J P Morgan Exchange-Traded Fund Trust - High Yield Municipal Etf Fund (JMHI) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22903

J.P. Morgan Exchange-Traded Fund Trust

(Exact name of registrant as specified in charter)

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

J.P. Morgan Investment Management Inc.

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

With copies to:

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

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2019 through October 31, 2020

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

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

ITEM 1. REPORTS TO STOCKHOLDERS.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

Annual Report

J.P. Morgan Exchange-Traded Funds

October 31, 2020

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 International Growth 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 International Growth ETF	39
JPMorgan U.S. Dividend ETF	42
JPMorgan U.S. Minimum Volatility ETF	45
JPMorgan U.S. Momentum Factor ETF	48
JPMorgan U.S. Quality Factor ETF	51
JPMorgan U.S. Value Factor ETF	54
Schedules of Portfolio Investments	57
Financial Statements	177
Financial Highlights	194
Notes to Financial Statements	200
Report of Independent Registered Public Accounting Firm	229
Trustees	230
Officers	231
Schedule of Shareholder Expenses	232
Tax Letter	234
Board Approval of Initial Management Agreement	235

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

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

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

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

PRESIDENT’S LETTER

December 10, 2020 (Unaudited)

Dear Shareholder,

Even in a year of unprecedented challenges, JPMorgan Exchange-Traded Funds has continued to expand, growing to more than $45 billion in assets under management via 31 ETFs. Our goal remains to help investors build durable portfolios to achieve their goals through our suite of well-diversified solutions.

  “While the economic and investment environment has changed rapidly over the course of 2020, we are proud of our ability to persevere and maintain our drive to provide innovative and quality solutions to help investors build stronger portfolios.” – Joanna M. Gallegos

During the twelve months ended October 31, 2020, global financial markets swung from a U.S.-led rally in equities to a sharp sell-off in March 2020 after Covid-19 was declared a pandemic. However, the rapid response by central banks and governments across the globe helped to stabilize financial markets and in the subsequent months a number of equity and bond markets rebounded. Notably, emerging markets equities outperformed non-U.S. developed market equities, partly due to investor optimism over efforts by China, Taiwan, South Korea and other nations to contain the pandemic. For the 12 month

period, the MSCI Emerging Markets Index returned 8.62%, while the MSIC EAFE Index returned -6.46%.

Meanwhile, our International Growth ETF (JIG), debuted in May 2020. The Fund is designed to leverage the insights generated by a global team of J.P. Morgan Asset Management sector specialists. The Fund benefitted from the rebound in global equities after March 2020 and from its inception on May 20, 2020 to the end of the reporting period, the Fund provided a total return of 21.51%.

While the economic and investment environment has changed rapidly over the course of 2020, we are proud of our ability to persevere and maintain our drive to provide innovative and quality solutions to help investors 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

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 1

J.P. Morgan Exchange-Traded Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

While global financial markets largely entered the reporting period with support from an improving economic and trade outlook, the economic shock of the pandemic response sparked a drop in global asset prices and a spike in market volatility in the first quarter of 2020. Rapid interventions by the world’s central banks helped to calm investors and set the stage for general but uneven recovery in financial markets.

The final months of 2019 were marked by rising prices for global equity — led by U.S. markets — driven partly by gains in U.S. and European manufacturing and an initial U.S.-China agreement to lower trade barriers. Amid already low interest rates, the U.S. Federal Reserve (the “Fed”) declined to cut rates further at its December meeting.

In the first days of January 2020, financial markets largely shrugged off a brief flare-up in military tensions between the U.S. and Iran. However, the emergence and spread of Covid-19 fed increasing investor uncertainty and by early March, the novel coronavirus was declared a pandemic by the World Health Organization. The closure of large sectors of national economies on a global scale sparked a dramatic sell-off in financial markets across the globe. Yields on developed market

sovereign bonds fell sharply and prices for commodity gold spiked. By the end of the first quarter of 2020, leading developed market equity indexes had lost 20% or more of their value from the start of the year. Corporate bond prices generally fell and the price of crude oil ended the first quarter down by 60%.

Leading central banks promptly responded with lower interest rates and/or asset purchasing programs, which helped to support asset price stability and head off a potential liquidity crunch in credit markets. Governments also responded with a range of fiscal stimulus or paycheck protection programs designed to cushion the economic impact of the pandemic. In the ensuing months, global equity markets staged a slow and uneven rebound, led by U.S. and emerging markets.

For the twelve months ended October 31, 2020, the S&P 500 Index returned a total of 9.71%, MSCI Emerging Markets Index returned 8.62% and the MSCI EAFE Index returned -6.46%. Among bond market indexes, the Bloomberg Barclays U.S. Aggregate Index returned 6.19% and the Bloomberg Barclays Emerging Markets Index returned 3.38%

2 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

JPMorgan BetaBuilders Canada ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

Reporting Period Return:
Net Asset Value*		(4.98)%
Market Price**		(4.81)%
Morningstar® Canada Target Market Exposure IndexSM		(5.55)%
Net Assets as of 10/31/2020	$	3,640,211,260

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 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 energy and financials 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.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 3

JPMorgan BetaBuilders Canada ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Shopify, Inc., Class A	6.9	%
	2.	Royal Bank of Canada	6.8
	3.	Toronto-Dominion Bank (The)	5.5
	4.	Canadian National Railway Co.	4.9
	5.	Enbridge, Inc.	3.8
	6.	Bank of Nova Scotia (The)	3.5
	7.	Barrick Gold Corp.	3.3
	8.	Brookfield Asset Management, Inc., Class A	2.9
	9.	Canadian Pacific Railway Ltd.	2.8
	10.	Bank of Montreal	2.6

PORTFOLIO COMPOSITION BY SECTOR****
Financials	31.9	%
Materials	12.5
Industrials	12.0
Energy	10.8
Information Technology	10.1
Consumer Staples	4 .3
Utilities	3 .6
Consumer Discretionary	3 .4
Communication Services	3 .1
Others (each less than 1.0%)	1 .0
Short-Term Investments	7 .3

* The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $23.00 as of October 31, 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 October 31, 2020, the closing price was $23.05.

*** 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 October 31, 2020. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders Canada ETF
Net Asset Value		August 7, 2018		(4.98)%		(0.60)%
Market Price				(4.81)%		(0.51)%

LIFE OF FUND PERFORMANCE (8/7/18 TO 10/31/20)

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 October 31, 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 on gains resulting from redemption or sale of Fund shares.

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

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

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 5

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

Reporting Period Return:
Net Asset Value*		(7.87)%
Market Price**		(7.45)%
Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM		(8.23)%
Net Assets as of 10/31/2020	$	1,465,970,894

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2020, the Fund performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculation, as

well as 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 exposures to the health care and materials sectors were leading contributors to absolute performance. By country, the Fund’s and the Underlying Index’s exposures to Singapore and Australia 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 OCTOBER 31, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	AIA Group Ltd. (Hong Kong)	7.3	%
	2.	CSL Ltd. (Australia)	5.8
	3.	Commonwealth Bank of Australia (Australia)	5.5
	4.	BHP Group Ltd. (Australia)	4.5
	5.	Hong Kong Exchanges & Clearing Ltd. (Hong Kong)	3.6
	6.	Westpac Banking Corp. (Australia)	2.9
	7.	National Australia Bank Ltd. (Australia)	2.7
	8.	Australia & New Zealand Banking Group Ltd. (Australia)	2.4
	9.	Wesfarmers Ltd. (Australia)	2.3
	10.	Woolworths Group Ltd. (Australia)	2.2

PORTFOLIO COMPOSITION BY COUNTRY****
Australia	58.0	%
Hong Kong	24.4
Singapore	9 .1
New Zealand	3 .0
Macau	1 .8
China	1 .3
United Kingdom	1 .0
Others (each less than 1.0%)	0 .8
Short-Term Investments	0 .6

* The return shown is based on net asset value 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 $22.48 as of October 31, 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 October 31, 2020, the closing price was $22.55.

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

**** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 7

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
Net Asset Value		August 7, 2018		(7.87)%		(1.65)%
Market Price				(7.45)%		(1.52)%

LIFE OF FUND PERFORMANCE (8/7/18 TO 10/31/20)

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 Developed Asia ex-Japan ETF and Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM from August 7, 2018 to October 31, 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 on gains resulting from redemption or sale of Fund shares.

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

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

8 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

JPMorgan BetaBuilders Europe ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

Reporting Period Return:
Net Asset Value*		(8.92)%
Market Price**		(8.90)%
Morningstar® Developed Europe Target Market Exposure IndexSM		(8.95)%
Net Assets as of 10/31/2020	$	3,701,005,509

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2020, the Fund performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations, as

well as operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the financials and energy sectors were leading detractors from absolute performance, while their exposures to the information technology and health care sectors were the leading contributors 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 exposures to Denmark and Netherlands 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 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 the smallest allocations were to Portugal and Austria.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 9

JPMorgan BetaBuilders Europe ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Nestle SA (Registered) (Switzerland)	3.8	%
	2.	Roche Holding AG (Switzerland)	2.7
	3.	Novartis AG (Registered) (Switzerland)	2.3
	4.	ASML Holding NV (Netherlands)	1.8
	5.	AstraZeneca plc (United Kingdom)	1.6
	6.	LVMH Moet Hennessy Louis Vuitton SE (France)	1.5
	7.	SAP SE (Germany)	1.4
	8.	Novo Nordisk A/S, Class B (Denmark)	1.3
	9.	Sanofi (France)	1.2
	10.	Siemens AG (Registered) (Germany)	1.1

PORTFOLIO COMPOSITION BY COUNTRY****
United Kingdom	19.3	%
Switzerland	16.0
France	15.6
Germany	13.2
Netherlands	6 .7
Sweden	5 .6
Denmark	4 .0
Spain	3 .6
Italy	3 .2
Finland	2 .2
Belgium	1 .5
Australia	1 .5
Ireland	1 .1
Others (each less than 1.0%)	3 .4
Short-Term Investments	3 .1

* The return shown is based on net asset value 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 $21.64 as of October 31, 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 October 31, 2020, the closing price was $21.67.

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

**** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders Europe ETF
Net Asset Value		June 15, 2018		(8.92)%		(3.18)%
Market Price				(8.90)%		(3.12)%

LIFE OF FUND PERFORMANCE (6/15/18 TO 10/31/20)

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 October 31, 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 on gains resulting from redemption or sale of Fund shares.

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

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

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 11

JPMorgan BetaBuilders International Equity ETF

FUND COMMENTARY

FOR THE PERIOD DECEMBER 3, 2019 (INCEPTION DATE) THROUGH OCTOBER 31, 2020 (Unaudited)

Reporting Period Return:
Net Asset Value*		(6.45)%
Market Price**		(6.27)%
Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM		(6.85)%
Net Assets as of 10/31/2020	$	1,866,670,302

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 adjusted market-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 October 31, 2020, the Fund performed in line with the

Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculation, as well as operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the financials and energy sectors were leading detractors from absolute performance, while their exposure to the information technology and health care sectors were leading contributors to absolute performance. The Fund’s and the Underlying Index’s exposures to the U.K. and France were leading detractors from absolute performance, while their exposures to Netherlands and Denmark 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 energy 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 OCTOBER 31, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Nestle SA (Registered) (Switzerland)	2.3	%
	2.	Roche Holding AG (Switzerland)	1.6
	3.	Novartis AG (Registered) (Switzerland)	1.4
	4.	Toyota Motor Corp. (Japan)	1.2
	5.	ASML Holding NV (Netherlands)	1.1
	6.	AstraZeneca plc (United Kingdom)	0.9
	7.	LVMH Moet Hennessy Louis Vuitton SE (France)	0.9
	8.	SAP SE (Germany)	0.8
	9.	AIA Group Ltd. (Hong Kong)	0.8
	10.	SoftBank Group Corp. (Japan)	0.8

PORTFOLIO COMPOSITION BY COUNTRY****
Japan	27.9	%
United Kingdom	11.9
Switzerland	9 .7
France	9 .5
Germany	8 .0
Australia	7 .5
Netherlands	4 .1
Sweden	3 .4
Hong Kong	2 .8
Denmark	2 .4
Spain	2 .2
Italy	2 .0
Finland	1 .3
Singapore	1 .0
Others (each less than 1.0%)	4 .8
Short-Term Investments	1 .5

* The return shown is based on net asset value 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 $46.20 as of October 31, 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 October 31, 2020, the closing price was $46.29.

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

**** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 13

JPMorgan BetaBuilders International Equity ETF

FUND COMMENTARY

FOR THE PERIOD DECEMBER 3, 2019 (INCEPTION DATE) THROUGH OCTOBER 31, 2020 (Unaudited) (continued)

TOTAL RETURNS AS OF OCTOBER 31, 2020
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan BetaBuilders International Equity ETF
Net Asset Value		December 3, 2019		(6.45)%
Market Price				(6.27)%

LIFE OF FUND PERFORMANCE (12/3/19 TO 10/31/20)

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 October 31, 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 equity markets in developed markets outside North America. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from 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 OCTOBER 31, 2020

JPMorgan BetaBuilders Japan ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

Reporting Period Return:
Net Asset Value*		0.87%
Market Price**		1.24%
Morningstar® Japan Target Market Exposure IndexSM		(0.19)%
Net Assets as of 10/31/2020	$	5,323,035,447

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2020, the Fund performed in line with the Underlying Index, before considering

the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculation, as well as operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the communication services and information technology sectors were leading contributors to absolute performance, while their exposures to the real estate and financials sectors were leading detractors from absolute performance.

HOW WAS THE FUND POSITIONED?

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

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 15

JPMorgan BetaBuilders Japan ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Toyota Motor Corp.	4.3	%
	2.	SoftBank Group Corp.	2.8
	3.	Sony Corp.	2.7
	4.	Keyence Corp.	2.2
	5.	Recruit Holdings Co. Ltd.	1.7
	6.	Nintendo Co. Ltd.	1.7
	7.	Nidec Corp.	1.4
	8.	Daikin Industries Ltd.	1.4
	9.	Shin-Etsu Chemical Co. Ltd.	1.4
	10.	Mitsubishi UFJ Financial Group, Inc.	1.3

PORTFOLIO COMPOSITION BY SECTOR****
Industrials	21.2	%
Consumer Discretionary	19.0
Information Technology	12.3
Health Care	10.5
Communication Services	9 .6
Financials	8 .5
Consumer Staples	7 .8
Materials	5 .4
Real Estate	3 .7
Utilities	1 .4
Energy	0 .5
Short-Term Investments	0 .1

* The return shown is based on net asset value 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 $24.20 as of October 31, 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 October 31, 2020, the closing price was $24.32.

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

**** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

16 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders Japan ETF
Net Asset Value		June 15, 2018		0.87%		0.22%
Market Price				1.24%		0.43%

LIFE OF FUND PERFORMANCE (6/15/18 TO 10/31/20)

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 October 31, 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 on gains resulting from redemption or sale of Fund shares.

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

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

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 17

JPMorgan BetaBuilders U.S. Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

Reporting Period Return:
Net Asset Value*		11.09%
Market Price**		11.05%
Morningstar® US Target Market Exposure IndexSM		11.12%
Net Assets as of 10/31/2020	$	238,372,575

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

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 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 information technology and consumer discretionary sectors were leading contributors to absolute performance, while their exposures to the energy and financials sectors were leading detractors from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were 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 OCTOBER 31, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Apple, Inc.	6.1	%
	2.	Microsoft Corp.	5.3
	3.	Amazon.com, Inc.	4.5
	4.	Facebook, Inc., Class A	2.2
	5.	Alphabet, Inc., Class A	1.7
	6.	Alphabet, Inc., Class C	1.7
	7.	Berkshire Hathaway, Inc., Class B	1.4
	8.	Johnson & Johnson	1.3
	9.	Procter & Gamble Co. (The)	1.2
	10.	NVIDIA Corp.	1.1

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	27.4	%
Health Care	13.7
Consumer Discretionary	12.2
Communication Services	10.9
Financials	9 .9
Industrials	8 .3
Consumer Staples	6 .7
Utilities	3 .1
Real Estate	2 .7
Materials	2 .6
Energy	1 .9
Short-Term Investments	0 .6

* The return shown is based on net asset value 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 $59.59 as of October 31, 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 October 31, 2020, the closing price was $59.58.

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

**** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 19

JPMorgan BetaBuilders U.S. Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders U.S. Equity ETF
Net Asset Value		March 12, 2019		11.09%		12.98%
Market Price				11.05%		12.97%

LIFE OF FUND PERFORMANCE (3/12/19 TO 10/31/20)

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 October 31, 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.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from 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 OCTOBER 31, 2020

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

FUND COMMENTARY

FOR THE PERIOD APRIL 14, 2020 (INCEPTION DATE) THROUGH OCTOBER 31, 2020 (Unaudited)

Reporting Period Return:
Net Asset Value*		26.91%
Market Price**		26.71%
Morningstar® US Mid Cap Target Market Exposure Extended IndexSM		27.00%
Net Assets as of 10/31/2020	$	988,131,953

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 adjusted market-cap weighted index consisting of equity securities traded primarily in the U.S. and targets securities of mid-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 October 31, 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 information technology and consumer discretionary sectors were leading contributors to absolute performance, while their exposure to the utilities sector was the sole sector detractor from absolute performance.

HOW WAS THE FUND POSITIONED?

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

OCTOBER 31, 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 OCTOBER 31, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Match Group, Inc.	1.2	%
	2.	Pinterest, Inc., Class A	1.1
	3.	Trade Desk, Inc. (The), Class A	0.9
	4.	Teladoc Health, Inc.	0.9
	5.	West Pharmaceutical Services, Inc.	0.8
	6.	Coupa Software, Inc.	0.7
	7.	EPAM Systems, Inc.	0.7
	8.	Wayfair, Inc., Class A	0.7
	9.	Datadog, Inc., Class A	0.6
	10.	Horizon Therapeutics plc	0.6

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	22.6	%
Health Care	14.2
Consumer Discretionary	13.6
Industrials	12.1
Financials	11.4
Real Estate	8 .1
Communication Services	5 .3
Materials	4 .3
Consumer Staples	3 .2
Utilities	2 .8
Energy	0 .9
Short-Term Investments	1 .5

* The return shown is based on net asset value 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 $64.16 as of October 31, 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 October 31, 2020, the closing price was $64.06.

*** 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 October 31, 2020. The Fund’s portfolio composition is subject to change.

22 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

TOTAL RETURNS AS OF OCTOBER 31, 2020 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
Net Asset Value		April 14, 2020		26.91%
Market Price				26.71%

LIFE OF FUND PERFORMANCE (4/14/20 TO 10/31/20)

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 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 October 31, 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.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

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

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 23

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

Reporting Period Return:
Net Asset Value*		(11.20)%
Market Price**		(11.80)%
JP Morgan Diversified Factor Emerging Markets Equity Index (net of foreign withholding taxes)		(11.00)%
FTSE Emerging Index (net of foreign withholding taxes)		7.52%
Net Assets as of 10/31/2020	$	213,760,142

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 twelve months ended October 31, 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 the FTSE Emerging Index, which is a more traditional market capitalization weighted index.

From a super-sector perspective, the Fund’s and the Underlying Index’s positions in the financials and commodities super-sectors were leading detractors from absolute performance, while their position in the industrials super-sector was the sole contributor to absolute performance.

From a regional perspective, the Fund’s and the Underlying Index’s positions in Latin America and the Europe, Middle East & Africa (EMEA) region were leading detractors from absolute performance, while their position in China was the sole contributor to absolute performance.

Relative to the FTSE Emerging Index, the Fund’s and Underlying Index’s broader overall diversification among regions and super-sectors, which led to an underweight position in China, detracted from performance as China equities generally outperformed other equity markets during the period. The Fund’s and the Index’s multi-factor security selection in the consumer super-sector, underweight position in the industrial super-sector, and overweight position to Latin America also detracted from performance. The Fund’s and the Underlying Index’s multi-factor security selection within EMEA and Latin America, and underweight allocation to the financials super-sector were the 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 defensives and consumer super-sectors, while their smallest allocations were to the industrials and commodities super-sectors. The Fund’s and the Underlying Index’s largest region allocations were to EMEA and Asia Pacific ex-China, and their smallest allocations were to China and Latin America.

24 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Naspers Ltd., Class N (South Africa)	2.3	%
	2.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)	2.1
	3.	Reliance Industries Ltd. (India)	1.6
	4.	Infosys Ltd. (India)	1.5
	5.	Vale SA (Brazil)	1.3
	6.	China Mobile Ltd. (China)	1.2
	7.	Ping An Insurance Group Co. of China Ltd., Class H (China)	1.0
	8.	Hindustan Unilever Ltd. (India)	1.0
	9.	Sberbank of Russia PJSC (Russia)	1.0
	10.	Kweichow Moutai Co. Ltd., Class A (China)	0.9

PORTFOLIO COMPOSITION BY COUNTRY****
China	25.2	%
Taiwan	12.6
Brazil	10.7
India	9 .5
South Africa	6 .7
Russia	6 .1
Mexico	4 .4
Malaysia	3 .2
Indonesia	3 .1
Thailand	3 .0
Saudi Arabia	3 .0
Turkey	2 .3
Qatar	1 .7
Kuwait	1 .6
United Arab Emirates	1 .4
Chile	1 .2
Philippines	1 .0
Others (each less than 1.0%)	3 .2
Short-Term Investments	0 .1

* The return shown is based on net asset value 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 $46.47 as of October 31, 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 October 31, 2020, the closing price was $46.21.

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

**** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s composition is subject to change.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 25

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020 (Unaudited)
	INCEPTION DATE		1 YEAR		5 YEAR		SINCE INCEPTION
JPMorgan Diversified Return Emerging Markets Equity ETF
Net Asset Value		January 7, 2015		(11.20)%		3.72%		1.43%
Market Price				(11.80)%		3.59%		1.33%

LIFE OF FUND PERFORMANCE (1/07/15 TO 10/31/20)

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 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 and the FTSE Emerging Index from January 7, 2015 to October 31, 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 and the FTSE Emerging 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. 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 on gains resulting from 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 OCTOBER 31, 2020

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

Reporting Period Return:
Net Asset Value*		(6.72)%
Market Price**		(6.62)%
JP Morgan Diversified Factor International Equity Index (net of foreign withholding taxes)		(6.73)%
FTSE Developed ex North America Index (net of foreign withholding taxes)		(5.45)%
Net Assets as of 10/31/2020	$	867,200,124

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 twelve months ended October 31, 2020, and performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations, as well as differences due to specific trading limits, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index underperformed the FTSE Developed ex North America Index, which is a more traditional market capitalization weighted index.

From a sector perspective, the Fund’s and the Underlying Index’s positions in the consumer services and oil & gas sectors were leading detractors from absolute performance, while their positions in the technology and health care sectors were leading contributors to absolute performance.

From a regional perspective, the Fund’s and Underlying Index’s positions in the U.K. and Europe ex-U.K. were leading detractors from absolute performance, while their position in Asia ex-Japan was the sole contributor to absolute performance.

Relative to FTSE Developed ex-North America Index, the Fund’s and the Underlying Index’s multi-factor security selections within Japan and the industrials and consumer services sectors were leading detractors from relative performance. The Fund’s and the Underlying Index’s multi-factor security selection within the U.K., underweight position in the financials sector and multi-factor security selection within the oil & gas 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 consumer goods and consumer services sectors, while their smallest allocations were to the oil & gas and telecommunications sectors. By region, the Fund’s and the Underlying Index’s largest allocations were to Europe ex-UK and Japan and their smallest allocations were to the UK and Asia ex-Japan.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 27

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	NTT DOCOMO, Inc. (Japan)	0.5	%
	2.	Samsung Electronics Co. Ltd. (South Korea)	0.5
	3.	Xinyi Glass Holdings Ltd. (Hong Kong)	0.5
	4.	Kesko OYJ, Class B (Finland)	0.5
	5.	Xero Ltd. (New Zealand)	0.5
	6.	Techtronic Industries Co. Ltd. (Hong Kong)	0.5
	7.	Toyota Industries Corp. (Japan)	0.5
	8.	Advantest Corp. (Japan)	0.5
	9.	Capcom Co. Ltd. (Japan)	0.4
	10.	CSL Ltd. (Australia)	0.4

PORTFOLIO COMPOSITION BY COUNTRY****
Japan	29.8	%
United Kingdom	16.5
Australia	10.5
South Korea	7.2
Hong Kong	4.1
France	3.9
Sweden	3.9
Netherlands	2.7
Singapore	2.3
Germany	2.3
Finland	2.2
Italy	2.0
Spain	1.7
Switzerland	1.7
New Zealand	1.3
China	1.1
Others (each less than 1.0%)	6.4
Short-Term Investments	0.4

* The return shown is based on net asset value 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 $49.84 as of October 31, 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 October 31, 2020, the closing price was $49.86.

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

**** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s composition is subject to change.

28 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020 (Unaudited)
	INCEPTION DATE		1 YEAR		5 YEAR		SINCE INCEPTION
JPMorgan Diversified Return International Equity ETF
Net Asset Value		November 5, 2014		(6.72)%		2.28%		2.35%
Market Price				(6.62)%		2.33%		2.35%

LIFE OF FUND PERFORMANCE (11/5/14 TO 10/31/20)

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 and the FTSE Developed ex North America Index from November 5, 2014 to October 31, 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 and the FTSE Developed ex North America 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. 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 on gains resulting from redemption or sale of Fund shares.

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

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

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 29

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

Reporting Period Return:
Net Asset Value*		(1.40)%
Market Price**		(1.44)%
JP Morgan Diversified Factor US Equity Index		(1.37)%
Russell 1000 Index		10.87%
Net Assets as of 10/31/2020	$	536,709,641

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 twelve months ended October 31, 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.

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

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s underweight position in the technology sector, multi-factor security selection in the consumer services sector, and overweight position in the oil & gas sector were leading detractors from performance, while the Fund’s and the Underlying Index’s underweight position in the financials sector, overweight position in the consumer goods sector, and multi-factor security selection in the oil & gas 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 consumer goods and health care sectors, while the smallest allocations were to the oil & gas and telecommunications sectors.

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Enphase Energy, Inc.	0.6	%
	2.	SolarEdge Technologies, Inc.	0.5
	3.	Quidel Corp.	0.5
	4.	Danaher Corp.	0.5
	5.	Thermo Fisher Scientific, Inc	0.5
	6.	IDEXX Laboratories, Inc.	0.5
	7.	International Paper Co.	0.4
	8.	Southern Copper Corp. (Peru)	0.4
	9.	AES Corp. (The)	0.4
	10.	Public Service Enterprise Group, Inc.	0.4

PORTFOLIO COMPOSITION BY SECTOR****
Health Care	14.0	%
Consumer Goods	13.1
Industrials	11.4
Technology	11.3
Utilities	11.1
Financials	10.7
Consumer Services	10.2
Basic Materials	9.9
Oil & Gas	5.6
Telecommunications	1.5
Short-Term Investments	1.2

* The return shown is based on net asset value 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 $73.52 as of October 31, 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 October 31, 2020, the closing price was $73.50.

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

**** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s composition is subject to change.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 31

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020 (Unaudited)
	INCEPTION DATE		1 YEAR		5 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Equity ETF
Net Asset Value		September 29, 2015		(1.40)%		8.12%		9.68%
Market Price				(1.44)%		8.11%		9.67%

LIFE OF FUND PERFORMANCE (9/29/15 TO 10/31/20)

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 October 31, 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. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Equity Index. 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. 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 on gains resulting from 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 OCTOBER 31, 2020

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

Reporting Period Return:
Net Asset Value*		(1.66)%
Market Price**		(1.79)%
JP Morgan Diversified Factor US Mid Cap Equity Index		(1.46)%
Russell Midcap Index		4.12%
Net Assets as of 10/31/2020	$	220,207,846

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 twelve months ended October 31, 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.

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

Relative to the Russell Midcap Index, the Fund and the Underlying Index’s overweight position in the oil & gas sector, multi-factor security selection in the basic materials sector, and underweight position in the technology sector were leading detractors from performance, while the Fund’s and Underlying Index’s underweight position in the financials sector and overweight positions in the health care and basic materials sectors were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

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

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 33

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Enphase Energy, Inc.	0.5	%
	2.	SolarEdge Technologies, Inc.	0.5
	3.	Quidel Corp.	0.5
	4.	Pool Corp.	0.5
	5.	Hologic, Inc.	0.5
	6.	Bio-Rad Laboratories, Inc., Class A	0.5
	7.	IDEXX Laboratories, Inc.	0.5
	8.	Teradyne, Inc.	0.4
	9.	International Paper Co.	0.4
	10.	AES Corp. (The)	0.4

PORTFOLIO COMPOSITION BY SECTOR****
Health Care	14.1	%
Consumer Goods	13.0
Industrials	12.5
Technology	12.4
Financials	11.6
Consumer Services	10.6
Utilities	9.0
Basic Materials	8.8
Oil & Gas	5.8
Telecommunications	0.8
Short-Term Investments	1.4

* The return shown is based on net asset value 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 $64.77 as of October 31, 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 October 31, 2020, the closing price was $64.72.

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

**** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s composition is subject to change.

34 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020 (Unaudited)
	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Net Asset Value		May 11, 2016		(1.66)%		7.58%
Market Price				(1.79)%		7.56%

LIFE OF FUND PERFORMANCE (5/11/16 TO 10/31/20)

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 October 31, 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 on gains resulting from redemption or sale of Fund shares.

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

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 35

JPMorgan Diversified Return U.S. Small Cap Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

Reporting Period Return:
Net Asset Value*		(4.99)%
Market Price**		(4.85)%
JP Morgan Diversified Factor US Small Cap Equity Index		(4.97)%
Russell 2000 Index		(0.14)%
Net Assets as of 10/31/2020	$	148,672,825

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 twelve months ended October 31, 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.

The Fund’s and the Underlying Index’s positions in the financials and oil & gas sectors were leading detractors from absolute performance, while their positions in 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 overweight position in the oil & gas sector, underweight position in the health care sector, and multi-factor security selection within the consumer goods sector were leading detractors from performance, while their underweight position in the financials sector, multi-factor security selection in the industrials sector and overweight position in the consumer goods 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 OCTOBER 31, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Sunrun, Inc.	0.5	%
	2.	Owens & Minor, Inc.	0.4
	3.	Renewable Energy Group, Inc.	0.4
	4.	SunPower Corp	0.4
	5.	Crocs, Inc.	0.4
	6.	Brookfield Renewable Corp.	0.4
	7.	Deckers Outdoor Corp.	0.3
	8.	Lattice Semiconductor Corp.	0.3
	9.	Arena Pharmaceuticals, Inc.	0.3
	10.	WD-40 Co.	0.3

PORTFOLIO COMPOSITION BY SECTOR****
Technology	12.4	%
Financials	11.9
Health Care	11.6
Industrials	11.6
Consumer Goods	11.5
Consumer Services	8.9
Basic Materials	8.4
Oil & Gas	6.2
Utilities	5.1
Telecommunications	1.3
Short-Term Investments	11.1

* The return shown is based on net asset value 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 $28.87 as of October 31, 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 October 31, 2020, the closing price was $28.94.

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

**** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s composition is subject to change.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 37

JPMorgan Diversified Return U.S. Small Cap Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020 (Unaudited)
	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Net Asset Value		November 15, 2016		(4.99	)%		4.85%
Market Price				(4.85	)%		4.91%

LIFE OF FUND PERFORMANCE (11/15/16 TO 10/31/20)

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 October 31, 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 on gains resulting from 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 OCTOBER 31, 2020

JPMorgan International Growth ETF

FUND COMMENTARY

FOR THE PERIOD MAY 20, 2020 (INCEPTION DATE) THROUGH OCTOBER 31, 2020 (Unaudited)

Reporting Period Return:
Net Asset Value*		21.51%
Market Price**		21.78%
MSCI All Country World ex-U.S. Growth Index		15.53%
Net Assets as of 10/31/2020	$	37,787,658

INVESTMENT OBJECTIVE***

The JPMorgan International Growth ETF (the “Fund”) seeks long term capital appreciation.

INVESTMENT APPROACH

The Fund employs a fundamental bottom-up approach that seeks to identify companies with strong growth and quality characteristics.

HOW DID THE FUND PERFORM?

For the period from inception on May 20, 2020 to October 31, 2020, the Fund outperformed the MSCI All Country World ex-U.S. Growth Index (the “Benchmark”).

The Fund’s security selection in the information technology and communications services sectors were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the materials sector and a small underweight position in the consumer discretionary sector detracted from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Sea Ltd., Taiwan Semiconductor Manufacturing Co., Wuxi Biologics (Cayman) Inc. Shares of Sea, a Singapore online gaming and electronic commerce provider, rose amid growth in consumer demand for

online services and entertainment Shares of Taiwan Semiconductor Manufacturing, a maker of semiconductors, rose after the company reported consecutive quarters of better-than-expected earnings amid growth in demand for advanced semiconductors. Shares of Wuxi Biologics (Cayman), a Chinese developer of biological testing and drug research, rose amid investor expectations of increased demand for its products and services in response to the pandemic.

Leading individual detractors from relative performance included the Fund’s underweight position in Meituan Dianping and its overweight positions in RELX PLC and Roche Holdings AG. Shares of Meituan Dianping, a Chinese provider of an electronic commerce platform that was not held by the Fund, rose amid growth in consumer demand for online services. Shares of RELX, a U.K. business information provider, fell after the company reported a sharp decline in its exhibitions business due to the pandemic. Shares of Roche Holdings, a Swiss pharmaceutical company, fell after its rheumatoid arthritis drug failed in late stage trials as a potential treatment for Covid-19 patients.

HOW WAS THE FUND POSITIONED?

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

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 39

JPMorgan International Growth ETF

FUND COMMENTARY

FOR THE PERIOD MAY 20, 2020 (INCEPTION DATE) THROUGH OCTOBER 31, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Alibaba Group Holding Ltd., ADR (China)	6.3	%
	2.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	5.1
	3.	Tencent Holdings Ltd. (China)	4.9
	4.	Nestle SA (Registered) (Switzerland)	4.0
	5.	Roche Holding AG (Switzerland)	3.0
	6.	ASML Holding NV (Netherlands)	2.8
	7.	Keyence Corp. (Japan)	2.6
	8.	LVMH Moet Hennessy Louis Vuitton SE (France)	2.3
	9.	Novo Nordisk A/S, Class B (Denmark)	2.2
	10.	Sony Corp. (Japan)	2.2

PORTFOLIO COMPOSITION BY COUNTRY****
China	14.4	%
Switzerland	9.7
Japan	9.6
Germany	8.6
United Kingdom	7.4
Taiwan	6.9
Canada	5.8
Hong Kong	5.6
Netherlands	5.3
Denmark	5.0
France	4.2
United States	3.5
Australia	3.0
Sweden	2.3
Finland	1.5
India	1.4
New Zealand	1.4
Spain	1.3
Indonesia	1.1
Others (each less than 1.0%)	0.7
Short-Term Investments	1.3

* The return shown is based on net asset value 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 $62.98 as of October 31, 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 October 31, 2020, the closing price was $63.12.

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

**** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s composition is subject to change.

40 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

TOTAL RETURNS AS OF OCTOBER 31, 2020 (Unaudited)

	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan International Growth ETF
Net Asset Value		May 20, 2020		21.51%
Market Price				21.78%

LIFE OF FUND PERFORMANCE (5/20/20 TO 10/31/20)

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 20, 2020.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan International Growth ETF and the MSCI All Country World Index ex USA Growth from May 20, 2020 to October 31, 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 MSCI All

Country World Index ex USA Growth does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The MSCI All Country World Index ex USA Growth measures the performance of growth stocks in equity markets outside the U.S. Investors cannot invest directly in an index

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

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

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 41

JPMorgan U.S. Dividend ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

Reporting Period Return:
Net Asset Value*		(10.50)%
Market Price**		(10.72)%
JP Morgan US Dividend Index		(10.67)%
Russell 1000 Index		10.87%
Net Assets as of 10/31/2020	$	34,965,403

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 twelve months ended October 31, 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 positions in the financials and oil & gas sectors were leading detractors from performance, while their positions in the technology and basic materials sectors were leading contributors to performance.

Relative the Russell 1000 Index, the Fund’s and the Underlying Index’s underweight allocations and security selection in the technology sector and their security selection in the financials sector were leading detractors from performance, while their security selection in the basic materials 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 utilities and financials sectors and their smallest allocations were to the telecommunications and technology sectors.

42 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Chemours Co. (The)	0.8	%
	2.	Microsoft Corp.	0.7
	3.	Southern Copper Corp. (Peru)	0.7
	4.	Chevron Corp.	0.7
	5.	Duke Energy Corp.	0.7
	6.	Pinnacle West Capital Corp.	0.7
	7.	Invesco Ltd.	0.7
	8.	International Paper Co.	0.7
	9.	AES Corp. (The)	0.7
	10.	Gap, Inc. (The)	0.7

PORTFOLIO COMPOSITION BY SECTOR****
Utilities	17.2	%
Consumer Goods	14.4
Financials	12.4
Basic Materials	10.8
Industrials	9.5
Health Care	9.2
Consumer Services	7.8
Technology	7.3
Oil & Gas	7.2
Telecommunications	2.5
Short-Term Investments	1.7

* The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $23.31 as of October 31, 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 October 31, 2020, the closing price was $23.26.

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

**** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s composition is subject to change.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 43

JPMorgan U.S. Dividend ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020 (Unaudited)

	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan U.S. Dividend ETF
Net Asset Value		November 8, 2017		(10.50	)%		1.27%
Market Price				(10.72	)%		1.20%

LIFE OF FUND PERFORMANCE (11/8/17 TO 10/31/20)

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 October 31, 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 on gains resulting from 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 OCTOBER 31, 2020

JPMorgan U.S. Minimum Volatility ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

Reporting Period Return:
Net Asset Value*		(1.32)%
Market Price**		(1.69)%
JP Morgan US Minimum Volatility Index		(1.40)%
Russell 1000 Index		10.87%
Net Assets as of 10/31/2020	$	37,773,558

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 twelve months ended October 31, 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 oil & gas and financials sectors were leading detractors from performance, while their positions in the health care and consumer goods sectors were leading contributors to absolute performance.

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

HOW WAS THE FUND POSITIONED?

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

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 45

JPMorgan U.S. Minimum Volatility ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Pool Corp.	0.7	%
	2.	Thermo Fisher Scientific, Inc.	0.7
	3.	Danaher Corp.	0.7
	4.	IDEXX Laboratories, Inc.	0.7
	5.	American Electric Power Co., Inc.	0.7
	6.	Microsoft Corp.	0.7
	7.	Public Service Enterprise Group, Inc.	0.7
	8.	NIKE, Inc., Class B	0.7
	9.	NextEra Energy, Inc.	0.7
	10.	American Water Works Co., Inc.	0.6

PORTFOLIO COMPOSITION BY SECTOR****
Consumer Goods	24.4	%
Health Care	18.2
Utilities	17.1
Industrials	6.3
Technology	6.3
Consumer Services	6.2
Financials	6.2
Basic Materials	6.0
Oil & Gas	5.6
Telecommunications	2.5
Short-Term Investments	1.2

* The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $29.06 as of October 31, 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 October 31, 2020, the closing price was $28.97.

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

**** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s composition is subject to change.

46 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020 (Unaudited)

	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan U.S. Minimum Volatility ETF
Net Asset Value		November 8, 2017		(1.32	)%		7.50%
Market Price				(1.69	)%		7.39%

LIFE OF FUND PERFORMANCE (11/8/17 TO 10/31/20)

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 October 31, 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 on gains resulting from sale of Fund shares.

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

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 47

JPMorgan U.S. Momentum Factor ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

Reporting Period Return:
Net Asset Value*		17.37%
Market Price**		17.50%
JP Morgan US Momentum Factor Index		17.51%
Russell 1000 Index		10.87%
Net Assets as of 10/31/2020	$	134,743,086

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 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 technology and consumer goods sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s allocations to the oil & gas and financials sectors were leading detractors from performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selection in the technology and financials sectors was a leading contributor to performance, while the Fund’s and Underlying Index’s security selection in the consumer services and basic materials 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 telecommunications and basic materials sectors.

48 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	1.9	%
	2.	NVIDIA Corp.	1.9
	3.	Amazon.com, Inc	1.8
	4.	Home Depot, Inc. (The)	1.8
	5.	Apple, Inc.	1.8
	6.	Visa, Inc., Class A	1.7
	7.	Procter & Gamble Co. (The)	1.7
	8.	Mastercard, Inc., Class A	1.6
	9.	PayPal Holdings, Inc.	1.4
	10.	Adobe, Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR****
Technology	28.6	%
Consumer Services	14.9
Financials	14.3
Health Care	13.2
Industrials	11.4
Consumer Goods	8.1
Utilities	2.9
Oil & Gas	2.2
Basic Materials	1.8
Telecommunications	1.7
Short-Term Investments	0.9

* The return shown is based on net asset value 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 $33.69 as of October 31, 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 October 31, 2020, the closing price was $33.74.

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

**** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s composition is subject to change.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 49

JPMorgan U.S. Momentum Factor ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020 (Unaudited)

	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Momentum Factor ETF
Net Asset Value		November 8, 2017		17.37%		11.84%
Market Price				17.50%		11.90%

LIFE OF FUND PERFORMANCE (11/8/17 TO 10/31/20)

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. Momentum Factor ETF, the JP Morgan US Momentum Factor Index, and the Russell 1000 Index from November 8, 2017 to October 31, 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 on gains resulting from 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 OCTOBER 31, 2020

JPMorgan U.S. Quality Factor ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

Reporting Period Return:
Net Asset Value*		7.72%
Market Price**		7.68%
JP Morgan US Quality Factor Index		7.82%
Russell 1000 Index		10.87%
Net Assets as of 10/31/2020	$	384,671,209

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the twelve months ended October 31, 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.

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

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

HOW WAS THE FUND POSITIONED?

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

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 51

JPMorgan U.S. Quality Factor ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Alphabet, Inc., Class A	2.1	%
	2.	Microsoft Corp.	1.9
	3.	NVIDIA Corp.	1.9
	4.	Facebook, Inc., Class A	1.9
	5.	Home Depot, Inc. (The)	1.9
	6.	Visa, Inc., Class A	1.8
	7.	Johnson & Johnson	1.8
	8.	Mastercard, Inc., Class A	1.7
	9.	Apple, Inc.	1.6
	10.	Verizon Communications, Inc.	1.6

PORTFOLIO COMPOSITION BY SECTOR****
Technology	28.6	%
Consumer Services	15.1
Financials	14.6
Health Care	12.5
Industrials	11.7
Consumer Goods	8.2
Utilities	2.9
Basic Materials	2.0
Oil & Gas	1.9
Telecommunications	1.7
Short-Term Investments	0.8

* The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $31.53 as of October 31, 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 October 31, 2020, the closing price was $31.54.

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

**** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s composition is subject to change.

52 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020 (Unaudited)

	INCEPTION DATE		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Quality Factor ETF
Net Asset Value		November 8, 2017		7.72%		10.03%
Market Price				7.68%		10.04%

LIFE OF FUND PERFORMANCE (11/8/17 TO 10/31/20)

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 October 31, 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 on gains resulting from redemption or sale of Fund shares.

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

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 53

JPMorgan U.S. Value Factor ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

Reporting Period Return:
Net Asset Value*		(5.39)%
Market Price**		(5.76)%
JP Morgan US Value Factor Index		(5.17)%
Russell 1000 Index		10.87%
Net Assets as of 10/31/2020	$	62,468,155

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 twelve months ended October 31, 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 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 performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selection in the technology and consumer services sectors was a leading detractor from performance, while their security selections and roughly equal weightings in the basic materials and telecommunications sectors were the smallest detractors from relative 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.

54 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	1.9	%
	2.	UnitedHealth Group, Inc.	1.9
	3.	Johnson & Johnson	1.8
	4.	Alphabet, Inc., Class A	1.8
	5.	Facebook, Inc., Class A	1.7
	6.	Apple, Inc.	1.6
	7.	Pfizer, Inc.	1.4
	8.	Comcast Corp. Class A	1.3
	9.	Merck & Co., Inc	1.3
	10.	Intel Corp.	1.3

PORTFOLIO COMPOSITION BY SECTOR****
Technology	28.3	%
Consumer Services	14.8
Financials	14.7
Health Care	12.6
Industrials	11.2
Consumer Goods	8.7
Utilities	3.0
Basic Materials	2.0
Oil & Gas	1.9
Telecommunications	1.6
Short-Term Investments	1.2

* The return shown is based on net asset value 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 $24.99 as of October 31, 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 October 31, 2020, the closing price was $24.90.

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

**** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s composition is subject to change.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 55

JPMorgan U.S. Value Factor ETF

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020 (Unaudited)

	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan U.S. Value Factor ETF
Net Asset Value		November 8, 2017		(5.39	)%		2.72%
Market Price				(5.76	)%		2.59%

LIFE OF FUND PERFORMANCE (11/8/17 TO 10/31/20)

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 October 31, 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 on gains resulting from 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.

56 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

JPMorgan BetaBuilders Canada ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.3%
Aerospace & Defense — 0.3%
CAE, Inc. (a)		712,280		12,173,396
Airlines — 0.2%
Air Canada* (a)		795,187		8,791,642
Auto Components — 1.0%
Magna International, Inc.		728,035		37,174,976
Banks — 23.3%
Bank of Montreal (a)		1,723,305		102,611,863
Bank of Nova Scotia (The)		3,246,683		134,882,462
Canadian Imperial Bank of Commerce		1,193,982		89,062,472
National Bank of Canada		899,592		43,173,394
Royal Bank of Canada		3,814,719		266,741,141
Toronto-Dominion Bank (The)		4,834,352		213,287,706
				849,759,038
Capital Markets — 3.7%
Brookfield Asset Management, Inc., Class A (a)		3,753,788		111,545,798
CI Financial Corp.		523,951		6,107,453
IGM Financial, Inc. (a)		217,152		4,767,467
TMX Group Ltd.		136,462		13,260,054
				135,680,772
Chemicals — 1.7%
Nutrien Ltd.		1,525,352		62,007,854
Commercial Services & Supplies — 2.4%
Ritchie Bros Auctioneers, Inc.		289,967		17,576,923
Waste Connections, Inc.		704,542		69,835,485
				87,412,408
Construction & Engineering — 0.5%
SNC-Lavalin Group, Inc.		470,497		6,582,649
WSP Global, Inc. (a)		190,743		12,064,785
				18,647,434
Containers & Packaging — 0.4%
CCL Industries, Inc., Class B		398,021		15,176,362
Diversified Financial Services — 0.3%
Onex Corp.		218,627		9,452,012
Diversified Telecommunication Services — 1.4%
BCE, Inc. (a)		799,808		32,141,200
TELUS Corp.		1,130,470		19,329,060
				51,470,260
Electric Utilities — 2.6%
Emera, Inc. (a)		660,476		26,348,645
Fortis, Inc. (a)		1,245,183		49,188,607
Hydro One Ltd. (b)		816,760		17,845,743
				93,382,995

INVESTMENTS	SHARES		VALUE ($)
Equity Real Estate Investment Trusts (REITs) — 0.4%
Canadian Apartment Properties (a)		224,081		7,203,625
H&R (a)		376,697		2,895,277
RioCan (a)		416,601		4,496,526
				14,595,428
Food & Staples Retailing — 4.2%
Alimentation Couche-Tard, Inc., Class B		2,377,394		73,215,099
Empire Co. Ltd., Class A		458,213		12,501,721
George Weston Ltd.		189,451		13,285,601
Loblaw Cos. Ltd.		441,081		21,956,385
Metro, Inc.		675,767		31,523,620
				152,482,426
Food Products — 0.4%
Saputo, Inc. (a)		636,304		15,488,508
Gas Utilities — 0.3%
AltaGas Ltd. (a)		748,932		9,494,454
Hotels, Restaurants & Leisure — 1.2%
Restaurant Brands International, Inc.		813,458		42,269,532
Insurance — 6.7%
Fairfax Financial Holdings Ltd.		73,010		19,193,141
Great-West Lifeco, Inc. (a)		721,011		14,692,974
iA Financial Corp., Inc. (a)		286,791		9,992,373
Intact Financial Corp.		383,301		39,593,097
Manulife Financial Corp.		5,197,901		70,460,176
Power Corp. of Canada		1,532,142		29,175,443
Sun Life Financial, Inc.		1,566,732		62,337,659
				245,444,863
IT Services — 8.4%
CGI, Inc.*		617,303		38,304,015
Shopify, Inc., Class A* (a)		290,039		267,383,172
				305,687,187
Media — 0.9%
Quebecor, Inc., Class B (a)		467,069		10,836,225
Shaw Communications, Inc., Class B		1,235,759		20,359,461
				31,195,686
Metals & Mining — 11.2%
Agnico Eagle Mines Ltd.		649,895		51,448,192
Barrick Gold Corp.		4,765,050		127,397,044
First Quantum Minerals Ltd.		1,478,115		16,985,619
Franco-Nevada Corp.		510,790		69,619,722
Kinross Gold Corp.		3,371,767		26,826,338
Kirkland Lake Gold Ltd.		743,035		33,852,904
Lundin Mining Corp.		1,710,585		10,335,667
Teck Resources Ltd., Class B (a)		1,248,093		16,403,294

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 57

JPMorgan BetaBuilders Canada ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Metals & Mining — continued
Wheaton Precious Metals Corp. (a)		1,203,207		55,215,849
				408,084,629
Multiline Retail — 1.2%
Canadian Tire Corp. Ltd., Class A (a)		153,793		17,174,302
Dollarama, Inc.		775,075		26,691,016
				43,865,318
Multi-Utilities — 1.0%
Algonquin Power & Utilities Corp. (a)		1,570,395		23,809,937
Atco Ltd., Class I		198,526		5,526,780
Canadian Utilities Ltd., Class A		321,239		7,508,356
				36,845,073
Oil, Gas & Consumable Fuels — 11.5%
Cameco Corp. (a)		1,060,766		10,079,785
Canadian Natural Resources Ltd.		3,165,264		50,366,732
Cenovus Energy, Inc.		2,733,275		8,944,741
Enbridge, Inc. (a)		5,427,412		149,546,119
Imperial Oil Ltd. (a)		590,214		7,850,028
Keyera Corp. (a)		592,357		8,407,619
Pembina Pipeline Corp. (a)		1,473,602		30,847,977
Suncor Energy, Inc.		4,087,512		46,112,216
TC Energy Corp.		2,518,958		99,147,457
Tourmaline Oil Corp.		667,643		8,649,342
				419,952,016
Pharmaceuticals — 0.7%
Bausch Health Cos., Inc.* (a)		827,584		13,634,669
Canopy Growth Corp.* (a)		607,020		11,404,121
				25,038,790
Professional Services — 1.0%
Thomson Reuters Corp.		452,473		35,177,628
Road & Rail — 8.2%
Canadian National Railway Co.		1,906,149		189,355,866
Canadian Pacific Railway Ltd.		363,224		108,544,624
				297,900,490
Software — 2.5%
BlackBerry Ltd.* (a)		1,371,776		6,157,187
Constellation Software Engineering Corp.*		99,293		—
Constellation Software, Inc.		53,389		56,045,427
Open Text Corp. (a)		728,638		26,770,870
				88,973,484

INVESTMENTS	SHARES		VALUE ($)
Textiles, Apparel & Luxury Goods — 0.3%
Gildan Activewear, Inc. (a)		531,202		11,004,410
Thrifts & Mortgage Finance — 0.1%
Genworth MI Canada, Inc. (a)		99,445		3,299,159
Trading Companies & Distributors — 0.2%
Finning International, Inc. (a)		434,449		6,606,573
Wireless Telecommunication Services — 1.1%
Rogers Communications, Inc., Class B (a)		939,247		38,153,605
Total Common Stocks (Cost $3,701,324,890)				3,612,688,408
Short-Term Investments — 7.8%
Investment of Cash Collateral from Securities Loaned — 7.8%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		242,071,855		242,096,062
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (c) (d)		42,762,729		42,762,729
Total Investment of Cash Collateral from Securities Loaned (Cost $284,858,791)				284,858,791
Total Investments — 107.1% (Cost $3,986,183,681)				3,897,547,199
Liabilities in Excess of Other Assets — (7.1)%				(257,335,939	)
NET ASSETS — 100.0%				3,640,211,260

Percentages indicated are based on net assets.

(a)	Thesecurity or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is $267,270,576.
(b)	Securityexempt 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)	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 October 31, 2020.
*	Non-incomeproducing security.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

Futures contracts outstanding as of October 31, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
S&P/TSX 60 Index		195		12/2020		CAD		27,109,435		(1,137,237	)

Abbreviations

CAD	Canadian Dollar
TSX	Toronto Stock Exchange

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 59

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.1%
Australia — 57.8%
Afterpay Ltd.*		213,003		14,503,177
AGL Energy Ltd.		577,876		5,064,814
Alumina Ltd.		2,163,235		2,185,008
AMP Ltd.		3,186,974		3,429,478
Ampol Ltd.		231,568		4,222,437
APA Group		1,094,189		8,066,736
Aristocrat Leisure Ltd.		592,161		11,924,187
ASX Ltd.		179,533		10,052,885
Aurizon Holdings Ltd.		1,775,568		4,708,201
AusNet Services		1,705,414		2,397,440
Australia & New Zealand Banking Group Ltd.		2,630,165		34,903,953
Bendigo & Adelaide Bank Ltd.		491,474		2,312,014
BHP Group Ltd.		2,731,873		65,487,426
BlueScope Steel Ltd.		466,124		4,814,450
Boral Ltd.		954,766		3,057,453
Brambles Ltd.		1,395,721		9,413,188
Challenger Ltd.		532,560		1,800,313
CIMIC Group Ltd.*		67,711		1,023,370
Coca-Cola Amatil Ltd.		463,273		4,049,852
Cochlear Ltd.		60,950		9,097,117
Coles Group Ltd.		1,237,038		15,453,422
Commonwealth Bank of Australia		1,641,655		79,704,892
Computershare Ltd.		471,496		4,029,362
Crown Resorts Ltd.		332,825		1,937,672
CSL Ltd.		421,096		85,253,981
Deterra Royalties Ltd.*		392,062		1,083,031
Dexus, REIT		1,011,940		6,122,283
Domino’s Pizza Enterprises Ltd.		58,678		3,494,958
Evolution Mining Ltd.		1,584,338		6,211,290
Fortescue Metals Group Ltd.		1,541,872		18,862,474
Goodman Group, REIT		1,542,998		19,971,258
GPT Group (The), REIT		1,806,437		5,116,283
Harvey Norman Holdings Ltd.		635,524		1,988,076
Iluka Resources Ltd.		392,062		1,420,718
Incitec Pivot Ltd.		1,801,147		2,430,161
Insurance Australia Group Ltd.		2,143,179		7,194,049
LendLease Corp. Ltd.		638,274		5,369,246
Macquarie Group Ltd.		315,131		28,097,069
Magellan Financial Group Ltd.		131,850		5,110,313
Medibank Pvt Ltd.		2,553,960		4,794,225
Mirvac Group, REIT		3,648,510		5,410,636
National Australia Bank Ltd.		3,051,104		39,917,544
Newcrest Mining Ltd.		756,794		15,694,008
Orica Ltd.		376,398		4,040,547
Origin Energy Ltd.		1,633,282		4,594,436

INVESTMENTS	SHARES		VALUE ($)
Australia — continued
Qantas Airways Ltd.		857,034		2,521,339
QBE Insurance Group Ltd.		1,362,496		7,878,885
Ramsay Health Care Ltd.		171,927		7,532,859
REA Group Ltd.		46,415		3,859,965
Reece Ltd. (a)		263,586		2,546,477
Rio Tinto Ltd.		344,252		22,394,925
Santos Ltd.		1,641,995		5,458,626
Scentre Group, REIT		4,813,364		7,103,179
SEEK Ltd.		327,386		4,955,175
Seven Group Holdings Ltd.		123,350		1,684,330
Sonic Healthcare Ltd.		441,215		10,806,696
South32 Ltd.		4,494,249		6,413,212
Stockland, REIT		2,211,160		5,979,159
Suncorp Group Ltd.		1,186,700		6,853,538
Sydney Airport		1,226,278		4,701,651
Tabcorp Holdings Ltd.		2,056,027		4,750,704
Telstra Corp. Ltd.		3,860,290		7,269,649
TPG Telecom Ltd.*		346,602		1,749,427
Transurban Group		2,537,176		24,026,246
Treasury Wine Estates Ltd.		668,675		4,310,844
Vicinity Centres, REIT		3,570,528		3,034,262
Washington H Soul Pattinson & Co. Ltd. (a)		115,443		2,055,744
Wesfarmers Ltd.		1,051,480		34,036,018
Westpac Banking Corp.		3,349,343		42,392,183
WiseTech Global Ltd.		144,112		2,939,231
Woodside Petroleum Ltd.		885,037		10,916,264
Woolworths Group Ltd.		1,171,344		31,509,511
Worley Ltd. (a)		294,426		1,962,704
				847,458,236
Cambodia — 0.2%
NagaCorp Ltd.		2,092,000		2,163,854
China — 1.3%
China Evergrande New Energy Vehicle Group Ltd.* (a)		2,003,000		5,572,247
Chow Tai Fook Jewellery Group Ltd.		2,040,000		2,607,225
ESR Cayman Ltd.* (b)		933,400		2,819,268
Wilmar International Ltd.		2,640,300		7,816,738
				18,815,478
Hong Kong — 24.3%
AIA Group Ltd.		11,212,800		106,714,195
ASM Pacific Technology Ltd.		284,500		2,868,988
Bank of East Asia Ltd. (The)		1,459,400		2,632,780
Cathay Pacific Airways Ltd.*		895,636		608,586

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Hong Kong — continued
CK Asset Holdings Ltd.		2,260,500		10,496,613
CK Infrastructure Holdings Ltd.		565,000		2,665,257
CLP Holdings Ltd.		1,499,500		13,817,219
Dairy Farm International Holdings Ltd.		275,900		1,039,268
Guoco Group Ltd.		73,000		895,894
Hang Lung Group Ltd.		795,000		1,764,750
Hang Lung Properties Ltd.		1,710,000		4,162,976
Hang Seng Bank Ltd.		673,800		10,380,594
Henderson Land Development Co. Ltd.		1,257,700		4,442,300
HK Electric Investments & HK Electric Investments Ltd. (b)		2,139,500		2,178,065
HKT Trust & HKT Ltd.		3,379,000		4,369,950
Hong Kong & China Gas Co. Ltd.		9,887,180		14,265,255
Hong Kong Exchanges & Clearing Ltd.		1,105,200		52,959,766
Hysan Development Co. Ltd.		561,000		1,788,520
Jardine Matheson Holdings Ltd.		245,800		10,895,245
Jardine Strategic Holdings Ltd.		164,400		3,559,615
Kerry Properties Ltd.		551,500		1,353,121
Link, REIT		1,918,500		14,641,718
MTR Corp. Ltd.		1,432,500		7,098,420
New World Development Co. Ltd.		1,323,250		6,317,710
NWS Holdings Ltd.		1,345,000		1,180,631
PCCW Ltd.		3,655,000		2,198,979
Power Assets Holdings Ltd.		1,267,000		6,524,661
Sino Land Co. Ltd.		2,808,000		3,327,700
Sun Hung Kai Properties Ltd.		1,424,500		18,335,908
Swire Pacific Ltd., Class A		462,000		2,106,812
Swire Pacific Ltd., Class B		832,500		677,930
Swire Properties Ltd.		976,600		2,620,693
Techtronic Industries Co. Ltd.		1,597,000		21,510,539
WH Group Ltd. (b)		8,744,500		6,887,402
Wharf Holdings Ltd. (The)		1,416,000		2,931,255
Wharf Real Estate Investment Co. Ltd.		1,606,000		6,181,142
				356,400,457
Macau — 1.8%
Galaxy Entertainment Group Ltd.		1,970,000		13,018,860
MGM China Holdings Ltd. (a)		779,428		1,028,585
Sands China Ltd.		2,250,179		7,897,237
SJM Holdings Ltd.		1,945,000		2,019,512
Wynn Macau Ltd.* (a)		1,352,316		1,868,406
				25,832,600
New Zealand — 3.0%
a2 Milk Co. Ltd. (The)*		688,344		6,665,356
Auckland International Airport Ltd.		1,119,783		5,179,981
Contact Energy Ltd.		665,969		3,246,797

INVESTMENTS	SHARES		VALUE ($)
New Zealand — continued
Fisher & Paykel Healthcare Corp. Ltd.		533,175		12,334,678
Fletcher Building Ltd.		764,385		2,070,050
Mercury NZ Ltd.		581,141		2,054,542
Meridian Energy Ltd.		1,164,461		4,081,237
Ryman Healthcare Ltd.		384,855		3,561,479
Spark New Zealand Ltd.		1,703,608		5,055,743
				44,249,863
Singapore — 9.0%
Ascendas, REIT		2,611,828		5,511,275
CapitaLand Ltd.		2,311,500		4,349,752
CapitaLand Mall Trust, REIT		4,171,820		5,288,021
City Developments Ltd.		428,900		1,991,757
ComfortDelGro Corp. Ltd.		1,867,600		1,847,172
DBS Group Holdings Ltd.		1,660,700		24,737,552
Frasers Property Ltd.		358,400		285,956
Genting Singapore Ltd.		5,255,200		2,481,592
Great Eastern Holdings Ltd.		52,700		686,440
Jardine Cycle & Carriage Ltd.		91,700		1,192,847
Keppel, REIT		1,565,600		1,141,763
Keppel Corp. Ltd.		1,327,900		4,267,158
Mapletree Commercial Trust, REIT		2,023,800		2,551,762
Mapletree North Asia Commercial Trust, REIT(b)		1,897,300		1,210,383
Olam International Ltd.		652,500		612,131
Oversea-Chinese Banking Corp. Ltd.		3,675,100		22,667,087
SATS Ltd.		622,900		1,358,442
Sembcorp Industries Ltd.		827,300		957,565
Singapore Airlines Ltd.		1,208,900		3,000,028
Singapore Exchange Ltd.		764,100		4,846,194
Singapore Press Holdings Ltd.		1,489,400		1,078,930
Singapore Technologies Engineering Ltd.		1,387,900		3,547,915
Singapore Telecommunications Ltd.		6,359,900		9,454,142
Suntec, REIT		1,974,200		1,938,777
United Overseas Bank Ltd.		1,421,200		19,746,792
UOL Group Ltd.		437,500		1,994,211
Venture Corp. Ltd.		248,300		3,500,227
				132,245,871
United Kingdom — 1.0%
CK Hutchison Holdings Ltd.		2,503,000		15,118,073
United States — 0.7%
James Hardie Industries plc, CHDI		410,977		9,978,472
Total Common Stocks (Cost $1,545,664,725)				1,452,262,904

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 61

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Short-Term Investments — 0.5%
Investment of Cash Collateral from Securities Loaned — 0.5%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		5,986,904		5,987,503
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (c) (d)		2,214,888		2,214,888
Total Investment of Cash Collateral from Securities Loaned (Cost $8,202,888)				8,202,391
Total Investments — 99.6% (Cost $1,553,867,613)				1,460,465,295
Other Assets Less Liabilities — 0.4%				5,505,599
NET ASSETS — 100.0%				1,465,970,894

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2020

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

INDUSTRY	PERCENTAGE
Banks		19.1	%
Metals & Mining		9.9
Insurance		9.2
Capital Markets		6.9
Biotechnology		5.8
Equity Real Estate Investment Trusts (REITs)		5.8
Real Estate Management & Development		5.7
Hotels, Restaurants & Leisure		3.6
Food & Staples Retailing		3.3
Industrial Conglomerates		2.5
Multiline Retail		2.5
Transportation Infrastructure		2.4
Electric Utilities		2.3
Diversified Telecommunication Services		2.1
Health Care Providers & Services		1.9
Oil, Gas & Consumable Fuels		1.9
Gas Utilities		1.5
Machinery		1.5
Health Care Equipment & Supplies		1.5
Food Products		1.5
IT Services		1.3
Construction Materials		1.0
Others (each less than 1.0%)		6.2
Short-Term Investments		0.6

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 October 31, 2020. The total value of securities on loan at October 31, 2020 is $7,803,965.
(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 October 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

Futures contracts outstanding as of October 31, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Hang Seng Index		26		11/2020		HKD		4,047,817		(88,948	)
MSCI Singapore Index		52		11/2020		SGD		1,047,081		(43,171	)
SPI 200 Index		78		12/2020		AUD		8,144,432		104,083
										(28,036	)

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.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 63

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.4%
Australia — 1.5%
BHP Group plc		946,847		18,342,660
Glencore plc*		4,903,927		9,892,384
Rio Tinto plc		484,143		27,383,819
				55,618,863
Austria — 0.4%
ANDRITZ AG		32,265		1,088,189
BAWAG Group AG (a)		30,855		1,133,156
Erste Group Bank AG		133,010		2,734,082
EVN AG		16,887		269,712
IMMOFINANZ AG*		43,208		579,428
Oesterreichische Post AG (b)		13,977		443,880
OMV AG		64,625		1,493,896
Raiffeisen Bank International AG*		60,486		873,318
Strabag SE*		6,269		181,870
Telekom Austria AG		62,228		418,899
UNIQA Insurance Group AG		50,686		285,491
Verbund AG (b)		30,620		1,765,980
Vienna Insurance Group AG Wiener Versicherung Gruppe		16,017		324,956
voestalpine AG		49,358		1,372,492
				12,965,349
Belgium — 1.6%
Ackermans & van Haaren NV		10,006		1,231,673
Ageas SA		82,828		3,335,404
Anheuser-Busch InBev SA/NV		379,481		19,629,112
Elia Group SA/NV		15,013		1,452,073
Etablissements Franz Colruyt NV		28,535		1,688,916
Galapagos NV*		21,348		2,495,307
Groupe Bruxelles Lambert SA		52,745		4,325,525
KBC Group NV		151,416		7,480,982
Proximus SADP		69,973		1,360,290
Sofina SA		7,170		1,863,473
Solvay SA		32,818		2,666,473
Telenet Group Holding NV		21,426		824,055
UCB SA		56,740		5,604,301
Umicore SA (b)		89,385		3,445,910
				57,403,494
Brazil — 0.1%
Yara International ASA		76,917		2,691,747
Chile — 0.1%
Antofagasta plc		153,671		2,049,079
China — 0.5%
Prosus NV*		189,421		18,911,034

INVESTMENTS	SHARES		VALUE ($)
Colombia — 0.0% (c)
Millicom International Cellular SA, SDR (b)		45,686		1,341,762
Denmark — 4.1%
Ambu A/S, Class B		75,206		2,281,029
AP Moller—Maersk A/S, Class A		1,347		1,991,750
AP Moller—Maersk A/S, Class B (b)		2,906		4,657,256
Carlsberg A/S, Class B		45,759		5,794,045
Chr Hansen Holding A/S (b)		46,083		4,650,227
Coloplast A/S, Class B		53,321		7,797,827
Danske Bank A/S* (b)		305,350		4,069,575
Demant A/S*		46,456		1,466,769
DSV Panalpina A/S		91,835		14,899,448
Genmab A/S*		29,137		9,732,489
GN Store Nord A/S		63,720		4,587,651
H Lundbeck A/S		27,338		770,698
Novo Nordisk A/S, Class B		747,574		47,669,549
Novozymes A/S, Class B (b)		94,412		5,678,051
Orsted A/S (a)		80,559		12,785,842
Pandora A/S		44,927		3,564,035
Rockwool International A/S, Class A		2,697		943,145
Rockwool International A/S, Class B		3,123		1,222,398
Tryg A/S		54,338		1,508,028
Vestas Wind Systems A/S		89,227		15,308,143
				151,377,955
Finland — 2.3%
Elisa OYJ		67,164		3,302,364
Fortum OYJ		195,182		3,668,765
Huhtamaki OYJ		43,019		2,101,372
Kesko OYJ, Class A		42,170		1,034,217
Kesko OYJ, Class B		121,830		3,126,230
Kone OYJ, Class B		179,156		14,263,170
Konecranes OYJ		28,716		903,544
Neles OYJ		57,612		771,507
Neste OYJ		193,057		10,068,607
Nokia OYJ*		2,524,417		8,510,313
Nokian Renkaat OYJ (b)		57,619		1,770,512
Nordea Bank Abp		1,447,965		10,867,366
Orion OYJ, Class A		13,767		593,248
Orion OYJ, Class B		47,483		2,032,254
Sampo OYJ, Class A		226,141		8,533,769
Stora Enso OYJ, Class R		274,528		4,006,174
UPM-Kymmene OYJ		238,544		6,741,010
Wartsila OYJ Abp		218,484		1,736,253
				84,030,675

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
France — 16.0%
Adevinta ASA*		104,416		1,613,274
Aeroports de Paris		11,979		1,172,236
Air Liquide SA		211,141		30,876,906
Airbus SE*		274,064		20,052,191
Alstom SA*		85,390		3,815,175
Amundi SA* (a)		27,126		1,779,250
Arkema SA		29,800		2,918,606
Atos SE*		43,553		2,975,361
AXA SA		935,433		15,022,399
BioMerieux		18,505		2,755,378
BNP Paribas SA*		513,282		17,900,598
Bollore SA		407,336		1,460,094
Bouygues SA		100,539		3,297,018
Bureau Veritas SA*		129,574		2,841,343
Capgemini SE		72,254		8,343,016
Carrefour SA		260,307		4,045,666
Casino Guichard Perrachon SA* (b)		23,109		520,581
Cie de Saint-Gobain*		244,998		9,543,536
Cie Generale des Etablissements Michelin SCA		80,812		8,727,781
Covivio, REIT		21,792		1,297,726
Credit Agricole SA*		569,050		4,501,494
Danone SA		307,125		17,034,760
Dassault Aviation SA* (b)		1,112		930,362
Dassault Systemes SE		61,214		10,437,626
Edenred		110,600		5,155,506
Eiffage SA*		37,138		2,695,381
Electricite de France SA		180,871		2,099,382
Engie SA* (b)		796,920		9,638,393
EssilorLuxottica SA*		133,366		16,465,225
Faurecia SE*		33,154		1,257,397
Gecina SA, REIT		24,322		3,019,407
Getlink SE* (b)		194,725		2,619,095
Hermes International		15,679		14,598,726
ICADE, REIT (b)		13,981		707,028
Iliad SA		6,839		1,322,196
Ipsen SA		18,007		1,640,077
JCDecaux SA*		33,272		513,532
Kering SA		33,358		20,158,776
Klepierre SA, REIT (b)		91,412		1,158,199
Legrand SA		118,656		8,782,837
L’Oreal SA		107,655		34,792,538
LVMH Moet Hennessy Louis Vuitton SE		120,797		56,623,312
Orange SA		914,291		10,267,142
Pernod Ricard SA		90,325		14,551,581
Peugeot SA*		287,935		5,172,524

INVESTMENTS	SHARES		VALUE ($)
France — continued
Publicis Groupe SA		100,254		3,483,053
Safran SA*		147,283		15,535,402
Sanofi		513,934		46,404,847
Sartorius Stedim Biotech		10,758		4,079,542
Schneider Electric SE (b)		241,588		29,354,516
SEB SA		11,593		1,884,018
Societe Generale SA*		353,489		4,803,177
Sodexo SA		37,692		2,421,188
Suez SA		181,729		3,326,979
Teleperformance		26,193		7,862,696
Thales SA		47,524		3,096,679
TOTAL SE		1,129,926		34,233,058
Ubisoft Entertainment SA*		35,401		3,127,092
Unibail-Rodamco-Westfield, REIT(b)		61,736		2,499,130
Valeo SA		107,688		3,257,715
Veolia Environnement SA		236,965		4,410,547
Vinci SA		227,925		18,002,686
Vivendi SA		387,378		11,181,087
Worldline SA* (a) (b)		102,307		7,577,522
				593,641,565
Germany — 13.5%
1&1 Drillisch AG		19,849		418,059
adidas AG*		82,575		24,533,454
Allianz SE (Registered)		186,938		32,929,992
Aroundtown SA*		537,267		2,577,088
BASF SE		411,731		22,545,646
Bayer AG (Registered)		440,404		20,694,823
Bayerische Motoren Werke AG		143,087		9,778,391
Bayerische Motoren Werke AG (Preference)		25,588		1,322,990
Beiersdorf AG		44,063		4,613,808
Brenntag AG		69,258		4,426,724
Continental AG		48,350		5,137,234
Covestro AG (a)		79,721		3,804,765
Daimler AG (Registered)		374,086		19,335,944
Delivery Hero SE* (a) (b)		64,142		7,363,131
Deutsche Bank AG (Registered)* (b)		926,462		8,561,563
Deutsche Boerse AG		85,119		12,542,588
Deutsche Lufthansa AG (Registered)* (b)		133,902		1,145,542
Deutsche Post AG (Registered)		435,335		19,301,874
Deutsche Telekom AG (Registered)		1,451,399		22,059,446
Deutsche Wohnen SE		161,244		8,138,460
E.ON SE		1,006,431		10,481,147
Evonik Industries AG		85,685		2,063,028
Fraport AG Frankfurt Airport Services Worldwide* (b)		16,468		595,623

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 65

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Germany — continued
Fresenius Medical Care AG & Co. KGaA		95,026		7,256,391
Fresenius SE & Co. KGaA		183,514		6,807,166
GEA Group AG		73,653		2,452,917
Hannover Rueck SE		26,978		3,920,493
HeidelbergCement AG		65,813		3,764,071
Henkel AG & Co. KGaA		44,197		3,995,581
Henkel AG & Co. KGaA (Preference)		79,960		7,780,954
HOCHTIEF AG		10,109		743,675
Infineon Technologies AG		585,324		16,296,113
KION Group AG		28,915		2,253,083
LANXESS AG		39,164		1,986,311
Merck KGaA		57,879		8,573,686
MTU Aero Engines AG		23,763		4,061,604
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		62,888		14,739,518
Porsche Automobil Holding SE (Preference)		68,707		3,680,796
Puma SE* (b)		41,928		3,670,511
RWE AG		303,135		11,218,354
SAP SE		490,175		52,294,146
Sartorius AG (Preference) (b)		15,240		6,450,792
Siemens AG (Registered)		362,059		42,475,344
Symrise AG		57,759		7,122,287
Talanx AG		23,708		698,940
Telefonica Deutschland Holding AG		410,290		1,034,862
thyssenkrupp AG* (b)		182,198		869,677
TUI AG (b)		195,653		768,033
Uniper SE		44,247		1,321,630
United Internet AG (Registered)		51,311		1,799,405
Volkswagen AG		13,296		2,068,358
Volkswagen AG (Preference)		82,318		11,990,781
Vonovia SE		253,594		16,195,405
Zalando SE* (a) (b)		74,001		6,891,297
				499,553,501
Ireland — 1.1%
CRH plc		354,436		12,402,344
Flutter Entertainment plc		60,283		10,537,979
Kerry Group plc, Class A		68,607		8,212,392
Kingspan Group plc		69,180		6,030,701
Smurfit Kappa Group plc		105,912		3,990,670
				41,174,086
Italy — 3.3%
A2A SpA		702,118		891,684
Amplifon SpA* (b)		37,294		1,355,924
Assicurazioni Generali SpA		551,122		7,392,881
Atlantia SpA* (b)		225,579		3,462,762

