J P Morgan Exchange-Traded Fund Trust - High Yield Municipal Etf Fund (JMHI) N-CSRS Certified semi-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, 2020 through April 30, 2021

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.

a.) 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).

b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable. Notices do not incorporate disclosures from the shareholder reports.

Semi-Annual Report

J.P. Morgan Exchange-Traded Funds

April 30, 2021 (Unaudited)

	Ticker	Listing Exchange
JPMorgan BetaBuilders Canada ETF	BBCA	Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders Developed Asia ex-Japan ETF	BBAX	Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders Europe ETF	BBEU	Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders International Equity ETF	BBIN	Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders Japan ETF	BBJP	Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders U.S. Equity ETF	BBUS	Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF	BBMC	NYSE Arca
JPMorgan BetaBuilders U.S. Small Cap Equity ETF	BBSC	NYSE Arca
JPMorgan Carbon Transition U.S. Equity ETF	JCTR	NYSE Arca
JPMorgan Diversified Return Emerging Markets Equity ETF	JPEM	NYSE Arca
JPMorgan Diversified Return International Equity ETF	JPIN	NYSE Arca
JPMorgan Diversified Return U.S. Equity ETF	JPUS	NYSE Arca
JPMorgan Diversified Return U.S. Mid Cap Equity ETF	JPME	NYSE Arca
JPMorgan Diversified Return U.S. Small Cap Equity ETF	JPSE	NYSE Arca
JPMorgan Emerging Markets Equity Core ETF	JEMA	Cboe BZX Exchange, Inc.
JPMorgan International Growth ETF	JIG	NYSE Arca
JPMorgan U.S. Dividend ETF	JDIV	NYSE Arca
JPMorgan U.S. Minimum Volatility ETF	JMIN	NYSE Arca
JPMorgan U.S. Momentum Factor ETF	JMOM	NYSE Arca
JPMorgan U.S. Quality Factor ETF	JQUA	NYSE Arca
JPMorgan U.S. Value Factor ETF	JVAL	NYSE Arca

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 BetaBuilders U.S. Small Cap Equity ETF	24
JPMorgan Carbon Transition U.S. Equity ETF	27
JPMorgan Diversified Return Emerging Markets Equity ETF	30
JPMorgan Diversified Return International Equity ETF	33
JPMorgan Diversified Return U.S. Equity ETF	36
JPMorgan Diversified Return U.S. Mid Cap Equity ETF	39
JPMorgan Diversified Return U.S. Small Cap Equity ETF	42
JPMorgan Emerging Markets Equity Core ETF	45
JPMorgan International Growth ETF	48
JPMorgan U.S. Dividend ETF	51
JPMorgan U.S. Minimum Volatility ETF	54
JPMorgan U.S. Momentum Factor ETF	57
JPMorgan U.S. Quality Factor ETF	60
JPMorgan U.S. Value Factor ETF	63
Schedules of Portfolio Investments	66
Financial Statements	210
Financial Highlights	232
Notes to Financial Statements	238
Schedule of Shareholder Expenses	269
Liquidity Risk Management Program	271
Tax Letter	272
Board Approval of Initial Management Agreements	273
Board Approval of Management Agreements	275

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

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

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

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

PRESIDENT’S LETTER

June 15, 2021

Dear Shareholder,

Global equity markets generated strong returns in late 2020 and into 2021, driven by the development and distribution of multiple vaccines against the novel coronavirus and its variants, efforts by governments at all levels to reopen their economies and a stunning rebound in corporate profits. This helped all 21 of our equity ETF strategies to post positive returns during the six months ended April 30, 2021.

  “Whatever the market environment or economic outlook, we seek to deliver innovative, quality ETFs that meet the needs of investors.” – Joanna M. Gallegos

Throughout the period, we have continued to develop innovative solutions and expand our suite of equity ETFs to include the JPMorgan Emerging Markets Equity Core ETF (JEMA) and our JPMorgan Carbon Transition U.S. Equity ETF (JCTR), which is designed to capture the performance of companies that have been identified through its underlying index’s rules-based process as better positioned to benefit from a transition to a lower carbon economy while also providing broader U.S. market exposure.

Our lineup now includes 34 ETFs and our assets under management have grown to more than $65.8 billion. Throughout the pandemic and current recovery, our focus has remained on providing investors with a diversified platform of solutions to help them build durable portfolios. Whatever the market environment or economic outlook, we seek to deliver innovative, quality ETFs that meet the needs of investors. We are proud of our accomplishments and our ability to adapt to new global realities. Thank you for your belief in our Firm and our process.

Sincerely,

Joanna M. Gallegos

President, J.P. Morgan Exchange-Traded Funds

J.P Morgan Asset Management

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

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 1

J.P. Morgan Exchange-Traded Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

Globally, equity market valuations climbed higher during the period, initially fueled by the massive pandemic response of leading central banks and fiscal authorities and extended by the development of multiple vaccines in late 2020 and the advent of mass vaccinations in 2021. The rebound in asset prices during the period—partly led by U.S. equity—swept across both emerging markets and developed markets.

The final months of the 2020 included a continued rebound in global prices for petroleum and a range of other commodities as manufacturing data and consumer sentiment strengthened. November and December saw broad gains in global equity, partly driven by continued investor demand for U.S. large cap stocks, particularly in the technology sector. Emerging markets equity surged ahead of developed markets in December as China, Taiwan and other emerging market nations appeared to have greater success in containing the pandemic.

Global equity markets surged from February through April 2021 amid a general surge in corporate earnings and consumer and business spending. Developed market equity provided strong returns, while emerging markets equity was weighed down by investor concern about large pandemic outbreaks in select nations, particularly Brazil and India.

U.S. equity markets generally led the rally, supported by a $1.9 trillion U.S. fiscal relief and recovery package and the prospect of additional federal government spending plans. Better-than-expected corporate earnings and revenues in 2021, combined with strong growth in consumer spending and improved manufacturing data, drove global equity prices further upward toward the end of the period.

For the six months ended April 30, 2021, the MSCI EAFE Index returned 29.13%, the S&P 500 Index returned 28.85% and the MSCI Emerging Markets Index returned 23.09%.

2 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

JPMorgan BetaBuilders Canada ETF (BBCA)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value*	35.73%
Market Price**	35.48%
Morningstar® Canada Target Market Exposure IndexSM	35.51%
Net Assets as of 4/30/2021	$5,250,377,645

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2021, the Fund performed in line with the Underlying Index, before considering the effects of

differences in the timing foreign exchange rate calculations, 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 contributors to absolute performance, while their exposures to the real estate and materials sectors were the smallest contributors and no sectors detracted 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 financials and energy sectors and their smallest allocations were to the real estate and health care sectors.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 3

JPMorgan BetaBuilders Canada ETF (BBCA)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Royal Bank of Canada		6.8	%
	2.	Shopify, Inc., Class A		6.6
	3.	Toronto-Dominion Bank (The)		6.3
	4.	Enbridge, Inc.		3.9
	5.	Bank of Nova Scotia (The)		3.9
	6.	Canadian National Railway Co.		3.8
	7.	Brookfield Asset Management, Inc., Class A		3.2
	8.	Bank of Montreal		3.1
	9.	Canadian Pacific Railway Ltd.		2.5
	10.	TC Energy Corp.		2.4

PORTFOLIO COMPOSITION BY SECTOR AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		34.4	%
Energy		12.3
Industrials		10.8
Information Technology		10.0
Materials		9.4
Consumer Discretionary		3.8
Consumer Staples		3.4
Utilities		3.3
Communication Services		2.9
Others (each less than 1.0%)		1.2
Short-Term Investments		8.5

* 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 $61.70 as of April 30, 2021.

** 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 closing price on the Cboe BZX Exchange, Inc. As of April 30, 2021, the closing price was $61.72.

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

4 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders Canada ETF
Net Asset Value		August 7, 2018		35.73%		50.00%		11.30%
Market Price				35.48%		49.62%		11.31%

* Not annualized.

LIFE OF FUND PERFORMANCE (8/7/18 TO 4/30/21)

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

Fund commenced operations on August 7, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Canada ETF and Morningstar^® Canada Target Market Exposure Index^SM from August 7, 2018 to April 30, 2021. 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.

For periods presented prior to the adoption of a unitary fee structure, 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.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 5

JPMorgan BetaBuilders Developed Asia ex-Japan ETF (BBAX)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value*	31.99%
Market Price**	31.98%
Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM	32.96%
Net Assets as of 4/30/2021	$3,905,982,530

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 six months ended April 30, 2021, 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 materials sectors were leading contributors to absolute performance, while their exposures to the utilities and information technology sectors were the smallest contributors and no sectors detracted from absolute performance. By country, the Fund’s and the Underlying Index’s exposures to Australia and Hong Kong were leading contributors to absolute performance, while their exposures to Singapore and New Zealand were the smallest contributors to absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and materials 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 and Hong Kong, followed by Singapore and New Zealand.

6 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	AIA Group Ltd. (Hong Kong)		7.5	%
	2.	Commonwealth Bank of Australia (Australia)		5.9
	3.	BHP Group Ltd. (Australia)		5.2
	4.	CSL Ltd. (Australia)		4.6
	5.	Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		3.5
	6.	Westpac Banking Corp. (Australia)		3.4
	7.	National Australia Bank Ltd. (Australia)		3.3
	8.	Australia & New Zealand Banking Group Ltd. (Australia)		3.0
	9.	Wesfarmers Ltd. (Australia)		2.3
	10.	Macquarie Group Ltd. (Australia)		2.0

PORTFOLIO COMPOSITION BY COUNTRY AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Australia		58.2	%
Hong Kong		23.3
Singapore		9.5
New Zealand		2.5
China		2.0
Macau		1.8
United Kingdom		1.1
Others (each less than 1.0%)		0.8
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 $58.65 as of April 30, 2021.

** 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 closing price on the Cboe BZX Exchange, Inc. As of April 30, 2021, the closing price was $58.83.

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

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 7

JPMorgan BetaBuilders Developed Asia ex-Japan ETF (BBAX)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
Net Asset Value		August 7, 2018		31.99%		47.48%		9.22%
Market Price				31.98%		48.64%		9.33%

* Not annualized.

LIFE OF FUND PERFORMANCE (8/7/18 TO 4/30/21)

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 April 30, 2021. 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.

For periods presented prior to the adoption of a unitary fee structure, 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 APRIL 30, 2021

JPMorgan BetaBuilders Europe ETF (BBEU)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value*	33.51%
Market Price**	33.70%
Morningstar® Developed Europe Target Market Exposure IndexSM	33.63%
Net Assets as of 4/30/2021	$6,226,301,328

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 six months ended April 30, 2021, 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 industrials sectors were leading contributors to absolute performance, while their exposures to the real estate and utilities sectors were the smallest contributors and no sectors detracted from absolute performance. By country, the Fund’s and the Underlying Index’s exposures to the U.K. and France were leading contributors to absolute performance, while their exposures to Portugal and Austria were the smallest contributors and no countries detracted 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 financials and industrials 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.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 9

JPMorgan BetaBuilders Europe ETF (BBEU)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Nestle SA (Registered) (Switzerland)		3.0	%
	2.	ASML Holding NV (Netherlands)		2.4
	3.	Roche Holding AG (Switzerland)		2.1
	4.	Novartis AG (Registered) (Switzerland)		1.9
	5.	LVMH Moet Hennessy Louis Vuitton SE (France)		1.8
	6.	Unilever plc (United Kingdom)		1.4
	7.	SAP SE (Germany)		1.4
	8.	AstraZeneca plc (United Kingdom)		1.2
	9.	Siemens AG (Registered) (Germany)		1.2
	10.	HSBC Holdings plc (United Kingdom)		1.1

PORTFOLIO COMPOSITION BY COUNTRY AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
United Kingdom		18.5	%
France		16.0
Switzerland		13.8
Germany		13.0
Netherlands		7.3
Sweden		5.7
Spain		3.9
Denmark		3.6
Italy		3.3
Finland		2.1
Australia		1.8
Belgium		1.5
Ireland		1.0
Norway		1.0
Others (each less than 1.0%)		3.1
Short-Term Investments		4.4

* 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 $57.12 as of April 30, 2021.

** 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 closing price on the Cboe BZX Exchange, Inc. As of April 30, 2021, the closing price was $57.28.

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

10 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders Europe ETF
Net Asset Value		June 15, 2018		33.51%		44.05%		7.66%
Market Price				33.70%		45.16%		7.77%

* Not annualized.

LIFE OF FUND PERFORMANCE (6/15/18 TO 4/30/21)

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

Fund commenced operations on June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Europe ETF and Morningstar^® Developed Europe Target Market Exposure Index^SM from June 15, 2018 to April 30, 2021. 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.

For periods presented prior to the adoption of a unitary fee structure, 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.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 11

JPMorgan BetaBuilders International Equity ETF (BBIN)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value*	28.65%
Market Price**	28.64%
Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM	28.89%
Net Assets as of 4/30/2021	$3,406,957,037

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 six month ended April 30, 2021, 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 industrials sectors were leading contributors to absolute performance, while their exposures to the utilities and real estate sectors were the smallest contributors and no sectors detracted from absolute performance. The Fund’s and the Underlying Index’s exposures to the U.K. and Japan were leading contributors to absolute performance, while their exposures to New Zealand and Portugal were the smallest contributors and no countries detracted from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest 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 APRIL 30, 2021

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Nestle SA (Registered) (Switzerland)		1.9	%
	2.	ASML Holding NV (Netherlands)		1.5
	3.	Roche Holding AG (Switzerland)		1.3
	4.	Novartis AG (Registered) (Switzerland)		1.2
	5.	LVMH Moet Hennessy Louis Vuitton SE (France)		1.1
	6.	Toyota Motor Corp. (Japan)		1.1
	7.	Unilever plc (United Kingdom)		0.9
	8.	AIA Group Ltd. (Hong Kong)		0.9
	9.	SAP SE (Germany)		0.9
	10.	SoftBank Group Corp. (Japan)		0.8

PORTFOLIO COMPOSITION BY COUNTRY AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Japan		24.9	%
United Kingdom		11.8
France		10.1
Switzerland		8.7
Germany		8.2
Australia		7.8
Netherlands		4.6
Sweden		3.6
Hong Kong		2.7
Spain		2.5
Denmark		2.3
Italy		2.1
Finland		1.3
Singapore		1.1
Belgium		1.0
Others (each less than 1.0%)		4.4
Short-Term Investments		2.9

* 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 $58.94 as of April 30, 2021.

** 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 closing price on the Cboe BZX Exchange, Inc. As of April 30, 2021, the closing price was $59.05.

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

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 13

JPMorgan BetaBuilders International Equity ETF (BBIN)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders International Equity ETF
Net Asset Value		December 3, 2019		28.65%		41.17%		14.06%
Market Price				28.64%		41.29%		14.21%

* Not annualized.

LIFE OF FUND PERFORMANCE (12/3/19 TO 4/30/21)

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

Fund commenced operations on December 3, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders International Equity ETF and Morningstar^® Developed Markets ex-North America Target Market Exposure Index^SM from December 3, 2019 to April 30, 2021. 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 APRIL 30, 2021

JPMorgan BetaBuilders Japan ETF (BBJP)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value*	16.86%
Market Price**	16.46%
Morningstar® Japan Target Market Exposure IndexSM	17.13%
Net Assets as of 4/30/2021	$8,230,192,513

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 six months ended April 30, 2021, 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 industrials and consumer discretionary sectors were leading contributors to absolute performance, while their exposures to the utilities and energy sectors were the smallest contributors and no sectors detracted 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.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 15

JPMorgan BetaBuilders Japan ETF (BBJP)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Toyota Motor Corp.		4.3	%
	2.	SoftBank Group Corp.		3.3
	3.	Sony Group Corp.		2.8
	4.	Keyence Corp.		2.0
	5.	Recruit Holdings Co. Ltd.		1.7
	6.	Tokyo Electron Ltd.		1.6
	7.	Mitsubishi UFJ Financial Group, Inc.		1.5
	8.	Nintendo Co. Ltd.		1.5
	9.	Shin-Etsu Chemical Co. Ltd.		1.5
	10.	Nidec Corp.		1.4

PORTFOLIO COMPOSITION BY SECTOR AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Industrials		21.8	%
Consumer Discretionary		19.0
Information Technology		13.5
Health Care		9.2
Financials		8.8
Communication Services		8.8
Consumer Staples		7.0
Materials		6.0
Real Estate		3.9
Utilities		1.3
Energy		0.6
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 $55.91 as of April 30, 2021.

** 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 closing price on the Cboe BZX Exchange, Inc. As of April 30, 2021, the closing price was $56.00.

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

16 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders Japan ETF
Net Asset Value		June 15, 2018		16.86%		32.08%		5.77%
Market Price				16.46%		32.41%		5.82%

* Not annualized.

LIFE OF FUND PERFORMANCE (6/15/18 TO 4/30/21)

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

Fund commenced operations on June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Japan ETF and Morningstar^® Japan Target Market Exposure Index^SM from June 15, 2018 to April 30, 2021. 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.

For periods presented prior to the adoption of a unitary fee structure, 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.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 17

JPMorgan BetaBuilders U.S. Equity ETF (BBUS)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value*	29.37%
Market Price**	29.49%
Morningstar® US Target Market Exposure IndexSM	29.42%
Net Assets as of 4/30/2021	$505,376,965

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2021, the Fund performed in line with the Underlying Index, before considering the effects of

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

The Fund’s and the Underlying Index’s exposures to the information technology and financials sectors were leading contributors to absolute performance, while their exposures to the utilities and real estate sectors were the smallest contributors and no sector detracted 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 real estate sectors.

18 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Apple, Inc.		5.6	%
	2.	Microsoft Corp.		5.1
	3.	Amazon.com, Inc.		4.0
	4.	Facebook, Inc., Class A		2.1
	5.	Alphabet, Inc., Class A		1.9
	6.	Alphabet, Inc., Class C		1.9
	7.	Tesla, Inc.		1.5
	8.	Berkshire Hathaway, Inc., Class B		1.4
	9.	JPMorgan Chase & Co.		1.3
	10.	Johnson & Johnson		1.1

PORTFOLIO COMPOSITION BY SECTOR AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		26.9	%
Health Care		12.7
Consumer Discretionary		12.2
Financials		11.5
Communication Services		11.4
Industrials		8.7
Consumer Staples		5.8
Real Estate		2.7
Materials		2.7
Utilities		2.6
Energy		2.4
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 $76.57 as of April 30, 2021.

** 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 closing price on the Cboe BZX Exchange, Inc. As of April 30, 2021, the closing price was $76.63.

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

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 19

JPMorgan BetaBuilders U.S. Equity ETF (BBUS)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders U.S. Equity ETF
Net Asset Value		March 12, 2019		29.37%		48.18%		23.90%
Market Price				29.49%		48.40%		23.95%

* Not annualized.

LIFE OF FUND PERFORMANCE (3/12/19 TO 4/30/21)

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

Fund commenced operations on March 12, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Equity ETF and the Morningstar^® US Target Market Exposure Index^SM from March 12, 2019 to April 30, 2021. 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 APRIL 30, 2021

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (BBMC)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value*	39.65%
Market Price**	39.90%
Morningstar® US Mid Cap Target Market Exposure Extended IndexSM	39.68%
Net Assets as of 4/30/2021	$1,706,195,528

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 six months ended April 30, 2021, 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 consumer discretionary and information technology sectors were leading contributors to absolute performance, while their exposures to the utilities and consumer staples sectors were the smallest contributors and no sector detracted 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 consumer discretionary sectors and their smallest allocations were to the utilities and energy sectors.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 21

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (BBMC)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	EPAM Systems, Inc.		0.7	%
	2.	Etsy, Inc.		0.7
	3.	HubSpot, Inc.		0.7
	4.	Wayfair, Inc., Class A		0.6
	5.	Slack Technologies, Inc., Class A		0.6
	6.	Occidental Petroleum Corp.		0.6
	7.	Horizon Therapeutics plc		0.6
	8.	Teradyne, Inc.		0.6
	9.	Caesars Entertainment, Inc.		0.6
	10.	Generac Holdings, Inc.		0.6

PORTFOLIO COMPOSITION BY SECTOR AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		19.8	%
Consumer Discretionary		15.1
Industrials		14.7
Health Care		13.4
Financials		12.8
Real Estate		8.0
Materials		4.4
Energy		2.9
Consumer Staples		2.9
Utilities		2.0
Communication Services		1.8
Others (each less than 1.0%)		0.5
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 $89.21 as of April 30, 2021.

** Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2021, the closing price was $89.23.

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

22 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
Net Asset Value		April 14, 2020		39.65%		67.72%		73.03%
Market Price				39.90%		67.26%		73.06%

* Not annualized.

LIFE OF FUND PERFORMANCE (4/14/20 TO 4/30/21)

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 April 30, 2021. 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.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 23

JPMorgan BetaBuilders U.S. Small Cap Equity ETF (BBSC)

FUND COMMENTARY

FOR THE PERIOD NOVEMBER 16, 2020 (INCEPTION DATE) THROUGH APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value*		29.07%
Market Price**		29.03%
Morningstar® US Small Cap Target Market Exposure Extended IndexSM		29.13%
Net Assets as of 4/30/2021	$	427,573,386

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders U.S. Small Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® US Small 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 small-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 November 16, 2020 to April 30, 2021, 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 consumer discretionary and industrials sectors were leading contributors to absolute performance, while their exposures to the utilities and consumer staples sectors were the smallest contributors and no sector detracted 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 health care and information technology sectors and their smallest allocations were to the utilities and consumer staples sectors.

24 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Novavax, Inc.		0.9	%
	2.	Builders FirstSource, Inc.		0.5
	3.	GameStop Corp., Class A		0.5
	4.	Tradeweb Markets, Inc., Class A		0.4
	5.	Cleveland-Cliffs, Inc.		0.4
	6.	Freshpet, Inc.		0.4
	7.	Brooks Automation, Inc.		0.4
	8.	TopBuild Corp.		0.4
	9.	Redfin Corp.		0.4
	10.	II-VI, Inc.		0.4

PORTFOLIO COMPOSITION BY SECTOR AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Health Care		18.5	%
Industrials		15.7
Information Technology		15.0
Financials		14.1
Consumer Discretionary		12.9
Real Estate		6.3
Materials		4.1
Communication Services		3.4
Energy		3.3
Consumer Staples		2.9
Utilities		1.5
Short-Term Investments		2.3

* 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 $66.03 as of April 30, 2021.

** 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 closing price on the NYSE Arca. As of April 30, 2021, the closing price was $66.01.

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

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 25

JPMorgan BetaBuilders U.S. Small Cap Equity ETF (BBSC)

FUND COMMENTARY

FOR THE PERIOD NOVEMBER 16, 2020 (INCEPTION DATE) THROUGH APRIL 30, 2021 (Unaudited) (continued)

TOTAL RETURNS AS OF APRIL 30, 2021 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
Net Asset Value		November 16, 2020		29.07%
Market Price				29.03%

* Not annualized.

LIFE OF FUND PERFORMANCE (11/16/20 TO 4/30/21)

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 16, 2020.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Small Cap Equity ETF and Morningstar^® US Small Cap Target Market Exposure Extended Index^SM from November 16, 2020 to April 30, 2021. 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 Small 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 Small Cap Target Market Exposure Extended Index^SM is a free float adjusted market capitalization weighted index that consists of small 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.

26 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

JPMorgan Carbon Transition U.S. Equity ETF (JCTR)

FUND COMMENTARY

FOR THE PERIOD DECEMBER 9, 2020 (INCEPTION DATE) THROUGH APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value*		14.38%
Market Price**		14.34%
JPMorgan Asset Management Carbon Transition U.S. Equity Index		14.44%
Russell 1000 Index		14.57%
Net Assets as of 4/30/2021	$	25,283,691

INVESTMENT OBJECTIVE***

The JPMorgan Carbon Transition U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JPM Asset Management Carbon Transition U.S. Equity Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which primarily tracks U.S. large- and mid-cap equity securities and employs a rules-based process designed to capture the performance of companies that have been identified as better positioned to benefit from a transition to a lower carbon economy while also providing broader U.S. market exposure. Companies are evaluated on how effectively they manage emissions, resources and carbon-related risk.

HOW DID THE FUND PERFORM?

For the period from inception on December 9, 2020 to April 30, 2021, the Fund provided a positive absolute return 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 exposures to the financials and information technology sectors were leading contributors to absolute performance, while their exposures to the consumer staples and utilities sectors were the smallest contributors and no sectors detracted from absolute performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s exposures to the consumer staples and consumer discretionary sectors were leading detractors from performance, while their exposures to the information technology and communication services sectors were leading contributors to relative performance.

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 utilities sectors.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 27

JPMorgan Carbon Transition U.S. Equity ETF (JCTR)

FUND COMMENTARY

FOR THE PERIOD DECEMBER 9, 2020 (INCEPTION DATE) THROUGH APRIL 30, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Apple, Inc.		5.6	%
	2.	Microsoft Corp.		5.1
	3.	Amazon.com, Inc.		4.0
	4.	Alphabet, Inc., Class A		3.7
	5.	Facebook, Inc., Class A		1.8
	6.	Johnson & Johnson		1.4
	7.	Visa, Inc., Class A		1.3
	8.	UnitedHealth Group, Inc.		1.3
	9.	NVIDIA Corp.		1.2
	10.	Home Depot, Inc. (The)		1.2

PORTFOLIO COMPOSITION BY SECTOR AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		27.5	%
Health Care		13.1
Consumer Discretionary		12.9
Financials		11.6
Communication Services		9.3
Industrials		8.5
Consumer Staples		6.0
Real Estate		3.3
Materials		2.9
Energy		2.5
Utilities		2.3
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 $56.19 as of April 30, 2021.

** 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 closing price on the NYSE Arca. As of April 30, 2021, the closing price was $56.17.

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

28 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

TOTAL RETURNS AS OF APRIL 30, 2021
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Carbon Transition U.S. Equity ETF
Net Asset Value		December 9, 2020		14.38%
Market Price				14.34%

* Not annualized.

LIFE OF FUND PERFORMANCE (12/9/20 TO 4/30/21)

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 9, 2020.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Carbon Transition U.S. Equity ETF, the JPMorgan Asset Management Carbon Transition U.S. Equity Index, and the Russell 1000 Index from December 9, 2020 to April 30, 2021. 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 the JPMorgan Asset Management Carbon Transition U.S. 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 JPMorgan Asset Management Carbon Transition U.S. Equity Index is a rules based, proprietary index built to achieve a meaningful reduction in carbon intensity without relying on exclusions or sector deviations. It is a proprietary index designed to reflect the performance of a subset of the U.S. large and mid-cap companies in developed markets that, based on the index rules, are determined to be best positioned to benefit from a transition to a low-carbon economy. 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.

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.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 29

JPMorgan Diversified Return Emerging Markets Equity ETF (JPEM)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value*		25.81%
Market Price**		25.80%
JP Morgan Diversified Factor Emerging Markets Equity Index (net of foreign withholding taxes)		26.88%
FTSE Emerging Index (net of foreign withholding taxes)		21.05%
Net Assets as of 4/30/2021	$	191,364,085

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 positive absolute return for the six months ended April 30, 2021, 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 outperformed the FTSE Emerging 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 commodities and industrials super sectors were leading contributors to absolute performance, while their positions in the financials and defensives super sectors were the smallest contributors and no super sector detracted from absolute performance.

From a regional perspective, the Fund’s and the Underlying Index’s positions in Asia Pacific excluding China and in the Europe, Middle East & Africa (EMEA) region were the largest contributors to absolute performance, while their positions in China and Latin America were the smallest contributors and no region detracted from absolute performance.

Relative to the FTSE Emerging Index, the Fund’s and Underlying Index’s multi-factor security selection in China and the consumer super sector were leading contributors to performance, while their multi-factor security selection and underweight positions in Asia Pacific excluding China were leading detractors from relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the defensives and consumer super sectors, while their smallest allocations were to the commodity and financials super sectors. The Fund’s and the Underlying Index’s largest regional allocations were to China and the Asia Pacific region and their smallest allocation was to Latin America.

30 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		1.9	%
	2.	Naspers Ltd., Class N (South Africa)		1.9
	3.	Vale SA (Brazil)		1.8
	4.	Infosys Ltd. (India)		1.5
	5.	Reliance Industries Ltd. (India)		1.2
	6.	Sberbank of Russia PJSC (Russia)		1.1
	7.	Hindustan Unilever Ltd. (India)		0.9
	8.	Kweichow Moutai Co. Ltd., Class A (China)		0.8
	9.	LUKOIL PJSC (Russia)		0.8
	10.	Ping An Insurance Group Co. of China Ltd., Class H (China)		0.8

PORTFOLIO COMPOSITION BY COUNTRY AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
China		25.4	%
Taiwan		12.3
Brazil		11.1
India		9.0
South Africa		6.6
Russia		5.7
Mexico		5.0
Saudi Arabia		3.4
Indonesia		3.3
Thailand		3.1
Malaysia		2.7
Turkey		2.2
Qatar		1.6
Chile		1.6
Kuwait		1.5
United Arab Emirates		1.4
Greece		1.1
Others (each less than 1.0%)		2.9
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 $57.99 as of April 30, 2021.

** 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 closing price on the NYSE Arca. As of April 30, 2021, the closing price was $57.66.

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

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 31

JPMorgan Diversified Return Emerging Markets Equity ETF (JPEM)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		5 YEAR		SINCE INCEPTION
JPMorgan Diversified Return Emerging Markets Equity ETF
Net Asset Value		January 7, 2015		25.81%		37.33%		8.31%		5.07%
Market Price				25.80%		39.13%		8.33%		4.98%

* Not annualized.

LIFE OF FUND PERFORMANCE (1/07/15 TO 4/30/21)

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 April 30, 2021. 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.

For periods presented prior to the adoption of a unitary fee structure, 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.

32 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

JPMorgan Diversified Return International Equity ETF (JPIN)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value*		25.92%
Market Price**		25.66%
JP Morgan Diversified Factor International Equity Index (net of foreign withholding taxes)		26.56%
FTSE Developed ex North America Index (net of foreign withholding taxes)		29.81%
Net Assets as of 4/30/2021	$	870,111,009

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2021, 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 discretionary and industrials sectors were leading contributors to absolute performance, while their positions in the health care and real estate sectors were the smallest contributors and no sector detracted from absolute performance.

From a regional perspective, the Fund’s and Underlying Index’s positions in Asia, excluding Japan, and Europe, excluding the U.K., were the largest contributors to absolute performance, while their positions in Japan and the U.K. were the smallest contributors and no region detracted from absolute performance.

Relative to FTSE Developed ex-North America Index, the Fund’s and the Underlying Index’s underweight positions in the financials sector, their overweight positions in the utilities sector and their multi-factor security selection in Europe, excluding the U.K., were leading detractors from performance. The Fund’s and the Underlying Index’s overweight positions in the energy sector, their underweight position in the health care sector and their overweight position in the U.K. 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 discretionary and industrials sectors, while their smallest allocations were to the real estate and energy sectors. By region, the Fund’s and the Underlying Index’s largest allocation was to Asia, including Japan, and their smallest allocations were to the U.K. and continental Europe.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 33

JPMorgan Diversified Return International Equity ETF (JPIN)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	LG Corp. (South Korea)		0.5	%
	2.	Samsung Electronics Co. Ltd. (South Korea)		0.5
	3.	Ashtead Group plc (United Kingdom)		0.5
	4.	Unilever plc (United Kingdom)		0.5
	5.	Kakao Corp. (South Korea)		0.5
	6.	Sonova Holding AG (Registered) (Switzerland)		0.5
	7.	Kesko OYJ, Class B (Finland)		0.5
	8.	Xinyi Glass Holdings Ltd. (Hong Kong)		0.5
	9.	Ansell Ltd. (Australia)		0.5
	10.	Rio Tinto plc (Australia)		0.5

PORTFOLIO COMPOSITION BY COUNTRY AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Japan		27.9	%
United Kingdom		16.4
Australia		10.0
South Korea		8.4
Sweden		4.3
Hong Kong		4.1
France		3.8
Germany		3.1
Netherlands		2.6
Finland		2.2
Singapore		2.1
Switzerland		2.1
Spain		1.6
Italy		1.5
China		1.3
Others (each less than 1.0%)		7.1
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 $62.15 as of April 30, 2021.

** 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 closing price on the NYSE Arca. As of April 30, 2021, the closing price was $62.05.

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

34 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		5 YEAR		SINCE INCEPTION
JPMorgan Diversified Return International Equity ETF
Net Asset Value		November 5, 2014		25.92%		36.79%		7.09%		5.86%
Market Price				25.66%		37.24%		7.09%		5.83%

* Not annualized.

LIFE OF FUND PERFORMANCE (11/5/14 TO 4/30/21)

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 April 30, 2021. 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.

For periods presented prior to the adoption of a unitary fee structure, 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.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 35

JPMorgan Diversified Return U.S. Equity ETF (JPUS)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value*		30.38%
Market Price**		30.45%
JP Morgan Diversified Factor US Equity Index		30.52%
Russell 1000 Index		30.03%
Net Assets as of 4/30/2021	$	674,391,548

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 positive absolute performance for the six months ended April 30, 2021, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index outperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

The Fund’s and the Underlying Index’s positions in the consumer discretionary and basic materials sectors were leading contributors to absolute performance, while their positions in the telecommunications and consumer staples sectors were the smallest contributors and no sectors detracted from absolute performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s multi-factor security selection and underweight position in the technology sector and their overweight position in the energy sector were leading contributors to performance, while their overweight position in the utilities sector and their multi-factor security selection in the energy sector and their underweight position in the financials sector were leading detractors from relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the consumer discretionary and health care sectors, while the smallest allocations were to the telecommunications and real estate sectors.

36 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Alphabet, Inc., Class A		0.6	%
	2.	Microsoft Corp.		0.6
	3.	Apple, Inc.		0.6
	4.	UnitedHealth Group, Inc.		0.5
	5.	Nucor Corp.		0.5
	6.	NVIDIA Corp.		0.5
	7.	Johnson & Johnson		0.5
	8.	Facebook, Inc., Class A		0.5
	9.	Steel Dynamics, Inc.		0.5
	10.	Williams-Sonoma, Inc.		0.5

PORTFOLIO COMPOSITION BY SECTOR AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Consumer Staples		12.4	%
Health Care		11.9
Utilities		11.8
Technology		9.8
Industrials		9.7
Financials		8.8
Basic Materials		8.5
Real Estate		8.1
Consumer Discretionary		7.6
Telecommunications		5.1
Energy		4.2
Short-Term Investments		2.1

* 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 $94.98 as of April 30, 2021.

** 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 closing price on the NYSE Arca. As of April 30, 2021, the closing price was $95.01.

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

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 37

JPMorgan Diversified Return U.S. Equity ETF (JPUS)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		5 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Equity ETF
Net Asset Value		September 29, 2015		30.38%		46.52%		13.30%		14.07%
Market Price				30.45%		46.66%		13.30%		14.07%

* Not annualized.

LIFE OF FUND PERFORMANCE (9/29/15 TO 4/30/21)

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

Fund commenced operations on September 29, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Equity ETF, the JP Morgan Diversified Factor US Equity Index, and the Russell 1000 Index from September 29, 2015 to April 30, 2021. 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.

For periods presented prior to the adoption of a unitary fee structure, 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 APRIL 30, 2021

JPMorgan Diversified Return U.S. Mid Cap Equity ETF (JPME)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value*		34.74%
Market Price**		34.90%
JP Morgan Diversified Factor US Mid Cap Equity Index		34.92%
Russell Midcap Index		35.42%
Net Assets as of 4/30/2021	$	242,432,252

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 positive absolute performance for the six months ended April 30, 2021, 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 consumer discretionary and basic materials sectors were leading contributors to absolute performance, while their positions in the telecommunications and consumer staples were the smallest contributors and no sector detracted from absolute performance.

Relative to the Russell Midcap Index, the Fund and the Underlying Index’s overweight positions in the utilities sector and their multi-factor security selection in the consumer discretionary sector were leading detractors from performance, while the Fund’s and Underlying Index’s overweight positions in the energy sector and their overweight positions in the basic materials sector were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

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

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 39

JPMorgan Diversified Return U.S. Mid Cap Equity ETF (JPME)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Nucor Corp.		0.5	%
	2.	Olin Corp.		0.5
	3.	Steel Dynamics, Inc.		0.5
	4.	Williams-Sonoma, Inc.		0.5
	5.	IQVIA Holdings, Inc.		0.5
	6.	Lennar Corp., Class A		0.5
	7.	Avery Dennison Corp.		0.4
	8.	Interpublic Group of Cos., Inc. (The)		0.4
	9.	Reliance Steel & Aluminum Co.		0.4
	10.	Tractor Supply Co.		0.4

PORTFOLIO COMPOSITION BY SECTOR AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Health Care		11.7	%
Industrials		11.2
Financials		10.0
Basic Materials		9.9
Technology		9.7
Utilities		9.5
Real Estate		9.1
Consumer Staples		8.5
Consumer Discretionary		8.4
Energy		4.7
Telecommunications		3.7
Short-Term Investments		3.6

* 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 $86.58 as of April 30, 2021.

** 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 closing price on the NYSE Arca. As of April 30, 2021, the closing price was $86.62.

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

40 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Net Asset Value		May 11, 2016		34.74%		54.89%		13.40%
Market Price				34.90%		54.72%		13.41%

* Not annualized.

LIFE OF FUND PERFORMANCE (5/11/16 TO 4/30/21)

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

Fund commenced operations on May 11, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JP Morgan Diversified Factor US Mid Cap Equity Index, and the Russell Midcap Index from May 11, 2016 to April 30, 2021. 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.

For periods presented prior to the adoption of a unitary fee structure, 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.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 41

JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value*		49.93%
Market Price**		49.50%
JP Morgan Diversified Factor US Small Cap Equity Index		50.04%
Russell 2000 Index		48.06%
Net Assets as of 4/30/2021	$	169,746,636

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 positive absolute performance for the six months ended April 30, 2021, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index outperformed the Russell 2000 Index, which is a more traditional market capitalization weighted index.

The Fund’s and the Underlying Index’s positions in the consumer discretionary and energy sectors were leading contributors to absolute performance, while their positions in the consumer staples and telecommunications sectors were the smallest contributors and no sector detracted from absolute performance.

Relative to the Russell 2000 Index, the Fund’s and the Underlying Index’s overweight positions in the energy sector and their underweight positions in the health care sectors were leading contributors to performance, while their multi-factor security selections in both the consumer discretionary and consumer staples sectors were leading detractors from relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the consumer discretionary and technology sectors and their smallest allocations were to the telecommunications and consumer staples sectors.

42 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	STAAR Surgical Co.		0.4	%
	2.	UFP Industries, Inc.		0.4
	3.	Builders FirstSource, Inc.		0.3
	4.	Brooks Automation, Inc.		0.3
	5.	Abercrombie & Fitch Co., Class A		0.3
	6.	Novavax, Inc.		0.3
	7.	Omnicell, Inc.		0.3
	8.	YETI Holdings, Inc.		0.3
	9.	Chart Industries, Inc.		0.3
	10.	Avient Corp.		0.3

PORTFOLIO COMPOSITION BY SECTOR AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		11.9	%
Industrials		11.4
Technology		10.3
Health Care		10.0
Basic Materials		9.7
Consumer Discretionary		8.5
Real Estate		8.1
Energy		5.9
Consumer Staples		5.5
Utilities		4.9
Telecommunications		3.3
Short-Term Investments		10.5

* 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 $42.97 as of April 30, 2021.

** 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 closing price on the NYSE Arca. As of April 30, 2021, the closing price was $42.95.

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

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 43

JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Net Asset Value		November 15, 2016		49.93%		75.79%		14.22%
Market Price				49.50%		76.14%		14.21%

* Not annualized.

LIFE OF FUND PERFORMANCE (11/15/16 TO 4/30/21)

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

Fund commenced operations on November 15, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Small Cap Equity ETF, the JP Morgan Diversified Factor US Small Cap Equity Index, and the Russell 2000 Index from November 15, 2016 to April 30, 2021. 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.

For periods presented prior to the adoption of a unitary fee structure, 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 APRIL 30, 2021

JPMorgan Emerging Markets Equity Core ETF (JEMA)

FUND COMMENTARY

FOR THE PERIOD MARCH 10, 2021 (INCEPTION DATE) THROUGH APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value*		2.96%
Market Price**		3.23%
MSCI Emerging Markets Index		1.96%
Net Assets as of 4/30/2021	$	98,830,934

INVESTMENT OBJECTIVE***

The JPMorgan Emerging Markets Equity Core ETF (the “Fund”) seeks to provide long term capital appreciation.

INVESTMENT APPROACH

The Fund invests primarily in equity securities economically tied to emerging markets and seeks to outperform the MSCI Emerging Markets Index (the “Index”) over time while maintaining similar risk characteristics. The Fund allocates investments opportunistically in actively managed emerging market equity strategies across countries, regions, styles and all market capitalizations

HOW DID THE FUND PERFORM?

For the period from inception on March 10, 2021 to April 30, 2021, the Fund had a positive absolute return and outperformed the Index.

Relative to the Index, the Fund’s security selections in the consumer discretionary and information technology sectors were leading contributors to performance, while the Fund’s security selection in the financials sector and its underweight position in the materials sector were leading detractors from relative performance.

By country, the Fund’s security selections in China and Taiwan were leading contributors to performance relative to the Index. The Fund’s security selection in India and its underweight position in Saudi Arabia were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in AU Optronics Corp. and Country Garden Services Holding Co. and its underweight

position in Baidu Inc. Shares of AU Optronics, a Taiwanese manufacturer of liquid crystal display monitors and solar energy equipment, rose after the company reported continued growth in monthly revenue. Shares of Country Garden Services Holding, a Hong Kong property management services provider, rose after the company forecast strong growth in revenue and profit in 2021. Shares of Baidu, a Chinese internet search and advertising company not held in the Fund, fell amid investor concerns that large technology companies could face greater scrutiny from government regulators in China.

Leading individual detractors from relative performance included the Fund’s overweight positions in Ping An Insurance Co. and HDFC Bank Ltd. and its underweight position in China Steel Corp. Shares of Ping An Insurance, a Chinese financial services company, fell after the company reported a 4.2% drop in 2020 earnings and disclosed it had an estimated exposure of $8.5 billion in troubled China Fortune Land Development Co. Shares of HDFC Bank, an Indian banking company, fell amid a worsening pandemic in India during the period. Shares of China Steel, a Taiwanese steel manufacturer not held in the Fund, rose amid rising prices for iron ore and rising demand for steel during the period.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest overweight allocations relative to the Benchmark were to the consumer staples and information technology sectors and its largest underweight allocations were to the utilities and real estate sectors. By country, the Fund’s largest overweight allocations were to Russia and Taiwan and its largest underweight positions were in South Korea and Saudi Arabia.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 45

JPMorgan Emerging Markets Equity Core ETF (JEMA)

FUND COMMENTARY

FOR THE PERIOD MARCH 10, 2021 (INCEPTION DATE) THROUGH APRIL 30, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	iShares MSCI India ETF (United States)		8.3	%
	2.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		5.1
	3.	Tencent Holdings Ltd. (China)		4.8
	4.	Alibaba Group Holding Ltd. (China)		4.2
	5.	Samsung Electronics Co. Ltd. (South Korea)		3.5
	6.	Ping An Insurance Group Co. of China Ltd., Class H (China)		2.2
	7.	China Merchants Bank Co. Ltd., Class H (China)		1.4
	8.	Meituan (China)		1.3
	9.	Sberbank of Russia PJSC, ADR (Russia)		1.1
	10.	Wal-Mart de Mexico SAB de CV (Mexico)		1.0

PORTFOLIO COMPOSITION BY COUNTRY AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
China		38.1	%
Taiwan		16.4
South Korea		11.2
United States		9.4
Russia		5.5
Brazil		3.8
Mexico		2.6
South Africa		2.5
Hong Kong		2.4
Saudi Arabia		1.3
Indonesia		1.2
Thailand		1.0
Others (each less than 1.0%)		4.5
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 $49.42 as of April 30, 2021.

** 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 Cboe BZX Exchange, Inc. As of April 30, 2021, the closing price was $49.55.

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

46 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

TOTAL RETURNS AS OF APRIL 30, 2021 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Emerging Markets Equity Core ETF
Net Asset Value		March 10, 2021		2.96%
Market Price				3.23%

* Not annualized.

LIFE OF FUND PERFORMANCE (3/10/21 TO 4/30/21)

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 10, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Emerging Markets Equity Core ETF and MSCI Emerging Markets Index from March 10, 2021 to April 30, 2021. 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 Emerging Markets Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if

applicable. MSCI Emerging Markets Index is a free float adjusted market capitalization-weighted index measuring emerging market equity performance. 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 over- seas markets may not be as politically and economically stable as the United States and other nations.

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

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 47

JPMorgan International Growth ETF (JIG)

FUND COMMENTARY

FOR THE PERIOD MAY 20, 2020 (INCEPTION DATE) THROUGH APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value*		19.55%
Market Price**		19.06%
MSCI All Country World ex-U.S. Growth Index		20.14%
Net Assets as of 4/30/2021	$	63,974,164

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 six months ended April 30, 2021, the Fund underperformed the MSCI All Country World ex-U.S. Growth Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s security selections in the financials and industrials sectors were leading detractors from performance, while the Fund’s security selections in the technology and health care sectors were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Alibaba and Magazine Luiza SA and its underweight position in Samsung Electronics Co. Shares of Alibaba Group Holding, an electronic commerce conglomerate based in China, fell amid an antitrust review by Chinese regulators that resulted in a $2.8 billion fine

against the company. Shares of Magazine Luiza, a Brazilian consumer goods retailer, fell amid the continued spread of COVID-19 in Brazil. Shares of Samsung Electronics, a South Korean consumer electronics manufacturer, rose amid better-than-expected results for the first quarter of 2021.

Leading individual contributors to relative performance included the Fund’s overweight positions in Weimob Inc., ASML Holding NV and Sea Ltd. Shares of Weimob, a Hong Kong provider of cloud-based commerce services to small and midsize businesses, rose amid investor expectations for an accelerated growth phase within the cloud services sector in 2021 and 2022. Shares of ASML Holding, a Dutch maker of semiconductor manufacturing equipment, rose amid investor expectations the company would benefit from Intel Corp.’s planned $20 billion expansion of its manufacturing capacity. Shares of Sea, an online gaming and electronic commerce provider based in Singapore, rose amid growth in consumer demand for online services and entertainment.

HOW WAS THE FUND POSITIONED?

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

48 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		5.2	%
	2.	Tencent Holdings Ltd. (China)		4.4
	3.	ASML Holding NV (Netherlands)		4.0
	4.	Nestle SA (Registered) (Switzerland)		3.8
	5.	LVMH Moet Hennessy Louis Vuitton SE (France)		3.3
	6.	L’Oreal SA (France)		2.6
	7.	Sony Group Corp. (Japan)		2.5
	8.	AIA Group Ltd. (Hong Kong)		2.5
	9.	Diageo plc (United Kingdom)		2.3
	10.	Keyence Corp. (Japan)		2.2

PORTFOLIO COMPOSITION BY COUNTRY AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
China		12.6	%
Japan		11.0
United Kingdom		9.5
Netherlands		7.7
Taiwan		6.9
Switzerland		6.8
Hong Kong		5.9
France		5.9
Germany		5.9
Denmark		4.6
Canada		3.6
Sweden		3.3
Australia		2.7
United States		2.4
Saudi Arabia		2.0
Finland		1.6
Indonesia		1.5
Spain		1.5
South Korea		1.4
India		1.2
Brazil		1.0
Poland		1.0

* 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 $75.26 as of April 30, 2021.

** Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2021, the closing price was $75.12.

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

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 49

JPMorgan International Growth ETF (JIG)

FUND COMMENTARY

FOR THE PERIOD MAY 20, 2020 (INCEPTION DATE) THROUGH APRIL 30, 2021 (Unaudited) (continued)

TOTAL RETURNS AS OF APRIL 30, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		CUMULATIVE SINCE INCEPTION
JPMorgan International Growth ETF
Net Asset Value		May 20, 2020		19.55%		45.27%
Market Price				19.06%		45.00%

* Not annualized.

LIFE OF FUND PERFORMANCE (5/20/20 TO 4/30/21)

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 April 30, 2021. 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.

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.

50 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

JPMorgan U.S. Dividend ETF (JDIV)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value*		41.57%
Market Price**		41.75%
JP Morgan US Dividend Index		41.61%
Russell 1000 Index		30.03%
Net Assets as of 4/30/2021	$	28,922,801

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 postive absolute performance for the six months ended April 30, 2021 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the

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

On an absolute basis, the Fund’s and the Underlying Index’s positions in the consumer discretionary and energy sectors were leading contributors to performance, while their positions in the telecommunications and consumer staples sectors were the smallest contributors and no sector detracted from absolute performance.

Relative the Russell 1000 Index, the Fund’s and the Underlying Index’s security selection in the consumer discretionary sector and their overweight positions and security selection in the energy sector were leading contributors to performance, while their overweight positions in the utilities sector and underweight positions in the financials sector were the leading detractors from relative performance.

HOW WAS THE FUND POSITIONED?

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

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 51

JPMorgan U.S. Dividend ETF (JDIV)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Olin Corp.		0.9	%
	2.	Nucor Corp.		0.7
	3.	Johnson & Johnson		0.7
	4.	United Parcel Service, Inc., Class B		0.7
	5.	Medtronic plc		0.7
	6.	UnitedHealth Group, Inc.		0.7
	7.	HP, Inc.		0.7
	8.	FirstEnergy Corp.		0.6
	9.	AbbVie, Inc.		0.6
	10.	Invesco Ltd.		0.6

PORTFOLIO COMPOSITION BY SECTOR AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Utilities		17.2	%
Consumer Staples		16.5
Real Estate		8.8
Health Care		8.5
Basic Materials		8.2
Financials		8.2
Industrials		8.0
Telecommunications		7.8
Technology		5.9
Consumer Discretionary		5.8
Energy		4.9
Short-Term Investments		0.2

* 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 $32.14 as of April 30, 2021.

** 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 closing price on the NYSE Arca. As of April 30, 2021, the closing price was $32.11.

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

52 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Dividend ETF
Net Asset Value		November 8, 2017		41.57%		56.41%		11.73%
Market Price				41.75%		56.26%		11.70%

* Not annualized.

LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/21)

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

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Dividend ETF, the JP Morgan US Dividend Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2021. 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.

For periods presented prior to the adoption of a unitary fee structure, 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.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 53

JPMorgan U.S. Minimum Volatility ETF (JMIN)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value*		21.52%
Market Price**		21.90%
JP Morgan US Minimum Volatility Index		21.61%
Russell 1000 Index		30.03%
Net Assets as of 4/30/2021	$	19,126,834

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute return for the six months ended April 30, 2021 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 health care and consumer staples sectors were leading contributors to performance, while their positions in the telecommunication and real estate sectors were the smallest contributors and no sector detracted from absolute performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s overweight positions in the utilities and consumer staples sectors were leading detractors from performance, while their overweight positions in the energy sector and their underweight positions in the technology 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 health care and consumer staples sectors and their smallest allocations were to the real estate and telecommunications and sectors.

54 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		0.8	%
	2.	West Pharmaceutical Services, Inc.		0.7
	3.	UnitedHealth Group, Inc.		0.7
	4.	United Parcel Service, Inc., Class B		0.7
	5.	Bio-Techne Corp.		0.7
	6.	Danaher Corp.		0.7
	7.	ANSYS, Inc.		0.7
	8.	Linde plc (United Kingdom)		0.7
	9.	Zoetis, Inc.		0.7
	10.	McDonald’s Corp.		0.7

PORTFOLIO COMPOSITION BY SECTOR AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Health Care		20.2	%
Consumer Staples		19.5
Utilities		18.1
Real Estate		5.6
Industrials		5.3
Consumer Discretionary		5.3
Financials		5.2
Technology		5.2
Basic Materials		5.2
Telecommunications		5.1
Energy		4.6
Short-Term Investments		0.7

* 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 $34.78 as of April 30, 2021.

** 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 closing price on the NYSE Arca. As of April 30, 2021, the closing price was $34.78.

