, Class B (b)		2,565		35,062
Hexagon AB, Class B*		930		45,637
Hexpol AB*		860		6,178
Holmen AB, Class B		320		9,181
Husqvarna AB, Class A		10		62
Husqvarna AB, Class B		1,355		8,153
ICA Gruppen AB		290		12,689
Industrivarden AB, Class A*		525		10,774

INVESTMENTS	SHARES		VALUE($)
Sweden — continued
Industrivarden AB, Class C*		545		11,152
Intrum AB (b)		195		2,972
Investment AB Latour, Class B		415		6,205
Investor AB, Class A		435		21,460
Investor AB, Class B		1,556		77,330
Kinnevik AB, Class B		790		16,237
L E Lundbergforetagen AB, Class B*		220		9,237
Lundin Energy AB		625		16,081
NCC AB, Class B		280		4,269
Nibe Industrier AB, Class B		1,210		22,575
Saab AB, Class B* (b)		275		6,273
Sandvik AB*		3,660		56,303
Securitas AB, Class B (b)		1,055		12,483
Skandinaviska Enskilda Banken AB, Class A		5,300		43,632
Skanska AB, Class B*		1,190		22,641
SKF AB, Class A		60		947
SKF AB, Class B		1,245		19,651
SSAB AB, Class A* (b)		780		1,874
SSAB AB, Class B*		1,975		4,565
Svenska Cellulosa AB SCA, Class A*		105		1,126
Svenska Cellulosa AB SCA, Class B*		2,000		21,213
Svenska Handelsbanken AB, Class A*		5,012		45,746
Svenska Handelsbanken AB, Class B* (b)		116		1,158
Swedbank AB, Class A		3,065		36,272
Swedish Match AB		560		34,606
Swedish Orphan Biovitrum AB*		600		11,495
Tele2 AB, Class B		1,640		21,147
Telefonaktiebolaget LM Ericsson, Class A		205		1,936
Telefonaktiebolaget LM Ericsson, Class B		8,655		73,941
Telia Co. AB (b)		8,615		29,954
Trelleborg AB, Class B*		810		10,314
Volvo AB, Class A		795		10,163
Volvo AB, Class B		5,400		69,199
				1,244,916
Switzerland — 10.4%
ABB Ltd. (Registered)		6,380		121,107
Adecco Group AG (Registered)		530		23,193
Alcon, Inc.*		1,610		84,971
Baloise Holding AG (Registered)		161		24,088
Barry Callebaut AG (Registered)		10		19,580
Chocoladefabriken Lindt & Spruengli AG		4		31,160
Cie Financiere Richemont SA (Registered)		1,720		97,582
Coca-Cola HBC AG		630		15,963
Credit Suisse Group AG (Registered)*		8,015		73,182
EMS-Chemie Holding AG (Registered)		25		16,167

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 79

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Switzerland — continued
Geberit AG (Registered)		130		58,136
Givaudan SA (Registered)		27		90,539
Glencore plc*		36,140		67,706
Julius Baer Group Ltd.*		735		28,867
Kuehne + Nagel International AG (Registered)		165		23,602
LafargeHolcim Ltd. (Registered)*		1,605		66,660
Lonza Group AG (Registered)*		250		109,166
Mediclinic International plc		1,575		5,121
Nestle SA (Registered)		9,835		1,041,626
Novartis AG (Registered)		8,431		719,489
Pargesa Holding SA		115		8,181
Partners Group Holding AG		65		51,223
Roche Holding AG		95		32,994
Roche Holding AG		2,322		804,103
Schindler Holding AG		135		30,045
Schindler Holding AG (Registered)		65		13,978
SGS SA (Registered)		19		42,858
Sika AG (Registered)		420		69,472
Sonova Holding AG (Registered)		179		32,330
STMicroelectronics NV		2,175		56,010
Straumann Holding AG (Registered)		37		28,151
Swatch Group AG (The)		100		20,066
Swatch Group AG (The) (Registered)		205		7,970
Swiss Life Holding AG (Registered)		110		39,009
Swiss Re AG		955		69,396
Swisscom AG (Registered)		83		43,126
Temenos AG (Registered)*		210		27,212
UBS Group AG (Registered)*		12,655		135,503
Vifor Pharma AG		145		21,754
Zurich Insurance Group AG		514		162,966
				4,414,252
United Arab Emirates — 0.0%(c)
NMC Health plc‡		300		—
United Kingdom — 13.3%
3i Group plc		3,210		31,535
Admiral Group plc		820		23,928
Aggreko plc		670		3,864
Ashtead Group plc		1,506		41,137
ASOS plc*		190		5,733
Associated British Foods plc		1,185		28,131
AstraZeneca plc		4,340		453,930
Auto Trader Group plc (a)		3,110		17,903
AVEVA Group plc		205		9,201
Aviva plc		13,000		39,314

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
Babcock International Group plc		1,475		7,813
BAE Systems plc		10,545		67,261
Barclays plc		53,220		71,065
Barratt Developments plc		3,355		21,872
Berkeley Group Holdings plc		420		22,047
BP plc		66,840		263,377
British American Tobacco plc		7,560		291,394
British Land Co. plc (The), REIT		3,115		15,890
BT Group plc		28,975		42,232
Bunzl plc		1,105		23,984
Burberry Group plc		1,350		23,441
Centrica plc		19,260		9,633
CK Hutchison Holdings Ltd.		9,000		66,710
CNH Industrial NV*		3,290		20,580
Coca-Cola European Partners plc		705		27,946
Compass Group plc		5,265		88,596
ConvaTec Group plc (a)		5,160		13,782
Croda International plc		435		26,674
DCC plc		340		24,177
Derwent London plc, REIT		355		13,871
Diageo plc		7,740		266,487
Direct Line Insurance Group plc		4,535		15,451
DS Smith plc		4,510		17,683
easyJet plc		885		6,704
Experian plc		3,050		91,593
Fiat Chrysler Automobiles NV		3,635		31,530
G4S plc		5,120		7,029
GlaxoSmithKline plc		16,500		344,233
GVC Holdings plc		1,905		18,082
Halma plc		1,255		32,994
Hammerson plc, REIT		2,550		2,259
Hargreaves Lansdown plc		910		16,466
Hiscox Ltd.		960		8,445
HSBC Holdings plc		68,170		350,391
Imperial Brands plc		3,180		66,902
Informa plc		4,303		23,769
InterContinental Hotels Group plc		615		28,015
Intertek Group plc		525		31,332
ITV plc		11,975		11,498
J Sainsbury plc		5,702		14,191
JD Sports Fashion plc		1,360		9,014
John Wood Group plc		2,230		5,647
Johnson Matthey plc		660		16,537
Kingfisher plc		7,045		13,976
Land Securities Group plc, REIT		2,485		20,723

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United Kingdom — continued
Legal & General Group plc		19,520		50,186
Lloyds Banking Group plc		231,855		93,810
London Stock Exchange Group plc		1,045		97,809
M&G plc		8,510		14,108
Marks & Spencer Group plc		6,445		7,509
Meggitt plc		2,551		8,933
Melrose Industries plc		16,060		20,073
Micro Focus International plc		1,190		7,055
Mondi plc		1,595		28,167
National Grid plc		12,390		145,195
Next plc		445		26,495
Ocado Group plc*		1,940		39,183
Pearson plc		2,575		14,849
Persimmon plc		1,045		28,953
Phoenix Group Holdings plc		1,740		13,204
Prudential plc		8,550		120,618
Reckitt Benckiser Group plc		2,440		203,251
RELX plc		6,650		150,036
Rentokil Initial plc		6,065		36,084
Rightmove plc		2,975		18,601
Rolls-Royce Holdings plc*		6,295		26,055
Royal Bank of Scotland Group plc		15,185		21,185
Royal Mail plc		3,295		6,876
RSA Insurance Group plc		3,390		15,364
Sage Group plc (The)		3,705		29,797
Schroders plc		435		14,529
Schroders plc(Non-Voting)		160		4,273
Segro plc, REIT		3,626		38,006
Severn Trent plc		790		23,706
Smith & Nephew plc		2,940		57,533
Smiths Group plc		1,300		20,241
Spirax-Sarco Engineering plc		250		27,360
SSE plc		3,410		53,487
St James’s Place plc		1,750		18,634
Standard Chartered plc		8,915		45,553
Standard Life Aberdeen plc		7,935		21,977
Subsea 7 SA*		785		4,309
Tate & Lyle plc		1,540		13,799
Taylor Wimpey plc		10,800		19,946
TechnipFMC plc		1,395		12,214
Tesco plc		32,100		94,946
Travis Perkins plc		835		10,903
Unilever NV		4,831		240,580
Unilever plc		3,860		198,760
United Utilities Group plc		2,245		25,413

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
Vodafone Group plc		88,540		124,901
Weir Group plc (The)		865		10,337
Whitbread plc		440		16,506
Wm Morrison Supermarkets plc		7,900		18,156
WPP plc		4,115		31,929
				5,619,366
United States — 0.3%
Carnival plc		610		8,406
Ferguson plc		775		55,879
James Hardie Industries plc, CHDI		1,600		22,969
QIAGEN NV*		750		31,232
				118,486
Total Common Stocks (Cost $43,242,829)				41,870,692
Rights — 0.0%(c)
Australia — 0.0%(c)
Flight Centre Travel Group Ltd., expiring 5/1/2020* (Cost $596)		109		261
Short-Term Investments — 2.3%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (d) (e) (Cost $49,618)		49,618		49,618
Investment of Cash Collateral from Securities Loaned — 2.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (d) (e) (Cost $941,191)		941,191		941,191
Total Short-Term Investments (Cost $990,809)				990,809
Total Investments — 101.3% (Cost $44,234,234)				42,861,762
Liabilities in Excess of Other Assets — (1.3)%				(536,833	)
NET ASSETS — 100.0%				42,324,929

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 81

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		10.1	%
Banks		7.3
Insurance		4.9
Food Products		4.1
Oil, Gas & Consumable Fuels		3.4
Chemicals		3.4
Automobiles		3.0
Machinery		2.9
Metals & Mining		2.5
Capital Markets		2.4
Textiles, Apparel & Luxury Goods		2.4
Personal Products		2.2
Health Care Equipment & Supplies		2.1
Electric Utilities		2.1
Diversified Telecommunication Services		2.0
Beverages		2.0
Real Estate Management & Development		2.0
Semiconductors & Semiconductor Equipment		1.8
Electronic Equipment, Instruments & Components		1.8
Wireless Telecommunication Services		1.7
Food & Staples Retailing		1.6
Professional Services		1.6
Electrical Equipment		1.6
Software		1.5
Equity Real Estate Investment Trusts (REITs)		1.5
IT Services		1.4
Trading Companies & Distributors		1.3
Household Durables		1.3
Road & Rail		1.3
Hotels, Restaurants & Leisure		1.2

INDUSTRY	PERCENTAGE
Industrial Conglomerates		1.2	%
Biotechnology		1.1
Tobacco		1.1
Multi-Utilities		1.0
Household Products		1.0
Aerospace & Defense		1.0
Auto Components		1.0
Others (each less than 1.0%)		11.9
Short-Term Investments		2.3

Abbreviations

CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
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
SDR	Swedish Depositary Receipt
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 April 30, 2020. The total value of securities on loan at April 30, 2020 is $884,884.
(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 April 30, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of April 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
MSCI EAFEE-Mini Index		5		06/2020		USD		409,400		39,386

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 98.5%
Air Freight & Logistics — 0.4%
SG Holdings Co. Ltd.		182,400		5,074,928
Yamato Holdings Co. Ltd.		308,400		5,382,710
				10,457,638
Airlines — 0.1%
ANA Holdings, Inc.* (a)		86,200		1,831,749
Japan Airlines Co. Ltd.		84,800		1,512,645
				3,344,394
Auto Components — 2.3%
Aisin Seiki Co. Ltd.		137,100		3,948,402
Bridgestone Corp.		466,400		14,517,779
Denso Corp.		390,100		13,712,696
JTEKT Corp.		184,100		1,348,632
Koito Manufacturing Co. Ltd.		96,600		3,638,708
NGK Spark Plug Co. Ltd.		131,600		1,970,342
NHK Spring Co. Ltd.		171,900		1,137,426
NOK Corp.		89,500		1,042,305
Stanley Electric Co. Ltd.		114,800		2,615,642
Sumitomo Electric Industries Ltd.		595,300		6,124,715
Sumitomo Rubber Industries Ltd.		143,100		1,389,006
Toyoda Gosei Co. Ltd.		55,500		1,033,701
Toyota Boshoku Corp.		66,800		833,985
Toyota Industries Corp.		153,900		7,746,346
Yokohama Rubber Co. Ltd. (The)		100,500		1,278,251
				62,337,936
Automobiles — 7.2%
Honda Motor Co. Ltd.		1,359,800		33,021,623
Isuzu Motors Ltd.		461,800		3,509,475
Mazda Motor Corp.		455,000		2,572,276
Mitsubishi Motors Corp.		517,400		1,466,253
Nissan Motor Co. Ltd.		1,807,100		6,150,989
Subaru Corp.		478,800		9,582,946
Suzuki Motor Corp.		346,700		11,065,024
Toyota Motor Corp.		1,960,800		121,230,112
Yamaha Motor Co. Ltd.		236,600		3,044,044
				191,642,742
Banks — 4.8%
Aozora Bank Ltd.		88,600		1,576,738
Bank of Kyoto Ltd. (The)		56,800		1,944,171
Chiba Bank Ltd. (The)		579,700		2,689,820
Chugoku Bank Ltd. (The)		146,300		1,347,133
Concordia Financial Group Ltd.		931,200		2,853,173
Fukuoka Financial Group, Inc.		143,800		2,054,407
Hachijuni Bank Ltd. (The)		386,500		1,380,135

INVESTMENTS	SHARES		VALUE($)
Banks — continued
Iyo Bank Ltd. (The)		239,200		1,281,451
Kansai Mirai Financial Group, Inc.		101,200		340,249
Kyushu Financial Group, Inc.		348,700		1,471,047
Mebuki Financial Group, Inc.		798,000		1,676,327
Mitsubishi UFJ Financial Group, Inc.		9,752,900		39,401,721
Mizuho Financial Group, Inc.		19,072,300		22,208,154
Resona Holdings, Inc.		1,654,400		5,166,751
Seven Bank Ltd.		548,500		1,486,882
Shinsei Bank Ltd.		149,500		1,803,408
Shizuoka Bank Ltd. (The)		431,900		2,622,160
Sumitomo Mitsui Financial Group, Inc.		1,031,400		27,122,961
Sumitomo Mitsui Trust Holdings, Inc.		281,100		8,184,717
Yamaguchi Financial Group, Inc.		198,300		1,068,698
				127,680,103
Beverages — 1.1%
Asahi Group Holdings Ltd.		344,400		11,842,307
Coca-Cola Bottlers Japan Holdings, Inc.		115,900		2,075,277
Kirin Holdings Co. Ltd.		685,300		13,225,089
Suntory Beverage & Food Ltd.		95,400		3,592,602
				30,735,275
Biotechnology — 0.1%
PeptiDream, Inc.*		73,400		2,737,721
Building Products — 1.5%
AGC, Inc.		170,700		4,209,491
Daikin Industries Ltd.		220,000		28,232,816
LIXIL Group Corp.		218,100		2,616,267
TOTO Ltd.		119,400		4,155,977
				39,214,551
Capital Markets — 1.0%
Daiwa Securities Group, Inc.		1,172,500		4,875,760
Japan Exchange Group, Inc.		402,100		7,479,236
Matsui Securities Co. Ltd.		81,000		591,237
Nomura Holdings, Inc.		2,492,900		10,344,583
SBI Holdings, Inc.		168,600		3,148,999
				26,439,815
Chemicals — 4.0%
Air Water, Inc.		162,600		2,192,127
Asahi Kasei Corp.		1,047,600		7,432,173
Daicel Corp.		236,600		1,920,584
DIC Corp.		61,800		1,435,151
JSR Corp.		149,100		2,804,728
Kaneka Corp.		50,900		1,316,543
Kansai Paint Co. Ltd.		194,300		3,690,646

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 83

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Chemicals — continued
Kuraray Co. Ltd.		267,800		2,678,953
Mitsubishi Chemical Holdings Corp.		1,059,900		6,024,045
Mitsubishi Gas Chemical Co., Inc.		158,600		1,942,983
Mitsui Chemicals, Inc.		145,600		2,858,571
Nippon Paint Holdings Co. Ltd.		148,800		8,599,965
Nippon Shokubai Co. Ltd.		26,300		1,242,052
Nissan Chemical Corp.		111,900		4,293,456
Nitto Denko Corp.		119,000		5,944,459
Shin-Etsu Chemical Co. Ltd.		287,800		31,744,938
Showa Denko KK		112,100		2,453,639
Sumitomo Chemical Co. Ltd.		1,237,100		3,794,435
Taiyo Nippon Sanso Corp.		160,200		2,484,820
Teijin Ltd.		148,300		2,365,050
Toray Industries, Inc.		1,223,800		5,610,768
Tosoh Corp.		243,700		2,978,439
Ube Industries Ltd.		75,800		1,271,121
				107,079,646
Commercial Services & Supplies — 1.0%
Dai Nippon Printing Co. Ltd.		226,200		4,769,229
Park24 Co. Ltd.		84,700		1,329,873
Secom Co. Ltd.		161,000		13,398,310
Sohgo Security Services Co. Ltd.		65,100		3,105,404
Toppan Printing Co. Ltd.		262,300		3,896,498
				26,499,314
Construction & Engineering — 0.8%
JGC Holdings Corp.		197,100		1,903,354
Kajima Corp.		376,800		3,915,243
Kinden Corp.		108,100		1,739,447
Obayashi Corp.		544,700		4,761,003
Shimizu Corp.		548,600		4,213,284
Taisei Corp.		168,500		5,252,499
				21,784,830
Construction Materials — 0.1%
Taiheiyo Cement Corp.		95,900		1,882,600
Consumer Finance — 0.2%
Acom Co. Ltd.		348,200		1,406,806
AEON Financial Service Co. Ltd.		80,500		837,140
Credit Saison Co. Ltd.		121,000		1,374,215
Hitachi Capital Corp.		38,400		742,678
Orient Corp.		452,600		517,682
				4,878,521
Containers & Packaging — 0.0%(b)
Toyo Seikan Group Holdings Ltd.		122,200		1,239,704

INVESTMENTS	SHARES		VALUE($)
Diversified Consumer Services — 0.1%
Benesse Holdings, Inc.		61,000		1,737,122
Diversified Financial Services — 0.6%
Mitsubishi UFJ Lease & Finance Co. Ltd.		401,100		1,915,268
ORIX Corp.		993,100		11,686,303
Tokyo Century Corp.		40,900		1,398,124
				14,999,695
Diversified Telecommunication Services — 0.8%
Nippon Telegraph & Telephone Corp.		966,900		22,019,829
Electric Utilities — 1.0%
Chubu Electric Power Co., Inc.		540,000		7,302,949
Chugoku Electric Power Co., Inc. (The) (a)		233,800		3,145,795
Kansai Electric Power Co., Inc. (The)		619,300		6,346,068
Kyushu Electric Power Co., Inc.		355,600		2,817,760
Shikoku Electric Power Co., Inc.		155,100		1,198,860
Tohoku Electric Power Co., Inc.		377,500		3,553,030
Tokyo Electric Power Co. Holdings, Inc.*		605,700		2,038,975
				26,403,437
Electrical Equipment — 1.8%
Fuji Electric Co. Ltd.		112,400		2,681,007
Furukawa Electric Co. Ltd.		52,900		995,717
Mabuchi Motor Co. Ltd.		44,900		1,390,333
Mitsubishi Electric Corp.		1,613,000		19,847,398
Nidec Corp.		411,900		23,978,383
				48,892,838
Electronic Equipment, Instruments & Components — 5.7%
Alps Alpine Co. Ltd.		164,500		1,696,707
Canon Marketing Japan, Inc.		40,900		787,191
Citizen Watch Co. Ltd.		236,500		834,690
Hamamatsu Photonics KK		111,700		4,882,321
Hirose Electric Co. Ltd.		25,000		2,744,923
Hitachi Ltd.		726,400		21,559,134
Ibiden Co. Ltd.		100,400		2,566,227
Keyence Corp.		140,400		50,124,505
Kyocera Corp.		263,400		14,073,569
Murata Manufacturing Co. Ltd.		482,000		27,159,259
Nippon Electric Glass Co. Ltd.		62,700		913,397
Omron Corp.		154,600		9,080,453
Shimadzu Corp.		206,300		5,137,671
TDK Corp.		97,200		8,379,381
Yokogawa Electric Corp.		179,200		2,442,562
				152,381,990
Entertainment — 2.0%
DeNA Co. Ltd.		80,700		993,425

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Entertainment — continued
GungHo Online Entertainment, Inc.		37,050		574,556
Konami Holdings Corp.		76,500		2,402,042
Nexon Co. Ltd.		351,200		5,670,472
Nintendo Co. Ltd.		89,100		36,791,557
Square Enix Holdings Co. Ltd.		66,200		2,713,277
Toho Co. Ltd.		106,400		3,484,351
				52,629,680
Equity Real Estate Investment Trusts (REITs) — 1.5%
Advance Residence Investment Corp.		1,039		3,187,920
Daiwa House REIT Investment Corp.		1,481		3,583,430
GLPJ-REIT		2,861		3,688,528
Japan Prime Realty Investment Corp.		693		1,919,612
Japan Real Estate Investment Corp.		1,039		5,611,907
Japan Retail Fund Investment Corp.		1,964		2,141,204
Nippon Building Fund, Inc.		1,060		6,321,034
Nippon Prologis REIT, Inc.		1,760		4,872,200
Nomura Real Estate Master Fund, Inc.		3,416		3,884,727
Orix JREIT, Inc.		2,068		2,472,276
United Urban Investment Corp.		2,368		2,375,699
				40,058,537
Food & Staples Retailing — 1.9%
Aeon Co. Ltd.		653,700		13,160,017
Cosmos Pharmaceutical Corp.		8,200		2,195,055
FamilyMart Co. Ltd.		190,900		3,237,211
Lawson, Inc.		37,700		1,959,628
Matsumotokiyoshi Holdings Co. Ltd.		68,900		2,371,444
Seven & i Holdings Co. Ltd.		599,100		19,840,426
Sundrug Co. Ltd.		50,900		1,742,738
Tsuruha Holdings, Inc.		26,900		3,606,836
Welcia Holdings Co. Ltd.		38,600		2,802,297
				50,915,652
Food Products — 1.9%
Ajinomoto Co., Inc.		411,600		7,330,918
Calbee, Inc.		84,300		2,550,714
Ezaki Glico Co. Ltd.		43,200		1,897,345
Kewpie Corp.		89,900		1,785,246
Kikkoman Corp.		145,300		6,676,538
MEIJI Holdings Co. Ltd.		108,900		7,563,516
NH Foods Ltd.		77,300		2,743,843
Nisshin Seifun Group, Inc.		196,300		3,050,125
Nissin Foods Holdings Co. Ltd.		63,200		5,195,262
Toyo Suisan Kaisha Ltd.		76,600		3,683,453
Yakult Honsha Co. Ltd.		120,500		6,999,933

INVESTMENTS	SHARES		VALUE($)
Food Products — continued
Yamazaki Baking Co. Ltd.		135,500		2,396,189
				51,873,082
Gas Utilities — 0.6%
Osaka Gas Co. Ltd.		312,000		5,810,006
Toho Gas Co. Ltd.		74,500		3,660,533
Tokyo Gas Co. Ltd.		292,000		6,408,209
				15,878,748
Health Care Equipment & Supplies — 2.7%
Asahi Intecc Co. Ltd.		195,300		5,173,742
Hoya Corp.		284,100		25,908,030
Olympus Corp.		976,600		15,495,584
Sysmex Corp.		123,900		8,559,909
Terumo Corp.		525,000		17,420,874
				72,558,139
Health Care Providers & Services — 0.3%
Alfresa Holdings Corp.		159,500		3,180,648
Medipal Holdings Corp.		166,900		3,219,695
Suzuken Co. Ltd.		61,300		2,362,406
				8,762,749
Health Care Technology — 0.4%
M3, Inc.		320,600		11,571,734
Hotels, Restaurants & Leisure — 0.9%
McDonald’s Holdings Co. Japan Ltd.		49,700		2,430,124
Oriental Land Co. Ltd.		169,200		21,394,545
				23,824,669
Household Durables — 3.8%
Casio Computer Co. Ltd.		174,700		2,757,088
Haseko Corp.		200,800		2,180,006
Iida Group Holdings Co. Ltd.		134,800		1,790,478
Nikon Corp.		301,300		2,802,639
Panasonic Corp.		1,750,500		13,344,046
Rinnai Corp.		29,000		2,196,620
Sekisui Chemical Co. Ltd.		342,100		4,335,809
Sekisui House Ltd.		487,900		8,369,784
Sharp Corp.*		155,200		1,708,454
Sony Corp.		955,900		61,516,097
				101,001,021
Household Products — 0.8%
Lion Corp.		224,300		4,715,305
Pigeon Corp.		91,200		3,247,620
Unicharm Corp.		331,300		12,209,576
				20,172,501

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 85

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Independent Power and Renewable Electricity Producers — 0.1%
Electric Power Development Co. Ltd.		130,400		2,609,843
Industrial Conglomerates — 0.4%
Keihan Holdings Co. Ltd.		80,500		3,618,129
Toshiba Corp.		320,800		7,955,126
				11,573,255
Insurance — 2.7%
Dai-ichi Life Holdings, Inc.		898,500		11,260,208
Japan Post Holdings Co. Ltd.		1,113,300		8,905,167
MS&AD Insurance Group Holdings, Inc.		369,200		10,636,685
Sompo Holdings, Inc.		279,900		9,078,701
Sony Financial Holdings, Inc.		114,100		2,162,955
T&D Holdings, Inc.		449,500		3,885,373
Tokio Marine Holdings, Inc.		533,200		25,015,475
				70,944,564
Interactive Media & Services — 0.4%
Kakaku.com, Inc.		99,000		2,020,130
LINE Corp.*		41,700		2,039,781
Z Holdings Corp.		1,992,300		7,688,937
				11,748,848
Internet & Direct Marketing Retail — 0.3%
Mercari, Inc.*		70,200		1,772,642
Rakuten, Inc.		614,400		5,209,641
ZOZO, Inc.		147,100		2,373,539
				9,355,822
IT Services — 2.1%
Fujitsu Ltd.		143,300		13,921,375
GMO Payment Gateway, Inc.		31,100		2,772,544
Itochu Techno-Solutions Corp.		72,100		2,202,985
NEC Corp.		195,400		7,498,437
Nomura Research Institute Ltd.		292,800		7,168,044
NTT Data Corp.		486,100		4,960,251
Obic Co. Ltd.		50,400		7,563,101
Otsuka Corp.		82,500		3,735,410
SCSK Corp.		38,300		1,733,818
TIS, Inc.		177,600		3,386,723
				54,942,688
Leisure Products — 1.0%
Bandai Namco Holdings, Inc.		166,600		8,324,409
Sankyo Co. Ltd.		36,100		991,180
Sega Sammy Holdings, Inc.		133,800		1,620,697
Shimano, Inc.		64,000		9,430,765
Yamaha Corp.		126,900		5,122,357
				25,489,408

INVESTMENTS	SHARES		VALUE($)
Machinery — 5.1%
Amada Co. Ltd.		276,600		2,500,200
Daifuku Co. Ltd.		95,300		6,669,167
FANUC Corp.		145,800		23,796,508
Harmonic Drive Systems, Inc. (a)		30,900		1,427,547
Hino Motors Ltd.		213,600		1,270,648
Hitachi Construction Machinery Co. Ltd.		78,100		1,832,400
Hoshizaki Corp.		41,400		3,154,963
IHI Corp.		115,900		1,436,540
Kawasaki Heavy Industries Ltd.		125,200		1,891,780
Komatsu Ltd.		729,300		13,799,036
Kubota Corp.		869,400		10,796,815
Kurita Water Industries Ltd.		80,600		2,248,650
Makita Corp.		209,900		6,834,855
MINEBEA MITSUMI, Inc.		320,300		5,207,819
MISUMI Group, Inc.		212,700		5,052,341
Mitsubishi Heavy Industries Ltd.		254,000		6,513,483
Nabtesco Corp.		93,700		2,681,258
NGK Insulators Ltd.		208,700		2,730,385
NSK Ltd.		364,600		2,523,632
SMC Corp.		50,800		22,962,750
Sumitomo Heavy Industries Ltd.		91,300		1,924,073
THK Co. Ltd.		91,600		2,189,682
Yaskawa Electric Corp.		200,100		6,524,202
				135,968,734
Marine — 0.1%
Mitsui OSK Lines Ltd.		90,400		1,567,958
Nippon Yusen KK		128,500		1,691,513
				3,259,471
Media — 0.4%
CyberAgent, Inc.		76,000		3,190,935
Dentsu Group, Inc.		185,100		3,865,602
Fuji Media Holdings, Inc.		37,300		370,521
Hakuhodo DY Holdings, Inc.		227,700		2,522,456
Nippon Television Holdings, Inc.		39,600		442,343
Tokyo Broadcasting System Holdings, Inc.		26,300		406,622
				10,798,479
Metals & Mining — 0.8%
Daido Steel Co. Ltd.		28,900		954,440
Hitachi Metals Ltd.		151,100		1,455,959
JFE Holdings, Inc.		434,200		2,881,368
Kobe Steel Ltd.*		269,200		900,366
Maruichi Steel Tube Ltd.		59,900		1,346,845
Mitsubishi Materials Corp.		98,600		2,019,561
Nippon Steel Corp.		712,500		5,994,711

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Metals & Mining — continued
Sumitomo Metal Mining Co. Ltd.		205,400		5,119,194
Yamato Kogyo Co. Ltd.		36,100		708,452
				21,380,896
Multiline Retail — 0.8%
Isetan Mitsukoshi Holdings Ltd.		299,000		1,818,948
Izumi Co. Ltd.		33,900		992,337
J Front Retailing Co. Ltd.		205,300		1,674,847
Marui Group Co. Ltd.		167,800		2,746,705
Pan Pacific International Holdings Corp.		451,500		8,747,224
Ryohin Keikaku Co. Ltd.		198,000		2,356,498
Seria Co. Ltd.		34,100		1,108,262
Takashimaya Co. Ltd.		136,900		1,237,189
				20,682,010
Oil, Gas & Consumable Fuels — 0.7%
Idemitsu Kosan Co. Ltd.		187,852		4,268,563
Inpex Corp.		809,900		5,227,982
JXTG Holdings, Inc.		2,426,400		8,602,463
				18,099,008
Paper & Forest Products — 0.1%
Oji Holdings Corp.		764,400		3,881,237
Personal Products — 2.0%
Kao Corp.		362,300		27,939,252
Kobayashi Pharmaceutical Co. Ltd.		41,900		3,884,032
Kose Corp.		25,600		3,200,318
Pola Orbis Holdings, Inc.		64,000		1,142,107
Shiseido Co. Ltd.		300,700		17,679,128
				53,844,837
Pharmaceuticals — 7.1%
Astellas Pharma, Inc.		1,347,700		22,289,814
Chugai Pharmaceutical Co. Ltd.		159,700		19,036,515
Daiichi Sankyo Co. Ltd.		458,200		31,497,246
Eisai Co. Ltd.		222,400		15,525,956
Hisamitsu Pharmaceutical Co., Inc.		64,400		3,034,240
Kyowa Kirin Co. Ltd.		191,300		4,440,008
Nippon Shinyaku Co. Ltd.		46,000		3,230,292
Ono Pharmaceutical Co. Ltd.		376,500		9,070,754
Otsuka Holdings Co. Ltd.		418,400		16,444,822
Santen Pharmaceutical Co. Ltd.		300,600		5,321,109
Shionogi & Co. Ltd.		218,900		12,089,305
Sumitomo Dainippon Pharma Co. Ltd.		129,600		1,793,098
Taisho Pharmaceutical Holdings Co. Ltd.		40,900		2,555,280
Takeda Pharmaceutical Co. Ltd.		1,184,000		42,696,761

INVESTMENTS	SHARES		VALUE($)
Pharmaceuticals — continued
Tsumura & Co.		51,700		1,430,143
				190,455,343
Professional Services — 1.5%
Nihon M&A Center, Inc.		105,900		3,454,713
Persol Holdings Co. Ltd.		140,500		1,615,858
Recruit Holdings Co. Ltd.		1,197,200		34,923,757
				39,994,328
Real Estate Management & Development — 2.6%
Aeon Mall Co. Ltd.		80,500		1,011,941
Daito Trust Construction Co. Ltd.		56,900		5,410,362
Daiwa House Industry Co. Ltd.		500,400		12,680,301
Hulic Co. Ltd.		373,000		3,688,955
Mitsubishi Estate Co. Ltd.		1,043,200		16,877,029
Mitsui Fudosan Co. Ltd.		735,700		13,527,282
Nomura Real Estate Holdings, Inc.		89,600		1,456,919
Sumitomo Realty & Development Co. Ltd.		357,100		9,564,049
Tokyo Tatemono Co. Ltd.		165,400		1,860,189
Tokyu Fudosan Holdings Corp.		454,800		2,224,982
				68,302,009
Road & Rail — 4.2%
Central Japan Railway Co.		154,800		24,358,470
East Japan Railway Co.		283,800		20,723,071
Hankyu Hanshin Holdings, Inc.		190,700		6,524,388
Keikyu Corp.		206,600		3,395,608
Keio Corp.		91,500		5,175,929
Keisei Electric Railway Co. Ltd.		129,300		3,900,246
Kintetsu Group Holdings Co. Ltd.		143,500		6,855,074
Kyushu Railway Co.		119,900		3,225,686
Nagoya Railroad Co. Ltd.		147,400		4,218,025
Nankai Electric Railway Co. Ltd.		84,900		1,895,320
Nippon Express Co. Ltd.		66,900		3,267,539
Odakyu Electric Railway Co. Ltd.		255,800		5,640,987
Seibu Holdings, Inc.		211,800		2,540,998
Tobu Railway Co. Ltd.		159,200		5,400,073
Tokyu Corp.		426,200		6,415,151
West Japan Railway Co.		143,900		8,892,679
				112,429,244
Semiconductors & Semiconductor Equipment — 1.9%
Advantest Corp.		149,600		7,258,809
Disco Corp.		21,800		4,868,251
Renesas Electronics Corp.*		779,800		4,117,678
Rohm Co. Ltd.		71,000		4,488,890
SUMCO Corp.		192,800		2,744,912

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 87

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
Tokyo Electron Ltd.		124,100		26,430,944
				49,909,484
Software — 0.3%
Oracle Corp.		24,900		2,563,405
Trend Micro, Inc.		91,600		4,647,038
				7,210,443
Specialty Retail — 1.7%
ABC-Mart, Inc.		23,700		1,204,403
Fast Retailing Co. Ltd.		48,900		23,190,680
Hikari Tsushin, Inc.		15,500		2,999,719
K’s Holdings Corp.		157,300		1,713,717
Nitori Holdings Co. Ltd.		63,500		9,733,009
Shimamura Co. Ltd.		18,800		1,185,272
USS Co. Ltd.		164,500		2,604,833
Workman Co. Ltd.		17,500		1,107,317
Yamada Denki Co. Ltd.		537,900		2,550,804
				46,289,754
Technology Hardware, Storage & Peripherals — 1.6%
Brother Industries Ltd.		196,700		3,333,770
Canon, Inc.		811,500		17,070,012
FUJIFILM Holdings Corp.		309,300		14,732,751
Konica Minolta, Inc.		377,300		1,460,008
Ricoh Co. Ltd.		556,100		3,790,650
Seiko Epson Corp.		239,600		2,720,796
				43,107,987
Textiles, Apparel & Luxury Goods — 0.0%(b)
Asics Corp. (a)		140,600		1,333,221
Tobacco — 0.6%
Japan Tobacco, Inc.		841,300		15,667,576
Trading Companies & Distributors — 3.5%
ITOCHU Corp.		1,190,300		23,335,969
Marubeni Corp.		1,305,500		6,287,080
Mitsubishi Corp.		1,194,200		25,326,583
Mitsui & Co. Ltd.		1,309,000		18,271,472
MonotaRO Co. Ltd.		103,400		3,322,387
Sojitz Corp.		843,800		1,952,839
Sumitomo Corp.		939,600		10,628,937
Toyota Tsusho Corp.		177,800		4,232,390
				93,357,657
Transportation Infrastructure — 0.2%
Japan Airport Terminal Co. Ltd. (a)		54,400		2,206,046
Kamigumi Co. Ltd.		89,600		1,577,450

INVESTMENTS	SHARES		VALUE($)
Transportation Infrastructure — continued
Mitsubishi Logistics Corp.		61,700		1,362,286
				5,145,782
Wireless Telecommunication Services — 4.9%
KDDI Corp.		1,203,300		34,852,735
NTT DOCOMO, Inc.		901,900		26,580,096
Softbank Corp.		1,222,400		16,646,616
SoftBank Group Corp.		1,240,200		53,158,245
				131,237,692
Total Common Stocks (Cost $2,983,385,013)				2,632,655,833
Short-Term Investments — 0.2%
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)		3,006,803		3,007,404
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)		2,109,360		2,109,360
Total Investment of Cash Collateral from Securities Loaned (Cost $5,114,464)				5,116,764
Total Investments — 98.7% (Cost $2,988,499,477)				2,637,772,597
Other Assets Less Liabilities — 1.3%				33,500,507
NET ASSETS — 100.0%				2,671,273,104

Percentages indicated are based on net assets.

Abbreviations

REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $4,773,254.
(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 April 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

Futures contracts outstanding as of April 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
TOPIX Index		286		06/2020		JPY		38,736,523		721,788

Abbreviations

JPY	Japanese Yen
TOPIX	Tokyo Stock Price Index

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 89

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.5%
Aerospace & Defense — 1.8%
Boeing Co. (The)		2,708		381,882
General Dynamics Corp.		1,186		154,915
HEICO Corp.		204		17,870
HEICO Corp., Class A		364		26,328
Howmet Aerospace, Inc.		1,963		25,657
Huntington Ingalls Industries, Inc.		206		39,431
L3Harris Technologies, Inc.		1,121		217,138
Lockheed Martin Corp.		1,259		489,827
Northrop Grumman Corp.		793		262,221
Raytheon Technologies Corp.		7,438		482,057
Spirit AeroSystems Holdings, Inc., Class A		532		11,789
Teledyne Technologies, Inc.*		187		60,900
Textron, Inc.		1,158		30,525
TransDigm Group, Inc.		252		91,496
				2,292,036
Air Freight & Logistics — 0.5%
CH Robinson Worldwide, Inc.		685		48,567
Expeditors International of Washington, Inc.		865		61,938
FedEx Corp.		1,217		154,279
United Parcel Service, Inc., Class B		3,549		335,948
XPO Logistics, Inc.* (a)		470		31,368
				632,100
Airlines — 0.2%
Alaska Air Group, Inc.		631		20,520
American Airlines Group, Inc. (a)		1,974		23,708
Delta Air Lines, Inc.		2,915		75,528
Southwest Airlines Co.		2,400		75,000
United Airlines Holdings, Inc.*		1,264		37,389
				232,145
Auto Components — 0.1%
Aptiv plc		1,292		89,858
Autoliv, Inc. (Sweden)		397		23,828
BorgWarner, Inc.		1,045		29,856
Lear Corp.		281		27,440
				170,982
Automobiles — 0.6%
Ford Motor Co.		19,733		100,441
General Motors Co.		6,371		142,010
Harley-Davidson, Inc.		782		17,071
Tesla, Inc.*		723		565,299
				824,821
Banks — 3.8%
Bank of America Corp.		41,020		986,531

INVESTMENTS	SHARES		VALUE($)
Banks — continued
CIT Group, Inc.		485		9,205
Citigroup, Inc.		11,063		537,219
Citizens Financial Group, Inc.		2,203		49,325
Comerica, Inc.		732		25,517
East West Bancorp, Inc.		738		25,882
Fifth Third Bancorp		3,594		67,172
First Republic Bank		852		88,855
Huntington Bancshares, Inc.		5,234		48,362
JPMorgan Chase & Co. (b)		15,891		1,521,722
KeyCorp		4,991		58,145
M&T Bank Corp.		671		75,206
PNC Financial Services Group, Inc. (The)		2,219		236,701
Regions Financial Corp.		4,889		52,557
SVB Financial Group*		260		50,224
Truist Financial Corp.		6,797		253,664
US Bancorp		7,202		262,873
Wells Fargo & Co.		19,502		566,533
Zions Bancorp NA		873		27,596
				4,943,289
Beverages — 1.7%
Brown-Forman Corp., Class A		289		16,392
Brown-Forman Corp., Class B		927		57,659
Coca-Cola Co. (The)		19,540		896,691
Constellation Brands, Inc., Class A		847		139,492
Keurig Dr Pepper, Inc.		1,363		36,065
Molson Coors Beverage Co., Class B		950		38,960
Monster Beverage Corp.*		1,932		119,417
PepsiCo, Inc.		7,065		934,629
				2,239,305
Biotechnology — 2.5%
AbbVie, Inc.		7,494		616,007
Alexion Pharmaceuticals, Inc.*		1,123		120,689
Alnylam Pharmaceuticals, Inc.*		563		74,147
Amgen, Inc.		3,009		719,813
Biogen, Inc.*		916		271,896
BioMarin Pharmaceutical, Inc.*		912		83,922
Exact Sciences Corp.*		707		55,839
Gilead Sciences, Inc.		6,411		538,524
Incyte Corp.*		904		88,285
Neurocrine Biosciences, Inc.*		465		45,635
Regeneron Pharmaceuticals, Inc.*		404		212,455
Seattle Genetics, Inc.*		585		80,280
Vertex Pharmaceuticals, Inc.*		1,305		327,816
				3,235,308

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Building Products — 0.3%
Allegion plc		474		47,656
Fortune Brands Home & Security, Inc.		704		33,933
Johnson Controls International plc		3,911		113,849
Lennox International, Inc. (a)		181		33,789
Masco Corp.		1,438		59,016
Owens Corning		550		23,848
Trane Technologies plc		1,215		106,215
				418,306
Capital Markets — 2.8%
Affiliated Managers Group, Inc.		249		17,420
Ameriprise Financial, Inc.		642		73,792
Apollo Global Management, Inc.		1,021		41,340
Bank of New York Mellon Corp. (The)		4,254		159,695
BlackRock, Inc.		597		299,718
Blackstone Group, Inc. (The), Class A		3,340		174,482
Charles Schwab Corp. (The)		5,792		218,474
CME Group, Inc.		1,816		323,629
E*TRADE Financial Corp.		1,143		46,417
Franklin Resources, Inc.		1,416		26,677
Goldman Sachs Group, Inc. (The)		1,615		296,223
Intercontinental Exchange, Inc.		2,823		252,517
Invesco Ltd.		1,884		16,240
KKR & Co., Inc., Class A		2,790		70,336
MarketAxess Holdings, Inc.		194		88,272
Moody’s Corp.		824		200,974
Morgan Stanley		5,899		232,598
MSCI, Inc.		431		140,937
Nasdaq, Inc.		584		64,047
Northern Trust Corp.		1,075		85,097
Raymond James Financial, Inc.		631		41,596
S&P Global, Inc.		1,237		362,293
SEI Investments Co.		639		32,563
State Street Corp.		1,844		116,246
T. Rowe Price Group, Inc.		1,183		136,790
TD Ameritrade Holding Corp.		1,341		52,661
				3,571,034
Chemicals — 1.7%
Air Products & Chemicals, Inc.		1,118		252,198
Albemarle Corp.		538		33,049
Ashland Global Holdings, Inc.		304		18,754
Axalta Coating Systems Ltd.*		1,060		20,924
Celanese Corp.		610		50,673
CF Industries Holdings, Inc.		1,100		30,250
Corteva, Inc.		3,791		99,286
Dow, Inc.		3,759		137,918

INVESTMENTS	SHARES		VALUE($)
Chemicals — continued
DuPont de Nemours, Inc.		3,755		176,560
Eastman Chemical Co.		689		41,691
Ecolab, Inc.		1,271		245,939
FMC Corp.		655		60,195
International Flavors & Fragrances, Inc.		541		70,887
Linde plc (United Kingdom)		2,724		501,189
LyondellBasell Industries NV, Class A		1,303		75,509
Mosaic Co. (The)		1,771		20,384
PPG Industries, Inc.		1,196		108,633
Sherwin-Williams Co. (The)		414		222,057
Westlake Chemical Corp.		187		8,125
WR Grace & Co.		289		13,650
				2,187,871
Commercial Services & Supplies — 0.4%
Cintas Corp.		427		94,721
Copart, Inc.*		1,036		82,994
Republic Services, Inc.		1,072		83,980
Rollins, Inc.		715		28,600
Stericycle, Inc.*		460		22,448
Waste Management, Inc.		1,976		197,640
				510,383
Communications Equipment — 0.9%
Arista Networks, Inc.*		278		60,965
Cisco Systems, Inc.		21,497		911,043
F5 Networks, Inc.*		307		42,753
Juniper Networks, Inc.		1,698		36,677
Motorola Solutions, Inc.		869		124,971
Ubiquiti, Inc.		61		9,884
				1,186,293
Construction & Engineering — 0.1%
Jacobs Engineering Group, Inc.		687		56,849
Quanta Services, Inc.		728		26,470
				83,319
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		315		59,922
Vulcan Materials Co.		673		76,029
				135,951
Consumer Finance — 0.5%
Ally Financial, Inc.		1,925		31,551
American Express Co.		3,398		310,067
Capital One Financial Corp.		2,359		152,769
Discover Financial Services		1,587		68,193
Santander Consumer USA Holdings, Inc.		501		7,811

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 91

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Consumer Finance — continued
Synchrony Financial		2,858		56,560
				626,951
Containers & Packaging — 0.3%
Amcor plc		8,207		73,617
Avery Dennison Corp.		426		47,026
Ball Corp.		1,660		108,879
Crown Holdings, Inc.*		687		44,250
International Paper Co.		1,989		68,123
Packaging Corp. of America		485		46,875
Sealed Air Corp.		783		22,386
WestRock Co.		1,314		42,298
				453,454
Distributors — 0.1%
Genuine Parts Co.		736		58,350
LKQ Corp.*		1,560		40,794
				99,144
Diversified Consumer Services — 0.0%(c)
H&R Block, Inc.		989		16,467
Diversified Financial Services — 1.5%
Berkshire Hathaway, Inc., Class B*		9,910		1,856,738
Equitable Holdings, Inc.		2,116		38,765
Jefferies Financial Group, Inc.		1,213		16,642
Voya Financial, Inc.		684		30,896
				1,943,041
Diversified Telecommunication Services — 1.8%
AT&T, Inc.		37,013		1,127,786
CenturyLink, Inc.		4,970		52,782
Verizon Communications, Inc.		20,958		1,204,037
				2,384,605
Electric Utilities — 2.0%
Alliant Energy Corp.		1,220		59,231
American Electric Power Co., Inc.		2,503		208,024
Avangrid, Inc. (a)		288		12,384
Duke Energy Corp.		3,693		312,650
Edison International		1,817		106,676
Entergy Corp.		1,011		96,561
Evergy, Inc.		1,157		67,604
Eversource Energy		1,639		132,267
Exelon Corp.		4,924		182,582
FirstEnergy Corp.		2,738		112,997
NextEra Energy, Inc.		2,474		571,791
NRG Energy, Inc.		1,275		42,751
OGE Energy Corp.		1,021		32,182

INVESTMENTS	SHARES		VALUE($)
Electric Utilities — continued
Pinnacle West Capital Corp.		572		44,038
PPL Corp.		3,889		98,858
Southern Co. (The)		5,312		301,350
Xcel Energy, Inc.		2,656		168,815
				2,550,761
Electrical Equipment — 0.5%
Acuity Brands, Inc.		200		17,318
AMETEK, Inc.		1,160		97,289
Eaton Corp. plc		2,096		175,016
Emerson Electric Co.		3,087		176,052
Hubbell, Inc.		279		34,716
Rockwell Automation, Inc.		586		111,035
Sensata Technologies Holding plc*		803		29,213
				640,639
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		1,504		132,743
CDW Corp.		731		80,995
Cognex Corp.		874		48,280
Corning, Inc.		3,895		85,729
Flex Ltd.*		2,577		25,151
IPG Photonics Corp.*		183		23,667
Keysight Technologies, Inc.*		949		91,835
TE Connectivity Ltd.		1,696		124,588
Trimble, Inc.*		1,267		43,876
Zebra Technologies Corp., Class A*		277		63,616
				720,480
Energy Equipment & Services — 0.2%
Baker Hughes Co.		3,292		45,923
Halliburton Co.		4,449		46,715
Helmerich & Payne, Inc.		549		10,854
National Oilwell Varco, Inc.		1,956		24,724
Schlumberger Ltd.		7,014		117,975
				246,191
Entertainment — 1.9%
Activision Blizzard, Inc.		3,891		247,973
Electronic Arts, Inc.*		1,479		168,991
Live Nation Entertainment, Inc.* (a)		716		32,127
Netflix, Inc.*		2,219		931,647
Roku, Inc.*		462		56,008
Take-Two Interactive Software, Inc.*		575		69,604
Walt Disney Co. (The)		9,131		987,518
				2,493,868

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — 3.0%
Alexandria Real Estate Equities, Inc.		623		97,867
American Tower Corp.		2,245		534,310
AvalonBay Communities, Inc. (a)		706		115,043
Boston Properties, Inc.		731		71,039
Camden Property Trust		491		43,242
Crown Castle International Corp.		2,107		335,919
Digital Realty Trust, Inc.		1,331		198,971
Duke Realty Corp.		1,862		64,611
Equinix, Inc.		433		292,362
Equity LifeStyle Properties, Inc.		926		55,847
Equity Residential (a)		1,768		115,026
Essex Property Trust, Inc.		336		82,018
Extra Space Storage, Inc.		655		57,797
Federal Realty Investment Trust		355		29,561
Healthpeak Properties, Inc.		2,507		65,533
Host Hotels & Resorts, Inc.		3,633		44,722
Invitation Homes, Inc.		2,729		64,541
Iron Mountain, Inc.		1,462		35,351
Kimco Realty Corp.		2,141		23,358
Macerich Co. (The)		557		4,161
Mid-America Apartment Communities, Inc.		583		65,249
Prologis, Inc.		3,739		333,631
Public Storage		759		140,757
Realty Income Corp.		1,735		95,286
Regency Centers Corp.		848		37,236
SBA Communications Corp.		573		166,124
Simon Property Group, Inc.		1,560		104,161
SL Green Realty Corp.		411		21,804
Sun Communities, Inc.		473		63,571
UDR, Inc.		1,484		55,605
Ventas, Inc.		1,891		61,174
VEREIT, Inc.		5,408		29,636
VICI Properties, Inc.		2,337		40,711
Vornado Realty Trust		801		35,100
Welltower, Inc.		2,056		105,329
Weyerhaeuser Co.		3,775		82,559
WP Carey, Inc.		877		57,689
				3,826,901
Food & Staples Retailing — 1.5%
Costco Wholesale Corp.		2,240		678,720
Kroger Co. (The)		4,064		128,463
Sysco Corp.		2,589		145,683
Walgreens Boots Alliance, Inc.		3,797		164,372
Walmart, Inc.		7,189		873,823
				1,991,061