INVESTMENTS	SHARES		VALUE ($)
Italy — continued
Banca Mediolanum SpA		109,228		746,258
Banco BPM SpA (b)		673,004		1,219,145
Buzzi Unicem SpA		31,665		685,161
Buzzi Unicem SpA		18,109		256,795
Davide Campari-Milano NV (b)		188,321		1,968,210
DiaSorin SpA		8,818		1,935,804
Enel SpA		3,460,189		27,510,251
Eni SpA (b)		1,140,297		7,987,834
Ferrari NV (b)		57,397		10,239,160
FinecoBank Banca Fineco SpA*		271,754		3,731,149
Freni Brembo SpA* (b)		68,397		710,652
Hera SpA		355,350		1,116,199
Infrastrutture Wireless Italiane SpA (a) (b)		146,382		1,581,164
Intesa Sanpaolo SpA*		7,847,641		13,027,908
Leonardo SpA (b)		179,707		856,868
Mediaset SpA* (b)		143,016		243,169
Mediobanca Banca di Credito Finanziario SpA		327,942		2,328,298
Moncler SpA*		89,066		3,563,683
Nexi SpA* (a)		160,355		2,468,522
Pirelli & C SpA* (a)		197,163		822,070
Poste Italiane SpA (a)		205,736		1,679,562
Prysmian SpA		120,199		3,270,905
Recordati Industria Chimica e Farmaceutica SpA		44,982		2,332,075
Saipem SpA (b)		255,878		450,825
Salvatore Ferragamo SpA* (b)		30,040		387,510
Snam SpA (b)		949,153		4,628,149
Telecom Italia SpA		2,676,888		974,408
Telecom Italia SpA		5,179,382		1,759,300
Terna Rete Elettrica Nazionale SpA		627,935		4,239,684
UniCredit SpA*		947,036		7,092,723
UnipolSai Assicurazioni SpA		203,041		471,557
				123,388,249
Jordan — 0.1%
Hikma Pharmaceuticals plc		72,026		2,341,817
Luxembourg — 0.2%
ArcelorMittal SA*		309,755		4,200,286
Eurofins Scientific SE*		5,458		4,346,318
RTL Group SA(b)		16,722		635,385
				9,181,989
Mexico — 0.0%(c)
Fresnillo plc		82,359		1,242,181
Netherlands — 6.8%
Adyen NV* (a)		13,491		22,674,918

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Netherlands — continued
Aegon NV		632,233		1,700,718
Akzo Nobel NV		86,538		8,323,943
Altice Europe NV*		107,476		528,423
Argenx SE*		20,989		5,237,633
ASML Holding NV		190,847		69,049,038
EXOR NV		50,865		2,646,345
GrandVision NV (a)		25,894		719,255
HAL Trust		38,220		4,843,137
Heineken Holding NV		45,156		3,479,813
Heineken NV		105,820		9,366,932
ING Groep NV		1,746,614		11,963,819
Koninklijke Ahold Delhaize NV		493,439		13,528,013
Koninklijke DSM NV		81,354		13,010,740
Koninklijke KPN NV		1,582,537		4,274,087
Koninklijke Philips NV*		408,312		18,911,696
Koninklijke Vopak NV (b)		29,929		1,555,660
NN Group NV		143,544		4,995,465
Randstad NV*		55,669		2,777,690
Royal Dutch Shell plc, Class A		1,838,497		23,127,360
Royal Dutch Shell plc, Class B		1,661,379		20,035,135
Wolters Kluwer NV		122,416		9,911,614
				252,661,434
Norway — 0.9%
Aker ASA, Class A		10,729		431,950
Aker BP ASA (b)		48,739		759,030
DNB ASA		403,846		5,453,855
Equinor ASA (b)		481,838		6,148,115
Gjensidige Forsikring ASA		85,554		1,630,232
Kongsberg Gruppen ASA		40,280		654,523
Leroy Seafood Group ASA		124,597		585,257
Mowi ASA		201,340		3,180,763
Norsk Hydro ASA*		614,802		1,727,819
Orkla ASA		363,680		3,433,071
Salmar ASA*		24,414		1,239,753
Schibsted ASA, Class A*		35,754		1,461,549
Schibsted ASA, Class B*		45,290		1,634,190
Storebrand ASA*		211,285		1,115,025
Telenor ASA		288,594		4,459,437
TGS NOPEC Geophysical Co. ASA		53,634		494,804
				34,409,373
Portugal—0.3%
Banco Comercial Portugues SA, Class R* (b)		3,611,783		317,618
EDP—Energias de Portugal SA		1,244,470		6,138,557
Galp Energia SGPS SA		204,798		1,663,203

INVESTMENTS	SHARES		VALUE ($)
Portugal — continued
Jeronimo Martins SGPS SA		110,554		1,756,009
Navigator Co. SA (The)*		100,171		220,707
NOS SGPS SA		111,784		384,176
				10,480,270
Russia — 0.1%
Evraz plc		240,972		1,122,131
Polymetal International plc		124,181		2,639,408
				3,761,539
South Africa — 0.4%
Anglo American plc		610,960		14,335,073
Spain — 3.7%
Acciona SA		9,475		957,322
ACS Actividades de Construccion y Servicios SA		122,724		2,917,238
Aena SME SA* (a)		32,957		4,440,488
Amadeus IT Group SA		201,988		9,623,954
Banco Bilbao Vizcaya Argentaria SA		2,988,957		8,623,600
Banco Santander SA		7,449,248		14,917,547
Bankia SA		520,724		640,584
CaixaBank SA		1,608,710		2,935,237
Cellnex Telecom SA (a)		174,582		11,206,584
EDP Renovaveis SA		65,861		1,252,064
Enagas SA		111,642		2,409,656
Endesa SA		142,388		3,820,161
Ferrovial SA		225,340		4,880,311
Grifols SA (b)		131,840		3,562,868
Grifols SA (Preference), Class B		116,036		1,960,809
Iberdrola SA		2,590,262		30,584,718
Industria de Diseno Textil SA (b)		503,009		12,418,960
Mapfre SA		436,890		659,191
Naturgy Energy Group SA		154,402		2,868,504
Red Electrica Corp. SA		194,025		3,417,651
Repsol SA		670,795		4,211,297
Siemens Gamesa Renewable Energy SA		100,724		2,858,477
Telefonica SA		2,269,115		7,381,503
				138,548,724
Sweden — 5.7%
Alfa Laval AB*		134,345		2,728,788
Assa Abloy AB, Class B		444,557		9,527,954
Atlas Copco AB, Class A		289,697		12,787,572
Atlas Copco AB, Class B		174,922		6,702,274
Axfood AB		47,310		1,099,634
Boliden AB		122,699		3,345,893
Castellum AB		107,782		2,244,093

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 67

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Sweden — continued
Electrolux AB, Series B (b)		112,922		2,546,208
Elekta AB, Class B		165,262		1,932,905
Epiroc AB, Class A		280,697		4,191,258
Epiroc AB, Class B		174,922		2,504,122
EQT AB		93,963		1,785,407
Essity AB, Class A		12,595		381,455
Essity AB, Class B (b)		271,492		7,857,879
Evolution Gaming Group AB (a) (b)		59,492		4,412,537
Fabege AB		121,638		1,535,911
Fastighets AB Balder, Class B*		43,955		2,068,686
Getinge AB, Class B		97,550		1,910,027
Hennes & Mauritz AB, Class B		340,532		5,536,510
Hexagon AB, Class B		125,514		9,199,824
Hexpol AB		116,902		1,029,600
Holmen AB, Class B		41,543		1,573,210
Husqvarna AB, Class A		11,396		115,223
Husqvarna AB, Class B		185,333		1,911,081
ICA Gruppen AB		41,586		1,968,614
Industrivarden AB, Class A*		72,503		1,947,700
Industrivarden AB, Class C* (b)		74,887		1,912,173
Intrum AB		28,877		705,665
Investment AB Latour, Class B		56,029		1,306,545
Investor AB, Class A		58,615		3,504,916
Investor AB, Class B		204,132		12,235,461
Kinnevik AB, Class B		108,401		4,438,905
L E Lundbergforetagen AB, Class B*		28,685		1,289,274
Lundin Energy AB (b)		85,973		1,643,532
NCC AB, Class B		38,625		615,582
Nibe Industrier AB, Class B*		159,489		3,840,305
Saab AB, Class B* (b)		36,759		843,275
Sandvik AB*		489,529		8,725,899
Securitas AB, Class B*		144,104		2,034,163
Skandinaviska Enskilda Banken AB, Class A*		719,809		6,176,858
Skanska AB, Class B		179,250		3,361,937
SKF AB, Class A		7,033		144,244
SKF AB, Class B		167,706		3,433,106
SSAB AB, Class A*		105,395		305,847
SSAB AB, Class B*		279,788		754,785
Svenska Cellulosa AB SCA, Class A*		12,983		179,610
Svenska Cellulosa AB SCA, Class B* (b)		268,745		3,635,186
Svenska Handelsbanken AB, Class A*		688,558		5,579,169
Svenska Handelsbanken AB, Class B* (b)		15,580		150,403
Swedbank AB, Class A*		416,022		6,513,078
Swedish Match AB		72,718		5,467,129
Swedish Orphan Biovitrum AB*		85,794		1,479,607

INVESTMENTS	SHARES		VALUE ($)
Sweden — continued
Tele2 AB, Class B		223,793		2,641,195
Telefonaktiebolaget LM Ericsson, Class A		26,621		317,900
Telefonaktiebolaget LM Ericsson, Class B		1,186,890		13,251,051
Telia Co. AB (b)		1,100,016		4,208,829
Trelleborg AB, Class B*		109,141		1,816,082
Volvo AB, Class A* (b)		97,329		1,889,496
Volvo AB, Class B*		708,666		13,774,480
				211,020,052
Switzerland — 16.4%
ABB Ltd. (Registered)		855,353		20,755,160
Adecco Group AG (Registered)		73,140		3,586,344
Alcon, Inc.*		219,119		12,457,609
Baloise Holding AG (Registered)		21,875		2,991,524
Barry Callebaut AG (Registered)		1,176		2,428,019
Chocoladefabriken Lindt & Spruengli AG		470		3,726,381
Chocoladefabriken Lindt & Spruengli AG (Registered)		62		5,360,172
Cie Financiere Richemont SA (Registered)		233,919		14,620,827
Coca-Cola HBC AG		90,095		2,046,529
Credit Suisse Group AG (Registered)		1,042,415		9,831,411
EMS-Chemie Holding AG (Registered)		3,080		2,709,102
Geberit AG (Registered)		16,703		9,506,841
Givaudan SA (Registered)		3,598		14,672,428
Julius Baer Group Ltd.		100,405		4,468,549
Kuehne + Nagel International AG (Registered)		22,692		4,535,296
LafargeHolcim Ltd. (Registered)*		229,169		9,835,854
Lonza Group AG (Registered)		33,392		20,232,554
Mediclinic International plc		217,138		795,094
Nestle SA (Registered)		1,291,521		145,267,614
Novartis AG (Registered)		1,105,985		86,181,213
Partners Group Holding AG		8,331		7,500,452
Roche Holding AG		315,015		101,224,253
Roche Holding AG		12,254		3,948,254
Schindler Holding AG		18,333		4,696,280
Schindler Holding AG (Registered)		8,766		2,253,235
SGS SA (Registered)		2,262		5,650,053
Sika AG (Registered)		63,634		15,654,279
Sonova Holding AG (Registered)*		24,421		5,796,765
STMicroelectronics NV		293,739		8,960,280
Straumann Holding AG (Registered) (b)		5,124		5,348,703
Swatch Group AG (The)		13,011		2,755,352
Swatch Group AG (The) (Registered)		26,264		1,073,556
Swiss Life Holding AG (Registered)*		14,300		4,810,358
Swiss Re AG		126,702		9,092,212

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Switzerland — continued
Swisscom AG (Registered)		11,450		5,823,483
Temenos AG (Registered) (b)		29,461		3,166,222
UBS Group AG (Registered)		1,717,310		19,992,878
Vifor Pharma AG		19,483		2,192,728
Zurich Insurance Group AG		67,460		22,406,547
				608,354,411
United Arab Emirates — 0.0%
NMC Health plc* ‡		23,176		—
United Kingdom — 19.8%
3i Group plc		435,418		5,438,242
Admiral Group plc		114,525		4,079,823
Ashtead Group plc		203,630		7,358,645
ASOS plc*		31,253		1,783,100
Associated British Foods plc		159,644		3,510,851
AstraZeneca plc		587,965		59,034,921
Auto Trader Group plc (a)		434,382		3,265,871
AVEVA Group plc		28,877		1,602,899
Aviva plc		1,764,559		5,885,822
Babcock International Group plc		222,579		627,025
BAE Systems plc		1,446,103		7,433,539
Barclays plc		7,305,621		10,126,138
Barratt Developments plc		456,229		2,851,700
Berkeley Group Holdings plc		56,461		2,968,625
BP plc		9,069,086		23,132,385
British American Tobacco plc		1,026,366		32,531,075
British Land Co. plc (The), REIT		423,863		1,914,130
BT Group plc		3,932,168		5,164,316
Bunzl plc		150,431		4,676,343
Burberry Group plc		181,458		3,186,915
Centrica plc		2,602,692		1,253,452
CNH Industrial NV*		445,386		3,453,379
Coca-Cola European Partners plc		89,524		3,196,902
Compass Group plc		800,350		10,954,989
ConvaTec Group plc (a)		711,572		1,665,743
Croda International plc		59,166		4,624,363
DCC plc		45,455		2,953,756
Derwent London plc, REIT		50,109		1,725,579
Diageo plc		1,049,555		33,919,392
Direct Line Insurance Group plc		616,340		2,106,286
DS Smith plc		615,783		2,258,816
easyJet plc		143,258		939,408
Experian plc		412,567		15,113,938
Fiat Chrysler Automobiles NV*		493,168		6,049,996
G4S plc*		689,199		1,817,365
GlaxoSmithKline plc		2,237,751		37,367,077

INVESTMENTS	SHARES		VALUE ($)
United Kingdom — continued
GVC Holdings plc		259,218		3,247,233
Halma plc		169,418		5,199,032
Hargreaves Lansdown plc		123,375		2,165,986
Hiscox Ltd.		159,381		1,703,499
HSBC Holdings plc		9,251,264		38,768,292
Imperial Brands plc		425,524		6,735,069
Informa plc		673,355		3,653,381
InterContinental Hotels Group plc		84,245		4,280,507
Intertek Group plc		72,143		5,196,521
ITV plc*		1,630,998		1,524,273
J Sainsbury plc		776,610		2,027,129
JD Sports Fashion plc		196,265		1,888,164
Johnson Matthey plc		89,249		2,484,435
Kingfisher plc*		955,477		3,553,407
Land Securities Group plc, REIT		336,745		2,221,853
Legal & General Group plc		2,674,775		6,413,061
Lloyds Banking Group plc		31,456,070		11,453,368
London Stock Exchange Group plc		141,396		15,242,195
M&G plc		1,159,081		2,204,766
Marks & Spencer Group plc		866,070		997,783
Meggitt plc		344,574		1,220,996
Melrose Industries plc*		2,177,816		3,378,379
Micro Focus International plc		161,018		451,824
Mondi plc		217,672		4,125,606
National Grid plc		1,682,253		20,011,225
Natwest Group plc		2,059,607		3,320,822
Next plc		59,687		4,507,954
Ocado Group plc*		271,504		8,006,632
Pearson plc		338,796		2,238,350
Persimmon plc		142,381		4,310,802
Phoenix Group Holdings plc		367,281		3,153,933
Prudential plc		1,159,081		14,176,144
Reckitt Benckiser Group plc		330,200		29,086,835
RELX plc		888,140		17,574,439
Rentokil Initial plc		823,681		5,607,794
Rightmove plc		397,272		3,179,441
Rolls-Royce Holdings plc* (b)		869,316		804,611
Royal Mail plc		444,384		1,308,008
RSA Insurance Group plc		460,166		2,527,046
Sage Group plc (The)		502,005		4,130,459
Schroders plc		55,766		1,889,212
Schroders plc (Non-Voting)		20,521		488,100
Segro plc, REIT		533,940		6,238,932
Severn Trent plc		107,644		3,387,791
Smith & Nephew plc		399,433		6,935,810

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 69

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
United Kingdom — continued
Smiths Group plc		176,022		3,032,860
Spirax-Sarco Engineering plc		32,967		4,819,562
SSE plc		469,038		7,691,986
St James’s Place plc		240,635		2,804,518
Standard Chartered plc		1,188,435		5,430,921
Standard Life Aberdeen plc		1,006,837		2,933,699
Subsea 7 SA*		102,214		678,849
Tate & Lyle plc		209,953		1,618,483
Taylor Wimpey plc		1,633,596		2,238,182
TechnipFMC plc		190,224		1,048,911
Tesco plc		4,354,157		11,588,797
Travis Perkins plc*		112,502		1,545,135
Unilever NV (b)		654,749		36,910,655
Unilever plc		523,395		29,827,692
United Utilities Group plc		305,686		3,417,213
Vodafone Group plc		12,011,355		16,022,770
Weir Group plc (The)		116,807		2,170,012
Whitbread plc		90,235		2,512,391
Wm Morrison Supermarkets plc		1,072,641		2,264,212
WPP plc		551,946		4,408,551
				731,959,304
United States — 0.5%
Carnival plc		80,580		910,962
Ferguson plc		103,926		10,322,032
QIAGEN NV*		101,740		4,830,898
Tenaris SA (b)		212,510		1,014,104
				17,077,996
Total Common Stocks (Cost $4,208,841,814)				3,679,521,522
	NO. OF RIGHTS
Rights — 0.1%
United Kingdom — 0.1%
Rolls-Royce Holdings plc, expiring 11/11/2020* (Cost $5,516,224)		3,023,149		1,527,431
	SHARES
Short-Term Investments — 3.1%
Investment of Cash Collateral from Securities Loaned — 3.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		99,108,155		99,118,066

INVESTMENTS	SHARES		VALUE ($)
Investment of Cash Collateral from Securities Loaned — continued
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (d) (e)		17,023,688		17,023,688
Total Investment of Cash Collateral from Securities Loaned (Cost $116,147,578)				116,141,754
Total Investments — 102.6% (Cost $4,330,505,616)				3,797,190,707
Liabilities in Excess of Other Assets — (2.6)%				(96,185,198	)
NET ASSETS — 100.0%				3,701,005,509

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		11.3	%
Banks		5.6
Food Products		5.2
Insurance		4.7
Textiles, Apparel & Luxury Goods		4.4
Chemicals		4.0
Oil, Gas & Consumable Fuels		3.6
Electric Utilities		2.8
Personal Products		2.8
Machinery		2.7
Capital Markets		2.6
Semiconductors & Semiconductor Equipment		2.5
Beverages		2.5
Metals & Mining		2.4
Diversified Telecommunication Services		2.4
Electrical Equipment		2.2
Health Care Equipment & Supplies		2.2
Software		1.9
Professional Services		1.9
Automobiles		1.8
Multi-Utilities		1.6
IT Services		1.5
Aerospace & Defense		1.5
Industrial Conglomerates		1.3
Household Products		1.3
Tobacco		1.2
Food & Staples Retailing		1.2
Diversified Financial Services		1.1
Internet & Direct Marketing Retail		1.1

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INDUSTRY	PERCENTAGE
Building Products		1.1	%
Hotels, Restaurants & Leisure		1.1
Construction & Engineering		1.0
Others (each less than 1.0%)		12.4
Short-Term Investments		3.1

Abbreviations

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 October 31, 2020. The total value of securities on loan at October 31, 2020 is $109,270,689.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of October 31, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of October 31, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		360		12/2020		EUR		12,406,318		(1,316,187	)
FTSE 100 Index		90		12/2020		GBP		6,486,180		(465,907	)
										(1,782,094	)

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 71

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.3%
Australia — 7.5%
Afterpay Ltd.*		31,066		2,115,255
AGL Energy Ltd.		84,296		738,815
Alumina Ltd.		314,392		317,556
AMP Ltd.		470,161		505,937
Ampol Ltd.		34,155		622,786
APA Group		159,612		1,176,714
Aristocrat Leisure Ltd.		86,381		1,739,431
ASX Ltd.		26,190		1,466,500
Aurizon Holdings Ltd.		259,007		686,798
AusNet Services		244,750		344,065
Australia & New Zealand Banking Group Ltd.		383,669		5,091,530
Bendigo & Adelaide Bank Ltd.		72,618		341,613
BHP Group Ltd.		398,507		9,552,859
BHP Group plc		285,714		5,534,954
BlueScope Steel Ltd.		68,765		710,252
Boral Ltd.		139,274		445,998
Brambles Ltd.		203,598		1,373,130
Challenger Ltd.		77,687		262,620
CIMIC Group Ltd. *		9,877		149,279
Coca-Cola Amatil Ltd.		67,938		593,902
Cochlear Ltd.		8,891		1,327,030
Coles Group Ltd.		180,450		2,254,232
Commonwealth Bank of Australia		239,472		11,626,736
Computershare Ltd.		68,778		587,770
Crown Resorts Ltd.		47,945		279,131
CSL Ltd.		61,426		12,436,145
Deterra Royalties Ltd. *		56,310		155,551
Dexus, REIT		147,615		893,078
Domino’s Pizza Enterprises Ltd.		8,610		512,826
Evolution Mining Ltd.		233,186		914,190
Fortescue Metals Group Ltd.		224,916		2,751,507
Glencore plc*		1,479,884		2,985,277
Goodman Group, REIT		225,081		2,913,258
GPT Group (The), REIT		266,497		754,786
Harvey Norman Holdings Ltd.		90,380		282,731
Iluka Resources Ltd.		56,310		204,051
Incitec Pivot Ltd.		261,781		353,203
Insurance Australia Group Ltd.		312,632		1,049,418
LendLease Corp. Ltd.		93,107		783,228
Macquarie Group Ltd.		45,970		4,098,684
Magellan Financial Group Ltd.		19,233		745,443
Medibank Pvt Ltd.		376,786		707,293
Mirvac Group, REIT		533,920		791,788
National Australia Bank Ltd.		445,073		5,822,883
Newcrest Mining Ltd.		110,579		2,293,131

INVESTMENTS	SHARES		VALUE ($)
Australia — continued
Orica Ltd.		55,496		595,737
Origin Energy Ltd.		240,956		677,811
Qantas Airways Ltd.		124,127		365,174
QBE Insurance Group Ltd.		198,751		1,149,314
Ramsay Health Care Ltd.		25,079		1,098,819
REA Group Ltd.		6,770		563,007
Reece Ltd. (a)		38,450		371,461
Rio Tinto Ltd.		50,218		3,266,875
Rio Tinto plc		146,090		8,263,059
Santos Ltd.		239,523		796,267
Scentre Group, REIT		702,140		1,036,162
SEEK Ltd.		48,189		729,368
Seven Group Holdings Ltd.		17,954		245,160
Sonic Healthcare Ltd.		64,362		1,576,421
South32 Ltd.		655,588		935,512
Stockland, REIT		322,549		872,199
Suncorp Group Ltd.		172,521		996,359
Sydney Airport		180,920		693,662
Tabcorp Holdings Ltd.		303,327		700,875
Telstra Corp. Ltd.		563,113		1,060,447
TPG Telecom Ltd.*		50,305		253,908
Transurban Group		370,105		3,504,776
Treasury Wine Estates Ltd.		98,608		635,710
Vicinity Centres, REIT		520,843		442,616
Washington H Soul Pattinson & Co. Ltd. (a)		16,839		299,860
Wesfarmers Ltd.		153,382		4,964,919
Westpac Banking Corp.		488,579		6,183,879
WiseTech Global Ltd.		21,022		428,753
Woodside Petroleum Ltd.		129,103		1,592,388
Woolworths Group Ltd.		170,868		4,596,401
Worley Ltd. (a)		43,048		286,967
				140,477,230
Austria — 0.2%
ANDRITZ AG		9,792		330,251
BAWAG Group AG (b)		9,589		352,158
Erste Group Bank AG		40,119		824,665
EVN AG		4,896		78,197
IMMOFINANZ AG*		13,009		174,453
Oesterreichische Post AG (a)		4,284		136,051
OMV AG		19,709		455,601
Raiffeisen Bank International AG*		18,362		265,117
Strabag SE*		2,040		59,182
Telekom Austria AG		19,178		129,100
UNIQA Insurance Group AG		15,302		86,189
Verbund AG		9,384		541,213

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Austria — continued
Vienna Insurance Group AG Wiener Versicherung Gruppe		4,848		98,357
voestalpine AG		15,302		425,501
				3,956,035
Belgium — 0.9%
Ackermans & van Haaren NV		3,059		376,543
Ageas SA		25,094		1,010,511
Anheuser-Busch InBev SA/NV		114,529		5,924,150
Elia Group SA/NV		4,506		435,825
Etablissements Franz Colruyt NV		8,590		508,421
Galapagos NV*		6,444		753,221
Groupe Bruxelles Lambert SA		15,935		1,306,802
KBC Group NV		45,689		2,257,348
Proximus SADP		21,268		413,454
Sofina SA		2,164		562,421
Solvay SA		9,883		802,997
Telenet Group Holding NV		6,463		248,570
UCB SA		17,104		1,689,389
Umicore SA		27,134		1,046,052
				17,335,704
Brazil — 0.0% (c)
Yara International ASA		23,214		812,385
Cambodia — 0.0% (c)
NagaCorp Ltd.		306,000		316,510
Chile — 0.0% (c)
Antofagasta plc		46,312		617,533
China — 0.5%
China Evergrande New Energy Vehicle Group Ltd.*(a)		292,500		813,721
Chow Tai Fook Jewellery Group Ltd.		297,400		380,093
ESR Cayman Ltd.* (b)		136,000		410,778
Prosus NV*		57,143		5,704,928
Wilmar International Ltd.		385,100		1,140,107
				8,449,627
Colombia — 0.0% (c)
Millicom International Cellular SA, SDR		13,642		400,655
Denmark — 2.4%
Ambu A/S, Class B		22,697		688,409
AP Moller — Maersk A/S, Class A		430		635,822
AP Moller — Maersk A/S, Class B		855		1,370,253
Carlsberg A/S, Class B		13,780		1,744,836
Chr Hansen Holding A/S		13,913		1,403,958
Coloplast A/S, Class B		16,072		2,350,419

INVESTMENTS	SHARES		VALUE ($)
Denmark — continued
Danske Bank A/S*		92,141		1,228,016
Demant A/S*		14,000		442,026
DSV Panalpina A/S		27,691		4,492,629
Genmab A/S*		8,788		2,935,412
GN Store Nord A/S		19,245		1,385,583
H Lundbeck A/S		8,364		235,793
Novo Nordisk A/S, Class B		225,583		14,384,449
Novozymes A/S, Class B		28,482		1,712,942
Orsted A/S (b)		24,298		3,856,433
Pandora A/S		13,528		1,073,169
Rockwool International A/S, Class A		816		285,357
Rockwool International A/S, Class B		975		381,632
Tryg A/S		16,322		452,980
Vestas Wind Systems A/S		26,906		4,616,102
				45,676,220
Finland — 1.4%
Elisa OYJ		20,247		995,518
Fortum OYJ		58,885		1,106,840
Huhtamaki OYJ		12,854		627,886
Kesko OYJ, Class A (a)		12,708		311,663
Kesko OYJ, Class B		37,154		953,393
Kone OYJ, Class B		54,082		4,305,637
Konecranes OYJ		8,772		276,010
Neles OYJ		17,546		234,966
Neste OYJ		58,271		3,039,039
Nokia OYJ*		761,813		2,568,224
Nokian Renkaat OYJ (a)		17,367		533,652
Nordea Bank Abp		436,936		3,279,322
Orion OYJ, Class A (a)		4,148		178,746
Orion OYJ, Class B		14,404		616,486
Sampo OYJ, Class A		68,218		2,574,308
Stora Enso OYJ, Class R		82,842		1,208,909
UPM-Kymmene OYJ		71,987		2,034,279
Wartsila OYJ Abp		65,286		518,816
				25,363,694
France — 9.6%
Adevinta ASA*		31,504		486,751
Aeroports de Paris (a)		3,615		353,755
Air Liquide SA (a)		63,720		9,318,306
Airbus SE*		82,732		6,053,177
Alstom SA*		25,777		1,151,701
Amundi SA* (b)		8,161		535,297
Arkema SA		9,002		881,654
Atos SE*		13,139		897,602

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 73

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
France — continued
AXA SA		282,289		4,533,364
BioMerieux		5,605		834,580
BNP Paribas SA*		154,880		5,401,406
Bollore SA		123,765		443,635
Bouygues SA		30,322		994,362
Bureau Veritas SA*		39,171		858,955
Capgemini SE		21,795		2,516,622
Carrefour SA		78,409		1,218,625
Casino Guichard Perrachon SA* (a)		6,936		156,249
Cie de Saint-Gobain*		73,905		2,878,860
Cie Generale des Etablissements Michelin SCA		24,360		2,630,906
Covivio, REIT		6,588		392,319
Credit Agricole SA*		171,702		1,358,256
Danone SA		92,673		5,140,130
Dassault Aviation SA*		317		265,220
Dassault Systemes SE		18,496		3,153,761
Edenred		33,273		1,550,987
Eiffage SA*		11,177		811,198
Electricite de France SA		54,580		633,514
Engie SA*		240,489		2,908,607
EssilorLuxottica SA*		40,248		4,968,975
Faurecia SE*		9,996		379,108
Gecina SA, REIT		7,315		908,106
Getlink SE*		59,438		799,455
Hermes International		4,712		4,387,346
ICADE, REIT (a)		4,200		212,397
Iliad SA		2,064		399,037
Ipsen SA		5,431		494,655
JCDecaux SA*		10,447		161,243
Kering SA		10,066		6,083,046
Klepierre SA, REIT (a)		27,950		354,129
Legrand SA		35,820		2,651,372
L’Oreal SA		32,493		10,501,267
LVMH Moet Hennessy Louis Vuitton SE		36,437		17,079,759
Orange SA		275,895		3,098,197
Pernod Ricard SA		27,278		4,394,553
Peugeot SA*		86,905		1,561,179
Publicis Groupe SA		30,241		1,050,641
Safran SA*		44,432		4,686,685
Sanofi		155,090		14,003,603
Sartorius Stedim Biotech		3,264		1,237,742
Schneider Electric SE		72,876		8,854,909
SEB SA		3,513		570,909
Societe Generale SA*		106,651		1,449,164
Sodexo SA		11,369		730,301

INVESTMENTS	SHARES		VALUE ($)
France — continued
Suez SA		54,812		1,003,463
Teleperformance		7,924		2,378,651
Thales SA		14,320		933,096
TOTAL SE		340,962		10,330,032
Ubisoft Entertainment SA*		10,661		941,723
Unibail-Rodamco-Westfield, REIT		18,825		762,053
Valeo SA		32,501		983,202
Veolia Environnement SA		71,503		1,330,860
Vinci SA		68,760		5,431,018
Vivendi SA		116,899		3,374,115
Worldline SA* (b)		30,873		2,286,655
				179,132,445
Germany — 8.1%
1&1 Drillisch AG		5,979		125,930
adidas AG*		24,942		7,410,396
Allianz SE (Registered)		56,433		9,940,934
Aroundtown SA*		162,114		777,606
BASF SE		124,249		6,803,651
Bayer AG (Registered)		132,900		6,245,043
Bayerische Motoren Werke AG		43,162		2,949,638
Bayerische Motoren Werke AG (Preference)		7,777		402,098
Beiersdorf AG		13,295		1,392,111
Brenntag AG		20,899		1,335,789
Continental AG		14,610		1,552,326
Covestro AG(b)		24,120		1,151,151
Daimler AG (Registered)		112,885		5,834,856
Delivery Hero SE* (b)		19,356		2,221,957
Deutsche Bank AG (Registered)*		279,587		2,583,702
Deutsche Boerse AG		25,702		3,787,281
Deutsche Lufthansa AG (Registered)* (a)		40,430		345,882
Deutsche Post AG (Registered)		131,365		5,824,459
Deutsche Telekom AG (Registered)		437,999		6,657,036
Deutsche Wohnen SE		48,660		2,456,014
E.ON SE		303,712		3,162,910
Evonik Industries AG		25,846		622,291
Fraport AG Frankfurt Airport Services Worldwide* (a)		5,057		182,904
Fresenius Medical Care AG & Co. KGaA		28,669		2,189,227
Fresenius SE & Co. KGaA		55,400		2,054,977
GEA Group AG		22,442		747,402
Hannover Rueck SE		8,156		1,185,245
HeidelbergCement AG		19,862		1,135,976
Henkel AG & Co. KGaA		13,355		1,207,344
Henkel AG & Co. KGaA (Preference)		24,101		2,345,282
HOCHTIEF AG		3,090		227,318

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Germany — 8.1%
Infineon Technologies AG		176,662		4,918,479
KION Group AG		8,772		683,522
LANXESS AG		11,831		600,042
Merck KGaA		17,482		2,589,630
MTU Aero Engines AG		7,183		1,227,728
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		18,953		4,442,152
Porsche Automobil Holding SE (Preference)		20,713		1,109,644
Puma SE*		12,651		1,107,509
RWE AG		91,477		3,385,361
SAP SE		147,906		15,779,299
Sartorius AG (Preference)		4,609		1,950,899
Siemens AG (Registered)		109,237		12,815,257
Symrise AG		17,342		2,138,450
Talanx AG		7,270		214,328
Telefonica Deutschland Holding AG		124,044		312,872
thyssenkrupp AG* (a)		54,882		261,966
TUI AG (a)		59,166		232,255
Uniper SE		13,366		399,234
United Internet AG (Registered)		15,485		543,037
Volkswagen AG		3,992		621,005
Volkswagen AG (Preference)		24,827		3,616,404
Vonovia SE		76,498		4,885,431
Zalando SE* (b)		22,357		2,081,982
				150,775,222
Hong Kong — 2.8%
AIA Group Ltd.		1,635,400		15,564,390
ASM Pacific Technology Ltd.		41,500		418,499
Bank of East Asia Ltd. (The)		214,200		386,420
Cathay Pacific Airways Ltd.*		131,636		89,447
CK Asset Holdings Ltd.		329,500		1,530,030
CK Infrastructure Holdings Ltd.		82,500		389,175
CLP Holdings Ltd.		218,500		2,013,379
Dairy Farm International Holdings Ltd.		40,300		151,803
Guoco Group Ltd.		11,000		134,998
Hang Lung Group Ltd.		117,000		259,718
Hang Lung Properties Ltd.		249,000		606,188
Hang Seng Bank Ltd.		98,300		1,514,414
Henderson Land Development Co. Ltd.		184,000		649,903
HK Electric Investments & HK Electric Investments Ltd. (b)		306,000		311,516
HKT Trust & HKT Ltd.		489,000		632,408
Hong Kong & China Gas Co. Ltd.		1,442,000		2,080,522
Hong Kong Exchanges & Clearing Ltd.		161,200		7,724,497

INVESTMENTS	SHARES		VALUE ($)
Hong Kong — continued
Hysan Development Co. Ltd.		83,000		264,612
Jardine Matheson Holdings Ltd.		35,900		1,591,291
Jardine Strategic Holdings Ltd.		23,900		517,487
Kerry Properties Ltd.		83,500		204,870
Link, REIT		279,800		2,135,394
MTR Corp. Ltd.		210,000		1,040,606
New World Development Co. Ltd.		193,000		921,457
NWS Holdings Ltd.		204,000		179,070
PCCW Ltd.		612,000		368,201
Power Assets Holdings Ltd.		185,000		952,693
Sino Land Co. Ltd.		410,000		485,882
Sun Hung Kai Properties Ltd.		207,500		2,670,902
Swire Pacific Ltd., Class A		67,500		307,813
Swire Pacific Ltd., Class B		117,500		95,684
Swire Properties Ltd.		142,000		381,055
Techtronic Industries Co. Ltd.		232,500		3,131,622
WH Group Ltd. (b)		1,276,000		1,005,012
Wharf Holdings Ltd. (The)		208,000		430,580
Wharf Real Estate Investment Co. Ltd.		234,000		900,615
				52,042,153
Ireland — 0.7%
CRH plc		106,940		3,742,020
Flutter Entertainment plc		18,164		3,175,221
Kerry Group plc, Class A		20,678		2,475,197
Kingspan Group plc		20,865		1,818,887
Smurfit Kappa Group plc		31,969		1,204,564
				12,415,889
Israel — 0.4%
Azrieli Group Ltd.		5,100		239,373
Bank Hapoalim BM*		152,912		892,596
Bank Leumi Le-Israel BM		198,342		934,793
Bezeq The Israeli Telecommunication Corp. Ltd.*		275,426		310,559
Elbit Systems Ltd.		3,394		382,448
ICL Group Ltd.		93,034		337,514
Israel Discount Bank Ltd., Class A		157,300		440,292
Mizrahi Tefahot Bank Ltd.		17,954		350,107
Nice Ltd.*		8,420		1,914,953
Teva Pharmaceutical Industries Ltd.*		147,365		1,275,554
				7,078,189
Italy — 2.0%
A2A SpA		210,956		267,912
Amplifon SpA*		11,220		407,934
Assicurazioni Generali SpA		166,298		2,230,761
Atlantia SpA*		68,084		1,045,127
Banca Mediolanum SpA		34,072		232,784

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 75

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Italy — continued
Banco BPM SpA (a)		204,224		369,951
Buzzi Unicem SpA		5,508		78,106
Buzzi Unicem SpA (a)		9,384		203,049
Davide Campari-Milano NV		56,310		588,516
DiaSorin SpA		2,643		580,214
Enel SpA		1,044,212		8,302,013
Eni SpA		344,136		2,410,689
Ferrari NV		17,315		3,088,856
FinecoBank Banca Fineco SpA*		82,018		1,126,097
Freni Brembo SpA*		21,014		218,338
Hera SpA		106,498		334,524
Infrastrutture Wireless Italiane SpA (b)		44,164		477,043
Intesa Sanpaolo SpA*		2,368,252		3,931,547
Leonardo SpA (a)		54,678		260,712
Mediaset SpA*		47,740		81,172
Mediobanca Banca di Credito Finanziario SpA		98,945		702,482
Moncler SpA*		26,869		1,075,075
Nexi SpA* (b)		48,407		745,182
Pirelli & C SpA* (a) (b)		58,350		243,290
Poste Italiane SpA (b)		61,818		504,662
Prysmian SpA		36,316		988,246
Recordati Industria Chimica e Farmaceutica SpA		13,539		701,924
Saipem SpA (a)		77,732		136,954
Salvatore Ferragamo SpA*		8,772		113,157
Snam SpA		286,428		1,396,647
Telecom Italia SpA		812,612		295,797
Telecom Italia SpA		1,563,043		530,925
Terna Rete Elettrica Nazionale SpA		189,474		1,279,288
UniCredit SpA*		285,815		2,140,580
UnipolSai Assicurazioni SpA		61,247		142,245
				37,231,799
Japan — 28.1%
ABC-Mart, Inc.		4,200		213,043
Acom Co. Ltd.		61,200		275,034
Advance Residence Investment Corp., REIT		191		557,701
Advantest Corp.		26,700		1,546,543
Aeon Co. Ltd.		118,000		3,014,687
AEON Financial Service Co. Ltd.		15,300		156,700
Aeon Mall Co. Ltd.		13,600		212,152
AGC, Inc.		30,700		958,637
Air Water, Inc.		31,000		442,922
Aisin Seiki Co. Ltd.		24,600		745,333
Ajinomoto Co., Inc.		74,400		1,494,753

INVESTMENTS	SHARES		VALUE ($)
Japan — continued
Alfresa Holdings Corp.		28,100		514,509
Alps Alpine Co. Ltd.		27,500		396,752
Amada Co. Ltd.		48,400		421,257
ANA Holdings, Inc.		15,600		340,249
Aozora Bank Ltd.		16,000		262,865
Asahi Group Holdings Ltd.		62,100		1,921,817
Asahi Intecc Co. Ltd.		30,600		948,238
Asahi Kasei Corp.		188,500		1,633,461
Asics Corp.		25,500		318,584
Astellas Pharma, Inc.		251,800		3,452,918
Bandai Namco Holdings, Inc.		29,900		2,234,570
Bank of Kyoto Ltd. (The)		10,100		446,062
Benesse Holdings, Inc.		10,900		256,976
Bridgestone Corp.		83,000		2,705,386
Brother Industries Ltd.		35,500		548,553
Calbee, Inc.		15,900		487,758
Canon Marketing Japan, Inc.		7,400		157,643
Canon, Inc.		144,300		2,511,715
Casio Computer Co. Ltd.		31,100		472,476
Central Japan Railway Co.		27,800		3,361,550
Chiba Bank Ltd. (The)		102,000		526,860
Chubu Electric Power Co., Inc.		97,400		1,091,056
Chugai Pharmaceutical Co. Ltd.		86,300		3,331,180
Chugoku Bank Ltd. (The)		26,100		226,109
Chugoku Electric Power Co., Inc. (The)		44,100		554,067
Coca-Cola Bottlers Japan Holdings, Inc.		20,400		287,965
Concordia Financial Group Ltd.		163,200		538,732
Cosmos Pharmaceutical Corp.		2,900		492,534
Credit Saison Co. Ltd.		21,100		228,086
CyberAgent, Inc.		13,900		874,287
Dai Nippon Printing Co. Ltd.		38,200		711,644
Daicel Corp.		40,800		291,175
Daifuku Co. Ltd.		17,200		1,773,627
Dai-ichi Life Holdings, Inc.		154,100		2,301,549
Daiichi Sankyo Co. Ltd.		247,500		6,532,431
Daikin Industries Ltd.		39,700		7,429,190
Daito Trust Construction Co. Ltd.		9,400		855,073
Daiwa House Industry Co. Ltd.		90,300		2,372,611
Daiwa House REIT Investment Corp., REIT		270		624,581
Daiwa Securities Group, Inc.		204,600		829,002
DeNA Co. Ltd.		11,500		196,214
Denso Corp.		70,200		3,271,081
Dentsu Group, Inc.		32,800		945,559
DIC Corp.		11,300		275,108
Disco Corp.		4,000		1,079,633

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Japan — continued
East Japan Railway Co.		51,000		2,666,966
Eisai Co. Ltd.		40,100		3,117,918
Electric Power Development Co. Ltd.		23,500		317,594
ENEOS Holdings, Inc.		437,100		1,474,901
Ezaki Glico Co. Ltd.		7,800		323,509
FANUC Corp.		25,600		5,407,356
Fast Retailing Co. Ltd.		8,800		6,138,368
Fuji Electric Co. Ltd.		20,400		618,589
Fuji Media Holdings, Inc.		6,800		65,399
FUJIFILM Holdings Corp.		54,400		2,773,996
Fujitsu Ltd.		25,200		2,981,529
Fukuoka Financial Group, Inc.		25,600		428,220
GLP J-REIT, REIT		533		821,698
GMO Payment Gateway, Inc.		5,800		710,665
Hachijuni Bank Ltd. (The)		69,100		255,191
Hakuhodo DY Holdings, Inc.		40,800		519,840
Hamamatsu Photonics KK		20,100		1,011,427
Hankyu Hanshin Holdings, Inc.		34,500		1,053,401
Harmonic Drive Systems, Inc.		5,400		357,683
Haseko Corp.		33,800		405,233
Hikari Tsushin, Inc.		2,700		633,271
Hino Motors Ltd.		38,900		298,041
Hirose Electric Co. Ltd.		4,400		614,172
Hisamitsu Pharmaceutical Co., Inc.		11,600		554,877
Hitachi Capital Corp.		6,800		143,814
Hitachi Construction Machinery Co. Ltd.		14,300		352,674
Hitachi Ltd.		130,800		4,408,522
Hitachi Metals Ltd.		26,900		356,728
Honda Motor Co. Ltd.		232,700		5,504,040
Hoshizaki Corp.		8,100		646,860
Hoya Corp.		50,700		5,721,847
Hulic Co. Ltd.		67,600		626,172
Ibiden Co. Ltd.		18,100		738,000
Idemitsu Kosan Co. Ltd.		33,500		677,503
IHI Corp.		21,100		255,536
Iida Group Holdings Co. Ltd.		25,000		452,303
Inpex Corp.		147,500		699,504
Isetan Mitsukoshi Holdings Ltd.		54,800		266,884
Isuzu Motors Ltd.		84,400		684,779
ITOCHU Corp.		190,700		4,580,332
Itochu Techno-Solutions Corp.		13,100		444,449
Iyo Bank Ltd. (The)		44,000		276,140
Izumi Co. Ltd.		6,300		213,657
J Front Retailing Co. Ltd.		37,400		284,996
Japan Airlines Co. Ltd.		15,100		263,734

INVESTMENTS	SHARES		VALUE ($)
Japan — continued
Japan Airport Terminal Co. Ltd.		9,900		429,969
Japan Exchange Group, Inc.		72,600		1,772,401
Japan Post Holdings Co. Ltd.		200,900		1,378,465
Japan Prime Realty Investment Corp., REIT		130		351,333
Japan Real Estate Investment Corp., REIT		188		921,333
Japan Retail Fund Investment Corp., REIT		353		508,817
Japan Tobacco, Inc.		148,700		2,799,601
JFE Holdings, Inc.		79,300		557,175
JGC Holdings Corp.		35,900		295,183
JSR Corp.		29,000		655,459
JTEKT Corp.		34,500		274,922
Kajima Corp.		68,000		726,610
Kakaku.com, Inc.		17,600		465,123
Kamigumi Co. Ltd.		15,100		270,153
Kaneka Corp.		9,300		260,253
Kansai Electric Power Co., Inc. (The)		112,200		1,021,063
Kansai Paint Co. Ltd.		35,100		904,952
Kao Corp.		65,200		4,642,156
Kawasaki Heavy Industries Ltd.		22,600		270,006
KDDI Corp.		221,300		5,987,270
Keihan Holdings Co. Ltd.		14,600		554,657
Keikyu Corp.		37,300		521,617
Keio Corp.		16,600		964,746
Keisei Electric Railway Co. Ltd.		23,300		651,798
Kewpie Corp.		16,800		343,828
Keyence Corp.		25,300		11,481,709
Kikkoman Corp.		26,200		1,304,764
Kinden Corp.		18,600		291,645
Kintetsu Group Holdings Co. Ltd.		25,600		1,022,860
Kirin Holdings Co. Ltd.		117,500		2,118,333
Kobayashi Pharmaceutical Co. Ltd.		7,600		740,587
Kobe Bussan Co. Ltd.		16,400		461,415
Koito Manufacturing Co. Ltd.		17,400		839,094
Komatsu Ltd.		131,500		2,964,730
Konami Holdings Corp.		13,700		536,195
Konica Minolta, Inc.		68,100		173,503
Kose Corp.		4,600		586,388
K’s Holdings Corp.		26,400		337,151
Kubota Corp.		156,900		2,726,619
Kuraray Co. Ltd.		47,800		442,101
Kurita Water Industries Ltd.		14,500		431,429
Kyocera Corp.		47,400		2,610,436
Kyowa Kirin Co. Ltd.		34,400		854,269
Kyushu Electric Power Co., Inc.		64,500		540,732
Kyushu Financial Group, Inc.		61,200		286,266

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 77

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Japan — continued
Kyushu Railway Co.		21,400		455,197
Lawson, Inc.		6,800		312,430
LINE Corp.*		7,600		389,980
Lion Corp.		40,700		829,930
LIXIL Group Corp.		39,900		866,398
M3, Inc.		57,900		3,910,319
Mabuchi Motor Co. Ltd.		7,800		321,584
Makita Corp.		37,900		1,675,316
Marubeni Corp.		223,300		1,165,896
Marui Group Co. Ltd.		30,200		545,772
Maruichi Steel Tube Ltd.		10,500		240,886
Matsui Securities Co. Ltd.		15,700		125,671
Matsumotokiyoshi Holdings Co. Ltd.		12,900		476,221
Mazda Motor Corp.		81,600		428,468
McDonald’s Holdings Co. Japan Ltd.		9,100		431,535
Mebuki Financial Group, Inc.		159,500		320,466
Medipal Holdings Corp.		28,400		506,255
MEIJI Holdings Co. Ltd.		19,600		1,420,011
Mercari, Inc.*		13,700		575,980
MINEBEA MITSUMI, Inc.		57,800		1,043,947
MISUMI Group, Inc.		38,400		1,140,464
Mitsubishi Chemical Holdings Corp.		193,000		1,086,235
Mitsubishi Corp.		190,800		4,257,010
Mitsubishi Electric Corp.		290,400		3,740,028
Mitsubishi Estate Co. Ltd.		188,200		2,807,168
Mitsubishi Gas Chemical Co., Inc.		27,700		504,954
Mitsubishi Heavy Industries Ltd.		45,700		981,875
Mitsubishi Logistics Corp.		10,900		286,858
Mitsubishi Materials Corp.		18,200		333,956
Mitsubishi Motors Corp.		94,500		173,315
Mitsubishi UFJ Financial Group, Inc.		1,745,400		6,880,200
Mitsubishi UFJ Lease & Finance Co. Ltd.		74,300		314,809
Mitsui & Co. Ltd.		220,700		3,456,933
Mitsui Chemicals, Inc.		27,600		706,901
Mitsui Fudosan Co. Ltd.		132,600		2,257,856
Mitsui OSK Lines Ltd.		16,400		370,222
Mizuho Financial Group, Inc.		343,500		4,229,181
MonotaRO Co. Ltd.		16,600		918,175
MS&AD Insurance Group Holdings, Inc.		65,000		1,778,741
Murata Manufacturing Co. Ltd.		86,800		6,087,168
Nabtesco Corp.		17,000		635,090
Nagoya Railroad Co. Ltd.		26,300		701,033
Nankai Electric Railway Co. Ltd.		15,400		351,655
NEC Corp.		36,900		1,858,660
Nexon Co. Ltd.		61,000		1,700,126

INVESTMENTS	SHARES		VALUE ($)
Japan — continued
NGK Insulators Ltd.		37,100		529,998
NGK Spark Plug Co. Ltd.		23,200		408,017
NH Foods Ltd.		14,000		573,481
Nidec Corp.		74,300		7,504,454
Nihon M&A Center, Inc.		19,800		1,162,688
Nikon Corp.		47,000		286,435
Nintendo Co. Ltd.		16,100		8,705,090
Nippon Building Fund, Inc., REIT		222		1,121,279
Nippon Express Co. Ltd.		11,900		667,347
Nippon Paint Holdings Co. Ltd.		26,800		2,414,143
Nippon Prologis REIT, Inc., REIT		334		1,099,341
Nippon Sanso Holdings Corp.		28,200		413,458
Nippon Shinyaku Co. Ltd.		8,300		593,086
Nippon Shokubai Co. Ltd.		4,700		230,152
Nippon Steel Corp.*		129,300		1,254,098
Nippon Telegraph & Telephone Corp.		174,200		3,664,445
Nippon Television Holdings, Inc.		6,800		71,757
Nippon Yusen KK		23,000		424,524
Nissan Chemical Corp.		19,800		1,050,799
Nissan Motor Co. Ltd.		325,400		1,152,090
Nisshin Seifun Group, Inc.		35,500		534,588
Nissin Foods Holdings Co. Ltd.		11,500		995,779
Nitori Holdings Co. Ltd.		11,800		2,425,569
Nitto Denko Corp.		21,600		1,517,525
NOK Corp.		16,900		192,728
Nomura Holdings, Inc.		411,100		1,841,086
Nomura Real Estate Holdings, Inc.		16,200		282,956
Nomura Real Estate Master Fund, Inc., REIT		642		766,646
Nomura Research Institute Ltd.		53,000		1,562,308
NSK Ltd.		65,900		527,600
NTT Data Corp.		87,600		988,672
NTT DOCOMO, Inc.		144,100		5,365,592
Obayashi Corp.		97,600		816,750
Obic Co. Ltd.		9,000		1,593,387
Odakyu Electric Railway Co. Ltd.		46,800		1,129,402
Oji Holdings Corp.		139,100		586,226
Olympus Corp.		174,400		3,338,728
Omron Corp.		27,800		2,007,328
Ono Pharmaceutical Co. Ltd.		67,100		1,914,042
Oracle Corp.		4,500		449,730
Orient Corp.		81,600		90,551
Oriental Land Co. Ltd.		30,400		4,255,333
ORIX Corp.		177,800		2,079,413
Orix JREIT, Inc., REIT		380		534,056
Osaka Gas Co. Ltd.		56,400		1,071,049

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Japan — continued
Otsuka Corp.		15,000		689,275
Otsuka Holdings Co. Ltd.		75,500		2,796,260
Pan Pacific International Holdings Corp.		81,500		1,729,303
Panasonic Corp.		315,400		2,913,517
Park24 Co. Ltd.*		15,900		214,775
PeptiDream, Inc.*		13,400		619,255
Persol Holdings Co. Ltd.		25,400		384,714
Pigeon Corp.		16,500		759,851
Pola Orbis Holdings, Inc.		11,600		228,742
Rakuten, Inc.		110,900		1,078,967
Recruit Holdings Co. Ltd.		229,400		8,728,825
Renesas Electronics Corp.*		135,100		1,115,204
Resona Holdings, Inc.		296,000		975,905
Ricoh Co. Ltd.		92,800		609,438
Rinnai Corp.		5,300		522,243
Rohm Co. Ltd.		11,900		914,954
Ryohin Keikaku Co. Ltd.		35,800		751,418
Sankyo Co. Ltd.		6,300		160,569
Santen Pharmaceutical Co. Ltd.		54,200		965,627
SBI Holdings, Inc.		32,100		739,945
SCSK Corp.		6,800		338,106
Secom Co. Ltd.		28,900		2,441,440
Sega Sammy Holdings, Inc.		24,000		300,758
Seibu Holdings, Inc.		35,900		358,925
Seiko Epson Corp.		43,500		505,196
Sekisui Chemical Co. Ltd.		61,200		954,005
Sekisui House Ltd.		87,400		1,452,004
Seria Co. Ltd.		6,300		242,734
Seven & i Holdings Co. Ltd.		107,900		3,279,586
Seven Bank Ltd.		100,200		229,953
SG Holdings Co. Ltd.		68,600		1,654,662
Sharp Corp.		27,700		320,312
Shikoku Electric Power Co., Inc.		27,600		198,374
Shimadzu Corp.		37,300		1,066,532
Shimamura Co. Ltd.		3,300		351,815
Shimano, Inc.		11,600		2,653,101
Shimizu Corp.		95,000		659,619
Shin-Etsu Chemical Co. Ltd.		53,600		7,159,183
Shinsei Bank Ltd.		22,100		265,897
Shionogi & Co. Ltd.		38,000		1,792,458
Shiseido Co. Ltd.		54,200		3,355,361
Shizuoka Bank Ltd. (The)		77,700		522,591
Showa Denko KK		20,400		346,875
SMC Corp.		8,600		4,574,389
SoftBank Corp.		213,800		2,488,092

INVESTMENTS	SHARES		VALUE ($)
Japan — continued
SoftBank Group Corp.		223,300		14,544,380
Sohgo Security Services Co. Ltd.		11,800		549,819
Sojitz Corp.		148,900		327,644
Sompo Holdings, Inc.		50,400		1,881,728
Sony Corp.		170,500		14,213,985
Square Enix Holdings Co. Ltd.		12,200		708,854
Stanley Electric Co. Ltd.		20,900		595,228
Subaru Corp.		83,200		1,526,968
SUMCO Corp.		34,300		523,139
Sumitomo Chemical Co. Ltd.		224,400		734,054
Sumitomo Corp.		160,800		1,759,245
Sumitomo Dainippon Pharma Co. Ltd.		25,800		302,402
Sumitomo Electric Industries Ltd.		108,000		1,192,329
Sumitomo Heavy Industries Ltd.		17,100		366,509
Sumitomo Metal Mining Co. Ltd.		37,000		1,150,099
Sumitomo Mitsui Financial Group, Inc.		185,800		5,143,298
Sumitomo Mitsui Trust Holdings, Inc.		50,400		1,355,127
Sumitomo Realty & Development Co. Ltd.		64,400		1,723,302
Sumitomo Rubber Industries Ltd.		25,100		220,785
Sundrug Co. Ltd.		9,300		345,326
Suntory Beverage & Food Ltd.		17,200		593,189
Suzuken Co. Ltd.		10,800		389,887
Suzuki Motor Corp.		66,400		2,851,727
Sysmex Corp.		22,400		2,104,004
T&D Holdings, Inc.		81,600		815,517
Taiheiyo Cement Corp.		17,200		403,720
Taisei Corp.		28,500		886,861
Taisho Pharmaceutical Holdings Co. Ltd.		7,500		451,263
Takeda Pharmaceutical Co. Ltd.		213,300		6,591,527
TBS Holdings, Inc.		4,600		71,035
TDK Corp.		17,600		2,069,773
Teijin Ltd.		26,500		405,926
Terumo Corp.		97,600		3,592,070
THK Co. Ltd.		16,700		443,300
TIS, Inc.		31,400		600,530
Tobu Railway Co. Ltd.		28,300		803,051
Toho Co. Ltd.		19,300		764,296
Toho Gas Co. Ltd.		13,500		696,894
Tohoku Electric Power Co., Inc.		68,100		600,852
Tokio Marine Holdings, Inc.		95,000		4,245,999
Tokyo Century Corp.		7,200		353,005
Tokyo Electric Power Co. Holdings, Inc.*		109,200		281,777
Tokyo Electron Ltd.		21,300		5,717,152
Tokyo Gas Co. Ltd.		52,200		1,182,828
Tokyo Tatemono Co. Ltd.		27,800		319,733

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 79

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Japan — continued
Tokyu Corp.		77,000		913,579
Tokyu Fudosan Holdings Corp.		81,600		356,577
Toppan Printing Co. Ltd.		47,200		600,214
Toray Industries, Inc.		220,700		998,647
Toshiba Corp.		57,300		1,449,453
Tosoh Corp.		44,100		714,845
TOTO Ltd.		21,700		990,724
Toyo Seikan Group Holdings Ltd.		22,300		208,336
Toyo Suisan Kaisha Ltd.		13,900		691,745
Toyoda Gosei Co. Ltd.		10,100		256,691
Toyota Boshoku Corp.		11,800		171,405
Toyota Industries Corp.		27,700		1,790,068
Toyota Motor Corp.		344,300		22,602,230
Toyota Tsusho Corp.		32,200		898,551
Trend Micro, Inc.		19,000		1,064,287
Tsumura & Co.		9,500		278,838
Tsuruha Holdings, Inc.		4,800		672,120
Ube Industries Ltd.		13,700		235,201
Unicharm Corp.		59,600		2,757,746
United Urban Investment Corp., REIT		425		453,760
USS Co. Ltd.		30,000		548,717
Welcia Holdings Co. Ltd.		14,000		548,259
West Japan Railway Co.		25,800		1,106,748
Workman Co. Ltd.		3,200		283,743
Yakult Honsha Co. Ltd.		21,800		1,054,969
Yamada Holdings Co. Ltd.		105,900		516,347
Yamaha Corp.		22,300		1,057,136
Yamaha Motor Co. Ltd.		42,900		613,385
Yamato Holdings Co. Ltd.		48,900		1,294,406
Yamazaki Baking Co. Ltd.		24,300		399,148
Yaskawa Electric Corp.		36,100		1,403,706
Yokogawa Electric Corp.		32,400		476,324
Yokohama Rubber Co. Ltd. (The)		18,500		265,741
Z Holdings Corp.		358,900		2,502,631
ZOZO, Inc.		13,100		332,320
				525,191,722
Jordan — 0.0% (c)
Hikma Pharmaceuticals plc		21,721		706,226
Luxembourg — 0.2%
ArcelorMittal SA*		93,462		1,267,347
Eurofins Scientific SE*		1,626		1,294,817
RTL Group SA		5,295		201,194
				2,763,358

INVESTMENTS	SHARES		VALUE ($)
Macau — 0.2%
Galaxy Entertainment Group Ltd.		287,000		1,896,656
MGM China Holdings Ltd. (a)		111,200		146,747
Sands China Ltd.		328,400		1,152,554
SJM Holdings Ltd.		286,000		296,956
Wynn Macau Ltd.*		195,600		270,248
				3,763,161
Mexico — 0.0% (c)
Fresnillo plc		24,920		375,856
Netherlands — 4.1%
Adyen NV* (b)		4,083		6,862,478
Aegon NV		189,126		508,752
Akzo Nobel NV		26,103		2,510,803
Altice Europe NV*		32,675		160,652
Argenx SE*		6,358		1,586,587
ASML Holding NV		57,582		20,833,347
EXOR NV		15,323		797,207
GrandVision NV (b)		8,160		226,659
HAL Trust		11,550		1,463,585
Heineken Holding NV		13,636		1,050,818
Heineken NV		31,947		2,827,872
ING Groep NV		527,101		3,610,495
Koninklijke Ahold Delhaize NV		148,903		4,082,291
Koninklijke DSM NV		24,542		3,924,940
Koninklijke KPN NV		477,580		1,289,839
Koninklijke Philips NV*		123,244		5,708,265
Koninklijke Vopak NV		8,974		466,454
NN Group NV		43,324		1,507,716
Randstad NV*		16,830		839,759
Royal Dutch Shell plc, Class A		554,805		6,979,166
Royal Dutch Shell plc, Class B		501,362		6,046,095
Wolters Kluwer NV		36,933		2,990,341
				76,274,121
New Zealand — 0.3%
a2 Milk Co. Ltd. (The)*		101,216		980,092
Auckland International Airport Ltd.		163,189		754,893
Contact Energy Ltd.		96,706		471,470
Fisher & Paykel Healthcare Corp. Ltd.		77,776		1,799,300
Fletcher Building Ltd.		111,598		302,221
Mercury NZ Ltd.		84,668		299,332
Meridian Energy Ltd.		169,336		593,494
Ryman Healthcare Ltd.		55,698		515,434
Spark New Zealand Ltd.		251,333		745,873
				6,462,109

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Norway — 0.6%
Aker ASA, Class A		3,217		129,517
Aker BP ASA (a)		14,690		228,773
DNB ASA		121,853		1,645,599
Equinor ASA		145,428		1,855,620
Gjensidige Forsikring ASA		25,706		489,828
Kongsberg Gruppen ASA		12,242		198,924
Leroy Seafood Group ASA		37,948		178,249
Mowi ASA		60,734		959,474
Norsk Hydro ASA*		184,434		518,327
Orkla ASA		109,731		1,035,840
Salmar ASA*		7,344		372,931
Schibsted ASA, Class A*		11,016		450,311
Schibsted ASA, Class B*		13,612		491,159
Storebrand ASA*		63,450		334,848
Telenor ASA		87,085		1,345,662
TGS NOPEC Geophysical Co. ASA		15,710		144,934
				10,379,996
Portugal — 0.2%
Banco Comercial Portugues SA, Class R* (a)		1,080,082		94,982
EDP — Energias de Portugal SA		375,526		1,852,345
Galp Energia SGPS SA		61,410		498,722
Jeronimo Martins SGPS SA		33,460		531,469
Navigator Co. SA (The)*		30,194		66,527
NOS SGPS SA (a)		33,664		115,695
				3,159,740
Russia — 0.1%
Evraz plc		72,836		339,174
Polymetal International plc		37,461		796,216
				1,135,390
Singapore — 1.0%
Ascendas, REIT		381,000		803,956
CapitaLand Ltd.		337,300		634,727
CapitaLand Mall Trust, REIT		608,472		771,273
City Developments Ltd.		62,500		290,242
ComfortDelGro Corp. Ltd.		272,300		269,322
DBS Group Holdings Ltd.		242,300		3,609,267
Frasers Property Ltd.		52,800		42,127
Genting Singapore Ltd.		775,200		366,062
Great Eastern Holdings Ltd.		7,700		100,296
Jardine Cycle & Carriage Ltd.		13,400		174,309
Keppel, REIT		228,300		166,495
Keppel Corp. Ltd.		193,800		622,769
Mapletree Commercial Trust, REIT		293,200		369,689

INVESTMENTS	SHARES		VALUE ($)
Singapore — continued
Mapletree North Asia Commercial Trust, REIT (b)		285,600		182,199
Olam International Ltd.		102,000		95,689
Oversea-Chinese Banking Corp. Ltd.		535,600		3,303,445
SATS Ltd.		90,500		197,366
Sembcorp Industries Ltd.		124,300		143,872
Singapore Airlines Ltd.		178,850		443,837
Singapore Exchange Ltd.		111,700		708,441
Singapore Press Holdings Ltd.		219,000		158,645
Singapore Technologies Engineering Ltd.		202,400		517,399
Singapore Telecommunications Ltd.		927,800		1,379,197
Suntec, REIT		287,900		282,734
United Overseas Bank Ltd.		207,300		2,880,320
UOL Group Ltd.		63,800		290,813
Venture Corp. Ltd.		36,200		510,303
				19,314,794
South Africa — 0.2%
Anglo American plc		184,399		4,326,589
Spain — 2.2%
Acciona SA		2,856		288,561
ACS Actividades de Construccion y Servicios SA		37,132		882,654
Aena SME SA* (b)		9,995		1,346,684
Amadeus IT Group SA		60,943		2,903,700
Banco Bilbao Vizcaya Argentaria SA		902,012		2,602,443
Banco Santander SA		2,248,051		4,501,851
Bankia SA		157,708		194,009
CaixaBank SA		485,490		885,821
Cellnex Telecom SA (b)		52,675		3,381,258
EDP Renovaveis SA		19,994		380,100
Enagas SA		34,054		735,014
Endesa SA		42,968		1,152,799
Ferrovial SA		68,019		1,473,124
Grifols SA		39,776		1,074,914
Grifols SA (Preference), Class B		35,522		600,261
Iberdrola SA		781,707		9,230,066
Industria de Diseno Textil SA		151,779		3,747,323
Mapfre SA		132,612		200,088
Naturgy Energy Group SA		46,596		865,668
Red Electrica Corp. SA		58,557		1,031,452
Repsol SA		202,411		1,270,750
Siemens Gamesa Renewable Energy SA		30,398		862,674
Telefonica SA		684,775		2,227,595
				41,838,809

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 81

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Sweden — 3.4%
Alfa Laval AB*		40,600		824,659
Assa Abloy AB, Class B		134,160		2,875,380
Atlas Copco AB, Class A		87,434		3,859,441
Atlas Copco AB, Class B		52,787		2,022,575
Axfood AB		14,079		327,241
Boliden AB		36,999		1,008,930
Castellum AB		32,523		677,150
Electrolux AB, Series B		34,276		772,868
Elekta AB, Class B		49,168		575,069
Epiroc AB, Class A		84,691		1,264,573
Epiroc AB, Class B		52,842		756,467
EQT AB (a)		28,361		538,892
Essity AB, Class A		3,759		113,846
Essity AB, Class B (a)		81,947		2,371,818
Evolution Gaming Group AB (b)		17,936		1,330,318
Fabege AB		36,694		463,332
Fastighets AB Balder, Class B*		13,058		614,558
Getinge AB, Class B		29,911		585,657
Hennes & Mauritz AB, Class B		102,750		1,670,552
Hexagon AB, Class B		37,890		2,777,231
Hexpol AB		35,092		309,068
Holmen AB, Class B		12,532		474,580
Husqvarna AB, Class A		3,533		35,722
Husqvarna AB, Class B		55,290		570,129
ICA Gruppen AB		12,659		599,256
Industrivarden AB, Class A*		22,043		592,157
Industrivarden AB, Class C*		22,851		583,480
Intrum AB		8,727		213,261
Investment AB Latour, Class B		16,934		394,885
Investor AB, Class A		17,750		1,061,371
Investor AB, Class B		61,617		3,693,259
Kinnevik AB, Class B		32,725		1,340,054
L E Lundbergforetagen AB, Class B*		8,737		392,693
Lundin Energy AB		25,502		487,518
NCC AB, Class B		11,426		182,101
Nibe Industrier AB, Class B*		48,145		1,159,274
Saab AB, Class B*		11,220		257,394
Sandvik AB*		147,750		2,633,657
Securitas AB, Class B*		43,048		607,663
Skandinaviska Enskilda Banken AB, Class A*		217,229		1,864,095
Skanska AB, Class B		54,114		1,014,939
SKF AB, Class A		2,448		50,208
SKF AB, Class B		50,800		1,039,926
SSAB AB, Class A*		31,828		92,362
SSAB AB, Class B*		86,367		232,992

INVESTMENTS	SHARES		VALUE ($)
Sweden — continued
Svenska Cellulosa AB SCA, Class A*		4,284		59,266
Svenska Cellulosa AB SCA, Class B*		81,083		1,096,771
Svenska Handelsbanken AB, Class A*		207,474		1,681,097
Svenska Handelsbanken AB, Class B* (a)		4,693		45,304
Swedbank AB, Class A*		125,571		1,965,891
Swedish Match AB		21,943		1,649,732
Swedish Orphan Biovitrum AB*		26,056		449,363
Tele2 AB, Class B		67,549		797,210
Telefonaktiebolaget LM Ericsson, Class A		8,364		99,880
Telefonaktiebolaget LM Ericsson, Class B		358,071		3,997,689
Telia Co. AB		331,940		1,270,053
Trelleborg AB, Class B*		33,052		549,978
Volvo AB, Class A* (a)		29,380		570,369
Volvo AB, Class B*		213,869		4,157,014
				63,702,218
Switzerland — 9.8%
ABB Ltd. (Registered)		258,105		6,262,924
Adecco Group AG (Registered)		22,096		1,083,454
Alcon, Inc.*		66,109		3,758,506
Baloise Holding AG (Registered)		6,602		902,859
Barry Callebaut AG (Registered)		335		691,655
Chocoladefabriken Lindt & Spruengli AG		139		1,102,058
Chocoladefabriken Lindt & Spruengli AG (Registered)		15		1,296,816
Cie Financiere Richemont SA (Registered)		70,616		4,413,768
Coca-Cola HBC AG		27,167		617,105
Credit Suisse Group AG (Registered)		314,568		2,966,810
EMS-Chemie Holding AG (Registered)		950		835,600
Geberit AG (Registered)		5,011		2,852,109
Givaudan SA (Registered)		1,074		4,379,708
Julius Baer Group Ltd.		30,276		1,347,441
Kuehne + Nagel International AG (Registered)		6,818		1,362,667
LafargeHolcim Ltd. (Registered)*		69,156		2,968,151
Lonza Group AG (Registered)		10,074		6,103,939
Mediclinic International plc		64,266		235,323
Nestle SA (Registered)		389,733		43,836,363
Novartis AG (Registered)		333,737		26,005,651
Partners Group Holding AG		2,527		2,275,074
Roche Holding AG		95,040		30,539,349
Roche Holding AG		3,679		1,185,378
Schindler Holding AG		5,508		1,410,959
Schindler Holding AG (Registered)		2,652		681,677
SGS SA (Registered)		701		1,750,967
Sika AG (Registered)		19,180		4,718,375
Sonova Holding AG (Registered)*		7,366		1,748,453

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Switzerland — continued
STMicroelectronics NV		88,665		2,704,657
Straumann Holding AG (Registered)		1,551		1,619,016
Swatch Group AG (The)		3,953		837,131
Swatch Group AG (The) (Registered)		7,995		326,800
Swiss Life Holding AG (Registered)*		4,330		1,456,563
Swiss Re AG		38,225		2,743,049
Swisscom AG (Registered)		3,434		1,746,536
Temenos AG (Registered)		8,866		952,844
UBS Group AG (Registered)		518,218		6,033,080
Vifor Pharma AG		5,916		665,820
Zurich Insurance Group AG		20,364		6,763,814
				183,182,449
United Arab Emirates — 0.0%
NMC Health plc*‡		300		—
United Kingdom — 12.0%
3i Group plc		131,385		1,640,960
Admiral Group plc		34,548		1,230,733
Ashtead Group plc		61,442		2,220,350
ASOS plc*		9,448		539,044
Associated British Foods plc		48,352		1,063,345
AstraZeneca plc		177,452		17,817,157
Auto Trader Group plc (b)		131,085		985,553
AVEVA Group plc		8,819		489,524
Aviva plc		532,517		1,776,251
Babcock International Group plc		67,737		190,821
BAE Systems plc		436,593		2,244,260
Barclays plc		2,204,661		3,055,825
Barratt Developments plc		137,703		860,725
Berkeley Group Holdings plc		17,036		895,724
BP plc		2,736,854		6,980,853
British American Tobacco plc		309,712		9,816,444
British Land Co. plc (The), REIT		127,104		573,991
BT Group plc		1,186,644		1,558,480
Bunzl plc		45,401		1,411,349
Burberry Group plc		55,086		967,466
Centrica plc		785,884		378,480
CK Hutchison Holdings Ltd.		365,500		2,207,613
CNH Industrial NV*		134,412		1,042,187
Coca-Cola European Partners plc		27,033		965,348
Compass Group plc		241,525		3,305,933
ConvaTec Group plc(b)		216,222		506,161
Croda International plc		17,843		1,394,593
DCC plc		13,708		890,773
Derwent London plc, REIT		15,144		521,506
Diageo plc		316,713		10,235,493

INVESTMENTS	SHARES		VALUE ($)
United Kingdom — continued
Direct Line Insurance Group plc		185,046		632,378
DS Smith plc		187,110		686,357
easyJet plc		43,251		283,616
Experian plc		124,452		4,559,162
Fiat Chrysler Automobiles NV*		148,839		1,825,900
G4S plc*		208,916		550,895
GlaxoSmithKline plc		675,292		11,276,361
GVC Holdings plc		78,216		979,815
Halma plc		51,118		1,568,689
Hargreaves Lansdown plc		37,132		651,894
Hiscox Ltd.		48,404		517,353
HSBC Holdings plc		2,791,828		11,699,418
Imperial Brands plc		128,432		2,032,784
Informa plc		203,202		1,102,501
InterContinental Hotels Group plc		25,395		1,290,326
Intertek Group plc		21,751		1,566,743
ITV plc*		488,628		456,654
J Sainsbury plc		232,584		607,097
JD Sports Fashion plc		59,244		569,956
Johnson Matthey plc		26,930		749,654
Kingfisher plc*		288,314		1,072,236
Land Securities Group plc, REIT		101,398		669,027
Legal & General Group plc		808,254		1,937,876
Lloyds Banking Group plc		9,492,799		3,456,392
London Stock Exchange Group plc		42,649		4,597,474
M&G plc		353,776		672,941
Marks & Spencer Group plc		262,982		302,977
Meggitt plc		104,051		368,704
Melrose Industries plc*		657,210		1,019,510
Micro Focus International plc		48,556		136,251
Mondi plc		65,684		1,244,930
National Grid plc		507,683		6,039,138
Natwest Group plc		628,606		1,013,537
Next plc		18,022		1,361,140
Ocado Group plc*		81,955		2,416,847
Pearson plc		102,947		680,148
Persimmon plc		42,962		1,300,740
Phoenix Group Holdings plc		110,817		951,613
Prudential plc		349,806		4,278,303
Reckitt Benckiser Group plc		99,636		8,776,790
RELX plc		268,035		5,303,854
Rentokil Initial plc		248,548		1,692,167
Rightmove plc		119,909		959,654
Rolls-Royce Holdings plc* (a)		264,187		244,523
Royal Mail plc		134,450		395,743