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

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 55

JPMorgan U.S. Minimum Volatility ETF (JMIN)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Minimum Volatility ETF
Net Asset Value		November 8, 2017		21.52%		32.05%		12.54%
Market Price				21.90%		32.24%		12.54%

* Not annualized.

LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/21)

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

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Minimum Volatility ETF, the JP Morgan US Minimum Volatility Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2021. 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.

For periods presented prior to the adoption of a unitary fee structure, 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 APRIL 30, 2021

JPMorgan U.S. Momentum Factor ETF (JMOM)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value*		23.83%
Market Price**		23.83%
JP Morgan US Momentum Factor Index		23.93%
Russell 1000 Index		30.03%
Net Assets as of 4/30/2021	$	176,545,086

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 six months ended April 30, 2021 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund under-

performed 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 utilities and consumer staples sectors were the smallest contributors and no sector detracted from absolute performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selections in the technology and financials sectors were leading detractors from performance, while the Fund’s and Underlying Index’s security selections in the health care and utilities sector were the smallest detractors and no sector contributed to 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 consumer discretionary sectors and their smallest allocations were to the basic materials and energy sectors.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 57

JPMorgan U.S. Momentum Factor ETF (JMOM)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Tesla, Inc.		2.2	%
	2.	Amazon.com, Inc.		2.0
	3.	Microsoft Corp.		1.9
	4.	NVIDIA Corp.		1.8
	5.	Home Depot, Inc. (The)		1.8
	6.	Apple, Inc.		1.8
	7.	Visa, Inc., Class A		1.7
	8.	Mastercard, Inc., Class A		1.7
	9.	PayPal Holdings, Inc.		1.6
	10.	Adobe, Inc.		1.3

PORTFOLIO COMPOSITION BY SECTOR AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Technology		26.5	%
Consumer Discretionary		16.6
Industrials		14.5
Health Care		12.6
Financials		10.8
Consumer Staples		4.9
Telecommunications		3.2
Real Estate		3.1
Energy		2.7
Utilities		2.6
Basic Materials		2.0
Short-Term Investments		0.5

* 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 $41.54 as of April 30, 2021.

** 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 closing price on the NYSE Arca. As of April 30, 2021, the closing price was $41.60.

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

58 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Momentum Factor ETF
Net Asset Value		November 8, 2017		23.83%		48.48%		17.06%
Market Price				23.83%		48.44%		17.10%

* Not annualized.

LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/21)

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 April 30, 2021. 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.

For periods presented prior to the adoption of a unitary fee structure, 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.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 59

JPMorgan U.S. Quality Factor ETF (JQUA)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value*		26.12%
Market Price**		26.14%
JP Morgan US Quality Factor Index		26.17%
Russell 1000 Index		30.03%
Net Assets as of 4/30/2021	$	334,787,291

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2021 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 utilities and basic materials sectors were the smallest contributors and no sector detracted from absolute performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selections in the financials and industrials sectors were leading detractors from performance. The Fund’s and the Underlying Index’s security selections in the technology and utilities 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 technology and consumer discretionary sectors and their smallest allocations were to the basic materials and energy sectors.

60 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Alphabet, Inc., Class A		2.0	%
	2.	Microsoft Corp.		2.0
	3.	Facebook, Inc., Class A		2.0
	4.	Visa, Inc., Class A		1.9
	5.	NVIDIA Corp.		1.8
	6.	Home Depot, Inc. (The)		1.8
	7.	Apple, Inc.		1.7
	8.	Johnson & Johnson		1.7
	9.	Mastercard, Inc., Class A		1.7
	10.	Procter & Gamble Co. (The)		1.6

PORTFOLIO COMPOSITION BY SECTOR AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Technology		26.9	%
Consumer Discretionary		16.8
Industrials		14.2
Health Care		12.0
Financials		10.7
Consumer Staples		5.0
Real Estate		3.3
Telecommunications		3.2
Utilities		2.6
Energy		2.5
Basic Materials		1.9
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 $39.39 as of April 30, 2021.

** 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 closing price on the NYSE Arca. As of April 30, 2021, the closing price was $39.41.

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

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 61

JPMorgan U.S. Quality Factor ETF (JQUA)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Quality Factor ETF
Net Asset Value		November 8, 2017		26.12%		40.12%		16.04%
Market Price				26.14%		39.89%		16.05%

* Not annualized.

LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/21)

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

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Quality Factor ETF, the JP Morgan US Quality Factor Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2021. 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.

For periods presented prior to the adoption of a unitary fee structure, 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.

62 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

JPMorgan U.S. Value Factor ETF (JVAL)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value*		43.84%
Market Price**		44.27%
JP Morgan US Value Factor Index		43.94%
Russell 1000 Index		30.03%
Net Assets as of 4/30/2021	$	741,033,859

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute return for the six months ended April 30, 2021 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying

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

On an absolute basis, the Fund’s and the Underlying Index’s allocations to the technology and consumer discretionary sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s allocations to the utilities and real estate sectors were the smallest contributors and no sector detracted from absolute performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selections in the consumer discretionary and technology sectors were leading contributors to performance, while their security selection in the energy sector was the sole sector detractor 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 consumer discretionary sectors and their smallest allocations were to the real estate and basic materials sectors.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 63

JPMorgan U.S. Value Factor ETF (JVAL)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Facebook, Inc., Class A		2.0	%
	2.	Alphabet, Inc., Class A		1.8
	3.	Microsoft Corp.		1.8
	4.	Apple, Inc.		1.7
	5.	UnitedHealth Group, Inc.		1.7
	6.	Johnson & Johnson		1.6
	7.	Intel Corp.		1.2
	8.	AT&T, Inc.		1.1
	9.	Cisco Systems, Inc.		1.1
	10.	Walmart, Inc.		1.0

PORTFOLIO COMPOSITION BY SECTOR AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Technology		26.5	%
Consumer Discretionary		16.0
Industrials		14.2
Health Care		12.4
Financials		10.7
Consumer Staples		5.0
Telecommunications		3.3
Real Estate		3.1
Utilities		2.7
Energy		2.6
Basic Materials		1.8
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 $35.63 as of April 30, 2021.

** 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 closing price on the NYSE Arca. As of April 30, 2021, the closing price was $35.61.

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

64 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan U.S. Value Factor ETF
Net Asset Value		November 8, 2017		43.84%		58.38%		13.61%
Market Price				44.27%		57.80%		13.59%

* Not annualized.

LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/21)

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

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Value Factor ETF, the JP Morgan US Value Factor Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2021. 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.

For periods presented prior to the adoption of a unitary fee structure, 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.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 65

JPMorgan BetaBuilders Canada ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.4%
Aerospace & Defense — 0.5%
CAE, Inc.* (a)		807,957		25,307,200
Airlines — 0.4%
Air Canada*		956,347		19,272,436
Auto Components — 1.4%
Magna International, Inc.		781,940		73,845,825
Banks — 25.6%
Bank of Montreal (a)		1,848,212		174,438,493
Bank of Nova Scotia (The)		3,463,501		220,549,342
Canadian Imperial Bank of Commerce		1,279,498		133,014,078
National Bank of Canada (a)		962,078		69,943,693
Royal Bank of Canada		4,069,121		388,356,657
Toronto-Dominion Bank (The)		5,194,989		357,138,323
				1,343,440,586
Capital Markets — 4.1%
Brookfield Asset Management, Inc., Class A		4,006,749		182,645,036
CI Financial Corp.		544,161		8,748,014
IGM Financial, Inc.		231,472		8,263,427
TMX Group Ltd.		144,605		15,935,197
				215,591,674
Chemicals — 1.7%
Nutrien Ltd.		1,626,592		89,789,096
Commercial Services & Supplies — 2.3%
GFL Environmental, Inc. (a)		404,053		13,313,384
Ritchie Bros Auctioneers, Inc. (a)		313,956		19,971,704
Waste Connections, Inc.		750,483		89,399,765
				122,684,853
Construction & Engineering — 0.6%
SNC-Lavalin Group, Inc. (a)		501,540		11,216,967
WSP Global, Inc. (a)		204,724		21,257,718
				32,474,685
Containers & Packaging — 0.5%
CCL Industries, Inc., Class B		425,652		24,161,201
Diversified Financial Services — 0.3%
Onex Corp.		219,120		14,669,800
Diversified Telecommunication Services — 1.3%
BCE, Inc.		852,556		40,298,990
TELUS Corp.		1,271,572		26,380,089
				66,679,079
Electric Utilities — 2.2%
Emera, Inc. (a)		718,807		32,672,780
Fortis, Inc. (a)		1,333,447		59,482,487

INVESTMENTS	SHARES		VALUE($)
Electric Utilities — continued
Hydro One Ltd. (b)		870,594		20,873,290
				113,028,557
Equity Real Estate Investment Trusts (REITs) — 0.4%
Canadian Apartment Properties (a)		240,592		10,695,153
H&R		401,542		4,975,377
RioCan (a)		444,078		7,594,288
				23,264,818
Food & Staples Retailing — 3.3%
Alimentation Couche-Tard, Inc., Class B		2,494,404		84,523,391
Empire Co. Ltd., Class A		483,130		15,195,709
George Weston Ltd.		200,257		17,682,050
Loblaw Cos. Ltd.		456,468		25,345,923
Metro, Inc.		708,752		32,475,217
				175,222,290
Food Products — 0.4%
Saputo, Inc.		680,935		21,638,792
Gas Utilities — 0.3%
AltaGas Ltd. (a)		798,545		14,922,978
Hotels, Restaurants & Leisure — 1.1%
Restaurant Brands International, Inc.		873,059		59,955,994
Independent Power and Renewable Electricity Producers — 0.3%
Brookfield Renewable Corp.		344,570		14,282,912
Insurance — 7.4%
Fairfax Financial Holdings Ltd.		77,462		35,391,213
Great-West Lifeco, Inc.		768,834		22,292,840
iA Financial Corp., Inc.		305,881		17,225,792
Intact Financial Corp.		408,575		54,308,248
Manulife Financial Corp.		5,543,511		121,049,372
Power Corp. of Canada		1,636,362		47,660,383
Sun Life Financial, Inc.		1,671,424		90,169,732
				388,097,580
IT Services — 8.3%
CGI, Inc.*		629,246		55,673,028
Shopify, Inc., Class A*		320,986		378,894,836
				434,567,864
Media — 1.0%
Quebecor, Inc., Class B		492,689		13,247,668
Shaw Communications, Inc., Class B		1,291,829		37,415,379
				50,663,047
Metals & Mining — 8.0%
Agnico Eagle Mines Ltd.		695,547		43,470,627
Barrick Gold Corp.		5,079,958		108,240,736

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Metals & Mining — continued
First Quantum Minerals Ltd.		1,577,794		36,365,703
Franco-Nevada Corp.		545,498		75,992,045
Kinross Gold Corp.		3,594,682		25,297,156
Kirkland Lake Gold Ltd. (a)		762,826		28,343,378
Lundin Mining Corp.		1,829,782		22,106,547
Teck Resources Ltd., Class B		1,330,829		28,161,626
Wheaton Precious Metals Corp.		1,283,993		53,265,104
				421,242,922
Multiline Retail — 1.2%
Canadian Tire Corp. Ltd., Class A (a)		163,919		26,127,820
Dollarama, Inc.		824,307		38,413,786
				64,541,606
Multi-Utilities — 0.8%
Algonquin Power & Utilities Corp. (a)		1,710,240		27,591,473
Atco Ltd., Class I		211,349		7,254,456
Canadian Utilities Ltd., Class A		341,819		9,769,435
				44,615,364
Oil, Gas & Consumable Fuels — 13.4%
Cameco Corp.		1,133,751		19,056,499
Canadian Natural Resources Ltd.		3,386,680		102,800,334
Cenovus Energy, Inc.		3,572,984		27,818,783
Enbridge, Inc. (a)		5,786,447		223,191,191
Imperial Oil Ltd.		629,152		18,171,009
Keyera Corp. (a)		631,420		14,440,236
Pembina Pipeline Corp. (a)		1,571,073		48,494,089
Suncor Energy, Inc.		4,357,061		93,192,152
TC Energy Corp.		2,794,030		138,229,642
Tourmaline Oil Corp.		779,876		16,826,516
				702,220,451
Pharmaceuticals — 0.9%
Bausch Health Cos., Inc.*		882,738		28,417,966
Canopy Growth Corp.* (a)		654,959		17,664,151
				46,082,117
Professional Services — 0.8%
Thomson Reuters Corp.		481,066		44,613,524
Road & Rail — 6.9%
Canadian National Railway Co.		2,033,092		218,882,207
Canadian Pacific Railway Ltd. (a)		380,783		142,105,495
				360,987,702
Software — 2.5%
BlackBerry Ltd.* (a)		1,482,260		13,108,381
Constellation Software, Inc.		56,887		83,488,725

INVESTMENTS	SHARES		VALUE($)
Software — continued
Open Text Corp. (a)		779,306		36,697,092
				133,294,198
Textiles, Apparel & Luxury Goods — 0.4%
Gildan Activewear, Inc.*		566,842		19,673,335
Trading Companies & Distributors — 0.2%
Finning International, Inc.		463,095		12,052,564
Wireless Telecommunication Services — 0.9%
Rogers Communications, Inc., Class B		1,001,173		49,311,324
Total Common Stocks (Cost $4,060,079,593)				5,222,196,374
Short-Term Investments — 9.2%
Investment of Cash Collateral from Securities Loaned — 9.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (c) (d)		300,491,013		300,521,062
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		181,628,487		181,628,487
Total Investment of Cash Collateral from Securities Loaned (Cost $482,149,549)				482,149,549
Total Investments — 108.6% (Cost $4,542,229,142)				5,704,345,923
Liabilities in Excess of Other Assets — (8.6)%				(453,968,278	)
NET ASSETS — 100.0%				5,250,377,645

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $457,124,346.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	Therate shown is the current yield as of April 30, 2021.
*	Non-incomeproducing security.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 67

JPMorgan BetaBuilders Canada ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

Futures contracts outstanding as of April 30, 2021:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P/TSX 60 Index		141		06/2021		CAD		26,039,946		399,930

Abbreviations

CAD	Canadian Dollar
TSX	Toronto Stock Exchange

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.5%
Australia — 58.4%
Afterpay Ltd.*		444,550		40,038,595
AGL Energy Ltd.		1,186,502		8,175,372
Alumina Ltd.		4,476,021		5,931,072
AMP Ltd.		6,544,648		5,620,205
Ampol Ltd.		453,058		8,930,623
APA Group		2,243,210		17,331,819
Aristocrat Leisure Ltd.		1,213,998		34,626,036
ASX Ltd.		368,063		20,681,029
Aurizon Holdings Ltd.		3,531,931		10,161,255
AusNet Services		3,547,136		5,192,042
Australia & New Zealand Banking Group Ltd.		5,409,936		119,366,332
Bendigo & Adelaide Bank Ltd.		1,010,131		8,014,829
BHP Group Ltd.		5,600,641		203,840,237
BlueScope Steel Ltd.		957,788		15,833,823
Boral Ltd.*		1,957,377		9,322,997
Brambles Ltd.		2,795,126		22,391,537
Challenger Ltd.		1,091,804		4,285,643
CIMIC Group Ltd.* (a)		126,790		1,887,605
Cochlear Ltd.		125,201		21,431,877
Coles Group Ltd.		2,536,065		31,847,069
Commonwealth Bank of Australia		3,372,904		230,897,464
Computershare Ltd.		1,076,462		11,704,030
Crown Resorts Ltd.*		681,947		6,403,942
CSL Ltd.		865,042		180,702,425
Dexus, REIT		2,064,822		16,208,414
Domino’s Pizza Enterprises Ltd.		120,081		9,861,304
Evolution Mining Ltd.		3,248,513		11,502,339
Fortescue Metals Group Ltd.		3,161,007		54,689,596
Goodman Group, REIT		3,196,216		46,609,017
GPT Group (The), REIT		3,703,399		13,181,409
Harvey Norman Holdings Ltd.		1,295,052		5,253,608
Incitec Pivot Ltd.*		3,692,550		7,495,547
Insurance Australia Group Ltd.		4,686,640		17,658,330
LendLease Corp. Ltd.		1,308,667		12,787,922
Macquarie Group Ltd.		646,619		79,703,905
Magellan Financial Group Ltd.		272,857		10,165,244
Medibank Pvt Ltd.		5,235,904		12,423,101
Mirvac Group, REIT		7,498,669		15,537,366
National Australia Bank Ltd.		6,268,501		128,279,767
Newcrest Mining Ltd.		1,552,436		31,728,768
Northern Star Resources Ltd.		2,211,933		17,771,644
Orica Ltd.		773,643		8,054,523
Origin Energy Ltd.		3,354,044		10,724,833
Qantas Airways Ltd.*		1,757,014		6,664,498
QBE Insurance Group Ltd.		2,796,403		21,153,604

INVESTMENTS	SHARES		VALUE($)
Australia — continued
Ramsay Health Care Ltd.		353,064		18,302,593
REA Group Ltd.		95,438		11,611,445
Reece Ltd.		541,293		8,468,756
Rio Tinto Ltd.		705,756		65,596,424
Santos Ltd.		3,570,286		18,952,545
Scentre Group, REIT		9,867,933		20,653,449
SEEK Ltd.*		671,180		15,995,657
Seven Group Holdings Ltd.		296,018		4,892,677
Sonic Healthcare Ltd.		908,460		25,109,785
South32 Ltd.		9,089,165		20,010,237
Stockland, REIT		4,545,952		16,382,131
Suncorp Group Ltd.		2,434,676		19,690,580
Sydney Airport*		2,514,073		11,955,965
Tabcorp Holdings Ltd.		4,215,218		16,072,008
Telstra Corp. Ltd.		7,914,027		20,674,410
TPG Telecom Ltd.		696,860		2,958,555
Transurban Group		5,205,480		56,761,983
Treasury Wine Estates Ltd.		1,371,597		10,599,748
Vicinity Centres, REIT		7,368,934		9,005,262
Washington H Soul Pattinson & Co. Ltd. (a)		236,670		5,512,575
Wesfarmers Ltd.		2,155,655		89,860,576
Westpac Banking Corp.		6,974,714		134,407,496
WiseTech Global Ltd.		296,486		7,136,055
Woodside Petroleum Ltd.		1,828,088		31,883,104
Woolworths Group Ltd.		2,405,704		72,962,717
Worley Ltd.		605,464		5,024,069
				2,282,553,399
Cambodia — 0.1%
NagaCorp Ltd.		4,264,000		4,557,769
China — 2.0%
Budweiser Brewing Co. APAC Ltd. (b)		3,273,200		10,314,195
China Evergrande New Energy Vehicle Group Ltd.* (a)		4,191,000		32,226,251
Chow Tai Fook Jewellery Group Ltd.		4,189,400		6,748,037
ESR Cayman Ltd.* (b)		1,919,600		6,555,817
Wilmar International Ltd.		5,404,900		21,152,754
				76,997,054
Hong Kong — 23.3%
AIA Group Ltd.		22,995,200		291,868,324
ASM Pacific Technology Ltd.		585,900		8,849,102
Bank of East Asia Ltd. (The)		2,999,000		6,288,072
Cathay Pacific Airways Ltd.* (a)		1,812,636		1,593,941
CK Asset Holdings Ltd.		4,642,500		29,064,935
CK Infrastructure Holdings Ltd.		1,160,000		7,092,804

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 69

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Hong Kong — continued
CLP Holdings Ltd.		3,074,000		30,342,597
Dairy Farm International Holdings Ltd.		566,600		2,468,699
Guoco Group Ltd.		150,000		1,815,197
Hang Lung Properties Ltd.		3,511,000		9,578,780
Hang Seng Bank Ltd.		1,381,400		27,043,767
Henderson Land Development Co. Ltd.		2,578,700		11,461,618
HK Electric Investments & HK Electric Investments Ltd. (b)		4,375,000		4,381,900
HKT Trust & HKT Ltd.		6,923,000		10,052,096
Hong Kong & China Gas Co. Ltd.		20,243,180		32,471,040
Hong Kong Exchanges & Clearing Ltd.		2,265,700		136,646,743
Hysan Development Co. Ltd.		1,150,000		4,329,257
Jardine Matheson Holdings Ltd.		496,600		33,346,282
JS Global Lifestyle Co. Ltd.* (b)		1,796,000		5,422,335
Kerry Properties Ltd.		1,136,500		3,829,221
Link, REIT		3,957,800		37,334,185
MTR Corp. Ltd.		2,938,500		16,365,796
New World Development Co. Ltd.		2,710,250		14,341,754
NWS Holdings Ltd.		2,755,000		3,040,507
PCCW Ltd.		7,506,000		4,342,609
Power Assets Holdings Ltd.		2,601,500		15,988,322
Sino Land Co. Ltd.		5,996,000		8,904,936
Sun Hung Kai Properties Ltd.		2,920,000		43,923,689
Swire Pacific Ltd., Class A (a)		948,500		7,641,329
Swire Pacific Ltd., Class B		1,585,000		2,004,203
Swire Properties Ltd.		2,005,200		5,983,820
Techtronic Industries Co. Ltd.		3,275,500		59,433,200
WH Group Ltd. (b)		17,942,500		15,633,333
Wharf Real Estate Investment Co. Ltd.		3,291,000		18,913,483
				911,797,876
Macau — 1.8%
Galaxy Entertainment Group Ltd.*		4,047,000		35,525,074
MGM China Holdings Ltd.		1,592,228		2,619,075
Sands China Ltd.*		4,613,779		21,832,679
SJM Holdings Ltd.		4,001,000		5,166,716
Wynn Macau Ltd.*		2,775,516		5,322,920
				70,466,464
New Zealand — 2.5%
a2 Milk Co. Ltd. (The)*		1,411,843		7,718,809
Auckland International Airport Ltd.*		2,295,829		12,415,979
Contact Energy Ltd.		1,454,302		7,849,475
Fisher & Paykel Healthcare Corp. Ltd.		1,097,591		28,288,110
Fletcher Building Ltd.		1,567,073		8,147,091
Mercury NZ Ltd.		1,191,401		5,901,776
Meridian Energy Ltd.		2,387,272		9,100,405

INVESTMENTS	SHARES		VALUE($)
New Zealand — continued
Ryman Healthcare Ltd.		782,540		7,911,500
Spark New Zealand Ltd.		3,520,770		11,082,754
				98,415,899
Singapore — 9.6%
Ascendas, REIT		6,020,728		14,030,220
CapitaLand Integrated Commercial Trust, REIT		8,611,320		13,893,190
CapitaLand Ltd.		4,746,800		13,232,474
City Developments Ltd.		880,700		5,209,754
ComfortDelGro Corp. Ltd.		3,805,100		4,909,660
DBS Group Holdings Ltd.		3,404,500		76,298,477
Frasers Property Ltd.		726,200		675,467
Genting Singapore Ltd.		10,798,700		7,003,494
Great Eastern Holdings Ltd.		108,300		1,867,265
Jardine Cycle & Carriage Ltd.		188,200		3,276,081
Keppel, REIT		3,546,200		3,300,250
Keppel Corp. Ltd.		2,733,700		11,106,243
Mapletree Commercial Trust, REIT		4,166,900		6,835,488
Mapletree North Asia Commercial Trust, REIT (b)		3,989,600		3,268,463
Olam International Ltd.		1,338,800		1,749,293
Oversea-Chinese Banking Corp. Ltd.		7,653,700		69,966,549
SATS Ltd.*		1,273,300		3,873,810
Sembcorp Industries Ltd.		1,696,000		2,695,937
Singapore Airlines Ltd.*		2,484,300		9,415,292
Singapore Exchange Ltd.		1,566,900		12,274,621
Singapore Technologies Engineering Ltd.		2,850,000		8,244,922
Singapore Telecommunications Ltd.		13,183,800		24,734,743
Suntec, REIT		4,089,000		4,685,952
United Overseas Bank Ltd.		2,925,900		58,321,278
UOL Group Ltd.		899,800		5,192,004
Venture Corp. Ltd.		512,300		7,729,886
				373,790,813
United Kingdom — 1.1%
CK Hutchison Holdings Ltd.		5,131,500		41,940,297
United States — 0.7%
James Hardie Industries plc, CHDI		844,354		27,825,146
Total Common Stocks (Cost $3,454,441,919)				3,888,344,717
Short-Term Investments — 0.8%
Investment of Cash Collateral from Securities Loaned — 0.8%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (c) (d)		26,984,804		26,987,503

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — continued
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		3,648,584		3,648,584
Total Investment of Cash Collateral from Securities Loaned (Cost $30,636,087)				30,636,087
Total Investments — 100.3% (Cost $3,485,078,006)				3,918,980,804
Liabilities in Excess of Other Assets — (0.3)%				(12,998,274	)
NET ASSETS — 100.0%				3,905,982,530

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2021

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

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Banks		21.9	%
Metals & Mining		10.9
Insurance		9.3
Capital Markets		6.6
Equity Real Estate Investment Trusts (REITs)		5.6
Real Estate Management & Development		5.2
Biotechnology		4.6
Hotels, Restaurants & Leisure		3.8
Food & Staples Retailing		2.8
Multiline Retail		2.4
Industrial Conglomerates		2.3
Transportation Infrastructure		2.2
Health Care Providers & Services		2.1
Electric Utilities		2.0
Oil, Gas & Consumable Fuels		1.9
Diversified Telecommunication Services		1.9
Machinery		1.5
IT Services		1.3
Gas Utilities		1.3
Health Care Equipment & Supplies		1.3
Construction Materials		1.2
Food Products		1.1
Others (each less than 1.0%)		6.0
Short-Term Investments		0.8

Abbreviations

APAC	Asia Pacific
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $28,222,332.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 71

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

Futures contracts outstanding as of April 30, 2021:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
MSCI Singapore Index		237		05/2021		SGD		6,434,574		47,151
SPI 200 Index		79		06/2021		AUD		10,636,396		236,841
										283,992

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.1%
Australia — 1.8%
BHP Group plc		1,204,367		36,269,293
Glencore plc*		6,238,018		25,410,090
Rio Tinto plc		615,810		51,578,563
				113,257,946
Austria — 0.4%
ANDRITZ AG		40,643		2,208,588
BAWAG Group AG (a)		39,424		2,126,636
Erste Group Bank AG		169,072		6,009,202
EVN AG		22,901		522,593
Oesterreichische Post AG		17,737		786,310
OMV AG		82,034		4,032,667
Raiffeisen Bank International AG		77,171		1,686,004
Strabag SE		7,914		314,028
Telekom Austria AG		79,383		648,980
Verbund AG (b)		38,898		3,194,426
Vienna Insurance Group AG Wiener Versicherung Gruppe		20,482		549,126
voestalpine AG		63,238		2,743,539
				24,822,099
Belgium — 1.6%
Ackermans & van Haaren NV		12,903		2,063,119
Ageas SA		105,463		6,378,391
Anheuser-Busch InBev SA (b)		482,783		34,196,735
Elia Group SA/NV (b)		19,279		2,086,932
Etablissements Franz Colruyt NV		35,702		2,117,378
Galapagos NV*		27,223		2,119,452
Groupe Bruxelles Lambert SA		67,228		7,351,604
KBC Group NV*		192,562		14,940,610
Proximus SADP (b)		88,381		1,882,954
Sofina SA		8,927		3,391,904
Solvay SA		41,606		5,290,727
Telenet Group Holding NV		27,301		1,167,433
UCB SA		72,059		6,672,524
Umicore SA (b)		113,711		6,909,378
				96,569,141
Brazil — 0.1%
Yara International ASA		97,812		5,102,082
Chile — 0.1%
Antofagasta plc		196,391		5,059,059
China — 0.4%
Prosus NV*		240,871		26,142,141
Colombia — 0.0% (c)
Millicom International Cellular SA, SDR*		57,625		2,277,268

INVESTMENTS	SHARES		VALUE($)
Denmark — 3.8%
Ambu A/S, Class B (b)		98,063		5,488,654
AP Moller — Maersk A/S, Class A		1,908		4,483,178
AP Moller — Maersk A/S, Class B (b)		3,532		8,786,302
Carlsberg A/S, Class B		58,019		10,178,859
Chr Hansen Holding A/S*		58,605		5,380,375
Coloplast A/S, Class B		67,707		11,214,959
Danske Bank A/S		388,317		7,381,024
Demant A/S* (b)		58,857		2,946,488
DSV Panalpina A/S		116,699		25,999,408
Genmab A/S*		37,308		13,690,626
GN Store Nord A/S		81,024		7,307,332
H Lundbeck A/S		34,858		1,073,382
Novo Nordisk A/S, Class B		950,790		70,137,384
Novozymes A/S, Class B		119,977		8,509,079
Orsted A/S (a)		103,176		14,998,170
Pandora A/S		56,948		6,449,297
Rockwool International A/S, Class A		3,348		1,306,623
Rockwool International A/S, Class B		4,179		1,869,258
Tryg A/S		174,806		3,997,272
Vestas Wind Systems A/S		576,054		24,046,487
				235,244,157
Finland — 2.2%
Elisa OYJ		85,845		4,866,329
Fortum OYJ (b)		247,493		6,503,820
Huhtamaki OYJ		54,527		2,586,818
Kesko OYJ, Class A		53,685		1,536,118
Kesko OYJ, Class B		155,976		4,749,372
Kone OYJ, Class B		229,990		18,064,008
Konecranes OYJ		36,785		1,693,105
Neles OYJ		72,905		1,060,757
Neste OYJ		245,546		14,848,358
Nokia OYJ*		3,236,250		15,329,977
Nokian Renkaat OYJ		73,418		2,733,465
Nordea Bank Abp		1,939,936		20,106,625
Orion OYJ, Class A		17,527		775,444
Orion OYJ, Class B		60,380		2,673,558
Sampo OYJ, Class A		287,594		13,641,919
Stora Enso OYJ, Class A (b)		29,184		606,996
Stora Enso OYJ, Class R		348,710		6,671,681
UPM-Kymmene OYJ		305,194		11,935,270
Wartsila OYJ Abp		275,878		3,560,189
				133,943,809
France — 16.6%
Adevinta ASA*		132,834		2,430,943
Aeroports de Paris* (b)		15,269		1,957,222

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 73

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
France — continued
Air Liquide SA (b)		270,149		45,493,735
Airbus SE*		348,774		41,943,459
Alstom SA*		160,959		8,790,233
Amundi SA* (a)		34,646		3,087,601
Arkema SA		38,085		4,761,271
Atos SE (b)		55,698		3,793,015
AXA SA (b)		1,185,944		33,497,050
BioMerieux		23,705		2,819,751
BNP Paribas SA*		655,528		42,030,978
Bollore SA		519,171		2,621,206
Bouygues SA (b)		127,977		5,484,510
Bureau Veritas SA*		164,934		4,932,714
Capgemini SE		91,528		16,772,234
Carrefour SA		331,092		6,412,261
Cie de Saint-Gobain		303,824		19,169,823
Cie Generale des Etablissements Michelin SCA		101,695		14,715,333
Covivio, REIT		27,354		2,440,280
Credit Agricole SA		731,702		11,318,128
Danone SA (b)		391,482		27,634,532
Dassault Aviation SA (b)		1,281		1,395,560
Dassault Systemes SE (b)		78,381		18,182,250
Edenred (b)		140,607		7,971,221
Eiffage SA*		46,627		5,107,410
Electricite de France SA*		229,082		3,342,573
Engie SA		1,013,710		15,099,673
EssilorLuxottica SA		170,183		28,325,228
Faurecia SE		69,041		3,730,084
Gecina SA, REIT		30,790		4,506,970
Getlink SE (b)		247,399		3,935,473
Hermes International		19,812		24,866,264
Iliad SA		8,719		1,583,262
Ipsen SA		22,858		2,209,800
Kering SA		42,156		33,780,124
Legrand SA		152,328		14,827,594
L’Oreal SA (b)		137,287		56,214,966
LVMH Moet Hennessy Louis Vuitton SE		152,557		114,928,893
Orange SA		1,167,830		14,543,247
Pernod Ricard SA		114,868		23,590,063
Publicis Groupe SA		131,257		8,494,944
Safran SA		199,703		29,817,394
Sanofi (b)		653,198		68,482,834
Sartorius Stedim Biotech (b)		13,541		6,219,194
Schneider Electric SE (b)		307,227		49,019,882
SEB SA		16,375		2,982,134
Societe Generale SA*		453,090		12,889,141

INVESTMENTS	SHARES		VALUE($)
France — continued
Sodexo SA*		47,933		4,795,614
Suez SA		232,448		5,555,761
Teleperformance		33,553		12,956,303
Thales SA		60,877		6,206,187
TOTAL SE		1,424,612		62,964,730
Ubisoft Entertainment SA*		45,770		3,434,775
Unibail-Rodamco-Westfield, REIT*		78,856		6,493,923
Valeo SA		137,726		4,463,145
Veolia Environnement SA (b)		304,069		9,698,288
Vinci SA		279,993		30,723,570
Vivendi SE* (b)		493,701		17,210,673
Worldline SA* (a)		128,837		12,648,990
				1,035,304,416
Germany — 13.5%
adidas AG*		105,032		32,440,279
Allianz SE (Registered)		235,170		61,054,115
Aroundtown SA		683,583		5,263,667
BASF SE		523,620		42,199,246
Bayer AG (Registered)		560,210		36,250,272
Bayerische Motoren Werke AG		181,953		18,233,553
Bayerische Motoren Werke AG (Preference)		32,456		2,658,222
Beiersdorf AG		55,944		6,314,433
Brenntag SE		88,139		7,912,656
Commerzbank AG*		562,565		3,709,646
Continental AG		61,468		8,306,752
Covestro AG (a)		101,356		6,628,625
Daimler AG (Registered)		475,706		42,337,238
Deutsche Bank AG (Registered)*		1,178,466		16,417,523
Deutsche Boerse AG		108,249		18,654,044
Deutsche Lufthansa AG (Registered)* (b)		170,328		2,200,363
Deutsche Post AG (Registered)		558,145		32,873,169
Deutsche Telekom AG (Registered)		1,846,297		35,532,087
Deutsche Wohnen SE		205,128		11,097,150
E.ON SE		1,280,094		15,435,170
Evonik Industries AG (b)		108,763		3,807,693
Fresenius Medical Care AG & Co. KGaA		115,298		9,180,755
Fresenius SE & Co. KGaA		235,299		11,564,791
GEA Group AG		93,512		4,106,529
Hannover Rueck SE		34,256		6,325,748
HeidelbergCement AG		83,768		7,675,941
Henkel AG & Co. KGaA		56,376		5,601,100
Henkel AG & Co. KGaA (Preference) (b)		101,544		11,664,330
HOCHTIEF AG*		12,929		1,212,366
Infineon Technologies AG (b)		744,620		29,859,680
KION Group AG		41,179		4,103,377

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Germany — continued
LANXESS AG		49,923		3,673,954
Merck KGaA		73,786		12,963,052
MTU Aero Engines AG		30,439		7,681,508
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		79,861		23,074,568
Porsche Automobil Holding SE (Preference)		87,290		9,201,810
Puma SE*		53,339		5,623,121
RWE AG		385,650		14,643,856
SAP SE		623,464		87,297,875
Sartorius AG (Preference)		19,468		10,984,247
Siemens AG (Registered)		460,351		76,802,626
Siemens Energy AG* (b)		227,874		7,621,696
Symrise AG		73,399		9,478,382
Talanx AG		30,288		1,276,116
Telefonica Deutschland Holding AG		523,090		1,520,190
TUI AG* (b)		469,558		2,805,434
Uniper SE		56,467		2,060,379
United Internet AG (Registered)		65,189		2,741,714
Volkswagen AG (Preference)		104,646		27,245,598
Vonovia SE		322,671		21,201,013
Zalando SE* (a)		94,657		9,844,196
				838,361,855
Ireland — 1.1%
CRH plc		447,731		21,125,850
Flutter Entertainment plc*		87,040		17,743,989
Kerry Group plc, Class A		87,559		11,349,556
Kingspan Group plc		88,083		7,834,553
Smurfit Kappa Group plc		147,114		7,520,514
				65,574,462
Italy — 3.4%
A2A SpA		895,053		1,750,700
Amplifon SpA* (b)		47,765		2,015,934
Assicurazioni Generali SpA		700,959		14,030,706
Atlantia SpA* (b)		286,528		5,585,924
Banca Mediolanum SpA		139,308		1,299,809
Banco BPM SpA		862,562		2,453,298
Buzzi Unicem SpA		55,842		1,489,971
Davide Campari-Milano NV (b)		237,745		2,805,487
DiaSorin SpA		11,109		1,886,725
Enel SpA		4,405,877		43,747,412
Eni SpA		1,439,105		17,141,031
Ferrari NV (b)		72,992		15,636,127
FinecoBank Banca Fineco SpA* (b)		347,648		5,979,478
Freni Brembo SpA* (b)		87,197		1,085,197

INVESTMENTS	SHARES		VALUE($)
Italy — continued
Hera SpA		448,986		1,806,744
Infrastrutture Wireless Italiane SpA (a) (b)		185,318		2,162,193
Intesa Sanpaolo SpA*		9,971,595		27,799,957
Leonardo SpA		230,836		1,883,776
Mediobanca Banca di Credito Finanziario SpA*		419,856		4,742,066
Moncler SpA*		113,418		6,951,445
Nexi SpA* (a) (b)		203,765		3,903,196
Pirelli & C SpA* (a)		251,522		1,413,216
Poste Italiane SpA (a)		259,757		3,400,515
Prysmian SpA		152,836		4,781,718
Recordati Industria Chimica e Farmaceutica SpA (b)		58,045		3,198,198
Salvatore Ferragamo SpA*		38,265		819,262
Snam SpA (b)		1,207,428		6,794,265
Telecom Italia SpA		6,643,342		3,642,351
Telecom Italia SpA		3,437,082		2,016,066
Terna Rete Elettrica Nazionale SpA		803,161		5,920,467
UniCredit SpA		1,211,974		12,449,386
UnipolSai Assicurazioni SpA (b)		258,659		803,293
				211,395,913
Jordan — 0.0% (c)
Hikma Pharmaceuticals plc		91,394		3,079,899
Luxembourg — 0.3%
ArcelorMittal SA		396,381		11,523,045
Eurofins Scientific SE		69,641		6,897,356
RTL Group SA*		21,077		1,239,184
				19,659,585
Mexico — 0.0% (c)
Fresnillo plc		104,669		1,190,203
Netherlands — 7.6%
Adyen NV* (a)		17,333		42,658,140
Aegon NV		803,136		3,721,995
Akzo Nobel NV (b)		108,742		13,056,545
Argenx SE*		1,793		511,195
Argenx SE*		27,334		7,854,618
ASML Holding NV		239,099		155,209,203
EXOR NV		64,529		5,296,068
GrandVision NV* (a)		33,460		1,082,114
HAL Trust		48,765		8,731,838
Heineken Holding NV		57,545		5,715,966
Heineken NV (b)		134,536		15,606,113
ING Groep NV		2,224,325		28,415,740
JDE Peet’s NV*		39,673		1,542,494

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 75

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Netherlands — continued
Koninklijke Ahold Delhaize NV		628,086		16,903,000
Koninklijke DSM NV		103,473		18,552,726
Koninklijke KPN NV		2,013,126		6,944,511
Koninklijke Philips NV*		519,724		29,386,835
Koninklijke Vopak NV (b)		37,116		1,699,477
NN Group NV		188,382		9,396,211
Randstad NV		71,227		5,139,186
Royal Dutch Shell plc, Class A		2,338,488		44,001,633
Royal Dutch Shell plc, Class B		2,113,375		37,816,038
Wolters Kluwer NV		152,555		13,798,767
				473,040,413
Norway — 1.0%
Aker ASA, Class A (b)		13,416		998,300
Aker BP ASA		61,482		1,750,962
DNB ASA		503,837		10,805,413
Equinor ASA		612,916		12,376,474
Gjensidige Forsikring ASA		108,742		2,469,437
Kongsberg Gruppen ASA		51,298		1,294,699
Leroy Seafood Group ASA		158,907		1,456,773
Mowi ASA		256,452		6,326,698
Norsk Hydro ASA		778,572		4,957,780
Orkla ASA		463,198		4,721,432
Salmar ASA		30,905		2,138,731
Schibsted ASA, Class A*		45,505		2,286,802
Schibsted ASA, Class B*		57,496		2,521,148
Storebrand ASA (b)		267,763		2,555,830
Telenor ASA		367,132		6,540,450
				63,200,929
Portugal — 0.2%
EDP — Energias de Portugal SA		1,584,180		8,802,971
Galp Energia SGPS SA		259,473		2,987,781
Jeronimo Martins SGPS SA		139,451		2,546,679
				14,337,431
Russia — 0.1%
Evraz plc		308,708		2,737,725
Polymetal International plc		158,446		3,271,705
				6,009,430
South Africa — 0.5%
Anglo American plc		777,253		32,955,882
South Korea — 0.2%
Delivery Hero SE* (a)		89,321		14,169,960
Spain — 4.0%
Acciona SA		12,130		2,108,705

INVESTMENTS	SHARES		VALUE($)
Spain — continued
ACS Actividades de Construccion y Servicios SA		154,027		5,018,315
Aena SME SA* (a)		41,806		7,265,700
Amadeus IT Group SA*		256,959		17,498,418
Banco Bilbao Vizcaya Argentaria SA		3,802,110		21,290,234
Banco Santander SA		9,887,851		38,142,938
CaixaBank SA*		2,495,193		7,982,036
Cellnex Telecom SA (a)		309,844		17,526,041
EDP Renovaveis SA*		139,326		3,319,943
Enagas SA		141,589		3,082,463
Endesa SA		181,078		4,762,663
Ferrovial SA		284,457		8,076,028
Grifols SA		167,849		4,546,385
Grifols SA (Preference), Class B		148,978		2,631,115
Iberdrola SA		3,330,289		45,005,391
Industria de Diseno Textil SA (b)		639,793		22,764,281
Mapfre SA		561,804		1,206,987
Naturgy Energy Group SA		193,145		4,961,817
Red Electrica Corp. SA		246,601		4,527,117
Repsol SA		822,612		9,818,937
Siemens Gamesa Renewable Energy SA*		127,859		4,618,247
Telefonica SA		2,993,594		13,873,275
				250,027,036
Sweden — 5.9%
Alfa Laval AB		169,866		5,736,828
Assa Abloy AB, Class B		565,555		16,123,739
Atlas Copco AB, Class A (b)		368,523		22,347,257
Atlas Copco AB, Class B		222,228		11,531,181
Axfood AB		59,724		1,494,576
Boliden AB (b)		156,149		6,073,811
Castellum AB (b)		139,212		3,390,103
Electrolux AB, Series B (b)		144,009		4,041,856
Elekta AB, Class B		209,500		2,801,606
Epiroc AB, Class A		356,872		7,721,822
Epiroc AB, Class B		222,368		4,353,857
EQT AB (b)		125,260		4,221,570
Essity AB, Class A		15,667		518,190
Essity AB, Class B (b)		346,936		11,323,297
Evolution Gaming Group AB (a) (b)		91,918		18,145,420
Fabege AB		153,932		2,295,009
Fastighets AB Balder, Class B* (b)		57,924		3,337,460
Getinge AB, Class B		124,553		4,212,511
H & M Hennes & Mauritz AB, Class B*		433,028		10,655,691
Hexagon AB, Class B		160,429		15,324,005
Hexpol AB		149,097		1,827,989

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Sweden — continued
Holmen AB, Class B		52,649		2,484,089
Husqvarna AB, Class A (b)		14,045		197,366
Husqvarna AB, Class B		235,730		3,282,669
ICA Gruppen AB		52,591		2,424,080
Industrivarden AB, Class A (b)		91,334		3,502,545
Industrivarden AB, Class C		95,646		3,449,970
Intrum AB (b)		36,867		1,267,902
Investment AB Latour, Class B (b)		70,762		2,161,656
Investor AB, Class A		74,340		6,314,104
Investor AB, Class B (b)		259,660		22,041,651
Kinnevik AB, Class B*		138,046		7,618,982
L E Lundbergforetagen AB, Class B (b)		36,300		2,072,574
Lundin Energy AB		109,234		3,484,340
Nibe Industrier AB, Class B		203,116		7,418,003
Saab AB, Class B		46,602		1,379,395
Sandvik AB (b)		622,311		15,389,407
Securitas AB, Class B (b)		182,025		3,098,507
Skandinaviska Enskilda Banken AB, Class A		915,652		11,732,386
Skanska AB, Class B		228,126		6,178,367
SKF AB, Class A		8,502		223,458
SKF AB, Class B		215,074		5,556,601
SSAB AB, Class A*		134,300		726,946
SSAB AB, Class B*		355,741		1,774,502
Svenska Cellulosa AB SCA, Class A		17,627		318,158
Svenska Cellulosa AB SCA, Class B (b)		341,288		5,976,426
Svenska Handelsbanken AB, Class A		876,132		10,145,841
Svenska Handelsbanken AB, Class B (b)		19,997		244,276
Swedbank AB, Class A		529,396		9,293,611
Swedish Match AB		92,632		7,583,278
Swedish Orphan Biovitrum AB*		110,836		1,885,988
Tele2 AB, Class B (b)		287,767		3,716,882
Telefonaktiebolaget LM Ericsson, Class A		33,906		463,893
Telefonaktiebolaget LM Ericsson, Class B		1,524,287		20,934,768
Telia Co. AB		1,401,633		5,808,135
Trelleborg AB, Class B		138,559		3,604,729
Volvo AB, Class A		123,146		3,098,729
Volvo AB, Class B		905,586		22,114,936
				366,446,928
Switzerland — 14.3%
ABB Ltd. (Registered)		1,087,931		35,338,363
Adecco Group AG (Registered)		92,938		6,299,300
Alcon, Inc.*		284,842		21,394,703
Baloise Holding AG (Registered)*		27,988		4,732,592
Barry Callebaut AG (Registered)		1,341		2,960,798
Chocoladefabriken Lindt &Spruengli AG*		510		4,730,030

INVESTMENTS	SHARES		VALUE($)
Switzerland — continued
Chocoladefabriken Lindt &Spruengli AG (Registered)*		54		5,338,873
Cie Financiere Richemont SA (Registered)		297,636		30,545,423
Coca-Cola HBC AG		114,165		3,945,764
Credit Suisse Group AG (Registered)		1,325,854		13,894,924
EMS-Chemie Holding AG (Registered)		4,085		3,814,214
Geberit AG (Registered)		21,033		13,839,892
Givaudan SA (Registered)		4,492		18,822,265
Julius Baer Group Ltd.		127,601		8,030,881
Kuehne + Nagel International AG (Registered) (b)		28,653		8,567,101
LafargeHolcim Ltd. (Registered)*		291,406		17,981,993
Lonza Group AG (Registered)		42,474		27,001,333
Mediclinic International plc*		276,828		1,172,953
Nestle SA (Registered)		1,642,766		196,032,423
Novartis AG (Registered)		1,406,857		120,056,104
Partners Group Holding AG		10,709		15,254,618
Roche Holding AG		400,490		130,622,156
Roche Holding AG (b)		15,384		5,349,131
Schindler Holding AG		23,147		6,586,805
Schindler Holding AG (Registered)		11,037		3,071,013
SGS SA (Registered)		3,014		8,918,137
Sika AG (Registered)		80,806		24,133,726
Sonova Holding AG (Registered)*		30,776		9,112,778
STMicroelectronics NV		373,844		13,963,546
Straumann Holding AG (Registered)		6,526		9,326,779
Swatch Group AG (The)		16,467		5,047,244
Swatch Group AG (The) (Registered)		33,549		2,012,459
Swiss Life Holding AG (Registered)		18,295		8,913,903
Swiss Re AG		161,169		14,963,108
Swisscom AG (Registered)		14,408		7,822,808
Temenos AG (Registered) (b)		37,530		5,517,659
UBS Group AG (Registered)		2,200,552		33,603,765
Vifor Pharma AG		24,849		3,581,321
Zurich Insurance Group AG		85,862		35,225,621
				887,526,506
United Arab Emirates — 0.0%
NMC Health plc* ‡		23,176		—
United Kingdom — 19.2%
3i Group plc		554,880		9,827,920
Admiral Group plc		147,178		6,359,383
Ashtead Group plc		256,193		16,460,643
ASOS plc*		39,641		2,857,757
Associated British Foods plc*		203,056		6,478,930
AstraZeneca plc		748,591		79,682,994

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 77

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United Kingdom — continued
Auto Trader Group plc* (a)		553,937		4,360,923
AVEVA Group plc		65,521		3,149,032
Aviva plc		2,240,150		12,384,786
BAE Systems plc		1,838,805		12,844,485
Barclays plc		9,305,471		22,528,273
Barratt Developments plc		580,727		6,191,856
Berkeley Group Holdings plc		70,824		4,526,261
BP plc		11,497,244		48,131,501
British American Tobacco plc		1,302,699		48,334,508
British Land Co. plc (The), REIT		534,064		3,827,194
BT Group plc*		5,001,955		11,409,189
Bunzl plc		192,090		6,176,238
Burberry Group plc*		230,880		6,571,606
Centrica plc*		3,346,293		2,619,274
CNH Industrial NV		567,933		8,430,729
Coca-Cola European Partners plc		114,183		6,487,878
Compass Group plc*		1,018,069		22,147,358
ConvaTec Group plc (a)		913,094		2,751,564
Croda International plc		81,378		7,602,330
DCC plc		57,779		5,013,430
Derwent London plc, REIT		64,339		2,959,431
Diageo plc		1,329,498		59,683,049
Direct Line Insurance Group plc		778,129		3,061,715
DS Smith plc		781,348		4,541,664
easyJet plc*		181,765		2,598,668
Entain plc*		333,673		7,800,156
Experian plc		525,236		20,248,681
GlaxoSmithKline plc		2,856,236		52,782,573
Halma plc		216,598		7,739,610
Hargreaves Lansdown plc		156,889		3,724,806
Hiscox Ltd.*		201,736		2,258,101
HSBC Holdings plc		11,799,430		73,672,269
Imperial Brands plc		541,442		11,285,568
Informa plc*		856,580		6,658,299
InterContinental Hotels Group plc*		107,064		7,608,297
Intertek Group plc		91,802		7,781,994
ITV plc*		2,060,184		3,443,320
J Sainsbury plc		989,455		3,249,862
JD Sports Fashion plc*		282,350		3,581,472
Johnson Matthey plc		113,422		5,089,743
Kingfisher plc*		1,203,539		5,941,469
Land Securities Group plc, REIT		428,388		4,268,915
Legal & General Group plc		3,402,767		12,775,993
Lloyds Banking Group plc		40,399,720		25,333,856
London Stock Exchange Group plc		182,399		18,635,407
M&G plc		1,482,494		4,449,881

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
Marks & Spencer Group plc*		1,112,092		2,426,086
Meggitt plc*		444,787		2,861,231
Melrose Industries plc		2,770,149		6,236,148
Mondi plc		276,869		7,515,260
National Grid plc		2,175,420		27,422,381
Natwest Group plc		2,623,797		7,120,498
Next plc*		75,681		8,155,860
Ocado Group plc*		345,785		10,010,116
Pearson plc		429,703		4,929,582
Persimmon plc		181,962		7,871,776
Phoenix Group Holdings plc		466,445		4,575,726
Prudential plc		1,487,966		31,506,614
Reckitt Benckiser Group plc		419,914		37,388,165
RELX plc		1,130,392		29,328,571
Rentokil Initial plc		1,057,360		7,307,706
Rightmove plc		504,680		4,278,285
Rolls-Royce Holdings plc*		4,771,296		6,905,058
Royal Mail plc*		569,265		3,900,139
RSA Insurance Group plc		590,444		5,560,744
Sage Group plc (The)		638,074		5,621,828
Schroders plc		70,877		3,531,340
Schroders plc (Non-Voting)		26,111		949,658
Segro plc, REIT		683,414		9,494,391
Severn Trent plc		138,460		4,739,531
Smith & Nephew plc		504,590		10,921,223
Smiths Group plc		225,931		5,074,034
Spirax-Sarco Engineering plc (b)		42,145		6,879,077
SSE plc		597,649		12,116,464
St. James’s Place plc		308,892		5,809,750
Standard Chartered plc		1,511,777		10,845,402
Standard Life Aberdeen plc		1,244,890		4,770,719
Subsea 7 SA		130,096		1,315,400
Tate & Lyle plc		267,091		2,954,712
Taylor Wimpey plc		2,075,110		5,147,721
Tesco plc		4,408,833		13,458,262
THG plc* (b)		209,348		1,792,544
Travis Perkins plc*		128,167		2,721,674
Unilever plc		1,499,140		87,815,300
United Utilities Group plc		388,189		5,192,337
Vodafone Group plc		15,281,714		28,839,664
Weir Group plc (The)*		148,080		3,919,151
Whitbread plc*		114,624		5,138,971
Wickes Group plc*		139,521		481,617
Wm Morrison Supermarkets plc		1,374,142		3,300,255
WPP plc		702,954		9,477,310
				1,195,939,122