INVESTMENTS	SHARES		VALUE($)
Food Products — 1.2%
Archer-Daniels-Midland Co.		2,823		104,846
Bunge Ltd.		726		28,800
Campbell Soup Co.		854		42,683
Conagra Brands, Inc.		2,465		82,430
General Mills, Inc.		3,061		183,323
Hershey Co. (The)		750		99,322
Hormel Foods Corp.		1,414		66,246
Ingredion, Inc.		341		27,689
JM Smucker Co. (The)		579		66,533
Kellogg Co.		1,267		82,989
Kraft Heinz Co. (The)		3,154		95,661
Lamb Weston Holdings, Inc.		740		45,406
McCormick & Co., Inc.(Non-Voting)		627		98,339
Mondelez International, Inc., Class A		7,296		375,306
Tyson Foods, Inc., Class A		1,494		92,912
				1,492,485
Gas Utilities — 0.1%
Atmos Energy Corp.		603		61,488
National Fuel Gas Co.		439		17,999
UGI Corp.		1,061		32,021
				111,508
Health Care Equipment & Supplies — 3.7%
Abbott Laboratories		8,956		824,758
ABIOMED, Inc.*		232		44,370
Align Technology, Inc.*		362		77,776
Baxter International, Inc.		2,588		229,763
Becton Dickinson and Co.		1,371		346,219
Boston Scientific Corp.*		7,062		264,684
Cooper Cos., Inc. (The)		251		71,962
Danaher Corp.		3,239		529,447
Dentsply Sirona, Inc.		1,127		47,830
DexCom, Inc.*		460		154,192
Edwards Lifesciences Corp.*		1,059		230,332
Hologic, Inc.*		1,365		68,386
IDEXX Laboratories, Inc.*		435		120,756
Intuitive Surgical, Inc.*		586		299,376
Medtronic plc		6,793		663,200
ResMed, Inc.		731		113,539
STERIS plc		431		61,417
Stryker Corp.		1,630		303,881
Teleflex, Inc.		236		79,154
Varian Medical Systems, Inc.*		459		52,500
Zimmer Biomet Holdings, Inc.		1,041		124,608
				4,708,150

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 93

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Health Care Providers & Services — 2.9%
AmerisourceBergen Corp.		764		68,500
Anthem, Inc.		1,284		360,457
Cardinal Health, Inc.		1,481		73,280
Centene Corp.*		2,957		196,877
Cigna Corp.		1,894		370,807
CVS Health Corp.		6,590		405,615
DaVita, Inc.*		453		35,792
HCA Healthcare, Inc.		1,339		147,129
Henry Schein, Inc.*		743		40,538
Humana, Inc.		673		256,965
Laboratory Corp. of America Holdings*		492		80,909
McKesson Corp.		820		115,825
Quest Diagnostics, Inc.		684		75,315
UnitedHealth Group, Inc.		4,801		1,404,149
Universal Health Services, Inc., Class B		406		42,910
				3,675,068
Health Care Technology — 0.2%
Cerner Corp.		1,590		110,330
Veeva Systems, Inc., Class A*		669		127,645
				237,975
Hotels, Restaurants & Leisure — 1.6%
Aramark		1,268		34,629
Carnival Corp. (a)		2,359		37,508
Chipotle Mexican Grill, Inc.*		133		116,847
Darden Restaurants, Inc.		629		46,414
Domino’s Pizza, Inc.		196		70,938
Hilton Worldwide Holdings, Inc.		1,429		108,190
Las Vegas Sands Corp.		1,713		82,258
Marriott International, Inc., Class A (a)		1,375		125,043
McDonald’s Corp.		3,816		715,729
MGM Resorts International		2,608		43,893
Norwegian Cruise Line Holdings Ltd.* (a)		1,078		17,679
Royal Caribbean Cruises Ltd. (a)		876		40,971
Starbucks Corp.		5,984		459,152
Vail Resorts, Inc.		204		34,884
Wyndham Destinations, Inc.		458		11,711
Wynn Resorts Ltd. (a)		490		41,910
Yum! Brands, Inc.		1,531		132,324
				2,120,080
Household Durables — 0.3%
DR Horton, Inc.		1,706		80,557
Garmin Ltd.		733		59,490
Lennar Corp., Class A		1,418		70,999
Lennar Corp., Class B		89		3,396

INVESTMENTS	SHARES		VALUE($)
Household Durables — continued
Mohawk Industries, Inc.*		301		26,404
Newell Brands, Inc.		1,929		26,775
NVR, Inc.*		16		49,600
PulteGroup, Inc.		1,289		36,440
Whirlpool Corp.		318		35,533
				389,194
Household Products — 1.7%
Church & Dwight Co., Inc.		1,242		86,927
Clorox Co. (The)		636		118,576
Colgate-Palmolive Co.		4,344		305,253
Kimberly-Clark Corp.		1,735		240,263
Procter & Gamble Co. (The)		12,637		1,489,523
				2,240,542
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		3,365		44,586
Vistra Energy Corp.		2,271		44,376
				88,962
Industrial Conglomerates — 1.1%
3M Co.		2,912		442,391
General Electric Co.		44,253		300,920
Honeywell International, Inc.		3,621		513,820
Roper Technologies, Inc.		529		180,405
				1,437,536
Insurance — 2.0%
Aflac, Inc.		3,720		138,533
Alleghany Corp.		71		37,893
Allstate Corp. (The)		1,640		166,821
American Financial Group, Inc.		386		25,569
American International Group, Inc.		4,408		112,095
Aon plc		1,186		204,787
Arch Capital Group Ltd.*		2,054		49,358
Arthur J Gallagher & Co.		944		74,104
Brighthouse Financial, Inc.*		552		14,192
Chubb Ltd.		2,297		248,099
Cincinnati Financial Corp.		771		50,732
Everest Re Group Ltd.		206		35,665
Fidelity National Financial, Inc.		1,392		37,654
Globe Life, Inc.		504		41,499
Hartford Financial Services Group, Inc. (The)		1,825		69,332
Lincoln National Corp.		1,003		35,576
Loews Corp.		1,294		44,850
Markel Corp.*		68		58,877
Marsh & McLennan Cos., Inc.		2,556		248,775
MetLife, Inc.		3,962		142,949

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Insurance — continued
Principal Financial Group, Inc.		1,315		47,879
Progressive Corp. (The)		2,961		228,885
Prudential Financial, Inc.		2,039		127,172
Reinsurance Group of America, Inc.		315		32,974
Travelers Cos., Inc. (The)		1,309		132,484
Unum Group		1,044		18,218
Willis Towers Watson plc		650		115,889
WR Berkley Corp.		735		39,690
				2,580,551
Interactive Media & Services — 5.3%
Alphabet, Inc., Class A*		1,518		2,044,291
Alphabet, Inc., Class C*		1,515		2,043,220
Facebook, Inc., Class A*		12,194		2,496,234
InterActive Corp.*		365		81,570
Snap, Inc., Class A*		3,979		70,070
TripAdvisor, Inc.		535		10,684
Twitter, Inc.*		3,933		112,798
				6,858,867
Internet & Direct Marketing Retail — 4.6%
Amazon.com, Inc.*		2,110		5,220,140
Booking Holdings, Inc.*		211		312,400
eBay, Inc.		3,875		154,341
Expedia Group, Inc.		706		50,112
MercadoLibre, Inc. (Argentina)*		232		135,374
Qurate Retail, Inc., Series A*		1,959		15,780
				5,888,147
IT Services — 5.6%
Accenture plc, Class A		3,219		596,127
Akamai Technologies, Inc.*		820		80,122
Alliance Data Systems Corp.		207		10,364
Automatic Data Processing, Inc.		2,194		321,838
Broadridge Financial Solutions, Inc.		584		67,744
Cognizant Technology Solutions Corp., Class A		2,776		161,064
DXC Technology Co.		1,295		23,478
Fidelity National Information Services, Inc.		3,116		410,969
Fiserv, Inc.*		2,894		298,256
FleetCor Technologies, Inc.*		440		106,150
Gartner, Inc.*		452		53,702
Global Payments, Inc.		1,523		252,848
GoDaddy, Inc., Class A*		896		62,209
International Business Machines Corp.		4,489		563,639
Jack Henry & Associates, Inc.		391		63,948
Leidos Holdings, Inc.		675		66,697
Mastercard, Inc., Class A		4,499		1,237,090

INVESTMENTS	SHARES		VALUE($)
IT Services — continued
Okta, Inc.*		575		86,998
Paychex, Inc.		1,614		110,591
PayPal Holdings, Inc.*		5,948		731,604
Sabre Corp.		1,387		10,083
Square, Inc., Class A*		1,734		112,953
Twilio, Inc., Class A* (a)		634		71,198
VeriSign, Inc.*		526		110,192
Visa, Inc., Class A		8,674		1,550,217
Western Union Co. (The)		2,123		40,486
				7,200,567
Leisure Products — 0.1%
Hasbro, Inc.		644		46,503
Mattel, Inc.* (a)		1,759		15,338
Polaris, Inc. (a)		293		20,783
				82,624
Life Sciences Tools & Services — 1.1%
Agilent Technologies, Inc.		1,568		120,203
Avantor, Inc.*		1,130		18,995
Bio-Rad Laboratories, Inc., Class A*		109		47,971
Illumina, Inc.*		744		237,358
IQVIA Holdings, Inc.*		916		130,613
Mettler-Toledo International, Inc.*		121		87,113
PerkinElmer, Inc.		561		50,787
Thermo Fisher Scientific, Inc.		2,030		679,400
Waters Corp.*		329		61,523
				1,433,963
Machinery — 1.3%
Caterpillar, Inc.		2,800		325,864
Cummins, Inc.		777		127,040
Deere & Co.		1,597		231,661
Donaldson Co., Inc.		641		28,095
Dover Corp.		736		68,926
Flowserve Corp.		661		18,620
Fortive Corp.		1,499		95,936
IDEX Corp. (a)		389		59,762
Illinois Tool Works, Inc.		1,481		240,663
PACCAR, Inc.		1,757		121,637
Parker-Hannifin Corp.		650		102,778
Pentair plc		850		29,402
Snap-on, Inc.		281		36,611
Stanley Black & Decker, Inc.		772		85,074
Westinghouse Air Brake Technologies Corp.		926		52,245
Xylem, Inc.		915		65,789
				1,690,103

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 95

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Media — 1.4%
Altice USA, Inc., Class A*		1,566		40,669
Charter Communications, Inc., Class A*		794		393,213
Comcast Corp., Class A		23,002		865,565
Discovery, Inc., Class A*		800		17,936
Discovery, Inc., Class C*		1,706		34,819
DISH Network Corp., Class A*		1,295		32,394
Fox Corp., Class A		1,804		46,670
Fox Corp., Class B		827		21,138
Interpublic Group of Cos., Inc. (The)		1,964		33,349
Liberty Broadband Corp., Class A*		121		14,522
Liberty Broadband Corp., Class C* (a)		775		95,077
Liberty Media Corp.-Liberty SiriusXM, Class A*		432		14,563
Liberty Media Corp.-Liberty SiriusXM, Class C*		742		25,280
News Corp., Class A		1,968		19,503
News Corp., Class B		619		6,326
Omnicom Group, Inc.		1,101		62,790
Sirius XM Holdings, Inc. (a)		6,949		41,069
ViacomCBS, Inc. (a)		2,739		47,275
				1,812,158
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		7,352		64,918
Newmont Corp.		4,156		247,199
Nucor Corp.		1,535		63,227
Southern Copper Corp. (Peru)		436		14,144
Steel Dynamics, Inc.		1,091		26,478
				415,966
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
AGNC Investment Corp.		2,741		34,043
Annaly Capital Management, Inc.		7,247		45,294
				79,337
Multiline Retail — 0.5%
Dollar General Corp.		1,289		225,961
Dollar Tree, Inc.*		1,197		95,365
Kohl’s Corp.		793		14,639
Macy’s, Inc. (a)		1,566		9,177
Nordstrom, Inc. (a)		542		10,179
Target Corp.		2,566		281,593
				636,914
Multi-Utilities — 1.0%
Ameren Corp.		1,245		90,574
CenterPoint Energy, Inc.		2,545		43,342
CMS Energy Corp.		1,437		82,038
Consolidated Edison, Inc.		1,683		132,621
Dominion Energy, Inc. (a)		4,170		321,632

INVESTMENTS	SHARES		VALUE($)
Multi-Utilities — continued
DTE Energy Co.		976		101,250
NiSource, Inc.		1,894		47,558
Public Service Enterprise Group, Inc.		2,561		129,868
Sempra Energy		1,428		176,858
WEC Energy Group, Inc.		1,600		144,880
				1,270,621
Oil, Gas & Consumable Fuels — 2.8%
Apache Corp.		1,906		24,930
Cabot Oil & Gas Corp.		2,066		44,667
Cheniere Energy, Inc.*		1,175		54,861
Chevron Corp.		9,579		881,268
Cimarex Energy Co.		514		13,066
Concho Resources, Inc.		1,023		58,025
ConocoPhillips		5,558		233,992
Continental Resources, Inc. (a)		437		7,162
Devon Energy Corp.		1,961		24,454
Diamondback Energy, Inc.		825		35,920
EOG Resources, Inc.		2,947		140,012
Exxon Mobil Corp.		21,437		996,177
Hess Corp.		1,317		64,059
HollyFrontier Corp.		751		24,813
Kinder Morgan, Inc.		9,868		150,290
Marathon Oil Corp.		4,054		24,810
Marathon Petroleum Corp.		3,290		105,543
Noble Energy, Inc. (a)		2,422		23,760
Occidental Petroleum Corp.		4,525		75,115
ONEOK, Inc.		2,099		62,823
Phillips 66		2,252		164,779
Pioneer Natural Resources Co.		839		74,931
Targa Resources Corp.		1,179		15,280
Valero Energy Corp.		2,079		131,705
Williams Cos., Inc. (The)		6,140		118,932
				3,551,374
Personal Products — 0.2%
Coty, Inc., Class A		1,499		8,170
Estee Lauder Cos., Inc. (The), Class A		1,128		198,979
Herbalife Nutrition Ltd.*		481		17,965
				225,114
Pharmaceuticals — 4.9%
Allergan plc		1,664		311,734
Bristol-Myers Squibb Co.		11,877		722,240
Elanco Animal Health, Inc.*		2,005		49,544
Eli Lilly & Co.		4,280		661,859
Jazz Pharmaceuticals plc*		290		31,972

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Pharmaceuticals — continued
Johnson & Johnson		13,335		2,000,783
Merck & Co., Inc.		12,900		1,023,486
Mylan NV*		2,614		43,837
Perrigo Co. plc (a)		689		36,724
Pfizer, Inc.		28,041		1,075,653
Zoetis, Inc.		2,412		311,896
				6,269,728
Professional Services — 0.5%
CoStar Group, Inc.*		187		121,225
Equifax, Inc.		611		84,868
IHS Markit Ltd.		2,030		136,619
ManpowerGroup, Inc.		298		22,123
Nielsen Holdings plc		1,807		26,617
TransUnion		952		75,008
Verisk Analytics, Inc.		831		127,002
				593,462
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A*		1,698		72,895
Road & Rail — 1.0%
CSX Corp.		3,939		260,880
JB Hunt Transport Services, Inc.		437		44,189
Kansas City Southern		501		65,406
Lyft, Inc., Class A* (a)		1,030		33,815
Norfolk Southern Corp.		1,321		226,023
Old Dominion Freight Line, Inc.		486		70,611
Uber Technologies, Inc.*		1,037		31,390
Union Pacific Corp.		3,518		562,141
				1,294,455
Semiconductors & Semiconductor Equipment — 4.4%
Advanced Micro Devices, Inc.*		5,927		310,515
Analog Devices, Inc.		1,866		204,514
Applied Materials, Inc.		4,679		232,453
Broadcom, Inc.		2,010		545,956
Intel Corp.		22,042		1,322,079
KLA Corp.		798		130,944
Lam Research Corp.		735		187,631
Marvell Technology Group Ltd.		3,380		90,381
Maxim Integrated Products, Inc.		1,371		75,377
Microchip Technology, Inc. (a)		1,217		106,767
Micron Technology, Inc.*		5,608		268,567
NVIDIA Corp.		3,100		906,068
Qorvo, Inc.*		589		57,740
QUALCOMM, Inc.		5,785		455,106
Skyworks Solutions, Inc.		866		89,960

INVESTMENTS	SHARES		VALUE($)
Semiconductors & Semiconductor Equipment — continued
Texas Instruments, Inc.		4,738		549,940
Xilinx, Inc.		1,274		111,348
				5,645,346
Software — 8.8%
Adobe, Inc.*		2,453		867,479
ANSYS, Inc.*		434		113,634
Autodesk, Inc.*		1,116		208,837
Cadence Design Systems, Inc.*		1,422		115,367
CDK Global, Inc.		617		24,236
Citrix Systems, Inc.		583		84,541
DocuSign, Inc.*		635		66,516
Fortinet, Inc.*		721		77,681
Intuit, Inc.		1,319		355,879
Microsoft Corp.		38,656		6,927,542
NortonLifeLock, Inc.		2,904		61,768
Oracle Corp.		10,977		581,452
Palo Alto Networks, Inc.*		496		97,469
Paycom Software, Inc.*		248		64,733
PTC, Inc.*		533		36,910
RingCentral, Inc., Class A*		382		87,298
salesforce.com, Inc.*		4,496		728,127
ServiceNow, Inc.*		954		335,369
Splunk, Inc.*		782		109,762
SS&C Technologies Holdings, Inc.		1,120		61,779
Synopsys, Inc.*		764		120,040
VMware, Inc., Class A*		399		52,476
Workday, Inc., Class A*		831		127,891
				11,306,786
Specialty Retail — 2.2%
Advance Auto Parts, Inc.		350		42,319
AutoZone, Inc.*		119		121,418
Best Buy Co., Inc.		1,156		88,700
Burlington Stores, Inc.*		339		61,932
CarMax, Inc.*		833		61,350
Foot Locker, Inc.		542		13,891
Gap, Inc. (The)		1,078		8,753
Home Depot, Inc. (The)		5,528		1,215,220
L Brands, Inc.		1,177		13,995
Lowe’s Cos., Inc.		3,883		406,744
O’Reilly Automotive, Inc.* (a)		384		148,355
Ross Stores, Inc.		1,831		167,280
Tiffany & Co.		546		69,069
TJX Cos., Inc. (The)		6,143		301,314
Tractor Supply Co.		599		60,757

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 97

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Specialty Retail — continued
Ulta Beauty, Inc.*		292		63,633
				2,844,730
Technology Hardware, Storage & Peripherals — 5.2%
Apple, Inc.		21,164		6,217,983
Dell Technologies, Inc., Class C*		786		33,554
Hewlett Packard Enterprise Co.		6,558		65,974
HP, Inc.		7,508		116,449
NetApp, Inc.		1,158		50,686
Seagate Technology plc		1,173		58,591
Western Digital Corp.		1,512		69,673
Xerox Holdings Corp.		941		17,211
				6,630,121
Textiles, Apparel & Luxury Goods — 0.7%
Capri Holdings Ltd.* (a)		776		11,834
Hanesbrands, Inc. (a)		1,831		18,200
Lululemon Athletica, Inc.*		606		135,429
NIKE, Inc., Class B		6,314		550,455
PVH Corp.		384		18,904
Ralph Lauren Corp.		251		18,519
Tapestry, Inc.		1,396		20,772
Under Armour, Inc., Class A*		952		9,920
Under Armour, Inc., Class C*		985		9,131
VF Corp.		1,661		96,504
				889,668
Thrifts & Mortgage Finance — 0.0%(c)
New York Community Bancorp, Inc.		2,367		25,706
Tobacco — 0.7%
Altria Group, Inc.		9,465		371,501
Philip Morris International, Inc.		7,884		588,147
				959,648
Trading Companies & Distributors — 0.2%
Fastenal Co.		2,905		105,219
United Rentals, Inc.*		382		49,087
Watsco, Inc.		164		26,402
WW Grainger, Inc.		219		60,352
				241,060
Water Utilities — 0.1%
American Water Works Co., Inc.		917		111,590
Wireless Telecommunication Services — 0.1%
T-Mobile US, Inc.*		1,928		169,278
Total Common Stocks (Cost $127,213,354)				127,938,985

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 1.3%
Investment Companies — 0.4%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (d) (e) (Cost $476,771)		476,771		476,771
Investment of Cash Collateral from Securities Loaned — 0.9%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (d) (e) (Cost $1,196,285)		1,196,285		1,196,285
Total Short-Term Investments (Cost $1,673,056)				1,673,056
Total Investments — 100.8% (Cost $128,886,410)				129,612,041
Liabilities in Excess of Other Assets — (0.8)%				(1,024,325	)
NET ASSETS — 100.0%				128,587,716

Percentages indicated are based on net assets.

Abbreviations

REIT     Real Estate Investment Trust

(a)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $1,128,274.
(b)	Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.
(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 April 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

Futures contracts outstanding as of April 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
S&P 500 MicE-mini Index		43		06/2020		USD		623,769		72,197

Abbreviations

USD     United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 99

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.7%
Aerospace & Defense — 1.3%
Axon Enterprise, Inc.*		172		12,506
BWX Technologies, Inc.		277		14,698
Curtiss-Wright Corp.		124		12,852
Hexcel Corp.		244		8,440
Mercury Systems, Inc.*		161		14,355
Moog, Inc., Class A		94		4,651
				67,502
Airlines — 0.3%
Allegiant Travel Co.		38		2,982
JetBlue Airways Corp.*		839		8,172
Spirit Airlines, Inc.*		196		2,944
				14,098
Auto Components — 0.6%
Adient plc*		252		3,775
Dana, Inc.		412		4,738
Gentex Corp.		735		17,816
Visteon Corp.*		80		4,824
				31,153
Automobiles — 0.2%
Thor Industries, Inc.		160		10,592
Banks — 5.7%
Associated Banc-Corp.		460		6,504
Bank of Hawaii Corp.		116		7,909
Bank OZK		348		7,872
BankUnited, Inc.		276		5,467
BOK Financial Corp.		92		4,765
Commerce Bancshares, Inc.		300		18,357
Cullen/Frost Bankers, Inc.		164		11,785
First Citizens BancShares, Inc., Class A		24		9,168
First Financial Bankshares, Inc.		395		11,001
First Hawaiian, Inc.		381		6,702
First Horizon National Corp.		905		8,217
FNB Corp.		936		7,572
Glacier Bancorp, Inc.		248		9,444
Hancock Whitney Corp.		252		5,269
Home BancShares, Inc.		448		6,868
IBERIABANK Corp.		152		6,302
Investors Bancorp, Inc.		576		5,363
PacWest Bancorp		344		6,963
People’s United Financial, Inc.		1,291		16,383
Pinnacle Financial Partners, Inc.		208		8,372
Popular, Inc. (Puerto Rico)		256		9,879
Prosperity Bancshares, Inc.		274		16,421
Signature Bank		157		16,827

INVESTMENTS	SHARES		VALUE($)
Banks — continued
Sterling Bancorp		587		7,238
Synovus Financial Corp.		426		8,950
TCF Financial Corp.		446		13,242
Texas Capital Bancshares, Inc.*		144		4,000
UMB Financial Corp.		126		6,406
Umpqua Holdings Corp.		640		8,016
United Bankshares, Inc.		295		8,838
Valley National Bancorp		1,139		9,522
Webster Financial Corp.		268		7,571
Western Alliance Bancorp		272		9,759
Wintrust Financial Corp.		166		6,955
				303,907
Beverages — 0.3%
Boston Beer Co., Inc. (The), Class A*		27		12,596
National Beverage Corp.*		34		1,708
				14,304
Biotechnology — 3.7%
ACADIA Pharmaceuticals, Inc.*		327		15,797
Agios Pharmaceuticals, Inc.*		171		7,035
Bluebird Bio, Inc.*		160		8,621
Exelixis, Inc.*		883		21,806
FibroGen, Inc.*		227		8,374
Immunomedics, Inc.*		577		17,529
Intercept Pharmaceuticals, Inc.*		73		5,980
Ionis Pharmaceuticals, Inc.*		372		20,657
Ligand Pharmaceuticals, Inc.*		48		4,731
Moderna, Inc.*		648		29,802
Myriad Genetics, Inc.*		212		3,278
Sage Therapeutics, Inc.*		151		5,886
Sarepta Therapeutics, Inc.*		206		24,283
Ultragenyx Pharmaceutical, Inc.*		158		9,548
United Therapeutics Corp.*		128		14,024
				197,351
Building Products — 0.9%
AO Smith Corp.		398		16,867
Armstrong World Industries, Inc.		141		10,868
JELD-WEN Holding, Inc.*		192		2,439
Trex Co., Inc.*		170		16,187
				46,361
Capital Markets — 2.2%
Artisan Partners Asset Management, Inc., Class A		152		4,475
BGC Partners, Inc., Class A		800		2,476
Eaton Vance Corp.		327		12,001

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Capital Markets — continued
Evercore, Inc., Class A		114		5,882
FactSet Research Systems, Inc.		110		30,250
Federated Hermes, Inc., Class B		276		6,284
Janus Henderson Group plc (United Kingdom)		448		8,019
Legg Mason, Inc.		236		11,760
LPL Financial Holdings, Inc.		235		14,152
Morningstar, Inc.		60		9,358
Stifel Financial Corp.		199		8,812
Waddell & Reed Financial, Inc., Class A		204		2,968
				116,437
Chemicals — 1.9%
Cabot Corp.		164		5,558
Element Solutions, Inc.*		636		6,519
Huntsman Corp.		583		9,800
Ingevity Corp.*		122		6,334
NewMarket Corp.		21		8,640
Olin Corp.		460		6,141
PolyOne Corp.		260		6,056
RPM International, Inc.		377		25,037
ScottsMiracle-Gro Co. (The)		115		14,264
Sensient Technologies Corp.		122		5,830
Valvoline, Inc.		548		9,420
				103,599
Commercial Services & Supplies — 1.4%
ADT, Inc.		300		1,719
Brink’s Co. (The)		144		7,361
Cimpress plc (Ireland)*		72		5,241
Clean Harbors, Inc.*		148		7,908
Deluxe Corp.		120		3,380
Healthcare Services Group, Inc.		215		5,480
IAA, Inc.*		388		14,977
KAR Auction Services, Inc.		372		5,573
MSA Safety, Inc.		104		11,703
Tetra Tech, Inc.		159		11,970
				75,312
Communications Equipment — 1.3%
Ciena Corp.*		450		20,812
CommScope Holding Co., Inc.*		560		6,166
EchoStar Corp., Class A*		132		4,165
Lumentum Holdings, Inc.*		224		18,124
NetScout Systems, Inc.*		191		5,058
ViaSat, Inc.*		167		7,081
Viavi Solutions, Inc.*		668		8,069
				69,475

INVESTMENTS	SHARES			VALUE($)
Construction & Engineering — 0.8%
AECOM*		457			16,571
Dycom Industries, Inc.*		92			2,999
EMCOR Group, Inc.		162			10,292
MasTec, Inc.*		175			6,283
Valmont Industries, Inc.		63			7,386
					43,531
Construction Materials — 0.1%
Eagle Materials, Inc.		120			7,321
Consumer Finance — 0.9%
Credit Acceptance Corp.*		40			12,463
FirstCash, Inc.		124			8,908
Green Dot Corp., Class A*		136			4,148
LendingTree, Inc.*		22			5,486
OneMain Holdings, Inc.		220			5,326
PRA Group, Inc.*		132			3,662
SLM Corp.		1,227			10,233
					50,226
Containers & Packaging — 1.3%
AptarGroup, Inc.		186			19,917
Berry Global Group, Inc.*		384			15,279
Graphic Packaging Holding Co.		844			11,267
O-I Glass, Inc.		448			3,692
Silgan Holdings, Inc.		224			7,728
Sonoco Products Co.		291			14,213
					72,096
Distributors — 0.5%
Pool Corp.		116			24,553
Diversified Consumer Services — 1.9%
Adtalem Global Education, Inc.*		156			4,956
Bright Horizons Family Solutions, Inc.*		169			19,680
Chegg, Inc.*		334			14,278
frontdoor, Inc.*		246			9,523
Graham Holdings Co., Class B		13			5,070
Grand Canyon Education, Inc.*		140			12,043
Service Corp. International		531			19,509
ServiceMaster Global Holdings, Inc.*		392	��		13,348
WW International, Inc.*		132			3,367
					101,774
Diversified Telecommunication Services — 0.3%
GCI Liberty, Inc., Class A*		277			16,850
Electric Utilities — 1.0%
ALLETE, Inc.		150			8,634
Hawaiian Electric Industries, Inc.		317			12,512

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 101

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electric Utilities — continued
IDACORP, Inc.		146		13,400
PNM Resources, Inc.		232		9,394
Portland General Electric Co.		260		12,165
				56,105
Electrical Equipment — 0.8%
EnerSys		122		7,123
Generac Holdings, Inc.*		182		17,734
GrafTech International Ltd.		164		1,332
nVent Electric plc		452		8,430
Regal Beloit Corp.		118		8,379
				42,998
Electronic Equipment, Instruments & Components — 2.5%
Anixter International, Inc.*		88		8,172
Arrow Electronics, Inc.*		236		14,849
Avnet, Inc.		292		8,766
Belden, Inc.		112		3,829
Coherent, Inc.*		70		8,951
Dolby Laboratories, Inc., Class A		186		11,165
FLIR Systems, Inc.		390		16,926
Jabil, Inc.		404		11,490
Littelfuse, Inc.		72		10,457
National Instruments Corp.		343		13,178
SYNNEX Corp.		119		10,420
Tech Data Corp.*		103		14,486
				132,689
Energy Equipment & Services — 0.1%
Dril-Quip, Inc.*		104		3,446
Patterson-UTI Energy, Inc.		560		2,066
				5,512
Entertainment — 0.7%
Cinemark Holdings, Inc.		308		4,398
Lions Gate Entertainment Corp., Class A*		160		1,143
Lions Gate Entertainment Corp., Class B*		312		2,084
Madison Square Garden Co. (The), Class A*		50		8,566
Zynga, Inc., Class A*		2,750		20,735
				36,926
Equity Real Estate Investment Trusts (REITs) — 10.4%
American Campus Communities, Inc.		399		14,081
American Homes 4 Rent, Class A		741		17,888
Americold Realty Trust		557		17,039
Apartment Investment & Management Co., Class A		433		16,311
Apple Hospitality REIT, Inc.		604		5,847
Brixmor Property Group, Inc.		866		9,916

INVESTMENTS	SHARES		VALUE($)
Equity Real Estate Investment Trusts (REITs) — continued
Colony Capital, Inc.		1,400		3,234
Columbia Property Trust, Inc.		336		4,801
CoreCivic, Inc.		344		4,513
CoreSite Realty Corp.		110		13,331
Cousins Properties, Inc.		427		12,883
CubeSmart		563		14,188
CyrusOne, Inc.		329		23,079
Diversified Healthcare Trust		684		2,127
Douglas Emmett, Inc.		479		14,605
EastGroup Properties, Inc.		112		11,872
EPR Properties		228		6,708
Equity Commonwealth		352		11,950
First Industrial Realty Trust, Inc.		367		13,862
Gaming and Leisure Properties, Inc.		593		16,746
GEO Group, Inc. (The)		348		4,413
Healthcare Realty Trust, Inc.		389		11,433
Healthcare Trust of America, Inc., Class A		602		14,827
Highwoods Properties, Inc.		302		11,721
Hudson Pacific Properties, Inc.		448		11,012
JBG SMITH Properties		343		11,645
Kilroy Realty Corp.		284		17,682
Lamar Advertising Co., Class A		250		14,412
Life Storage, Inc.		136		11,912
Medical Properties Trust, Inc.		1,504		25,779
National Health Investors, Inc.		128		7,048
National Retail Properties, Inc.		499		16,287
Omega Healthcare Investors, Inc.		635		18,510
Outfront Media, Inc.		412		6,464
Paramount Group, Inc.		580		5,597
Park Hotels & Resorts, Inc.		688		6,543
Pebblebrook Hotel Trust		376		4,452
Piedmont Office Realty Trust, Inc., Class A		366		6,350
PS Business Parks, Inc.		58		7,487
Rayonier, Inc.		376		9,035
Retail Properties of America, Inc., Class A		616		3,819
Rexford Industrial Realty, Inc.		322		13,112
RLJ Lodging Trust		492		4,571
Ryman Hospitality Properties, Inc.		156		5,513
Sabra Health Care REIT, Inc.		592		7,589
Service Properties Trust		472		3,271
SITE Centers Corp.		428		2,594
Spirit Realty Capital, Inc.		288		8,859
STAG Industrial, Inc.		432		11,340
STORE Capital Corp.		621		12,463
Sunstone Hotel Investors, Inc.		648		5,955

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Tanger Factory Outlet Centers, Inc. (a)		268		2,015
Taubman Centers, Inc.		178		7,672
Uniti Group, Inc.		556		3,925
Weingarten Realty Investors		348		6,330
				556,618
Food & Staples Retailing — 1.2%
BJ’s Wholesale Club Holdings, Inc.*		355		9,340
Casey’s General Stores, Inc.		107		16,201
Performance Food Group Co.*		380		11,153
PriceSmart, Inc.		64		4,067
Sprouts Farmers Market, Inc.*		340		7,065
US Foods Holding Corp.*		638		13,717
				61,543
Food Products — 1.4%
Beyond Meat, Inc.*		32		3,168
Darling Ingredients, Inc.*		476		9,801
Flowers Foods, Inc.		556		12,388
Fresh Del Monte Produce, Inc.		88		2,509
Hain Celestial Group, Inc. (The)*		232		5,995
Lancaster Colony Corp.		58		7,808
Pilgrim’s Pride Corp.*		152		3,344
Post Holdings, Inc.*		193		17,727
Seaboard Corp.		1		3,011
TreeHouse Foods, Inc.*		162		8,380
				74,131
Gas Utilities — 0.8%
New Jersey Resources Corp.		276		9,323
ONE Gas, Inc.		153		12,196
Southwest Gas Holdings, Inc.		159		12,052
Spire, Inc.		148		10,798
				44,369
Health Care Equipment & Supplies — 4.7%
Cantel Medical Corp.		108		3,996
Envista Holdings Corp.*		461		8,976
Globus Medical, Inc., Class A*		224		10,631
Haemonetics Corp.*		147		16,726
Hill-Rom Holdings, Inc.		194		21,823
ICU Medical, Inc.*		56		12,281
Inogen, Inc.*		52		2,600
Insulet Corp.*		180		35,950
Integra LifeSciences Holdings Corp.*		206		10,516
LivaNova plc*		140		7,437
Masimo Corp.*		143		30,589

INVESTMENTS	SHARES		VALUE($)
Health Care Equipment & Supplies — continued
Novocure Ltd.*		224		14,739
NuVasive, Inc.*		150		9,132
Penumbra, Inc.*		93		16,491
West Pharmaceutical Services, Inc.		215		40,691
Wright Medical Group NV*		367		10,687
				253,265
Health Care Providers & Services — 2.5%
Acadia Healthcare Co., Inc.*		256		6,147
Amedisys, Inc.*		94		17,311
Brookdale Senior Living, Inc.*		532		1,920
Chemed Corp.		47		19,579
Encompass Health Corp.		287		19,014
Guardant Health, Inc.*		117		9,004
HealthEquity, Inc.*		206		11,592
MEDNAX, Inc.*		244		3,543
Molina Healthcare, Inc.*		182		29,842
Patterson Cos., Inc.		248		4,533
Premier, Inc., Class A*		192		6,367
Tenet Healthcare Corp.*		300		6,054
				134,906
Health Care Technology — 0.6%
Teladoc Health, Inc.*		210		34,564
Hotels, Restaurants & Leisure — 2.4%
Bloomin’ Brands, Inc.		248		2,988
Boyd Gaming Corp.		232		3,872
Brinker International, Inc.		108		2,514
Choice Hotels International, Inc.		92		6,905
Churchill Downs, Inc.		103		10,323
Cracker Barrel Old Country Store, Inc.		70		6,818
Dunkin’ Brands Group, Inc.		240		15,082
Extended Stay America, Inc.		531		5,772
Hilton Grand Vacations, Inc.*		248		5,109
Hyatt Hotels Corp., Class A		106		5,964
Jack in the Box, Inc.		68		4,100
Marriott Vacations Worldwide Corp.		109		9,047
Planet Fitness, Inc., Class A*		238		14,359
Scientific Games Corp.*		156		1,967
Six Flags Entertainment Corp.		224		4,482
Texas Roadhouse, Inc.		190		8,947
Wendy’s Co. (The)		535		10,625
Wyndham Hotels & Resorts, Inc.		275		10,370
				129,244
Household Durables — 0.5%
Leggett & Platt, Inc.		383		13,455

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 103

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Household Durables — continued
Tempur Sealy International, Inc.*		132		7,095
Toll Brothers, Inc.		348		8,359
				28,909
Household Products — 0.2%
Energizer Holdings, Inc.		187		7,285
Spectrum Brands Holdings, Inc.		127		5,469
				12,754
Independent Power and Renewable Electricity Producers — 0.2%
Clearway Energy, Inc.		92		1,720
Ormat Technologies, Inc.		148		9,237
				10,957
Industrial Conglomerates — 0.4%
Carlisle Cos., Inc.		165		19,958
Insurance — 3.9%
American National Insurance Co.		28		2,254
Assurant, Inc.		176		18,698
Assured Guaranty Ltd.		276		8,206
Athene Holding Ltd., Class A*		343		9,261
Axis Capital Holdings Ltd.		244		8,931
Brown & Brown, Inc.		680		24,419
CNO Financial Group, Inc.		436		6,130
Enstar Group Ltd. (Bermuda)*		44		6,363
Erie Indemnity Co., Class A		54		9,615
First American Financial Corp.		327		15,081
Hanover Insurance Group, Inc. (The)		115		11,544
Kemper Corp.		182		12,234
Mercury General Corp.		78		3,195
Old Republic International Corp.		829		13,223
Primerica, Inc.		120		12,469
ProAssurance Corp.		156		3,337
RenaissanceRe Holdings Ltd. (Bermuda)		128		18,689
RLI Corp.		116		8,448	��
Selective Insurance Group, Inc.		172		8,622
White Mountains Insurance Group Ltd.		9		8,757
				209,476
Interactive Media & Services — 0.9%
Cargurus, Inc.*		204		4,668
Match Group, Inc.* (a)		157		12,083
Pinterest, Inc., Class A*		296		6,115
Yelp, Inc.*		184		4,112
Zillow Group, Inc., Class A*		100		4,354
Zillow Group, Inc., Class C*		365		16,045
				47,377

INVESTMENTS	SHARES		VALUE($)
Internet & Direct Marketing Retail — 1.2%
Etsy, Inc.*		344		22,315
Grubhub, Inc.*		266		12,712
Stamps.com, Inc.*		48		7,597
Wayfair, Inc., Class A*		191		23,692
				66,316
IT Services — 4.2%
Black Knight, Inc.*		435		30,698
Booz Allen Hamilton Holding Corp.		408		29,964
CACI International, Inc., Class A*		73		18,260
Conduent, Inc.*		476		1,200
EPAM Systems, Inc.*		160		35,342
Euronet Worldwide, Inc.*		157		14,406
Genpact Ltd.		447		15,390
KBR, Inc.		412		8,347
LiveRamp Holdings, Inc.*		196		7,421
MAXIMUS, Inc.		186		12,522
MongoDB, Inc.*		101		16,375
Perspecta, Inc.		400		8,628
Science Applications International Corp.		143		11,677
WEX, Inc.*		126		16,672
				226,902
Leisure Products — 0.2%
Brunswick Corp.		236		11,262
Life Sciences Tools & Services — 1.9%
Bio-Techne Corp.		111		24,975
Bruker Corp.		295		11,600
Charles River Laboratories International, Inc.*		142		20,543
PRA Health Sciences, Inc.*		184		17,756
Repligen Corp.*		136		15,796
Syneos Health, Inc.*		180		10,042
				100,712
Machinery — 4.7%
AGCO Corp.		182		9,617
Allison Transmission Holdings, Inc.		347		12,610
Barnes Group, Inc.		138		5,296
Colfax Corp.*		240		6,190
Crane Co.		148		8,058
Gates Industrial Corp. plc*		132		1,134
Graco, Inc.		485		21,660
Ingersoll Rand, Inc.*		1,006		29,254
ITT, Inc.		255		13,444
Kennametal, Inc.		240		6,146
Lincoln Electric Holdings, Inc.		178		14,331
Middleby Corp. (The)*		162		9,012

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Machinery — continued
Navistar International Corp.*		188		4,469
Nordson Corp.		149		23,975
Oshkosh Corp.		198		13,371
RBC Bearings, Inc.*		73		9,248
Terex Corp.		188		2,856
Timken Co. (The)		196		7,366
Toro Co. (The)		310		19,781
Trinity Industries, Inc.		284		5,478
WABCO Holdings, Inc.*		149		20,023
Woodward, Inc.		164		9,932
				253,251
Marine — 0.2%
Kirby Corp.*		174		9,295
Media — 1.2%
AMC Networks, Inc., Class A*		128		3,053
Cable One, Inc.		15		28,693
John Wiley & Sons, Inc., Class A		127		4,769
New York Times Co. (The), Class A		418		13,593
Nexstar Media Group, Inc., Class A		134		9,385
Sinclair Broadcast Group, Inc., Class A		192		3,389
				62,882
Metals & Mining — 1.2%
Alcoa Corp.*		532		4,336
Allegheny Technologies, Inc.*		364		2,734
Carpenter Technology Corp.		136		3,015
Compass Minerals International, Inc.		98		4,818
Reliance Steel & Aluminum Co.		194		17,378
Royal Gold, Inc.		191		23,403
United States Steel Corp. (a)		488		3,748
Worthington Industries, Inc.		108		2,855
				62,287
Mortgage Real Estate Investment Trusts (REITs) — 0.7%
Blackstone Mortgage Trust, Inc., Class A		388		9,129
Chimera Investment Corp.		540		4,196
MFA Financial, Inc.		1,300		2,275
New Residential Investment Corp.		1,196		7,284
Starwood Property Trust, Inc.		820		10,611
Two Harbors Investment Corp.		784		3,583
				37,078
Multiline Retail — 0.2%
Dillard’s, Inc., Class A		28		825
Ollie’s Bargain Outlet Holdings, Inc.*		158		10,730
				11,555

INVESTMENTS	SHARES		VALUE($)
Multi-Utilities — 0.6%
Avista Corp.		194		8,350
Black Hills Corp.		179		11,087
MDU Resources Group, Inc.		582		13,072
				32,509
Oil, Gas & Consumable Fuels — 0.9%
Chesapeake Energy Corp.*		16		280
CNX Resources Corp.*		542		5,745
CVR Energy, Inc.		84		2,003
Delek US Holdings, Inc.		216		5,044
Equitrans Midstream Corp.		592		4,961
Kosmos Energy Ltd. (Ghana)		1,040		1,716
Matador Resources Co.*		316		2,225
Parsley Energy, Inc., Class A		898		8,486
PBF Energy, Inc., Class A		292		3,329
PDC Energy, Inc.*		280		3,637
World Fuel Services Corp.		188		4,700
WPX Energy, Inc.*		1,196		7,331
				49,457
Paper & Forest Products — 0.2%
Domtar Corp.		164		3,831
Louisiana-Pacific Corp.		341		6,820
				10,651
Personal Products — 0.1%
Nu Skin Enterprises, Inc., Class A		160		4,674
Pharmaceuticals — 1.4%
Catalent, Inc.*		450		31,117
Horizon Therapeutics plc*		544		19,606
Innoviva, Inc.*		192		2,722
Pacira BioSciences, Inc.*		120		4,955
Prestige Consumer Healthcare, Inc.*		146		5,941
Reata Pharmaceuticals, Inc., Class A*		74		11,704
Tilray, Inc. (Canada)*		92		741
				76,786
Professional Services — 1.1%
ASGN, Inc.*		152		7,061
CoreLogic, Inc.		231		8,875
FTI Consulting, Inc.*		109		13,882
Insperity, Inc.		108		5,153
Robert Half International, Inc.		342		16,166
TriNet Group, Inc.*		128		6,268
				57,405
Real Estate Management & Development — 0.5%
Cushman & Wakefield plc*		472		5,744

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 105

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Real Estate Management & Development — continued
Howard Hughes Corp. (The)*		126		6,824
Jones Lang LaSalle, Inc.		150		15,837
				28,405
Road & Rail — 0.5%
AMERCO		23		6,443
Avis Budget Group, Inc.*		164		2,703
Landstar System, Inc.		115		11,880
Ryder System, Inc.		155		5,487
				26,513
Semiconductors & Semiconductor Equipment — 3.9%
Cabot Microelectronics Corp.		85		10,416
Cirrus Logic, Inc.*		168		12,701
Cree, Inc.*		313		13,500
Entegris, Inc.		392		21,258
First Solar, Inc.*		220		9,682
MKS Instruments, Inc.		158		15,836
Monolithic Power Systems, Inc.		117		23,389
ON Semiconductor Corp.*		1,194		19,158
Silicon Laboratories, Inc.*		126		12,250
SolarEdge Technologies, Inc.*		141		15,734
Synaptics, Inc.*		96		6,277
Teradyne, Inc.		487		30,457
Universal Display Corp.		123		18,465
				209,123
Software — 9.3%
ACI Worldwide, Inc.*		336		9,206
Alteryx, Inc., Class A*		142		16,072
Anaplan, Inc.*		248		10,133
Aspen Technology, Inc.*		198		20,246
Avalara, Inc.*		191		17,070
Blackbaud, Inc.		142		7,847
Ceridian HCM Holding, Inc.*		293		17,278
CommVault Systems, Inc.*		122		5,208
Coupa Software, Inc.*		183		32,224
Dropbox, Inc., Class A*		627		13,180
Dynatrace, Inc.*		260		7,761	��
Elastic NV*		94		6,029
Fair Isaac Corp.*		84		29,647
FireEye, Inc.*		624		7,182
Guidewire Software, Inc.*		240		21,802
HubSpot, Inc.*		117		19,730
j2 Global, Inc.		135		10,886
LogMeIn, Inc.		142		12,135
Manhattan Associates, Inc.*		186		13,195

INVESTMENTS	SHARES		VALUE($)
Software — continued
New Relic, Inc.*		144		7,731
Nuance Communications, Inc.*		822		16,604
Nutanix, Inc., Class A*		420		8,606
Paylocity Holding Corp.*		104		11,911
Pegasystems, Inc.		111		9,282
Proofpoint, Inc.*		164		19,964
RealPage, Inc.*		232		14,962
Slack Technologies, Inc., Class A*		156		4,164
SolarWinds Corp.*		188		3,192
Trade Desk, Inc. (The), Class A*		116		33,939
Tyler Technologies, Inc.*		113		36,238
Verint Systems, Inc.*		194		8,292
Zendesk, Inc.*		326		25,063
Zoom Video Communications, Inc., Class A*		85		11,489
Zscaler, Inc.*		190		12,745
				501,013
Specialty Retail — 1.5%
Aaron’s, Inc.		195		6,223
American Eagle Outfitters, Inc.		456		3,625
AutoNation, Inc.*		171		6,368
Carvana Co.*		146		11,696
Five Below, Inc.*		162		14,606
Floor & Decor Holdings, Inc., Class A*		203		8,607
Michaels Cos., Inc. (The)*		220		669
Penske Automotive Group, Inc.		96		3,454
RH*		48		6,901
Sally Beauty Holdings, Inc.*		336		3,263
Urban Outfitters, Inc.*		204		3,537
Williams-Sonoma, Inc.		226		13,976
				82,925
Technology Hardware, Storage & Peripherals — 0.2%
Pure Storage, Inc., Class A*		655		9,432
Textiles, Apparel & Luxury Goods — 0.8%
Carter’s, Inc.		128		10,009
Columbia Sportswear Co.		84		6,123
Deckers Outdoor Corp.*		81		12,049
Skechers U.S.A., Inc., Class A*		387		10,906
Wolverine World Wide, Inc.		232		4,754
				43,841
Thrifts & Mortgage Finance — 0.5%
Essent Group Ltd.		284		7,759
MGIC Investment Corp.		1,004		7,339
Radian Group, Inc.		580		8,688

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Thrifts & Mortgage Finance — continued
TFS Financial Corp.		144		1,966
				25,752
Tobacco — 0.1%
Vector Group Ltd.		332		3,552
Trading Companies & Distributors — 0.9%
Air Lease Corp.		305		7,976
Beacon Roofing Supply, Inc.*		196		4,312
GATX Corp.		102		6,049
HD Supply Holdings, Inc.*		482		14,306
MSC Industrial Direct Co., Inc., Class A		130		7,753
Univar Solutions, Inc.*		402		5,837
WESCO International, Inc.*		120		3,104
				49,337
Transportation Infrastructure — 0.1%
Macquarie Infrastructure Corp.		224		6,180
Water Utilities — 0.5%
Essential Utilities, Inc.		627		26,202
Wireless Telecommunication Services — 0.1%
Telephone & Data Systems, Inc.		284		5,572
United States Cellular Corp.*		44		1,401
				6,973
Total Common Stocks (Cost $5,066,456)				5,351,013

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 0.4%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (b) (c) (Cost $3,453)		3,453		3,453
Investment of Cash Collateral from Securities Loaned — 0.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (b) (c) (Cost $16,843)		16,843		16,843
Total Short-Term Investments (Cost $20,296)				20,296
Total Investments — 100.1% (Cost $5,086,752)				5,371,309
Liabilities in Excess of Other Assets — (0.1)%				(5,602	)
Net Assets — 100.0%				5,365,707

Percentages indicated are based on net assets.