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 83

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
United Kingdom — continued
RSA Insurance Group plc		138,326		759,631
Sage Group plc (The)		151,487		1,246,424
Schroders plc		16,816		569,684
Schroders plc (Non-Voting)		6,528		155,271
Segro plc, REIT		161,104		1,882,453
Severn Trent plc		32,491		1,022,562
Smith & Nephew plc		120,532		2,092,934
Smiths Group plc		53,127		915,378
Spirax-Sarco Engineering plc		9,946		1,454,041
SSE plc		141,547		2,321,299
St James’s Place plc		72,593		846,046
Standard Chartered plc		358,645		1,638,939
Standard Life Aberdeen plc		303,837		885,313
Subsea 7 SA*		32,032		212,739
Tate & Lyle plc		62,838		484,405
Taylor Wimpey plc		498,588		683,113
TechnipFMC plc		56,922		313,873
Tesco plc		1,313,972		3,497,199
Travis Perkins plc*		34,072		467,955
Unilever NV (a)		197,601		11,139,509
Unilever plc		157,941		9,000,880
United Utilities Group plc		92,244		1,031,180
Vodafone Group plc		3,624,755		4,835,309
Weir Group plc (The)		35,296		655,721
Whitbread plc		27,410		763,170
Wm Morrison Supermarkets plc		327,400		691,101
WPP plc		166,564		1,330,395
				223,163,534
United States — 0.4%
Carnival plc		24,890		281,383
Ferguson plc		31,382		3,116,891
James Hardie Industries plc, CHDI		59,986		1,456,453
QIAGEN NV*		30,703		1,457,864
Tenaris SA		63,450		302,785
				6,615,376
Total Common Stocks (Cost $1,850,690,852)				1,854,436,738
	NO. OF RIGHTS
Rights — 0.0% (c)
United Kingdom — 0.0% (c)
Rolls-Royce Holdings plc, expiring 11/11/2020* (Cost $722,726)		880,623		444,930

INVESTMENTS	SHARES		VALUE ($)
Short-Term Investments — 1.5%
Investment Companies — 0.3%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (d) (e) (Cost $5,136,138)		5,136,138		5,136,138
Investment of Cash Collateral from Securities Loaned — 1.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		19,995,202		19,997,201
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (d) (e)		2,320,963		2,320,963
Total Investment of Cash Collateral from Securities Loaned (Cost $22,318,364)				22,318,164
Total Short-Term Investments (Cost $27,454,502)				27,454,302
Total Investments — 100.8% (Cost $1,878,868,080)				1,882,335,970
Liabilities in Excess of Other Assets — (0.8)%				(15,665,668	)
NET ASSETS — 100.0%				1,866,670,302

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		8.7	%
Banks		7.0
Insurance		4.6
Food Products		3.8
Chemicals		3.8
Machinery		3.4
Automobiles		3.0
Metals & Mining		2.8
Textiles, Apparel & Luxury Goods		2.7
Capital Markets		2.6
Oil, Gas & Consumable Fuels		2.5
Health Care Equipment & Supplies		2.3
Personal Products		2.2
Electric Utilities		2.2
Semiconductors & Semiconductor Equipment		2.1
Electronic Equipment, Instruments & Components		2.0

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INDUSTRY	PERCENTAGE
Electrical Equipment		2.0	%
Diversified Telecommunication Services		1.9
Wireless Telecommunication Services		1.8
Beverages		1.8
Real Estate Management & Development		1.8
IT Services		1.7
Professional Services		1.7
Food & Staples Retailing		1.6
Household Durables		1.5
Trading Companies & Distributors		1.4
Equity Real Estate Investment Trusts (REITs)		1.4
Software		1.4
Hotels, Restaurants & Leisure		1.3
Building Products		1.2
Industrial Conglomerates		1.2
Biotechnology		1.1
Multi-Utilities		1.0
Auto Components		1.0
Household Products		1.0
Specialty Retail		1.0
Road & Rail		1.0
Aerospace & Defense		1.0
Others (each less than 1.0%)		12.0
Short-Term Investments		1.5

Abbreviations
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust
SCA	Limited partnership with share capital
SDR	Swedish Depositary Receipt
SGPS	Holding company
(a)	The security or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is $20,684,106.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of October 31, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of October 31, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
MSCI EAFE E-Mini Index		128		12/2020		USD		11,423,360		(624,195	)

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 85

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.1%
Air Freight & Logistics — 0.6%
SG Holdings Co. Ltd.		686,400		16,556,270
Yamato Holdings Co. Ltd.		491,900		13,020,822
				29,577,092
Airlines — 0.1%
ANA Holdings, Inc.		156,600		3,415,577
Japan Airlines Co. Ltd.		151,700		2,649,568
				6,065,145
Auto Components — 2.4%
Aisin Seiki Co. Ltd.		247,100		7,486,657
Bridgestone Corp.		833,600		27,171,204
Denso Corp.		706,900		32,939,131
JTEKT Corp.		335,600		2,674,311
Koito Manufacturing Co. Ltd.		174,400		8,410,233
NGK Spark Plug Co. Ltd.		232,500		4,088,964
NOK Corp.		164,700		1,878,242
Stanley Electric Co. Ltd.		208,100		5,926,650
Sumitomo Electric Industries Ltd.		1,079,500		11,917,766
Sumitomo Rubber Industries Ltd.		254,600		2,239,518
Toyoda Gosei Co. Ltd.		101,100		2,569,448
Toyota Boshoku Corp.		117,000		1,699,523
Toyota Industries Corp.		278,800		18,016,999
Yokohama Rubber Co. Ltd. (The)		181,300		2,604,264
				129,622,910
Automobiles — 6.7%
Honda Motor Co. Ltd.		2,337,000		55,276,932
Isuzu Motors Ltd.		840,800		6,821,827
Mazda Motor Corp.		815,800		4,283,625
Mitsubishi Motors Corp.		931,500		1,708,393
Nissan Motor Co. Ltd.		3,267,700		11,569,405
Subaru Corp.		835,600		15,335,753
Suzuki Motor Corp.		666,900		28,641,823
Toyota Motor Corp.		3,458,200		227,020,132
Yamaha Motor Co. Ltd.		428,600		6,128,134
				356,786,024
Banks — 4.4%
Aozora Bank Ltd.		160,900		2,643,431
Bank of Kyoto Ltd. (The)		103,300		4,562,193
Chiba Bank Ltd. (The)		1,007,600		5,204,547
Chugoku Bank Ltd. (The)		265,700		2,301,808
Concordia Financial Group Ltd.		1,643,700		5,425,941
Fukuoka Financial Group, Inc.		260,300		4,354,129
Hachijuni Bank Ltd. (The)		695,200		2,567,425
Iyo Bank Ltd. (The)		439,900		2,760,774

INVESTMENTS	SHARES			VALUE ($)
Banks — continued
Kyushu Financial Group, Inc.		598,300			2,798,575
Mebuki Financial Group, Inc.		1,601,600			3,217,919
Mitsubishi UFJ Financial Group, Inc.		17,530,900			69,105,136
Mizuho Financial Group, Inc.		3,450,200			42,478,951
Resona Holdings, Inc.		2,972,200			9,799,269
Seven Bank Ltd.		993,300			2,279,568
Shinsei Bank Ltd.		221,700			2,667,394
Shizuoka Bank Ltd. (The)		768,200			5,166,721
Sumitomo Mitsui Financial Group, Inc.		1,866,900			51,679,347
Sumitomo Mitsui Trust Holdings, Inc.		509,300			13,693,769
					232,706,897
Beverages — 0.9%
Asahi Group Holdings Ltd.		623,400			19,292,446
Coca-Cola Bottlers Japan Holdings, Inc.		205,200			2,896,590
Kirin Holdings Co. Ltd.		1,178,800			21,251,840
Suntory Beverage & Food Ltd.		171,900			5,928,440
					49,369,316
Biotechnology — 0.1%
PeptiDream, Inc.*		132,500			6,123,234
Building Products — 1.9%
AGC, Inc.		309,800			9,673,802
Daikin Industries Ltd.		397,700			74,422,897
LIXIL Group Corp.		395,500			8,587,982
TOTO Ltd.		216,500			9,884,415
					102,569,096
Capital Markets — 1.0%
Daiwa Securities Group, Inc.		2,054,100			8,322,843
Japan Exchange Group, Inc.		728,200			17,777,722
Matsui Securities Co. Ltd.		152,000			1,216,685
Nomura Holdings, Inc.		4,129,300			18,492,819
SBI Holdings, Inc.		321,700			7,415,588
					53,225,657
Chemicals — 4.4%
Air Water, Inc.		312,800			4,469,226
Asahi Kasei Corp.		1,892,900			16,403,066
Daicel Corp.		402,800	��		2,874,642
DIC Corp.		112,400			2,736,471
JSR Corp.		291,200			6,581,712
Kaneka Corp.		93,100			2,605,332
Kansai Paint Co. Ltd.		351,000			9,049,522
Kuraray Co. Ltd.		482,600			4,463,558
Mitsubishi Chemical Holdings Corp.		1,923,800			10,827,451
Mitsubishi Gas Chemical Co., Inc.		281,900			5,138,861

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Chemicals — continued
Mitsui Chemicals, Inc.		277,900		7,117,676
Nippon Paint Holdings Co. Ltd.		269,900		24,312,582
Nippon Sanso Holdings Corp.		287,800		4,219,619
Nippon Shokubai Co. Ltd.		49,000		2,399,458
Nissan Chemical Corp.		199,200		10,571,680
Nitto Denko Corp.		215,900		15,168,226
Shin-Etsu Chemical Co. Ltd.		538,300		71,899,034
Showa Denko KK		204,000		3,468,749
Sumitomo Chemical Co. Ltd.		2,249,400		7,358,201
Teijin Ltd.		269,200		4,123,595
Toray Industries, Inc.		2,216,000		10,027,190
Tosoh Corp.		441,600		7,158,175
Ube Industries Ltd.		136,000		2,334,839
				235,308,865
Commercial Services & Supplies — 0.8%
Dai Nippon Printing Co. Ltd.		383,300		7,140,659
Park24 Co. Ltd.*		154,200		2,082,912
Secom Co. Ltd.		291,000		24,583,360
Sohgo Security Services Co. Ltd.		117,500		5,474,890
Toppan Printing Co. Ltd.		475,900		6,051,737
				45,333,558
Construction & Engineering — 0.7%
JGC Holdings Corp.		351,300		2,888,520
Kajima Corp.		674,600		7,208,394
Kinden Corp.		185,900		2,914,886
Obayashi Corp.		980,600		8,205,995
Shimizu Corp.		952,800		6,615,628
Taisei Corp.		286,300		8,909,063
				36,742,486
Construction Materials — 0.1%
Taiheiyo Cement Corp.		172,400		4,046,585
Consumer Finance — 0.2%
Acom Co. Ltd.		628,000		2,822,248
AEON Financial Service Co. Ltd.		153,100		1,568,028
Credit Saison Co. Ltd.		212,000		2,291,667
Hitachi Capital Corp.		69,000		1,459,288
Orient Corp.		817,600		907,289
				9,048,520
Containers & Packaging — 0.0% (a)
Toyo Seikan Group Holdings Ltd.		217,800		2,034,779
Diversified Consumer Services — 0.0% (a)
Benesse Holdings, Inc.		110,000		2,593,339

INVESTMENTS	SHARES		VALUE ($)
Diversified Financial Services — 0.5%
Mitsubishi UFJ Lease & Finance Co. Ltd.		729,700		3,091,735
ORIX Corp.		1,784,200		20,866,642
Tokyo Century Corp.		71,200		3,490,824
				27,449,201
Diversified Telecommunication Services — 0.7%
Nippon Telegraph & Telephone Corp.		1,749,300		36,798,007
Electric Utilities — 0.8%
Chubu Electric Power Co., Inc.		978,800		10,964,333
Chugoku Electric Power Co., Inc. (The) (b)		441,800		5,550,717
Kansai Electric Power Co., Inc. (The)		1,121,500		10,206,076
Kyushu Electric Power Co., Inc.		644,800		5,405,646
Shikoku Electric Power Co., Inc.		281,600		2,023,987
Tohoku Electric Power Co., Inc.		682,300		6,019,994
Tokyo Electric Power Co. Holdings, Inc.*		1,092,000		2,817,770
				42,988,523
Electrical Equipment — 2.3%
Fuji Electric Co. Ltd.		203,500		6,170,724
Mabuchi Motor Co. Ltd.		77,400		3,191,107
Mitsubishi Electric Corp.		2,917,200		37,570,284
Nidec Corp.		746,300		75,377,850
				122,309,965
Electronic Equipment, Instruments & Components — 6.3%
Alps Alpine Co. Ltd.		277,000		3,996,373
Canon Marketing Japan, Inc.		72,300		1,540,215
Hamamatsu Photonics KK		200,300		10,079,046
Hirose Electric Co. Ltd.		45,000		6,281,302
Hitachi Ltd.		1,315,200		44,327,890
Ibiden Co. Ltd.		181,200		7,388,158
Keyence Corp.		255,200		115,815,501
Kyocera Corp.		477,800		26,313,640
Murata Manufacturing Co. Ltd.		872,600		61,194,272
Omron Corp.		280,000		20,217,692
Shimadzu Corp.		374,500		10,708,212
TDK Corp.		175,600		20,650,686
Yokogawa Electric Corp.		325,000		4,777,940
				333,290,927
Entertainment — 2.4%
DeNA Co. Ltd.		114,800		1,958,730
Konami Holdings Corp.		135,500		5,303,240
Nexon Co. Ltd.		612,700		17,076,507
Nintendo Co. Ltd.		161,200		87,159,034
Square Enix Holdings Co. Ltd.		121,100		7,036,249
Toho Co. Ltd.		191,500		7,583,561
				126,117,321

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 87

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — 1.5%
Advance Residence Investment Corp.		1,873		5,468,971
Daiwa House REIT Investment Corp.		2,716		6,282,820
GLP J-REIT		5,415		8,348,023
Japan Prime Realty Investment Corp.		1,294		3,497,118
Japan Real Estate Investment Corp.		1,873		9,179,026
Japan Retail Fund Investment Corp.		3,526		5,082,405
Nippon Building Fund, Inc.		2,219		11,207,736
Nippon Prologis REIT, Inc.		3,348		11,019,737
Nomura Real Estate Master Fund, Inc.		6,413		7,658,102
Orix JREIT, Inc.		3,754		5,275,908
United Urban Investment Corp.		4,242		4,529,056
				77,548,902
Food & Staples Retailing — 1.8%
Aeon Co. Ltd.		1,183,500		30,236,288
Cosmos Pharmaceutical Corp.		29,300		4,976,295
Kobe Bussan Co. Ltd. (b)		161,600		4,546,625
Lawson, Inc.		67,600		3,105,922
Matsumotokiyoshi Holdings Co. Ltd.		128,400		4,740,061
Seven & i Holdings Co. Ltd.		1,084,500		32,963,034
Sundrug Co. Ltd.		93,100		3,456,971
Tsuruha Holdings, Inc.		49,100		6,875,229
Welcia Holdings Co. Ltd.		138,400		5,419,934
				96,320,359
Food Products — 1.8%
Ajinomoto Co., Inc.		747,000		15,007,799
Calbee, Inc.		156,800		4,810,096
Ezaki Glico Co. Ltd.		77,300		3,206,054
Kewpie Corp.		163,100		3,337,997
Kikkoman Corp.		263,900		13,142,258
MEIJI Holdings Co. Ltd.		197,900		14,337,762
NH Foods Ltd.		138,700		5,681,563
Nisshin Seifun Group, Inc.		354,600		5,339,858
Nissin Foods Holdings Co. Ltd.		114,700		9,931,812
Toyo Suisan Kaisha Ltd.		137,500		6,842,798
Yakult Honsha Co. Ltd.		218,500		10,573,884
Yamazaki Baking Co. Ltd.		244,400		4,014,474
				96,226,355
Gas Utilities — 0.6%
Osaka Gas Co. Ltd.		565,500		10,738,973
Toho Gas Co. Ltd.		133,900		6,912,159
Tokyo Gas Co. Ltd.		521,900		11,826,014
				29,477,146
Health Care Equipment & Supplies — 3.0%
Asahi Intecc Co. Ltd.		308,800		9,569,149

INVESTMENTS	SHARES		VALUE ($)
Health Care Equipment & Supplies — continued
Hoya Corp.		510,100		57,568,324
Olympus Corp.		1,751,200		33,525,116
Sysmex Corp.		224,500		21,087,003
Terumo Corp.		980,700		36,093,683
				157,843,275
Health Care Providers & Services — 0.3%
Alfresa Holdings Corp.		286,900		5,253,122
Medipal Holdings Corp.		285,300		5,085,728
Suzuken Co. Ltd.		108,200		3,906,092
				14,244,942
Health Care Technology — 0.7%
M3, Inc.		581,800		39,292,287
Hotels, Restaurants & Leisure — 0.9%
McDonald’s Holdings Co. Japan Ltd.		91,100		4,320,088
Oriental Land Co. Ltd.		307,300		43,015,260
				47,335,348
Household Durables — 4.2%
Casio Computer Co. Ltd.		313,800		4,767,301
Haseko Corp.		338,800		4,061,923
Iida Group Holdings Co. Ltd.		252,900		4,575,498
Nikon Corp.		473,700		2,886,899
Panasonic Corp.		3,167,400		29,258,954
Rinnai Corp.		53,400		5,261,848
Sekisui Chemical Co. Ltd.		614,600		9,580,579
Sekisui House Ltd.		883,600		14,679,524
Sharp Corp.(b)		281,800		3,258,630
Sony Corp.		1,713,000		142,806,782
				221,137,938
Household Products — 0.8%
Lion Corp.		405,600		8,270,748
Pigeon Corp.		165,300		7,612,321
Unicharm Corp.		599,100		27,720,896
				43,603,965
Independent Power and Renewable Electricity Producers — 0.1%
Electric Power Development Co. Ltd.		235,600		3,184,052
Industrial Conglomerates — 0.4%
Keihan Holdings Co. Ltd.		146,800		5,576,966
Toshiba Corp.		574,000		14,519,822
				20,096,788
Insurance — 2.3%
Dai-ichi Life Holdings, Inc.		1,547,000		23,105,105
Japan Post Holdings Co. Ltd.		2,018,200		13,847,774

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Insurance — continued
MS&AD Insurance Group Holdings, Inc.		653,400		17,880,456
Sompo Holdings, Inc.		506,800		18,921,820
T&D Holdings, Inc.		817,300		8,168,162
Tokio Marine Holdings, Inc.		953,000		42,594,072
				124,517,389
Interactive Media & Services — 0.6%
Kakaku.com, Inc.		176,500		4,664,441
LINE Corp.*		74,700		3,833,094
Z Holdings Corp.		3,603,500		25,127,422
				33,624,957
Internet & Direct Marketing Retail — 0.4%
Mercari, Inc.*		135,000		5,675,719
Rakuten, Inc.		1,110,500		10,804,261
ZOZO, Inc.		130,400		3,307,975
				19,787,955
IT Services — 2.2%
Fujitsu Ltd.		254,000		30,051,917
GMO Payment Gateway, Inc. (b)		57,400		7,033,135
Itochu Techno-Solutions Corp.		129,600		4,396,991
NEC Corp.		371,300		18,702,453
Nomura Research Institute Ltd.		531,800		15,676,135
NTT Data Corp.		876,700		9,894,624
Obic Co. Ltd.		91,400		16,181,733
Otsuka Corp.		150,300		6,906,536
SCSK Corp.		68,800		3,420,839
TIS, Inc.		315,500		6,033,983
				118,298,346
Leisure Products — 1.2%
Bandai Namco Holdings, Inc.		300,600		22,465,278
Sankyo Co. Ltd.		63,000		1,605,694
Sega Sammy Holdings, Inc.		238,000		2,982,516
Shimano, Inc.		115,700		26,462,391
Yamaha Corp.		223,700		10,604,542
				64,120,421
Machinery — 5.5%
Amada Co. Ltd.		488,200		4,249,125
Daifuku Co. Ltd.		171,700		17,705,334
FANUC Corp.		258,500		54,601,623
Harmonic Drive Systems, Inc.		55,000		3,643,067
Hino Motors Ltd.		390,100		2,988,841
Hitachi Construction Machinery Co. Ltd.		144,000		3,551,402
Hoshizaki Corp.		79,700		6,364,782
IHI Corp.		210,500		2,549,308

INVESTMENTS	SHARES		VALUE ($)
Machinery — continued
Kawasaki Heavy Industries Ltd.		226,700		2,708,419
Komatsu Ltd.		1,321,300		29,789,336
Kubota Corp.		1,576,200		27,391,310
Kurita Water Industries Ltd.		146,000		4,344,046
Makita Corp.		380,600		16,823,885
MINEBEA MITSUMI, Inc.		581,200		10,497,262
MISUMI Group, Inc.		385,900		11,461,065
Mitsubishi Heavy Industries Ltd.		457,700		9,833,792
Nabtesco Corp.		169,800		6,343,430
NGK Insulators Ltd.		372,600		5,322,835
NSK Ltd.		666,300		5,334,449
SMC Corp.		87,000		46,275,792
Sumitomo Heavy Industries Ltd.		166,900		3,577,216
THK Co. Ltd.		167,200		4,438,310
Yaskawa Electric Corp.		363,200		14,122,607
				293,917,236
Marine — 0.1%
Mitsui OSK Lines Ltd.		163,900		3,699,960
Nippon Yusen KK		230,600		4,256,315
				7,956,275
Media — 0.5%
CyberAgent, Inc.		138,000		8,679,971
Dentsu Group, Inc.		329,200		9,490,184
Fuji Media Holdings, Inc.		63,300		608,784
Hakuhodo DY Holdings, Inc.		411,600		5,244,270
Nippon Television Holdings, Inc.		71,100		750,280
TBS Holdings, Inc.		47,800		738,151
				25,511,640
Metals & Mining — 0.7%
Hitachi Metals Ltd.		273,900		3,632,263
JFE Holdings, Inc.		784,100		5,509,221
Maruichi Steel Tube Ltd.		106,200		2,436,395
Mitsubishi Materials Corp.		178,100		3,268,001
Nippon Steel Corp.*		1,290,100		12,512,849
Sumitomo Metal Mining Co. Ltd.		371,900		11,560,046
				38,918,775
Multiline Retail — 0.8%
Isetan Mitsukoshi Holdings Ltd.		538,700		2,623,549
Izumi Co. Ltd.		61,100		2,072,132
J Front Retailing Co. Ltd.		368,300		2,806,527
Marui Group Co. Ltd.		302,800		5,472,181
Pan Pacific International Holdings Corp.		818,500		17,367,294
Ryohin Keikaku Co. Ltd.		357,500		7,503,684

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 89

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Multiline Retail — continued
Seria Co. Ltd.		61,600		2,373,394
				40,218,761
Oil, Gas & Consumable Fuels — 0.5%
ENEOS Holdings, Inc.		4,389,200		14,810,417
Idemitsu Kosan Co. Ltd.		335,652		6,788,217
Inpex Corp.		1,470,800		6,975,122
				28,573,756
Paper & Forest Products — 0.1%
Oji Holdings Corp.		1,378,100		5,807,892
Personal Products — 1.8%
Kao Corp.		655,100		46,642,276
Kobayashi Pharmaceutical Co. Ltd.		73,900		7,201,238
Kose Corp.		47,200		6,016,845
Pola Orbis Holdings, Inc.		115,000		2,267,703
Shiseido Co. Ltd.		543,700		33,658,850
				95,786,912
Pharmaceuticals — 6.3%
Astellas Pharma, Inc.		2,529,500		34,686,883
Chugai Pharmaceutical Co. Ltd.		867,400		33,481,642
Daiichi Sankyo Co. Ltd.		2,484,900		65,585,603
Eisai Co. Ltd.		402,200		31,272,488
Hisamitsu Pharmaceutical Co., Inc.		115,500		5,524,849
Kyowa Kirin Co. Ltd.		344,300		8,550,137
Nippon Shinyaku Co. Ltd.		82,000		5,859,404
Ono Pharmaceutical Co. Ltd.		674,200		19,231,702
Otsuka Holdings Co. Ltd.		758,400		28,088,520
Santen Pharmaceutical Co. Ltd.		543,900		9,690,121
Shionogi & Co. Ltd.		381,200		17,981,185
Sumitomo Dainippon Pharma Co. Ltd.		260,100		3,048,637
Taisho Pharmaceutical Holdings Co. Ltd.		74,400		4,476,524
Takeda Pharmaceutical Co. Ltd.		2,141,900		66,190,305
Tsumura & Co.		94,500		2,773,702
				336,441,702
Professional Services — 1.9%
Nihon M&A Center, Inc.		199,600		11,720,830
Persol Holdings Co. Ltd.		258,000		3,907,720
Recruit Holdings Co. Ltd.		2,304,400		87,683,978
				103,312,528
Real Estate Management & Development — 2.2%
Aeon Mall Co. Ltd.		135,000		2,105,919
Daito Trust Construction Co. Ltd.		94,300		8,578,016
Daiwa House Industry Co. Ltd.		904,200		23,757,638
Hulic Co. Ltd.		676,900		6,270,059
Mitsubishi Estate Co. Ltd.		1,889,500		28,183,549

INVESTMENTS	SHARES		VALUE ($)
Real Estate Management & Development — continued
Mitsui Fudosan Co. Ltd.		1,330,200		22,650,075
Nomura Real Estate Holdings, Inc.		162,600		2,840,039
Sumitomo Realty & Development Co. Ltd.		647,300		17,321,326
Tokyo Tatemono Co. Ltd.		283,800		3,264,038
Tokyu Fudosan Holdings Corp.		821,600		3,590,244
				118,560,903
Road & Rail — 3.2%
Central Japan Railway Co.		279,700		33,821,059
East Japan Railway Co.		512,800		26,816,082
Hankyu Hanshin Holdings, Inc.		344,900		10,530,957
Keikyu Corp.		375,100		5,245,540
Keio Corp.		165,900		9,641,651
Keisei Electric Railway Co. Ltd.		233,700		6,537,566
Kintetsu Group Holdings Co. Ltd.		259,700		10,376,440
Kyushu Railway Co.		214,000		4,551,973
Nagoya Railroad Co. Ltd.		267,500		7,130,277
Nankai Electric Railway Co. Ltd.		154,500		3,527,969
Nippon Express Co. Ltd.		118,400		6,639,819
Odakyu Electric Railway Co. Ltd.		471,500		11,378,483
Seibu Holdings, Inc.		361,300		3,612,244
Tobu Railway Co. Ltd.		284,700		8,078,750
Tokyu Corp.		772,500		9,165,447
West Japan Railway Co.		260,500		11,174,723
				168,228,980
Semiconductors & Semiconductor Equipment — 2.1%
Advantest Corp.		271,300		15,714,501
Disco Corp.		40,700		10,985,270
Renesas Electronics Corp.*		1,357,000		11,201,564
Rohm Co. Ltd.		118,600		9,118,790
SUMCO Corp.		343,600		5,240,541
Tokyo Electron Ltd.		213,800		57,386,244
				109,646,910
Software — 0.3%
Oracle Corp.		45,700		4,567,262
Trend Micro, Inc.		190,000		10,642,875
				15,210,137
Specialty Retail — 2.2%
ABC-Mart, Inc.		43,100		2,186,223
Fast Retailing Co. Ltd.		88,800		61,941,718
Hikari Tsushin, Inc.		27,800		6,520,343
K’s Holdings Corp.		265,900		3,395,773
Nitori Holdings Co. Ltd.		117,900		24,235,133
Shimamura Co. Ltd.		35,400		3,774,020
USS Co. Ltd.		301,100		5,507,293

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Specialty Retail — continued
Workman Co. Ltd.		33,100		2,934,967
Yamada Holdings Co. Ltd.		1,063,000		5,182,971
				115,678,441
Technology Hardware, Storage & Peripherals — 1.3%
Brother Industries Ltd.		355,300		5,490,162
Canon, Inc.		1,448,900		25,219,850
FUJIFILM Holdings Corp.		545,500		27,816,445
Konica Minolta, Inc.		682,100		1,737,836
Ricoh Co. Ltd.		931,200		6,115,393
Seiko Epson Corp.		445,000		5,168,095
				71,547,781
Textiles, Apparel & Luxury Goods — 0.1%
Asics Corp.		258,600		3,230,817
Tobacco — 0.5%
Japan Tobacco, Inc.		1,494,100		28,129,685
Trading Companies & Distributors — 3.3%
ITOCHU Corp.		1,916,800		46,038,700
Marubeni Corp.		2,243,600		11,714,306
Mitsubishi Corp.		1,917,900		42,790,986
Mitsui & Co. Ltd.		2,215,700		34,705,604
MonotaRO Co. Ltd.		166,800		9,225,997
Sojitz Corp.		1,495,900		3,291,620
Sumitomo Corp.		1,614,200		17,660,278
Toyota Tsusho Corp.		322,600		9,002,256
				174,429,747
Transportation Infrastructure — 0.2%
Japan Airport Terminal Co. Ltd.		99,100		4,304,038
Kamigumi Co. Ltd.		151,700		2,714,050
Mitsubishi Logistics Corp.		109,900		2,892,267
				9,910,355
Wireless Telecommunication Services — 5.4%
KDDI Corp.		2,221,800		60,110,782
NTT DOCOMO, Inc.		1,446,900		53,875,604
SoftBank Corp.		2,146,300		24,977,508
SoftBank Group Corp.		2,243,500		146,127,704
				285,091,598
Total Common Stocks (Cost $5,239,677,995)				5,272,878,703
Short-Term Investments — 0.1%
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		3,988,614		3,989,013

INVESTMENTS	SHARES		VALUE ($)
Investment of Cash Collateral from Securities Loaned — continued
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (c) (d)		1,126,935		1,126,935
Total Investment of Cash Collateral from Securities Loaned (Cost $5,116,745)				5,115,948
Total Investments — 99.2% (Cost $5,244,794,740)				5,277,994,651
Other Assets Less Liabilities — 0.8%				45,040,796
NET ASSETS — 100.0%				5,323,035,447

Percentages indicated are based on net assets.

Abbreviations

REIT	Real Estate Investment Trust
(a)	Amount rounds to less than 0.1% of net assets.
(b)	The security or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is $3,369,753.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 91

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

Futures contracts outstanding as of October 31, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
TOPIX Index		316		12/2020		JPY		48,126,654		(1,630,872	)

Abbreviations
JPY	JapaneseYen
TOPIX	TokyoStock Price Index

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.3%
Aerospace & Defense — 1.4%
Boeing Co. (The)		3,288		474,754
General Dynamics Corp.		1,922		252,416
HEICO Corp.		344		36,137
HEICO Corp., Class A		612		57,222
Howmet Aerospace, Inc.		3,252		56,097
Huntington Ingalls Industries, Inc.		332		48,963
L3Harris Technologies, Inc.		1,783		287,259
Lockheed Martin Corp.		2,028		710,064
Northrop Grumman Corp.		1,282		371,549
Raytheon Technologies Corp.		12,633		686,225
Teledyne Technologies, Inc.*		307		94,909
Textron, Inc.		1,892		67,734
TransDigm Group, Inc.		454		216,744
				3,360,073
Air Freight & Logistics — 0.7%
CH Robinson Worldwide, Inc.		1,116		98,688
Expeditors International of Washington, Inc.		1,382		122,127
FedEx Corp.		1,994		517,383
United Parcel Service, Inc., Class B		5,846		918,465
XPO Logistics, Inc.*		749		67,410
				1,724,073
Airlines — 0.2%
Alaska Air Group, Inc.		1,025		38,837
Delta Air Lines, Inc.		5,275		161,626
Southwest Airlines Co.		4,878		192,828
United Airlines Holdings, Inc.*		2,405		81,433
				474,724
Auto Components — 0.2%
Aptiv plc		2,234		215,559
Autoliv, Inc. (Sweden)		648		49,118
BorgWarner, Inc.		2,017		70,555
Lear Corp.		456		55,089
				390,321
Automobiles — 1.3%
Ford Motor Co.		32,313		249,779
General Motors Co.		10,411		359,492
Tesla, Inc.*		6,163		2,391,491
				3,000,762
Banks — 3.3%
Bank of America Corp.		63,046		1,494,190
Citigroup, Inc.		17,212		712,921
Citizens Financial Group, Inc.		3,528		96,138
Comerica, Inc.		1,145		52,109

INVESTMENTS	SHARES		VALUE ($)
Banks — continued
East West Bancorp, Inc.		1,175		42,864
Fifth Third Bancorp		5,895		136,882
First Republic Bank		1,426		179,876
Huntington Bancshares, Inc.		8,410		87,800
JPMorgan Chase & Co. (a)		25,201		2,470,706
KeyCorp		8,072		104,774
M&T Bank Corp.		1,057		109,484
PNC Financial Services Group, Inc. (The)		3,512		392,923
Regions Financial Corp.		7,936		105,549
SVB Financial Group*		423		122,966
Truist Financial Corp.		11,139		469,175
US Bancorp		11,339		441,654
Wells Fargo & Co.		34,071		730,823
Zions Bancorp NA		1,357		43,790
				7,794,624
Beverages — 1.6%
Brown-Forman Corp., Class A		465		29,179
Brown-Forman Corp., Class B		1,511		105,332
Coca-Cola Co. (The)		31,973		1,536,622
Constellation Brands, Inc., Class A		1,384		228,678
Keurig Dr Pepper, Inc.		3,840		103,296
Molson Coors Beverage Co., Class B		1,549		54,618
Monster Beverage Corp.*		3,051		233,615
PepsiCo, Inc.		11,448		1,525,904
				3,817,244
Biotechnology — 2.2%
AbbVie, Inc.		14,588		1,241,439
Alexion Pharmaceuticals, Inc.*		1,817		209,209
Alnylam Pharmaceuticals, Inc.*		959		117,928
Amgen, Inc.		4,836		1,049,122
Biogen, Inc.*		1,304		328,699
BioMarin Pharmaceutical, Inc.*		1,503		111,868
Exact Sciences Corp.*		1,234		152,806
Gilead Sciences, Inc.		10,373		603,190
Incyte Corp.*		1,534		132,906
Moderna, Inc.*		2,480		167,326
Neurocrine Biosciences, Inc.*		776		76,568
Regeneron Pharmaceuticals, Inc.*		867		471,267
Seagen, Inc.*		1,013		168,968
Vertex Pharmaceuticals, Inc.*		2,155		449,016
				5,280,312
Building Products — 0.5%
Allegion plc		755		74,368
Carrier Global Corp.		6,730		224,715

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 93

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Building Products — continued
Fortune Brands Home & Security, Inc.		1,138		92,030
Johnson Controls International plc		6,154		259,760
Lennox International, Inc.		293		79,596
Masco Corp.		2,162		115,883
Owens Corning		891		58,334
Trane Technologies plc		1,983		263,243
				1,167,929
Capital Markets — 2.7%
Ameriprise Financial, Inc.		988		158,900
Apollo Global Management, Inc.		1,731		63,805
Bank of New York Mellon Corp. (The)		6,736		231,449
BlackRock, Inc.		1,177		705,270
Blackstone Group, Inc. (The), Class A		5,544		279,528
Carlyle Group, Inc. (The)		953		23,749
Charles Schwab Corp. (The)		12,305		505,858
CME Group, Inc.		2,965		446,885
Franklin Resources, Inc.		2,217		41,569
Goldman Sachs Group, Inc. (The)		2,851		538,953
Intercontinental Exchange, Inc.		4,641		438,110
Invesco Ltd.		3,115		40,838
KKR & Co., Inc.		4,626		157,978
MarketAxess Holdings, Inc.		315		169,738
Moody’s Corp.		1,339		352,023
Morgan Stanley		11,820		569,133
MSCI, Inc.		697		243,838
Nasdaq, Inc.		952		115,182
Northern Trust Corp.		1,714		134,155
Raymond James Financial, Inc.		1,015		77,587
S&P Global, Inc.		1,994		643,524
SEI Investments Co.		1,012		49,740
State Street Corp.		2,908		171,281
T. Rowe Price Group, Inc.		1,870		236,854
				6,395,947
Chemicals — 1.7%
Air Products and Chemicals, Inc.		1,829		505,243
Albemarle Corp.		880		82,025
Axalta Coating Systems Ltd.*		1,737		43,616
Celanese Corp.		975		110,672
CF Industries Holdings, Inc.		1,767		48,787
Corteva, Inc.		6,185		203,981
Dow, Inc.		6,134		279,036
DuPont de Nemours, Inc.		6,070		345,262
Eastman Chemical Co.		1,119		90,460
Ecolab, Inc.		2,058		377,828
FMC Corp.		1,066		109,521

INVESTMENTS	SHARES		VALUE ($)
Chemicals — continued
International Flavors & Fragrances, Inc. (b)		883		90,649
Linde plc (United Kingdom)		4,340		956,276
LyondellBasell Industries NV, Class A		2,132		145,935
Mosaic Co. (The)		2,857		52,854
PPG Industries, Inc.		1,946		252,435
Sherwin-Williams Co. (The)		671		461,635
Westlake Chemical Corp.		291		19,677
				4,175,892
Commercial Services & Supplies — 0.4%
Cintas Corp.		719		226,161
Copart, Inc.*		1,703		187,943
Republic Services, Inc.		1,742		153,592
Rollins, Inc.		1,216		70,346
Stericycle, Inc.*		750		46,725
Waste Management, Inc.		3,211		346,499
				1,031,266
Communications Equipment — 0.7%
Arista Networks, Inc.*		457		95,467
Cisco Systems, Inc.		35,012		1,256,931
F5 Networks, Inc.*		501		66,603
Juniper Networks, Inc.		2,739		54,013
Motorola Solutions, Inc.		1,396		220,652
Ubiquiti, Inc. (b)		66		12,250
				1,705,916
Construction & Engineering — 0.1%
Jacobs Engineering Group, Inc.		1,070		101,650
Quanta Services, Inc.		1,138		71,045
				172,695
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		509		135,572
Vulcan Materials Co.		1,100		159,324
				294,896
Consumer Finance — 0.5%
Ally Financial, Inc.		3,096		82,601
American Express Co.		5,387		491,510
Capital One Financial Corp.		3,773		275,731
Discover Financial Services		2,538		164,995
Santander Consumer USA Holdings, Inc.		593		12,062
Synchrony Financial		4,488		112,290
				1,139,189
Containers & Packaging — 0.4%
Amcor plc		12,968		135,256
Avery Dennison Corp.		695		96,181

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Containers & Packaging — continued
Ball Corp.		2,704		240,656
Crown Holdings, Inc.*		1,115		95,667
International Paper Co.		3,256		142,450
Packaging Corp. of America		787		90,104
Sealed Air Corp.		1,286		50,913
WestRock Co.		2,149		80,695
				931,922
Distributors — 0.1%
Genuine Parts Co.		1,194		107,973
LKQ Corp.*		2,316		74,089
				182,062
Diversified Financial Services — 1.4%
Berkshire Hathaway, Inc., Class B*		16,393		3,309,747
Equitable Holdings, Inc.		3,347		71,927
Jefferies Financial Group, Inc.		1,781		34,747
Voya Financial, Inc.		1,043		49,991
				3,466,412
Diversified Telecommunication Services — 1.5%
AT&T, Inc.		58,911		1,591,775
CenturyLink, Inc.		8,167		70,400
Verizon Communications, Inc.		34,222		1,950,312
				3,612,487
Electric Utilities — 1.9%
Alliant Energy Corp.		2,067		114,264
American Electric Power Co., Inc.		4,099		368,623
Avangrid, Inc.		463		22,844
Duke Energy Corp.		6,081		560,121
Edison International		3,126		175,181
Entergy Corp.		1,660		168,025
Evergy, Inc.		1,869		103,169
Eversource Energy		2,828		246,800
Exelon Corp.		8,062		321,593
FirstEnergy Corp.		4,482		133,205
NextEra Energy, Inc.		16,208		1,186,588
NRG Energy, Inc.		2,016		63,746
OGE Energy Corp.		1,660		51,078
Pinnacle West Capital Corp.		936		76,350
PPL Corp.		6,351		174,652
Southern Co. (The)		8,731		501,596
Xcel Energy, Inc.		4,340		303,930
				4,571,765
Electrical Equipment — 0.5%
AMETEK, Inc.		1,903		186,875

INVESTMENTS	SHARES			VALUE ($)
Electrical Equipment — continued
Eaton Corp. plc		3,303			342,818
Emerson Electric Co.		4,945			320,387
Hubbell, Inc.		454			66,061
Rockwell Automation, Inc.		959			227,398
Sensata Technologies Holding plc*		1,297			56,692
					1,200,231
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		2,470			278,715
CDW Corp.		1,183			145,036
Cognex Corp.		1,433			94,435
Corning, Inc.		6,297			201,315
Flex Ltd.*		4,145			58,652
IPG Photonics Corp.*		299			55,602
Keysight Technologies, Inc.*		1,543			161,814
TE Connectivity Ltd.		2,728			264,288
Trimble, Inc.*		2,071			99,677
Zebra Technologies Corp., Class A*		434			123,100
					1,482,634
Energy Equipment & Services — 0.1%
Baker Hughes Co.		5,429			80,186
Halliburton Co.		7,267			87,640
National Oilwell Varco, Inc.		3,209			26,956
Schlumberger NV		11,472			171,392
					366,174
Entertainment — 2.0%
Activision Blizzard, Inc.		6,386			483,612
Electronic Arts, Inc.*		2,390			286,394
Live Nation Entertainment, Inc.*		1,180			57,584
Netflix, Inc.*		3,653	��		1,737,878
Roku, Inc.*		876			177,302
Take-Two Interactive Software, Inc.*		948			146,864
Walt Disney Co. (The)		14,946			1,812,203
					4,701,837
Equity Real Estate Investment Trusts (REITs) — 2.6%
Alexandria Real Estate Equities, Inc.		968			146,671
American Tower Corp.		3,670			842,816
AvalonBay Communities, Inc.		1,156			160,834
Boston Properties, Inc.		1,176			85,154
Camden Property Trust		804			74,161
Crown Castle International Corp.		3,465			541,233
Digital Realty Trust, Inc.		2,227			321,356
Duke Realty Corp.		3,060			116,249
Equinix, Inc.		730			533,805
Equity LifeStyle Properties, Inc.		1,394			82,511

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 95

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Equity Residential		2,826		132,766
Essex Property Trust, Inc.		543		111,092
Extra Space Storage, Inc.		1,063		123,255
Federal Realty Investment Trust		568		39,067
Healthpeak Properties, Inc.		4,456		120,178
Host Hotels & Resorts, Inc.		5,833		61,130
Invitation Homes, Inc.		4,636		126,377
Iron Mountain, Inc.		2,386		62,179
Kimco Realty Corp.		3,581		36,741
Mid-America Apartment Communities, Inc.		948		110,565
Prologis, Inc.		6,104		605,517
Public Storage		1,261		288,857
Realty Income Corp.		2,858		165,364
Regency Centers Corp.		1,300		46,267
SBA Communications Corp.		932		270,625
Simon Property Group, Inc.		1,866		117,204
SL Green Realty Corp. (b)		612		26,200
Sun Communities, Inc.		810		111,480
UDR, Inc.		2,433		76,007
Ventas, Inc.		3,091		122,002
VEREIT, Inc.		8,908		55,230
VICI Properties, Inc.		4,411		101,232
Vornado Realty Trust		1,293		39,734
Welltower, Inc.		3,449		185,453
Weyerhaeuser Co.		6,169		168,352
WP Carey, Inc.		1,438		90,033
				6,297,697
Food & Staples Retailing — 1.5%
Costco Wholesale Corp.		3,656		1,307,459
Kroger Co. (The)		6,427		207,014
Sysco Corp.		4,211		232,910
Walgreens Boots Alliance, Inc.		5,943		202,300
Walmart, Inc.		11,475		1,592,156
				3,541,839
Food Products — 1.1%
Archer-Daniels-Midland Co.		4,589		212,195
Bunge Ltd.		1,149		65,183
Campbell Soup Co.		1,675		78,172
Conagra Brands, Inc.		4,032		141,483
General Mills, Inc.		5,050		298,556
Hershey Co. (The)		1,216		167,151
Hormel Foods Corp.		2,320		112,961
Ingredion, Inc.		555		39,344
JM Smucker Co. (The)		946		106,141
Kellogg Co.		2,095		131,755

INVESTMENTS	SHARES		VALUE ($)
Food Products — continued
Kraft Heinz Co. (The)		5,358		163,901
Lamb Weston Holdings, Inc.		1,201		76,204
McCormick & Co., Inc. (Non-Voting)		1,028		185,564
Mondelez International, Inc., Class A		11,816		627,666
Tyson Foods, Inc., Class A		2,427		138,897
				2,545,173
Gas Utilities — 0.1%
Atmos Energy Corp.		1,024		93,870
UGI Corp.		1,715		55,463
				149,333
Health Care Equipment & Supplies — 3.7%
Abbott Laboratories		14,641		1,538,916
ABIOMED, Inc.*		377		94,959
Align Technology, Inc.*		587		250,109
Baxter International, Inc.		4,182		324,398
Becton Dickinson and Co.		2,397		554,019
Boston Scientific Corp.*		11,832		405,483
Cooper Cos., Inc. (The)		405		129,215
Danaher Corp.		5,217		1,197,510
Dentsply Sirona, Inc.		1,813		85,555
DexCom, Inc.*		793		253,427
Edwards Lifesciences Corp.*		5,138		368,343
Hologic, Inc.*		2,145		147,619
IDEXX Laboratories, Inc.*		706		299,923
Intuitive Surgical, Inc.*		966		644,399
Medtronic plc		11,116		1,117,936
ResMed, Inc.		1,199		230,136
STERIS plc		706		125,096
Stryker Corp.		2,705		546,437
Teleflex, Inc.		387		123,155
Varian Medical Systems, Inc.*		748		129,254
Zimmer Biomet Holdings, Inc.		1,706		225,363
				8,791,252
Health Care Providers & Services — 2.5%
AmerisourceBergen Corp.		1,213		116,533
Anthem, Inc.		2,080		567,424
Cardinal Health, Inc.		2,415		110,583
Centene Corp.*		4,793		283,266
Cigna Corp.		3,037		507,088
CVS Health Corp.		10,818		606,782
DaVita, Inc.*		622		53,647
HCA Healthcare, Inc.		2,177		269,817
Henry Schein, Inc.*		1,184		75,279
Humana, Inc.		1,098		438,409

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Health Care Providers & Services — continued
Laboratory Corp. of America Holdings*		804		160,615
McKesson Corp.		1,344		198,227
Quest Diagnostics, Inc.		1,112		135,820
UnitedHealth Group, Inc.		7,855		2,396,875
Universal Health Services, Inc., Class B		642		70,331
				5,990,696
Health Care Technology — 0.2%
Cerner Corp.		2,531		177,398
Veeva Systems, Inc., Class A*		1,117		301,646
				479,044
Hotels, Restaurants & Leisure — 1.6%
Aramark		2,090		57,977
Carnival Corp.		2,696		36,962
Chipotle Mexican Grill, Inc.*		233		279,945
Darden Restaurants, Inc.		1,069		98,262
Domino’s Pizza, Inc.		324		122,576
Hilton Worldwide Holdings, Inc.		2,298		201,787
Las Vegas Sands Corp.		2,717		130,579
Marriott International, Inc., Class A		2,192		203,593
McDonald’s Corp.		6,154		1,310,802
MGM Resorts International		3,381		69,547
Royal Caribbean Cruises Ltd.		1,468		82,825
Starbucks Corp.		9,669		840,816
Vail Resorts, Inc.		330		76,573
Wynn Resorts Ltd.		802		58,089
Yum! Brands, Inc.		2,490		232,392
				3,802,725
Household Durables — 0.4%
DR Horton, Inc.		2,734		182,659
Garmin Ltd.		1,228		127,737
Lennar Corp., Class A		2,265		159,071
Lennar Corp., Class B		133		7,566
Mohawk Industries, Inc.*		492		50,769
Newell Brands, Inc.		3,122		55,134
NVR, Inc.*		24		94,874
PulteGroup, Inc.		2,222		90,569
Whirlpool Corp.		509		94,145
				862,524
Household Products — 1.7%
Church & Dwight Co., Inc.		2,051		181,288
Clorox Co. (The)		1,043		216,162
Colgate-Palmolive Co.		7,095		559,724
Kimberly-Clark Corp.		2,817		373,506

INVESTMENTS	SHARES		VALUE ($)
Household Products — continued
Procter & Gamble Co. (The)		20,582		2,821,792
				4,152,472
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		5,504		107,328
Vistra Corp.		4,034		70,071
				177,399
Industrial Conglomerates — 1.1%
3M Co.		4,756		760,770
General Electric Co.		72,385		537,097
Honeywell International, Inc.		5,796		956,050
Roper Technologies, Inc.		868		322,323
				2,576,240
Insurance — 1.9%
Aflac, Inc.		5,475		185,876
Alleghany Corp.		112		61,256
Allstate Corp. (The)		2,579		228,886
American Financial Group, Inc.		587		43,990
American International Group, Inc.		7,123		224,303
Aon plc, Class A		1,916		352,563
Arch Capital Group Ltd.*		3,358		101,445
Arthur J Gallagher & Co.		1,586		164,484
Chubb Ltd.		3,737		485,474
Cincinnati Financial Corp.		1,231		87,081
Everest Re Group Ltd.		329		64,839
Fidelity National Financial, Inc.		2,411		75,440
Globe Life, Inc.		808		65,521
Hartford Financial Services Group, Inc. (The)		2,962		114,096
Lincoln National Corp.		1,505		52,826
Loews Corp.		1,976		68,528
Markel Corp.*		108		100,742
Marsh & McLennan Cos., Inc.		4,184		432,877
MetLife, Inc.		6,383		241,597
Principal Financial Group, Inc.		2,106		82,597
Progressive Corp. (The)		4,834		444,245
Prudential Financial, Inc.		3,269		209,281
Reinsurance Group of America, Inc.		561		56,672
Travelers Cos., Inc. (The)		2,091		252,405
Willis Towers Watson plc		1,061		193,611
WR Berkley Corp.		1,155		69,439
				4,460,074
Interactive Media & Services — 5.8%
Alphabet, Inc., Class A*		2,484		4,014,417
Alphabet, Inc., Class C*		2,423		3,927,707
Facebook, Inc., Class A*		19,874		5,229,048

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 97

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Interactive Media & Services — continued
IAC/InterActiveCorp*		655		79,072
Snap, Inc., Class A*		7,416		292,116
Twitter, Inc.*		6,544		270,660
				13,813,020
Internet & Direct Marketing Retail — 5.1%
Amazon.com, Inc.*		3,521		10,690,284
Booking Holdings, Inc.*		335		543,538
eBay, Inc.		5,502		262,060
Expedia Group, Inc.		1,122		105,636
MercadoLibre, Inc. (Argentina)*		382		463,767
				12,065,285
IT Services — 5.5%
Accenture plc, Class A		5,264		1,141,814
Akamai Technologies, Inc.*		1,348		128,222
Automatic Data Processing, Inc.		3,549		560,600
Broadridge Financial Solutions, Inc.		954		131,270
Cognizant Technology Solutions Corp., Class A		4,483		320,176
DXC Technology Co.		2,098		38,645
Fidelity National Information Services, Inc.		5,123		638,275
Fiserv, Inc.*		4,590		438,207
FleetCor Technologies, Inc.*		699		154,416
Gartner, Inc.*		735		88,274
Global Payments, Inc.		2,475		390,407
GoDaddy, Inc., Class A*		1,376		97,338
International Business Machines Corp.		7,364		822,264
Jack Henry & Associates, Inc.		635		94,139
Leidos Holdings, Inc.		1,108		91,964
Mastercard, Inc., Class A		7,300		2,107,072
Okta, Inc.*		960		201,437
Paychex, Inc.		2,648		217,798
PayPal Holdings, Inc.*		9,698		1,805,089
Square, Inc., Class A*		3,065		474,707
Twilio, Inc., Class A*		1,133		316,073
VeriSign, Inc.*		830		158,281
Visa, Inc., Class A		13,938		2,532,674
Western Union Co. (The)		3,392		65,940
				13,015,082
Leisure Products — 0.0% (c)
Hasbro, Inc.		1,051		86,939
Polaris, Inc.		477		43,340
				130,279
Life Sciences Tools & Services — 1.3%
Agilent Technologies, Inc.		2,551		260,431
Avantor, Inc.*		3,673		85,471

INVESTMENTS	SHARES		VALUE ($)
Life Sciences Tools & Services — continued
Bio-Rad Laboratories, Inc., Class A*		174		102,037
Illumina, Inc.*		1,206		352,996
IQVIA Holdings, Inc.*		1,585		244,074
Mettler-Toledo International, Inc.*		192		191,599
PerkinElmer, Inc.		931		120,611
PPD, Inc.*		891		29,296
Thermo Fisher Scientific, Inc.		3,273		1,548,522
Waters Corp.*		506		112,747
				3,047,784
Machinery — 1.6%
Caterpillar, Inc.		4,478		703,270
Cummins, Inc.		1,217		267,606
Deere & Co.		2,586		584,203
Donaldson Co., Inc.		1,042		49,495
Dover Corp.		1,192		131,966
Fortive Corp.		2,789		171,802
IDEX Corp.		627		106,835
Illinois Tool Works, Inc.		2,383		466,782
Otis Worldwide Corp.		3,365		206,207
PACCAR, Inc.		2,865		244,614
Parker-Hannifin Corp.		1,059		220,653
Pentair plc		1,370		68,171
Snap-on, Inc.		456		71,834
Stanley Black & Decker, Inc.		1,313		218,221
Westinghouse Air Brake Technologies Corp.		1,472		87,290
Xylem, Inc.		1,494		130,187
				3,729,136
Media — 1.4%
Altice USA, Inc., Class A*		2,731		73,601
Charter Communications, Inc., Class A*		1,230		742,699
Comcast Corp., Class A		37,693		1,592,152
Discovery, Inc., Class A*		1,331		26,940
Discovery, Inc., Class C*		2,560		46,899
DISH Network Corp., Class A*		2,033		51,821
Fox Corp., Class A		2,835		75,184
Fox Corp., Class B		1,293		33,799
Interpublic Group of Cos., Inc. (The)		3,220		58,250
Liberty Broadband Corp., Class A*		187		26,283
Liberty Broadband Corp., Class C*		1,268		179,688
Liberty Media Corp.-Liberty SiriusXM, Class A*		693		23,957
Liberty Media Corp.-Liberty SiriusXM, Class C*		1,440		49,824
News Corp., Class A		3,214		42,200
News Corp., Class B		1,013		13,189
Omnicom Group, Inc.		1,774		83,733
Sirius XM Holdings, Inc.		10,055		57,615

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Media — continued
ViacomCBS, Inc.		4,658		133,079
ViacomCBS, Inc., Class A		85		2,538
				3,313,451
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		12,007		208,201
Newmont Corp.		6,641		417,321
Nucor Corp.		2,494		119,114
Southern Copper Corp. (Peru)		706		36,952
Steel Dynamics, Inc.		1,657		52,162
				833,750
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
AGNC Investment Corp.		4,588		64,094
Annaly Capital Management, Inc.		11,600		82,244
				146,338
Multiline Retail — 0.5%
Dollar General Corp.		2,063		430,569
Dollar Tree, Inc.*		1,955		176,576
Target Corp.		4,143		630,647
				1,237,792
Multi-Utilities — 0.9%
Ameren Corp.		2,036		165,160
CenterPoint Energy, Inc.		4,501		95,106
CMS Energy Corp.		2,373		150,282
Consolidated Edison, Inc.		2,772		217,574
Dominion Energy, Inc.		6,949		558,283
DTE Energy Co.		1,594		196,732
NiSource, Inc.		3,173		72,884
Public Service Enterprise Group, Inc.		4,178		242,951
Sempra Energy		2,393		299,986
WEC Energy Group, Inc.		2,614		262,838
				2,261,796
Oil, Gas & Consumable Fuels — 1.7%
Apache Corp.		3,121		25,904
Cabot Oil & Gas Corp.		3,293		58,582
Cheniere Energy, Inc.*		1,902		91,049
Chevron Corp.		15,918		1,106,301
Concho Resources, Inc.		1,622		67,329
ConocoPhillips		8,871		253,888
Devon Energy Corp.		3,171		28,317
Diamondback Energy, Inc.		1,301		33,774
EOG Resources, Inc.		4,812		164,763
Exxon Mobil Corp.		34,963		1,140,493
Hess Corp.(b)		2,257		84,006

INVESTMENTS	SHARES		VALUE ($)
Oil, Gas & Consumable Fuels — continued
HollyFrontier Corp.		1,227		22,712
Kinder Morgan, Inc.		16,094		191,519
Marathon Oil Corp.		3,591		14,220
Marathon Petroleum Corp.		5,377		158,621
Occidental Petroleum Corp.		3,661		33,425
ONEOK, Inc.		3,674		106,546
Phillips 66		3,609		168,396
Pioneer Natural Resources Co.		1,359		108,122
Valero Energy Corp.		3,370		130,116
Williams Cos., Inc. (The)		10,029		192,457
				4,180,540
Personal Products — 0.2%
Coty, Inc., Class A		1,159		3,361
Estee Lauder Cos., Inc. (The), Class A		1,861		408,787
Herbalife Nutrition Ltd.*		808		36,473
				448,621
Pharmaceuticals — 3.8%
Bristol-Myers Squibb Co.		18,638		1,089,391
Elanco Animal Health, Inc.*		2,707		83,944
Eli Lilly and Co.		6,564		856,339
Jazz Pharmaceuticals plc*		462		66,574
Johnson & Johnson		21,769		2,984,748
Merck & Co., Inc.		20,908		1,572,491
Mylan NV*		4,269		62,071
Perrigo Co. plc		1,127		49,441
Pfizer, Inc.		45,945		1,630,129
Zoetis, Inc.		3,927		622,626
				9,017,754
Professional Services — 0.5%
Clarivate plc (United Kingdom)*		2,175		60,356
CoStar Group, Inc.*		325		267,673
Equifax, Inc.		1,011		138,103
IHS Markit Ltd.		3,091		249,969
ManpowerGroup, Inc.		480		32,578
Nielsen Holdings plc		2,952		39,881
TransUnion		1,577		125,624
Verisk Analytics, Inc.		1,346		239,548
				1,153,732
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A*		2,777		139,961
Road & Rail — 1.1%
CSX Corp.		6,325		499,295
JB Hunt Transport Services, Inc.		695		84,609

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 99

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Road & Rail — continued
Kansas City Southern		784		138,094
Lyft, Inc., Class A*		2,005		45,774
Norfolk Southern Corp.		2,104		439,988
Old Dominion Freight Line, Inc.		796		151,535
Uber Technologies, Inc.*		11,448		382,478
Union Pacific Corp.		5,611		994,213
				2,735,986
Semiconductors & Semiconductor Equipment — 4.7%
Advanced Micro Devices, Inc.*		9,703		730,539
Analog Devices, Inc.		3,053		361,872
Applied Materials, Inc.		7,546		446,949
Broadcom, Inc.		3,332		1,164,967
Intel Corp.		35,174		1,557,505
KLA Corp.		1,285		253,376
Lam Research Corp.		1,203		411,522
Marvell Technology Group Ltd.		5,505		206,492
Maxim Integrated Products, Inc.		2,213		154,135
Microchip Technology, Inc.		2,086		219,197
Micron Technology, Inc.*		9,189		462,574
NVIDIA Corp.		5,105		2,559,443
Qorvo, Inc.*		947		120,610
QUALCOMM, Inc.		9,335		1,151,566
Skyworks Solutions, Inc.		1,378		194,698
Texas Instruments, Inc.		7,579		1,095,848
Xilinx, Inc.		2,017		239,398
				11,330,691
Software — 9.5%
Adobe, Inc.*		3,972		1,775,881
ANSYS, Inc.*		711		216,407
Autodesk, Inc.*		1,818		428,212
Cadence Design Systems, Inc.*		2,308		252,426
CDK Global, Inc.		1,011		43,574
Citrix Systems, Inc.		1,025		116,102
Crowdstrike Holdings, Inc., Class A*		1,256		155,543
DocuSign, Inc.*		1,518		307,016
Fortinet, Inc.*		1,112		122,731
Intuit, Inc.		2,164		680,968
Microsoft Corp.		62,574		12,669,358
NortonLifeLock, Inc.		4,886		100,505
Oracle Corp.		15,989		897,143
Palo Alto Networks, Inc.*		798		176,510
Paycom Software, Inc.*		404		147,092
PTC, Inc.*		867		72,724
RingCentral, Inc., Class A*		645		166,629
salesforce.com, Inc.*		7,524		1,747,599

INVESTMENTS	SHARES		VALUE ($)
Software — continued
ServiceNow, Inc.*		1,588		790,141
Splunk, Inc.*		1,308		259,036
SS&C Technologies Holdings, Inc.		1,851		109,616
Synopsys, Inc.*		1,259		269,250
VMware, Inc., Class A* (b)		661		85,091
Workday, Inc., Class A*		1,439		302,363
Zoom Video Communications, Inc., Class A*		1,508		695,052
				22,586,969
Specialty Retail — 2.3%
Advance Auto Parts, Inc.		570		83,950
AutoZone, Inc.*		187		211,119
Best Buy Co., Inc.		1,908		212,837
Burlington Stores, Inc.*		547		105,888
CarMax, Inc.*		1,351		116,780
Home Depot, Inc. (The)		8,898		2,373,186
Lowe’s Cos., Inc.		6,248		987,809
O’Reilly Automotive, Inc.*		617		269,382
Ross Stores, Inc.		2,946		250,911
Tiffany & Co.		891		116,579
TJX Cos., Inc. (The)		9,916		503,733
Tractor Supply Co.		961		128,015
Ulta Beauty, Inc.*		468		96,768
				5,456,957
Technology Hardware, Storage & Peripherals — 6.4%
Apple, Inc.		132,941		14,471,957
Dell Technologies, Inc., Class C*		1,936		116,663
Hewlett Packard Enterprise Co.		10,638		91,912
HP, Inc.		11,358		203,990
NetApp, Inc.		1,837		80,626
Seagate Technology plc		1,845		88,228
Western Digital Corp.		2,498		94,250
Xerox Holdings Corp.		1,473		25,601
				15,173,227
Textiles, Apparel & Luxury Goods — 0.8%
Lululemon Athletica, Inc.*		976		311,627
NIKE, Inc., Class B		10,298		1,236,584
Tapestry, Inc.		2,291		50,929
Under Armour, Inc., Class A*		1,552		21,480
Under Armour, Inc., Class C*		1,607		19,653
VF Corp.		2,642		177,542
				1,817,815
Thrifts & Mortgage Finance — 0.0% (c)
New York Community Bancorp, Inc.		3,837		31,885

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Tobacco — 0.6%
Altria Group, Inc.		15,366		554,405
Philip Morris International, Inc.		12,878		914,596
				1,469,001
Trading Companies & Distributors — 0.2%
Fastenal Co.		4,739		204,867
United Rentals, Inc.*		590		105,191
Watsco, Inc.		266		59,621
WW Grainger, Inc.		377		131,958
				501,637
Water Utilities — 0.1%
American Water Works Co., Inc.		1,502		226,066
Wireless Telecommunication Services — 0.2%
T-Mobile US, Inc.*		4,809		526,922
Total Common Stocks (Cost $221,995,405)				236,659,332
Short-Term Investments — 0.6%
Investment Companies — 0.5%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (d) (e) (Cost $1,117,563)		1,117,563		1,117,563
Investment Of Cash Collateral from Securities Loaned — 0.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		149,895		149,910
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (d) (e)		103,441		103,441
Total Investment of Cash Collateral from Securities Loaned (Cost $253,366)				253,351

INVESTMENTS	SHARES	VALUE ($)
Total Short-Term Investments (Cost $1,370,929)			1,370,914
Total Investments — 99.9% (Cost $223,366,334)			238,030,246
Other Assets Less Liabilities — 0.1%			342,329
NET ASSETS — 100.0%			238,372,575

Percentages indicated are based on net assets.