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United States — 0.8%
Carnival plc*		102,782		2,402,695
Ferguson plc		132,281		16,684,092
QIAGEN NV*		131,680		6,419,861
Stellantis NV		1,263,165		20,930,035
Tenaris SA (b)		268,409		2,878,143
				49,314,826
Total Common Stocks (Cost $5,777,216,676)				6,169,952,498
	NO. OF RIGHTS
RIGHTS — 0.0% (c)
Switzerland — 0.0% (c)
Credit Suisse Group AG, expiring 5/6/2021* (Cost $ — )		1,288,158		53,913
	SHARES
Short-Term Investments — 4.5%
Investment of Cash Collateral from Securities Loaned — 4.5%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (d) (e)		237,094,357		237,118,066
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		44,758,922		44,758,922
Total Investment of Cash Collateral from Securities Loaned (Cost $281,876,988)				281,876,988
Total Investments — 103.6% (Cost $6,059,093,664)				6,451,883,399
Liabilities in Excess of Other Assets — (3.6)%				(225,582,071	)
NET ASSETS — 100.0%				6,226,301,328

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2021

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

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Pharmaceuticals		9.3	%
Banks		7.0
Insurance		5.1
Textiles, Apparel & Luxury Goods		4.6
Food Products		4.2
Oil, Gas & Consumable Fuels		4.0
Chemicals		3.7
Semiconductors & Semiconductor Equipment		3.1
Metals & Mining		2.9
Machinery		2.7
Beverages		2.5
Capital Markets		2.5
Electric Utilities		2.4
Personal Products		2.3
Diversified Telecommunication Services		2.2
Electrical Equipment		2.2
Automobiles		2.1
Health Care Equipment & Supplies		2.1
Software		1.9
Aerospace & Defense		1.8
Professional Services		1.7
IT Services		1.6
Industrial Conglomerates		1.5
Multi-Utilities		1.5
Hotels, Restaurants & Leisure		1.4
Diversified Financial Services		1.2
Building Products		1.0
Tobacco		1.0
Household Products		1.0
Internet & Direct Marketing Retail		1.0
Air Freight & Logistics		1.0
Construction & Engineering		1.0
Others (each less than 1.0%)		12.1
Short-Term Investments		4.4

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 79

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

SCA	Limited partnership with share capital
SDR	Swedish Depositary Receipt
SGPS	Holding company
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $255,212,673.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of April 30, 2021:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		784		06/2021		EUR		37,061,617		711,102
FTSE 100 Index		196		06/2021		GBP		18,754,466		394,711
										1,105,813

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.3%
Australia — 8.0%
Afterpay Ltd.*		45,463		4,094,645
AGL Energy Ltd.		120,636		831,220
Alumina Ltd.		467,012		618,827
AMP Ltd.		665,419		571,427
Ampol Ltd.		46,142		909,545
APA Group		228,468		1,765,223
Aristocrat Leisure Ltd.		124,150		3,541,046
ASX Ltd.		37,490		2,106,519
Aurizon Holdings Ltd.		359,106		1,033,137
AusNet Services		363,614		532,232
Australia & New Zealand Banking Group Ltd.		553,743		12,217,940
Bendigo & Adelaide Bank Ltd.		102,884		816,327
BHP Group Ltd.		572,757		20,845,993
BHP Group plc		410,647		12,366,560
BlueScope Steel Ltd.		97,547		1,612,614
Boral Ltd.*		199,352		949,515
Brambles Ltd.		285,847		2,289,898
Challenger Ltd.		111,199		436,488
CIMIC Group Ltd.* (a)		14,679		218,536
Cochlear Ltd.		12,782		2,188,020
Coles Group Ltd.		258,290		3,243,521
Commonwealth Bank of Australia		344,934		23,613,001
Computershare Ltd.		110,471		1,201,116
Crown Resorts Ltd.*		71,193		668,550
CSL Ltd.		88,485		18,484,021
Dexus, REIT		222,260		1,744,694
Domino’s Pizza Enterprises Ltd.		12,234		1,004,682
Evolution Mining Ltd.		332,348		1,176,778
Fortescue Metals Group Ltd.		323,264		5,592,894
Glencore plc*		2,126,976		8,664,074
Goodman Group, REIT		326,865		4,766,529
GPT Group (The), REIT		377,173		1,342,462
Harvey Norman Holdings Ltd.		134,230		544,528
Incitec Pivot Ltd.*		376,069		763,387
Insurance Australia Group Ltd.		477,310		1,798,409
LendLease Corp. Ltd.		133,289		1,302,462
Macquarie Group Ltd.		66,127		8,150,982
Magellan Financial Group Ltd.		27,743		1,033,561
Medibank Pvt Ltd.		533,250		1,265,229
Mirvac Group, REIT		762,424		1,579,755
National Australia Bank Ltd.		641,056		13,118,689
Newcrest Mining Ltd.		158,762		3,244,786
Northern Star Resources Ltd.		226,207		1,817,447
Orica Ltd.		78,798		820,379
Origin Energy Ltd.		341,023		1,090,449

INVESTMENTS	SHARES		VALUE($)
Australia — continued
Qantas Airways Ltd.*		178,945		678,753
QBE Insurance Group Ltd.		285,977		2,163,295
Ramsay Health Care Ltd.		35,903		1,861,187
REA Group Ltd.		9,725		1,183,190
Reece Ltd.		55,042		861,155
Rio Tinto Ltd.		72,175		6,708,298
Rio Tinto plc		209,969		17,586,430
Santos Ltd.		367,284		1,949,694
Scentre Group, REIT		1,009,156		2,112,150
SEEK Ltd.*		68,711		1,637,530
Seven Group Holdings Ltd.		25,626		423,554
Sonic Healthcare Ltd.		92,904		2,567,861
South32 Ltd.		925,692		2,037,956
Stockland, REIT		462,207		1,665,644
Suncorp Group Ltd.		247,959		2,005,382
Sydney Airport*		256,051		1,217,680
Tabcorp Holdings Ltd.		431,075		1,643,626
Telstra Corp. Ltd.		806,007		2,105,593
TPG Telecom Ltd.		74,729		317,266
Transurban Group		532,344		5,804,825
Treasury Wine Estates Ltd.		139,696		1,079,575
Vicinity Centres, REIT		749,227		915,599
Washington H Soul Pattinson & Co. Ltd.		24,105		561,459
Wesfarmers Ltd.		220,450		9,189,673
Westpac Banking Corp.		713,278		13,745,354
WiseTech Global Ltd.		30,204		726,973
Woodside Petroleum Ltd.		187,083		3,262,855
Woolworths Group Ltd.		246,023		7,461,644
Worley Ltd.		62,290		516,875
				271,969,173
Austria — 0.2%
ANDRITZ AG		13,896		755,125
BAWAG Group AG (b)		13,465		726,338
Erste Group Bank AG		57,431		2,041,228
EVN AG		7,248		165,397
Oesterreichische Post AG		6,342		281,151
OMV AG		27,882		1,370,637
Raiffeisen Bank International AG		26,120		570,660
Strabag SE		3,020		119,834
Telekom Austria AG		28,488		232,898
Verbund AG		13,192		1,083,369
Vienna Insurance Group AG Wiener Versicherung Gruppe		7,200		193,033
voestalpine AG		21,443		930,290
				8,469,960

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 81

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Belgium — 1.0%
Ackermans & van Haaren NV		4,349		695,382
Ageas SA		35,935		2,173,345
Anheuser-Busch InBev SA		164,608		11,659,599
Elia Group SA/NV (a)		6,662		721,155
Etablissements Franz Colruyt NV		12,134		719,631
Galapagos NV*		9,246		719,849
Groupe Bruxelles Lambert SA		22,901		2,504,300
KBC Group NV*		65,624		5,091,672
Proximus SADP		30,110		641,492
Sofina SA		3,051		1,159,258
Solvay SA		14,145		1,798,715
Telenet Group Holding NV		9,599		410,468
UCB SA		24,582		2,276,246
Umicore SA (a)		38,805		2,357,893
				32,929,005
Brazil — 0.1%
Yara International ASA		33,234		1,733,556
Cambodia — 0.0% (c)
NagaCorp Ltd.		438,000		468,176
Chile — 0.1%
Antofagasta plc		66,816		1,721,189
China — 0.5%
Budweiser Brewing Co. APAC Ltd. (b)		333,400		1,050,578
China Evergrande New Energy Vehicle Group Ltd.* (a)		428,500		3,294,905
Chow Tai Fook Jewellery Group Ltd.		434,600		700,028
ESR Cayman Ltd.* (b)		194,800		665,281
Prosus NV*		82,129		8,913,601
Wilmar International Ltd.		550,500		2,154,451
				16,778,844
Colombia — 0.0% (c)
Millicom International Cellular SA, SDR*		19,600		774,567
Denmark — 2.4%
Ambu A/S, Class B		33,695		1,885,932
AP Moller — Maersk A/S, Class A		616		1,447,399
AP Moller — Maersk A/S, Class B		1,228		3,054,807
Carlsberg A/S, Class B		19,806		3,474,767
Chr Hansen Holding A/S*		19,915		1,828,345
Coloplast A/S, Class B		23,003		3,810,207
Danske Bank A/S		132,431		2,517,212
Demant A/S* (a)		20,042		1,003,339
DSV Panalpina A/S		39,799		8,866,832
Genmab A/S*		12,785		4,691,612
GN Store Nord A/S		27,661		2,494,669

INVESTMENTS	SHARES		VALUE($)
Denmark — continued
H Lundbeck A/S		12,382		381,279
Novo Nordisk A/S, Class B		324,220		23,916,893
Novozymes A/S, Class B		40,917		2,901,940
Orsted A/S (b)		35,145		5,108,850
Pandora A/S		19,442		2,201,785
Rockwool International A/S, Class A		1,153		449,981
Rockwool International A/S, Class B		1,395		623,981
Tryg A/S		59,823		1,367,967
Vestas Wind Systems A/S		196,350		8,196,328
				80,224,125
Finland — 1.3%
Elisa OYJ		29,167		1,653,401
Fortum OYJ (a)		84,628		2,223,923
Huhtamaki OYJ		18,576		881,265
Kesko OYJ, Class A		18,192		520,538
Kesko OYJ, Class B		52,888		1,610,407
Kone OYJ, Class B		78,419		6,159,231
Konecranes OYJ		12,426		571,932
Neles OYJ		26,072		379,344
Neste OYJ		83,751		5,064,488
Nokia OYJ*		1,103,470		5,227,090
Nokian Renkaat OYJ		25,025		931,719
Nordea Bank Abp		661,437		6,855,518
Orion OYJ, Class A		6,108		270,235
Orion OYJ, Class B		20,552		910,019
Sampo OYJ, Class A		98,046		4,650,777
Stora Enso OYJ, Class A (a)		9,555		198,734
Stora Enso OYJ, Class R		119,246		2,281,469
UPM-Kymmene OYJ		103,933		4,064,524
Wartsila OYJ Abp		93,952		1,212,445
				45,667,059
France — 10.4%
Adevinta ASA*		45,092		825,211
Aeroports de Paris*		5,179		663,858
Air Liquide SA		92,098		15,509,523
Airbus SE*		118,919		14,301,164
Alstom SA* (a)		54,848		2,995,339
Amundi SA* (b)		11,771		1,049,014
Arkema SA		12,932		1,616,719
Atos SE		18,955		1,290,829
AXA SA (a)		404,375		11,421,593
BioMerieux		8,021		954,112
BNP Paribas SA*		223,557		14,333,971
Bollore SA		176,853		892,901

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
France — continued
Bouygues SA (a)		43,504		1,864,383
Bureau Veritas SA*		56,045		1,676,149
Capgemini SE		31,176		5,712,910
Carrefour SA		112,405		2,176,949
Cie de Saint-Gobain		103,569		6,534,702
Cie Generale des Etablissements Michelin SCA		34,872		5,046,001
Covivio, REIT		9,342		833,410
Credit Agricole SA		249,518		3,859,599
Danone SA (a)		133,501		9,423,773
Dassault Aviation SA		453		493,512
Dassault Systemes SE		26,717		6,197,614
Edenred		47,942		2,717,904
Eiffage SA*		15,754		1,725,655
Electricite de France SA*		78,032		1,138,578
Engie SA		345,646		5,148,555
EssilorLuxottica SA		58,041		9,660,334
Faurecia SE		23,854		1,288,762
Gecina SA, REIT		10,504		1,537,551
Getlink SE		84,132		1,338,321
Hermes International		6,774		8,502,124
Iliad SA		3,044		552,753
Ipsen SA		7,790		753,099
Kering SA		14,342		11,492,422
Legrand SA		51,914		5,053,304
L’Oreal SA (a)		46,807		19,166,082
LVMH Moet Hennessy Louis Vuitton SE		52,014		39,184,773
Orange SA		398,236		4,959,321
Pernod Ricard SA		39,206		8,051,607
Publicis Groupe SA		44,798		2,899,323
Safran SA		68,115		10,170,162
Sanofi (a)		222,749		23,353,536
Sartorius Stedim Biotech		4,659		2,139,814
Schneider Electric SE (a)		104,880		16,734,223
SEB SA		5,574		1,015,109
Societe Generale SA*		156,421		4,449,739
Sodexo SA*		16,277		1,628,486
Suez SA		79,092		1,890,385
Teleperformance		11,419		4,409,383
Thales SA		20,658		2,106,007
TOTAL SE		485,750		21,469,086
Ubisoft Entertainment SA*		15,545		1,166,563
Unibail-Rodamco-Westfield, REIT* (a)		26,923		2,217,154
Valeo SA		46,809		1,516,891
Veolia Environnement SA (a)		103,675		3,306,717
Vinci SA		95,457		10,474,475

INVESTMENTS	SHARES		VALUE($)
France — continued
Vivendi SE*		168,332		5,868,141
Worldline SA* (b)		43,950		4,314,934
				353,074,509
Germany — 8.4%
adidas AG*		35,850		11,072,664
Allianz SE (Registered)		80,193		20,819,461
Aroundtown SA		232,136		1,787,474
BASF SE		178,579		14,391,924
Bayer AG (Registered)		191,011		12,360,009
Bayerische Motoren Werke AG		62,034		6,216,442
Bayerische Motoren Werke AG (Preference)		11,011		901,827
Beiersdorf AG		19,033		2,148,266
Brenntag SE		30,039		2,696,744
Commerzbank AG*		191,567		1,263,224
Continental AG		20,999		2,837,793
Covestro AG (b)		34,629		2,264,717
Daimler AG (Registered)		162,246		14,439,691
Deutsche Bank AG (Registered)*		401,839		5,598,126
Deutsche Boerse AG		36,941		6,365,870
Deutsche Lufthansa AG (Registered)* (a)		57,872		747,613
Deutsche Post AG (Registered)		190,855		11,240,822
Deutsche Telekom AG (Registered)		629,519		12,115,128
Deutsche Wohnen SE		69,962		3,784,850
E.ON SE		436,515		5,263,429
Evonik Industries AG		37,000		1,295,336
Fresenius Medical Care AG & Co. KGaA		39,292		3,128,677
Fresenius SE & Co. KGaA		80,218		3,942,662
GEA Group AG		31,810		1,396,919
Hannover Rueck SE		11,676		2,156,102
HeidelbergCement AG		28,548		2,615,948
Henkel AG & Co. KGaA		19,123		1,899,919
Henkel AG & Co. KGaA (Preference)		34,640		3,979,087
HOCHTIEF AG*		4,560		427,596
Infineon Technologies AG		253,908		10,181,853
KION Group AG		13,979		1,392,970
LANXESS AG		16,933		1,246,140
Merck KGaA		25,129		4,414,774
MTU Aero Engines AG		10,371		2,617,199
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		27,240		7,870,565
Porsche Automobil Holding SE (Preference)		29,772		3,138,461
Puma SE*		18,115		1,909,725
RWE AG		131,477		4,992,429
SAP SE		212,582		29,765,884
Sartorius AG (Preference)		6,625		3,737,961

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 83

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Germany — continued
Siemens AG (Registered)		157,001		26,193,251
Siemens Energy AG*		77,705		2,598,997
Symrise AG		25,062		3,236,382
Talanx AG		10,288		433,461
Telefonica Deutschland Holding AG		184,260		535,492
TUI AG* (a)		159,659		953,903
Uniper SE		19,134		698,165
United Internet AG (Registered)		22,171		932,466
Volkswagen AG (Preference)		35,682		9,290,154
Vonovia SE		110,024		7,229,098
Zalando SE* (b)		32,260		3,354,995
				285,882,645
Hong Kong — 2.7%
AIA Group Ltd.		2,351,800		29,850,400
ASM Pacific Technology Ltd.		59,700		901,675
Bank of East Asia Ltd. (The)		312,200		654,597
Cathay Pacific Airways Ltd.*		186,636		164,118
CK Asset Holdings Ltd.		474,000		2,967,535
CK Infrastructure Holdings Ltd.		118,000		721,509
CLP Holdings Ltd.		314,500		3,104,342
Dairy Farm International Holdings Ltd.		59,900		260,987
Guoco Group Ltd.		15,000		181,520
Hang Lung Properties Ltd.		357,000		973,975
Hang Seng Bank Ltd.		141,300		2,766,240
Henderson Land Development Co. Ltd.		262,000		1,164,519
HK Electric Investments & HK Electric Investments Ltd. (b)		453,000		453,714
HKT Trust & HKT Ltd.		704,000		1,022,198
Hong Kong & China Gas Co. Ltd.		2,074,000		3,326,796
Hong Kong Exchanges & Clearing Ltd.		231,700		13,974,070
Hysan Development Co. Ltd.		120,000		451,749
Jardine Matheson Holdings Ltd.		50,800		3,411,178
JS Global Lifestyle Co. Ltd.* (b)		186,500		563,065
Kerry Properties Ltd.		115,500		389,155
Link, REIT		404,700		3,817,561
MTR Corp. Ltd.		299,000		1,665,262
New World Development Co. Ltd.		276,000		1,460,501
NWS Holdings Ltd.		280,000		309,017
PCCW Ltd.		787,000		455,320
Power Assets Holdings Ltd.		264,500		1,625,567
Sino Land Co. Ltd.		606,000		899,999
Sun Hung Kai Properties Ltd.		298,500		4,490,144
Swire Pacific Ltd., Class A		96,500		777,426
Swire Pacific Ltd., Class B		170,000		214,962
Swire Properties Ltd.		204,600		610,557

INVESTMENTS	SHARES		VALUE($)
Hong Kong — continued
Techtronic Industries Co. Ltd.		334,500		6,069,426
WH Group Ltd. (b)		1,828,000		1,592,740
Wharf Real Estate Investment Co. Ltd.		337,000		1,936,750
				93,228,574
Ireland — 0.7%
CRH plc		152,640		7,202,203
Flutter Entertainment plc*		29,664		6,047,308
Kerry Group plc, Class A		29,889		3,874,266
Kingspan Group plc		29,891		2,658,659
Kingspan Group plc		123		10,919
Smurfit Kappa Group plc		50,158		2,564,093
				22,357,448
Israel — 0.4%
Azrieli Group Ltd.		7,297		512,035
Bank Hapoalim BM*		216,426		1,720,071
Bank Leumi Le-Israel BM*		283,896		1,992,876
Bezeq The Israeli Telecommunication Corp. Ltd.*		409,110		443,902
Elbit Systems Ltd.		4,796		657,728
ICL Group Ltd.		133,344		853,219
Israel Discount Bank Ltd., Class A*		225,388		1,014,607
Mizrahi Tefahot Bank Ltd.*		26,667		749,525
Nice Ltd.*		12,102		2,918,573
Teva Pharmaceutical Industries Ltd.*		211,804		2,252,452
				13,114,988
Italy — 2.1%
A2A SpA		303,316		593,278
Amplifon SpA*		16,632		701,958
Assicurazioni Generali SpA		239,015		4,784,230
Atlantia SpA*		97,542		1,901,602
Banca Mediolanum SpA		47,374		442,022
Banco BPM SpA		293,380		834,431
Buzzi Unicem SpA		19,375		516,962
Davide Campari-Milano NV (a)		80,974		955,526
DiaSorin SpA		3,792		644,024
Enel SpA		1,502,284		14,916,675
Eni SpA		492,748		5,869,070
Ferrari NV		24,885		5,330,790
FinecoBank Banca Fineco SpA*		118,515		2,038,435
Freni Brembo SpA*		29,746		370,199
Hera SpA		152,868		615,149
Infrastrutture Wireless Italiane SpA (b)		63,216		737,571
Intesa Sanpaolo SpA*		3,400,973		9,481,623
Leonardo SpA		78,368		639,535

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Italy — continued
Mediobanca Banca di Credito Finanziario SpA*		142,589		1,610,472
Moncler SpA*		38,677		2,370,532
Nexi SpA* (b)		69,289		1,327,257
Pirelli & C SpA* (b)		86,694		487,104
Poste Italiane SpA (b)		88,518		1,158,802
Prysmian SpA		51,926		1,624,588
Recordati Industria Chimica e Farmaceutica SpA		19,445		1,071,392
Salvatore Ferragamo SpA*		12,986		278,033
Snam SpA		409,982		2,306,992
Telecom Italia SpA		2,255,833		1,236,808
Telecom Italia SpA		1,167,144		684,604
Terna Rete Elettrica Nazionale SpA		277,114		2,042,734
UniCredit SpA		413,238		4,244,777
UnipolSai Assicurazioni SpA		90,963		282,495
				72,099,670
Japan — 25.5%
ABC-Mart, Inc.		6,100		326,841
Acom Co. Ltd.		90,600		389,435
Advance Residence Investment Corp., REIT		268		853,537
Advantest Corp.		38,800		3,667,959
Aeon Co. Ltd.		169,600		4,628,201
AEON Financial Service Co. Ltd.		21,700		247,019
Aeon Mall Co. Ltd.		19,400		307,967
AGC, Inc.		44,300		2,020,050
Air Water, Inc.		44,500		736,063
Aisin Corp.		35,400		1,362,541
Ajinomoto Co., Inc.		106,800		2,135,838
Alfresa Holdings Corp.		41,600		745,709
Alps Alpine Co. Ltd.		39,500		478,611
Amada Co. Ltd.		69,500		753,825
ANA Holdings, Inc.*		31,400		720,892
Aozora Bank Ltd.		22,900		493,058
Asahi Group Holdings Ltd.		93,600		3,913,704
Asahi Intecc Co. Ltd.		44,300		1,192,417
Asahi Kasei Corp.		271,100		2,855,900
Asics Corp.		36,800		584,743
Astellas Pharma, Inc.		361,900		5,446,982
Bandai Namco Holdings, Inc.		43,100		3,162,722
Bank of Kyoto Ltd. (The)		14,900		800,459
Benesse Holdings, Inc.		16,100		355,518
Bridgestone Corp.		119,400		4,785,329
Brother Industries Ltd.		50,800		1,077,118
Calbee, Inc.		22,300		534,392
Canon Marketing Japan, Inc.		11,000		265,564

INVESTMENTS	SHARES		VALUE($)
Japan — continued
Canon, Inc.		207,500		4,934,382
Casio Computer Co. Ltd.		44,600		789,698
Central Japan Railway Co.		40,000		5,860,474
Chiba Bank Ltd. (The)		143,700		898,586
Chubu Electric Power Co., Inc.		139,400		1,689,305
Chugai Pharmaceutical Co. Ltd.		124,000		4,654,329
Chugoku Electric Power Co., Inc. (The)		63,700		712,915
Coca-Cola Bottlers Japan Holdings, Inc.		29,200		467,214
Concordia Financial Group Ltd.		234,200		880,473
Cosmos Pharmaceutical Corp.		4,400		631,519
Credit Saison Co. Ltd.		30,900		356,231
CyberAgent, Inc.		79,600		1,633,587
Dai Nippon Printing Co. Ltd.		54,600		1,081,909
Daicel Corp.		55,100		425,759
Daifuku Co. Ltd.		24,700		2,441,409
Dai-ichi Life Holdings, Inc.		221,400		3,997,835
Daiichi Sankyo Co. Ltd.		355,600		9,082,176
Daikin Industries Ltd.		56,900		11,477,572
Daito Trust Construction Co. Ltd.		13,400		1,424,862
Daiwa House Industry Co. Ltd.		129,600		3,842,931
Daiwa House REIT Investment Corp., REIT		390		1,044,499
Daiwa Securities Group, Inc.		292,900		1,562,950
DeNA Co. Ltd.		16,400		335,533
Denso Corp.		101,100		6,536,418
Dentsu Group, Inc.		46,900		1,447,505
DIC Corp.		16,000		408,945
Disco Corp.		5,800		1,872,943
East Japan Railway Co.		73,400		5,026,995
Eisai Co. Ltd.		57,700		3,763,305
Electric Power Development Co. Ltd.		33,800		541,883
ENEOS Holdings, Inc.		628,000		2,700,974
Ezaki Glico Co. Ltd.		11,500		430,377
FANUC Corp.		37,000		8,520,468
Fast Retailing Co. Ltd.		12,600		10,337,440
Fuji Electric Co. Ltd.		28,900		1,315,752
Fuji Media Holdings, Inc.		10,000		121,684
FUJIFILM Holdings Corp.		78,100		5,058,948
Fujitsu Ltd.		36,300		5,766,546
Fukuoka Financial Group, Inc.		37,000		631,065
GLP J-REIT, REIT		841		1,409,747
GMO Payment Gateway, Inc.		8,300		1,055,292
Hakuhodo DY Holdings, Inc.		58,800		995,150
Hamamatsu Photonics KK		28,400		1,646,128
Hankyu Hanshin Holdings, Inc.		49,700		1,567,493
Harmonic Drive Systems, Inc.		7,900		531,277

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 85

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Japan — continued
Haseko Corp.		48,300		647,908
Hikari Tsushin, Inc.		4,100		824,756
Hino Motors Ltd.		55,600		466,657
Hirose Electric Co. Ltd.		6,600		1,052,084
Hisamitsu Pharmaceutical Co., Inc.		16,500		962,530
Hitachi Construction Machinery Co. Ltd.		20,400		627,111
Hitachi Ltd.		188,200		9,315,472
Hitachi Metals Ltd.		39,700		769,705
Honda Motor Co. Ltd.		334,600		9,977,716
Hoshizaki Corp.		11,600		1,030,524
Hoya Corp.		72,500		8,240,735
Hulic Co. Ltd.		97,000		1,106,629
Ibiden Co. Ltd.		25,900		1,222,571
Idemitsu Kosan Co. Ltd.		47,900		1,145,575
Iida Group Holdings Co. Ltd.		35,900		874,322
Inpex Corp.		209,500		1,425,649
Isetan Mitsukoshi Holdings Ltd.		76,700		537,406
Isuzu Motors Ltd.		119,900		1,217,482
ITOCHU Corp.		274,300		8,563,304
Itochu Techno-Solutions Corp.		18,600		643,595
Iyo Bank Ltd. (The)		63,600		350,797
Izumi Co. Ltd.		8,700		346,362
J Front Retailing Co. Ltd.		52,400		500,332
Japan Airlines Co. Ltd.*		28,400		608,386
Japan Airport Terminal Co. Ltd.		16,200		727,373
Japan Exchange Group, Inc.		104,200		2,443,847
Japan Metropolitan Fund Invest, REIT		1,353		1,333,331
Japan Post Holdings Co. Ltd.*		287,500		2,415,992
Japan Post Insurance Co. Ltd.		39,900		769,309
Japan Prime Realty Investment Corp., REIT		185		750,992
Japan Real Estate Investment Corp., REIT		268		1,661,115
Japan Tobacco, Inc.		213,900		4,012,479
JFE Holdings, Inc.		111,800		1,470,140
JGC Holdings Corp.		50,200		573,866
JSR Corp.		42,100		1,297,693
JTEKT Corp.		47,900		432,044
Kajima Corp.		97,400		1,347,331
Kakaku.com, Inc.		25,200		684,188
Kamigumi Co. Ltd.		21,600		420,855
Kaneka Corp.		13,200		514,111
Kansai Electric Power Co., Inc. (The)		160,000		1,589,239
Kansai Paint Co. Ltd.		50,100		1,261,469
Kao Corp.		93,800		6,030,739
Kawasaki Heavy Industries Ltd.*		32,400		777,658
KDDI Corp.		318,000		9,612,967

INVESTMENTS	SHARES		VALUE($)
Japan — continued
Keihan Holdings Co. Ltd.		20,800		759,512
Keikyu Corp.		53,400		684,648
Keio Corp.		23,700		1,542,819
Keisei Electric Railway Co. Ltd.		33,500		1,046,179
Kewpie Corp.		23,200		549,187
Keyence Corp.		36,500		17,521,937
Kikkoman Corp.		37,600		2,310,676
Kinden Corp.		26,600		452,877
Kintetsu Group Holdings Co. Ltd.*		36,900		1,323,773
Kirin Holdings Co. Ltd.		168,900		3,171,815
Kobayashi Pharmaceutical Co. Ltd.		10,600		946,708
Kobe Bussan Co. Ltd.		23,300		622,441
Koito Manufacturing Co. Ltd.		24,900		1,553,278
Komatsu Ltd.		189,200		5,563,355
Konami Holdings Corp.		19,600		1,169,069
Kose Corp.		6,900		1,038,695
K’s Holdings Corp.		37,800		515,678
Kubota Corp.		223,200		5,250,954
Kuraray Co. Ltd.		69,000		750,045
Kurita Water Industries Ltd.		20,700		956,017
Kyocera Corp.		68,300		4,146,711
Kyowa Kirin Co. Ltd.		49,100		1,494,511
Kyushu Electric Power Co., Inc.		91,900		842,332
Kyushu Financial Group, Inc.		85,200		331,848
Kyushu Railway Co.		30,500		684,705
Lasertec Corp.		15,100		2,658,942
Lawson, Inc.		10,000		449,411
Lion Corp.		57,900		1,086,388
Lixil Corp.		56,400		1,527,702
M3, Inc.		83,100		5,740,539
Mabuchi Motor Co. Ltd.		11,500		460,606
Makita Corp.		54,400		2,449,918
Marubeni Corp.		321,000		2,673,685
Marui Group Co. Ltd.		43,900		825,066
Maruichi Steel Tube Ltd.		15,600		390,482
Matsui Securities Co. Ltd.		21,600		169,578
Matsumotokiyoshi Holdings Co. Ltd.		18,400		739,983
Mazda Motor Corp.		116,200		902,317
McDonald’s Holdings Co. Japan Ltd.		12,900		588,989
Mebuki Financial Group, Inc.		228,300		498,132
Medipal Holdings Corp.		41,300		759,941
MEIJI Holdings Co. Ltd.		28,100		1,743,704
Mercari, Inc.*		19,500		957,150
MINEBEA MITSUMI, Inc.		83,100		2,084,077
MISUMI Group, Inc.		55,000		1,553,403

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Japan — continued
Mitsubishi Chemical Holdings Corp.		275,200		2,048,722
Mitsubishi Corp.		274,500		7,590,122
Mitsubishi Electric Corp.		417,500		6,432,987
Mitsubishi Estate Co. Ltd.		270,600		4,453,777
Mitsubishi Gas Chemical Co., Inc.		40,200		928,809
Mitsubishi HC Capital, Inc.		155,100		891,379
Mitsubishi Heavy Industries Ltd.		65,600		1,952,804
Mitsubishi Logistics Corp.		16,200		481,719
Mitsubishi Materials Corp.		26,200		588,621
Mitsubishi Motors Corp.*		132,700		359,533
Mitsubishi UFJ Financial Group, Inc.		2,508,600		13,345,996
Mitsui & Co. Ltd.		317,200		6,694,076
Mitsui Chemicals, Inc.		39,600		1,246,606
Mitsui Fudosan Co. Ltd.		187,700		4,080,466
Mitsui OSK Lines Ltd.		23,400		940,776
Mizuho Financial Group, Inc.		493,700		6,948,546
MonotaRO Co. Ltd.		47,600		1,208,678
MS&AD Insurance Group Holdings, Inc.		93,400		2,649,817
Murata Manufacturing Co. Ltd.		124,900		9,930,476
Nabtesco Corp.		24,200		1,088,989
Nagoya Railroad Co. Ltd.*		38,400		882,005
Nankai Electric Railway Co. Ltd.		22,000		485,935
NEC Corp.		53,000		3,081,192
Nexon Co. Ltd.		87,900		2,907,493
NGK Insulators Ltd.		53,000		968,651
NGK Spark Plug Co. Ltd.		33,000		551,092
NH Foods Ltd.		19,900		888,826
Nidec Corp.		106,700		12,320,538
Nihon M&A Center, Inc.		56,900		1,486,499
Nikon Corp.		67,600		636,524
Nintendo Co. Ltd.		23,100		13,251,391
Nippon Building Fund, Inc., REIT		320		2,100,158
Nippon Express Co. Ltd.		16,900		1,293,422
Nippon Paint Holdings Co. Ltd.		281,100		4,015,186
Nippon Prologis REIT, Inc., REIT		502		1,608,647
Nippon Sanso Holdings Corp.		41,700		784,478
Nippon Shinyaku Co. Ltd.		12,000		809,443
Nippon Shokubai Co. Ltd.		6,900		362,657
Nippon Steel Corp.		184,700		3,227,630
Nippon Telegraph & Telephone Corp.		250,300		6,310,785
Nippon Television Holdings, Inc.		10,000		131,655
Nippon Yusen KK		33,100		1,300,942
Nissan Chemical Corp.		28,100		1,444,701
Nissan Motor Co. Ltd.*		467,700		2,347,830
Nisshin Seifun Group, Inc.		50,700		818,922

INVESTMENTS	SHARES		VALUE($)
Japan — continued
Nissin Foods Holdings Co. Ltd.		16,400		1,162,120
Nitori Holdings Co. Ltd.		17,000		3,044,792
Nitto Denko Corp.		30,900		2,557,107
NOK Corp.		23,500		302,866
Nomura Holdings, Inc.		546,900		2,939,673
Nomura Real Estate Holdings, Inc.		23,200		571,939
Nomura Real Estate Master Fund, Inc., REIT		913		1,442,593
Nomura Research Institute Ltd.		75,900		2,329,301
NSK Ltd.		95,300		878,823
NTT Data Corp.		125,500		1,954,155
Obayashi Corp.		139,700		1,278,181
Obic Co. Ltd.		13,000		2,505,439
Odakyu Electric Railway Co. Ltd.		67,100		1,817,334
Oji Holdings Corp.		196,400		1,238,852
Olympus Corp.		250,500		5,155,672
Omron Corp.		40,000		3,029,039
Ono Pharmaceutical Co. Ltd.		96,500		2,430,725
Oracle Corp.		6,600		618,783
Orient Corp.		120,800		165,002
Oriental Land Co. Ltd.		43,900		6,223,303
ORIX Corp.		249,900		4,034,352
Orix JREIT, Inc., REIT		534		941,962
Osaka Gas Co. Ltd.		80,700		1,562,027
Otsuka Corp.		21,300		1,071,467
Otsuka Holdings Co. Ltd.		108,400		4,154,381
Pan Pacific International Holdings Corp.		116,600		2,513,352
Panasonic Corp.		453,200		5,321,475
Park24 Co. Ltd.		21,900		423,084
PeptiDream, Inc.*		19,000		813,248
Persol Holdings Co. Ltd.		37,400		688,767
Pigeon Corp.		23,600		800,949
Pola Orbis Holdings, Inc.		16,400		424,713
Rakuten Group, Inc.		158,300		2,012,336
Recruit Holdings Co. Ltd.		329,800		14,869,855
Renesas Electronics Corp.*		195,300		2,274,882
Resona Holdings, Inc.		460,700		1,896,536
Ricoh Co. Ltd.		132,700		1,418,048
Rinnai Corp.		7,700		773,192
Rohm Co. Ltd.		17,000		1,678,116
Ryohin Keikaku Co. Ltd.		51,100		1,076,225
Santen Pharmaceutical Co. Ltd.		77,500		992,595
SBI Holdings, Inc.		47,100		1,331,273
SCSK Corp.		10,000		580,319
Secom Co. Ltd.		41,700		3,475,046
Sega Sammy Holdings, Inc.		33,800		485,121

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 87

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES			VALUE($)
Common Stocks — continued
Japan — continued
Seibu Holdings, Inc.		51,400			552,747
Seiko Epson Corp.		64,100			1,093,649
Sekisui Chemical Co. Ltd.		87,700			1,529,084
Sekisui House Ltd.		126,400			2,559,932
Seria Co. Ltd.		9,300			337,024
Seven & i Holdings Co. Ltd.		155,100			6,696,617
Seven Bank Ltd.		141,600			304,924
SG Holdings Co. Ltd.		98,400			2,234,580
Sharp Corp.		40,900			690,203
Shimadzu Corp.		53,300			1,867,790
Shimamura Co. Ltd.		4,900			484,756
Shimano, Inc.		16,600			3,795,672
Shimizu Corp.		136,000			1,114,396
Shin-Etsu Chemical Co. Ltd.		76,900			12,980,887
Shinsei Bank Ltd.		31,900			465,305
Shionogi & Co. Ltd.		54,500			2,873,198
Shiseido Co. Ltd.		77,700			5,654,327
Shizuoka Bank Ltd. (The)		109,500			840,247
Showa Denko KK		29,000			878,109
SMC Corp.		12,400			7,205,355
SoftBank Corp.		307,200			3,959,924
SoftBank Group Corp.		321,000			28,925,516
Sohgo Security Services Co. Ltd.		16,800			736,558
Sojitz Corp.		225,700			674,198
Sompo Holdings, Inc.		72,500			2,694,473
Sony Group Corp.		245,100			24,504,836
Square Enix Holdings Co. Ltd.		17,400			964,836
Stanley Electric Co. Ltd.		29,500	��		844,479
Subaru Corp.		119,700			2,225,637
SUMCO Corp.		49,100			1,269,832
Sumitomo Chemical Co. Ltd.		320,500			1,635,896
Sumitomo Corp.		231,100			3,140,416
Sumitomo Dainippon Pharma Co. Ltd.		37,000			642,367
Sumitomo Electric Industries Ltd.		154,300			2,295,969
Sumitomo Heavy Industries Ltd.		23,800			692,737
Sumitomo Metal Mining Co. Ltd.		53,200			2,252,401
Sumitomo Mitsui Financial Group, Inc.		267,100			9,382,881
Sumitomo Mitsui Trust Holdings, Inc.		72,700			2,477,807
Sumitomo Realty & Development Co. Ltd.		92,500			3,087,735
Sumitomo Rubber Industries Ltd.		36,300			449,679
Sundrug Co. Ltd.		13,200			449,833
Suntory Beverage & Food Ltd.		24,500			827,006
Suzuken Co. Ltd.		15,400			554,978
Suzuki Motor Corp.		95,400			3,620,098
Sysmex Corp.		32,100			3,206,262

INVESTMENTS	SHARES		VALUE($)
Japan — continued
T&D Holdings, Inc.		116,400		1,428,491
Taiheiyo Cement Corp.		24,600		617,626
Taisei Corp.		40,900		1,511,184
Taisho Pharmaceutical Holdings Co. Ltd.		10,700		630,828
Takeda Pharmaceutical Co. Ltd.		306,400		10,233,915
TBS Holdings, Inc.		6,600		128,864
TDK Corp.		25,200		3,417,446
Teijin Ltd.		38,300		630,590
Terumo Corp.		140,200		5,301,275
THK Co. Ltd.		23,800		811,929
TIS, Inc.		44,900		1,113,982
Tobu Railway Co. Ltd.		40,600		1,045,449
Toho Co. Ltd.		27,400		1,091,972
Toho Gas Co. Ltd.		19,200		1,070,063
Tohoku Electric Power Co., Inc.		97,500		861,313
Tokio Marine Holdings, Inc.		136,400		6,541,322
Tokyo Century Corp.		10,200		630,580
Tokyo Electric Power Co. Holdings, Inc.*		158,200		469,092
Tokyo Electron Ltd.		30,500		13,852,732
Tokyo Gas Co. Ltd.		74,500		1,511,895
Tokyo Tatemono Co. Ltd.		41,200		609,978
Tokyu Corp.		110,100		1,415,971
Tokyu Fudosan Holdings Corp.		117,100		651,771
Toppan Printing Co. Ltd.		67,900		1,159,571
Toray Industries, Inc.		317,200		1,972,419
Toshiba Corp.		82,300		3,401,561
Tosoh Corp.		63,700		1,129,078
TOTO Ltd.		30,900		1,606,494
Toyo Seikan Group Holdings Ltd.		32,100		376,223
Toyo Suisan Kaisha Ltd.		19,800		807,345
Toyoda Gosei Co. Ltd.		14,900		365,203
Toyota Boshoku Corp.		16,700		311,564
Toyota Industries Corp.		39,900		3,203,527
Toyota Motor Corp.		494,800		37,023,004
Toyota Tsusho Corp.		46,100		1,953,464
Trend Micro, Inc.		27,300		1,299,450
Tsumura & Co.		13,400		446,270
Tsuruha Holdings, Inc.		7,000		809,189
Unicharm Corp.		85,700		3,331,189
United Urban Investment Corp., REIT		604		901,691
USS Co. Ltd.		43,100		782,086
Welcia Holdings Co. Ltd.		19,900		620,908
West Japan Railway Co.		37,300		2,062,161
Workman Co. Ltd.		4,800		312,868
Yakult Honsha Co. Ltd.		31,100		1,513,844

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Japan — continued
Yamada Holdings Co. Ltd.		151,600		754,701
Yamaha Corp.		32,100		1,751,875
Yamaha Motor Co. Ltd.		61,000		1,524,122
Yamato Holdings Co. Ltd.		70,200		1,979,910
Yamazaki Baking Co. Ltd.		35,100		556,370
Yaskawa Electric Corp.		51,800		2,387,715
Yokogawa Electric Corp.		46,300		840,488
Yokohama Rubber Co. Ltd. (The)		25,900		481,644
Z Holdings Corp.		515,900		2,379,469
ZOZO, Inc.		18,700		628,956
				867,895,310
Jordan — 0.0% (c)
Hikma Pharmaceuticals plc		31,099		1,048,010
Luxembourg — 0.2%
ArcelorMittal SA		135,083		3,926,948
Eurofins Scientific SE		23,735		2,350,753
RTL Group SA*		7,193		422,899
				6,700,600
Macau — 0.2%
Galaxy Entertainment Group Ltd.*		414,000		3,634,144
MGM China Holdings Ltd.		162,000		266,476
Sands China Ltd.*		471,600		2,231,639
SJM Holdings Ltd.		412,000		532,039
Wynn Macau Ltd.*		282,400		541,590
				7,205,888
Mexico — 0.0% (c)
Fresnillo plc		35,676		405,676
Netherlands — 4.7%
Adyen NV* (b)		5,901		14,522,915
Aegon NV		273,102		1,265,644
Akzo Nobel NV (a)		37,055		4,449,158
Argenx SE*		700		199,574
Argenx SE*		9,204		2,644,834
ASML Holding NV		81,563		52,945,969
EXOR NV		21,941		1,800,757
GrandVision NV* (b)		11,340		366,742
HAL Trust		16,536		2,960,928
Heineken Holding NV		19,524		1,939,326
Heineken NV		45,917		5,326,350
ING Groep NV		758,395		9,688,492
JDE Peet’s NV*		13,551		526,865
Koninklijke Ahold Delhaize NV		214,013		5,759,501
Koninklijke DSM NV		35,480		6,361,570

INVESTMENTS	SHARES		VALUE($)
Netherlands — continued
Koninklijke KPN NV		686,408		2,367,844
Koninklijke Philips NV*		177,135		10,015,772
Koninklijke Vopak NV (a)		12,666		579,954
NN Group NV		64,216		3,202,998
Randstad NV		24,224		1,747,815
Royal Dutch Shell plc, Class A		797,396		15,004,022
Royal Dutch Shell plc, Class B		720,586		12,893,929
Wolters Kluwer NV		52,013		4,704,633
				161,275,592
New Zealand — 0.3%
a2 Milk Co. Ltd. (The)*		143,789		786,121
Auckland International Airport Ltd.*		233,819		1,264,507
Contact Energy Ltd.		153,583		828,952
Fisher & Paykel Healthcare Corp. Ltd.		112,057		2,888,035
Fletcher Building Ltd.		159,598		829,738
Mercury NZ Ltd.		121,344		601,095
Meridian Energy Ltd.		243,136		926,847
Ryman Healthcare Ltd.		80,358		812,421
Spark New Zealand Ltd.		358,572		1,128,720
				10,066,436
Norway — 0.6%
Aker ASA, Class A (a)		4,785		356,057
Aker BP ASA		20,924		595,900
DNB ASA		171,829		3,685,087
Equinor ASA		209,210		4,224,530
Gjensidige Forsikring ASA		36,794		835,560
Kongsberg Gruppen ASA		18,220		459,851
Leroy Seafood Group ASA		54,224		497,096
Mowi ASA		87,470		2,157,894
Norsk Hydro ASA		264,414		1,683,732
Orkla ASA		157,069		1,601,023
Salmar ASA		10,532		728,850
Schibsted ASA, Class A*		15,874		797,730
Schibsted ASA, Class B*		19,488		854,531
Storebrand ASA (a)		90,584		864,635
Telenor ASA		124,650		2,220,638
				21,563,114
Portugal — 0.1%
EDP — Energias de Portugal SA		541,251		3,007,623
Galp Energia SGPS SA		88,104		1,014,501
Jeronimo Martins SGPS SA		47,521		867,837
				4,889,961

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 89

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Russia — 0.1%
Evraz plc		105,016		931,317
Polymetal International plc		54,209		1,119,346
				2,050,663
Singapore — 1.1%
Ascendas, REIT		613,500		1,429,651
CapitaLand Integrated Commercial Trust, REIT		877,472		1,415,681
CapitaLand Ltd.		482,900		1,346,162
City Developments Ltd.		91,900		543,632
ComfortDelGro Corp. Ltd.		399,700		515,727
DBS Group Holdings Ltd.		348,200		7,803,534
Frasers Property Ltd.		82,200		76,458
Genting Singapore Ltd.		1,098,600		712,497
Great Eastern Holdings Ltd.		11,400		196,554
Jardine Cycle & Carriage Ltd.		19,100		332,482
Keppel, REIT		375,900		349,829
Keppel Corp. Ltd.		277,900		1,129,028
Mapletree Commercial Trust, REIT		430,400		706,039
Mapletree North Asia Commercial Trust, REIT (b)		422,800		346,377
Olam International Ltd.		136,100		177,830
Oversea-Chinese Banking Corp. Ltd.		779,600		7,126,739
SATS Ltd.*		129,700		394,591
Sembcorp Industries Ltd.		183,100		291,053
Singapore Airlines Ltd.*		252,650		957,523
Singapore Exchange Ltd.		160,700		1,258,875
Singapore Technologies Engineering Ltd.		289,800		838,378
Singapore Telecommunications Ltd.		1,342,700		2,519,102
Suntec, REIT		425,100		487,160
United Overseas Bank Ltd.		299,200		5,963,883
UOL Group Ltd.		93,200		537,781
Venture Corp. Ltd.		52,200		787,625
				38,244,191
South Africa — 0.3%
Anglo American plc		265,029		11,237,351
South Korea — 0.1%
Delivery Hero SE* (b)		30,451		4,830,773
Spain — 2.5%
Acciona SA		4,228		735,004
ACS Actividades de Construccion y Servicios SA		52,336		1,705,146
Aena SME SA* (b)		14,291		2,483,713
Amadeus IT Group SA*		87,589		5,964,644
Banco Bilbao Vizcaya Argentaria SA		1,296,426		7,259,446

INVESTMENTS	SHARES			VALUE($)
Spain — continued
Banco Santander SA		3,371,510			13,005,788
CaixaBank SA*		849,497			2,717,512
Cellnex Telecom SA (b)		105,675			5,977,409
EDP Renovaveis SA*		47,302			1,127,140
Enagas SA		48,192			1,049,164
Endesa SA		61,504			1,617,661
Ferrovial SA		96,897			2,751,006
Grifols SA		56,934			1,542,123
Grifols SA (Preference), Class B		50,620			894,005
Iberdrola SA		1,137,325			15,369,764
Industria de Diseno Textil SA (a)		218,147			7,761,822
Mapfre SA		196,966			423,165
Naturgy Energy Group SA		65,718			1,688,269
Red Electrica Corp. SA		83,814			1,538,663
Repsol SA		280,455			3,347,593
Siemens Gamesa Renewable Energy SA*		43,530			1,572,297
Telefonica SA		1,020,770			4,730,576
					85,261,910
Sweden — 3.7%
Alfa Laval AB		57,670			1,947,670
Assa Abloy AB, Class B		192,824			5,497,332
Atlas Copco AB, Class A		125,666			7,620,394
Atlas Copco AB, Class B		75,870			3,936,816
Axfood AB		20,939			523,993
Boliden AB (a)		52,964			2,060,169
Castellum AB (a)		47,243			1,150,466
Electrolux AB, Series B		49,346			1,384,979
Elekta AB, Class B		71,374			954,472
Epiroc AB, Class A		121,725			2,633,826
Epiroc AB, Class B		75,510			1,478,449
EQT AB		40,603			1,368,421
Essity AB, Class A		5,621			185,916
Essity AB, Class B (a)		118,325			3,861,891
Evolution Gaming Group AB (b)		31,375			6,193,700
Fabege AB		52,520	��		783,033
Fastighets AB Balder, Class B*		19,783			1,139,855
Getinge AB, Class B		42,327			1,431,543
H & M Hennes & Mauritz AB, Class B* (a)		147,678			3,633,971
Hexagon AB, Class B		54,720			5,226,796
Hexpol AB		50,434			618,341
Holmen AB, Class B		17,938			846,352
Husqvarna AB, Class A		5,199			73,058
Husqvarna AB, Class B		80,074			1,115,074
ICA Gruppen AB		17,923			826,126
Industrivarden AB, Class A (a)		31,035			1,190,154

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Sweden — continued
Industrivarden AB, Class C		32,555		1,174,265
Intrum AB		12,941		445,057
Investment AB Latour, Class B		24,086		735,786
Investor AB, Class A		25,348		2,152,945
Investor AB, Class B (a)		88,594		7,520,442
Kinnevik AB, Class B*		47,034		2,595,883
L E Lundbergforetagen AB, Class B		12,361		705,760
Lundin Energy AB		37,100		1,183,414
Nibe Industrier AB, Class B		69,292		2,530,614
Saab AB, Class B		15,772		466,843
Sandvik AB		212,183		5,247,168
Securitas AB, Class B		62,478		1,063,527
Skandinaviska Enskilda Banken AB, Class A (a)		312,215		4,000,457
Skanska AB, Class B (a)		77,813		2,107,420
SKF AB, Class A		2,855		75,038
SKF AB, Class B		73,366		1,895,467
SSAB AB, Class A*		47,312		256,093
SSAB AB, Class B*		120,843		602,787
Svenska Cellulosa AB SCA, Class A		6,342		114,470
Svenska Cellulosa AB SCA, Class B		116,085		2,032,809
Svenska Handelsbanken AB, Class A		298,714		3,459,188
Svenska Handelsbanken AB, Class B (a)		6,947		84,862
Swedbank AB, Class A		180,478		3,168,313
Swedish Match AB		31,537		2,581,762
Swedish Orphan Biovitrum AB*		37,649		640,636
Tele2 AB, Class B	��	96,983		1,252,660
Telefonaktiebolaget LM Ericsson, Class A		12,382		169,407
Telefonaktiebolaget LM Ericsson, Class B		519,374		7,133,154
Telia Co. AB		479,489		1,986,923
Trelleborg AB, Class B		48,052		1,250,113
Volvo AB, Class A		41,402		1,041,801
Volvo AB, Class B		309,065		7,547,547
				124,905,408
Switzerland — 8.9%
ABB Ltd. (Registered)		370,964		12,049,717
Adecco Group AG (Registered)		31,590		2,141,157
Alcon, Inc.*		97,156		7,297,462
Baloise Holding AG (Registered)*		9,449		1,597,766
Barry Callebaut AG (Registered)		478		1,055,378
Chocoladefabriken Lindt & Spruengli AG*		200		1,854,914
Chocoladefabriken Lindt & Spruengli AG (Registered)*		22		2,175,096
Cie Financiere Richemont SA (Registered)		101,491		10,415,694
Coca-Cola HBC AG		38,741		1,338,964