Abbreviations

REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $15,885.
(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 April 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
S&P 500 MicE-mini Index		1		06/2020		USD		14,506		723

Abbreviations

USD     United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 107

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.6%
Bahrain — 0.1%
Ahli United Bank BSC		508,832		321,212
Brazil — 10.6%
Alpargatas SA (Preference)		81,288		409,587
Ambev SA*		516,358		1,079,643
Atacadao SA*		55,950		206,704
B3 SA — Brasil Bolsa Balcao		157,955		1,111,050
Banco Bradesco SA (Preference)		348,519		1,231,183
Banco BTG Pactual SA*		43,574		335,024
Banco do Brasil SA*		144,056		750,493
Banco do Estado do Rio Grande do Sul SA (Preference), Class B		70,261		163,187
BB Seguridade Participacoes SA		53,247		259,679
BR Malls Participacoes SA		61,015		112,764
BRF SA*		94,771		340,541
CCR SA		278,093		635,156
Cia de Saneamento Basico do Estado de Sao Paulo*		81,153		601,719
Cia de Transmissao de Energia Eletrica Paulista (Preference)		142,209		504,723
Cia Energetica de Minas Gerais (Preference)*		195,766		340,923
Cia Energetica de Sao Paulo (Preference), Class B		60,387		312,823
Cia Paranaense de Energia (Preference)*		48,135		490,476
Cia Siderurgica Nacional SA		153,827		253,460
Cosan SA		45,152		500,932
CPFL Energia SA		61,406		340,122
Duratex SA*		120,838		219,548
EDP — Energias do Brasil SA		162,787		508,008
Engie Brasil Energia SA		46,853		338,782
Equatorial Energia SA		169,739		574,963
Fleury SA		68,422		285,873
Gerdau SA (Preference)		95,293		205,905
Grendene SA		210,912		275,377
Hapvida Participacoes e Investimentos SA (a)		48,834		468,592
Hypera SA*		86,975		465,592
Itau Unibanco Holding SA (Preference)		370,242		1,561,200
Itausa — Investimentos Itau SA (Preference)		345,034		571,683
Lojas Renner SA		132,392		937,084
M Dias Branco SA*		14,274		84,811
Natura & Co. Holding SA*		62,733		418,189
Neoenergia SA*		71,301		238,636
Petrobras Distribuidora SA*		144,082		522,764
Petroleo Brasileiro SA (Preference)		545,854		1,812,855
Porto Seguro SA		8,076		67,826
Rumo SA*		192,870		698,714
Sao Martinho SA*		118,398		419,125

INVESTMENTS	SHARES		VALUE($)
Brazil — continued
Sul America SA		17,401		143,518
Telefonica Brasil SA (Preference)		93,009		787,632
TIM Participacoes SA*		209,123		486,476
TOTVS SA		33,710		367,606
Transmissora Alianca de Energia Eletrica SA		112,716		570,223
Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A		36,992		32,925
Vale SA*		392,043		3,250,744
WEG SA		134,805		985,399
YDUQS Participacoes SA		77,811		442,435
				27,722,674
Chile — 1.4%
AES Gener SA		1,674,568		246,743
Aguas Andinas SA, Class A		1,056,021		354,157
Banco de Chile		2,228,556		196,457
Cencosud SA		14,889		18,012
Cia Cervecerias Unidas SA		37,113		266,712
Colbun SA		2,836,358		416,162
Enel Americas SA		7,382,160		1,211,350
Enel Chile SA		6,943,709		565,460
Engie Energia Chile SA		202,194		249,491
Parque Arauco SA		45,406		76,199
				3,600,743
China — 23.6%
Angang Steel Co. Ltd., Class H		121,800		32,835
Anhui Conch Cement Co. Ltd., Class H		179,500		1,415,426
Anhui Gujing Distillery Co. Ltd., Class A		23,300		439,304
ANTA Sports Products Ltd.		173,000		1,473,275
BAIC Motor Corp. Ltd., Class H (a)		207,500		90,779
Bank of China Ltd., Class H		2,328,000		886,277
Baoshan Iron & Steel Co. Ltd., Class A		487,800		333,156
Beijing Capital International Airport Co. Ltd., Class H		144,000		96,483
Beijing Enterprises Holdings Ltd.		44,500		157,645
Bosideng International Holdings Ltd.		1,352,000		366,549
BYD Electronic International Co. Ltd.		66,000		151,980
CGN Power Co. Ltd., Class H* (a)		2,344,000		589,632
China CITIC Bank Corp. Ltd., Class H		433,000		211,535
China Coal Energy Co. Ltd., Class H		153,000		40,933
China Communications Services Corp. Ltd., Class H		686,000		488,990
China Conch Venture Holdings Ltd.		118,000		564,202
China Everbright Bank Co. Ltd., Class H		161,000		68,321
China Gas Holdings Ltd.		119,400		434,465
China Longyuan Power Group Corp. Ltd., Class H		246,000		122,958

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
China — continued
China Medical System Holdings Ltd.		460,000		541,499
China Merchants Bank Co. Ltd., Class H		188,000		889,675
China Merchants Port Holdings Co. Ltd.		104,000		133,855
China Minsheng Banking Corp. Ltd., Class H		333,800		248,648
China Mobile Ltd.		624,500		5,020,393
China National Building Material Co. Ltd., Class H		336,250		420,025
China Petroleum & Chemical Corp., Class H		1,864,000		929,041
China Resources Cement Holdings Ltd.		392,000		533,396
China Resources Gas Group Ltd.		138,000		775,606
China Resources Land Ltd.		142,000		586,773
China Resources Pharmaceutical Group Ltd. (a)		276,000		173,336
China Resources Power Holdings Co. Ltd.		326,000		386,129
China Shenhua Energy Co. Ltd., Class H		508,000		899,967
China South Publishing & Media Group Co. Ltd., Class A		183,100		281,259
China State Construction International Holdings Ltd.		24,000		18,607
China Telecom Corp. Ltd., Class H		2,334,000		806,165
China Unicom Hong Kong Ltd.		996,000		644,146
China Vanke Co. Ltd., Class H		68,500		230,210
China Yangtze Power Co. Ltd., Class A		347,500		852,856
Chinese Universe Publishing and Media Group Co. Ltd., Class A		172,600		291,330
Chongqing Dima Industry Co. Ltd., Class A		579,400		234,543
Chongqing Rural Commercial Bank Co. Ltd., Class H*		147,000		64,129
CIMC Enric Holdings Ltd.		58,000		26,978
CITIC Ltd.		416,000		432,059
CNOOC Ltd.		1,882,000		2,080,781
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		110,000		72,012
COSCO SHIPPING Ports Ltd.		152,000		80,978
Country Garden Services Holdings Co. Ltd.		64,000		295,691
Dali Foods Group Co. Ltd. (a)		671,000		414,533
Daqin Railway Co. Ltd., Class A		372,900		376,956
Datang International Power Generation Co. Ltd., Class H		292,000		42,243
ENN Energy Holdings Ltd.		127,600		1,438,366
Foshan Haitian Flavouring & Food Co. Ltd., Class A		29,100		500,552
Fosun International Ltd.		166,576		209,131
Fujian Sunner Development Co. Ltd., Class A		88,300		268,503
G-bits Network Technology Xiamen Co. Ltd., Class A		10,600		563,028
Geely Automobile Holdings Ltd.		146,000		227,106

INVESTMENTS	SHARES		VALUE($)
China — continued
Great Wall Motor Co. Ltd., Class H (b)		447,000		298,845
Greattown Holdings Ltd., Class A		337,700		384,426
Gree Electric Appliances, Inc. of Zhuhai, Class A		86,500		659,359
Guangdong Investment Ltd.		490,000		1,018,449
Guangxi Guiguan Electric Power Co. Ltd., Class A		264,400		159,839
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		36,000		94,193
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		30,600		325,057
Haier Electronics Group Co. Ltd.		175,000		481,966
Haitian International Holdings Ltd.		52,000		92,006
Heilongjiang Agriculture Co. Ltd., Class A		219,700		525,833
Henan Zhongyuan Expressway Co. Ltd., Class A		379,200		208,589
Huadian Power International Corp. Ltd., Class H		8,000		2,783
Huaxin Cement Co. Ltd., Class B		237,400		401,301
Industrial & Commercial Bank of China Ltd., Class H		4,104,000		2,751,771
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		882,500		313,139
Inner Mongolia Yitai Coal Co. Ltd., Class B		74,600		45,793
Jiangsu Expressway Co. Ltd., Class A		218,600		323,318
Jiangsu Expressway Co. Ltd., Class H		114,000		136,078
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		274,300		309,895
Jiangxi Copper Co. Ltd., Class H		87,000		84,639
Joyoung Co. Ltd., Class A		113,871		501,924
JOYY, Inc., ADR*		3,544		216,042
Kingboard Holdings Ltd.		56,000		136,615
Kunlun Energy Co. Ltd.		644,000		419,563
Kweichow Moutai Co. Ltd., Class A		11,800		2,094,421
Lee & Man Paper Manufacturing Ltd.		112,000		68,805
Li Ning Co. Ltd.		230,000		726,219
Liuzhou Iron & Steel Co. Ltd., Class A		382,300		268,305
Lomon Billions Group Co. Ltd., Class A		157,200		365,434
Longfor Group Holdings Ltd. (a)		84,500		429,601
Luye Pharma Group Ltd. (a) (b)		274,000		133,048
Maanshan Iron & Steel Co. Ltd., Class H (b)		448,000		145,288
Momo, Inc., ADR		8,382		201,839
Nanjing Iron & Steel Co. Ltd., Class A*		673,800		301,696
PetroChina Co. Ltd., Class H		1,516,000		544,535
Ping An Insurance Group Co. of China Ltd., Class H		262,500		2,671,269
Sansteel Minguang Co. Ltd. Fujian, Class A		264,700		269,573

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 109

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
China — continued
Sany Heavy Industry Co. Ltd., Class A		245,700		672,077
SDIC Power Holdings Co. Ltd., Class A		587,700		635,250
Seazen Group Ltd.*		98,000		95,231
Shaanxi Coal Industry Co. Ltd., Class A		335,500		355,136
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		284,000		431,437
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		30,100		52,982
Shanxi LanhuaSci-Tech Venture Co. Ltd., Class A		316,000		215,225
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		323,300		257,705
Shenzhen Expressway Co. Ltd., Class H		300,000		343,965
Shenzhen International Holdings Ltd.		75,044		145,038
Shenzhen Jinjia Group Co. Ltd., Class A		198,000		247,344
Shenzhou International Group Holdings Ltd.		66,700		769,827
Sichuan Expressway Co. Ltd., Class A		380,800		199,310
Sihuan Pharmaceutical Holdings Group Ltd.		683,000		67,772
Sinopec Shanghai Petrochemical Co. Ltd., Class H		254,000		68,961
Sinotruk Hong Kong Ltd.		237,500		481,541
Sunac China Holdings Ltd.		116,000		518,898
Tangshan Jidong Cement Co. Ltd., Class A		141,200		397,457
Tianhe Chemicals Group Ltd.*‡ (a)		20,000		—
Weichai Power Co. Ltd., Class A		268,656		501,985
Weichai Power Co. Ltd., Class H (b)		416,000		730,916
Weifu High-Technology Group Co. Ltd., Class A		117,900		334,441
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		133,800		676,597
Wuliangye Yibin Co. Ltd., Class A		50,600		959,155
Xiamen ITG Group Corp. Ltd., Class A		276,800		243,367
Xinhua Winshare Publishing and Media Co. Ltd., Class A		161,400		255,318
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		42,040		41,220
Xinxing Ductile Iron Pipes Co. Ltd., Class A		524,400		254,700
Xinyangfeng Agricultural Technology Co. Ltd., Class A		122,900		144,955
Yangzijiang Shipbuilding Holdings Ltd.		544,900		377,851
Yanzhou Coal Mining Co. Ltd., Class H		642,000		487,766
Yuexiu Property Co. Ltd.		632,000		120,162
Zhaojin Mining Industry Co. Ltd., Class H		68,500		76,961
Zhejiang Expressway Co. Ltd., Class H		378,000		285,880
Zhejiang Hisoar Pharmaceutical Co. Ltd., Class A		412,800		344,123
Zhongsheng Group Holdings Ltd.		88,500		355,214
Zijin Mining Group Co. Ltd., Class H		418,000		170,657

INVESTMENTS	SHARES		VALUE($)
China — continued
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		685,200		554,729
ZTO Express Cayman, Inc., ADR		27,803		827,417
				61,765,276
Colombia — 0.5%
Bancolombia SA (Preference)		87,215		573,650
Ecopetrol SA		933,659		488,172
Grupo Aval Acciones y Valores SA (Preference)		794,549		169,587
				1,231,409
Czech Republic — 0.1%
Moneta Money Bank A/S (a)		51,028		106,009
O2 Czech Republic A/S*		13,939		122,097
				228,106
Egypt — 0.3%
Commercial International Bank Egypt SAE		132,200		537,397
ElSewedy Electric Co.		324,915		183,353
				720,750
Greece — 1.0%
Hellenic Telecommunications Organization SA		67,831		896,150
JUMBO SA		36,934		578,014
Mytilineos SA		60,665		452,374
OPAP SA		76,800		687,922
				2,614,460
Hong Kong — 0.2%
Kingboard Laminates Holdings Ltd.		75,000		72,585
Nine Dragons Paper Holdings Ltd. (b)		401,000		383,646
				456,231
Hungary — 0.7%
Magyar Telekom Telecommunications plc		118,231		146,993
OTP Bank Nyrt.		22,829		676,104
Richter Gedeon Nyrt.		44,009		940,417
				1,763,514
India — 9.2%
Asian Paints Ltd.		18,424		429,889
Aurobindo Pharma Ltd.		12,450		101,829
Bajaj Auto Ltd.		12,562		436,845
Bajaj Finance Ltd.		4,137		126,492
Bajaj Holdings & Investment Ltd.		1,298		34,969
Bharat Petroleum Corp. Ltd.		72,452		354,458
Bharti Infratel Ltd.		145,299		336,167
Castrol India Ltd.		31,244		53,602
Coal India Ltd.		106,712		208,667

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
India — continued
Colgate-Palmolive India Ltd.		8,949		172,735
Cummins India Ltd.		1,914		9,567
Dabur India Ltd.		70,975		459,158
Divi’s Laboratories Ltd.		13,401		413,221
Dr Reddy’s Laboratories Ltd.		13,745		711,955
Federal Bank Ltd.		18,200		11,736
GAIL India Ltd.		60,632		76,720
Glenmark Pharmaceuticals Ltd.		8,008		35,397
Havells India Ltd.		10,594		78,958
HCL Technologies Ltd.		92,149		660,883
Hindalco Industries Ltd.		33,565		56,931
Hindustan Petroleum Corp. Ltd.		60,497		176,560
Hindustan Unilever Ltd.		101,163		2,929,229
Hindustan Zinc Ltd.*		11,548		26,436
Housing Development Finance Corp. Ltd.		84,333		2,133,187
ICICI Lombard General Insurance Co. Ltd. (a)		8,388		143,387
Indian Oil Corp. Ltd.		160,387		178,803
Infosys Ltd.		323,609		3,024,816
ITC Ltd.		420,834		1,013,870
JSW Steel Ltd.		48,050		113,486
Larsen & Toubro Infotech Ltd. (a)		813		17,043
Mphasis Ltd.		5,499		53,437
Muthoot Finance Ltd.		2,949		33,807
Nestle India Ltd.		3,345		793,438
NHPC Ltd.		405,651		111,556
NMDC Ltd.		55,456		58,798
NTPC Ltd.		378,642		474,367
Oil & Natural Gas Corp. Ltd.		226,107		239,269
Oil India Ltd.		30,987		40,454
Petronet LNG Ltd.		88,338		284,592
Piramal Enterprises Ltd.		11,379		146,246
Power Finance Corp. Ltd.		14,132		17,842
Power Grid Corp. of India Ltd.		128,551		275,528
REC Ltd.		110,331		139,215
Reliance Industries Ltd.		162,631		3,162,037
Shriram Transport Finance Co. Ltd.		5,980		61,341
Sun Pharmaceutical Industries Ltd.		11,632		70,943
Tata Consultancy Services Ltd.		76,771		2,032,308
Tata Power Co. Ltd. (The)		92,013		38,404
Tech Mahindra Ltd.		27,299		196,337
Titan Co. Ltd.		30,940		395,673
Torrent Power Ltd.		19,409		85,203
United Breweries Ltd.		6,454		80,428
UPL Ltd.		24,203		133,932
Vedanta Ltd.		134,297		156,544

INVESTMENTS	SHARES		VALUE($)
India — continued
Wipro Ltd.		118,346		300,463
				23,909,158
Indonesia — 3.7%
Adaro Energy Tbk. PT		5,430,700		332,797
Astra International Tbk. PT		3,549,700		907,894
Bank Central Asia Tbk. PT		1,269,200		2,198,496
Bank Mandiri Persero Tbk. PT		459,300		136,532
Bank Rakyat Indonesia Persero Tbk. PT		7,511,000		1,366,157
Bukit Asam Tbk. PT		1,154,900		144,576
Bumi Serpong Damai Tbk. PT*		449,000		21,124
Charoen Pokphand Indonesia Tbk. PT		1,568,100		482,184
Gudang Garam Tbk. PT		112,700		342,586
Hanjaya Mandala Sampoerna Tbk. PT		1,992,300		212,172
Indofood CBP Sukses Makmur Tbk. PT		241,700		159,921
Indofood Sukses Makmur Tbk. PT		900,800		393,032
Kalbe Farma Tbk. PT		5,238,700		506,080
Matahari Department Store Tbk. PT		562,900		45,692
Media Nusantara Citra Tbk. PT		4,090,900		249,480
Perusahaan Gas Negara Tbk. PT		3,413,100		193,655
Telekomunikasi Indonesia Persero Tbk. PT		7,216,500		1,659,449
XL Axiata Tbk. PT*		1,997,300		338,471
				9,690,298
Kuwait — 1.4%
Agility Public Warehousing Co. KSC*		225,385		466,472
Gulf Bank KSCP		190,000		132,540
Humansoft Holding Co. KSC*		17,724		163,258
Kuwait Finance House KSCP		394,075		755,326
Mobile Telecommunications Co. KSC		489,768		836,914
National Bank of Kuwait SAKP		595,832		1,428,718
				3,783,228
Malaysia — 3.2%
AirAsia Group Bhd.		365,000		68,574
AMMB Holdings Bhd.		286,400		197,822
Astro Malaysia Holdings Bhd.		373,600		81,720
Axiata Group Bhd.		538,400		490,898
CIMB Group Holdings Bhd.		425,655		340,345
DiGi.Com Bhd.		429,400		461,235
Gamuda Bhd.		93,900		69,990
Hartalega Holdings Bhd.		342,800		605,574
Hong Leong Financial Group Bhd.		18,700		56,954
IJM Corp. Bhd.		71,900		27,647
Malayan Banking Bhd.		72,208		126,729
Maxis Bhd.		550,400		699,329
MISC Bhd.		265,000		483,216

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 111

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Malaysia — continued
Nestle Malaysia Bhd.		15,000		488,189
Petronas Dagangan Bhd.		71,700		338,229
Petronas Gas Bhd.		208,300		744,048
PPB Group Bhd.		162,960		621,200
Press Metal Aluminium Holdings Bhd.		135,400		123,293
RHB Bank Bhd.		168,600		185,543
Telekom Malaysia Bhd.		434,400		405,447
Tenaga Nasional Bhd.		593,500		1,680,498
				8,296,480
Mexico — 4.0%
Alfa SAB de CV, Class A		759,095		310,870
Alpek SAB de CV		36,679		17,349
Arca Continental SAB de CV		84,212		323,766
Banco del Bajio SA (a)		49,591		39,095
Cemex SAB de CV		1,483,741		313,974
Coca-Cola Femsa SAB de CV		122,892		491,803
El Puerto de Liverpool SAB de CV, Class C1		33,120		83,607
Fibra Uno Administracion SA de CV, REIT		393,571		326,765
Fomento Economico Mexicano SAB de CV		184,782		1,192,293
Gruma SAB de CV, Class B		34,326		324,987
Grupo Aeroportuario del Centro Norte SAB de CV		124,898		457,128
Grupo Aeroportuario del Pacifico SAB de CV, Class B		91,924		570,668
Grupo Aeroportuario del Sureste SAB de CV, Class B		49,146		491,072
Grupo Carso SAB de CV, Series A1		81,365		161,643
Grupo Elektra SAB de CV		5,096		291,158
Grupo Financiero Banorte SAB de CV, Class O		222,141		608,143
Grupo Mexico SAB de CV, Series B		625,326		1,329,736
Kimberly-Clark de Mexico SAB de CV, Class A		404,317		571,221
Megacable Holdings SAB de CV		111,441		277,435
Orbia Advance Corp. SAB de CV		102,492		121,922
Promotora y Operadora de Infraestructura SAB de CV*		59,712		413,804
Wal-Mart de Mexico SAB de CV		747,093		1,803,178
				10,521,617
Pakistan — 0.1%
Oil & Gas Development Co. Ltd.		338,900		222,788
Philippines — 1.0%
BDO Unibank, Inc.		142,830		281,042
Bloomberry Resorts Corp.		533,500		59,013
Globe Telecom, Inc.		10,705		464,386
GT Capital Holdings, Inc.*		2,966		26,555
International Container Terminal Services, Inc.		125,360		219,269

INVESTMENTS	SHARES		VALUE($)
Philippines — continued
JG Summit Holdings, Inc.		437,940		436,169
Manila Electric Co.		70,470		351,857
Megaworld Corp.		172,400		8,700
Metro Pacific Investments Corp.		5,223,200		263,338
Metropolitan Bank & Trust Co.		101,198		77,399
PLDT, Inc.		14,440		365,983
San Miguel Corp.		76,420		146,700
				2,700,411
Qatar — 1.6%
Barwa Real Estate Co.		24,437		19,194
Commercial Bank PSQC (The)		169,365		186,481
Industries Qatar QSC		314,809		607,877
Masraf Al Rayan QSC		367,820		384,913
Ooredoo QPSC		92,189		161,277
Qatar Electricity & Water Co. QSC		94,963		392,594
Qatar Fuel QSC		112,352		493,375
Qatar Gas Transport Co. Ltd.		549,417		376,941
Qatar International Islamic Bank QSC		45,847		100,670
Qatar National Bank QPSC		305,914		1,442,886
United Development Co. QSC		201,490		58,549
				4,224,757
Russia — 7.5%
Aeroflot PJSC		267,612		272,025
Federal Grid Co. Unified Energy System PJSC		221,116,052		544,830
Gazprom PJSC		1,273,975		3,239,061
Inter RAO UES PJSC		11,502,496		770,564
LUKOIL PJSC		51,427		3,318,465
Magnit PJSC		13,797		685,186
Magnitogorsk Iron & Steel Works PJSC		675,889		363,586
MMC Norilsk Nickel PJSC		6,110		1,659,996
Mobile TeleSystems PJSC		222,867		964,060
Novatek PJSC		76,513		1,064,215
ROSSETI PJSC		30,801,184		528,487
Rostelecom PJSC		482,503		532,901
RusHydro PJSC		74,455,404		628,180
Sberbank of Russia PJSC		1,034,392		2,725,866
Sistema PJSFC		1,661,903		322,263
Surgutneftegas PJSC (Preference)		929,373		454,785
Tatneft PJSC		170,195		1,252,905
Transneft PJSC (Preference)		27		49,538
Unipro PJSC		4,259,722		160,455
				19,537,368

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Saudi Arabia — 2.0%
Almarai Co. JSC		43,213		563,444
Etihad Etisalat Co.*		103,093		761,482
Jarir Marketing Co.		14,732		577,859
Mobile Telecommunications Co. Saudi Arabia*		251,750		817,392
Saudi Airlines Catering Co.		19,423		411,809
Saudi Cement Co.		34,619		483,614
Saudi Electricity Co.		154,837		701,098
Saudi Ground Services Co.		19,479		135,456
Saudi Telecom Co.		31,479		758,090
				5,210,244
South Africa — 5.6%
Absa Group Ltd.		71,050		350,643
African Rainbow Minerals Ltd.		12,611		92,303
AVI Ltd.		95,216		404,278
Barloworld Ltd.		138,873		509,498
Bid Corp. Ltd.		63,493		827,454
Bidvest Group Ltd. (The)		36,440		295,927
Capitec Bank Holdings Ltd.		5,311		258,906
Clicks Group Ltd.		63,593		791,537
Foschini Group Ltd. (The)		57,740		226,544
Impala Platinum Holdings Ltd.		81,951		488,777
Kumba Iron Ore Ltd.		11,269		212,091
Life Healthcare Group Holdings Ltd.		144,124		138,871
Motus Holdings Ltd.		81,650		132,992
Mr Price Group Ltd.		55,920		398,415
MTN Group Ltd.		144,219		378,987
MultiChoice Group Ltd.*		92,603		434,021
Naspers Ltd., Class N		39,359		6,126,171
Nedbank Group Ltd.		39,565		230,010
Netcare Ltd.		663,638		554,956
RMB Holdings Ltd.		74,894		214,721
SPAR Group Ltd. (The)		2,570		24,497
Tiger Brands Ltd.		36,671		357,085
Truworths International Ltd.		140,514		221,809
Tsogo Sun Gaming Ltd.		174,161		24,626
Vodacom Group Ltd.		147,503		980,568
				14,675,687
Taiwan — 14.1%
Advantech Co. Ltd.		53,000		501,289
Asia Cement Corp.		541,000		794,783
Chang Hwa Commercial Bank Ltd.		667,912		436,766
Chicony Electronics Co. Ltd.		168,551		474,779
China Steel Corp.		1,712,000		1,146,642
Chunghwa Telecom Co. Ltd.		562,000		2,065,577

INVESTMENTS	SHARES		VALUE($)
Taiwan — continued
CTBC Financial Holding Co. Ltd.		2,237,395		1,490,983
Delta Electronics, Inc.		70,000		326,494
E.Sun Financial Holding Co. Ltd.		1,177,679		1,070,028
Eclat Textile Co. Ltd.		47,000		469,218
Eva Airways Corp.		453,077		174,244
Far Eastern New Century Corp.		782,000		679,063
Far EasTone Telecommunications Co. Ltd.		291,000		648,137
Feng TAY Enterprise Co. Ltd.		76,900		437,498
First Financial Holding Co. Ltd.		1,053,806		776,100
Formosa Chemicals & Fibre Corp.		438,000		1,109,465
Formosa Petrochemical Corp.		234,000		702,074
Formosa Plastics Corp.		624,000		1,831,594
Formosa Taffeta Co. Ltd.		308,000		351,187
Giant Manufacturing Co. Ltd.		59,000		347,780
Globalwafers Co. Ltd.		30,000		381,811
Hotai Motor Co. Ltd.		62,000		1,144,714
Hua Nan Financial Holdings Co. Ltd.		974,448		632,984
Lite-On Technology Corp.		297,000		461,523
Mega Financial Holding Co. Ltd.		1,166,233		1,173,148
Nan Ya Plastics Corp.		730,000		1,614,946
Novatek Microelectronics Corp.*		80,000		497,517
Pou Chen Corp.		718,000		676,137
President Chain Store Corp.		113,000		1,168,503
Realtek Semiconductor Corp.*		66,000		565,179
SinoPac Financial Holdings Co. Ltd.		1,119,580		455,685
Synnex Technology International Corp.		26,200		34,966
Taishin Financial Holding Co. Ltd.		47,489		20,199
Taiwan Business Bank		1,310,304		474,656
Taiwan Cement Corp.		673,884		972,263
Taiwan Cooperative Financial Holding Co. Ltd.		1,002,562		673,233
Taiwan Fertilizer Co. Ltd.		353,000		544,024
Taiwan High Speed Rail Corp.		477,000		544,786
Taiwan Mobile Co. Ltd.*		331,000		1,192,630
Taiwan Semiconductor Manufacturing Co. Ltd.		412,000		4,156,174
Unimicron Technology Corp.		179,000		253,522
Uni-President Enterprises Corp.		745,000		1,734,649
Wistron Corp.		482,000		451,992
Yuanta Financial Holding Co. Ltd.		1,887,665		1,075,930
				36,734,872
Thailand — 4.0%
Advanced Info Service PCL		212,000		1,291,270
Bangkok Bank PCL, NVDR		29,800		94,739
Bangkok Bank PCL		44,500		141,910
Bangkok Dusit Medical Services PCL, Class F		1,767,600		1,114,002

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 113

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Thailand — continued
Bumrungrad Hospital PCL		1,600		5,760
Digital Telecommunications Infrastructure Fund, Class F		874,300		427,336
Electricity Generating PCL		96,900		847,665
Home Product Center PCL		1,388,700		577,100
Intouch Holdings PCL, NVDR		348,900		571,703
Krung Thai Bank PCL		922,400		305,043
Osotspa PCL, NVDR		204,400		260,039
PTT Exploration & Production PCL		286,000		738,228
PTT PCL		1,972,100		2,153,263
Ratch Group PCL		400,600		819,321
Siam Commercial Bank PCL (The)		363,200		758,574
Thai Union Group PCL, Class F		686,900		277,111
Total Access Communication PCL		46,400		60,046
				10,443,110
Turkey — 2.0%
Arcelik A/S*		129,511		304,013
BIM Birlesik Magazalar A/S		104,021		825,958
Coca-Cola Icecek A/S		43,245		228,778
Eregli Demir ve Celik Fabrikalari TAS		359,844		414,863
Ford Otomotiv Sanayi A/S		54,499		493,567
Haci Omer Sabanci Holding A/S		88,964		103,945
Koza Altin Isletmeleri A/S*		30,144		307,237
TAV Havalimanlari Holding A/S		155,635		405,410
Tekfen Holding A/S		213,351		434,974
Tofas Turk Otomobil Fabrikasi A/S		153,564		490,688
Turk Telekomunikasyon A/S*		553,296		584,208
Turkcell Iletisim Hizmetleri A/S		381,496		760,005
				5,353,646
United Arab Emirates — 1.3%
Abu Dhabi Commercial Bank PJSC		210,662		253,182
Abu Dhabi Islamic Bank PJSC		76,003		73,878
Aldar Properties PJSC		132,154		64,510
DP World plc		34,392		549,199
Dubai Islamic Bank PJSC		169,782		169,370
Emaar Malls PJSC		227,255		79,194
Emirates Telecommunications Group Co. PJSC		319,029		1,340,663
First Abu Dhabi Bank PJSC		308,646		962,459
				3,492,455
United States — 0.4%
JBS SA		219,305		957,813
Total Common Stocks (Cost $301,814,348)				260,178,307

INVESTMENTS	NO. OF RIGHTS		VALUE($)
Rights — 0.0%
China — 0.0%
Legend Holdings Corp., expiring 12/31/2020* (Cost $—)		2,638		—
	SHARES
Short-Term Investments — 0.3%
Investment of Cash Collateral from Securities Loaned — 0.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d) (Cost $813,189)		813,189		813,189
Total Investments — 99.9% (Cost $302,627,537)				260,991,496
Other Assets Less Liabilities — 0.1%				328,848
NET ASSETS — 100.0%				261,320,344

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Banks		13.7	%
Oil, Gas & Consumable Fuels		10.8
Wireless Telecommunication Services		6.9
Metals & Mining		4.7
Diversified Telecommunication Services		4.3
Electric Utilities		4.3
Food Products		3.9
Beverages		2.8
Independent Power and Renewable Electricity Producers		2.6
Chemicals		2.5
Transportation Infrastructure		2.4
Food & Staples Retailing		2.4
Textiles, Apparel & Luxury Goods		2.4
IT Services		2.4
Internet & Direct Marketing Retail		2.4
Construction Materials		2.2
Semiconductors & Semiconductor Equipment		2.2
Specialty Retail		1.8
Pharmaceuticals		1.7
Gas Utilities		1.6
Machinery		1.5
Industrial Conglomerates		1.4
Household Products		1.3

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INDUSTRY	PERCENTAGE
Real Estate Management & Development		1.3	%
Insurance		1.3
Automobiles		1.1
Health Care Providers & Services		1.0
Others (each less than 1.0%)		12.8
Short-Term Investments		0.3

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 April 30, 2020. The total value of securities on loan at April 30, 2020 is $766,526.
(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 April 30, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of April 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
MSCI Emerging MarketsE-Mini Index		23		06/2020		USD		1,041,900		103,567

Abbreviations

MSCI	Morgan Stanley Capital International
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 115

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 98.9%
Australia — 10.2%
AGL Energy Ltd.		319,194		3,503,160
Alumina Ltd.		2,471,881		2,741,938
Ansell Ltd.		206,936		3,816,354
APA Group		439,203		3,103,350
Atlas Arteria Ltd.		178,229		719,216
Aurizon Holdings Ltd.		593,488		1,802,929
AusNet Services		1,097,969		1,339,110
BHP Group Ltd.		124,592		2,543,460
BHP Group plc		165,211		2,773,063
Brambles Ltd.		189,783		1,356,486
Caltex Australia Ltd.		141,153		2,272,548
Coca-Cola Amatil Ltd.		286,920		1,597,454
Cochlear Ltd.		28,080		3,338,640
Coles Group Ltd.		97,440		977,111
Crown Resorts Ltd.		108,065		691,788
CSL Ltd.		20,931		4,172,121
CSR Ltd.		770,471		1,851,778
Dexus, REIT		467,043		2,772,520
Downer EDI Ltd.		483,620		1,300,995
Evolution Mining Ltd.		250,646		816,239
Fortescue Metals Group Ltd.		615,277		4,702,101
GPT Group (The), REIT		957,203		2,630,653
Harvey Norman Holdings Ltd. (a)		583,503		1,046,932
Incitec Pivot Ltd.		245,753		380,084
Macquarie Group Ltd.		27,197		1,801,611
Metcash Ltd.		520,454		839,463
Mirvac Group, REIT		1,228,018		1,784,426
Oil Search Ltd.		545,519		1,070,590
Origin Energy Ltd.		738,859		2,657,452
Orora Ltd.		251,252		417,546
Qantas Airways Ltd.		797,762		1,981,368
Ramsay Health Care Ltd.		66,652		2,706,842
Rio Tinto Ltd.		63,697		3,590,039
Rio Tinto plc		67,586		3,137,252
Santos Ltd.		794,027		2,524,846
Sonic Healthcare Ltd.		211,245		3,730,639
Tabcorp Holdings Ltd.		1,146,708		2,390,743
Telstra Corp. Ltd.		1,349,002		2,653,778
TPG Telecom Ltd.		155,017		739,697
Vicinity Centres, REIT		1,859,783		1,780,434
Vocus Group Ltd.*		121,843		241,880
Wesfarmers Ltd.		149,410		3,629,087
Whitehaven Coal Ltd.		1,113,856		1,314,538
Woodside Petroleum Ltd.		174,835		2,503,504
				93,745,765

INVESTMENTS	SHARES		VALUE($)
Austria — 0.1%
OMV AG		36,800		1,201,587
Belgium — 1.2%
Colruyt SA		40,944		2,453,841
Galapagos NV*		19,458		4,298,804
Groupe Bruxelles Lambert SA*		17,006		1,360,410
Proximus SADP		157,501		3,361,614
				11,474,669
Cambodia — 0.1%
NagaCorp Ltd.		738,000		871,019
Chile — 0.4%
Antofagasta plc		336,921		3,450,045
China — 0.9%
China Mengniu Dairy Co. Ltd.*		293,000		1,037,545
Lenovo Group Ltd.		2,994,000		1,617,350
Nexteer Automotive Group Ltd.		192,760		99,066
Tingyi Cayman Islands Holding Corp.		106,000		188,161
Uni-President China Holdings Ltd.		1,149,000		1,153,525
Want Want China Holdings Ltd.		1,624,000		1,157,493
Xinyi Solar Holdings Ltd.		5,054,400		3,207,781
				8,460,921
Denmark — 0.6%
Carlsberg A/S, Class B		12,323		1,554,583
Chr Hansen Holding A/S (a)		35,226		3,037,317
DSV Panalpina A/S		5,090		528,852
				5,120,752
Finland — 2.2%
Elisa OYJ		70,124		4,261,317
Fortum OYJ		162,224		2,688,078
Kesko OYJ, Class B		238,080		3,879,301
Neste OYJ		102,507		3,620,091
Orion OYJ, Class B		15,452		785,245
Stora Enso OYJ, Class R		154,751		1,820,578
UPM-Kymmene OYJ		131,633		3,610,059
				20,664,669
France — 4.6%
Air Liquide SA (a)		25,273		3,211,045
Arkema SA		25,430		2,116,617
Atos SE*		23,552		1,684,303
Capgemini SE		33,663		3,164,685
Casino Guichard Perrachon SA (a)		21,117		792,667
Covivio, REIT		9,694		608,797
Dassault Systemes SE		25,688		3,762,533
Eiffage SA		36,656		2,995,595

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
France — continued
Eutelsat Communications SA		34,728		388,825
Faurecia SE		13,830		495,549
Gecina SA, REIT		19,834		2,602,439
Kering SA		1,323		673,016
Orange SA		166,538		2,023,277
Pernod Ricard SA		20,548		3,137,592
Peugeot SA		170,117		2,411,519
Safran SA		21,513		2,000,088
Schneider Electric SE*		9,253		855,092
SCOR SE		16,687		470,151
Sodexo SA (a)		5,074		405,644
TOTAL SA		64,437		2,287,025
Veolia Environnement SA (a)		40,101		854,892
Vinci SA		31,648		2,592,668
Vivendi SA (a)		130,983		2,830,956
				42,364,975
Germany — 2.8%
Beiersdorf AG		2,774		290,239
Deutsche Lufthansa AG (Registered)* (a)		32,616		292,001
Deutsche Telekom AG (Registered)		247,604		3,619,880
Evonik Industries AG		97,137		2,389,613
Fraport AG Frankfurt Airport Services Worldwide (a)		42,939		1,880,877
Fresenius Medical Care AG & Co. KGaA		40,624		3,183,727
Hannover Rueck SE		22,369		3,564,157
Hella GmbH & Co. KGaA		20,758		763,667
Infineon Technologies AG		51,626		959,776
Merck KGaA		9,404		1,091,414
ProSiebenSat.1 Media SE		100,275		1,002,113
SAP SE		32,215		3,837,042
Telefonica Deutschland Holding AG		462,626		1,316,062
Uniper SE		43,521		1,170,821
				25,361,389
Hong Kong — 5.1%
ASM Pacific Technology Ltd.		273,400		2,762,627
Cathay Pacific Airways Ltd. (a)		796,000		943,598
CK Infrastructure Holdings Ltd.		474,000		2,815,567
CLP Holdings Ltd.		383,500		4,105,033
Hong Kong & China Gas Co. Ltd.		1,962,103		3,516,481
Hutchison Port Holdings Trust		3,596,500		466,106
Jardine Matheson Holdings Ltd.		34,600		1,515,520
Jardine Strategic Holdings Ltd.		53,600		1,152,234
Link, REIT		355,500		3,169,015
Melco International Development Ltd.		203,000		379,471
MTR Corp. Ltd.		688,500		3,814,516

INVESTMENTS	SHARES		VALUE($)
Hong Kong — continued
New World Development Co. Ltd.		1,034,000		1,221,613
PCCW Ltd.		4,832,000		2,960,009
Power Assets Holdings Ltd.		562,000		3,765,553
Swire Pacific Ltd., Class A		349,500		2,272,859
Techtronic Industries Co. Ltd.		498,000		3,776,090
WH Group Ltd. (b)		2,297,500		2,191,248
Wheelock & Co. Ltd.		203,000		1,487,785
Xinyi Glass Holdings Ltd.		3,022,000		3,499,950
Yue Yuen Industrial Holdings Ltd.		800,000		1,276,127
				47,091,402
Indonesia — 0.0%(c)
First Pacific Co. Ltd.		490,000		101,252
Ireland — 0.2%
CRH plc		40,881		1,240,274
Flutter Entertainment plc		7,670		943,199
				2,183,473
Italy — 2.0%
Assicurazioni Generali SpA		86,985		1,240,985
Banca Mediolanum SpA		77,609		474,236
Davide Campari-Milano SpA		291,547		2,266,009
Enel SpA		103,113		704,308
Eni SpA		167,919		1,599,653
Hera SpA		219,362		812,022
Italgas SpA		435,678		2,441,027
Poste Italiane SpA (b)		168,043		1,429,525
Recordati SpA		35,002		1,524,257
Snam SpA		462,468		2,074,581
Terna Rete Elettrica Nazionale SpA		609,129		3,814,327
				18,380,930
Japan — 26.8%
Advantest Corp.		88,000		4,269,888
Alfresa Holdings Corp.		86,200		1,718,946
ANA Holdings, Inc.*		67,600		1,436,499
Aozora Bank Ltd.		92,100		1,639,024
Asahi Kasei Corp.		88,400		627,152
Astellas Pharma, Inc.		253,300		4,189,367
Bandai Namco Holdings, Inc.		43,000		2,148,557
Brother Industries Ltd.		59,500		1,008,436
Canon Marketing Japan, Inc.		102,300		1,968,940
Capcom Co. Ltd.		146,500		4,490,584
Casio Computer Co. Ltd.		92,900		1,466,133
Central Japan Railway Co.		19,500		3,068,412
Chubu Electric Power Co., Inc.		275,400		3,724,504
Chugai Pharmaceutical Co. Ltd.		36,600		4,362,783

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 117

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Japan — continued
Chugoku Electric Power Co., Inc. (The)		291,000		3,915,425
COMSYS Holdings Corp.		143,700		3,951,424
Cosmo Energy Holdings Co. Ltd.		157,700		2,369,119
Dai Nippon Printing Co. Ltd.		50,200		1,058,423
Daicel Corp.		92,400		750,051
Daiwa Securities Group, Inc.		409,400		1,702,462
Denka Co. Ltd.		39,400		951,895
DIC Corp.		91,600		2,127,181
Electric Power Development Co. Ltd.		144,500		2,892,042
FamilyMart Co. Ltd.		46,900		795,313
Fuji Media Holdings, Inc.		63,800		633,759
FUJIFILM Holdings Corp.		72,700		3,462,887
Gunma Bank Ltd. (The)		207,900		665,624
Hachijuni Bank Ltd. (The)		188,200		672,035
Hankyu Hanshin Holdings, Inc.		101,300		3,465,760
Hikari Tsushin, Inc.		16,800		3,251,308
Hitachi Capital Corp.		15,300		295,911
Hoya Corp.		9,000		820,740
Idemitsu Kosan Co. Ltd.		73,737		1,675,527
Iida Group Holdings Co. Ltd.		43,900		583,101
Inpex Corp.		299,100		1,930,719
ITOCHU Corp.		93,300		1,829,157
Itochu Techno-Solutions Corp.		107,900		3,296,839
J Front Retailing Co. Ltd.		80,900		659,986
Japan Airlines Co. Ltd.		118,400		2,111,995
Japan Petroleum Exploration Co. Ltd.		77,000		1,323,436
Japan Post Holdings Co. Ltd.		373,700		2,989,186
JXTG Holdings, Inc.		857,900		3,041,565
Kaneka Corp.		9,200		237,961
Kansai Electric Power Co., Inc. (The)		275,400		2,822,069
KDDI Corp.		140,100		4,057,898
Keisei Electric Railway Co. Ltd.		29,800		898,897
Kirin Holdings Co. Ltd.		74,300		1,433,860
K’s Holdings Corp.		319,800		3,484,086
Kuraray Co. Ltd.		1,400		14,005
Lintec Corp.		76,900		1,650,231
Mani, Inc.		54,500		1,213,866
Marubeni Corp.		562,500		2,708,910
Matsui Securities Co. Ltd.		102,100		745,250
Mebuki Financial Group, Inc.		231,400		486,093
Medipal Holdings Corp.		143,900		2,775,998
Mitsubishi Chemical Holdings Corp.		124,100		705,334
Mitsubishi Corp.		34,200		725,313
Mitsubishi Gas Chemical Co., Inc.		255,900		3,134,990
Mitsubishi Heavy Industries Ltd.		94,500		2,423,323

INVESTMENTS	SHARES		VALUE($)
Japan — continued
Mitsubishi UFJ Lease & Finance Co. Ltd.		174,000		830,856
Mitsui & Co. Ltd.		129,100		1,802,022
Mochida Pharmaceutical Co. Ltd.		92,100		3,603,487
MS&AD Insurance Group Holdings, Inc.		91,700		2,641,885
Nagoya Railroad Co. Ltd.		19,200		549,431
Nifco, Inc.		30,500		588,918
Nintendo Co. Ltd.		7,600		3,138,225
Nippo Corp.		139,800		3,143,902
Nippon Express Co. Ltd.		2,800		136,758
Nippon Paper Industries Co. Ltd.		93,800		1,339,500
Nippon Shokubai Co. Ltd.		36,600		1,728,482
Nippon Telegraph & Telephone Corp.		168,500		3,837,358
Nipro Corp.		69,900		781,807
Nissan Motor Co. Ltd.		1,800		6,127
Nisshin Seifun Group, Inc.		55,300		859,256
Nissin Foods Holdings Co. Ltd.		50,600		4,159,498
Nomura Real Estate Holdings, Inc.		71,100		1,156,104
Nomura Research Institute Ltd.		154,100		3,772,526
NTT DOCOMO, Inc.		147,000		4,332,270
Open House Co. Ltd.		34,100		743,316
ORIX Corp.		207,000		2,435,872
Osaka Gas Co. Ltd.		173,400		3,229,022
Rakuten, Inc.		228,200		1,934,961
Resona Holdings, Inc.		675,100		2,108,362
Sankyo Co. Ltd.		56,200		1,543,056
Sawai Pharmaceutical Co. Ltd.		50,900		2,779,359
SBI Holdings, Inc.		88,600		1,654,812
SCSK Corp.		33,600		1,521,052
Sekisui Chemical Co. Ltd.		146,400		1,855,488
Sekisui House Ltd.		201,900		3,463,536
Shionogi & Co. Ltd.		56,500		3,120,355
Ship Healthcare Holdings, Inc.		13,900		628,653
Showa Denko KK		94,700		2,072,789
SKY Perfect JSAT Holdings, Inc.		183,400		689,466
Skylark Holdings Co. Ltd.		148,800		2,199,488
Softbank Corp.		62,600		852,485
SoftBank Group Corp.		42,700		1,830,235
Sojitz Corp.		1,185,400		2,743,417
Sony Corp.		38,300		2,464,763
Sugi Holdings Co. Ltd.		26,200		1,579,913
Sumitomo Dainippon Pharma Co. Ltd.		66,400		918,686
Sumitomo Mitsui Financial Group, Inc.		66,100		1,738,247
Sumitomo Osaka Cement Co. Ltd.		75,400		2,453,593
Suzuken Co. Ltd.		29,100		1,121,468
Taisho Pharmaceutical Holdings Co. Ltd.		14,800		924,649
Teijin Ltd.		181,100		2,888,136

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Japan — continued
TIS, Inc.		98,100		1,870,707
Tobu Railway Co. Ltd.		50,200		1,702,787
Toho Co. Ltd.		2,700		88,419
Toho Gas Co. Ltd.		36,400		1,788,502
Tohoku Electric Power Co., Inc.		276,900		2,606,183
Tokuyama Corp.		57,500		1,213,249
Tokyo Century Corp.		10,400		355,513
Tokyo Electric Power Co. Holdings, Inc.*		621,400		2,091,826
Tokyo Electron Ltd.		5,400		1,150,097
Tokyo Gas Co. Ltd.		148,000		3,247,996
Tosoh Corp.		81,700		998,516
Toyo Suisan Kaisha Ltd.		77,000		3,702,688
Toyota Industries Corp.		74,200		3,734,756
Tsumura & Co.		84,900		2,348,532
Ube Industries Ltd.		124,700		2,091,145
USS Co. Ltd.		41,200		652,396
Welcia Holdings Co. Ltd.		24,300		1,764,140
West Japan Railway Co.		28,300		1,748,873
Yamada Denki Co. Ltd.		285,000		1,351,514
Yamaguchi Financial Group, Inc.		12,400		66,827
Yokohama Rubber Co. Ltd. (The)		148,800		1,892,574
Zeon Corp.		100,600		881,476
				246,112,486
Jordan — 0.5%
Hikma Pharmaceuticals plc		166,094		4,946,953
Luxembourg — 0.1%					��
RTL Group SA		33,007		1,099,169
Macau — 0.2%
Sands China Ltd.		464,712		1,881,385
Netherlands — 2.7%
Aegon NV		459,114		1,187,566
Altice Europe NV*		121,571		485,032
ASR Nederland NV		34,170		919,280
Heineken Holding NV (a)		40,859		3,183,526
Koninklijke Ahold Delhaize NV (a)		127,832		3,103,807
Koninklijke DSM NV		9,442		1,157,230
Koninklijke KPN NV (a)		1,007,855		2,321,435
Koninklijke Philips NV		70,241		3,061,981
NN Group NV		91,562		2,648,666
Royal Dutch Shell plc, Class A		142,770		2,350,603
Wolters Kluwer NV (a)		54,959		4,042,424
				24,461,550
New Zealand — 1.1%
Fisher & Paykel Healthcare Corp. Ltd.		184,616		3,084,333

INVESTMENTS	SHARES		VALUE($)
New Zealand — continued
Spark New Zealand Ltd.		1,424,880		3,856,174
Xero Ltd.*		61,764		3,157,744
				10,098,251
Norway — 1.3%
Aker BP ASA		51,829		850,902
Equinor ASA		134,042		1,856,056
Mowi ASA		169,020		2,894,808
Orkla ASA		268,126		2,421,950
Salmar ASA		13,414		522,784
Telenor ASA		84,252		1,292,346
Yara International ASA		59,926		2,035,354
				11,874,200
Poland — 0.1%
Grupa Lotos SA		43,801		664,692
Portugal — 0.7%
EDP — Energias de Portugal SA		865,102		3,645,429
Galp Energia SGPS SA		62,102		716,726
Jeronimo Martins SGPS SA		99,885		1,693,405
				6,055,560
Russia — 0.4%
Evraz plc		431,277		1,429,169
Polymetal International plc		127,074		2,602,337
				4,031,506
Singapore — 2.8%
Ascendas, REIT		794,040		1,660,561
CapitaLand Commercial Trust, REIT		515,900		586,242
CapitaLand Mall Trust, REIT		2,096,900		2,789,931
ComfortDelGro Corp. Ltd.		1,014,200		1,182,378
Golden Agri-Resources Ltd.*		6,820,400		750,029
Keppel Corp. Ltd.		815,500		3,442,818
Mapletree Commercial Trust, REIT		1,074,600		1,479,706
Mapletree Industrial Trust, REIT		313,600		563,024
Mapletree Logistics Trust, REIT		688,200		871,762
Mapletree North Asia Commercial Trust, REIT (b)		626,900		416,352
Sembcorp Industries Ltd.		1,092,600		1,251,690
Singapore Press Holdings Ltd.		585,200		628,419
Singapore Telecommunications Ltd.		1,512,100		3,021,535
Suntec, REIT		845,900		835,513
Venture Corp. Ltd.		258,200		2,885,561
Wilmar International Ltd.		1,414,000		3,560,852
				25,926,373

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 119

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
South Africa — 0.3%
Anglo American plc		148,646		2,643,679
South Korea — 6.0%
Celltrion, Inc.*		1,172		202,564
Daelim Industrial Co. Ltd.		34,320		2,476,327
GS Engineering & Construction Corp.		72,681		1,517,564
GS Holdings Corp.		63,636		2,002,333
Hanwha Corp.		34,716		592,154
Hanwha Solutions Corp.		23,254		278,303
Hyundai Department Store Co. Ltd.		21,261		1,268,561
Hyundai Mobis Co. Ltd.		7,369		1,041,831
Industrial Bank of Korea		219,259		1,428,336
Kakao Corp.		28,402		4,292,079
Kangwon Land, Inc.		76,987		1,591,110
KCC Corp.		2,611		355,369
KCC Glass Corp.*		2,362		55,926
Korea Gas Corp.		57,399		1,267,748
Korea Zinc Co. Ltd.		3,117		990,689
Korean Air Lines Co. Ltd.*		6,825		111,710
KT&G Corp.		6,674		445,606
LG Corp.		56,304		2,865,001
LG Uplus Corp.		196,732		2,160,328
NAVER Corp.		17,709		2,871,170
NCSoft Corp.		7,521		3,984,997
POSCO		15,672		2,368,124
Samsung Electronics Co. Ltd.		98,848		4,064,389
Samsung SDS Co. Ltd.		2,845		379,533
SK Holdings Co. Ltd.		7,784		1,161,887
SK Hynix, Inc.		52,198		3,592,139
SK Innovation Co. Ltd.		24,960		2,013,517
SK Networks Co. Ltd.		103,063		456,890
SK Telecom Co. Ltd.		10,634		1,848,230
SKC Co. Ltd.		61,918		2,526,515
Woori Financial Group, Inc.		240,431		1,665,092
Yuhan Corp.		73,511		2,855,936
				54,731,958
Spain — 1.8%
Acciona SA		12,399		1,228,925
Amadeus IT Group SA		30,249		1,443,861
Enagas SA		127,344		2,972,431
Endesa SA		157,265		3,488,166
Ferrovial SA		33,402		836,381
Iberdrola SA		275,949		2,745,082
Naturgy Energy Group SA		143,131		2,528,768
Repsol SA		101,487		921,180
				16,164,794

INVESTMENTS	SHARES		VALUE($)
Sweden — 3.9%
Boliden AB (a)		160,660		3,238,489
Castellum AB		86,633		1,519,527
Hennes & Mauritz AB, Class B (a)		201,794		2,758,443
Hexagon AB, Class B*		75,892		3,724,168
ICA Gruppen AB (a)		75,469		3,302,178
Investor AB, Class B		81,354		4,043,148
Securitas AB, Class B		230,379		2,725,891
Skanska AB, Class B*		163,946		3,119,192
Svenska Cellulosa AB SCA, Class B*		17,268		183,157
Swedish Match AB		69,333		4,284,535
Tele2 AB, Class B		278,408		3,589,966
Telia Co. AB (a)		820,939		2,854,376
Trelleborg AB, Class B*		68,416		871,204
				36,214,274
Switzerland — 2.0%
Baloise Holding AG (Registered)		18,601		2,783,034
EMS-Chemie Holding AG (Registered)		466		301,349
Flughafen Zurich AG (Registered)*		2,925		361,725
Kuehne + Nagel International AG (Registered)		5,524		790,165
Novartis AG (Registered)		39,028		3,330,590
Roche Holding AG		12,508		4,331,488
Sonova Holding AG (Registered)		16,656		3,008,302
Swisscom AG (Registered)		7,542		3,918,766
				18,825,419
United Kingdom — 17.5%
3i Group plc		228,629		2,246,021
Admiral Group plc		126,453		3,689,974
Ashmore Group plc		137,084		653,594
Ashtead Group plc		102,886		2,810,357
Associated British Foods plc		12,332		292,754
AstraZeneca plc		19,641		2,054,293
Auto Trader Group plc (b)		596,043		3,431,126
Avast plc (b)		217,993		1,255,632
AVEVA Group plc		52,961		2,377,010
Babcock International Group plc		382,486		2,025,902
Barratt Developments plc		409,586		2,670,238
Bellway plc		79,890		2,673,228
Berkeley Group Holdings plc		73,270		3,846,168
BP plc		600,703		2,367,021
British American Tobacco plc		91,189		3,514,812
BT Group plc		1,480,417		2,157,741
Bunzl plc		38,858		843,404
Centrica plc		3,583,539		1,792,334
CK Hutchison Holdings Ltd.		421,542		3,124,544