(a)	Investmentin affiliate. This security is included in an index in which the Fund, as an index fund, tracks.
(b)	The security or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is $247,666.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of October 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Micro E-Mini S&P 500 Index		102		12/2020		USD		1,665,405		(39,331	)

Abbreviations

USD     UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 101

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 100.0%
Aerospace & Defense — 1.0%
Axon Enterprise, Inc.*		25,449		2,516,906
BWX Technologies, Inc.		38,190		2,100,832
Curtiss-Wright Corp.		16,632		1,403,075
Hexcel Corp.		33,264		1,113,679
Mercury Systems, Inc.*		22,451		1,546,425
Moog, Inc., Class A		12,029		750,489
Spirit AeroSystems Holdings, Inc., Class A		42,346		770,274
				10,201,680
Airlines — 0.4%
Allegiant Travel Co.		5,210		702,100
American Airlines Group, Inc. (a)		205,535		2,318,435
JetBlue Airways Corp.*		109,219		1,307,351
				4,327,886
Auto Components — 0.5%
Adient plc*		37,575		797,342
Dana, Inc.		57,902		810,049
Gentex Corp.		98,536		2,726,491
Visteon Corp.*		11,088		994,039
				5,327,921
Automobiles — 0.4%
Harley-Davidson, Inc.		61,437		2,020,049
Thor Industries, Inc.		22,175		1,875,561
				3,895,610
Banks — 4.4%
Associated Banc-Corp.		61,598		843,277
Bank of Hawaii Corp.		16,016		971,210
Bank OZK		48,049		1,190,654
BankUnited, Inc.		36,959		933,215
BOK Financial Corp.		12,320		723,677
Commerce Bancshares, Inc.		40,244		2,505,189
Cullen/Frost Bankers, Inc.		22,373		1,572,151
First Citizens BancShares, Inc., Class A		3,078		1,424,191
First Financial Bankshares, Inc.		56,672		1,689,392
First Hawaiian, Inc.		51,744		893,101
First Horizon National Corp.		221,814		2,309,084
FNB Corp.		128,745		973,312
Glacier Bancorp, Inc.		38,191		1,367,238
Hancock Whitney Corp.		34,496		788,923
Home BancShares, Inc.		60,370		1,002,142
Investors Bancorp, Inc.		90,553		766,078
PacWest Bancorp		46,814		900,701
People’s United Financial, Inc.		169,400		1,807,498
Pinnacle Financial Partners, Inc.		30,407		1,392,337
Popular, Inc. (Puerto Rico)		33,878		1,429,652

INVESTMENTS	SHARES		VALUE ($)
Banks — continued
Prosperity Bancshares, Inc.		37,149		2,047,281
Signature Bank		21,558		1,740,593
Sterling Bancorp		77,616		1,038,502
Synovus Financial Corp.		59,060		1,535,560
TCF Financial Corp.		60,982		1,659,320
Texas Capital Bancshares, Inc.*		20,326		914,670
UMB Financial Corp.		17,248		1,049,886
Umpqua Holdings Corp.		96,624		1,213,597
United Bankshares, Inc.		51,744		1,357,245
Valley National Bancorp		160,778		1,228,344
Webster Financial Corp.		36,160		1,164,714
Western Alliance Bancorp		40,427		1,665,592
Wintrust Financial Corp.		23,094		1,136,918
				43,235,244
Beverages — 0.4%
Boston Beer Co., Inc. (The), Class A*		3,695		3,839,770
National Beverage Corp.*		4,926		385,657
				4,225,427
Biotechnology — 2.9%
ACADIA Pharmaceuticals, Inc.*		46,198		2,145,897
Acceleron Pharma, Inc.*		20,943		2,190,219
Agios Pharmaceuticals, Inc.*		22,997		921,490
Bluebird Bio, Inc.*		26,487		1,369,643
ChemoCentryx, Inc.*		19,887		954,576
Exelixis, Inc.*		123,881		2,537,083
FibroGen, Inc.*		33,263		1,276,634
Global Blood Therapeutics, Inc.*		24,639		1,302,910
Intercept Pharmaceuticals, Inc.*		10,472		291,017
Ionis Pharmaceuticals, Inc.*		56,577		2,656,290
Kodiak Sciences, Inc.*		10,471		950,872
Ligand Pharmaceuticals, Inc.* (a)		6,446		531,473
Myriad Genetics, Inc.*		29,570		367,555
Sage Therapeutics, Inc.*		20,942		1,536,724
Sarepta Therapeutics, Inc.*		31,474		4,277,631
Ultragenyx Pharmaceutical, Inc.*		24,464		2,458,632
United Therapeutics Corp.*		17,863		2,397,750
				28,166,396
Building Products — 0.8%
AO Smith Corp.		54,206		2,801,908
Armstrong World Industries, Inc.		19,096		1,143,850
JELD-WEN Holding, Inc.*		27,102		569,955
Trex Co., Inc.*		46,409		3,227,282
				7,742,995

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Capital Markets — 1.9%
Affiliated Managers Group, Inc.		18,481		1,392,913
Artisan Partners Asset Management, Inc., Class A		23,407		937,685
Eaton Vance Corp.		45,584		2,725,467
Evercore, Inc., Class A		13,335		1,060,666
FactSet Research Systems, Inc.		15,398		4,719,487
Federated Hermes, Inc., Class B		38,190		912,741
Janus Henderson Group plc (United Kingdom)		60,366		1,466,894
LPL Financial Holdings, Inc.		31,709		2,534,500
Morningstar, Inc.		8,623		1,641,647
Stifel Financial Corp.		27,485		1,606,773
				18,998,773
Chemicals — 2.0%
Ashland Global Holdings, Inc.		21,819		1,522,312
Avient Corp.		36,345		1,129,239
Cabot Corp.		22,790		866,248
Element Solutions, Inc.*		87,471		1,025,160
Huntsman Corp.		79,462		1,930,132
Ingevity Corp.*		16,631		912,709
NewMarket Corp.		3,078		1,100,970
Olin Corp.		56,672		937,922
RPM International, Inc.		52,108		4,411,984
Scotts Miracle-Gro Co. (The)		16,321		2,448,966
Sensient Technologies Corp.		16,982		1,111,132
Valvoline, Inc.		73,919		1,453,987
WR Grace & Co.		24,944		1,084,814
				19,935,575
Commercial Services & Supplies — 1.2%
ADT, Inc.		60,982		401,871
Brink’s Co. (The)		20,327		870,605
Cimpress plc (Ireland)*		8,006		587,640
Clean Harbors, Inc.*		20,522		1,087,050
Deluxe Corp.		16,633		356,612
Healthcare Services Group, Inc.		29,569		676,539
IAA, Inc.*		53,591		3,032,715
KAR Auction Services, Inc.		51,742		753,364
MSA Safety, Inc.		14,497		1,912,444
Tetra Tech, Inc.		21,559		2,175,519
				11,854,359
Communications Equipment — 0.9%
Ciena Corp.*		61,597		2,426,306
CommScope Holding Co., Inc.*		78,234		696,283
EchoStar Corp., Class A*		20,326		470,750

INVESTMENTS	SHARES		VALUE ($)
Communications Equipment — continued
Lumentum Holdings, Inc.*		30,182		2,495,750
NetScout Systems, Inc.*		28,952		594,095
ViaSat, Inc.*		25,870		876,993
Viavi Solutions, Inc.*		91,167		1,125,912
				8,686,089
Construction & Engineering — 0.7%
AECOM*		64,302		2,883,302
EMCOR Group, Inc.		22,174		1,512,045
MasTec, Inc.*		22,492		1,116,503
Valmont Industries, Inc.		8,623		1,224,035
				6,735,885
Construction Materials — 0.1%
Eagle Materials, Inc.		16,632		1,417,878
Consumer Finance — 0.8%
Credit Acceptance Corp.*		4,927		1,468,837
FirstCash, Inc.		16,631		865,477
Green Dot Corp., Class A*		21,558		1,149,473
LendingTree, Inc.*(a)		3,155		1,020,926
OneMain Holdings, Inc.		30,183		1,053,085
PRA Group, Inc.*		18,478		630,654
SLM Corp.		149,688		1,375,633
				7,564,085
Containers & Packaging — 1.1%
AptarGroup, Inc.		25,871		2,951,623
Berry Global Group, Inc.*		52,975		2,470,224
Graphic Packaging Holding Co.		111,494		1,481,755
O-I Glass, Inc.		62,830		592,487
Silgan Holdings, Inc.		31,416		1,082,281
Sonoco Products Co.		40,040		1,957,556
				10,535,926
Distributors — 0.6%
Pool Corp.		16,067		5,620,719
Diversified Consumer Services — 1.9%
Adtalem Global Education, Inc.*		20,942		490,880
Bright Horizons Family Solutions, Inc.*		24,219		3,827,813
Chegg, Inc.*		49,840		3,660,250
frontdoor, Inc.*		34,250		1,356,985
Graham Holdings Co., Class B		1,846		702,108
Grand Canyon Education, Inc.*		19,094		1,496,397
H&R Block, Inc.		76,999		1,329,003
Service Corp. International		70,224		3,252,073
Terminix Global Holdings, Inc.*		52,918		2,491,909

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 103

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Diversified Consumer Services — continued
WW International, Inc.*		18,814		398,104
				19,005,522
Diversified Telecommunication Services — 0.3%
GCI Liberty, Inc., Class A*		40,654		3,302,324
Electric Utilities — 1.3%
ALLETE, Inc.		20,942		1,080,188
Hawaiian Electric Industries, Inc.		43,734		1,444,971
IDACORP, Inc.		20,326		1,783,200
PG&E Corp.*		583,771		5,580,851
PNM Resources, Inc.		32,030		1,601,500
Portland General Electric Co.		35,728		1,404,111
				12,894,821
Electrical Equipment — 1.1%
Acuity Brands, Inc.		16,014		1,427,488
EnerSys		17,246		1,234,814
Generac Holdings, Inc.*		25,174		5,290,316
GrafTech International Ltd.		37,574		253,624
nVent Electric plc		67,760		1,223,068
Regal Beloit Corp.		16,269		1,604,937
				11,034,247
Electronic Equipment, Instruments & Components — 1.7%
Arrow Electronics, Inc.*		31,122		2,424,092
Avnet, Inc.		39,424		972,590
Belden, Inc.		17,863		551,609
Coherent, Inc.*		9,855		1,233,255
Dolby Laboratories, Inc., Class A		25,870		1,942,320
FLIR Systems, Inc.		52,359		1,816,334
Jabil, Inc.		54,207		1,796,420
Littelfuse, Inc.		9,855		1,950,699
National Instruments Corp.		52,360		1,637,821
SYNNEX Corp.		16,630		2,189,173
				16,514,313
Energy Equipment & Services — 0.0% (b)
Dril-Quip, Inc.*		14,167		366,925
Entertainment — 0.9%
Cinemark Holdings, Inc.		42,506		348,124
Liberty Media Corp.-Liberty Formula One, Class A*		10,471		348,684
Liberty Media Corp.-Liberty Formula One, Class C*		81,562		2,946,835
Lions Gate Entertainment Corp., Class A*		24,022		160,947
Lions Gate Entertainment Corp., Class B*		48,050		301,274
Madison Square Garden Sports Corp., Class A*		6,945		983,690

INVESTMENTS	SHARES		VALUE ($)
Entertainment — continued
Zynga, Inc., Class A*		400,977		3,604,783
				8,694,337
Equity Real Estate Investment Trusts (REITs) — 7.8%
American Campus Communities, Inc.		55,179		2,067,005
American Homes 4 Rent, Class A		106,566		3,012,621
Americold Realty Trust		81,636		2,957,672
Apartment Investment & Management Co., Class A		59,682		1,903,856
Apple Hospitality REIT, Inc.		82,546		817,205
Brixmor Property Group, Inc.		118,864		1,302,749
Colony Capital, Inc.		192,191		684,200
Columbia Property Trust, Inc.		45,585		482,289
CoreCivic, Inc.		47,434		304,052
CoreSite Realty Corp.		17,246		2,058,483
Cousins Properties, Inc.		59,137		1,506,811
CubeSmart		77,677		2,635,581
CyrusOne, Inc.		46,814		3,326,135
Douglas Emmett, Inc.		67,781		1,599,632
EastGroup Properties, Inc.		15,770		2,098,672
EPR Properties		29,913		713,126
Equity Commonwealth		48,662		1,285,650
First Industrial Realty Trust, Inc.		51,000		2,030,310
Gaming and Leisure Properties, Inc.		83,147		3,022,393
GEO Group, Inc. (The)		48,662		431,145
Healthcare Realty Trust, Inc.		54,208		1,506,982
Healthcare Trust of America, Inc., Class A		87,618		2,129,117
Highwoods Properties, Inc.		41,273		1,228,697
Hudson Pacific Properties, Inc.		61,484		1,184,182
JBG SMITH Properties		44,967		1,049,979
Kilroy Realty Corp.		41,887		1,972,040
Lamar Advertising Co., Class A		34,496		2,137,372
Life Storage, Inc.		18,811		2,147,276
Medical Properties Trust, Inc.		212,015		3,778,107
National Health Investors, Inc.		17,864		1,001,277
National Retail Properties, Inc.		69,575		2,227,096
Omega Healthcare Investors, Inc.		90,552		2,608,803
Outfront Media, Inc.		57,896		759,017
Paramount Group, Inc.		67,145		388,098
Park Hotels & Resorts, Inc.		94,246		935,863
Pebblebrook Hotel Trust		52,359		627,261
Piedmont Office Realty Trust, Inc., Class A		50,510		576,824
PS Business Parks, Inc.		8,044		917,257
Rayonier, Inc.		54,730		1,389,047
Retail Properties of America, Inc., Class A		85,623		448,665
Rexford Industrial Realty, Inc.		49,629		2,305,763

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
RLJ Lodging Trust		65,911		539,152
Ryman Hospitality Properties, Inc.		22,174		883,634
Sabra Health Care REIT, Inc.		81,928		1,078,173
Service Properties Trust		65,910		475,211
SITE Centers Corp.		60,366		411,093
Spirit Realty Capital, Inc.		41,312		1,241,426
STAG Industrial, Inc.		59,750		1,859,420
STORE Capital Corp.		91,166		2,342,966
Sunstone Hotel Investors, Inc.		86,238		639,886
Taubman Centers, Inc.		24,640		823,469
Uniti Group, Inc.		77,615		684,564
Weingarten Realty Investors		48,048		762,041
				77,299,345
Food & Staples Retailing — 1.0%
BJ’s Wholesale Club Holdings, Inc.*		55,304		2,117,590
Casey’s General Stores, Inc.		14,783		2,491,970
Performance Food Group Co.*		52,976		1,780,524
PriceSmart, Inc.		9,240		637,560
Sprouts Farmers Market, Inc.*		47,286		900,798
US Foods Holding Corp.*		88,458		1,848,772
				9,777,214
Food Products — 1.4%
Beyond Meat, Inc.*		19,778		2,816,980
Darling Ingredients, Inc.*		64,679		2,781,197
Flowers Foods, Inc.		78,234		1,844,758
Fresh Del Monte Produce, Inc.		12,318		265,207
Hain Celestial Group, Inc. (The)*		33,264		1,022,868
Lancaster Colony Corp.		8,006		1,330,117
Pilgrim’s Pride Corp.*		19,710		329,945
Post Holdings, Inc.*		25,255		2,169,404
Seaboard Corp.		102		351,390
TreeHouse Foods, Inc.*		22,790		885,164
				13,797,030
Gas Utilities — 0.7%
National Fuel Gas Co.		36,343		1,452,266
New Jersey Resources Corp.		38,193		1,114,472
ONE Gas, Inc.		21,217		1,464,822
Southwest Gas Holdings, Inc.		22,177		1,457,472
Spire, Inc.		20,640		1,156,666
				6,645,698
Health Care Equipment & Supplies — 4.8%
Cantel Medical Corp.		15,042		719,609
Envista Holdings Corp.*		63,448		1,676,296
Globus Medical, Inc., Class A*		30,183		1,573,138

INVESTMENTS	SHARES		VALUE ($)
Health Care Equipment & Supplies — continued
Haemonetics Corp.*		20,327		2,054,856
Hill-Rom Holdings, Inc.		26,704		2,431,933
ICU Medical, Inc.*		8,006		1,423,387
Insulet Corp.*		26,320		5,849,620
Integra LifeSciences Holdings Corp.*		28,335		1,249,574
LivaNova plc*		19,710		992,201
Masimo Corp.*		20,326		4,549,365
Novocure Ltd.*		33,638		4,107,200
NuVasive, Inc.*		20,329		903,218
Penumbra, Inc.*		13,551		3,537,218
Quidel Corp.*		15,398		4,131,129
Tandem Diabetes Care, Inc.*		24,419		2,661,671
West Pharmaceutical Services, Inc.		29,567		8,044,294
Wright Medical Group NV*		51,130		1,564,067
				47,468,776
Health Care Providers & Services — 2.4%
1Life Healthcare, Inc.*		28,950		816,680
Acadia Healthcare Co., Inc.*		35,726		1,273,632
Amedisys, Inc.*		13,017		3,371,403
Chemed Corp.		6,382		3,052,638
Encompass Health Corp.		39,426		2,417,208
Guardant Health, Inc.*		33,878		3,613,427
HealthEquity, Inc.*		30,798		1,585,789
MEDNAX, Inc.*		33,882		431,995
Molina Healthcare, Inc.*		23,775		4,433,324
Patterson Cos., Inc.		34,497		858,113
Premier, Inc., Class A		28,335		927,405
Tenet Healthcare Corp.*		41,889		1,027,956
				23,809,570
Health Care Technology — 1.0%
Schrodinger, Inc.*		13,146		641,262
Teladoc Health, Inc.* (a)		46,233		9,082,935
				9,724,197
Hotels, Restaurants & Leisure — 2.9%
Boyd Gaming Corp.		32,032		1,016,055
Choice Hotels International, Inc.		11,702		1,022,170
Churchill Downs, Inc.		14,167		2,113,008
Cracker Barrel Old Country Store, Inc.		9,500		1,081,290
DraftKings, Inc., Class A*		121,259		4,292,569
Dunkin’ Brands Group, Inc.		32,985		3,288,934
Extended Stay America, Inc.		63,450		720,157
Hilton Grand Vacations, Inc.*		33,880		697,928
Hyatt Hotels Corp., Class A		14,168		781,224
Jack in the Box, Inc.		9,238		739,594

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 105

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Marriott Vacations Worldwide Corp.		16,630		1,606,458
Norwegian Cruise Line Holdings Ltd.* (a)		110,500		1,837,615
Planet Fitness, Inc., Class A*		32,031		1,898,477
Scientific Games Corp.*		22,177		707,003
Six Flags Entertainment Corp.		30,183		652,556
Texas Roadhouse, Inc.		26,156		1,831,705
Wendy’s Co. (The)		71,456		1,561,314
Wyndham Destinations, Inc.		33,881		1,105,537
Wyndham Hotels & Resorts, Inc.		37,350		1,737,148
				28,690,742
Household Durables — 0.6%
Leggett & Platt, Inc.		52,975		2,210,647
Tempur Sealy International, Inc.*		19,096		1,699,544
Toll Brothers, Inc.		46,036		1,946,402
				5,856,593
Household Products — 0.2%
Energizer Holdings, Inc.		23,407		921,065
Reynolds Consumer Products, Inc.		21,858		617,270
Spectrum Brands Holdings, Inc.		15,400		875,798
				2,414,133
Independent Power and Renewable Electricity Producers — 0.1%
Ormat Technologies, Inc.		16,015		1,134,983
Industrial Conglomerates — 0.3%
Carlisle Cos., Inc.		21,881		2,710,399
Insurance — 3.5%
American National Group, Inc.		3,665		252,152
Assurant, Inc.		24,022		2,987,616
Assured Guaranty Ltd.		33,264		849,230
Athene Holding Ltd., Class A*		50,511		1,620,393
Axis Capital Holdings Ltd.		32,031		1,367,403
Brighthouse Financial, Inc.*		37,294		1,234,432
Brown & Brown, Inc.		94,109		4,094,683
CNO Financial Group, Inc.		56,671		1,005,910
Enstar Group Ltd.*		5,542		952,504
Erie Indemnity Co., Class A		10,000		2,328,700
First American Financial Corp.		44,710		1,993,619
Hanover Insurance Group, Inc. (The)		15,123		1,446,666
Kemper Corp.		24,639		1,519,241
Mercury General Corp.		10,473		426,356
Old Republic International Corp.		161,331		2,626,469
Primerica, Inc.		16,014		1,765,383
ProAssurance Corp.		21,559		332,655
RenaissanceRe Holdings Ltd. (Bermuda)		21,504		3,477,627
RLI Corp.		16,014		1,388,414

INVESTMENTS	SHARES		VALUE ($)
Insurance — continued
Selective Insurance Group, Inc.		24,023		1,250,637
Unum Group		81,311		1,435,952
White Mountains Insurance Group Ltd.		10		9,083
				34,365,125
Interactive Media & Services — 3.2%
Cargurus, Inc.*		34,303		683,659
Match Group, Inc.*		104,243		12,173,498
Pinterest, Inc., Class A*		185,493		10,934,812
TripAdvisor, Inc.		38,527		736,251
Yelp, Inc.*		27,718		545,213
Zillow Group, Inc., Class A*		14,434		1,289,389
Zillow Group, Inc., Class C*		57,286		5,076,685
				31,439,507
Internet & Direct Marketing Retail — 2.0%
Chewy, Inc., Class A*		28,650		1,764,840
Etsy, Inc.*		47,841		5,816,987
Grubhub, Inc.*		36,959		2,733,488
Qurate Retail, Inc., Series A		154,615		1,046,744
Stamps.com, Inc.*		7,046		1,572,949
Wayfair, Inc., Class A*		27,436		6,804,951
				19,739,959
IT Services — 3.9%
Alliance Data Systems Corp.		19,095		984,156
Black Knight, Inc.*		62,830		5,525,899
Booz Allen Hamilton Holding Corp.		55,247		4,336,890
CACI International, Inc., Class A*		10,062		2,098,229
EPAM Systems, Inc.*		22,393		6,918,317
Euronet Worldwide, Inc.*		20,943		1,860,576
Genpact Ltd.		70,839		2,434,737
KBR, Inc.		56,673		1,263,241
LiveRamp Holdings, Inc.*		26,486		1,750,460
MAXIMUS, Inc.		24,638		1,665,036
MongoDB, Inc.*		20,326		4,643,881
Perspecta, Inc.		54,210		971,985
Science Applications International Corp.		23,406		1,787,516
WEX, Inc.*		17,862		2,260,436
				38,501,359
Leisure Products — 0.4%
Brunswick Corp.		31,738		2,022,028
Mattel, Inc.*		138,598		1,908,494
				3,930,522
Life Sciences Tools & Services — 1.8%
Bio-Techne Corp.		15,399		3,886,862

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Life Sciences Tools & Services — continued
Bruker Corp.		40,658		1,729,591
Charles River Laboratories International, Inc.*		19,917		4,535,101
PRA Health Sciences, Inc.*		25,642		2,498,556
Repligen Corp.*		19,710		3,283,095
Syneos Health, Inc.*		27,722		1,471,484
				17,404,689
Machinery — 4.1%
AGCO Corp.		24,639		1,897,942
Allison Transmission Holdings, Inc.		45,385		1,640,668
Barnes Group, Inc.		18,480		678,216
Colfax Corp.*		40,041		1,088,715
Crane Co.		19,712		1,000,384
Flowserve Corp.		52,183		1,519,569
Gates Industrial Corp. plc*		17,249		191,464
Graco, Inc.		66,837		4,137,210
Ingersoll Rand, Inc.*		148,813		5,199,526
ITT, Inc.		34,496		2,087,353
Kennametal, Inc.		33,262		1,031,122
Lincoln Electric Holdings, Inc.		23,802		2,423,520
Middleby Corp. (The)*		22,299		2,219,642
Navistar International Corp.*		19,947		859,915
Nordson Corp.		21,639		4,185,632
Oshkosh Corp.		27,104		1,825,725
RBC Bearings, Inc.*		10,051		1,196,572
Timken Co. (The)		27,103		1,618,049
Toro Co. (The)		43,016		3,531,614
Trinity Industries, Inc.		35,726		673,078
Woodward, Inc.		23,406		1,861,947
				40,867,863
Marine — 0.1%
Kirby Corp.*		24,023		924,645
Media — 0.9%
Cable One, Inc.		2,172		3,761,600
John Wiley & Sons, Inc., Class A		17,249		534,029
New York Times Co. (The), Class A		57,883		2,295,640
Nexstar Media Group, Inc., Class A		18,156		1,496,054
Sinclair Broadcast Group, Inc., Class A		19,094		354,767
				8,442,090
Metals & Mining — 0.9%
Alcoa Corp.*		74,539		963,044
Compass Minerals International, Inc.		13,552		818,270
Reliance Steel & Aluminum Co.		25,562		2,786,002
Royal Gold, Inc.		26,260		3,119,950

INVESTMENTS	SHARES		VALUE ($)
Metals & Mining — continued
United States Steel Corp.		88,086		850,911
Worthington Industries, Inc.		14,170		697,306
				9,235,483
Mortgage Real Estate Investment Trusts (REITs) — 0.5%
Blackstone Mortgage Trust, Inc., Class A		58,518		1,269,841
Chimera Investment Corp.		92,401		771,548
New Residential Investment Corp.		165,705		1,242,787
Starwood Property Trust, Inc.		113,345		1,583,430
Two Harbors Investment Corp.		109,033		551,707
				5,419,313
Multiline Retail — 0.4%
Kohl’s Corp.		63,255		1,346,699
Nordstrom, Inc. (a)		43,121		521,764
Ollie’s Bargain Outlet Holdings, Inc.*		22,791		1,984,868
				3,853,331
Multi-Utilities — 0.4%
Avista Corp.		27,104		900,395
Black Hills Corp.		25,254		1,430,892
MDU Resources Group, Inc.		80,079		1,902,677
				4,233,964
Oil, Gas & Consumable Fuels — 0.8%
Cimarex Energy Co.		40,912		1,037,937
CNX Resources Corp.*		90,034		873,330
Continental Resources, Inc.		24,641		296,431
CVR Energy, Inc.		11,703		128,850
Delek US Holdings, Inc.		24,640		247,878
Equitrans Midstream Corp.		162,009		1,176,185
Parsley Energy, Inc., Class A		120,782		1,209,028
PBF Energy, Inc., Class A		38,193		178,361
PDC Energy, Inc.*		39,931		475,978
Targa Resources Corp.		93,493		1,500,563
World Fuel Services Corp.		25,257		531,660
WPX Energy, Inc.*		161,390		744,008
				8,400,209
Paper & Forest Products — 0.2%
Domtar Corp.		22,175		529,539
Louisiana-Pacific Corp.		44,967		1,285,157
				1,814,696
Personal Products — 0.1%
Nu Skin Enterprises, Inc., Class A		20,601		1,016,659
Pharmaceuticals — 1.6%
Axsome Therapeutics, Inc.*		10,473		694,465

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 107

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Pharmaceuticals — continued
Catalent, Inc.*		65,806		5,775,793
Horizon Therapeutics plc*		84,756		6,350,767
Innoviva, Inc.*		25,255		273,006
Pacira BioSciences, Inc.*		17,246		901,966
Prestige Consumer Healthcare, Inc.*		19,714		651,153
Reata Pharmaceuticals, Inc., Class A*		9,854		1,150,060
				15,797,210
Professional Services — 1.0%
ASGN, Inc.*		20,944		1,396,546
CoreLogic, Inc.		31,857		2,450,759
FTI Consulting, Inc.*		14,782		1,455,436
Insperity, Inc.		14,467		1,107,883
Robert Half International, Inc.		45,959		2,329,661
TriNet Group, Inc.*		16,188		1,115,677
				9,855,962
Real Estate Management & Development — 0.4%
Cushman & Wakefield plc*		43,120		505,366
Howard Hughes Corp. (The)*		18,068		1,123,649
Jones Lang LaSalle, Inc.		20,942		2,363,514
				3,992,529
Road & Rail — 0.7%
AMERCO		3,695		1,282,756
Avis Budget Group, Inc.*		20,669		695,925
Knight-Swift Transportation Holdings, Inc.		50,510		1,918,875
Landstar System, Inc.		15,399		1,920,255
Ryder System, Inc.		21,559		1,061,997
				6,879,808
Semiconductors & Semiconductor Equipment — 4.8%
Cirrus Logic, Inc.*		23,407		1,612,040
CMC Materials, Inc.		11,703		1,664,050
Cree, Inc.*		43,736		2,781,610
Enphase Energy, Inc.*		50,510		4,954,526
Entegris, Inc.		54,051		4,041,393
First Solar, Inc.*		33,879		2,948,998
MKS Instruments, Inc.		22,174		2,403,440
Monolithic Power Systems, Inc.		16,925		5,409,230
ON Semiconductor Corp.*		164,705		4,132,448
Silicon Laboratories, Inc.*		17,559		1,799,095
SolarEdge Technologies, Inc.*		20,093		5,177,765
Synaptics, Inc.*		13,553		1,039,108
Teradyne, Inc.		66,565		5,847,735
Universal Display Corp.		17,247		3,420,253
				47,231,691

INVESTMENTS	SHARES		VALUE ($)
Software — 11.6%
ACI Worldwide, Inc.*		46,661		1,361,101
Alteryx, Inc., Class A*		21,558		2,702,295
Anaplan, Inc.*		55,142		3,052,110
Aspen Technology, Inc.*		27,103		2,976,180
Avalara, Inc.*		33,466		4,988,107
Bill.Com Holdings, Inc.*		23,644		2,364,400
Blackbaud, Inc.		19,875		980,633
Ceridian HCM Holding, Inc.*		52,046		4,487,406
CommVault Systems, Inc.*		18,480		731,623
Coupa Software, Inc.*		26,890		7,198,453
Datadog, Inc., Class A*		70,767		6,422,105
Dropbox, Inc., Class A*		117,636		2,148,033
Dynatrace, Inc.*		73,242		2,586,175
Elastic NV*		24,022		2,436,071
Fair Isaac Corp.*		11,702		4,580,748
FireEye, Inc.*		89,936		1,244,714
Five9, Inc.*		26,194		3,974,154
Guidewire Software, Inc.*		33,263		3,196,907
HubSpot, Inc.*		17,246		5,002,547
j2 Global, Inc.*		17,864		1,212,608
Manhattan Associates, Inc.*		25,467		2,177,429
New Relic, Inc.*		20,942		1,270,342
Nuance Communications, Inc.*		112,727		3,597,119
Nutanix, Inc., Class A*		73,953		1,800,016
Paylocity Holding Corp.*		14,886		2,761,651
Pegasystems, Inc.		16,014		1,855,702
Proofpoint, Inc.*		23,088		2,210,445
RealPage, Inc.*		35,548		1,979,668
Slack Technologies, Inc., Class A*		173,434		4,436,442
Smartsheet, Inc., Class A*		44,966		2,241,555
SolarWinds Corp.*		28,950		591,449
Trade Desk, Inc. (The), Class A*		16,730		9,476,709
Tyler Technologies, Inc.*		16,133		6,201,203
Verint Systems, Inc.*		25,871		1,255,261
Zendesk, Inc.*		46,199		5,125,317
Zscaler, Inc.*		28,779		3,906,749
				114,533,427
Specialty Retail — 2.7%
Aaron’s Holdings Co., Inc.		26,918		1,406,735
American Eagle Outfitters, Inc.		59,138		810,782
AutoNation, Inc.*		23,407		1,327,879
Carvana Co.*		22,269		4,127,559
Five Below, Inc.*		22,388		2,985,216
Floor & Decor Holdings, Inc., Class A*		41,588		3,035,924
Foot Locker, Inc.		41,789		1,541,178

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Specialty Retail �� continued
Gap, Inc. (The)		82,379		1,602,271
L Brands, Inc.		93,584		2,995,624
Penske Automotive Group, Inc.		12,935		661,755
RH*		6,159		2,064,682
Sally Beauty Holdings, Inc.*		44,968		376,382
Urban Outfitters, Inc.*		27,106		605,548
Williams-Sonoma, Inc.		31,190		2,844,840
				26,386,375
Technology Hardware, Storage & Peripherals — 0.2%
Pure Storage, Inc., Class A*		95,626		1,539,579
Textiles, Apparel & Luxury Goods — 1.4%
Capri Holdings Ltd.*		60,276		1,279,057
Carter’s, Inc.		17,493		1,424,805
Columbia Sportswear Co.		12,319		918,874
Deckers Outdoor Corp.*		11,234		2,846,358
Hanesbrands, Inc.		139,582		2,243,083
PVH Corp.		28,440		1,657,768
Ralph Lauren Corp.		19,310		1,290,873
Skechers U.S.A., Inc., Class A*		54,646		1,732,825
Wolverine World Wide, Inc.		32,648		870,722
				14,264,365
Thrifts & Mortgage Finance — 0.5%
Essent Group Ltd.		44,967		1,791,935
MGIC Investment Corp.		134,905		1,357,144
Radian Group, Inc.		76,384		1,371,093
TFS Financial Corp.		19,095		299,983
				4,820,155
Tobacco — 0.0% (b)
Vector Group Ltd.		50,514		464,224
Trading Companies & Distributors — 0.8%
Air Lease Corp.		42,505		1,157,836
Beacon Roofing Supply, Inc.*		21,561		661,923
GATX Corp.		14,166		967,254
HD Supply Holdings, Inc.*		64,679		2,578,105
MSC Industrial Direct Co., Inc., Class A		18,251		1,271,365
Univar Solutions, Inc.*		67,780		1,124,470
				7,760,953
Transportation Infrastructure — 0.1%
Macquarie Infrastructure Corp.		29,307		756,121
Water Utilities — 0.4%
Essential Utilities, Inc.		89,441		3,684,969

INVESTMENTS	SHARES		VALUE ($)
Wireless Telecommunication Services — 0.1%
Telephone and Data Systems, Inc.		39,426		670,242
United States Cellular Corp.*		6,158		179,321
				849,563
Total Common Stocks (Cost $1,026,840,095)				988,019,962
Short-Term Investments — 1.5%
Investment Companies — 0.3%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (c) (d) (Cost $2,909,004)		2,909,004		2,909,004
Investment of Cash Collateral from Securities Loaned — 1.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (c) (d) (Cost $12,084,091)		12,084,091		12,084,091
Total Short-Term Investments (Cost $14,993,095)				14,993,095
Total Investments — 101.5% (Cost $1,041,833,190)				1,003,013,057
Liabilities in Excess of Other Assets — (1.5)%				(14,881,104	)
NET ASSETS — 100.0%				988,131,953

Percentages indicated are based on net assets.

Abbreviations

REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is $11,217,036.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 109

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

Futures contracts outstanding as of October 31, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
S&P Midcap 400 E-Mini Index		1		12/2020		USD		189,530		(7,142	)

Abbreviations

USD     United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.9%
Bahrain — 0.1%
Ahli United Bank BSC		390,106		299,966
Brazil — 10.7%
Alpargatas SA (Preference)		59,717		416,503
Ambev SA*		373,797		796,068
B3 SA — Brasil Bolsa Balcao		161,359		1,428,847
Banco Bradesco SA (Preference)		243,204		851,942
Banco BTG Pactual SA*		32,697		412,961
Banco do Brasil SA*		102,887		533,446
Banco do Estado do Rio Grande do Sul SA (Preference), Class B		53,867		111,434
BB Seguridade Participacoes SA		85,122		351,587
BR Malls Participacoes SA*		46,777		66,685
BRF SA*		72,659		213,243
CCR SA		191,194		370,862
Cia de Saneamento Basico do Estado de Sao Paulo*		58,399		433,060
Cia de Saneamento do Parana*		56,707		234,124
Cia de Transmissao de Energia Eletrica Paulista (Preference)		104,612		428,078
Cia Energetica de Minas Gerais (Preference)*		170,812		304,237
Cia Energetica de Sao Paulo (Preference), Class B		51,052		233,108
Cia Paranaense de Energia (Preference)*		34,446		369,196
Cia Siderurgica Nacional SA		10,831		38,715
Cosan SA		37,068		417,713
CPFL Energia SA		51,546		249,647
Duratex SA*		110,757		370,030
EDP — Energias do Brasil SA		119,272		353,579
Eneva SA*		34,646		317,601
Engie Brasil Energia SA		38,120		264,344
Equatorial Energia SA		122,988		427,825
Fleury SA		56,471		270,449
Gerdau SA (Preference)		67,662		257,184
Grendene SA		161,702		226,295
Hapvida Participacoes e Investimentos SA(a)		35,353		397,586
Hypera SA*		63,353		307,935
Itau Unibanco Holding SA (Preference)		234,815		961,285
Itausa SA (Preference)		267,986		424,541
Lojas Renner SA*		92,098		601,419
M Dias Branco SA*		36,871		207,104
Natura & Co. Holding SA*		39,781		319,540
Neoenergia SA*		77,811		234,330
Petrobras Distribuidora SA		102,034		339,820
Petroleo Brasileiro SA (Preference)		385,214		1,270,183
Porto Seguro SA		6,597		55,186
Qualicorp Consultoria e Corretora de Seguros SA		56,565		314,275

INVESTMENTS	SHARES		VALUE ($)
Brazil — continued
Rumo SA*		131,592		416,704
Sao Martinho SA		90,776		333,492
Sul America SA*		13,341		92,653
Telefonica Brasil SA (Preference)		67,716		502,033
TIM SA*		151,274		311,620
TOTVS SA		91,059		428,003
Transmissora Alianca de Energia Eletrica SA		82,898		406,692
Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A		78,172		147,681
Vale SA		262,636		2,762,325
WEG SA		86,352		1,142,240
YDUQS Participacoes SA		59,653		237,346
				22,962,756
Chile — 1.2%
AES Gener SA		1,283,840		199,225
Aguas Andinas SA, Class A		809,621		210,305
Banco de Chile		1,708,558		131,903
Cencosud SA		184,559		256,564
Cia Cervecerias Unidas SA		28,453		158,215
Colbun SA		2,174,538		328,163
Enel Americas SA		4,978,889		660,590
Enel Chile SA		5,573,131		373,968
Engie Energia Chile SA		169,397		178,313
				2,497,246
China — 25.2%
Angang Steel Co. Ltd., Class H		111,800		32,827
Anhui Conch Cement Co. Ltd., Class H		136,000		850,747
Anhui Gujing Distillery Co. Ltd., Class A		14,500		456,077
ANTA Sports Products Ltd.		32,000		355,237
BAIC Motor Corp. Ltd., Class H (a)		158,500		58,618
Bank of China Ltd., Class H		1,831,000		578,342
Bank of Hangzhou Co. Ltd., Class A		197,700		383,573
Baoshan Iron & Steel Co. Ltd., Class A		374,400		299,157
Beijing Capital International Airport Co. Ltd., Class H		116,000		70,877
Beijing Enterprises Holdings Ltd.		35,500		106,953
Bluestar Adisseo Co., Class A		142,400		266,311
Bosideng International Holdings Ltd. (b)		226,000		99,280
BYD Electronic International Co. Ltd.		39,500		170,227
CGN Power Co. Ltd., Class H (a)		1,882,000		403,639
China CITIC Bank Corp. Ltd., Class H		335,000		136,348
China Coal Energy Co. Ltd., Class H		117,000		28,580
China Communications Services Corp. Ltd., Class H		530,000		308,808
China Conch Venture Holdings Ltd.		86,000		382,941

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 111

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
China — continued
China Construction Bank Corp., Class H		1,011,000		696,694
China Everbright Bank Co. Ltd., Class H		119,000		41,239
China Gas Holdings Ltd.		87,200		267,970
China Lesso Group Holdings Ltd.		160,000		259,396
China Longyuan Power Group Corp. Ltd., Class H		190,000		130,228
China Medical System Holdings Ltd.		348,000		365,949
China Merchants Bank Co. Ltd., Class H		146,000		760,504
China Merchants Port Holdings Co. Ltd.		96,000		102,046
China Minsheng Banking Corp. Ltd., Class H		256,800		140,544
China Mobile Ltd.		425,500		2,602,588
China National Building Material Co. Ltd., Class H		436,250		502,151
China Petroleum & Chemical Corp., Class H		1,496,000		584,145
China Resources Cement Holdings Ltd.		296,000		387,591
China Resources Gas Group Ltd.		110,000		477,974
China Resources Land Ltd.		106,000		433,505
China Resources Pharmaceutical Group Ltd. (a)		213,000		106,485
China Resources Power Holdings Co. Ltd.		246,000		256,042
China Shenhua Energy Co. Ltd., Class H		380,500		659,270
China South Publishing & Media Group Co. Ltd., Class A		140,500		220,496
China Telecom Corp. Ltd., Class H		1,798,000		564,409
China Unicom Hong Kong Ltd.		790,000		486,948
China Vanke Co. Ltd., Class H		53,100		164,821
China Yangtze Power Co. Ltd., Class A		218,500		620,212
Chinese Universe Publishing and Media Group Co. Ltd., Class A		141,900		245,692
Chongqing Rural Commercial Bank Co. Ltd., Class H		117,000		46,719
CITIC Ltd.		343,000		245,224
Citic Pacific Special Steel Group Co. Ltd., Class A		122,576		296,015
CNOOC Ltd.		1,483,000		1,356,879
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		82,000		32,346
COSCO SHIPPING Ports Ltd.		124,000		72,625
Country Garden Services Holdings Co. Ltd.		50,000		314,885
Dali Foods Group Co. Ltd. (a)		499,500		310,121
Daqin Railway Co. Ltd., Class A		286,100		274,180
Datang International Power Generation Co. Ltd., Class H		236,000		29,864
ENN Energy Holdings Ltd.		87,500		1,107,409
Foshan Haitian Flavouring & Food Co. Ltd., Class A		23,220		556,050
Fosun International Ltd. (b)		127,576		154,052

INVESTMENTS	SHARES		VALUE ($)
China — continued
Fujian Sunner Development Co. Ltd., Class A		72,600		239,651
G-bits Network Technology Xiamen Co. Ltd., Class A		5,400		381,228
Geely Automobile Holdings Ltd.		118,000		242,473
Great Wall Motor Co. Ltd., Class H		320,500		518,912
Greattown Holdings Ltd., Class A		259,300		203,987
Guangdong Baolihua New Energy Stock Co. Ltd., Class A		119,700		135,571
Guangdong Investment Ltd.		374,000		554,683
Guangxi Guiguan Electric Power Co. Ltd., Class A		283,600		188,185
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		26,000		61,816
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		23,600		362,974
Haier Electronics Group Co. Ltd.		131,000		499,402
Haitian International Holdings Ltd.		39,000		96,664
Heilongjiang Agriculture Co. Ltd., Class A		159,800		416,288
Henan Shuanghui Investment & Development Co. Ltd., Class A		38,100		284,968
Henan Zhongyuan Expressway Co. Ltd., Class A		291,000		147,953
Huabao Flavours & Fragrances Co. Ltd., Class A		48,600		378,435
Huadian Power International Corp. Ltd., Class H		8,000		1,985
Huaibei Mining Holdings Co. Ltd., Class A		149,800		225,888
Hualan Biological Engineering, Inc., Class A		45,700		350,258
Huaxin Cement Co. Ltd., Class B		190,100		396,512
Hunan Valin Steel Co. Ltd., Class A		259,500		197,154
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia, Class A		197,316		285,933
Industrial & Commercial Bank of China Ltd., Class H		3,220,000		1,828,524
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		676,700		260,372
Inner Mongolia Yitai Coal Co. Ltd., Class B		57,800		36,265
Jiangsu Expressway Co. Ltd., Class A		52,000		71,303
Jiangsu Hengli Hydraulic Co. Ltd., Class A		34,756		393,673
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		222,800		301,217
Jiangxi Copper Co. Ltd., Class H		71,000		84,787
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		130,500		294,744
Joyoung Co. Ltd., Class A		69,971		369,365
JOYY, Inc., ADR		2,930		267,743
Kingboard Holdings Ltd.		88,500		299,754
Kunlun Energy Co. Ltd.		538,000		348,303

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
China — continued
Kweichow Moutai Co. Ltd., Class A		7,700		1,924,900
Lens Technology Co. Ltd., Class A		48,500		243,087
Li Ning Co. Ltd.		178,500		930,331
Liuzhou Iron & Steel Co. Ltd., Class A		292,700		202,770
Livzon Pharmaceutical Group, Inc., Class A		42,500		307,865
Lomon Billions Group Co. Ltd., Class A		120,800		447,638
Longfor Group Holdings Ltd. (a)		63,500		347,924
Luye Pharma Group Ltd. (a)		180,000		104,458
Maanshan Iron & Steel Co. Ltd., Class H		336,000		77,653
Momo, Inc., ADR		8,486		127,290
Nanjing Iron & Steel Co. Ltd., Class A		554,700		247,353
Ping An Insurance Group Co. of China Ltd., Class H		208,000		2,150,652
Postal Savings Bank of China Co. Ltd., Class H (a)		1,033,000		506,959
Sansteel Minguang Co. Ltd. Fujian, Class A		203,100		200,044
Sany Heavy Industry Co. Ltd., Class A		170,700		663,741
SDIC Power Holdings Co. Ltd., Class A		366,500		506,878
Seazen Group Ltd.*		160,000		119,953
Seazen Holdings Co. Ltd., Class A		53,500		260,473
Shaanxi Coal Industry Co. Ltd., Class A		257,100		336,862
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		64,500		233,919
Shandong Chenming Paper Holdings Ltd., Class A		332,100		261,489
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		94,600		400,516
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		216,000		418,908
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		35,400		353,100
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		23,100		35,858
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		172,800		152,199
Shenzhen Expressway Co. Ltd., Class H		126,000		112,382
Shenzhen Gas Corp. Ltd., Class A		237,100		261,116
Shenzhen International Holdings Ltd.		59,044		91,941
Shenzhen Jinjia Group Co. Ltd., Class A		164,100		220,309
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		10,200		590,768
Shenzhou International Group Holdings Ltd.		51,300		892,588
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		56,600		225,459
Sichuan Expressway Co. Ltd., Class A		292,400		144,304
Sinotruk Hong Kong Ltd.		173,500		443,788
Sunac China Holdings Ltd.		94,000		348,378

INVESTMENTS	SHARES		VALUE ($)
China — continued
Tangshan Jidong Cement Co. Ltd., Class A		116,000		260,709
Tianhe Chemicals Group Ltd.*‡		20,000		—
Weichai Power Co. Ltd., Class A		204,556		463,176
Weichai Power Co. Ltd., Class H		319,000		604,915
Weifu High-Technology Group Co. Ltd., Class A		94,500		363,426
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		75,900		336,653
Wuliangye Yibin Co. Ltd., Class A		31,400		1,148,702
Xinhua Winshare Publishing and Media Co. Ltd., Class A		123,600		193,185
Xinxing Ductile Iron Pipes Co. Ltd., Class A		402,600		218,754
Xinyangfeng Agricultural Technology Co. Ltd., Class A		94,500		170,818
Yangzijiang Shipbuilding Holdings Ltd.		417,500		281,081
Yanzhou Coal Mining Co. Ltd., Class H		502,000		365,355
Yintai Gold Co. Ltd., Class A		140,420		211,113
Yuexiu Property Co. Ltd.		492,000		95,522
Zhejiang Expressway Co. Ltd., Class H		294,000		200,709
Zhejiang Hisoar Pharmaceutical Co. Ltd., Class A		316,200		367,467
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		107,780		395,208
Zhongsheng Group Holdings Ltd.		67,500		481,291
Zijin Mining Group Co. Ltd., Class H		298,000		217,246
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		511,200		451,346
ZTO Express Cayman, Inc., ADR		21,726		629,619
				53,938,928
Colombia — 0.4%
Bancolombia SA (Preference)		63,836		406,402
Ecopetrol SA		715,805		330,498
Grupo Aval Acciones y Valores SA (Preference)		609,157		138,504
				875,404
Czech Republic — 0.1%
Moneta Money Bank A/S (a)		39,126		88,820
O2 Czech Republic A/S*		11,148		104,709
				193,529
Egypt — 0.3%
Commercial International Bank Egypt SAE		101,358		396,191
ElSewedy Electric Co.		361,997		169,397
				565,588
Greece — 0.9%
Hellenic Telecommunications Organization SA		44,081		584,589
JUMBO SA		28,316		396,887
Mytilineos SA		48,112		527,873

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 113

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Greece — continued
OPAP SA		56,854		459,953
				1,969,302
Hong Kong — 0.4%
Kingboard Laminates Holdings Ltd.		230,500		368,407
Nine Dragons Paper Holdings Ltd.		318,000		424,159
				792,566
Hungary — 0.6%
Magyar Telekom Telecommunications plc		105,519		116,299
OTP Bank Nyrt.*		17,931		559,350
Richter Gedeon Nyrt.		28,214		576,059
				1,251,708
India — 9.5%
Asian Paints Ltd.		8,614		256,929
Aurobindo Pharma Ltd.		10,540		109,841
Bajaj Auto Ltd.		10,073		392,401
Bajaj Holdings & Investment Ltd.		992		30,861
Bharat Petroleum Corp. Ltd.		55,548		265,548
Bharti Infratel Ltd.		102,052		255,349
Castrol India Ltd.		26,330		40,477
Cipla Ltd.		11,434		116,342
Coal India Ltd.		81,814		125,937
Colgate-Palmolive India Ltd.		6,863		140,416
Dabur India Ltd.		52,212		360,314
Divi’s Laboratories Ltd.		9,870		418,270
Dr Reddy’s Laboratories Ltd.		10,302		678,612
GAIL India Ltd.		23,781		27,175
Glenmark Pharmaceuticals Ltd.		10,533		67,441
Havells India Ltd.		2,143		21,035
HCL Technologies Ltd.		63,082		717,722
Hindalco Industries Ltd.		25,739		59,390
Hindustan Petroleum Corp. Ltd.		28,493		72,173
Hindustan Unilever Ltd.		75,018		2,097,531
Hindustan Zinc Ltd.		8,858		24,358
Housing Development Finance Corp. Ltd.		54,640		1,417,539
ICICI Lombard General Insurance Co. Ltd.*(a)		6,428		107,138
Indian Oil Corp. Ltd.		44,186		47,422
Infosys Ltd.		229,894		3,293,726
ITC Ltd.		296,404		662,383
JSW Steel Ltd.		19,422		81,112
Larsen & Toubro Infotech Ltd.(a)		623		24,582
Mphasis Ltd.		3,520		65,581
Muthoot Finance Ltd.		2,263		37,572
Nestle India Ltd.		2,500		578,613
NHPC Ltd.		310,997		83,336

INVESTMENTS	SHARES		VALUE ($)
India — continued
NMDC Ltd.		42,520		47,275
NTPC Ltd.		273,660		323,359
Oil & Natural Gas Corp. Ltd.		173,353		151,773
Oil India Ltd.		14,976		17,354
Petronet LNG Ltd.		67,730		210,987
Piramal Enterprises Ltd.		5,722		97,347
Power Grid Corp. of India Ltd.		89,082		205,566
REC Ltd.		71,188		98,742
Reliance Industries Ltd.		124,732		3,458,168
Sun Pharmaceutical Industries Ltd.		19,328		121,385
Tata Consultancy Services Ltd.		50,562		1,822,278
Tata Power Co. Ltd. (The)		136,024		95,708
Tech Mahindra Ltd.		11,269		124,083
Titan Co. Ltd.		17,781		279,858
Torrent Power Ltd.		14,883		62,682
United Breweries Ltd.		3,936		49,172
UPL Ltd.		18,561		113,402
Vedanta Ltd.		102,965		133,189
Wipro Ltd.		67,788		310,875
				20,400,329
Indonesia — 3.1%
Adaro Energy Tbk. PT		3,802,100		288,213
Bank Central Asia Tbk. PT		854,100		1,680,575
Bank Mandiri Persero Tbk. PT		352,100		137,154
Bank Rakyat Indonesia Persero Tbk. PT		5,401,300		1,222,703
Bukit Asam Tbk. PT		885,700		116,048
Charoen Pokphand Indonesia Tbk. PT		1,258,900		495,944
Gudang Garam Tbk. PT*		86,100		239,788
Hanjaya Mandala Sampoerna Tbk. PT		1,527,500		145,547
Indofood CBP Sukses Makmur Tbk. PT		185,700		121,983
Indofood Sukses Makmur Tbk. PT		690,800		327,238
Kalbe Farma Tbk. PT		4,016,500		416,716
Media Nusantara Citra Tbk. PT*		3,470,900		193,603
Telekomunikasi Indonesia Persero Tbk. PT		5,436,900		962,658
XL Axiata Tbk. PT		1,657,000		226,493
				6,574,663
Kuwait — 1.6%
Agility Public Warehousing Co. KSC		198,713		430,717
Gulf Bank KSCP		135,000		97,564
Humansoft Holding Co. KSC*		18,849		179,922
Kuwait Finance House KSCP		301,575		649,220
Mobile Telecommunications Co. KSC		374,721		714,799
National Bank of Kuwait SAKP		456,504		1,261,356
				3,333,578

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Malaysia — 3.2%
AMMB Holdings Bhd.		219,200		150,430
Astro Malaysia Holdings Bhd.		286,800		50,415
Axiata Group Bhd.		412,400		290,806
CIMB Group Holdings Bhd.		326,255		231,553
DiGi.Com Bhd.		311,400		282,513
Gamuda Bhd.		4,500		3,607
Hartalega Holdings Bhd.		230,400		999,438
Hong Leong Financial Group Bhd.		14,500		49,280
Malayan Banking Bhd.		55,408		93,286
Maxis Bhd.		411,300		475,070
MISC Bhd.		203,400		322,651
Nestle Malaysia Bhd.		8,700		291,713
Petronas Dagangan Bhd.		37,700		156,315
Petronas Gas Bhd.		132,800		503,783
PPB Group Bhd.		120,360		544,861
Press Metal Aluminium Holdings Bhd.		103,800		137,282
RHB Bank Bhd.		129,400		131,699
Telekom Malaysia Bhd.		333,600		336,272
Tenaga Nasional Bhd.		427,400		981,051
Top Glove Corp. Bhd.		422,800		872,035
				6,904,060
Mexico — 4.4%
Alfa SAB de CV, Class A		575,991		385,053
Alpek SAB de CV		28,125		21,202
America Movil SAB de CV, Series L		328,065		199,362
Arca Continental SAB de CV		77,168		336,518
Cemex SAB de CV		1,137,535		469,783
Coca-Cola Femsa SAB de CV		98,466		374,757
El Puerto de Liverpool SAB de CV, Class C1*		25,392		68,438
Fibra Uno Administracion SA de CV, REIT		301,739		229,453
Fomento Economico Mexicano SAB de CV		145,661		783,602
Gruma SAB de CV, Class B		31,884		340,297
Grupo Aeroportuario del Centro Norte SAB de CV*		95,752		432,456
Grupo Aeroportuario del Pacifico SAB de CV, Class B		72,817		606,251
Grupo Aeroportuario del Sureste SAB de CV, Class B*		37,680		437,135
Grupo Bimbo SAB de CV, Series A		99,249		191,840
Grupo Carso SAB de CV, Series A1		62,381		115,842
Grupo Elektra SAB de CV		1,425		81,039
Grupo Financiero Banorte SAB de CV, Class O*		169,949		757,946
Grupo Mexico SAB de CV, Series B		373,522		1,065,017
Kimberly-Clark de Mexico SAB de CV, Class A		309,973		462,954
Megacable Holdings SAB de CV		85,443		270,691

INVESTMENTS	SHARES		VALUE ($)
Mexico — continued
Orbia Advance Corp. SAB de CV		78,580		139,626
Promotora y Operadora de Infraestructura SAB de CV		45,782		302,062
Wal-Mart de Mexico SAB de CV		531,619		1,287,224
				9,358,548
Pakistan — 0.1%
Oil & Gas Development Co. Ltd.		259,828		153,216
Philippines — 1.0%
BDO Unibank, Inc.		109,510		200,531
Bloomberry Resorts Corp.		157,100		22,974
Globe Telecom, Inc.		8,620		360,901
JG Summit Holdings, Inc.		239,001		316,999
Manila Electric Co.		57,200		354,293
Metro Pacific Investments Corp.		4,064,200		336,262
PLDT, Inc.		13,220		360,580
Puregold Price Club, Inc.		108,800		92,726
San Miguel Corp.		52,680		110,919
				2,156,185
Qatar — 1.7%
Barwa Real Estate Co.		18,739		17,163
Commercial Bank PSQC (The)		129,843		152,173
Industries Qatar QSC		236,650		583,986
Masraf Al Rayan QSC		298,474		351,766
Ooredoo QPSC		70,681		128,272
Qatar Electricity & Water Co. QSC		72,801		333,231
Qatar Fuel QSC		89,802		424,036
Qatar Gas Transport Co. Ltd.		533,541		393,235
Qatar International Islamic Bank QSC		52,540		119,336
Qatar National Bank QPSC		237,802		1,154,561
United Development Co. QSC		132,280		53,685
				3,711,444
Russia — 6.1%
Aeroflot PJSC*		219,123		157,126
Federal Grid Co. Unified Energy System PJSC		177,893,287		425,876
Gazprom PJSC		896,096		1,745,932
Inter RAO UES PJSC		8,398,391		538,639
LUKOIL PJSC		32,762		1,674,829
Magnit PJSC		10,416		620,136
Magnitogorsk Iron & Steel Works PJSC		560,523		266,015
MMC Norilsk Nickel PJSC		4,657		1,108,401
Mobile TeleSystems PJSC		160,749		630,538
Novolipetsk Steel PJSC		167,069		391,776
Polyus PJSC		2,699		528,126

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 115

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Russia — continued
ROSSETI PJSC		20,243,890		371,415
Rostelecom PJSC		384,283		449,095
RusHydro PJSC		51,397,803		467,926
Sberbank of Russia PJSC		823,984		2,088,353
Sistema PJSFC		1,392,895		444,097
Surgutneftegas PJSC (Preference)		928,904		424,202
Tatneft PJSC		136,422		705,689
Unipro PJSC		3,265,792		106,390
				13,144,561
Saudi Arabia — 3.0%
Abdullah Al Othaim Markets Co.		8,892		309,082
Al Rajhi Bank		52,742		925,372
Almarai Co. JSC		33,133		456,128
Etihad Etisalat Co.*		76,727		570,947
Jarir Marketing Co.		10,925		504,549
Mobile Telecommunications Co. Saudi Arabia*		125,816		412,801
Saudi Airlines Catering Co.		14,887		308,521
Saudi Cement Co.		26,541		383,575
Saudi Electricity Co.		108,647		548,105
Saudi Ground Services Co.*		33,048		246,739
Saudi Industrial Investment Group		37,875		204,778
Saudi Telecom Co.		23,826		632,962
Savola Group (The)		33,192		405,244
Seera Group Holding*		55,410		246,626
Yanbu Cement Co.		28,727		253,167
				6,408,596
South Africa — 6.7%
Absa Group Ltd.		51,181		275,123
African Rainbow Minerals Ltd.		24,314		341,993
Anglo American Platinum Ltd.		6,346		420,200
Aspen Pharmacare Holdings Ltd.*		36,659		238,724
AVI Ltd.		76,850		347,327
Barloworld Ltd.		101,873		357,926
Bid Corp. Ltd.		49,614		683,078
Bidvest Group Ltd. (The)		28,407		233,590
Capitec Bank Holdings Ltd.*		3,770		264,954
Clicks Group Ltd.		48,260		699,713
Exxaro Resources Ltd.		34,747		234,407
Foschini Group Ltd. (The)		69,322		369,153
Kumba Iron Ore Ltd.		10,376		308,057
Mr Price Group Ltd.		47,408		358,641
MultiChoice Group		73,422		605,502
Naspers Ltd., Class N*		25,202		4,920,125
Nedbank Group Ltd.		33,070		195,629

INVESTMENTS	SHARES		VALUE ($)
South Africa —continued
Netcare Ltd.		485,510		384,858
Pick n Pay Stores Ltd.		85,660		269,712
Shoprite Holdings Ltd.		56,237		445,473
Sibanye Stillwater Ltd.		232,764		686,356
SPAR Group Ltd. (The)		24,388		258,735
Tiger Brands Ltd.		34,157		422,908
Truworths International Ltd.		143,235		275,226
Vodacom Group Ltd.		99,291		748,255
				14,345,665
Taiwan — 12.6%
Advantech Co. Ltd.		15,093		152,800
Asia Cement Corp.		430,000		618,954
Chang Hwa Commercial Bank Ltd.		205,668		122,632
Chicony Electronics Co. Ltd.		133,551		402,634
China Steel Corp.		209,000		148,466
Chunghwa Telecom Co. Ltd.		377,000		1,414,388
CTBC Financial Holding Co. Ltd.		1,725,395		1,089,604
E.Sun Financial Holding Co. Ltd.		1,012,938		861,216
Eclat Textile Co. Ltd.		38,000		505,633
Far Eastern New Century Corp.		605,000		546,200
Far EasTone Telecommunications Co. Ltd.		231,000		484,798
First Financial Holding Co. Ltd.		878,340		616,305
Formosa Chemicals & Fibre Corp.		176,000		423,896
Formosa Petrochemical Corp.		185,000		509,292
Formosa Plastics Corp.		478,000		1,323,185
Formosa Taffeta Co. Ltd.		274,000		300,044
Giant Manufacturing Co. Ltd.		39,000		385,276
Globalwafers Co. Ltd.		23,000		334,933
Hotai Motor Co. Ltd.		43,000		906,287
Hua Nan Financial Holdings Co. Ltd.		815,253		490,528
Lite-On Technology Corp.		227,000		369,764
Mega Financial Holding Co. Ltd.		925,233		891,556
momo.com, Inc.		12,000		287,177
Nan Ya Plastics Corp.		573,000		1,177,021
Nien Made Enterprise Co. Ltd.		28,000		315,676
Novatek Microelectronics Corp.		11,000		102,797
Pou Chen Corp.		571,000		504,528
President Chain Store Corp.		87,000		785,249
Realtek Semiconductor Corp.		52,000		647,787
SinoPac Financial Holdings Co. Ltd.		853,580		319,545
Synnex Technology International Corp.		19,200		28,535
Taiwan Business Bank		484,069		159,243
Taiwan Cement Corp.		554,139		786,420
Taiwan Cooperative Financial Holding Co. Ltd.		817,618		549,221
Taiwan Fertilizer Co. Ltd.		280,000		501,711

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Taiwan — continued
Taiwan High Speed Rail Corp.		365,000		386,324
Taiwan Mobile Co. Ltd.		238,000		813,008
Taiwan Semiconductor Manufacturing Co. Ltd.		302,000		4,569,162
Uni-President Enterprises Corp.		531,000		1,138,231
Yuanta Financial Holding Co. Ltd.		1,498,291		931,531
				26,901,557
Thailand — 3.0%
Advanced Info Service PCL		153,400		848,516
Bangkok Bank PCL		11,400		35,433
Bangkok Bank PCL, NVDR		22,800		70,628
Bangkok Dusit Medical Services PCL, Class F		367,900		206,569
Carabao Group PCL, NVDR		71,600		251,305
Charoen Pokphand Foods PCL		320,000		259,031
Digital Telecommunications Infrastructure Fund, Class F		283,400		115,373
Electricity Generating PCL		69,000		367,179
Global Power Synergy PCL, NVDR		152,200		252,633
Home Product Center PCL		1,074,700		480,643
Krung Thai Bank PCL		709,900		196,778
Osotspa PCL, NVDR		156,800		160,833
PTT Exploration & Production PCL		224,600		567,515
PTT PCL		1,350,200		1,332,747
Ratch Group PCL		251,000		374,483
Siam Commercial Bank PCL (The)		293,800		611,730
Thai Union Group PCL, Class F		526,900		256,814
Total Access Communication PCL		64,400		63,330
				6,451,540
Turkey — 2.3%
Anadolu Efes Biracilik ve Malt Sanayii A/S		94,465		219,474
Arcelik A/S*		94,460		303,777
Aselsan Elektronik Sanayi ve Ticaret A/S		132,166		264,190
BIM Birlesik Magazalar A/S		77,612		613,637
Coca-Cola Icecek A/S*		41,604		223,502
Eregli Demir ve Celik Fabrikalari TAS		275,886		315,489
Ford Otomotiv Sanayi A/S		43,386		561,305
Haci Omer Sabanci Holding A/S		266,283		261,995
Koza Altin Isletmeleri A/S*		24,804		219,172
TAV Havalimanlari Holding A/S		119,319		196,472
Tekfen Holding A/S		154,967		243,707
Tofas Turk Otomobil Fabrikasi A/S		117,738		377,007
Turk Hava Yollari AO*		190,727		205,217
Turk Telekomunikasyon A/S		411,458		314,932
Turkcell Iletisim Hizmetleri A/S*		271,900		470,820

INVESTMENTS	SHARES		VALUE ($)
Turkey — continued
Turkiye Vakiflar Bankasi TAO, Class D*		368,843		167,796
				4,958,492
United Arab Emirates — 1.4%
Abu Dhabi Commercial Bank PJSC		161,508		256,988
Abu Dhabi Islamic Bank PJSC		58,265		68,575
Aldar Properties PJSC		386,425		285,344
Dubai Islamic Bank PJSC		122,931		139,106
Emaar Malls PJSC*		152,055		60,637
Emirates NBD Bank PJSC		163,347		418,677
Emirates Telecommunications Group Co. PJSC		214,898		984,574
First Abu Dhabi Bank PJSC		235,628		726,064
				2,939,965
United States — 0.3%
JBS SA		166,725		562,535
Total Common Stocks (Cost $229,592,398)				213,651,927
	NO. OF RIGHTS
Rights — 0.0%
China — 0.0%
Legend Holdings Corp., expiring 12/31/2020* (Cost $ — )		2,638		—
	SHARES
Short-Term Investments — 0.1%
Investment of Cash Collateral From Securities Loaned — 0.1%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 0.04% (c) (d) (Cost $137,511)		137,511		137,511
Total Investments — 100.0% (Cost $229,729,909)				213,789,438
Liabilities in Excess of Other Assets — 0.0% (e)				(29,296	)
NET ASSETS — 100.0%				213,760,142

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 117

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

Summary of Investments by Industry, October 31, 2020

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

INDUSTRY	PERCENTAGE
Banks		14.1	%
Oil, Gas & Consumable Fuels		8.9
Metals & Mining		5.6
Wireless Telecommunication Services		5.3
Food Products		4.4
Electric Utilities		3.8
Diversified Telecommunication Services		3.7
Beverages		3.4
IT Services		3.0
Food & Staples Retailing		3.0
Chemicals		2.7
Semiconductors & Semiconductor Equipment		2.6
Independent Power and Renewable Electricity Producers		2.5
Internet & Direct Marketing Retail		2.4
Construction Materials		2.3
Pharmaceuticals		2.2
Textiles, Apparel & Luxury Goods		2.1
Specialty Retail		1.9
Transportation Infrastructure		1.9
Machinery		1.8
Industrial Conglomerates		1.5
Gas Utilities		1.5
Health Care Equipment & Supplies		1.3
Real Estate Management & Development		1.3
Insurance		1.3
Household Products		1.2
Automobiles		1.0
Others (each less than 1.0%)		13.2
Short-Term Investments		0.1

Abbreviations

ADR	American Depositary Receipt
JSC	Joint Stock Company
NVDR	Non-voting depository receipt
PJSC	Public Joint Stock Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company
REIT	Real Estate Investment Trust
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	The security or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is $126,666.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2020.
(e)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.3%
Australia — 10.5%
AGL Energy Ltd.		277,335		2,430,712
Alumina Ltd.		2,302,791		2,325,969
Ampol Ltd.		148,950		2,715,971
Ansell Ltd.		135,570		3,833,524
APA Group		387,936		2,859,997
Aurizon Holdings Ltd.		535,440		1,419,804
AusNet Services		1,641,830		2,308,055
Beach Energy Ltd.		642,199		532,523
BHP Group Ltd.		129,797		3,111,445
BHP Group plc		151,154		2,928,210
Brambles Ltd.		179,463		1,210,356
Coca-Cola Amatil Ltd.		261,099		2,282,482
Cochlear Ltd.		15,206		2,269,578
Coles Group Ltd.		95,351		1,191,151
Crown Resorts Ltd.		95,448		555,688
CSL Ltd.		19,031		3,852,966
CSR Ltd.		670,675		2,076,234
Dexus, REIT		409,868		2,479,720
Downer EDI Ltd.		60,813		188,029
Evolution Mining Ltd.		443,003		1,736,763
Fortescue Metals Group Ltd.		286,721		3,507,598
GPT Group (The), REIT		878,437		2,487,954
Harvey Norman Holdings Ltd.		545,341		1,705,962
JB Hi-Fi Ltd.		38,647		1,291,407
Macquarie Group Ltd.		25,924		2,311,383
Metcash Ltd.(a)		459,688		953,516
Mirvac Group, REIT		1,106,850		1,641,427
Oil Search Ltd.		505,250		912,212
Origin Energy Ltd.		700,390		1,970,203
Qantas Airways Ltd.		722,997		2,127,011
Ramsay Health Care Ltd.		60,958		2,670,831
Rio Tinto Ltd.		52,798		3,434,714
Rio Tinto plc		59,231		3,350,190
Santos Ltd.		762,820		2,535,909
Sonic Healthcare Ltd.		153,379		3,756,718
Tabcorp Holdings Ltd.		1,057,807		2,444,194
Telstra Corp. Ltd.		1,239,019		2,333,305
TPG Telecom Ltd.*		234,166		1,181,922
Tuas Ltd.*		68,465		36,574
Vicinity Centres, REIT		1,743,572		1,481,701
Vocus Group Ltd.*		107,629		260,653
Wesfarmers Ltd.		109,075		3,530,717
Whitehaven Coal Ltd.(a)		205,532		153,828
Woodside Petroleum Ltd.		198,157		2,444,117
				90,833,223

INVESTMENTS	SHARES		VALUE($)
Austria — 0.1%
OMV AG		32,499		751,259
Belgium — 0.9%
Etablissements Franz Colruyt NV		36,866		2,182,007
Galapagos NV*		18,134		2,119,632
Groupe Bruxelles Lambert SA		15,028		1,232,420
Proximus SADP		139,121		2,704,541
				8,238,600
Brazil — 0.2%
Yara International ASA		55,315		1,935,775
Cambodia — 0.1%
NagaCorp Ltd.		646,000		668,188
Chile — 0.4%
Antofagasta plc		250,118		3,335,122
China — 1.1%
Lenovo Group Ltd.		4,200,000		2,637,070
Nexteer Automotive Group Ltd.		169,760		141,767
Tingyi Cayman Islands Holding Corp.		458,000		838,104
Uni-President China Holdings Ltd.		987,000		854,961
Want Want China Holdings Ltd.		2,202,000		1,458,241
Wilmar International Ltd.		1,126,500		3,335,059
				9,265,202
Denmark — 0.7%
Carlsberg A/S, Class B		10,884		1,378,142
Chr Hansen Holding A/S		15,005		1,514,151
DSV Panalpina A/S		4,492		728,789
Novo Nordisk A/S, Class B		35,781		2,281,599
				5,902,681
Finland — 2.2%
Elisa OYJ		53,645		2,637,653
Fortum OYJ		149,734		2,814,495
Kesko OYJ, Class B		165,892		4,256,886
Neste OYJ		67,481		3,519,373
Orion OYJ, Class B		14,706		629,411
Stora Enso OYJ, Class R		127,543		1,861,229
UPM-Kymmene OYJ		110,674		3,127,535
				18,846,582
France — 3.9%
Air Liquide SA		21,857		3,196,331
Arkema SA		22,263		2,180,434
Atos SE*		21,378		1,460,457
Capgemini SE		25,932		2,994,313
Casino Guichard Perrachon SA*(a)		4,826		108,717

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 119

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
France — continued
Dassault Systemes SE		10,258		1,749,096
Eiffage SA*		31,897		2,315,003
Gecina SA, REIT		18,258		2,266,604
Iliad SA		4,705		909,626
Orange SA		151,694		1,703,466
Pernod Ricard SA		18,504		2,981,040
Peugeot SA*		132,480		2,379,898
Safran SA*		18,934		1,997,157
Schneider Electric SE		8,172		992,951
TOTAL SE		56,821		1,721,490
Vinci SA		27,567		2,177,383
Vivendi SA		99,372		2,868,224
				34,002,190
Germany — 2.3%
Beiersdorf AG		2,452		256,747
Deutsche Telekom AG (Registered)		202,607		3,079,373
Evonik Industries AG		30,788		741,279
Fraport AG Frankfurt Airport Services Worldwide*		7,596		274,736
Fresenius Medical Care AG & Co. KGaA		35,984		2,747,816
Hannover Rueck SE		20,133		2,925,765
Hella GmbH & Co. KGaA*		16,849		735,477
Infineon Technologies AG		47,556		1,324,015
Merck KGaA		8,300		1,229,489
ProSiebenSat.1 Media SE*		83,400		930,785
SAP SE		22,838		2,436,464
Telefonica Deutschland Holding AG		703,291		1,773,890
Uniper SE		40,594		1,212,517
				19,668,353
Hong Kong — 4.1%
ASM Pacific Technology Ltd.		241,200		2,432,337
Cathay Pacific Airways Ltd.*		805,544		547,368
CK Infrastructure Holdings Ltd.		515,000		2,429,394
CLP Holdings Ltd.		342,000		3,151,376
Hong Kong & China Gas Co. Ltd.		1,904,708		2,748,119
Hutchison Port Holdings Trust		3,176,400		460,950
Jardine Matheson Holdings Ltd.		10,500		465,419
Jardine Strategic Holdings Ltd.		8,500		184,044
Link, REIT		232,600		1,775,170
Melco International Development Ltd.		180,000		292,184
MTR Corp. Ltd.		608,000		3,012,802
New World Development Co. Ltd.		232,750		1,111,239
PCCW Ltd.		4,512,000		2,714,581
Power Assets Holdings Ltd.		511,500		2,634,068
Swire Pacific Ltd., Class A		51,000		232,570

INVESTMENTS	SHARES		VALUE($)
Hong Kong — continued
Techtronic Industries Co. Ltd.		295,000		3,973,456
WH Group Ltd.(b)		2,071,000		1,631,175
Xinyi Glass Holdings Ltd.		2,038,000		4,475,524
Yue Yuen Industrial Holdings Ltd.		743,000		1,210,209
				35,481,985
Indonesia — 0.1%
First Pacific Co. Ltd.		444,000		137,937
Golden Agri-Resources Ltd.		6,024,600		622,819
				760,756
Ireland — 0.5%
CRH plc		38,725		1,355,056
Flutter Entertainment plc		11,089		1,921,180
Smurfit Kappa Group plc		20,556		774,532
				4,050,768
Italy — 2.0%
Banca Mediolanum SpA		68,547		468,321
Davide Campari-Milano NV(a)		169,756		1,774,180
Enel SpA		96,753		769,235
Eni SpA		153,731		1,076,893
Hera SpA		193,758		608,618
Infrastrutture Wireless Italiane SpA(b)		107,455		1,160,689
Italgas SpA		392,574		2,268,581
Poste Italiane SpA(b)		148,424		1,211,686
Recordati Industria Chimica e Farmaceutica SpA		31,824		1,649,903
Snam SpA		406,283		1,981,070
Telecom Italia SpA		3,754,231		1,275,214
Terna Rete Elettrica Nazionale SpA		461,552		3,116,301
				17,360,691
Japan — 29.7%
Advantest Corp.		68,100		3,944,554
Alfresa Holdings Corp.		74,200		1,358,598
ANA Holdings, Inc.		58,300		1,271,572
Aozora Bank Ltd.		79,900		1,312,680
Asahi Kasei Corp.		79,200		686,313
Astellas Pharma, Inc.		195,400		2,679,509
Bandai Namco Holdings, Inc.		37,200		2,780,134
Brother Industries Ltd.		55,700		860,687
Canon Marketing Japan, Inc.		88,100		1,876,804
Capcom Co. Ltd.		71,100		3,888,570
Casio Computer Co. Ltd.		121,100		1,839,771
Central Japan Railway Co.		17,900		2,164,451
Chubu Electric Power Co., Inc.		240,600		2,695,156
Chugai Pharmaceutical Co. Ltd.		69,000		2,663,400

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Japan — continued
Chugoku Electric Power Co., Inc. (The)		239,700		3,011,559
COMSYS Holdings Corp.		120,500		3,061,984
Cosmo Energy Holdings Co. Ltd.		143,900		2,106,420
Cosmos Pharmaceutical Corp.		8,800		1,494,587
Dai Nippon Printing Co. Ltd.		115,500		2,151,699
Daicel Corp.		80,900		577,355
Daiwa Securities Group, Inc.		361,300		1,463,923
Denka Co. Ltd.		34,800		1,072,110
DIC Corp.		80,100		1,950,101
Eisai Co. Ltd.		22,900		1,780,557
Electric Power Development Co. Ltd.		177,900		2,404,257
ENEOS Holdings, Inc.		767,900		2,591,114
FamilyMart Co. Ltd.		27,400		602,260
Fuji Media Holdings, Inc.		56,900		547,233
FUJIFILM Holdings Corp.		64,300		3,278,822
Fujitsu Ltd.		21,200		2,508,270
Fukuoka Financial Group, Inc.		29,700		496,802
Gunma Bank Ltd. (The)		183,600		582,479
Hachijuni Bank Ltd. (The)		166,200		613,789
Hankyu Hanshin Holdings, Inc.		89,200		2,723,576
Hikari Tsushin, Inc.		15,000		3,518,171
Hitachi Capital Corp.		42,400		896,722
Hoya Corp.		8,600		970,570
Idemitsu Kosan Co. Ltd.		69,337		1,402,270
Iida Group Holdings Co. Ltd.		44,500		805,099
Inpex Corp.		444,300		2,107,048
ITOCHU Corp.		115,600		2,776,541
Itochu Techno-Solutions Corp.		94,200		3,195,961
J Front Retailing Co. Ltd.		71,700		546,370
Japan Airlines Co. Ltd.		102,800		1,795,488
Japan Post Holdings Co. Ltd.		337,300		2,314,366
Japan Post Insurance Co. Ltd.		75,100		1,190,419
Kaken Pharmaceutical Co. Ltd.		19,200		756,212
Kaneka Corp.		8,300		232,269
Kansai Electric Power Co., Inc. (The)		270,900		2,465,293
KDDI Corp.		122,100		3,303,415
Keisei Electric Railway Co. Ltd.		26,100		730,126
Kinden Corp.		48,200		755,769
Kirin Holdings Co. Ltd.		65,100		1,173,647
K’s Holdings Corp.		254,400		3,248,908
Kuraray Co. Ltd.		1,400		12,949
Kyowa Kirin Co. Ltd.		39,200		973,469
Lasertec Corp.		16,300		1,411,919
Lawson, Inc.		18,900		868,372
Lintec Corp.		67,500		1,496,328

INVESTMENTS	SHARES		VALUE($)
Japan — continued
Mani, Inc.		47,300		1,183,297
Marubeni Corp.		488,300		2,549,517
Matsui Securities Co. Ltd.		90,600		725,208
Mebuki Financial Group, Inc.		203,800		409,473
Medipal Holdings Corp.		124,400		2,217,541
Mitsubishi Chemical Holdings Corp.		110,300		620,786
Mitsubishi Corp.		34,500		769,742
Mitsubishi Gas Chemical Co., Inc.		195,500		3,563,843
Mitsubishi Heavy Industries Ltd.		83,000		1,783,275
Mitsubishi UFJ Lease & Finance Co. Ltd.		255,300		1,081,705
Mitsui & Co. Ltd.		164,600		2,578,211
Mochida Pharmaceutical Co. Ltd.		82,000		2,994,137
MS&AD Insurance Group Holdings, Inc.		82,200		2,249,424
Nagoya Railroad Co. Ltd.		16,900		450,474
Nifco, Inc.		27,000		808,168
Nintendo Co. Ltd.		6,600		3,568,546
Nippo Corp.		120,300		3,090,046
Nippon Express Co. Ltd.		2,700		151,415
Nippon Paper Industries Co. Ltd.		82,300		929,390
Nippon Shokubai Co. Ltd.		30,800		1,508,231
Nippon Telegraph & Telephone Corp.		152,700		3,212,174
Nipro Corp.		61,800		650,271
Nissan Motor Co. Ltd.		1,800		6,373
Nisshin Seifun Group, Inc.		51,500		775,529
Nissin Foods Holdings Co. Ltd.		36,500		3,160,516
Nitori Holdings Co. Ltd.		9,200		1,891,121
Nitto Denko Corp.		35,300		2,480,029
Nomura Holdings, Inc.		590,400		2,644,071
Nomura Real Estate Holdings, Inc.		61,700		1,077,678
Nomura Research Institute Ltd.		125,800		3,708,270
NTT DOCOMO, Inc.		127,400		4,743,764
Obayashi Corp.		277,700		2,323,888
Ono Pharmaceutical Co. Ltd.		90,300		2,575,827
Open House Co. Ltd.		29,900		1,018,160
ORIX Corp.		187,600		2,194,026
Osaka Gas Co. Ltd.		152,800		2,901,706
Rakuten, Inc.		195,700		1,904,002
Resona Holdings, Inc.		596,900		1,967,964
Rinnai Corp.		6,500		640,487
Sankyo Co. Ltd.		49,000		1,248,873
Sawai Pharmaceutical Co. Ltd.		44,100		2,125,604
SBI Holdings, Inc.		69,300		1,597,452
SCSK Corp.		30,100		1,496,617
Sekisui Chemical Co. Ltd.		130,300		2,031,158
Sekisui House Ltd.		177,100		2,942,218

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 121

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Japan — continued
Shionogi & Co. Ltd.		51,600		2,433,969
Ship Healthcare Holdings, Inc.		11,600		550,447
Showa Denko KK		87,500		1,487,821
SKY Perfect JSAT Holdings, Inc.		133,800		571,191
Skylark Holdings Co. Ltd.		134,600		1,919,766
SoftBank Corp.		58,900		685,447
SoftBank Group Corp.		32,000		2,084,282
Sojitz Corp.		1,047,400		2,304,728
Sony Corp.		37,100		3,092,896
Sugi Holdings Co. Ltd.		37,700		2,489,525
Sumitomo Dainippon Pharma Co. Ltd.		59,500		697,401
Sumitomo Mitsui Financial Group, Inc.		61,300		1,696,901
Sumitomo Osaka Cement Co. Ltd.		64,400		1,958,632
Suzuken Co. Ltd.		25,700		927,787
Taisho Pharmaceutical Holdings Co. Ltd.		13,300		800,239
TDK Corp.		13,300		1,564,090
Teijin Ltd.		160,500		2,458,533
TIS, Inc.		86,600		1,656,237
Tobu Railway Co. Ltd.		43,100		1,223,021
Toho Co. Ltd.		2,600		102,962
Toho Gas Co. Ltd.		48,900		2,524,306
Tohoku Electric Power Co., Inc.		240,600		2,122,835
Tokuyama Corp.		82,100		1,829,734
Tokyo Century Corp.		9,000		441,256
Tokyo Electric Power Co. Holdings, Inc.*		549,000		1,416,626
Tokyo Electron Ltd.		12,700		3,408,818
Tokyo Gas Co. Ltd.		129,400		2,932,144
Tosoh Corp.		128,100		2,076,454
Toyo Suisan Kaisha Ltd.		64,700		3,219,847
Toyobo Co. Ltd.		35,500		473,302
Toyota Industries Corp.		61,200		3,954,951
Tsumura & Co.		75,700		2,221,897
Ube Industries Ltd.		111,100		1,907,358
USS Co. Ltd.		36,600		669,435
Welcia Holdings Co. Ltd.		65,600		2,568,986
West Japan Railway Co.		25,000		1,072,430
Yamada Holdings Co. Ltd.		498,400		2,430,097
Yamaguchi Financial Group, Inc.		10,100		65,700
Yokohama Rubber Co. Ltd. (The)		126,800		1,821,405
Zeon Corp.		84,600		1,029,280
				257,431,740
Jordan — 0.4%
Hikma Pharmaceuticals plc		101,016		3,284,383
Luxembourg — 0.1%
RTL Group SA		27,465		1,043,587

INVESTMENTS	SHARES		VALUE($)
Macau — 0.2%
Sands China Ltd.		432,712		1,518,648
Netherlands — 2.6%
Altice Europe NV* (a)		117,288		576,665
ASR Nederland NV		28,820		874,557
Heineken Holding NV		36,243		2,792,959
Koninklijke Ahold Delhaize NV		113,259		3,105,083
Koninklijke DSM NV		8,624		1,379,215
Koninklijke KPN NV		1,045,272		2,823,051
Koninklijke Philips NV*		64,018		2,965,108
NN Group NV		77,838		2,708,835
Royal Dutch Shell plc, Class A		188,511		2,371,373
Wolters Kluwer NV		42,040		3,403,838
				23,000,684
New Zealand — 1.3%
Fisher & Paykel Healthcare Corp. Ltd.		158,092		3,657,362
Spark New Zealand Ltd.		1,113,668		3,304,997
Xero Ltd.*		52,402		4,065,267
				11,027,626
Norway — 0.9%
Aker BP ASA		515		8,020
Equinor ASA		124,499		1,588,572
Mowi ASA		149,563		2,362,791
Orkla ASA		242,085		2,285,237
Salmar ASA*		12,691		644,454
Telenor ASA		74,408		1,149,774
				8,038,848
Poland — 0.0% (c)
Grupa Lotos SA		23,412		165,117
Portugal — 0.6%
EDP — Energias de Portugal SA		739,231		3,646,381
Galp Energia SGPS SA		54,857		445,504
Jeronimo Martins SGPS SA		88,224		1,401,326
				5,493,211
Russia — 0.6%
Evraz plc		526,399		2,451,275
Polymetal International plc		131,128		2,787,063
				5,238,338
Singapore — 2.3%
Ascendas, REIT		718,040		1,515,152
CapitaLand Mall Trust, REIT		2,230,108		2,826,790
ComfortDelGro Corp. Ltd.		896,900		887,090
Genting Singapore Ltd.		1,086,300		512,969
Keppel Corp. Ltd.		846,200		2,719,232