INVESTMENTS	SHARES		VALUE($)
Switzerland — continued
Credit Suisse Group AG (Registered)		452,115		4,738,156
EMS-Chemie Holding AG (Registered)		1,359		1,268,915
Geberit AG (Registered)		7,202		4,738,977
Givaudan SA (Registered)		1,545		6,473,820
Julius Baer Group Ltd.		43,514		2,738,660
Kuehne + Nagel International AG (Registered) (a)		9,799		2,929,851
LafargeHolcim Ltd. (Registered)*		99,396		6,133,498
Lonza Group AG (Registered)		14,478		9,203,873
Mediclinic International plc*		95,452		404,441
Nestle SA (Registered)		560,147		66,842,737
Novartis AG (Registered)		479,666		40,932,967
Partners Group Holding AG		3,633		5,175,089
Roche Holding AG		136,598		44,552,237
Roche Holding AG (a)		5,267		1,831,375
Schindler Holding AG		7,884		2,243,503
Schindler Holding AG (Registered)		3,766		1,047,879
SGS SA (Registered)		1,001		2,961,863
Sika AG (Registered)		27,566		8,232,932
Sonova Holding AG (Registered)*		10,517		3,114,085
STMicroelectronics NV		126,949		4,741,706
Straumann Holding AG (Registered)		2,226		3,181,338
Swatch Group AG (The)		5,603		1,717,356
Swatch Group AG (The) (Registered)		11,325		679,338
Swiss Life Holding AG (Registered)		6,224		3,032,530
Swiss Re AG		54,940		5,100,690
Swisscom AG (Registered)		4,915		2,668,594
Temenos AG (Registered)		12,840		1,887,736
UBS Group AG (Registered)		750,310		11,457,689
Vifor Pharma AG		8,432		1,215,248
Zurich Insurance Group AG		29,253		12,001,294
				303,174,525
United Arab Emirates — 0.0%
NMC Health plc*‡		300		—
United Kingdom — 12.1%
3i Group plc		189,205		3,351,160
Admiral Group plc		50,186		2,168,476
Ashtead Group plc		87,359		5,612,899
ASOS plc*		13,534		975,679
Associated British Foods plc*		69,266		2,210,078
AstraZeneca plc		255,226		27,167,267
Auto Trader Group plc* (b)		190,054		1,496,219
AVEVA Group plc		22,262		1,069,943
Aviva plc		770,251		4,258,373
BAE Systems plc		626,976		4,379,575

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 91

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United Kingdom — continued
Barclays plc		3,183,345		7,706,785
Barratt Developments plc		197,988		2,110,997
Berkeley Group Holdings plc		24,054		1,537,257
BP plc		3,920,216		16,411,401
British American Tobacco plc		444,196		16,481,163
British Land Co. plc (The), REIT		181,620		1,301,520
BT Group plc*		1,705,516		3,890,190
Bunzl plc		65,521		2,106,686
Burberry Group plc*		78,704		2,240,175
Centrica plc*		1,136,292		889,420
CK Hutchison Holdings Ltd.		525,000		4,290,881
CNH Industrial NV		193,652		2,874,683
Coca-Cola European Partners plc		38,909		2,210,809
Compass Group plc*		347,133		7,551,628
ConvaTec Group plc (b)		310,480		935,616
Croda International plc		27,917		2,608,005
DCC plc		19,622		1,702,583
Derwent London plc, REIT		21,684		997,409
Diageo plc		453,293		20,348,965
Direct Line Insurance Group plc		264,220		1,039,630
DS Smith plc		265,810		1,545,047
easyJet plc*		61,915		885,190
Entain plc*		113,785		2,659,912
Experian plc		179,076		6,903,664
GlaxoSmithKline plc		974,899		18,015,906
Halma plc		73,516		2,626,918
Hargreaves Lansdown plc		53,274		1,264,813
Hiscox Ltd.*		68,516		766,923
HSBC Holdings plc		4,023,276		25,120,185
Imperial Brands plc		184,590		3,847,509
Informa plc*		292,054		2,270,171
InterContinental Hotels Group plc*		36,497		2,593,589
Intertek Group plc		31,379		2,659,977
ITV plc*		701,488		1,172,443
J Sainsbury plc		335,960		1,103,460
JD Sports Fashion plc*		95,889		1,216,305
Johnson Matthey plc		38,679		1,735,697
Kingfisher plc*		408,700		2,017,615
Land Securities Group plc, REIT		145,468		1,449,598
Legal & General Group plc		1,160,224		4,356,165
Lloyds Banking Group plc		13,775,116		8,638,099
London Stock Exchange Group plc		62,226		6,357,528
M&G plc		503,415		1,511,060
Marks & Spencer Group plc*		378,818		826,411
Meggitt plc*		151,275		973,124

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
Melrose Industries plc		944,582		2,126,439
Mondi plc		94,619		2,568,313
National Grid plc		741,734		9,349,970
Natwest Group plc		896,138		2,431,952
Next plc*		25,849		2,785,651
Ocado Group plc*		117,926		3,413,835
Pearson plc		145,941		1,674,245
Persimmon plc		62,038		2,683,798
Phoenix Group Holdings plc		158,653		1,556,352
Prudential plc		507,364		10,743,069
Reckitt Benckiser Group plc		143,204		12,750,551
RELX plc		385,437		10,000,351
Rentokil Initial plc		360,534		2,491,750
Rightmove plc		171,635		1,454,988
Rolls-Royce Holdings plc*		1,626,907		2,354,473
Royal Mail plc*		193,632		1,326,608
RSA Insurance Group plc		200,464		1,887,951
Sage Group plc (The)		217,914		1,919,958
Schroders plc		24,070		1,199,252
Schroders plc (Non-Voting)		8,864		322,384
Segro plc, REIT		231,677		3,218,594
Severn Trent plc		46,909		1,605,710
Smith & Nephew plc		172,043		3,723,657
Smiths Group plc		76,753		1,723,744
Spirax-Sarco Engineering plc		14,337		2,340,143
SSE plc		203,811		4,131,971
St. James’s Place plc		109,171		2,053,327
Standard Chartered plc		515,467		3,697,931
Standard Life Aberdeen plc		422,738		1,620,034
Subsea 7 SA		44,154		446,441
Tate & Lyle plc		91,974		1,017,469
Taylor Wimpey plc		708,803		1,758,326
Tesco plc		1,503,263		4,588,812
THG plc*		71,419		611,526
Travis Perkins plc*		43,573		925,285
Unilever plc		511,200		29,944,623
United Utilities Group plc		132,032		1,766,033
Vodafone Group plc		5,210,608		9,833,464
Weir Group plc (The)*		50,276		1,330,627
Whitbread plc*		39,164		1,755,851
Wickes Group plc*		48,824		168,537
Wm Morrison Supermarkets plc		466,580		1,120,578
WPP plc		239,404		3,227,673
				412,095,027

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United States — 0.6%
Carnival plc*		34,938		816,732
Ferguson plc		45,141		5,693,460
James Hardie Industries plc, CHDI		86,314		2,844,423
QIAGEN NV*		44,879		2,188,009
Stellantis NV		430,689		7,136,309
Tenaris SA		91,434		980,444
				19,659,377
Total Common Stocks (Cost $2,858,338,737)				3,383,003,300
	NO. OF RIGHTS
RIGHTS — 0.0% (c)
Switzerland — 0.0% (c)
Credit Suisse Group AG, expiring 5/6/2021* (Cost $ — )		452,115		18,922
	SHARES
Short-Term Investments — 3.0%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (d) (e) (Cost $4,298,421)		4,298,421		4,298,421
Investment of Cash Collateral from Securities Loaned — 2.9%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (d) (e)		87,488,453		87,497,201
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		10,466,533		10,466,533
Total Investment of Cash Collateral from Securities Loaned (Cost $97,963,734)				97,963,734
Total Short-term Investments (Cost $102,262,155)				102,262,155
Total Investments — 102.3% (Cost $2,960,600,892)				3,485,284,377
Liabilities in Excess of Other Assets — (2.3)%				(78,327,340	)
NET ASSETS — 100.0%				3,406,957,037

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2021

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

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Banks		8.3	%
Pharmaceuticals		7.3
Insurance		4.9
Chemicals		3.6
Metals & Mining		3.3
Machinery		3.3
Food Products		3.2
Automobiles		3.0
Textiles, Apparel & Luxury Goods		2.9
Oil, Gas & Consumable Fuels		2.9
Semiconductors & Semiconductor Equipment		2.8
Capital Markets		2.6
Health Care Equipment & Supplies		2.1
Electrical Equipment		2.0
Electric Utilities		1.9
Beverages		1.9
Personal Products		1.9
Electronic Equipment, Instruments & Components		1.8
Diversified Telecommunication Services		1.8
IT Services		1.8
Real Estate Management & Development		1.6
Wireless Telecommunication Services		1.6
Professional Services		1.6
Hotels, Restaurants & Leisure		1.5
Trading Companies & Distributors		1.5
Household Durables		1.4
Equity Real Estate Investment Trusts (REITs)		1.4
Food & Staples Retailing		1.3
Software		1.3
Industrial Conglomerates		1.3
Aerospace & Defense		1.2
Building Products		1.1
Auto Components		1.0
Diversified Financial Services		1.0
Others (each less than 1.0%)		15.0
Short-Term Investments		2.9

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 93

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

Abbreviations

APAC	Asia Pacific
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 ton loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $85,745,968.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of April 30, 2021:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
MSCI EAFE E-Mini Index		210		06/2021		USD		23,694,300		525,810

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.0%
Air Freight & Logistics — 0.5%
SG Holdings Co. Ltd.		923,900		20,980,976
Yamato Holdings Co. Ltd.		659,700		18,606,074
				39,587,050
Airlines — 0.2%
ANA Holdings, Inc.*		291,800		6,699,241
Japan Airlines Co. Ltd.*		263,700		5,648,990
				12,348,231
Auto Components — 2.7%
Aisin Corp.		333,100		12,820,977
Bridgestone Corp.		1,120,300		44,899,533
Denso Corp.		949,400		61,381,557
JTEKT Corp.		451,100		4,068,786
Koito Manufacturing Co. Ltd.		234,700		14,640,736
NGK Spark Plug Co. Ltd.		312,900		5,225,359
NOK Corp.		221,200		2,850,808
Stanley Electric Co. Ltd.		278,700		7,978,182
Sumitomo Electric Industries Ltd.		1,449,600		21,569,907
Sumitomo Rubber Industries Ltd.		341,200		4,226,733
Toyoda Gosei Co. Ltd.		135,400		3,318,695
Toyota Boshoku Corp.		157,500		2,938,406
Toyota Industries Corp.		374,700		30,084,254
Yokohama Rubber Co. Ltd. (The)		244,300		4,543,076
				220,547,009
Automobiles — 6.8%
Honda Motor Co. Ltd.		3,141,600		93,681,986
Isuzu Motors Ltd.		1,130,300		11,477,231
Mazda Motor Corp.		1,095,800		8,509,112
Mitsubishi Motors Corp.*		1,251,400		3,390,501
Nissan Motor Co. Ltd.*		4,392,000		22,047,615
Subaru Corp.		1,123,100		20,882,316
Suzuki Motor Corp.		896,300		34,011,468
Toyota Motor Corp.		4,646,000		347,633,135
Yamaha Motor Co. Ltd.		575,400		14,376,717
				556,010,081
Banks — 4.6%
Aozora Bank Ltd.		216,000		4,650,682
Bank of Kyoto Ltd. (The)		138,500		7,440,507
Chiba Bank Ltd. (The)		1,354,400		8,469,349
Concordia Financial Group Ltd.		2,208,100		8,301,331
Fukuoka Financial Group, Inc.		349,100		5,954,185
Iyo Bank Ltd. (The)		591,000		3,259,767
Kyushu Financial Group, Inc.		803,700		3,130,360
Mebuki Financial Group, Inc.		2,152,100		4,695,707

INVESTMENTS	SHARES		VALUE($)
Banks — continued
Mitsubishi UFJ Financial Group, Inc.		23,553,900		125,309,040
Mizuho Financial Group, Inc.		4,635,400		65,240,608
Resona Holdings, Inc.		4,343,100		17,878,975
Seven Bank Ltd.		1,334,600		2,873,952
Shinsei Bank Ltd.		297,900		4,345,275
Shizuoka Bank Ltd. (The)		1,032,100		7,919,804
Sumitomo Mitsui Financial Group, Inc.		2,508,200		88,109,855
Sumitomo Mitsui Trust Holdings, Inc.		684,800		23,339,785
				380,919,182
Beverages — 1.0%
Asahi Group Holdings Ltd.		879,300		36,766,243
Coca-Cola Bottlers Japan Holdings, Inc.		275,100		4,401,729
Kirin Holdings Co. Ltd.		1,584,600		29,757,599
Suntory Beverage & Food Ltd.		231,200		7,804,234
				78,729,805
Biotechnology — 0.1%
PeptiDream, Inc.*		178,900		7,657,371
Building Products — 1.9%
AGC, Inc.		415,500		18,946,516
Daikin Industries Ltd.		534,900		107,897,249
Lixil Corp.		531,700		14,402,109
TOTO Ltd.		290,800		15,118,722
				156,364,596
Capital Markets — 1.0%
Daiwa Securities Group, Inc.		2,760,500		14,730,361
Japan Exchange Group, Inc.		978,900		22,958,556
Matsui Securities Co. Ltd.		203,700		1,599,214
Nomura Holdings, Inc.		5,135,600		27,604,652
SBI Holdings, Inc.		444,400		12,560,885
				79,453,668
Chemicals — 4.7%
Air Water, Inc.		419,700		6,942,148
Asahi Kasei Corp.		2,544,900		26,809,220
Daicel Corp.		519,800		4,016,508
DIC Corp.		151,100		3,861,974
JSR Corp.		391,900		12,079,949
Kaneka Corp.		124,400		4,845,104
Kansai Paint Co. Ltd.		472,400		11,894,568
Kuraray Co. Ltd.		648,000		7,043,900
Mitsubishi Chemical Holdings Corp.		2,584,600		19,241,011
Mitsubishi Gas Chemical Co., Inc.		379,000		8,756,682
Mitsui Chemicals, Inc.		373,400		11,754,616
Nippon Paint Holdings Co. Ltd.		2,639,800		37,706,471

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 95

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Chemicals— continued
Nippon Sanso Holdings Corp.		387,200		7,284,169
Nippon Shokubai Co. Ltd.		65,600		3,447,871
Nissan Chemical Corp.		265,000		13,624,401
Nitto Denko Corp.		289,900		23,990,464
Shin-Etsu Chemical Co. Ltd.		722,700		121,993,329
Showa Denko KK		273,500		8,281,477
Sumitomo Chemical Co. Ltd.		3,021,900		15,424,377
Teijin Ltd.		361,400		5,950,270
Toray Industries, Inc.		2,977,900		18,517,231
Tosoh Corp.		593,400		10,517,975
				383,983,715
Commercial Services & Supplies — 0.8%
Dai Nippon Printing Co. Ltd.		514,900		10,202,837
Park24 Co. Ltd.		206,700		3,993,217
Secom Co. Ltd.		391,500		32,625,429
Sohgo Security Services Co. Ltd.		158,200		6,935,926
Toppan Printing Co. Ltd.		638,600		10,905,775
				64,663,184
Construction & Engineering — 0.7%
JGC Holdings Corp.		472,800		5,404,856
Kajima Corp.		906,900		12,545,117
Kinden Corp.		250,500		4,264,875
Obayashi Corp.		1,317,200		12,051,681
Shimizu Corp.		1,280,800		10,494,989
Taisei Corp.		385,100		14,228,778
				58,990,296
Construction Materials — 0.1%
Taiheiyo Cement Corp.		232,000		5,824,765
Consumer Finance—0.1%
Acom Co. Ltd.		844,700		3,630,855
AEON Financial Service Co. Ltd.		205,200		2,335,868
Credit Saison Co. Ltd.		284,500		3,279,858
Orient Corp.		1,098,200		1,500,041
				10,746,622
Containers & Packaging — 0.0% (a)
Toyo Seikan Group Holdings Ltd.		292,600		3,429,368
Diversified Consumer Services — 0.0% (a)
Benesse Holdings, Inc.		147,900		3,265,904
Diversified Financial Services — 0.6%
Mitsubishi HC Capital, Inc.		1,457,740		8,377,813
ORIX Corp.		2,347,200		37,892,881
Tokyo Century Corp.		96,300		5,953,421
				52,224,115

INVESTMENTS	SHARES			VALUE($)
Diversified Telecommunication Services — 0.7%
Nippon Telegraph & Telephone Corp.		2,349,900			59,247,760
Electric Utilities—0.7%
Chubu Electric Power Co., Inc.		1,314,600			15,930,848
Chugoku Electric Power Co., Inc. (The)		593,600			6,643,426
Kansai Electric Power Co., Inc. (The)		1,507,600			14,974,604
Kyushu Electric Power Co., Inc.		865,800			7,935,700
Tohoku Electric Power Co., Inc.		917,600			8,106,064
Tokyo Electric Power Co. Holdings, Inc.*		1,466,800			4,349,330
					57,939,972
Electrical Equipment — 2.3%
Fuji Electric Co. Ltd.		272,800			12,419,970
Mabuchi Motor Co. Ltd.		104,800			4,197,521
Mitsubishi Electric Corp.		3,919,500			60,393,032
Nidec Corp.		1,001,700			115,665,258
					192,675,781
Electronic Equipment, Instruments & Components — 6.2%
Alps Alpine Co. Ltd.		372,200			4,509,848
Canon Marketing Japan, Inc.		97,800			2,361,102
Hamamatsu Photonics KK		268,400			15,557,072
Hirose Electric Co. Ltd.		60,100			9,580,344
Hitachi Ltd.		1,766,800			87,452,582
Ibiden Co. Ltd.		244,000			11,517,660
Keyence Corp.		342,100			164,226,159
Kyocera Corp.		641,300			38,935,374
Murata Manufacturing Co. Ltd.		1,172,100			93,190,637
Omron Corp.		376,400			28,503,260
Shimadzu Corp.		502,800			17,619,604
TDK Corp.		236,400			32,058,901
Yokogawa Electric Corp.		436,500			7,923,825
					513,436,368
Entertainment — 2.2%
DeNA Co. Ltd.		154,400			3,158,921
Konami Holdings Corp.		183,000			10,915,290
Nexon Co. Ltd.		825,600			27,308,603
Nintendo Co. Ltd.		216,400			124,138,576
Square Enix Holdings Co. Ltd.		163,100			9,043,948
Toho Co. Ltd.		258,300			10,294,024
					184,859,362
Equity Real Estate Investment Trusts (REITs) — 1.6%
Advance Residence Investment Corp.		2,525			8,041,717
Daiwa House REIT Investment Corp.		3,648	��		9,770,087
GLP J-REIT		7,932			13,296,206
Japan Metropolitan Fund Invest		12,754			12,568,590

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Japan Prime Realty Investment Corp.		1,746		7,087,743
Japan Real Estate Investment Corp.		2,525		15,650,433
Nippon Building Fund, Inc.		3,017		19,800,550
Nippon Prologis REIT, Inc.		4,699		15,057,831
Nomura Real Estate Master Fund, Inc.		8,610		13,604,299
Orix JREIT, Inc.		5,040		8,890,432
United Urban Investment Corp.		5,694		8,500,379
				132,268,267
Food & Staples Retailing — 1.8%
Aeon Co. Ltd.(b)		1,592,000		43,443,965
Cosmos Pharmaceutical Corp.		39,400		5,654,966
Kobe Bussan Co. Ltd.		219,800		5,871,785
Lawson, Inc.		91,400		4,107,616
Matsumotokiyoshi Holdings Co. Ltd.		173,300		6,969,512
Seven & i Holdings Co. Ltd.		1,456,500		62,886,022
Sundrug Co. Ltd.		124,400		4,239,335
Tsuruha Holdings, Inc.		65,900		7,617,936
Welcia Holdings Co. Ltd.		187,900		5,862,741
				146,653,878
Food Products — 1.5%
Ajinomoto Co., Inc.		1,002,800		20,054,476
Calbee, Inc.		210,400		5,041,976
Ezaki Glico Co. Ltd.		104,600		3,914,561
Kewpie Corp.		219,100		5,186,500
Kikkoman Corp.		354,100		21,760,911
MEIJI Holdings Co. Ltd.		265,100		16,450,391
NH Foods Ltd.		188,300		8,410,353
Nisshin Seifun Group, Inc.		477,400		7,711,109
Nissin Foods Holdings Co. Ltd.		154,300		10,933,853
Toyo Suisan Kaisha Ltd.		185,800		7,575,992
Yakult Honsha Co. Ltd.		293,500		14,286,599
Yamazaki Baking Co. Ltd.		329,400		5,221,315
				126,548,036
Gas Utilities — 0.5%
Osaka Gas Co. Ltd.		760,400		14,718,283
Toho Gas Co. Ltd.		180,800		10,076,424
Tokyo Gas Co. Ltd.		703,000		14,266,606
				39,061,313
Health Care Equipment & Supplies — 2.6%
Asahi Intecc Co. Ltd.		414,400		11,154,349
Hoya Corp.		680,400		77,337,877
Olympus Corp.		2,352,500		48,418,042
Sysmex Corp.		301,900		30,154,844

INVESTMENTS	SHARES		VALUE($)
Health Care Equipment & Supplies — continued
Terumo Corp.		1,317,200		49,806,276
				216,871,388
Health Care Providers & Services — 0.2%
Alfresa Holdings Corp.		385,900		6,917,524
Medipal Holdings Corp.		383,700		7,060,274
Suzuken Co. Ltd.		145,300		5,236,251
				19,214,049
Health Care Technology — 0.7%
M3, Inc.		780,900		53,944,490
Hotels, Restaurants & Leisure — 0.8%
McDonald’s Holdings Co. Japan Ltd.		121,600		5,552,020
Oriental Land Co. Ltd.		411,900		58,391,308
				63,943,328
Household Durables — 4.4%
Casio Computer Co. Ltd.		421,100		7,456,099
Haseko Corp.		455,600		6,111,535
Iida Group Holdings Co. Ltd.		338,900		8,253,697
Nikon Corp.		635,700		5,985,775
Panasonic Corp.		4,255,100		49,963,388
Rinnai Corp.		71,600		7,189,678
Sekisui Chemical Co. Ltd.		826,200		14,405,119
Sekisui House Ltd.		1,187,300		24,045,944
Sharp Corp.		378,900		6,394,085
Sony Group Corp.		2,301,800		230,131,504
				359,936,824
Household Products — 0.6%
Lion Corp.		545,700		10,239,063
Pigeon Corp.		222,100		7,537,741
Unicharm Corp.		804,700		31,278,973
				49,055,777
Independent Power and Renewable Electricity Producers — 0.1%
Electric Power Development Co. Ltd.		317,200		5,085,360
Industrial Conglomerates — 0.5%
Keihan Holdings Co. Ltd.		196,500		7,175,202
Toshiba Corp.		772,500		31,928,384
				39,103,586
Insurance — 2.3%
Dai-ichi Life Holdings, Inc.		2,078,700		37,535,227
Japan Post Holdings Co. Ltd.*		2,711,000		22,781,758
Japan Post Insurance Co. Ltd.		369,700		7,128,157
MS&AD Insurance Group Holdings, Inc.		877,600		24,898,064
Sompo Holdings, Inc.		681,300		25,320,611

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 97

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Insurance — continued
T&D Holdings, Inc.		1,097,800		13,472,487
Tokio Marine Holdings, Inc.		1,281,200		61,442,385
				192,578,689
Interactive Media & Services — 0.4%
Kakaku.com, Inc.		237,500		6,448,198
Z Holdings Corp.		4,843,400		22,339,058
				28,787,256
Internet & Direct Marketing Retail — 0.4%
Mercari, Inc.*		183,200		8,992,300
Rakuten Group, Inc.		1,492,500		18,972,914
ZOZO, Inc.		176,000		5,919,587
				33,884,801
IT Services — 2.3%
Fujitsu Ltd.		340,400		54,075,267
GMO Payment Gateway, Inc.		77,300		9,828,198
Itochu Techno-Solutions Corp.		174,900		6,051,870
NEC Corp.		498,300		28,969,014
Nomura Research Institute Ltd.		713,800		21,905,861
NTT Data Corp.		1,177,700		18,337,916
Obic Co. Ltd.		122,100		23,531,854
Otsuka Corp.		201,400		10,131,149
SCSK Corp.		93,000		5,396,966
TIS, Inc.		423,300		10,502,192
				188,730,287
Leisure Products — 1.0%
Bandai Namco Holdings, Inc.		404,900		29,711,973
Sega Sammy Holdings, Inc.		320,500		4,600,039
Shimano, Inc.		155,600		35,578,706
Yamaha Corp.		300,700		16,410,870
				86,301,588
Machinery — 5.6%
Amada Co. Ltd.		655,600		7,110,903
Daifuku Co. Ltd.		231,000		22,832,608
FANUC Corp.		346,700		79,839,091
Harmonic Drive Systems, Inc.		73,800		4,963,066
Hino Motors Ltd.		524,300		4,400,504
Hitachi Construction Machinery Co. Ltd.		192,700		5,923,737
Hoshizaki Corp.		108,000		9,594,531
Kawasaki Heavy Industries Ltd.*		304,900		7,318,144
Komatsu Ltd.		1,775,900		52,219,672
Kubota Corp.		2,095,500		49,298,269
Kurita Water Industries Ltd.		195,400		9,024,432
Makita Corp.		511,200		23,022,027

INVESTMENTS	SHARES		VALUE($)
Machinery — continued
MINEBEA MITSUMI, Inc.		780,000		19,561,733
MISUMI Group, Inc.		518,500		14,644,358
Mitsubishi Heavy Industries Ltd.		615,600		18,325,403
Nabtesco Corp.		228,300		10,273,401
NGK Insulators Ltd.		500,100		9,140,046
NSK Ltd.		895,500		8,257,986
SMC Corp.		115,900		67,346,825
Sumitomo Heavy Industries Ltd.		224,300		6,528,609
THK Co. Ltd.		224,800		7,668,973
Yaskawa Electric Corp. (b)		487,100		22,452,818
				459,747,136
Marine — 0.3%
Mitsui OSK Lines Ltd.		220,200		8,852,947
Nippon Yusen KK		310,300		12,195,837
				21,048,784
Media — 0.5%
CyberAgent, Inc.		747,600		15,342,584
Dentsu Group, Inc.		442,200		13,647,907
Fuji Media Holdings, Inc.		85,400		1,039,178
Hakuhodo DY Holdings, Inc.		554,000		9,376,078
Nippon Television Holdings, Inc.		96,100		1,265,206
TBS Holdings, Inc.		63,900		1,247,639
				41,918,592
Metals & Mining — 1.0%
Hitachi Metals Ltd.		368,000		7,134,793
JFE Holdings, Inc.		1,054,100		13,861,129
Maruichi Steel Tube Ltd.		142,500		3,566,902
Mitsubishi Materials Corp.		239,800		5,387,452
Nippon Steel Corp.		1,735,100		30,320,849
Sumitomo Metal Mining Co. Ltd.		499,200		21,135,310
				81,406,435
Multiline Retail — 0.7%
Isetan Mitsukoshi Holdings Ltd.		723,700		5,070,675
Izumi Co. Ltd.		82,300		3,276,507
J Front Retailing Co. Ltd.		494,100		4,717,826
Marui Group Co. Ltd.		408,600		7,679,312
Pan Pacific International Holdings Corp.		1,099,700		23,704,402
Ryohin Keikaku Co. Ltd.		482,200		10,155,693
Seria Co. Ltd.		83,000		3,007,846
				57,612,261
Oil, Gas & Consumable Fuels — 0.6%
ENEOS Holdings, Inc.		5,896,700		25,361,204
Idemitsu Kosan Co. Ltd.		451,252		10,792,128

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Inpex Corp.		1,975,500		13,443,291
				49,596,623
Paper & Forest Products — 0.1%
Oji Holdings Corp.		1,851,600		11,679,524
Personal Products — 1.6%
Kao Corp.		879,900		56,571,934
Kobayashi Pharmaceutical Co. Ltd.		100,100		8,940,142
Kose Corp.		63,200		9,513,840
Pola Orbis Holdings, Inc.		154,700		4,006,287
Shiseido Co. Ltd.		730,300		53,144,854
				132,177,057
Pharmaceuticals — 5.5%
Astellas Pharma, Inc.		3,398,500		51,151,058
Chugai Pharmaceutical Co. Ltd.		1,164,900		43,724,414
Daiichi Sankyo Co. Ltd.		3,339,000		85,279,491
Eisai Co. Ltd.		541,100		35,291,582
Hisamitsu Pharmaceutical Co., Inc.		155,400		9,065,283
Kyowa Kirin Co. Ltd.		463,100		14,095,887
Nippon Shinyaku Co. Ltd.		111,200		7,500,837
Ono Pharmaceutical Co. Ltd.		906,400		22,831,183
Otsuka Holdings Co. Ltd.		1,018,400		39,029,716
Santen Pharmaceutical Co. Ltd.		730,600		9,357,293
Shionogi & Co. Ltd.		512,000		26,992,243
Sumitomo Dainippon Pharma Co. Ltd.		348,900		6,057,350
Taisho Pharmaceutical Holdings Co. Ltd.		100,700		5,936,860
Takeda Pharmaceutical Co. Ltd.		2,877,600		96,113,292
Tsumura & Co.		126,300		4,206,258
				456,632,747
Professional Services — 1.9%
Nihon M&A Center, Inc.		534,000		13,950,625
Persol Holdings Co. Ltd.		345,900		6,370,177
Recruit Holdings Co. Ltd.		3,095,900		139,586,371
				159,907,173
Real Estate Management & Development — 2.3%
Aeon Mall Co. Ltd.		182,400		2,895,525
Daito Trust Construction Co. Ltd.		126,000		13,397,955
Daiwa House Industry Co. Ltd.		1,215,800		36,051,200
Hulic Co. Ltd.		910,100		10,382,922
Mitsubishi Estate Co. Ltd.		2,539,400		41,795,717
Mitsui Fudosan Co. Ltd.		1,762,100		38,306,812
Nomura Real Estate Holdings, Inc.		218,500		5,386,577
Sumitomo Realty & Development Co. Ltd.		869,200		29,014,699
Tokyo Tatemono Co. Ltd.		381,700		5,651,184

INVESTMENTS	SHARES		VALUE($)
Real Estate Management & Development — continued
Tokyu Fudosan Holdings Corp.		1,103,800		6,143,676
				189,026,267
Road & Rail — 3.1%
Central Japan Railway Co.		376,000		55,088,455
East Japan Railway Co.		689,600		47,229,098
Hankyu Hanshin Holdings, Inc.		463,900		14,630,988
Keikyu Corp.		503,500		6,455,441
Keio Corp.		222,900		14,510,310
Keisei Electric Railway Co. Ltd.		314,500		9,821,591
Kintetsu Group Holdings Co. Ltd.*		348,300		12,495,125
Kyushu Railway Co.		287,200		6,447,454
Nagoya Railroad Co. Ltd.*		359,200		8,250,424
Nankai Electric Railway Co. Ltd.		207,200		4,576,625
Nippon Express Co. Ltd.		159,300		12,191,840
Odakyu Electric Railway Co. Ltd.		632,700		17,136,024
Seibu Holdings, Inc.		484,500		5,210,237
Tobu Railway Co. Ltd.		382,800		9,857,092
Tokyu Corp.		1,037,900		13,348,195
West Japan Railway Co.		349,500		19,322,395
				��
				256,571,294
Semiconductors & Semiconductor Equipment — 3.1%
Advantest Corp.		364,300		34,439,110
Disco Corp.		54,200		17,502,327
Lasertec Corp.		141,200		24,863,746
Renesas Electronics Corp.*		1,833,800		21,360,367
Rohm Co. Ltd.		159,700		15,764,418
SUMCO Corp.		462,200		11,953,491
Tokyo Electron Ltd.		287,100		130,397,354
				256,280,813
Software — 0.2%
Oracle Corp.		61,000		5,719,058
Trend Micro, Inc.		256,300		12,199,599
				17,918,657
Specialty Retail — 2.0%
ABC-Mart, Inc.		57,400		3,075,518
Fast Retailing Co. Ltd. (b)		118,400		97,139,117
Hikari Tsushin, Inc.		37,400		7,523,386
K’s Holdings Corp.		356,900		4,868,932
Nitori Holdings Co. Ltd.		158,600		28,406,117
Shimamura Co. Ltd.		46,800		4,629,913
USS Co. Ltd.		405,600		7,359,953
Workman Co. Ltd. (b)		43,700		2,848,404
Yamada Holdings Co. Ltd.		1,428,900		7,113,402
				162,964,742

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 99

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Technology Hardware, Storage & Peripherals — 1.6%
Brother Industries Ltd.		478,300		10,141,449
Canon, Inc.		1,947,400		46,309,472
FUJIFILM Holdings Corp.		732,800		47,467,314
Ricoh Co. Ltd.		1,251,000		13,368,334
Seiko Epson Corp.		598,100		10,204,546
				127,491,115
Textiles, Apparel & Luxury Goods — 0.1%
Asics Corp.		346,800		5,510,567
Tobacco — 0.5%
Japan Tobacco, Inc.		2,007,800		37,663,654
Trading Companies & Distributors — 3.7%
ITOCHU Corp.		2,574,900		80,385,164
Marubeni Corp.		3,014,000		25,104,316
Mitsubishi Corp.		2,576,500		71,242,076
Mitsui & Co. Ltd.		2,977,400		62,833,987
MonotaRO Co. Ltd. (b)		448,200		11,380,876
Sojitz Corp.		2,010,200		6,004,756
Sumitomo Corp.		2,169,500		29,481,322
Toyota Tsusho Corp.		433,100		18,352,387
				304,784,884
Transportation Infrastructure — 0.2%
Japan Airport Terminal Co. Ltd. (b)		152,700		6,856,164
Kamigumi Co. Ltd.		203,400		3,963,050
Mitsubishi Logistics Corp.		147,700		4,391,970
				15,211,184
Wireless Telecommunication Services — 4.8%
KDDI Corp.		2,986,800		90,289,343
SoftBank Corp.		2,883,700		37,171,984
SoftBank Group Corp.		3,013,800		271,575,457
				399,036,784
Total Common Stocks (Cost $7,325,580,702)				8,149,059,415

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 0.1%
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (c) (d)		6,988,314		6,989,013
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		1,353,519		1,353,519
Total Investment of Cash Collateral from Securities Loaned (Cost $8,342,532)				8,342,532
Total Investments — 99.1% (Cost $7,333,923,234)				8,157,401,947
Other Assets Less Liabilities — 0.9%				72,790,566
NET ASSETS — 100.0%				8,230,192,513

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 April 30, 2021. The total value of securities on loan at April 30, 2021 is $7,899,542.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

Futures contracts outstanding as of April 30, 2021:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
TOPIX Index		462		06/2021		JPY		80,360,692		(2,598,270	)

Abbreviations

JPY	JapaneseYen
TOPIX	TokyoStock Price Index

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 101

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.5%
Aerospace & Defense — 1.6%
Boeing Co. (The)*		7,417		1,737,877
General Dynamics Corp.		3,144		598,083
HEICO Corp.		562		79,130
HEICO Corp., Class A		1,011		127,669
Howmet Aerospace, Inc.*		5,281		168,781
Huntington Ingalls Industries, Inc.		541		114,865
L3Harris Technologies, Inc.		2,780		581,659
Lockheed Martin Corp.		3,328		1,266,504
Northrop Grumman Corp.		2,101		744,679
Raytheon Technologies Corp.		20,568		1,712,080
Teledyne Technologies, Inc.*		507		227,009
Textron, Inc.		3,063		196,767
TransDigm Group, Inc.*		751		460,919
				8,016,022
Air Freight & Logistics — 0.7%
CH Robinson Worldwide, Inc.		1,819		176,588
Expeditors International of Washington, Inc.		2,281		250,591
FedEx Corp.		3,300		958,023
United Parcel Service, Inc., Class B		9,744		1,986,412
XPO Logistics, Inc.*		1,369		190,455
				3,562,069
Airlines — 0.2%
Alaska Air Group, Inc.*		1,689		116,777
Delta Air Lines, Inc.*		8,624		404,638
Southwest Airlines Co.*		8,006		502,617
United Airlines Holdings, Inc.*		4,320		235,008
				1,259,040
Auto Components — 0.2%
Aptiv plc*		3,663		527,069
Autoliv, Inc. (Sweden)*		1,062		106,901
BorgWarner, Inc.		3,220		156,427
Lear Corp.		752		138,248
				928,645
Automobiles — 1.8%
Ford Motor Co.*		52,894		610,397
General Motors Co.*		17,159		981,838
Tesla, Inc.*		10,399		7,377,466
				8,969,701
Banks — 4.2%
Bank of America Corp.		102,814		4,167,051
Citigroup, Inc.		28,247		2,012,316
Citizens Financial Group, Inc.		5,765		266,804
Comerica, Inc.		1,876		141,000

INVESTMENTS	SHARES		VALUE($)
Banks — continued
East West Bancorp, Inc.		1,901		144,761
Fifth Third Bancorp		9,625		390,197
First Republic Bank		2,380		436,111
Huntington Bancshares, Inc.		13,758		210,773
JPMorgan Chase & Co. (a)		41,299		6,352,199
KeyCorp		13,101		285,078
M&T Bank Corp.		1,735		273,592
PNC Financial Services Group, Inc. (The)		5,724		1,070,102
Regions Financial Corp.		12,986		283,095
SVB Financial Group*		730		417,436
Truist Financial Corp.		18,228		1,081,103
US Bancorp		18,494		1,097,619
Wells Fargo & Co.		55,950		2,520,548
Zions Bancorp NA		2,227		124,267
				21,274,052
Beverages — 1.4%
Brown-Forman Corp., Class A		763		54,440
Brown-Forman Corp., Class B		2,480		189,175
Coca-Cola Co. (The)		52,496		2,833,734
Constellation Brands, Inc., Class A		2,288		549,852
Keurig Dr Pepper, Inc.		7,804		279,774
Molson Coors Beverage Co., Class B*		2,539		139,518
Monster Beverage Corp.*		5,006		485,832
PepsiCo, Inc.		18,657		2,689,593
				7,221,918
Biotechnology — 2.0%
AbbVie, Inc.		23,896		2,664,404
Alexion Pharmaceuticals, Inc.*		2,959		499,124
Alnylam Pharmaceuticals, Inc.*		1,583		222,633
Amgen, Inc.		7,810		1,871,589
Biogen, Inc.*		2,073		554,175
BioMarin Pharmaceutical, Inc.*		2,471		192,540
Exact Sciences Corp.*		2,279		300,418
Gilead Sciences, Inc.		17,010		1,079,625
Incyte Corp.*		2,524		215,499
Moderna, Inc.*		4,107		734,414
Neurocrine Biosciences, Inc.*		1,282		121,136
Regeneron Pharmaceuticals, Inc.*		1,431		688,740
Seagen, Inc.*		1,716		246,692
Vertex Pharmaceuticals, Inc.*		3,528		769,810
				10,160,799
Building Products — 0.5%
Allegion plc		1,219		163,809
Carrier Global Corp.		11,064		482,169

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Building Products — continued
Fortune Brands Home & Security, Inc.		1,870		196,312
Johnson Controls International plc		9,752		607,940
Lennox International, Inc.		450		150,903
Masco Corp.		3,469		221,600
Owens Corning		1,427		138,148
Trane Technologies plc		3,214		558,690
				2,519,571
Capital Markets — 3.1%
Ameriprise Financial, Inc.		1,581		408,530
Apollo Global Management, Inc.		2,867		158,746
Bank of New York Mellon Corp. (The)		10,926		544,989
BlackRock, Inc.		1,934		1,584,526
Blackstone Group, Inc. (The)		9,251		818,621
Carlyle Group, Inc. (The)		1,582		67,488
Charles Schwab Corp. (The)		20,240		1,424,896
CME Group, Inc.		4,864		982,479
Franklin Resources, Inc.		3,694		110,820
Goldman Sachs Group, Inc. (The)		4,648		1,619,596
Intercontinental Exchange, Inc.		7,613		896,126
Invesco Ltd.		5,106		137,862
KKR & Co., Inc.		7,800		441,324
MarketAxess Holdings, Inc.		517		252,534
Moody’s Corp.		2,163		706,674
Morgan Stanley		20,312		1,676,756
MSCI, Inc.		1,104		536,290
Nasdaq, Inc.		1,566		252,972
Northern Trust Corp.		2,809		319,664
Raymond James Financial, Inc.		1,671		218,533
S&P Global, Inc.		3,267		1,275,404
SEI Investments Co.		1,606		98,673
State Street Corp.		4,759		399,518
T. Rowe Price Group, Inc.		3,074		550,861
				15,483,882
Chemicals — 1.8%
Air Products and Chemicals, Inc.		3,004		866,594
Albemarle Corp.		1,580		265,709
Axalta Coating Systems Ltd.*		2,808		89,547
Celanese Corp.		1,554		243,434
CF Industries Holdings, Inc.		2,898		140,930
Corteva, Inc.		10,061		490,574
Dow, Inc.		10,073		629,563
DuPont de Nemours, Inc.		7,280		561,361
Eastman Chemical Co.		1,841		212,433
Ecolab, Inc.		3,351		751,026

INVESTMENTS	SHARES		VALUE($)
Chemicals — continued
FMC Corp.		1,743		206,092
International Flavors & Fragrances, Inc.		3,351		476,412
Linde plc (United Kingdom)		7,087		2,025,748
LyondellBasell Industries NV, Class A		3,471		360,082
Mosaic Co. (The)		4,658		163,868
PPG Industries, Inc.		3,198		547,626
Sherwin-Williams Co. (The)		3,266		894,459
Westlake Chemical Corp.		451		42,344
				8,967,802
Commercial Services & Supplies — 0.4%
Cintas Corp.		1,193		411,752
Copart, Inc.*		2,805		349,251
Republic Services, Inc.		2,860		304,018
Rollins, Inc.		3,005		112,026
Stericycle, Inc.*		1,228		93,672
Waste Management, Inc.		5,271		727,240
				1,997,959
Communications Equipment — 0.8%
Arista Networks, Inc.*		754		237,638
Cisco Systems, Inc.		57,137		2,908,845
F5 Networks, Inc.*		825		154,077
Juniper Networks, Inc.		4,451		113,011
Motorola Solutions, Inc.		2,278		428,947
Ubiquiti, Inc.		109		31,101
				3,873,619
Construction & Engineering — 0.0% (b)
Quanta Services, Inc.		1,867		180,427
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		832		293,796
Vulcan Materials Co.		1,806		321,901
				615,697
Consumer Finance — 0.7%
Ally Financial, Inc.		5,051		259,874
American Express Co.		8,833		1,354,540
Capital One Financial Corp.		6,212		926,085
Discover Financial Services		4,138		471,732
Santander Consumer USA Holdings, Inc.		946		32,107
Synchrony Financial		7,359		321,883
				3,366,221
Containers & Packaging — 0.4%
Amcor plc		21,134		248,325
Avery Dennison Corp.		1,109		237,515
Ball Corp.		4,449		416,604

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 103

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Containers & Packaging — continued
Crown Holdings, Inc.		1,831		201,044
International Paper Co.		5,311		308,038
Packaging Corp. of America		1,291		190,616
Sealed Air Corp.		2,100		103,740
WestRock Co.		3,566		198,804
				1,904,686
Distributors — 0.1%
Genuine Parts Co.		1,960		244,941
LKQ Corp.*		3,788		176,938
				421,879
Diversified Financial Services — 1.5%
Berkshire Hathaway, Inc., Class B*		25,789		7,090,685
Equitable Holdings, Inc.		5,299		181,385
Jefferies Financial Group, Inc.		2,747		89,305
Voya Financial, Inc.		1,684		114,209
				7,475,584
Diversified Telecommunication Services — 1.3%
AT&T, Inc.		96,507		3,031,285
Lumen Technologies, Inc.		13,353		171,319
Verizon Communications, Inc.		55,993		3,235,835
				6,438,439
Electric Utilities — 1.6%
Alliant Energy Corp.		3,393		190,585
American Electric Power Co., Inc.		6,723		596,397
Avangrid, Inc.		762		38,786
Duke Energy Corp.		10,408		1,047,982
Edison International		5,136		305,335
Entergy Corp.		2,726		297,925
Evergy, Inc.		3,063		195,940
Eversource Energy		4,637		399,802
Exelon Corp.		13,210		593,657
FirstEnergy Corp.		7,360		279,091
NextEra Energy, Inc.		26,524		2,055,875
NRG Energy, Inc.		3,309		118,528
OGE Energy Corp.		2,692		90,344
PG&E Corp.*		20,155		228,155
Pinnacle West Capital Corp.		1,538		130,192
PPL Corp.		10,411		303,272
Southern Co. (The)		14,289		945,503
Xcel Energy, Inc.		7,272		518,494
				8,335,863
Electrical Equipment — 0.5%
AMETEK, Inc.		3,131		422,466

INVESTMENTS	SHARES		VALUE($)
Electrical Equipment — continued
Eaton Corp. plc		5,393		770,822
Emerson Electric Co.		8,105		733,421
Hubbell, Inc.		747		143,431
Rockwell Automation, Inc.		1,575		416,210
Sensata Technologies Holding plc*		2,129		122,928
				2,609,278
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		8,096		545,185
CDW Corp.		1,895		337,935
Cognex Corp.		2,381		205,052
Corning, Inc.		10,405		460,005
Flex Ltd.*		6,750		117,450
IPG Photonics Corp.*		495		107,469
Keysight Technologies, Inc.*		2,516		363,185
TE Connectivity Ltd.		4,480		602,426
Trimble, Inc.*		3,404		279,128
Zebra Technologies Corp., Class A*		710		346,295
				3,364,130
Energy Equipment & Services — 0.2%
Baker Hughes Co.		9,872		198,230
Halliburton Co.		12,023		235,170
Schlumberger NV		18,912		511,569
				944,969
Entertainment — 2.0%
Activision Blizzard, Inc.		10,472		954,942
Electronic Arts, Inc.		3,878		550,986
Live Nation Entertainment, Inc.*		1,950		159,666
Netflix, Inc.*		5,982		3,071,578
Roku, Inc.*		1,492		511,711
Take-Two Interactive Software, Inc.*		1,564		274,294
Walt Disney Co. (The)*		24,562		4,569,023
				10,092,200
Equity Real Estate Investment Trusts (REITs) — 2.6%
Alexandria Real Estate Equities, Inc.		1,719		311,311
American Tower Corp.		6,026		1,535,244
AvalonBay Communities, Inc.		1,879		360,768
Boston Properties, Inc.		1,903		208,093
Camden Property Trust		1,320		159,034
Crown Castle International Corp.		5,830		1,102,220
Digital Realty Trust, Inc.		3,809		587,767
Duke Realty Corp.		5,049		234,879
Equinix, Inc.		1,204		867,795
Equity LifeStyle Properties, Inc.		2,283		158,440

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Equity Residential		4,635		344,056
Essex Property Trust, Inc.		889		258,272
Extra Space Storage, Inc.		1,771		263,330
Federal Realty Investment Trust		940		106,070
Healthpeak Properties, Inc.		7,283		250,098
Host Hotels & Resorts, Inc.*		9,536		173,174
Invitation Homes, Inc.		7,672		268,980
Iron Mountain, Inc.		3,916		157,110
Kimco Realty Corp.		5,842		122,682
Mid-America Apartment Communities, Inc.		1,556		244,805
Prologis, Inc.		10,013		1,166,815
Public Storage		2,070		582,001
Realty Income Corp.		5,045		348,862
Regency Centers Corp.		2,132		135,723
SBA Communications Corp.		1,473		441,488
Simon Property Group, Inc.		4,455		542,352
Sun Communities, Inc.		1,498		249,911
UDR, Inc.		4,004		185,986
Ventas, Inc.		5,058		280,517
VEREIT, Inc.		3,085		147,586
VICI Properties, Inc.		7,262		230,205
Vornado Realty Trust		2,121		97,036
Welltower, Inc.		5,654		424,220
Weyerhaeuser Co.		10,129		392,701
WP Carey, Inc.		2,374		177,789
				13,117,320
Food & Staples Retailing — 1.2%
Costco Wholesale Corp.		5,979		2,224,726
Kroger Co. (The)		10,301		376,398
Sysco Corp.		6,898		584,468
Walgreens Boots Alliance, Inc.		9,690		514,539
Walmart, Inc.		18,757		2,624,292
				6,324,423
Food Products — 0.9%
Archer-Daniels-Midland Co.		7,550		476,632
Bunge Ltd.		1,886		159,216
Campbell Soup Co.		2,752		131,408
Conagra Brands, Inc.		6,609		245,128
General Mills, Inc.		8,283		504,103
Hershey Co. (The)		1,983		325,807
Hormel Foods Corp.		3,807		175,883
Ingredion, Inc.		912		85,190
JM Smucker Co. (The)		1,476		193,341
Kellogg Co.		3,442		214,850

INVESTMENTS	SHARES		VALUE($)
Food Products — continued
Kraft Heinz Co. (The)		8,760		361,700
Lamb Weston Holdings, Inc.		1,980		159,390
McCormick & Co., Inc. (Non-Voting)		3,354		303,068
Mondelez International, Inc., Class A		19,116		1,162,444
Tyson Foods, Inc., Class A		3,982		308,406
				4,806,566
Gas Utilities — 0.1%
Atmos Energy Corp.		1,730		179,211
UGI Corp.		2,811		122,869
				302,080
Health Care Equipment & Supplies — 3.5%
Abbott Laboratories		23,984		2,879,999
ABIOMED, Inc.*		623		199,815
Align Technology, Inc.*		963		573,495
Baxter International, Inc.		6,842		586,291
Becton Dickinson and Co.		3,938		979,814
Boston Scientific Corp.*		19,170		835,812
Cooper Cos., Inc. (The)		664		272,831
Danaher Corp.		8,578		2,178,297
Dentsply Sirona, Inc.		2,951		199,222
Dexcom, Inc.*		1,306		504,247
Edwards Lifesciences Corp.*		8,451		807,240
Hologic, Inc.*		3,475		227,786
IDEXX Laboratories, Inc.*		1,163		638,475
Intuitive Surgical, Inc.*		1,591		1,376,215
Medtronic plc		18,237		2,387,588
ResMed, Inc.		1,972		370,677
STERIS plc		1,162		245,205
Stryker Corp.		4,442		1,166,602
Teleflex, Inc.		638		269,542
West Pharmaceutical Services, Inc.		1,014		333,119
Zimmer Biomet Holdings, Inc.		2,804		496,757
				17,529,029
Health Care Providers & Services — 2.5%
AmerisourceBergen Corp.		1,991		240,513
Anthem, Inc.		3,311		1,256,160
Cardinal Health, Inc.		3,971		239,610
Centene Corp.*		7,881		486,573
Cigna Corp.		4,759		1,185,039
CVS Health Corp.		17,733		1,354,801
DaVita, Inc.*		965		112,452
HCA Healthcare, Inc.		3,583		720,398
Henry Schein, Inc.*		1,939		140,578
Humana, Inc.		1,738		773,827
Laboratory Corp. of America Holdings*		1,321		351,214