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United Kingdom — continued
Compass Group plc		152,678		2,569,175
ConvaTec Group plc (b)		1,222,995		3,266,529
Croda International plc		41,282		2,531,401
Derwent London plc, REIT		79,534		3,107,733
Diageo plc		55,595		1,914,128
Direct Line Insurance Group plc		397,834		1,355,436
Experian plc		121,924		3,661,423
Fiat Chrysler Automobiles NV		82,059		711,775
GlaxoSmithKline plc		196,854		4,106,886
Halma plc		161,111		4,235,671
IMI plc		110,135		1,145,193
Inchcape plc		228,679		1,440,471
Informa plc		288,231		1,592,148
InterContinental Hotels Group plc		53,516		2,437,799
International Consolidated Airlines Group SA		252,337		703,867
Intertek Group plc		15,158		904,618
John Wood Group plc		634,515		1,606,647
Land Securities Group plc, REIT		166,444		1,387,987
Legal & General Group plc		1,195,018		3,072,392
London Stock Exchange Group plc		36,852		3,449,232
Meggitt plc		520,961		1,824,227
Micro Focus International plc		313,712		1,859,933
Mondi plc		143,085		2,526,783
National Grid plc		322,017		3,773,638
Next plc		31,676		1,885,947
Pearson plc		369,003		2,127,910
Pennon Group plc		306,542		4,221,036
Persimmon plc		109,272		3,027,519
Phoenix Group Holdings plc		205,995		1,563,157
RELX plc		169,427		3,822,579
Rentokil Initial plc		650,961		3,872,967
Rightmove plc		151,005		944,150
Sage Group plc (The)		440,905		3,545,978
Segro plc, REIT		379,949		3,982,447
Severn Trent plc		14,687		440,721
Smith & Nephew plc		173,011		3,385,670
Smiths Group plc		199,208		3,101,754
Spirax-Sarco Engineering plc		9,374		1,025,886
SSE plc		100,744		1,580,208
Standard Chartered plc		381,890		1,951,338
Tate & Lyle plc		403,701		3,617,310
Taylor Wimpey plc		1,533,423		2,831,989
Unilever NV		36,489		1,817,127
Unilever plc		65,650		3,380,462
United Utilities Group plc		332,891		3,768,281
Vodafone Group plc		1,954,789		2,757,573

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
Wm Morrison Supermarkets plc		1,124,640		2,584,619
WPP plc		82,819		642,603
				160,890,476
United States — 0.3%
Carnival plc		71,424		984,239
Ferguson plc		22,013		1,587,188
				2,571,427
Total Common Stocks (Cost $1,064,961,141)				909,667,000
Short-Term Investments — 2.5%
Investment Companies — 0.1%
JPMorgan Prime Money Market Fund Class IM Shares, 0.69% (d) (e) (Cost $908,241)		907,608		908,334
Investment of Cash Collateral from Securities Loaned — 2.4%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (d) (e)		16,003,300		16,006,501
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (d) (e)		6,030,031		6,030,031
Total Investment of Cash Collateral from Securities Loaned (Cost $22,031,031)				22,036,532
Total Short-Term Investments (Cost $22,939,272)				22,944,866
Total Investments — 101.4% (Cost $1,087,900,413)				932,611,866
Liabilities in Excess of Other Assets — (1.4)%				(13,004,256	)
NET ASSETS — 100.0%				919,607,610

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		5.1	%
Electric Utilities		5.0
Diversified Telecommunication Services		5.0
Oil, Gas & Consumable Fuels		4.8
Chemicals		4.5
Metals & Mining		4.0
Equity Real Estate Investment Trusts (REITs)		3.5

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 121

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INDUSTRY	PERCENTAGE
Insurance		3.2	%
Food Products		3.1
Gas Utilities		2.8
Health Care Equipment & Supplies		2.8
Household Durables		2.7
Food & Staples Retailing		2.6
Construction & Engineering		2.2
Software		2.1
Wireless Telecommunication Services		2.1
Road & Rail		2.0
Industrial Conglomerates		2.0
Hotels, Restaurants & Leisure		1.9
IT Services		1.8
Semiconductors & Semiconductor Equipment		1.7
Health Care Providers & Services		1.7
Trading Companies & Distributors		1.7
Beverages		1.6
Entertainment		1.6
Electronic Equipment, Instruments & Components		1.4
Professional Services		1.3
Banks		1.3
Commercial Services & Supplies		1.3
Capital Markets		1.3
Auto Components		1.3
Interactive Media & Services		1.2
Specialty Retail		1.2
Multi-Utilities		1.2
Technology Hardware, Storage & Peripherals		1.1

INDUSTRY	PERCENTAGE
Diversified Financial Services		1.0	%
Paper & Forest Products		1.0
Media		1.0
Machinery		1.0
Others (each less than 1.0%)		9.5
Short-Term Investments		2.4

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 April 30, 2020. The total value of securities on loan at April 30, 2020 is $20,708,564.
(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 April 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
MSCI EAFEE-Mini Index		114		06/2020		USD		9,334,320		1,187,219

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%
Aerospace & Defense — 1.1%
Curtiss-Wright Corp.		8,374		867,965
Howmet Aerospace, Inc.		64,131		838,192
Lockheed Martin Corp.		6,855		2,667,006
Northrop Grumman Corp.		111		36,705
Raytheon Technologies Corp.		31,577		2,046,505
				6,456,373
Automobiles & Parts — 1.0%
Ford Motor Co. (a)		176,487		898,319
Gentex Corp.		95,023		2,303,358
Genuine Parts Co.		8,990		712,727
Harley-Davidson, Inc. (a)		45,164		985,930
Lear Corp.		9,265		904,727
				5,805,061
Banks — 1.4%
Bank of America Corp.		21,974		528,475
Bank of Hawaii Corp.		7,352		501,259
Citizens Financial Group, Inc.		11,610		259,948
Fifth Third Bancorp (a)		64,309		1,201,935
Huntington Bancshares, Inc.		166,722		1,540,511
KeyCorp		25,051		291,844
People’s United Financial, Inc.		43,072		546,584
Popular, Inc. (Puerto Rico)		12,813		494,454
Regions Financial Corp.		28,610		307,557
Truist Financial Corp.		36,999		1,380,803
Umpqua Holdings Corp.		33,419		418,573
US Bancorp		14,829		541,259
Wells Fargo & Co.		13,858		402,575
				8,415,777
Beverages — 1.7%
Brown-Forman Corp., Class B (a)		35,575		2,212,765
Coca-Cola Co. (The)		47,474		2,178,582
Keurig Dr Pepper, Inc. (a)		50,721		1,342,078
Molson Coors Beverage Co., Class B		29,352		1,203,725
Monster Beverage Corp.*		7,171		443,239
PepsiCo, Inc.		19,213		2,541,688
				9,922,077
Chemicals — 6.1%
Air Products & Chemicals, Inc.		11,545		2,604,321
Ashland Global Holdings, Inc.		29,708		1,832,687
Axalta Coating Systems Ltd.*		18,664		368,427
Cabot Corp.		22,046		747,139
Celanese Corp.		26,778		2,224,448
CF Industries Holdings, Inc.		68,085		1,872,338

INVESTMENTS	SHARES		VALUE($)
Chemicals — continued
Dow, Inc. (a)		46,586		1,709,240
Eastman Chemical Co.		35,133		2,125,898
Ecolab, Inc.		12,802		2,477,187
FMC Corp.		20,215		1,857,759
Huntsman Corp.		132,508		2,227,459
International Flavors & Fragrances, Inc. (a)		10,300		1,349,609
Linde plc (United Kingdom)		13,284		2,444,123
LyondellBasell Industries NV, Class A		35,123		2,035,378
NewMarket Corp.		4,591		1,888,921
Olin Corp.		3,563		47,566
PPG Industries, Inc.		21,358		1,939,947
RPM International, Inc.		37,730		2,505,649
ScottsMiracle-Gro Co. (The)		23,885		2,962,457
Westlake Chemical Corp.		6,771		294,200
WR Grace & Co.		6,142		290,087
				35,804,840
Construction & Materials — 0.5%
Carrier Global Corp.*		9,953		176,267
Sherwin-Williams Co. (The)		3,070		1,646,656
Trane Technologies plc		13,445		1,175,362
				2,998,285
Electricity — 8.8%
AES Corp. (The)		145,508		1,927,981
Alliant Energy Corp.		33,592		1,630,892
American Electric Power Co., Inc.		28,428		2,362,651
Avangrid, Inc. (a)		22,696		975,928
CMS Energy Corp. (a)		41,966		2,395,839
Consolidated Edison, Inc.		32,172		2,535,153
Dominion Energy, Inc.		32,425		2,500,940
DTE Energy Co.		20,330		2,109,034
Entergy Corp.		21,726		2,075,050
Evergy, Inc.		38,849		2,269,947
Eversource Energy		29,318		2,365,963
Exelon Corp.		58,904		2,184,160
FirstEnergy Corp.		56,959		2,350,698
Hawaiian Electric Industries, Inc. (a)		36,791		1,452,141
IDACORP, Inc.		23,674		2,172,800
NextEra Energy, Inc.		10,032		2,318,596
NRG Energy, Inc.		20,551		689,075
OGE Energy Corp. (a)		65,877		2,076,443
Pinnacle West Capital Corp.		28,374		2,184,514
PPL Corp.		84,630		2,151,295
Public Service Enterprise Group, Inc.		49,406		2,505,378
Southern Co. (The)		42,029		2,384,305

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 123

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electricity — continued
Vistra Energy Corp.		131,941		2,578,127
Xcel Energy, Inc.		40,708		2,587,400
				50,784,310
Electronic & Electrical Equipment — 0.9%
AMETEK, Inc.		12,539		1,051,646
Amphenol Corp., Class A		15,026		1,326,195
Emerson Electric Co.		9,709		553,704
Hubbell, Inc.		5,931		737,994
Roper Technologies, Inc.		4,761		1,623,644
				5,293,183
Financial Services — 3.1%
Ally Financial, Inc.		75,285		1,233,921
American Express Co.		9,001		821,341
Ameriprise Financial, Inc.		3,863		444,013
Capital One Financial Corp.		7,950		514,842
Discover Financial Services		12,368		531,453
Fidelity National Financial, Inc.		48,140		1,302,187
Intercontinental Exchange, Inc.		12,377		1,107,123
Mastercard, Inc., Class A		6,231		1,713,338
Moody’s Corp.		2,868		699,505
Morgan Stanley		8,713		343,553
Nasdaq, Inc.		5,024		550,982
Raymond James Financial, Inc.		5,953		392,422
S&P Global, Inc.		5,045		1,477,580
Santander Consumer USA Holdings, Inc. (a)		102,857		1,603,541
Synchrony Financial		73,612		1,456,781
Visa, Inc., Class A		8,045		1,437,802
Western Union Co. (The)		102,403		1,952,825
				17,583,209
Fixed Line Telecommunications — 1.3%
AT&T, Inc.		72,098		2,196,826
CenturyLink, Inc.		210,400		2,234,448
GCI Liberty, Inc., Class A*		9,201		559,697
Verizon Communications, Inc.		46,804		2,688,890
				7,679,861
Food & Drug Retailers — 1.0%
AmerisourceBergen Corp.		13,594		1,218,838
Kroger Co. (The)		22,774		719,886
McKesson Corp.		6,325		893,406
Sysco Corp.		31,002		1,744,483
Walgreens Boots Alliance, Inc.		22,634		979,826
				5,556,439

INVESTMENTS	SHARES		VALUE($)
Food Producers — 3.7%
Campbell Soup Co.		36,087		1,803,628
Flowers Foods, Inc.		72,470		1,614,632
General Mills, Inc.		51,699		3,096,253
Hershey Co. (The)		17,617		2,333,020
Hormel Foods Corp. (a)		60,585		2,838,407
JM Smucker Co. (The)		7,352		844,819
Kellogg Co.		30,232		1,980,196
Lamb Weston Holdings, Inc.		3,786		232,309
McCormick & Co., Inc.(Non-Voting)		16,330		2,561,197
Mondelez International, Inc., Class A		47,971		2,467,628
Tyson Foods, Inc., Class A		28,333		1,762,029
				21,534,118
Forestry & Paper — 0.6%
Domtar Corp.		55,525		1,297,064
International Paper Co.		68,718		2,353,592
				3,650,656
Gas, Water & Multiutilities — 2.4%
Ameren Corp.		32,113		2,336,221
American Water Works Co., Inc.		20,512		2,496,105
Duke Energy Corp.		27,666		2,342,203
National Fuel Gas Co. (a)		49,941		2,047,581
Sempra Energy		18,156		2,248,621
UGI Corp.		12,512		377,612
WEC Energy Group, Inc. (a)		27,474		2,487,771
				14,336,114
General Industrials — 1.6%
Avery Dennison Corp.		21,344		2,356,164
Ball Corp.		1,376		90,252
Carlisle Cos., Inc.		9,946		1,203,068
Eaton Corp. plc		27,990		2,337,165
Honeywell International, Inc.		9,302		1,319,954
ITT, Inc.		29,500		1,555,240
Parker-Hannifin Corp.		4,918		777,634
Sonoco Products Co.		1,261		61,587
				9,701,064
General Retailers — 6.1%
AutoZone, Inc.*		1,838		1,875,348
Best Buy Co., Inc.		25,635		1,966,974
Burlington Stores, Inc.*		2,027		370,313
Costco Wholesale Corp.		8,402		2,545,806
Dick’s Sporting Goods, Inc. (a)		53,794		1,581,006
Dollar General Corp.		16,853		2,954,331
Dollar Tree, Inc.*		8,655		689,544

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
General Retailers — continued
eBay, Inc.		61,666		2,456,157
Foot Locker, Inc. (a)		39,715		1,017,896
Gap, Inc. (The)		16,319		132,510
H&R Block, Inc.		82,680		1,376,622
Home Depot, Inc. (The)		11,627		2,555,963
KAR Auction Services, Inc.		45,013		674,295
Kohl’s Corp.		38,328		707,535
Lowe’s Cos., Inc.		19,021		1,992,450
Macy’s, Inc. (a)		60,325		353,504
Nordstrom, Inc. (a)		11,081		208,101
Ross Stores, Inc.		17,851		1,630,867
Target Corp.		22,035		2,418,121
TJX Cos., Inc. (The)		41,968		2,058,530
Tractor Supply Co.		25,021		2,537,880
Walmart, Inc.		22,371		2,719,195
Williams-Sonoma, Inc. (a)		15,331		948,069
				35,771,017
Health Care Equipment & Services — 7.7%
Anthem, Inc.		8,669		2,433,648
Baxter International, Inc.		30,244		2,685,062
Becton Dickinson and Co.		6,989		1,764,932
Cigna Corp.		13,830		2,707,638
Danaher Corp.		13,049		2,132,990
Edwards Lifesciences Corp.*		9,200		2,001,000
HCA Healthcare, Inc.		16,419		1,804,120
Hill-Rom Holdings, Inc.		24,499		2,755,893
Humana, Inc.		7,150		2,730,013
IDEXX Laboratories, Inc.*		8,473		2,352,105
Laboratory Corp. of America Holdings*		14,245		2,342,590
Medtronic plc		25,195		2,459,788
Quest Diagnostics, Inc.		23,911		2,632,840
STERIS plc		9,905		1,411,463
Stryker Corp.		12,082		2,252,447
Thermo Fisher Scientific, Inc.		8,716		2,917,071
UnitedHealth Group, Inc.		9,200		2,690,724
Universal Health Services, Inc., Class B		18,235		1,927,257
Varian Medical Systems, Inc.*		7,122		814,614
Zimmer Biomet Holdings, Inc.		15,885		1,901,434
				44,717,629
Household Goods & Home Construction — 3.3%
Church & Dwight Co., Inc.		33,061		2,313,939
Clorox Co. (The)		15,611		2,910,515
DR Horton, Inc.		34,542		1,631,073
Fortune Brands Home & Security, Inc.		15,919		767,296

INVESTMENTS	SHARES		VALUE($)
Household Goods & Home Construction — continued
Leggett & Platt, Inc.		46,220		1,623,709
Lennar Corp., Class A		32,080		1,606,246
NVR, Inc.*		691		2,142,100
Procter & Gamble Co. (The)		22,394		2,639,581
PulteGroup, Inc.		62,439		1,765,150
Toll Brothers, Inc.		37,976		912,183
Whirlpool Corp. (a)		3,344		373,659
				18,685,451
Industrial Engineering — 1.5%
Caterpillar, Inc.		5,837		679,310
Crane Co.		1,889		102,856
Cummins, Inc.		15,061		2,462,473
Dover Corp.		10,789		1,010,390
IDEX Corp.		6,154		945,439
Illinois Tool Works, Inc.		9,995		1,624,188
Otis Worldwide Corp.*		4,976		253,328
PACCAR, Inc.		9,677		669,939
Rockwell Automation, Inc.		6,464		1,224,799
				8,972,722
Industrial Metals & Mining — 1.5%
Arconic Corp.*		16,194		141,212
Nucor Corp.		48,856		2,012,379
Reliance Steel & Aluminum Co.		24,823		2,223,644
Southern Copper Corp. (Peru) (a)		69,651		2,259,478
Steel Dynamics, Inc. (a)		85,853		2,083,652
				8,720,365
Industrial Transportation — 0.7%
CH Robinson Worldwide, Inc.		10,984		778,766
CSX Corp.		10,195		675,215
Kansas City Southern		3,815		498,048
Norfolk Southern Corp.		6,730		1,151,503
Union Pacific Corp.		8,955		1,430,920
				4,534,452
Leisure Goods — 1.4%
Activision Blizzard, Inc.		20,548		1,309,524
Electronic Arts, Inc.*		12,485		1,426,536
Garmin Ltd.		28,211		2,289,605
Hasbro, Inc.		23,873		1,723,869
Take-Two Interactive Software, Inc.*		9,896		1,197,911
				7,947,445
Life Insurance — 0.7%
Aflac, Inc.		32,089		1,194,994
Globe Life, Inc. (a)		17,394		1,432,222

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 125

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Life Insurance — continued
MetLife, Inc.		9,058		326,813
Principal Financial Group, Inc.		11,335		412,707
Prudential Financial, Inc.		4,896		305,364
				3,672,100
Media — 1.8%
Cable One, Inc.		78		149,203
Comcast Corp., Class A		42,421		1,596,302
DISH Network Corp., Class A*		3,651		91,330
FactSet Research Systems, Inc.		9,056		2,490,400
Fox Corp., Class A		17,111		442,662
Interpublic Group of Cos., Inc. (The)		51,577		875,777
John Wiley & Sons, Inc., Class A		6,672		250,534
Liberty Media Corp.-Liberty SiriusXM, Class A*		8,786		296,176
Nexstar Media Group, Inc., Class A (a)		10,432		730,657
Omnicom Group, Inc.		22,081		1,259,279
Sinclair Broadcast Group, Inc., Class A (a)		48,232		851,295
Walt Disney Co. (The)		18,201		1,968,438
				11,002,053
Mining — 1.1%
Newmont Corp.		56,774		3,376,918
Royal Gold, Inc.		26,210		3,211,511
				6,588,429
Mobile Telecommunications — 0.9%
Telephone & Data Systems, Inc.		61,124		1,199,253
T-Mobile US, Inc.*		36,839		3,234,426
United States Cellular Corp.*		16,212		516,028
				4,949,707
Nonlife Insurance — 2.4%
Allstate Corp. (The)		8,481		862,687
American Financial Group, Inc.		4,446		294,503
Aon plc		9,284		1,603,068
Arch Capital Group Ltd.*		19,522		469,114
Assurant, Inc.		9,331		991,325
Chubb Ltd.		7,005		756,610
Cincinnati Financial Corp.		17,526		1,153,211
Hanover Insurance Group, Inc. (The)		4,902		492,063
Hartford Financial Services Group, Inc. (The)		39,297		1,492,893
Marsh & McLennan Cos., Inc.		13,763		1,339,553
Old Republic International Corp.		30,374		484,465
Progressive Corp. (The)		31,109		2,404,726
Travelers Cos., Inc. (The)		6,559		663,836
WR Berkley Corp.		19,525		1,054,350
				14,062,404

INVESTMENTS	SHARES		VALUE($)
Oil & Gas Producers — 4.3%
Cabot Oil & Gas Corp.		115,523		2,497,607
Chevron Corp.		23,501		2,162,092
ConocoPhillips		45,895		1,932,179
Devon Energy Corp.		59,845		746,267
EOG Resources, Inc.		22,757		1,081,185
EQT Corp.		71,025		1,036,255
Exxon Mobil Corp.		29,606		1,375,791
Hess Corp.		27,945		1,359,245
HollyFrontier Corp.		55,890		1,846,606
Kosmos Energy Ltd. (Ghana) (a)		107,229		176,928
Marathon Oil Corp.		142,742		873,581
Marathon Petroleum Corp.		45,395		1,456,272
Murphy Oil Corp. (a)		75,541		895,916
Noble Energy, Inc.		87,003		853,499
PBF Energy, Inc., Class A		63,308		721,711
Phillips 66		24,002		1,756,226
Pioneer Natural Resources Co.		15,335		1,369,569
Valero Energy Corp.		30,327		1,921,215
WPX Energy, Inc.* (a)		139,081		852,567
				24,914,711
Oil Equipment, Services & Distribution — 1.4%
Baker Hughes Co.		83,809		1,169,136
Helmerich & Payne, Inc.		52,618		1,040,258
Kinder Morgan, Inc.		130,918		1,993,881
ONEOK, Inc.		31,302		936,869
Patterson-UTI Energy, Inc.		179,828		663,565
Schlumberger Ltd.		22,287		374,867
Targa Resources Corp.		17,507		226,891
Williams Cos., Inc. (The)		91,497		1,772,297
				8,177,764
Personal Goods — 2.9%
Carter’s, Inc.		14,514		1,134,995
Colgate-Palmolive Co.		13,314		935,575
Estee Lauder Cos., Inc. (The), Class A		13,828		2,439,259
Hanesbrands, Inc. (a)		43,854		435,909
Kimberly-Clark Corp.		18,864		2,612,287
Lululemon Athletica, Inc.*		11,664		2,606,671
NIKE, Inc., Class B		28,365		2,472,860
Nu Skin Enterprises, Inc., Class A		5,968		174,325
PVH Corp.		8,974		441,790
Ralph Lauren Corp.		17,482		1,289,822
Tapestry, Inc.		49,066		730,102
VF Corp.		22,104		1,284,242
				16,557,837

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Pharmaceuticals & Biotechnology — 4.8%
Abbott Laboratories		31,168		2,870,261
AbbVie, Inc.		15,460		1,270,812
Amgen, Inc.		11,489		2,748,399
Biogen, Inc.*		4,218		1,252,029
Bristol-Myers Squibb Co.		36,012		2,189,890
Eli Lilly & Co.		20,090		3,106,717
Gilead Sciences, Inc.		24,035		2,018,940
Illumina, Inc.*		888		283,298
IQVIA Holdings, Inc.*		17,037		2,429,306
Johnson & Johnson		17,615		2,642,955
Merck & Co., Inc.		24,066		1,909,396
Pfizer, Inc.		55,488		2,128,520
Vertex Pharmaceuticals, Inc.*		661		166,043
Zoetis, Inc.		19,042		2,462,321
				27,478,887
Real Estate Investment & Services — 0.1%
CBRE Group, Inc., Class A*		7,005		300,725
Real Estate Investment Trusts — 3.9%
Alexandria Real Estate Equities, Inc.		6,352		997,836
American Tower Corp.		6,224		1,481,312
Apartment Investment & Management Co., Class A		21,547		811,675
AvalonBay Communities, Inc.		5,330		868,523
Boston Properties, Inc.		756		73,468
Camden Property Trust		1,258		110,792
Chimera Investment Corp.		127,729		992,454
Crown Castle International Corp.		6,699		1,068,022
Duke Realty Corp.		3,376		117,147
EPR Properties		3,917		115,238
Equity Residential (a)		13,509		878,896
Gaming and Leisure Properties, Inc.		21,322		602,133
Healthpeak Properties, Inc.		75,935		1,984,941
Medical Properties Trust, Inc.		118,773		2,035,769
MFA Financial, Inc.		201,249		352,186
New Residential Investment Corp.		157,465		958,962
Prologis, Inc.		11,237		1,002,678
Spirit Realty Capital, Inc. (a)		29,141		896,377
Starwood Property Trust, Inc.		94,718		1,225,651
STORE Capital Corp.		45,305		909,271
Two Harbors Investment Corp.		33,918		155,005
VEREIT, Inc.		234,245		1,283,663
VICI Properties, Inc. (a)		97,811		1,703,868
Vornado Realty Trust		2,421		106,088
Weingarten Realty Investors		8,072		146,830

INVESTMENTS	SHARES		VALUE($)
Real Estate Investment Trusts — continued
WP Carey, Inc.		29,364		1,931,564
				22,810,349
Software & Computer Services — 4.8%
Adobe, Inc.*		6,912		2,444,360
Alphabet, Inc., Class A*		1,368		1,842,286
Cadence Design Systems, Inc.*		30,191		2,449,396
Citrix Systems, Inc.		21,106		3,060,581
Cognizant Technology Solutions Corp., Class A		22,947		1,331,385
Facebook, Inc., Class A*		7,836		1,604,107
Hewlett Packard Enterprise Co.		16,593		166,926
InterActive Corp.*		10,389		2,321,734
International Business Machines Corp.		9,856		1,237,519
Intuit, Inc.		9,152		2,469,301
Leidos Holdings, Inc.		24,703		2,440,903
Microsoft Corp.		15,650		2,804,636
Oracle Corp.		26,632		1,410,697
VeriSign, Inc.*		13,037		2,731,121
				28,314,952
Support Services — 4.9%
Accenture plc, Class A		12,448		2,305,245
Automatic Data Processing, Inc.		7,269		1,066,290
Booz Allen Hamilton Holding Corp.		21,126		1,551,494
Broadridge Financial Solutions, Inc.		16,743		1,942,188
Cintas Corp.		9,408		2,086,976
Fastenal Co.		31,166		1,128,832
Fidelity National Information Services, Inc.		18,170		2,396,441
Fiserv, Inc.*		15,776		1,625,875
Global Payments, Inc.		13,643		2,265,011
Paychex, Inc.		17,603		1,206,158
PayPal Holdings, Inc.*		9,379		1,153,617
Republic Services, Inc.		28,135		2,204,096
Robert Half International, Inc.		30,446		1,439,183
Verisk Analytics, Inc.		2,199		336,073
Waste Management, Inc.		22,087		2,209,142
WW Grainger, Inc.		6,253		1,723,202
Xerox Holdings Corp.		77,939		1,425,504
				28,065,327
Technology Hardware & Equipment — 4.9%
Analog Devices, Inc.		17,043		1,867,913
Apple, Inc.		8,365		2,457,637
Applied Materials, Inc.		19,731		980,236
Broadcom, Inc.		4,922		1,336,914
Cisco Systems, Inc.		42,640		1,807,083
HP, Inc.		73,033		1,132,742

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 127

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Technology Hardware & Equipment — continued
Intel Corp.		27,237		1,633,675
Juniper Networks, Inc.		43,103		931,025
KLA Corp.		11,444		1,877,846
L3Harris Technologies, Inc.		12,481		2,417,570
Lam Research Corp.		8,557		2,184,431
Maxim Integrated Products, Inc.		23,761		1,306,380
Micron Technology, Inc.*		22,563		1,080,542
Motorola Solutions, Inc.		13,715		1,972,354
NetApp, Inc.		14,028		614,005
Skyworks Solutions, Inc.		8,715		905,314
Teradyne, Inc.		21,344		1,334,854
Texas Instruments, Inc.		13,336		1,547,909
Xilinx, Inc.		16,009		1,399,187
				28,787,617
Tobacco — 0.5%
Altria Group, Inc.		33,157		1,301,412
Philip Morris International, Inc.		23,968		1,788,013
				3,089,425
Travel & Leisure — 3.0%
Alaska Air Group, Inc.		2,795		90,894
Booking Holdings, Inc.*		603		892,784
Copa Holdings SA, Class A (Panama)		7,086		313,272
Darden Restaurants, Inc.		21,665		1,598,660
Delta Air Lines, Inc.		14,565		377,379
Dunkin’ Brands Group, Inc.		16,200		1,018,008
Hilton Worldwide Holdings, Inc.		21,353		1,616,636
Las Vegas Sands Corp.		24,073		1,155,986
Marriott International, Inc., Class A		13,665		1,242,695
McDonald’s Corp.		12,103		2,270,039
Royal Caribbean Cruises Ltd. (a)		8,290		387,723
Southwest Airlines Co.		36,017		1,125,531
Starbucks Corp.		27,315		2,095,880
United Airlines Holdings, Inc.*		2,748		81,286
Wyndham Destinations, Inc.		26,988		690,083

INVESTMENTS	SHARES		VALUE($)
Travel & Leisure — continued
Yum China Holdings, Inc. (China)		15,092		731,358
Yum! Brands, Inc.		22,590		1,952,454
				17,640,668
Total Common Stocks (Cost $619,593,625)				581,283,403
Short-Term Investments — 4.0%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (b) (c) (Cost $405,848)		405,848		405,848
Investment of Cash Collateral from Securities Loaned — 3.9%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (b) (c)		17,002,700		17,006,100
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (b) (c)		5,844,426		5,844,426
Total Investment of Cash Collateral from Securities Loaned (Cost $22,846,325)				22,850,526
Total Short-Term Investments (Cost $23,252,173)				23,256,374
Total Investments — 103.8% (Cost $642,845,798)				604,539,777
Liabilities in Excess of Other Assets — (3.8%)				(22,224,022	)
NET ASSETS — 100.0%				582,315,755

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $21,154,150.
(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 April 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
S&P 500E-Mini Index		7		06/2020		USD		1,015,438		224,098

Abbreviations

USD     United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%
Aerospace & Defense — 0.6%
FLIR Systems, Inc.		8,246		357,876
Hexcel Corp.		7,740		267,727
Howmet Aerospace, Inc.		23,161		302,714
Huntington Ingalls Industries, Inc.		1,323		253,235
Spirit AeroSystems Holdings, Inc., Class A		3,590		79,554
				1,261,106
Automobiles & Parts — 2.0%
Aptiv plc		6,204		431,488
BorgWarner, Inc.		8,917		254,759
Gentex Corp.		34,476		835,698
Genuine Parts Co.		1,697		134,538
Harley-Davidson, Inc. (a)		22,222		485,106
Lear Corp.		5,067		494,793
Valvoline, Inc.		23,161		398,138
WABCO Holdings, Inc.*		5,654		759,785
				3,794,305
Banks — 1.8%
Associated Banc-Corp.		3,808		53,845
Bank of Hawaii Corp.		2,671		182,109
BankUnited, Inc.		4,327		85,718
CIT Group, Inc.		5,396		102,416
Citizens Financial Group, Inc.		5,559		124,466
Comerica, Inc.		2,908		101,373
Commerce Bancshares, Inc.		950		58,130
Fifth Third Bancorp		10,112		188,993
First Horizon National Corp.		9,694		88,022
First Republic Bank		2,954		308,073
FNB Corp.		11,855		95,907
Huntington Bancshares, Inc.		67,382		622,610
KeyCorp		11,657		135,804
M&T Bank Corp.		1,737		194,683
PacWest Bancorp		3,310		66,994
People’s United Financial, Inc.		17,235		218,712
Popular, Inc. (Puerto Rico)		9,549		368,496
Prosperity Bancshares, Inc.		2,132		127,771
Regions Financial Corp.		15,491		166,528
TCF Financial Corp.		10,645		316,050
Zions Bancorp NA		4,210		133,078
				3,739,778
Beverages — 0.7%
Brown-Forman Corp., Class B		14,579		906,814
Molson Coors Beverage Co., Class B		14,994		614,904
				1,521,718

INVESTMENTS	SHARES		VALUE($)
Chemicals — 5.8%
Albemarle Corp. (a)		8,294		509,500
Ashland Global Holdings, Inc.		10,792		665,759
Axalta Coating Systems Ltd.*		36,103		712,673
Cabot Corp.		18,717		634,319
Celanese Corp.		8,216		682,503
CF Industries Holdings, Inc.		22,302		613,305
Eastman Chemical Co.		13,092		792,197
FMC Corp.		9,888		908,707
Huntsman Corp.		45,337		762,115
International Flavors & Fragrances, Inc.		7,037		922,058
NewMarket Corp.		1,797		739,358
Olin Corp. (a)		56,817		758,507
RPM International, Inc. (a)		13,801		916,524
ScottsMiracle-Gro Co. (The)		8,654		1,073,356
Univar Solutions, Inc.*		14,582		211,731
Westlake Chemical Corp.		12,124		526,788
WR Grace & Co.		11,942		564,021
				11,993,421
Construction & Materials — 1.0%
AO Smith Corp.		7,354		311,663
Armstrong World Industries, Inc.		1,811		139,592
Eagle Materials, Inc.		2,046		124,826
Jacobs Engineering Group, Inc.		1,247		103,189
Lennox International, Inc.		1,724		321,836
MDU Resources Group, Inc.		9,458		212,427
Owens Corning		4,176		181,071
Trane Technologies plc		6,627		579,332
				1,973,936
Electricity — 6.8%
AES Corp. (The)		54,527		722,483
Alliant Energy Corp.		4,470		217,018
Avangrid, Inc. (a)		6,208		266,944
CMS Energy Corp.		15,242		870,166
Consolidated Edison, Inc.		11,703		922,196
DTE Energy Co.		7,927		822,347
Entergy Corp.		7,924		756,821
Evergy, Inc.		14,112		824,564
Eversource Energy		10,693		862,925
FirstEnergy Corp.		20,743		856,064
Hawaiian Electric Industries, Inc.		21,380		843,869
IDACORP, Inc. (a)		9,484		870,442
OGE Energy Corp. (a)		24,321		766,598
Pinnacle West Capital Corp.		10,297		792,766
PPL Corp.		30,782		782,478

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 129

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electricity — continued
Public Service Enterprise Group, Inc.		17,873		906,340
Vistra Energy Corp.		47,727		932,585
Xcel Energy, Inc.		14,843		943,421
				13,960,027
Electronic & Electrical Equipment — 1.5%
AMETEK, Inc.		7,516		630,367
Amphenol Corp., Class A		7,195		635,031
Hubbell, Inc. (a)		4,451		553,838
Keysight Technologies, Inc.*		8,466		819,255
National Instruments Corp.		1,335		51,291
nVent Electric plc		4,168		77,733
Regal Beloit Corp.		1,626		115,462
Sensata Technologies Holding plc*		5,536		201,400
				3,084,377
Financial Services — 2.2%
Ally Financial, Inc.		9,644		158,065
Ameriprise Financial, Inc.		2,278		261,833
Discover Financial Services		4,920		211,412
Element Solutions, Inc.*		55,901		572,985
Fidelity National Financial, Inc.		7,736		209,259
Invesco Ltd.		3,741		32,248
Jefferies Financial Group, Inc.		14,409		197,691
LPL Financial Holdings, Inc.		4,020		242,084
MSCI, Inc.		2,505		819,135
Nasdaq, Inc.		2,904		318,482
Navient Corp. (a)		8,784		66,934
Raymond James Financial, Inc.		3,216		211,999
Santander Consumer USA Holdings, Inc. (a)		23,947		373,334
Synchrony Financial		8,145		161,190
T. Rowe Price Group, Inc.		2,810		324,920
Western Union Co. (The)		8,979		171,230
				4,332,801
Fixed Line Telecommunications — 0.5%
CenturyLink, Inc.		59,500		631,890
GCI Liberty, Inc., Class A*		4,935		300,196
				932,086
Food & Drug Retailers — 0.5%
AmerisourceBergen Corp.		3,966		355,591
Casey’s General Stores, Inc.		3,646		552,041
				907,632
Food Producers — 4.0%
Campbell Soup Co. (a)		12,844		641,943
Flowers Foods, Inc.		41,299		920,142

INVESTMENTS	SHARES		VALUE($)
Food Producers — continued
Hershey Co. (The)		6,463		855,895
Hormel Foods Corp. (a)		12,711		595,510
Ingredion, Inc.		6,043		490,692
JM Smucker Co. (The)		8,909		1,023,733
Kellogg Co.		10,723		702,356
Lamb Weston Holdings, Inc.		10,744		659,252
McCormick & Co., Inc.(Non-Voting)		6,027		945,275
Post Holdings, Inc.*		7,836		719,737
Tyson Foods, Inc., Class A		10,945		680,669
				8,235,204
Forestry & Paper — 0.7%
Domtar Corp. (a)		27,627		645,367
International Paper Co.		22,249		762,028
				1,407,395
Gas, Water & Multiutilities — 2.9%
Ameren Corp. (a)		11,674		849,283
American Water Works Co., Inc.		7,459		907,686
Atmos Energy Corp.		8,908		908,349
National Fuel Gas Co.		20,602		844,682
NiSource, Inc.		29,110		730,952
Sempra Energy		6,652		823,850
UGI Corp.		1,699		51,276
WEC Energy Group, Inc.		10,011		906,496
				6,022,574
General Industrials — 1.5%
AptarGroup, Inc.		4,120		441,170
Avery Dennison Corp.		7,815		862,698
Carlisle Cos., Inc. (a)		872		105,477
ITT, Inc.		3,168		167,017
Packaging Corp. of America		3,662		353,932
Parker-Hannifin Corp.		2,279		360,355
Silgan Holdings, Inc.		2,887		99,601
Sonoco Products Co.		8,715		425,641
WestRock Co.		4,145		133,428
				2,949,319
General Retailers — 5.7%
AutoNation, Inc.*		12,202		454,403
AutoZone, Inc.*		873		890,739
Best Buy Co., Inc.		12,220		937,641
Burlington Stores, Inc.*		535		97,739
Copart, Inc.*		10,944		876,724
Dick’s Sporting Goods, Inc. (a)		21,883		643,141
Dollar General Corp.		6,156		1,079,147
Dollar Tree, Inc.*		5,993		477,463

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
General Retailers — continued
Foot Locker, Inc.		6,169		158,112
frontdoor, Inc.*		13,549		524,482
Gap, Inc. (The)		6,833		55,484
H&R Block, Inc.		38,278		637,329
IAA, Inc.*		16,223		626,208
KAR Auction Services, Inc.		48,209		722,171
Kohl’s Corp.		14,794		273,097
Macy’s, Inc. (a)		22,349		130,965
Nordstrom, Inc. (a)		10,972		206,054
Penske Automotive Group, Inc.		5,979		215,124
Service Corp. International		19,298		709,008
Tractor Supply Co.		9,817		995,738
Williams-Sonoma, Inc.		14,728		910,780
				11,621,549
Health Care Equipment & Services — 10.0%
Acadia Healthcare Co., Inc.*		3,661		87,901
Bio-Rad Laboratories, Inc., Class A*		2,374		1,044,797
Bio-Techne Corp.		4,653		1,046,925
Bruker Corp.		7,566		297,495
Centene Corp.*		17,409		1,159,091
Chemed Corp.		2,195		914,371
Cooper Cos., Inc. (The)		2,841		814,515
DaVita, Inc.*		9,386		741,588
Dentsply Sirona, Inc.		17,169		728,652
Encompass Health Corp.		12,100		801,625
Henry Schein, Inc.* (a)		11,610		633,442
Hill-Rom Holdings, Inc.		9,453		1,063,368
Hologic, Inc.*		17,789		891,229
IDEXX Laboratories, Inc.*		3,510		974,376
Laboratory Corp. of America Holdings*		5,275		867,474
Molina Healthcare, Inc.*		6,899		1,131,229
Quest Diagnostics, Inc.		8,721		960,269
ResMed, Inc.		5,801		901,011
STERIS plc		5,806		827,355
Teleflex, Inc.		2,748		921,679
Universal Health Services, Inc., Class B		6,846		723,554
Varian Medical Systems, Inc.*		7,493		857,049
West Pharmaceutical Services, Inc.		6,099		1,154,297
Zimmer Biomet Holdings, Inc.		6,844		819,227
				20,362,519
Household Goods & Home Construction — 3.4%
Church & Dwight Co., Inc.		12,874		901,051
Clorox Co. (The)		5,769		1,075,573
DR Horton, Inc.		14,562		687,618
Fortune Brands Home & Security, Inc.		5,505		265,341

INVESTMENTS	SHARES		VALUE($)
Household Goods & Home Construction — continued
Leggett & Platt, Inc.		19,730		693,115
Lennar Corp., Class A		10,357		518,575
Middleby Corp. (The)*		2,616		145,528
NVR, Inc.*		248		768,800
PulteGroup, Inc.		23,248		657,221
Toll Brothers, Inc. (a)		24,401		586,112
Whirlpool Corp. (a)		4,943		552,331
				6,851,265
Industrial Engineering — 3.4%
Allison Transmission Holdings, Inc.		7,645		277,819
Crane Co.		2,419		131,715
Cummins, Inc.		6,006		981,981
Dover Corp.		4,469		418,522
Graco, Inc.		14,857		663,514
IDEX Corp.		4,718		724,826
Lincoln Electric Holdings, Inc.		4,394		353,761
Nordson Corp.		2,182		351,106
Oshkosh Corp.		3,925		265,055
PACCAR, Inc.		4,904		339,504
Pentair plc		4,866		168,315
Rockwell Automation, Inc.		2,871		543,997
Snap-on, Inc.		5,786		753,858
Toro Co. (The)		12,845		819,639
Xylem, Inc.		4,035		290,116
				7,083,728
Industrial Metals & Mining — 1.5%
Alcoa Corp.*		48,844		398,079
Arconic Corp.*		5,624		49,041
GrafTech International Ltd. (a)		55,041		446,933
Nucor Corp.		18,156		747,846
Reliance Steel & Aluminum Co.		8,636		773,613
Steel Dynamics, Inc.		30,395		737,687
				3,153,199
Industrial Transportation — 1.2%
CH Robinson Worldwide, Inc. (a)		5,078		360,030
Expeditors International of Washington, Inc.		5,786		414,307
Kansas City Southern		2,903		378,986
Landstar System, Inc.		5,683		587,111
Macquarie Infrastructure Corp.		3,793		104,649
Old Dominion Freight Line, Inc.		3,065		445,314
				2,290,397
Leisure Goods — 1.6%
Garmin Ltd.		9,645		782,788
Hasbro, Inc.		8,680		626,783

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 131

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Leisure Goods — continued
Polaris, Inc.		3,643		258,398
Pool Corp.		4,358		922,414
Take-Two Interactive Software, Inc.*		4,886		591,450
Thor Industries, Inc. (a)		3,994		264,403
				3,446,236
Life Insurance — 0.5%
Globe Life, Inc.		6,758		556,454
Lincoln National Corp.		2,497		88,569
Principal Financial Group, Inc.		5,729		208,593
				853,616
Media — 2.8%
Cable One, Inc.		342		654,198
Discovery, Inc., Class A* (a)		21,578		483,779
Dolby Laboratories, Inc., Class A		5,792		347,694
FactSet Research Systems, Inc.		3,478		956,450
Graham Holdings Co., Class B		288		112,323
Interpublic Group of Cos., Inc. (The) (a)		43,461		737,968
John Wiley & Sons, Inc., Class A		2,260		84,863
Liberty Media Corp.-Liberty SiriusXM, Class A*		13,569		457,411
Morningstar, Inc.		2,005		312,700
Nexstar Media Group, Inc., Class A		6,683		468,077
Omnicom Group, Inc.		9,482		540,759
Sinclair Broadcast Group, Inc., Class A (a)		15,946		281,447
Sirius XM Holdings, Inc. (a)		37,008		218,717
				5,656,386
Mining — 1.1%
Newmont Corp.		20,709		1,231,771
Royal Gold, Inc.		8,669		1,062,212
				2,293,983
Mobile Telecommunications — 0.4%
Telephone & Data Systems, Inc.		32,560		638,827
United States Cellular Corp.*		5,432		172,901
				811,728
Nonlife Insurance — 2.8%
Alleghany Corp.		675		360,254
American Financial Group, Inc.		4,992		330,670
Arch Capital Group Ltd.*		887		21,315
Arthur J Gallagher & Co.		8,668		680,438
Assurant, Inc.		4,043		429,528
Assured Guaranty Ltd.		5,080		151,028
Axis Capital Holdings Ltd.		6,618		242,219
Brown & Brown, Inc.		15,686		563,284
Cincinnati Financial Corp.		6,049		398,024

INVESTMENTS	SHARES		VALUE($)
Nonlife Insurance — continued
CNA Financial Corp.		116		3,663
Everest Re Group Ltd.		1,325		229,397
First American Financial Corp.		4,040		186,325
Hanover Insurance Group, Inc. (The)		2,003		201,061
Hartford Financial Services Group, Inc. (The)		14,788		561,796
Loews Corp.		7,554		261,822
Mercury General Corp.		1,536		62,915
Old Republic International Corp.		28,673		457,334
Reinsurance Group of America, Inc.		2,637		276,041
WR Berkley Corp.		8,033		433,782
				5,850,896
Oil & Gas Producers — 3.9%
Apache Corp. (a)		27,770		363,232
Cabot Oil & Gas Corp. (a)		58,716		1,269,440
Concho Resources, Inc.		7,453		422,734
Continental Resources, Inc. (a)		25,337		415,273
Devon Energy Corp.		34,728		433,058
Diamondback Energy, Inc.		8,110		353,109
EQT Corp.		40,530		591,333
Hess Corp.		12,470		606,541
HollyFrontier Corp.		20,755		685,745
Kosmos Energy Ltd. (Ghana) (a)		135,845		224,144
Marathon Oil Corp.		65,156		398,755
Murphy Oil Corp. (a)		27,606		327,407
Noble Energy, Inc.		37,910		371,897
Parsley Energy, Inc., Class A		11,543		109,081
PBF Energy, Inc., Class A		30,255		344,907
Pioneer Natural Resources Co.		6,129		547,381
WPX Energy, Inc.*		72,647		445,326
				7,909,363
Oil Equipment, Services & Distribution — 1.5%
Antero Midstream Corp. (a)		6,190		29,403
Apergy Corp.* (a)		13,505		124,381
Baker Hughes Co.		33,663		469,599
Cheniere Energy, Inc.*		8,813		411,479
Helmerich & Payne, Inc.		23,393		462,479
ONEOK, Inc.		14,160		423,809
Patterson-UTI Energy, Inc.		118,156		435,996
Targa Resources Corp.		16,409		212,661
Williams Cos., Inc. (The)		34,328		664,933
				3,234,740
Personal Goods — 2.4%
Capri Holdings Ltd.*		13,095		199,699
Carter’s, Inc.		7,577		592,522

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Personal Goods — continued
Hanesbrands, Inc. (a)		48,990		486,961
Lululemon Athletica, Inc.*		4,252		950,237
Nu Skin Enterprises, Inc., Class A		10,226		298,701
PVH Corp.		4,297		211,541
Ralph Lauren Corp.		7,982		588,912
Skechers U.S.A., Inc., Class A*		19,996		563,487
Tapestry, Inc.		19,322		287,511
Tiffany & Co.		6,194		783,541
Under Armour, Inc., Class C* (a)		3,626		33,613
				4,996,725
Pharmaceuticals & Biotechnology — 2.1%
Cardinal Health, Inc.		8,323		411,822
Charles River Laboratories International, Inc.*		5,916		855,868
Horizon Therapeutics plc*		13,471		485,495
Ionis Pharmaceuticals, Inc.*		6,779		376,438
IQVIA Holdings, Inc.*		6,076		866,377
Jazz Pharmaceuticals plc*		4,568		503,622
Mylan NV*		20,364		341,504
Perrigo Co. plc		10,034		534,812
				4,375,938
Real Estate Investment & Services — 0.2%
CBRE Group, Inc., Class A*		5,689		244,229
Jones Lang LaSalle, Inc.		1,267		133,770
				377,999
Real Estate Investment Trusts — 5.6%
Alexandria Real Estate Equities, Inc.		2,238		351,567
American Campus Communities, Inc.		1,370		48,347
Annaly Capital Management, Inc.		31,297		195,606
AvalonBay Communities, Inc.		2,439		397,435
Brandywine Realty Trust		9,863		110,071
Brixmor Property Group, Inc.		6,728		77,036
Camden Property Trust		2,801		246,684
Chimera Investment Corp.		45,971		357,195
CoreSite Realty Corp.		2,027		245,652
CubeSmart		783		19,732
Digital Realty Trust, Inc.		2,962		442,789
Douglas Emmett, Inc.		8,028		244,774
Duke Realty Corp.		12,201		423,375
Equity Commonwealth		6,317		214,462
Equity LifeStyle Properties, Inc.		6,013		362,644
Essex Property Trust, Inc.		700		170,870
Extra Space Storage, Inc.		3,143		277,338
Gaming and Leisure Properties, Inc.		17,994		508,151
Healthpeak Properties, Inc.		29,392		768,307

INVESTMENTS	SHARES		VALUE($)
Real Estate Investment Trusts — continued
Highwoods Properties, Inc.		4,036		156,637
Hudson Pacific Properties, Inc.		5,471		134,477
Iron Mountain, Inc.		4,991		120,682
Kilroy Realty Corp.		3,229		201,038
Lamar Advertising Co., Class A		4,127		237,922
Medical Properties Trust, Inc.		43,680		748,675
MFA Financial, Inc. (a)		124,804		218,407
Mid-America Apartment Communities, Inc.		2,063		230,891
National Retail Properties, Inc.		2,627		85,745
New Residential Investment Corp.		58,103		353,847
Omega Healthcare Investors, Inc.		5,211		151,901
Outfront Media, Inc.		7,645		119,950
Park Hotels & Resorts, Inc.		18,987		180,566
Service Properties Trust		8,960		62,093
SITE Centers Corp.		1,667		10,102
Spirit Realty Capital, Inc.		12,111		372,534
Starwood Property Trust, Inc.		40,892		529,143
Sun Communities, Inc.		2,257		303,341
Two Harbors Investment Corp.		43,325		197,995
VICI Properties, Inc.		26,895		468,511
Vornado Realty Trust		791		34,662
Weingarten Realty Investors		4,748		86,366
Welltower, Inc.		4,811		246,468
WP Carey, Inc.		10,799		710,358
				11,424,346
Software & Computer Services — 5.7%
Akamai Technologies, Inc.*		986		96,342
Amdocs Ltd.		14,374		926,261
ANSYS, Inc.*		3,807		996,787
Cadence Design Systems, Inc.*		13,919		1,129,248
Cerner Corp.		8,960		621,735
Citrix Systems, Inc.		8,855		1,284,064
InterActive Corp.*		3,528		788,437
Leidos Holdings, Inc.		8,971		886,424
LogMeIn, Inc.		4,216		360,299
Manhattan Associates, Inc.*		7,915		561,490
Paycom Software, Inc.*		642		167,575
SS&C Technologies Holdings, Inc.		14,762		814,272
Synopsys, Inc.*		6,687		1,050,661
Veeva Systems, Inc., Class A*		5,764		1,099,771
VeriSign, Inc.*		4,456		933,487
				11,716,853
Support Services — 3.2%
Booz Allen Hamilton Holding Corp.		11,785		865,490
Broadridge Financial Solutions, Inc.		7,908		917,328

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 133

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Support Services — continued
Cintas Corp.		2,013		446,543
Fastenal Co.		8,668		313,955
Fiserv, Inc.*		8,548		880,957
Jack Henry & Associates, Inc.		4,842		791,909
MSC Industrial Direct Co., Inc., Class A		2,675		159,537
Paychex, Inc.		5,296		362,882
Republic Services, Inc.		5,953		466,358
Robert Half International, Inc.		6,187		292,459
TransUnion		6,383		502,917
WW Grainger, Inc.		821		226,251
Xerox Holdings Corp.		28,020		512,486
				6,739,072
Technology Hardware & Equipment — 4.9%
CDW Corp.		7,578		839,642
Entegris, Inc.		10,347		561,118
Juniper Networks, Inc.		25,476		550,282
KLA Corp.		5,971		979,781
L3Harris Technologies, Inc.		4,694		909,228
Lam Research Corp.		3,169		808,982
Marvell Technology Group Ltd.		16,685		446,157
Maxim Integrated Products, Inc.		12,331		677,958
Motorola Solutions, Inc.		5,626		809,075
NetApp, Inc.		7,707		337,335
ON Semiconductor Corp.*		9,154		146,876
Qorvo, Inc.*		7,291		714,737
Skyworks Solutions, Inc.		5,008		520,231
Teradyne, Inc.		15,638		978,001
Western Digital Corp.		38		1,751
Xilinx, Inc.		8,335		728,479
				10,009,633
Travel & Leisure — 3.4%
Alaska Air Group, Inc.		1,336		43,447
Choice Hotels International, Inc.		5,762		432,438
Cinemark Holdings, Inc.		14,555		207,846
Copa Holdings SA, Class A (Panama)		11,206		495,417
Darden Restaurants, Inc.		8,477		625,518
Dunkin’ Brands Group, Inc.		9,791		615,266
Extended Stay America, Inc.		35,794		389,081
Hilton Worldwide Holdings, Inc.		9,539		722,198
Hyatt Hotels Corp., Class A (a)		9,438		530,982
Royal Caribbean Cruises Ltd. (a)		3,170		148,261
Sabre Corp. (a)		23,099		167,930
Six Flags Entertainment Corp.		11,562		231,355
United Airlines Holdings, Inc.*		1,299		38,424
Vail Resorts, Inc.		3,035		518,985

INVESTMENTS	SHARES		VALUE($)
Travel & Leisure — continued
Wendy’s Co. (The)		29,469		585,254
Wyndham Destinations, Inc.		11,912		304,590
Yum China Holdings, Inc. (China)		17,237		835,305
				6,892,297
Total Common Stocks (Cost $217,781,867)				204,068,147
Short-Term Investments — 4.8%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (b) (c) (Cost $225,209)		225,209		225,209
Investment of Cash Collateral from Securities Loaned — 4.7%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (b) (c)		2,001,099		2,001,499
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (b) (c)		7,583,640		7,583,640
Total Investment of Cash Collateral from Securities Loaned (Cost $9,585,139)				9,585,139
Total Short-Term Investments (Cost $9,810,348)				9,810,348
Total Investments — 104.6% (Cost $227,592,215)				213,878,495
Liabilities in Excess of Other Assets — (4.6%)				(9,316,703	)
NET ASSETS — 100.0%				204,561,792

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $8,837,783.
(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 April 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

134 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

Futures contracts outstanding as of April 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
S&P Midcap 400E-Mini Index		3		06/2020		USD		492,510		105,084

Abbreviations

USD     United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 135

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.7%
Aerospace & Defense — 0.6%
AAR Corp.		2,872		56,234
Aerojet Rocketdyne Holdings, Inc.*		4,092		168,345
ManTech International Corp., Class A		1,395		104,011
Moog, Inc., Class A		1,565		77,436
Park Aerospace Corp.		3,288		43,763
RBC Bearings, Inc.* (a)		2,107		266,915
				716,704
Alternative Energy — 1.6%
Arcosa, Inc.		9,891		368,638
Enphase Energy, Inc.*		8,557		400,724
Green Plains, Inc. (a)		23,059		135,356
Plug Power, Inc.* (a)		60,127		251,632
Renewable Energy Group, Inc.* (a)		10,774		267,303
REX American Resources Corp.*		2,952		175,585
SunPower Corp.* (a)		27,322		200,817
TPI Composites, Inc.*		11,080		194,232
				1,994,287
Automobiles & Parts — 1.1%
Cooper Tire & Rubber Co.		15,575		330,034
Dorman Products, Inc.*		5,931		374,128
Gentherm, Inc.*		8,896		333,066
Meritor, Inc.*		15,576		319,308
Stoneridge, Inc.*		222		4,447
				1,360,983
Banks — 4.1%
1st Source Corp.		752		26,117
Ameris Bancorp		2,238		56,912
Atlantic Union Bankshares Corp.		3,141		74,976
BancFirst Corp.		1,624		62,540
BancorpSouth Bank		3,016		66,020
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		2,700		59,427
Banner Corp.		1,833		70,442
Brookline Bancorp, Inc.		5,538		56,543
Cadence BanCorp		5,332		35,298
Capital City Bank Group, Inc. (a)		563		12,408
Capitol Federal Financial, Inc.		13,248		158,843
Cathay General Bancorp		2,319		64,746
CenterState Bank Corp.		4,017		69,856
Columbia Banking System, Inc.		2,976		80,322
Community Bank System, Inc.		4,881		305,014
Community Trust Bancorp, Inc.		1,733		58,749
CVB Financial Corp.		2,834		58,905
Dime Community Bancshares, Inc.		6,156		101,143

INVESTMENTS	SHARES		VALUE($)
Banks — continued
First BanCorp (Puerto Rico)		7,323		42,693
First Busey Corp.		363		6,686
First Financial Bancorp		2,140		32,913
First Financial Bankshares, Inc.		3,869		107,752
First Financial Corp.		485		17,227
First Merchants Corp.		794		22,478
First Midwest Bancorp, Inc.		2,476		36,595
Fulton Financial Corp.		6,232		72,852
Glacier Bancorp, Inc.		5,867		223,415
Great Western Bancorp, Inc.		3,154		59,295
Hancock Whitney Corp.		2,229		46,608
Hilltop Holdings, Inc.		6,233		120,297
Home BancShares, Inc. (a)		5,231		80,191
Hope Bancorp, Inc.		7,181		71,451
Houlihan Lokey, Inc.		2,622		155,694
IBERIABANK Corp.		1,418		58,790
Independent Bank Corp.		712		51,898
Investors Bancorp, Inc.		23,589		219,614
Kearny Financial Corp.		2,896		26,933
NBT Bancorp, Inc. (a)		1,012		33,528
Northwest Bancshares, Inc.		4,200		44,562
OceanFirst Financial Corp.		8,368		141,001
OFG Bancorp (Puerto Rico)		4,932		62,045
Old National Bancorp		16,569		234,783
Renasant Corp.		1,178		30,899
Republic Bancorp, Inc., Class A		1,352		45,062
S&T Bancorp, Inc.		505		13,489
Sandy Spring Bancorp, Inc.		621		15,835
Simmons First National Corp., Class A		3,778		70,649
TrustCo Bank Corp.		6,102		38,443
Trustmark Corp. (a)		7,855		209,022
UMB Financial Corp. (a)		1,693		86,072
United Bankshares, Inc. (a)		8,458		253,402
United Community Banks, Inc.		5,025		106,254
Valley National Bancorp		14,658		122,541
Washington Federal, Inc.		9,425		252,024
WesBanco, Inc.		4,538		111,998
Westamerica Bancorp		2,781		175,203
				4,918,455
Beverages — 0.7%
Boston Beer Co., Inc. (The), Class A* (a)		1,049		489,369
Coca-Cola Consolidated, Inc.		1,328		312,704
				802,073

SEE NOTES TO FINANCIAL STATEMENTS.