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Singapore — continued
Mapletree Commercial Trust, REIT		923,800		1,164,797
Mapletree Industrial Trust, REIT		276,800		616,891
Mapletree Logistics Trust, REIT		607,700		868,096
Mapletree North Asia Commercial Trust, REIT (b)		553,300		352,978
Sembcorp Industries Ltd.		1,863,400		2,156,808
Singapore Press Holdings Ltd.		516,200		373,938
Singapore Telecommunications Ltd.		1,387,800		2,062,997
Suntec, REIT		747,000		733,597
Venture Corp. Ltd.		236,200		3,329,656
				20,120,991
South Africa — 0.3%
Anglo American plc		108,323		2,541,603
South Korea — 7.1%
Celltrion, Inc.*		1,506		321,567
Daelim Industrial Co. Ltd.		28,718		1,984,843
GS Engineering & Construction Corp.		64,236		1,524,149
GS Holdings Corp.		32,186		940,743
GS Retail Co. Ltd.		23,170		657,958
Hanwha Corp.		26,114		556,912
Hanwha Solutions Corp.		17,041		662,412
Hite Jinro Co. Ltd.		44,158		1,311,258
Hyundai Department Store Co. Ltd.		17,784		934,029
Hyundai Mobis Co. Ltd.		6,515		1,305,369
Industrial Bank of Korea		193,697		1,406,359
Kakao Corp.		10,752		3,135,186
Kangwon Land, Inc.		67,994		1,268,727
KB Financial Group, Inc.		35,273		1,261,708
Kia Motors Corp.		58,422		2,620,178
Korea Electric Power Corp.*		141,112		2,489,130
Korea Gas Corp.		52,641		1,273,240
Korea Zinc Co. Ltd.		2,749		929,732
Korean Air Lines Co. Ltd.*		6,985		124,028
KT&G Corp.		6,567		468,911
LG Corp.		51,302		3,071,915
LG Uplus Corp.		173,446		1,697,962
NAVER Corp.		13,355		3,417,157
NCSoft Corp.		5,289		3,633,988
NongShim Co. Ltd.		1,784		454,060
Orion Corp.		8,992		861,602
POSCO		14,060		2,595,535
Samsung Electronics Co. Ltd.		90,622		4,555,172
Samsung SDS Co. Ltd.		4,742		707,618
SK Holdings Co. Ltd.		6,882		1,120,723
SK Hynix, Inc.		26,399		1,872,821

INVESTMENTS	SHARES		VALUE($)
South Korea — continued
SK Innovation Co. Ltd.		20,900		2,336,067
SK Networks Co. Ltd.		79,697		319,678
SK Telecom Co. Ltd.		13,223		2,507,462
SKC Co. Ltd.		39,067		2,549,431
Woori Financial Group, Inc.		210,485		1,661,909
Yuhan Corp.		65,994		3,472,943
				62,012,482
Spain — 1.7%
Acciona SA		11,352		1,146,968
Amadeus IT Group SA		24,898		1,186,294
Enagas SA		115,056		2,483,343
Endesa SA		132,432		3,553,049
Ferrovial SA		29,936		648,340
Iberdrola SA		250,811		2,961,470
Naturgy Energy Group SA		124,106		2,305,661
Siemens Gamesa Renewable Energy SA		22,521		639,130
				14,924,255
Sweden — 3.9%
Boliden AB		101,575		2,769,860
Castellum AB		76,556		1,593,947
Hennes & Mauritz AB, Class B		180,585		2,936,026
Hexagon AB, Class B		49,751		3,646,609
ICA Gruppen AB		66,393		3,142,937
Investor AB, Class B		57,234		3,430,547
Securitas AB, Class B*		209,295		2,954,394
Skanska AB, Class B		146,454		2,746,829
Svenska Cellulosa AB SCA, Class B*		15,244		206,198
Swedish Match AB		47,832		3,596,135
Tele2 AB, Class B		239,733		2,829,318
Telia Co. AB		708,844		2,712,145
Trelleborg AB, Class B*		60,435		1,005,625
				33,570,570
Switzerland — 1.7%
Baloise Holding AG (Registered)		4,130		564,800
EMS-Chemie Holding AG (Registered)		420		369,423
Flughafen Zurich AG (Registered)*		2,580		348,180
Kuehne + Nagel International AG (Registered)		5,131		1,025,498
Novartis AG (Registered)		33,697		2,625,757
Roche Holding AG		9,686		3,112,417
Sonova Holding AG (Registered)*		15,230		3,615,115
Swisscom AG (Registered)		6,359		3,234,195
				14,895,385

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 123

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United Kingdom — 16.5%
3i Group plc		217,570		2,717,385
Admiral Group plc		106,027		3,777,092
Ashmore Group plc		132,671		613,809
Ashtead Group plc		92,727		3,350,906
AstraZeneca plc		24,765		2,486,542
Auto Trader Group plc (b)		500,923		3,766,155
Avast plc (b)		328,039		2,015,883
AVEVA Group plc		40,277		2,235,689
B&M European Value Retail SA		125,164		785,518
Barratt Developments plc		405,041		2,531,744
Bellway plc		72,024		2,179,101
Berkeley Group Holdings plc		60,559		3,184,091
BP plc		789,322		2,013,312
British American Tobacco plc		80,500		2,551,479
BT Group plc		1,999,512		2,626,060
Centrica plc		3,250,581		1,565,474
CK Hutchison Holdings Ltd.		258,542		1,561,589
Compass Group plc		131,894		1,805,332
ConvaTec Group plc (b)		1,117,310		2,615,548
Croda International plc		39,806		3,111,203
Derwent London plc, REIT		72,144		2,484,387
Diageo plc		49,109		1,587,099
Direct Line Insurance Group plc		363,525		1,242,313
Experian plc		100,090		3,666,687
GlaxoSmithKline plc		165,806		2,768,711
Halma plc		118,751		3,644,184
IMI plc		97,278		1,304,358
Informa plc		266,206		1,444,337
InterContinental Hotels Group plc		47,030		2,389,605
International Consolidated Airlines Group SA		356,413		445,727
Intertek Group plc		25,409		1,830,232
Land Securities Group plc, REIT		156,162		1,030,361
Legal & General Group plc		1,122,505		2,691,327
London Stock Exchange Group plc		31,930		3,441,988
Meggitt plc		109,960		389,643
Mondi plc		128,900		2,443,082
National Grid plc		284,412		3,383,220
Next plc		29,641		2,238,683
Pearson plc		349,724		2,310,549
Pennon Group plc		237,931		3,062,061
Persimmon plc		100,984		3,057,445
Phoenix Group Holdings plc		226,473		1,944,780
Reckitt Benckiser Group plc		21,188		1,866,420
RELX plc		145,014		2,869,525
Rentokil Initial plc		531,791		3,620,545

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
Rightmove plc		140,146		1,121,614
Sage Group plc (The)		348,889		2,870,632
Segro plc, REIT		295,337		3,450,926
Severn Trent plc		44,859		1,411,810
Smith & Nephew plc		63,519		1,102,953
Smiths Group plc		131,557		2,266,728
Spirax-Sarco Engineering plc		14,348		2,097,585
SSE plc		170,342		2,793,523
Standard Chartered plc		355,779		1,625,842
Standard Life Aberdeen plc		270,267		787,498
Tate & Lyle plc		356,574		2,748,753
Taylor Wimpey plc		1,443,744		1,978,066
Unilever NV (a)		31,986		1,803,171
Unilever plc		58,859		3,354,308
United Utilities Group plc		288,467		3,224,724
Vodafone Group plc		1,930,933		2,575,804
Wm Morrison Supermarkets plc		1,065,251		2,248,613
WPP plc		73,159		584,342
				142,698,073
United States — 0.3%
Ferguson plc		28,708		2,851,306
Total Common Stocks (Cost $935,974,831)				860,958,222
	NO. OF RIGHTS
Rights — 0.0%
Singapore — 0.0%
Mapletree Logistics Trust, expiring 11/10/2020* (Cost $—)		11,546		—
	SHARES
Short-Term Investments — 0.4%
Investment Companies — 0.0% (c)
JPMorgan Prime Money Market Fund Class IM Shares, 0.11%(d)(e)(Cost $209,284)		209,137		209,263
Investment of Cash Collateral from Securities Loaned — 0.4%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		2,258,423		2,258,649
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (d) (e)		1,193,251		1,193,251
Total Investment of Cash Collateral from Securities Loaned (Cost $3,452,152)				3,451,900

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES	VALUE($)
Short-Term Investments continued
Total Short-Term Investments (Cost $3,661,436)			3,661,163
Total Investments — 99.7% (Cost $939,636,267)			864,619,385
Other Assets Less Liabilities — 0.3%			2,580,739
NET ASSETS — 100.0%			867,200,124

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		5.4	%
Electric Utilities		5.3
Diversified Telecommunication Services		5.2
Chemicals		5.0
Metals & Mining		4.4
Oil, Gas & Consumable Fuels		4.2
Food & Staples Retailing		3.2
Equity Real Estate Investment Trusts (REITs)		3.1
Food Products		2.9
Household Durables		2.8
Gas Utilities		2.8
Insurance		2.7
Health Care Equipment & Supplies		2.6
Construction & Engineering		2.4
IT Services		2.2
Wireless Telecommunication Services		2.2
Trading Companies & Distributors		2.0
Capital Markets		1.9
Specialty Retail		1.9
Software		1.8
Hotels, Restaurants & Leisure		1.8
Beverages		1.8
Semiconductors & Semiconductor Equipment		1.7
Health Care Providers & Services		1.7
Industrial Conglomerates		1.6
Entertainment		1.6
Electronic Equipment, Instruments & Components		1.6
Road & Rail		1.6
Auto Components		1.5
Banks		1.5
Professional Services		1.4
Interactive Media & Services		1.3

INDUSTRY	PERCENTAGE
Technology Hardware, Storage & Peripherals		1.3	%
Machinery		1.2
Commercial Services & Supplies		1.2
Multiline Retail		1.1
Diversified Financial Services		1.0
Paper & Forest Products		1.0
Others (each less than 1.0%)		9.7
Short-Term Investments		0.4

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 October 31, 2020. The total value of securities on loan at October 31, 2020 is $2,460,006.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of October 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 125

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

Futures contracts outstanding as of October 31, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
MSCI EAFE E-Mini Index		57		12/2020		USD		5,086,965		(264,498	)

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%
Aerospace & Defense — 0.6%
Curtiss-Wright Corp.		7,244		611,104
Hexcel Corp.		20,431		684,030
Howmet Aerospace, Inc.		12,168		209,898
Lockheed Martin Corp.		5,303		1,856,739
Northrop Grumman Corp.		96		27,823
				3,389,594
Alternative Energy — 1.1%
Enphase Energy, Inc.*		32,373		3,175,467
SolarEdge Technologies, Inc.*		11,194		2,884,582
				6,060,049
Automobiles & Parts — 1.0%
Ford Motor Co.		133,883		1,034,916
Gentex Corp.		76,675		2,121,597
Genuine Parts Co.		7,172		648,564
Harley-Davidson, Inc.		37,466		1,231,882
Lear Corp.		419		50,619
				5,087,578
Banks — 1.3%
Bank of America Corp.		18,071		428,283
Bank of Hawaii Corp.		6,099		369,843
Citizens Financial Group, Inc.		9,630		262,418
Fifth Third Bancorp		49,909		1,158,887
Huntington Bancshares, Inc.		130,593		1,363,391
KeyCorp		20,776		269,672
People’s United Financial, Inc.		35,737		381,314
Popular, Inc. (Puerto Rico)		10,625		448,375
Regions Financial Corp.		23,735		315,675
Truist Financial Corp.		30,706		1,293,337
US Bancorp		12,348		480,955
Wells Fargo & Co.		11,501		246,696
				7,018,846
Beverages — 1.5%
Brown-Forman Corp., Class B		26,849		1,871,644
Coca-Cola Co. (The)		38,035		1,827,962
Keurig Dr Pepper, Inc.		42,081		1,131,979
Molson Coors Beverage Co., Class B		23,489		828,222
Monster Beverage Corp.*		6,322		484,075
PepsiCo, Inc.		15,689		2,091,187
				8,235,069
Chemicals — 6.8%
Air Products and Chemicals, Inc.		7,309		2,019,038
Albemarle Corp. (a)		18,985		1,769,592
Ashland Global Holdings, Inc.		24,251		1,691,992

INVESTMENTS	SHARES		VALUE($)
Chemicals — continued
Axalta Coating Systems Ltd.*		29,781		747,801
Cabot Corp.		25,352		963,629
Celanese Corp.		20,518		2,328,998
CF Industries Holdings, Inc.		55,432		1,530,478
Chemours Co. (The)		21,588		434,782
Dow, Inc.		44,812		2,038,498
Eastman Chemical Co.		27,593		2,230,618
Ecolab, Inc.		9,146		1,679,114
FMC Corp.		16,493		1,694,491
Huntsman Corp.		94,702		2,300,312
International Flavors & Fragrances, Inc.(a)		17,263		1,772,220
Linde plc (United Kingdom)		8,820		1,943,399
LyondellBasell Industries NV, Class A		26,433		1,809,339
NewMarket Corp. (a)		3,760		1,344,914
PPG Industries, Inc.		17,727		2,299,546
RPM International, Inc.		25,787		2,183,385
Scotts Miracle-Gro Co. (The)		13,558		2,034,378
Valvoline, Inc.		12,908		253,900
Westlake Chemical Corp.		21,117		1,427,932
				36,498,356
Construction & Materials — 1.4%
AO Smith Corp.		28,277		1,461,638
Carrier Global Corp.		8,260		275,802
Masco Corp.		33,499		1,795,546
Quanta Services, Inc.		9,171		572,546
Sherwin-Williams Co. (The)		2,480		1,706,190
Trane Technologies plc		11,160		1,481,490
				7,293,212
Electricity — 8.4%
AES Corp. (The)		124,281		2,423,479
Alliant Energy Corp.		35,460		1,960,229
Avangrid, Inc.		25,406		1,253,532
CMS Energy Corp.		33,749		2,137,324
Consolidated Edison, Inc.		25,768		2,022,530
Dominion Energy, Inc.		27,765		2,230,640
DTE Energy Co.		18,331		2,262,412
Entergy Corp.		18,021		1,824,086
Evergy, Inc.		41,988		2,317,738
Eversource Energy		25,300		2,207,931
Exelon Corp.		58,720		2,342,341
Hawaiian Electric Industries, Inc.		36,264		1,198,163
IDACORP, Inc.		20,041		1,758,197
NextEra Energy, Inc.		31,516		2,307,286
NRG Energy, Inc.		65,245		2,063,047

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 127

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electricity — continued
OGE Energy Corp.		55,232		1,699,489
Pinnacle West Capital Corp.		23,583		1,923,665
PPL Corp.		76,984		2,117,060
Public Service Enterprise Group, Inc.		41,468		2,411,364
Southern Co. (The)		41,650		2,392,793
Vistra Corp. (a)		119,468		2,075,159
Xcel Energy, Inc.		31,104		2,178,213
				45,106,678
Electronic & Electrical Equipment — 0.7%
AMETEK, Inc.		10,325		1,013,915
Amphenol Corp., Class A		12,461		1,406,099
Emerson Electric Co.		8,059		522,143
Hubbell, Inc.		6,411		932,865
				3,875,022
Financial Services — 4.0%
Ally Financial, Inc.		56,410		1,505,019
American Express Co.		7,251		661,581
Ameriprise Financial, Inc.		3,449		554,703
BlackRock, Inc.		1,215		728,040
Broadridge Financial Solutions, Inc.		14,104		1,940,710
Capital One Financial Corp.		6,209		453,754
Discover Financial Services		9,585		623,121
Element Solutions, Inc.*		60,379		707,642
Intercontinental Exchange, Inc.		10,702		1,010,269
Mastercard, Inc., Class A		5,575		1,609,168
Moody’s Corp.		2,495		655,935
Morgan Stanley		41,318		1,989,462
Nasdaq, Inc.		4,409		533,445
Raymond James Financial, Inc.		4,933		377,078
S&P Global, Inc.		4,381		1,413,880
Santander Consumer USA Holdings, Inc.		81,114		1,649,859
State Street Corp.		28,403		1,672,937
Synchrony Financial		57,749		1,444,880
Virtu Financial, Inc., Class A		23,040		492,595
Visa, Inc., Class A		6,954		1,263,611
				21,287,689
Fixed Line Telecommunications — 1.0%
AT&T, Inc.		60,830		1,643,626
CenturyLink, Inc.		174,993		1,508,440
GCI Liberty, Inc., Class A*		2,678		217,534
Verizon Communications, Inc.		34,795		1,982,967
				5,352,567

INVESTMENTS	SHARES		VALUE($)
Food & Drug Retailers — 0.8%
AmerisourceBergen Corp.		11,282		1,083,862
Kroger Co. (The)		19,719		635,149
McKesson Corp.		5,201		767,095
Sysco Corp.		21,412		1,184,298
Walgreens Boots Alliance, Inc.		18,779		639,237
				4,309,641
Food Producers — 3.1%
Campbell Soup Co.		33,036		1,541,790
Flowers Foods, Inc.		61,390		1,447,576
General Mills, Inc.		32,652		1,930,386
Hershey Co. (The)		14,405		1,980,112
Hormel Foods Corp. (a)		41,522		2,021,706
JM Smucker Co. (The)		6,370		714,714
Kellogg Co.		25,512		1,604,450
McCormick & Co., Inc. (Non-Voting)		10,796		1,948,786
Mondelez International, Inc., Class A		37,702		2,002,730
Tyson Foods, Inc., Class A		23,525		1,346,336
				16,538,586
Forestry & Paper — 0.5%
International Paper Co.		55,801		2,441,294
Gas, Water & Multiutilities — 2.8%
Ameren Corp.		27,582		2,237,452
American Water Works Co., Inc.		15,222		2,291,063
CenterPoint Energy, Inc.		82,232		1,737,562
Duke Energy Corp.		22,541		2,076,252
Essential Utilities, Inc.		2,013		82,936
National Fuel Gas Co.		42,690		1,705,892
Sempra Energy		15,313		1,919,638
UGI Corp.		24,365		787,964
WEC Energy Group, Inc.		22,571		2,269,514
				15,108,273
General Industrials — 1.9%
Avery Dennison Corp.		16,930		2,342,943
Carlisle Cos., Inc.		8,490		1,051,656
Eaton Corp. plc		21,252		2,205,745
Honeywell International, Inc.		7,712		1,272,094
ITT, Inc.		24,021		1,453,511
Packaging Corp. of America		10,675		1,222,181
Parker-Hannifin Corp.		4,080		850,109
Sonoco Products Co.		1,051		51,383
				10,449,622
General Retailers — 5.2%
AutoZone, Inc.*		1,492		1,684,438

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
General Retailers — continued
Best Buy Co., Inc.		20,498		2,286,552
Burlington Stores, Inc.*		1,541		298,307
Costco Wholesale Corp.		6,308		2,255,867
Dick’s Sporting Goods, Inc.		39,674		2,247,532
Dollar General Corp.		10,876		2,269,930
Dollar Tree, Inc.*		7,618		688,058
eBay, Inc.		41,487		1,976,026
Foot Locker, Inc.		30,223		1,114,624
Gap, Inc. (The)		13,544		263,431
Home Depot, Inc. (The)		8,133		2,169,152
Kohl’s Corp.		30,528		649,941
Lowe’s Cos., Inc.		13,966		2,208,025
Target Corp.		14,818		2,255,596
Tractor Supply Co.		15,335		2,042,775
Walmart, Inc.		15,321		2,125,789
Williams-Sonoma, Inc. (a)		13,314		1,214,370
				27,750,413
Health Care Equipment & Services — 9.6%
Anthem, Inc.		7,015		1,913,692
Baxter International, Inc.		23,732		1,840,891
Becton Dickinson and Co.		6,003		1,387,473
Bio-Rad Laboratories, Inc., Class A*		3,375		1,979,167
Bio-Techne Corp.		6,636		1,674,993
Chemed Corp.		2,146		1,026,475
Cigna Corp.		10,288		1,717,787
Danaher Corp.		11,127		2,554,092
DaVita, Inc.*		18,782		1,619,948
Edwards Lifesciences Corp.*		23,683		1,697,834
HCA Healthcare, Inc.		13,401		1,660,920
Hill-Rom Holdings, Inc.		20,437		1,861,198
Humana, Inc.		4,941		1,972,842
IDEXX Laboratories, Inc.*		5,880		2,497,942
Laboratory Corp. of America Holdings*		11,567		2,310,740
Medtronic plc		20,618		2,073,552
PerkinElmer, Inc.		14,296		1,852,047
Quest Diagnostics, Inc.		17,415		2,127,068
Quidel Corp.*		10,580		2,838,508
STERIS plc		9,339		1,654,777
Stryker Corp.		9,990		2,018,080
Thermo Fisher Scientific, Inc.		5,333		2,523,149
UnitedHealth Group, Inc.		6,687		2,040,471
Universal Health Services, Inc., Class B		14,655		1,605,455
Varian Medical Systems, Inc.*		5,907		1,020,730
West Pharmaceutical Services, Inc.		7,541		2,051,680

INVESTMENTS	SHARES		VALUE($)
Health Care Equipment & Services — continued
Zimmer Biomet Holdings, Inc.		13,212		1,745,305
				51,266,816
Household Goods & Home Construction — 3.5%
Church & Dwight Co., Inc.		23,356		2,064,437
Clorox Co. (The)		10,255		2,125,349
DR Horton, Inc.		29,471		1,968,958
Fortune Brands Home & Security, Inc.		13,555		1,096,193
Leggett & Platt, Inc.		37,139		1,549,810
Lennar Corp., Class A (a)		26,857		1,886,167
NVR, Inc.*		554		2,190,012
Procter & Gamble Co. (The)		15,913		2,181,672
PulteGroup, Inc.		50,416		2,054,956
Toll Brothers, Inc.		32,354		1,367,927
Whirlpool Corp.		2,950		545,632
				19,031,113
Industrial Engineering — 1.8%
Caterpillar, Inc.		4,711		739,862
Crane Co.		1,573		79,830
Cummins, Inc.		10,665		2,345,127
Dover Corp.		8,980		994,176
IDEX Corp.		5,056		861,492
Illinois Tool Works, Inc.		8,975		1,758,023
Otis Worldwide Corp.		4,128		252,964
PACCAR, Inc.		8,027		685,345
Rockwell Automation, Inc.		7,039		1,669,088
				9,385,907
Industrial Metals & Mining — 2.0%
Fastenal Co.		47,069		2,034,793
Nucor Corp.		39,183		1,871,380
Reliance Steel & Aluminum Co.		19,728		2,150,155
Southern Copper Corp. (Peru)		46,360		2,426,482
Steel Dynamics, Inc.		71,034		2,236,150
				10,718,960
Industrial Transportation — 0.9%
CH Robinson Worldwide, Inc.		9,178		811,610
CSX Corp.		8,891		701,856
Kansas City Southern		3,172		558,716
Norfolk Southern Corp.		5,542		1,158,943
Schneider National, Inc., Class B		11,190		246,851
Union Pacific Corp.		7,425		1,315,636
				4,793,612
Leisure Goods — 1.3%
Activision Blizzard, Inc.		17,932		1,357,991

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 129

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Leisure Goods — continued
Electronic Arts, Inc.*		11,041		1,323,043
Garmin Ltd.		21,417		2,227,796
Hasbro, Inc.		8,979		742,743
Take-Two Interactive Software, Inc.*		8,522		1,320,228
				6,971,801
Life Insurance — 0.5%
Aflac, Inc.		25,543		867,185
Globe Life, Inc.		14,070		1,140,936
MetLife, Inc.		7,513		284,367
Principal Financial Group, Inc.		9,400		368,668
Prudential Financial, Inc.		4,056		259,665
				2,920,821
Media — 1.3%
Cable One, Inc.		62		107,375
Comcast Corp., Class A		35,907		1,516,712
DISH Network Corp., Class A*		3,033		77,311
FactSet Research Systems, Inc.		6,552		2,008,188
Fox Corp., Class A		14,201		376,611
Interpublic Group of Cos., Inc. (The)		42,759		773,510
John Wiley & Sons, Inc., Class A		5,532		171,271
Liberty Media Corp.-Liberty SiriusXM, Class A*		7,286		251,877
Nexstar Media Group, Inc., Class A (a)		8,654		713,090
Omnicom Group, Inc.		18,316		864,515
				6,860,460
				��
Mining — 0.7%
Newmont Corp.		33,369		2,096,908
Royal Gold, Inc.		15,801		1,877,317
				3,974,225
Mobile Telecommunications — 0.6%
Telephone and Data Systems, Inc.		31,077		528,309
T-Mobile US, Inc.*		19,085		2,091,143
United States Cellular Corp.*		11,100		323,232
				2,942,684
Nonlife Insurance — 2.1%
Allstate Corp. (The)		7,041		624,889
Aon plc, Class A (a)		7,559		1,390,932
Arch Capital Group Ltd.*		16,192		489,160
Assurant, Inc.		7,491		931,656
Chubb Ltd.		5,777		750,490
Fidelity National Financial, Inc.		39,058		1,222,125
Hanover Insurance Group, Inc. (The)		4,379		418,895
Hartford Financial Services Group, Inc. (The)		32,620		1,256,522
Marsh & McLennan Cos., Inc.		11,355		1,174,788

INVESTMENTS	SHARES		VALUE($)
Nonlife Insurance — continued
Progressive Corp. (The)		23,464		2,156,342
WR Berkley Corp.		15,638		940,156
				11,355,955
Oil & Gas Producers — 3.0%
Cabot Oil & Gas Corp.		118,815		2,113,719
Chevron Corp.		20,088		1,396,116
ConocoPhillips		40,236		1,151,554
Devon Energy Corp.		52,639		470,066
EOG Resources, Inc.		29,077		995,596
EQT Corp.		133,851		2,026,504
Exxon Mobil Corp.		25,362		827,308
Hess Corp.		22,145		824,237
HollyFrontier Corp.		50,276		930,609
Marathon Petroleum Corp.		39,638		1,169,321
Murphy Oil Corp. (a)		70,858		547,024
Phillips 66		19,715		919,902
Pioneer Natural Resources Co.		13,321		1,059,819
Valero Energy Corp.		26,052		1,005,868
WPX Energy, Inc.*		122,624		565,297
				16,002,940
Oil Equipment, Services & Distribution — 1.6%
Antero Midstream Corp.		88,879		509,277
Baker Hughes Co.		90,018		1,329,566
Equitrans Midstream Corp.		63,842		463,493
Halliburton Co.		136,203		1,642,608
Helmerich & Payne, Inc.		45,449		675,827
Kinder Morgan, Inc.		112,202		1,335,204
Schlumberger NV		18,492		276,270
Targa Resources Corp.		14,522		233,078
Williams Cos., Inc. (The)		105,263		2,019,997
				8,485,320
Personal Goods — 2.4%
Carter’s, Inc.		11,590		944,005
Colgate-Palmolive Co.		11,328		893,666
Estee Lauder Cos., Inc. (The), Class A		10,084		2,215,051
Hanesbrands, Inc.		36,384		584,691
Kimberly-Clark Corp.		14,325		1,899,352
Lululemon Athletica, Inc.*		6,032		1,925,957
NIKE, Inc., Class B		19,440		2,334,355
Nu Skin Enterprises, Inc., Class A		4,948		244,184
PVH Corp.		6,572		383,082
Ralph Lauren Corp.		13,389		895,055
Tapestry, Inc.		30,617		680,616
				13,000,014

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Pharmaceuticals & Biotechnology — 4.5%
Abbott Laboratories		20,999		2,207,205
AbbVie, Inc.		17,871		1,520,822
Amgen, Inc.		8,850		1,919,919
Biogen, Inc.*		5,927		1,494,019
Bristol-Myers Squibb Co.		31,087		1,817,035
Eli Lilly and Co.		13,032		1,700,155
Gilead Sciences, Inc.		20,317		1,181,433
Illumina, Inc.*		834		244,112
Johnson & Johnson		14,234		1,951,624
Merck & Co., Inc.		20,355		1,530,900
Pfizer, Inc.		48,163		1,708,823
Regeneron Pharmaceuticals, Inc.*		2,819		1,532,296
United Therapeutics Corp.*		15,504		2,081,102
Vertex Pharmaceuticals, Inc.*		6,143		1,279,955
Zoetis, Inc.		13,876		2,200,040
				24,369,440
Real Estate Investment & Services — 0.1%
CBRE Group, Inc., Class A*		5,807		292,673
Real Estate Investment Trusts — 2.7%
Alexandria Real Estate Equities, Inc.		5,223		791,389
American Tower Corp.		5,159		1,184,764
Apartment Investment & Management Co., Class A		3,252		103,739
Camden Property Trust		1,048		96,667
Crown Castle International Corp.		5,515		861,443
Duke Realty Corp.		2,806		106,600
Gaming and Leisure Properties, Inc.		17,277		628,019
Healthpeak Properties, Inc.		61,273		1,652,533
Medical Properties Trust, Inc.		99,562		1,774,195
Prologis, Inc.		9,616		953,907
Spirit Realty Capital, Inc.		23,432		704,132
Starwood Property Trust, Inc.		78,578		1,097,735
VEREIT, Inc.		187,156		1,160,367
VICI Properties, Inc.		79,074		1,814,748
Vornado Realty Trust(a)		2,012		61,829
Weingarten Realty Investors		6,692		106,135
WP Carey, Inc.		24,053		1,505,958
				14,604,160
Software & Computer Services — 5.0%
Adobe, Inc.*		4,452		1,990,489
Alphabet, Inc., Class A*		1,190		1,923,171
Cadence Design Systems, Inc.*		20,584		2,251,272
Citrix Systems, Inc.		14,415		1,632,787
Cognizant Technology Solutions Corp., Class A		19,032		1,359,266

INVESTMENTS	SHARES		VALUE($)
Software & Computer Services — continued
Facebook, Inc., Class A*		6,846		1,801,251
Hewlett Packard Enterprise Co.		13,764		118,921
IAC/InterActiveCorp*		7,856		948,376
International Business Machines Corp.		8,176		912,932
Intuit, Inc.		6,551		2,061,469
IQVIA Holdings, Inc.*		13,564		2,088,721
Leidos Holdings, Inc.		19,587		1,625,721
Microsoft Corp.		10,555		2,137,071
Nuance Communications, Inc.*		43,235		1,379,629
Oracle Corp.		22,701		1,273,753
Roper Technologies, Inc.		4,027		1,495,386
VeriSign, Inc.*		9,719		1,853,413
				26,853,628
Support Services — 4.2%
Accenture plc, Class A		9,259		2,008,370
Automatic Data Processing, Inc.		6,026		951,867
Booz Allen Hamilton Holding Corp.		18,050		1,416,925
Cintas Corp.		6,582		2,070,368
Fidelity National Information Services, Inc.		14,827		1,847,296
Global Payments, Inc.		11,621		1,833,097
MSC Industrial Direct Co., Inc., Class A		8,489		591,344
Paychex, Inc.		14,655		1,205,374
PayPal Holdings, Inc.*		8,185		1,523,474
Republic Services, Inc.		22,838		2,013,626
Robert Half International, Inc.		25,256		1,280,227
Verisk Analytics, Inc.		1,987		353,626
Waste Management, Inc.		18,761		2,024,499
Western Union Co. (The)		87,479		1,700,592
WW Grainger, Inc.		5,272		1,845,305
				22,665,990
Technology Hardware & Equipment — 6.4%
Analog Devices, Inc.		14,133		1,675,184
Apple, Inc.		14,346		1,561,706
Applied Materials, Inc.		17,451		1,033,623
Broadcom, Inc.		3,869		1,352,718
Cirrus Logic, Inc.*		12,578		866,247
Cisco Systems, Inc.		36,768		1,319,971
HP, Inc.		60,821		1,092,345
Intel Corp.		24,926		1,103,723
Juniper Networks, Inc.		37,518		739,855
KLA Corp.		10,022		1,976,138
L3Harris Technologies, Inc.		10,188		1,641,389
Lam Research Corp.		6,545		2,238,914
Lumentum Holdings, Inc.*		23,224		1,920,393

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 131

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Technology Hardware & Equipment — continued
Maxim Integrated Products, Inc.		19,711		1,372,871
Micron Technology, Inc.*		17,993		905,768
Motorola Solutions, Inc.		11,594		1,832,548
NetApp, Inc.		12,334		541,339
NVIDIA Corp.		4,368		2,189,940
Skyworks Solutions, Inc.		13,300		1,879,157
SYNNEX Corp.		4,244		558,680
Teradyne, Inc.		24,392		2,142,837
Texas Instruments, Inc.		11,276		1,630,397
Xerox Holdings Corp.		66,235		1,151,164
Xilinx, Inc.		13,567		1,610,267
				34,337,174
Tobacco — 0.5%
Altria Group, Inc.		27,502		992,272
Philip Morris International, Inc.		20,309		1,442,345
				2,434,617
Travel & Leisure — 3.0%
Alaska Air Group, Inc.		2,315		87,715
Booking Holdings, Inc.*		498		808,005
Copa Holdings SA, Class A (Panama)		5,880		289,766
Darden Restaurants, Inc.		17,392		1,598,673
Delta Air Lines, Inc.		12,086		370,315
Dunkin’ Brands Group, Inc.		13,332		1,329,334
Hilton Worldwide Holdings, Inc.		17,725		1,556,432
Las Vegas Sands Corp.		19,357		930,297
Marriott International, Inc., Class A		10,900		1,012,392
McDonald’s Corp.		10,192		2,170,896
Southwest Airlines Co.		28,312		1,119,173
Starbucks Corp.		22,210		1,931,382
Wyndham Destinations, Inc.		20,717		675,996
Yum China Holdings, Inc. (China)		13,484		717,753

INVESTMENTS	SHARES		VALUE($)
Travel & Leisure — continued
Yum! Brands, Inc.		18,750		1,749,938
				16,348,067
Total Common Stocks (Cost $515,774,194)				535,418,866
Short-Term Investments — 1.3%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (b) (c) (Cost $773,854)		773,854		773,854
Investment of Cash Collateral From Securities Loaned — 1.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		5,005,899		5,006,400
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (b) (c)		1,333,596		1,333,596
Total Investment of Cash Collateral From Securities Loaned (Cost $6,340,697)				6,339,996
Total Short-Term Investments (Cost $7,114,551)				7,113,850
Total Investments — 101.1% (Cost $522,888,745)				542,532,716
Liabilities in Excess of Other Assets — (1.1%)				(5,823,075	)
NET ASSETS — 100.0%				536,709,641

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is $6,124,079.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of October 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
S&P 500 E-Mini Index		7		12/2020		USD		1,142,838		(29,339	)

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE($)
COMMON STOCKS — 99.9%
Aerospace & Defense — 0.2%
Hexcel Corp.		7,317		244,973
Huntington Ingalls Industries, Inc.		1,325		195,411
				440,384
Alternative Energy — 1.1%
Enphase Energy, Inc. *		12,299		1,206,409
SolarEdge Technologies, Inc. *		4,539		1,169,655
				2,376,064
Automobiles & Parts — 1.4%
Aptiv plc		5,927		571,896
BorgWarner, Inc.		9,265		324,090
Gentex Corp.		30,681		848,943
Genuine Parts Co.		1,573		142,246
Harley-Davidson, Inc.		21,193		696,826
Lear Corp.		4,554		550,169
				3,134,170
Banks — 1.6%
Associated Banc-Corp.		3,808		52,132
Bank of Hawaii Corp.		2,440		147,962
Citizens Financial Group, Inc.		4,931		134,370
Comerica, Inc.		2,890		131,524
Commerce Bancshares, Inc.		950		59,138
Fifth Third Bancorp		9,156		212,602
First Horizon National Corp.		9,694		100,915
First Republic Bank		2,782		350,921
FNB Corp.		11,855		89,624
Huntington Bancshares, Inc.		60,537		632,006
KeyCorp		10,826		140,521
M&T Bank Corp.		1,605		166,246
People’s United Financial, Inc.		15,688		167,391
Popular, Inc. (Puerto Rico)		8,822		372,288
Prosperity Bancshares, Inc.		2,112		116,392
Regions Financial Corp.		14,301		190,203
TCF Financial Corp.		9,921		269,950
Zions Bancorp NA		3,922		126,563
				3,460,748
Beverages — 0.6%
Brown-Forman Corp., Class B		10,984		765,695
Molson Coors Beverage Co., Class B		13,669		481,969
				1,247,664
Chemicals — 6.4%
Albemarle Corp.		7,632		711,379
Ashland Global Holdings, Inc.		9,876		689,048
Axalta Coating Systems Ltd. *		15,289		383,907

INVESTMENTS	SHARES		VALUE($)
Chemicals — continued
Cabot Corp.		17,077		649,097
Celanese Corp.		7,267		824,877
CF Industries Holdings, Inc.		20,351		561,891
Chemours Co. (The)		26,892		541,605
Eastman Chemical Co.		11,150		901,366
FMC Corp.		8,111		833,324
Huntsman Corp.		38,263		929,408
International Flavors & Fragrances, Inc.(a)		7,148		733,814
LyondellBasell Industries NV, Class A		12,213		835,980
NewMarket Corp.		1,657		592,692
Olin Corp.		18,112		299,754
PPG Industries, Inc.		7,178		931,130
RPM International, Inc.		10,417		882,007
Scotts Miracle-Gro Co. (The)		5,479		822,124
Univar Solutions, Inc. *		15,345		254,574
Valvoline, Inc.		32,893		647,005
Westlake Chemical Corp.		12,034		813,739
WR Grace & Co.		5,059		220,016
				14,058,737
Construction & Materials — 1.6%
AO Smith Corp.		12,889		666,233
Eagle Materials, Inc.		2,001		170,585
Jacobs Engineering Group, Inc.		1,241		117,895
Lennox International, Inc.		1,675		455,031
Masco Corp.		13,463		721,617
MDU Resources Group, Inc.		8,912		211,749
Owens Corning		4,089		267,707
Quanta Services, Inc.		2,559		159,758
Trane Technologies plc		6,159		817,607
				3,588,182
Electricity — 6.9%
AES Corp. (The)		50,684		988,338
Alliant Energy Corp.		15,272		844,236
Avangrid, Inc.		10,330		509,682
CMS Energy Corp.		13,571		859,452
Consolidated Edison, Inc.		12,033		944,470
DTE Energy Co.		7,407		914,172
Entergy Corp.		7,520		761,174
Evergy, Inc.		16,967		936,579
Eversource Energy		10,299		898,794
Hawaiian Electric Industries, Inc.		20,300		670,712
IDACORP, Inc.		9,999		877,212
NRG Energy, Inc.		26,366		833,693
OGE Energy Corp.		22,910		704,941
Pinnacle West Capital Corp.		9,790		798,570

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 133

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electricity — continued
PPL Corp.		31,224		858,660
Public Service Enterprise Group, Inc.		16,888		982,037
Vistra Corp.		48,278		838,589
Xcel Energy, Inc.		12,568		880,137
				15,101,448
Electronic & Electrical Equipment — 1.7%
AMETEK, Inc.		7,040		691,328
Amphenol Corp., Class A		6,923		781,191
FLIR Systems, Inc.		7,937		275,335
Hubbell, Inc.		4,128		600,665
Keysight Technologies, Inc. *		7,776		815,469
nVent Electric plc		4,168		75,232
Regal Beloit Corp.		4,424		436,428
				3,675,648
Financial Services — 3.0%
Ally Financial, Inc.		8,196		218,669
Ameriprise Financial, Inc.		2,172		349,323
Broadridge Financial Solutions, Inc.		6,499		894,262
Discover Financial Services		4,446		289,034
Element Solutions, Inc. *		54,837		642,690
Invesco Ltd.		3,741		49,044
Jefferies Financial Group, Inc.		13,408		261,590
LPL Financial Holdings, Inc.		3,726		297,819
MSCI, Inc.		2,539		888,244
Nasdaq, Inc.		2,882		348,693
Raymond James Financial, Inc.		3,038		232,225
Santander Consumer USA Holdings, Inc.		21,805		443,514
State Street Corp.		12,876		758,396
Synchrony Financial		7,244		181,245
T. Rowe Price Group, Inc.		2,810		355,915
Virtu Financial, Inc., Class A		15,015		321,021
				6,531,684
Fixed Line Telecommunications — 0.5%
CenturyLink, Inc.		62,208		536,233
GCI Liberty, Inc., Class A *		7,824		635,543
				1,171,776
Food & Drug Retailers — 0.8%
AmerisourceBergen Corp.		3,828		367,756
Casey’s General Stores, Inc.		3,506		591,006
Kroger Co. (The)		22,923		738,350
				1,697,112

INVESTMENTS	SHARES		VALUE($)
Food Producers — 3.2%
Campbell Soup Co.		13,204		616,231
Flowers Foods, Inc.		34,935		823,767
Hershey Co. (The)		5,915		813,076
Hormel Foods Corp.		12,423		604,876
Ingredion, Inc.		7,121		504,808
JM Smucker Co. (The)		7,271		815,806
Kellogg Co.		10,221		642,799
Lamb Weston Holdings, Inc.		10,025		636,086
McCormick & Co., Inc. (Non-Voting)		4,361		787,204
Post Holdings, Inc. *		3,097		266,032
Tyson Foods, Inc., Class A		10,231		585,520
				7,096,205
Forestry & Paper — 0.4%
International Paper Co.		22,674		991,987
Gas, Water & Multiutilities — 2.3%
Ameren Corp.		11,145		904,082
American Water Works Co., Inc.		6,148		925,335
Atmos Energy Corp.		8,095		742,069
CenterPoint Energy, Inc.		18,199		384,545
National Fuel Gas Co.		19,916		795,843
UGI Corp.		10,731		347,041
WEC Energy Group, Inc.		9,121		917,117
				5,016,032
General Industrials — 1.7%
AptarGroup, Inc.		3,929		448,260
Avery Dennison Corp.		7,095		981,877
Carlisle Cos., Inc.		880		109,006
ITT, Inc.		3,053		184,737
Packaging Corp. of America		5,694		651,906
Parker-Hannifin Corp.		2,158		449,641
Silgan Holdings, Inc.		9,739		335,508
Sonoco Products Co.		8,019		392,049
WestRock Co.		3,761		141,225
				3,694,209
General Retailers — 4.6%
AutoNation, Inc. *		11,774		667,939
AutoZone, Inc. *		700		790,286
Best Buy Co., Inc.		8,279		923,522
Burlington Stores, Inc. *		465		90,015
Copart, Inc. *		8,505		938,612
Dick’s Sporting Goods, Inc.		16,030		908,099
Dollar Tree, Inc. *		6,114		552,216
Foot Locker, Inc.		5,604		206,676
frontdoor, Inc. *		13,325		527,937

SEE NOTES TO FINANCIAL STATEMENTS.

134 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
General Retailers — continued
Gap, Inc. (The)		6,833		132,902
Graham Holdings Co., Class B		207		78,730
H&R Block, Inc.		9,911		171,064
IAA, Inc. *		15,388		870,807
Kohl’s Corp.		13,706		291,801
Penske Automotive Group, Inc.		5,649		289,003
Service Corp. International		18,266		845,898
Tractor Supply Co.		6,195		825,236
Williams-Sonoma, Inc.		10,222		932,349
				10,043,092
Health Care Equipment & Services — 11.1%
Acadia Healthcare Co., Inc. *		3,661		130,515
Align Technology, Inc. *		511		217,727
Amedisys, Inc. *		3,306		856,254
Bio-Rad Laboratories, Inc., Class A *		1,733		1,016,266
Bio-Techne Corp.		3,175		801,402
Bruker Corp.		7,866		334,620
Chemed Corp.		1,764		843,756
Cooper Cos., Inc. (The)		2,484		792,520
DaVita, Inc. *		8,692		749,685
Dentsply Sirona, Inc.		15,998		754,946
Encompass Health Corp.		10,912		669,015
Envista Holdings Corp. *		28,500		752,970
Globus Medical, Inc., Class A *		10,794		562,583
Henry Schein, Inc. *		10,890		692,386
Hill-Rom Holdings, Inc.		8,217		748,322
Hologic, Inc. *		15,112		1,040,008
IDEXX Laboratories, Inc. *		2,375		1,008,947
Laboratory Corp. of America Holdings *		4,624		923,736
Masimo Corp. *		3,089		691,380
Molina Healthcare, Inc. *		4,408		821,960
PerkinElmer, Inc.		6,230		807,096
QIAGEN NV * (a)		13,861		657,566
Quest Diagnostics, Inc.		6,999		854,858
Quidel Corp. *		4,322		1,159,549
ResMed, Inc.		5,071		973,328
STERIS plc		4,939		875,141
Teladoc Health, Inc. * (a)		3,798		746,155
Teleflex, Inc.		2,255		717,609
Universal Health Services, Inc., Class B		6,190		678,115
Varian Medical Systems, Inc. *		5,063		874,886
West Pharmaceutical Services, Inc.		3,338		908,170
Zimmer Biomet Holdings, Inc.		6,296		831,702
				24,493,173

INVESTMENTS	SHARES		VALUE($)
Household Goods & Home Construction — 3.9%
Church & Dwight Co., Inc.		9,433		833,783
Clorox Co. (The)		4,184		867,134
DR Horton, Inc.		13,055		872,205
Fortune Brands Home & Security, Inc.		10,153		821,073
Leggett & Platt, Inc.		19,316		806,057
Lennar Corp., Class A		10,216		717,470
NVR, Inc. *		224		885,492
PulteGroup, Inc.		20,368		830,200
Toll Brothers, Inc.		21,573		912,106
Whirlpool Corp.		5,239		969,005
				8,514,525
Industrial Engineering — 3.7%
Allison Transmission Holdings, Inc.		7,239		261,690
Crane Co.		2,346		119,059
Cummins, Inc.		4,306		946,846
Dover Corp.		4,264		472,067
Graco, Inc.		13,681		846,854
IDEX Corp.		4,453		758,747
Lincoln Electric Holdings, Inc.		4,317		439,557
Middleby Corp. (The) *		2,588		257,609
Nordson Corp.		2,569		496,922
Oshkosh Corp.		3,637		244,988
PACCAR, Inc.		4,699		401,201
Pentair plc		4,578		227,801
Rockwell Automation, Inc.		2,841		673,658
Snap-on, Inc.		5,275		830,971
Toro Co. (The)		10,687		877,403
Xylem, Inc.		3,777		329,128
				8,184,501
Industrial Metals & Mining — 1.7%
Fastenal Co.		19,021		822,278
GrafTech International Ltd.		60,159		406,073
Nucor Corp.		16,510		788,518
Reliance Steel & Aluminum Co.		8,152		888,487
Steel Dynamics, Inc.		28,703		903,570
				3,808,926
Industrial Transportation — 1.3%
CH Robinson Worldwide, Inc.		4,872		430,831
Expeditors International of Washington, Inc.		5,532		488,863
Kansas City Southern		2,680		472,055
Landstar System, Inc.		5,406		674,128
Old Dominion Freight Line, Inc.		2,992		569,587
Schneider National, Inc., Class B		7,023		154,928
				2,790,392

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 135

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Leisure Goods — 1.7%
Garmin Ltd.		8,652		899,981
Hasbro, Inc.		4,728		391,100
Polaris, Inc.		3,603		327,369
Pool Corp.		3,017		1,055,437
Take-Two Interactive Software, Inc. *		4,794		742,686
Thor Industries, Inc.		3,976		336,290
				3,752,863
Life Insurance — 0.4%
Globe Life, Inc.		6,321		512,570
Lincoln National Corp.		2,365		83,011
Principal Financial Group, Inc.		5,240		205,513
				801,094
Media — 2.3%
Cable One, Inc.		320		554,195
Discovery, Inc., Class A * (a)		19,427		393,202
Dolby Laboratories, Inc., Class A		6,382		479,161
FactSet Research Systems, Inc.		2,647		811,305
Interpublic Group of Cos., Inc. (The)		40,179		726,838
John Wiley & Sons, Inc., Class A		2,260		69,970
Liberty Media Corp.-Liberty SiriusXM, Class A *		13,417		463,826
Morningstar, Inc.		1,969		374,858
Nexstar Media Group, Inc., Class A		6,393		526,783
Omnicom Group, Inc.		9,063		427,774
Sirius XM Holdings, Inc. (a)		37,008		212,056
				5,039,968
Mining — 0.3%
Royal Gold, Inc.		6,353		754,800
Mobile Telecommunications — 0.2%
Telephone and Data Systems, Inc.		25,531		434,027
United States Cellular Corp. *		4,571		133,107
				567,134
Nonlife Insurance — 2.4%
Alleghany Corp.		54		29,534
American Financial Group, Inc.		4,678		350,569
Arch Capital Group Ltd. *		887		26,796
Arthur J Gallagher & Co.		8,248		855,400
Assurant, Inc.		3,733		464,273
Assured Guaranty Ltd.		4,891		124,867
Axis Capital Holdings Ltd.		3,465		147,921
Brown & Brown, Inc.		15,340		667,444
CNA Financial Corp.		116		3,456
Everest Re Group Ltd.		1,325		261,131
Fidelity National Financial, Inc.		7,218		225,851
First American Financial Corp.		3,812		169,977

INVESTMENTS	SHARES		VALUE($)
Nonlife Insurance — continued
Hanover Insurance Group, Inc. (The)		1,974		188,833
Hartford Financial Services Group, Inc. (The)		13,958		537,662
Mercury General Corp.		1,536		62,531
Old Republic International Corp.		27,355		445,340
Reinsurance Group of America, Inc.		2,413		243,761
WR Berkley Corp.		7,515		451,802
				5,257,148
Oil & Gas Producers — 2.8%
Apache Corp.		28,210		234,143
Cabot Oil & Gas Corp.		48,014		854,169
Concho Resources, Inc.		7,297		302,899
Continental Resources, Inc. (a)		31,698		381,327
Devon Energy Corp.		33,990		303,531
Diamondback Energy, Inc.		8,172		212,145
EQT Corp.		57,298		867,492
Hess Corp.		12,502		465,324
HollyFrontier Corp.		20,214		374,161
Marathon Oil Corp.		68,123		269,767
Marathon Petroleum Corp.		18,469		544,836
Murphy Oil Corp.		29,956		231,260
Parsley Energy, Inc., Class A		11,543		115,545
Pioneer Natural Resources Co.		7,091		564,160
WPX Energy, Inc. *		114,193		526,430
				6,247,189
Oil Equipment, Services & Distribution — 2.0%
Antero Midstream Corp.		146,683		840,494
Baker Hughes Co.		36,179		534,364
Cheniere Energy, Inc. *		8,339		399,188
Equitrans Midstream Corp.		16,852		122,346
Halliburton Co.		52,337		631,184
Helmerich & Payne, Inc.		31,058		461,832
National Oilwell Varco, Inc.		42,264		355,018
Targa Resources Corp.		16,490		264,664
Williams Cos., Inc. (The)		42,537		816,285
				4,425,375
Personal Goods — 2.4%
Capri Holdings Ltd. *		11,389		241,675
Carter’s, Inc.		7,110		579,110
Hanesbrands, Inc.		46,239		743,061
Lululemon Athletica, Inc. *		2,435		777,471
Nu Skin Enterprises, Inc., Class A		9,624		474,944
PVH Corp.		3,542		206,463
Ralph Lauren Corp.		7,075		472,964
Skechers U.S.A., Inc., Class A *		19,124		606,422

SEE NOTES TO FINANCIAL STATEMENTS.

136 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Personal Goods — continued
Tapestry, Inc.		18,796		417,835
Tiffany & Co.		5,816		760,965
				5,280,910
Pharmaceuticals & Biotechnology — 3.1%
Alexion Pharmaceuticals, Inc.*		5,843		672,763
Cardinal Health, Inc.		11,345		519,487
Charles River Laboratories International, Inc.*		4,301		979,338
Horizon Therapeutics plc*		12,304		921,939
Ionis Pharmaceuticals, Inc.*		6,092		286,019
Jazz Pharmaceuticals plc*		5,142		740,962
Mylan NV*		20,435		297,125
Neurocrine Biosciences, Inc.*		5,190		512,097
Perrigo Co. plc		9,795		429,707
Royalty Pharma plc, Class A		9,661		354,559
Syneos Health, Inc.*		5,822		309,032
United Therapeutics Corp.*		6,264		840,817
				6,863,845
Real Estate Investment & Services — 0.2%
CBRE Group, Inc., Class A*		5,302		267,221
Jones Lang LaSalle, Inc.		1,267		142,993
				410,214
Real Estate Investment Trusts — 4.3%
Alexandria Real Estate Equities, Inc.		2,165		328,041
American Campus Communities, Inc.		1,370		51,320
Annaly Capital Management, Inc.		29,709		210,637
AvalonBay Communities, Inc.		2,270		315,825
Brandywine Realty Trust		9,863		86,400
Brixmor Property Group, Inc.		5,572		61,069
Camden Property Trust		2,630		242,591
CoreSite Realty Corp.		2,094		249,940
CubeSmart		783		26,567
Duke Realty Corp.		11,680		443,723
Equity Commonwealth		11,567		305,600
Equity LifeStyle Properties, Inc.		5,761		340,994
Extra Space Storage, Inc.		2,955		342,632
Gaming and Leisure Properties, Inc.		16,816		611,262
Healthpeak Properties, Inc.		26,694		719,937
Highwoods Properties, Inc.		4,067		121,075
Hudson Pacific Properties, Inc.		4,955		95,433
Iron Mountain, Inc.		5,005		130,430
Lamar Advertising Co., Class A		4,140		256,514
Medical Properties Trust, Inc.		41,332		736,536
Mid-America Apartment Communities, Inc.		1,951		227,545
National Retail Properties, Inc.		2,308		73,879

INVESTMENTS	SHARES		VALUE($)
Real Estate Investment Trusts — continued
New Residential Investment Corp.		57,365		430,238
Omega Healthcare Investors, Inc.		4,936		142,206
Outfront Media, Inc.		7,645		100,226
Spirit Realty Capital, Inc.		11,183		336,049
Starwood Property Trust, Inc.		39,456		551,200
Sun Communities, Inc.		2,255		310,356
VICI Properties, Inc.		25,090		575,816
Vornado Realty Trust		791		24,308
Weingarten Realty Investors		4,819		76,429
Welltower, Inc.		4,324		232,502
WP Carey, Inc.		9,930		621,717
				9,378,997
Software & Computer Services — 6.4%
Akamai Technologies, Inc.*		1,883		179,111
Amdocs Ltd.		13,564		764,738
ANSYS, Inc.*		2,741		834,278
Black Knight, Inc.*		6,850		602,457
Cadence Design Systems, Inc.*		8,313		909,193
Cerner Corp.		8,476		594,083
Citrix Systems, Inc.		5,828		660,138
EPAM Systems, Inc.*		2,087		644,779
Fortinet, Inc.*		5,611		619,286
IAC/InterActiveCorp*		3,193		385,459
IQVIA Holdings, Inc.*		5,493		845,867
Leidos Holdings, Inc.		7,870		653,210
Manhattan Associates, Inc.*		7,691		657,581
National Instruments Corp.		1,335		41,759
NortonLifeLock, Inc.		28,422		584,641
Nuance Communications, Inc.*		26,439		843,668
Paycom Software, Inc.*		685		249,402
SS&C Technologies Holdings, Inc.		14,320		848,030
Synopsys, Inc.*		4,211		900,564
Tyler Technologies, Inc.*		1,720		661,134
Veeva Systems, Inc., Class A*		3,265		881,713
VeriSign, Inc.*		3,940		751,358
				14,112,449
Support Services — 2.4%
ADT, Inc.		19,613		129,250
Booz Allen Hamilton Holding Corp.		10,356		812,946
Cintas Corp.		1,934		608,340
Jack Henry & Associates, Inc.		4,542		673,351
MSC Industrial Direct Co., Inc., Class A		7,788		542,512
Paychex, Inc.		5,110		420,297
Republic Services, Inc.		5,641		497,367

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 137

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Support Services — 2.4%
Robert Half International, Inc.		5,979		303,075
TransUnion		6,283		500,504
Western Union Co. (The)		8,990		174,766
WW Grainger, Inc.		2,003		701,090
				5,363,498
Technology Hardware & Equipment — 6.2%
CDW Corp.		7,066		866,292
Ciena Corp.*		14,101		555,438
Cirrus Logic, Inc.*		7,911		544,831
Entegris, Inc.		10,203		762,878
Juniper Networks, Inc.		26,029		513,292
KLA Corp.		4,552		897,563
Lumentum Holdings, Inc.*		9,337		772,077
Marvell Technology Group Ltd.		17,668		662,727
Maxim Integrated Products, Inc.		11,413		794,916
Microchip Technology, Inc.		3,268		343,401
Monolithic Power Systems, Inc.		3,027		967,429
Motorola Solutions, Inc.		5,306		838,666
NetApp, Inc.		7,466		327,683
ON Semiconductor Corp.*		8,242		206,792
Qorvo, Inc.*		7,315		931,638
Skyworks Solutions, Inc.		5,342		754,771
SYNNEX Corp.		2,766		364,116
Teradyne, Inc.		11,332		995,516
Ubiquiti, Inc.		835		154,984
Western Digital Corp.		330		12,451
Xerox Holdings Corp.		27,075		470,564
Xilinx, Inc.		8,003		949,876
				13,687,901
Travel & Leisure — 3.1%
Alaska Air Group, Inc.		1,336		50,621
Choice Hotels International, Inc.		5,202		454,395
Copa Holdings SA, Class A (Panama)		10,197		502,508
Darden Restaurants, Inc.		7,847		721,296
Dunkin’ Brands Group, Inc.		9,333		930,593
Extended Stay America, Inc.		33,492		380,134
Hilton Worldwide Holdings, Inc.		8,883		780,016
Hyatt Hotels Corp., Class A		8,462		466,595
Six Flags Entertainment Corp.		5,037		108,900
Vail Resorts, Inc.		2,871		666,187
Wendy’s Co. (The)		26,623		581,713
Wyndham Destinations, Inc.		10,552		344,312
Yum China Holdings, Inc. (China)		16,353		870,470
				6,857,740
Total Common Stocks (Cost $210,251,864)				219,917,784

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 1.4%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01%(b)(c)(Cost $147,665)		147,665		147,665
Investment of Cash Collateral from Securities Loaned — 1.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		500		500
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (b) (c)		3,052,553		3,052,553
Total Investment of Cash Collateral from Securities Loaned (Cost $3,053,053)				3,053,053
Total Short-Term Investments (Cost $3,200,718)				3,200,718
Total Investments — 101.3% (Cost $213,452,582)				223,118,502
Liabilities in Excess of Other Assets — (1.3%)				(2,910,656	)
NET ASSETS — 100.0%				220,207,846

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is $2,902,255.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of October 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

138 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

Futures contracts outstanding as of October 31, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P Midcap 400 E-Mini Index		1		12/2020		USD		189,530		4,503

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 139

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE($)
COMMON STOCKS — 99.8%
Aerospace & Defense — 0.2%
Aerojet Rocketdyne Holdings, Inc. *		4,320		140,054
ManTech International Corp., Class A		1,465		95,049
Moog, Inc., Class A		1,645		102,632
Park Aerospace Corp.		1,358		14,381
				352,116
Alternative Energy — 2.3%
Arcosa, Inc.		9,347		431,551
Green Plains, Inc. * (a)		32,838		495,854
Maxeon Solar Technologies Ltd. * (a)		4,758		77,080
Plug Power, Inc. * (a)		38,270		535,780
Renewable Energy Group, Inc. *		11,476		647,247
REX American Resources Corp. *		2,816		204,695
SunPower Corp. * (a)		38,065		608,659
TPI Composites, Inc. *		14,045		465,170
				3,466,036
Automobiles & Parts — 0.9%
Cooper Tire & Rubber Co.		12,710		437,097
Dorman Products, Inc. *		5,242		467,953
Gentherm, Inc. *		9,168		424,387
				1,329,437
Banks — 3.2%
1st Source Corp.		792		26,524
Ameris Bancorp		2,395		70,174
Atlantic Union Bankshares Corp.		3,304		83,558
BancFirst Corp.		1,709		75,965
BancorpSouth Bank		3,174		74,303
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		5,195		137,460
Banner Corp.		2,196		80,967
Brookline Bancorp, Inc.		5,824		55,794
Cadence BanCorp		5,599		62,821
Capital City Bank Group, Inc. (a)		593		12,637
Capitol Federal Financial, Inc.		5,673		65,126
Cathay General Bancorp		2,792		65,696
Columbia Banking System, Inc.		3,123		88,724
Community Bank System, Inc.		4,971		288,268
Community Trust Bancorp, Inc.		1,823		58,008
CVB Financial Corp.		2,979		52,133
Dime Community Bancshares, Inc.		6,477		81,934
First BanCorp (Puerto Rico)		7,704		49,999
First Busey Corp.		380		6,836
First Financial Bancorp		2,768		39,582
First Financial Bankshares, Inc.		4,067		121,237

INVESTMENTS	SHARES		VALUE($)
Banks — continued
First Financial Corp.		507		17,603
First Merchants Corp.		831		21,697
First Midwest Bancorp, Inc.		2,595		32,567
Fulton Financial Corp.		6,561		72,105
Glacier Bancorp, Inc.		6,098		218,308
Hancock Whitney Corp.		2,785		63,693
Hilltop Holdings, Inc.		7,055		160,925
Home BancShares, Inc.		5,499		91,283
Hope Bancorp, Inc.		7,543		60,872
Houlihan Lokey, Inc.		4,826		302,590
Independent Bank Corp.		744		42,624
Investors Bancorp, Inc.		23,639		199,986
NBT Bancorp, Inc.		1,059		28,995
OceanFirst Financial Corp.		8,793		131,631
OFG Bancorp (Puerto Rico)		5,182		74,569
Old National Bancorp		17,214		240,652
Renasant Corp. (a)		1,238		35,295
Republic Bancorp, Inc., Class A		1,422		47,395
Sandy Spring Bancorp, Inc.		1,067		27,049
Simmons First National Corp., Class A		4,507		76,574
TrustCo Bank Corp.		6,394		35,135
Trustmark Corp.		8,261		193,225
UMB Financial Corp.		1,778		108,227
United Bankshares, Inc.		8,698		228,149
United Community Banks, Inc. (a)		5,286		110,689
Valley National Bancorp		15,417		117,786
Washington Federal, Inc.		9,908		210,941
WesBanco, Inc.		4,774		115,961
Westamerica BanCorp		2,921		152,973
				4,817,245
Beverages — 0.2%
Coca-Cola Consolidated, Inc.		1,396		319,614
Chemicals — 4.4%
AdvanSix, Inc. *		1,630		24,809
American Vanguard Corp.		7,850		101,422
Avient Corp.		14,960		464,807
Balchem Corp.		3,982		398,001
Ferro Corp. *		11,774		151,414
GCP Applied Technologies, Inc. *		13,009		283,726
HB Fuller Co.		9,105		412,001
Innospec, Inc.		5,087		336,454
Koppers Holdings, Inc. *		11,177		250,700
Kraton Corp. *		16,859		477,110
Kronos Worldwide, Inc. (a)		16,507		219,873

SEE NOTES TO FINANCIAL STATEMENTS.

140 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Chemicals — continued
Materion Corp. (a)		6,745		345,277
Minerals Technologies, Inc.		8,081		441,950
Orion Engineered Carbons SA (Germany)		22,796		334,417
Quaker Chemical Corp. (a)		1,585		302,402
Rayonier Advanced Materials, Inc. *		43,761		150,100
Sensient Technologies Corp.		7,652		500,670
Stepan Co.		3,948		459,705
Tredegar Corp.		6,751		98,430
Trinseo SA		12,304		391,513
Tronox Holdings plc, Class A		40,685		397,493
				6,542,274
Construction & Materials — 3.8%
Advanced Drainage Systems, Inc.		4,044		256,511
Aegion Corp. *		3,527		49,766
Alpha Pro Tech Ltd. * (a)		23,859		338,559
Apogee Enterprises, Inc.		4,513		107,816
BMC Stock Holdings, Inc. *		5,260		208,243
Boise Cascade Co.		8,220		315,484
Builders FirstSource, Inc. *		14,985		454,045
Comfort Systems USA, Inc.		5,082		232,756
EMCOR Group, Inc.		2,892		197,205
Gibraltar Industries, Inc. *		2,513		144,372
GMS, Inc. *		3,983		90,016
Great Lakes Dredge & Dock Corp. *		7,787		80,440
Griffon Corp.		5,456		116,977
Installed Building Products, Inc. *		2,046		185,245
JELD-WEN Holding, Inc. *		4,435		93,268
KBR, Inc.		7,365		164,166
Louisiana-Pacific Corp.		6,672		190,686
Masonite International Corp. *		1,971		173,448
MasTec, Inc. * (a)		3,757		186,497
Mueller Water Products, Inc., Class A		12,424		128,713
Patrick Industries, Inc.		2,550		142,162
PGT Innovations, Inc. *		6,583		109,146
Quanex Building Products Corp.		4,665		84,903
Simpson Manufacturing Co., Inc.		3,699		328,175
Tetra Tech, Inc.		4,658		470,039
TopBuild Corp. *		3,042		466,065
US Concrete, Inc. *		1,666		56,577
Watts Water Technologies, Inc., Class A		2,761		305,836
				5,677,116
Electricity — 3.2%
ALLETE, Inc.		2,431		125,391
Black Hills Corp. (a)		5,366		304,037

INVESTMENTS	SHARES		VALUE($)
Electricity — continued
Brookfield Renewable Corp.		8,745		583,904
Clearway Energy, Inc.		11,052		289,673
Clearway Energy, Inc., Class C		18,770		528,563
MGE Energy, Inc.		4,442		288,819
NorthWestern Corp.		8,655		451,185
Ormat Technologies, Inc. (a)		5,717		405,164
PNM Resources, Inc.		9,559		477,950
Portland General Electric Co.		8,280		325,404
Spark Energy, Inc., Class A (a)		15,652		142,746
Sunrun, Inc. *		14,698		764,590
				4,687,426
Electronic & Electrical Equipment — 1.5%
Atkore International Group, Inc. *		5,421		112,161
AZZ, Inc.		3,783		127,071
Badger Meter, Inc.		4,409		323,356
Belden, Inc.		563		17,385
Benchmark Electronics, Inc.		2,626		54,700
Brady Corp., Class A		3,287		123,986
CTS Corp.		1,213		33,527
Daktronics, Inc.		2,503		9,762
Encore Wire Corp.		2,947		136,181
EnerSys		2,436		174,418
ESCO Technologies, Inc.		1,897		158,760
Fabrinet (Thailand) *		3,597		215,892
Methode Electronics, Inc.		2,768		85,171
Novanta, Inc. *		2,288		248,751
Plexus Corp. *		3,260		226,700
TTM Technologies, Inc. *		5,582		66,258
Vishay Intertechnology, Inc.		6,887		111,707
				2,225,786
Financial Services — 2.1%
Artisan Partners Asset Management, Inc., Class A		12,100		484,726
Brightsphere Investment Group, Inc.		8,920		123,096
Cannae Holdings, Inc. *		12,594		465,726
Cohen & Steers, Inc.		4,991		281,043
Encore Capital Group, Inc. *		2,711		86,562
Federated Hermes, Inc., Class B		10,762		257,212
NMI Holdings, Inc., Class A *		5,812		124,900
PennyMac Financial Services, Inc.		8,888		451,688
PRA Group, Inc. *		1,976		67,441
Radian Group, Inc.		18,807		337,586
Stewart Information Services Corp.		5,710		242,047
Waddell & Reed Financial, Inc., Class A (a)		10,489		161,006
				3,083,033

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 141

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Fixed Line Telecommunications — 0.9%
8x8, Inc.*		5,277		91,187
Cincinnati Bell, Inc.*		21,916		329,836
Consolidated Communications Holdings, Inc.*		50,376		235,256
GTT Communications, Inc.* (a)		9,732		35,911
IDT Corp., Class B*		18,364		175,009
Vonage Holdings Corp.*		42,699		451,755
				1,318,954
Food & Drug Retailers — 0.5%
Core-Mark Holding Co., Inc.		2,483		67,910
Ingles Markets, Inc., Class A		4,915		176,252
PetMed Express, Inc. (a)		9,698		286,867
SpartanNash Co.		10,209		187,948
				718,977
Food Producers — 2.5%
Andersons, Inc. (The)		2,088		45,289
B&G Foods, Inc. (a)		11,218		297,950
Calavo Growers, Inc. (a)		595		39,942
Darling Ingredients, Inc.*		6,128		263,504
Fresh Del Monte Produce, Inc.		15,112		325,361
Hostess Brands, Inc.* (a)		26,340		332,938
J&J Snack Foods Corp.		2,379		322,521
John B Sanfilippo & Son, Inc.		3,592		261,354
Lancaster Colony Corp.		2,498		415,018
Medifast, Inc.		2,801		393,512
Nature’s Sunshine Products, Inc.*		1,033		10,764
Sanderson Farms, Inc.		2,550		326,324
Tootsie Roll Industries, Inc. (a)		9,923		296,499
USANA Health Sciences, Inc.* (a)		4,988		377,342
				3,708,318
Forestry & Paper — 1.3%
Clearwater Paper Corp.*		9,287		345,012
Domtar Corp.		12,925		308,649
Glatfelter Corp.		12,111		172,824
Neenah, Inc.		5,319		200,154
Schweitzer-Mauduit International, Inc.		11,726		389,303
UFP Industries, Inc.		7,799		389,248
Verso Corp., Class A		18,125		141,013
				1,946,203
Gas, Water & Multiutilities — 2.6%
American States Water Co.		4,888		365,085
Avista Corp.		9,505		315,756
Brookfield Infrastructure Corp., Class A (Canada)		4,382		238,688
California Water Service Group		2,542		113,297

INVESTMENTS	SHARES		VALUE($)
Gas, Water & Multiutilities — continued
Chesapeake Utilities Corp. (a)		1,768		171,867
Evoqua Water Technologies Corp.*		22,712		520,786
Middlesex Water Co. (a)		1,530		98,134
New Jersey Resources Corp. (a)		7,470		217,975
Northwest Natural Holding Co.		6,384		283,705
ONE Gas, Inc.		4,961		342,507
SJW Group (a)		4,883		296,349
South Jersey Industries, Inc. (a)		14,661		282,517
Southwest Gas Holdings, Inc.		4,809		316,048
Spire, Inc.		5,707		319,820
				3,882,534
General Industrials — 0.5%
Barnes Group, Inc.		3,049		111,898
CSW Industrials, Inc.		1,227		104,945
Enerpac Tool Group Corp. (a)		3,212		57,270
Greif, Inc., Class A		3,284		133,298
Myers Industries, Inc.		3,058		43,852
Otter Tail Corp.		7,648		293,301
TriMas Corp.*		1,838		44,718
				789,282
General Retailers — 6.3%
1-800-Flowers.com, Inc., Class A* (a)		10,600		210,198
Aaron’s Holdings Co., Inc.		6,178		322,862
Abercrombie & Fitch Co., Class A		20,562		292,392
American Eagle Outfitters, Inc.		11,114		152,373
American Public Education, Inc.*		4,600		130,042
America’s Car-Mart, Inc.*		1,905		164,821
Asbury Automotive Group, Inc.*		3,005		309,455
Bed Bath & Beyond, Inc. (a)		25,429		503,494
Big Lots, Inc.		4,402		209,535
BJ’s Wholesale Club Holdings, Inc.*		10,821		414,336
Buckle, Inc. (The)		17,566		420,881
Caleres, Inc.		4,831		37,102
Carriage Services, Inc.		2,602		67,158
Cato Corp. (The), Class A		3,739		22,883
Citi Trends, Inc. (a)		3,676		95,980
Dillard’s, Inc., Class A (a)		4,982		222,845
Genesco, Inc.*		6,133		108,677
Group 1 Automotive, Inc.		4,942		524,247
Guess?, Inc. (a)		7,391		87,066
Haverty Furniture Cos., Inc. (a)		7,608		190,352
Hibbett Sports, Inc.* (a)		4,470		169,011
K12, Inc.*		9,120		217,694
Laureate Education, Inc., Class A* (a)		24,020		312,260

SEE NOTES TO FINANCIAL STATEMENTS.