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 105

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Health Care Providers & Services — continued
McKesson Corp.		2,143		401,941
Quest Diagnostics, Inc.		1,815		239,362
UnitedHealth Group, Inc.		12,795		5,102,646
Universal Health Services, Inc., Class B		1,054		156,424
				12,761,538
Health Care Technology — 0.2%
Cerner Corp.		4,133		310,181
Teladoc Health, Inc.*		1,748		301,268
Veeva Systems, Inc., Class A*		1,846		521,403
				1,132,852
Hotels, Restaurants & Leisure — 2.0%
Aramark		3,436		133,557
Booking Holdings, Inc.*		549		1,353,878
Carnival Corp.*		10,802		302,024
Chipotle Mexican Grill, Inc.*		384		572,940
Darden Restaurants, Inc.		1,753		257,200
Domino’s Pizza, Inc.		526		222,151
DraftKings, Inc., Class A*		4,359		246,981
Expedia Group, Inc.*		1,867		329,021
Hilton Worldwide Holdings, Inc.*		3,743		481,724
Las Vegas Sands Corp.*		4,454		272,852
Marriott International, Inc., Class A*		3,592		533,484
McDonald’s Corp.		10,077		2,378,978
MGM Resorts International		5,555		226,200
Royal Caribbean Cruises Ltd.*		2,950		256,502
Starbucks Corp.		15,941		1,825,085
Vail Resorts, Inc.*		541		175,912
Wynn Resorts Ltd.*		1,430		183,612
Yum! Brands, Inc.		4,067		486,088
				10,238,189
Household Durables — 0.4%
DR Horton, Inc.		4,481		440,437
Garmin Ltd.		2,013		276,264
Lennar Corp., Class A		3,711		384,460
Lennar Corp., Class B		221		17,806
Mohawk Industries, Inc.*		797		163,784
Newell Brands, Inc.		5,121		138,062
NVR, Inc.*		43		215,778
PulteGroup, Inc.		3,591		212,300
Whirlpool Corp.		837		197,909
				2,046,800
Household Products — 1.3%
Church & Dwight Co., Inc.		3,313		284,057

INVESTMENTS	SHARES		VALUE($)
Household Products — continued
Clorox Co. (The)		1,705		311,162
Colgate-Palmolive Co.		11,483		926,678
Kimberly-Clark Corp.		4,584		611,139
Procter & Gamble Co. (The)		33,310		4,444,220
				6,577,256
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		9,027		251,131
Vistra Corp.		6,558		110,634
				361,765
Industrial Conglomerates — 1.2%
3M Co.		7,826		1,542,817
General Electric Co.		118,656		1,556,767
Honeywell International, Inc.		9,403		2,097,245
Roper Technologies, Inc.		1,427		637,070
				5,833,899
Insurance — 2.0%
Aflac, Inc.		8,676		466,161
Alleghany Corp.*		177		120,178
Allstate Corp. (The)		4,097		519,500
American Financial Group, Inc.		942		115,734
American International Group, Inc.		11,713		567,495
Aon plc, Class A		3,053		767,646
Arch Capital Group Ltd.*		5,445		216,221
Arthur J Gallagher & Co.		2,626		380,639
Chubb Ltd.		6,088		1,044,640
Cincinnati Financial Corp.		2,018		227,388
Everest Re Group Ltd.		538		148,999
Fidelity National Financial, Inc.		3,945		179,971
Globe Life, Inc.		1,293		132,520
Hartford Financial Services Group, Inc. (The)		4,848		319,774
Lincoln National Corp.		2,427		155,643
Loews Corp.		3,064		170,818
Markel Corp.*		182		214,108
Marsh & McLennan Cos., Inc.		6,874		932,802
MetLife, Inc.		10,171		647,181
Principal Financial Group, Inc.		3,431		219,138
Progressive Corp. (The)		7,925		798,364
Prudential Financial, Inc.		5,381		540,037
Reinsurance Group of America, Inc.		921		120,218
Travelers Cos., Inc. (The)		3,417		528,473
Willis Towers Watson plc		1,739		450,158
WR Berkley Corp.		1,886		150,352
				10,134,158

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Interactive Media & Services — 6.5%
Alphabet, Inc., Class A*		4,075		9,590,512
Alphabet, Inc., Class C*		3,914		9,433,210
Facebook, Inc., Class A*		32,563		10,585,580
IAC/InterActiveCorp*		1,108		280,845
Match Group, Inc.*		3,652		568,361
Pinterest, Inc., Class A*		7,217		478,992
Snap, Inc., Class A*		12,546		775,594
Twitter, Inc.*		10,806		596,707
Zillow Group, Inc., Class A*		503		67,075
Zillow Group, Inc., Class C*		2,093		272,341
				32,649,217
Internet & Direct Marketing Retail — 4.3%
Amazon.com, Inc.*		5,796		20,097,166
eBay, Inc.		8,740		487,605
MercadoLibre, Inc. (Argentina)*		629		988,146
				21,572,917
IT Services — 5.6%
Accenture plc, Class A		8,582		2,488,523
Akamai Technologies, Inc.*		2,217		240,988
Automatic Data Processing, Inc.		5,795		1,083,607
Broadridge Financial Solutions, Inc.		1,571		249,208
Cognizant Technology Solutions Corp., Class A		7,169		576,388
DXC Technology Co.*		3,442		113,276
Fidelity National Information Services, Inc.		8,415		1,286,653
Fiserv, Inc.*		7,790		935,735
FleetCor Technologies, Inc.*		1,142		328,576
Gartner, Inc.*		1,198		234,664
Global Payments, Inc.		3,988		855,944
GoDaddy, Inc., Class A*		2,284		198,297
International Business Machines Corp.		12,104		1,717,316
Jack Henry & Associates, Inc.		1,035		168,529
Mastercard, Inc., Class A		11,868		4,534,288
Okta, Inc.*		1,676		452,017
Paychex, Inc.		4,346		423,692
PayPal Holdings, Inc.*		15,847		4,156,510
Snowflake, Inc., Class A*		802		185,735
Square, Inc., Class A*		5,276		1,291,670
Twilio, Inc., Class A*		2,154		792,241
VeriSign, Inc.*		1,341		293,371
Visa, Inc., Class A		22,956		5,361,603
Western Union Co. (The)		5,557		143,148
				28,111,979
Leisure Products — 0.1%
Hasbro, Inc.		1,726		171,651

INVESTMENTS	SHARES		VALUE($)
Leisure Products — continued
Peloton Interactive, Inc., Class A*		3,567		350,814
Polaris, Inc.		789		110,484
				632,949
Life Sciences Tools & Services — 1.1%
Agilent Technologies, Inc.		4,116		550,062
Avantor, Inc.*		6,995		224,120
Bio-Rad Laboratories, Inc., Class A*		286		180,217
Illumina, Inc.*		1,976		776,252
IQVIA Holdings, Inc.*		2,600		610,194
Mettler-Toledo International, Inc.*		312		409,756
PerkinElmer, Inc.		1,502		194,704
PPD, Inc.*		1,466		67,729
Thermo Fisher Scientific, Inc.		5,318		2,500,683
Waters Corp.*		831		249,192
				5,762,909
Machinery — 1.6%
Caterpillar, Inc.		7,382		1,683,908
Cummins, Inc.		1,998		503,576
Deere & Co.		4,238		1,571,662
Donaldson Co., Inc.		1,709		107,462
Dover Corp.		1,952		291,219
Fortive Corp.		4,585		324,710
IDEX Corp.		1,033		231,599
Illinois Tool Works, Inc.		3,884		895,107
Otis Worldwide Corp.		5,523		430,076
PACCAR, Inc.		4,707		423,065
Parker-Hannifin Corp.		1,740		546,029
Pentair plc		2,247		144,954
Snap-on, Inc.		746		177,249
Stanley Black & Decker, Inc.		2,163		447,243
Westinghouse Air Brake Technologies Corp.		2,397		196,722
Xylem, Inc.		2,426		268,437
				8,243,018
Media — 1.4%
Altice USA, Inc., Class A*		3,302		119,896
Charter Communications, Inc., Class A*		1,899		1,278,882
Comcast Corp., Class A		61,871		3,474,057
Discovery, Inc., Class A*		1,971		74,228
Discovery, Inc., Class C*		3,929		126,946
DISH Network Corp., Class A*		3,338		149,509
Fox Corp., Class A		4,517		169,026
Fox Corp., Class B		2,087		75,925
Interpublic Group of Cos., Inc. (The)		5,285		167,799
Liberty Broadband Corp., Class A*		304		47,932

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 107

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Media — continued
Liberty Broadband Corp., Class C*		2,874		467,657
Liberty Media Corp.-Liberty SiriusXM, Class A*		1,091		49,302
Liberty Media Corp.-Liberty SiriusXM, Class C*		2,336		105,657
News Corp., Class A		5,290		138,571
News Corp., Class B		1,634		39,722
Omnicom Group, Inc.		2,908		239,212
Sirius XM Holdings, Inc. (c)		15,692		95,721
ViacomCBS, Inc.		7,936		325,535
ViacomCBS, Inc., Class A		139		6,283
				7,151,860
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		19,722		743,716
Newmont Corp.		10,829		675,838
Nucor Corp.		4,046		332,824
Southern Copper Corp. (Peru)		1,159		80,446
Steel Dynamics, Inc.		2,726		147,804
				1,980,628
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
AGNC Investment Corp.		7,275		130,441
Annaly Capital Management, Inc.		18,914		171,739
				302,180
Multiline Retail — 0.5%
Dollar General Corp.		3,312		711,252
Dollar Tree, Inc.*		3,180		365,382
Target Corp.		6,768		1,402,736
				2,479,370
Multi-Utilities — 0.8%
Ameren Corp.		3,429		290,916
CenterPoint Energy, Inc.		7,448		182,401
CMS Energy Corp.		3,921		252,473
Consolidated Edison, Inc.		4,631		358,486
Dominion Energy, Inc.		10,914		872,029
DTE Energy Co.		2,626		367,692
NiSource, Inc.		5,298		137,854
Public Service Enterprise Group, Inc.		6,842		432,141
Sempra Energy		4,094		563,212
WEC Energy Group, Inc.		4,259		413,847
				3,871,051
Oil, Gas & Consumable Fuels — 2.2%
Cabot Oil & Gas Corp.		5,407		90,135
Cheniere Energy, Inc.*		3,132		242,793
Chevron Corp.		26,055		2,685,489
ConocoPhillips		18,336		937,703

INVESTMENTS	SHARES		VALUE($)
Oil, Gas & Consumable Fuels — continued
EOG Resources, Inc.		7,902		581,903
Exxon Mobil Corp.		57,289		3,279,222
Hess Corp.		3,697		275,463
Kinder Morgan, Inc.		26,358		449,404
Marathon Petroleum Corp.		8,820		490,833
ONEOK, Inc.		6,033		315,767
Phillips 66		5,917		478,744
Pioneer Natural Resources Co.		2,782		427,955
Valero Energy Corp.		5,532		409,147
Williams Cos., Inc. (The)		16,413		399,821
				11,064,379
Personal Products — 0.2%
Estee Lauder Cos., Inc. (The), Class A		3,122		979,684
Herbalife Nutrition Ltd.*		1,182		54,100
				1,033,784
Pharmaceuticals — 3.3%
Bristol-Myers Squibb Co.		30,328		1,893,074
Elanco Animal Health, Inc.*		6,378		202,246
Eli Lilly & Co.		10,778		1,969,895
Jazz Pharmaceuticals plc*		769		126,424
Johnson & Johnson		35,559		5,786,516
Merck & Co., Inc.		34,230		2,550,135
Perrigo Co. plc		1,811		75,392
Pfizer, Inc.		75,485		2,917,495
Royalty Pharma plc, Class A		1,163		51,172
Viatris, Inc.*		16,268		216,365
Zoetis, Inc.		6,439		1,114,140
				16,902,854
Professional Services — 0.5%
Clarivate plc (United Kingdom)*		3,544		98,984
CoStar Group, Inc.*		532		454,557
Dun & Bradstreet Holdings, Inc.*		1,857		44,122
Equifax, Inc.		1,634		374,562
IHS Markit Ltd.		5,039		542,096
Jacobs Engineering Group, Inc.		1,751		233,951
Leidos Holdings, Inc.		1,814		183,722
Nielsen Holdings plc		4,851		124,428
TransUnion		2,594		271,306
Verisk Analytics, Inc.		2,212		416,298
				2,744,026
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A*		4,530		385,956

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Road & Rail — 1.2%
CSX Corp.		10,314		1,039,135
JB Hunt Transport Services, Inc.		1,143		195,122
Kansas City Southern		1,220		356,496
Lyft, Inc., Class A*		3,463		192,751
Norfolk Southern Corp.		3,414		953,325
Old Dominion Freight Line, Inc.		1,303		335,926
Uber Technologies, Inc.*		19,852		1,087,294
Union Pacific Corp.		9,074		2,015,245
				6,175,294
Semiconductors & Semiconductor Equipment — 5.0%
Advanced Micro Devices, Inc.*		16,392		1,337,915
Analog Devices, Inc.		4,997		765,341
Applied Materials, Inc.		12,416		1,647,727
Broadcom, Inc.		5,529		2,522,330
Intel Corp.		54,967		3,162,252
KLA Corp.		2,091		659,397
Lam Research Corp.		1,944		1,206,155
Marvell Technology, Inc.		10,762		486,550
Maxim Integrated Products, Inc.		3,613		339,622
Microchip Technology, Inc.		3,655		549,310
Micron Technology, Inc.*		15,148		1,303,788
NVIDIA Corp.		8,403		5,044,993
NXP Semiconductors NV (Netherlands)		3,737		719,410
Qorvo, Inc.*		1,544		290,534
QUALCOMM, Inc.		15,360		2,131,968
Skyworks Solutions, Inc.		2,234		405,091
Texas Instruments, Inc.		12,443		2,246,086
Xilinx, Inc.		3,320		424,827
				25,243,296
Software — 8.9%
Adobe, Inc.*		6,482		3,295,060
ANSYS, Inc.*		1,177		430,382
Autodesk, Inc.*		2,960		864,054
Cadence Design Systems, Inc.*		3,787		499,013
CDK Global, Inc.		1,634		87,566
Citrix Systems, Inc.		1,675		207,449
Coupa Software, Inc.*		965		259,624
Crowdstrike Holdings, Inc., Class A*		2,539		529,407
DocuSign, Inc.*		2,521		562,032
Fortinet, Inc.*		1,836		374,966
Intuit, Inc.		3,704		1,526,641
Microsoft Corp.		102,059		25,737,239
NortonLifeLock, Inc.		7,885		170,395
Oracle Corp.		25,095		1,901,950

INVESTMENTS	SHARES		VALUE($)
Software — continued
Palo Alto Networks, Inc.*		1,317		465,415
Paycom Software, Inc.*		663		254,864
PTC, Inc.*		1,429		187,113
RingCentral, Inc., Class A*		1,080		344,466
salesforce.com, Inc.*		12,417		2,859,883
ServiceNow, Inc.*		2,651		1,342,387
Splunk, Inc.*		2,201		278,250
SS&C Technologies Holdings, Inc.		3,034		225,183
Synopsys, Inc.*		2,073		512,155
Trade Desk, Inc. (The), Class A*		566		412,789
VMware, Inc., Class A*(c)		1,084		174,340
Workday, Inc., Class A*		2,494		616,018
Zoom Video Communications, Inc., Class A*		2,769		884,889
Zscaler, Inc.*		1,022		191,768
				45,195,298
Specialty Retail — 2.2%
Advance Auto Parts, Inc.		895		179,143
AutoZone, Inc.*		292		427,523
Best Buy Co., Inc.		3,130		363,925
Burlington Stores, Inc.*		902		294,350
CarMax, Inc.*		2,209		294,327
Home Depot, Inc. (The)		14,558		4,711,988
Lowe’s Cos., Inc.		9,894		1,941,697
O’Reilly Automotive, Inc.*		944		521,919
Ross Stores, Inc.		4,803		628,905
TJX Cos., Inc. (The)		16,245		1,153,395
Tractor Supply Co.		1,576		297,234
Ulta Beauty, Inc.*		769		253,270
				11,067,676
Technology Hardware, Storage & Peripherals — 5.9%
Apple, Inc.		213,559		28,074,466
Dell Technologies, Inc., Class C*		3,202		314,853
Hewlett Packard Enterprise Co.		17,596		281,888
HP, Inc.		16,938		577,755
NetApp, Inc.		3,018		225,414
Seagate Technology plc		2,730		253,453
Western Digital Corp.*		4,131		291,773
				30,019,602
Textiles, Apparel & Luxury Goods — 0.7%
Lululemon Athletica, Inc.*		1,600		536,432
NIKE, Inc., Class B		17,196		2,280,534
Tapestry, Inc.*		3,746		179,246
Under Armour, Inc., Class A*		2,543		61,820
Under Armour, Inc., Class C*		2,638		52,523

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 109

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Textiles, Apparel & Luxury Goods — continued
VF Corp.		4,349		381,233
				3,491,788
Tobacco — 0.6%
Altria Group, Inc.		25,166		1,201,677
Philip Morris International, Inc.		21,084		2,002,980
				3,204,657
Trading Companies & Distributors — 0.2%
Fastenal Co.		7,776		406,529
United Rentals, Inc.*		965		308,752
Watsco, Inc.		434		127,101
WW Grainger, Inc.		581		251,887
				1,094,269
Water Utilities — 0.1%
American Water Works Co., Inc.		2,467		384,827
Wireless Telecommunication Services — 0.2%
T-Mobile US, Inc.*		7,908		1,044,884
Total Common Stocks (Cost $419,309,703)				502,960,995

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 0.4%
Investment Companies — 0.4%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (d) (e) (Cost $1,980,143)		1,980,143		1,980,143
Investment of Cash Collateral from Securities Loaned — 0.0% (b)
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e) (Cost $168,998)		168,998		168,998
Total Short-Term Investments (Cost $2,149,141)				2,149,141
Total Investments — 99.9% (Cost $421,458,844)				505,110,136
Other Assets Less Liabilities — 0.1%				266,829
NET ASSETS — 100.0%				505,376,965

Percentages indicated are based on net assets.

(a)	Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $163,728.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2021:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Micro E-Mini S&P 500 Index		112		06/2021		USD		2,337,580		98,456

Abbreviations

USD     UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.7%
Aerospace & Defense — 1.1%
Axon Enterprise, Inc.*		31,438		4,766,315
BWX Technologies, Inc.		46,820		3,133,194
Curtiss-Wright Corp.		20,178		2,580,766
Hexcel Corp.*		41,205		2,324,374
Mercury Systems, Inc.*		27,671		2,081,966
Moog, Inc., Class A		14,470		1,252,379
Spirit AeroSystems Holdings, Inc., Class A		52,019		2,376,748
				18,515,742
Airlines — 0.7%
Allegiant Travel Co.*		6,473		1,525,880
American Airlines Group, Inc.*		315,283		6,847,947
JetBlue Airways Corp.*		155,764		3,171,355
					��
				11,545,182
Auto Components — 0.6%
Adient plc*		46,350		2,147,859
Dana, Inc.		71,305		1,804,016
Gentex Corp.		120,098		4,225,048
Visteon Corp.*		13,759		1,675,984
				9,852,907
Automobiles — 0.4%
Harley-Davidson, Inc.		75,565		3,655,079
Thor Industries, Inc.		27,288		3,863,708
				7,518,787
Banks — 5.5%
Associated Banc-Corp.		75,328		1,648,930
Bank of Hawaii Corp.		19,782		1,797,986
Bank OZK		59,582		2,442,266
BankUnited, Inc.		45,770		2,133,340
BOK Financial Corp.		15,089		1,326,927
Commerce Bancshares, Inc. (a)		51,935		4,041,062
Cullen/Frost Bankers, Inc.		27,709		3,326,743
First Citizens BancShares, Inc., Class A		3,561		3,089,025
First Financial Bankshares, Inc.		70,109		3,440,950
First Hawaiian, Inc.		64,528		1,771,939
First Horizon Corp.		273,779		5,007,418
FNB Corp.		158,472		2,042,704
Glacier Bancorp, Inc.		47,034		2,772,654
Hancock Whitney Corp.		42,757		1,977,084
Home BancShares, Inc.		74,884		2,084,022
Investors Bancorp, Inc.		110,958		1,624,425
PacWest Bancorp		57,572		2,499,200
People’s United Financial, Inc.		209,732		3,802,441
Pinnacle Financial Partners, Inc.		37,455		3,282,556

INVESTMENTS	SHARES		VALUE($)
Banks — continued
Popular, Inc. (Puerto Rico)		41,530		3,071,559
Prosperity Bancshares, Inc.		45,804		3,360,181
Signature Bank		28,128		7,074,473
Sterling Bancorp		95,352		2,396,196
Synovus Financial Corp.		73,263		3,433,104
TCF Financial Corp.		75,216		3,423,832
Texas Capital Bancshares, Inc.*		24,878		1,707,377
UMB Financial Corp.		21,373		2,073,822
Umpqua Holdings Corp.		108,636		2,024,975
United Bankshares, Inc.		63,569		2,496,355
Valley National Bancorp		199,918		2,752,871
Webster Financial Corp.		44,502		2,354,601
Western Alliance Bancorp		50,961		5,354,472
Wintrust Financial Corp.		28,040		2,161,884
				93,797,374
Beverages — 0.4%
Boston Beer Co., Inc. (The), Class A*		4,537		5,519,215
National Beverage Corp.		11,495		558,542
				6,077,757
Biotechnology — 3.6%
ACADIA Pharmaceuticals, Inc.*		57,585		1,183,948
Acceleron Pharma, Inc.*		25,964		3,244,721
Agios Pharmaceuticals, Inc.*		28,473		1,588,793
Arrowhead Pharmaceuticals, Inc.*		51,157		3,722,183
Bluebird Bio, Inc.*		33,093		992,790
Blueprint Medicines Corp.*		28,567		2,751,574
ChemoCentryx, Inc.*		24,704		1,193,944
CRISPR Therapeutics AG (Switzerland)*		31,972		4,196,965
Denali Therapeutics, Inc.*		39,953		2,414,759
Exelixis, Inc.*		153,773		3,785,891
FibroGen, Inc.*		41,269		921,124
Global Blood Therapeutics, Inc.*		30,636		1,249,336
Invitae Corp.*		85,502		2,984,020
Ionis Pharmaceuticals, Inc.*		69,428		2,972,907
Iovance Biotherapeutics, Inc.*		68,096		2,140,938
Kodiak Sciences, Inc.*		15,635		1,889,333
Ligand Pharmaceuticals, Inc.*		8,187		1,194,401
Mirati Therapeutics, Inc.*		22,461		3,733,467
Natera, Inc.*		38,672		4,254,694
Relay Therapeutics, Inc.*		10,201		323,474
Sage Therapeutics, Inc.*		25,610		2,017,044
Sarepta Therapeutics, Inc.*		39,145		2,773,032
Ultragenyx Pharmaceutical, Inc.*		31,018		3,462,850
United Therapeutics Corp.*		21,954		4,425,048

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 111

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks— continued
Biotechnology — continued
Vir Biotechnology, Inc.*		32,134		1,534,077
				60,951,313
Building Products — 1.0%
AO Smith Corp.		66,751		4,522,380
Armstrong World Industries, Inc.		23,553		2,441,268
AZEK Co., Inc. (The)*		61,777		2,982,594
JELD-WEN Holding, Inc.*		36,980		1,078,707
Trex Co., Inc.*		57,075		6,163,529
				17,188,478
Capital Markets — 2.1%
Affiliated Managers Group, Inc.		21,008		3,385,859
Ares Management Corp.		53,303		2,799,474
Artisan Partners Asset Management, Inc., Class A		30,352		1,545,524
Evercore, Inc., Class A		20,712		2,902,373
FactSet Research Systems, Inc.		18,720		6,294,038
Federated Hermes, Inc.		46,379		1,335,715
Janus Henderson Group plc		84,098		2,892,130
LPL Financial Holdings, Inc.		39,273		6,154,079
Morningstar, Inc.		10,573		2,801,951
Open Lending Corp., Class A*		48,653		1,899,900
Stifel Financial Corp.		51,739		3,579,821
				35,590,864
Chemicals — 2.0%
Ashland Global Holdings, Inc.		26,912		2,320,083
Avient Corp.		44,996		2,284,447
Cabot Corp.		27,906		1,531,481
Element Solutions, Inc.		107,176		2,345,011
Huntsman Corp.		98,034		2,810,635
Ingevity Corp.*		19,977		1,559,804
NewMarket Corp.		3,606		1,249,804
Olin Corp.		70,377		3,028,322
RPM International, Inc.		64,125		6,081,615
Scotts Miracle-Gro Co. (The)		20,042		4,632,909
Sensient Technologies Corp.		20,907		1,719,392
Valvoline, Inc.		89,418		2,807,725
WR Grace & Co.		30,667		2,107,743
				34,478,971
Commercial Services & Supplies — 1.1%
ADT, Inc.		75,118		691,085
Brink’s Co. (The)		24,403		1,950,288
Cimpress plc (Ireland)*		9,612		915,639
Clean Harbors, Inc.*		24,848		2,210,478
Healthcare Services Group, Inc.		36,827		1,102,969

INVESTMENTS	SHARES		VALUE($)
Commercial Services & Supplies — continued
IAA, Inc.*		66,318		4,165,433
KAR Auction Services, Inc.*		63,927		958,266
MSA Safety, Inc.		17,918		2,880,498
Tetra Tech, Inc.		26,728		3,411,295
				18,285,951
Communications Equipment — 0.8%
Ciena Corp.*		76,474		3,859,643
CommScope Holding Co., Inc.*		98,987		1,628,336
Lumentum Holdings, Inc.*		37,311		3,173,301
NetScout Systems, Inc.*		36,197		948,180
ViaSat, Inc.*		33,534		1,736,726
Viavi Solutions, Inc.*		112,737		1,844,377
				13,190,563
Construction & Engineering — 0.8%
AECOM*		72,804		4,836,370
EMCOR Group, Inc.		27,009		3,235,678
MasTec, Inc.*		27,798		2,900,999
Valmont Industries, Inc.		10,456		2,581,064
				13,554,111
Construction Materials — 0.2%
Eagle Materials, Inc.*		20,671		2,855,492
Consumer Finance — 0.8%
Credit Acceptance Corp.* (a)		5,720		2,258,199
FirstCash, Inc.		20,227		1,456,951
Green Dot Corp., Class A*		26,632		1,218,680
LendingTree, Inc.*		5,371		1,109,058
OneMain Holdings, Inc.		41,054		2,334,741
PRA Group, Inc.*		22,473		846,783
PROG Holdings, Inc.		33,381		1,700,428
SLM Corp.		165,188		3,247,596
				14,172,436
Containers & Packaging — 1.0%
AptarGroup, Inc.		32,117		4,843,565
Berry Global Group, Inc.*		66,046		4,201,846
Graphic Packaging Holding Co.		131,972		2,448,081
O-I Glass, Inc.*		77,600		1,279,624
Silgan Holdings, Inc.		38,514		1,624,135
Sonoco Products Co.		49,519		3,241,514
				17,638,765
Distributors — 0.5%
Pool Corp.		19,828		8,377,727

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks— continued
Diversified Consumer Services — 1.6%
Bright Horizons Family Solutions, Inc.*		29,959		4,338,962
Chegg, Inc.*		69,160		6,247,223
frontdoor, Inc.*		42,149		2,256,236
Graham Holdings Co., Class B		1,990		1,264,864
Grand Canyon Education, Inc.*		23,103		2,501,824
H&R Block, Inc.		90,403		2,012,371
Service Corp. International		83,507		4,462,614
Terminix Global Holdings, Inc.*		64,991		3,307,392
Vivint Smart Home, Inc.*		22,016		263,751
WW International, Inc.*		23,460		650,780
				27,306,017
Electric Utilities — 0.6%
ALLETE, Inc.		25,618		1,802,482
Hawaiian Electric Industries, Inc.		53,813		2,317,188
IDACORP, Inc.		24,876		2,549,292
PNM Resources, Inc.		42,307		2,088,274
Portland General Electric Co.		44,132		2,244,554
				11,001,790
Electrical Equipment — 2.0%
Acuity Brands, Inc.		17,757		3,294,279
Array Technologies, Inc.*		53,830		1,515,853
EnerSys		21,040		1,926,843
Generac Holdings, Inc.*		30,983		10,036,943
GrafTech International Ltd.		69,809		887,970
nVent Electric plc		82,894		2,524,122
Plug Power, Inc.*		247,680		7,061,357
Regal Beloit Corp.		20,020		2,891,489
Sunrun, Inc.*		78,881		3,865,169
				34,004,025
Electronic Equipment, Instruments & Components — 1.9%
Arrow Electronics, Inc.*		36,770		4,194,354
Avnet, Inc.		49,019		2,152,914
Belden, Inc.		22,010		952,593
Coherent, Inc.*		12,050		3,132,880
Dolby Laboratories, Inc., Class A		32,277		3,275,147
FLIR Systems, Inc.		64,684		3,879,099
Jabil, Inc.		66,748		3,498,930
Littelfuse, Inc.		12,094		3,207,813
National Instruments Corp.		64,866		2,686,101
SYNNEX Corp.		20,344		2,465,693
Vontier Corp.*		83,073		2,603,508
				32,049,032

INVESTMENTS	SHARES		VALUE($)
Energy Equipment & Services — 0.2%
NOV, Inc.*		191,341		2,860,548
Entertainment — 0.8%
Liberty Media Corp.-Liberty Formula One, Class A*		12,734		527,442
Liberty Media Corp.-Liberty Formula One, Class C*		100,320		4,709,021
Lions Gate Entertainment Corp., Class A*		29,474		426,489
Lions Gate Entertainment Corp., Class B*		59,899		754,728
Madison Square Garden Sports Corp., Class A*		8,592		1,588,145
Zynga, Inc., Class A*		496,421		5,371,275
				13,377,100
Equity Real Estate Investment Trusts (REITs) — 7.6%
American Campus Communities, Inc.		67,840		3,067,046
American Homes 4 Rent, Class A		132,437		4,905,466
Americold Realty Trust		124,385		5,023,910
Apartment Investment and Management Co., Class A		73,373		509,209
Apple Hospitality REIT, Inc.		102,315		1,622,716
Brixmor Property Group, Inc.		146,269		3,267,649
Colony Capital, Inc.* (a)		242,570		1,697,990
CoreSite Realty Corp.		21,079		2,560,888
Cousins Properties, Inc.		73,225		2,685,161
CubeSmart		98,428		4,167,441
CyrusOne, Inc.		59,372		4,324,063
Douglas Emmett, Inc.		81,294		2,726,601
EastGroup Properties, Inc.		19,547		3,101,327
EPR Properties*		36,851		1,758,161
Equity Commonwealth		59,957		1,726,762
First Industrial Realty Trust, Inc.		63,644		3,167,562
Gaming and Leisure Properties, Inc.		107,849		5,013,900
Healthcare Realty Trust, Inc.		68,878		2,215,116
Healthcare Trust of America, Inc., Class A		107,815		3,166,527
Highwoods Properties, Inc.		51,220		2,294,144
Hudson Pacific Properties, Inc.		74,404		2,091,496
JBG SMITH Properties		54,485		1,776,756
Kilroy Realty Corp.		52,194		3,577,377
Lamar Advertising Co., Class A		42,630		4,222,075
Life Storage, Inc.		37,193		3,572,760
Medical Properties Trust, Inc.		285,869		6,303,411
National Health Investors, Inc.		22,271		1,634,914
National Retail Properties, Inc.		86,388		4,010,131
Omega Healthcare Investors, Inc.		114,238		4,341,044
Outfront Media, Inc.*		71,501		1,742,479
Paramount Group, Inc.		82,032		870,360
Park Hotels & Resorts, Inc.*		116,506		2,599,249

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 113

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Pebblebrook Hotel Trust		64,722		1,545,561
Piedmont Office Realty Trust, Inc., Class A		61,095		1,137,589
PS Business Parks, Inc.		9,891		1,606,002
Rayonier, Inc.		67,932		2,464,573
Rexford Industrial Realty, Inc.		64,779		3,598,473
RLJ Lodging Trust		81,312		1,312,376
Ryman Hospitality Properties, Inc.*		27,099		2,131,336
Sabra Health Care REIT, Inc.		103,859		1,887,118
SITE Centers Corp.		82,194		1,212,361
SL Green Realty Corp.		34,181		2,529,736
Spirit Realty Capital, Inc.		56,613		2,691,382
STAG Industrial, Inc.		78,072		2,850,409
STORE Capital Corp.		118,229		4,231,416
Sunstone Hotel Investors, Inc.*		106,261		1,398,395
Uniti Group, Inc.		114,790		1,308,606
Weingarten Realty Investors		59,185		1,914,043
				129,563,067
Food & Staples Retailing — 1.0%
BJ’s Wholesale Club Holdings, Inc.*		67,663		3,022,506
Casey’s General Stores, Inc.		18,210		4,046,080
Performance Food Group Co.*		65,922		3,869,621
PriceSmart, Inc.		11,514		967,637
Sprouts Farmers Market, Inc.*		58,137		1,488,889
US Foods Holding Corp.*		108,966		4,517,730
				17,912,463
Food Products — 1.2%
Beyond Meat, Inc.* (a)		24,507		3,227,082
Darling Ingredients, Inc.*		80,142		5,565,862
Flowers Foods, Inc.		97,038		2,325,030
Hain Celestial Group, Inc. (The)*		40,378		1,655,902
Lancaster Colony Corp.		9,640		1,780,604
Pilgrim’s Pride Corp.*		24,005		575,160
Post Holdings, Inc.*		29,504		3,356,965
Seaboard Corp.		126		450,827
TreeHouse Foods, Inc.*		27,548		1,311,285
				20,248,717
Gas Utilities — 0.6%
National Fuel Gas Co.		44,932		2,231,323
New Jersey Resources Corp.		47,440		1,990,108
ONE Gas, Inc.		26,243		2,111,774
Southwest Gas Holdings, Inc.		28,205		1,966,453
Spire, Inc.		25,465		1,918,533
				10,218,191

INVESTMENTS	SHARES		VALUE($)
Health Care Equipment & Supplies — 3.5%
Cantel Medical Corp.*		18,541		1,629,939
Envista Holdings Corp.*		78,901		3,414,835
Globus Medical, Inc., Class A*		38,091		2,733,791
Haemonetics Corp.*		25,049		1,684,796
Hill-Rom Holdings, Inc.		32,708		3,605,076
ICU Medical, Inc.*		9,689		2,017,928
Inari Medical, Inc.*		4,082		466,532
Insulet Corp.*		32,569		9,615,020
Integra LifeSciences Holdings Corp.*		34,930		2,587,614
iRhythm Technologies, Inc.*		14,373		1,119,082
LivaNova plc*		23,985		2,035,607
Masimo Corp.*		25,060		5,830,710
Nevro Corp.*		17,066		2,949,175
Novocure Ltd.*		41,895		8,550,770
NuVasive, Inc.*		25,324		1,809,400
Penumbra, Inc.*(a)		16,707		5,112,175
Quidel Corp.*		18,981		1,989,019
Tandem Diabetes Care, Inc.*		30,808		2,831,255
				59,982,724
Health Care Providers & Services — 2.5%
1Life Healthcare, Inc.*		37,779		1,643,764
Acadia Healthcare Co., Inc.*		43,886		2,673,535
Amedisys, Inc.*		16,191		4,369,141
Chemed Corp.		7,903		3,766,649
Encompass Health Corp.		48,926		4,151,860
Guardant Health, Inc.*		42,074		6,688,925
HealthEquity, Inc.*		40,869		3,104,818
LHC Group, Inc.*		15,572		3,243,181
Molina Healthcare, Inc.*		28,587		7,292,544
Patterson Cos., Inc.		42,866		1,377,713
Premier, Inc., Class A		34,944		1,235,270
Tenet Healthcare Corp.*		52,342		3,101,787
				42,649,187
Health Care Technology — 0.1%
American Well Corp., Class A*		27,586		424,548
Schrodinger, Inc.*		17,995		1,371,939
				1,796,487
Hotels, Restaurants & Leisure — 3.5%
Boyd Gaming Corp.*		39,697		2,625,956
Caesars Entertainment, Inc.*		102,656		10,043,863
Choice Hotels International, Inc.*		14,232		1,619,602
Churchill Downs, Inc.		17,068		3,609,882
Cracker Barrel Old Country Store, Inc.		11,694		1,958,394
Extended Stay America, Inc.		78,764		1,566,616

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Hilton Grand Vacations, Inc.*		42,011		1,872,010
Hyatt Hotels Corp., Class A*		17,803		1,465,721
Jack in the Box, Inc.		11,251		1,357,433
Marriott Vacations Worldwide Corp.*		20,306		3,606,955
Norwegian Cruise Line Holdings Ltd.* (a)		179,020		5,558,571
Penn National Gaming, Inc.*		73,272		6,530,001
Planet Fitness, Inc., Class A*		40,821		3,428,556
Scientific Games Corp.*		27,740		1,623,345
Six Flags Entertainment Corp.*		37,362		1,755,267
Texas Roadhouse, Inc.*		32,255		3,451,930
Travel + Leisure Co.		42,354		2,733,104
Wendy’s Co. (The)		88,262		1,992,073
Wyndham Hotels & Resorts, Inc.		45,922		3,357,357
				60,156,636
Household Durables — 0.6%
Leggett & Platt, Inc.		65,546		3,255,670
Tempur Sealy International, Inc.		94,126		3,589,965
Toll Brothers, Inc.		55,224		3,462,545
				10,308,180
Household Products — 0.2%
Energizer Holdings, Inc.		28,643		1,412,100
Reynolds Consumer Products, Inc.		26,873		787,916
Spectrum Brands Holdings, Inc.		18,906		1,666,375
				3,866,391
Independent Power and Renewable Electricity Producers — 0.1%
Ormat Technologies, Inc. (a)		22,074		1,598,158
Industrial Conglomerates — 0.3%
Carlisle Cos., Inc.		26,266		5,033,879
Insurance — 3.4%
American National Group, Inc.		4,506		510,755
Assurant, Inc.		28,539		4,440,668
Assured Guaranty Ltd.		37,746		1,919,384
Athene Holding Ltd., Class A*		61,388		3,663,022
Axis Capital Holdings Ltd.		39,522		2,205,328
Brighthouse Financial, Inc.*		43,068		2,015,152
Brown & Brown, Inc.		115,399		6,136,919
CNO Financial Group, Inc.		66,363		1,694,247
Enstar Group Ltd.*		6,505		1,633,926
Erie Indemnity Co., Class A		12,293		2,630,948
First American Financial Corp.		54,142		3,492,159
Hanover Insurance Group, Inc. (The)		17,935		2,480,590
Kemper Corp.		30,325		2,367,169
Lemonade, Inc.* (a)		8,760		791,904

INVESTMENTS	SHARES		VALUE($)
Insurance — continued
Mercury General Corp.		13,097		815,550
Old Republic International Corp.		139,430		3,432,766
Primerica, Inc.		19,392		3,098,260
RenaissanceRe Holdings Ltd. (Bermuda)		24,996		4,219,575
RLI Corp.		19,582		2,182,610
Selective Insurance Group, Inc.		29,514		2,247,196
Selectquote, Inc.*		21,705		675,677
Unum Group		100,415		2,837,728
White Mountains Insurance Group Ltd.		1,526		1,778,446
				57,269,979
Interactive Media & Services — 0.3%
Cargurus, Inc.*		44,312		1,093,620
TripAdvisor, Inc.*		47,515		2,239,382
Yelp, Inc.*		34,716		1,364,339
				4,697,341
Internet & Direct Marketing Retail — 1.9%
Chewy, Inc., Class A* (a)		37,580		2,995,878
Etsy, Inc.*		62,127		12,350,226
Grubhub, Inc.*		45,964		3,127,391
Qurate Retail, Inc., Series A		187,810		2,234,939
Stamps.com, Inc.*		9,055		1,859,625
Wayfair, Inc., Class A* (a)		36,062		10,658,845
				33,226,904
IT Services — 3.0%
Alliance Data Systems Corp.		24,494		2,886,618
BigCommerce Holdings, Inc., Series 1*		5,802		347,772
Black Knight, Inc.*		77,283		5,596,835
EPAM Systems, Inc.*		27,655		12,659,076
Euronet Worldwide, Inc.*		26,001		3,729,324
Fastly, Inc., Class A*		42,154		2,692,376
Genpact Ltd.		86,237		4,098,845
LiveRamp Holdings, Inc.*		32,983		1,615,507
MAXIMUS, Inc.		30,288		2,775,592
MongoDB, Inc.*		25,546		7,598,913
Perspecta, Inc.		67,480		1,975,140
Rackspace Technology, Inc.*		17,221		428,286
WEX, Inc.*		21,781		4,469,679
				50,873,963
Leisure Products — 0.5%
Brunswick Corp.		38,334		4,106,721
Mattel, Inc.*		171,606		3,682,665
				7,789,386

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 115

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Life Sciences Tools & Services — 2.5%
10X Genomics, Inc., Class A*		36,059		7,132,470
Adaptive Biotechnologies Corp.*		41,171		1,712,714
Berkeley Lights, Inc.*		4,125		202,579
Bio-Techne Corp.		19,123		8,174,891
Bruker Corp.		50,052		3,429,563
Charles River Laboratories International, Inc.*		24,529		8,154,666
PRA Health Sciences, Inc.*		31,812		5,309,105
Repligen Corp.*		25,106		5,315,191
Syneos Health, Inc.*		40,740		3,456,789
				42,887,968
Machinery — 4.3%
AGCO Corp.		30,401		4,436,114
Allison Transmission Holdings, Inc.		55,175		2,288,107
Barnes Group, Inc.		22,967		1,146,513
Colfax Corp.*		56,837		2,568,464
Crane Co.		24,368		2,292,054
Flowserve Corp.		64,210		2,545,285
Gates Industrial Corp. plc*		32,972		568,767
Graco, Inc.		83,181		6,388,301
Hyliion Holdings Corp.* (a)		48,670		507,628
Ingersoll Rand, Inc.*		183,696		9,076,419
ITT, Inc.		42,634		4,020,813
Kennametal, Inc.		41,171		1,653,427
Lincoln Electric Holdings, Inc.		29,407		3,765,566
Middleby Corp. (The)*		27,423		4,972,338
Navistar International Corp.*		24,551		1,086,382
Nikola Corp.* (a)		69,385		802,785
Nordson Corp.		26,636		5,631,117
Oshkosh Corp.		33,705		4,193,913
RBC Bearings, Inc.*		12,391		2,471,137
Timken Co. (The)		33,585		2,816,774
Toro Co. (The)		53,044		6,078,842
Trinity Industries, Inc.		40,475		1,118,729
Woodward, Inc.		28,898		3,612,539
				74,042,014
Marine — 0.1%
Kirby Corp.*		29,615		1,886,475
Media — 0.7%
Cable One, Inc.		2,678		4,793,620
John Wiley & Sons, Inc., Class A		21,460		1,221,933
New York Times Co. (The), Class A		71,464		3,245,180
Nexstar Media Group, Inc., Class A		21,383		3,152,068
				12,412,801

INVESTMENTS	SHARES		VALUE($)
Metals & Mining — 1.0%
Alcoa Corp.*		91,800		3,363,552
Compass Minerals International, Inc.		16,745		1,137,320
Reliance Steel & Aluminum Co.		31,348		5,025,398
Royal Gold, Inc.		32,337		3,617,217
United States Steel Corp.		129,367		2,976,735
Worthington Industries, Inc.		16,981		1,108,180
				17,228,402
Mortgage Real Estate Investment Trusts (REITs) — 0.6%
Blackstone Mortgage Trust, Inc., Class A		72,473		2,354,648
Chimera Investment Corp.		113,638		1,493,203
New Residential Investment Corp.		226,624		2,429,409
Starwood Property Trust, Inc.		140,692		3,632,667
Two Harbors Investment Corp.		134,907		1,052,275
				10,962,202
Multiline Retail — 0.5%
Kohl’s Corp.		77,703		4,558,058
Nordstrom, Inc.*		53,666		1,968,469
Ollie’s Bargain Outlet Holdings, Inc.* (a)		28,051		2,588,266
				9,114,793
Multi-Utilities — 0.4%
Avista Corp.		34,138		1,571,031
Black Hills Corp.		30,950		2,134,931
MDU Resources Group, Inc.		98,833		3,306,952
				7,012,914
Oil, Gas & Consumable Fuels — 2.8%
APA Corp.		186,240		3,724,800
Cimarex Energy Co.		50,672		3,354,486
CNX Resources Corp.*		108,288		1,453,225
Continental Resources, Inc.*		30,599		833,517
Devon Energy Corp.		291,939		6,825,534
Diamondback Energy, Inc.		89,114		7,283,287
Equitrans Midstream Corp.		201,043		1,640,511
HollyFrontier Corp.		73,647		2,577,645
Marathon Oil Corp.		389,074		4,380,973
Occidental Petroleum Corp.		413,229		10,479,488
Targa Resources Corp.		112,699		3,909,528
World Fuel Services Corp.		31,113		962,325
				47,425,319
Paper & Forest Products — 0.3%
Domtar Corp.*		27,142		1,069,937
Louisiana-Pacific Corp.		52,494		3,458,305
				4,528,242

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Personal Products — 0.1%
Nu Skin Enterprises, Inc., Class A		25,060		1,324,672
Pharmaceuticals — 1.4%
Axsome Therapeutics, Inc.*		13,090		791,421
Catalent, Inc.*		83,901		9,436,345
Horizon Therapeutics plc*		110,429		10,448,792
Pacira BioSciences, Inc.*		21,619		1,365,888
Prestige Consumer Healthcare, Inc.*		24,578		1,070,618
Reata Pharmaceuticals, Inc., Class A*		13,109		1,329,253
				24,442,317
Professional Services — 1.9%
ASGN, Inc.*		26,123		2,747,617
Booz Allen Hamilton Holding Corp.		67,872		5,629,982
CACI International, Inc., Class A*		12,436		3,169,439
CoreLogic, Inc.		36,055		2,873,584
FTI Consulting, Inc.*		16,877		2,343,371
Insperity, Inc.		17,516		1,533,351
KBR, Inc.		69,419		2,746,216
ManpowerGroup, Inc.		27,106		3,276,844
Robert Half International, Inc.		55,757		4,884,871
Science Applications International Corp.		28,698		2,566,175
TriNet Group, Inc.*		19,516		1,536,104
				33,307,554
Real Estate Management & Development — 0.5%
Cushman & Wakefield plc*		53,659		912,203
eXp World Holdings, Inc.* (a)		27,582		947,718
Howard Hughes Corp. (The)*		22,275		2,404,363
Jones Lang LaSalle, Inc.*		25,191		4,733,641
				8,997,925
Road & Rail — 0.8%
AMERCO		4,445		2,652,020
Avis Budget Group, Inc.*		25,474		2,282,725
Knight-Swift Transportation Holdings, Inc.		60,417		2,846,849
Landstar System, Inc.		18,920		3,259,538
Ryder System, Inc.		26,466		2,113,046
				13,154,178
Semiconductors & Semiconductor Equipment — 4.6%
Allegro MicroSystems, Inc. (Japan)*		20,541		506,952
Cirrus Logic, Inc.*		28,610		2,128,870
CMC Materials, Inc.		14,376		2,636,990
Cree, Inc.*		56,799		5,646,956
Enphase Energy, Inc.*		63,592		8,855,186
Entegris, Inc.		66,506		7,487,245
First Solar, Inc.*		41,788		3,198,036

INVESTMENTS	SHARES		VALUE($)
Semiconductors & Semiconductor Equipment — continued
MKS Instruments, Inc.		27,217		4,874,837
Monolithic Power Systems, Inc.		21,136		7,638,128
ON Semiconductor Corp.*		203,008		7,917,312
Silicon Laboratories, Inc.*		21,650		3,051,567
SolarEdge Technologies, Inc.*		25,424		6,700,241
Synaptics, Inc.*		17,216		2,408,002
Teradyne, Inc.		82,161		10,276,698
Universal Display Corp.		21,129		4,726,346
				78,053,366
Software — 9.7%
ACI Worldwide, Inc.*		57,738		2,181,342
Alteryx, Inc., Class A*		29,011		2,371,649
Anaplan, Inc.*		69,936		4,171,682
Aspen Technology, Inc.*		33,432		4,374,243
Avalara, Inc.*		42,105		5,966,700
Bill.com Holdings, Inc.*		30,416		4,703,226
Blackbaud, Inc.*		23,846		1,695,928
Blackline, Inc.*		25,349		2,942,005
Ceridian HCM Holding, Inc.*		64,541		6,097,834
Cloudflare, Inc., Class A*		92,527		7,840,738
CommVault Systems, Inc.*		23,165		1,610,199
Datadog, Inc., Class A*		101,569		8,711,573
Datto Holding Corp.*		11,107		283,784
Dropbox, Inc., Class A*		146,036		3,753,125
Duck Creek Technologies, Inc.*		16,145		671,309
Dynatrace, Inc.*		90,535		4,711,441
Elastic NV*		30,971		3,735,722
Fair Isaac Corp.*		14,410		7,513,518
FireEye, Inc.*		117,592		2,337,141
Five9, Inc.*		32,855		6,175,754
Guidewire Software, Inc.*		41,281		4,355,558
HubSpot, Inc.*		21,467		11,301,302
j2 Global, Inc.*		20,928		2,532,288
Jamf Holding Corp.*		13,792		503,684
Manhattan Associates, Inc.*		31,447		4,315,786
McAfee Corp., Class A		17,602		427,377
nCino, Inc.*		7,279		475,974
New Relic, Inc.*		26,732		1,718,868
Nuance Communications, Inc.*		140,500		7,470,385
Nutanix, Inc., Class A*		95,379		2,579,048
Palantir Technologies, Inc., Class A*		215,882		4,973,921
Paylocity Holding Corp.*		18,492		3,573,394
Pegasystems, Inc.		19,539		2,480,281
Proofpoint, Inc.*		28,288		4,868,648
Slack Technologies, Inc., Class A*		247,174		10,480,178

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 117

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Software — continued
Smartsheet, Inc., Class A*		56,638		3,358,633
SolarWinds Corp.*		35,487		598,311
Tyler Technologies, Inc.*		20,000		8,497,200
Verint Systems, Inc.*		32,400		1,573,668
Zendesk, Inc.*		58,041		8,482,692
				166,416,109
Specialty Retail — 3.6%
American Eagle Outfitters, Inc. (a)		73,718		2,548,431
AutoNation, Inc.*		27,156		2,782,947
Carvana Co.*		30,887		8,810,826
Five Below, Inc.*		27,538		5,542,573
Floor & Decor Holdings, Inc., Class A*		51,455		5,707,388
Foot Locker, Inc.		51,364		3,029,449
Gap, Inc. (The)		101,394		3,356,141
L Brands, Inc.*		115,143		7,587,924
Leslie’s, Inc.*		34,080		968,554
Lithia Motors, Inc., Class A		13,127		5,045,756
Penske Automotive Group, Inc.		15,849		1,389,799
RH* (a)		8,045		5,535,121
Urban Outfitters, Inc.*		33,738		1,211,194
Vroom, Inc.* (a)		17,377		804,034
Williams-Sonoma, Inc.		37,749		6,445,642
				60,765,779
Technology Hardware, Storage & Peripherals — 0.3%
Pure Storage, Inc., Class A*		121,017		2,446,964
Xerox Holdings Corp.		82,246		1,985,418
				4,432,382
Textiles, Apparel & Luxury Goods —1.7%
Capri Holdings Ltd.*		74,447		4,100,541
Carter’s, Inc.*		21,713		2,362,157
Columbia Sportswear Co.		15,051		1,640,709
Deckers Outdoor Corp.*		13,885		4,695,907
Hanesbrands, Inc.		171,918		3,620,593
PVH Corp.*		35,043		3,966,167
Ralph Lauren Corp.*		23,775		3,168,970
Skechers U.S.A., Inc., Class A*		67,391		3,267,790
Wolverine World Wide, Inc.		40,652		1,696,001
				28,518,835
Thrifts & Mortgage Finance — 0.6%
Essent Group Ltd.		55,617		2,924,342
MGIC Investment Corp.		166,876		2,543,190
New York Community Bancorp, Inc.		229,534		2,745,227
Radian Group, Inc.		94,480		2,327,987

INVESTMENTS	SHARES		VALUE($)
Thrifts & Mortgage Finance — continued
TFS Financial Corp.		23,509		459,836
				11,000,582
Tobacco — 0.0% (b)
Vector Group Ltd.		63,080		823,194
Trading Companies & Distributors — 0.8%
Air Lease Corp.		52,758		2,464,326
Beacon Roofing Supply, Inc.*		27,026		1,522,375
GATX Corp.		17,300		1,690,383
MSC Industrial Direct Co., Inc., Class A		23,026		2,076,024
SiteOne Landscape Supply, Inc.*		21,825		3,914,968
Univar Solutions, Inc.*		83,488		1,949,445
				13,617,521
Transportation Infrastructure — 0.1%
Macquarie Infrastructure Corp.		36,184		1,205,289
Water Utilities — 0.3%
Essential Utilities, Inc.		110,064		5,187,316
Wireless Telecommunication Services — 0.1%
Telephone and Data Systems, Inc.		49,085		1,127,973
United States Cellular Corp.*		7,326		250,037
				1,378,010
Total Common Stocks (Cost $1,432,426,507)				1,701,508,744
Short-Term Investments — 2.2%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (c) (d) (Cost $4,126,773)		4,126,773		4,126,773
Investment of Cash Collateral from Securities Loaned — 2.0%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (c) (d)		29,497,050		29,500,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		4,197,199		4,197,199
Total Investment of Cash Collateral from Securities Loaned (Cost $33,697,199)				33,697,199
Total Short-Term Investments (COST $37,823,972)				37,823,972
Total Investments — 101.9% (Cost $1,470,250,479)				1,739,332,716
Liabilities in Excess of Other Assets — (1.9)%				(33,137,188	)
NET ASSETS — 100.0%				1,706,195,528

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

Percentages indicated are based on net assets.