136 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Chemicals — 3.9%
AdvanSix, Inc.*		5,035		61,326
American Vanguard Corp.		5,299		66,608
Balchem Corp.		4,354		388,551
Ferro Corp.*		11,847		118,115
GCP Applied Technologies, Inc.*		8,071		138,176
HB Fuller Co.		9,437		347,187
Innospec, Inc.		4,845		351,359
Koppers Holdings, Inc.*		5,907		93,094
Kraton Corp.*		10,947		170,883
Kronos Worldwide, Inc. (a)		14,819		140,632
LSB Industries, Inc.*		2,961		5,892
Materion Corp.		6,112		316,235
Minerals Technologies, Inc.		8,707		383,456
Orion Engineered Carbons SA (Luxembourg)		19,489		177,545
PolyOne Corp.		16,719		389,385
Quaker Chemical Corp. (a)		280		42,594
Rayonier Advanced Materials, Inc.		43,580		77,572
Sensient Technologies Corp.		7,502		358,521
Stepan Co.		4,665		445,041
Tredegar Corp.		4,516		74,424
Trinseo SA		12,659		258,877
Tronox Holdings plc, Class A		40,479		276,067
				4,681,540
Construction & Materials — 3.0%
Advanced Drainage Systems, Inc.		3,647		147,849
Aegion Corp.*		3,360		53,928
Apogee Enterprises, Inc.		3,919		80,104
BMC Stock Holdings, Inc.*		4,612		98,005
Boise Cascade Co.		3,541		110,727
Builders FirstSource, Inc.*		15,607		286,388
EMCOR Group, Inc.		2,626		166,830
Generac Holdings, Inc.*		2,097		204,332
Gibraltar Industries, Inc.*		2,220		102,786
GMS, Inc.*		3,433		63,099
Great Lakes Dredge & Dock Corp.*		7,413		65,531
Griffon Corp.		5,194		85,234
Installed Building Products, Inc.*		1,903		93,837
JELD-WEN Holding, Inc.*		3,876		49,225
KBR, Inc.		6,661		134,952
LB Foster Co., Class A*		788		11,339
Louisiana-Pacific Corp.		6,092		121,840
Masonite International Corp.*		1,848		109,180
MasTec, Inc.*		3,399		122,024
Mueller Water Products, Inc., Class A		10,937		103,792
Patrick Industries, Inc.		2,274		93,734

INVESTMENTS	SHARES		VALUE($)
Construction & Materials — continued
PGT Innovations, Inc.*		5,807		60,044
Quanex Building Products Corp.		4,431		55,255
Simpson Manufacturing Co., Inc.		3,326		239,805
TopBuild Corp.*		3,610		336,416
Trex Co., Inc.*		1,390		132,356
Universal Forest Products, Inc.		7,621		313,376
US Concrete, Inc.*		1,586		30,419
Watts Water Technologies, Inc., Class A		2,626		216,382
				3,688,789
Electricity — 3.8%
ALLETE, Inc.		6,017		346,339
Black Hills Corp.		4,212		260,891
Clearway Energy, Inc.		6,801		127,179
Clearway Energy, Inc., Class C (a)		13,838		277,175
El Paso Electric Co.		17,211		1,170,348
MGE Energy, Inc.		4,084		264,072
NorthWestern Corp.		6,023		347,467
Ormat Technologies, Inc. (a)		8,957		559,006
PNM Resources, Inc.		8,880		359,551
Portland General Electric Co.		7,877		368,565
Spark Energy, Inc., Class A (a)		13,376		96,575
TerraForm Power, Inc., Class A		22,032		381,594
Vivint Solar, Inc.*		12,839		81,399
				4,640,161
Electronic & Electrical Equipment — 2.0%
Anixter International, Inc.* (a)		1,833		170,212
Atkore International Group, Inc.*		4,799		116,808
AZZ, Inc.		3,598		112,941
Badger Meter, Inc. (a)		3,816		225,258
Belden, Inc.		541		18,497
Benchmark Electronics, Inc.		2,501		51,671
Brady Corp., Class A		3,127		136,150
CTS Corp.		1,153		26,703
Daktronics, Inc.		2,392		10,812
Encore Wire Corp.		2,619		119,898
EnerSys		2,200		128,458
ESCO Technologies, Inc.		1,711		130,549
Fabrinet (Thailand)*		3,119		195,717
Integer Holdings Corp.*		4,298		320,029
Methode Electronics, Inc.		2,627		78,863
MTS Systems Corp.		2,103		44,731
Novanta, Inc.*		2,016		175,170
Plexus Corp.*		2,990		187,443
TTM Technologies, Inc.*		4,640		53,778

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 137

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electronic & Electrical Equipment — continued
Veeco Instruments, Inc.*		1,746		19,084
Vishay Intertechnology, Inc.		6,543		108,548
				2,431,320
Financial Services — 1.4%
Ares Management Corp.		11,511		386,194
Cohen & Steers, Inc.		4,751		274,323
Encore Capital Group, Inc.*		2,334		60,637
Federated Hermes, Inc., Class B		9,853		224,353
NMI Holdings, Inc., Class A*		5,529		74,752
PennyMac Financial Services, Inc. (a)		9,562		288,486
PRA Group, Inc.* (a)		1,664		46,159
Radian Group, Inc.		18,217		272,891
Stewart Information Services Corp.		2,199		70,060
				1,697,855
Fixed Line Telecommunications — 1.1%
8x8, Inc.*		17,921		303,940
Cincinnati Bell, Inc.*		6,610		96,837
Consolidated Communications Holdings, Inc.*		46,662		292,571
Frontier Communications Corp.* (a)		41,860		3,583
GTT Communications, Inc.* (a)		9,250		105,080
IDT Corp., Class B*		16,610		89,694
Pareteum Corp.*		3,608		2,287
Vonage Holdings Corp.*		46,229		386,474
				1,280,466
Food & Drug Retailers — 1.1%
Core-Mark Holding Co., Inc.		7,397		212,590
GNC Holdings, Inc., Class A* (a)		4,554		2,621
Ingles Markets, Inc., Class A		4,448		181,612
Performance Food Group Co.*		7,688		225,643
PetMed Express, Inc.		8,073		319,449
Simply Good Foods Co. (The)*		10,552		198,905
SpartanNash Co.		8,816		151,194
				1,292,014
Food Producers — 3.1%
Andersons, Inc. (The)		7,453		126,477
B&G Foods, Inc. (a)		10,349		200,978
Calavo Growers, Inc. (a)		2,862		165,996
Darling Ingredients, Inc.* (a)		6,136		126,340
Fresh Del Monte Produce, Inc.		14,371		409,717
Hostess Brands, Inc.*		24,354		292,735
J&J Snack Foods Corp. (a)		2,349		298,393
John B Sanfilippo & Son, Inc.		3,454		283,677
Lancaster Colony Corp. (a)		2,941		395,947

INVESTMENTS	SHARES		VALUE($)
Food Producers — continued
Medifast, Inc.		3,465		262,924
Nature’s Sunshine Products, Inc.*		986		8,677
Sanderson Farms, Inc. (a)		2,547		346,749
Tootsie Roll Industries, Inc. (a)		9,442		331,697
USANA Health Sciences, Inc.* (a)		6,348		566,369
				3,816,676
Forestry & Paper — 0.9%
Clearwater Paper Corp.*		5,561		133,130
Neenah, Inc.		4,262		208,241
PH Glatfelter Co.		11,530		168,338
Schweitzer-Mauduit International, Inc.		11,152		359,318
Verso Corp., Class A*		15,897		220,809
				1,089,836
Gas, Water & Multiutilities — 3.2%
American States Water Co.		5,542		439,869
Avista Corp.		9,042		389,168
California Water Service Group		5,687		255,460
Evoqua Water Technologies Corp.*		15,934		255,741
New Jersey Resources Corp.		9,460		319,559
Northwest Natural Holding Co.		5,903		384,285
ONE Gas, Inc.		5,195		414,093
SJW Group		4,506		268,242
South Jersey Industries, Inc. (a)		15,177		433,910
Southwest Gas Holdings, Inc.		4,328		328,062
Spire, Inc. (a)		5,679		414,340
				3,902,729
General Industrials — 0.5%
CSW Industrials, Inc.		1,167		77,302
Enerpac Tool Group Corp.		3,057		52,153
Greif, Inc., Class A		3,118		105,669
Myers Industries, Inc.		2,914		36,017
Otter Tail Corp.		7,049		312,835
TriMas Corp.*		1,748		41,672
				625,648
General Retailers — 6.2%
1-800-Flowers.com, Inc., Class A*		8,585		164,746
Aaron’s, Inc.		5,892		188,014
Abercrombie & Fitch Co., Class A (a)		20,659		218,572
American Eagle Outfitters, Inc. (a)		10,389		82,593
American Public Education, Inc.*		4,089		105,374
America’sCar-Mart, Inc.*		1,722		113,566
Asbury Automotive Group, Inc.*		2,849		192,307
Bed Bath & Beyond, Inc. (a)		22,763		140,903

SEE NOTES TO FINANCIAL STATEMENTS.

138 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
General Retailers — continued
Big Lots, Inc.		3,892		91,267
BJ’s Wholesale Club Holdings, Inc.*		11,912		313,405
Boot Barn Holdings, Inc.*		5,117		94,460
Buckle, Inc. (The) (a)		18,293		280,066
Caleres, Inc.		5,719		46,381
Carriage Services, Inc.		2,483		37,295
Cars.com, Inc.*		7,678		39,772
Cato Corp. (The), Class A		8,842		99,561
Chegg, Inc.* (a)		5,167		220,889
Chico’s FAS, Inc.		11,690		17,535
Citi Trends, Inc.		3,960		44,986
Dillard’s, Inc., Class A		5,134		151,350
Express, Inc.* (a)		24,306		50,313
Genesco, Inc.*		6,345		120,111
Group 1 Automotive, Inc. (a)		4,856		274,801
Guess?, Inc. (a)		7,909		73,949
Haverty Furniture Cos., Inc. (a)		7,241		97,971
Hibbett Sports, Inc.* (a)		4,062		62,677
Hillenbrand, Inc.		8,812		184,611
Houghton Mifflin Harcourt Co.*		993		1,589
K12, Inc.*		7,894		179,273
Lands’ End, Inc.* (a)		644		5,480
Laureate Education, Inc., Class A* (a)		22,139		209,656
Lithia Motors, Inc., Class A		3,476		384,307
Matthews International Corp., Class A (a)		3,879		92,863
Monro, Inc.		5,665		314,351
Murphy USA, Inc.*		3,687		393,772
Office Depot, Inc.		109,770		243,689
Perdoceo Education Corp.* (a)		15,111		196,443
PriceSmart, Inc. (a)		2,025		128,669
Rent-A-Center, Inc.		19,448		387,112
RH*		897		128,971
Sally Beauty Holdings, Inc.* (a)		19,155		185,995
Shoe Carnival, Inc.		11,240		265,489
Sonic Automotive, Inc., Class A		4,038		86,534
Stamps.com, Inc.*		814		128,832
Strategic Education, Inc.		1,718		273,677
Systemax, Inc.		1,647		32,709
Tailored Brands, Inc. (a)		3,214		5,335
Titan Machinery, Inc.*		1,925		18,095
WW International, Inc.*		2,221		56,658
Zumiez, Inc.*		15,594		329,657
				7,556,631
Health Care Equipment & Services — 7.3%
Accuray, Inc.*		10,047		22,455

INVESTMENTS	SHARES		VALUE($)
Health Care Equipment & Services — continued
Amedisys, Inc.*		2,457		452,481
Anika Therapeutics, Inc.* (a)		2,584		85,866
Atrion Corp.		101		63,815
Avanos Medical, Inc.*		3,451		107,154
Axogen, Inc.*		2,615		25,496
BioTelemetry, Inc.* (a)		2,723		127,191
Brookdale Senior Living, Inc.*		17,573		63,439
CONMED Corp.		4,193		309,905
CorVel Corp.*		1,147		60,435
Ensign Group, Inc. (The)		6,081		227,490
Genesis Healthcare, Inc.*		5,812		5,056
Globus Medical, Inc., Class A*		3,740		177,500
Haemonetics Corp.*		2,730		310,619
Healthcare Services Group, Inc. (a)		4,826		123,015
HealthEquity, Inc.* (a)		2,104		118,392
HMS Holdings Corp.*		9,854		282,563
Inogen, Inc.*		627		31,350
Intersect ENT, Inc.*		2,831		32,500
Invacare Corp. (a)		11,262		84,690
iRhythm Technologies, Inc.* (a)		1,189		125,606
Lantheus Holdings, Inc.*		5,968		77,882
LHC Group, Inc.*		3,496		454,445
LivaNova plc*		1,975		104,912
Magellan Health, Inc.*		4,854		294,783
Meridian Bioscience, Inc.*		7,790		93,480
Merit Medical Systems, Inc.*		7,458		304,436
Natus Medical, Inc.*		8,931		223,186
Neogen Corp.*		5,058		316,580
NeoGenomics, Inc.*		13,584		371,387
NuVasive, Inc.*		5,185		315,663
Omnicell, Inc.*		5,129		373,904
Option Care Health, Inc.*		592		8,466
OraSure Technologies, Inc.*		7,796		124,268
Orthofix Medical, Inc.*		2,297		81,429
Owens & Minor, Inc.		7,631		54,028
Patterson Cos., Inc. (a)		14,022		256,322
Pennant Group, Inc. (The)*		3,003		59,429
Quidel Corp.*		5,480		761,720
Repligen Corp.*		4,370		507,576
Select Medical Holdings Corp.* (a)		8,220		140,315
STAAR Surgical Co.* (a)		2,477		94,919
Surmodics, Inc.*		3,255		124,016
Tactile Systems Technology, Inc.*		292		15,073
Teladoc Health, Inc.* (a)		1,929		317,494
Tenet Healthcare Corp.*		3,715		74,969

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 139

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Health Care Equipment & Services — continued
Tivity Health, Inc.* (a)		11,135		99,881
US Physical Therapy, Inc. (a)		1,313		99,132
Varex Imaging Corp.*		4,596		120,093
Wright Medical Group NV*		5,785		168,459
				8,875,265
Household Goods & Home Construction — 4.5%
ACCO Brands Corp.		25,312		187,309
American Woodmark Corp.*		3,558		182,917
Bassett Furniture Industries, Inc.		3,266		22,339
Beazer Homes USA, Inc.*		8,413		59,227
Cavco Industries, Inc.*		480		74,246
Central Garden & Pet Co., Class A*		8,566		260,492
CompX International, Inc.		1,310		18,052
Ethan Allen Interiors, Inc. (a)		17,432		197,156
Hamilton Beach Brands Holding Co., Class A		2,969		39,161
Herman Miller, Inc.		9,959		224,476
HNI Corp.		10,216		248,657
Interface, Inc.		27,089		250,302
KB Home		12,797		335,793
Kimball International, Inc., Class B		6,555		80,430
Knoll, Inc.		13,820		161,141
La-Z-Boy, Inc.		14,093		330,481
LGI Homes, Inc.* (a)		3,974		240,745
M/I Homes, Inc.*		11,122		283,166
MDC Holdings, Inc.		10,579		309,436
Meritage Homes Corp.*		6,564		345,004
National Presto Industries, Inc.		1,437		116,842
Sleep Number Corp.*		7,253		216,865
Steelcase, Inc., Class A		25,527		279,521
Taylor Morrison Home Corp.* (a)		18,243		265,436
TRI Pointe Group, Inc.*		27,004		310,006
WD-40 Co.		2,456		428,032
				5,467,232
Industrial Engineering — 1.5%
Albany International Corp., Class A		3,665		187,428
Astec Industries, Inc.		1,216		48,774
CIRCOR International, Inc.*		1,446		21,589
Columbus McKinnon Corp.		6,780		183,602
EnPro Industries, Inc.		2,331		105,711
Federal Signal Corp.		3,583		96,490
Franklin Electric Co., Inc.		3,258		165,506
GATX Corp. (a)		1,992		118,126
John Bean Technologies Corp.		1,127		86,486
Kennametal, Inc. (a)		2,950		75,550

INVESTMENTS	SHARES		VALUE($)
Industrial Engineering — continued
MSA Safety, Inc.		2,260		254,318
Mueller Industries, Inc.		4,937		127,868
Rexnord Corp.		5,457		148,812
Standex International Corp.		1,162		57,914
Tennant Co.		2,005		118,636
Titan International, Inc.		363		512
Wabash National Corp.		6,736		55,235
				1,852,557
Industrial Metals & Mining — 1.6%
Carpenter Technology Corp.		9,072		201,126
Century Aluminum Co.*		25,448		110,699
Cleveland-Cliffs, Inc. (a)		104,424		457,377
Commercial Metals Co. (a)		23,174		369,393
Haynes International, Inc.		4,409		97,439
Kaiser Aluminum Corp.		4,394		317,379
Olympic Steel, Inc.		3,959		37,373
Schnitzer Steel Industries, Inc., Class A		4,201		65,368
Worthington Industries, Inc.		8,505		224,872
				1,881,026
Industrial Transportation — 1.4%
ArcBest Corp.		3,288		66,976
DHT Holdings, Inc. (a)		13,383		97,161
Echo Global Logistics, Inc.*		3,974		69,664
Forward Air Corp.		2,728		140,765
Heartland Express, Inc.		2,516		49,288
Hub Group, Inc., Class A*		3,003		144,474
Matson, Inc.		2,557		77,324
Nordic American Tankers Ltd. (a)		1,938		11,667
Saia, Inc.*		2,100		194,292
Scorpio Tankers, Inc. (Monaco)		1,053		23,050
SEACOR Holdings, Inc.*		5,365		151,615
SFL Corp. Ltd. (Norway) (a)		11,735		132,488
Teekay Tankers Ltd., Class A (Bermuda)*		6,746		137,011
Triton International Ltd. (Bermuda)		2,971		92,042
Werner Enterprises, Inc.		5,575		223,669
World Fuel Services Corp.		3,952		98,800
				1,710,286
Leisure Goods — 2.0%
Callaway Golf Co.		15,469		221,516
Fox Factory Holding Corp.*		6,572		335,238
Funko, Inc., Class A* (a)		4,438		18,995
LCI Industries		4,316		374,284
Sonos, Inc.*		27,738		283,482
Sturm Ruger & Co., Inc. (a)		5,072		269,830

SEE NOTES TO FINANCIAL STATEMENTS.

140 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Leisure Goods — continued
Universal Electronics, Inc.*		5,619		231,952
Winnebago Industries, Inc.		8,012		355,493
YETI Holdings, Inc.* (a)		10,638		293,715
ZAGG, Inc.*		931		3,072
				2,387,577
Life Insurance — 0.5%
Employers Holdings, Inc.		4,940		150,028
FBL Financial Group, Inc., Class A		1,222		47,756
FGL Holdings (a)		36,993		383,987
National Western Life Group, Inc., Class A		204		39,317
				621,088
Media — 0.9%
Entercom Communications Corp., Class A (a)		10,164		12,400
EW Scripps Co. (The), Class A		7,451		60,129
Gray Television, Inc.*		17,040		197,834
MDC Partners, Inc., Class A* (a)		4,430		6,335
Meredith Corp.		5,631		83,508
MSG Networks, Inc., Class A* (a)		13,633		161,960
QuinStreet, Inc.*		6,536		66,406
Scholastic Corp.		4,353		126,542
TEGNA, Inc.		21,485		230,319
Viad Corp.		3,680		88,210
Yelp, Inc.*		4,192		93,691
				1,127,334
Mining — 2.3%
Arch Coal, Inc., Class A		6,367		185,853
Coeur Mining, Inc.*		66,609		280,424
Compass Minerals International, Inc.		7,592		373,223
CONSOL Energy, Inc.* (a)		30,633		232,504
Hecla Mining Co.		157,395		413,949
NACCO Industries, Inc., Class A		1,985		69,773
Novagold Resources, Inc. (Canada)*		45,526		509,436
Peabody Energy Corp.		47,331		160,452
SunCoke Energy, Inc.		49,870		157,090
US Silica Holdings, Inc.		31,832		61,117
Warrior Met Coal, Inc.		23,365		293,231
				2,737,052
Mobile Telecommunications — 0.7%
Iridium Communications, Inc.* (a)		15,404		346,667
Shenandoah Telecommunications Co. (a)		9,530		509,950
				856,617
Nonlife Insurance — 1.0%
Argo Group International Holdings Ltd.		878		31,046

INVESTMENTS	SHARES		VALUE($)
Nonlife Insurance — continued
Enstar Group Ltd. (Bermuda)*		502		72,599
Essent Group Ltd.		6,525		178,263
Horace Mann Educators Corp.		2,542		89,377
James River Group Holdings Ltd.		2,487		88,239
Kinsale Capital Group, Inc.		1,379		149,787
Protective Insurance Corp., Class B		207		3,233
RLI Corp.		3,497		254,686
Safety Insurance Group, Inc.		1,900		159,828
Selective Insurance Group, Inc.		2,482		124,423
State Auto Financial Corp.		1,510		37,886
				1,189,367
Oil & Gas Producers — 2.3%
Berry Corp.		30,728		105,397
Bonanza Creek Energy, Inc.*		6,648		116,074
California Resources Corp.* (a)		2,445		6,846
CVR Energy, Inc. (a)		14,565		347,375
Delek US Holdings, Inc. (a)		10,220		238,637
Denbury Resources, Inc.* (a)		367,362		130,597
Gulfport Energy Corp.* (a)		52,209		133,394
Magnolia Oil & Gas Corp., Class A* (a)		29,048		187,941
Matador Resources Co.* (a)		7,894		55,574
Northern Oil and Gas, Inc.* (a)		190,675		159,633
Oasis Petroleum, Inc.* (a)		21,193		14,918
Par Pacific Holdings, Inc.*		16,677		162,100
PDC Energy, Inc.*		20,450		265,645
Penn Virginia Corp.*		1,683		10,586
ProPetro Holding Corp.*		27,592		116,990
QEP Resources, Inc.		42,084		41,495
SM Energy Co.		14,796		59,924
Southwestern Energy Co.*		80,964		261,514
Talos Energy, Inc.*		15,128		172,308
W&T Offshore, Inc.* (a)		66,711		184,789
Whiting Petroleum Corp.* (a)		15,537		19,577
				2,791,314
Oil Equipment, Services & Distribution — 1.8%
Archrock, Inc. (a)		30,587		147,123
Cactus, Inc., Class A		15,070		267,945
Chart Industries, Inc.*		3,919		139,987
Covia Holdings Corp.*		4,970		3,231
DMC Global, Inc. (a)		5,539		142,962
Dril-Quip, Inc.*		7,791		258,116
Flotek Industries, Inc.*		9,568		8,586
Forum Energy Technologies, Inc.*		5,332		2,293
Geospace Technologies Corp.*		1,306		8,110

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 141

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Oil Equipment, Services & Distribution — continued
Golar LNG Ltd. (Bermuda)		994		7,047
Helix Energy Solutions Group, Inc.* (a)		41,526		105,476
Liberty Oilfield Services, Inc., Class A		23,406		110,476
Matrix Service Co.*		12,967		135,375
MRC Global, Inc.*		23,206		124,384
Nabors Industries Ltd. (a)		3,999		58,905
Newpark Resources, Inc.* (a)		24,275		37,141
NexTier Oilfield Solutions, Inc.* (a)		21,383		49,609
NOW, Inc.*		28,446		175,512
Oceaneering International, Inc.*		17,571		90,315
Oil States International, Inc.*		15,133		52,058
RPC, Inc. (a)		21,910		74,713
Solaris Oilfield Infrastructure, Inc., Class A (a)		26,073		178,339
TETRA Technologies, Inc.*		7,344		3,571
Tidewater, Inc.*		3,492		20,114
				2,201,388
Personal Goods — 1.7%
Crocs, Inc.*		13,489		327,108
Deckers Outdoor Corp.*		2,411		358,660
elf Beauty, Inc.*		10,004		130,752
Helen of Troy Ltd.*		2,600		427,128
Inter Parfums, Inc.		1,434		64,086
Movado Group, Inc.		1,958		20,187
Oxford Industries, Inc.		4,713		197,569
Signet Jewelers Ltd. (a)		3,241		32,605
Steven Madden Ltd.		12,662		317,436
Vera Bradley, Inc.*		29,988		165,234
				2,040,765
Pharmaceuticals & Biotechnology — 3.9%
Acceleron Pharma, Inc.*		3,033		274,578
ANI Pharmaceuticals, Inc.* (a)		3,551		142,076
Arena Pharmaceuticals, Inc.* (a)		5,668		277,562
Arrowhead Pharmaceuticals, Inc.* (a)		6,626		228,133
Assertio Therapeutics, Inc.*		2,783		2,435
Codexis, Inc.* (a)		9,108		105,744
Corcept Therapeutics, Inc.* (a)		6,789		85,949
Eagle Pharmaceuticals, Inc.*		1,733		88,348
Emergent BioSolutions, Inc.*		2,473		182,878
Enanta Pharmaceuticals, Inc.*		1,754		81,333
FibroGen, Inc.*		2,732		100,784
Halozyme Therapeutics, Inc.*		5,713		129,428
Heron Therapeutics, Inc.* (a)		3,813		54,373
ImmunoGen, Inc.*		2,920		11,914
Innoviva, Inc.* (a)		9,428		133,689

INVESTMENTS	SHARES		VALUE($)
Pharmaceuticals & Biotechnology — continued
Ironwood Pharmaceuticals, Inc.* (a)		7,905		79,050
Lannett Co., Inc.*		2,391		22,810
Lexicon Pharmaceuticals, Inc.*		6,496		12,277
Ligand Pharmaceuticals, Inc.* (a)		969		95,514
Luminex Corp.		9,100		328,055
Mallinckrodt plc* (a)		2,728		11,076
Medpace Holdings, Inc.*		4,635		370,151
Momenta Pharmaceuticals, Inc.*		4,914		155,774
MyoKardia, Inc.*		2,148		134,937
Myriad Genetics, Inc.* (a)		4,464		69,013
Novocure Ltd.*		5,253		345,647
Pacira BioSciences, Inc.*		6,919		285,686
PDL BioPharma, Inc.*		23,798		80,675
PetIQ, Inc.* (a)		3,329		95,209
Prestige Consumer Healthcare, Inc.*		3,527		143,514
PTC Therapeutics, Inc.*		3,398		173,026
Retrophin, Inc.*		5,584		84,989
Sangamo Therapeutics, Inc.*		3,291		26,822
Supernus Pharmaceuticals, Inc.*		2,735		63,999
Syneos Health, Inc.*		2,727		152,139
Vanda Pharmaceuticals, Inc.*		6,938		79,787
Xencor, Inc.*		2,665		77,898
				4,787,272
Real Estate Investment & Services — 0.2%
Kennedy-Wilson Holdings, Inc.		9,844		139,293
Rafael Holdings, Inc., Class B*		4,486		63,297
				202,590
Real Estate Investment Trusts — 7.2%
Acadia Realty Trust		2,141		26,527
AG Mortgage Investment Trust, Inc. (a)		2,980		9,506
Agree Realty Corp.		4,468		290,911
American Assets Trust, Inc.		6,440		182,381
Anworth Mortgage Asset Corp.		16,902		29,071
Apollo Commercial Real Estate Finance, Inc.		16,510		134,557
Blackstone Mortgage Trust, Inc., Class A		8,838		207,958
Capstead Mortgage Corp.		18,829		97,723
CareTrust REIT, Inc.		12,081		199,095
Community Healthcare Trust, Inc.		1,996		74,251
CoreCivic, Inc.		6,662		87,405
DiamondRock Hospitality Co.		5,299		33,013
EastGroup Properties, Inc.		2,804		297,224
Ellington Financial, Inc. (a)		15,124		157,138
Essential Properties Realty Trust, Inc.		7,464		109,646
Exantas Capital Corp.		10,683		31,622

SEE NOTES TO FINANCIAL STATEMENTS.

142 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Real Estate Investment Trusts — continued
First Industrial Realty Trust, Inc.		8,993		339,666
Four Corners Property Trust, Inc.		9,358		209,526
Franklin Street Properties Corp.		5,379		29,262
GEO Group, Inc. (The)		3,897		49,414
Global Net Lease, Inc.		14,607		210,195
Granite Point Mortgage Trust, Inc.		6,692		33,326
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		5,907		165,337
Healthcare Realty Trust, Inc. (a)		9,429		277,118
Innovative Industrial Properties, Inc. (a)		3,527		276,728
Invesco Mortgage Capital, Inc. (a)		26,179		79,584
Investors Real Estate Trust		1,689		105,782
iStar, Inc.		16,365		163,977
Kite Realty Group Trust		7,753		79,313
KKR Real Estate Finance Trust, Inc. (a)		12,502		197,282
Ladder Capital Corp.		17,206		136,788
Lexington Realty Trust		41,021		428,669
LTC Properties, Inc. (a)		6,609		235,280
Mack-Cali Realty Corp.		5,991		96,994
National Health Investors, Inc.		3,876		213,413
National Storage Affiliates Trust		4,281		121,923
New York Mortgage Trust, Inc.		73,054		159,258
Office Properties Income Trust		1,822		49,923
PennyMac Mortgage Investment Trust		20,356		211,702
Physicians Realty Trust		16,418		253,166
Piedmont Office Realty Trust, Inc., Class A		14,637		253,952
PotlatchDeltic Corp.		2,291		80,437
PS Business Parks, Inc.		1,861		240,236
QTS Realty Trust, Inc., Class A		3,286		205,474
Redwood Trust, Inc. (a)		24,241		99,388
Retail Opportunity Investments Corp.		7,627		74,020
Rexford Industrial Realty, Inc.		8,136		331,298
RLJ Lodging Trust		5,471		50,826
RPT Realty		11,587		79,023
Ryman Hospitality Properties, Inc.		1,524		53,858
Sabra Health Care REIT, Inc.		15,788		202,402
Saul Centers, Inc.		1,290		42,080
STAG Industrial, Inc.		10,472		274,890
Summit Hotel Properties, Inc.		5,852		35,463
Terreno Realty Corp.		6,526		357,755
TPG RE Finance Trust, Inc. (a)		5,447		41,887
Urban Edge Properties		899		10,339
Washington REIT (a)		5,259		122,640
Western Asset Mortgage Capital Corp.		23,720		72,346
Xenia Hotels & Resorts, Inc.		4,858		47,123
				8,767,091

INVESTMENTS	SHARES		VALUE($)
Software & Computer Services — 6.6%
ACI Worldwide, Inc.* (a)		12,706		348,144
Agilysys, Inc.*		4,481		87,783
Alarm.com Holdings, Inc.*		619		27,688
Appfolio, Inc., Class A* (a)		3,091		339,577
Avaya Holdings Corp.* (a)		10,738		106,736
Blackbaud, Inc.		2,406		132,955
Blackline, Inc.*		3,328		202,143
Blucora, Inc.*		7,162		100,769
Bottomline Technologies DE, Inc.*		3,315		138,003
Cogent Communications Holdings, Inc.		5,587		468,358
Computer Programs & Systems, Inc. (a)		1,993		47,892
CSG Systems International, Inc.		6,575		319,413
Ebix, Inc. (a)		3,718		77,818
Envestnet, Inc.*		4,475		279,777
Everbridge, Inc.* (a)		2,700		300,726
Five9, Inc.* (a)		3,843		356,131
Forrester Research, Inc.*		2,796		87,515
Gogo, Inc.* (a)		9,446		15,397
Intelligent Systems Corp.*		2,616		87,741
j2 Global, Inc.		3,590		289,498
Meet Group, Inc. (The)* (a)		43,418		267,889
MicroStrategy, Inc., Class A*		1,291		163,092
NetScout Systems, Inc.*		3,650		96,652
NextGen Healthcare, Inc.*		6,323		66,708
NIC, Inc.		4,860		117,758
OneSpan, Inc.*		5,043		84,722
Perficient, Inc.*		9,343		325,417
Perspecta, Inc.		10,630		229,289
Progress Software Corp.		8,162		333,907
PROS Holdings, Inc.*		5,161		177,487
Q2 Holdings, Inc.*		572		45,600
Qualys, Inc.*		4,984		525,513
Rosetta Stone, Inc.*		1,802		30,778
SailPoint Technologies Holding, Inc.* (a)		4,572		84,993
Science Applications International Corp.		3,285		268,253
Shutterstock, Inc. (a)		4,417		167,846
SPS Commerce, Inc.*		5,745		318,905
TiVo Corp.		6,522		45,850
Unisys Corp.*		11,817		148,776
Varonis Systems, Inc.*		2,519		168,899
Verint Systems, Inc.*		5,336		228,061
Virtusa Corp.*		3,260		107,580
Workiva, Inc.*		5,379		206,285
				8,024,324

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 143

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Support Services — 3.6%
ABM Industries, Inc.		4,614		159,137
AMN Healthcare Services, Inc.*		1,914		89,920
Applied Industrial Technologies, Inc.		7,061		369,926
ASGN, Inc.*		2,796		129,874
Barnes Group, Inc.		2,676		102,705
Cimpress plc (Ireland)* (a)		972		70,752
Comfort Systems USA, Inc.		4,814		160,306
Covanta Holding Corp.		446		3,470
CRA International, Inc.		2,231		93,992
Deluxe Corp.		2,134		60,115
DXP Enterprises, Inc.*		949		14,159
EVERTEC, Inc. (Puerto Rico)		5,052		128,018
ExlService Holdings, Inc.*		2,124		131,114
Exponent, Inc.		2,091		147,060
FTI Consulting, Inc.*		2,647		337,122
Heidrick & Struggles International, Inc.		1,145		25,694
Huron Consulting Group, Inc.*		1,472		82,491
Insperity, Inc.		1,378		65,744
Kaman Corp.		3,922		152,017
Kelly Services, Inc., Class A		1,787		27,609
Korn Ferry		1,780		51,317
Lawson Products, Inc.*		1,426		47,928
MAXIMUS, Inc.		6,146		413,749
McGrath RentCorp		2,642		144,121
Mobile Mini, Inc. (a)		838		23,942
Resources Connection, Inc.		2,689		29,256
SiteOne Landscape Supply, Inc.*		2,626		232,742
Sykes Enterprises, Inc.*		1,656		47,411
Team, Inc.* (a)		1,830		11,291
Tetra Tech, Inc.		4,413		332,211
TriNet Group, Inc.*		2,825		138,340
TrueBlue, Inc.*		1,162		18,046
TTEC Holdings, Inc.		3,972		154,828
UniFirst Corp.		2,019		339,495
				4,335,902
Technology Hardware & Equipment — 6.4%
Acacia Communications, Inc.*		6,201		419,746
ADTRAN, Inc.		11,425		117,449
Advanced Energy Industries, Inc.*		2,865		159,294
Amkor Technology, Inc.*		13,020		128,638
Axcelis Technologies, Inc.*		3,877		90,567
Brooks Automation, Inc.		5,028		193,528
Cabot Microelectronics Corp.		3,002		367,865
CEVA, Inc.*		3,027		94,896
Cirrus Logic, Inc.*		6,221		470,308

INVESTMENTS	SHARES		VALUE($)
Technology Hardware & Equipment — continued
Cohu, Inc.		524		8,662
Comtech Telecommunications Corp.		4,816		89,144
Diodes, Inc.*		9,437		480,249
DSP Group, Inc.*		2,443		42,142
FormFactor, Inc.*		5,202		121,207
Harmonic, Inc.* (a)		13,663		79,245
Ichor Holdings Ltd.*		8,288		206,371
Inphi Corp.*		5,693		549,602
Insight Enterprises, Inc.*		6,264		340,073
InterDigital, Inc. (a)		2,435		140,670
Lattice Semiconductor Corp.*		23,036		518,540
Loral Space & Communications, Inc.*		965		21,230
Lumentum Holdings, Inc.* (a)		1,999		161,739
MaxLinear, Inc.*		8,254		136,108
NeoPhotonics Corp.*		7,330		70,515
Onto Innovation, Inc.*		6,542		212,353
PC Connection, Inc.		2,994		137,574
Photronics, Inc.*		7,256		86,709
Pitney Bowes, Inc. (a)		18,979		66,996
Power Integrations, Inc.		2,665		272,763
Rambus, Inc.*		10,148		127,154
Ribbon Communications, Inc.*		1,005		3,663
ScanSource, Inc.*		2,940		76,205
Semtech Corp.*		3,706		167,659
Silicon Laboratories, Inc.*		2,326		226,134
SMART Global Holdings, Inc.*		3,162		79,967
Stratasys Ltd.* (a)		3,155		55,843
Synaptics, Inc.*		4,086		267,184
Tech Data Corp.*		3,006		422,764
Ultra Clean Holdings, Inc.*		4,103		75,454
Viavi Solutions, Inc.* (a)		24,712		298,521
Xperi Corp.		13,067		199,664
				7,784,395
Tobacco — 0.6%
Universal Corp.		7,872		380,769
Vector Group Ltd.		35,157		376,180
				756,949
Travel & Leisure — 3.4%
Allegiant Travel Co. (a)		881		69,141
AMC Entertainment Holdings, Inc., Class A (a)		4,154		20,438
Avis Budget Group, Inc.*		3,362		55,406
Biglari Holdings, Inc., Class B*		132		9,239
BJ’s Restaurants, Inc.		3,069		67,088
Bloomin’ Brands, Inc.		16,473		198,500

SEE NOTES TO FINANCIAL STATEMENTS.

144 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Travel & Leisure — continued
Boyd Gaming Corp.		7,012		117,030
Brinker International, Inc. (a)		5,352		124,595
Cheesecake Factory, Inc. (The) (a)		6,675		148,786
Churchill Downs, Inc.		3,409		341,650
Chuy’s Holdings, Inc.*		2,781		46,610
Cracker Barrel Old Country Store, Inc. (a)		1,943		189,248
Dave & Buster’s Entertainment, Inc. (a)		5,807		85,014
Denny’s Corp.*		11,778		132,738
Dine Brands Global, Inc. (a)		3,051		135,434
El Pollo Loco Holdings, Inc.* (a)		7,863		96,164
Eldorado Resorts, Inc.* (a)		3,550		76,112
Hawaiian Holdings, Inc.		3,273		47,131
IMAX Corp.*		5,710		65,665
Jack in the Box, Inc. (a)		3,510		211,653
Marcus Corp. (The)		4,343		63,147
Marriott Vacations Worldwide Corp.		2,484		206,172
Noodles & Co.* (a)		2,951		18,444
Penn National Gaming, Inc.* (a)		9,886		176,168
Red Robin Gourmet Burgers, Inc.* (a)		6,681		97,743
Ruth’s Hospitality Group, Inc.		7,628		85,853
SeaWorld Entertainment, Inc.* (a)		8,991		132,078
Shake Shack, Inc., Class A* (a)		3,606		196,563
SkyWest, Inc.		4,507		139,492
Spirit Airlines, Inc.*		6,405		96,203
Texas Roadhouse, Inc.		5,505		259,230
Travelzoo*		628		3,498
Wingstop, Inc.		3,881		455,125
				4,167,358
Total Common Stocks (Cost $156,153,855)				121,060,916
	NO. OF RIGHTS
Rights — 0.0%
Media — 0.0%
Media General, Inc., CVR*‡		1,533		—
Pharmaceuticals & Biotechnology — 0.0%
Achillion Pharmaceuticals, Inc., CVR*‡		12,757		—
Total Rights (Cost $—)				—

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 16.1%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (b) (c) (Cost $269,662)		269,662		269,662
Investment of Cash Collateral from Securities Loaned — 15.9%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (b) (c)		16,995,798		16,999,197
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (b) (c)		2,339,008		2,339,008
Total Investment of Cash Collateral from Securities Loaned (Cost $19,335,505)				19,338,205
Total Short-Term Investments (Cost $19,605,167)				19,607,867
Total Investments — 115.8% (Cost $175,759,022)				140,668,783
Liabilities in Excess of Other Assets — (15.8%)				(19,217,971	)
NET ASSETS — 100.0%				121,450,812

Percentages indicated are based on net assets.

Abbreviations

CVR	Contingent Value Rights
REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $17,770,833.
(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 April 30, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 145

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

Futures contracts outstanding as of April 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Russell 2000E-Mini Index	7		06/2020		USD		457,450		97,121

Abbreviations

USD     United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

146 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.6%
Aerospace & Defense — 0.8%
Lockheed Martin Corp.		621		241,606
Automobiles & Parts — 1.9%
Ford Motor Co.		26,791		136,366
General Motors Co.		6,030		134,409
Genuine Parts Co.		2,204		174,733
Goodyear Tire & Rubber Co. (The)		7,310		52,413
Harley-Davidson, Inc.		4,907		107,120
				605,041
Banks — 1.3%
New York Community Bancorp, Inc. (a)		19,463		211,368
PacWest Bancorp		4,088		82,741
People’s United Financial, Inc.		9,128		115,835
				409,944
Beverages — 1.6%
Coca-Cola Co. (The)		4,443		203,889
Keurig Dr Pepper, Inc.		1,538		40,695
Molson Coors Beverage Co., Class B		1,079		44,250
PepsiCo, Inc.		1,775		234,815
				523,649
Chemicals — 6.8%
Cabot Corp.		1,653		56,020
CF Industries Holdings, Inc.		4,940		135,850
Chemours Co. (The) (a)		15,364		180,220
Dow, Inc.		5,633		206,675
DuPont de Nemours, Inc.		5,289		248,689
Eastman Chemical Co.		3,613		218,622
Huntsman Corp.		11,017		185,196
International Flavors & Fragrances, Inc.		1,599		209,517
LyondellBasell Industries NV, Class A		3,199		185,382
Olin Corp.		13,842		184,791
RPM International, Inc.		2,279		151,348
ScottsMiracle-Gro Co. (The)		1,713		212,463
				2,174,773
Construction & Materials — 0.7%
Fluor Corp.		3,214		37,604
MDU Resources Group, Inc. (a)		8,209		184,374
				221,978
Electricity — 13.6%
AES Corp. (The)		13,309		176,345
Alliant Energy Corp.		4,328		210,124
American Electric Power Co., Inc.		2,567		213,343
Avangrid, Inc. (a)		3,174		136,482
CMS Energy Corp.		3,628		207,123

INVESTMENTS	SHARES		VALUE($)
Electricity — continued
Consolidated Edison, Inc.		2,865		225,762
Dominion Energy, Inc.		2,920		225,220
DTE Energy Co.		2,007		208,206
Edison International		3,397		199,438
Entergy Corp.		1,955		186,722
Evergy, Inc.		3,486		203,687
Eversource Energy		2,618		211,273
Exelon Corp.		5,319		197,228
FirstEnergy Corp.		5,081		209,693
Hawaiian Electric Industries, Inc.		4,121		162,656
IDACORP, Inc.		717		65,806
OGE Energy Corp.		5,984		188,616
Pinnacle West Capital Corp.		2,545		195,940
PPL Corp.		7,583		192,760
Public Service Enterprise Group, Inc.		4,385		222,363
Southern Co. (The)		3,784		214,666
Vistra Energy Corp.		5,730		111,964
Xcel Energy, Inc.		3,637		231,168
				4,396,585
Electronic & Electrical Equipment — 1.3%
Emerson Electric Co.		3,412		194,586
Hubbell, Inc.		1,709		212,651
				407,237
Financial Services — 0.8%
BGC Partners, Inc., Class A		13,000		40,235
Invesco Ltd.		12,871		110,948
Janus Henderson Group plc (United Kingdom) (a)		2,309		41,331
Lazard Ltd., Class A		2,830		77,825
				270,339
Fixed Line Telecommunications — 2.0%
AT&T, Inc.		6,823		207,897
CenturyLink, Inc.		18,828		199,953
Verizon Communications, Inc.		4,350		249,908
				657,758
Food & Drug Retailers — 0.4%
Sysco Corp.		1,978		111,302
Food Producers — 4.6%
Archer-Daniels-Midland Co.		1,750		64,995
Campbell Soup Co.		4,988		249,300
Conagra Brands, Inc.		6,141		205,355
Flowers Foods, Inc. (a)		10,164		226,454
General Mills, Inc.		4,509		270,044
JM Smucker Co. (The)		165		18,960

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 147

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Food Producers — continued
Kellogg Co.		3,177		208,094
Kraft Heinz Co. (The)		7,653		232,115
				1,475,317
Forestry & Paper — 1.0%
Domtar Corp.		5,228		122,126
International Paper Co.		6,150		210,637
				332,763
Gas, Water & Multiutilities — 4.7%
Ameren Corp.		2,276		165,579
CenterPoint Energy, Inc.		9,948		169,414
Duke Energy Corp.		2,492		210,973
National Fuel Gas Co.		3,537		145,017
NiSource, Inc.		8,411		211,200
Sempra Energy (a)		1,626		201,380
UGI Corp.		6,321		190,768
WEC Energy Group, Inc.		2,452		222,029
				1,516,360
General Industrials — 2.8%
3M Co.		1,252		190,204
Eaton Corp. plc		2,525		210,838
Packaging Corp. of America		2,001		193,397
Sonoco Products Co.		3,667		179,096
WestRock Co.		3,668		118,073
				891,608
General Retailers — 3.6%
Foot Locker, Inc.		4,052		103,853
Gap, Inc. (The)		12,522		101,679
H&R Block, Inc.		8,254		137,429
Home Depot, Inc. (The)		1,097		241,153
KAR Auction Services, Inc.		3,061		45,854
Kohl’s Corp.		3,549		65,515
L Brands, Inc.		10,265		122,051
Macy’s, Inc. (a)		13,814		80,950
Nordstrom, Inc.		3,081		57,861
Target Corp.		2,060		226,064
				1,182,409
Health Care Equipment & Services — 1.3%
Medtronic plc		2,305		225,037
Quest Diagnostics, Inc.		1,670		183,884
ResMed, Inc.		43		6,679
				415,600
Household Goods & Home Construction — 3.3%
Clorox Co. (The)		1,416		263,999

INVESTMENTS	SHARES		VALUE($)
Household Goods & Home Construction — continued
Leggett & Platt, Inc.		4,771		167,605
Newell Brands, Inc.		13,211		183,369
Procter & Gamble Co. (The)		2,109		248,588
Stanley Black & Decker, Inc.		39		4,298
Whirlpool Corp. (a)		1,591		177,778
				1,045,637
Industrial Engineering — 1.8%
Caterpillar, Inc.		1,754		204,131
Cummins, Inc.		1,401		229,063
Rockwell Automation, Inc.		282		53,433
Timken Co. (The)		1,743		65,502
				552,129
Industrial Metals & Mining — 2.0%
GrafTech International Ltd. (a)		3,511		28,509
Nucor Corp.		4,446		183,131
Reliance Steel & Aluminum Co.		1,678		150,315
Southern Copper Corp. (Peru)		5,486		177,966
Steel Dynamics, Inc.		4,355		105,696
				645,617
Industrial Transportation — 1.0%
Macquarie Infrastructure Corp.		4,800		132,432
Ryder System, Inc.		681		24,107
United Parcel Service, Inc., Class B		1,727		163,478
				320,017
Leisure Goods — 0.8%
Garmin Ltd. (a)		1,749		141,949
Hasbro, Inc.		1,725		124,562
				266,511
Media — 0.5%
Nielsen Holdings plc		10,653		156,919
Mobile Telecommunications — 1.6%
Telephone & Data Systems, Inc.		6,739		132,219
T-Mobile US, Inc.*		4,422		388,252
				520,471
Nonlife Insurance — 0.5%
Old Republic International Corp.		10,512		167,666
Oil & Gas Producers — 3.5%
Apache Corp. (a)		9,200		120,336
Chevron Corp. (a)		2,323		213,716
Exxon Mobil Corp.		3,921		182,209
Kosmos Energy Ltd. (Ghana)		8,647		14,268
Marathon Petroleum Corp.		1,022		32,786

SEE NOTES TO FINANCIAL STATEMENTS.