142 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
General Retailers — continued
Lithia Motors, Inc., Class A		1,853		425,393
Matthews International Corp., Class A		1,343		29,318
Murphy USA, Inc. *		3,294		402,823
ODP Corp. (The)		11,967		233,356
Perdoceo Education Corp. *		16,673		188,238
PriceSmart, Inc.		2,151		148,419
Rent-A-Center, Inc.		15,250		471,225
RH * (a)		983		329,531
Sally Beauty Holdings, Inc. *		19,012		159,130
Shoe Carnival, Inc. (a)		10,439		323,400
SiteOne Landscape Supply, Inc. *		2,949		352,376
Sonic Automotive, Inc., Class A		4,243		153,003
Stamps.com, Inc. *		970		216,543
Strategic Education, Inc.		1,981		164,542
Systemax, Inc.		2,106		59,874
Titan Machinery, Inc. *		2,025		30,355
WW International, Inc. *		2,682		56,751
Zumiez, Inc. *		15,473		433,244
				9,363,185
Health Care Equipment & Services — 8.0%
Accuray, Inc. *		10,521		30,616
AdaptHealth Corp. *		5,951		162,462
Addus HomeCare Corp. *		2,060		200,994
Anika Therapeutics, Inc. *		2,946		96,099
AtriCure, Inc. *		5,889		203,524
Atrion Corp.		106		63,722
Avanos Medical, Inc. *		3,947		139,526
Axogen, Inc. *		3,403		42,912
BioTelemetry, Inc. *		3,085		131,359
Brookdale Senior Living, Inc. *		18,483		54,340
CONMED Corp. (a)		4,526		352,892
CorVel Corp. *		1,207		110,103
Ensign Group, Inc. (The)		6,779		398,876
Fulgent Genetics, Inc. * (a)		5,812		189,064
Healthcare Services Group, Inc.		5,071		116,025
HealthEquity, Inc. *		2,206		113,587
HMS Holdings Corp. *		10,952		291,542
Inogen, Inc. *		654		19,103
Integer Holdings Corp. *		4,526		264,545
Intersect ENT, Inc. *		3,471		53,801
Invacare Corp.		11,825		95,901
iRhythm Technologies, Inc. *		1,364		288,418
Lantheus Holdings, Inc. *		6,864		74,543
LENSAR, Inc. *		1,899		18,534
LHC Group, Inc. *		2,224		481,607

INVESTMENTS	SHARES		VALUE($)
Health Care Equipment & Services — continued
LivaNova plc *		2,236		112,560
Magellan Health, Inc. *		5,099		368,505
Meridian Bioscience, Inc. *		21,845		374,642
Merit Medical Systems, Inc. *		7,838		392,292
Natus Medical, Inc.*		9,383		170,864
Neogen Corp. *		5,545		386,708
NeoGenomics, Inc. * (a)		12,569		493,082
Nevro Corp. *		2,169		323,637
NuVasive, Inc. * (a)		5,627		250,008
Omnicell, Inc. * (a)		5,201		450,147
Option Care Health, Inc. *		4,511		60,132
OraSure Technologies, Inc. * (a)		29,245		436,920
Orthofix Medical, Inc. *		2,649		82,808
Owens & Minor, Inc.		26,998		678,190
Patterson Cos., Inc. (a)		16,370		407,204
Pennant Group, Inc. (The) *		6,049		252,001
Providence Service Corp. (The) *		2,926		343,951
RadNet, Inc. *		6,773		98,276
Select Medical Holdings Corp. *		16,582		347,890
STAAR Surgical Co. *		6,678		484,155
Surgery Partners, Inc. *		14,923		325,620
Surmodics, Inc. *		3,663		134,615
Tactile Systems Technology, Inc. *		307		11,230
Tenet Healthcare Corp. *		3,939		96,663
Tivity Health, Inc. * (a)		12,295		169,056
US Physical Therapy, Inc. (a)		1,378		109,317
Varex Imaging Corp. *		4,825		64,655
Wright Medical Group NV *		9,639		294,857
Zynex, Inc. *		14,317		183,401
				11,897,481
Household Goods & Home Construction — 5.0%
ACCO Brands Corp.		26,605		140,208
American Woodmark Corp. *		3,998		330,275
Beazer Homes USA, Inc. *		8,840		107,671
Cavco Industries, Inc. *		554		95,366
Central Garden & Pet Co., Class A *		9,230		326,650
CompX International, Inc.		1,372		17,342
Ethan Allen Interiors, Inc.		17,756		284,984
Hamilton Beach Brands Holding Co., Class A		3,301		72,787
Herman Miller, Inc.		10,735		327,095
HNI Corp.		10,733		349,359
Interface, Inc.		30,430		186,536
KB Home		12,723		410,317
Kimball International, Inc., Class B		6,887		70,936
Knoll, Inc.		15,284		175,155

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 143

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Household Goods & Home Construction — continued
La-Z-Boy, Inc.		14,240		487,435
LGI Homes, Inc. *		4,159		444,514
M/I Homes, Inc. *		10,795		441,731
MDC Holdings, Inc.		10,621		462,226
Meritage Homes Corp. *		4,821		419,861
National Presto Industries, Inc.		1,620		134,606
Sleep Number Corp. * (a)		8,087		512,392
Steelcase, Inc., Class A		27,708		289,272
Taylor Morrison Home Corp. *		19,766		426,946
TRI Pointe Group, Inc. *		27,023		443,988
WD-40 Co. (a)		2,225		541,520
				7,499,172
Industrial Engineering — 2.3%
Albany International Corp., Class A		3,863		196,781
Astec Industries, Inc.		5,615		285,242
Chart Industries, Inc. *		4,343		366,766
CIRCOR International, Inc. *		1,518		42,352
Columbus McKinnon Corp.		7,103		240,721
EnPro Industries, Inc.		2,638		155,695
Federal Signal Corp.		3,757		107,751
Franklin Electric Co., Inc.		4,605		275,057
GATX Corp.		2,092		142,842
Hillenbrand, Inc.		9,549		279,308
John Bean Technologies Corp.		1,182		99,252
Kennametal, Inc.		3,094		95,914
Meritor, Inc. *		16,166		393,480
Mueller Industries, Inc.		7,745		224,063
Rexnord Corp.		5,743		184,235
Standex International Corp.		1,222		75,874
Tennant Co.		2,103		125,381
Wabash National Corp.		7,722		110,116
				3,400,830
Industrial Metals & Mining — 1.9%
Arconic Corp. *		19,588		425,843
Carpenter Technology Corp.		11,512		201,230
Century Aluminum Co. * (a)		45,313		298,159
Commercial Metals Co.		21,664		447,362
Haynes International, Inc.		6,331		102,625
Kaiser Aluminum Corp.		4,613		290,296
Olympic Steel, Inc.		4,165		47,523
RBC Bearings, Inc. *		2,291		272,743
Schnitzer Steel Industries, Inc., Class A		6,535		137,235
Worthington Industries, Inc.		10,679		525,514
				2,748,530

INVESTMENTS	SHARES		VALUE($)
Industrial Transportation — 1.8%
ArcBest Corp.		3,740		114,145
Atlas Air Worldwide Holdings, Inc. *		3,193		188,898
DHT Holdings, Inc.		83,704		402,616
Echo Global Logistics, Inc. *		4,181		112,762
Forward Air Corp.		2,871		180,787
Frontline Ltd. (Norway) (a)		30,799		166,623
Heartland Express, Inc.		2,643		48,393
Hub Group, Inc., Class A *		3,331		166,983
Matson, Inc.		2,926		152,006
Nordic American Tankers Ltd. (a)		4,511		13,127
Saia, Inc. *		2,285		337,403
Scorpio Tankers, Inc. (Monaco) (a)		1,105		9,746
SEACOR Holdings, Inc. *		5,640		172,753
SFL Corp. Ltd. (Norway)		12,338		80,320
Triton International Ltd. (Bermuda)		8,790		324,175
Werner Enterprises, Inc. (a)		6,567		249,677
				2,720,414
Leisure Goods — 2.1%
Callaway Golf Co.		16,805		260,310
Fox Factory Holding Corp. *		5,099		428,724
Funko, Inc., Class A *		4,660		29,544
LCI Industries		4,017		440,504
Sonos, Inc. *		31,394		458,352
Sturm Ruger & Co., Inc.		5,946		397,550
Universal Electronics, Inc. *		6,099		226,029
Winnebago Industries, Inc.		7,936		372,595
YETI Holdings, Inc. *		9,091		449,823
				3,063,431
Life Insurance — 0.3%
American Equity Investment Life Holding Co.		7,210		178,952
CNO Financial Group, Inc.		12,503		221,928
FBL Financial Group, Inc., Class A (a)		986		48,995
National Western Life Group, Inc., Class A		214		36,301
				486,176
Media — 0.6%
Gray Television, Inc. *		19,110		242,315
MSG Networks, Inc., Class A * (a)		5,232		46,774
QuinStreet, Inc. *		6,886		110,210
Scholastic Corp.		2,186		43,195
TEGNA, Inc.		23,385		281,322
Yelp, Inc. *		4,769		93,806
				817,622

SEE NOTES TO FINANCIAL STATEMENTS.

144 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Mining — 1.9%
Arch Resources, Inc. (a)		4,123		125,958
Coeur Mining, Inc. *		58,345		412,499
Compass Minerals International, Inc.		7,768		469,032
CONSOL Energy, Inc. *		30,395		115,197
Gold Resource Corp.		19,071		52,254
Hecla Mining Co.		80,582		369,066
NACCO Industries, Inc., Class A		2,085		40,637
Novagold Resources, Inc. (Canada) *		41,965		434,757
Peabody Energy Corp. *		81,510		105,148
SunCoke Energy, Inc.		60,699		211,839
US Silica Holdings, Inc. (a)		64,550		175,576
Warrior Met Coal, Inc.		22,516		337,740
				2,849,703
Mobile Telecommunications — 0.6%
Anterix, Inc. *		2,748		87,716
Iridium Communications, Inc. *		15,985		422,164
Shenandoah Telecommunications Co.		8,338		363,704
				873,584
Nonlife Insurance — 1.5%
Employers Holdings, Inc.		5,193		166,228
Enstar Group Ltd. *		585		100,544
Essent Group Ltd.		6,656		265,242
Horace Mann Educators Corp.		2,903		98,441
James River Group Holdings Ltd.		2,609		121,919
Kinsale Capital Group, Inc.		1,603		300,514
Mr Cooper Group, Inc. *		23,013		485,114
Protective Insurance Corp., Class B		223		2,932
RLI Corp.		3,786		328,246
Safety Insurance Group, Inc.		1,995		139,650
Selective Insurance Group, Inc.		2,771		144,258
State Auto Financial Corp.		930		11,476
				2,164,564
Oil & Gas Producers — 2.8%
Berry Corp.		32,295		84,613
Bonanza Creek Energy, Inc. *		10,847		192,100
Brigham Minerals, Inc., Class A		8,467		74,679
CNX Resources Corp. *		28,467		276,130
Comstock Resources, Inc. *		19,766		104,957
CVR Energy, Inc. (a)		16,544		182,149
Gulfport Energy Corp. * (a)		122,439		31,344
Kosmos Energy Ltd. (Ghana)		169,458		168,492
Magnolia Oil & Gas Corp., Class A * (a)		32,085		139,249
Matador Resources Co. *		35,356		249,967

INVESTMENTS	SHARES		VALUE($)
Oil & Gas Producers — continued
Montage Resources Corp. *		23,842		118,018
Ovintiv, Inc. (a)		37,268		342,866
Par Pacific Holdings, Inc. *		11,662		75,103
PBF Energy, Inc., Class A (a)		26,782		125,072
PDC Energy, Inc. *		21,155		252,168
Penn Virginia Corp. * (a)		30,442		233,795
ProPetro Holding Corp. *		49,387		195,079
Range Resources Corp.		62,825		413,389
SM Energy Co. (a)		76,113		122,542
Southwestern Energy Co. *		95,875		255,986
Talos Energy, Inc. * (a)		24,080		158,446
W&T Offshore, Inc. * (a)		28,215		39,501
Whiting Petroleum Corp. *		4,641		67,759
World Fuel Services Corp.		11,105		233,760
				4,137,164
Oil Equipment, Services & Distribution — 1.9%
Archrock, Inc.		45,096		267,419
Cactus, Inc., Class A		16,423		279,191
DMC Global, Inc. (a)		5,565		197,947
Dril-Quip, Inc. *		8,699		225,304
Golar LNG Ltd. (Cameroon) * (a)		1,038		7,837
Helix Energy Solutions Group, Inc. * (a)		82,086		203,573
Liberty Oilfield Services, Inc., Class A		27,174		181,522
Matrix Service Co. *		15,110		114,836
MRC Global, Inc. *		37,615		160,240
Nabors Industries Ltd.		12,225		347,434
Newpark Resources, Inc. *		25,483		18,223
NexTier Oilfield Solutions, Inc. * (a)		54,130		102,306
NOW, Inc. *		37,182		151,331
Oceaneering International, Inc. *		18,445		75,256
Oil States International, Inc. *		15,885		39,554
Patterson-UTI Energy, Inc.		78,175		200,128
RPC, Inc. * (a)		23,087		54,947
Solaris Oilfield Infrastructure, Inc., Class A		32,839		194,735
Tidewater, Inc. *		1,889		11,070
				2,832,853
Personal Goods — 1.8%
Crocs, Inc. *		11,599		606,976
Deckers Outdoor Corp. *		2,282		578,190
elf Beauty, Inc. *		10,934		221,632
Helen of Troy Ltd. *		2,286		433,426
Inter Parfums, Inc.		1,509		61,960
Movado Group, Inc.		2,058		22,453
Oxford Industries, Inc. (a)		5,502		226,517

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 145

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Personal Goods — continued
Signet Jewelers Ltd. (a)		5,755		128,221
Steven Madden Ltd.		13,222		317,460
Vera Bradley, Inc. *		17,415		110,411
				2,707,246
Pharmaceuticals & Biotechnology — 5.0%
Allogene Therapeutics, Inc. * (a)		5,172		175,434
ANI Pharmaceuticals, Inc. *		4,074		103,846
Arena Pharmaceuticals, Inc. *		6,399		548,522
Arrowhead Pharmaceuticals, Inc. *		8,307		475,991
Castle Biosciences, Inc. *		4,155		192,917
Catalyst Pharmaceuticals, Inc. *		30,278		89,926
Codexis, Inc. *		10,879		144,799
Collegium Pharmaceutical, Inc. * (a)		11,522		205,437
Corcept Therapeutics, Inc. * (a)		11,334		190,185
Dicerna Pharmaceuticals, Inc. *		10,331		216,848
Eagle Pharmaceuticals, Inc. *		2,034		94,622
Emergent BioSolutions, Inc. *		3,552		319,573
Enanta Pharmaceuticals, Inc. *		2,037		88,874
FibroGen, Inc. *		3,087		118,479
Halozyme Therapeutics, Inc. *		6,354		177,912
Heron Therapeutics, Inc. * (a)		4,419		72,074
Heska Corp. * (a)		1,100		129,063
ImmunoGen, Inc. *		5,085		28,679
Immunovant, Inc. *		4,165		181,677
Innoviva, Inc. *		20,069		216,946
Ironwood Pharmaceuticals, Inc. *		9,151		90,412
Kodiak Sciences, Inc. * (a)		4,392		398,838
Lannett Co., Inc. * (a)		10,931		70,286
Lexicon Pharmaceuticals, Inc. *		6,799		7,547
Ligand Pharmaceuticals, Inc. * (a)		1,102		90,860
Luminex Corp.		12,461		274,640
Medpace Holdings, Inc. *		3,744		415,359
MyoKardia, Inc. *		2,261		505,401
Myriad Genetics, Inc. *		5,388		66,973
Novavax, Inc. *		3,243		261,743
Pacira BioSciences, Inc. *		7,392		386,602
PDL BioPharma, Inc. * (a)		25,034		53,823
PetIQ, Inc. * (a)		3,785		108,100
Prestige Consumer Healthcare, Inc. *		8,136		268,732
PTC Therapeutics, Inc. *		3,757		196,078
Relmada Therapeutics, Inc. * (a)		1,576		48,746
Retrophin, Inc. * (a)		6,377		129,070
Sangamo Therapeutics, Inc. *		3,456		35,735
Supernus Pharmaceuticals, Inc. *		2,875		52,785

INVESTMENTS	SHARES		VALUE($)
Pharmaceuticals & Biotechnology — continued
Vanda Pharmaceuticals, Inc. *		7,287		77,898
Xencor, Inc. *		3,094		118,748
				7,430,180
Real Estate Investment & Services — 0.1%
Kennedy-Wilson Holdings, Inc.		10,350		136,413
Rafael Holdings, Inc., Class B *		4,719		77,392
				213,805
Real Estate Investment Trusts — 6.0%
Agree Realty Corp.		4,841		300,481
American Assets Trust, Inc.		2,976		62,288
Anworth Mortgage Asset Corp.		17,732		29,081
Apollo Commercial Real Estate Finance, Inc. (a)		17,361		151,041
Blackstone Mortgage Trust, Inc., Class A		9,232		200,334
Capstead Mortgage Corp.		19,771		101,030
CareTrust REIT, Inc.		12,795		218,795
Community Healthcare Trust, Inc.		2,093		96,906
CoreCivic, Inc.		6,996		44,844
DiamondRock Hospitality Co.		5,572		27,526
EastGroup Properties, Inc.		2,949		392,453
Ellington Financial, Inc.		15,891		194,506
Essential Properties Realty Trust, Inc.		7,557		124,842
Four Corners Property Trust, Inc.		9,662		244,835
Franklin Street Properties Corp.		5,636		23,671
GEO Group, Inc. (The) (a)		4,896		43,379
Global Net Lease, Inc.		15,352		218,459
Granite Point Mortgage Trust, Inc. (a)		7,020		47,315
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (a)		6,478		271,104
Healthcare Realty Trust, Inc.		9,827		273,191
Innovative Industrial Properties, Inc.		3,815		444,943
Invesco Mortgage Capital, Inc. (a)		30,246		81,664
Investors Real Estate Trust		3,392		228,655
iStar, Inc. (a)		24,553		289,725
Kite Realty Group Trust		7,440		77,078
KKR Real Estate Finance Trust, Inc.		13,148		219,703
Ladder Capital Corp.		17,834		133,755
Lexington Realty Trust		39,903		396,237
LTC Properties, Inc.		6,947		229,320
MFA Financial, Inc. (a)		157,883		445,230
National Health Investors, Inc.		3,942		220,949
National Storage Affiliates Trust		4,501		152,539
New York Mortgage Trust, Inc.		80,119		203,502
Office Properties Income Trust		2,349		43,245
PennyMac Mortgage Investment Trust		21,396		320,298

SEE NOTES TO FINANCIAL STATEMENTS.

146 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Real Estate Investment Trusts — continued
Physicians Realty Trust		16,856		284,192
Piedmont Office Realty Trust, Inc., Class A		15,297		174,692
PotlatchDeltic Corp.		2,657		110,398
QTS Realty Trust, Inc., Class A (a)		3,722		228,940
Redwood Trust, Inc. (a)		24,400		207,400
Retail Opportunity Investments Corp.		7,717		75,086
RLJ Lodging Trust		5,748		47,019
RPT Realty		12,207		59,692
Sabra Health Care REIT, Inc.		16,028		210,928
Saul Centers, Inc.		628		15,543
STAG Industrial, Inc.		11,305		351,812
Summit Hotel Properties, Inc.		6,149		32,467
Terreno Realty Corp.		7,175		403,809
TPG RE Finance Trust, Inc. (a)		5,730		44,809
Urban Edge Properties		941		8,845
Washington		5,529		96,647
Western Asset Mortgage Capital Corp. (a)		14,952		29,007
				8,934,210
Software & Computer Services — 7.2%
Agilysys, Inc. *		5,062		137,079
Alarm.com Holdings, Inc. *		794		46,314
Appfolio, Inc., Class A * (a)		2,831		404,465
Avaya Holdings Corp. *		11,383		195,788
Blackbaud, Inc.		2,735		134,945
Blackline, Inc. * (a)		3,932		384,078
Blucora, Inc. *		1,892		18,825
Bottomline Technologies DE, Inc. *		5,541		220,088
Calix, Inc. *		9,057		212,024
Cerence, Inc. * (a)		9,015		492,039
ChannelAdvisor Corp. *		17,273		279,823
Cogent Communications Holdings, Inc.		5,397		301,153
Computer Programs & Systems, Inc.		4,210		117,417
CSG Systems International, Inc.		7,164		271,372
Ebix, Inc. (a)		4,337		78,326
Envestnet, Inc. *		4,970		381,398
Forrester Research, Inc. *		2,933		108,345
Gogo, Inc. *		5,361		43,102
Inovalon Holdings, Inc., Class A *		12,381		235,115
Intelligent Systems Corp. *		2,981		113,039
j2 Global, Inc. * (a)		3,901		264,800
Limelight Networks, Inc. * (a)		25,849		91,247
MicroStrategy, Inc., Class A *		1,598		266,978
Mitek Systems, Inc. *		6,819		84,897
Model N, Inc. *		6,691		235,724
NetScout Systems, Inc. *		10,192		209,140

INVESTMENTS	SHARES		VALUE($)
Software & Computer Services — continued
NextGen Healthcare, Inc. *		7,300		99,280
NIC, Inc.		14,298		320,561
OneSpan, Inc. *		14,870		326,099
Perficient, Inc. *		10,263		401,899
Perspecta, Inc.		12,641		226,653
Progress Software Corp.		9,264		336,932
PROS Holdings, Inc. *		1,850		52,114
Q2 Holdings, Inc. * (a)		700		63,868
Qualys, Inc. *		3,733		327,944
SailPoint Technologies Holding, Inc. *		11,732		486,995
Sapiens International Corp. NV (Israel)		2,808		76,181
Shutterstock, Inc.		7,484		489,828
Simulations Plus, Inc.		4,423		286,699
SPS Commerce, Inc. *		5,900		504,981
Unisys Corp. * (a)		13,183		173,225
Varonis Systems, Inc. *		2,886		333,535
Verint Systems, Inc. *		5,595		271,469
VirnetX Holding Corp. (a)		18,282		101,282
Virtusa Corp. *		3,482		175,145
Workiva, Inc. *		6,002		331,971
				10,714,182
Support Services — 2.8%
ABM Industries, Inc.		4,849		168,357
ACI Worldwide, Inc. *		13,680		399,046
AMN Healthcare Services, Inc. *		2,006		130,952
Applied Industrial Technologies, Inc.		6,889		420,573
ASGN, Inc. *		3,063		204,241
Cimpress plc (Ireland) * (a)		1,233		90,502
Covanta Holding Corp.		470		4,268
CRA International, Inc.		2,567		105,119
Deluxe Corp.		2,241		48,047
DXP Enterprises, Inc. *		999		15,624
EVERTEC, Inc. (Puerto Rico)		5,317		176,950
ExlService Holdings, Inc. *		2,234		169,203
Exponent, Inc.		2,431		169,173
Heidrick & Struggles International, Inc.		1,205		27,534
Huron Consulting Group, Inc. *		1,547		58,569
Insperity, Inc.		1,609		123,217
Kaman Corp.		4,342		172,204
Kelly Services, Inc., Class A		2,357		40,965
Korn Ferry		2,173		65,603
Lawson Products, Inc. *		1,294		53,326
LB Foster Co., Class A *		825		11,187
MAXIMUS, Inc.		5,889		397,979
McGrath RentCorp		2,777		158,511

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 147

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Support Services — continued
Resources Connection, Inc.		2,818		30,265
Sykes Enterprises, Inc. *		1,994		68,274
Team, Inc. *		1,922		10,302
TriNet Group, Inc. *		3,174		218,752
TrueBlue, Inc. *		1,219		18,919
TTEC Holdings, Inc.		4,169		228,378
UniFirst Corp.		2,122		347,605
				4,133,645
Technology Hardware & Equipment — 6.7%
Acacia Communications, Inc. *		6,126		414,975
ADTRAN, Inc.		12,839		137,249
Advanced Energy Industries, Inc. *		4,348		293,360
Amkor Technology, Inc. *		26,976		319,666
Axcelis Technologies, Inc. *		13,217		291,699
Brooks Automation, Inc.		7,421		346,561
CEVA, Inc. *		5,573		224,703
CMC Materials, Inc.		2,801		398,274
Cohu, Inc.		8,634		187,617
Comtech Telecommunications Corp.		10,663		153,547
Diodes, Inc. *		8,479		490,341
DSP Group, Inc. *		6,820		89,819
FormFactor, Inc. *		12,434		352,504
Harmonic, Inc. * (a)		14,349		85,233
Ichor Holdings Ltd. *		12,673		294,774
Insight Enterprises, Inc. *		6,744		359,792
InterDigital, Inc.		7,043		394,267
Lattice Semiconductor Corp. *		16,059		560,459
Loral Space & Communications, Inc.		1,015		17,671
MaxLinear, Inc. *		9,610		254,088
NeoPhotonics Corp. *		45,604		310,563
NETGEAR, Inc. *		4,380		134,992
Onto Innovation, Inc. *		6,877		220,545
PC Connection, Inc. (a)		4,320		196,776
Photronics, Inc. *		16,935		165,116
Pitney Bowes, Inc.		22,032		116,990
Power Integrations, Inc.		5,893		354,818
Rambus, Inc. *		21,855		301,381
Ribbon Communications, Inc. *		1,005		4,332
ScanSource, Inc. *		6,014		120,881
Semtech Corp. *		5,257		288,557
Silicon Laboratories, Inc. *		3,019		309,327
SiTime Corp. *		1,706		142,434
SMART Global Holdings, Inc. * (a)		5,464		144,195
Super Micro Computer, Inc. *		4,894		111,192
Synaptics, Inc. *		5,381		412,561

INVESTMENTS	SHARES		VALUE($)
Technology Hardware & Equipment — continued
Ultra Clean Holdings, Inc. *		13,965		297,315
Veeco Instruments, Inc. * (a)		2,473		31,481
Viavi Solutions, Inc. *		28,852		356,322
Xperi Holding Corp.		20,755		257,362
				9,943,739
Tobacco — 0.4%
Universal Corp.		8,272		329,639
Vector Group Ltd.		34,636		318,305
				647,944
Travel & Leisure — 2.7%
Allegiant Travel Co. (a)		921		124,114
Biglari Holdings, Inc., Class B *		134		11,225
BJ’s Restaurants, Inc.		3,227		91,034
Bloomin’ Brands, Inc.		14,967		209,239
Boyd Gaming Corp.		7,453		236,409
Brinker International, Inc. (a)		5,630		245,130
Churchill Downs, Inc.		2,607		388,834
Chuy’s Holdings, Inc. * (a)		2,918		61,249
Cracker Barrel Old Country Store, Inc. (a)		2,046		232,876
Dave & Buster’s Entertainment, Inc. (a)		2,586		44,376
Dine Brands Global, Inc. (a)		3,079		158,414
El Pollo Loco Holdings, Inc. *		8,266		116,716
Jack in the Box, Inc.		3,713		297,263
Marriott Vacations Worldwide Corp.		2,715		262,269
Noodles & Co. * (a)		3,092		19,974
Penn National Gaming, Inc. *		8,335		449,923
Ruth’s Hospitality Group, Inc.		8,033		89,809
SkyWest, Inc.		4,640		134,699
Texas Roadhouse, Inc.		5,600		392,168
Wingstop, Inc. (a)		3,149		366,323
				3,932,044
Total Common Stocks (Cost $163,609,237)				148,376,055
	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 $–)				—

SEE NOTES TO FINANCIAL STATEMENTS.

148 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 12.6%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (b) (c) (Cost $224,874)		224,874		224,874
Investment of Cash Collateral from Securities Loaned — 12.4%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		15,995,898		15,997,497
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (b) (c)		2,483,386		2,483,386
Total Investment of Cash Collateral from Securities Loaned (Cost $18,483,683)				18,480,883
Total Short-Term Investments (Cost $18,708,557)				18,705,757
Total Investments — 112.4% (Cost $182,317,794)				167,081,812
Liabilities in Excess of Other Assets — (12.4%)				(18,408,987	)
NET ASSETS — 100.0%				148,672,825

Percentages indicated are based on net assets.

Abbreviations
CVR	ContingentValue Rights
REIT	RealEstate Investment Trust
(a)	Thesecurity or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is $17,374,417.
(b)	Investmentin an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	Therate shown is the current yield as of October 31, 2020.
*	Non-incomeproducing security.
‡	Valuedetermined using significant unobservable inputs.

Futures contracts outstanding as of October 31, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index		4		12/2020		USD		307,520		(5,208	)

Abbreviations

USD UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 149

JPMorgan International Growth ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 97.0%
Australia — 2.9%
CSL Ltd.		3,293		666,692
IDP Education Ltd.		31,599		428,699
				1,095,391
Brazil — 0.7%
Magazine Luiza SA		60,068		256,793
Canada — 5.7%
Alimentation Couche-Tard, Inc., Class B		13,310		409,900
Canadian National Railway Co.		5,637		559,977
Canadian Pacific Railway Ltd.		1,728		516,389
Shopify, Inc., Class A *		741		683,118
				2,169,384
China — 14.2%
Alibaba Group Holding Ltd., ADR *		7,736		2,357,082
Budweiser Brewing Co. APAC Ltd.(a)		61,200		180,486
Ping An Insurance Group Co. of China Ltd., Class H		36,000		372,228
Tencent Holdings Ltd.		24,000		1,833,736
Wuxi Biologics Cayman, Inc. *(a)		21,500		603,800
				5,347,332
Denmark — 4.9%
Genmab A/S *		1,392		464,963
Novo Nordisk A/S, Class B		12,571		801,598
Orsted A/S(a)		3,792		601,844
				1,868,405
Finland — 1.4%
Kone OYJ, Class B		6,744		536,911
France — 4.1%
L’Oreal SA		2,184		705,837
LVMH Moet Hennessy Louis Vuitton SE		1,824		854,996
				1,560,833
Germany — 8.5%
adidas AG *		1,920		570,442
Delivery Hero SE *(a)		6,144		705,296
Sartorius AG (Preference)		1,080		457,143
Symrise AG		3,696		455,755
Vonovia SE		6,823		435,741
Zalando SE *(a)		6,144		572,156
				3,196,533
Hong Kong — 5.5%
AIA Group Ltd.		76,800		730,919
Hong Kong Exchanges & Clearing Ltd.		16,000		766,699
Techtronic Industries Co. Ltd.		43,000		579,182
				2,076,800

INVESTMENTS	SHARES		VALUE($)
India — 1.4%
HDFC Bank Ltd., ADR *		8,957		514,490
Indonesia — 1.1%
Bank Central Asia Tbk. PT		208,800		410,847
Japan — 9.5%
Daikin Industries Ltd.		2,700		505,260
Hoya Corp.		5,100		575,570
Keyence Corp.		2,100		953,027
SMC Corp.		600		319,144
Sony Corp.		9,600		800,318
Sysmex Corp.		4,500		422,679
				3,575,998
Netherlands — 5.2%
Adyen NV *(a)		328		551,284
Argenx SE *		1,475		368,074
Argenx SE *		115		28,634
ASML Holding NV		2,856		1,033,310
				1,981,302
New Zealand — 1.4%
Xero Ltd. *		6,576		510,156
Spain — 1.3%
Cellnex Telecom SA(a)		7,609		488,429
Sweden — 2.2%
Assa Abloy AB, Class B		17,472		374,468
Atlas Copco AB, Class A		10,728		473,547
				848,015
Switzerland — 9.6%
Lonza Group AG (Registered)		1,104		668,925
Nestle SA (Registered)		13,298		1,495,731
Partners Group Holding AG		360		324,110
Roche Holding AG		3,480		1,118,234
				3,607,000
Taiwan — 6.8%
Sea Ltd., ADR *		4,257		671,329
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		22,699		1,903,765
				2,575,094
United Kingdom — 7.2%
Diageo plc		19,139		618,532
Intertek Group plc		5,928		426,999
Linde plc		2,189		479,752

SEE NOTES TO FINANCIAL STATEMENTS.

150 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United Kingdom — continued
London Stock Exchange Group plc		6,086		656,058
RELX plc		27,921		552,403
				2,733,744
United States — 3.4%
EPAM Systems, Inc. *		1,486		459,100
Spotify Technology SA *		2,161		518,402
Unity Software, Inc. *		3,202		303,806
				1,281,308
Total Common Stocks (Cost $32,814,824)				36,634,765
Short-Term Investments — 1.2%
Investment Companies — 1.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (b) (c) (Cost $469,916)		469,916		469,916
Total Investments — 98.2% (Cost $33,284,740)				37,104,681
Other Assets Less Liabilities — 1.8%				682,977
NET ASSETS — 100.0%				37,787,658

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2020

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

INDUSTRY	PERCENTAGE
Internet & Direct Marketing Retail		9.8	%
Semiconductors & Semiconductor Equipment		7.9
Pharmaceuticals		5.2
Machinery		5.1
Interactive Media & Services		4.9
Capital Markets		4.7
IT Services		4.6
Biotechnology		4.1
Food Products		4.0
Health Care Equipment & Supplies		3.9
Textiles, Apparel & Luxury Goods		3.8
Life Sciences Tools & Services		3.4
Entertainment		3.2
Insurance		3.0
Road & Rail		2.9
Professional Services		2.6

INDUSTRY	PERCENTAGE
Electronic Equipment, Instruments & Components		2.6	%
Chemicals		2.5
Banks		2.5
Building Products		2.4
Software		2.2
Household Durables		2.2
Beverages		2.2
Personal Products		1.9
Electric Utilities		1.6
Diversified Telecommunication Services		1.3
Real Estate Management & Development		1.2
Diversified Consumer Services		1.2
Food & Staples Retailing		1.1
Multiline Retail		0.7
Short-Term Investments		1.3

Abbreviations

ADR	American Depositary Receipt
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability 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)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of October 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 151

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.7%
Aerospace & Defense — 0.5%
Lockheed Martin Corp.		532		186,269
Automobiles & Parts — 2.2%
Ford Motor Co.		27,242		210,581
General Motors Co.		6,056		209,114
Genuine Parts Co.		2,161		195,419
Harley-Davidson, Inc.		4,907		161,342
				776,456
Banks — 0.9%
New York Community Bancorp, Inc.		18,868		156,793
PacWest Bancorp		3,934		75,690
People’s United Financial, Inc.		8,803		93,928
				326,411
Beverages — 1.5%
Coca-Cola Co. (The)		4,364		209,734
Keurig Dr Pepper, Inc.		1,652		44,439
Molson Coors Beverage Co., Class B		1,093		38,539
PepsiCo, Inc.		1,626		216,729
				509,441
Chemicals — 7.4%
Cabot Corp.		2,043		77,654
Celanese Corp.		1,634		185,475
CF Industries Holdings, Inc.		6,486		179,078
Chemours Co. (The)		13,583		273,562
Dow, Inc.		4,460		202,885
DuPont de Nemours, Inc.		3,692		210,001
Eastman Chemical Co.		2,727		220,451
Huntsman Corp.		9,464		229,881
International Flavors & Fragrances, Inc. (a)		1,748		179,450
LyondellBasell Industries NV, Class A		2,987		204,460
NewMarket Corp.		48		17,169
Olin Corp.		12,963		214,538
RPM International, Inc.		2,062		174,590
Scotts Miracle-Gro Co. (The)		1,016		152,451
Valvoline, Inc.		2,800		55,076
WR Grace & Co.		582		25,311
				2,602,032
Construction & Materials — 0.5%
MDU Resources Group, Inc.		7,921		188,203
Electricity — 13.0%
AES Corp. (The)		12,408		241,956
Alliant Energy Corp.		4,091		226,150
American Electric Power Co., Inc.		2,355		211,785
Avangrid, Inc.		3,385		167,016

INVESTMENTS	SHARES		VALUE ($)
Electricity — continued
CMS Energy Corp.		3,323		210,446
Consolidated Edison, Inc.		2,979		233,822
Dominion Energy, Inc.		2,744		220,453
DTE Energy Co.		1,835		226,476
Edison International		4,164		233,351
Entergy Corp.		2,223		225,012
Evergy, Inc.		4,195		231,564
Eversource Energy		1,170		102,106
Exelon Corp.		5,868		234,074
FirstEnergy Corp.		7,400		219,928
Hawaiian Electric Industries, Inc.		4,233		139,858
IDACORP, Inc.		1,194		104,750
OGE Energy Corp.		5,996		184,497
Pinnacle West Capital Corp.		3,004		245,036
PPL Corp.		7,608		209,220
Public Service Enterprise Group, Inc.		4,141		240,799
Southern Co. (The)		4,160		238,992
Vistra Corp.		9,003		156,382
Xcel Energy, Inc.		685		47,971
				4,551,644
Electronic & Electrical Equipment — 1.2%
Emerson Electric Co.		3,120		202,145
Hubbell, Inc.		1,491		216,955
				419,100
Financial Services — 1.0%
Invesco Ltd.		18,674		244,816
Lazard Ltd., Class A		2,907		97,879
				342,695
Fixed Line Telecommunications — 1.7%
AT&T, Inc.		7,315		197,651
CenturyLink, Inc.		20,002		172,417
Verizon Communications, Inc.		3,646		207,786
				577,854
Food & Drug Retailers — 0.3%
Sysco Corp.		2,053		113,551
Food Producers — 3.7%
Archer-Daniels-Midland Co.		1,692		78,238
Campbell Soup Co.		4,292		200,308
Conagra Brands, Inc.		5,817		204,119
Flowers Foods, Inc.		8,725		205,735
General Mills, Inc.		3,211		189,834
JM Smucker Co. (The)		175		19,635
Kellogg Co.		3,112		195,714

SEE NOTES TO FINANCIAL STATEMENTS.

152 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Food Producers — continued
Kraft Heinz Co. (The)		6,458		197,550
				1,291,133
Forestry & Paper — 0.7%
International Paper Co.		5,572		243,775
Gas, Water & Multiutilities — 4.5%
Ameren Corp.		993		80,552
CenterPoint Energy, Inc.		10,950		231,374
Duke Energy Corp.		2,686		247,407
National Fuel Gas Co.		3,675		146,853
NiSource, Inc.		9,771		224,440
Sempra Energy		1,637		205,214
UGI Corp.		6,336		204,906
WEC Energy Group, Inc.		2,118		212,965
				1,553,711
General Industrials — 2.9%
3M Co.		1,267		202,669
Eaton Corp. plc		2,115		219,516
Packaging Corp. of America		1,855		212,379
Sonoco Products Co.		3,588		175,417
WestRock Co.		5,523		207,389
				1,017,370
General Retailers —3.9%
Foot Locker, Inc.		3,792		139,849
Gap, Inc. (The)		12,420		241,569
H&R Block, Inc.		7,924		136,768
Home Depot, Inc. (The)		844		225,103
Kohl’s Corp.		8,223		175,068
L Brands, Inc.		7,228		231,368
Nordstrom, Inc. (a)		4,961		60,028
Target Corp.		1,036		157,700
				1,367,453
Health Care Equipment & Services — 3.7%
Anthem, Inc.		660		180,048
Becton Dickinson and Co.		778		179,819
Encompass Health Corp.		1,327		81,358
HCA Healthcare, Inc.		1,541		190,992
Medtronic plc		2,093		210,493
Quest Diagnostics, Inc.		1,693		206,783
ResMed, Inc.		56		10,749
Stryker Corp.		205		41,412
UnitedHealth Group, Inc.		615		187,661
				1,289,315

INVESTMENTS	SHARES		VALUE ($)
Household Goods & Home Construction — 3.2%
Clorox Co. (The)		1,009		209,115
Leggett & Platt, Inc.		4,676		195,130
Newell Brands, Inc.		12,952		228,732
Procter & Gamble Co. (The)		1,664		228,135
Stanley Black & Decker, Inc.		72		11,966
Whirlpool Corp.		1,284		237,489
				1,110,567
Industrial Engineering — 1.9%
Caterpillar, Inc.		1,492		234,319
Cummins, Inc.		1,071		235,502
Rockwell Automation, Inc.		322		76,353
Timken Co. (The)		2,046		122,146
				668,320
Industrial Metals & Mining — 2.8%
Fastenal Co.		2,191		94,717
Freeport-McMoRan, Inc.		401		6,953
GrafTech International Ltd.		6,864		46,332
Nucor Corp.		4,589		219,171
Reliance Steel & Aluminum Co.		1,648		179,615
Southern Copper Corp. (Peru)		4,851		253,901
Steel Dynamics, Inc.		5,966		187,810
				988,499
Industrial Transportation — 1.3%
Macquarie Infrastructure Corp.		5,048		130,238
Ryder System, Inc.		2,309		113,741
United Parcel Service, Inc., Class B		1,369		215,084
				459,063
Leisure Goods — 1.0%
Garmin Ltd.		1,802		187,444
Hasbro, Inc.		1,768		146,249
				333,693
Media — 0.4%
Nielsen Holdings plc		10,894		147,178
Mobile Telecommunications — 0.8%
Telephone and Data Systems, Inc.		6,925		117,725
T-Mobile US, Inc.*		1,606		175,969
				293,694
Nonlife Insurance — 0.5%
Old Republic International Corp.		10,747		174,961
Oil & Gas Producers — 3.2%
Apache Corp.		14,757		122,483
Chevron Corp.		3,624		251,868

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 153

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Oil & Gas Producers — continued
Exxon Mobil Corp.		4,770		155,597
Marathon Petroleum Corp.		4,977		146,822
Murphy Oil Corp.		15,514		119,768
Occidental Petroleum Corp.		17,357		158,470
Phillips 66		899		41,947
Valero Energy Corp.		2,961		114,324
				1,111,279
Oil Equipment, Services & Distribution — 4.1%
Antero Midstream Corp.		35,870		205,535
Equitrans Midstream Corp.		20,397		148,082
Halliburton Co.		11,443		138,003
Helmerich & Payne, Inc.		8,406		124,997
Kinder Morgan, Inc.		11,525		137,148
ONEOK, Inc.		6,721		194,909
Schlumberger NV		9,347		139,644
Targa Resources Corp.		10,718		172,024
Williams Cos., Inc. (The)		9,783		187,736
				1,448,078
Personal Goods — 2.1%
Coty, Inc., Class A		30,033		87,096
Hanesbrands, Inc.		12,680		203,768
Kimberly-Clark Corp.		1,428		189,338
Nu Skin Enterprises, Inc., Class A		2,068		102,056
Tapestry, Inc.		6,562		145,873
				728,131
Pharmaceuticals & Biotechnology — 5.7%
Abbott Laboratories		1,939		203,808
AbbVie, Inc.		2,340		199,134
Amgen, Inc.		892		193,510
Bristol-Myers Squibb Co.		3,582		209,368
Cardinal Health, Inc.		3,620		165,760
Eli Lilly and Co.		1,325		172,860
Gilead Sciences, Inc.		2,771		161,134
Johnson & Johnson		1,565		214,577
Merck & Co., Inc.		2,615		196,674
Perrigo Co. plc		1,772		77,738
Pfizer, Inc.		5,748		203,939
				1,998,502
Real Estate Investment Trusts — 10.0%
AGNC Investment Corp.		15,551		217,247
Annaly Capital Management, Inc.		29,402		208,460
Apple Hospitality REIT, Inc.		8,747		86,595
Brandywine Realty Trust		12,714		111,375

INVESTMENTS	SHARES		VALUE ($)
Real Estate Investment Trusts — continued
Brixmor Property Group, Inc.		10,357		113,513
Brookfield Property REIT, Inc., Class A (a)		2,984		44,014
Corporate Office Properties Trust		1,568		35,170
Digital Realty Trust, Inc.		203		29,293
EPR Properties		4,012		95,646
Gaming and Leisure Properties, Inc.		4,953		180,041
Healthcare Trust of America, Inc., Class A		1,136		27,605
Healthpeak Properties, Inc.		6,217		167,672
Iron Mountain, Inc. (a)		6,702		174,654
Kimco Realty Corp.		11,053		113,404
Medical Properties Trust, Inc.		5,867		104,550
National Retail Properties, Inc.		3,391		108,546
New Residential Investment Corp.		23,709		177,817
Omega Healthcare Investors, Inc.		5,560		160,184
Outfront Media, Inc.		6,060		79,447
Park Hotels & Resorts, Inc. (a)		20,001		198,610
Rayonier, Inc.		4,561		115,758
Simon Property Group, Inc.		2,155		135,356
Spirit Realty Capital, Inc.		4,664		140,153
Starwood Property Trust, Inc.		10,610		148,222
Taubman Centers, Inc.		890		29,744
Ventas, Inc.		1,098		43,338
VEREIT, Inc.		23,720		147,064
Welltower, Inc.		2,419		130,070
WP Carey, Inc.		2,634		164,915
				3,488,463
Software & Computer Services — 1.9%
DXC Technology Co.		3,613		66,551
Hewlett Packard Enterprise Co.		18,757		162,061
International Business Machines Corp.		1,653		184,574
Microsoft Corp.		1,269		256,934
				670,120
Support Services — 1.3%
Alliance Data Systems Corp.		902		46,489
Paychex, Inc.		2,760		227,010
Waste Management, Inc.		1,631		176,001
				449,500
Technology Hardware & Equipment — 5.5%
Analog Devices, Inc.		1,775		210,391
HP, Inc.		11,138		200,039
Intel Corp.		3,476		153,917
KLA Corp.		1,124		221,630
Maxim Integrated Products, Inc.		3,145		219,049
Microchip Technology, Inc.		2,000		210,160

SEE NOTES TO FINANCIAL STATEMENTS.

154 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Technology Hardware & Equipment — continued
NetApp, Inc.		1,692		74,262
QUALCOMM, Inc.		1,925		237,468
Western Digital Corp.		3,773		142,355
Xerox Holdings Corp.		10,102		175,573
Xilinx, Inc.		750		89,018
				1,933,862
Tobacco — 1.1%
Altria Group, Inc.		4,903		176,900
Philip Morris International, Inc.		2,786		197,862
				374,762
Travel & Leisure — 3.3%
Carnival Corp.(a)		9,321		127,791
Copa Holdings SA, Class A (Panama)		2,073		102,157
Darden Restaurants, Inc.		1,928		177,222
Extended Stay America, Inc.		10,325		117,189
Las Vegas Sands Corp.		3,247		156,051
McDonald’s Corp.		1,060		225,780
Six Flags Entertainment Corp.		7,022		151,816
Wyndham Destinations, Inc.		2,496		81,444
				1,139,450
Total Common Stocks (Cost $37,984,596)				34,874,535
Short-Term Investments — 2.0%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01%(b) (c) (Cost $83,190)		83,190		83,190

INVESTMENTS	SHARES		VALUE ($)
Investment of Cash Collateral from Securities Loaned — 1.8%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		399,870		399,910
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (b) (c)		218,497		218,497
Total Investment of Cash Collateral from Securities Loaned (Cost $618,467)				618,407
Total Short-Term Investments (Cost $701,657)				701,597
Total Investments — 101.7% (Cost $38,686,253)				35,576,132
Liabilities in Excess of Other Assets — (1.7%)				(610,729	)
NET ASSETS — 100.0%				34,965,403

Percentages indicated are based on net assets.

Abbreviations

REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is $597,327.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of October 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 2020:

DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Micro E-Mini S&P 500 Index		8		12/2020		USD		130,620		(996	)

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 155

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.7%
Aerospace & Defense — 0.5%
Lockheed Martin Corp.		587		205,526
Alternative Energy — 0.6%
First Solar, Inc.*		2,667		232,149
Automobiles & Parts — 0.8%
Gentex Corp.		3,683		101,909
Genuine Parts Co.		2,106		190,445
				292,354
Banks — 0.1%
TFS Financial Corp.		3,239		50,885
Beverages — 3.6%
Brown-Forman Corp., Class B		2,876		200,486
Coca-Cola Co. (The)		4,354		209,253
Constellation Brands, Inc., Class A		1,017		168,039
Keurig Dr Pepper, Inc.		6,567		176,652
Molson Coors Beverage Co., Class B(a)		5,018		176,935
Monster Beverage Corp.*		2,605		199,465
PepsiCo, Inc.		1,711		228,059
				1,358,889
Chemicals — 5.1%
Air Products and Chemicals, Inc.		778		214,915
Ashland Global Holdings, Inc.		2,571		179,379
Axalta Coating Systems Ltd.*		3,657		91,827
Celanese Corp.		223		25,313
Ecolab, Inc.		997		183,039
International Flavors & Fragrances, Inc.(a)		1,411		144,853
Linde plc (United Kingdom)		947		208,662
NewMarket Corp.		270		96,576
PPG Industries, Inc.		1,770		229,604
RPM International, Inc.		2,728		230,980
Scotts Miracle-Gro Co. (The)		1,436		215,472
WR Grace & Co.		2,452		106,638
				1,927,258
Construction & Materials — 0.2%
MDU Resources Group, Inc.		2,355		55,955
Electricity — 11.6%
Alliant Energy Corp.		4,357		240,855
American Electric Power Co., Inc.		2,916		262,236
Avangrid, Inc.		3,632		179,203
CMS Energy Corp.		3,759		238,057
Consolidated Edison, Inc.		2,709		212,629
Dominion Energy, Inc.		2,615		210,089
DTE Energy Co.		1,922		237,213
Entergy Corp.		1,984		200,820

INVESTMENTS	SHARES		VALUE ($)
Electricity — continued
Evergy, Inc.		3,709		204,737
Eversource Energy		2,619		228,560
Exelon Corp.		5,300		211,417
FirstEnergy Corp.		4,643		137,990
Hawaiian Electric Industries, Inc.		2,956		97,666
IDACORP, Inc.		1,460		128,086
NextEra Energy, Inc.		3,384		247,743
NRG Energy, Inc.		2,337		73,896
OGE Energy Corp.		5,840		179,697
Pinnacle West Capital Corp.		2,657		216,732
PPL Corp.		6,833		187,908
Public Service Enterprise Group, Inc.		4,356		253,301
Southern Co. (The)		3,811		218,942
Xcel Energy, Inc.		3,307		231,589
				4,399,366
Electronic & Electrical Equipment — 0.6%
Hubbell, Inc.		947		137,798
Waters Corp.*		480		106,954
				244,752
Fixed Line Telecommunications — 1.4%
AT&T, Inc.		7,047		190,410
CenturyLink, Inc.		8,386		72,287
GCI Liberty, Inc., Class A*		644		52,312
Verizon Communications, Inc.		3,963		225,852
				540,861
Food & Drug Retailers — 0.6%
AmerisourceBergen Corp.		530		50,917
CVS Health Corp.		2,804		157,277
				208,194
Food Producers — 9.8%
Archer-Daniels-Midland Co.		4,975		230,044
Beyond Meat, Inc.*(a)		1,522		216,778
Bunge Ltd.		2,823		160,149
Campbell Soup Co.		4,043		188,687
Conagra Brands, Inc.		6,282		220,435
Corteva, Inc.		3,773		124,434
Flowers Foods, Inc.		6,411		151,171
General Mills, Inc.		3,499		206,861
Hershey Co. (The)		1,482		203,716
Hormel Foods Corp.		4,437		216,038
Ingredion, Inc.		2,463		174,602
JM Smucker Co. (The)		1,954		219,239
Kellogg Co.		3,369		211,876
Kraft Heinz Co. (The)		3,192		97,643

SEE NOTES TO FINANCIAL STATEMENTS.

156 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Food Producers — continued
Lamb Weston Holdings, Inc.		3,051		193,586
McCormick & Co., Inc. (Non-Voting)		1,146		206,864
Mondelez International, Inc., Class A		4,022		213,649
Pilgrim’s Pride Corp.*		1,049		17,560
Post Holdings, Inc.*		1,943		166,904
TreeHouse Foods, Inc.*		1,315		51,075
Tyson Foods, Inc., Class A		3,084		176,497
US Foods Holding Corp.*		1,939		40,525
				3,688,333
Gas, Water & Multiutilities — 5.6%
Ameren Corp.		2,850		231,192
American Water Works Co., Inc.		1,615		243,074
Atmos Energy Corp.		2,197		201,399
CenterPoint Energy, Inc.		5,593		118,180
Duke Energy Corp.		2,494		229,722
Essential Utilities, Inc.		4,699		193,599
National Fuel Gas Co.		3,824		152,807
NiSource, Inc.		8,632		198,277
Sempra Energy		1,598		200,325
UGI Corp.		4,019		129,974
WEC Energy Group, Inc.		2,323		233,578
				2,132,127
General Industrials — 1.6%
3M Co.		925		147,963
AptarGroup, Inc.		743		84,769
Avery Dennison Corp.		1,568		216,995
Honeywell International, Inc.		561		92,537
Silgan Holdings, Inc.		805		27,732
Sonoco Products Co.		1,002		48,988
				618,984
General Retailers — 4.0%
AutoZone, Inc.*		189		213,377
Bright Horizons Family Solutions, Inc.*		499		78,867
Copart, Inc.*		76		8,387
Costco Wholesale Corp.		678		242,467
Graham Holdings Co., Class B		136		51,726
Home Depot, Inc. (The)		885		236,038
O’Reilly Automotive, Inc.*		311		135,783
Rollins, Inc.		1,679		97,130
Service Corp. International		4,413		204,366
Walmart, Inc.		1,652		229,215
				1,497,356

INVESTMENTS	SHARES		VALUE ($)
Health Care Equipment & Services — 13.1%
Baxter International, Inc.		2,579		200,053
Becton Dickinson and Co.		895		206,861
Bio-Rad Laboratories, Inc., Class A*		321		188,241
Bio-Techne Corp.		859		216,820
Chemed Corp.		145		69,356
Cooper Cos., Inc. (The)		666		212,487
Danaher Corp.		1,178		270,398
Henry Schein, Inc.*		3,017		191,821
Hill-Rom Holdings, Inc.		2,101		191,338
Hologic, Inc.*		3,149		216,714
IDEXX Laboratories, Inc.*		622		264,238
Laboratory Corp. of America Holdings*		401		80,108
Masimo Corp.*		792		177,266
Medtronic plc		2,240		225,277
PerkinElmer, Inc.		1,132		146,651
QIAGEN NV*		1,553		73,674
Quest Diagnostics, Inc.		1,891		230,967
STERIS plc		1,325		234,777
Stryker Corp.		1,096		221,403
Teleflex, Inc.		593		188,710
Thermo Fisher Scientific, Inc.		574		271,571
UnitedHealth Group, Inc.		768		234,348
Varian Medical Systems, Inc.*		1,159		200,275
West Pharmaceutical Services, Inc.		875		238,061
Zimmer Biomet Holdings, Inc.		1,549		204,623
				4,956,038
Household Goods & Home Construction — 2.9%
Church & Dwight Co., Inc.		2,478		219,031
Clorox Co. (The)		1,098		227,561
Leggett & Platt, Inc.		3,984		166,252
NVR, Inc.*		60		237,185
Procter & Gamble Co. (The)		1,740		238,554
Stanley Black & Decker, Inc.		137		22,769
				1,111,352
Industrial Engineering — 0.1%
Snap-on, Inc.		160		25,205
Industrial Metals & Mining — 0.4%
Fastenal Co.		3,659		158,179
Industrial Transportation — 1.0%
Expeditors International of Washington, Inc.		1,636		144,573
United Parcel Service, Inc., Class B		1,453		228,281
				372,854

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 157

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Leisure Goods — 3.2%
Activision Blizzard, Inc.		2,699		204,395
Electronic Arts, Inc.*		1,594		191,009
Garmin Ltd.		2,271		236,230
Hasbro, Inc.		1,195		98,850
Pool Corp.		783		273,916
Zynga, Inc., Class A*		21,978		197,582
				1,201,982
Media — 0.3%
Omnicom Group, Inc.		1,350		63,720
Walt Disney Co. (The)		295		35,769
				99,489
Mining — 0.5%
Newmont Corp.		3,230		202,973
Mobile Telecommunications — 1.1%
Telephone and Data Systems, Inc.		6,080		103,360
T-Mobile US, Inc.*		2,033		222,756
United States Cellular Corp.*		2,771		80,691
				406,807
Nonlife Insurance — 4.3%
Allstate Corp. (The)		2,053		182,204
American Financial Group, Inc.		779		58,378
Aon plc, Class A		277		50,971
Arch Capital Group Ltd.*		2,285		69,030
Arthur J Gallagher & Co.		1,320		136,897
Berkshire Hathaway, Inc., Class B*		1,094		220,879
Brown & Brown, Inc.		4,955		215,592
Markel Corp.*		93		86,750
Marsh & McLennan Cos., Inc.		2,013		208,265
RenaissanceRe Holdings Ltd. (Bermuda)		1,277		206,517
White Mountains Insurance Group Ltd.		116		105,366
WR Berkley Corp.		1,159		69,679
				1,610,528
Oil & Gas Producers — 2.8%
Cabot Oil & Gas Corp.		10,492		186,653
Chevron Corp.		2,398		166,661
ConocoPhillips		5,388		154,204
EOG Resources, Inc.		2,579		88,305
Exxon Mobil Corp.		5,034		164,209
Occidental Petroleum Corp.		3,811		34,794
Phillips 66		3,268		152,485
Valero Energy Corp.		2,839		109,614
				1,056,925

INVESTMENTS	SHARES		VALUE ($)
Oil Equipment, Services & Distribution — 2.3%
Baker Hughes Co.		8,654		127,820
Cheniere Energy, Inc.*		4,086		195,597
Halliburton Co.		3,342		40,304
Kinder Morgan, Inc.		14,263		169,730
ONEOK, Inc.		2,854		82,766
Schlumberger NV		4,165		62,225
Williams Cos., Inc. (The)		9,966		191,247
				869,689
Personal Goods — 3.6%
Colgate-Palmolive Co.		3,008		237,301
Columbia Sportswear Co.		728		54,301
Estee Lauder Cos., Inc. (The), Class A		1,073		235,695
Kimberly-Clark Corp.		1,523		201,935
NIKE, Inc., Class B		2,086		250,487
Tiffany & Co.		1,580		206,727
VF Corp.		2,303		154,762
				1,341,208
Pharmaceuticals & Biotechnology — 5.3%
Abbott Laboratories		2,262		237,759
AbbVie, Inc.		2,141		182,199
Amgen, Inc.		946		205,225
Bristol-Myers Squibb Co.		3,277		191,541
Eli Lilly and Co.		1,439		187,732
Gilead Sciences, Inc.		2,443		142,060
Johnson & Johnson		1,627		223,078
Merck & Co., Inc.		2,775		208,708
Pfizer, Inc.		5,506		195,353
Zoetis, Inc.		1,479		234,495
				2,008,150
Real Estate Investment Trusts — 1.7%
AGNC Investment Corp.		779		10,883
American Tower Corp.		115		26,410
Annaly Capital Management, Inc.		1,055		7,480
Apple Hospitality REIT, Inc.		4,798		47,500
Crown Castle International Corp.		1,312		204,934
Equity Commonwealth		3,503		92,549
Equity LifeStyle Properties, Inc.		1,382		81,801
Gaming and Leisure Properties, Inc.		1,284		46,673
Public Storage		222		50,854
Starwood Property Trust, Inc.		3,885		54,273
WP Carey, Inc.		78		4,884
				628,241

SEE NOTES TO FINANCIAL STATEMENTS.

158 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Software & Computer Services — 4.9%
Amdocs Ltd.		3,187		179,683
ANSYS, Inc.*		719		218,842
CDK Global, Inc.		3,085		132,963
Cerner Corp.		1,486		104,154
Citrix Systems, Inc.		1,298		147,024
Cognizant Technology Solutions Corp., Class A		385		27,497
International Business Machines Corp.		927		103,509
Intuit, Inc.		699		219,961
IQVIA Holdings, Inc.*		1,445		222,516
Microsoft Corp.		1,289		260,984
Synopsys, Inc.*		1,106		236,529
				1,853,662
Support Services — 2.4%
Automatic Data Processing, Inc.		1,414		223,355
Jack Henry & Associates, Inc.		683		101,255
Paychex, Inc.		883		72,627
Republic Services, Inc.		2,471		217,868
Verisk Analytics, Inc.		269		47,874
Waste Management, Inc.		2,099		226,503
				889,482
Technology Hardware & Equipment — 1.3%
L3Harris Technologies, Inc.		1,107		178,349
Motorola Solutions, Inc.		1,311		207,216
Texas Instruments, Inc.		769		111,190
				496,755
Tobacco — 0.9%
Altria Group, Inc.		4,747		171,272
Philip Morris International, Inc.		2,581		183,303
				354,575
Travel & Leisure — 1.5%
Choice Hotels International, Inc.		1,523		133,034
McDonald’s Corp.		1,107		235,791
Yum! Brands, Inc.		2,147		200,380
				569,205
Total Common Stocks (Cost $39,750,260)				37,666,288
Short-Term Investments — 1.4%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (b) (c) (Cost $79,780)		79,780		79,780

INVESTMENTS	SHARES		VALUE ($)
Investment of Cash Collateral from Securities Loaned — 1.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		249,925		249,950
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (b) (c)		205,400		205,400
Total Investment of cash collateral from securities loaned (Cost $455,400)				455,350
Total Short-Term Investments (Cost $535,180)				535,130
Total Investments — 101.1% (Cost $40,285,440)				38,201,418
Liabilities in Excess of Other Assets — (1.1%)				(427,880	)
NET ASSETS — 100.0%				37,773,538

Percentages indicated are based on net assets.

Abbreviations
REIT	RealEstate Investment Trust
(a)	Thesecurity or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is $433,042.
(b)	Investmentin an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	Therate shown is the current yield as of October 31, 2020.
*	Non-incomeproducing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 159

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

Futures contracts outstanding as of October 31, 2020:

DESCRIPTION

NUMBER OF CONTRACTS

��

EXPIRATION DATE

TRADING CURRENCY

NOTIONAL AMOUNT ($)

VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)

Long Contracts

Micro E-Mini S&P 500 Index

8

12/2020

USD

130,620

(2,867

)

Abbreviations
USD	UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

160 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.8%
Aerospace & Defense — 0.5%
Teledyne Technologies, Inc.*		925		285,964
TransDigm Group, Inc.		809		386,224
				672,188
Alternative Energy — 0.7%
Enphase Energy, Inc.*		3,087		302,804
First Solar, Inc.*		2,713		236,153
SolarEdge Technologies, Inc.*		1,779		458,430
				997,387
Automobiles & Parts — 1.5%
Gentex Corp.		10,392		287,547
Tesla, Inc.*		4,449		1,726,390
				2,013,937
Beverages — 0.4%
Monster Beverage Corp.*		6,172		472,590
Chemicals — 1.4%
Air Products and Chemicals, Inc.		2,150		593,916
Ashland Global Holdings, Inc.		673		46,955
Ecolab, Inc.		2,987		548,384
FMC Corp.		3,416		350,960
RPM International, Inc.		3,751		317,597
				1,857,812
Construction & Materials — 1.2%
AECOM*		6,468		290,025
Masco Corp.		6,868		368,125
Quanta Services, Inc.		4,231		264,141
Trane Technologies plc		1,579		209,612
Trex Co., Inc.*		4,879		339,286
Watsco, Inc.		900		201,726
				1,672,915
Electricity — 2.0%
American Electric Power Co., Inc.		1,224		110,074
Entergy Corp.		3,556		359,938
Eversource Energy		5,539		483,389
NextEra Energy, Inc.		19,100		1,398,311
Southern Co. (The)		5,490		315,401
				2,667,113
Electronic & Electrical Equipment — 1.4%
Agilent Technologies, Inc.		5,120		522,701
Allegion plc		737		72,594
Keysight Technologies, Inc.*		3,832		401,862
Mettler-Toledo International, Inc.*		417		416,128
Universal Display Corp.		234		46,405

INVESTMENTS	SHARES		VALUE ($)
Electronic & Electrical Equipment — continued
Zebra Technologies Corp., Class A*		1,453		412,129
				1,871,819
Financial Services — 6.5%
American Express Co.		5,815		530,560
Broadridge Financial Solutions, Inc.		2,652		364,915
CME Group, Inc.		3,992		601,674
Element Solutions, Inc.*		5,158		60,452
LPL Financial Holdings, Inc.		3,185		254,577
MarketAxess Holdings, Inc.		822		442,935
Mastercard, Inc., Class A		7,648		2,207,519
Moody’s Corp.		2,221		583,901
MSCI, Inc.		1,406		491,875
S&P Global, Inc.		2,655		856,848
Visa, Inc., Class A		12,976		2,357,869
				8,753,125
Fixed Line Telecommunications — 1.1%
GCI Liberty, Inc., Class A*		4,227		343,359
Verizon Communications, Inc.		20,747		1,182,372
				1,525,731
Food & Drug Retailers — 0.5%
Casey’s General Stores, Inc.		1,317		222,007
Kroger Co. (The)		13,645		439,505
				661,512
Food Producers — 1.0%
Hershey Co. (The)		2,731		375,403
Hormel Foods Corp.		7,180		349,594
Lamb Weston Holdings, Inc.		3,899		247,392
McCormick & Co., Inc. (Non-Voting)		2,311		417,159
				1,389,548
Gas, Water & Multiutilities — 0.9%
American Water Works Co., Inc.		3,285		494,425
Atmos Energy Corp.		2,977		272,902
WEC Energy Group, Inc.		5,014		504,158
				1,271,485
General Industrials — 1.0%
AptarGroup, Inc.		1,150		131,204
Avery Dennison Corp.		2,391		330,890
Ball Corp.		5,474		487,186
Crown Holdings, Inc.*		4,168		357,614
				1,306,894
General Retailers — 8.4%
Amazon.com, Inc.*		827		2,510,896

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 161

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
General Retailers — continued
AutoZone, Inc.*		384		433,528
Burlington Stores, Inc.*		1,467		283,982
Chegg, Inc.*(a)		4,884		358,681
Copart, Inc.*		4,208		464,395
Costco Wholesale Corp.		3,584		1,281,710
Dollar General Corp.		3,345		698,135
Etsy, Inc.*		3,348		407,083
frontdoor, Inc.*		1,227		48,614
Home Depot, Inc. (The)		9,333		2,489,204
O’Reilly Automotive, Inc.*		505		220,483
Rollins, Inc.		3,528		204,095
Ross Stores, Inc.		914		77,845
Service Corp. International		2,567		118,878
Target Corp.		5,722		871,003
TJX Cos., Inc. (The)		13,128		666,902
Williams-Sonoma, Inc.		2,079		189,626
				11,325,060
Health Care Equipment & Services — 8.7%
Amedisys, Inc.*		1,300		336,700
Bio-Rad Laboratories, Inc., Class A*		699		409,908
Bio-Techne Corp.		1,222		308,445
Chemed Corp.		651		311,386
Danaher Corp.		3,397		779,747
DaVita, Inc.*		3,657		315,416
DexCom, Inc.*		1,409		450,288
Edwards Lifesciences Corp.*		7,914		567,355
Humana, Inc.		1,639		654,420
IDEXX Laboratories, Inc.*		1,386		588,801
Insulet Corp.*		1,841		409,162
Intuitive Surgical, Inc.*		1,258		839,187
Masimo Corp.*		1,472		329,463
Quest Diagnostics, Inc.		3,207		391,703
Quidel Corp.*		1,924		516,190
Repligen Corp.*		2,290		381,445
ResMed, Inc.		2,682		514,783
STERIS plc		610		108,086
Teladoc Health, Inc.*(a)		1,930		379,168
Teleflex, Inc.		666		211,941
Thermo Fisher Scientific, Inc.		2,630		1,244,306
UnitedHealth Group, Inc.		4,136		1,262,059
West Pharmaceutical Services, Inc.		1,602		435,856
				11,745,815
Household Goods & Home Construction — 2.3%
Church & Dwight Co., Inc.		4,825		426,482

INVESTMENTS	SHARES		VALUE ($)
Household Goods & Home Construction — continued
DR Horton, Inc.		1,399		93,467
Procter & Gamble Co. (The)		16,486		2,260,231
PulteGroup, Inc.		7,932		323,308
				3,103,488
Industrial Engineering — 0.3%
Generac Holdings, Inc.*		2,001		420,510
Industrial Metals & Mining — 0.1%
Fastenal Co.		2,356		101,850
Industrial Transportation — 1.6%
JB Hunt Transport Services, Inc.		2,645		322,002
Kansas City Southern		2,184		384,690
Norfolk Southern Corp.		3,286		687,168
Old Dominion Freight Line, Inc.		2,145		408,344
Schneider National, Inc., Class B		4,651		102,601
United Parcel Service, Inc., Class B		1,375		216,026
				2,120,831
Leisure Goods — 1.1%
Garmin Ltd.		3,660		380,713
Pool Corp.		1,218		426,093
Take-Two Interactive Software, Inc.*		2,557		396,130
Zynga, Inc., Class A*		34,646		311,468
				1,514,404
Life Insurance — 0.0% (b)
Globe Life, Inc.		335		27,165
Media — 2.1%
Cable One, Inc.		168		290,952
Charter Communications, Inc., Class A*		1,610		972,150
Dolby Laboratories, Inc., Class A		337		25,302
FactSet Research Systems, Inc.		469		143,748
Liberty Broadband Corp., Class C*		1,756		248,843
Netflix, Inc.*		388		184,587
Roku, Inc.*		2,349		475,438
Spotify Technology SA*		2,111		506,408
				2,847,428
Mining — 0.4%
Newmont Corp.		7,784		489,147
Mobile Telecommunications — 0.5%
T-Mobile US, Inc.*		6,646		728,202
Nonlife Insurance — 2.6%
Aon plc, Class A		2,862		526,637
Arch Capital Group Ltd.*		5,460		164,947
Arthur J Gallagher & Co.		3,856		399,906

SEE NOTES TO FINANCIAL STATEMENTS.

162 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Nonlife Insurance — continued
Brown & Brown, Inc.		7,550		328,500
Erie Indemnity Co., Class A		484		112,709
First American Financial Corp.		2,500		111,475
Marsh & McLennan Cos., Inc.		5,844		604,620
Progressive Corp. (The)		7,461		685,666
RenaissanceRe Holdings Ltd. (Bermuda)		900		145,548
Willis Towers Watson plc		2,182		398,171
				3,478,179
Oil & Gas Producers — 1.1%
Chevron Corp.		12,131		843,105
ConocoPhillips		4,062		116,255
Hess Corp.		6,074		226,074
Pioneer Natural Resources Co.		1,984		157,847
Valero Energy Corp.		2,681		103,513
WPX Energy, Inc.*		15,377		70,888
				1,517,682
Oil Equipment, Services & Distribution — 0.3%
Kinder Morgan, Inc.		27,797		330,784
Targa Resources Corp.		5,396		86,606
				417,390
Personal Goods — 1.9%
Estee Lauder Cos., Inc. (The), Class A		2,976		653,708
Lululemon Athletica, Inc.*		1,633		521,401
NIKE, Inc., Class B		11,553		1,387,284
				2,562,393
Pharmaceuticals & Biotechnology — 4.6%
Acceleron Pharma, Inc.*		1,650		172,557
Alnylam Pharmaceuticals, Inc.*		2,918		358,826
Bristol-Myers Squibb Co.		8,141		475,841
Catalent, Inc.*		4,476		392,859
Eli Lilly and Co.		8,075		1,053,465
Guardant Health, Inc.*		132		14,079
Horizon Therapeutics plc*		5,331		399,452
Moderna, Inc.*(a)		6,255		422,025
Neurocrine Biosciences, Inc.*		2,841		280,321
Regeneron Pharmaceuticals, Inc.*		1,216		660,969
Seagen, Inc.*		2,662		444,022
Vertex Pharmaceuticals, Inc.*		3,024		630,081
Zoetis, Inc.		5,417		858,865
				6,163,362
Real Estate Investment & Services — 0.8%
CoStar Group, Inc.*		632		520,521
RealPage, Inc.*		3,469		193,189

INVESTMENTS	SHARES		VALUE ($)
Real Estate Investment & Services — continued
Zillow Group, Inc., Class C*		4,337		384,345
				1,098,055
Real Estate Investment Trusts — 4.3%
Alexandria Real Estate Equities, Inc.		2,383		361,072
American Tower Corp.		1,990		457,003
CoreSite Realty Corp.		988		117,928
CyrusOne, Inc.		3,170		225,228
Equinix, Inc.		1,043		762,683
Equity LifeStyle Properties, Inc.		4,719		279,318
Gaming and Leisure Properties, Inc.		3,860		140,311
Healthpeak Properties, Inc.		10,447		281,756
Invitation Homes, Inc.		12,016		327,556
Life Storage, Inc.		1,509		172,252
Medical Properties Trust, Inc.		15,300		272,646
Mid-America Apartment Communities, Inc.		821		95,753
Omega Healthcare Investors, Inc.		7,249		208,844
Prologis, Inc.		7,516		745,587
Realty Income Corp.		5,382		311,403
SBA Communications Corp.		1,310		380,385
Spirit Realty Capital, Inc.		3,890		116,895
Sun Communities, Inc.		2,275		313,108
UDR, Inc.		680		21,243
WP Carey, Inc.		3,852		241,174
				5,832,145
Software & Computer Services — 18.4%
Adobe, Inc.*		4,279		1,913,141
Akamai Technologies, Inc.*		3,753		356,985
Anaplan, Inc.*		5,457		302,045
ANSYS, Inc.*		1,512		460,207
Atlassian Corp. plc, Class A*		2,511		481,158
Autodesk, Inc.*		2,865		674,822
Avalara, Inc.*		2,850		424,793
Black Knight, Inc.*		4,430		389,619
CACI International, Inc., Class A*		853		177,876
Cadence Design Systems, Inc.*		4,709		515,023
Ceridian HCM Holding, Inc.*		4,387		378,247
Citrix Systems, Inc.		2,943		333,354
Cloudflare, Inc., Class A*		8,691		451,671
Coupa Software, Inc.*		1,467		392,716
Datadog, Inc., Class A*		4,609		418,267
DocuSign, Inc.*		2,640		533,940
Dynatrace, Inc.*		8,237		290,848
EPAM Systems, Inc.*		1,274		393,602
Everbridge, Inc.*		2,269		237,542

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 163

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Software & Computer Services — continued
Fastly, Inc., Class A*		3,982		252,897
Five9, Inc.*		2,836		430,278
Fortinet, Inc.*		3,139		346,451
Intuit, Inc.		2,771		871,978
Livongo Health, Inc.*		2,584		329,796
Manhattan Associates, Inc.*		3,445		294,548
Match Group, Inc.*		3,459		403,942
Microsoft Corp.		12,735		2,578,455
MongoDB, Inc.*		1,505		343,847
NortonLifeLock, Inc.		15,957		328,236
Nuance Communications, Inc.*		11,237		358,573
Okta, Inc.*		2,217		465,193
Paycom Software, Inc.*		1,332		484,968
Pegasystems, Inc.		2,479		287,267
RingCentral, Inc., Class A*		1,623		419,286
salesforce.com, Inc.*		7,779		1,806,828
ServiceNow, Inc.*		2,078		1,033,950
Smartsheet, Inc., Class A*		5,736		285,940
Splunk, Inc.*		2,592		513,320
Synopsys, Inc.*		2,464		526,951
Twilio, Inc., Class A*		2,228		621,545
Tyler Technologies, Inc.*		1,014		389,761
Veeva Systems, Inc., Class A*		2,046		552,522
VeriSign, Inc.*		2,023		385,786
Zoom Video Communications, Inc., Class A*		2,030		935,647
Zscaler, Inc.*		2,574		349,421
				24,723,242
Support Services — 5.6%
ADT, Inc.		12,579		82,896
Booz Allen Hamilton Holding Corp.		4,261		334,489
Cintas Corp.		1,507		474,027
Fair Isaac Corp.*		827		323,729
Fidelity National Information Services, Inc.		6,521		812,451
FTI Consulting, Inc.*		1,672		164,625
Global Payments, Inc.		3,639		574,016
Jack Henry & Associates, Inc.		2,004		297,093
Paylocity Holding Corp.*		1,490		276,425
PayPal Holdings, Inc.*		10,517		1,957,529
Republic Services, Inc.		4,191		369,520
Square, Inc., Class A*		4,724		731,653
TransUnion		4,445		354,089
Verisk Analytics, Inc.		2,736		486,926
Western Union Co. (The)		12,441		241,853
				7,481,321

INVESTMENTS	SHARES		VALUE ($)
Technology Hardware & Equipment — 10.5%
Advanced Micro Devices, Inc.*		12,356		930,283
Apple, Inc.		22,557		2,455,555
Applied Materials, Inc.		11,274		667,759
Broadcom, Inc.		3,548		1,240,487
CDW Corp.		69		8,460
Cirrus Logic, Inc.*		2,999		206,541
Entegris, Inc.		5,136		384,019
Inphi Corp.*		2,936		410,335
KLA Corp.		2,612		515,034
Lam Research Corp.		1,930		660,214
Marvell Technology Group Ltd.		12,401		465,162
Monolithic Power Systems, Inc.		1,062		339,415
NVIDIA Corp.		5,113		2,563,454
Qorvo, Inc.*		1,700		216,512
QUALCOMM, Inc.		5,824		718,449
Skyworks Solutions, Inc.		3,253		459,616
Switch, Inc., Class A		14,528		204,264
Teradyne, Inc.		4,749		417,200
Texas Instruments, Inc.		8,349		1,207,182
Ubiquiti, Inc.		476		88,350
				14,158,291
Travel & Leisure — 4.1%
Chipotle Mexican Grill, Inc.*		423		508,226
Choice Hotels International, Inc.		1,578		137,838
Domino’s Pizza, Inc.		1,016		384,373
Hilton Worldwide Holdings, Inc.		4,221		370,646
Live Nation Entertainment, Inc.*(a)		4,404		214,915
McDonald’s Corp.		7,047		1,501,011
Peloton Interactive, Inc., Class A*		4,140		456,269
Planet Fitness, Inc., Class A*		3,524		208,868
Starbucks Corp.		11,589		1,007,779
Wendy’s Co. (The)		11,937		260,824
Yum China Holdings, Inc. (China)		7,856		418,175
				5,468,924
Total Common Stocks (Cost $114,383,440)				134,458,940
Short-Term Investments — 1.0%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (c) (d) (Cost $205,755)		205,755		205,755

SEE NOTES TO FINANCIAL STATEMENTS.