Abbreviations

REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $32,625,500.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2021:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P Midcap 400 E-Mini Index		16		06/2021		USD		4,355,200		146,438

Abbreviations

USD     United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 119

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.0%
Aerospace & Defense — 1.2%
AAR Corp.*		7,648		307,755
Aerojet Rocketdyne Holdings, Inc.		16,631		777,000
AeroVironment, Inc.*		5,181		571,827
Cubic Corp.		7,321		547,904
Kaman Corp.		6,393		341,067
Kratos Defense & Security Solutions, Inc.*		28,450		760,753
Maxar Technologies, Inc.		16,444		638,192
National Presto Industries, Inc.		1,200		123,456
PAE, Inc.*		14,218		127,535
Parsons Corp.*		5,427		240,579
Virgin Galactic Holdings, Inc.*		30,034		665,253
				5,101,321
Air Freight & Logistics — 0.4%
Air Transport Services Group, Inc.*		13,731		361,400
Atlas Air Worldwide Holdings, Inc.*		6,306		428,241
Forward Air Corp.		6,346		560,288
Hub Group, Inc., Class A*		7,790		511,959
				1,861,888
Airlines — 0.4%
Hawaiian Holdings, Inc.*		11,175		280,604
SkyWest, Inc.*		11,604		576,255
Spirit Airlines, Inc.*		22,535		807,204
				1,664,063
Auto Components — 1.5%
American Axle & Manufacturing Holdings, Inc.*		26,111		242,310
Cooper Tire & Rubber Co.		11,634		663,022
Dorman Products, Inc.*		6,604		654,985
Fox Factory Holding Corp.*		9,632		1,475,911
Gentherm, Inc.*		7,591		540,479
Goodyear Tire & Rubber Co. (The)*		53,814		926,139
LCI Industries		5,802		849,993
Patrick Industries, Inc.		5,107		457,587
Veoneer, Inc. (Sweden)* (a)		21,611		494,892
				6,305,318
Automobiles — 0.2%
Winnebago Industries, Inc.		7,781		622,091
Workhorse Group, Inc.* (a)		25,042		310,270
				932,361
Banks — 6.7%
1st Source Corp.		4,033		191,930
Ameris Bancorp		16,049		868,090
Atlantic Union Bankshares Corp.		18,156		702,093

INVESTMENTS	SHARES		VALUE($)
Banks — continued
BancFirst Corp.		4,310		299,588
BancorpSouth Bank		22,225		657,638
Banner Corp.		8,104		460,631
Berkshire Hills Bancorp, Inc.		11,766		261,088
Boston Private Financial Holdings, Inc.		18,997		279,636
Brookline Bancorp, Inc.		18,018		290,090
Cadence BanCorp		28,677		638,063
Cathay General Bancorp		17,226		697,308
Central Pacific Financial Corp.		6,502		175,229
CIT Group, Inc.		22,749		1,212,294
City Holding Co.		3,626		280,652
Columbia Banking System, Inc.		16,505		718,463
Community Bank System, Inc.		12,369		960,205
Community Trust Bancorp, Inc.		3,497		155,826
CVB Financial Corp.		29,436		624,338
Eagle Bancorp, Inc.		7,326		391,282
Eastern Bankshares, Inc.		43,037		917,979
FB Financial Corp.		7,191		301,734
First BanCorp (Puerto Rico)		50,286		632,095
First Busey Corp.		11,415		285,147
First Commonwealth Financial Corp.		22,164		321,156
First Financial Bancorp		22,436		549,906
First Interstate BancSystem, Inc., Class A		7,836		368,057
First Merchants Corp.		12,523		578,688
First Midwest Bancorp, Inc.		26,422		554,069
Fulton Financial Corp.		37,404		637,738
Great Western Bancorp, Inc.		12,704		419,867
Heartland Financial USA, Inc.		9,031		453,988
Hilltop Holdings, Inc.		14,964		526,733
Hope Bancorp, Inc.		28,409		426,419
Independent Bank Corp.		7,612		623,423
Independent Bank Group, Inc.		8,466		639,268
International Bancshares Corp.		12,839		608,440
National Bank Holdings Corp., Class A		7,062		281,774
NBT Bancorp, Inc.		10,051		380,832
OFG Bancorp (Puerto Rico)		11,843		280,561
Old National Bancorp		38,169		721,394
Pacific Premier Bancorp, Inc.		21,726		956,596
Park National Corp.		3,275		409,670
Renasant Corp.		12,958		545,921
S&T Bancorp, Inc.		9,056		298,395
Seacoast Banking Corp. of Florida*		12,730		462,736
ServisFirst Bancshares, Inc.		10,848		686,028
Simmons First National Corp., Class A		24,903		709,736
South State Corp.		16,374		1,380,656
Tompkins Financial Corp.		2,798		218,664

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Banks — continued
Towne Bank		14,897		461,509
Trustmark Corp.		14,617		473,737
United Community Banks, Inc.		19,985		653,909
Washington Trust Bancorp, Inc.		3,982		203,281
WesBanco, Inc.		15,500		562,495
Westamerica BanCorp		6,186		392,192
				28,789,237
Beverages — 0.1%
Coca-Cola Consolidated, Inc.		1,070		313,777
MGP Ingredients, Inc.		3,047		183,125
				496,902
Biotechnology — 9.0%
Akero Therapeutics, Inc.*		4,083		125,756
Alector, Inc.*		12,112		236,184
Alkermes plc*		36,690		807,363
Allakos, Inc.*		7,346		801,596
Allogene Therapeutics, Inc.*		15,231		470,943
Allovir, Inc.*		3,904		92,252
ALX Oncology Holdings, Inc.*		2,642		165,548
Amicus Therapeutics, Inc.*		60,040		590,794
AnaptysBio, Inc.*		4,922		114,929
Annexon, Inc.*		3,606		71,868
Apellis Pharmaceuticals, Inc.*		13,533		685,717
Applied Molecular Transport, Inc.*		3,296		189,487
Applied Therapeutics, Inc.*		3,823		70,802
Aprea Therapeutics, Inc. (Sweden)*		2,839		13,315
Arcutis Biotherapeutics, Inc.*		6,347		212,624
Arena Pharmaceuticals, Inc.*		13,911		954,712
Atara Biotherapeutics, Inc.*		19,285		271,147
Athenex, Inc.*		16,796		67,352
Avidity Biosciences, Inc.*		3,814		89,400
Beam Therapeutics, Inc.*		6,155		504,710
Biohaven Pharmaceutical Holding Co. Ltd.*		12,140		911,714
Bioxcel Therapeutics, Inc.*		3,426		116,381
Black Diamond Therapeutics, Inc.*		3,656		97,396
Bridgebio Pharma, Inc.*		22,309		1,247,519
C4 Therapeutics, Inc.*		2,290		75,799
CareDx, Inc.*		11,953		945,124
CEL-SCI Corp.* (a)		9,308		224,602
Coherus Biosciences, Inc.*		14,761		218,463
Constellation Pharmaceuticals, Inc.*		7,176		155,145
Cortexyme, Inc.* (a)		3,067		120,134
Deciphera Pharmaceuticals, Inc.*		9,302		431,334
Dicerna Pharmaceuticals, Inc.*		15,301		477,238

INVESTMENTS	SHARES		VALUE($)
Biotechnology — continued
Dynavax Technologies Corp.*		23,229		231,825
Dyne Therapeutics, Inc.*		4,272		84,073
Eagle Pharmaceuticals, Inc.*		2,673		109,139
Editas Medicine, Inc.*		15,529		574,728
Emergent BioSolutions, Inc.*		10,440		636,631
Enanta Pharmaceuticals, Inc.*		4,144		210,267
Epizyme, Inc.*		21,363		166,845
Esperion Therapeutics, Inc.*		6,445		173,693
Fate Therapeutics, Inc.*		18,369		1,605,267
Forma Therapeutics Holdings, Inc.*		4,610		124,239
Frequency Therapeutics, Inc.*		7,160		83,128
G1 Therapeutics, Inc.*		7,453		157,035
Generation Bio Co.*		4,777		174,169
Gossamer Bio, Inc.*		10,970		94,781
Halozyme Therapeutics, Inc.*		29,306		1,463,835
Heron Therapeutics, Inc.*		18,973		331,648
Homology Medicines, Inc.*		7,725		52,298
IGM Biosciences, Inc.*		1,645		116,334
ImmunityBio, Inc.*		9,294		164,968
Immunovant, Inc.*		11,519		180,618
Inovio Pharmaceuticals, Inc.* (a)		47,893		326,151
Insmed, Inc.*		23,769		801,728
Intellia Therapeutics, Inc.*		14,370		1,103,185
Intercept Pharmaceuticals, Inc.*		6,090		120,460
Ironwood Pharmaceuticals, Inc.*		37,088		409,452
iTeos Therapeutics, Inc.*		2,590		60,891
Karuna Therapeutics, Inc.*		4,302		477,565
Karyopharm Therapeutics, Inc.*		14,968		139,801
Keros Therapeutics, Inc.*		1,449		85,201
Kronos Bio, Inc.*		3,108		84,134
Kura Oncology, Inc.*		15,273		411,302
Kymera Therapeutics, Inc.*		2,052		93,469
MacroGenics, Inc.*		12,970		419,709
Madrigal Pharmaceuticals, Inc.*		2,219		302,006
Molecular Templates, Inc.*		9,295		87,001
Morphic Holding, Inc.*		3,399		188,305
Myovant Sciences Ltd.*		9,188		192,029
Myriad Genetics, Inc.*		17,332		523,773
Nkarta, Inc.*		3,756		119,629
Novavax, Inc.*		15,671		3,712,931
Nurix Therapeutics, Inc.*		3,005		104,634
OPKO Health, Inc.*		100,345		411,414
ORIC Pharmaceuticals, Inc.*		3,226		77,843
Oyster Point Pharma, Inc.*		2,929		60,484
Passage Bio, Inc.*		5,613		105,300
PMV Pharmaceuticals, Inc.*		2,788		94,039

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 121

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Biotechnology — continued
Praxis Precision Medicines, Inc.*		2,382		73,032
Precigen, Inc.*		21,261		164,454
Prelude Therapeutics, Inc.*		2,669		110,603
PTC Therapeutics, Inc.*		16,222		668,509
Radius Health, Inc.*		10,806		240,974
REGENXBIO, Inc.*		8,034		278,699
Replimune Group, Inc.*		6,007		219,796
REVOLUTION Medicines, Inc.*		10,988		364,692
Rocket Pharmaceuticals, Inc.*		9,971		457,071
Sangamo Therapeutics, Inc.*		27,399		322,760
Seres Therapeutics, Inc.*		13,080		272,195
Shattuck Labs, Inc.*		2,888		108,820
Sorrento Therapeutics, Inc.* (a)		54,315		447,012
Spectrum Pharmaceuticals, Inc.*		33,623		104,568
SpringWorks Therapeutics, Inc.*		6,323		454,371
Stoke Therapeutics, Inc.*		4,644		150,001
Taysha Gene Therapies, Inc.*		1,886		48,678
TG Therapeutics, Inc.*		26,592		1,188,928
Turning Point Therapeutics, Inc.*		9,770		744,767
Twist Bioscience Corp.*		9,642		1,293,860
uniQure NV (Netherlands)*		8,715		281,233
Vaxcyte, Inc.*		4,114		76,397
Veracyte, Inc.*		15,443		768,289
Viking Therapeutics, Inc.* (a)		14,860		94,955
Xencor, Inc.*		13,346		568,006
Y-mAbs Therapeutics, Inc.*		6,225		187,186
Zentalis Pharmaceuticals, Inc.*		3,285		194,866
				38,690,027
Building Products — 2.4%
AAON, Inc.		9,406		615,246
Advanced Drainage Systems, Inc.		11,433		1,276,609
American Woodmark Corp.*		3,925		390,381
Apogee Enterprises, Inc.		5,996		210,639
Builders FirstSource, Inc.*		47,565		2,314,989
Cornerstone Building Brands, Inc.*		9,801		137,802
Gibraltar Industries, Inc.*		7,506		689,501
Griffon Corp.		10,420		282,590
Masonite International Corp.*		5,637		711,897
Quanex Building Products Corp.		7,757		211,689
Resideo Technologies, Inc.*		32,981		989,760
Simpson Manufacturing Co., Inc.		9,990		1,125,873
UFP Industries, Inc.		14,109		1,185,720
				10,142,696
Capital Markets — 2.4%
AssetMark Financial Holdings, Inc.*		4,009		90,283

INVESTMENTS	SHARES		VALUE($)
Capital Markets — continued
BGC Partners, Inc., Class A		74,588		395,316
Blucora, Inc.*		11,127		160,173
Brightsphere Investment Group, Inc.		13,729		309,040
Churchill Capital Corp. II, Class A*		16,684		166,340
Cohen & Steers, Inc.		5,449		370,641
Cowen, Inc., Class A		6,176		243,890
Diamond Hill Investment Group, Inc.		670		114,570
Focus Financial Partners, Inc., Class A*		9,259		435,729
Freedom Holding Corp. (Kazakhstan)* (a)		3,636		182,818
Hamilton Lane, Inc., Class A		7,445		673,400
Houlihan Lokey, Inc.		11,873		786,824
Interactive Brokers Group, Inc., Class A		18,621		1,331,774
Moelis & Co., Class A		13,376		726,049
Piper Sandler Cos.		3,177		368,500
PJT Partners, Inc., Class A		5,498		404,268
StepStone Group, Inc., Class A		6,268		208,724
Tradeweb Markets, Inc., Class A		23,338		1,896,913
Virtu Financial, Inc., Class A		18,583		550,614
Virtus Investment Partners, Inc.		1,643		449,295
Waddell & Reed Financial, Inc., Class A		14,341		358,238
WisdomTree Investments, Inc.		25,890		175,664
				10,399,063
Chemicals — 2.0%
American Vanguard Corp.		6,146		121,568
Balchem Corp.		7,470		950,109
Chemours Co. (The)		38,061		1,149,442
Ferro Corp.*		18,983		316,257
FutureFuel Corp.		5,953		75,603
GCP Applied Technologies, Inc.*		11,118		285,621
HB Fuller Co.		12,009		802,441
Innospec, Inc.		5,668		552,120
Koppers Holdings, Inc.*		4,864		161,679
Kraton Corp.*		7,350		262,836
Kronos Worldwide, Inc.		5,070		86,190
Livent Corp.*		33,784		608,788
Minerals Technologies, Inc.		7,801		609,570
PQ Group Holdings, Inc.		11,941		167,174
Quaker Chemical Corp.		3,048		738,683
Stepan Co.		4,920		642,847
Tredegar Corp.		5,950		86,989
Trinseo SA		8,860		548,523
Tronox Holdings plc, Class A		25,023		530,488
				8,696,928
Commercial Services & Supplies — 1.7%
ABM Industries, Inc.		15,458		794,696

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Commercial Services & Supplies — continued
ACCO Brands Corp.		21,903		187,928
Brady Corp., Class A		11,180		610,093
BrightView Holdings, Inc.*		7,026		125,976
Casella Waste Systems, Inc., Class A*		10,966		735,928
CoreCivic, Inc., REIT*		27,569		214,211
Covanta Holding Corp.		27,061		406,997
Deluxe Corp.		9,683		426,246
Harsco Corp.*		18,187		326,093
Herman Miller, Inc.		13,591		564,027
HNI Corp.		9,898		419,081
Interface, Inc.		13,511		173,481
Knoll, Inc.		10,652		254,583
Matthews International Corp., Class A		7,300		302,074
Pitney Bowes, Inc.		39,930		298,277
Steelcase, Inc., Class A		20,360		280,968
UniFirst Corp.		3,516		788,252
US Ecology, Inc.*		7,258		308,175
Viad Corp.*		4,723		196,760
				7,413,846
Communications Equipment — 0.5%
ADTRAN, Inc.		11,146		190,485
Calix, Inc.*		12,958		547,994
EchoStar Corp., Class A*		11,626		284,256
Infinera Corp.*		46,834		431,810
NETGEAR, Inc.*		7,053		262,442
Plantronics, Inc.*		8,655		346,113
				2,063,100
Construction & Engineering — 1.4%
Aegion Corp.*		7,060		212,506
API Group Corp.* (b)		35,016		744,440
Arcosa, Inc.		11,103		669,400
Comfort Systems USA, Inc.		8,340		686,882
Dycom Industries, Inc.*		7,061		662,392
Fluor Corp.*		28,863		663,272
Granite Construction, Inc.		10,533		401,307
Primoris Services Corp.		11,621		379,542
Tutor Perini Corp.*		9,386		151,115
WillScot Mobile Mini Holdings Corp.*		42,746		1,251,176
				5,822,032
Construction Materials — 0.2%
Summit Materials, Inc., Class A*		26,478		762,302
Consumer Finance — 0.4%
Encore Capital Group, Inc.*		7,222		284,113
Enova International, Inc.*		8,365		286,418

INVESTMENTS	SHARES		VALUE($)
Consumer Finance — continued
Navient Corp.		42,347		712,700
Nelnet, Inc., Class A		4,829		358,457
World Acceptance Corp.*		914		119,496
				1,761,184
Containers & Packaging — 0.1%
Greif, Inc., Class A		6,114		369,958
Pactiv Evergreen, Inc.		9,387		138,177
				508,135
Distributors — 0.1%
Core-Mark Holding Co., Inc.		10,413		443,177
Diversified Consumer Services — 0.4%
Adtalem Global Education, Inc.*		11,562		396,692
Laureate Education, Inc., Class A*		22,188		305,085
OneSpaWorld Holdings Ltd. (Bahamas)*		11,718		124,855
Strategic Education, Inc.		5,627		422,363
Stride, Inc.*		9,584		274,390
				1,523,385
Diversified Financial Services — 0.2%
Cannae Holdings, Inc.*		19,855		788,243
Diversified Telecommunication Services — 1.0%
ATN International, Inc.		2,529		115,272
Bandwidth, Inc., Class A*		5,229		691,274
Cincinnati Bell, Inc.*		11,741		181,164
Cogent Communications Holdings, Inc.		9,760		736,977
Iridium Communications, Inc.*		27,227		1,034,354
Liberty Latin America Ltd., Class A (Chile)*		11,303		156,942
Liberty Latin America Ltd., Class C (Chile)*		35,060		489,087
Vonage Holdings Corp.*		54,019		731,957
				4,137,027
Electric Utilities — 0.2%
MGE Energy, Inc.		8,338		623,766
Otter Tail Corp.		9,571		452,038
				1,075,804
Electrical Equipment — 0.5%
Atkore, Inc.*		10,746		841,197
AZZ, Inc.		5,848		307,839
Encore Wire Corp.		4,756		355,178
TPI Composites, Inc.*		7,498		398,519
Vicor Corp.*		4,890		451,004
				2,353,737
Electronic Equipment, Instruments & Components — 2.6%
Badger Meter, Inc.		6,724		627,954

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 123

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electronic Equipment, Instruments & Components — continued
Benchmark Electronics, Inc.		8,371		251,297
Fabrinet (Thailand)*		8,496		727,427
FARO Technologies, Inc.*		4,154		315,060
II-VI, Inc.*		24,163		1,622,304
Insight Enterprises, Inc.*		8,088		811,793
Itron, Inc.*		10,223		919,457
Knowles Corp.*		21,138		441,784
Methode Electronics, Inc.		8,858		397,990
Novanta, Inc.*		8,135		1,071,461
OSI Systems, Inc.*		3,854		372,181
Plexus Corp.*		6,643		614,079
Rogers Corp.*		4,310		844,070
Sanmina Corp.*		14,967		611,252
ScanSource, Inc.*		5,870		177,450
TTM Technologies, Inc.*		22,876		343,140
Velodyne Lidar, Inc.* (a)		9,689		133,418
Vishay Intertechnology, Inc.		30,558		750,810
				11,032,927
Energy Equipment & Services — 1.0%
Archrock, Inc.		29,602		276,483
Cactus, Inc., Class A		12,309		366,931
ChampionX Corp.*		42,963		902,653
Core Laboratories NV		10,283		289,775
Dril-Quip, Inc.*		8,177		250,625
Frank’s International NV*		28,222		91,721
Helix Energy Solutions Group, Inc.*		32,650		140,068
Helmerich & Payne, Inc.		24,850		636,905
Liberty Oilfield Services, Inc., Class A*		18,657		218,287
NexTier Oilfield Solutions, Inc.*		37,223		133,631
Oceaneering International, Inc.*		22,886		246,024
Patterson-UTI Energy, Inc.		43,256		292,411
ProPetro Holding Corp.*		18,816		181,198
Transocean Ltd.*		133,421		429,616
				4,456,328
Entertainment — 0.7%
Cinemark Holdings, Inc.*		24,864		527,117
IMAX Corp.*		11,260		232,181
Liberty Media Corp.-Liberty Braves, Class A*		2,381		66,644
Liberty Media Corp.-Liberty Braves, Class C*		8,304		229,938
Madison Square Garden Entertainment Corp.*		4,074		369,145
Warner Music Group Corp., Class A		20,513		778,674
World Wrestling Entertainment, Inc., Class A		10,776		593,865
				2,797,564

INVESTMENTS	SHARES		VALUE($)
Equity Real Estate Investment Trusts (REITs) — 5.4%
Acadia Realty Trust		19,881		415,314
Agree Realty Corp.		14,638		1,029,930
Alexander & Baldwin, Inc.		16,679		305,726
Alexander’s, Inc.		495		137,234
American Assets Trust, Inc.		11,573		405,634
American Finance Trust, Inc.		25,085		251,101
Brandywine Realty Trust		39,316		531,945
Broadstone Net Lease, Inc.		8,527		172,075
Brookfield Property REIT, Inc., Class A		8,861		159,365
CareTrust REIT, Inc.		22,098		534,330
Centerspace		2,986		210,185
Columbia Property Trust, Inc.		26,466		476,653
Corporate Office Properties Trust		25,854		724,946
DiamondRock Hospitality Co.*		48,456		504,912
Diversified Healthcare Trust		54,903		242,397
Easterly Government Properties, Inc.		18,925		405,563
Empire State Realty Trust, Inc., Class A		32,272		367,578
Essential Properties Realty Trust, Inc.		26,286		688,430
Four Corners Property Trust, Inc.		17,540		506,380
Franklin Street Properties Corp.		22,262		117,543
GEO Group, Inc. (The) (a)		27,955		154,032
Getty Realty Corp.		8,473		267,577
Global Net Lease, Inc.		20,874		400,781
Independence Realty Trust, Inc.		23,496		395,673
Industrial Logistics Properties Trust		15,049		373,215
Innovative Industrial Properties, Inc.		5,518		1,010,511
iStar, Inc.		17,025		315,133
Kite Realty Group Trust		19,426		404,255
Lexington Realty Trust		63,953		782,785
LTC Properties, Inc.		9,042		384,556
Macerich Co. (The)		26,743		368,786
Mack-Cali Realty Corp.		19,863		324,959
Monmouth Real Estate Investment Corp.		22,646		418,498
National Storage Affiliates Trust		14,796		672,330
Office Properties Income Trust		11,134		308,969
Physicians Realty Trust		48,523		908,836
PotlatchDeltic Corp.		15,429		915,865
QTS Realty Trust, Inc., Class A		14,865		988,374
Retail Opportunity Investments Corp.		27,217		479,019
Retail Properties of America, Inc., Class A		49,455		580,107
RPT Realty		18,720		237,931
Safehold, Inc.		3,316		234,474
Saul Centers, Inc.		2,976		128,504
Seritage Growth Properties, Class A*		8,282		142,450
Service Properties Trust		37,980		467,724
Summit Hotel Properties, Inc.*		24,359		247,731

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Tanger Factory Outlet Centers, Inc.		21,564		376,292
Terreno Realty Corp.		15,818		1,020,577
Universal Health Realty Income Trust		2,953		197,703
Urban Edge Properties		25,352		477,885
Urstadt Biddle Properties, Inc., Class A		6,945		126,191
Washington		19,488		452,511
Xenia Hotels & Resorts, Inc.*		26,222		509,493
				23,260,968
Food & Staples Retailing — 0.5%
Andersons, Inc. (The)		7,115		204,343
Grocery Outlet Holding Corp.*		19,971		806,629
Rite Aid Corp.*		12,731		223,047
SpartanNash Co.		8,326		161,274
United Natural Foods, Inc.*		12,937		476,858
Weis Markets, Inc.		3,786		196,304
				2,068,455
Food Products — 1.3%
B&G Foods, Inc. (a)		14,912		435,132
Calavo Growers, Inc.		3,834		299,551
Cal-Maine Foods, Inc.		8,611		321,707
Fresh Del Monte Produce, Inc.		6,994		197,231
Freshpet, Inc.*		9,943		1,837,665
Hostess Brands, Inc.*		30,098		460,198
J&J Snack Foods Corp.		3,459		569,386
Sanderson Farms, Inc.		4,580		753,547
Simply Good Foods Co. (The)*		19,416		670,823
Tootsie Roll Industries, Inc.		4,117		129,974
Vital Farms, Inc.*		3,544		86,190
				5,761,404
Gas Utilities — 0.3%
Chesapeake Utilities Corp.		4,034		478,110
Northwest Natural Holding Co.		7,054		380,352
South Jersey Industries, Inc.		23,210		574,447
				1,432,909
Health Care Equipment & Supplies — 3.0%
Accelerate Diagnostics, Inc.*		7,411		54,174
AtriCure, Inc.*		10,508		809,852
Atrion Corp.		323		206,268
Avanos Medical, Inc.*		11,056		477,730
Axogen, Inc.*		8,165		152,849
Axonics, Inc.*		7,079		445,481
BioLife Solutions, Inc.*		5,886		205,421
Cardiovascular Systems, Inc.*		9,263		373,484
CONMED Corp.		6,677		941,123

INVESTMENTS	SHARES		VALUE($)
Health Care Equipment & Supplies — continued
CryoPort, Inc.*		10,494		593,646
Eargo, Inc.*		2,377		136,060
Glaukos Corp.*		10,555		993,859
Inogen, Inc.*		4,257		278,365
Integer Holdings Corp.*		7,600		713,488
Meridian Bioscience, Inc.*		9,947		194,762
Merit Medical Systems, Inc.*		11,294		718,298
Natus Medical, Inc.*		7,812		199,597
Neogen Corp.*		12,271		1,178,139
Orthofix Medical, Inc.*		4,498		199,486
Outset Medical, Inc.*		4,478		268,322
Pulmonx Corp.*		2,384		112,072
Shockwave Medical, Inc.*		7,311		1,195,056
Silk Road Medical, Inc.*		7,928		484,718
SmileDirectClub, Inc.* (a)		19,625		208,712
STAAR Surgical Co.*		10,728		1,469,843
Varex Imaging Corp.*		9,034		214,467
				12,825,272
Health Care Providers & Services — 2.5%
Accolade, Inc.*		3,575		179,286
AdaptHealth Corp.*		17,434		506,632
Addus HomeCare Corp.*		3,468		366,914
AMN Healthcare Services, Inc.*		10,878		862,625
Brookdale Senior Living, Inc.*		42,272		276,459
Castle Biosciences, Inc.*		4,224		291,583
Community Health Systems, Inc.*		28,101		313,326
CorVel Corp.*		2,103		246,072
Covetrus, Inc.*		22,915		656,515
Ensign Group, Inc. (The)		11,852		1,017,494
Hanger, Inc.*		8,789		219,110
Magellan Health, Inc.*		5,332		502,275
MEDNAX, Inc.*		19,735		519,425
ModivCare, Inc.*		2,845		398,528
National HealthCare Corp.		2,839		199,610
National Research Corp.		3,104		159,235
Option Care Health, Inc.*		20,303		387,381
Owens & Minor, Inc.		16,938		611,293
Progyny, Inc.*		8,442		480,434
R1 RCM, Inc.*		28,301		772,051
Select Medical Holdings Corp.*		24,854		937,493
Tivity Health, Inc.*		8,728		211,043
Triple-S Management Corp., Class B (Puerto Rico)*		5,462		129,504
US Physical Therapy, Inc.		2,962		333,077
				10,577,365

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 125

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Health Care Technology — 1.7%
Allscripts Healthcare Solutions, Inc.*		32,266		502,059
Change Healthcare, Inc.*		52,671		1,208,799
Evolent Health, Inc., Class A*		18,059		391,158
GoodRx Holdings, Inc., Class A*		9,118		364,811
Health Catalyst, Inc.*		7,611		440,677
Inovalon Holdings, Inc., Class A*		17,746		536,107
Inspire Medical Systems, Inc.*		6,254		1,481,072
NextGen Healthcare, Inc.*		12,816		234,661
Omnicell, Inc.*		9,921		1,438,743
Phreesia, Inc.*		7,988		413,379
Tabula Rasa HealthCare, Inc.*		5,176		246,171
				7,257,637
Hotels, Restaurants & Leisure — 1.7%
Bally’s Corp.*		6,692		387,868
BJ’s Restaurants, Inc.*		5,344		325,930
Bloomin’ Brands, Inc.*		18,496		584,474
Brinker International, Inc.*		10,473		703,052
Cheesecake Factory, Inc. (The)*		9,712		607,874
Dave & Buster’s Entertainment, Inc.*		10,979		501,301
Dine Brands Global, Inc.*		3,844		371,523
El Pollo Loco Holdings, Inc.*		4,372		74,062
Papa John’s International, Inc.		7,589		734,008
Red Rock Resorts, Inc., Class A*		15,105		553,296
SeaWorld Entertainment, Inc.*		11,760		643,978
Shake Shack, Inc., Class A*		8,367		909,911
Wingstop, Inc.		6,846		1,084,475
				7,481,752
Household Durables — 3.0%
Cavco Industries, Inc.*		1,973		413,205
GoPro, Inc., Class A*		28,261		317,371
Helen of Troy Ltd.*		5,628		1,188,690
Installed Building Products, Inc.		5,191		698,968
iRobot Corp.*		6,500		707,200
KB Home		20,499		988,667
La-Z-Boy, Inc.		10,666		474,210
LGI Homes, Inc.*		5,073		841,002
MDC Holdings, Inc.		12,757		748,326
Meritage Homes Corp.*		8,650		920,274
Purple Innovation, Inc.*		11,934		406,711
Skyline Champion Corp.*		12,007		533,471
Sonos, Inc.*		21,818		873,375
Taylor Morrison Home Corp.*		29,683		926,406
TopBuild Corp.*		7,614		1,693,201
Tri Pointe Homes, Inc.*		27,468		654,288

INVESTMENTS	SHARES		VALUE($)
Household Durables — continued
Tupperware Brands Corp.*		11,344		276,453
				12,661,818
Household Products — 0.3%
Central Garden & Pet Co.*		2,249		121,761
Central Garden & Pet Co., Class A*		9,054		446,091
WD-40 Co.		3,157		785,272
				1,353,124
Independent Power and Renewable Electricity Producers — 0.3%
Clearway Energy, Inc.		7,262		193,024
Clearway Energy, Inc., Class C		17,699		507,784
Sunnova Energy International, Inc.*		14,458		510,657
				1,211,465
Industrial Conglomerates — 0.1%
Raven Industries, Inc.		8,268		335,846
Insurance — 1.8%
Ambac Financial Group, Inc.*		10,569		181,258
American Equity Investment Life Holding Co.		19,793		613,187
AMERISAFE, Inc.		4,457		276,691
Argo Group International Holdings Ltd.		7,999		417,388
BRP Group, Inc., Class A*		10,036		291,245
eHealth, Inc.*		5,980		423,025
Employers Holdings, Inc.		6,550		265,144
FBL Financial Group, Inc., Class A		2,251		127,609
Genworth Financial, Inc., Class A*		116,582		503,634
GoHealth, Inc., Class A*		9,902		118,131
Goosehead Insurance, Inc., Class A		3,857		424,039
Horace Mann Educators Corp.		9,553		383,075
James River Group Holdings Ltd.		7,093		334,151
Kinsale Capital Group, Inc.		4,935		858,739
National Western Life Group, Inc., Class A		523		119,924
Palomar Holdings, Inc.*		5,003		352,011
ProAssurance Corp.		12,422		310,550
Root, Inc., Class A* (a)		6,171		66,462
Safety Insurance Group, Inc.		3,266		267,910
SiriusPoint Ltd. (Bermuda)*		19,625		207,633
Trupanion, Inc.*		7,640		619,604
United Fire Group, Inc.		4,971		150,422
Universal Insurance Holdings, Inc.		6,545		91,303
Watford Holdings Ltd. (Bermuda)*		4,588		159,938
				7,563,073
Interactive Media & Services — 0.5%
Angi, Inc., Class A*		18,018		288,468
Cars.com, Inc.*		15,541		205,297

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Interactive Media & Services — continued
Eventbrite, Inc., Class A*		16,083		379,076
MediaAlpha, Inc., Class A*		3,826		169,301
ZoomInfo Technologies, Inc., Class A*		21,549		1,117,531
				2,159,673
Internet & Direct Marketing Retail — 0.6%
Groupon, Inc.*		5,256		266,111
Overstock.com, Inc.*		9,879		805,138
Quotient Technology, Inc.*		18,136		296,342
RealReal, Inc. (The)*		13,876		343,709
Shutterstock, Inc.		5,099		444,531
Stitch Fix, Inc., Class A*		13,640		590,885
				2,746,716
IT Services — 1.6%
Cardtronics plc, Class A*		8,334		323,693
Cass Information Systems, Inc.		2,757		126,519
Conduent, Inc.*		39,600		269,280
CSG Systems International, Inc.		7,528		346,213
EVERTEC, Inc. (Puerto Rico)		13,801		550,660
ExlService Holdings, Inc.*		7,722		713,358
Paya Holdings, Inc., Class A*		12,103		135,070
Repay Holdings Corp.*		17,359		396,653
Sabre Corp.*		73,112		1,095,218
Shift4 Payments, Inc., Class A*		8,242		815,051
Switch, Inc., Class A		20,266		376,340
Sykes Enterprises, Inc.*		9,133		400,299
TTEC Holdings, Inc.		4,199		427,164
Unisys Corp.*		14,532		348,768
Verra Mobility Corp.*		31,403		422,056
				6,746,342
Leisure Products — 0.8%
Acushnet Holdings Corp.		7,872		333,064
Callaway Golf Co.		21,723		628,881
Smith & Wesson Brands, Inc.		12,268		213,463
Sturm Ruger & Co., Inc.		4,046		262,747
Vista Outdoor, Inc.*		13,438		438,213
YETI Holdings, Inc.*		17,282		1,476,229
				3,352,597
Life Sciences Tools & Services — 1.2%
Luminex Corp.		10,009		367,230
Medpace Holdings, Inc.*		6,344		1,076,450
NanoString Technologies, Inc.*		10,274		818,530
NeoGenomics, Inc.*		26,973		1,321,407
Pacific Biosciences of California, Inc.*		44,498		1,328,265

INVESTMENTS	SHARES		VALUE($)
Life Sciences Tools & Services — continued
Personalis, Inc.*		6,347		156,390
				5,068,272
Machinery — 4.5%
Alamo Group, Inc.		2,282		358,845
Albany International Corp., Class A		7,080		631,819
Altra Industrial Motion Corp.		14,037		828,323
Astec Industries, Inc.		5,213		391,027
Chart Industries, Inc.*		8,198		1,316,845
Columbus McKinnon Corp.		5,529		273,741
Enerpac Tool Group Corp.		13,801		367,107
EnPro Industries, Inc.		4,746		406,495
ESCO Technologies, Inc.		6,000		652,560
Evoqua Water Technologies Corp.*		27,573		788,036
Federal Signal Corp.		13,950		577,948
Franklin Electric Co., Inc.		8,848		719,077
Gorman-Rupp Co. (The)		4,332		149,541
Greenbrier Cos., Inc. (The)		7,569		357,560
Helios Technologies, Inc.		7,051		509,646
Hillenbrand, Inc.		17,298		849,159
Hyster-Yale Materials Handling, Inc.		2,242		181,266
John Bean Technologies Corp.		7,318		1,063,891
Lindsay Corp.		2,509		415,942
Meritor, Inc.*		16,723		452,023
Mueller Industries, Inc.		13,160		590,489
Mueller Water Products, Inc., Class A		36,484		523,910
Proto Labs, Inc.*		6,369		713,710
Rexnord Corp.		27,552		1,375,671
SPX Corp.*		10,394		630,500
SPX FLOW, Inc.		9,716		646,988
Standex International Corp.		2,853		270,521
Tennant Co.		4,264		336,472
Terex Corp.		15,999		751,793
TriMas Corp.*		9,947		316,712
Wabash National Corp.		12,001		211,338
Watts Water Technologies, Inc., Class A		6,332		788,651
Welbilt, Inc.*		29,697		663,431
				19,111,037
Marine — 0.2%
Matson, Inc.		10,012		654,084
Media — 1.2%
AMC Networks, Inc., Class A*		6,914		347,636
Cardlytics, Inc.*		7,218		992,692
Clear Channel Outdoor Holdings, Inc.*		107,798		270,573
EW Scripps Co. (The), Class A		13,199		285,363

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 127

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Media — continued
Gray Television, Inc.		20,326		413,024
iHeartMedia, Inc., Class A*		25,587		489,735
Loral Space & Communications, Inc.		2,963		118,905
Meredith Corp.*		9,349		290,754
MSG Networks, Inc., Class A*		10,023		159,065
Scholastic Corp.		6,924		210,005
Sinclair Broadcast Group, Inc., Class A		10,807		350,903
TEGNA, Inc.		50,615		1,015,337
				4,943,992
Metals & Mining — 1.7%
Allegheny Technologies, Inc.*		29,223		679,727
Arconic Corp.*		22,562		645,273
Carpenter Technology Corp.		11,067		419,107
Century Aluminum Co.*		11,624		182,032
Cleveland-Cliffs, Inc.*		105,745		1,888,606
Coeur Mining, Inc.*		56,127		453,506
Commercial Metals Co.		27,671		808,547
Hecla Mining Co.		123,314		728,786
Kaiser Aluminum Corp.		3,651		439,836
Materion Corp.		4,692		332,240
Schnitzer Steel Industries, Inc., Class A		6,286		296,762
Warrior Met Coal, Inc.		11,844		187,727
				7,062,149
Mortgage Real Estate Investment Trusts (REITs) — 1.1%
Apollo Commercial Real Estate Finance, Inc.		29,641		450,839
ARMOUR Residential REIT, Inc.		15,048		187,047
Broadmark Realty Capital, Inc.		28,710		309,494
Capstead Mortgage Corp.		22,298		144,491
Colony Credit Real Estate, Inc.		18,575		161,417
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		18,005		943,462
Invesco Mortgage Capital, Inc. (a)		53,244		207,651
KKR Real Estate Finance Trust, Inc.		6,279		132,487
Ladder Capital Corp.		29,254		347,830
MFA Financial, Inc.		104,075		457,930
New York Mortgage Trust, Inc.		87,430		401,304
PennyMac Mortgage Investment Trust		22,560		452,328
Redwood Trust, Inc.		25,833		287,005
TPG RE Finance Trust, Inc.		13,820		172,197
				4,655,482
Multiline Retail — 0.5%
Big Lots, Inc.		7,780		536,353
Dillard’s, Inc., Class A		1,665		164,685
Franchise Group, Inc., Class A		6,196		238,732

INVESTMENTS	SHARES		VALUE($)
Multiline Retail — continued
Macy’s, Inc.*		71,545		1,186,216
				2,125,986
Multi-Utilities — 0.2%
NorthWestern Corp.		11,670		793,910
Oil, Gas & Consumable Fuels — 2.3%
Antero Midstream Corp.		66,003		570,266
Antero Resources Corp.*		63,916		576,522
Arch Resources, Inc.*		3,503		155,568
Comstock Resources, Inc.*		12,867		70,640
CVR Energy, Inc.		6,725		143,175
Delek US Holdings, Inc.		14,295		339,220
Denbury, Inc.*		11,531		627,402
EQT Corp.*		64,252		1,227,213
Kosmos Energy Ltd. (Ghana)*		93,975		268,769
Magnolia Oil & Gas Corp., Class A*		31,166		350,929
Matador Resources Co.		25,299		665,617
Murphy Oil Corp.		33,305		563,854
Ovintiv, Inc.		59,938		1,434,316
PBF Energy, Inc., Class A*		22,140		313,945
PDC Energy, Inc.*		23,016		840,314
Range Resources Corp.*		59,641		585,675
Renewable Energy Group, Inc.*		10,222		567,525
Southwestern Energy Co.*		149,180		636,999
				9,937,949
Paper & Forest Products — 0.2%
Glatfelter Corp.		10,224		150,497
Mercer International, Inc. (Germany)		9,111		150,241
Neenah, Inc.		3,884		206,512
Schweitzer-Mauduit International, Inc.		7,242		330,742
				837,992
Personal Products — 0.6%
Coty, Inc., Class A*		65,365		654,304
Edgewell Personal Care Co.		12,505		477,691
elf Beauty, Inc.*		8,857		267,924
Inter Parfums, Inc.		4,083		300,509
Medifast, Inc.		2,714		616,322
USANA Health Sciences, Inc.*		2,743		246,843
				2,563,593
Pharmaceuticals — 1.3%
Aerie Pharmaceuticals, Inc.*		10,814		185,244
Amneal Pharmaceuticals, Inc.*		26,207		144,401
Arvinas, Inc.*		7,553		520,704

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Pharmaceuticals — continued
Atea Pharmaceuticals, Inc.*		2,859		70,646
Corcept Therapeutics, Inc.*		24,327		554,412
Endo International plc*		53,109		304,315
Innoviva, Inc.*		14,485		165,853
Intra-Cellular Therapies, Inc.*		16,405		564,824
Nektar Therapeutics*		41,983		823,287
NGM Biopharmaceuticals, Inc.*		5,265		144,787
Phathom Pharmaceuticals, Inc.*		3,025		116,523
Pliant Therapeutics, Inc.*		2,133		71,455
Relmada Therapeutics, Inc.*		3,148		121,387
Revance Therapeutics, Inc.*		15,311		445,856
Supernus Pharmaceuticals, Inc.*		12,194		371,307
Theravance Biopharma, Inc.*		11,563		228,254
Tilray, Inc. (Canada)* (a)		34,078		624,990
Zogenix, Inc.*		12,849		242,718
				5,700,963
Professional Services — 1.2%
CBIZ, Inc.*		12,326		414,030
Exponent, Inc.		11,936		1,149,795
Forrester Research, Inc.*		2,538		110,276
Huron Consulting Group, Inc.*		5,248		295,253
ICF International, Inc.		3,921		357,046
Kelly Services, Inc., Class A*		7,708		193,086
Korn Ferry		12,441		844,620
ManTech International Corp., Class A		6,295		537,278
TrueBlue, Inc.*		8,184		231,607
Upwork, Inc.*		21,022		968,273
				5,101,264
Real Estate Management & Development — 0.9%
Forestar Group, Inc.*		3,774		95,633
Kennedy-Wilson Holdings, Inc.		28,284		581,236
Marcus & Millichap, Inc.*		5,537		195,567
Newmark Group, Inc., Class A		37,347		401,480
RE/MAX Holdings, Inc., Class A		4,291		157,609
Realogy Holdings Corp.*		26,618		459,959
Redfin Corp.*		23,781		1,683,219
St. Joe Co. (The)		7,191		329,276
Tejon Ranch Co.*		4,782		75,651
				3,979,630
Road & Rail — 0.6%
Heartland Express, Inc.		11,251		209,156
Marten Transport Ltd.		13,543		226,439
Saia, Inc.*		6,065		1,422,243
Schneider National, Inc., Class B		8,485		205,592

INVESTMENTS	SHARES		VALUE($)
Road & Rail — continued
Werner Enterprises, Inc.		13,163		608,525
				2,671,955
Semiconductors & Semiconductor Equipment — 3.3%
ACM Research, Inc., Class A*		2,351		185,611
Advanced Energy Industries, Inc.		8,832		974,258
Ambarella, Inc.*		8,112		790,839
Amkor Technology, Inc.		24,670		498,827
Brooks Automation, Inc.		17,104		1,733,148
Diodes, Inc.*		9,696		744,750
FormFactor, Inc.*		17,921		701,607
Ichor Holdings Ltd.*		6,472		360,943
Kulicke & Soffa Industries, Inc. (Singapore)		14,305		813,239
Lattice Semiconductor Corp.*		31,459		1,582,702
MACOM Technology Solutions Holdings, Inc.*		10,710		606,293
MaxLinear, Inc.*		15,631		562,560
Onto Innovation, Inc.*		11,250		770,850
Power Integrations, Inc.		13,838		1,145,925
Rambus, Inc.*		25,745		488,640
Semtech Corp.*		14,984		1,015,016
SiTime Corp.*		2,879		266,452
SunPower Corp.*		18,475		474,623
Veeco Instruments, Inc.*		11,462		263,741
				13,980,024
Software — 6.7%
2U, Inc.*		17,053		669,330
8x8, Inc.*		24,770		814,685
Alarm.com Holdings, Inc.*		10,405		933,953
Altair Engineering, Inc., Class A*		10,313		670,345
Appfolio, Inc., Class A*		4,021		581,557
Appian Corp.*		8,989		1,089,287
Asana, Inc., Class A*		3,703		123,384
Avaya Holdings Corp.*		17,396		500,483
Bottomline Technologies DE, Inc.*		8,966		435,389
Box, Inc., Class A*		33,266		708,566
Cerence, Inc.*		8,696		838,381
Cloudera, Inc.*		49,776		631,657
Cornerstone OnDemand, Inc.*		14,113		624,712
Digital Turbine, Inc.*		17,311		1,305,769
Ebix, Inc.		5,429		163,467
Envestnet, Inc.*		12,475		921,029
Everbridge, Inc.*		8,353		1,108,527
fuboTV, Inc.* (a)		11,529		232,425
InterDigital, Inc.		7,107		493,368
LivePerson, Inc.*		14,532		794,174
Medallia, Inc.*		19,088		562,905

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 129

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Software — continued
MicroStrategy, Inc., Class A*		1,759		1,155,945
Mimecast Ltd.*		13,498		586,083
PagerDuty, Inc.*		13,220		561,321
Ping Identity Holding Corp.*		8,445		205,045
Progress Software Corp.		10,187		444,764
PROS Holdings, Inc.*		9,181		394,599
Q2 Holdings, Inc.*		12,039		1,252,297
Qualys, Inc.*		7,769		787,466
Rapid7, Inc.*		12,147		986,944
SailPoint Technologies Holding, Inc.*		21,069		1,028,799
Sprout Social, Inc., Class A*		6,514		431,813
SPS Commerce, Inc.*		8,200		840,008
Sumo Logic, Inc.*		3,541		69,014
SVMK, Inc.*		27,926		502,389
Tenable Holdings, Inc.*		15,580		584,172
Teradata Corp.*		25,122		1,242,785
Varonis Systems, Inc.*		23,530		1,245,914
Workiva, Inc.*		9,596		902,024
Xperi Holding Corp.		24,147		496,221
Yext, Inc.*		22,261		310,541
Zuora, Inc., Class A*		23,689		383,762
				28,615,299
Specialty Retail — 3.3%
Abercrombie & Fitch Co., Class A*		14,379		539,069
Academy Sports & Outdoors, Inc.*		6,710		206,735
Asbury Automotive Group, Inc.*		4,458		885,403
At Home Group, Inc.*		12,545		396,171
Bed Bath & Beyond, Inc.*		27,930		707,188
Buckle, Inc. (The)		6,604		276,972
Camping World Holdings, Inc., Class A		8,666		377,318
Children’s Place, Inc. (The)*		3,367		263,804
Dick’s Sporting Goods, Inc.		15,149		1,251,004
GameStop Corp., Class A* (a)		12,616		2,190,011
Group 1 Automotive, Inc.		3,921		643,671
GrowGeneration Corp.*		10,973		478,423
Guess?, Inc.		8,655		234,031
Monro, Inc.		7,709		544,178
Murphy USA, Inc.		5,846		814,932
National Vision Holdings, Inc.*		18,688		942,062
ODP Corp. (The)*		12,336		498,745
Rent-A-Center, Inc.		11,294		649,970
Sally Beauty Holdings, Inc.*		25,994		521,700
Signet Jewelers Ltd.*		12,062		720,705
Sleep Number Corp.*		5,856		655,228
Sonic Automotive, Inc., Class A		5,391		265,992

INVESTMENTS	SHARES		VALUE($)
Specialty Retail — continued
Zumiez, Inc.*		4,819		207,072
				14,270,384
Technology Hardware, Storage & Peripherals — 0.6%
3D Systems Corp.*		28,606		616,173
Corsair Gaming, Inc.*		4,880		161,919
NCR Corp.*		29,976		1,371,402
Super Micro Computer, Inc.*		9,906		366,720
				2,516,214
Textiles, Apparel & Luxury Goods — 1.0%
Crocs, Inc.*		15,084		1,510,210
G-III Apparel Group Ltd.*		10,030		325,875
Kontoor Brands, Inc.		10,848		681,580
Levi Strauss & Co., Class A		17,837		514,776
Oxford Industries, Inc.		3,890		354,885
Steven Madden Ltd.		17,826		724,983
				4,112,309
Thrifts & Mortgage Finance — 1.7%
Axos Financial, Inc.*		11,844		534,757
Capitol Federal Financial, Inc.		29,777		384,868
Columbia Financial, Inc.*		10,734		196,110
Flagstar Bancorp, Inc.		10,926		508,496
Kearny Financial Corp.		17,443		222,921
Meridian Bancorp, Inc.		12,082		267,133
Mr Cooper Group, Inc.*		16,286		561,541
NMI Holdings, Inc., Class A*		19,663		508,092
Northfield Bancorp, Inc.		10,835		175,310
Northwest Bancshares, Inc.		29,252		410,698
PennyMac Financial Services, Inc.		9,095		547,610
Provident Financial Services, Inc.		16,672		392,959
Rocket Cos., Inc., Class A		26,613		597,462
TrustCo Bank Corp.		22,228	��	162,598
Walker & Dunlop, Inc.		6,758		749,124
Washington Federal, Inc.		17,096		556,475
WSFS Financial Corp.		10,954		559,640
				7,335,794
Tobacco — 0.1%
Turning Point Brands, Inc.		2,738		133,669
Universal Corp.		5,658		318,149
				451,818
Trading Companies & Distributors — 1.4%
Applied Industrial Technologies, Inc.		8,929		854,148
Boise Cascade Co.		9,033		602,682
GMS, Inc.*		9,871		431,461

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Trading Companies & Distributors — continued
H&E Equipment Services, Inc.		7,321		284,787
Herc Holdings, Inc.*		5,698		601,709
McGrath RentCorp		5,557		455,563
NOW, Inc.*		25,341		248,848
Rush Enterprises, Inc., Class A		9,841		485,752
Systemax, Inc.		3,626		154,903
Triton International Ltd. (Bermuda)		15,339		769,558
WESCO International, Inc.*		10,145		930,499
				5,819,910
Water Utilities — 0.4%
American States Water Co.		8,506		673,590
California Water Service Group		11,606		681,852
SJW Group		6,067		397,692
				1,753,134
Wireless Telecommunication Services — 0.1%
Shenandoah Telecommunications Co.		11,504		543,679
Total Common Stocks (Cost $404,171,895)				423,421,834
Short-Term Investments — 2.4%
Investment Companies — 1.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d) (Cost $3,989,749)		3,989,749		3,989,749
Investment of Cash Collateral from Securities Loaned — 1.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d) (Cost $6,108,220)		6,108,220		6,108,220
Total Short-Term Investments (Cost $10,097,969)				10,097,969
Total Investments — 101.4% (Cost $414,269,864)				433,519,803
Liabilities in Excess of Other Assets — (1.4)%				(5,946,417	)
NET ASSETS — 100.0%				427,573,386

Percentages indicated are based on net assets.