148 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Oil & Gas Producers — continued
Murphy Oil Corp. (a)		9,824		116,513
Occidental Petroleum Corp.		5,699		94,603
PBF Energy, Inc., Class A		8,278		94,369
Phillips 66		852		62,341
Valero Energy Corp.		2,902		183,842
				1,114,983
Oil Equipment, Services & Distribution — 3.5%
Antero Midstream Corp. (a)		34,400		163,400
Equitrans Midstream Corp. (a)		13,887		116,373
Halliburton Co.		10,187		106,964
Helmerich & Payne, Inc. (a)		5,353		105,829
Kinder Morgan, Inc.		11,026		167,926
ONEOK, Inc.		3,439		102,929
Schlumberger Ltd.		6,903		116,108
Targa Resources Corp.		5,587		72,407
Williams Cos., Inc. (The)		10,013		193,952
				1,145,888
Personal Goods — 1.8%
Coty, Inc., Class A		14,933		81,385
Hanesbrands, Inc.		12,663		125,870
Kimberly-Clark Corp.		1,726		239,016
Nu Skin Enterprises, Inc., Class A		2,017		58,916
Tapestry, Inc.		6,328		94,161
				599,348
Pharmaceuticals & Biotechnology — 6.8%
AbbVie, Inc.		2,719		223,502
Amgen, Inc.		1,137		271,993
Bristol-Myers Squibb Co.		3,929		238,923
Cardinal Health, Inc.		3,012		149,034
Eli Lilly & Co.		1,823		281,909
Gilead Sciences, Inc.		3,299		277,116
Johnson & Johnson		1,810		271,572
Merck & Co., Inc.		3,067		243,336
Pfizer, Inc.		6,364		244,123
				2,201,508
Real Estate Investment Trusts — 11.7%
AGNC Investment Corp.		13,424		166,726
Annaly Capital Management, Inc.		25,888		161,800
Apple Hospitality REIT, Inc.		9,400		90,992
Brandywine Realty Trust		12,521		139,734
Brixmor Property Group, Inc.		11,355		130,015
Brookfield Property REIT, Inc., Class A (a)		1,843		18,052
Chimera Investment Corp.		9,982		77,560
Colony Capital, Inc.		12,355		28,540

INVESTMENTS	SHARES		VALUE($)
Real Estate Investment Trusts — continued
Corporate Office Properties Trust		1,462		38,626
Digital Realty Trust, Inc.		1,880		281,041
EPR Properties		3,128		92,026
Gaming and Leisure Properties, Inc.		4,982		140,692
Healthcare Trust of America, Inc., Class A		1,104		27,191
Healthpeak Properties, Inc.		6,277		164,081
Iron Mountain, Inc.		6,570		158,863
Kimco Realty Corp.		11,559		126,109
Macerich Co. (The) (a)		9,070		67,753
Medical Properties Trust, Inc.		5,695		97,612
MFA Financial, Inc.		24,359		42,628
National Retail Properties, Inc.		3,565		116,362
New Residential Investment Corp.		14,293		87,044
Omega Healthcare Investors, Inc.		5,764		168,021
Outfront Media, Inc.		5,991		93,999
Park Hotels & Resorts, Inc.		10,530		100,140
Rayonier, Inc.		4,485		107,775
Service Properties Trust		6,362		44,089
Simon Property Group, Inc.		1,520		101,490
SITE Centers Corp.		8,467		51,310
Spirit Realty Capital, Inc.		4,752		146,171
Starwood Property Trust, Inc.		10,127		131,044
Taubman Centers, Inc.		815		35,126
Two Harbors Investment Corp.		15,491		70,794
Ventas, Inc.		1,124		36,361
VEREIT, Inc.		24,238		132,824
Welltower, Inc.		2,508		128,485
WP Carey, Inc.		2,642		173,791
				3,774,867
Software & Computer Services — 1.1%
International Business Machines Corp.		1,660		208,430
Microsoft Corp.		920		164,873
				373,303
Support Services — 1.4%
Paychex, Inc.		2,756		188,841
Waste Management, Inc.		1,581		158,131
Xerox Holdings Corp.		6,409		117,220
				464,192
Technology Hardware & Equipment — 4.6%
Analog Devices, Inc.		2,084		228,406
HP, Inc.		3,529		54,735
Intel Corp.		4,270		256,115
KLA Corp.		1,471		241,376
Maxim Integrated Products, Inc.		3,949		217,116

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 149

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Technology Hardware & Equipment — continued
Microchip Technology, Inc. (a)		2,100		184,233
QUALCOMM, Inc.		2,933		230,739
Xilinx, Inc.		719		62,841
				1,475,561
Tobacco — 1.3%
Altria Group, Inc.		4,792		188,086
Philip Morris International, Inc.		2,849		212,535
				400,621
Travel & Leisure — 3.2%
Cinemark Holdings, Inc.		4,804		68,601
Copa Holdings SA, Class A (Panama)		2,117		93,593
Darden Restaurants, Inc.		1,959		144,555
Extended Stay America, Inc.		10,702		116,331
International Game Technology plc		9,111		68,697
Las Vegas Sands Corp.		3,270		157,025
McDonald’s Corp.		1,110		208,191
Six Flags Entertainment Corp.		4,870		97,449
Wyndham Destinations, Inc.		2,641		67,530
				1,021,972
Total Common Stocks (Cost $38,550,329)				32,081,479

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 6.8%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (b) (c) (Cost $31,637)		31,637		31,637
Investment of Cash Collateral from Securities Loaned — 6.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (b) (c) (Cost $2,160,876)		2,160,876		2,160,876
Total Short-Term Investments (Cost $2,192,513)				2,192,513
Total Investments — 106.4% (Cost $40,742,842)				34,273,992
Liabilities in Excess of Other Assets — (6.4%)				(2,070,235	)
NET ASSETS — 100.0%				32,203,757

Percentages indicated are based on net assets.

Abbreviations

REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $2,031,688.
(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 April 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE	TRADING CURRENCY	NOTIONAL AMOUNT($)	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
S&P 500 MicE-mini Index	9	06/2020	USD	130,556		22,243

Abbreviations

USD    United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

150 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.8%
Aerospace & Defense — 0.7%
Lockheed Martin Corp.		1,606		624,830
Automobiles & Parts — 1.0%
Genuine Parts Co.		5,861		464,660
WABCO Holdings, Inc.*		3,720		499,893
				964,553
Banks — 0.5%
TFS Financial Corp.		9,196		125,525
US Bancorp		9,265		338,173
				463,698
Beverages — 2.7%
Brown-Forman Corp., Class B		9,602		597,244
Coca-Cola Co. (The)		11,613		532,921
Constellation Brands, Inc., Class A		2,105		346,672
Keurig Dr Pepper, Inc.		6,202		164,105
Molson Coors Beverage Co., Class B		5,947		243,887
PepsiCo, Inc.		4,723		624,806
				2,509,635
Chemicals — 5.4%
Air Products & Chemicals, Inc.		2,775		625,984
Ashland Global Holdings, Inc.		7,120		439,233
Axalta Coating Systems Ltd.* (a)		9,328		184,135
Celanese Corp.		567		47,101
Ecolab, Inc. (a)		3,083		596,561
International Flavors & Fragrances, Inc.		3,796		497,390
Linde plc (United Kingdom)		3,194		587,664
NewMarket Corp.		741		304,877
PPG Industries, Inc.		4,824		438,164
RPM International, Inc.		8,769		582,349
ScottsMiracle-Gro Co. (The)		3,871		480,120
WR Grace & Co.		6,932		327,398
				5,110,976
Construction & Materials — 0.2%
MDU Resources Group, Inc.		6,281		141,071
Electricity — 11.4%
Alliant Energy Corp.		11,733		569,637
American Electric Power Co., Inc.		6,879		571,714
Avangrid, Inc. (a)		7,416		318,888
CMS Energy Corp.		10,128		578,208
Consolidated Edison, Inc.		7,465		588,242
Dominion Energy, Inc.		7,834		604,236
DTE Energy Co.		5,217		541,212
Entergy Corp.		5,168		493,596
Evergy, Inc.		9,369		547,431
Eversource Energy		7,084		571,679
Exelon Corp.		14,043		520,714
FirstEnergy Corp.		12,909		532,754
Hawaiian Electric Industries, Inc.		7,866		310,471
IDACORP, Inc.		3,744		343,624

INVESTMENTS	SHARES		VALUE ($)
Electricity — continued
NextEra Energy, Inc.		2,450		566,244
OGE Energy Corp.		15,523		489,285
Pinnacle West Capital Corp.		6,239		480,341
PPL Corp.		17,892		454,815
Public Service Enterprise Group, Inc.		10,987		557,151
Southern Co. (The)		10,192		578,192
Xcel Energy, Inc.		9,826		624,540
				10,842,974
Electronic & Electrical Equipment — 0.5%
Hubbell, Inc.		2,495		310,453
Waters Corp.*		1,189		222,343
				532,796
Fixed Line Telecommunications — 1.8%
AT&T, Inc.		17,867		544,408
CenturyLink, Inc. (a)		41,670		442,535
GCI Liberty, Inc., Class A*		1,474		89,663
Verizon Communications, Inc.		11,126		639,189
				1,715,795
Food & Drug Retailers — 1.5%
AmerisourceBergen Corp.		5,809		520,835
CVS Health Corp.		7,172		441,437
Sysco Corp.		8,137		457,869
				1,420,141
Food Producers — 8.7%
Archer-Daniels-Midland Co.		15,171		563,451
Campbell Soup Co. (a)		8,853		442,473
Conagra Brands, Inc.		18,080		604,595
Flowers Foods, Inc.		12,221		272,284
General Mills, Inc.		10,997		658,610
Hershey Co. (The)		3,989		528,263
Hormel Foods Corp.		14,579		683,026
Ingredion, Inc.		6,810		552,972
JM Smucker Co. (The)		5,160		592,936
Kellogg Co.		9,324		610,722
Kraft Heinz Co. (The)		7,956		241,306
Lamb Weston Holdings, Inc.		6,944		426,084
McCormick & Co., Inc.(Non-Voting)		3,772		591,600
Mondelez International, Inc., Class A		11,493		591,200
Post Holdings, Inc.*		3,814		350,316
Tyson Foods, Inc., Class A		6,513		405,043
US Foods Holding Corp.*		4,958		106,597
				8,221,478
Gas, Water & Multiutilities — 5.7%
Ameren Corp.		7,751		563,885
American Water Works Co., Inc.		4,891		595,186
Atmos Energy Corp.		5,917		603,356

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 151

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Gas, Water & Multiutilities — continued
CenterPoint Energy, Inc.		22,270		379,258
Duke Energy Corp.		6,714		568,407
Essential Utilities, Inc.		12,405		518,405
National Fuel Gas Co.		7,993		327,713
NiSource, Inc.		20,399		512,219
Sempra Energy (a)		3,613		447,470
UGI Corp.		10,659		321,689
WEC Energy Group, Inc.		6,631		600,437
				5,438,025
General Industrials — 1.4%
3M Co.		2,425		368,406
AptarGroup, Inc.		1,047		112,113
Avery Dennison Corp.		4,413		487,151
Honeywell International, Inc.		1,443		204,762
Sonoco Products Co.		2,816		137,533
				1,309,965
General Retailers — 6.0%
AutoZone, Inc.*		548		559,135
Bright Horizons Family Solutions, Inc.*		3,552		413,630
Copart, Inc.*		6,503		520,955
Costco Wholesale Corp.		2,183		661,449
Dollar Tree, Inc.*		2,577		205,310
Home Depot, Inc. (The)		2,880		633,110
O’Reilly Automotive, Inc.*		855		330,321
Rollins, Inc.		4,444		177,760
Service Corp. International		11,919		437,904
Target Corp.		5,221		572,952
TJX Cos., Inc. (The)		10,158		498,250
Walmart, Inc.		5,571		677,155
				5,687,931
Health Care Equipment & Services — 10.5%
Baxter International, Inc.		7,227		641,613
Becton Dickinson and Co.		2,291		578,546
Bio-Techne Corp.		2,266		509,850
Cooper Cos., Inc. (The)		1,861		533,549
Henry Schein, Inc.*		5,868		320,158
Hill-Rom Holdings, Inc.		5,494		618,020
Laboratory Corp. of America Holdings*		3,362		552,881
Medtronic plc		5,877		573,771
Quest Diagnostics, Inc.		5,640		621,020
ResMed, Inc.		995		154,543
STERIS plc		3,858		549,765
Stryker Corp.		2,888		538,410
Teleflex, Inc.		1,730		580,242
Thermo Fisher Scientific, Inc.		2,104		704,167
UnitedHealth Group, Inc.		2,233		653,085

INVESTMENTS	SHARES		VALUE ($)
Health Care Equipment & Services — continued
Varian Medical Systems, Inc.*		4,355		498,125
West Pharmaceutical Services, Inc.		4,030		762,718
Zimmer Biomet Holdings, Inc.		4,164		498,431
				9,888,894
Household Goods & Home Construction — 2.9%
Church & Dwight Co., Inc.		7,915		553,971
Clorox Co. (The)		3,661		682,557
Leggett & Platt, Inc.		10,994		386,219
NVR, Inc.*		162		502,200
Procter & Gamble Co. (The)		5,490		647,106
Stanley Black & Decker, Inc.		375		41,325
				2,813,378
Industrial Engineering — 0.1%
Snap-on, Inc.		406		52,898
Industrial Transportation — 0.4%
United Parcel Service, Inc., Class B		4,222		399,655
Leisure Goods — 1.4%
Garmin Ltd. (a)		6,465		524,700
Hasbro, Inc.		3,158		228,039
Pool Corp.		2,896		612,967
				1,365,706
Life Insurance — 0.3%
Aflac, Inc.		7,742		288,312
Media — 0.9%
Graham Holdings Co., Class B		492		191,885
Omnicom Group, Inc.		3,576		203,939
Walt Disney Co. (The)		4,370		472,616
				868,440
Mobile Telecommunications — 1.2%
Telephone & Data Systems, Inc.		15,661		307,269
T-Mobile US, Inc.*		6,796		596,689
United States Cellular Corp.* (a)		7,823		249,006
				1,152,964
Nonlife Insurance — 6.1%
Allstate Corp. (The)		5,533		562,817
American Financial Group, Inc.		4,765		315,634
Aon plc		760		131,229
Arch Capital Group Ltd.*		14,928		358,720
Arthur J Gallagher & Co. (a)		3,510		275,535
Berkshire Hathaway, Inc., Class B*		3,054		572,197
Brown & Brown, Inc.		13,212		474,443
Chubb Ltd.		3,404		367,666
Cincinnati Financial Corp.		5,635		370,783

SEE NOTES TO FINANCIAL STATEMENTS.

152 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Nonlife Insurance — continued
Everest Re Group Ltd.		1,408		243,767
Markel Corp.*		488		422,530
Marsh & McLennan Cos., Inc.		5,798		564,319
RenaissanceRe Holdings Ltd. (Bermuda)		3,373		492,492
White Mountains Insurance Group Ltd.		276		268,548
WR Berkley Corp.		6,098		329,292
				5,749,972
Oil & Gas Producers — 2.5%
Chevron Corp.		5,511		507,012
ConocoPhillips		9,164		385,804
EOG Resources, Inc.		951		45,182
Exxon Mobil Corp.		10,052		467,117
Occidental Petroleum Corp.		9,820		163,012
Phillips 66		6,737		492,946
Valero Energy Corp.		4,674		296,098
				2,357,171
Oil Equipment, Services & Distribution — 2.0%
Cheniere Energy, Inc.*		9,805		457,796
Halliburton Co.		8,503		89,282
Kinder Morgan, Inc.		28,823		438,974
ONEOK, Inc.		7,558		226,211
Schlumberger Ltd.		10,759		180,966
Williams Cos., Inc. (The)		26,439		512,123
				1,905,352
Personal Goods — 2.9%
Colgate-Palmolive Co.		8,525		599,052
Estee Lauder Cos., Inc. (The), Class A		3,185		561,834
Kimberly-Clark Corp.		4,486		621,221
NIKE, Inc., Class B		6,853		597,445
VF Corp.		6,494		377,301
				2,756,853
Pharmaceuticals & Biotechnology — 5.4%
Abbott Laboratories		7,565		696,661
Amgen, Inc.		2,638		631,062
Bristol-Myers Squibb Co.		2,454		149,228
Eli Lilly & Co.		4,715		729,128
IQVIA Holdings, Inc.*		4,083		582,195
Johnson & Johnson		4,420		663,177
Merck & Co., Inc.		7,524		596,954
Pfizer, Inc.		13,401		514,062
QIAGEN NV*		759		31,642
Zoetis, Inc.		4,621		597,541
				5,191,650
Real Estate Investment Trusts — 5.2%
AGNC Investment Corp.(a)		35,627		442,487
American Tower Corp.		2,707		644,266

INVESTMENTS	SHARES		VALUE ($)
Real Estate Investment Trusts — continued
Annaly Capital Management, Inc.		63,783		398,644
Apple Hospitality REIT, Inc.		25,502		246,859
Camden Property Trust		365		32,146
Chimera Investment Corp.		18,087		140,536
Crown Castle International Corp.		4,288		683,636
Equity Commonwealth		7,782		264,199
Equity LifeStyle Properties, Inc.		7,392		445,811
Federal Realty Investment Trust		2,914		242,649
Gaming and Leisure Properties, Inc.		13,111		370,255
MFA Financial, Inc.		46,941		82,147
National Retail Properties, Inc.		3,161		103,175
Regency Centers Corp.		1,865		81,892
Starwood Property Trust, Inc. (a)		25,064		324,328
Two Harbors Investment Corp.		39,480		180,424
WP Carey, Inc.		3,260		214,443
				4,897,897
Software & Computer Services — 4.2%
Amdocs Ltd.		8,222		529,826
ANSYS, Inc.*		2,527		661,644
CDK Global, Inc.		7,959		312,630
Citrix Systems, Inc.		1,365		197,939
Cognizant Technology Solutions Corp., Class A		899		52,160
International Business Machines Corp.		2,313		290,420
Intuit, Inc.		2,203		594,391
Microsoft Corp.		4,286		768,094
Synopsys, Inc.*		4,426		695,413
				4,102,517
Support Services — 2.4%
Automatic Data Processing, Inc.		3,717		545,247
Jack Henry & Associates, Inc.		1,603		262,171
Paychex, Inc.		2,255		154,512
Republic Services, Inc.		6,691		524,173
Verisk Analytics, Inc.		644		98,423
Waste Management, Inc.		5,545		554,611
				2,139,137
Technology Hardware & Equipment — 1.3%
L3Harris Technologies, Inc.		3,010		583,037
Motorola Solutions, Inc.		3,502		503,623
Texas Instruments, Inc.		1,867		216,703
				1,303,363
Tobacco — 0.8%
Altria Group, Inc.		9,038		354,742
Philip Morris International, Inc.		5,549		413,955
				768,697

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 153

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Travel & Leisure — 1.8%
Choice Hotels International, Inc. (a)		5,504		413,075
Dunkin’ Brands Group, Inc.		3,366		211,519
McDonald’s Corp.		2,934		550,301
Yum! Brands, Inc.		5,648		488,157
				1,663,052
Total Common Stocks (Cost $101,433,110)				94,649,776
Short-Term Investments — 3.0%
Investment Companies — 0.3%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (b)(c) (Cost $266,164)		266,164		266,164
Investment of Cash Collateral From Securities Loaned — 2.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (b) (c) (Cost $2,580,620)		2,580,620		2,580,620
Total Short-Term Investments (Cost $2,846,784)				2,846,784

INVESTMENTS	SHARES	VALUE ($)
Total Investments — 102.8% (Cost $104,279,894)			97,496,560
Liabilities in Excess of Other Assets — (2.8%)			(2,674,706	)
NET ASSETS — 100.0%			94,821,854
Percentages indicated are based on net assets.

Abbreviations

REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $2,425,225.
(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 April 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 MicE-mini Index		12		06/2020		USD		174,075		27,182

Abbreviations

USD    United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

154 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.8%
Aerospace & Defense — 0.8%
HEICO Corp.		1,468		128,597
Howmet Aerospace, Inc.		8,160		106,651
Teledyne Technologies, Inc.*		735		239,367
TransDigm Group, Inc.		621		225,473
				700,088
Alternative Energy — 0.1%
First Solar, Inc.*		1,890		83,179
Automobiles & Parts — 1.2%
Gentex Corp.		7,867		190,696
Tesla, Inc.*		1,105		863,977
				1,054,673
Beverages — 0.7%
Coca-Cola Co. (The)		6,215		285,206
Monster Beverage Corp.*		4,831		298,604
				583,810
Chemicals — 1.6%
Air Products & Chemicals, Inc.		1,644		370,853
Ashland Global Holdings, Inc.		497		30,660
CF Industries Holdings, Inc.		5,010		137,775
Ecolab, Inc.		2,380		460,530
FMC Corp.		2,608		239,675
RPM International, Inc.		2,799		185,882
WR Grace & Co.		53		2,503
				1,427,878
Construction & Materials — 0.5%
AECOM*		4,744		172,017
Armstrong World Industries, Inc.		2,017		155,471
Trane Technologies plc		1,172		102,456
				429,944
Electricity — 2.2%
American Electric Power Co., Inc.		2,452		203,786
Entergy Corp.		2,676		255,585
Eversource Energy		3,890		313,923
NextEra Energy, Inc.		3,550		820,476
OGE Energy Corp.		1,785		56,263
Southern Co. (The)		3,731		211,659
				1,861,692
Electronic & Electrical Equipment — 0.9%
Allegion plc		511		51,376
Keysight Technologies, Inc.*		2,763		267,376
Universal Display Corp. (a)		1,174		176,241
Zebra Technologies Corp., Class A*		1,034		237,468
				732,461

INVESTMENTS	SHARES		VALUE ($)
Financial Services — 7.6%
American Express Co.		4,566		416,647
CME Group, Inc.		2,896		516,096
Element Solutions, Inc.*		3,788		38,827
Fidelity National Financial, Inc.		4,276		115,666
Legg Mason, Inc.		3,175		158,210
LPL Financial Holdings, Inc.		2,436		146,696
MarketAxess Holdings, Inc. (a)		665		302,582
Mastercard, Inc., Class A		5,692		1,565,129
Moody’s Corp.		1,691		412,435
MSCI, Inc.		1,081		353,487
S&P Global, Inc.		2,098		614,462
Visa, Inc., Class A		9,598		1,715,355
Western Union Co. (The)		9,165		174,777
				6,530,369
Fixed Line Telecommunications — 1.6%
AT&T, Inc.		42,032		1,280,715
GCI Liberty, Inc., Class A*		1,277		77,680
				1,358,395
Food & Drug Retailers — 0.5%
Casey’s General Stores, Inc.		974		147,474
Sysco Corp.		4,990		280,787
				428,261
Food Producers — 1.2%
Hershey Co. (The)		2,061		272,938
Hormel Foods Corp.		5,491		257,254
Lamb Weston Holdings, Inc.		2,911		178,619
McCormick & Co., Inc.(Non-Voting)		1,780		279,175
Tyson Foods, Inc., Class A		779		48,446
				1,036,432
Gas, Water & Multiutilities — 1.0%
American Water Works Co., Inc.		2,487		302,643
Atmos Energy Corp.		2,183		222,601
WEC Energy Group, Inc.		3,741		338,748
				863,992
General Industrials — 1.0%
AptarGroup, Inc.		842		90,161
Avery Dennison Corp.		1,843		203,449
Ball Corp.		4,259		279,348
Carlisle Cos., Inc. (a)		532		64,351
Crown Holdings, Inc.*		3,155		203,213
				840,522
General Retailers — 8.2%
Amazon.com, Inc.*		876		2,167,224
AutoZone, Inc.*		295		300,994

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 155

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
General Retailers — continued
Bright Horizons Family Solutions, Inc.* (a)		1,450		168,852
Burlington Stores, Inc.*		1,174		214,478
Copart, Inc.*		3,187		255,310
Costco Wholesale Corp.		2,564		776,892
Dollar General Corp.		2,634		461,740
frontdoor, Inc.*		2,692		104,207
Home Depot, Inc. (The)		7,077		1,555,737
O’Reilly Automotive, Inc.*		377		145,650
Ross Stores, Inc.		672		61,394
Service Corp. International		1,882		69,145
Target Corp.		3,068		336,683
TJX Cos., Inc. (The)		9,993		490,157
				7,108,463
Health Care Equipment & Services — 9.0%
Becton Dickinson and Co.		2,174		549,000
Bio-Rad Laboratories, Inc., Class A*		477		209,928
Bio-Techne Corp.		655		147,375
Bruker Corp.		1,634		64,249
Chemed Corp.		504		209,951
Cooper Cos., Inc. (The)		736		211,011
Danaher Corp.		2,433		397,698
DaVita, Inc.*		2,745		216,882
Dentsply Sirona, Inc.		3,644		154,651
DexCom, Inc.*		1,156		387,491
Edwards Lifesciences Corp.*		1,937		421,298
IDEXX Laboratories, Inc.*		1,145		317,852
Insulet Corp.*		1,266		252,846
Intuitive Surgical, Inc.*		959		489,934
Laboratory Corp. of America Holdings*		1,397		229,737
Masimo Corp.*		1,339		286,426
Quest Diagnostics, Inc.		2,400		264,264
ResMed, Inc.		1,948		302,563
STERIS plc		1,583		225,578
Stryker Corp.		1,823		339,862
Teleflex, Inc.		778		260,941
Thermo Fisher Scientific, Inc.		1,889		632,210
UnitedHealth Group, Inc.		3,113		910,459
West Pharmaceutical Services, Inc.		1,581		299,220
				7,781,426
Household Goods & Home Construction — 2.2%
Church & Dwight Co., Inc.		3,766		263,582
DR Horton, Inc.		1,025		48,401
Procter & Gamble Co. (The)		12,349		1,455,577
PulteGroup, Inc.		5,931		167,669
				1,935,229

INVESTMENTS	SHARES		VALUE ($)
Industrial Engineering — 0.2%
Xylem, Inc.		2,335		167,886
Industrial Metals & Mining — 0.0% (b)
Arconic Corp.*		1,998		17,423
Industrial Transportation — 0.7%
Kansas City Southern		1,709		223,110
Norfolk Southern Corp.		2,445		418,339
				641,449
Leisure Goods — 1.2%
Garmin Ltd.		2,732		221,729
Hasbro, Inc.		251		18,125
Pool Corp.		1,044		220,973
Take-Two Interactive Software, Inc.*		1,971		238,590
Zynga, Inc., Class A*		30,875		232,797
				932,214
Life Insurance — 0.0% (b)
Globe Life, Inc. (a)		247		20,338
Media — 1.4%
Cable One, Inc.		137		262,062
Charter Communications, Inc., Class A*		1,234		611,114
Dolby Laboratories, Inc., Class A		296		17,769
FactSet Research Systems, Inc.		331		91,025
Liberty Broadband Corp., Class C* (a)		786		96,426
Roku, Inc.*		1,632		197,847
				1,276,243
Mobile Telecommunications — 0.2%
T-Mobile US, Inc.*		1,939		170,244
Nonlife Insurance — 3.1%
Aon plc		2,178		376,075
Arch Capital Group Ltd.*		4,223		101,479
Arthur J Gallagher & Co.		2,867		225,059
Brown & Brown, Inc.		5,415		194,453
CNA Financial Corp.		121		3,821
Erie Indemnity Co., Class A		352		62,677
First American Financial Corp.		1,837		84,722
Hanover Insurance Group, Inc. (The)		363		36,438
Hartford Financial Services Group, Inc. (The)		5,002		190,026
Marsh & McLennan Cos., Inc.		4,436		431,756
Old Republic International Corp.		3,862		61,599
Progressive Corp. (The)		5,609		433,576
RenaissanceRe Holdings Ltd. (Bermuda)		658		96,074
Willis Towers Watson plc		1,658		295,605
				2,593,360
Oil & Gas Producers — 2.0%
Chevron Corp.		8,948		823,216

SEE NOTES TO FINANCIAL STATEMENTS.

156 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Oil & Gas Producers — continued
ConocoPhillips		2,979		125,416
Diamondback Energy, Inc.		1,904		82,900
Hess Corp.		4,721		229,630
Phillips 66		4,149		303,582
Pioneer Natural Resources Co.		1,424		127,178
Valero Energy Corp.		1,274		80,708
WPX Energy, Inc.* (a)		11,288		69,195
				1,841,825
Oil Equipment, Services & Distribution — 0.7%
Kinder Morgan, Inc.(a)		20,480		311,910
ONEOK, Inc.		5,110		152,942
Targa Resources Corp.		3,960		51,322
				516,174
Personal Goods — 1.7%
Columbia Sportswear Co. (a)		303		22,086
Estee Lauder Cos., Inc. (The), Class A		2,183		385,081
Lululemon Athletica, Inc.*		1,475		329,633
NIKE, Inc., Class B		8,738		761,779
				1,498,579
Pharmaceuticals & Biotechnology — 5.2%
Allergan plc		2,848		533,544
Alnylam Pharmaceuticals, Inc.*		2,092		275,516
Eli Lilly & Co.		6,359		983,356
Guardant Health, Inc.*		2,261		174,007
IQVIA Holdings, Inc.*		2,247		320,400
Merck & Co., Inc.		16,662		1,321,963
Seattle Genetics, Inc.*		2,237		306,984
Zoetis, Inc.		4,134		534,568
				4,450,338
Real Estate Investment Trusts — 6.3%
Alexandria Real Estate Equities, Inc.		1,770		278,049
American Tower Corp.		1,514		360,332
Apartment Investment & Management Co., Class A		3,476		130,941
Brixmor Property Group, Inc.		6,578		75,318
Chimera Investment Corp.		7,754		60,249
CoreSite Realty Corp.		724		87,741
CyrusOne, Inc.		2,194		153,909
Equinix, Inc.		800		540,160
Equity LifeStyle Properties, Inc.		3,460		208,672
Equity Residential		4,221		274,618
Gaming and Leisure Properties, Inc.		2,945		83,167
Healthpeak Properties, Inc.		8,107		211,917
Invitation Homes, Inc.		9,023		213,394
Life Storage, Inc.		1,169		102,393

INVESTMENTS	SHARES		VALUE ($)
Real Estate Investment Trusts — continued
Medical Properties Trust, Inc.		11,413		195,619
Mid-America Apartment Communities, Inc. (a)		655		73,308
National Retail Properties, Inc.		4,102		133,889
Omega Healthcare Investors, Inc.		5,552		161,841
Prologis, Inc.		5,565		496,565
Realty Income Corp.		4,194		230,334
SBA Communications Corp.		972		281,802
Spirit Realty Capital, Inc.		2,993		92,065
STORE Capital Corp.		5,691		114,218
Sun Communities, Inc.		1,694		227,674
UDR, Inc. (a)		5,015		187,912
Welltower, Inc.		4,455		228,230
WP Carey, Inc.		2,938		193,262
				5,397,579
Software & Computer Services — 15.4%
Adobe, Inc.*		3,312		1,171,256
Akamai Technologies, Inc.*		2,921		285,411
Alteryx, Inc., Class A*		1,514		171,354
Anaplan, Inc.*		3,892		159,027
ANSYS, Inc.*		1,203		314,981
Aspen Technology, Inc.*		1,788		182,823
Atlassian Corp. plc, Class A*		1,893		294,343
Avalara, Inc.*		2,321		207,428
Black Knight, Inc.*		3,432		242,196
CACI International, Inc., Class A*		853		213,369
Cadence Design Systems, Inc.*		4,192		340,097
Cerence, Inc.*		719		15,214
Ceridian HCM Holding, Inc.* (a)		2,995		176,615
Coupa Software, Inc.*		1,538		270,826
DocuSign, Inc.*		2,930		306,917
EPAM Systems, Inc.*		1,085		239,666
Fortinet, Inc.*		2,555		275,276
Intuit, Inc.		2,118		571,458
Leidos Holdings, Inc.		2,459		242,974
Manhattan Associates, Inc.*		2,546		180,613
Match Group, Inc.* (a)		2,885		222,030
Microsoft Corp.		10,779		1,931,705
MongoDB, Inc.*		1,388		225,036
NortonLifeLock, Inc.		12,393		263,599
Nuance Communications, Inc.*		9,698		195,900
Okta, Inc.*		1,961		296,699
Paycom Software, Inc.*		905		236,223
Pegasystems, Inc.		1,839		153,777
RealPage, Inc.*		2,436		157,098
RingCentral, Inc., Class A*		1,166		266,466
salesforce.com, Inc.*		5,942		962,307

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 157

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Software & Computer Services —continued
ServiceNow, Inc.*		1,631		573,362
Smartsheet, Inc., Class A*		4,339		228,752
Synopsys, Inc.*		2,140		336,237
Tyler Technologies, Inc.*		778		249,497
Veeva Systems, Inc., Class A*		1,889		360,421
VeriSign, Inc.*		1,518		318,006
Zendesk, Inc.*		2,637		202,732
Zscaler, Inc.* (a)		3,035		203,588
				13,245,279
Support Services — 7.4%
Automatic Data Processing, Inc.		3,578		524,857
Booz Allen Hamilton Holding Corp.		3,279		240,810
Broadridge Financial Solutions, Inc.		1,972		228,752
Cintas Corp.		1,148		254,661
CoStar Group, Inc.*		475		307,924
Fair Isaac Corp.*		621		219,176
Fidelity National Information Services, Inc.		4,826		636,501
Fiserv, Inc.*		4,684		482,733
FleetCor Technologies, Inc.*		1,087		262,239
Global Payments, Inc.		2,691		446,760
Jack Henry & Associates, Inc.		299		48,901
Paychex, Inc.		3,920		268,598
Paylocity Holding Corp.*		959		109,834
PayPal Holdings, Inc.*		8,415		1,035,045
Republic Services, Inc.		3,161		247,633
TransUnion		3,043		239,758
Verisk Analytics, Inc.		2,069		316,205
Waste Management, Inc.		4,039		403,981
WEX, Inc.*		1,118		147,934
				6,422,302
Technology Hardware & Equipment — 10.0%
Advanced Micro Devices, Inc.*		9,908		519,080
Apple, Inc.		6,389		1,877,088
Applied Materials, Inc.		8,413		417,958
Broadcom, Inc.		2,796		759,449
CDW Corp.		2,153		238,552
Entegris, Inc.		4,036		218,872
KLA Corp.		2,019		331,298
L3Harris Technologies, Inc.		2,185		423,235
Lam Research Corp.		1,449		369,901
Marvell Technology Group Ltd.		10,689		285,824
Motorola Solutions, Inc.		1,972		283,594
NVIDIA Corp.		4,049		1,183,442
Qorvo, Inc.* (a)		992		97,246

INVESTMENTS	SHARES		VALUE ($)
Technology Hardware & Equipment — continued
QUALCOMM, Inc.		4,226		332,459
Switch, Inc., Class A		10,737		184,354
Teradyne, Inc.		3,970		248,284
Texas Instruments, Inc.		6,221		722,071
Ubiquiti, Inc. (a)		308		49,905
				8,542,612
Travel & Leisure — 4.0%
Chipotle Mexican Grill, Inc.*		370		325,063
Choice Hotels International, Inc.		1,157		86,833
Hilton Worldwide Holdings, Inc.		3,179		240,682
Hyatt Hotels Corp., Class A (a)		443		24,923
Live Nation Entertainment, Inc.*		3,340		149,866
McDonald’s Corp.		5,260		986,566
Planet Fitness, Inc., Class A*		2,728		164,580
Starbucks Corp.		8,921		684,508
Wendy’s Co. (The)		9,160		181,918
Yum China Holdings, Inc. (China)		6,095		295,364
Yum! Brands, Inc.		3,403		294,121
				3,434,424
Total Common Stocks (Cost $83,769,365)				85,925,083
Short-Term Investments — 1.9%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17%(c)(d) (Cost $80,155)		80,155		80,155
Investment of Cash Collateral From Securities Loaned — 1.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23%(c) (d) (Cost $1,558,287)		1,558,287		1,558,287
Total Short-Term Investments (Cost $1,638,442)				1,638,442
Total Investments — 101.7% (Cost $85,407,807)				87,563,525
Liabilities in Excess of Other Assets — (1.7%)				(1,489,118	)
NET ASSETS — 100.0%				86,074,407

Percentages indicated are based on net assets.

(a)	Thesecurity or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $1,486,190.
(b)	Amountrounds to less than 0.1% of net assets.
(c)	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.
(d)	Therate shown is the current yield as of April 30, 2020.
*	Non-incomeproducing security.

SEE NOTES TO FINANCIAL STATEMENTS.

158 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

Futures contracts outstanding as of April 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 MicE-mini Index		11		06/2020		USD		159,569		26,817

Abbreviations

USD UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 159

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.7%
Aerospace & Defense — 0.9%
Lockheed Martin Corp.		5,041		1,961,251
Spirit AeroSystems Holdings, Inc., Class A		294		6,515
				1,967,766
Automobiles & Parts — 0.1%
WABCO Holdings, Inc.*		1,947		261,638
Banks — 0.9%
Bank of Hawaii Corp.		6,010		409,762
Commerce Bancshares, Inc. (a)		9,034		552,790
US Bancorp		29,950		1,093,175
				2,055,727
Beverages — 2.7%
Brown-Forman Corp., Class B		8,273		514,580
Coca-Cola Co. (The)		46,411		2,129,801
Monster Beverage Corp.*		13,043		806,188
PepsiCo, Inc.		20,994		2,777,296
				6,227,865
Chemicals — 1.5%
Air Products & Chemicals, Inc.		5,106		1,151,812
Celanese Corp.		5,704		473,831
CF Industries Holdings, Inc.		8,876		244,090
LyondellBasell Industries NV, Class A		8,256		478,435
NewMarket Corp.		1,094		450,115
PPG Industries, Inc.		6,466		587,307
				3,385,590
Construction & Materials — 0.5%
Acuity Brands, Inc. (a)		2,403		208,076
AO Smith Corp.		4,609		195,329
Eagle Materials, Inc.		2,980		181,810
Watsco, Inc.		2,687		432,580
				1,017,795
Electricity — 2.3%
AES Corp. (The)		10,460		138,595
Evergy, Inc.		7,609		444,594
Exelon Corp.		24,014		890,439
Hawaiian Electric Industries, Inc.		6,226		245,740
IDACORP, Inc. (a)		3,009		276,166
NextEra Energy, Inc.		7,435		1,718,377
NRG Energy, Inc.		15,104		506,437
PG&E Corp.*		16,500		175,560
Pinnacle West Capital Corp.		5,721		440,460
Vistra Energy Corp.		14,633		285,929
				5,122,297

INVESTMENTS	SHARES		VALUE ($)
Electronic & Electrical Equipment — 1.1%
Allegion plc		5,407		543,620
Keysight Technologies, Inc.*		7,692		744,355
Mettler-Toledo International, Inc.*		1,003		722,100
Waters Corp.*		3,332		623,084
				2,633,159
Financial Services — 6.8%
American Express Co.		14,213		1,296,936
Cboe Global Markets, Inc.		1,738		172,722
Eaton Vance Corp. (a)		11,937		438,088
Mastercard, Inc., Class A		15,162		4,169,095
Moody’s Corp.		4,412		1,076,087
Nasdaq, Inc.		6,219		682,038
S&P Global, Inc.		5,474		1,603,225
SEI Investments Co.		9,542		486,260
T. Rowe Price Group, Inc.		5,669		655,507
Visa, Inc., Class A		25,267		4,515,718
Western Union Co. (The)		24,667		470,400
				15,566,076
Fixed Line Telecommunications — 2.0%
AT&T, Inc.		11,252		342,849
CenturyLink, Inc.		20,537		218,103
Verizon Communications, Inc.		71,196		4,090,210
				4,651,162
Food & Drug Retailers — 0.1%
Sprouts Farmers Market, Inc.* (a)		9,582		199,114
Food Producers — 0.5%
Hershey Co. (The)		4,581		606,662
Hormel Foods Corp.		11,114		520,691
				1,127,353
Gas, Water & Multiutilities — 0.9%
Ameren Corp.		9,549		694,690
National Fuel Gas Co.		9,395		385,195
UGI Corp.		31		936
WEC Energy Group, Inc.		9,737		881,685
				1,962,506
General Industrials — 1.6%
3M Co.		11,397		1,731,432
Honeywell International, Inc.		13,842		1,964,180
				3,695,612
General Retailers — 7.4%
Amazon.com, Inc.*		850		2,102,900
Copart, Inc.*		8,561		685,822

SEE NOTES TO FINANCIAL STATEMENTS.

160 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks  — continued
General Retailers — continued
Costco Wholesale Corp.		7,636		2,313,708
eBay, Inc.		24,780		986,988
Foot Locker, Inc.		8,570		219,649
frontdoor, Inc.*		6,045		234,002
Home Depot, Inc. (The)		18,823		4,137,860
Kohl’s Corp.		2,228		41,129
Lowe’s Cos., Inc.		7,601		796,205
O’Reilly Automotive, Inc.*		2,241		865,788
Ross Stores, Inc.		9,649		881,533
Target Corp.		11,480		1,259,815
TJX Cos., Inc. (The)		26,345		1,292,222
Tractor Supply Co.		7,002		710,213
Williams-Sonoma, Inc.		6,503		402,145
				16,929,979
Health Care Equipment & Services — 1.9%
Bio-Techne Corp.		2,036		458,100
Chemed Corp.		1,322		550,706
DaVita, Inc.*		7,221		570,531
Edwards Lifesciences Corp.*		5,247		1,141,223
IDEXX Laboratories, Inc.*		2,909		807,538
ResMed, Inc.		5,063		786,385
				4,314,483
Household Goods & Home Construction — 1.0%
Church & Dwight Co., Inc.		5,727		400,833
Clorox Co. (The)		4,027		750,794
Procter & Gamble Co. (The)		9,484		1,117,879
				2,269,506
Industrial Engineering — 2.5%
Allison Transmission Holdings, Inc.		11,817		429,430
Cummins, Inc.		5,270		861,645
Donaldson Co., Inc.		7,666		336,001
Graco, Inc.		11,808		527,345
IDEX Corp. (a)		4,129		634,338
Illinois Tool Works, Inc.		7,634		1,240,525
Lincoln Electric Holdings, Inc.		5,050		406,576
Rockwell Automation, Inc.		4,267		808,511
Toro Co. (The)		7,788		496,952
				5,741,323
Industrial Metals & Mining — 0.2%
Reliance Steel & Aluminum Co.		2,567		229,952
Southern Copper Corp. (Peru)		4,743		153,863
				383,815
Industrial Transportation — 1.6%
CH Robinson Worldwide, Inc.		8,721		618,319

INVESTMENTS	SHARES		VALUE ($)
Industrial Transportation — continued
Expeditors International of Washington, Inc.		3,623		259,425
Landstar System, Inc.		5,131		530,083
Union Pacific Corp.		13,349		2,133,037
				3,540,864
Leisure Goods — 0.2%
Electronic Arts, Inc.*		1,762		201,326
Take-Two Interactive Software, Inc.*		1,753		212,201
				413,527
Life Insurance — 0.5%
Aflac, Inc.		20,025		745,731
Globe Life, Inc. (a)		6,346		522,530
				1,268,261
Media — 1.3%
Cable One, Inc.		229		438,045
Dolby Laboratories, Inc., Class A		7,134		428,254
FactSet Research Systems, Inc.		2,282		627,550
Interpublic Group of Cos., Inc. (The)		16,658		282,853
Omnicom Group, Inc.		9,055		516,406
Sirius XM Holdings, Inc. (a)		90,179		532,958
				2,826,066
Mining — 0.2%
Royal Gold, Inc.		4,459		546,361
Mobile Telecommunications — 0.0% (b)
Telephone & Data Systems, Inc.		3,981		78,107
Nonlife Insurance — 4.1%
Allstate Corp. (The)		9,241		939,994
American Financial Group, Inc.		5,549		367,566
Aon plc		5,724		988,363
Arch Capital Group Ltd.*		15,562		373,955
Arthur J Gallagher & Co.		7,576		594,716
Brown & Brown, Inc.		14,274		512,579
Chubb Ltd.		6,969		752,722
Cincinnati Financial Corp.		295		19,411
Erie Indemnity Co., Class A		2,331		415,058
Hartford Financial Services Group, Inc. (The)		7,947		301,907
Marsh & McLennan Cos., Inc.		12,192		1,186,647
Old Republic International Corp.		13,533		215,851
Progressive Corp. (The)		14,506		1,121,314
Reinsurance Group of America, Inc.		1,963		205,487
Travelers Cos., Inc. (The)		6,407		648,452
WR Berkley Corp.		8,715		470,610
				9,114,632

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 161

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks  — continued
Oil & Gas Producers — 3.0%
Cabot Oil & Gas Corp.		23,887		516,437
Chevron Corp.		29,732		2,735,344
ConocoPhillips		24,948		1,050,311
Exxon Mobil Corp.		39,769		1,848,065
Phillips 66		7,765		568,165
				6,718,322
Oil Equipment, Services & Distribution — 0.2%
Helmerich & Payne, Inc. (a)		7,382		145,942
Schlumberger Ltd.		22,575		379,712
				525,654
Personal Goods — 2.4%
Carter’s, Inc.		2,576		201,443
Colgate-Palmolive Co.		16,552		1,163,109
Estee Lauder Cos., Inc. (The), Class A		4,202		741,233
Kimberly-Clark Corp.		7,580		1,049,678
NIKE, Inc., Class B		23,045		2,009,063
VF Corp.		6,958		404,260
				5,568,786
Pharmaceuticals & Biotechnology — 12.8%
AbbVie, Inc.		28,093		2,309,245
Amgen, Inc.		11,238		2,688,354
Biogen, Inc.*		4,144		1,230,064
Eli Lilly & Co.		16,707		2,583,570
Gilead Sciences, Inc.		24,548		2,062,032
Illumina, Inc.*		3,973		1,267,506
Incyte Corp.*		8,811		860,482
Johnson & Johnson		34,146		5,123,266
Merck & Co., Inc.		45,100		3,578,234
Pfizer, Inc.		89,181		3,420,983
Regeneron Pharmaceuticals, Inc.*		1,615		849,296
Vertex Pharmaceuticals, Inc.*		6,026		1,513,731
Zoetis, Inc.		10,784		1,394,479
				28,881,242
Real Estate Investment Trusts — 3.8%
AGNC Investment Corp.		27,381		340,072
American Tower Corp.		8,749		2,082,262
Apartment Investment & Management Co., Class A		6,086		229,260
Brookfield Property REIT, Inc., Class A (a)		8,081		79,153
Camden Property Trust		3,169		279,094
Chimera Investment Corp.		26,034		202,284
Equity Commonwealth		4,430		150,398
Equity LifeStyle Properties, Inc.		9,194		554,490
Equity Residential		6,801		442,473
Extra Space Storage, Inc.		6,018		531,028

INVESTMENTS	SHARES		VALUE ($)
Real Estate Investment Trusts — continued
Federal Realty Investment Trust		3,148		262,134
Gaming and Leisure Properties, Inc.		13,357		377,202
Lamar Advertising Co., Class A		5,729		330,277
Life Storage, Inc.		2,380		208,464
MFA Financial, Inc.		40,543		70,950
New Residential Investment Corp. (a)		21,181		128,993
Public Storage		4,457		826,551
Simon Property Group, Inc.		7,950		530,821
Starwood Property Trust, Inc.		23,869		308,865
Vornado Realty Trust		10,150		444,773
Weingarten Realty Investors		6,398		116,380
				8,495,924
Software & Computer Services — 15.0%
Adobe, Inc.*		8,725		3,085,509
Akamai Technologies, Inc.*		7,675		749,924
Alphabet, Inc., Class A*		3,441		4,633,995
Arista Networks, Inc.*		3,294		722,374
Aspen Technology, Inc.*		5,360		548,060
Autodesk, Inc.*		5,764		1,078,617
Cadence Design Systems, Inc.*		11,080		898,920
Cerner Corp.		9,962		691,263
Citrix Systems, Inc.		6,229		903,267
Cognizant Technology Solutions Corp., Class A		15,940		924,839
EPAM Systems, Inc.*		2,014		444,872
Facebook, Inc., Class A*		23,059		4,720,408
International Business Machines Corp.		17,124		2,150,089
Intuit, Inc.		5,543		1,495,557
Manhattan Associates, Inc.*		7,783		552,126
Match Group, Inc.* (a)		4,163		320,385
Microsoft Corp.		28,321		5,075,407
Oracle Corp.		40,024		2,120,071
Palo Alto Networks, Inc.*		3,211		630,994
Paycom Software, Inc.*		1,731		451,826
Premier, Inc., Class A*		16,524		547,936
Proofpoint, Inc.*		267		32,502
Synopsys, Inc.*		4,635		728,251
VeriSign, Inc.*		3,882		813,240
				34,320,432
Support Services — 3.7%
Accenture plc, Class A		12,350		2,287,097
Automatic Data Processing, Inc.		9,394		1,378,006
Broadridge Financial Solutions, Inc.		4,984		578,144
Cintas Corp.		3,017		669,261
Jack Henry & Associates, Inc.		4,183		684,130
MSC Industrial Direct Co., Inc., Class A		4,925		293,727

SEE NOTES TO FINANCIAL STATEMENTS.