164 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Investment of Cash Collateral From Securities Loaned — 0.8%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		399,820		399,860
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (c) (d)		800,674		800,674
Total Investment of Cash Collateral from Securities Loaned (Cost $1,200,584)				1,200,534
Total Short-Term Investments (Cost $1,406,339)				1,406,289
Total Investments — 100.8% (Cost $115,789,779)				135,865,229
Liabilities in Excess of Other Assets — (0.8%)				(1,122,143	)
NET ASSETS — 100.0%				134,743,086

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is $1,104,262.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 2020:

DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Micro E-Mini S&P 500 Index		17		12/2020		USD		277,568		(5,872	)

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 165

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.9%
Aerospace & Defense — 0.7%
Lockheed Martin Corp.		7,673		2,686,548
Banks — 0.8%
Bank of Hawaii Corp.		9,075		550,308
Commerce Bancshares, Inc.		13,793		858,614
US Bancorp		43,642		1,699,856
				3,108,778
Beverages — 2.6%
Brown-Forman Corp., Class B		11,561		805,917
Coca-Cola Co. (The)		69,226		3,327,002
Monster Beverage Corp.*		18,023		1,380,021
PepsiCo, Inc.		32,505		4,332,591
				9,845,531
Chemicals — 1.5%
Air Products and Chemicals, Inc.		7,677		2,120,695
Celanese Corp.		8,381		951,327
CF Industries Holdings, Inc.		13,430		370,802
LyondellBasell Industries NV, Class A		8,583		587,506
NewMarket Corp.		1,643		587,685
PPG Industries, Inc.		9,726		1,261,657
				5,879,672
Construction & Materials — 0.5%
Acuity Brands, Inc.		4,499		401,041
AO Smith Corp.		10,934		565,178
Watsco, Inc.		4,082		914,940
				1,881,159
Electricity — 2.1%
AES Corp. (The)		16,915		329,842
Evergy, Inc.		12,183		672,502
Exelon Corp.		36,707		1,464,242
Hawaiian Electric Industries, Inc.		10,077		332,944
IDACORP, Inc.		4,809		421,894
NextEra Energy, Inc.		45,992		3,367,074
NRG Energy, Inc.		24,240		766,469
PG&E Corp.*		25,893		247,537
Pinnacle West Capital Corp.		372		30,344
Vistra Corp.		28,664		497,894
				8,130,742
Electronic & Electrical Equipment — 1.2%
Allegion plc		8,668		853,798
Keysight Technologies, Inc.*		11,672		1,224,042
Mettler-Toledo International, Inc.*		1,379		1,376,118
Waters Corp.*		5,218		1,162,675
				4,616,633

INVESTMENTS	SHARES		VALUE ($)
Financial Services — 6.5%
American Express Co.		20,980		1,914,215
Broadridge Financial Solutions, Inc.		8,462		1,164,371
Cboe Global Markets, Inc.		2,762		224,523
Eaton Vance Corp.		18,934		1,132,064
Mastercard, Inc., Class A		22,342		6,448,795
Moody’s Corp.		6,497		1,708,061
Nasdaq, Inc.		8,693		1,051,766
S&P Global, Inc.		7,756		2,503,094
SEI Investments Co.		14,699		722,456
T. Rowe Price Group, Inc.		9,361		1,185,664
Visa, Inc., Class A		38,915		7,071,245
				25,126,254
Fixed Line Telecommunications — 1.7%
AT&T, Inc.		13,253		358,096
Verizon Communications, Inc.		106,895		6,091,946
				6,450,042
Food & Drug Retailers — 0.5%
McKesson Corp.		8,488		1,251,895
Sprouts Farmers Market, Inc.*		37,854		721,119
				1,973,014
Food Producers — 0.5%
Hershey Co. (The)		7,014		964,145
Hormel Foods Corp.		16,954		825,490
				1,789,635
Gas, Water & Multiutilities — 0.8%
Ameren Corp.		14,712		1,193,437
National Fuel Gas Co.		15,042		601,078
UGI Corp.		31		1,003
WEC Energy Group, Inc.		14,541		1,462,098
				3,257,616
General Industrials — 1.6%
3M Co.		17,209		2,752,752
Honeywell International, Inc.		20,658		3,407,537
				6,160,289
General Retailers — 10.0%
Amazon.com, Inc.*		1,393		4,229,357
AutoZone, Inc.*		1,178		1,329,938
Best Buy Co., Inc.		12,648		1,410,884
Copart, Inc.*		12,312		1,358,752
Costco Wholesale Corp.		11,782		4,213,479
Dick’s Sporting Goods, Inc.		15,906		901,075
Dollar General Corp.		9,762		2,037,427
eBay, Inc.		30,252		1,440,903

SEE NOTES TO FINANCIAL STATEMENTS.

166 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
General Retailers — continued
Foot Locker, Inc.		12,473		460,004
frontdoor, Inc.*		9,510		376,786
Grand Canyon Education, Inc.*		6,289		492,869
Home Depot, Inc. (The)		27,291		7,278,783
Kohl’s Corp.		3,713		79,050
Lowe’s Cos., Inc.		22,187		3,507,765
O’Reilly Automotive, Inc.*		3,364		1,468,722
Target Corp.		16,733		2,547,097
TJX Cos., Inc. (The)		41,541		2,110,283
Tractor Supply Co.		8,234		1,096,851
Walmart, Inc.		7,332		1,017,315
Williams-Sonoma, Inc. (a)		11,108		1,013,161
				38,370,501
Health Care Equipment & Services — 2.4%
Bio-Techne Corp.		3,240		817,808
Chemed Corp.		1,936		926,028
DaVita, Inc.*		10,992		948,060
Edwards Lifesciences Corp.*		23,481		1,683,353
IDEXX Laboratories, Inc.*		4,046		1,718,822
Quidel Corp.*		5,355		1,436,693
ResMed, Inc.		7,826		1,502,122
				9,032,886
Household Goods & Home Construction — 1.3%
Church & Dwight Co., Inc.		9,461		836,258
Clorox Co. (The)		6,575		1,362,669
Procter & Gamble Co. (The)		19,580		2,684,418
				4,883,345
Industrial Engineering — 2.5%
Allison Transmission Holdings, Inc.		17,904		647,230
Cummins, Inc.		7,242		1,592,443
Donaldson Co., Inc.		12,408		589,380
Graco, Inc.		17,348		1,073,841
IDEX Corp.		6,201		1,056,588
Illinois Tool Works, Inc.		11,230		2,199,732
Lincoln Electric Holdings, Inc.		7,969		811,404
Rockwell Automation, Inc.		6,105		1,447,618
Toro Co. (The)		3,960		325,116
				9,743,352
Industrial Metals & Mining — 0.2%
Reliance Steel & Aluminum Co.		4,132		450,347
Southern Copper Corp. (Peru)		7,360		385,222
				835,569

INVESTMENTS	SHARES		VALUE ($)
Industrial Transportation — 1.5%
CH Robinson Worldwide, Inc.		11,157		986,613
Expeditors International of Washington, Inc.		5,795		512,104
Landstar System, Inc.		6,844		853,447
Union Pacific Corp.		19,541		3,462,470
				5,814,634
Leisure Goods — 0.4%
Electronic Arts, Inc.*		2,837		339,958
Pool Corp.		2,151		752,484
Take-Two Interactive Software, Inc.*		2,828		438,114
				1,530,556
Life Insurance — 0.5%
Aflac, Inc.		29,384		997,587
Globe Life, Inc.		9,613		779,518
				1,777,105
Media — 1.3%
Cable One, Inc.		386		668,498
Dolby Laboratories, Inc., Class A		11,296		848,104
FactSet Research Systems, Inc.		3,239		992,753
Interpublic Group of Cos., Inc. (The)		51,864		938,220
Omnicom Group, Inc.		13,819		652,257
Sirius XM Holdings, Inc. (a)		160,288		918,450
				5,018,282
Mining — 0.2%
Royal Gold, Inc.		7,177		852,699
Nonlife Insurance — 3.7%
Allstate Corp. (The)		14,054		1,247,292
Aon plc, Class A(a)		9,009		1,657,746
Arch Capital Group Ltd.*		23,735		717,034
Arthur J Gallagher & Co.		11,807		1,224,504
Brown & Brown, Inc.		22,315		970,926
Chubb Ltd.		10,658		1,384,581
Erie Indemnity Co., Class A		3,614		841,592
Hartford Financial Services Group, Inc. (The)		12,064		464,705
Marsh & McLennan Cos., Inc.		18,345		1,897,974
Progressive Corp. (The)		21,795		2,002,961
Travelers Cos., Inc. (The)		9,817		1,185,010
WR Berkley Corp.		13,216		794,546
				14,388,871
Oil & Gas Producers — 1.8%
Cabot Oil & Gas Corp.		37,952		675,166
Chevron Corp.		46,758		3,249,681
ConocoPhillips		40,503		1,159,196
Exxon Mobil Corp.		36,916		1,204,200

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 167

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Oil & Gas Producers — continued
Phillips 66		11,733		547,462
				6,835,705
Oil Equipment, Services & Distribution — 0.2%
Helmerich & Payne, Inc.		11,918		177,221
Schlumberger NV		34,280		512,143
				689,364
Personal Goods — 2.7%
Carter’s, Inc.		5,806		472,899
Colgate-Palmolive Co.		26,098		2,058,871
Estee Lauder Cos., Inc. (The), Class A		6,698		1,471,283
Kimberly-Clark Corp.		12,129		1,608,184
NIKE, Inc., Class B		34,506		4,143,480
VF Corp.		10,301		692,227
				10,446,944
Pharmaceuticals & Biotechnology — 10.2%
AbbVie, Inc.		48,518		4,128,882
Alexion Pharmaceuticals, Inc.*		2,252		259,295
Amgen, Inc.		16,521		3,584,066
Biogen, Inc.*		6,427		1,620,054
Eli Lilly and Co.		24,276		3,167,047
Gilead Sciences, Inc.		38,190		2,220,749
Illumina, Inc.*		5,691		1,665,756
Jazz Pharmaceuticals plc*		6,424		925,698
Johnson & Johnson		51,006		6,993,433
Merck & Co., Inc.		66,492		5,000,863
Pfizer, Inc.		113,428		4,024,425
Regeneron Pharmaceuticals, Inc.*		2,661		1,446,413
Vertex Pharmaceuticals, Inc.*		8,867		1,847,528
Zoetis, Inc.		15,836		2,510,798
				39,395,007
Real Estate Investment Trusts — 3.2%
AGNC Investment Corp.		43,989		614,526
American Tower Corp.		13,174		3,025,409
Apartment Investment & Management Co., Class A		9,094		290,099
Brookfield Property REIT, Inc., Class A (a)		13,097		193,181
Camden Property Trust		4,776		440,538
CoreSite Realty Corp.		5,401		644,663
Equity Commonwealth		7,324		193,500
Equity LifeStyle Properties, Inc.		14,279		845,174
Equity Residential		10,066		472,901
Extra Space Storage, Inc.		9,040		1,048,188
Federal Realty Investment Trust		4,490		308,822
Gaming and Leisure Properties, Inc.		20,022		727,800

INVESTMENTS	SHARES		VALUE ($)
Real Estate Investment Trusts — continued
Lamar Advertising Co., Class A		9,175		568,483
Life Storage, Inc.		3,565		406,945
Public Storage		6,858		1,570,962
Simon Property Group, Inc.		11,724		736,384
Vornado Realty Trust		869		26,704
Weingarten Realty Investors		8,974		142,328
				12,256,607
Software & Computer Services — 17.0%
Adobe, Inc.*		12,523		5,599,033
Akamai Technologies, Inc.*		10,934		1,040,042
Alphabet, Inc., Class A*		5,041		8,146,811
Amdocs Ltd.		9,561		539,049
Arista Networks, Inc.*		4,746		991,439
Aspen Technology, Inc.*		7,747		850,698
Autodesk, Inc.*		8,384		1,974,767
Black Knight, Inc.*		7,700		677,215
Cadence Design Systems, Inc.*		13,784		1,507,556
CDK Global, Inc.		7,408		319,285
Cerner Corp.		15,569		1,091,231
Citrix Systems, Inc.		8,379		949,089
Cognizant Technology Solutions Corp., Class A		24,149		1,724,722
Crowdstrike Holdings, Inc., Class A*		6,318		782,421
Dropbox, Inc., Class A*		25,257		461,193
EPAM Systems, Inc.*		3,140		970,103
Facebook, Inc., Class A*		28,188		7,416,545
Fortinet, Inc.*		6,190		683,190
Gartner, Inc.*		4,266		512,347
GoDaddy, Inc., Class A*		8,669		613,245
International Business Machines Corp.		26,515		2,960,665
Intuit, Inc.		8,096		2,547,649
Manhattan Associates, Inc.*		9,953		850,982
Match Group, Inc.*		6,942		810,687
Microsoft Corp.		37,190		7,529,859
Nuance Communications, Inc.*		13,809		440,645
Oracle Corp.		57,733		3,239,399
Palo Alto Networks, Inc.*		5,395		1,193,320
Paycom Software, Inc.*		2,926		1,065,327
Premier, Inc., Class A		22,730		743,953
Proofpoint, Inc.*		4,874		466,637
SS&C Technologies Holdings, Inc.		11,147		660,125
Synopsys, Inc.*		7,198		1,539,364
Tyler Technologies, Inc.* (a)		2,028		779,523
VeriSign, Inc.*		6,140		1,170,898
VMware, Inc., Class A* (a)		4,529		583,018

SEE NOTES TO FINANCIAL STATEMENTS.

168 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Software & Computer Services — continued
Zoom Video Communications, Inc., Class A*		4,535		2,090,227
				65,522,259
Support Services — 3.7%
Accenture plc, Class A		17,822		3,865,770
Automatic Data Processing, Inc.		14,465		2,284,891
Cintas Corp.		4,397		1,383,076
Jack Henry & Associates, Inc.		5,945		881,346
MSC Industrial Direct Co., Inc., Class A		7,457		519,455
Paychex, Inc.		16,736		1,376,536
Robert Half International, Inc.		15,522		786,810
Verisk Analytics, Inc.		7,950		1,414,862
Western Union Co. (The)		38,136		741,364
WW Grainger, Inc.		2,991		1,046,910
				14,301,020
Technology Hardware & Equipment — 11.8%
Analog Devices, Inc.		11,144		1,320,898
Apple, Inc.		57,637		6,274,364
Applied Materials, Inc.		25,522		1,511,668
Cisco Systems, Inc.		115,560		4,148,604
Intel Corp.		101,569		4,497,475
KLA Corp.		5,792		1,142,067
Lam Research Corp.		5,682		1,943,699
Lumentum Holdings, Inc.*		6,761		559,067
Maxim Integrated Products, Inc.		17,597		1,225,631
Motorola Solutions, Inc.		6,466		1,022,016
NetApp, Inc.		13,170		578,031
NVIDIA Corp.		14,957		7,498,842
Qorvo, Inc.*		8,143		1,037,092
QUALCOMM, Inc.		32,381		3,994,520
Skyworks Solutions, Inc.		6,960		983,378
SYNNEX Corp.		3,102		408,347
Teradyne, Inc.		13,873		1,218,743
Texas Instruments, Inc.		26,440		3,822,960
Ubiquiti, Inc. (a)		3,432		637,014
Xilinx, Inc.		11,883		1,410,393
				45,234,809
Tobacco — 0.9%
Altria Group, Inc.		47,722		1,721,810
Philip Morris International, Inc.		22,050		1,565,991
				3,287,801
Travel & Leisure — 3.4%
Booking Holdings, Inc.*		1,350		2,190,375
Copa Holdings SA, Class A (Panama)		10,804		532,421
Darden Restaurants, Inc.		9,806		901,368

INVESTMENTS	SHARES		VALUE ($)
Travel & Leisure — continued
Hilton Worldwide Holdings, Inc.		13,598		1,194,040
Marriott International, Inc., Class A		13,673		1,269,948
McDonald’s Corp.		18,452		3,930,276
Six Flags Entertainment Corp.		10,266		221,951
Southwest Airlines Co.		25,001		988,290
Vail Resorts, Inc.		2,036		472,433
Yum! Brands, Inc.		14,604		1,362,991
				13,064,093
Total Common Stocks (Cost $366,862,209)				384,187,322
Short-Term Investments — 0.9%
Investment Companies — 0.0% (b)
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (c) (d) (Cost $104,552)		104,552		104,552
Investment of Cash Collateral from Securities Loaned — 0.9%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		2,749,375		2,749,650
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (c) (d)		530,051		530,051
Total Investment of Cash Collateral from Securities Loaned (Cost $3,280,051)				3,279,701
Total Short-Term Investments (Cost $3,384,603)				3,384,253
Total Investments — 100.8% (Cost $370,246,812)				387,571,575
Liabilities in Excess of Other Assets — (0.8%)				(2,900,366	)
NET ASSETS — 100.0%				384,671,209

Percentages indicated are based on net assets.

Abbreviations

REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is $3,133,582.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 169

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

Futures contracts outstanding as of October 31, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Micro E-Mini S&P 500 Index		29		12/2020		USD		473,498		(3,227	)

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

170 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.7%
Aerospace & Defense — 0.8%
General Dynamics Corp.		1,225		160,879
Raytheon Technologies Corp.		4,265		231,675
Textron, Inc.		2,282		81,696
				474,250
Automobiles & Parts — 2.0%
BorgWarner, Inc.		3,718		130,056
Ford Motor Co.		32,902		254,333
General Motors Co.		7,006		241,917
Gentex Corp.		5,633		155,865
Genuine Parts Co.		1,834		165,849
Harley-Davidson, Inc.		5,014		164,860
Lear Corp.		1,288		155,603
				1,268,483
Banks — 6.8%
Associated Banc-Corp.		5,112		69,983
Bank of America Corp.		10,181		241,290
Bank OZK		3,088		76,521
BOK Financial Corp.		1,214		71,310
Citigroup, Inc.		8,839		366,111
Citizens Financial Group, Inc.		5,477		149,248
Comerica, Inc.		2,073		94,342
Cullen/Frost Bankers, Inc.		518		36,400
East West Bancorp, Inc.		1,245		45,418
Fifth Third Bancorp		7,169		166,464
First Hawaiian, Inc.		4,296		74,149
First Horizon National Corp.		8,184		85,196
FNB Corp.		12,764		96,496
Huntington Bancshares, Inc.		11,116		116,051
KeyCorp		11,500		149,270
M&T Bank Corp.		1,036		107,309
New York Community Bancorp, Inc.		13,229		109,933
PacWest Bancorp		4,233		81,443
People’s United Financial, Inc.		7,717		82,340
PNC Financial Services Group, Inc. (The)		2,683		300,174
Popular, Inc. (Puerto Rico)		2,740		115,628
Prosperity Bancshares, Inc.		738		40,671
Regions Financial Corp.		12,939		172,089
Sterling Bancorp		5,933		79,384
Synovus Financial Corp.		3,552		92,352
Truist Financial Corp.		6,157		259,333
Umpqua Holdings Corp.		8,416		105,705
US Bancorp		6,235		242,853
Webster Financial Corp.		2,492		80,267
Wells Fargo & Co.		18,807		403,410
Western Alliance Bancorp		946		38,975

INVESTMENTS	SHARES		VALUE ($)
Banks — continued
Zions Bancorp NA		2,452		79,126
				4,229,241
Beverages — 0.4%
Keurig Dr Pepper, Inc.		5,465		147,008
Molson Coors Beverage Co., Class B		3,295		116,182
				263,190
Chemicals — 1.1%
Cabot Corp.		1,324		50,325
CF Industries Holdings, Inc.		2,502		69,080
Chemours Co. (The)		4,556		91,758
Eastman Chemical Co.		1,938		156,668
Huntsman Corp.		4,047		98,302
LyondellBasell Industries NV, Class A		2,518		172,357
Olin Corp.		4,180		69,179
				707,669
Construction & Materials — 0.6%
MDU Resources Group, Inc.		1,233		29,296
Owens Corning		2,342		153,331
Trane Technologies plc		1,571		208,550
				391,177
Electricity — 2.2%
Avangrid, Inc.		1,670		82,398
Consolidated Edison, Inc.		2,865		224,874
Exelon Corp.		6,955		277,435
Hawaiian Electric Industries, Inc.		2,660		87,886
OGE Energy Corp.		2,205		67,848
Pinnacle West Capital Corp.		946		77,165
PPL Corp.		7,201		198,027
Public Service Enterprise Group, Inc.		2,717		157,994
Southern Co. (The)		3,809		218,827
				1,392,454
Electronic & Electrical Equipment — 1.6%
Avnet, Inc.		2,124		52,399
Corning, Inc.		5,440		173,917
Emerson Electric Co.		4,027		260,909
Hubbell, Inc.		1,089		158,461
MKS Instruments, Inc.		787		85,303
nVent Electric plc		6,107		110,231
Regal Beloit Corp.		1,445		142,549
				983,769
Financial Services — 3.5%
Ally Financial, Inc.		4,380		116,858
Bank of New York Mellon Corp. (The)		6,313		216,915

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 171

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Financial Services — continued
Capital One Financial Corp.		3,228		235,902
Equitable Holdings, Inc.		4,693		100,853
Franklin Resources, Inc.		4,151		77,831
Goldman Sachs Group, Inc. (The)		1,822		344,431
Invesco Ltd.		8,054		105,588
Jefferies Financial Group, Inc.		5,530		107,890
MGIC Investment Corp.		8,376		84,263
Morgan Stanley		6,474		311,723
OneMain Holdings, Inc.		2,282		79,619
Santander Consumer USA Holdings, Inc.		3,769		76,662
State Street Corp.		3,169		186,654
Synchrony Financial		4,811		120,371
				2,165,560
Fixed Line Telecommunications — 1.6%
AT&T, Inc.		21,625		584,307
CenturyLink, Inc.		6,629		57,142
Verizon Communications, Inc.		6,627		377,673
				1,019,122
Food & Drug Retailers — 2.2%
Albertsons Cos., Inc., Class A (a)		3,422		50,269
AmerisourceBergen Corp.		1,508		144,873
CVS Health Corp.		6,918		388,030
Kroger Co. (The)		6,452		207,819
McKesson Corp.		975		143,803
Sprouts Farmers Market, Inc.*		3,238		61,684
Sysco Corp.		2,883		159,459
Walgreens Boots Alliance, Inc.		5,894		200,632
				1,356,569
Food Producers — 2.4%
Archer-Daniels-Midland Co.		4,793		221,628
Campbell Soup Co.		1,940		90,540
Conagra Brands, Inc.		4,550		159,660
Flowers Foods, Inc.		5,997		141,409
General Mills, Inc.		4,254		251,496
Ingredion, Inc.		1,675		118,741
JM Smucker Co. (The)		1,518		170,320
Kraft Heinz Co. (The)		6,212		190,025
Tyson Foods, Inc., Class A		2,734		156,467
				1,500,286
Forestry & Paper — 0.2%
International Paper Co.		3,098		135,537
Gas, Water & Multiutilities — 0.8%
CenterPoint Energy, Inc.		1,088		22,990

INVESTMENTS	SHARES		VALUE ($)
Gas, Water & Multiutilities — continued
Duke Energy Corp.		4,265		392,849
National Fuel Gas Co.		2,074		82,877
				498,716
General Industrials — 2.2%
Carlisle Cos., Inc.		1,169		144,804
Eaton Corp. plc		2,715		281,790
Graphic Packaging Holding Co.		9,178		121,976
Packaging Corp. of America		1,489		170,475
Parker-Hannifin Corp.		1,088		226,696
Silgan Holdings, Inc.		3,632		125,122
Sonoco Products Co.		2,439		119,243
WestRock Co.		4,691		176,147
				1,366,253
General Retailers — 5.7%
Advance Auto Parts, Inc.		684		100,740
AutoNation, Inc.*		2,495		141,541
Best Buy Co., Inc.		2,044		228,008
Dick’s Sporting Goods, Inc.		2,569		145,534
Dollar General Corp.		1,259		262,766
eBay, Inc.		3,891		185,328
Foot Locker, Inc.		3,808		140,439
Gap, Inc. (The)		8,016		155,911
Graham Holdings Co., Class B		188		71,504
Grand Canyon Education, Inc.*		527		41,301
H&R Block, Inc.		6,608		114,054
Kohl’s Corp.		3,844		81,839
Lowe’s Cos., Inc.		242		38,260
Nordstrom, Inc. (a)		4,218		51,038
Penske Automotive Group, Inc.		2,785		142,481
Qurate Retail, Inc., Series A		16,477		111,549
Service Corp. International		2,194		101,604
Target Corp.		2,699		410,842
Tractor Supply Co.		840		111,896
Walmart, Inc.		5,340		740,925
Williams-Sonoma, Inc. (a)		1,837		167,553
				3,545,113
Health Care Equipment & Services — 6.3%
Anthem, Inc.		1,389		378,919
Baxter International, Inc.		1,680		130,318
Becton Dickinson and Co.		1,559		360,332
Cigna Corp.		2,020		337,279
Hill-Rom Holdings, Inc.		1,382		125,859
Humana, Inc.		795		317,428
Medtronic plc		6,123		615,790

SEE NOTES TO FINANCIAL STATEMENTS.

172 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Health Care Equipment & Services — continued
Quest Diagnostics, Inc.		1,611		196,767
UnitedHealth Group, Inc.		3,880		1,183,943
Universal Health Services, Inc., Class B		1,356		148,550
Zimmer Biomet Holdings, Inc.		982		129,722
				3,924,907
Household Goods & Home Construction — 2.0%
Leggett & Platt, Inc.		2,394		99,902
Lennar Corp., Class A		2,736		192,149
Mohawk Industries, Inc.*		891		91,942
Newell Brands, Inc.		7,685		135,717
PulteGroup, Inc.		3,953		161,124
Stanley Black & Decker, Inc.		1,367		227,196
Toll Brothers, Inc.		3,540		149,671
Whirlpool Corp.		989		182,926
				1,240,627
Industrial Engineering — 3.5%
AGCO Corp.		1,971		151,826
Allison Transmission Holdings, Inc.		3,225		116,584
Caterpillar, Inc.		2,665		418,538
Crane Co.		1,974		100,180
Cummins, Inc.		1,168		256,831
Dover Corp.		1,698		187,986
Oshkosh Corp.		1,888		127,176
PACCAR, Inc.		2,741		234,027
Pentair plc		3,472		172,767
Snap-on, Inc.		1,048		165,091
Timken Co. (The)		2,564		153,071
Trinity Industries, Inc.		6,232		117,411
				2,201,488
Industrial Metals & Mining — 0.7%
Nucor Corp.		3,509		167,590
Reliance Steel & Aluminum Co.		1,424		155,202
Steel Dynamics, Inc.		3,669		115,500
				438,292
Industrial Transportation — 1.4%
Macquarie Infrastructure Corp.		3,802		98,092
Norfolk Southern Corp.		1,550		324,136
Schneider National, Inc., Class B		3,464		76,416
Union Pacific Corp.		2,186		387,337
				885,981
Leisure Goods — 0.2%
Thor Industries, Inc.		1,599		135,243

INVESTMENTS	SHARES		VALUE ($)
Life Insurance — 1.3%
Brighthouse Financial, Inc.*		1,125		37,237
Lincoln National Corp.		2,856		100,246
MetLife, Inc.		6,100		230,885
Principal Financial Group, Inc.		3,605		141,388
Prudential Financial, Inc.		3,123		199,934
Unum Group		4,410		77,881
				787,571
Media — 3.7%
Comcast Corp., Class A		19,567		826,510
Discovery, Inc., Class A* (a)		4,988		100,957
DISH Network Corp., Class A*		4,704		119,905
Dolby Laboratories, Inc., Class A		1,180		88,594
Fox Corp., Class A		5,546		147,080
Fox Corp., Class B		4,926		128,766
Interpublic Group of Cos., Inc. (The)		7,753		140,252
John Wiley & Sons, Inc., Class A		2,103		65,109
Liberty Media Corp.-Liberty SiriusXM, Class C*		3,698		127,951
Lions Gate Entertainment Corp., Class A* (a)		9,169		61,432
Nexstar Media Group, Inc., Class A (a)		1,335		110,004
Nielsen Holdings plc		6,805		91,935
Omnicom Group, Inc.		2,823		133,246
ViacomCBS, Inc.		6,455		184,419
				2,326,160
Nonlife Insurance — 1.2%
American International Group, Inc.		5,004		157,576
Assured Guaranty Ltd.		3,318		84,708
First American Financial Corp.		2,768		123,425
Hartford Financial Services Group, Inc. (The)		2,769		106,662
Mercury General Corp.		1,607		65,421
Old Republic International Corp.		7,206		117,314
Reinsurance Group of America, Inc.		1,080		109,102
				764,208
Oil & Gas Producers — 1.8%
Chevron Corp.		4,733		328,943
ConocoPhillips		1,076		30,795
Exxon Mobil Corp.		14,241		464,541
HollyFrontier Corp.		2,723		50,403
Marathon Petroleum Corp.		3,833		113,074
Valero Energy Corp.		3,272		126,332
				1,114,088
Oil Equipment, Services & Distribution — 0.2%
Helmerich & Payne, Inc.		1,732		25,755
Kinder Morgan, Inc.		6,186		73,613
				99,368

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 173

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Personal Goods — 1.1%
Capri Holdings Ltd.*		4,227		89,697
Hanesbrands, Inc.		9,622		154,626
Nu Skin Enterprises, Inc., Class A		2,849		140,598
PVH Corp.		1,623		94,605
Ralph Lauren Corp.		1,345		89,913
Tapestry, Inc.		6,702		148,985
				718,424
Pharmaceuticals & Biotechnology — 6.4%
Alexion Pharmaceuticals, Inc.*		1,166		134,253
Amgen, Inc.		2,298		498,528
Gilead Sciences, Inc.		6,542		380,417
Johnson & Johnson		8,493		1,164,475
Merck & Co., Inc.		10,705		805,123
Perrigo Co. plc		2,043		89,627
Pfizer, Inc.		24,001		851,556
United Therapeutics Corp.*		680		91,276
				4,015,255
Real Estate Investment Trusts — 2.2%
AGNC Investment Corp.		10,208		142,606
Annaly Capital Management, Inc.		19,791		140,318
Apple Hospitality REIT, Inc.		6,154		60,925
Brandywine Realty Trust		6,012		52,665
Brixmor Property Group, Inc.		6,029		66,078
Cousins Properties, Inc.		1,340		34,143
EPR Properties		2,078		49,540
Kimco Realty Corp.		8,159		83,711
Medical Properties Trust, Inc.		8,492		151,327
New Residential Investment Corp.		10,531		78,983
Omega Healthcare Investors, Inc.		4,098		118,063
Park Hotels & Resorts, Inc.		6,866		68,179
SL Green Realty Corp. (a)		1,623		69,481
Starwood Property Trust, Inc.		6,857		95,792
Vornado Realty Trust		2,337		71,816
Weingarten Realty Investors		3,933		62,377
				1,346,004
Software & Computer Services — 13.3%
Akamai Technologies, Inc.*		1,797		170,931
Alphabet, Inc., Class A*		713		1,152,286
Amdocs Ltd.		2,583		145,629
Arista Networks, Inc.*		668		139,545
Black Knight, Inc.*		1,243		109,322
CACI International, Inc., Class A*		427		89,042
CDK Global, Inc.		1,179		50,815
Cerner Corp.		2,488		174,384

INVESTMENTS	SHARES		VALUE ($)
Software & Computer Services — continued
Change Healthcare, Inc.*		5,818		82,325
Citrix Systems, Inc.		1,238		140,228
Cognizant Technology Solutions Corp., Class A		3,901		278,609
Dell Technologies, Inc., Class C*		2,303		138,779
DXC Technology Co.		5,013		92,339
F5 Networks, Inc.*		820		109,011
Facebook, Inc., Class A*		4,006		1,054,019
Gartner, Inc.*		688		82,629
Hewlett Packard Enterprise Co.		16,029		138,490
International Business Machines Corp.		4,302		480,361
Intuit, Inc.		1,038		326,638
IQVIA Holdings, Inc.*		580		89,314
Leidos Holdings, Inc.		1,754		145,582
Microsoft Corp.		6,035		1,221,906
National Instruments Corp.		2,275		71,162
NCR Corp.*		3,876		78,760
NortonLifeLock, Inc.		7,617		156,682
Nuance Communications, Inc.*		5,251		167,559
Oracle Corp.		9,334		523,731
Premier, Inc., Class A		2,453		80,287
Roper Technologies, Inc.		534		198,296
Science Applications International Corp.		978		74,690
SS&C Technologies Holdings, Inc.		2,412		142,839
Teradata Corp.*		3,218		59,115
Twitter, Inc.*		5,724		236,745
VMware, Inc., Class A*(a)		904		116,372
				8,318,422
Support Services — 1.2%
ADT, Inc.		12,918		85,130
Alliance Data Systems Corp.		1,456		75,042
Johnson Controls International plc		5,837		246,380
ManpowerGroup, Inc.		1,964		133,297
MSC Industrial Direct Co., Inc., Class A		1,887		131,448
Robert Half International, Inc.		1,710		86,680
				757,977
Technology Hardware & Equipment — 15.3%
Analog Devices, Inc.		2,441		289,332
Apple, Inc.		9,366		1,019,583
Applied Materials, Inc.		5,462		323,514
Broadcom, Inc.		1,794		627,236
CDW Corp.		1,466		179,732
Ciena Corp.*		2,958		116,516
Cirrus Logic, Inc.*		1,299		89,462
Cisco Systems, Inc.		18,683		670,720
CommScope Holding Co., Inc.*		6,664		59,310

SEE NOTES TO FINANCIAL STATEMENTS.

174 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Technology Hardware & Equipment — continued
Entegris, Inc.		2,416		180,644
HP, Inc.		11,923		214,137
Intel Corp.		18,159		804,080
Juniper Networks, Inc.		6,741		132,933
KLA Corp.		1,233		243,123
L3Harris Technologies, Inc.		1,446		232,965
Lam Research Corp.		917		313,687
Lumentum Holdings, Inc.*		1,238		102,370
Marvell Technology Group Ltd.		4,398		164,969
Maxim Integrated Products, Inc.		2,842		197,945
Microchip Technology, Inc.		1,839		193,242
Micron Technology, Inc.*		6,753		339,946
Monolithic Power Systems, Inc.		397		126,881
Motorola Solutions, Inc.		1,104		174,498
NetApp, Inc.		2,973		130,485
ON Semiconductor Corp.*		5,132		128,762
Qorvo, Inc.*		1,499		190,913
QUALCOMM, Inc.		5,260		648,874
Skyworks Solutions, Inc.		1,534		216,739
SYNNEX Corp.		1,180		155,335
Teradyne, Inc.		2,240		196,784
Texas Instruments, Inc.		4,302		622,026
Western Digital Corp.		3,659		138,054
Xerox Holdings Corp.		5,041		87,613
Xilinx, Inc.		1,922		228,122
				9,540,532
Tobacco — 0.6%
Altria Group, Inc.		9,761		352,177
Travel & Leisure — 3.2%
Alaska Air Group, Inc.		2,969		112,495
Aramark		4,336		120,281
Carnival Corp. (a)		4,942		67,755
Copa Holdings SA, Class A (Panama)		1,701		83,825
Darden Restaurants, Inc.		1,221		112,234
Delta Air Lines, Inc.		5,154		157,919
Extended Stay America, Inc.		6,647		75,444
Hyatt Hotels Corp., Class A		1,158		63,852
JetBlue Airways Corp.*		8,272		99,016
Las Vegas Sands Corp.		3,615		173,737
MGM Resorts International		7,105		146,150
Royal Caribbean Cruises Ltd.		2,267		127,904
Sabre Corp.		8,947		58,334
Six Flags Entertainment Corp.		2,892		62,525
Southwest Airlines Co.		4,488		177,411
United Airlines Holdings, Inc.*		2,952		99,955

INVESTMENTS	SHARES		VALUE ($)
Travel & Leisure — continued
Vail Resorts, Inc.		456		105,810
Wyndham Destinations, Inc.		3,132		102,197
Wyndham Hotels & Resorts, Inc.		1,673		77,811
				2,024,655
Total Common Stocks (Cost $65,175,977)				62,288,768
Short-Term Investments — 1.4%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (b) (c) (Cost $104,469)		104,469		104,469
Investment of Cash Collateral from Securities Loaned — 1.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (b) (c)		499,850		499,900
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (b) (c)		249,858		249,858
Total Investment of Cash Collateral from Securities Loaned (Cost $749,858)				749,758
Total Short-Term Investments (Cost $854,327)				854,227
Total Investments — 101.1% (Cost $66,030,304)				63,142,995
Liabilities in Excess of Other Assets — (1.1%)				(674,840	)
NET ASSETS — 100.0%				62,468,155

Percentages indicated are based on net assets.

Abbreviations
REIT	RealEstate Investment Trust
(a)	Thesecurity or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is $728,424.
(b)	Investmentin an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	Therate shown is the current yield as of October 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 175

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

Futures contracts outstanding as of October 31, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Micro E-Mini S&P 500 Index		10		12/2020		USD		163,275		(4,342	)

Abbreviations

USD     UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

176 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2020

	JPMorgan BetaBuilders Canada ETF			JPMorgan BetaBuilders Developed Asia ex- Japan ETF			JPMorgan BetaBuilders Europe ETF			JPMorgan BetaBuilders International Equity ETF
ASSETS:
Investments in non-affiliates, at value	$	3,612,688,408		$	1,452,262,904		$	3,681,048,953		$	1,854,881,668
Investments in affiliates, at value		—			—			—			5,136,138
Investments of cash collateral received from securities loaned, at value (See Note 2.C.)		284,858,791			8,202,391			116,141,754			22,318,164
Cash		192,667			2,647,505			11,154			182,135
Foreign currency, at value		15,742,331			9,503,040			7,608,072			1,100,763
Deposits at broker for futures contracts		2,069,354			1,154,046			2,584,359			—
Segregated cash balance with Authorized Participant for deposit securities		—			—			45,639,091			—
Receivables:
Investment securities sold		—			265,897			90,414,015			—
Dividends from non-affiliates		9,309,412			529,215			2,741,892			4,928,364
Dividends from affiliates		—			—			—			32
Tax reclaims		686,081			29,901			11,472,179			429,340
Securities lending income (See Note 2.C.)		134,012			70,738			71,962			16,801
Variation margin on futures contracts		6,009			—			91,163			1,126,120
Total Assets		3,925,687,065			1,474,665,637			3,957,824,594			1,890,119,525
LIABILITIES:
Payables:
Investment securities purchased		—			—			3,447,823			1,016,303
Collateral received on securities loaned (See Note 2.C.)		284,858,791			8,202,391			116,141,754			22,318,164
Fund shares redeemed		—			—			91,224,770			—
Variation margin on futures contracts		—			249,208			—			—
Collateral upon return of deposit securities		—			—			45,639,091			—
Accrued liabilities:
Management fees (See Note 3.A.)		617,014			243,144			365,647			114,756
Total Liabilities		285,475,805			8,694,743			256,819,085			23,449,223
Net Assets	$	3,640,211,260		$	1,465,970,894		$	3,701,005,509		$	1,866,670,302
NET ASSETS:
Paid-in-Capital	$	3,829,199,807		$	1,581,599,212		$	4,280,254,782		$	1,858,950,542
Total distributable earnings (loss)		(188,988,547	)		(115,628,318	)		(579,249,273	)		7,719,760
Total Net Assets	$	3,640,211,260		$	1,465,970,894		$	3,701,005,509		$	1,866,670,302
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		158,300,000			65,200,000			171,000,000			40,400,000
Net asset value, per share	$	23.00		$	22.48		$	21.64		$	46.20
Cost of investments in non-affiliates	$	3,701,324,890		$	1,545,664,725		$	4,214,358,038		$	1,851,413,578
Cost of investments in affiliates		—			—			—			5,136,138
Cost of foreign currency		15,281,841			9,588,104			7,401,074			1,104,963
Investment securities on loan, at value (See Note 2.C.)		267,270,576			7,803,965			109,270,689			20,684,106
Cost of investment of cash collateral (See Note 2.C.)		284,858,791			8,202,888			116,147,578			22,318,364

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 177

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2020 (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 in non-affiliates, at value	$	5,272,878,703	$	234,188,626	$	988,019,962		$	213,651,927
Investments in affiliates, at value		—		3,588,269		2,909,004			—
Investments of cash collateral received from securities loaned, at value (See Note 2.C.)		5,115,948		253,351		12,084,091			137,511
Cash		407,303		21,899		59,371			661,016
Foreign currency, at value		5,744,914		—		—			30,025
Deposits at broker for futures contracts		2,588,118		146,000		—			16,000
Receivables:
Fund shares sold		—		24,157,255		—			—
Dividends from non-affiliates		41,128,912		181,598		288,859			300,779
Dividends from affiliates		—		8		8			—
Tax reclaims		1,680,436		—		—			—
Securities lending income (See Note 2.C.)		26,740		234		327			24
Variation margin on futures contracts		—		—		—			1,524
Total Assets		5,329,571,074		262,537,240		1,003,361,622			214,798,806
LIABILITIES:
Payables:
Investment securities purchased		—		23,889,079		3,083,241			335,406
Collateral received on securities loaned (See Note 2.C.)		5,115,948		253,351		12,084,091			137,511
Deposits from broker for futures contracts		—		—		43,000			—
Variation margin on futures contracts		558,384		18,768		1,450			—
Accrued liabilities:
Management fees (See Note 3.A.)		861,295		3,467		17,887			87,763
Deferred foreign capital gains tax		—		—		—			477,984
Total Liabilities		6,535,627		24,164,665		15,229,669			1,038,664
Net Assets	$	5,323,035,447	$	238,372,575	$	988,131,953		$	213,760,142
NET ASSETS:
Paid-in-Capital	$	5,261,544,046	$	224,651,061	$	1,026,746,728		$	267,022,830
Total distributable earnings (loss)		61,491,401		13,721,514		(38,614,775	)		(53,262,688	)
Total Net Assets	$	5,323,035,447	$	238,372,575	$	988,131,953		$	213,760,142
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		220,000,000		4,000,000		15,400,000			4,600,000
Net asset value, per share	$	24.20	$	59.59	$	64.16		$	46.47
Cost of investments in non-affiliates	$	5,239,677,995	$	219,363,652	$	1,026,840,095		$	229,592,398
Cost of investments in affiliates		—		3,749,316		2,909,004			—
Cost of foreign currency		5,582,134		—		—			18,230
Investment securities on loan, at value (See Note 2.C.)		3,369,753		247,666		11,217,036			126,666
Cost of investment of cash collateral (See Note 2.C.)		5,116,745		253,366		12,084,091			137,511

SEE NOTES TO FINANCIAL STATEMENTS.

178 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2020 (continued)

	JPMorgan Diversified Return International Equity ETF			JPMorgan Diversified Return U.S. Equity ETF			JPMorgan Diversified Return U.S. Mid Cap Equity ETF			JPMorgan Diversified Return U.S. Small Cap Equity ETF			JPMorgan International Growth ETF
ASSETS:
Investments in non-affiliates, at value	$	860,958,222		$	535,418,866		$	219,917,784		$	148,376,055		$	36,634,765
Investments in affiliates, at value		209,263			773,854			147,665			224,874			469,916
Investments of cash collateral received from securities loaned, at value (See Note 2.C.)		3,451,900			6,339,996			3,053,053			18,480,883			—
Cash		156,458			250			—			342			496,042
Foreign currency, at value		196,424			—			—			—			40,922
Deposits at broker for futures contracts		658,600			132,600			44,700			32,520			—
Receivables:
Investment securities sold		255			7,334,747			—			—			152,190
Dividends from non-affiliates		3,158,816			497,703			143,969			65,119			8,411
Dividends from affiliates		1			5			2			2			—
Tax reclaims		2,166,853			—			—			—			3,029
Securities lending income (See Note 2.C.)		7,990			2,577			1,163			16,249			—
Total Assets		870,964,782			550,500,598			223,308,336			167,196,044			37,805,275
LIABILITIES:
Payables:
Collateral received on securities loaned (See Note 2.C.)		3,451,900			6,339,996			3,053,053			18,480,883			—
Fund shares redeemed		—			7,352,222			—			—			—
Variation margin on futures contracts		26,220			12,967			1,447			4,160			—
Accrued liabilities:
Management fees (See Note 3.A.)		286,538			85,772			45,990			38,176			17,617
Total Liabilities		3,764,658			13,790,957			3,100,490			18,523,219			17,617
Net Assets	$	867,200,124		$	536,709,641		$	220,207,846		$	148,672,825		$	37,787,658
NET ASSETS:
Paid-in-Capital	$	1,058,480,663		$	558,864,156		$	225,425,820		$	175,694,115		$	34,003,054
Total distributable earnings (loss)		(191,280,539	)		(22,154,515	)		(5,217,974	)		(27,021,290	)		3,784,604
Total Net Assets	$	867,200,124		$	536,709,641		$	220,207,846		$	148,672,825		$	37,787,658
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		17,400,000			7,300,000			3,400,000			5,150,000			600,000
Net asset value, per share	$	49.84		$	73.52		$	64.77		$	28.87		$	62.98
Cost of investments in non-affiliates	$	935,974,831		$	515,774,194		$	210,251,864		$	163,609,237		$	32,814,824
Cost of investments in affiliates		209,284			773,854			147,665			224,874			469,916
Cost of foreign currency		197,142			—			—			—			41,114
Investment securities on loan, at value (See Note 2.C.)		2,460,006			6,124,079			2,902,255			17,374,417			—
Cost of investment of cash collateral (See Note 2.C.)		3,452,152			6,340,697			3,053,053			18,483,683			—

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 179

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2020 (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 in non-affiliates, at value	$	34,874,535		$	37,666,288		$	134,458,940	$	384,187,322	$	62,288,768
Investments in affiliates, at value		83,190			79,780			205,755		104,552		104,469
Investments of cash collateral received from securities loaned, at value (See Note 2.C.)		618,407			455,350			1,200,534		3,279,701		749,758
Cash		2,625			—			—		—		—
Deposits at broker for futures contracts		10,920			13,200			20,520		82,400		17,160
Receivables:
Investment securities sold		—			2,878,325			—		—		—
Fund shares sold		—			—			—		1,576,526		—
Dividends from non-affiliates		64,210			47,113			75,086		338,500		65,804
Dividends from affiliates		—			1			2		4		1
Securities lending income (See Note 2.C.)		770			195			182		2,561		327
Total Assets		35,654,657			41,140,252			135,961,019		389,571,566		63,226,287
LIABILITIES:
Payables:
Due to custodian		—			—			—		3		—
Investment securities purchased		66,334			—			—		1,574,794		—
Collateral received on securities loaned (See Note 2.C.)		618,407			455,350			1,200,534		3,279,701		749,758
Fund shares redeemed		—			2,905,668			—		—		—
Variation margin on futures contracts		862			1,321			3,116		5,335		1,816
Accrued liabilities:
Management fees (See Note 3.A.)		3,651			4,375			14,283		40,524		6,558
Total Liabilities		689,254			3,366,714			1,217,933		4,900,357		758,132
Net Assets	$	34,965,403		$	37,773,538		$	134,743,086	$	384,671,209	$	62,468,155
NET ASSETS:
Paid-in-Capital	$	39,986,560		$	43,363,845		$	120,393,500	$	373,381,809	$	68,418,734
Total distributable earnings (loss)		(5,021,157	)		(5,590,307	)		14,349,586		11,289,400		(5,950,579	)
Total Net Assets	$	34,965,403		$	37,773,538		$	134,743,086	$	384,671,209	$	62,468,155
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		1,500,000			1,300,000			4,000,000		12,200,000		2,500,000
Net asset value, per share	$	23.31		$	29.06		$	33.68	$	31.53	$	24.99
Cost of investments in non-affiliates	$	37,984,596		$	39,750,260		$	114,383,440	$	366,862,209	$	65,175,977
Cost of investments in affiliates		83,190			79,780			205,755		104,552		104,469
Investment securities on loan, at value (See Note 2.C.)		597,327			433,042			1,104,262		3,133,582		728,424
Cost of investment of cash collateral (See Note 2.C.)		618,467			455,400			1,200,584		3,280,051		749,858

SEE NOTES TO FINANCIAL STATEMENTS.

180 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2020

	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 from non-affiliates	$	5,566		$	1,633		$	123		$	4,531
Interest income from affiliates		25,305			7,049			230			—
Dividend income from non-affiliates		118,833,264			49,832,408			95,165,379			16,961,476
Dividend income from affiliates		—			—			—			910
Non-cash dividend income from non-affiliates		—			—			10,017,348			2,305,911
Income from securities lending (net) (See Note 2.C.)		4,812,778			560,443			1,115,445			124,854
Foreign taxes withheld (net)		(16,816,050	)		(650,798	)		(8,622,596	)		(1,384,072	)
Total investment income		106,860,863			49,750,735			97,675,929			18,013,610
EXPENSES:
Management fees (See Note 3.A.)		6,935,231			2,635,568			3,630,628			505,577
Interest expense to non-affiliates		1,534			2,468			37,808			547
Interest expense to affiliates		538			358			80,321			1,224
Total expenses		6,937,303			2,638,394			3,748,757			507,348
Net investment income (loss)		99,923,560			47,112,341			93,927,172			17,506,262
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(98,807,645	)		(23,667,285	)		(65,708,272	)		(2,848,949	)
In-kind redemptions of investments in non-affiliates		(13,287,306	)		(9,082,598	)		(106,363,067	)		3,738,718
Futures contracts		3,639,224			(1,501,995	)		(2,963,168	)		401,643
Foreign currency transactions		568,690			(548,185	)		1,893,547			(844	)
Net realized gain (loss)		(107,887,037	)		(34,800,063	)		(173,140,960	)		1,290,568
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(214,357,271	)		(151,149,078	)		(678,434,589	)		3,468,090
Investments in affiliates		—			(497	)		(10,724	)		(200	)
Futures contracts		(1,036,471	)		(45,016	)		(2,054,081	)		(624,195	)
Foreign currency translations		458,486			(194,212	)		640,280			38,938
Change in net unrealized appreciation/depreciation		(214,935,256	)		(151,388,803	)		(679,859,114	)		2,882,633
Net realized/unrealized gains (losses)		(322,822,293	)		(186,188,866	)		(853,000,074	)		4,173,201
Change in net assets resulting from operations	$	(222,898,733	)	$	(139,076,525	)	$	(759,072,902	)	$	21,679,463

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 181

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2020 (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 from non-affiliates	$	—		$	—		$	10		$	793
Interest income from affiliates		630			—			—			257
Dividend income from non-affiliates		89,540,187			2,366,283			306,574			11,208,715
Dividend income from affiliates		—			55,914			12			1,316
Non-cash dividend income from non-affiliates		—			133,290			—			—
Income from securities lending (net) (See Note 2.C.)		470,048			3,807			581			3,364
Foreign taxes withheld (net)		(8,978,007	)		—			—			(1,074,028	)
Total investment income		81,032,858			2,559,294			307,177			10,140,417
EXPENSES:
Management fees (See Note 3.A.)		7,842,035			24,510			20,216			1,309,585
Interest expense to non-affiliates		6,018			125			6			241
Interest expense to affiliates		37,993			—			—			1,371
Total expenses		7,886,046			24,635			20,222			1,311,197
Net investment income (loss)		73,146,812			2,534,659			286,955			8,829,220
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(20,404,038	)		(1,271,610	)		2,348			(19,150,867	)
Investments in affiliates		—			(38,446	)		—			—
In-kind redemptions of investments in non-affiliates		106,148,091			4,740,164			962,523			1,194,106
Futures contracts		6,083,712			42,155			(44,046	)		269,212
Foreign currency transactions		7,836			—			—			(185,517	)
Net realized gain (loss)		91,835,601			3,472,263			920,825			(17,873,066	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(116,509,778	)		11,807,859			(38,820,133	)		(35,877,258	)(b)
Investments in affiliates		(2,196	)		(264,003	)		—			—
Futures contracts		(3,090,451	)		(44,470	)		(7,142	)		(22,206	)
Foreign currency translations		634,964			—			—			3,154
Change in net unrealized appreciation/depreciation		(118,967,461	)		11,499,386			(38,827,275	)		(35,896,310	)
Net realized/unrealized gains (losses)		(27,131,860	)		14,971,649			(37,906,450	)		(53,769,376	)
Change in net assets resulting from operations	$	46,014,952		$	17,506,308		$	(37,619,495	)	$	(44,940,156	)

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

(b) Net change in foreign capital gains tax of $(289,899).

SEE NOTES TO FINANCIAL STATEMENTS.

182 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2020 (continued)

	JPMorgan Diversified Return International Equity ETF			JPMorgan Diversified Return U.S. Equity ETF			JPMorgan Diversified Return U.S. Mid Cap Equity ETF			JPMorgan Diversified Return U.S. Small Cap Equity ETF			JPMorgan International Growth ETF (a)
INVESTMENT INCOME:
Interest income from non-affiliates	$	5,836		$	1,486		$	587		$	216		$	14
Interest income from affiliates		736			16			5			—			—
Dividend income from non-affiliates		31,471,369			16,084,998			4,324,579			2,446,400			97,235
Dividend income from affiliates		25,476			11,189			3,801			2,388			32
Non-cash dividend income from non-affiliates		2,227,232			—			—			—			—
Income from securities lending (net) (See Note 2.C.)		232,307			70,264			35,278			294,766			—
Foreign taxes withheld (net)		(2,351,008	)		—			—			—			(6,008	)
Total investment income		31,611,948			16,167,953			4,364,250			2,743,770			91,273
EXPENSES:
Management fees (See Note 3.A.)		3,917,506			1,189,879			497,635			433,065			70,217
Interest expense to non-affiliates		887			143			36			30			—
Interest expense to affiliates		2,190			—			—			—			11
Total expenses		3,920,583			1,190,022			497,671			433,095			70,228
Net investment income (loss)		27,691,365			14,977,931			3,866,579			2,310,675			21,045
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(48,593,659	)		(32,884,648	)		(12,662,318	)		(10,566,785	)		(53,577	)
Investments in affiliates		449			—			—			—			—
In-kind redemptions of investments in non-affiliates		(7,338,431	)		39,421,332			15,701,402			2,665,339			—
Futures contracts		909,225			(326,561	)		(149,714	)		53,246			—
Foreign currency transactions		(494,128	)		—			—			—			(2,721	)
Net realized gain (loss)		(55,516,544	)		6,210,123			2,889,370			(7,848,200	)		(56,298	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(82,755,766	)		(62,407,952	)		(4,763,402	)		(10,747,123	)		3,819,941
Investments in affiliates		(273	)		(1,101	)		—			(3,300	)		—
Futures contracts		(530,640	)		(73,717	)		(5,523	)		(13,364	)		—
Foreign currency translations		88,820			—			—			—			(84	)
Change in net unrealized appreciation/depreciation		(83,197,859	)		(62,482,770	)		(4,768,925	)		(10,763,787	)		3,819,857
Net realized/unrealized gains (losses)		(138,714,403	)		(56,272,647	)		(1,879,555	)		(18,611,987	)		3,763,559
Change in net assets resulting from operations	$	(111,023,038	)	$	(41,294,716	)	$	1,987,024		$	(16,301,312	)	$	3,784,604

(a) Commencement of operations was May 20, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 183

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2020 (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 from non-affiliates	$	33		$	131		$	—		$	57		$	112
Dividend income from non-affiliates		1,411,000			2,001,953			1,100,520			4,765,433			2,009,710
Dividend income from affiliates		788			1,462			733			1,998			1,110
Income from securities lending (net) (See Note 2.C.)		9,249			4,798			8,968			20,474			9,616
Total investment income		1,421,070			2,008,344			1,110,221			4,787,962			2,020,548
EXPENSES:
Management fees (See Note 3.A.)		43,489			99,579			108,421			297,250			77,562
Total expenses		43,489			99,579			108,421			297,250			77,562
Net investment income (loss)		1,377,581			1,908,765			1,001,800			4,490,712			1,942,986
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(1,659,418	)		(3,453,275	)		(4,453,907	)		(6,608,550	)		(2,882,601	)
In-kind redemptions of investments in non-affiliates		1,859,469			4,242,902			2,855,895			19,431,461			3,725,979
Futures contracts		(34,171	)		(38,154	)		39,413			84,184			(14,940	)
Net realized gain (loss)		165,880			751,473			(1,558,599	)		12,907,095			828,438
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(5,056,023	)		(6,870,988	)		21,216,244			9,768,594			(7,034,956)
Investments in affiliates		(60	)		(50	)		(50	)		(350	)		(100	)
Futures contracts		(2,691	)		(5,367	)		(7,188	)		(6,679	)		(7,239	)
Change in net unrealized appreciation/depreciation		(5,058,774	)		(6,876,405	)		21,209,006			9,761,565			(7,042,295	)
Net realized/unrealized gains (losses)		(4,892,894	)		(6,124,932	)		19,650,407			22,668,660			(6,213,857	)
Change in net assets resulting from operations	$	(3,515,313	)	$	(4,216,167	)	$	20,652,207		$	27,159,372		$	(4,270,871	)

SEE NOTES TO FINANCIAL STATEMENTS.

184 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan BetaBuilders Canada ETF						JPMorgan BetaBuilders Developed Asia ex-Japan ETF
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	99,923,560		$	83,710,291		$	47,112,341		$	50,689,295
Net realized gain (loss)		(107,887,037	)		(25,352,697	)		(34,800,063	)		2,478,979
Change in net unrealized appreciation/depreciation		(214,935,256	)		259,078,770			(151,388,803	)		117,802,311
Change in net assets resulting from operations		(222,898,733	)		317,436,364			(139,076,525	)		170,970,585
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(97,217,228	)		(75,222,486	)		(47,499,256	)		(50,248,812	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		159,573,201			1,513,841,316			209,692,845			718,818,123
NET ASSETS:
Change in net assets		(160,542,760	)		1,756,055,194			23,117,064			839,539,896
Beginning of period		3,800,754,020			2,044,698,826			1,442,853,830			603,313,934
End of period	$	3,640,211,260		$	3,800,754,020		$	1,465,970,894		$	1,442,853,830
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	225,691,349		$	1,594,807,117		$	400,560,096		$	759,011,170
Cost of shares redeemed		(66,118,148	)		(80,965,801	)		(190,867,251	)		(40,193,047	)
Total change in net assets resulting from capital transactions	$	159,573,201		$	1,513,841,316		$	209,692,845		$	718,818,123
SHARE TRANSACTIONS:
Issued		9,400,000			66,000,000			18,000,000			32,000,000
Redeemed		(3,800,000	)		(3,800,000	)		(9,800,000	)		(1,600,000	)
Net increase in shares from share transactions		5,600,000			62,200,000			8,200,000			30,400,000

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 185

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan BetaBuilders Europe ETF						JPMorgan BetaBuilders International Equity ETF
	Year Ended October 31, 2020			Year Ended October 31, 2019			Period Ended October 31, 2020 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	93,927,172		$	131,029,232		$	17,506,262
Net realized gain (loss)		(173,140,960	)		58,667,336			1,290,568
Change in net unrealized appreciation/depreciation		(679,859,114	)		237,106,587			2,882,633
Change in net assets resulting from operations		(759,072,902	)		426,803,155			21,679,463
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(91,833,136	)		(126,316,866	)		(10,275,336	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		698,765,923			2,237,729,043			1,855,266,175
NET ASSETS:
Change in net assets		(152,140,115	)		2,538,215,332			1,866,670,302
Beginning of period		3,853,145,624			1,314,930,292			—
End of period	$	3,701,005,509		$	3,853,145,624		$	1,866,670,302
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	3,682,970,788		$	2,927,537,309		$	1,875,036,423
Cost of shares redeemed		(2,984,204,865	)		(689,808,266	)		(19,770,248	)
Total change in net assets resulting from capital transactions	$	698,765,923		$	2,237,729,043		$	1,855,266,175
SHARE TRANSACTIONS:
Issued		162,000,000			130,000,000			40,800,000
Redeemed		(149,200,000	)		(30,000,000	)		(400,000	)
Net increase in shares from share transactions		12,800,000			100,000,000			40,400,000

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

SEE NOTES TO FINANCIAL STATEMENTS.

186 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan BetaBuilders Japan ETF						JPMorgan BetaBuilders U.S. Equity ETF
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Period Ended October 31, 2019 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	73,146,812		$	76,811,361		$	2,534,659		$	430,637
Net realized gain (loss)		91,835,601			30,095,816			3,472,263			(41,094	)
Change in net unrealized appreciation/depreciation		(118,967,461	)		268,969,319			11,499,386			3,125,195
Change in net assets resulting from operations		46,014,952			375,876,496			17,506,308			3,514,738
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(102,501,216	)		(20,089,888	)		(2,245,984	)		(317,882	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,060,999,792			1,626,647,644			176,703,126			43,212,269
NET ASSETS:
Change in net assets		1,004,513,528			1,982,434,252			191,963,450			46,409,125
Beginning of period		4,318,521,919			2,336,087,667			46,409,125			—
End of period	$	5,323,035,447		$	4,318,521,919		$	238,372,575		$	46,409,125
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	2,626,810,358		$	2,238,563,149		$	191,742,099		$	43,212,269
Cost of shares redeemed		(1,565,810,566	)		(611,915,505	)		(15,038,973	)		—
Total change in net assets resulting from capital transactions	$	1,060,999,792		$	1,626,647,644		$	176,703,126		$	43,212,269
SHARE TRANSACTIONS:
Issued		112,400,000			100,400,000			3,400,000			850,000
Redeemed		(68,400,000	)		(27,200,000	)		(250,000	)		—
Net increase in shares from share transactions		44,000,000			73,200,000			3,150,000			850,000

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 187

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 October 31, 2020 (a)			Year Ended October 31, 2020			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	286,955		$	8,829,220		$	11,690,830
Net realized gain (loss)		920,825			(17,873,066	)		(9,288,395	)
Change in net unrealized appreciation/depreciation		(38,827,275	)		(35,896,310	)		22,872,709
Change in net assets resulting from operations		(37,619,495	)		(44,940,156	)		25,275,144
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(34,041	)		(11,494,561	)		(9,059,080	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,025,785,489			(83,600,557	)		123,775,100
NET ASSETS:
Change in net assets		988,131,953			(140,035,274	)		139,991,164
Beginning of period		—			353,795,416			213,804,252
End of period	$	988,131,953		$	213,760,142		$	353,795,416
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	1,030,410,313		$	11,220,073		$	123,775,100
Cost of shares redeemed		(4,624,824	)		(94,820,630	)		—
Total change in net assets resulting from capital transactions	$	1,025,785,489		$	(83,600,557	)	$	123,775,100
SHARE TRANSACTIONS:
Issued		15,475,000			200,000			2,300,000
Redeemed		(75,000	)		(2,100,000	)		—
Net increase (decrease) in shares from share transactions		15,400,000			(1,900,000	)		2,300,000

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

SEE NOTES TO FINANCIAL STATEMENTS.

188 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan Diversified Return International Equity ETF						JPMorgan Diversified Return U.S. Equity ETF
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	27,691,365		$	49,632,728		$	14,977,931		$	15,437,588
Net realized gain (loss)		(55,516,544	)		(6,323,521	)		6,210,123			11,156,283
Change in net unrealized appreciation/depreciation		(83,197,859	)		47,448,543			(62,482,770	)		48,876,386
Change in net assets resulting from operations		(111,023,038	)		90,757,750			(41,294,716	)		75,470,257
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(31,499,409	)		(47,722,104	)		(15,994,512	)		(13,823,828	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(273,144,732	)		(204,500,604	)		(208,627,128	)		181,617,239
NET ASSETS:
Change in net assets		(415,667,179	)		(161,464,958	)		(265,916,356	)		243,263,668
Beginning of period		1,282,867,303			1,444,332,261			802,625,997			559,362,329
End of period	$	867,200,124		$	1,282,867,303		$	536,709,641		$	802,625,997
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	45,178,764		$	298,833,792		$	80,338,258		$	261,868,954
Cost of shares redeemed		(318,323,496	)		(503,334,396	)		(288,965,386	)		(80,251,715	)
Total change in net assets resulting from capital transactions	$	(273,144,732	)	$	(204,500,604	)	$	(208,627,128	)	$	181,617,239
SHARE TRANSACTIONS:
Issued		800,000			5,500,000			1,100,000			3,600,000
Redeemed		(6,700,000	)		(9,400,000	)		(4,300,000	)		(1,100,000	)
Net increase (decrease) in shares from share transactions		(5,900,000	)		(3,900,000	)		(3,200,000	)		2,500,000

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 189

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan Diversified Return U.S. Mid Cap Equity ETF						JPMorgan Diversified Return U.S. Small Cap Equity ETF
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,866,579		$	2,884,389		$	2,310,675		$	1,872,735
Net realized gain (loss)		2,889,370			1,531,972			(7,848,200	)		11,531,108
Change in net unrealized appreciation/depreciation		(4,768,925	)		9,451,433			(10,763,787	)		(6,003,010	)
Change in net assets resulting from operations		1,987,024			13,867,794			(16,301,312	)		7,400,833
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(3,705,274	)		(2,653,452	)		(2,108,906	)		(1,663,026	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		33,952,305			64,731,269			26,739,716			38,470,266
NET ASSETS:
Change in net assets		32,234,055			75,945,611			8,329,498			44,208,073
Beginning of period		187,973,791			112,028,180			140,343,327			96,135,254
End of period	$	220,207,846		$	187,973,791		$	148,672,825		$	140,343,327
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	84,732,532		$	83,490,606		$	87,381,544		$	125,026,689
Cost of shares redeemed		(50,780,227	)		(18,759,337	)		(60,641,828	)		(86,556,423	)
Total change in net assets resulting from capital transactions	$	33,952,305		$	64,731,269		$	26,739,716		$	38,470,266
SHARE TRANSACTIONS:
Issued		1,400,000			1,300,000			2,900,000			4,150,000
Redeemed		(800,000	)		(300,000	)		(2,300,000	)		(2,850,000	)
Net increase in shares from share transactions		600,000			1,000,000			600,000			1,300,000

SEE NOTES TO FINANCIAL STATEMENTS.

190 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan International Growth ETF			JPMorgan U.S. Dividend ETF
	Period Ended October 31, 2020 (a)			Year Ended October 31, 2020			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	21,045		$	1,377,581		$	1,126,280
Net realized gain (loss)		(56,298	)		165,880			681,389
Change in net unrealized appreciation/depreciation		3,819,857			(5,058,774	)		1,931,896
Change in net assets resulting from operations		3,784,604			(3,515,313	)		3,739,565
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		—			(1,343,662	)		(1,057,550	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		34,003,054			(807,147	)		10,538,384
NET ASSETS:
Change in net assets		37,787,658			(5,666,122	)		13,220,399
Beginning of period		—			40,631,525			27,411,126
End of period	$	37,787,658		$	34,965,403		$	40,631,525
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	34,003,054		$	9,833,249		$	15,758,539
Cost of shares redeemed		—			(10,640,396	)		(5,220,155	)
Total change in net assets resulting from capital transactions	$	34,003,054		$	(807,147	)	$	10,538,384
SHARE TRANSACTIONS:
Issued		600,000			450,000			600,000
Redeemed		—			(450,000	)		(200,000	)
Net increase in shares from share transactions		600,000			—			400,000

(a) Commencement of operations was May 20, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 191

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan U.S. Minimum Volatility ETF						JPMorgan U.S. Momentum Factor ETF
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,908,765		$	1,125,687		$	1,001,800		$	597,332
Net realized gain (loss)		751,473			3,201,699			(1,558,599	)		5,801,887
Change in net unrealized appreciation/depreciation		(6,876,405	)		3,586,564			21,209,006			(2,461,486	)
Change in net assets resulting from operations		(4,216,167	)		7,913,950			20,652,207			3,937,733
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(2,053,319	)		(948,027	)		(941,311	)		(515,149	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(63,201,634	)		72,832,965			58,411,601			24,622,635
NET ASSETS:
Change in net assets		(69,471,120	)		79,798,888			78,122,497			28,045,219
Beginning of period		107,244,658			27,445,770			56,620,589			28,575,370
End of period	$	37,773,538		$	107,244,658		$	134,743,086		$	56,620,589
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	12,683,981		$	93,087,661		$	66,714,485		$	66,439,247
Cost of shares redeemed		(75,885,615	)		(20,254,696	)		(8,302,884	)		(41,816,612	)
Total change in net assets resulting from capital transactions	$	(63,201,634	)	$	72,832,965		$	58,411,601		$	24,622,635
SHARE TRANSACTIONS:
Issued		450,000			3,200,000			2,300,000			2,300,000
Redeemed		(2,700,000	)		(700,000	)		(250,000	)		(1,450,000	)
Net increase (decrease) in shares from share transactions		(2,250,000	)		2,500,000			2,050,000			850,000

SEE NOTES TO FINANCIAL STATEMENTS.

192 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan U.S. Quality Factor ETF						JPMorgan U.S. Value Factor ETF
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,490,712		$	1,227,149		$	1,942,986		$	1,527,280
Net realized gain (loss)		12,907,095			549,586			828,438			2,324,504
Change in net unrealized appreciation/depreciation		9,761,565			5,941,402			(7,042,295	)		3,862,947
Change in net assets resulting from operations		27,159,372			7,718,137			(4,270,871	)		7,714,731
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(3,901,856	)		(1,098,039	)		(1,990,064	)		(1,321,813	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		254,345,821			71,232,507			1,879,448			31,470,215
NET ASSETS:
Change in net assets		277,603,337			77,852,605			(4,381,487	)		37,863,133
Beginning of period		107,067,872			29,215,267			66,849,642			28,986,509
End of period	$	384,671,209		$	107,067,872		$	62,468,155		$	66,849,642
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	318,973,804		$	77,043,167		$	23,462,558		$	46,088,396
Cost of shares redeemed		(64,627,983	)		(5,810,660	)		(21,583,110	)		(14,618,181	)
Total change in net assets resulting from capital transactions	$	254,345,821		$	71,232,507		$	1,879,448		$	31,470,215
SHARE TRANSACTIONS:
Issued		10,650,000			2,700,000			900,000			1,850,000
Redeemed		(2,050,000	)		(200,000	)		(850,000	)		(550,000	)
Net increase in shares from share transactions		8,600,000			2,500,000			50,000			1,300,000

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 193

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan BetaBuilders Canada ETF
Year Ended October 31, 2020	$	24.89	$	0.65	$	(1.91	)	$	(1.26	)	$	(0.63	)
Year Ended October 31, 2019		22.59		0.66		2.24			2.90			(0.60	)
August 7, 2018 (g) through October 31, 2018		24.65		0.14		(2.15	)		(2.01	)		(0.05	)
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
Year Ended October 31, 2020		25.31		0.79		(2.83	)		(2.04	)		(0.79	)
Year Ended October 31, 2019		22.68		1.05		2.58			3.63			(1.00	)
August 7, 2018 (g) through October 31, 2018		25.36		0.22		(2.73	)		(2.51	)		(0.17	)
JPMorgan BetaBuilders Europe ETF
Year Ended October 31, 2020		24.36		0.54		(2.72	)		(2.18	)		(0.54	)
Year Ended October 31, 2019		22.59		0.90		1.65			2.55			(0.78	)
June 15, 2018 (g) through October 31, 2018		24.79		0.13		(2.30	)		(2.17	)		(0.03	)
JPMorgan BetaBuilders International Equity ETF
December 3, 2019 (g) through October 31, 2020		49.79		1.05		(4.26	)(j)		(3.21	)		(0.38	)
JPMorgan BetaBuilders Japan ETF
Year Ended October 31, 2020		24.54		0.42		(0.19	)		0.23			(0.57	)
Year Ended October 31, 2019		22.72		0.48		1.48			1.96			(0.14	)
June 15, 2018 (g) through October 31, 2018		24.79		0.24		(2.31	)		(2.07	)		—
JPMorgan BetaBuilders U.S. Equity ETF
Year Ended October 31, 2020		54.60		1.14		4.83			5.97			(0.98	)
March 12, 2019 (g) 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 (g) through October 31, 2020		50.78		0.33		13.32	(j)		13.65			(0.27	)

(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) Prior to December 9, 2019, 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. 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) Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the fund based on prior day net assets and other expenses are paid by the Advisor.

(g) Commencement of operations.

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

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(j) Calculation of the net realized and unrealized gains (losses) per share does not correlate with the Fund’s net realized and unrealized gains (losses) presented in the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

SEE NOTES TO FINANCIAL STATEMENTS.

194 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 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)
$	23.00	$	23.05		(4.98	)%		(4.81	)%	$	3,640,211,260		0.19	%		2.74	%		0.19	%		4	%
	24.89		24.90		13.08			12.97			3,800,754,020		0.19			2.73			0.34	(f)		7
	22.59		22.62		(8.18	)		(8.05	)(h)		2,044,698,826		0.19	(i)		2.55			0.37	(i)(f)		1
	22.48		22.55		(7.87	)		(7.45	)		1,465,970,894		0.19			3.40			0.19			6
	25.31		25.27		16.18			15.94			1,442,853,830		0.19			4.22			0.39	(f)		7
	22.68		22.69		(9.97	)		(9.93	)(h)		603,313,934		0.19	(i)		3.94			0.45	(i)(f)		2
	21.64		21.67		(8.92	)		(8.90	)		3,701,005,509		0.09			2.33			0.09			5
	24.36		24.39		11.43			11.32			3,853,145,624		0.09			3.83			0.25	(f)		7
	22.59		22.64		(8.75	)		(8.55	)(h)		1,314,930,292		0.09	(i)		1.45			0.34	(i)(f)		2
	46.20		46.29		(6.45	)		(6.27	)(h)		1,866,670,302		0.07			2.40			0.07			8
	24.20		24.32		0.87			1.24			5,323,035,447		0.19			1.77			0.19			5
	24.54		24.57		8.74			9.07			4,318,521,919		0.19			2.14			0.33	(f)		4
	22.72		22.68		(8.35	)		(8.51	)(h)		2,336,087,667		0.19	(i)		2.63			0.37	(i)(f)		5
	59.59		59.58		11.09			11.05			238,372,575		0.02			1.99			0.02			4
	54.60		54.61		9.95			9.97	(h)		46,409,125		0.02			2.01			0.02			3
	64.16		64.06		26.91			26.71	(h)		988,131,953		0.07			0.91			0.07			7

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 195

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Diversified Return Emerging Markets Equity ETF
Year Ended October 31, 2020	$	54.43	$	1.46	$	(7.48	)	$	(6.02	)	$	(1.94	)
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	)
JPMorgan Diversified Return International Equity ETF
Year Ended October 31, 2020		55.06		1.35		(5.01	)		(3.66	)		(1.56	)
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	)(g)		(0.09	)		(1.08	)
JPMorgan Diversified Return U.S. Equity ETF
Year Ended October 31, 2020		76.44		1.65		(2.82	)		(1.17	)		(1.75	)
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	(g)		3.19			(0.26	)
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Year Ended October 31, 2020		67.13		1.18		(2.38	)		(1.20	)		(1.16	)
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 (h) through October 31, 2016		50.00		0.42		1.23			1.65			—
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Year Ended October 31, 2020		30.84		0.44		(2.01	)		(1.57	)		(0.40	)
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 (h) 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) Prior to December 9, 2019, 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. 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) Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the fund based on prior day net assets and other expenses are paid by the Advisor.