Abbreviations

REIT	RealEstate Investment Trust
(a)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $5,842,342.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	Therate shown is the current yield as of April 30, 2021.
*	Non-incomeproducing security.

Futures contracts outstanding as of April 30, 2021:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index		39		06/2021		USD		4,410,900		40,946

Abbreviations

USD     UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 131

JPMorgan Carbon Transition U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%
Aerospace & Defense — 1.0%
Boeing Co. (The)*		645		151,130
Raytheon Technologies Corp.		1,094		91,065
				242,195
Air Freight & Logistics — 0.3%
CH Robinson Worldwide, Inc.		169		16,407
Expeditors International of Washington, Inc.		215		23,620
United Parcel Service, Inc., Class B		171		34,860
				74,887
Auto Components — 0.3%
Aptiv plc*		342		49,210
BorgWarner, Inc.		311		15,109
				64,319
Automobiles — 1.7%
Ford Motor Co.*		5,009		57,804
General Motors Co.*		1,067		61,053
Tesla, Inc.*		420		297,965
				416,822
Banks — 3.2%
Bank of America Corp.		6,890		279,252
Citigroup, Inc.		2,317		165,063
Comerica, Inc.		181		13,604
Fifth Third Bancorp		918		37,216
PNC Financial Services Group, Inc. (The)		543		101,514
Regions Financial Corp.		1,227		26,748
SVB Financial Group*		64		36,597
Truist Financial Corp.		58		3,440
US Bancorp		1,735		102,972
Wells Fargo & Co.		1,199		54,015
				820,421
Beverages — 1.3%
Brown-Forman Corp., Class B		288		21,969
Coca-Cola Co. (The)		3,862		208,471
Keurig Dr Pepper, Inc.		892		31,978
PepsiCo, Inc.		533		76,837
				339,255
Biotechnology — 2.0%
AbbVie, Inc.		1,550		172,825
Amgen, Inc.		307		73,569
Biogen, Inc.*		160		42,773
Gilead Sciences, Inc.		1,607		101,996
Regeneron Pharmaceuticals, Inc.*		110		52,943
Vertex Pharmaceuticals, Inc.*		239		52,150
				496,256

INVESTMENTS	SHARES		VALUE($)
Building Products — 0.5%
AO Smith Corp.		169		11,450
Johnson Controls International plc		929		57,914
Lennox International, Inc.		43		14,419
Trane Technologies plc		306		53,192
				136,975
Capital Markets — 4.3%
Bank of New York Mellon Corp. (The)		1,027		51,227
BlackRock, Inc.		155		126,991
Charles Schwab Corp. (The)		1,502		105,741
CME Group, Inc.		375		75,746
FactSet Research Systems, Inc.		48		16,139
Goldman Sachs Group, Inc. (The)		424		147,743
Intercontinental Exchange, Inc.		353		41,552
Invesco Ltd.		489		13,203
Lazard Ltd., Class A		53		2,384
LPL Financial Holdings, Inc.		47		7,365
Moody’s Corp.		207		67,629
Morgan Stanley		1,398		115,405
Morningstar, Inc.		6		1,590
MSCI, Inc.		102		49,548
Nasdaq, Inc.		146		23,585
Northern Trust Corp.		248		28,222
S&P Global, Inc.		308		120,240
State Street Corp.		453		38,029
T. Rowe Price Group, Inc.		288		51,610
				1,083,949
Chemicals — 1.9%
Albemarle Corp.		147		24,721
Ashland Global Holdings, Inc.		72		6,207
Axalta Coating Systems Ltd.*		269		8,579
Celanese Corp.		144		22,558
Ecolab, Inc.		319		71,494
FMC Corp.		168		19,864
International Flavors & Fragrances, Inc.		318		45,210
Linde plc (United Kingdom)		434		124,055
PPG Industries, Inc.		301		51,543
Scotts Miracle-Gro Co. (The)		53		12,252
Sherwin-Williams Co. (The)		315		86,269
Valvoline, Inc.		241		7,567
WR Grace & Co.		73		5,017
				485,336
Commercial Services & Supplies — 0.4%
MSA Safety, Inc.		46		7,395
Republic Services, Inc.		272		28,913

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Commercial Services & Supplies — continued
Waste Management, Inc.		540		74,504
				110,812
Communications Equipment — 1.2%
Arista Networks, Inc.*		75		23,638
Ciena Corp.*		182		9,185
Cisco Systems, Inc.		4,191		213,364
CommScope Holding Co., Inc.*		219		3,603
Juniper Networks, Inc.		419		10,638
Motorola Solutions, Inc.		219		41,238
				301,666
Construction Materials — 0.1%
Vulcan Materials Co.		169		30,123
Consumer Finance — 0.9%
American Express Co.		837		128,354
Capital One Financial Corp.		577		86,019
				214,373
Containers & Packaging — 0.3%
AptarGroup, Inc.		83		12,517
Avery Dennison Corp.		106		22,702
Ball Corp.		412		38,580
				73,799
Diversified Financial Services — 0.8%
Berkshire Hathaway, Inc., Class B*		664		182,567
Voya Financial, Inc.		163		11,054
				193,621
Diversified Telecommunication Services — 1.5%
AT&T, Inc.		4,546		142,790
Lumen Technologies, Inc.		1,395		17,898
Verizon Communications, Inc.		3,703		213,996
				374,684
Electric Utilities — 1.2%
Avangrid, Inc.		73		3,716
Edison International		463		27,525
Eversource Energy		443		38,195
Exelon Corp.		1,242		55,816
NextEra Energy, Inc.		2,197		170,290
PG&E Corp.*		1,682		19,040
				314,582
Electrical Equipment — 0.8%
Acuity Brands, Inc.		45		8,348
Eaton Corp. plc		511		73,037
Emerson Electric Co.		761		68,863

INVESTMENTS	SHARES		VALUE($)
Electrical Equipment — continued
Rockwell Automation, Inc.		149		39,375
				189,623
Electronic Equipment, Instruments & Components — 0.1%
Keysight Technologies, Inc.*		241		34,788
Energy Equipment & Services — 0.3%
Baker Hughes Co.		853		17,128
Halliburton Co.		1,137		22,240
Schlumberger NV		1,783		48,230
				87,598
Entertainment — 1.5%
Netflix, Inc.*		185		94,992
Walt Disney Co. (The)*		1,520		282,750
				377,742
Equity Real Estate Investment Trusts (REITs) — 3.1%
Alexandria Real Estate Equities, Inc.		171		30,968
American Tower Corp.		51		12,993
AvalonBay Communities, Inc.		182		34,944
Boston Properties, Inc.		202		22,089
Brixmor Property Group, Inc.		385		8,601
Brookfield Property REIT, Inc., Class A		50		899
Camden Property Trust		17		2,048
Crown Castle International Corp.		456		86,211
Douglas Emmett, Inc.		212		7,111
Duke Realty Corp.		469		21,818
Equity LifeStyle Properties, Inc.		221		15,337
Equity Residential		475		35,259
Essex Property Trust, Inc.		83		24,113
Extra Space Storage, Inc.		167		24,831
First Industrial Realty Trust, Inc.		163		8,113
Healthpeak Properties, Inc.		697		23,935
Hudson Pacific Properties, Inc.		191		5,369
Iron Mountain, Inc.		371		14,885
JBG SMITH Properties		159		5,185
Kilroy Realty Corp.		150		10,281
Kimco Realty Corp.		537		11,277
Prologis, Inc.		942		109,771
Public Storage		194		54,545
Regency Centers Corp.		218		13,878
SBA Communications Corp.		141		42,261
Simon Property Group, Inc.		420		51,131
SL Green Realty Corp.		93		6,883
UDR, Inc.		380		17,651
Ventas, Inc.		481		26,676
Vornado Realty Trust		227		10,385

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 133

JPMorgan Carbon Transition U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Welltower, Inc.		533		39,991
				779,439
Food & Staples Retailing — 1.2%
Costco Wholesale Corp.		328		122,045
Walmart, Inc.		1,316		184,122
				306,167
Food Products — 0.4%
General Mills, Inc.		772		46,984
Hershey Co. (The)		153		25,138
McCormick & Co., Inc. (Non-Voting)		317		28,644
Mondelez International, Inc., Class A		52		3,162
				103,928
Gas Utilities — 0.1%
National Fuel Gas Co.		111		5,512
UGI Corp.		270		11,802
				17,314
Health Care Equipment & Supplies — 3.0%
Abbott Laboratories		1,541		185,043
Becton Dickinson and Co.		307		76,385
Boston Scientific Corp.*		1,752		76,387
Danaher Corp.		604		153,380
Edwards Lifesciences Corp.*		789		75,365
Intuitive Surgical, Inc.*		7		6,055
Medtronic plc		1,358		177,790
Stryker Corp.		24		6,303
				756,708
Health Care Providers & Services — 3.0%
AmerisourceBergen Corp.		186		22,469
Anthem, Inc.		299		113,438
Cigna Corp.		439		109,315
CVS Health Corp.		1,673		127,817
Humana, Inc.		157		69,903
UnitedHealth Group, Inc.		799		318,641
				761,583
Hotels, Restaurants & Leisure — 2.3%
Booking Holdings, Inc.*		52		128,236
Chipotle Mexican Grill, Inc.*		36		53,713
McDonald’s Corp.		815		192,405
Starbucks Corp.		1,404		160,744
Yum! Brands, Inc.		389		46,494
				581,592

INVESTMENTS	SHARES		VALUE($)
Household Durables — 0.2%
Newell Brands, Inc.		497		13,399
Toll Brothers, Inc.		151		9,468
Whirlpool Corp.		79		18,679
				41,546
Household Products — 1.5%
Clorox Co. (The)		142		25,915
Colgate-Palmolive Co.		1,078		86,994
Procter & Gamble Co. (The)		2,033		271,243
				384,152
Industrial Conglomerates — 1.9%
3M Co.		601		118,481
General Electric Co.		10,555		138,482
Honeywell International, Inc.		786		175,310
Roper Technologies, Inc.		101		45,090
				477,363
Insurance — 2.5%
Aflac, Inc.		869		46,691
Allstate Corp. (The)		388		49,198
Aon plc, Class A		290		72,918
Arthur J Gallagher & Co.		242		35,078
Assurant, Inc.		78		12,137
Brown & Brown, Inc.		300		15,954
Chubb Ltd.		575		98,664
Cincinnati Financial Corp.		195		21,973
First American Financial Corp.		141		9,095
Hartford Financial Services Group, Inc. (The)		462		30,474
Lincoln National Corp.		250		16,032
MetLife, Inc.		966		61,467
Principal Financial Group, Inc.		346		22,099
Prudential Financial, Inc.		508		50,983
Travelers Cos., Inc. (The)		325		50,264
Unum Group		259		7,319
White Mountains Insurance Group Ltd.		4		4,662
WR Berkley Corp.		181		14,429
				619,437
Interactive Media & Services — 5.6%
Alphabet, Inc., Class A*		402		946,107
Facebook, Inc., Class A*		1,420		461,614
				1,407,721
Internet & Direct Marketing Retail — 4.4%
Amazon.com, Inc.*		294		1,019,421
eBay, Inc.		835		46,585
Etsy, Inc.*		152		30,216

SEE NOTES TO FINANCIAL STATEMENTS.

134 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Internet & Direct Marketing Retail — continued
Qurate Retail, Inc., Series A		494		5,879
				1,102,101
IT Services — 5.5%
Accenture plc, Class A		572		165,863
Alliance Data Systems Corp.		61		7,189
Amdocs Ltd.		164		12,585
Automatic Data Processing, Inc.		19		3,553
Cognizant Technology Solutions Corp., Class A		548		44,059
Fidelity National Information Services, Inc.		790		120,791
Globant SA*		49		11,230
International Business Machines Corp.		930		131,948
Mastercard, Inc., Class A		750		286,545
PayPal Holdings, Inc.*		1,044		273,831
Square, Inc., Class A*		27		6,610
Switch, Inc., Class A		112		2,080
Visa, Inc., Class A		1,398		326,517
				1,392,801
Leisure Products — 0.1%
Brunswick Corp.		100		10,713
Hasbro, Inc.		165		16,409
				27,122
Life Sciences Tools & Services — 1.4%
Agilent Technologies, Inc.		355		47,442
Bio-Rad Laboratories, Inc., Class A*		23		14,493
Charles River Laboratories International, Inc.*		55		18,285
Mettler-Toledo International, Inc.*		30		39,399
PerkinElmer, Inc.		141		18,278
PRA Health Sciences, Inc.*		81		13,518
Thermo Fisher Scientific, Inc.		396		186,211
Waters Corp.*		78		23,390
				361,016
Machinery — 2.1%
Caterpillar, Inc.		669		152,605
Cummins, Inc.		190		47,888
Deere & Co.		136		50,436
Dover Corp.		183		27,302
Flowserve Corp.		162		6,422
Fortive Corp.		386		27,336
Gates Industrial Corp. plc*		105		1,811
Illinois Tool Works, Inc.		403		92,875
ITT, Inc.		110		10,374
Lincoln Electric Holdings, Inc.		73		9,348
Middleby Corp. (The)*		72		13,055

INVESTMENTS	SHARES		VALUE($)
Machinery — continued
Oshkosh Corp.		84		10,452
Stanley Black & Decker, Inc.		197		40,734
Toro Co. (The)		119		13,637
Xylem, Inc.		232		25,671
				529,946
Marine — 0.0% (a)
Kirby Corp.*		76		4,841
Media — 0.6%
Charter Communications, Inc., Class A*		14		9,428
Comcast Corp., Class A		2,283		128,191
Omnicom Group, Inc.		276		22,704
				160,323
Metals & Mining — 0.5%
Freeport-McMoRan, Inc.		1,853		69,877
Newmont Corp.		1,027		64,095
				133,972
Multiline Retail — 0.5%
Target Corp.		641		132,854
Multi-Utilities — 0.8%
CenterPoint Energy, Inc.		643		15,747
Consolidated Edison, Inc.		444		34,370
Dominion Energy, Inc.		424		33,878
Public Service Enterprise Group, Inc.		652		41,180
Sempra Energy		369		50,763
WEC Energy Group, Inc.		298		28,957
				204,895
Oil, Gas & Consumable Fuels — 2.1%
Cabot Oil & Gas Corp.		499		8,318
Chevron Corp.		1,878		193,566
ConocoPhillips		1,296		66,277
EOG Resources, Inc.		747		55,009
EQT Corp.*		367		7,010
Exxon Mobil Corp.		1,924		110,130
Hess Corp.		350		26,079
Occidental Petroleum Corp.		1,083		27,465
ONEOK, Inc.		57		2,983
Pioneer Natural Resources Co.		258		39,688
				536,525
Personal Products — 0.4%
Coty, Inc., Class A*		373		3,734
Estee Lauder Cos., Inc. (The), Class A		289		90,688
				94,422

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 135

JPMorgan Carbon Transition U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Pharmaceuticals — 3.7%
Bristol-Myers Squibb Co.		2,192		136,824
Eli Lilly & Co.		878		160,472
Johnson & Johnson		2,108		343,035
Merck & Co., Inc.		2,324		173,138
Pfizer, Inc.		3,126		120,820
				934,289
Professional Services — 0.7%
Booz Allen Hamilton Holding Corp.		175		14,516
IHS Markit Ltd.		509		54,758
Jacobs Engineering Group, Inc.		163		21,779
Leidos Holdings, Inc.		174		17,623
ManpowerGroup, Inc.		75		9,067
Nielsen Holdings plc		462		11,850
Verisk Analytics, Inc.		201		37,828
				167,421
Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A*		429		36,551
Howard Hughes Corp. (The)*		51		5,505
Jones Lang LaSalle, Inc.*		66		12,402
				54,458
Road & Rail — 0.6%
Lyft, Inc., Class A*		328		18,256
Uber Technologies, Inc.*		1,760		96,395
Union Pacific Corp.		207		45,973
				160,624
Semiconductors & Semiconductor Equipment — 5.2%
Advanced Micro Devices, Inc.*		1,529		124,797
Analog Devices, Inc.		418		64,021
Applied Materials, Inc.		1,170		155,271
Broadcom, Inc.		147		67,061
Entegris, Inc.		160		18,013
First Solar, Inc.*		119		9,107
Intel Corp.		1,875		107,869
Lam Research Corp.		182		112,922
Micron Technology, Inc.*		187		16,095
NVIDIA Corp.		519		311,597
QUALCOMM, Inc.		1,267		175,860
SolarEdge Technologies, Inc.*		62		16,339
Teradyne, Inc.		211		26,392
Texas Instruments, Inc.		338		61,012
Xilinx, Inc.		312		39,924
				1,306,280

INVESTMENTS	SHARES		VALUE($)
Software — 9.4%
Adobe, Inc.*		467		237,395
Atlassian Corp. plc, Class A*		167		39,673
Autodesk, Inc.*		281		82,027
Cadence Design Systems, Inc.*		352		46,383
Citrix Systems, Inc.		157		19,444
Intuit, Inc.		322		132,716
Microsoft Corp.		5,091		1,283,848
NortonLifeLock, Inc.		689		14,889
Oracle Corp.		2,141		162,266
PTC, Inc.*		133		17,415
salesforce.com, Inc.*		895		206,136
ServiceNow, Inc.*		42		21,268
Synopsys, Inc.*		179		44,224
Teradata Corp.*		141		6,975
VMware, Inc., Class A*		103		16,566
Workday, Inc., Class A*		229		56,563
				2,387,788
Specialty Retail — 2.5%
Advance Auto Parts, Inc.		83		16,613
Best Buy Co., Inc.		294		34,183
Home Depot, Inc. (The)		954		308,781
Lowe’s Cos., Inc.		891		174,859
TJX Cos., Inc. (The)		712		50,552
Tractor Supply Co.		147		27,724
Williams-Sonoma, Inc.		98		16,734
				629,446
Technology Hardware, Storage & Peripherals — 6.0%
Apple, Inc.		10,713		1,408,331
Dell Technologies, Inc., Class C*		289		28,417
Hewlett Packard Enterprise Co.		1,675		26,834
HP, Inc.		1,647		56,179
				1,519,761
Textiles, Apparel & Luxury Goods — 1.1%
Capri Holdings Ltd.*		158		8,703
Columbia Sportswear Co.		37		4,033
Hanesbrands, Inc.		450		9,477
NIKE, Inc., Class B		1,309		173,600
PVH Corp.*		91		10,299
Ralph Lauren Corp.*		61		8,131
Tapestry, Inc.*		359		17,178
Under Armour, Inc., Class A*		126		3,063
VF Corp.		416		36,466
				270,950

SEE NOTES TO FINANCIAL STATEMENTS.

136 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Tobacco — 1.1%
Altria Group, Inc.		2,380		113,645
Philip Morris International, Inc.		1,804		171,380
				285,025
Trading Companies & Distributors — 0.2%
United Rentals, Inc.*		92		29,435
Univar Solutions, Inc.*		216		5,044
WW Grainger, Inc.		57		24,712
				59,191
Water Utilities — 0.2%
American Water Works Co., Inc.		233		36,346
Essential Utilities, Inc.		318		14,987
				51,333
Wireless Telecommunication Services — 0.1%
T-Mobile US, Inc.*		133		17,573
Total Common Stocks (Cost $22,266,397)				25,225,733

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 0.1%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c) (Cost $36,217)		36,217		36,217
Total Investments — 99.9% (Cost $22,302,614)				25,261,950
Other Assets Less Liabilities — 0.1%				21,741
NET ASSETS — 100.0%				25,283,691

Percentages indicated are based on net assets.

Abbreviations

REIT	RealEstate Investment Trust
(a)	Amountrounds to less than 0.1% of net assets.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	Therate shown is the current yield as of April 30, 2021.
*	Non-incomeproducing security.

Futures contracts outstanding as of April 30, 2021:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Micro E-Mini S&P 500 Index		2		06/2021		USD		41,743		1,398

Abbreviations

USD     UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 137

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 100.0%
Bahrain — 0.1%
Ahli United Bank BSC		315,768		217,597
Brazil — 11.1%
Alpargatas SA (Preference)*		42,639		310,135
Ambev SA		245,874		678,048
B3 SA — Brasil Bolsa Balcao		110,062		1,044,485
Banco Bradesco SA (Preference)*		172,645		757,381
Banco BTG Pactual SA*		24,501		482,618
Banco do Brasil SA*		66,212		359,580
Banco Santander Brasil SA		41,346		294,032
BB Seguridade Participacoes SA		64,437		264,531
Bradespar SA (Preference)		25,004		327,185
BRF SA*		52,301		200,749
CCR SA		136,020		302,737
Centrais Eletricas Brasileiras SA		49,951		339,594
Cia de Saneamento Basico do Estado de Sao Paulo*		40,057		315,173
Cia de Saneamento do Parana*		41,258		162,159
Cia de Transmissao de Energia Eletrica Paulista (Preference)		78,077		377,445
Cia Energetica de Minas Gerais (Preference)		205,714		526,399
Cia Energetica de Sao Paulo (Preference), Class B		45,794		209,072
Cia Paranaense de Energia (Preference)		307,813		357,563
Cia Siderurgica Nacional SA		20,243		184,242
Cosan SA		24,434		407,125
CPFL Energia SA		43,745		236,762
Duratex SA		117,700		512,874
EDP — Energias do Brasil SA		86,102		297,677
Energisa SA		30,322		246,280
Eneva SA*		109,995		302,929
Engie Brasil Energia SA		29,956		225,275
Equatorial Energia SA		88,226		406,693
Gerdau SA (Preference)		33,581		205,366
Grendene SA		104,638		152,564
Hapvida Participacoes e Investimentos SA* (a)		124,229		329,323
Hypera SA*		50,494		320,604
Itau Unibanco Holding SA (Preference)		152,871		771,946
Itausa SA (Preference)		180,654		334,899
Locaweb Servicos de Internet SA* (a)		47,700		256,411
M Dias Branco SA*		26,447		129,361
Marfrig Global Foods SA		59,434		211,496
Natura & Co. Holding SA*		28,140		250,989
Neoenergia SA		60,538		178,091
Petroleo Brasileiro SA (Preference)		258,156		1,125,383
Porto Seguro SA		4,738		42,495

INVESTMENTS	SHARES		VALUE($)
Brazil — continued
Qualicorp Consultoria e Corretora de Seguros SA		37,923		189,543
Sao Martinho SA*		72,886		416,488
Sul America SA*		10,342		61,991
Telefonica Brasil SA		50,432		399,683
TIM SA*		112,186		250,929
TOTVS SA		71,093		407,289
Transmissora Alianca de Energia Eletrica SA		59,226		452,368
Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A		51,513		212,992
Vale SA		171,879		3,471,405
WEG SA		125,590		802,964
YDUQS Participacoes SA		42,751		231,697
				21,335,020
Chile — 1.6%
AES Gener SA		1,330,000		218,551
Aguas Andinas SA, Class A		80,765		22,955
Banco de Chile		1,697,376		181,743
Cencosud SA		246,831		512,430
Cia Cervecerias Unidas SA		26,057		239,772
Cia Sud Americana de Vapores SA*		4,330,150		261,979
Colbun SA		1,980,865		340,024
Embotelladora Andina SA (Preference), Class B		76,478		182,390
Enel Americas SA		3,414,584		486,054
Enel Chile SA		3,591,902		245,110
Engie Energia Chile SA		121,520		128,234
Falabella SA		39,089		176,545
				2,995,787
China — 25.5%
An Hui Wenergy Co. Ltd., Class A		189,900		112,484
Angang Steel Co. Ltd., Class H (b)		159,800		109,856
Anhui Conch Cement Co. Ltd., Class H		103,500		617,756
Anhui Gujing Distillery Co. Ltd., Class A		11,400		399,522
ANTA Sports Products Ltd.		22,000		392,445
BAIC Motor Corp. Ltd., Class H (a)		158,000		57,124
Bank of China Ltd., Class H		1,338,000		530,849
Bank of Hangzhou Co. Ltd., Class A		142,600		364,065
Baoshan Iron & Steel Co. Ltd., Class A		272,000		361,421
Beijing Capital International Airport Co. Ltd., Class H		90,000		65,332
Beijing Enterprises Holdings Ltd.		23,500		76,657
BGI Genomics Co. Ltd., Class A		10,100		201,099
Blue Sail Medical Co. Ltd., Class A		58,500		212,607
Bluestar Adisseo Co., Class A		119,100		222,133

SEE NOTES TO FINANCIAL STATEMENTS.

138 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
China — continued
Bosideng International Holdings Ltd.		174,000		88,252
BYD Electronic International Co. Ltd.		65,500		347,539
CGN Power Co. Ltd., Class H (a)		1,427,000		328,296
China CITIC Bank Corp. Ltd., Class H		247,000		128,943
China Coal Energy Co. Ltd., Class H		80,000		43,268
China Communications Services Corp. Ltd., Class H		416,000		179,885
China Conch Venture Holdings Ltd.		69,500		327,922
China Construction Bank Corp., Class H		737,000		581,745
China Everbright Bank Co. Ltd., Class H		88,000		36,747
China Feihe Ltd. (a)		213,000		605,220
China Hongqiao Group Ltd.		257,500		406,435
China Lesso Group Holdings Ltd.		123,000		309,395
China Longyuan Power Group Corp. Ltd., Class H		181,000		266,166
China Medical System Holdings Ltd.		267,000		616,699
China Merchants Bank Co. Ltd., Class H		104,000		835,371
China Merchants Port Holdings Co. Ltd.		54,000		86,392
China Minsheng Banking Corp. Ltd., Class H		188,800		96,744
China National Building Material Co. Ltd., Class H		382,250		552,005
China National Nuclear Power Co. Ltd., Class A		275,500		221,708
China Petroleum & Chemical Corp., Class H		1,104,000		544,499
China Resources Cement Holdings Ltd.		236,000		257,080
China Resources Gas Group Ltd.		84,000		454,489
China Resources Land Ltd.		86,000		402,658
China Resources Pharmaceutical Group Ltd. (a)		160,000		107,745
China Resources Power Holdings Co. Ltd.		206,000		270,615
China Shenhua Energy Co. Ltd., Class H		293,000		610,288
China South Publishing & Media Group Co. Ltd., Class A		100,400		158,156
China Vanke Co. Ltd., Class H		42,500		148,619
China Yangtze Power Co. Ltd., Class A		161,800		498,563
Chinese Universe Publishing and Media Group Co. Ltd., Class A		101,600		173,232
Chongqing Rural Commercial Bank Co. Ltd., Class H		80,000		33,901
CITIC Ltd.		270,000		283,573
Citic Pacific Special Steel Group Co. Ltd., Class A		85,576		341,396
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		58,000		25,261
COSCO SHIPPING Holdings Co. Ltd., Class H*		308,500		549,616
COSCO SHIPPING Ports Ltd.		72,000		60,480
Country Garden Services Holdings Co. Ltd.		39,000		408,558
Da An Gene Co. Ltd. of Sun Yat-Sen University, Class A		40,500		209,240

INVESTMENTS	SHARES		VALUE($)
China — continued
Dali Foods Group Co. Ltd. (a)		386,000		229,580
Daqin Railway Co. Ltd., Class A		220,000		233,626
Datang International Power Generation Co. Ltd., Class H		180,000		26,610
Dongguan Development Holdings Co. Ltd., Class A		123,700		192,622
ENN Energy Holdings Ltd.		59,400		1,013,636
Foshan Haitian Flavouring & Food Co. Ltd., Class A		16,020		418,074
Fosun International Ltd.		102,576		147,313
Fujian Sunner Development Co. Ltd., Class A		48,100		195,937
G-bits Network Technology Xiamen Co. Ltd., Class A		3,100		218,822
Geely Automobile Holdings Ltd.		78,000		203,166
Great Wall Motor Co. Ltd., Class H		275,000		682,708
Greattown Holdings Ltd., Class A		15,300		8,550
Guangdong Baolihua New Energy Stock Co. Ltd., Class A		356,500		302,628
Guangdong Investment Ltd.		314,000		483,443
Guangxi Guiguan Electric Power Co. Ltd., Class A		265,300		211,998
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		24,000		64,593
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		17,300		355,503
Haitian International Holdings Ltd.		39,000		158,675
Heilongjiang Agriculture Co. Ltd., Class A		120,000		280,224
Henan Shuanghui Investment & Development Co. Ltd., Class A		32,800		185,168
Huabao Flavours & Fragrances Co. Ltd., Class A		31,100		201,637
Huadian Power International Corp. Ltd., Class H (b)		6,000		1,837
Huadong Medicine Co. Ltd., Class A		38,200		309,107
Huaibei Mining Holdings Co. Ltd., Class A		105,000		190,046
Hualan Biological Engineering, Inc., Class A*		32,500		210,563
Huapont Life Sciences Co. Ltd., Class A		237,200		236,729
Huaxin Cement Co. Ltd., Class B		136,800		291,176
Hunan Valin Steel Co. Ltd., Class A		206,500		249,891
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia, Class A		150,116		238,996
Industrial & Commercial Bank of China Ltd., Class H		2,228,000		1,445,731
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		523,700		189,845
Inner Mongolia Yitai Coal Co. Ltd., Class B		42,000		27,716
Intco Medical Technology Co. Ltd., Class A		11,900		313,511
Jiangsu Expressway Co. Ltd., Class A		37,700		59,665

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 139

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
China — continued
Jiangsu Hengli Hydraulic Co. Ltd., Class A		24,156		319,819
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		47,700		233,702
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		173,500		189,352
Jiangsu Zhongtian Technology Co. Ltd., Class A		115,400		181,793
Jiangxi Copper Co. Ltd., Class H		57,000		138,359
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		103,400		234,201
Jointo Energy Investment Co. Ltd. Hebei, Class A		226,700		179,148
Joyoung Co. Ltd., Class A		46,771		229,418
JOYY, Inc., ADR		2,287		217,402
Kingboard Holdings Ltd.		67,500		398,619
KingClean Electric Co. Ltd., Class A		31,870		220,476
Kingfa Sci & Tech Co. Ltd., Class A		54,000		189,168
Kunlun Energy Co. Ltd.		376,000		402,031
Kweichow Moutai Co. Ltd., Class A		5,200		1,605,975
Lens Technology Co. Ltd., Class A		38,100		152,966
Li Ning Co. Ltd.		129,500		1,050,981
Liuzhou Iron & Steel Co. Ltd., Class A		228,700		253,777
Livzon Pharmaceutical Group, Inc., Class A		30,800		223,303
Lomon Billions Group Co. Ltd., Class A		72,600		377,776
Longfor Group Holdings Ltd. (a)		50,500		313,679
Maanshan Iron & Steel Co. Ltd., Class H		242,000		115,498
Momo, Inc., ADR		6,233		91,376
Nanjing Iron & Steel Co. Ltd., Class A		397,400		257,923
Pharmaron Beijing Co. Ltd., Class H (a)		17,400		359,253
Ping An Insurance Group Co. of China Ltd., Class H		145,000		1,580,830
Postal Savings Bank of China Co. Ltd., Class H (a)		713,000		462,428
Sansteel Minguang Co. Ltd. Fujian, Class A		147,300		185,874
Sany Heavy Industry Co. Ltd., Class A		85,400		405,440
SDIC Power Holdings Co. Ltd., Class A		263,700		402,699
Seazen Group Ltd.*		132,000		140,690
Seazen Holdings Co. Ltd., Class A		43,900		304,867
Shaanxi Coal Industry Co. Ltd., Class A		196,600		340,385
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		52,700		185,673
Shandong Chenming Paper Holdings Ltd., Class A		236,200		390,311
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		68,000		408,320
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		192,000		429,845

INVESTMENTS	SHARES		VALUE($)
China — continued
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		27,500		526,541
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		18,100		41,161
Shanghai Shimao Co. Ltd., Class A		241,600		155,870
Shenzhen Gas Corp. Ltd., Class A		184,100		198,985
Shenzhen International Holdings Ltd.		52,044		86,508
Shenzhen Jinjia Group Co. Ltd., Class A		117,300		188,092
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		8,200		588,434
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		36,300		204,866
Shenzhou International Group Holdings Ltd.		38,100		838,162
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		54,600		236,380
Sichuan Expressway Co. Ltd., Class A		136,900		68,469
Sinotruk Hong Kong Ltd.		147,000		361,195
Sunac Services Holdings Ltd.* (a)		2,024		6,261
Tangshan Jidong Cement Co. Ltd., Class A‡		83,500		180,506
TangShan Port Group Co. Ltd., Class A		486,400		199,660
Tianhe Chemicals Group Ltd.* ‡		20,000		—
Topchoice Medical Corp., Class A*		5,800		279,448
Weichai Power Co. Ltd., Class A		132,256		368,169
Weifu High-Technology Group Co. Ltd., Class A		67,400		253,276
Wuliangye Yibin Co. Ltd., Class A		22,000		963,756
Xinhua Winshare Publishing and Media Co. Ltd., Class A		100,100		145,165
Xinxing Ductile Iron Pipes Co. Ltd., Class A		291,000		181,400
Xinyangfeng Agricultural Technology Co. Ltd., Class A		78,300		200,041
Yangzijiang Shipbuilding Holdings Ltd.		299,200		321,091
Yanzhou Coal Mining Co. Ltd., Class H		320,000		381,248
Yintai Gold Co. Ltd., Class A		100,320		132,198
Yuexiu Property Co. Ltd.		362,000		83,688
Yunnan Baiyao Group Co. Ltd., Class A		12,700		210,435
Zhejiang Expressway Co. Ltd., Class H		188,000		163,420
Zhejiang Hisoar Pharmaceutical Co. Ltd., Class A*		239,400		399,375
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		81,580		268,825
Zhejiang Weixing New Building Materials Co. Ltd., Class A		57,697		209,099
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		135,100		243,599
Zhongsheng Group Holdings Ltd.		56,500		427,363
Zhuzhou Kibing Group Co. Ltd., Class A		94,600		223,375
Zijin Mining Group Co. Ltd., Class H		244,000		340,908

SEE NOTES TO FINANCIAL STATEMENTS.

140 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
China — continued
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		321,200		444,000
ZTO Express Cayman, Inc., ADR		16,128		518,676
				48,712,379
Colombia — 0.3%
Bancolombia SA (Preference)		44,139		329,281
Ecopetrol SA		265,969		156,607
Grupo Aval Acciones y Valores SA (Preference)		296,047		87,158
				573,046
Czech Republic — 0.1%
Moneta Money Bank A/S* (a)		32,627		121,170
O2 Czech Republic A/S*		8,002		98,393
				219,563
Egypt — 0.2%
Commercial International Bank Egypt SAE*		80,373		299,083
ElSewedy Electric Co.*		282,705		145,465
				444,548
Greece — 1.1%
Hellenic Telecommunications Organization SA		32,889		557,719
JUMBO SA		19,488		364,072
Mytilineos SA		28,758		534,304
OPAP SA		36,399		558,221
				2,014,316
Hong Kong — 0.4%
Kingboard Laminates Holdings Ltd.		157,500		392,858
Nine Dragons Paper Holdings Ltd.		243,000		332,977
				725,835
Hungary — 0.7%
Magyar Telekom Telecommunications plc		75,697		104,788
OTP Bank Nyrt.*		14,170		637,010
Richter Gedeon Nyrt.		20,102		574,929
				1,316,727
India — 9.1%
Asian Paints Ltd.		2,095		71,633
Aurobindo Pharma Ltd.		14,971		198,053
Bajaj Auto Ltd.*		6,917		357,510
Bajaj Holdings & Investment Ltd.*		717		33,060
Bharat Petroleum Corp. Ltd.		30,749		174,553
Castrol India Ltd.		18,894		32,032
Cipla Ltd.*		17,707		217,394
Coal India Ltd.		13,482		24,165

INVESTMENTS	SHARES		VALUE($)
India — continued
Colgate-Palmolive India Ltd.		4,912		98,164
Dabur India Ltd.		37,429		271,657
Divi’s Laboratories Ltd.*		6,982		382,551
Dr Reddy’s Laboratories Ltd.		7,603		529,136
GAIL India Ltd.		17,060		31,514
Glenmark Pharmaceuticals Ltd.		9,962		77,464
HCL Technologies Ltd.		44,039		533,596
Hindalco Industries Ltd.		18,461		90,501
Hindustan Petroleum Corp. Ltd.		20,446		64,591
Hindustan Unilever Ltd.		52,855		1,676,432
Hindustan Zinc Ltd.		6,360		26,161
Housing Development Finance Corp. Ltd.		41,155		1,340,225
ICICI Lombard General Insurance Co. Ltd. (a)		4,608		87,839
Indian Oil Corp. Ltd.		11,584		14,170
Indus Towers Ltd.		77,718		264,246
Infosys Ltd.		159,247		2,894,108
ITC Ltd.		213,069		581,818
JSW Steel Ltd.		13,936		134,644
Larsen & Toubro Infotech Ltd. (a)		443		23,230
Motherson Sumi Systems Ltd.*		35,164		101,716
Mphasis Ltd.		3,185		75,797
Muthoot Finance Ltd.		1,626		25,378
Nestle India Ltd.		1,815		399,179
NHPC Ltd.		218,151		71,326
NMDC Ltd.		30,508		63,953
NTPC Ltd.		162,705		224,624
Oil & Natural Gas Corp. Ltd.		114,862		166,884
Oil India Ltd.		11,968		19,650
Petronet LNG Ltd.		52,833		170,899
Piramal Enterprises Ltd.		4,098		92,760
Power Grid Corp. of India Ltd.		76,249		226,231
REC Ltd.		51,075		88,106
Reliance Industries Ltd.		88,922		2,388,998
Sun Pharmaceutical Industries Ltd.		24,419		215,526
Tata Consultancy Services Ltd.		36,070		1,476,113
Tata Power Co. Ltd. (The)		190,531		253,447
Tech Mahindra Ltd.		2,768		35,819
Titan Co. Ltd.		12,015		241,520
Torrent Power Ltd.		10,673		57,014
United Breweries Ltd.		2,744		44,837
UPL Ltd.		11,499		94,019
Vedanta Ltd.		68,959		238,916
Wipro Ltd.		48,456		320,474
				17,323,633

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 141

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Indonesia — 3.3%
Adaro Energy Tbk. PT		3,722,800		320,106
Astra International Tbk. PT		1,327,900		504,649
Bank Central Asia Tbk. PT		596,100		1,319,622
Bank Rakyat Indonesia Persero Tbk. PT		3,525,500		986,558
Bukit Asam Tbk. PT		1,326,500		217,068
Charoen Pokphand Indonesia Tbk. PT		902,700		440,106
Gudang Garam Tbk. PT*		67,300		168,044
Hanjaya Mandala Sampoerna Tbk. PT		1,805,100		164,579
Indofood CBP Sukses Makmur Tbk. PT		155,800		93,790
Indofood Sukses Makmur Tbk. PT		614,500		277,168
Kalbe Farma Tbk. PT		3,057,900		304,786
Media Nusantara Citra Tbk. PT*		2,495,000		169,076
Sarana Menara Nusantara Tbk. PT		3,843,300		303,141
Telkom Indonesia Persero Tbk. PT		3,710,400		819,793
Unilever Indonesia Tbk. PT		308,400		128,009
XL Axiata Tbk. PT		1,266,000		182,615
				6,399,110
Kuwait — 1.5%
Agility Public Warehousing Co. KSC		142,553		447,274
Gulf Bank KSCP		100,000		71,997
Humansoft Holding Co. KSC		17,230		188,078
Kuwait Finance House KSCP		256,482		614,136
Mobile Telecommunications Co. KSCP		276,326		551,910
National Bank of Kuwait SAKP		358,778		977,991
				2,851,386
Malaysia — 2.7%
AMMB Holdings Bhd.		175,400		127,463
Astro Malaysia Holdings Bhd.		206,200		49,838
Axiata Group Bhd.		311,600		294,222
CIMB Group Holdings Bhd.		51,855		52,350
DiGi.Com Bhd.		243,300		248,786
Hartalega Holdings Bhd.		178,700		447,734
Hong Leong Financial Group Bhd.		10,600		42,878
Kuala Lumpur Kepong Bhd.		20,100		107,948
Malayan Banking Bhd.		39,808		79,951
Maxis Bhd.		325,500		365,404
MISC Bhd.		29,100		48,120
Nestle Malaysia Bhd.		6,700		221,868
Petronas Dagangan Bhd.		12,600		61,926
Petronas Gas Bhd.		106,900		410,421
PPB Group Bhd.		89,760		405,371
Press Metal Aluminium Holdings Bhd.		149,200		189,257
RHB Bank Bhd.		93,000		118,175
Supermax Corp. Bhd.		233,400		342,585
Telekom Malaysia Bhd.		238,500		332,245

INVESTMENTS	SHARES		VALUE($)
Malaysia — continued
Tenaga Nasional Bhd.		292,200		710,023
Top Glove Corp. Bhd.		381,500		525,111
				5,181,676
Mexico — 5.0%
Alfa SAB de CV, Class A		492,406		343,228
Alpek SAB de CV		21,322		23,809
America Movil SAB de CV, Series L		544,104		381,144
Arca Continental SAB de CV		83,781		450,772
Cemex SAB de CV*		904,081		714,089
Coca-Cola Femsa SAB de CV		64,128		300,807
Controladora Nemak SAB de CV*		523,755		71,878
El Puerto de Liverpool SAB de CV, Class C1		18,216		76,759
Fibra Uno Administracion SA de CV, REIT		195,011		240,671
Fomento Economico Mexicano SAB de CV		21,532		167,126
Gruma SAB de CV, Class B		40,035		436,043
Grupo Aeroportuario del Centro Norte SAB de CV*		58,505		365,552
Grupo Aeroportuario del Pacifico SAB de CV, Class B*		49,676		511,376
Grupo Aeroportuario del Sureste SAB de CV, Class B*		30,713		520,106
Grupo Bimbo SAB de CV, Series A		188,692		376,695
Grupo Carso SAB de CV, Series A1*		44,753		127,474
Grupo Financiero Banorte SAB de CV, Class O		121,925		692,295
Grupo Mexico SAB de CV, Series B		222,924		1,011,120
Kimberly-Clark de Mexico SAB de CV, Class A		246,361		427,000
Megacable Holdings SAB de CV		93,662		342,939
Orbia Advance Corp. SAB de CV		118,591		331,706
Promotora y Operadora de Infraestructura SAB de CV		33,889		260,763
Qualitas Controladora SAB de CV		23,823		129,658
Wal-Mart de Mexico SAB de CV		360,081		1,180,835
				9,483,845
Pakistan — 0.0% (c)
Oil & Gas Development Co. Ltd.		139,813		83,138
Philippines — 0.7%
Globe Telecom, Inc.		6,215		236,596
JG Summit Holdings, Inc.		87,481		95,757
Manila Electric Co.		41,080		232,744
Metro Pacific Investments Corp.		2,686,200		225,689
PLDT, Inc.		10,260		270,822
Puregold Price Club, Inc.		152,100		117,786
San Miguel Corp.		27,810		66,353
				1,245,747

SEE NOTES TO FINANCIAL STATEMENTS.

142 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Qatar — 1.6%
Barwa Real Estate Co.		13,448		11,933
Commercial Bank PSQC (The)		105,646		156,684
Industries Qatar QSC		185,189		683,342
Masraf Al Rayan QSC		229,204		281,252
Ooredoo QPSC		95,960		186,678
Qatar Electricity & Water Co. QSC		55,266		261,075
Qatar Fuel QSC		45,503		227,452
Qatar Gas Transport Co. Ltd.		547,529		473,848
Qatar International Islamic Bank QSC		43,608		110,787
Qatar National Bank QPSC		135,183		664,591
United Development Co. QSC		94,892		41,413
				3,099,055
Russia — 5.7%
Federal Grid Co. Unified Energy System PJSC		141,092,766		399,053
Inter RAO UES PJSC		6,923,021		451,204
LUKOIL PJSC		20,605		1,588,946
Magnit PJSC		7,478		508,224
Magnitogorsk Iron & Steel Works PJSC		403,974		349,900
MMC Norilsk Nickel PJSC		3,407		1,162,335
Mobile TeleSystems PJSC		128,327		546,538
Novolipetsk Steel PJSC		182,214		643,094
Polyus PJSC		1,934		356,503
ROSSETI PJSC		17,363,673		328,859
Rostelecom PJSC*		275,481		380,076
RusHydro PJSC		38,562,926		420,238
Sberbank of Russia PJSC		550,983		2,176,788
Severstal PAO		20,878		492,248
Sistema PJSFC		926,900		417,134
Surgutneftegas PJSC (Preference)		693,021		394,778
Tatneft PJSC		18,389		123,762
Unipro PJSC		3,755,496		143,338
				10,883,018
Saudi Arabia — 3.4%
Abdullah Al Othaim Markets Co.		7,410		265,826
Al Rajhi Bank		41,511		1,092,953
Almarai Co. JSC		25,884		370,808
Dr Sulaiman Al Habib Medical Services Group Co.		4,010		161,242
Etihad Etisalat Co.*		65,070		535,641
Jarir Marketing Co.		8,166		433,319
Mobile Telecommunications Co. Saudi Arabia*		123,995		499,621
Mouwasat Medical Services Co.*		2,811		132,972
Saudi Airlines Catering Co.*		6,759		137,149

INVESTMENTS	SHARES		VALUE($)
Saudi Arabia — continued
Saudi Cement Co.		19,950		344,186
Saudi Ground Services Co.*		23,730		220,895
Saudi Industrial Investment Group		27,180		256,262
Saudi Telecom Co.		35,901		1,213,897
Savola Group (The)		27,133		288,415
Seera Group Holding*		39,238		208,630
Yanbu Cement Co.		26,405		302,057
				6,463,873
South Africa — 6.6%
African Rainbow Minerals Ltd.		25,284		471,966
Anglo American Platinum Ltd.		4,087		558,124
Aspen Pharmacare Holdings Ltd.*		4,337		48,264
AVI Ltd.		55,127		269,620
Barloworld Ltd.*		56,092		369,950
Bid Corp. Ltd.*		28,565		563,165
Bidvest Group Ltd. (The)		19,094		220,489
Capitec Bank Holdings Ltd.*		3,044		311,988
Clicks Group Ltd.		34,231		571,677
Exxaro Resources Ltd.		22,064		232,012
Foschini Group Ltd. (The)*		49,731		394,422
Kumba Iron Ore Ltd.		6,889		312,190
Mr Price Group Ltd.		35,205		440,411
MultiChoice Group		54,899		472,461
Naspers Ltd., Class N		15,798		3,595,309
Nedbank Group Ltd.*		22,036		224,519
Netcare Ltd.*		232,104		241,026
Pick n Pay Stores Ltd.		65,434		244,140
Shoprite Holdings Ltd.		41,751		416,258
Sibanye Stillwater Ltd.		159,099		740,192
SPAR Group Ltd. (The)		22,826		288,136
Tiger Brands Ltd.		24,500		329,426
Truworths International Ltd.		102,753		341,010
Vodacom Group Ltd.		73,018		633,027
Woolworths Holdings Ltd.*		92,131		312,557
				12,602,339
Taiwan — 12.3%
Accton Technology Corp.		45,000		509,539
Asia Cement Corp.		211,000		375,334
Cheng Shin Rubber Industry Co. Ltd.		206,000		397,313
Chicony Electronics Co. Ltd.		101,551		305,753
China Airlines Ltd.*		481,000		364,523
China Steel Corp.		161,000		225,321
Chunghwa Telecom Co. Ltd.		269,000		1,096,532
CTBC Financial Holding Co. Ltd.		1,262,395		1,027,390
E.Sun Financial Holding Co. Ltd.		761,938		734,263

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 143

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Taiwan — continued
Eclat Textile Co. Ltd.		29,000		555,271
Eternal Materials Co. Ltd.		86,000		140,640
Far Eastern New Century Corp.		436,000		517,104
Far EasTone Telecommunications Co. Ltd.*		176,000		409,825
Feng TAY Enterprise Co. Ltd.		22,000		162,843
First Financial Holding Co. Ltd.		647,340		529,443
Formosa Chemicals & Fibre Corp.		131,000		424,703
Formosa Petrochemical Corp.		133,000		491,576
Formosa Plastics Corp.		107,000		404,498
Formosa Taffeta Co. Ltd.		215,000		254,281
Giant Manufacturing Co. Ltd.		32,000		406,363
Globalwafers Co. Ltd.		14,000		429,086
Hotai Motor Co. Ltd.		31,000		667,059
Hua Nan Financial Holdings Co. Ltd.		84,253		57,228
Lite-On Technology Corp.		173,000		392,055
Mega Financial Holding Co. Ltd.		665,233		776,430
momo.com, Inc.		10,000		365,921
Nan Ya Plastics Corp.		402,000		1,263,275
Nien Made Enterprise Co. Ltd.		21,000		338,739
Novatek Microelectronics Corp.		7,000		154,439
Pou Chen Corp.		423,000		537,125
President Chain Store Corp.		61,000		589,572
Realtek Semiconductor Corp.*		39,000		735,732
SinoPac Financial Holdings Co. Ltd.		644,580		305,856
Synnex Technology International Corp.		14,200		28,202
Taiwan Cooperative Financial Holding Co. Ltd.		611,618		467,719
Taiwan Fertilizer Co. Ltd.		213,000		464,056
Taiwan High Speed Rail Corp.		116,000		130,375
Taiwan Mobile Co. Ltd.		179,000		640,819
Taiwan Semiconductor Manufacturing Co. Ltd.		173,000		3,643,315
Uni-President Enterprises Corp.		372,000		996,386
Yuanta Financial Holding Co. Ltd.		1,015,291		941,712
Yulon Motor Co. Ltd.*		136,000		220,890
				23,478,506
Thailand — 3.1%
Advanced Info Service PCL		110,700		607,453
Bangkok Bank PCL		8,600		33,498
Bangkok Bank PCL, NVDR		16,300		63,495
Bangkok Dusit Medical Services PCL, Class F		259,900		181,021
Bumrungrad Hospital PCL		32,600		140,040
Carabao Group PCL, NVDR		55,500		200,280
Charoen Pokphand Foods PCL		361,400		336,328
Digital Telecommunications Infrastructure Fund, Class F		202,800		78,157
Electricity Generating PCL		52,300		296,071

INVESTMENTS	SHARES		VALUE($)
Thailand — continued
Global Power Synergy PCL, NVDR		114,400		266,805
Home Product Center PCL		783,300		353,968
Krung Thai Bank PCL		547,100		198,188
Osotspa PCL, NVDR		111,500		127,918
PTT Exploration & Production PCL		166,500		633,088
PTT PCL		814,600		1,038,188
Ratch Group PCL		188,500		305,466
Siam Commercial Bank PCL (The)		199,400		671,695
Thai Union Group PCL, Class F		521,100		252,420
Total Access Communication PCL		46,200		48,507
Total Access Communication PCL, NVDR		142,000		149,089
				5,981,675
Turkey — 2.2%
Anadolu Efes Biracilik ve Malt Sanayii A/S		63,133		177,836
Arcelik A/S		67,206		279,035
Aselsan Elektronik Sanayi ve Ticaret A/S		189,770		343,838
BIM Birlesik Magazalar A/S		57,309		449,957
Coca-Cola Icecek A/S		29,743		282,679
Enerjisa Enerji A/S(a)		129,506		160,633
Enka Insaat ve Sanayi A/S		100,163		94,976
Eregli Demir ve Celik Fabrikalari TAS		188,532		433,598
Ford Otomotiv Sanayi A/S		18,603		395,036
Haci Omer Sabanci Holding A/S		191,026		187,123
Koza Altin Isletmeleri A/S*		17,797		241,707
Tofas Turk Otomobil Fabrikasi A/S		76,882		277,114
Turk Telekomunikasyon A/S		374,306		288,006
Turkcell Iletisim Hizmetleri A/S		225,627		404,446
Turkiye Sise ve Cam Fabrikalari A/S		175,389		159,090
Turkiye Vakiflar Bankasi TAO, Class D*		287,097		118,830
				4,293,904
United Arab Emirates — 1.4%
Abu Dhabi Commercial Bank PJSC		124,866		212,675
Abu Dhabi Islamic Bank PJSC		41,794		54,785
Aldar Properties PJSC		310,807		296,199
Dubai Islamic Bank PJSC		88,413		106,960
Emaar Malls PJSC*		109,079		54,376
Emirates NBD Bank PJSC		128,771		436,283
Emirates Telecommunications Group Co. PJSC		146,870		846,877
First Abu Dhabi Bank PJSC		178,934		692,507
				2,700,662
United States — 0.3%
JBS SA		120,199		668,258
Total Common Stocks (Cost $162,426,126)				191,294,643

SEE NOTES TO FINANCIAL STATEMENTS.