162 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks  — continued
Support Services — continued
Paychex, Inc.		10,828		741,935
Robert Half International, Inc.		10,058		475,442
Verisk Analytics, Inc.		5,400		825,282
WW Grainger, Inc.		1,906		525,256
				8,458,280
Technology Hardware & Equipment — 10.5%
Analog Devices, Inc.		7,283		798,217
Apple, Inc.		16,805		4,937,309
Cisco Systems, Inc.		77,270		3,274,703
Intel Corp.		65,002		3,898,820
Lam Research Corp.		3,782		965,469
Maxim Integrated Products, Inc.		12,360		679,553
NetApp, Inc.		3,690		161,511
NVIDIA Corp.		10,660		3,115,705
Qorvo, Inc.*		4,907		481,033
QUALCOMM, Inc.		23,357		1,837,495
Teradyne, Inc.		10,304		644,412
Texas Instruments, Inc.		18,423		2,138,358
Ubiquiti, Inc. (a)		2,042		330,865
Xilinx, Inc.		7,531		658,209
				23,921,659
Tobacco — 1.0%
Altria Group, Inc.		30,397		1,193,082
Philip Morris International, Inc.		14,252		1,063,199
				2,256,281
Travel & Leisure — 4.5%
Booking Holdings, Inc.*		918		1,359,163
Darden Restaurants, Inc.		6,554		483,620
Expedia Group, Inc.		5,399		383,221
Hilton Worldwide Holdings, Inc.		8,914		674,879
Las Vegas Sands Corp.		13,020		625,220
Marriott International, Inc., Class A		7,623		693,236
McDonald’s Corp.		11,909		2,233,652
Six Flags Entertainment Corp.		7,012		140,310

INVESTMENTS	SHARES		VALUE ($)
Travel & Leisure — continued
Southwest Airlines Co.		17,036		532,375
Starbucks Corp.		23,677		1,816,736
TripAdvisor, Inc. (a)		10,184		203,374
Vail Resorts, Inc.		1,332		227,772
Yum! Brands, Inc.		9,487		819,961
				10,193,519
Total Common Stocks (Cost $222,996,635)				226,640,683
Short-Term Investments — 1.3%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (c)(d) (Cost $347,012)		347,012		347,012
Investment of Cash Collateral From Securities Loaned — 1.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d) (Cost $2,522,823)		2,522,823		2,522,823
Total Short-Term Investments (Cost $2,869,835)				2,869,835
Total Investments — 101.0% (Cost $225,866,470)				229,510,518
Liabilities in Excess of Other Assets — (1.0%)				(2,269,963	)
NET ASSETS — 100.0%				227,240,555

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 April 30, 2020. The total value of securities on loan at April 30, 2020 is $2,379,716.
(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 April 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
MicroE-Mini S&P 500 Index		44		06/2020		USD		638,275		90,296

Abbreviations
USD	UnitedStates Dollar

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 163

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.7%
Aerospace & Defense — 0.9%
General Dynamics Corp.		1,123		146,686
Raytheon Technologies Corp.		3,930		254,703
Textron, Inc.		2,062		54,355
				455,744
Automobiles & Parts — 1.9%
BorgWarner, Inc.		3,481		99,452
Ford Motor Co.		30,921		157,388
General Motors Co.		6,393		142,500
Gentex Corp.		5,395		130,775
Genuine Parts Co.		1,720		136,362
Goodyear Tire & Rubber Co. (The)		9,230		66,179
Harley-Davidson, Inc.		4,459		97,340
Lear Corp.		1,294		126,359
				956,355
Banks — 6.4%
Associated Banc-Corp.		4,786		67,674
Bank of America Corp.		4,245		102,092
Bank OZK		3,110		70,348
BOK Financial Corp.		588		30,453
CIT Group, Inc.		2,086		39,592
Citigroup, Inc.		9,371		455,056
Citizens Financial Group, Inc.		6,037		135,168
Comerica, Inc.		1,857		64,735
Fifth Third Bancorp		7,832		146,380
First Horizon National Corp.		5,837		53,000
FNB Corp.		13,667		110,566
Huntington Bancshares, Inc.		12,275		113,421
KeyCorp		12,238		142,573
New York Community Bancorp, Inc. (a)		13,989		151,921
PacWest Bancorp		4,583		92,760
People’s United Financial, Inc.		8,390		106,469
PNC Financial Services Group, Inc. (The)		3,049		325,237
Popular, Inc. (Puerto Rico)		3,005		115,963
Regions Financial Corp.		13,740		147,705
Synovus Financial Corp.		2,791		58,639
Truist Financial Corp.		6,347		236,870
Umpqua Holdings Corp. (a)		9,378		117,460
Wells Fargo & Co.		20,066		582,917
				3,466,999
Beverages — 0.5%
Keurig Dr Pepper, Inc.		4,809		127,246
Molson Coors Beverage Co., Class B		3,033		124,384
				251,630
Chemicals — 1.0%
Cabot Corp.		1,199		40,634
Chemours Co. (The) (a)		4,828		56,632

INVESTMENTS	SHARES		VALUE ($)
Chemicals — continued
DuPont de Nemours, Inc.		1,223		57,506
Eastman Chemical Co.		1,891		114,424
Huntsman Corp.		3,879		65,206
LyondellBasell Industries NV, Class A		2,504		145,107
Olin Corp.		4,108		54,842
				534,351
Construction & Materials — 0.7%
AECOM*		7		254
Carrier Global Corp.*		3,851		68,201
MDU Resources Group, Inc.		1,113		24,998
Owens Corning		2,417		104,801
Trane Technologies plc		1,411		123,350
				321,604
Electricity — 2.3%
Avangrid, Inc. (a)		2,273		97,739
Consolidated Edison, Inc.		2,670		210,396
Exelon Corp.		6,469		239,871
Hawaiian Electric Industries, Inc.		2,405		94,925
OGE Energy Corp.		1,995		62,882
Pinnacle West Capital Corp.		856		65,904
PPL Corp.		6,820		173,364
Public Service Enterprise Group, Inc.		2,469		125,203
Southern Co. (The)		3,448		195,605
				1,265,889
Electronic & Electrical Equipment — 1.3%
Avnet, Inc. (a)		1,919		57,609
Emerson Electric Co.		4,339		247,453
Hubbell, Inc. (a)		1,095		136,251
nVent Electric plc		5,489		102,370
Regal Beloit Corp. (a)		1,673		118,800
WESCO International, Inc.*		2,647		68,478
				730,961
Financial Services — 3.8%
Ally Financial, Inc.		5,019		82,261
Bank of New York Mellon Corp. (The)		6,925		259,964
Capital One Financial Corp.		3,570		231,193
Franklin Resources, Inc.		4,233		79,750
Goldman Sachs Group, Inc. (The)		2,104		385,916
Invesco Ltd.		8,859		76,364
Janus Henderson Group plc (United Kingdom) (a)		4,184		74,894
Jefferies Financial Group, Inc. (a)		5,711		78,355
Legg Mason, Inc.		3,088		153,875
Morgan Stanley		8,228		324,430
Navient Corp.		11,411		86,952
Santander Consumer USA Holdings, Inc. (a)		2,044		31,866
State Street Corp.		3,582		225,809
				2,091,629

SEE NOTES TO FINANCIAL STATEMENTS.

164 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Fixed Line Telecommunications — 2.0%
AT&T, Inc.		19,350		589,595
CenturyLink, Inc.		5,994		63,656
Verizon Communications, Inc.		7,884		452,936
				1,106,187
Food & Drug Retailers — 1.9%
AmerisourceBergen Corp.		1,327		118,979
CVS Health Corp.		7,154		440,329
Kroger Co. (The)		7,458		235,747
Walgreens Boots Alliance, Inc.		5,645		244,372
				1,039,427
Food Producers — 2.6%
Archer-Daniels-Midland Co.		4,918		182,655
Conagra Brands, Inc.		3,935		131,586
Flowers Foods, Inc. (a)		5,947		132,499
General Mills, Inc.		4,628		277,171
Ingredion, Inc.		1,672		135,766
JM Smucker Co. (The)		1,394		160,185
Kraft Heinz Co. (The)		7,370		223,532
Tyson Foods, Inc., Class A		2,439		151,681
				1,395,075
Forestry & Paper — 0.3%
Domtar Corp.		2,654		61,997
International Paper Co.		3,141		107,579
				169,576
Gas, Water & Multiutilities — 1.0%
CenterPoint Energy, Inc.		6,099		103,866
Duke Energy Corp.		4,201		355,657
National Fuel Gas Co.		1,777		72,857
				532,380
General Industrials — 2.2%
Carlisle Cos., Inc. (a)		1,024		123,863
Eaton Corp. plc		2,982		248,997
Graphic Packaging Holding Co.		9,318		124,395
Packaging Corp. of America		1,665		160,922
Parker-Hannifin Corp.		1,139		180,099
Silgan Holdings, Inc.		3,870		133,515
Sonoco Products Co.		2,272		110,965
WestRock Co.		4,534		145,950
				1,228,706
General Retailers — 3.1%
AutoNation, Inc.*		2,809		104,607
Best Buy Co., Inc.		2,424		185,994
Dick’s Sporting Goods, Inc. (a)		3,150		92,578
eBay, Inc.		1,566		62,374

INVESTMENTS	SHARES		VALUE ($)
General Retailers — continued
Foot Locker, Inc.		3,838		98,368
Gap, Inc. (The) (a)		9,359		75,995
H&R Block, Inc.		6,253		104,113
KAR Auction Services, Inc.		6,562		98,299
Kohl’s Corp.		3,647		67,324
Macy’s, Inc. (a)		9,925		58,160
Nordstrom, Inc.		2,545		47,795
Penske Automotive Group, Inc.		2,765		99,485
Target Corp.		3,112		341,511
Urban Outfitters, Inc.*		2,842		49,280
Williams-Sonoma, Inc.		2,139		132,276
				1,618,159
Health Care Equipment & Services — 7.4%
Anthem, Inc.		1,468		412,111
Baxter International, Inc.		1,414		125,535
Becton Dickinson and Co.		1,373		346,724
Cigna Corp.		2,110		413,096
Hill-Rom Holdings, Inc.		1,213		136,450
Humana, Inc.		901		344,020
MEDNAX, Inc.*		2,156		31,305
Medtronic plc		6,289		613,995
Quest Diagnostics, Inc.		1,679		184,875
UnitedHealth Group, Inc.		3,669		1,073,072
Universal Health Services, Inc., Class B		1,256		132,746
Zimmer Biomet Holdings, Inc.		1,348		161,356
				3,975,285
Household Goods & Home Construction — 1.5%
Leggett & Platt, Inc.		1,981		69,593
Lennar Corp., Class A		3,029		151,662
Newell Brands, Inc.		7,088		98,381
PulteGroup, Inc.		3,912		110,592
Stanley Black & Decker, Inc.		1,362		150,092
Toll Brothers, Inc.		3,648		87,625
Whirlpool Corp. (a)		1,127		125,931
				793,876
Industrial Engineering — 3.5%
AGCO Corp.		1,887		99,709
Allison Transmission Holdings, Inc.		2,932		106,549
Caterpillar, Inc.		2,545		296,187
Crane Co.		1,800		98,010
Cummins, Inc.		1,370		223,995
Dover Corp.		1,713		160,423
Oshkosh Corp.		1,742		117,637
Otis Worldwide Corp.*		1,926		98,027
PACCAR, Inc.		3,028		209,628

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 165

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Industrial Engineering — continued
Pentair plc		3,518		121,688
Snap-on, Inc.		1,025		133,547
Timken Co. (The)		2,891		108,644
Trinity Industries, Inc. (a)		5,758		111,072
				1,885,116
Industrial Metals & Mining — 0.6%
Nucor Corp.		3,270		134,691
Reliance Steel & Aluminum Co.		1,387		124,247
Steel Dynamics, Inc.		3,443		83,562
				342,500
Industrial Transportation — 1.6%
Macquarie Infrastructure Corp.		3,282		90,550
Norfolk Southern Corp.		1,681		287,619
Ryder System, Inc.		2,177		77,066
Schneider National, Inc., Class B		3,127		68,512
Union Pacific Corp.		1,991		318,142
				841,889
Leisure Goods — 0.2%
Thor Industries, Inc. (a)		1,764		116,777
Life Insurance — 1.5%
Lincoln National Corp.		3,201		113,539
MetLife, Inc.		6,567		236,937
Principal Financial Group, Inc. (a)		3,879		141,234
Prudential Financial, Inc.		3,307		206,258
Unum Group		4,573		79,799
				777,767
Media — 4.3%
AMC Networks, Inc., Class A*		2,230		53,185
Comcast Corp., Class A		20,849		784,548
Discovery, Inc., Class A* (a)		4,658		104,432
DISH Network Corp., Class A*		4,526		113,218
Fox Corp., Class A		5,150		133,231
Fox Corp., Class B		4,451		113,768
Graham Holdings Co., Class B		129		50,311
Interpublic Group of Cos., Inc. (The)		7,015		119,115
John Wiley & Sons, Inc., Class A		2,026		76,076
Liberty Media Corp.-Liberty SiriusXM, Class C* (a)		3,239		110,353
Lions Gate Entertainment Corp., Class A*		7,902		56,420
Nexstar Media Group, Inc., Class A (a)		1,199		83,978
Nielsen Holdings plc		6,145		90,516
Omnicom Group, Inc.		2,622		149,533
Qurate Retail, Inc., Series A*		15,556		125,303
Sinclair Broadcast Group, Inc., Class A		3,725		65,746
ViacomCBS, Inc.		6,901		119,111
				2,348,844

INVESTMENTS	SHARES		VALUE ($)
Nonlife Insurance — 1.0%
Assured Guaranty Ltd.		3,556		105,720
First American Financial Corp.		2,877		132,687
Mercury General Corp.		1,668		68,321
Old Republic International Corp.		7,486		119,402
Reinsurance Group of America, Inc.		1,192		124,779
				550,909
Oil & Gas Producers — 3.1%
Chevron Corp.		7,194		661,848
ConocoPhillips		971		40,879
Exxon Mobil Corp.		12,637		587,241
HollyFrontier Corp.		2,280		75,331
Marathon Petroleum Corp.		4,758		152,637
Valero Energy Corp.		2,857		180,991
				1,698,927
Oil Equipment, Services & Distribution — 0.3%
Helmerich & Payne, Inc.		1,567		30,980
Kinder Morgan, Inc.		5,265		80,186
				111,166
Personal Goods — 0.8%
Capri Holdings Ltd.*		2,058		31,385
Hanesbrands, Inc.		10,215		101,537
Nu Skin Enterprises, Inc., Class A		2,578		75,303
PVH Corp.		1,670		82,214
Ralph Lauren Corp.		1,303		96,135
Tapestry, Inc.		6,057		90,128
				476,702
Pharmaceuticals & Biotechnology — 8.5%
Abbott Laboratories		1,444		132,978
Allergan plc		1,933		362,128
Amgen, Inc.		2,035		486,813
Gilead Sciences, Inc.		6,759		567,756
Johnson & Johnson		7,521		1,128,450
Merck & Co., Inc.		9,699		769,519
Perrigo Co. plc (a)		1,764		94,021
Pfizer, Inc.		25,629		983,128
				4,524,793
Real Estate Investment Trusts — 2.4%
AGNC Investment Corp. (a)		10,256		127,380
Annaly Capital Management, Inc.		20,506		128,162
Apple Hospitality REIT, Inc.		5,288		51,188
Brandywine Realty Trust		6,137		68,489
Brixmor Property Group, Inc.		5,130		58,739
Chimera Investment Corp.		7,636		59,332
Colony Capital, Inc.		846		1,954
Columbia Property Trust, Inc.		2,681		38,311

SEE NOTES TO FINANCIAL STATEMENTS.

166 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Real Estate Investment Trusts — continued
EPR Properties		1,486		43,718
Kimco Realty Corp.		9,000		98,190
Medical Properties Trust, Inc.		8,680		148,775
MFA Financial, Inc.		20,464		35,812
New Residential Investment Corp. (a)		10,391		63,281
Omega Healthcare Investors, Inc.		4,391		127,998
Park Hotels & Resorts, Inc.		5,325		50,641
Retail Properties of America, Inc., Class A (a)		3,368		20,882
Service Properties Trust		4,960		34,373
Starwood Property Trust, Inc.		7,266		94,022
Two Harbors Investment Corp.		10,741		49,086
Weingarten Realty Investors		1,423		25,884
				1,326,217
Software & Computer Services — 9.7%
Akamai Technologies, Inc.*		1,885		184,183
Alphabet, Inc., Class A*		93		125,243
Amdocs Ltd.		2,366		152,465
Arista Networks, Inc.*		563		123,466
CACI International, Inc., Class A*		366		91,551
CDK Global, Inc. (a)		106		4,164
Cerence, Inc.*		2,706		57,259
Cerner Corp.		2,221		154,115
Change Healthcare, Inc.*		4,489		52,252
Citrix Systems, Inc.		1,059		153,566
Cognizant Technology Solutions Corp., Class A		3,753		217,749
Covetrus, Inc.* (a)		5,638		67,036
Dell Technologies, Inc., Class C*		2,009		85,764
DXC Technology Co.		4,412		79,990
F5 Networks, Inc.*		712		99,153
Hewlett Packard Enterprise Co.		14,318		144,039
International Business Machines Corp.		4,423		555,352
Leidos Holdings, Inc. (a)		1,670		165,013
LogMeIn, Inc.		1,568		134,001
Microsoft Corp.		7,313		1,310,563
NCR Corp.*		2,790		57,251
NortonLifeLock, Inc.		8,383		178,306
Nuance Communications, Inc.*		4,771		96,374
Oracle Corp.		10,338		547,604
Premier, Inc., Class A*		2,218		73,549
SS&C Technologies Holdings, Inc.		2,095		115,560
Twitter, Inc.*		5,017		143,888
VMware, Inc., Class A* (a)		764		100,481
				5,269,937

INVESTMENTS	SHARES		VALUE ($)
Support Services — 1.3%
ADT, Inc. (a)		14,391		82,460
Alliance Data Systems Corp.		1,402		70,198
Johnson Controls International plc		5,993		174,456
ManpowerGroup, Inc.		1,778		131,999
MSC Industrial Direct Co., Inc., Class A		2,073		123,634
Robert Half International, Inc.		1,545		73,032
Xerox Holdings Corp.		4,342		79,415
				735,194
Technology Hardware & Equipment — 16.6%
Analog Devices, Inc.		2,434		266,767
Apple, Inc.		4,336		1,273,917
Applied Materials, Inc.		5,744		285,362
Broadcom, Inc.		1,970		535,091
CDW Corp.		1,309		145,037
Ciena Corp.*		2,079		96,154
Cisco Systems, Inc.		19,992		847,261
CommScope Holding Co., Inc.*		6,024		66,324
Corning, Inc.		6,828		150,284
Entegris, Inc.		2,184		118,438
HP, Inc.		11,359		176,178
Intel Corp.		19,088		1,144,898
Juniper Networks, Inc.		6,840		147,744
KLA Corp.		1,414		232,023
L3Harris Technologies, Inc.		1,464		283,577
Lam Research Corp.		985		251,451
Maxim Integrated Products, Inc.		3,166		174,067
Microchip Technology, Inc. (a)		1,641		143,965
Micron Technology, Inc.*		6,697		320,719
MKS Instruments, Inc.		1,386		138,919
Motorola Solutions, Inc.		970		139,496
NetApp, Inc.		2,593		113,496
ON Semiconductor Corp.* (a)		4,960		79,583
Qorvo, Inc.*		1,399		137,144
QUALCOMM, Inc.		5,176		407,196
Skyworks Solutions, Inc.		1,841		191,243
SYNNEX Corp.		1,103		96,579
Teradyne, Inc.		2,656		166,106
Texas Instruments, Inc.		4,749		551,217
Western Digital Corp.		3,268		150,589
Xilinx, Inc.		1,673		146,220
				8,977,045
Tobacco — 0.7%
Altria Group, Inc.		10,306		404,511

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 167

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Travel & Leisure — 2.8%
Alaska Air Group, Inc.		2,802		91,121
Aramark		3,914		106,891
Carnival Corp. (a)		4,580		72,822
Cinemark Holdings, Inc.		4,947		70,643
Copa Holdings SA, Class A (Panama)		1,536		67,907
Darden Restaurants, Inc.		1,040		76,742
Delta Air Lines, Inc.		4,964		128,617
Extended Stay America, Inc.		6,007		65,296
JetBlue Airways Corp.* (a)		7,869		76,644
Las Vegas Sands Corp.		3,336		160,195
MGM Resorts International		6,697		112,710
Royal Caribbean Cruises Ltd. (a)		2,135		99,854
Sabre Corp.		5,304		38,560
Six Flags Entertainment Corp.		2,612		52,266
Southwest Airlines Co.		4,250		132,812
United Airlines Holdings, Inc.*		2,544		75,252
Wyndham Destinations, Inc.		3,070		78,500
				1,506,832
Total Common Stocks (Cost $62,206,383)				53,828,959

INVESTMENTS	SHARES		VALUE ($)
Short-Term Investments — 5.1%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (b) (c) (Cost $71,376)		71,376		71,376
Investment of Cash Collateral From Securities Loaned — 5.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (b) (c) (Cost $2,695,999)		2,695,999		2,695,999
Total Short-Term Investments (Cost $2,767,375)				2,767,375
Total Investments — 104.8% (Cost $64,973,758)				56,596,334
Liabilities in Excess of Other Assets — (4.8%)				(2,578,019	)
NET ASSETS — 100.0%				54,018,315

Percentages indicated are based on net assets.

Abbreviations

REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $2,517,422.
(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 April 30, 2020.
	Non-income producing security.

Futures contracts outstanding as of April 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 MicE-mini Index		10		06/2020		USD		145,063		26,012

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

168 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2020 (Unaudited)

	JPMorgan BetaBuilders Canada ETF			JPMorgan BetaBuilders Developed Asia ex-Japan ETF			JPMorgan BetaBuilders Europe ETF			JPMorgan BetaBuilders International Equity ETF
ASSETS:
Investments innon-affiliates, at value	$	3,170,144,497		$	1,110,182,709		$	2,312,074,551		$	41,870,953
Investments in affiliates, at value		—			—			—			49,618
Investments of cash collateral received from securities loaned, at value (See Note 2.D.)		244,198,283			4,336,441			136,049,603			941,191
Cash		254,160			10,000			1,033,843			106,910
Foreign currency, at value		15,171,850			5,517,230			5,320,867			22,765
Deposits at broker for futures contracts		4,354,323			1,075,766			3,505,624			—
Receivables:
Investment securities sold		—			—			48,952,681			12,857
Interest and dividends fromnon-affiliates		10,641,604			707,316			4,554,685			173,092
Dividends from affiliates		—			—			—			10
Tax reclaims		660,449			29,461			9,436,988			25,365
Securities lending income (See Note 2.D.)		367,916			12,979			99,838			433
Variation margin on futures contracts		—			122,342			—			68,169
Total Assets		3,445,793,082			1,121,994,244			2,521,028,680			43,271,363
LIABILITIES:
Payables:
Investment securities purchased		—			680,759			135,290			2,897
Collateral received on securities loaned (See Note 2.D.)		244,198,283			4,336,441			136,049,603			941,191
Fund shares redeemed		—			—			49,449,812			—
Variation margin on futures contracts		31,446			—			132,706			—
Accrued liabilities:
Management fees (See Note 3.A.)		403,433			126,113			180,016			2,327
Other		—			4,965			—			19
Total Liabilities		244,633,162			5,148,278			185,947,427			946,434
Net Assets	$	3,201,159,920		$	1,116,845,966		$	2,335,081,253		$	42,324,929
NET ASSETS:
Paid-in-Capital	$	3,694,152,059		$	1,357,639,907		$	3,150,281,342		$	43,611,689
Total distributable earnings (loss)		(492,992,139	)		(240,793,941	)		(815,200,089	)		(1,286,760	)
Total Net Assets	$	3,201,159,920		$	1,116,845,966		$	2,335,081,253		$	42,324,929
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		151,800,000			54,600,000			115,200,000			1,000,000
Net asset value, per share	$	21.09		$	20.46		$	20.27		$	42.32
Cost of investments innon-affiliates	$	3,621,322,424		$	1,321,394,018		$	2,779,010,728		$	43,243,425
Cost of investments in affiliates		—			—			—			49,618
Cost of foreign currency		14,872,127			5,391,333			5,257,198			22,486
Investment securities on loan, at value (See Note 2.D.)		223,612,348			4,116,135			125,871,397			884,884
Cost of investment of cash collateral (See Note 2.D.)		244,192,440			4,336,639			136,026,700			941,191

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 169

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2020 (Unaudited) (continued)

	JPMorgan BetaBuilders Japan ETF			JPMorgan BetaBuilders U.S. Equity ETF		JPMorgan BetaBuilders U.S. Mid Cap Equity ETF		JPMorgan Diversified Return Emerging Markets Equity ETF
ASSETS:
Investments innon-affiliates, at value	$	2,632,655,833		$	126,417,263	$	5,351,013	$	260,178,307
Investments in affiliates, at value		—			1,998,493		3,453		—
Investments of cash collateral received from securities loaned, at value (See Note 2.D.)		5,116,764			1,196,285		16,843		813,189
Cash		371,717			—		—		404,774
Foreign currency, at value		5,727,497			—		—		199,769
Deposits at broker for futures contracts		2,322,285			82,000		11,000		224,180
Receivables:
Investment securities sold		3,290,620			—		—		—
Dividends fromnon-affiliates		26,957,968			92,430		1,931		460,652
Dividends from affiliates		—			93		1		—
Tax reclaims		2,452			—		—		8,948
Securities lending income (See Note 2.D.)		29,327			505		—		419
Variation margin on futures contracts		216,049			7,351		171		—
Other		—			12,874		—		—
Total Assets		2,676,690,512			129,807,294		5,384,412		262,290,238
LIABILITIES:
Payables:
Due to custodian		—			15,856		369		—
Investment securities purchased		—			—		1,337		—
Collateral received on securities loaned (See Note 2.D.)		5,116,764			1,196,285		16,843		813,189
Variation margin on futures contracts		—			—		—		21,521
Other		261			—		—		—
Accrued liabilities:
Management fees (See Note 3.A.)		300,383			7,437		156		135,184
Total Liabilities		5,417,408			1,219,578		18,705		969,894
Net Assets	$	2,671,273,104		$	128,587,716	$	5,365,707	$	261,320,344
NET ASSETS:
Paid-in-Capital	$	2,942,060,588		$	127,239,485	$	5,078,167	$	334,262,283
Total distributable earnings (loss)		(270,787,484	)		1,348,231		287,540		(72,941,939	)
Total Net Assets	$	2,671,273,104		$	128,587,716	$	5,365,707	$	261,320,344
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		124,800,000			2,450,000		100,000		6,000,000
Net asset value, per share	$	21.40		$	52.48	$	53.66	$	43.55
Cost of investments innon-affiliates	$	2,983,385,013		$	125,449,754	$	5,066,456	$	301,814,348
Cost of investments in affiliates		—			2,240,371		3,453		—
Cost of foreign currency		5,669,263			—		—		213,541
Investment securities on loan, at value (See Note 2.D.)		4,773,254			1,128,274		15,885		766,526
Cost of investment of cash collateral (See Note 2.D.)		5,114,464			1,196,285		16,843		813,189

SEE NOTES TO FINANCIAL STATEMENTS.

170 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

	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	$	909,667,000		$	581,283,403		$	204,068,147		$	121,060,916
Investments in affiliates, at value		908,334			405,848			225,209			269,662
Investments of cash collateral received from securities loaned, at value (See Note 2.D.)		22,036,532			22,850,526			9,585,139			19,338,205
Cash		944,942			—			—			6,792
Foreign currency, at value		543,724			—			—			—
Deposits at broker for futures contracts		1,231,150			330,600			243,760			133,500
Receivables:
Investment securities sold		—			—			—			1,265,449
Dividends fromnon-affiliates		5,099,169			492,534			100,547			44,520
Dividends from affiliates		17			246			125			38
Tax reclaims		2,029,848			—			—			—
Securities lending income (See Note 2.D.)		35,128			8,834			3,829			20,002
Total Assets		942,495,844			605,371,991			214,226,756			142,139,084
LIABILITIES:
Payables:
Due to custodian		—			—			1,146			—
Collateral received on securities loaned (See Note 2.D.)		22,036,532			22,850,526			9,585,139			19,338,205
Fund shares redeemed		—			—			—			1,283,897
Variation margin on futures contracts		195,775			13,913			16,230			18,200
Other		7,068			—			—			—
Accrued liabilities:
Management fees (See Note 3.D.)		648,859			191,797			62,449			47,970
Total Liabilities		22,888,234			23,056,236			9,664,964			20,688,272
Net Assets	$	919,607,610		$	582,315,755		$	204,561,792		$	121,450,812
NET ASSETS:
Paid-in-Capital	$	1,186,296,412		$	625,312,403		$	222,423,459		$	165,875,138
Total distributable earnings (loss)		(266,688,802	)		(42,996,648	)		(17,861,667	)		(44,424,326	)
Total Net Assets	$	919,607,610		$	582,315,755		$	204,561,792		$	121,450,812
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		19,700,000			8,800,000			3,600,000			4,900,000
Net asset value, per share	$	46.68		$	66.17		$	56.82		$	24.79
Cost of investments innon-affiliates	$	1,064,961,141		$	619,593,625		$	217,781,867		$	156,153,855
Cost of investments in affiliates		908,241			405,848			225,209			269,662
Cost of foreign currency		539,693			—			—			—
Investment securities on loan, at value (See Note 2.D.)		20,708,564			21,154,150			8,837,783			17,770,833
Cost of investment of cash collateral (See Note 2.D.)		22,031,031			22,846,325			9,585,139			19,335,505

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 171

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2020 (Unaudited) (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	$	32,081,479		$	94,649,776		$	85,925,083		$	226,640,683	$	53,828,959
Investments in affiliates, at value		31,637			266,164			80,155			347,012		71,376
Investments of cash collateral received from securities loaned, at value (See Note 2.D.)		2,160,876			2,580,620			1,558,287			2,522,823		2,695,999
Deposits at broker for futures contracts		47,316			104,930			34,930			100,422		79,711
Receivables:
Fund shares sold		—			—			12,639			17,723		—
Dividends fromnon-affiliates		60,304			82,269			49,714			154,696		54,843
Dividends from affiliates		17			36			28			62		28
Securities lending income (See Note 2.D.)		895			1,209			1,768			3,309		1,080
Variation margin on futures contracts		1,307			—			1,425			6,376		—
Total Assets		34,383,831			97,685,004			87,664,029			229,793,106		56,731,996
LIABILITIES:
Payables:
Investment securities purchased		—			258,315			9,208			—		—
Collateral received on securities loaned (See Note 2.D.)		2,160,876			2,580,620			1,558,287			2,522,823		2,695,999
Variation margin on futures contracts		—			2,394			—			—		1,994
Accrued liabilities:
Management fees (See Note 3.D.)		19,198			21,821			22,127			29,728		15,688
Total Liabilities		2,180,074			2,863,150			1,589,622			2,552,551		2,713,681
Net Assets	$	32,203,757		$	94,821,854		$	86,074,407		$	227,240,555	$	54,018,315
NET ASSETS:
Paid-in-Capital	$	38,359,612		$	101,209,907		$	87,722,119		$	223,863,047	$	61,448,549
Total distributable earnings (loss)		(6,155,855	)		(6,388,053	)		(1,647,712	)		3,377,508		(7,430,234	)
Total Net Assets	$	32,203,757		$	94,821,854		$	86,074,407		$	227,240,555	$	54,018,315
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		1,500,000			3,500,000			3,050,000			7,950,000		2,350,000
Net asset value, per share	$	21.47		$	27.09		$	28.22		$	28.58	$	22.99
Cost of investments innon-affiliates	$	38,550,329		$	101,433,110		$	83,769,365		$	222,996,635	$	62,206,383
Cost of investments in affiliates		31,637			266,164			80,155			347,012		71,376
Investment securities on loan, at value (See Note 2.D.)		2,031,688			2,425,225			1,486,190			2,379,716		2,517,422
Cost of investment of cash collateral (See Note 2.D.)		2,160,876			2,580,620			1,558,287			2,522,823		2,695,999

SEE NOTES TO FINANCIAL STATEMENTS.

172 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

	JPMorgan BetaBuilders Canada ETF			JPMorgan BetaBuilders Developed Asia ex-Japan ETF			JPMorgan BetaBuilders Europe ETF			JPMorgan BetaBuilders International Equity ETF (a)
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	5,646		$	1,567		$	25		$	64
Interest income from affiliates		25,305			7,090			100			—
Dividend income fromnon-affiliates		59,826,708			22,823,024			44,701,569			408,913
Dividend income from affiliates		—			—			—			9
Income from securities lending (net) (See Note 2.D.)		3,071,931			185,866			349,154			608
Foreign taxes withheld (net)		(8,436,964	)		(348,090	)		(4,107,333	)		(43,429	)
Total investment income		54,492,626			22,669,457			40,943,515			366,165
EXPENSES:
Management fees (See Note 3.A.)		3,458,888			1,294,390			1,602,880			7,390
Interest expense tonon-affiliates		—			815			8,548			—
Interest expense to affiliates		333			358			32,746			12
Total expenses		3,459,221			1,295,563			1,644,174			7,402
Net expenses		3,459,221			1,295,563			1,644,174			7,402
Net investment income (loss)		51,033,405			21,373,894			39,299,341			358,763
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		(20,989,767	)		(12,942,858	)		(29,418,456	)		(102,575	)
In-kind redemptions of investments innon-affiliates		(13,287,307	)		(10,408,175	)		(314,440,665	)		—
Futures contracts		(1,455,772	)		(1,962,727	)		(6,639,342	)		(116,559	)
Foreign currency transactions		(413,023	)		(712,275	)		939,605			(2,572	)
Net realized gain (loss)		(36,145,869	)		(26,026,035	)		(349,558,858	)		(221,706	)
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		(576,898,716	)		(268,958,566	)		(612,061,681	)		(1,372,472	)
Investments in affiliates		5,843			(198	)		18,003			—
Futures contracts		2,664,304			481,494			2,348,599			39,386
Foreign currency translations		334,083			46,427			(125,481	)		1,615
Change in net unrealized appreciation/depreciation		(573,894,486	)		(268,430,843	)		(609,820,560	)		(1,331,471	)
Net realized/unrealized gains (losses)		(610,040,355	)		(294,456,878	)		(959,379,418	)		(1,553,177	)
Change in net assets resulting from operations	$	(559,006,950	)	$	(273,082,984	)	$	(920,080,077	)	$	(1,194,414	)

(a) Commencement of operations was December 3, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 173

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

	JPMorgan BetaBuilders Japan ETF			JPMorgan BetaBuilders U.S. Equity ETF			JPMorgan BetaBuilders U.S. Mid Cap Equity ETF(a)		JPMorgan Diversified Return Emerging Markets Equity ETF
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	—		$	153		$	—	$	761
Interest income from affiliates		630			—			—		242
Dividend income fromnon-affiliates		37,555,292			734,854			1,976		4,214,784
Dividend income from affiliates		—			19,899			1		1,312
Income from securities lending (net) (See Note 2.D.)		248,847			657			—		2,322
Foreign taxes withheld (net)		(3,750,411	)		—			—		(288,967	)
Total investment income		34,054,358			755,563			1,977		3,930,454
EXPENSES:
Management fees (See Note 3.A.)		3,519,182			7,437			156		720,665
Interest expense tonon-affiliates		2,653			21			—		—
Interest expense to affiliates		19,188			—			—		1,369
Total expenses		3,541,023			7,458			156		722,034
Net expenses		3,541,023			7,458			156		722,034
Net investment income (loss)		30,513,335			748,105			1,821		3,208,420
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		(5,961,562	)		(55,644	)		439		(12,371,387	)
In-kind redemptions of investments innon-affiliates		106,148,091			554,717			—		(391,487	)
In-kind redemptions of investments in affiliates		—			16,301			—		—
Futures contracts		1,048,744			(129,815	)		—		(186,235	)
Foreign currency transactions		(515,909	)		—			—		(43,609	)
Net realized gain (loss)		100,719,364			385,559			439		(12,992,718	)
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		(500,439,666	)		(2,049,606	)		284,557		(61,094,844)(b	)
Investments in affiliates		901			(344,819	)		—		—
Futures contracts		(737,791	)		67,058			723		81,361
Foreign currency translations		330,003			—			—		(64,972	)
Change in net unrealized appreciation/depreciation		(500,846,553	)		(2,327,367	)		285,280		(61,078,455	)
Net realized/unrealized gains (losses)		(400,127,189	)		(1,941,808	)		285,719		(74,071,173	)
Change in net assets resulting from operations	$	(369,613,854	)	$	(1,193,703	)	$	287,540	$	(70,862,753	)

(a) Commencement of operations was April 14, 2020.

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

SEE NOTES TO FINANCIAL STATEMENTS.

174 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

	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	$	5,584		$	1,487		$	588		$	216
Interest income from affiliates		314			16			5			—
Dividend income fromnon-affiliates		16,747,172			9,529,479			2,128,868			1,288,967
Dividend income from affiliates		22,599			11,000			3,679			2,311
Income from securities lending (net) (See Note 2.D.)		102,511			30,805			15,918			141,407
Foreign taxes withheld (net)		(1,337,469	)		—			—			—
Total investment income		15,540,711			9,572,787			2,149,058			1,432,901
EXPENSES:
Management fees (See Note 3.A.)		2,171,059			682,230			233,228			227,052
Interest expense tonon-affiliates		44			—			—			—
Interest expense to affiliates		1,128			—			—			—
Total expenses		2,172,231			682,230			233,228			227,052
Net expenses		2,172,231			682,230			233,228			227,052
Net investment income (loss)		13,368,480			8,890,557			1,915,830			1,205,849
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		(29,855,680	)		(17,366,918	)		(3,226,280	)		(6,867,516	)
Investments in affiliates		773			—			—			—
In-kind redemptions of investments innon-affiliates		(12,037,420	)		22,531,201			1,933,927			(516,972	)
Futures contracts		(1,302,115	)		(726,557	)		(257,382	)		(87,424	)
Foreign currency transactions		(554,317	)		—			—			—
Net realized gain (loss)		(43,748,759	)		4,437,726			(1,549,735	)		(7,471,912	)
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		(163,033,298	)		(120,362,846	)		(28,143,042	)		(30,606,880	)
Investments in affiliates		5,594			3,801			—			2,200
Futures contracts		921,077			179,720			95,058			88,965
Foreign currency translations		(6,056	)		—			—			—
Change in net unrealized appreciation/depreciation		(162,112,683	)		(120,179,325	)		(28,047,984	)		(30,515,715	)
Net realized/unrealized gains (losses)		(205,861,442	)		(115,741,599	)		(29,597,719	)		(37,987,627	)
Change in net assets resulting from operations	$	(192,492,962	)	$	(106,851,042	)	$	(27,681,889	)	$	(36,781,778	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 175

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (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	$	34		$	132		$	—		$	174		$	112
Dividend income fromnon-affiliates		765,862			1,237,228			424,986			1,521,914			1,126,905
Dividend income from affiliates		771			1,403			697			1,875			1,077
Income from securities lending (net) (See Note 2.D.)		3,941			2,981			4,263			6,880			4,717
Total investment income		770,608			1,241,744			429,946			1,530,843			1,132,811
EXPENSES:
Management fees (See Note 3.A.)		22,260			61,919			35,055			87,040			40,048
Total expenses		22,260			61,919			35,055			87,040			40,048
Net expenses		22,260			61,919			35,055			87,040			40,048
Net investment income (loss)		748,348			1,179,825			394,891			1,443,803			1,092,763
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		(204,304	)		(750,853	)		(2,562,986	)		(2,093,304	)		(847,273	)
In-kind redemptions of investments innon-affiliates		906,591			1,437,316			156,374			1,905,105			2,272,944
Futures contracts		(74,242	)		(113,112	)		(21,335	)		(60,456	)		(58,773	)
Net realized gain (loss)		628,045			573,351			(2,427,947	)		(248,655	)		1,366,898
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		(8,414,812	)		(11,570,350	)		3,296,462			(3,912,471	)		(12,525,171	)
Futures contracts		20,548			24,682			25,501			86,844			23,115
Change in net unrealized appreciation/depreciation		(8,394,264	)		(11,545,668	)		3,321,963			(3,825,627	)		(12,502,056	)
Net realized/unrealized gains (losses)		(7,766,219	)		(10,972,317	)		894,016			(4,074,282	)		(11,135,158	)
Change in net assets resulting from operations	$	(7,017,871	)	$	(9,792,492	)	$	1,288,907		$	(2,630,479	)	$	(10,042,395	)

SEE NOTES TO FINANCIAL STATEMENTS.

176 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan BetaBuilders Canada ETF						JPMorgan BetaBuilders Developed Asiaex-Japan ETF
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	51,033,405		$	83,710,291		$	21,373,894		$	50,689,295
Net realized gain (loss)		(36,145,869	)		(25,352,697	)		(26,026,035	)		2,478,979
Change in net unrealized appreciation/depreciation		(573,894,486	)		259,078,770			(268,430,843	)		117,802,311
Change in net assets resulting from operations		(559,006,950	)		317,436,364			(273,082,984	)		170,970,585
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(49,145,670	)		(75,222,486	)		(23,075,008	)		(50,248,812	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		8,558,520			1,513,841,316			(29,849,872	)		718,818,123
NET ASSETS:
Change in net assets		(599,594,100	)		1,756,055,194			(326,007,864	)		839,539,896
Beginning of period		3,800,754,020			2,044,698,826			1,442,853,830			603,313,934
End of period	$	3,201,159,920		$	3,800,754,020		$	1,116,845,966		$	1,442,853,830
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	74,676,668		$	1,594,807,117		$	148,539,920		$	759,011,170
Cost of shares redeemed		(66,118,148	)		(80,965,801	)		(178,389,792	)		(40,193,047	)
Total change in net assets resulting from capital transactions	$	8,558,520		$	1,513,841,316		$	(29,849,872	)	$	718,818,123
SHARE TRANSACTIONS:
Issued		2,900,000			66,000,000			6,800,000			32,000,000
Redeemed		(3,800,000	)		(3,800,000	)		(9,200,000	)		(1,600,000	)
Net increase (decrease) in shares from share transactions		(900,000	)		62,200,000			(2,400,000	)		30,400,000

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 177

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan BetaBuilders Europe ETF						JPMorgan BetaBuilders International  Equity ETF
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended April 30, 2020 (Unaudited) (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	39,299,341		$	131,029,232		$	358,763
Net realized gain (loss)		(349,558,858	)		58,667,336			(221,706	)
Change in net unrealized appreciation/depreciation		(609,820,560	)		237,106,587			(1,331,471	)
Change in net assets resulting from operations		(920,080,077	)		426,803,155			(1,194,414	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(38,303,900	)		(126,316,866	)		(92,346	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(559,680,394	)		2,237,729,043			43,611,689
NET ASSETS:
Change in net assets		(1,518,064,371	)		2,538,215,332			42,324,929
Beginning of period		3,853,145,624			1,314,930,292			—
End of period	$	2,335,081,253		$	3,853,145,624		$	42,324,929
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	799,653,347		$	2,927,537,309		$	43,611,689
Cost of shares redeemed		(1,359,333,741	)		(689,808,266	)		—
Total change in net assets resulting from capital transactions	$	(559,680,394	)	$	2,237,729,043		$	43,611,689
SHARE TRANSACTIONS:
Issued		35,000,000			130,000,000			1,000,000
Redeemed		(78,000,000	)		(30,000,000	)		—
Net increase (decrease) in shares from share transactions		(43,000,000	)		100,000,000			1,000,000

(a) Commencement of operations was December 3, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

178 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

	JPMorgan BetaBuilders Japan ETF						JPMorgan BetaBuilders U.S. Equity ETF
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019(a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	30,513,335		$	76,811,361		$	748,105		$	430,637
Net realized gain (loss)		100,719,364			30,095,816			385,559			(41,094	)
Change in net unrealized appreciation/depreciation		(500,846,553	)		268,969,319			(2,327,367	)		3,125,195
Change in net assets resulting from operations		(369,613,854	)		375,876,496			(1,193,703	)		3,514,738
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(102,501,216	)		(20,089,888	)		(654,923	)		(317,882	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,175,133,745	)		1,626,647,644			84,027,217			43,212,269
NET ASSETS:
Change in net assets		(1,647,248,815	)		1,982,434,252			82,178,591			46,409,125
Beginning of period		4,318,521,919			2,336,087,667			46,409,125			—
End of period	$	2,671,273,104		$	4,318,521,919		$	128,587,716		$	46,409,125
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	390,676,821		$	2,238,563,149		$	86,933,230		$	43,212,269
Cost of shares redeemed		(1,565,810,566	)		(611,915,505	)		(2,906,013	)		—
Total change in net assets resulting from capital transactions	$	(1,175,133,745	)	$	1,626,647,644		$	84,027,217		$	43,212,269
SHARE TRANSACTIONS:
Issued		17,200,000			100,400,000			1,650,000			850,000
Redeemed		(68,400,000	)		(27,200,000	)		(50,000	)		—
Net increase (decrease) in shares from share transactions		(51,200,000	)		73,200,000			1,600,000			850,000

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 179

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan BetaBuilders U.S. Mid  Cap Equity ETF		JPMorgan Diversified  Return Emerging Markets Equity ETF
	Period Ended April 30, 2020 (Unaudited)(a)		Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,821	$	3,208,420		$	11,690,830
Net realized gain (loss)		439		(12,992,718	)		(9,288,395	)
Change in net unrealized appreciation/depreciation		285,280		(61,078,455	)		22,872,709
Change in net assets resulting from operations		287,540		(70,862,753	)		25,275,144
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		—		(5,534,269	)		(9,059,080	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		5,078,167		(16,078,050	)		123,775,100
NET ASSETS:
Change in net assets		5,365,707		(92,475,072	)		139,991,164
Beginning of period		—		353,795,416			213,804,252
End of period	$	5,365,707	$	261,320,344		$	353,795,416
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	5,078,167	$	11,074,492		$	123,775,100
Cost of shares redeemed		—		(27,152,542	)		—
Total change in net assets resulting from ETF Shares capital transactions	$	5,078,167	$	(16,078,050	)	$	123,775,100
Total change in net assets resulting from capital transactions	$	5,078,167	$	(16,078,050	)	$	123,775,100
SHARE TRANSACTIONS:
Issued		100,000		200,000			2,300,000
Redeemed		—		(700,000	)		—
Net increase (decrease) in shares from share transactions		100,000		(500,000	)		2,300,000

(a) Commencement of operations was April 14, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

180 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

	JPMorgan Diversified  Return International Equity ETF						JPMorgan Diversified  Return U.S. Equity ETF
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	13,368,480		$	49,632,728		$	8,890,557		$	15,437,588
Net realized gain (loss)		(43,748,759	)		(6,323,521	)		4,437,726			11,156,283
Change in net unrealized appreciation/depreciation		(162,112,683	)		47,448,543			(120,179,325	)		48,876,386
Change in net assets resulting from operations		(192,492,962	)		90,757,750			(106,851,042	)		75,470,257
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(15,152,484	)		(47,722,104	)		(9,672,874	)		(13,823,828	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(155,614,247	)		(204,500,604	)		(103,786,326	)		181,617,239
NET ASSETS:
Change in net assets		(363,259,693	)		(161,464,958	)		(220,310,242	)		243,263,668
Beginning of period		1,282,867,303			1,444,332,261			802,625,997			559,362,329
End of period	$	919,607,610		$	1,282,867,303		$	582,315,755		$	802,625,997
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	45,150,517		$	298,833,792		$	59,112,534		$	261,868,954
Cost of shares redeemed		(200,764,764	)		(503,334,396	)		(162,898,860	)		(80,251,715	)
Total change in net assets resulting from capital transactions	$	(155,614,247	)	$	(204,500,604	)	$	(103,786,326	)	$	181,617,239
SHARE TRANSACTIONS:
Issued		800,000			5,500,000			800,000			3,600,000
Redeemed		(4,400,000	)		(9,400,000	)		(2,500,000	)		(1,100,000	)
Net increase (decrease) in shares from share transactions		(3,600,000	)		(3,900,000	)		(1,700,000	)		2,500,000

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 181

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
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,915,830		$	2,884,389		$	1,205,849		$	1,872,735
Net realized gain (loss)		(1,549,735	)		1,531,972			(7,471,912	)		11,531,108
Change in net unrealized appreciation/depreciation		(28,047,984	)		9,451,433			(30,515,715	)		(6,003,010	)
Change in net assets resulting from operations		(27,681,889	)		13,867,794			(36,781,778	)		7,400,833
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(1,892,442	)		(2,653,452	)		(1,175,144	)		(1,663,026	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		46,162,332			64,731,269			19,064,407			38,470,266
NET ASSETS:
Change in net assets		16,588,001			75,945,611			(18,892,515	)		44,208,073
Beginning of period		187,973,791			112,028,180			140,343,327			96,135,254
End of period	$	204,561,792		$	187,973,791		$	121,450,812		$	140,343,327
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	53,035,612		$	83,490,606		$	56,404,428		$	125,026,689
Cost of shares redeemed		(6,873,280	)		(18,759,337	)		(37,340,021	)		(86,556,423	)
Total change in net assets resulting from capital transactions	$	46,162,332		$	64,731,269		$	19,064,407		$	38,470,266
SHARE TRANSACTIONS:
Issued		900,000			1,300,000			1,800,000			4,150,000
Redeemed		(100,000	)		(300,000	)		(1,450,000	)		(2,850,000	)
Net increase in shares from share transactions		800,000			1,000,000			350,000			1,300,000

SEE NOTES TO FINANCIAL STATEMENTS.

182 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

	JPMorgan U.S. Dividend ETF						JPMorgan U.S. Minimum Volatility ETF
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	748,348		$	1,126,280		$	1,179,825		$	1,125,687
Net realized gain (loss)		628,045			681,389			573,351			3,201,699
Change in net unrealized appreciation/depreciation		(8,394,264	)		1,931,896			(11,545,668	)		3,586,564
Change in net assets resulting from operations		(7,017,871	)		3,739,565			(9,792,492	)		7,913,950
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(736,841	)		(1,057,550	)		(1,205,141	)		(948,027	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(673,056	)		10,538,384			(1,425,171	)		72,832,965
NET ASSETS:
Change in net assets		(8,427,768	)		13,220,399			(12,422,804	)		79,798,888
Beginning of period		40,631,525			27,411,126			107,244,658			27,445,770
End of period	$	32,203,757		$	40,631,525		$	94,821,854		$	107,244,658
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	5,530,715		$	15,758,539		$	8,568,093		$	93,087,661
Cost of shares redeemed		(6,203,771	)		(5,220,155	)		(9,993,264	)		(20,254,696	)
Total change in net assets resulting from capital transactions	$	(673,056	)	$	10,538,384		$	(1,425,171	)	$	72,832,965
SHARE TRANSACTIONS:
Issued		250,000			600,000			300,000			3,200,000
Redeemed		(250,000	)		(200,000	)		(350,000	)		(700,000	)
Net increase (decrease) in shares from share transactions		—			400,000			(50,000	)		2,500,000

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 183

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan U.S. Momentum Factor ETF						JPMorgan U.S. Quality Factor ETF
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	394,891		$	597,332		$	1,443,803		$	1,227,149
Net realized gain (loss)		(2,427,947	)		5,801,887			(248,655	)		549,586
Change in net unrealized appreciation/depreciation		3,321,963			(2,461,486	)		(3,825,627	)		5,941,402
Change in net assets resulting from operations		1,288,907			3,937,733			(2,630,479	)		7,718,137
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(397,919	)		(515,149	)		(1,266,009	)		(1,098,039	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		28,562,830			24,622,635			124,069,171			71,232,507
NET ASSETS:
Change in net assets		29,453,818			28,045,219			120,172,683			77,852,605
Beginning of period		56,620,589			28,575,370			107,067,872			29,215,267
End of period	$	86,074,407		$	56,620,589		$	227,240,555		$	107,067,872
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	30,095,281		$	66,439,247		$	131,431,916		$	77,043,167
Cost of shares redeemed		(1,532,451	)		(41,816,612	)		(7,362,745	)		(5,810,660	)
Total change in net assets resulting from capital transactions	$	28,562,830		$	24,622,635		$	124,069,171		$	71,232,507
SHARE TRANSACTIONS:
Issued		1,150,000			2,300,000			4,600,000			2,700,000
Redeemed		(50,000	)		(1,450,000	)		(250,000	)		(200,000	)
Net increase in shares from share transactions		1,100,000			850,000			4,350,000			2,500,000

SEE NOTES TO FINANCIAL STATEMENTS.