(g) Calculation of the net realized and unrealized gains (losses) per share does 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.

(h) Commencement of operations.

(i) 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.

(j) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

SEE NOTES TO FINANCIAL STATEMENTS.

196 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 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)
$	46.47	$	46.21		(11.20	)%		(11.80	)%	$	213,760,142		0.44	%		2.97	%		0.44	%		26	%
	54.43		54.50		10.00			10.31			353,795,416		0.45			3.87			0.87	(f)		51
	50.91		50.83		(6.93	)		(7.43	)		213,804,252		0.45			2.80			0.96	(f)		53
	57.15		57.36		18.95			18.65			165,741,046		0.45			2.85			1.06	(f)		60
	48.68		48.98		11.02			11.63			43,809,461		0.45			2.33			1.91	(f)		44
	49.84		49.86		(6.72	)		(6.62	)		867,200,124		0.37			2.61			0.37			23
	55.06		55.02		7.05			7.23			1,282,867,303		0.38			3.27			0.41	(f)		25
	53.10		52.98		(6.72	)		(7.22	)		1,444,332,261		0.40			2.57			0.44	(f)		28
	59.18		59.36		20.35			20.30			1,159,887,006		0.43			2.63			0.51	(f)		29
	50.00		50.17		(0.15	)		0.41			470,042,716		0.43			2.56			0.75	(f)		27
	73.52		73.50		(1.40	)		(1.44	)		536,709,641		0.18			2.26			0.18			21
	76.44		76.45		11.65			11.65			802,625,997		0.19			2.27			0.37	(f)		24
	69.92		69.93		4.74			4.70			559,362,329		0.19			1.95			0.41	(f)		32
	68.52		68.55		20.99			21.02			356,298,771		0.21			1.83			0.47	(f)		27
	57.06		57.08		5.92			5.90			125,538,258		0.29			1.95			0.90	(f)		22
	64.77		64.72		(1.66	)		(1.79	)		220,207,846		0.24			1.86			0.24			28
	67.13		67.17		9.73			9.78			187,973,791		0.24			1.82			0.43	(f)		25
	62.24		62.25		2.59			2.57			112,028,180		0.24			1.64			0.50	(f)		35
	62.06		62.08		21.25			21.31			62,063,250		0.26			1.54			0.62	(f)		31
	51.65		51.64		3.30			3.28	(i)		36,153,888		0.34	(j)		1.69			1.02	(j)(f)		15
	28.87		28.94		(4.99	)		(4.85	)		148,672,825		0.29			1.54			0.29			30
	30.84		30.87		5.64			5.75			140,343,327		0.29			1.40			0.54	(f)		43
	29.58		29.58		3.61			3.43			96,135,254		0.29			1.08			0.61	(f)		30
	28.95		29.00		15.96			16.16	(i)		55,011,105		0.31	(j)		1.08			0.97	(j)(f)		24

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 197

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 International Growth ETF
May 20, 2020 (f) through October 31, 2020	$	51.83	$	0.05	$	11.10		$	11.15		$	—
JPMorgan U.S. Dividend ETF
Year Ended October 31, 2020		27.09		0.91		(3.79	)		(2.88	)		(0.90	)
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
Year Ended October 31, 2020		30.21		0.67		(1.10	)		(0.43	)		(0.72	)
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
Year Ended October 31, 2020		29.04		0.35		4.63			4.98			(0.34	)
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
Year Ended October 31, 2020		29.74		0.56		1.70			2.26			(0.47	)
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
Year Ended October 31, 2020		27.29		0.77		(2.29	)		(1.52	)		(0.78	)
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) Prior to December 9, 2019, 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. 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) Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the fund based on prior day net assets and other expenses are paid by the Advisor.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

SEE NOTES TO FINANCIAL STATEMENTS.

198 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 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)
$	62.98	$	63.12		21.51	%		21.78	%(g)	$	37,787,658		0.55	%		0.16	%		0.55	%		12	%
	23.31		23.26		(10.50	)		(10.72	)		34,965,403		0.12			3.78			0.12			26
	27.09		27.10		12.57			12.69			40,631,525		0.12			3.59			0.63	(h)		20
	24.92		24.90		3.08			2.99	(g)		27,411,126		0.12	(i)		3.81			0.76	(h)(i)		24
	29.06		28.97		(1.32	)		(1.69	)		37,773,538		0.12			2.29			0.12			23
	30.21		30.23		17.82			17.90			107,244,658		0.12			2.22			0.54	(h)		15
	26.14		26.14		6.69			6.69	(g)		27,445,770		0.12	(i)		2.33			0.76	(h)(i)		17
	33.68		33.74		17.33			17.50			134,743,086		0.12			1.11			0.12			39
	29.04		29.05		13.06			13.06			56,620,589		0.12			1.35			0.55	(h)		52
	25.98		25.99		5.17			5.21	(g)		28,575,370		0.12	(i)		1.32			0.74	(h)(i)		44
	31.53		31.54		7.72			7.68			384,671,209		0.12			1.81			0.12			20
	29.74		29.76		14.10			14.18			107,067,872		0.12			2.05			0.50	(h)		21
	26.56		26.56		8.15			8.15	(g)		29,215,267		0.12	(i)		2.01			0.74	(h)(i)		22
	24.99		24.90		(5.39	)		(5.76	)		62,468,155		0.12			2.99			0.12			25
	27.29		27.30		11.01			11.05			66,849,642		0.12			2.90			0.52	(h)		22
	25.21		25.21		3.12			3.12	(g)		28,986,509		0.12	(i)		2.52			0.75	(h)(i)		26

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 199

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020

1. Organization

J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 18 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 Asia ex-Japan ETF	Diversified
JPMorgan BetaBuilders Europe ETF	Diversified
JPMorgan BetaBuilders International Equity ETF(1)	Diversified
JPMorgan BetaBuilders Japan ETF	Diversified
JPMorgan BetaBuilders U.S. Equity ETF(2) JPMorgan BetaBuilders U.S. Mid Cap Equity ETF(3)	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 International Growth ETF(4)	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

⁽¹⁾  JPMorgan BetaBuilders International Equity ETF commenced operations on December 3, 2019.

⁽²⁾  JPMorgan BetaBuilders U.S. Equity ETF commenced operations on March 12, 2019.

⁽³⁾  JPMorgan BetaBuilders U.S. Mid Cap Equity ETF commenced operations on April 14, 2020.

⁽⁴⁾  JPMorgan International Growth ETF commenced operations on May 20, 2020.

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

The investment objective of 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.

The investment objective of JPMorgan BetaBuilders International Equity ETF (the “BetaBuilders International Equity ETF”) is to seek 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 investment objective of 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.

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

The investment objective of JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (the “BetaBuilders U.S. Mid Cap Equity ETF”) 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.

200 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

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.

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 JPMorgan International Growth ETF (the “International Growth ETF”) is to seek long-term capital appreciation.

The investment objective of 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 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 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 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 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 Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

Shares of each Fund are listed and traded at market price on an exchange as follows:

	Listing Exchange
BetaBuilders Canada ETF	Cboe BZX Exchange, Inc.
BetaBuilders Developed Asia ex-Japan ETF	Cboe BZX Exchange, Inc.
BetaBuilders Europe ETF	Cboe BZX Exchange, Inc.
BetaBuilders 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.
International Growth ETF	NYSE Arca, Inc.
U.S. Dividend ETF	NYSE Arca, Inc.
U.S. Equity ETF	NYSE Arca, Inc.
U.S. Mid Cap Equity 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. Small Cap Equity 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 Asia ex-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

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 201

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

	Shares per Creation Unit
International Growth ETF	25,000
U.S. Dividend ETF	50,000
U.S. Equity ETF	100,000
U.S. Mid Cap Equity ETF	100,000
U.S. Minimum Volatility ETF	50,000
U.S. Momentum Factor ETF	50,000
U.S. Quality Factor ETF	50,000
U.S. Small Cap Equity ETF	50,000
U.S. Value Factor ETF	50,000

Creation Units are issued and redeemed principally in-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 in open-end investment companies, excluding exchange-traded funds (“ETFs”), (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations.

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.

202 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):

BetaBuilders Canada ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Aerospace & Defense	$	12,173,396		$	—		$	—	$	12,173,396
Airlines		8,791,642			—			—		8,791,642
Auto Components		37,174,976			—			—		37,174,976
Banks		849,759,038			—			—		849,759,038
Capital Markets		135,680,772			—			—		135,680,772
Chemicals		62,007,854			—			—		62,007,854
Commercial Services & Supplies		87,412,408			—			—		87,412,408
Construction & Engineering		18,647,434			—			—		18,647,434
Containers & Packaging		15,176,362			—			—		15,176,362
Diversified Financial Services		9,452,012			—			—		9,452,012
Diversified Telecommunication Services		51,470,260			—			—		51,470,260
Electric Utilities		93,382,995			—			—		93,382,995
Equity Real Estate Investment Trusts (REITs)		14,595,428			—			—		14,595,428
Food & Staples Retailing		152,482,426			—			—		152,482,426
Food Products		15,488,508			—			—		15,488,508
Gas Utilities		9,494,454			—			—		9,494,454
Hotels, Restaurants & Leisure		42,269,532			—			—		42,269,532
Insurance		245,444,863			—			—		245,444,863
IT Services		305,687,187			—			—		305,687,187
Media		31,195,686			—			—		31,195,686
Metals & Mining		408,084,629			—			—		408,084,629
Multiline Retail		43,865,318			—			—		43,865,318
Multi-Utilities		36,845,073			—			—		36,845,073
Oil, Gas & Consumable Fuels		419,952,016			—			—		419,952,016
Pharmaceuticals		25,038,790			—			—		25,038,790
Professional Services		35,177,628			—			—		35,177,628
Road & Rail		297,900,490			—			—		297,900,490
Software		88,973,484			—	(a)		—		88,973,484
Textiles, Apparel & Luxury Goods		11,004,410			—			—		11,004,410
Thrifts & Mortgage Finance		3,299,159			—			—		3,299,159
Trading Companies & Distributors		6,606,573			—			—		6,606,573
Wireless Telecommunication Services		38,153,605			—			—		38,153,605
Total Common Stocks		3,612,688,408			—	(a)		—		3,612,688,408
Short-Term Investments
Investment of cash collateral from securities loaned		284,858,791			—			—		284,858,791
Total Investments in Securities	$	3,897,547,199		$	—	(a)	$	—	$	3,897,547,199
Depreciation in Other Financial Instruments
Futures Contracts	$	(1,137,237	)	$	—		$	—	$	(1,137,237)

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 203

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

BetaBuilders Developed Asia ex-Japan ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	1,083,031		$	846,375,205	$	—	$	847,458,236
Cambodia		—			2,163,854		—		2,163,854
China		—			18,815,478		—		18,815,478
Hong Kong		—			356,400,457		—		356,400,457
Macau		—			25,832,600		—		25,832,600
New Zealand		—			44,249,863		—		44,249,863
Singapore		—			132,245,871		—		132,245,871
United Kingdom		—			15,118,073		—		15,118,073
United States		—			9,978,472		—		9,978,472
Total Common Stocks		1,083,031			1,451,179,873		—		1,452,262,904
Short-Term Investments
Investment of cash collateral from securities loaned		8,202,391			—		—		8,202,391
Total Investments in Securities	$	9,285,422		$	1,451,179,873	$	—	$	1,460,465,295
Appreciation in Other Financial Instruments
Futures Contracts	$	104,083		$	—	$	—	$	104,083
Depreciation in Other Financial Instruments
Futures Contracts	$	(132,119	)	$	—	$	—	$	(132,119	)

BetaBuilders Europe ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	—	$	55,618,863	$	—		$	55,618,863
Austria		743,855		12,221,494		—			12,965,349
Belgium		1,688,916		55,714,578		—			57,403,494
Brazil		—		2,691,747		—			2,691,747
Chile		—		2,049,079		—			2,049,079
China		—		18,911,034		—			18,911,034
Colombia		—		1,341,762		—			1,341,762
Denmark		12,785,842		138,592,113		—			151,377,955
Finland		593,248		83,437,427		—			84,030,675
France		5,692,816		587,948,749		—			593,641,565
Germany		—		499,553,501		—			499,553,501
Ireland		6,030,701		35,143,385		—			41,174,086
Italy		—		123,388,249		—			123,388,249
Jordan		—		2,341,817		—			2,341,817
Luxembourg		—		9,181,989		—			9,181,989
Mexico		—		1,242,181		—			1,242,181
Netherlands		2,274,915		250,386,519		—			252,661,434
Norway		—		34,409,373		—			34,409,373
Portugal		—		10,480,270		—			10,480,270
Russia		—		3,761,539		—			3,761,539
South Africa		—		14,335,073		—			14,335,073
Spain		—		138,548,724		—			138,548,724
Sweden		—		211,020,052		—			211,020,052
Switzerland		—		608,354,411		—			608,354,411
United Arab Emirates		—		—		—	(a)		—	(a)

204 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

BetaBuilders Europe ETF (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
United Kingdom		3,685,002			728,274,302		—			731,959,304
United States		4,830,898			12,247,098		—			17,077,996
Total Common Stocks		38,326,193			3,641,195,329		—	(a)		3,679,521,522
Rights		1,527,431			—		—			1,527,431
Short-Term Investments
Investment of cash collateral from securities loaned		116,141,754			—		—			116,141,754
Total Investments in Securities	$	155,995,378		$	3,641,195,329	$	—	(a)	$	3,797,190,707
Depreciation in Other Financial Instruments
Futures Contracts	$	(1,782,094	)	$	—	$	—		$	(1,782,094	)

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	$	155,551	$	140,321,679	$	—		$	140,477,230
Austria		227,457		3,728,578		—			3,956,035
Belgium		508,421		16,827,283		—			17,335,704
Brazil		—		812,385		—			812,385
Cambodia		—		316,510		—			316,510
Chile		—		617,533		—			617,533
China		—		8,449,627		—			8,449,627
Colombia		—		400,655		—			400,655
Denmark		3,856,433		41,819,787		—			45,676,220
Finland		178,746		25,184,948		—			25,363,694
France		1,724,493		177,407,952		—			179,132,445
Germany		—		150,775,222		—			150,775,222
Hong Kong		—		52,042,153		—			52,042,153
Ireland		1,818,887		10,597,002		—			12,415,889
Israel		—		7,078,189		—			7,078,189
Italy		—		37,231,799		—			37,231,799
Japan		548,259		524,643,463		—			525,191,722
Jordan		—		706,226		—			706,226
Luxembourg		—		2,763,358		—			2,763,358
Macau		—		3,763,161		—			3,763,161
Mexico		—		375,856		—			375,856
Netherlands		693,113		75,581,008		—			76,274,121
New Zealand		—		6,462,109		—			6,462,109
Norway		—		10,379,996		—			10,379,996
Portugal		—		3,159,740		—			3,159,740
Russia		—		1,135,390		—			1,135,390
Singapore		—		19,314,794		—			19,314,794
South Africa		—		4,326,589		—			4,326,589
Spain		—		41,838,809		—			41,838,809
Sweden		—		63,702,218		—			63,702,218
Switzerland		—		183,182,449		—			183,182,449
United Arab Emirates		—		—		—	(a)		—	(a)
United Kingdom		1,120,619		222,042,915		—			223,163,534
United States		1,457,864		5,157,512		—			6,615,376
Total Common Stocks		12,289,843		1,842,146,895		—	(a)		1,854,436,738
Rights		444,930		—		—			444,930

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 205

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

BetaBuilders International Equity ETF (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Short-Term Investments
Investment Companies	$	5,136,138		$	—	$	—		$	5,136,138
Investment of cash collateral from securities loaned		22,318,164			—		—			22,318,164
Total Short-Term Investments		27,454,302			—		—			27,454,302
Total Investments in Securities	$	40,189,075		$	1,842,146,895	$	—	(a)	$	1,882,335,970
Depreciation in Other Financial Instruments
Futures Contracts	$	(624,195	)	$	—	$	—		$	(624,195	)

BetaBuilders Japan ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Air Freight & Logistics	$	—	$	29,577,092	$	—	$	29,577,092
Airlines		—		6,065,145		—		6,065,145
Auto Components		—		129,622,910		—		129,622,910
Automobiles		—		356,786,024		—		356,786,024
Banks		—		232,706,897		—		232,706,897
Beverages		—		49,369,316		—		49,369,316
Biotechnology		—		6,123,234		—		6,123,234
Building Products		—		102,569,096		—		102,569,096
Capital Markets		—		53,225,657		—		53,225,657
Chemicals		—		235,308,865		—		235,308,865
Commercial Services & Supplies		—		45,333,558		—		45,333,558
Construction & Engineering		—		36,742,486		—		36,742,486
Construction Materials		—		4,046,585		—		4,046,585
Consumer Finance		—		9,048,520		—		9,048,520
Containers & Packaging		—		2,034,779		—		2,034,779
Diversified Consumer Services		—		2,593,339		—		2,593,339
Diversified Financial Services		—		27,449,201		—		27,449,201
Diversified Telecommunication Services		—		36,798,007		—		36,798,007
Electric Utilities		—		42,988,523		—		42,988,523
Electrical Equipment		—		122,309,965		—		122,309,965
Electronic Equipment, Instruments & Components		—		333,290,927		—		333,290,927
Entertainment		—		126,117,321		—		126,117,321
Equity Real Estate Investment Trusts (REITs)		—		77,548,902		—		77,548,902
Food & Staples Retailing		5,419,934		90,900,425		—		96,320,359
Food Products		—		96,226,355		—		96,226,355
Gas Utilities		—		29,477,146		—		29,477,146
Health Care Equipment & Supplies		—		157,843,275		—		157,843,275
Health Care Providers & Services		—		14,244,942		—		14,244,942
Health Care Technology		—		39,292,287		—		39,292,287
Hotels, Restaurants & Leisure		—		47,335,348		—		47,335,348
Household Durables		—		221,137,938		—		221,137,938
Household Products		—		43,603,965		—		43,603,965
Independent Power and Renewable Electricity Producers		—		3,184,052		—		3,184,052
Industrial Conglomerates		—		20,096,788		—		20,096,788
Insurance		—		124,517,389		—		124,517,389
Interactive Media & Services		—		33,624,957		—		33,624,957

206 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

BetaBuilders Japan ETF (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Internet & Direct Marketing Retail	$	—		$	19,787,955	$	—	$	19,787,955
IT Services		—			118,298,346		—		118,298,346
Leisure Products		—			64,120,421		—		64,120,421
Machinery		—			293,917,236		—		293,917,236
Marine		—			7,956,275		—		7,956,275
Media		—			25,511,640		—		25,511,640
Metals & Mining		—			38,918,775		—		38,918,775
Multiline Retail		—			40,218,761		—		40,218,761
Oil, Gas & Consumable Fuels		—			28,573,756		—		28,573,756
Paper & Forest Products		—			5,807,892		—		5,807,892
Personal Products		—			95,786,912		—		95,786,912
Pharmaceuticals		—			336,441,702		—		336,441,702
Professional Services		—			103,312,528		—		103,312,528
Real Estate Management & Development		—			118,560,903		—		118,560,903
Road & Rail		—			168,228,980		—		168,228,980
Semiconductors & Semiconductor Equipment		—			109,646,910		—		109,646,910
Software		—			15,210,137		—		15,210,137
Specialty Retail		—			115,678,441		—		115,678,441
Technology Hardware, Storage & Peripherals		—			71,547,781		—		71,547,781
Textiles, Apparel & Luxury Goods		—			3,230,817		—		3,230,817
Tobacco		—			28,129,685		—		28,129,685
Trading Companies & Distributors		—			174,429,747		—		174,429,747
Transportation Infrastructure		—			9,910,355		—		9,910,355
Wireless Telecommunication Services		—			285,091,598		—		285,091,598
Total Common Stocks		5,419,934			5,267,458,769		—		5,272,878,703
Short-Term Investments
Investment of cash collateral from securities loaned		5,115,948			—		—		5,115,948
Total Investments in Securities	$	10,535,882		$	5,267,458,769	$	—	$	5,277,994,651
Depreciation in Other Financial Instruments
Futures Contracts	$	(1,630,872	)	$	—	$	—	$	(1,630,872	)

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 (b)	$	238,030,246		$	—	$	—	$	238,030,246
Depreciation in Other Financial Instruments
Futures Contracts (b)	$	(39,331	)	$	—	$	—	$	(39,331	)

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 (b)	$	1,003,013,057		$	—	$	—	$	1,003,013,057
Depreciation in Other Financial Instruments
Futures Contracts (b)	$	(7,142	)	$	—	$	—	$	(7,142	)

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 207

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (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	$	—	$	299,966		$	—		$	299,966
Brazil		22,962,756		—			—			22,962,756
Chile		2,497,246		—			—			2,497,246
China		1,024,652		52,914,276			—	(a)		53,938,928
Colombia		875,404		—			—			875,404
Czech Republic		—		193,529			—			193,529
Egypt		—		565,588			—			565,588
Greece		—		1,969,302			—			1,969,302
Hong Kong		—		792,566			—			792,566
Hungary		—		1,251,708			—			1,251,708
India		—		20,400,329			—			20,400,329
Indonesia		—		6,574,663			—			6,574,663
Kuwait		277,486		3,056,092			—			3,333,578
Malaysia		—		6,904,060			—			6,904,060
Mexico		9,358,548		—			—			9,358,548
Pakistan		—		153,216			—			153,216
Philippines		—		2,156,185			—			2,156,185
Qatar		—		3,711,444			—			3,711,444
Russia		13,144,561		—			—			13,144,561
Saudi Arabia		2,060,235		4,348,361			—			6,408,596
South Africa		3,103,952		11,241,713			—			14,345,665
Taiwan		—		26,901,557			—			26,901,557
Thailand		3,384,072		3,067,468			—			6,451,540
Turkey		264,190		4,694,302			—			4,958,492
United Arab Emirates		—		2,939,965			—			2,939,965
United States		562,535		—			—			562,535
Total Common Stocks		59,515,637		154,136,290			—	(a)		213,651,927
Rights		—		—	(a)		—			—	(a)
Short-Term Investments
Investment of cash collateral from securities loaned		137,511		—			—			137,511
Total Investments in Securities	$	59,653,148	$	154,136,290		$	—	(a)	$	213,789,438

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	$	36,574	$	90,796,649	$	—	$	90,833,223
Austria		—		751,259		—		751,259
Belgium		2,182,007		6,056,593		—		8,238,600
Brazil		—		1,935,775		—		1,935,775
Cambodia		—		668,188		—		668,188
Chile		—		3,335,122		—		3,335,122
China		—		9,265,202		—		9,265,202
Denmark		—		5,902,681		—		5,902,681
Finland		—		18,846,582		—		18,846,582
France		—		34,002,190		—		34,002,190
Germany		735,477		18,932,876		—		19,668,353
Hong Kong		—		35,481,985		—		35,481,985
Indonesia		—		760,756		—		760,756

208 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

International Equity ETF (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Ireland	$	—		$	4,050,768		$	—	$	4,050,768
Italy		—			17,360,691			—		17,360,691
Japan		2,568,986			254,862,754			—		257,431,740
Jordan		—			3,284,383			—		3,284,383
Luxembourg		—			1,043,587			—		1,043,587
Macau		—			1,518,648			—		1,518,648
Netherlands		—			23,000,684			—		23,000,684
New Zealand		—			11,027,626			—		11,027,626
Norway		—			8,038,848			—		8,038,848
Poland		—			165,117			—		165,117
Portugal		—			5,493,211			—		5,493,211
Russia		—			5,238,338			—		5,238,338
Singapore		—			20,120,991			—		20,120,991
South Africa		—			2,541,603			—		2,541,603
South Korea		—			62,012,482			—		62,012,482
Spain		—			14,924,255			—		14,924,255
Sweden		—			33,570,570			—		33,570,570
Switzerland		—			14,895,385			—		14,895,385
United Kingdom		—			142,698,073			—		142,698,073
United States		—			2,851,306			—		2,851,306
Total Common Stocks		5,523,044			855,435,178			—		860,958,222
Rights		—			—	(a)		—		—	(a)
Short-Term Investments
Investment Companies		209,263			—			—		209,263
Investment of cash collateral from securities loaned		3,451,900			—			—		3,451,900
Total Short-Term Investments		3,661,163			—			—		3,661,163
Total Investments in Securities	$	9,184,207		$	855,435,178		$	—	$	864,619,385
Depreciation in Other Financial Instruments
Futures Contracts	$	(264,498	)	$	—		$	—	$	(264,498	)

International Growth ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	1,095,391	$	—	$	1,095,391
Brazil		256,793		—		—		256,793
Canada		2,169,384		—		—		2,169,384
China		2,357,082		2,990,250		—		5,347,332
Denmark		601,844		1,266,561		—		1,868,405
Finland		—		536,911		—		536,911
France		—		1,560,833		—		1,560,833
Germany		—		3,196,533		—		3,196,533
Hong Kong		—		2,076,800		—		2,076,800
India		514,490		—		—		514,490
Indonesia		—		410,847		—		410,847
Japan		—		3,575,998		—		3,575,998
Netherlands		—		1,981,302		—		1,981,302
New Zealand		—		510,156		—		510,156
Spain		—		488,429		—		488,429

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 209

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

International Growth ETF (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Sweden	$	—	$	848,015	$	—	$	848,015
Switzerland		—		3,607,000		—		3,607,000
Taiwan		2,575,094		—		—		2,575,094
United Kingdom		—		2,733,744		—		2,733,744
United States		1,281,308		—		—		1,281,308
Total Common Stocks		9,755,995		26,878,770		—		36,634,765
Short-Term Investments
Investment Companies		469,916		—		—		469,916
Total Investments in Securities	$	10,225,911	$	26,878,770	$	—	$	37,104,681

U.S. Dividend ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	35,576,132		$	—	$	—	$	35,576,132
Depreciation in Other Financial Instruments
Futures Contracts (b)	$	(996	)	$	—	$	—	$	(996	)

U.S. Equity ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	542,532,716		$	—	$	—	$	542,532,716
Depreciation in Other Financial Instruments
Futures Contracts (b)	$	(29,339	)	$	—	$	—	$	(29,339	)

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 (b)	$	223,118,502	$	—	$	—	$	223,118,502
Appreciation in Other Financial Instruments
Futures Contracts (b)	$	4,503	$	—	$	—	$	4,503

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 (b)	$	38,201,418		$	—	$	—	$	38,201,418
Depreciation in Other Financial Instruments
Futures Contracts (b)	$	(2,867	)	$	—	$	—	$	(2,867	)

210 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

U.S. Momentum Factor ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Aerospace & Defense	$	672,188		$	—	$	—	$	672,188
Alternative Energy		997,387			—		—		997,387
Automobiles & Parts		2,013,937			—		—		2,013,937
Beverages		472,590			—		—		472,590
Chemicals		1,857,812			—		—		1,857,812
Construction & Materials		1,672,915			—		—		1,672,915
Electricity		2,667,113			—		—		2,667,113
Electronic & Electrical Equipment		1,871,819			—		—		1,871,819
Financial Services		8,753,125			—		—		8,753,125
Fixed Line Telecommunications		1,525,731			—		—		1,525,731
Food & Drug Retailers		661,512			—		—		661,512
Food Producers		1,389,548			—		—		1,389,548
Gas, Water & Multiutilities		1,271,485			—		—		1,271,485
General Industrials		1,306,894			—		—		1,306,894
General Retailers		11,325,060			—		—		11,325,060
Health Care Equipment & Services		11,745,815			—		—		11,745,815
Household Goods & Home Construction		3,103,488			—		—		3,103,488
Industrial Engineering		420,510			—		—		420,510
Industrial Metals & Mining		101,850			—		—		101,850
Industrial Transportation		2,120,831			—		—		2,120,831
Leisure Goods		1,514,404			—		—		1,514,404
Life Insurance		27,165			—		—		27,165
Media		2,847,428			—		—		2,847,428
Mining		489,147			—		—		489,147
Mobile Telecommunications		728,202			—		—		728,202
Nonlife Insurance		3,478,179			—		—		3,478,179
Oil & Gas Producers		1,517,682			—		—		1,517,682
Oil Equipment, Services & Distribution		417,390			—		—		417,390
Personal Goods		2,562,393			—		—		2,562,393
Pharmaceuticals & Biotechnology		6,163,362			—		—		6,163,362
Real Estate Investment & Services		1,098,055			—		—		1,098,055
Real Estate Investment Trusts		5,832,145			—		—		5,832,145
Software & Computer Services		24,393,446			329,796		—		24,723,242
Support Services		7,481,321			—		—		7,481,321
Technology Hardware & Equipment		14,158,291			—		—		14,158,291
Travel & Leisure		5,468,924			—		—		5,468,924
Total Common Stocks		134,129,144			329,796		—		134,458,940
Short-Term Investments
Investment Companies		205,755			—		—		205,755
Short-Term Investment		1,200,534			—		—		1,200,534
Total Short-Term Investments		1,406,289			—		—		1,406,289
Total Investments in Securities	$	135,535,433		$	329,796	$	—	$	135,865,229
Depreciation in Other Financial Instruments
Futures Contracts	$	(5,872	)	$	—	$	—	$	(5,872	)

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 211

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

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 (b)	$	387,571,575		$	—	$	—	$	387,571,575
Depreciation in Other Financial Instruments
Futures Contracts (b)	$	(3,227	)	$	—	$	—	$	(3,227	)

U.S. Small Cap Equity ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Common Stocks (b)	$	148,376,055		$	—	$	—		$	148,376,055
Rights		—			—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		224,874			—		—			224,874
Investment of cash collateral from securities loaned		18,480,883			—		—			18,480,883
Total Short-Term Investments		18,705,757			—		—			18,705,757
Total Investments in Securities		167,081,812			—		—	(a)		167,081,812
Depreciation in Other Financial Instruments
Futures Contracts (b)	$	(5,208	)	$	—	$	—		$	(5,208	)

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 (b)	$	63,142,995		$	—	$	—	$	63,142,995
Depreciation in Other Financial Instruments
Futures Contracts (b)	$	(4,342	)	$	—	$	—	$	(4,342	)

(a) Value is zero.

(b) Please refer to the SOIs for specifics of portfolio holdings.

There were no significant transfers into or out of level 3 for the year ended October 31, 2020 for 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 October 31, 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. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the 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 Statements of Operations 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 Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

212 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount 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. Securities lending activity is subject to master netting arrangements.

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of October 31, 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	$	267,270,576	$	(267,270,576	)	$	—
BetaBuilders Developed Asia ex-Japan ETF		7,803,965		(7,803,965	)		—
BetaBuilders Europe ETF		109,270,689		(109,270,689	)		—
BetaBuilders International Equity ETF		20,684,106		(20,684,106	)		—
BetaBuilders Japan ETF		3,369,753		(3,369,753	)		—
BetaBuilders U.S. Equity ETF		247,666		(247,666	)		—
BetaBuilders U.S. Mid Cap Equity ETF		11,217,036		(11,217,036	)		—
Emerging Markets Equity ETF		126,666		(126,666	)		—
International Equity ETF		2,460,006		(2,460,006	)		—
U.S. Dividend ETF		597,327		(597,327	)		—
U.S. Equity ETF		6,124,079		(6,124,079	)		—
U.S. Mid Cap Equity ETF		2,902,255		(2,902,255	)		—
U.S. Minimum Volatility ETF		433,042		(433,042	)		—
U.S. Momentum Factor ETF		1,104,262		(1,104,262	)		—
U.S. Quality Factor ETF		3,133,582		(3,133,582	)		—
U.S. Small Cap Equity ETF		17,374,417		(17,374,417	)		—
U.S. Value Factor ETF		728,424		(728,424	)		—

* 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 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 year ended October 31, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:

BetaBuilders Canada ETF	$	53,830
BetaBuilders Developed Asia ex-Japan ETF		2,171
BetaBuilders Europe ETF		12,193
BetaBuilders International Equity ETF		1,016
BetaBuilders Japan ETF		6,042
BetaBuilders U.S. Equity ETF		517
BetaBuilders U.S. Mid Cap Equity ETF		7
Emerging Markets Equity ETF		311
International Equity ETF		3,014
U.S. Dividend ETF		865
U.S. Equity ETF		4,136
U.S. Mid Cap Equity ETF		2,838
U.S. Minimum Volatility ETF		855
U.S. Momentum Factor ETF		915
U.S. Quality Factor ETF		1,953
U.S. Small Cap Equity ETF		4,149
U.S. Value Factor ETF		873

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 213

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

D. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which 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 tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below.

BetaBuilders Canada ETF

	For the year ended October 31, 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)	$	174,004,202	$	4,049,820,000	$	3,981,695,000	$	(33,140	)*	$	—	$	242,096,062		242,071,855	$	1,235,640	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		52,671,952		4,448,959,876		4,458,869,099		—			—		42,762,729		42,762,729		471,294	*		—
Total	$	226,676,154	$	8,498,779,876	$	8,440,564,099	$	(33,140	)	$	—	$	284,858,791			$	1,706,934		$	—

BetaBuilders Developed Asia ex-Japan ETF

	For the year ended October 31, 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)	$	1,000,100	$	69,000,000	$	64,000,000	$	(12,100	)*	$	(497	)	$	5,987,503		5,986,904	$	20,844	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		546,282		92,523,772		90,855,166		—			—			2,214,888		2,214,888		15,349	*		—
Total	$	1,546,382	$	161,523,772	$	154,855,166	$	(12,100	)	$	(497	)	$	8,202,391			$	36,193		$	—

BetaBuilders Europe ETF
	For the year ended October 31, 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)	$	84,008,799	$	542,000,000	$	526,900,000	$	19,991	*	$	(10,724	)	$	99,118,066		99,108,155	$	562,607	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		30,866,797		635,112,493		648,955,602		—			—			17,023,688		17,023,688		110,269	*		—
Total	$	114,875,596	$	1,177,112,493	$	1,175,855,602	$	19,991		$	(10,724	)	$	116,141,754			$	672,876		$	—

214 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

BetaBuilders International Equity ETF

	For the period ended October 31, 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)	$	—	$	42,000,000	$	22,000,000	$	(2,599	)*	$	(200	)	$	19,997,201		19,995,202	$	8,981	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		—		56,352,748		54,031,785		—			—			2,320,963		2,320,963		2,203	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		—		27,619,874		22,483,736		—			—			5,136,138		5,136,138		910			—
Total	$	—	$	125,972,622	$	98,515,521	$	(2,599	)	$	(200	)	$	27,454,302			$	12,094		$	—

BetaBuilders Japan ETF

	For the year ended October 31, 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)	$	12,001,600	$	417,000,000	$	425,000,000	$	(10,391	)*	$	(2,196	)	$	3,989,013		3,988,614	$	246,220	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		6,340,122		351,517,144		356,730,331		—			—			1,126,935		1,126,935		57,841	*		—
Total	$	18,341,722	$	768,517,144	$	781,730,331	$	(10,391	)	$	(2,196	)	$	5,115,948			$	304,061		$	—

BetaBuilders U.S. Equity ETF
	For the year ended October 31, 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Chase & Co. (d)	$	702,425	$	2,317,868	$	247,153	$	(38,446	)	$	(263,988	)	$	2,470,706		25,201	$	53,916		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)		—		1,500,000		1,350,000		(75	)*		(15	)		149,910		149,895		535	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		—		27,559,360		27,455,919		—			—			103,441		103,441		1,530	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		123,432		4,681,226		3,687,095		—			—			1,117,563		1,117,563		1,998			—
Total	$	825,857	$	36,058,454	$	32,740,167	$	(38,521	)	$	(264,003	)	$	3,841,620			$	57,979		$	—

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 215

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

BetaBuilders U.S. Mid Cap Equity ETF

	For the period ended October 31, 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)	$	—	$	12,284,838	$	200,747	$	—	$	—	$	12,084,091		12,084,091	$	59	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		—		5,445,531		2,536,527		—		—		2,909,004		2,909,004		12			—
Total	$	—	$	17,730,369	$	2,737,274	$	—	$	—	$	14,993,095			$	71		$	—

Emerging Markets Equity ETF
	For the year ended October 31, 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)	$	1,212,618	$	4,467,999	$	5,543,106	$	—	$	—	$	137,511		137,511	$	2,797	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		670,911		913,397		1,584,308		—		—		—		—		1,316			—
Total	$	1,883,529	$	5,381,396	$	7,127,414	$	—	$	—	$	137,511			$	4,113		$	—

International Equity ETF

	For the year ended October 31, 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.11% (a)(b)	$	—	$	46,389,788	$	46,180,953	$	449		$	(21	)	$	209,263		209,137	$	7,329		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)		4,000,600		52,000,000		53,750,000		8,301	*		(252	)		2,258,649		2,258,423		44,942	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		9,041,799		120,613,028		128,461,576		—			—			1,193,251		1,193,251		25,957	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		2,710,919		22,066,813		24,777,732		—			—			—		—		18,147			—
Total	$	15,753,318	$	241,069,629	$	253,170,261	$	8,750		$	(273	)	$	3,661,163			$	96,375		$	—

216 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

International Growth ETF

	For the period ended October 31, 2020
Security Description	Value at May 20, 2020 (f)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2020		Shares at October 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)	$	—	$	1,405,284	$	935,368	$	—	$	—	$	469,916		469,916	$	32	$	—

U.S. Dividend ETF

	For the year ended October 31, 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)	$	—	$	1,200,000	$	800,000	$	(30	)*	$	(60	)	$	399,910		399,870	$	660	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		654,469		21,963,574		22,399,546		—			—			218,497		218,497		6,299	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		149,529		2,385,024		2,451,363		—			—			83,190		83,190		788			—
Total	$	803,998	$	25,548,598	$	25,650,909	$	(30	)	$	(60	)	$	701,597			$	7,747		$	—

U.S. Equity ETF

	For the year ended October 31, 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)	$	17,004,001	$	44,000,000	$	56,000,000		$	3,500	*	$	(1,101	)	$	5,006,400		5,005,899	$	145,808	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		6,625,093		182,431,714		187,723,211	��		—			—			1,333,596		1,333,596		44,437	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		894,552		28,591,874		28,712,572			—			—			773,854		773,854		11,189			—
Total	$	24,523,646	$	255,023,588	$	272,435,783		$	3,500		$	(1,101	)	$	7,113,850			$	201,434		$	—

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 217

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

U.S. Mid Cap Equity ETF

	For the year ended October 31, 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)	$	6,000,900	$	32,000,000	$	38,000,000	$	(400	)*	$	—	$	500		500	$	52,376	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		3,100,057		96,904,730		96,952,234		—			—		3,052,553		3,052,553		23,901	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		329,265		11,801,198		11,982,798		—			—		147,665		147,665		3,801			—
Total	$	9,430,222	$	140,705,928	$	146,935,032	$	(400	)	$	—	$	3,200,718			$	80,078		$	—

U.S. Minimum Volatility ETF

	For the year ended October 31, 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)	$	—	$	500,000	$	250,000	$	—	$	(50	)	$	249,950		249,925	$	345	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		387,400		34,080,058		34,262,058		—		—			205,400		205,400		5,974	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		138,939		4,533,426		4,592,585		—		—			79,780		79,780		1,462			—
Total	$	526,339	$	39,113,484	$	39,104,643	$	—	$	(50	)	$	535,130			$	7,781		$	—

218 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

U.S. Momentum Factor ETF

	For the year ended October 31, 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)	$	—	$	2,300,000	$	1,900,000	$	(90	)*	$	(50	)	$	399,860		399,820	$	799	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		561,328		39,964,462		39,725,116		—			—			800,674		800,674	$	4,261	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		87,612		3,181,948		3,063,805		—			—			205,755		205,755		733			—
Total	$	648,940	$	45,446,410	$	44,688,921	$	(90	)	$	(50	)	$	1,406,289			$	5,793		$	—

U.S. Quality Factor ETF

	For the year ended October 31, 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)	$	—	$	8,500,000	$	5,750,000	$	—	$	(350	)	$	2,749,650		2,749,375	$	1,725	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		946,322		77,121,555		77,537,826		—		—			530,051		530,051		9,156	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01%* (a)(b)		260,405		7,909,149		8,065,002		—		—			104,552		104,552		1,998			—
Total	$	1,206,727	$	93,530,704	$	91,352,828	$	—	$	(350	)	$	3,384,253			$	12,879		$	—

U.S. Small Cap Equity ETF

	For the year ended October 31, 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)	$	19,001,700	$	65,000,000	$	67,999,999	$	(904	)*	$	(3,300	)	$	15,997,497		15,995,898	$	186,990	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		7,634,136		136,734,040		141,884,790		—			—			2,483,386		2,483,386		47,324	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		440,610		9,723,926		9,939,662		—			—			224,874		224,874		2,388			—
Total	$	27,076,446	$	211,457,966	$	219,824,451	$	(904	)	$	(3,300	)	$	18,705,757			$	236,702		$	—

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 219

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

U.S. Value Factor ETF

	For the year ended October 31, 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)	$	—	$	1,500,000	$	1,000,000	$	—	$	(100	)	$	499,900		499,850	$	900	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		368,753		22,678,008		22,796,903		—		—			249,858		249,858		4,807	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		154,371		4,642,891		4,692,793		—		—			104,469		104,469		1,110			—
Total	$	523,124	$	28,820,899	$	28,489,696	$	—	$	(100	)	$	854,227			$	6,817		$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of October 31, 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.

(f) Commencement of operations was May 20, 2020.

* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

E. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

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 Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

F. 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 futures contracts on the Statements of Operations. 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 Statements of Operations 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 Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

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 Statements of Assets and Liabilities, 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

220 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

The table below discloses the volume of the Funds’ futures contracts activity during the year ended October 31, 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	$	23,973,206	$	8,374,305	$	24,211,736	$	4,796,715	(a)	$	31,681,239	$	688,753	$	20,718	$	1,042,147	(b)
Ending Notional Balance Long		27,109,435		13,239,330		18,892,498		11,423,360			48,126,654		1,665,405		189,530		–

	International Equity ETF		U.S. Dividend ETF		U.S. Equity ETF		U.S. Mid Cap Equity ETF		U.S. Minimum Volatility ETF		U.S. Momentum Factor ETF		U.S. Quality Factor ETF		U.S. Small Cap Equity ETF		U.S. Value Factor ETF
Futures Contracts — Equity:
Average Notional Balance Long	$	7,153,338	$	158,514	$	1,942,617	$	609,396	$	258,452	$	191,734	$	603,902	$	559,941	$	219,314
Ending Notional Balance Long		5,086,965		130,620		1,142,838		189,530		130,620		277,568		473,498		307,520		163,275

(a) For the period December 3, 2019 through October 31, 2020.

(b) For the period November 1, 2019 through September 30, 2020.

G. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when 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 October 31, 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 Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain 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 gains 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, except for BetaBuilders Japan ETF and International Growth ETF, for which distributions are generally declared and paid annually. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 221

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
BetaBuilders Canada ETF	$	(15,966,933	)	$	570,414		$	15,396,519
BetaBuilders Developed Asia ex-Japan ETF		(15,583,412	)		(166,061	)		15,749,473
BetaBuilders Europe ETF		(128,472,877	)		4,822,875			123,650,002
BetaBuilders International Equity ETF		3,684,367			13,922			(3,698,289	)
BetaBuilders Japan ETF		83,349,921			11,026,110			(94,376,031	)
BetaBuilders U.S. Equity ETF		4,735,667			(6,704	)		(4,728,963	)
BetaBuilders U.S. Mid Cap Equity ETF		961,239			—			(961,239	)
Emerging Markets Equity ETF		283,054			(130,338	)		(152,716	)
International Equity ETF		(10,285,264	)		851,108			9,434,156
International Growth ETF		—			(2,721	)		2,721
U.S. Dividend ETF		1,761,039			(44,695	)		(1,716,344	)
U.S. Equity ETF		38,392,555			(404,592	)		(37,987,963	)
U.S. Mid Cap Equity ETF		15,212,388			(79,374	)		(15,133,014	)
U.S. Minimum Volatility ETF		3,930,401			(24,646	)		(3,905,755	)
U.S. Momentum Factor ETF		2,822,610			(23,429	)		(2,799,181	)
U.S. Quality Factor ETF		19,242,112			—			(19,242,112	)
U.S. Small Cap Equity ETF		2,143,668			(71,218	)		(2,072,450	)
U.S. Value Factor ETF		3,490,670			(11,352	)		(3,479,318	)

The reclassifications for the Funds relate primarily to foreign currency gains or losses, investments in passive foreign investment companies (“PFICs”), investments in real estate investment trusts (“REITs”), non-taxable dividends and redemptions in-kind.

3. Fees and Other Transactions with Affiliates

A. Management Fee — JPMIM manages the investments of each Fund pursuant to a 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 Asia ex-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%
International Growth ETF	0.55%
U.S. Dividend ETF	0.12%
U.S. Equity ETF	0.18%
U.S. Mid Cap Equity ETF	0.24%
U.S. Minimum Volatility ETF	0.12%
U.S. Momentum Factor ETF	0.12%
U.S. Quality Factor ETF	0.12%
U.S. Small Cap Equity ETF	0.29%
U.S. Value Factor ETF	0.12%

Under each Management Agreement, JPMIM is responsible for substantially all expenses of each Fund, (including expenses of the Trust relating to each Fund), except for the management fees, payments under 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 each Fund’s business. Additionally, each Fund shall be responsible for its non-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.

222 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

B. Administration Fee — JPMIM provides administration services to the Funds. Pursuant to each 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 as Sub-administrator, JPMCB receives a portion of the fees payable to JPMIM.

C. Custodian, Accounting and Transfer Agent Fees — JPMCB provides custody, accounting and transfer agency services to the Funds. For performing these services, JPMIM pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-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 certain custodian charges incurred by JPMIM covered under each Management Agreement.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations. Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

D. Distribution Services — The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under the distribution agreement with the Trust (the “Distribution Agreement”). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.

E. 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 the affiliated money market funds are covered under each Management Agreement as described in Note 3.A.

F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-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.

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 year ended October 31, 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	$	133,105,893	$	131,829,726
BetaBuilders Developed Asia ex-Japan ETF		152,643,964		77,122,541
BetaBuilders Europe ETF		224,564,116		209,036,357
BetaBuilders International Equity ETF		109,631,405		60,549,319
BetaBuilders Japan ETF		188,938,885		201,615,521
BetaBuilders U.S. Equity ETF		5,063,362		4,693,100
BetaBuilders U.S. Mid Cap Equity ETF		20,921,084		8,918,782
Emerging Markets Equity ETF		77,201,597		126,241,754
International Equity ETF		239,209,044		259,827,025
International Growth ETF		5,165,057		3,159,626
U.S. Dividend ETF		9,454,771		9,297,539
U.S. Equity ETF		141,259,410		145,561,602
U.S. Mid Cap Equity ETF		58,837,289		57,471,779
U.S. Minimum Volatility ETF		18,490,524		19,118,354
U.S. Momentum Factor ETF		35,843,963		35,024,015
U.S. Quality Factor ETF		51,965,537		49,873,745
U.S. Small Cap Equity ETF		46,169,105		45,318,353
U.S. Value Factor ETF		15,699,637		15,684,195

During the year ended October 31, 2020, there were no purchases or sales of U.S. Government securities.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 223

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

For the year ended October 31, 2020, in-kind transactions associated with creations and redemptions were:

	In-Kind Creations		In-Kind Redemptions
BetaBuilders Canada ETF	$	224,169,885	$	65,769,691
BetaBuilders Developed Asia ex-Japan ETF		316,442,489		186,068,811
BetaBuilders Europe ETF		3,637,402,348		2,947,197,102
BetaBuilders International Equity ETF		1,820,630,237		19,145,684
BetaBuilders Japan ETF		2,595,102,856		1,550,122,864
BetaBuilders U.S. Equity ETF		189,566,572		14,710,353
BetaBuilders U.S. Mid Cap Equity ETF		1,017,845,165		3,938,521
Emerging Markets Equity ETF		3,359,820		39,694,996
International Equity ETF		38,611,249		291,435,008
International Growth ETF		30,862,972		—
U.S. Dividend ETF		9,490,696		10,397,153
U.S. Equity ETF		79,216,905		284,402,996
U.S. Mid Cap Equity ETF		82,525,797		49,624,022
U.S. Minimum Volatility ETF		12,434,817		75,007,162
U.S. Momentum Factor ETF		65,732,134		8,203,744
U.S. Quality Factor ETF		316,536,594		63,686,521
U.S. Small Cap Equity ETF		85,485,263		59,410,673
U.S. Value Factor ETF		22,950,991		21,092,336

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at October 31, 2020 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
BetaBuilders Canada ETF	$	3,996,000,552	$	511,048,000	$	610,638,590	$	(99,590,590	)
BetaBuilders Developed Asia ex-Japan ETF		1,565,490,518		130,144,759		235,198,018		(105,053,259	)
BetaBuilders Europe ETF		4,343,305,783		152,866,387		700,763,557		(547,897,170	)
BetaBuilders International Equity ETF		1,881,744,837		109,931,167		109,964,229		(33,062	)
BetaBuilders Japan ETF		5,269,306,436		534,745,499		527,688,156		7,057,343
BetaBuilders U.S. Equity ETF		224,317,601		23,220,148		9,546,834		13,673,314
BetaBuilders U.S. Mid Cap Equity ETF		1,041,841,510		10,440,599		49,276,194		(38,835,595	)
Emerging Markets Equity ETF		233,013,608		23,729,540		42,953,710		(19,224,170	)
International Equity ETF		946,533,407		93,299,005		175,477,525		(82,178,520	)
International Growth ETF		33,286,166		4,174,567		356,052		3,818,515
U.S. Dividend ETF		38,890,035		2,579,335		5,894,234		(3,314,899	)
U.S. Equity ETF		524,167,644		80,831,085		62,495,352		18,335,733
U.S. Mid Cap Equity ETF		216,115,448		29,077,467		22,069,910		7,007,557
U.S. Minimum Volatility ETF		40,380,616		2,609,526		4,791,591		(2,182,065	)
U.S. Momentum Factor ETF		116,200,922		22,675,570		3,017,135		19,658,435
U.S. Quality Factor ETF		373,026,746		31,903,970		17,362,368		14,541,602
U.S. Small Cap Equity ETF		183,368,031		14,356,689		30,648,116		(16,291,427	)
U.S. Value Factor ETF		66,476,285		5,725,552		9,063,184		(3,337,632	)

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in PFICs, non-taxable dividends and wash sale loss deferrals.

The tax character of distributions paid during the year ended October 31, 2020 was as follows:

	Ordinary Income*		Total Distributions Paid
BetaBuilders Canada ETF	$	97,217,228	$	97,217,228
BetaBuilders Developed Asia ex-Japan ETF		47,499,256		47,499,256
BetaBuilders Europe ETF		91,833,136		91,833,136

224 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

	Ordinary Income*		Total Distributions Paid
BetaBuilders International Equity ETF	$	10,275,336	$	10,275,336
BetaBuilders Japan ETF		102,501,216		102,501,216
BetaBuilders U.S. Equity ETF		2,245,984		2,245,984
BetaBuilders U.S. Mid Cap Equity ETF		34,041		34,041
Emerging Markets Equity ETF		11,494,561		11,494,561
International Equity ETF		31,499,409		31,499,409
U.S. Dividend ETF		1,343,662		1,343,662
U.S. Equity ETF		15,994,512		15,994,512
U.S. Mid Cap Equity ETF		3,705,274		3,705,274
U.S. Minimum Volatility ETF		2,053,319		2,053,319
U.S. Momentum Factor ETF		941,311		941,311
U.S. Quality Factor ETF		3,901,856		3,901,856
U.S. Small Cap Equity ETF		2,108,906		2,108,906
U.S. Value Factor ETF		1,990,064		1,990,064

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2019 was as follows:

	Ordinary Income*		Total Distributions Paid
BetaBuilders Canada ETF	$	75,222,486	$	75,222,486
BetaBuilders Developed Asia ex-Japan ETF		50,248,812		50,248,812
BetaBuilders Europe ETF		126,316,866		126,316,866
BetaBuilders Japan ETF		20,089,888		20,089,888
BetaBuilders U.S. Equity ETF		317,882		317,882
Emerging Markets Equity ETF		9,059,080		9,059,080
International Equity ETF		47,722,104		47,722,104
U.S. Dividend ETF		1,057,550		1,057,550
U.S. Equity ETF		13,823,828		13,823,828
U.S. Mid Cap Equity ETF		2,653,452		2,653,452
U.S. Minimum Volatility ETF		948,027		948,027
U.S. Momentum Factor ETF		515,149		515,149
U.S. Quality Factor ETF		1,098,039		1,098,039
U.S. Small Cap Equity ETF		1,663,026		1,663,026
U.S. Value Factor ETF		1,321,813		1,321,813

* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of October 31, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax  Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
BetaBuilders Canada ETF	$	16,911,148	$	(106,803,175	)	$	(99,096,523	)
BetaBuilders Developed Asia ex-Japan ETF		889,365		(11,462,350	)		(105,055,334	)
BetaBuilders Europe ETF		15,763,131		(48,166,603	)		(546,845,805	)
BetaBuilders International Equity ETF		8,899,016		(1,185,132	)		5,876
BetaBuilders Japan ETF		61,653,943		(7,838,950	)		7,676,413
BetaBuilders U.S. Equity ETF		394,724		(346,528	)		13,673,313
BetaBuilders U.S. Mid Cap Equity ETF		252,914		(32,094	)		(38,835,595	)
Emerging Markets Equity ETF		802,795		(34,347,914	)		(19,717,568	)
International Equity ETF		3,594,188		(112,797,052	)		(82,077,672	)

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 225

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax  Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
International Growth ETF	$	18,324	$	(52,151	)	$	3,818,431
U.S. Dividend ETF		118,574		(1,824,830	)		(3,314,899	)
U.S. Equity ETF		1,058,491		(41,548,741	)		18,335,734
U.S. Mid Cap Equity ETF		447,038		(12,672,571	)		7,007,557
U.S. Minimum Volatility ETF		68,738		(3,476,980	)		(2,182,066	)
U.S. Momentum Factor ETF		137,608		(5,446,454	)		19,658,435
U.S. Quality Factor ETF		769,696		(4,021,906	)		14,541,602
U.S. Small Cap Equity ETF		451,551		(11,181,416	)		(16,291,427	)
U.S. Value Factor ETF		192,709		(2,805,657	)		(3,337,632	)

For the Funds the cumulative timing differences primarily consist of investments in PFICs, non-taxable dividends and wash sale loss deferrals.

As of October 31, 2020, the following Funds had net capital loss carryforwards as follows:

	Capital Loss Carryforward Character
	Short-Term		Long-Term
BetaBuilders Canada ETF	$	23,051,542	$	83,751,633
BetaBuilders Developed Asia ex-Japan ETF		3,161,220		8,301,130
BetaBuilders Europe ETF		13,952,920		34,213,683
BetaBuilders International Equity ETF		1,064,763		120,369
BetaBuilders Japan ETF		2,554,554		5,284,396
BetaBuilders U.S. Equity ETF		184,728		161,800
BetaBuilders U.S. Mid Cap Equity ETF		11,302		20,792
Emerging Markets Equity ETF		24,563,560		9,784,354
International Equity ETF		33,687,538		79,109,514
International Growth ETF		52,151		—
U.S. Dividend ETF		973,838		850,992
U.S. Equity ETF		23,715,600		17,833,141
U.S. Mid Cap Equity ETF		8,044,136		4,628,435
U.S. Minimum Volatility ETF		2,760,845		716,135
U.S. Momentum Factor ETF		4,390,604		1,055,850
U.S. Quality Factor ETF		3,468,118		553,788
U.S. Small Cap Equity ETF		6,946,907		4,234,509
U.S. Value Factor ETF		1,803,584		1,002,073

During the year ended October 31, 2020, the following Fund utilized capital loss carryforwards as follows:

	Capital Loss Carryforward Utilized
	Short-Term		Long-Term
BetaBuilders Japan ETF	$	6,578,596	$	—

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.

226 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 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 Asia ex-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. The value of the cash deposited is recorded as Segregated cash balance with Authorized Participant for deposit securities and Collateral upon return of deposit securities on the Statements of Assets and Liabilities. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of October 31, 2020, the Adviser owns shares representing more than 10% of net assets of the following Funds:

	% of Ownership
International Growth ETF		34	%
U.S. Dividend ETF		61
U.S. Minimum Volatility ETF		52
U.S. Momentum Factor ETF		14
U.S. Value Factor ETF		28

As of October 31, 2020, JPMorgan SmartRetirement Blend Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of a certain Fund as follows:

	JPMorgan SmartRetirement Blend Funds			JPMorgan SmartRetirement Funds
BetaBuilders International Equity ETF		91.8	%		—	%
BetaBuilders U.S. Mid Cap Equity ETF		34.5			64.9

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. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

The BetaBuilders Canada ETF, BetaBuilders Developed Asia ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, Emerging Markets Equity ETF, International Equity ETF and International Growth 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.

8. Subsequent Events

Subsequent to October 31, 2020, the Adviser sold $24,884,103 and $21,139,670 from U.S. Dividend ETF and U.S. Minimum Volatility ETF, which represented 71% and 56%, respectively, of each Fund’s net assets as of October 31, 2020.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 227

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

As of October 31, 2020, the following Funds had non-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows:

	BetaBuilders Canada ETF			BetaBuilders Developed Asia ex - Japan ETF			BetaBuilders Europe ETF			BetaBuilders International Equity ETF			BetaBuilders Japan ETF			Emerging Markets Equity ETF			International Equity ETF			International Growth ETF
Australia		—	%		58.4	%		—	%		—	%		—	%		—	%		10.5	%		—	%
Brazil		—			—			—			—			—			10.7			—			—
Canada		95.4			—			—			—			—			—			—			—
China		—			—			—			—			—			25.2			—			14.4
France		—			—			16.1			—			—			—			—			—
Germany		—			—			13.6			—			—			—			—			—
Hong Kong		—			24.5			—			—			—			—			—			—
Japan		—			—			—			28.2			100.0			—			29.9			—
Switzerland		—			—			16.5			—			—			—			—			—
Taiwan		—			—			—			—			—			12.6			—			—
United Kingdom		—			—			19.9			12.0			—			—			16.6			—

As of October 31, 2020, a significant portion of each Fund’s investments 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 Funds’ holdings. During such periods, investors may incur significant losses if shares are sold.

The Funds, except for International Growth ETF, may not track the return of their underlying index for a number of reasons and therefore may not achieve their investment objective. For example, the Funds incur a number of operating expenses not applicable to their underlying index, and incur costs in buying and selling securities, especially when rebalancing the Funds’ securities holdings to reflect changes in the composition of the underlying index. In addition, each Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, each Fund’s return may differ from the return of the underlying index.

The Funds are subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-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, negatively impact a Fund’s arbitrage and pricing mechanisms, exacerbate other pre-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 this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

228 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust and Shareholders of each of the eighteen funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of each of the funds listed in the table below (eighteen of the funds constituting J.P.Morgan Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

JPMorgan BetaBuilders Canada ETF (1)	JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (4)	JPMorgan International Growth ETF (5)
JPMorgan BetaBuilders Developed Asia ex-Japan ETF (1)	JPMorgan Diversified Return Emerging Markets Equity ETF (1)	JPMorgan U.S. Dividend ETF (1)
JPMorgan BetaBuilders Europe ETF (1)	JPMorgan Diversified Return International Equity ETF (1)	JPMorgan U.S. Minimum Volatility ETF (1)
JPMorgan BetaBuilders International Equity ETF (2)	JPMorgan Diversified Return U.S. Equity ETF (1)	JPMorgan U.S. Momentum Factor ETF (1)
JPMorgan BetaBuilders Japan ETF (1)	JPMorgan Diversified Return U.S. Mid Cap Equity ETF (1)	JPMorgan U.S. Quality Factor ETF (1)
JPMorgan BetaBuilders U.S. Equity ETF (3)	JPMorgan Diversified Return U.S. Small Cap Equity ETF (1)	JPMorgan U.S. Value Factor ETF (1)

(1) Statement of operations for the year ended October 31, 2020 and statement of changes in net assets for the years ended October 31, 2020 and 2019

(2) Statement of operations and statement of changes in net assets for the period December 3, 2019 (commencement of operations) through October 31, 2020

(3) Statement of operations for the year ended October 31, 2020, and statement of changes in net assets for the year ended October 31, 2020 and the period March 12, 2019 (commencement of operations) through October 31, 2019

(4) Statement of operations and statement of changes in net assets for the period April 14, 2020 (commencement of operations) through October 31, 2020

(5) Statement of operations and statement of changes in net assets for the period May 20, 2020 (commencement of operations) through October 31, 2020

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

December 21, 2020

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 229

TRUSTEES

(Unaudited)

The Funds’ Statements of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-844-457-6383 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth; Positions With the Funds since)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (1)		Other Directorships Held During the Past 5 Years
Independent Trustees
Gary L. French (1951); Trustee of the Trust since 2014	Real Estate Investor (2011–present); Consultant to the Mutual Fund Industry (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011–2017).		34	Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014).
Robert J. Grassi (1957); Trustee of the Trust since 2014	Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012).		34	None.
Thomas P. Lemke (1954); Trustee of the Trust since 2014	Retired; Executive Vice President and General Counsel, Legg Mason (2005-2013).		34	SEI family of funds — Independent Trustee of Advisors’ Inner Circle Fund III (20 portfolios) (from February 2014 to present); Independent Trustee of Winton Diversified Opportunities Fund (from December 2014 to 2018); Independent Trustee of Gallery Trust (from August 2015 to present); Independent Trustee of Schroder Series Trust (from February 2017 to present); Independent Trustee of Schroder Global Series Trust (from February 2017 to present); Independent Trustee of O’Connor EQUUS (May 2014-April 2016); Independent Trustee of Winton Series Trust (December 2014-March 2017); Independent Trustee of AXA Premier VIP Trust (2014-June 2017); Independent Director of The Victory Funds (or their predecessor funds) (35 portfolios) (2014-March 2015); Symmetry Panoramic Trust (16 portfolios) (2018-present).
Lawrence R. Maffia (1950); Trustee of the Trust since 2014	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).		34	Director, ICI Mutual Insurance Company (1999-2013).
Emily A. Youssouf (1951); Trustee of the Trust since 2014	Clinical Professor, NYU Schack Institute of Real Estate (2009–present); Board Member and Member of the Audit Committee (2013–present), Chair of Finance Committee (2019–present), Member of Related Parties Committee (2013–2018) and Member of the Enterprise Risk Committee (2015–2018), PennyMac Financial Services, Inc.; Board Member (2005–2018), Chair of Capital Committee (2006–2016), Chair of Audit Committee (2005–2018), Member of Finance Committee (2005–2018) and Chair of IT Committee (2016–2018), NYC Health and Hospitals Corporation.		34	Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019).
Interested Trustee
Robert E. Deutsch (2) (1957); Chairman and Trustee of the Trust since 2014	Retired; Head of the Global ETF Business for JPMorgan Asset Management (2013-2017); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013).		34	Board of Directors of the JUST Capital Foundation (2017���present).

⁽¹⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. Thirty one series of the Trust have commenced operations.

⁽²⁾  Mr. Deutsch is an interested trustee because he was an employee of the Adviser until August 2017.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

230 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Joanna Gallegos (1975), President and Principal Executive Officer (2017)	Managing Director, Global Head of ETF Strategy. Previously, Head of J.P. Morgan Asset Management’s U.S. Exchange Traded Funds business from July 2017 to December 2019 and Head of J.P. Morgan Asset Management’s ETF Product Development team from August 2013 to July 2017.
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2020), Assistant Treasurer (2019-2020)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Brian S. Shlissel (1964), Vice President (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present).
Paul Shield (1960), Vice President and Assistant Treasurer (2016)	Managing Director and head of Business Management for JPMorgan Asset Management’s Exchange Traded Fund platform since 2013.
Elizabeth A. Davin (1964), Secretary (2018)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
Stephen M. Ungerman (1953), Chief Compliance Officer (2014)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Jessica K. Ditullio (1962), Assistant Secretary (2014)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2019)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2014)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2014)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan Lewis & Bockius (law firm) from 2012 to 2016.
Frederick J. Cavaliere (1978), Assistant Treasurer (2015)*	Executive Director, J.P. Morgan Investment Management Inc. since February 2016; formerly, Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2010 to February 2016. Mr. Cavaliere has been with JPMorgan since May 2006.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2014)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from 2012 to May 2014.
Shannon Gaines (1977), Assistant Treasurer (2019)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Nektarios E. Manolakakis (1972), Assistant Treasurer (2020)	Vice President J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014, Vice President, J.P. Morgan Corporate & Investment Bank 2010-2014.
Todd McEwen (1981), Assistant Treasurer (2020)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2013, formerly Associate J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) 2010-2013.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

* The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

*** The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 231

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 May 1, 2020 and continued to hold your shares at the end of the reporting period, October 31, 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 May 1, 2020		Ending Account Value October 31, 2020		Annualized Expense Ratio			Expenses Paid During the Period
JPMorgan BetaBuilders Canada ETF
Actual (1)	$	1,000.00	$	1,105.20		0.19	%	$	1.01
Hypothetical (1)		1,000.00		1,024.18		0.19			0.97
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
Actual (1)		1,000.00		1,117.30		0.19			1.01
Hypothetical (1)		1,000.00		1,024.18		0.19			0.97
JPMorgan BetaBuilders Europe ETF
Actual (1)		1,000.00		1,078.90		0.09			0.47
Hypothetical (1)		1,000.00		1,024.68		0.09			0.46
JPMorgan BetaBuilders International Equity ETF
Actual (1)		1,000.00		1,097.50		0.07			0.37
Hypothetical (1)		1,000.00		1,024.78		0.07			0.36
JPMorgan BetaBuilders Japan ETF
Actual (1)		1,000.00		1,130.80		0.19			1.02
Hypothetical (1)		1,000.00		1,024.18		0.19			0.97
JPMorgan BetaBuilders U.S. Equity ETF
Actual (1)		1,000.00		1,145.40		0.02			0.11
Hypothetical (1)		1,000.00		1,025.04		0.02			0.10
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
Actual (1)		1,000.00		1,201.00		0.07			0.39
Hypothetical (1)		1,000.00		1,024.78		0.07			0.36
JPMorgan Diversified Return Emerging Markets Equity ETF
Actual (1)		1,000.00		1,091.60		0.44			2.31
Hypothetical (1)		1,000.00		1,022.92		0.44			2.24
JPMorgan Diversified Return International Equity ETF
Actual (1)		1,000.00		1,086.30		0.37			1.94
Hypothetical (1)		1,000.00		1,023.28		0.37			1.88
JPMorgan Diversified Return U.S. Equity ETF
Actual (1)		1,000.00		1,123.90		0.18			0.96
Hypothetical (1)		1,000.00		1,024.23		0.18			0.92
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Actual (1)		1,000.00		1,149.60		0.24			1.30
Hypothetical (1)		1,000.00		1,023.93		0.24			1.22

232 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

	Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Annualized Expense Ratio			Expenses Paid During the Period
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Actual (1)	$	1,000.00	$	1,172.50		0.29	%	$	1.58
Hypothetical (1)		1,000.00		1,023.68		0.29			1.48
JPMorgan International Growth ETF
Actual (2)		1,000.00		1,215.10		0.55			2.75
Hypothetical (1)		1,000.00		1,022.37		0.55			2.80
JPMorgan U.S. Dividend ETF
Actual (1)		1,000.00		1,104.80		0.12			0.63
Hypothetical (1)		1,000.00		1,024.53		0.12			0.61
JPMorgan U.S. Minimum Volatility ETF
Actual (1)		1,000.00		1,086.60		0.12			0.63
Hypothetical (1)		1,000.00		1,024.53		0.12			0.61
JPMorgan U.S. Momentum Factor ETF
Actual (1)		1,000.00		1,198.70		0.12			0.66
Hypothetical (1)		1,000.00		1,024.53		0.12			0.61
JPMorgan U.S. Quality Factor ETF
Actual (1)		1,000.00		1,111.00		0.12			0.64
Hypothetical (1)		1,000.00		1,024.53		0.12			0.61
JPMorgan U.S. Value Factor ETF
Actual (1)		1,000.00		1,101.10		0.12			0.63
Hypothetical (1)		1,000.00		1,024.53		0.12			0.61

(1) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

(2) Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 165/366 (to reflect the actual period). The Fund commenced operations on May 20, 2020.

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 233

Tax Letter

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2020. 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, 2020. The information necessary to complete your income tax returns for the calendar year ending December 31, 2020 will be provided under separate cover.

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for dividends received deduction for corporate shareholders for the fiscal year ended October 31, 2020:

	Dividends Received Deduction
BetaBuilders U.S. Equity ETF		88.33	%
BetaBuilders U.S. Mid Cap Equity ETF		100.00
U.S. Dividend ETF		76.96
U.S. Equity ETF		85.81
U.S. Mid Cap Equity ETF		92.07
U.S. Minimum Volatility ETF		83.81
U.S. Momentum Factor ETF		97.07
U.S. Quality Factor ETF		100.00
U.S. Small Cap Equity ETF		71.73
U.S. Value Factor ETF		88.52

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2020:

	Qualified Dividend Income
BetaBuilders Canada ETF	$	107,348,493
BetaBuilders Developed Asia ex-Japan ETF		27,415,655
BetaBuilders Europe ETF		91,152,456
BetaBuilders International Equity ETF		11,534,882
BetaBuilders Japan ETF		77,955,476
BetaBuilders U.S. Equity ETF		2,245,984
BetaBuilders U.S. Mid Cap Equity ETF		34,041
Emerging Markets Equity ETF		7,418,442
International Equity ETF		24,698,302
International Growth ETF		6,008
U.S. Dividend ETF		1,084,586
U.S. Equity ETF		14,309,430
U.S. Mid Cap Equity ETF		3,540,481
U.S. Minimum Volatility ETF		1,797,597
U.S. Momentum Factor ETF		931,461
U.S. Quality Factor ETF		3,901,856
U.S. Small Cap Equity ETF		1,612,764
U.S. Value Factor ETF		1,849,404

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2020, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined:

	Gross Income		Foreign Tax Pass Through
BetaBuilders Canada ETF	$	119,903,006	$	15,073,461
BetaBuilders Developed Asia ex-Japan ETF		49,843,388		650,798
BetaBuilders Europe ETF		105,428,999		6,949,817
BetaBuilders International Equity ETF		19,286,869		1,259,546
BetaBuilders Japan ETF		89,497,170		8,561,854
Emerging Markets Equity ETF		11,227,021		1,061,138
International Equity ETF		33,738,592		2,064,448
International Growth ETF		100,238		6,008

234 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 2020

BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENT

(Unaudited)

On March 9-10, 2020, the Board of Trustees held meetings and approved the initial management agreement (the “Management Agreement”) for the JPMorgan International Growth ETF (the “Fund”). The meetings were held telephonically in reliance upon the Division of Investment Management Staff Statement on Fund Board Meetings and Unforeseen or Emergency Circumstances Related to Coronavirus Disease 2019. The Management Agreement was approved by a majority of the Trustees who are not “Interested Persons” (as defined in the Investment Company Act of 1940) of any party to the Management Agreement or any of their affiliates. In connection with the approval of the Management Agreement, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed Management Agreement, the Trustees reviewed the Management Agreement with representatives of the Adviser and with counsel to the Trust and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Management Agreement. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed the proposed Management Agreement in executive session with independent legal counsel at which no representatives of the Adviser were present.

Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Management Agreement. The Trustees considered information provided with respect to the Fund and the approval of the Management Agreement. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from the Fund under the Management Agreement was fair and reasonable and that initial approval of the Management Agreement was in the best interests of the Fund and its potential shareholders.

Summarized below are the material factors considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of the Fund’s Management Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the Management Agreement, as well as other relevant information furnished for the Trustees, regarding the nature, 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 the day-to-day management of the Fund;

(iii) The investment strategy for the Fund, and the infrastructure supporting the portfolio management teams;

(iv) Information about the structure and distribution strategy of the Fund and how it fits within the Trust’s other fund offerings;

(v) The administration services to be provided by the Adviser under the Management Agreement;

(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 Fund;

(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 the Fund by the Adviser.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Fund. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex.

The Trustees also considered the benefits the Adviser is expected to receive as the result of JPMorgan Chase Bank, N.A.’s roles as custodian, fund accountant and transfer agent for the Fund.

Investment Performance

The Trustees considered the Fund’s investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.

Management Fees and Expense Ratios

The Trustees considered that under the Management Agreement, the Adviser will provide advisory and administrative services and will be responsible for substantially all of the expenses

OCTOBER 31, 2020 J.P. MORGAN EXCHANGE-TRADED FUNDS 235

BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENT

(Unaudited) (continued)

of the Fund (“unitary fee structure”). The Trustees considered the contractual management fee rate that will be paid by the Fund to the Adviser and compared the rate to information prepared by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, providing management fee rates paid by other funds in the same Morningstar category as the Fund. The Trustees also compared the management fee for the Fund to fees charged to mutual funds and institutional separate accounts with similar investment objectives or in similar asset classes managed by the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A., an affiliate of the Adviser, for custody, transfer agency and other related services for the Fund.

The Trustees considered how the Fund will be positioned against peer funds, as identified by management and/or Broadridge and noted that the Fund’s proposed management fee was in line with identified peer funds. The Trustees also noted that because the Fund was not yet operational, no profitability information was available. After considering the

factors identified above and other factors, in light of the information, the Trustees concluded that the Fund’s proposed management fee was reasonable.

Economies of Scale

The Trustees considered the extent to which the Fund will benefit from economies of scale. The Trustees noted that the proposed unitary management fee schedule for the Fund does not contain breakpoints. The Trustees also considered that shareholders would benefit because expenses would be limited even when the Fund was new and not achieving economies of scale. The Trustees also considered the fact that increases in assets would not lead to fee decreases even if economies of scale are achieved, but also that they would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future. After considering the factors identified above, the Trustees concluded that the Fund’s shareholders will receive the benefits of potential economies of scale.

236 J.P. MORGAN EXCHANGE-TRADED FUNDS OCTOBER 31, 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 as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. The Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020.  All rights reserved. October 2020. AN-ETF-1020

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

The audit committee financial experts are Gary L. French, Robert J. Grassi, Thomas P. Lemke, Lawrence R. Maffia and Emily A. Youssouf, each of which is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

AUDIT FEES

2020 – $404,500

2019 – $722,000

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

AUDIT-RELATED FEES

2020 – $118,091

2019 – $146,800

Audit-related fees consist of security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

TAX FEES

2020 – $276,570

2019 – $278,620

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax year ended October 30, 2020.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

ALL OTHER FEES

2020 – $0

2019 – $0

(e)(1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be

pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the “Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

2020 – 0.0%

2019 – 0.0%

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Not applicable.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2020 – $28.3 million

2019 – $32.2 million

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

The registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The members of the Audit Committee are Gary L. French, Robert J. Grassi, Thomas P. Lemke, Lawrence R. Maffia and Emily A. Youssouf.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

J.P. Morgan Exchange-Traded Fund Trust
By:	/s/ Joanna M. Gallegos
	Joanna M. Gallegos
	President and Principal Executive Officer
	January 7, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Joanna M. Gallegos
	Joanna M. Gallegos
	President and Principal Executive Officer
	January 7, 2021
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	January 7, 2021