184 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

	JPMorgan U.S. Value Factor ETF
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,092,763		$	1,527,280
Net realized gain (loss)		1,366,898			2,324,504
Change in net unrealized appreciation/depreciation		(12,502,056	)		3,862,947
Change in net assets resulting from operations		(10,042,395	)		7,714,731
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(1,188,865	)		(1,321,813	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,600,067	)		31,470,215
NET ASSETS:
Change in net assets		(12,831,327	)		37,863,133
Beginning of period		66,849,642			28,986,509
End of period	$	54,018,315		$	66,849,642
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	14,995,811		$	46,088,396
Cost of shares redeemed		(16,595,878	)		(14,618,181	)
Total change in net assets resulting from capital transactions	$	(1,600,067	)	$	31,470,215
SHARE TRANSACTIONS:
Issued		550,000			1,850,000
Redeemed		(650,000	)		(550,000	)
Net increase (decrease) in shares from share transactions		(100,000	)		1,300,000

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 185

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment Operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan BetaBuilders Canada ETF
Six Months Ended April 30, 2020 (Unaudited)	$	24.89	$	0.33	$	(3.81	)	$	(3.48	)	$	(0.32	)
Year Ended October 31, 2019		22.59		0.66		2.24			2.90			(0.60	)
August 7, 2018 (f) through October 31, 2018		24.65		0.14		(2.15	)		(2.01	)		(0.05	)
JPMorgan BetaBuilders Developed Asiaex-Japan ETF
Six Months Ended April 30, 2020 (Unaudited)		25.31		0.37		(4.81	)		(4.44	)		(0.41	)
Year Ended October 31, 2019		22.68		1.05		2.58			3.63			(1.00	)
August 7, 2018 (f) through October 31, 2018		25.36		0.22		(2.73	)		(2.51	)		(0.17	)
JPMorgan BetaBuilders Europe ETF
Six Months Ended April 30, 2020 (Unaudited)		24.36		0.26		(4.06	)		(3.80	)		(0.29	)
Year Ended October 31, 2019		22.59		0.90		1.65			2.55			(0.78	)
June 15, 2018 (f) through October 31, 2018		24.79		0.13		(2.30	)		(2.17	)		(0.03	)
JPMorgan BetaBuilders International Equity ETF
December 3, 2019 (f) through April 30, 2020 (Unaudited)		49.79		0.61		(7.96	)		(7.35	)		(0.12	)
JPMorgan BetaBuilders Japan ETF
Six Months Ended April 30, 2020 (Unaudited)		24.54		0.19		(2.76	)		(2.57	)		(0.57	)
Year Ended October 31, 2019		22.72		0.48		1.48			1.96			(0.14	)
June 15, 2018 (f) through October 31, 2018		24.79		0.24		(2.31	)		(2.07	)		—
JPMorgan BetaBuilders U.S. Equity ETF
Six Months Ended April 30, 2020 (Unaudited)		54.60		0.52		(2.18	)		(1.66	)		(0.46	)
March 12, 2019 (f) through October 31, 2019		50.14		0.68		4.29			4.97			(0.51	)
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
April 14, 2020 (f) through April 30, 2020 (Unaudited)		50.78		0.02		2.86			2.88			—

(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 return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange.

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

186 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

				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)
$	21.09	$	21.15		(14.02	)%		(13.81	)%	$	3,201,159,920		0.19	%		2.80	%		0.19	%		2	%
	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	)(g)		2,044,698,826		0.19	(h)		2.55			0.37	(h)		1
	20.46		20.36		(17.54	)		(17.83	)		1,116,845,966		0.19			3.14			0.19			3
	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	)(g)		603,313,934		0.19	(h)		3.94			0.45	(h)		2
	20.27		20.17		(15.58	)		(16.10	)		2,335,081,253		0.09			2.21			0.09			3
	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	)(g)		1,314,930,292		0.09	(h)		1.45			0.34	(h)		2
	42.32		42.37		(14.76	)		(14.66	)(g)		42,324,929		0.07			3.36			0.07			4
	21.40		21.39		(10.80	)		(10.95	)		2,671,273,104		0.19			1.65			0.19			1
	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	)(g)		2,336,087,667		0.19	(h)		2.63			0.37	(h)		5
	52.48		52.44		(3.01	)		(3.11	)		128,587,716		0.02			1.93			0.02			1
	54.60		54.61		9.95			9.97	(g)		46,409,125		0.02			2.01			0.02			3
	53.66		53.82		5.67			5.99	(g)		5,365,707		0.07			0.77			0.07			1

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 187

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment Operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Diversified Return Emerging Markets Equity ETF
Six Months Ended April 30, 2020 (Unaudited)	$	54.43	$	0.50	$	(10.53	)	$	(10.03	)	$	(0.85	)
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 International Equity ETF
Six Months Ended April 30, 2020 (Unaudited)		55.06		0.60		(8.31	)		(7.71	)		(0.67	)
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	)(i)		(0.09	)		(1.08	)
November 5, 2014 (f) through October 31, 2015		50.00		1.39		(0.07	)		1.32			(0.15	)
JPMorgan Diversified Return U.S. Equity ETF
Six Months Ended April 30, 2020 (Unaudited)		76.44		0.86		(10.20	)		(9.34	)		(0.93	)
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	(i)		3.19			(0.26	)
September 29, 2015 (f) through October 31, 2015		50.00		0.06		4.07			4.13			—
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Six Months Ended April 30, 2020 (Unaudited)		67.13		0.62		(10.29	)		(9.67	)		(0.64	)
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
Six Months Ended April 30, 2020 (Unaudited)		30.84		0.22		(6.06	)		(5.84	)		(0.21	)
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 return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange.

(f) Commencement of operations.

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

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

(i) 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.

(j) Amount rounds to less than 0.5%.

SEE NOTES TO FINANCIAL STATEMENTS.

188 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

				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)
$	43.55	$	42.75		(18.65	)%		(20.24	)%	$	261,320,344		0.44	%		1.96	%		0.44	%		13	%
	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
	46.68		46.45		(14.13	)		(14.49	)		919,607,610		0.37			2.27			0.37			10
	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
	66.17		66.13		(12.26	)		(12.33	)		582,315,755		0.18			2.34			0.18			9
	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)		—	(j)
	56.82		56.91		(14.45	)		(14.37	)		204,561,792		0.24			1.97			0.24			11
	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
	24.79		24.73		(18.97	)		(19.24	)		121,450,812		0.29			1.54			0.29			11
	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.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 189

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment Operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan U.S. Dividend ETF
Six Months Ended April 30, 2020 (Unaudited)	$	27.09	$	0.50	$	(5.62	)	$	(5.12	)	$	(0.50	)
Year Ended October 31, 2019		24.92		0.93		2.11			3.04			(0.87	)
November 8, 2017 (f) through October 31, 2018		25.00		0.96		(0.17	)		0.79			(0.87	)
JPMorgan U.S. Minimum Volatility ETF
Six Months Ended April 30, 2020 (Unaudited)		30.21		0.33		(3.10	)		(2.77	)		(0.35	)
Year Ended October 31, 2019		26.14		0.64		3.95			4.59			(0.52	)
November 8, 2017 (f) through October 31, 2018		25.00		0.59		1.08			1.67			(0.53	)
JPMorgan U.S. Momentum Factor ETF
Six Months Ended April 30, 2020 (Unaudited)		29.04		0.19		(0.81	)(i)		(0.62	)		(0.20	)
Year Ended October 31, 2019		25.98		0.37		2.99			3.36			(0.30	)
November 8, 2017 (f) through October 31, 2018		25.00		0.35		0.95			1.30			(0.32	)
JPMorgan U.S. Quality Factor ETF
Six Months Ended April 30, 2020 (Unaudited)		29.74		0.29		(1.20	)		(0.91	)		(0.25	)
Year Ended October 31, 2019		26.56		0.58		3.11			3.69			(0.51	)
November 8, 2017 (f) through October 31, 2018		25.00		0.52		1.52			2.04			(0.48	)
JPMorgan U.S. Value Factor ETF
Six Months Ended April 30, 2020 (Unaudited)		27.29		0.43		(4.26	)		(3.83	)		(0.47	)
Year Ended October 31, 2019		25.21		0.75		1.97			2.72			(0.64	)
November 8, 2017 (f) 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 return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange.

(f) Commencement of operations.

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

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

(i) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented in the Statements of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

SEE NOTES TO FINANCIAL STATEMENTS.

190 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

				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)
$	21.47	$	21.47		(18.99	)%		(19.01	)%	$	32,203,757		0.12	%		4.01	%		0.12	%		10	%
	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	(g)		27,411,126		0.12	(h)		3.81			0.76	(h)		24
	27.09		27.05		(9.19	)		(9.38	)		94,821,854		0.12			2.28			0.12			7
	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	(g)		27,445,770		0.12	(h)		2.33			0.76	(h)		17
	28.22		28.27		(2.12	)		(1.98	)		86,074,407		0.12			1.35			0.12			18
	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	(g)		28,575,370		0.12	(h)		1.32			0.74	(h)		44
	28.58		28.64		(3.04	)		(2.90	)		227,240,555		0.12			1.98			0.12			10
	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	(g)		29,215,267		0.12	(h)		2.01			0.74	(h)		22
	22.99		23.06		(14.07	)		(13.84	)		54,018,315		0.12			3.26			0.12			9
	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	(g)		28,986,509		0.12	(h)		2.52			0.75	(h)		26

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 191

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited)

1. Organization

J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company.

The following are 17 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Diversification Classification
JPMorgan BetaBuilders Canada ETF	Diversified
JPMorgan BetaBuilders Developed Asiaex-Japan ETF	Diversified
JPMorgan BetaBuilders Europe ETF	Diversified
JPMorgan BetaBuilders International Equity ETF	Diversified
JPMorgan BetaBuilders Japan ETF	Diversified
JPMorgan BetaBuilders U.S. Equity ETF JPMorgan BetaBuilders U.S. Mid Cap Equity ETF	Diversified Diversified
JPMorgan Diversified Return Emerging Markets 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

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

The investment objective of the JPMorgan BetaBuilders Developed Asiaex-Japan ETF (the “BetaBuilders Developed Asiaex-Japan ETF”) 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.

The investment objective of the JPMorgan BetaBuilders Europe ETF (the “BetaBuilders Europe ETF”) 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 International Equity ETF (the “BetaBuilders International Equity ETF”) commenced operations on December 3, 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^® Developed Marketsex-North America Target Market Exposure Index^SM.

The investment objective of the JPMorgan BetaBuilders Japan ETF (the “BetaBuilders Japan ETF”) 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.

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (the “BetaBuilders U.S. Mid Cap Equity ETF”) commenced operations on April 14, 2020. 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 Mid Cap Target Market Exposure Extended 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 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.

192 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

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.

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

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

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

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

The investment objective of the JPMorgan U.S. Value Factor ETF (the “U.S. Value Factor ETF”) 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 Asiaex-Japan ETF		Cboe BZX Exchange, Inc.
BetaBuilders Europe ETF		Cboe BZX Exchange, Inc.
BetaBuilders International Equity ETF		Cboe BZX Exchange, Inc
BetaBuilders Japan ETF		Cboe BZX Exchange, Inc.
BetaBuilders U.S. Equity ETF		Cboe BZX Exchange, Inc.
BetaBuilders U.S Mid Cap Equity ETF		NYSE Arca, Inc.
Emerging Markets 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 International Equity ETF		200,000
BetaBuilders Japan ETF		400,000
BetaBuilders U.S. Equity ETF		50,000
BetaBuilders U.S. Mid Cap Equity ETF		25,000
Emerging Markets Equity ETF		100,000
International Equity ETF		100,000
U.S. Equity ETF		100,000
U.S. Mid Cap Equity ETF		100,000
U.S. Small Cap Equity ETF		50,000
U.S. Dividend ETF		50,000
U.S. Minimum Volatility ETF		50,000

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 193

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

	Shares per Creation Unit
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, accordingly, 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 foreign 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).

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.

194 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):

BetaBuilders Canada ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,414,342,780	$	—	$	—	$	3,414,342,780
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	2,563,538	$	—	$	—	$	2,563,538

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	$	—	$	600,048,213	$	695,131	$	600,743,344
Cambodia		—		2,384,089		—		2,384,089
China		—		1,283,795		—		1,283,795
Hong Kong		912,777		300,610,854		—		301,523,631
Macau		—		25,076,536		—		25,076,536
New Zealand		—		31,494,290		—		31,494,290
Singapore		—		127,013,395		—		127,013,395
United Kingdom		—		15,632,282		—		15,632,282
United States		—		4,969,722		—		4,969,722
Total Common Stocks		912,777		1,108,513,176		695,131		1,110,121,084
Rights		—		61,625		—		61,625
Short-Term Investments
Investment of cash collateral from securities loaned		4,336,441		—		—		4,336,441
Total Investments in Securities	$	5,249,218	$	1,108,574,801	$	695,131	$	1,114,519,150
Appreciation in Other Financial Instruments
Futures Contracts	$	460,078	$	38,396	$	—	$	498,474

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	$	—	$	24,561,923	$	—	$	24,561,923
Austria		415,350		8,835,078		—		9,250,428
Belgium		—		38,369,087		—		38,369,087
Chile		—		1,059,330		—		1,059,330
China		9,631,472		—		—		9,631,472
Colombia		—		772,437		—		772,437
Denmark		—		82,813,902		—		82,813,902
Finland		—	��	49,014,202		—		49,014,202
France		—		372,613,269		—		372,613,269
Germany		—		304,334,660		—		304,334,660
Ghana		—		136,477		—		136,477
Ireland		7,560,092		13,920,348		—		21,480,440
Italy		—		77,030,854		—		77,030,854
Jordan		—		1,215,189		—		1,215,189
Luxembourg		—		6,132,469		—		6,132,469
Mexico		—		493,685		—		493,685
Netherlands		26,928,256		126,740,419		—		153,668,675

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 195

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

BetaBuilders Europe ETF(continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Norway	$	—	$	23,749,388	$	—	$	23,749,388
Portugal		—		6,519,406		—		6,519,406
Russia		—		1,838,447		—		1,838,447
South Africa		—		7,404,172		—		7,404,172
Spain		—		91,284,989		—		91,284,989
Sweden		—		113,235,851		—		113,235,851
Switzerland		—		401,714,908		—		401,714,908
United Arab Emirates		—		—		29		29
United Kingdom		2,524,156		502,581,344		—		505,105,500
United States		2,843,128		5,800,234		—		8,643,362
Total Common Stocks		49,902,454		2,262,172,068		29		2,312,074,551
Short-Term Investments
Investment of cash collateral from securities loaned		136,049,603		—		—		136,049,603
Total Investments in Securities	$	185,952,057	$	2,262,172,068	$	29	$	2,448,124,154
Appreciation in Other Financial Instruments
Futures Contracts	$	—	$	2,620,586	$	—	$	2,620,586

BetaBuilders 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	$	—		$	2,811,410	$	1,347	$	2,812,757
Austria		4,707			97,963		—		102,670
Belgium		—			421,267		—		421,267
Cambodia		—			9,442		—		9,442
Chile		—			11,622		—		11,622
China		104,619			7,687		—		112,306
Colombia		—			8,316		—		8,316
Denmark		—			909,655		—		909,655
Finland		—			537,024		—		537,024
France		—			4,093,836		—		4,093,836
Germany		—			3,344,503		—		3,344,503
Ghana		—			1,508		—		1,508
Hong Kong		4,742			1,277,502		—		1,282,244
Ireland		82,527			153,508		—		236,035
Israel		—			175,016		—		175,016
Italy		—			844,500		—		844,500
Japan		—			11,589,773		—		11,589,773
Jordan		—			13,403		—		13,403
Luxembourg		—			67,327		—		67,327
Macau		—			98,154		—		98,154
Mexico		—			5,241		—		5,241
Netherlands		296,484			1,393,367		—		1,689,851
New Zealand		—			133,236		—		133,236
Norway		—			261,540		—		261,540
Portugal		—			71,833		—		71,833
Russia		—			20,189		—		20,189
Singapore		—			537,197		—		537,197
South Africa		—			81,278		—		81,278
Spain		—	��		1,001,949		—		1,001,949
Sweden		—			1,244,916		—		1,244,916

196 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

BetaBuilders International Equity ETF(continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Switzerland	$	—	$	4,414,252	$	—		$	4,414,252
United Arab Emirates		—		—		—	(b)		—	(b)
United Kingdom		27,946		5,591,420		—			5,619,366
United States		31,232		87,254		—			118,486
Total Common Stocks		552,257		41,317,088		1,347			41,870,692
Rights		—		261		—			261
Short-Term Investments
Investment Companies		49,618		—		—			49,618
Investment of cash collateral from securities loaned		941,191		—		—			941,191
Total Short-Term Investments		990,809		—		—			990,809
Total Investments in Securities	$	1,543,066	$	41,317,349	$	1,347		$	42,861,762
Appreciation in Other Financial Instruments
Futures Contracts	$	39,386	$	—	$	—		$	39,386

BetaBuilders Japan ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks	$	—	$	2,632,655,833	$	—	$	2,632,655,833
Short-Term Investments
Investment of cash collateral from securities loaned		5,116,764		—		—		5,116,764
Total Investments in Securities	$	5,116,764	$	2,632,655,833	$	—	$	2,637,772,597
Appreciation in Other Financial Instruments
Futures Contracts	$	721,788	$	—	$	—	$	721,788

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)	$	129,612,041	$	—	$	—	$	129,612,041
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	72,197	$	—	$	—	$	72,197

BetaBuilders 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)	$	5,371,309	$	—	$	—	$	5,371,309
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	723	$	—	$	—	$	723

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 197

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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	$	—	$	321,212		$	—		$	321,212
Brazil		27,722,674		—			—			27,722,674
Chile		3,600,743		—			—			3,600,743
China		1,245,298		60,519,978			—	(b)		61,765,276
Colombia		1,231,409		—			—			1,231,409
Czech Republic		—		228,106			—			228,106
Egypt		—		720,750			—			720,750
Greece		—		2,614,460			—			2,614,460
Hong Kong		—		456,231			—			456,231
Hungary		—		1,763,514			—			1,763,514
India		—		23,909,158			—			23,909,158
Indonesia		—		9,690,298			—			9,690,298
Kuwait		163,258		3,619,970			—			3,783,228
Malaysia		—		8,296,480			—			8,296,480
Mexico		10,521,617		—			—			10,521,617
Pakistan		—		222,788			—			222,788
Philippines		—		2,700,411			—			2,700,411
Qatar		435,490		3,789,267			—			4,224,757
Russia		19,537,368		—			—			19,537,368
Saudi Arabia		817,392		4,392,852			—			5,210,244
South Africa		2,870,210		11,805,477			—			14,675,687
Taiwan		—		36,734,872			—			36,734,872
Thailand		2,314,946		8,128,164			—			10,443,110
Turkey		1,512,749		3,840,897			—			5,353,646
United Arab Emirates		—		3,492,455			—			3,492,455
United States		957,813		—			—			957,813
Total Common Stocks		72,930,967		187,247,340			—	(b)		260,178,307
Rights		—		—	(b)		—			—	(b)
Short-Term Investments
Investment of cash collateral from securities loaned		813,189		—			—			813,189
Total Investments in Securities	$	73,744,156	$	187,247,340			—	(b)		260,991,496
Appreciation in Other Financial Instruments
Futures Contracts	$	103,567	$	—		$	—		$	103,567

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	$	—	$	93,745,765	$	—	$	93,745,765
Austria		—		1,201,587		—		1,201,587
Belgium		—		11,474,669		—		11,474,669
Cambodia		—		871,019		—		871,019
Chile		—		3,450,045		—		3,450,045
China		—		8,460,921		—		8,460,921
Denmark		—		5,120,752		—		5,120,752
Finland		—		20,664,669		—		20,664,669
France		—		42,364,975		—		42,364,975
Germany		—		25,361,389		—		25,361,389

198 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

International Equity ETF(continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Hong Kong	$	943,598	$	46,147,804	$	—	$	47,091,402
Indonesia		—		101,252		—		101,252
Ireland		—		2,183,473		—		2,183,473
Italy		—		18,380,930		—		18,380,930
Japan		—		246,112,486		—		246,112,486
Jordan		—		4,946,953		—		4,946,953
Luxembourg		—		1,099,169		—		1,099,169
Macau		—		1,881,385		—		1,881,385
Netherlands		8,145,230		16,316,320		—		24,461,550
New Zealand		—		10,098,251		—		10,098,251
Norway		—		11,874,200		—		11,874,200
Poland		—		664,692		—		664,692
Portugal		—		6,055,560		—		6,055,560
Russia		—		4,031,506		—		4,031,506
Singapore		—		25,926,373		—		25,926,373
South Africa		—		2,643,679		—		2,643,679
South Korea		—		54,731,958		—		54,731,958
Spain		—		16,164,794		—		16,164,794
Sweden		—		36,214,274		—		36,214,274
Switzerland		—		18,825,419		—		18,825,419
United Kingdom		—		160,890,476		—		160,890,476
United States		—		2,571,427		—		2,571,427
Total Common Stocks		9,088,828		900,578,172		—		909,667,000
Short-Term Investments
Investment Companies		908,334		—		—		908,334
Investment of cash collateral from securities loaned		22,036,532		—		—		22,036,532
Total Short-Term Investments		22,944,866		—		—		22,944,866
Total Investments in Securities	$	32,033,694	$	900,578,172		—	$	932,611,866
Appreciation in Other Financial Instruments
Futures Contracts	$	1,187,219	$	—	$	—	$	1,187,219

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)	$	604,539,777	$	—	$	—	$	604,539,777
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	224,098	$	—	$	—	$	224,098

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)	$	213,878,495	$	—	$	—	$	213,878,495
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	105,084	$	—	$	—	$	105,084

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 199

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

U.S. Small Cap Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	121,060,916	$	—	$	—		$	121,060,916
Rights		—		—		—	(b)		—	(b)
Short-Term Investments
Investment Companies		269,662		—		—			269,662
Investment of cash collateral from securities loaned		19,338,205		—		—			19,338,205
Total Short-Term Investments	$	19,607,867	$	—	$	—		$	19,607,867
Total Investments in Securities	$	140,668,783	$	—	$	—	(b)	$	140,668,783
Appreciation in Other Financial Instruments
Futures Contracts	$	97,121	$	—	$	—		$	97,121

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)	$	34,273,992	$	—	$	—	$	34,273,992
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	22,243	$	—	$	—	$	22,243

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)	$	97,496,560	$	—	$	—	$	97,496,560
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	27,182	$	—	$	—	$	27,182

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)	$	87,563,525	$	—	$	—	$	87,563,525
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	26,817	$	—	$	—	$	26,817

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)	$	229,510,518	$	—	$	—	$	229,510,518
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	90,296	$	—	$	—	$	90,296

U.S. Value Factor ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	56,596,334	$	—	$	—	$	56,596,334
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	26,012	$	—	$	—	$	26,012

(a) Please refer to the SOI for specifics of portfolio holdings.

(b) Value is zero.

200 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

There were no significant transfers into and out of level 3 for the six months ended April 30, 2020 for BetaBuilders Developed Asiaex-Japan ETF and BetaBuilders Europe ETF.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of April 30, 2020, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and /or Regulation S under the Securities Act.

C. 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 six months ended April 30, 2020:

	BetaBuilders Canada ETF		BetaBuilders Developed Asia ex-Japan ETF		BetaBuilders Europe ETF		BetaBuilders International Equity ETF			BetaBuilders Japan ETF		BetaBuilders U.S. Equity ETF		BetaBuilders U.S. Mid Cap Equity ETF			Emerging Markets Equity ETF
Futures Contracts — Equity:
Average Notional Balance Long	$	20,517,790	$	8,354,574	$	18,861,095	$	218,411	(a)	$	29,967,535	$	399,203	$	14,506	(b)	$	866,579
Ending Notional Balance Long		30,094,472		6,654,272		21,420,078		409,400			38,736,523		623,769		14,506			1,041,900

	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	$	7,901,057	$	2,450,002	$	533,453	$	503,234	$	166,652	$	241,965	$	125,875	$	477,540	$	262,486
Ending Notional Balance Long		9,334,320		1,015,438		492,510		457,450		130,556		174,075		159,569		638,275		145,063

(a) For the period December 3, 2019 through April 30, 2020.

(b) For the period April 14, 2020 through April 30, 2020.

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

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 201

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

(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 Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the SOP as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the SOP.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans ofnon-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans ofnon-U.S. securities), subject to certaindeminimis amounts.

The value of securities out on loan is recorded as an asset on the SAL. The value of the cash collateral received is recorded as a liability on the SAL and details of collateral investments are disclosed in the SOIs.

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 April 30, 2020.

	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	$	223,612,348	$	(223,612,348	)	$	—
BetaBuilders Developed Asiaex-Japan ETF		4,116,135		(4,116,135	)		—
BetaBuilders Europe ETF		125,871,397		(125,871,397	)		—
BetaBuilders International Equity ETF		884,884		(884,884	)		—
BetaBuilders Japan ETF		4,773,254		(4,773,254	)		—
BetaBuilders U.S. Equity ETF		1,128,274		(1,128,274	)		—
BetaBuilders U.S. Mid Cap Equity ETF		15,885		(15,885	)		—
Emerging Markets Equity ETF		766,526		(766,526	)		—
International Equity ETF		20,708,564		(20,708,564	)		—
U.S. Equity ETF		21,154,150		(21,154,150	)		—
U.S. Mid Cap Equity ETF		8,837,783		(8,837,783	)		—
U.S. Small Cap Equity ETF		17,770,833		(17,770,833	)		—
U.S. Dividend ETF		2,031,688		(2,031,688	)		—
U.S. Minimum Volatility ETF		2,425,225		(2,425,225	)		—
U.S. Momentum Factor ETF		1,486,190		(1,486,190	)		—
U.S. Quality Factor ETF		2,379,716		(2,379,716	)		—
U.S. Value Factor ETF		2,517,422		(2,517,422	)		—

* 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 management fees and 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 0.15% to 0.06%. For the six month ended April 30, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:

BetaBuilders Canada ETF	$	25,561
BetaBuilders Developed Asiaex-Japan ETF		804
BetaBuilders Europe ETF		6,426

202 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

BetaBuilders International Equity ETF	$	9
BetaBuilders Japan ETF		3,374
BetaBuilders U.S. Equity ETF		21
Emerging Markets Equity ETF		199
International Equity ETF		1,725
U.S. Equity ETF		2,568
U.S. Mid Cap Equity ETF		1,327
U.S. Small Cap Equity ETF		2,732
U.S. Dividend ETF		392
U.S. Minimum Volatility ETF		411
U.S. Momentum Factor ETF		212
U.S. Quality Factor ETF		412
U.S. Value Factor ETF		258

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included in the SOP as Income from securities lending (net).

E. Investment Transactions with Affiliates — The 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 six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)	$	174,004,202	$	1,754,700,000	$	1,838,000,000	$	14,548	*	$	5,843	$	90,724,593		90,706,451	$	921,950	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		52,671,952		2,609,877,111		2,509,075,373		—			—		153,473,690		153,473,690		432,745	*		—
Total	$	226,676,154	$	4,364,577,111	$	4,347,075,373	$	14,548		$	5,843	$	244,198,283			$	1,354,695		$	—

BetaBuilders Developed Asiaex-Japan ETF

	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)	$	1,000,100	$	38,000,000	$	38,000,000	$	(11,401	)*	$	(198	)	$	988,501		988,304	$	14,355	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		546,282		41,093,173		38,291,515		—			—			3,347,940		3,347,940		12,522	*		—
Total	$	1,546,382	$	79,093,173	$	76,291,515	$	(11,401	)	$	(198	)	$	4,336,441			$	26,877		$	—

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 203

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

BetaBuilders Europe ETF

	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)	$	84,008,799	$	234,000,000	$	234,000,000	$	(3,605	)*	$	18,003	$	84,023,197		84,006,395	$	430,371	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		30,866,797		341,975,139		320,815,530		—			—		52,026,406		52,026,406		99,501	*		—
Total	$	114,875,596	$	575,975,139	$	554,815,530	$	(3,605	)	$	18,003	$	136,049,603			$	529,872		$	—

BetaBuilders International Equity ETF

	For the period ended April 30, 2020
Security Description	Value at December 3, 2019 (c)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)	$	—	$	1,192,347	$	251,156	$	—	$	—	$	941,191		941,191	$	188	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		—		93,404		43,786		—		—		49,618		49,618		9			—
Total	$	—	$	1,285,751	$	294,942	$	—	$	—	$	990,809			$	197		$	—

BetaBuilders Japan ETF

	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)	$	12,001,600	$	181,000,000	$	190,000,000	$	4,903	*	$	901	$	3,007,404		3,006,803	$	205,644	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		6,340,122		196,894,306		201,125,068		—			—		2,109,360		2,109,360		53,459	*		—
Total	$	18,341,722	$	377,894,306	$	391,125,068	$	4,903		$	901	$	5,116,764			$	259,103		$	—

204 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

BetaBuilders U.S. Equity ETF

	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Chase & Co. (d)	$	702,425	$	1,215,200	$	67,385	$	16,301	$	(344,819	)	$	1,521,722		15,891	$	18,056		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		—		4,305,144		3,108,859		—		—			1,196,285		1,196,285		674	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		123,432		1,972,715		1,619,376		—		—			476,771		476,771		1,843			—
Total	$	825,857	$	7,493,059	$	4,795,620	$	16,301	$	(344,819	)	$	3,194,778			$	20,573		$	—

BetaBuilders U.S. Mid Cap Equity ETF

	For the period ended April 30, 2020
Security Description	Value at April 14, 2020 (e)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)(b)	$	—	$	17,724	$	881	$	—	$	—	$	16,843		16,843	$	1	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		—		46,224		42,771		—		—		3,453		3,453		1			—
Total	$	—	$	63,948	$	43,652	$	—	$	—	$	20,296			$	2		$	—

Emerging Markets Equity ETF

	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)	$	1,212,618	$	3,057,444	$	3,456,873	$	—	$	—	$	813,189		813,189	$	2,623	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		670,911		659,744		1,330,655		—		—		—		—		1,312			—
Total	$	1,883,529	$	3,717,188	$	4,787,528	$	—	$	—	$	813,189			$	3,935		$	—

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 205

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

International Equity ETF

	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.69% (a)(b)	$	—	$	11,572,459	$	10,664,991	$	773		$	93	$	908,334		907,608	$	4,451		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)		4,000,600		35,000,000		23,000,000		400	*		5,501		16,006,501		16,003,300		33,344	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		9,041,799		56,290,838		59,302,606		—			—		6,030,031		6,030,031		23,860	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		2,710,919		22,066,813		24,777,732		—			—		—		—		18,148			—
Total	$	15,753,318	$	124,930,110	$	117,745,329	$	1,173		$	5,594	$	22,944,866			$	79,803		$	—

U.S. Equity ETF

	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)	$	17,004,001	$	26,000,000	$	26,000,001	$	(1,701	)*	$	3,801	$	17,006,100		17,002,700	$	114,945	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		6,625,093		110,846,631		111,627,298		—			—		5,844,426		5,844,426		42,038	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		894,552		17,503,469		17,992,173		—			—		405,848		405,848		11,000			—
Total	$	24,523,646	$	154,350,100	$	155,619,472	$	(1,701	)	$	3,801	$	23,256,374			$	167,983		$	—

206 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

U.S. Mid Cap Equity ETF

	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)	$	6,000,900	$	5,000,000	$	9,000,000	$	599	*	$	—	$	2,001,499		2,001,099	$	42,188	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		3,100,057		44,810,770		40,327,187		—			—		7,583,640		7,583,640		21,081	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		329,265		7,020,636		7,124,692		—			—		225,209		225,209		3,679			—
Total	$	9,430,222	$	56,831,406	$	56,451,879	$	599		$	—	$	9,810,348			$	66,948		$	—

U.S. Small Cap Equity ETF

	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)	$	19,001,700	$	22,000,000	$	23,999,999	$	(4,704	)*	$	2,200	$	16,999,197		16,995,798	$	150,175	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		7,634,136		63,896,037		69,191,165		—			—		2,339,008		2,339,008		44,892	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		440,610		4,791,548		4,962,496		—			—		269,662		269,662		2,311			—
Total	$	27,076,446	$	90,687,585	$	98,153,660	$	(4,704	)	$	2,200	$	19,607,867			$	197,378		$	—

U.S. Dividend ETF

	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)	$	654,469	$	12,364,052	$	10,857,645	$	—	$	—	$	2,160,876		2,160,876	$	5,462	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		149,529		1,412,233		1,530,125		—		—		31,637		31,637		771			—
Total	$	803,998	$	13,776,285	$	12,387,770	$	—	$	—	$	2,192,513			$	6,233		$	—

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 207

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

U.S. Minimum Volatility ETF

	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)	$	387,400	$	23,831,841	$	21,638,621	$	—	$	—	$	2,580,620		2,580,620	$	5,441	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		138,939		2,668,698		2,541,473		—		—		266,164		266,164		1,403			—
Total	$	526,339	$	26,500,539	$	24,180,094	$	—	$	—	$	2,846,784			$	6,844		$	—

U.S. Momentum Factor ETF

	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)	$	561,328	$	11,214,420	$	10,217,461	$	—	$	—	$	1,558,287		1,558,287	$	3,090	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		87,612		989,835		997,292		—		—		80,155		80,155		697			—
Total	$	648,940	$	12,204,255	$	11,214,753	$	—	$	—	$	1,638,442			$	3,787		$	—

U.S. Quality Factor ETF

	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23 a)(b)	$	946,322	$	23,406,155	$	21,829,654	$	—	$	—	$	2,522,823		2,522,823	$	6,522	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		260,405		2,953,384		2,866,777		—		—		347,012		347,012		1,875			—
Total	$	1,206,727	$	26,359,539	$	24,696,431	$	—	$	—	$	2,869,835			$	8,397		$	—

U.S. Value Factor ETF

	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)	$	368,753	$	12,615,755	$	10,288,509	$	—	$	—	$	2,695,999		2,695,999	$	3,796	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		154,371		2,060,722		2,143,717		—		—		71,376		71,376		1,077			���
Total	$	523,124	$	14,676,477	$	12,432,226	$	—	$	—	$	2,767,375			$	4,873		$	—

208 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

(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 April 30, 2020.

(c) Commencement of operations was December 3, 2019.

(d) Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.

(e) Commencement of operations was April 14, 2020.

* Amount is included on the Statements of Operations 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.

G. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, 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.

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2020, 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 Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

I. 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.

J. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly for all Funds, except the BetaBuilders Japan ETF, which generally declares and pays any net investment income annually. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 209

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

3. Fees and Other Transactions with Affiliates

A. Management Fee —JPMIM manages the investments of each Fund pursuant to the Fund’s respective Management Agreement. For such services, JPMIM is paid a fee which is accrued daily and paid no more frequently than monthly based on each Fund’s respective average daily net assets at the following rate:

BetaBuilders Canada ETF	0.19	%
BetaBuilders Developed Asiaex-Japan ETF	0.19	%
BetaBuilders Europe ETF	0.09	%
BetaBuilders International Equity ETF	0.07	%
BetaBuilders Japan ETF	0.19	%
BetaBuilders U.S Equity ETF	0.02	%
BetaBuilders U.S Mid Cap Equity ETF	0.07	%
Emerging Markets Equity ETF	0.44	%
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	%

Under the Management Agreements, JPMIM is responsible for substantially all expenses of the Fund, (including expenses of the Trust relating to each Fund), except for the management fees, payments under the Funds’12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the adviser and/or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Additionally, each Fund shall be responsible for itsnon-operating expenses, including brokerage commissions and fees and expenses associated with each 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.

B. Administration Fee — JPMIM provides administration services to the Funds. Pursuant to each Fund’s Management Agreement, JPMIM is compensated as described in Note 3.A.

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, effective November 1, 2019, JPMCB receives a portion of the management fees payable to JPMIM.

C. Custodian, Accounting and Transfer Agent Fees — JPMCB provides portfolio custody, accounting and transfer agency services to the Funds. For performing these services, JPMIM pays JPMCB transaction and asset-based fees that varied according to the number of transactions and positions, plusout-of-pocket expenses.

Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are paid to JPMIM to offset the Funds’ custodian charges which are covered by the Management Agreement.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the SOP. 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 Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The fees for affiliated money market funds are covered under the Management Agreement as described in Note 3.A.

E. Distribution Services — The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under their respective distribution 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 JPMIM and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule38a-1 under the 1940 Act. The fees associated with the Office of the Chief Compliance Officer are paid for by JPMIM as described in Note 3.A.

210 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the six months ended April 30, 2020, 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	$	58,695,067	$	65,317,951
BetaBuilders Developed Asiaex-Japan ETF		72,602,539		37,621,739
BetaBuilders Europe ETF		97,299,466		106,423,541
BetaBuilders International Equity ETF		1,947,059		1,183,737
BetaBuilders Japan ETF		25,377,767		99,305,187
BetaBuilders U.S. Equity ETF		1,448,564		1,046,469
BetaBuilders U.S. Mid Cap Equity ETF		54,129		51,921
Emerging Markets Equity ETF		40,887,640		50,760,279
International Equity ETF		121,013,765		133,849,750
U.S. Equity ETF		68,853,278		71,312,233
U.S. Mid Cap Equity ETF		22,330,933		21,151,744
U.S. Small Cap Equity ETF		17,258,037		16,806,382
U.S. Dividend ETF		3,579,297		3,543,958
U.S. Minimum Volatility ETF		6,763,201		6,783,943
U.S. Momentum Factor ETF		11,714,684		11,134,775
U.S. Quality Factor ETF		15,868,739		14,980,891
U.S. Value Factor ETF		5,912,388		6,099,726

During the six months ended April 30, 2020, there were no purchases or sales of U.S. Government securities.

For the six months ended April 30, 2020,in-kind transactions associated with creations and redemptions were:

	In-Kind Creations		In-Kind Redemptions
BetaBuilders Canada ETF	$	74,248,590	$	65,769,691
BetaBuilders Developed Asiaex-Japan ETF		111,058,956		173,816,153
BetaBuilders Europe ETF		790,737,058		1,339,603,632
BetaBuilders International Equity ETF		42,582,766		—
BetaBuilders Japan ETF		385,618,180		1,550,122,864
BetaBuilders U.S. Equity ETF		86,002,808		2,816,412
BetaBuilders U.S. Mid Cap Equity ETF		5,064,167		—
Emerging Markets Equity ETF		3,359,820		11,835,445
International Equity ETF		38,611,249		184,242,058
U.S. Equity ETF		58,300,308		160,191,150
U.S. Mid Cap Equity ETF		51,640,635		6,794,579
U.S. Small Cap Equity ETF		54,996,806		36,563,595
U.S. Dividend ETF		5,350,579		6,090,770
U.S. Minimum Volatility ETF		8,400,415		9,808,677
U.S. Momentum Factor ETF		29,472,720		1,526,713
U.S. Quality Factor ETF		130,365,383		7,209,931
U.S. Value Factor ETF		14,717,952		16,222,497

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 211

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2020 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
BetaBuilders Canada ETF	$	3,865,514,864	$	334,700,858	$	783,309,404	$	(448,608,546	)
BetaBuilders Developed Asiaex-Japan ETF		1,325,730,657		42,884,578		253,597,611		(210,713,033	)
BetaBuilders Europe ETF		2,915,037,428		91,347,785		555,640,473		(464,292,688	)
BetaBuilders International Equity ETF		44,234,234		1,575,674		2,908,760		(1,333,086	)
BetaBuilders Japan ETF		2,988,499,477		132,074,301		482,079,393		(350,005,092	)
BetaBuilders U.S. Equity ETF		128,886,410		8,335,548		7,537,720		797,828
BetaBuilders U.S. Mid Cap Equity ETF		5,086,752		360,425		75,145		285,280
Emerging Markets Equity ETF		302,627,537		17,073,280		58,605,754		(41,532,474	)
International Equity ETF		1,087,900,413		64,251,416		218,352,744		(154,101,328	)
U.S. Equity ETF		642,845,798		58,590,222		96,672,145		(38,081,923	)
U.S. Mid Cap Equity ETF		227,592,215		18,855,317		32,463,953		(13,608,636	)
U.S. Small Cap Equity ETF		175,759,022		6,004,258		40,997,376		(34,993,118	)
U.S. Dividend ETF		40,742,842		1,730,980		8,177,587		(6,446,607	)
U.S. Minimum Volatility ETF		104,279,894		3,739,612		10,495,764		(6,756,152	)
U.S. Momentum Factor ETF		85,407,807		5,657,185		3,474,650		2,182,535
U.S. Quality Factor ETF		225,866,470		14,974,390		11,240,046		3,734,344
U.S. Value Factor ETF		64,973,758		3,231,207		11,582,619		(8,351,412	)

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
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 Character
	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.

212 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments

and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105%, for BetaBuilders Canada ETF, BetaBuilders Developed Asiaex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF and International Equity ETF, and plus at least 110% for Emerging Markets Equity ETF of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of April 30, 2020, the Adviser owns shares representing more than 10% of net assets of the following Funds:

	% of Ownership
U.S. Dividend ETF		61	%
U.S. Minimum Volatility ETF		19
U.S. Momentum Factor ETF		24
U.S. Value Factor ETF		32

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 International Equity ETF, BetaBuilders Japan ETF, Emerging Markets 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 April 30, 2020, 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		—	%		—	%		97.0	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%
BetaBuilders Developed Asiaex-Japan ETF		54.1			—			—			—			—			—			27.2			—			11.4			—			—			—
BetaBuilders Europe ETF		—			—			—			—			16.1			13.2			—			—			—			17.4			—			21.8
BetaBuilders International Equity ETF		—			—			—			—			—			—			—			27.6			—			10.5			—			13.4
BetaBuilders Japan ETF		—			—			—			—			—			—			—			100.0			—			—			—			—
Emerging Markets Equity ETF		—			10.7			—			23.7			—			—			—			—			—			—			14.1			—
International Equity ETF		10.3			—			—			—			—			—			—			27.0			—			—			—			17.7

As of April 30, 2020, 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 their 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,

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 213

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the underlying index. In addition, a Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, each Fund’s return differs from the return of the underlying index.

The Funds are subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak ofCOVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of thisCOVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate otherpre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of thisCOVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

214 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, 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, primarily management fees. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period November 1, 2019 and continued to hold your shares at the end of the reporting period, April 30, 2020.

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 November 1, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio			Expenses Paid During the Period
JPMorgan BetaBuilders Canada ETF
Actual (1)	$	1,000.00	$	859.80		0.19	%	$	0.88
Hypothetical (1)		1,000.00		1,023.92		0.19			0.96
JPMorgan BetaBuilders Developed Asiaex-Japan ETF
Actual (1)		1,000.00		824.60		0.19			0.86
Hypothetical (1)		1,000.00		1,023.92		0.19			0.96
JPMorgan BetaBuilders Europe ETF
Actual (1)		1,000.00		844.20		0.09			0.41
Hypothetical (1)		1,000.00		1,024.42		0.09			0.45
JPMorgan BetaBuilders International Equity ETF
Actual (2)		1,000.00		852.40		0.07			0.27
Hypothetical (1)		1,000.00		1,024.52		0.07			0.35
JPMorgan BetaBuilders Japan ETF
Actual (1)		1,000.00		892.00		0.19			0.89
Hypothetical (1)		1,000.00		1,023.92		0.19			0.96
JPMorgan BetaBuilders U.S. Equity ETF
Actual (1)		1,000.00		969.90		0.02			0.10
Hypothetical (1)		1,000.00		1,024.76		0.02			0.10
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
Actual (3)		1,000.00		1,056.70		0.07			0.03
Hypothetical (1)		1,000.00		1,024.52		0.07			0.35
JPMorgan Diversified Return Emerging Markets Equity ETF
Actual (1)		1,000.00		813.50		0.44			1.98
Hypothetical (1)		1,000.00		1,022.68		0.44			2.21
JPMorgan Diversified Return International Equity ETF
Actual (1)		1,000.00		858.70		0.37			1.71
Hypothetical (1)		1,000.00		1,023.02		0.37			1.86
JPMorgan Diversified Return U.S. Equity ETF
Actual (1)		1,000.00		877.40		0.18			0.84
Hypothetical (1)		1,000.00		1,023.97		0.18			0.91
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Actual (1)		1,000.00		855.50		0.24			1.11
Hypothetical (1)		1,000.00		1,023.67		0.24			1.21
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Actual (1)		1,000.00		810.30		0.29			1.31
Hypothetical (1)		1,000.00		1,023.42		0.29			1.46

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 215

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio		Expenses Paid During the Period
JPMorgan U.S. Dividend ETF
Actual (1)		1,000.00		810.10		0.12		0.54
Hypothetical (1)		1,000.00		1,024.27		0.12		0.60
JPMorgan U.S. Minimum Volatility ETF
Actual (1)		1,000.00		908.10		0.12		0.57
Hypothetical (1)		1,000.00		1,024.27		0.12		0.60
JPMorgan U.S. Momentum Factor ETF
Actual (1)		1,000.00		978.80		0.12		0.59
Hypothetical (1)		1,000.00		1,024.27		0.12		0.60
JPMorgan U.S. Quality Factor ETF
Actual (1)		1,000.00		969.60		0.12		0.59
Hypothetical (1)		1,000.00		1,024.27		0.12		0.60
JPMorgan U.S. Value Factor ETF
Actual (1)		1,000.00		859.30		0.12		0.55
Hypothetical (1)		1,000.00		1,024.27		0.12		0.60

(1) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

(2) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 150/366 (to reflect the actual period). The Fund commenced operations on December 3, 2019.

(3) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 17/366 (to reflect the actual period). The Fund commenced operations on April 14, 2020.

216 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Exchange-Traded Funds Liquidity Risk Management Program (the “Program”) under Rule22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On March 9, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately

and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the effectiveness of the Program with respect to the identification of each Fund that qualifies as an“In-Kind ETF” (as defined in the Liquidity Rule); (2) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (3) the methodology and inputs for classifying the investments of a Fund (other than anIn-Kind ETF) into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions (and, forIn-Kind ETFs, the methodology and inputs for determining whether any investments should be classified as “illiquid investments” (as defined under the Liquidity Rule)): (4) whether a Fund (other than anIn-Kind ETF) invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for such a Fund and the procedures for monitoring any HLIM; (5) whether a Fund invested more than 15% of its assets in “Illiquid Investments” and the procedures for monitoring for this limit; and (6) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extendednon-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 217

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended 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 has been provided under separate cover.

Section 199A Income

The following funds had the following amount, or maximum allowable amount, of ordinary income distributions treated as 199A dividends for the fiscal year ended October 31, 2019.

JPMorgan Diversified Return U.S. Equity ETF	$	507,506
JPMorgan Diversified Return U.S. Mid Cap Equity ETF		197,449
JPMorgan Diversified Return U.S. Small Cap Equity ETF		102,589
JPMorgan U.S. Dividend ETF		119,128
JPMorgan U.S. Minimum Volatility ETF		74,363
JPMorgan U.S. Momentum Factor ETF		33,348
JPMorgan U.S. Quality Factor ETF		59,878
JPMorgan U.S. Value Factor ETF		75,459

218 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

Board Approval of Initial Management Agreements

(Unaudited)

JPMorgan BetaBuilders International Equity ETF and JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

On September9-10, 2019 and December17-18, 2019, the Board of Trustees heldin-person meetings and approved the initial management agreements (each a “Management Agreement” and collectively, the “Management Agreements”) for the JPMorgan BetaBuilders International Equity ETF and JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (the “Funds”), respectively. The Management Agreements were approved by a majority of the Trustees who are not “Interested Persons” (as defined in the 1940 Act) of any party to the Management Agreements or any of their affiliates. In connection with the approval of each Management Agreement, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed Management Agreements, the Trustees reviewed each Management Agreement with representatives of the Adviser and with counsel to the Trust and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Management Agreements. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed each proposed Management Agreement in executive session with independent legal counsel at which no representatives of the Adviser were present.

Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Management Agreement. The Trustees considered information provided with respect to the Funds and the approval of the Management Agreements. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from each Fund under the Management Agreement was fair and reasonable and that initial approval of each Management Agreement was in the best interests of each Fund and its potential shareholders.

Summarized below are the material factors considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of each Fund’s initial Management Agreement, the Trustees considered the materials furnished specifically in connection with the approval of each Management Agreement, as well as other relevant information furnished for the Trustees, regarding the nature, extent, and quality of services provided by the adviser. Among other things, the Trustees considered:

(i) The background and experience of the Adviser’s senior management and investment personnel;

(ii) The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for theday-to-day management of each Fund;

(iii) The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;

(iv) Information about the structure and distribution strategy of each Fund, how it fits within the Trust’s other fund offerings, and how it will be positioned against peer funds, as identified by management and/or Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data;

(v) The administration services to be provided by the Adviser under the Management Agreements;

(vi) Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Trust and in the financial industry generally;

(vii) The overall reputation and capabilities of the Adviser and its affiliates;

(viii) The commitment of the Adviser to provide high quality service to the Funds;

(ix) Their overall confidence in the Adviser’s integrity; and

(x) The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services to be provided to each Fund by the Adviser.

Fall-Out Benefits

The Trustees reviewed information regarding potential“fall-out” or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Funds. Additionally, the Trustees considered that anyfall-out or ancillary benefits would be comparable to those related to the other funds in the complex.

The Trustees also considered the benefits the Adviser is expected to receive as the result of JPMorgan Chase Bank, N.A.’s roles as custodian, fund accountant and transfer agent for the Funds.

Investment Performance

The Trustees considered each Fund’s investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.

APRIL 30, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 219

Board Approval of Initial Management Agreements

(Unaudited) (continued)

Management Fees and Expense Ratios

The Trustees considered that under the Management Agreements, the Adviser will provide advisory and administrative services and will be responsible for substantially all of the expenses of the Funds (“unitary fee structure”). The Trustees considered the contractual management fee rate that will be paid by each Fund to the Adviser and compared the rate to information prepared by Broadridge, providing management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees also compared the management fee for each Fund to fees charged to mutual funds with similar investment objectives or in similar asset classes managed by the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A., an affiliate of the Adviser, for custody, transfer agency and other related services for each Fund.

The Trustees noted that each Fund’s proposed management fee was in line with identified peer funds. The Trustees also noted that because the Funds were not yet operational, no profitability information was available. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that each Fund’s proposed management fee was reasonable.

Economies of Scale

The Trustees considered the extent to which each Fund will benefit from economies of scale. The Trustees noted that the proposed unitary management fee schedule for the Funds does not contain breakpoints. The Trustees also considered that shareholders would benefit because expenses would be limited even when the Funds were new and not achieving economies of scale. The Trustees also considered the fact that increases in assets would not lead to fee decreases even if economies of scale are achieved, but also that they would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreements in the future. After considering the factors identified above, the Trustees concluded that each Fund’s shareholders will receive the benefits of potential economies of scale.

220 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2020

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., 2020.  All rights reserved. April 2020. SAN-ETF-420

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e)    (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15

U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semi-annual report.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b))and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

J.P. Morgan Exchange-Traded Fund Trust
By:	/s/ Joanna M. Gallegos
	Joanna M. Gallegos
	President and Principal Executive Officer
	July 1, 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
	July 1, 2020

By:	/s/ Lauren A. Paino
	Lauren A. Paino
	Treasurer and Principal Financial Officer
	July 1, 2020