144 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	NO. OF RIGHTS		VALUE($)
Rights — 0.0%
China — 0.0%
Legend Holdings Corp., expiring 6/30/2021* ‡ (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, 0.03% (d) (e) (Cost $249,000)		249,000		249,000
Total Investments — 100.1% (Cost $162,675,126)				191,543,643
Liabilities in Excess of Other Assets — (0.1)%				(179,558)
NET ASSETS — 100.0%				191,364,085

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2021

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

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Banks		13.3	%
Metals & Mining		8.0
Oil, Gas & Consumable Fuels		6.7
Food Products		4.8
Wireless Telecommunication Services		4.0
Electric Utilities		3.9
Diversified Telecommunication Services		3.6
Beverages		3.3
Food & Staples Retailing		3.0
Independent Power and Renewable Electricity Producers		2.9
IT Services		2.9
Chemicals		2.8
Pharmaceuticals		2.6
Semiconductors & Semiconductor Equipment		2.6
Textiles, Apparel & Luxury Goods		2.4
Internet & Direct Marketing Retail		2.1
Construction Materials		1.9
Specialty Retail		1.8
Transportation Infrastructure		1.7
Industrial Conglomerates		1.7
Health Care Equipment & Supplies		1.6
Machinery		1.5
Automobiles		1.4
Gas Utilities		1.4
Household Products		1.2
Insurance		1.1
Real Estate Management & Development		1.1
Health Care Providers & Services		1.1
Others (each less than 1.0%)		13.5
Short-Term Investments		0.1

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 145

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

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	Limitedliability company
REIT	RealEstate Investment Trust
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $55,846.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

146 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.2%
Australia — 10.1%
AGL Energy Ltd.		334,630		2,305,706
Alumina Ltd.		1,620,934		2,147,862
Ampol Ltd.		96,425		1,900,717
Ansell Ltd.		124,101		4,037,041
APA Group		332,675		2,570,362
Aurizon Holdings Ltd.		117,071		336,810
AusNet Services		1,315,936		1,926,172
Beach Energy Ltd.		487,594		472,609
BHP Group Ltd.		98,915		3,600,098
BHP Group plc		122,958		3,702,858
Coca-Cola Amatil Ltd.‡		240,556		2,468,360
Cochlear Ltd.		6,603		1,130,300
Coles Group Ltd.		200,231		2,514,435
Crown Resorts Ltd.*		24,001		225,386
CSL Ltd.		12,458		2,602,406
CSR Ltd.		539,638		2,478,337
Dexus, REIT		339,995		2,668,889
Evolution Mining Ltd.		399,917		1,416,027
Fortescue Metals Group Ltd.		201,296		3,482,687
GPT Group (The), REIT		704,860		2,508,789
Harvey Norman Holdings Ltd.		449,774		1,824,588
JB Hi-Fi Ltd.		32,492		1,155,902
Macquarie Group Ltd.		22,447		2,766,874
Metcash Ltd.		488,084		1,337,203
Mirvac Group, REIT		891,098		1,846,370
Origin Energy Ltd.		629,627		2,013,284
Qantas Airways Ltd.*		51,350		194,775
Ramsay Health Care Ltd.		52,063		2,698,910
REA Group Ltd.		10,017		1,218,716
Rio Tinto Ltd.		37,995		3,531,442
Rio Tinto plc		48,023		4,022,275
Santos Ltd.		556,461		2,953,924
Sonic Healthcare Ltd.		135,316		3,740,127
Tabcorp Holdings Ltd.		620,883		2,367,336
Telstra Corp. Ltd.		1,052,976		2,750,769
TPG Telecom Ltd.		197,532		838,632
Vicinity Centres, REIT		462,347		565,015
Vocus Group Ltd.*		177,639		748,798
Wesfarmers Ltd.		90,100		3,755,906
Woodside Petroleum Ltd.		159,233		2,777,132
				87,603,829
Austria — 0.1%
OMV AG		22,835		1,122,534
Belgium — 0.6%
Etablissements Franz Colruyt NV		31,715		1,880,921

INVESTMENTS	SHARES		VALUE($)
Belgium — continued
Groupe Bruxelles Lambert SA		12,104		1,323,613
Proximus SADP		109,231		2,327,162
				5,531,696
Brazil — 0.3%
Yara International ASA		49,914		2,603,620
Cambodia — 0.1%
NagaCorp Ltd.		414,000		442,523
Chile — 0.4%
Antofagasta plc		141,588		3,647,327
China — 1.3%
Lenovo Group Ltd.		2,608,000		3,563,454
Tingyi Cayman Islands Holding Corp.		846,000		1,520,086
Uni-President China Holdings Ltd.		823,000		999,752
Want Want China Holdings Ltd.		2,445,000		1,767,052
Wilmar International Ltd.		849,900		3,326,191
				11,176,535
Denmark — 0.9%
Carlsberg A/S, Class B		8,759		1,536,680
Chr Hansen Holding A/S*		1,126		103,375
DSV Panalpina A/S		3,869		861,976
Genmab A/S*		8,075		2,963,219
Novo Nordisk A/S, Class B		30,901		2,279,489
				7,744,739
Finland — 2.2%
Elisa OYJ		45,558		2,582,564
Fortum OYJ (a)		131,105		3,445,282
Kesko OYJ, Class B		132,774		4,042,886
Neste OYJ		49,426		2,988,829
Orion OYJ, Class B		11,839		524,217
Stora Enso OYJ, Class R		108,512		2,076,102
UPM-Kymmene OYJ		86,552		3,384,803
				19,044,683
France — 3.8%
Air Liquide SA		8,702		1,465,437
Arkema SA		18,295		2,287,185
Atos SE		18,492		1,259,299
Capgemini SE		20,519		3,760,046
Covivio, REIT		6,665		594,592
Eiffage SA*		25,701		2,815,226
Gecina SA, REIT		18,027		2,638,751
Iliad SA		3,787		687,672
Klepierre SA, REIT		61,669		1,636,765
Orange SA		122,046		1,519,866

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 147

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
France — continued
Pernod Ricard SA		15,500		3,183,184
Schneider Electric SE		7,215		1,151,196
TOTAL SE		42,328		1,870,805
Unibail—Rodamco-Westfield, REIT*		31,639		2,605,525
Vinci SA		22,215		2,437,647
Vivendi SE*		85,623		2,984,862
				32,898,058
Germany — 3.1%
Aroundtown SA		92,650		713,416
Daimler AG (Registered)		25,241		2,246,417
Deutsche Telekom AG (Registered)		168,029		3,233,727
Deutsche Wohnen SE		34,736		1,879,171
Evonik Industries AG		24,770		867,175
Fresenius Medical Care AG & Co. KGaA		31,064		2,473,512
Hannover Rueck SE		11,679		2,156,656
Hella GmbH & Co. KGaA* (a)		13,551		812,998
Infineon Technologies AG		29,828		1,196,120
LEG Immobilien SE		5,721		795,993
Merck KGaA		7,003		1,230,318
ProSiebenSat.1 Media SE*		68,160		1,480,342
SAP SE		19,159		2,682,657
Telefonica Deutschland Holding AG		565,863		1,644,496
Uniper SE		33,894		1,236,731
Vonovia SE		39,004		2,562,747
				27,212,476
Hong Kong — 4.1%
ASM Pacific Technology Ltd.		88,600		1,338,164
CK Asset Holdings Ltd.		359,500		2,250,693
CK Infrastructure Holdings Ltd.		431,500		2,638,401
CLP Holdings Ltd.		353,000		3,484,365
Hong Kong & China Gas Co. Ltd.		1,663,708		2,668,668
Hutchison Port Holdings Trust		2,767,200		690,370
Hysan Development Co. Ltd.		98,000		368,928
Link, REIT		199,300		1,880,010
MTR Corp. Ltd.		343,500		1,913,102
New World Development Co. Ltd.		219,750		1,162,845
PCCW Ltd.		3,742,000		2,164,940
Power Assets Holdings Ltd.		454,500		2,793,270
Sun Hung Kai Properties Ltd.		164,500		2,474,468
Techtronic Industries Co. Ltd.		174,500		3,166,263
WH Group Ltd. (b)		2,068,000		1,801,852
Xinyi Glass Holdings Ltd.		1,140,000		4,039,026
Yue Yuen Industrial Holdings Ltd.		364,000		911,004
				35,746,369

INVESTMENTS	SHARES		VALUE($)
Indonesia — 0.1%
First Pacific Co. Ltd.		538,000		184,403
Golden Agri-Resources Ltd.		4,302,500		807,002
				991,405
Ireland — 0.5%
CRH plc		33,848		1,597,092
Flutter Entertainment plc*		9,140		1,872,982
Smurfit Kappa Group plc		18,226		931,719
				4,401,793
Italy — 1.5%
Banca Mediolanum SpA		55,151		514,585
Davide Campari-Milano NV (a)		145,812		1,720,641
Enel SpA		82,604		820,203
Eni SpA		4,174		49,716
Italgas SpA		333,896		2,177,617
Poste Italiane SpA (b)		118,433		1,550,423
Recordati Industria Chimica e Farmaceutica SpA		26,452		1,457,468
Snam SpA		351,698		1,979,024
Telecom Italia SpA		3,113,053		1,706,796
Terna Rete Elettrica Nazionale SpA		175,347		1,292,563
				13,269,036
Japan — 28.1%
Activia Properties, Inc., REIT		121		557,947
Advance Residence Investment Corp., REIT		233		742,067
Advantest Corp.		5,900		557,757
Aeon Co. Ltd.		86,600		2,363,221
Aeon Mall Co. Ltd.		43,000		682,607
Ajinomoto Co., Inc.		79,300		1,585,879
Alfresa Holdings Corp.		65,700		1,177,718
Anritsu Corp.		77,400		1,503,850
Aozora Bank Ltd.		9,900		213,156
Asahi Group Holdings Ltd.		42,100		1,760,331
Astellas Pharma, Inc.		144,500		2,174,879
Brother Industries Ltd.		39,900		846,004
Canon Marketing Japan, Inc.		57,000		1,376,102
Capcom Co. Ltd.		64,600		2,095,819
Casio Computer Co. Ltd.		45,400		803,863
Chubu Electric Power Co., Inc.		206,300		2,500,026
Chugai Pharmaceutical Co. Ltd.		64,800		2,432,262
Chugoku Electric Power Co., Inc. (The)		203,500		2,277,522
COMSYS Holdings Corp.		101,700		3,157,382
Cosmo Energy Holdings Co. Ltd.		117,300		2,512,665
Cosmos Pharmaceutical Corp.		17,300		2,483,018
CyberAgent, Inc.		123,600		2,536,575

SEE NOTES TO FINANCIAL STATEMENTS.

148 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES			VALUE($)
Common Stocks — continued
Japan — continued
Dai Nippon Printing Co. Ltd.		48,100			953,110
Daiichi Sankyo Co. Ltd.		52,100			1,330,656
Daito Trust Construction Co. Ltd.		15,600			1,658,794
Daiwa House REIT Investment Corp., REIT		285			763,288
Daiwa Securities Group, Inc.		290,900			1,552,277
Denka Co. Ltd.		11,100	��		434,704
DIC Corp.		47,200			1,206,388
Electric Power Development Co. Ltd.		175,800			2,818,431
ENEOS Holdings, Inc.		675,000			2,903,117
Fuji Media Holdings, Inc.		17,100			208,079
FUJIFILM Holdings Corp.		53,600			3,471,954
Fujitsu Ltd.		19,400			3,081,845
Fukuoka Financial Group, Inc.		22,900			390,578
GLP J-REIT, REIT		583			977,268
Gunma Bank Ltd. (The)		134,800			440,979
Hachijuni Bank Ltd. (The)		133,900			457,782
Hankyu Hanshin Holdings, Inc.		54,000			1,703,111
Hikari Tsushin, Inc.		12,500			2,514,501
Hoya Corp.		8,600			977,522
Idemitsu Kosan Co. Ltd.		7,737			185,038
Iida Group Holdings Co. Ltd.		71,700			1,746,209
Industrial & Infrastructure Fund Investment Corp., REIT		269			487,084
Inpex Corp.		374,300			2,547,114
ITOCHU Corp.		94,200			2,940,806
Itochu Techno-Solutions Corp.		50,100			1,733,555
Iwatani Corp.		23,100			1,447,758
Japan Metropolitan Fund Invest, REIT		1,640			1,616,159
Japan Post Holdings Co. Ltd.*		273,500			2,298,344
Japan Post Insurance Co. Ltd.		100,200			1,931,948
Japan Tobacco, Inc.		137,700			2,583,069
Kajima Corp.		116,600			1,612,924
Kaken Pharmaceutical Co. Ltd.		15,800			651,445
Kaneka Corp.		5,800			225,897
Kansai Electric Power Co., Inc. (The)		254,500			2,527,883
KDDI Corp.		107,300			3,243,621
Keisei Electric Railway Co. Ltd.		600			18,738
Kikkoman Corp.		24,500			1,505,626
Kinden Corp.		59,100			1,006,204
Kirin Holdings Co. Ltd.		54,100			1,015,957
K’s Holdings Corp.		215,900			2,945,370
Kyowa Kirin Co. Ltd.		32,300			983,151
Kyushu Electric Power Co., Inc.		58,300			534,363
Lawson, Inc.		15,500			696,587
Lintec Corp.		51,800			1,127,171
Lion Corp.		27,400			514,111

INVESTMENTS	SHARES		VALUE($)
Japan — continued
Mani, Inc.		32,500		766,007
Marubeni Corp.		389,800		3,246,736
Matsui Securities Co. Ltd.		73,600		577,821
Matsumotokiyoshi Holdings Co. Ltd.		12,400		498,684
Mebuki Financial Group, Inc.		163,000		355,653
Medipal Holdings Corp.		100,700		1,852,931
MEIJI Holdings Co. Ltd.		21,100		1,309,330
Mitsubishi Corp.		30,800		851,642
Mitsubishi Estate Co. Ltd.		146,500		2,411,228
Mitsubishi Gas Chemical Co., Inc.		139,100		3,213,864
Mitsubishi HC Capital, Inc.		376,450		2,163,505
Mitsui & Co. Ltd.		138,100		2,914,413
Mitsui Chemicals, Inc.		39,000		1,227,718
Mitsui Fudosan Logistics Park, Inc., REIT		104		538,281
Mochida Pharmaceutical Co. Ltd.		67,900		2,367,984
NH Foods Ltd.		11,800		527,043
Nifco, Inc.		8,500		290,390
Nintendo Co. Ltd.		5,800		3,327,189
Nippo Corp.		92,700		2,427,745
Nippon Express Co. Ltd.		2,400		183,681
Nippon Paper Industries Co. Ltd.		13,700		168,540
Nippon Prologis REIT, Inc., REIT		374		1,198,474
Nippon Shokubai Co. Ltd.		19,600		1,030,157
Nippon Telegraph & Telephone Corp.		126,000		3,176,824
Nisshin Seifun Group, Inc.		41,600		671,936
Nissin Foods Holdings Co. Ltd.		31,300		2,217,949
Nitto Denko Corp.		39,200		3,243,968
NOF Corp.		9,400		496,759
Nomura Holdings, Inc.		449,200		2,414,520
Nomura Real Estate Holdings, Inc.		74,200		1,829,217
Nomura Research Institute Ltd.		99,400		3,050,494
Obayashi Corp.		117,500		1,075,063
Ono Pharmaceutical Co. Ltd.		91,000		2,292,186
Open House Co. Ltd.		42,100		1,748,261
ORIX Corp.		153,300		2,474,855
Orix JREIT, Inc., REIT		400		705,590
Osaka Gas Co. Ltd.		128,400		2,485,307
Penta-Ocean Construction Co. Ltd.		53,100		413,986
Pigeon Corp.		27,500		933,309
Rakuten Group, Inc.		206,800		2,628,877
Relo Group, Inc.		20,100		413,067
RENOVA, Inc.*		69,200		2,179,427
Resona Holdings, Inc.		481,300		1,981,338
Rinnai Corp.		4,900		492,031
Sankyo Co. Ltd.		29,100		752,433
Sawai Group Holdings Co. Ltd.		26,200		1,260,975

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 149

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Japan — continued
SBI Holdings, Inc.		66,700		1,885,263
SCSK Corp.		16,000		928,510
Sekisui Chemical Co. Ltd.		52,300		911,871
Sekisui House Ltd.		59,500		1,205,031
Sekisui House Reit, Inc., REIT		603		501,742
Shimamura Co. Ltd.		8,100		801,331
Shionogi & Co. Ltd.		43,800		2,309,102
Ship Healthcare Holdings, Inc.		20,200		529,399
SKY Perfect JSAT Holdings, Inc.		192,300		809,010
Skylark Holdings Co. Ltd.*		68,000		1,010,003
SoftBank Corp.		188,900		2,434,993
SoftBank Group Corp.		35,600		3,207,939
Sojitz Corp.		806,800		2,410,028
Sony Group Corp.		31,900		3,189,328
Sugi Holdings Co. Ltd.		33,900		2,603,664
Sumitomo Dainippon Pharma Co. Ltd.		49,600		861,119
Sumitomo Mitsui Financial Group, Inc.		53,000		1,861,822
Sumitomo Realty & Development Co. Ltd.		54,500		1,819,260
Suzuken Co. Ltd.		22,000		792,825
Taisho Pharmaceutical Holdings Co. Ltd.		7,200		424,483
TDK Corp.		11,900		1,613,794
Teijin Ltd.		80,200		1,320,453
TIS, Inc.		5,500		136,457
Tobu Railway Co. Ltd.		17,800		458,350
Toho Gas Co. Ltd.		43,200		2,407,641
Tohoku Electric Power Co., Inc.		268,000		2,367,508
Tokuyama Corp.		66,200		1,495,963
Tokyo Century Corp.		7,400		457,480
Tokyo Electric Power Co. Holdings, Inc.*		441,600		1,309,425
Tokyo Electron Ltd.		8,700		3,951,435
Tokyo Gas Co. Ltd.		113,100		2,295,239
Tokyo Tatemono Co. Ltd.		34,200		506,341
Tosoh Corp.		100,800		1,786,673
Toyo Suisan Kaisha Ltd.		57,600		2,348,639
Toyota Industries Corp.		24,300		1,951,020
Tsumura & Co.		60,100		2,001,553
Tsuruha Holdings, Inc.		11,700		1,352,502
Ube Industries Ltd.		80,500		1,627,753
Unicharm Corp.		58,600		2,277,803
USS Co. Ltd.		60,700		1,101,453
Welcia Holdings Co. Ltd.		58,400		1,822,161
Yamada Holdings Co. Ltd.		410,600		2,044,064
Yamaguchi Financial Group, Inc.		7,600		44,953
Yokohama Rubber Co. Ltd. (The)		73,300		1,363,109
Zeon Corp.		67,100		1,069,894
				244,306,940

INVESTMENTS	SHARES		VALUE($)
Jordan — 0.3%
Hikma Pharmaceuticals plc		87,725		2,956,257
Luxembourg — 0.1%
RTL Group SA*		22,093		1,298,918
Netherlands — 2.6%
ASR Nederland NV		27,770		1,212,867
Heineken Holding NV		23,305		2,314,894
Koninklijke Ahold Delhaize NV		96,291		2,591,376
Koninklijke DSM NV		7,200		1,290,961
Koninklijke KPN NV		936,141		3,229,327
Koninklijke Philips NV*		53,486		3,024,267
NN Group NV		60,331		3,009,220
Royal Dutch Shell plc, Class A		159,584		3,002,776
Wolters Kluwer NV		35,858		3,243,395
				22,919,083
New Zealand — 0.9%
Fisher & Paykel Healthcare Corp. Ltd.		148,568		3,829,029
Spark New Zealand Ltd.		948,903		2,986,977
Xero Ltd.*		9,035		984,234
				7,800,240
Norway — 0.9%
Aker BP ASA		413		11,762
Equinor ASA		89,704		1,811,373
Mowi ASA		73,929		1,823,836
Orkla ASA		194,142		1,978,912
Salmar ASA		16,610		1,149,468
Telenor ASA		59,921		1,067,492
				7,842,843
Portugal — 0.6%
EDP — Energias de Portugal SA		621,436		3,453,195
Galp Energia SGPS SA		21,399		246,405
Jeronimo Martins SGPS SA		59,462		1,085,906
				4,785,506
Russia — 0.5%
Evraz plc		410,881		3,643,829
Polymetal International plc		27,942		576,966
				4,220,795
Singapore — 2.1%
Ascendas, REIT		621,042		1,447,226
CapitaLand Integrated Commercial Trust, REIT		671,208		1,082,903
ComfortDelGro Corp. Ltd.		185,000		238,703
DBS Group Holdings Ltd.		103,400		2,317,304
Keppel Corp. Ltd.		413,100		1,678,307
Keppel DC, REIT		276,800		558,781

SEE NOTES TO FINANCIAL STATEMENTS.

150 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Singapore — continued
Mapletree Commercial Trust, REIT		802,200		1,315,949
Mapletree Industrial Trust, REIT		268,000		568,560
Mapletree Logistics Trust, REIT		557,900		832,743
Mapletree North Asia Commercial Trust, REIT (b)		506,000		414,538
Sembcorp Industries Ltd.		1,532,600		2,436,199
Singapore Press Holdings Ltd.		189,600		261,784
Singapore Telecommunications Ltd.		975,600		1,830,369
Suntec, REIT		637,900		731,027
Venture Corp. Ltd.		198,000		2,987,541
				18,701,934
South Africa — 0.2%
Anglo American plc		46,052		1,952,626
South Korea — 8.5%
Celltrion, Inc.*		37		8,808
CJ CheilJedang Corp.		3,116		1,106,015
DL Holdings Co. Ltd.		10,781		913,513
GS Engineering & Construction Corp.		48,623		1,923,073
GS Holdings Corp.		4,770		183,922
GS Retail Co. Ltd.		32,083		1,029,662
Hana Financial Group, Inc.		72,667		2,978,578
Hanwha Corp.		22,764		627,083
Hanwha Life Insurance Co. Ltd.		330,936		1,040,558
Hite Jinro Co. Ltd.		56,035		1,751,223
Hyundai Department Store Co. Ltd.		3,762		312,844
Hyundai Mobis Co. Ltd.		5,619		1,359,955
Industrial Bank of Korea		149,556		1,301,682
Kakao Corp.		40,465		4,120,423
Kangwon Land, Inc.*		13,938		315,633
KB Financial Group, Inc.		60,058		2,956,572
Kia Corp.		43,067		2,987,231
Korea Electric Power Corp.		90,911		1,929,356
Korea Gas Corp.*		62,773		1,966,723
Korea Investment Holdings Co. Ltd.		18,241		1,831,177
KT&G Corp.		32,489		2,404,185
LG Corp.		41,404		4,683,179
LG Household & Health Care Ltd.		1,497		2,067,550
LG Uplus Corp.		148,144		1,755,096
Mirae Asset Securities Co. Ltd.		114,235		1,023,401
NAVER Corp.		8,697		2,800,626
NH Investment & Securities Co. Ltd.		43,380		499,521
NongShim Co. Ltd.		1,444		369,511
Orion Corp.		13,098		1,375,843
POSCO		9,217		3,012,251
Samsung Electronics Co. Ltd.		59,791		4,357,896

INVESTMENTS	SHARES		VALUE($)
South Korea — continued
Samsung Life Insurance Co. Ltd.		24,214		1,773,255
Samsung Securities Co. Ltd.		18,318		699,965
SK Hynix, Inc.		20,999		2,395,594
SK Innovation Co. Ltd.*		15,015		3,631,741
SK Telecom Co. Ltd.		11,423		3,111,330
SKC Co. Ltd.		11,704		1,417,367
Woori Financial Group, Inc.		247,934		2,383,102
Yuhan Corp.		57,530		3,316,938
				73,722,382
Spain—1.6%
Acciona SA		9,812		1,705,739
Enagas SA		99,227		2,160,221
Endesa SA		116,770		3,071,252
Ferrovial SA		17,173		487,559
Iberdrola SA		221,837		2,997,896
Naturgy Energy Group SA		104,294		2,679,271
Siemens Gamesa Renewable Energy SA*		22,731		821,040
				13,922,978
Sweden — 4.3%
Boliden AB (a)		87,071		3,386,847
Castellum AB (a)		88,089		2,145,152
Fastighets AB Balder, Class B*		11,589		667,734
H & M Hennes & Mauritz AB, Class B*		140,382		3,454,435
Hexagon AB, Class B		38,914		3,717,023
Husqvarna AB, Class B		56,988		793,589
ICA Gruppen AB		54,344		2,504,881
Investor AB, Class B (a)		44,171		3,749,526
Kinnevik AB, Class B*		31,987		1,765,414
Securitas AB, Class B (a)		156,992		2,672,385
Skanska AB, Class B (a)		119,715		3,242,257
Svenska Cellulosa AB SCA, Class B		12,255		214,602
Swedish Match AB		40,195		3,290,546
Tele2 AB, Class B		146,605		1,893,593
Telia Co. AB		601,678		2,493,254
Trelleborg AB, Class B		48,637		1,265,332
				37,256,570
Switzerland — 2.1%
Baloise Holding AG (Registered)*		3,314		560,376
Coca-Cola HBC AG		27,797		960,718
EMS-Chemie Holding AG (Registered)		352		328,666
Kuehne + Nagel International AG (Registered) (a)		3,982		1,190,598
Logitech International SA (Registered)		27,700		3,083,131
Novartis AG (Registered)		29,159		2,488,324

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 151

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Switzerland — continued
Roche Holding AG		7,963		2,597,179
Sonova Holding AG (Registered)*		13,690		4,053,611
Swisscom AG (Registered)		5,348		2,903,691
				18,166,294
United Kingdom — 16.6%
3i Group plc		174,319		3,087,502
Admiral Group plc		81,282		3,512,097
Ashmore Group plc		144,434		798,336
Ashtead Group plc		64,667		4,154,916
Associated British Foods plc*		44,480		1,419,228
AstraZeneca plc		34,775		3,701,589
Auto Trader Group plc* (b)		429,344		3,380,052
AVEVA Group plc		56,422		2,711,721
B&M European Value Retail SA		285,876		2,234,680
Barratt Developments plc		48,424		516,309
Bellway plc		22,168		1,105,852
Berkeley Group Holdings plc		30,278		1,935,024
BP plc		594,106		2,487,136
British American Tobacco plc		82,574		3,063,773
British Land Co. plc (The), REIT		128,966		924,193
BT Group plc*		1,249,047		2,849,009
Centrica plc*		3,025,159		2,367,909
CK Hutchison Holdings Ltd.		97,042		793,135
ConvaTec Group plc (b)		899,553		2,710,759
Croda International plc		33,123		3,094,350
Derwent London plc, REIT		52,911		2,433,772
Diageo plc		76,186		3,420,098
Direct Line Insurance Group plc		436,115		1,715,988
GlaxoSmithKline plc		174,502		3,224,756
Halma plc		63,652		2,274,452
IMI plc		81,112		1,782,405
Imperial Brands plc		119,153		2,483,570
Informa plc*		48,261		375,139
InterContinental Hotels Group plc*		14,999		1,065,875
Intertek Group plc		21,630		1,833,561
J Sainsbury plc		253,858		833,796
Johnson Matthey plc		42,732		1,917,572
Land Securities Group plc, REIT		108,601		1,082,216
Legal & General Group plc		877,211		3,293,567
London Stock Exchange Group plc		31,901		3,259,273
Mondi plc		106,190		2,882,394
National Grid plc		252,119		3,178,100
Next plc*		25,185		2,714,094
Ocado Group plc*		64,262		1,860,318
Pearson plc		278,911		3,199,686
Pennon Group plc		177,434		2,534,455
Persimmon plc		39,837		1,723,371

INVESTMENTS	SHARES		VALUE($)
United Kingdom — continued
Phoenix Group Holdings plc		227,590		2,232,610
Reckitt Benckiser Group plc		32,387		2,883,663
Rentokil Initial plc		430,461		2,975,034
Rightmove plc		205,106		1,738,729
Sage Group plc (The)		313,192		2,759,416
Schroders plc		8,903		443,579
Segro plc, REIT		268,654		3,732,300
Severn Trent plc		68,974		2,361,002
Smith & Nephew plc		57,990		1,255,121
Smiths Group plc		52,836		1,186,609
Spirax-Sarco Engineering plc		12,585		2,054,175
SSE plc		145,312		2,945,989
Standard Life Aberdeen plc		383,404		1,469,297
Tate & Lyle plc		276,381		3,057,483
Taylor Wimpey plc		538,568		1,336,025
Tesco plc		842,699		2,572,396
Unilever plc		23,062		1,346,943
Unilever plc		47,367		2,774,622
United Utilities Group plc		235,243		3,146,562
Vodafone Group plc		1,671,104		3,153,709
Wm Morrison Supermarkets plc		1,025,025		2,461,786
WPP plc		16,339		220,284
				144,043,362
United States—0.7%
Avast plc (b)		380,048		2,507,299
Ferguson plc		25,192		3,177,370
				5,684,669
Total Common Stocks (Cost $774,260,337)				863,018,020
Short-Term Investments — 1.5%
Investment of Cash Collateral from Securities Loaned — 1.5%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (c) (d)		10,757,573		10,758,649
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		2,658,940		2,658,940
Total Short-Term Investments (Cost $13,417,589)				13,417,589
Total Investments — 100.7% (Cost $787,677,926)				876,435,609
Liabilities in Excess of Other Assets — (0.7)%				(6,324,600)
NET ASSETS — 100.0%				870,111,009

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

152 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

Summary of Investments by Industry, April 30, 2021

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

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Electric Utilities		5.0	%
Pharmaceuticals		4.9
Diversified Telecommunication Services		4.9
Equity Real Estate Investment Trusts (REITs)		4.6
Metals & Mining		4.4
Oil, Gas & Consumable Fuels		4.2
Chemicals		4.0
Food & Staples Retailing		4.0
Food Products		3.7
Insurance		3.0
Real Estate Management & Development		2.8
Gas Utilities		2.7
Capital Markets		2.5
Health Care Equipment & Supplies		2.5
Construction & Engineering		2.5
Beverages		2.3
Trading Companies & Distributors		2.2
Banks		2.0
Household Durables		2.0
Wireless Telecommunication Services		1.9
Technology Hardware, Storage & Peripherals		1.7
Specialty Retail		1.6
IT Services		1.6
Tobacco		1.6
Electronic Equipment, Instruments & Components		1.5
Health Care Providers & Services		1.5
Interactive Media & Services		1.5
Diversified Financial Services		1.4
Software		1.3
Multiline Retail		1.2
Media		1.2
Multi-Utilities		1.2
Semiconductors & Semiconductor Equipment		1.1
Industrial Conglomerates		1.0
Paper & Forest Products		1.0
Entertainment		1.0
Others (each less than 1.0%)		11.0
Short-Term Investments		1.5

Abbreviations
OYJ	Public Limited Company
REIT	Real Estate Investment Trust
SCA	Limited partnership with share capital
SGPS	Holding company
(a)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $11,922,920.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 153

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

Futures contracts outstanding as of April 30, 2021:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
MSCI EAFE E-Mini Index		77		06/2021		USD		8,687,910		202,916

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

154 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.9%
Automobiles & Parts — 0.6%
Ford Motor Co.*		138,208		1,594,920
Gentex Corp.		70,005		2,462,776
				4,057,696
Banks — 1.9%
Bank of America Corp.		36,876		1,494,584
Bank of Hawaii Corp.		5,983		543,795
Citizens Financial Group, Inc.		9,966		461,226
Discover Financial Services		10,105		1,151,970
Fifth Third Bancorp		50,538		2,048,811
Huntington Bancshares, Inc.		130,174		1,994,266
KeyCorp		23,156		503,875
People’s United Financial, Inc.		34,663		628,440
Popular, Inc. (Puerto Rico)		11,321		837,301
Regions Financial Corp.		24,927		543,409
Truist Financial Corp.		32,785		1,944,478
US Bancorp		14,846		881,110
				13,033,265
Beverages — 2.6%
Boston Beer Co., Inc. (The), Class A*		1,781		2,166,569
Brown-Forman Corp., Class B		27,056		2,063,832
Coca-Cola Co. (The)		46,924		2,532,957
Constellation Brands, Inc., Class A		9,002		2,163,361
Keurig Dr Pepper, Inc. (a)		62,145		2,227,898
Molson Coors Beverage Co., Class B* (a)		23,652		1,299,677
Monster Beverage Corp.*		21,889		2,124,327
PepsiCo, Inc.		18,724		2,699,252
				17,277,873
Chemicals — 5.1%
Albemarle Corp.		11,586		1,948,418
Ashland Global Holdings, Inc.		16,407		1,414,447
Cabot Corp.		20,111		1,103,692
Celanese Corp.		17,955		2,812,651
CF Industries Holdings, Inc.		54,746		2,662,298
Chemours Co. (The)		40,097		1,210,929
Dow, Inc.		43,188		2,699,250
Eastman Chemical Co.		22,805		2,631,469
Element Solutions, Inc.		82,741		1,810,373
FMC Corp.		2,461		290,989
Huntsman Corp.		90,407		2,591,969
Linde plc (United Kingdom)		10,281		2,938,721
LyondellBasell Industries NV, Class A		24,437		2,535,094
NewMarket Corp.		3,283		1,137,855
Olin Corp.		43,864		1,887,468
Scotts Miracle-Gro Co. (The)		11,606		2,682,843

INVESTMENTS	SHARES		VALUE($)
Chemicals — continued
Westlake Chemical Corp.		20,731		1,946,433
				34,304,899
Construction & Materials — 1.6%
AO Smith Corp.		28,022		1,898,490
Carrier Global Corp.		10,136		441,727
Fortune Brands Home & Security, Inc.		13,453		1,412,296
Masco Corp.		33,834		2,161,316
Quanta Services, Inc.		29,612		2,861,704
Trane Technologies plc		11,705		2,034,680
				10,810,213
Consumer Services — 0.4%
eBay, Inc.		44,926		2,506,422
Electricity — 7.9%
AES Corp. (The)		93,984		2,614,635
Alliant Energy Corp.		35,282		1,981,790
Avangrid, Inc. (a)		39,912		2,031,521
CMS Energy Corp.		34,147		2,198,725
Consolidated Edison, Inc.		28,936		2,239,936
Dominion Energy, Inc.		31,788		2,539,861
DTE Energy Co.		19,083		2,672,002
Entergy Corp.		18,086		1,976,619
Evergy, Inc.		42,797		2,737,724
Eversource Energy		25,887		2,231,977
Exelon Corp.		59,341		2,666,784
Hawaiian Electric Industries, Inc.		35,568		1,531,558
IDACORP, Inc.		21,530		2,206,394
NextEra Energy, Inc.		36,172		2,803,692
NRG Energy, Inc.		65,218		2,336,109
OGE Energy Corp. (a)		62,689		2,103,843
PG&E Corp.*		139,902		1,583,691
Pinnacle West Capital Corp.		28,932		2,449,094
PPL Corp.		78,232		2,278,898
Public Service Enterprise Group, Inc.		41,424		2,616,340
Southern Co. (The)		41,643		2,755,517
Vistra Corp.		126,914		2,141,039
Xcel Energy, Inc.		35,910		2,560,383
				53,258,132
Electronic & Electrical Equipment — 1.0%
AMETEK, Inc.		10,603		1,430,663
Emerson Electric Co.		9,387		849,429
Hubbell, Inc.		6,385		1,225,984
IDEX Corp.		5,114		1,146,559
Rockwell Automation, Inc.		7,196		1,901,615
				6,554,250

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 155

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Finance & Credit Services — 1.6%
Ally Financial, Inc.		56,739		2,919,222
FactSet Research Systems, Inc.		6,501		2,185,766
Moody’s Corp.		2,872		938,311
S&P Global, Inc.		4,861		1,897,686
Santander Consumer USA Holdings, Inc. (a)		80,313		2,725,823
				10,666,808
Food Producers — 5.1%
Archer-Daniels-Midland Co.		33,945		2,142,948
Bunge Ltd.		24,430		2,062,381
Campbell Soup Co. (a)		40,483		1,933,063
Conagra Brands, Inc.		54,816		2,033,125
Corteva, Inc.		42,631		2,078,688
Flowers Foods, Inc.		59,535		1,426,459
General Mills, Inc.		39,991		2,433,852
Hain Celestial Group, Inc. (The)*		10,357		424,741
Herbalife Nutrition Ltd.*		19,165		877,182
Hershey Co. (The)		14,644		2,406,009
Hormel Foods Corp.		40,963		1,892,491
Ingredion, Inc.		8,686		811,359
JM Smucker Co. (The) (a)		16,750		2,194,083
Kellogg Co. (a)		32,132		2,005,679
Kraft Heinz Co. (The)		52,321		2,160,334
McCormick & Co., Inc. (Non-Voting)		22,162		2,002,558
Mondelez International, Inc., Class A		40,729		2,476,730
TreeHouse Foods, Inc.*		12,695		604,282
Tyson Foods, Inc., Class A		27,998		2,168,445
				34,134,409
Gas, Water & Multi-utilities — 3.2%
Ameren Corp.		30,714		2,605,776
American Water Works Co., Inc.		15,682		2,446,235
CenterPoint Energy, Inc.		96,122		2,354,028
Duke Energy Corp.		27,031		2,721,751
Essential Utilities, Inc.		31,200		1,470,456
National Fuel Gas Co.		42,351		2,103,151
NiSource, Inc.		46,065		1,198,611
Sempra Energy		16,597		2,283,249
UGI Corp.		48,711		2,129,158
WEC Energy Group, Inc.		25,456		2,473,560
				21,785,975
General Industrials — 2.9%
Carlisle Cos., Inc.		2,963		567,859
Eaton Corp. plc		19,822		2,833,159
Honeywell International, Inc.		5,567		1,241,664
Illinois Tool Works, Inc.		9,641		2,221,865

INVESTMENTS	SHARES		VALUE($)
General Industrials — continued
ITT, Inc.		24,005		2,263,912
Packaging Corp. of America		10,660		1,573,949
Parker-Hannifin Corp.		4,298		1,348,755
PPG Industries, Inc.		16,526		2,829,912
RPM International, Inc.		26,942		2,555,179
Sherwin-Williams Co. (The)		7,951		2,177,540
Sonoco Products Co.		1,163		76,130
				19,689,924
Health Care Providers — 2.9%
Anthem, Inc.		7,562		2,868,947
Chemed Corp.		2,133		1,016,609
Cigna Corp.		10,935		2,722,924
DaVita, Inc.*		18,797		2,190,415
HCA Healthcare, Inc.		13,934		2,801,570
Humana, Inc.		5,212		2,320,591
UnitedHealth Group, Inc.		8,900		3,549,320
Universal Health Services, Inc., Class B		14,714		2,183,705
				19,654,081
Household Goods & Home Construction — 1.3%
Leggett & Platt, Inc.		22,380		1,111,615
Lennar Corp., Class A		30,194		3,128,098
NVR, Inc.*		217		1,088,928
PulteGroup, Inc.		1,025		60,598
Toll Brothers, Inc.		6,794		425,984
Whirlpool Corp.		12,174		2,878,542
				8,693,765
Industrial Engineering — 0.6%
Caterpillar, Inc.		5,871		1,339,234
Cummins, Inc.		10,052		2,533,506
Otis Worldwide Corp.		5,188		403,989
				4,276,729
Industrial Materials — 0.9%
Avery Dennison Corp.		14,194		3,039,929
International Paper Co.		48,316		2,802,328
				5,842,257
Industrial Metals & Mining — 2.2%
Fastenal Co.		49,097		2,566,791
Nucor Corp.		41,731		3,432,792
Reliance Steel & Aluminum Co.		18,722		3,001,324
Southern Copper Corp. (Peru)		34,652		2,405,195
Steel Dynamics, Inc.		59,464		3,224,138
				14,630,240

SEE NOTES TO FINANCIAL STATEMENTS.

156 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Industrial Support Services — 2.8%
Accenture plc, Class A		10,617		3,078,611
Booz Allen Hamilton Holding Corp.		17,962		1,489,948
Capital One Financial Corp.		7,173		1,069,351
MSC Industrial Direct Co., Inc., Class A		11,088		999,694
PayPal Holdings, Inc.*		10,593		2,778,438
Robert Half International, Inc.		25,097		2,198,748
Synchrony Financial		58,609		2,563,558
Western Union Co. (The)		87,007		2,241,300
WW Grainger, Inc.		5,337		2,313,803
				18,733,451
Industrial Transportation — 1.0%
CH Robinson Worldwide, Inc.		9,304		903,232
CSX Corp.		10,213		1,028,960
Norfolk Southern Corp.		6,023		1,681,863
PACCAR, Inc.		8,907		800,561
Schneider National, Inc., Class B		10,984		266,142
Union Pacific Corp.		8,814		1,957,501
				6,638,259
Investment Banking & Brokerage Services — 2.2%
Ameriprise Financial, Inc.		3,645		941,868
BlackRock, Inc.		1,529		1,252,710
Broadridge Financial Solutions, Inc.		14,174		2,248,422
Intercontinental Exchange, Inc.		11,878		1,398,159
Morgan Stanley		35,300		2,914,015
Nasdaq, Inc.		4,502		727,253
Raymond James Financial, Inc.		5,086		665,147
State Street Corp.		29,029		2,436,984
Virtu Financial, Inc., Class A		67,865		2,010,840
				14,595,398
Leisure Goods — 1.3%
Activision Blizzard, Inc.		19,220		1,752,672
Electronic Arts, Inc.		11,444		1,625,964
Garmin Ltd.		20,135		2,763,327
Harley-Davidson, Inc.		5,399		261,150
Pool Corp.		1,917		809,971
Take-Two Interactive Software, Inc.*		8,575		1,503,883
				8,716,967
Life Insurance — 0.7%
Aflac, Inc.		26,618		1,430,185
Globe Life, Inc.		14,019		1,436,807
MetLife, Inc.		9,107		579,479
Principal Financial Group, Inc.		9,617		614,238
Prudential Financial, Inc.		4,859		487,649
				4,548,358

INVESTMENTS	SHARES		VALUE($)
Media — 0.3%
Interpublic Group of Cos., Inc. (The)		42,770		1,357,948
John Wiley & Sons, Inc., Class A		5,259		299,447
Liberty Media Corp.-Liberty SiriusXM, Class A*		1,115		50,387
Nexstar Media Group, Inc., Class A		914		134,733
				1,842,515
Medical Equipment & Services — 5.5%
Abbott Laboratories		24,386		2,928,271
Becton Dickinson and Co.		6,659		1,656,826
Bio-Rad Laboratories, Inc., Class A*		3,394		2,138,661
Bio-Techne Corp.		6,649		2,842,381
Danaher Corp.		11,862		3,012,236
Hill-Rom Holdings, Inc.		20,399		2,248,378
IDEXX Laboratories, Inc.*		4,908		2,694,443
Laboratory Corp. of America Holdings*		10,452		2,778,873
Medtronic plc		23,422		3,066,408
PerkinElmer, Inc.		14,233		1,845,024
Quest Diagnostics, Inc.		17,573		2,317,527
Quidel Corp.*		10,427		1,092,645
STERIS plc		9,209		1,943,283
Stryker Corp.		6,034		1,584,710
Thermo Fisher Scientific, Inc.		5,942		2,794,107
West Pharmaceutical Services, Inc.		7,625		2,504,965
				37,448,738
Mortgage Real Estate Investment Trusts — 0.3%
Starwood Property Trust, Inc.		77,054		1,989,534
Non-life Insurance — 2.3%
Allstate Corp. (The)		7,813		990,688
Aon plc, Class A		7,922		1,991,908
Assurant, Inc.		7,471		1,162,488
Chubb Ltd.		6,817		1,169,729
Fidelity National Financial, Inc. (a)		39,014		1,779,819
Hanover Insurance Group, Inc. (The)		4,201		581,040
Hartford Financial Services Group, Inc. (The)		32,705		2,157,222
Marsh & McLennan Cos., Inc.		12,119		1,644,548
Progressive Corp. (The)		26,557		2,675,352
WR Berkley Corp.		15,630		1,246,024
				15,398,818
Non-Renewable Energy — 3.4%
Antero Midstream Corp.		153,818		1,328,987
Baker Hughes Co.		89,488		1,796,919
Cabot Oil & Gas Corp.		133,855		2,231,363
Chevron Corp.		9,797		1,009,777
Devon Energy Corp.		115,047		2,689,799

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 157

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Non-Renewable Energy — continued
EOG Resources, Inc.		30,402		2,238,803
EQT Corp.*		133,184		2,543,814
Equitrans Midstream Corp.		149,539		1,220,238
Halliburton Co.		114,746		2,244,432
Helmerich & Payne, Inc.		20,368		522,032
HollyFrontier Corp.		15,036		526,260
Pioneer Natural Resources Co.		13,538		2,082,551
Williams Cos., Inc. (The)		110,489		2,691,512
				23,126,487
Personal Care, Drug & Grocery Stores — 4.3%
Albertsons Cos., Inc., Class A (a)		33,536		622,763
AmerisourceBergen Corp.		18,583		2,244,826
Casey’s General Stores, Inc.		3,815		847,655
Church & Dwight Co., Inc.		24,035		2,060,761
Clorox Co. (The) (a)		11,866		2,165,545
Colgate-Palmolive Co.		26,155		2,110,708
CVS Health Corp.		30,217		2,308,579
Energizer Holdings, Inc.		12,252		604,024
Grocery Outlet Holding Corp.* (a)		11,112		448,814
Kimberly-Clark Corp.		14,981		1,997,267
Kroger Co. (The)		59,181		2,162,474
McKesson Corp.		11,274		2,114,551
Nu Skin Enterprises, Inc., Class A		20,001		1,057,253
Procter & Gamble Co. (The)		21,471		2,864,661
Spectrum Brands Holdings, Inc.		4,781		421,397
Sprouts Farmers Market, Inc.* (a)		35,803		916,915
Sysco Corp.		24,131		2,044,620
Walgreens Boots Alliance, Inc.		40,179		2,133,505
				29,126,318
Personal Goods — 0.9%
Carter’s, Inc.*		3,509		381,744
Estee Lauder Cos., Inc. (The), Class A		9,124		2,863,112
NIKE, Inc., Class B		20,239		2,684,096
				5,928,952
Pharmaceuticals, Biotechnology & Marijuana Producers — 3.7%
AbbVie, Inc.		21,742		2,424,233
Amgen, Inc.		10,072		2,413,654
Bristol-Myers Squibb Co.		35,973		2,245,435
Eli Lilly & Co.		13,948		2,549,276
Illumina, Inc.*		1,072		421,124
Johnson & Johnson		20,053		3,263,225
Moderna, Inc.*		12,094		2,162,649
Pfizer, Inc.		60,958		2,356,027
United Therapeutics Corp.*		14,756		2,974,219

INVESTMENTS	SHARES		VALUE($)
Pharmaceuticals, Biotechnology & Marijuana Producers — continued
Vertex Pharmaceuticals, Inc.*		6,600		1,440,120
Zoetis, Inc.		14,764		2,554,615
				24,804,577
Precious Metals & Mining — 0.5%
Newmont Corp.		41,768		2,606,741
Royal Gold, Inc.		7,117		796,108
				3,402,849
Real Estate Investment & Services — 1.0%
CBRE Group, Inc., Class A*		25,161		2,143,717
CoStar Group, Inc.*		2,329		1,989,968
Jones Lang LaSalle, Inc.* (a)		7,847		1,474,530
Zillow Group, Inc., Class C*		11,561		1,504,317
				7,112,532
Real Estate Investment Trusts — 7.2%
Alexandria Real Estate Equities, Inc.		6,269		1,135,316
American Homes 4 Rent, Class A		22,511		833,807
American Tower Corp.		5,971		1,521,232
Americold Realty Trust		26,370		1,065,084
Brandywine Realty Trust		35,811		484,523
Brixmor Property Group, Inc.		37,667		841,481
Camden Property Trust		1,434		172,768
CoreSite Realty Corp.		6,066		736,958
Crown Castle International Corp.		12,766		2,413,540
CubeSmart		18,137		767,921
Digital Realty Trust, Inc.		14,340		2,212,805
Duke Realty Corp.		27,386		1,273,997
Extra Space Storage, Inc.		11,886		1,767,329
First Industrial Realty Trust, Inc.		13,972		695,386
Gaming and Leisure Properties, Inc.		33,344		1,550,163
Healthpeak Properties, Inc.		62,073		2,131,587
Iron Mountain, Inc. (a)		46,669		1,872,360
Kimco Realty Corp. (a)		84,963		1,784,223
Lamar Advertising Co., Class A		7,085		701,698
Life Storage, Inc.		8,672		833,032
Medical Properties Trust, Inc.		99,740		2,199,267
Omega Healthcare Investors, Inc.		24,907		946,466
Prologis, Inc.		20,288		2,364,161
Public Storage		8,237		2,315,915
Simon Property Group, Inc.		17,101		2,081,876
Spirit Realty Capital, Inc.		23,226		1,104,164
Ventas, Inc.		34,474		1,911,928
VEREIT, Inc.		47,161		2,256,182
VICI Properties, Inc. (a)		79,545		2,521,577
Weingarten Realty Investors		7,468		241,515

SEE NOTES TO FINANCIAL STATEMENTS.

158 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Real Estate Investment Trusts — continued
Welltower, Inc.		28,191		2,115,171
Weyerhaeuser Co.		56,204		2,179,029
WP Carey, Inc.		23,919		1,791,294
				48,823,755
Renewable Energy — 0.9%
Enphase Energy, Inc.*		14,151		1,970,527
First Solar, Inc.*		22,039		1,686,644
SolarEdge Technologies, Inc.*		8,335		2,196,606
				5,853,777
Retailers — 3.0%
Best Buy Co., Inc.		22,074		2,566,544
Dick’s Sporting Goods, Inc.		34,544		2,852,644
Foot Locker, Inc.		29,817		1,758,607
Lowe’s Cos., Inc.		15,490		3,039,913
Qurate Retail, Inc., Series A		103,616		1,233,030
Target Corp.		14,132		2,928,998
Tractor Supply Co.		15,697		2,960,454
Williams-Sonoma, Inc.		18,831		3,215,393
				20,555,583
Software & Computer Services — 4.2%
Alphabet, Inc., Class A*		1,816		4,273,956
Cadence Design Systems, Inc.*		17,980		2,369,225
Citrix Systems, Inc.		14,384		1,781,458
Cognizant Technology Solutions Corp., Class A		19,746		1,587,578
Facebook, Inc., Class A*		9,968		3,240,397
IAC/InterActiveCorp*		7,850		1,989,740
International Business Machines Corp.		10,082		1,430,434
Intuit, Inc.		6,862		2,828,242
Leidos Holdings, Inc.		5,844		591,880
Microsoft Corp.		15,796		3,983,435
Nuance Communications, Inc.*		43,474		2,311,513
Oracle Corp.		26,778		2,029,505
				28,417,363
Technology Hardware & Equipment — 5.8%
Amphenol Corp., Class A		25,830		1,739,392
Analog Devices, Inc.		14,708		2,252,677
Apple, Inc.		30,275		3,979,952
Applied Materials, Inc.		19,442		2,580,148
Broadcom, Inc.		4,715		2,150,983
Cirrus Logic, Inc.*		640		47,622
HP, Inc.		63,001		2,148,964
Intel Corp.		33,668		1,936,920
KLA Corp.		8,228		2,594,700

INVESTMENTS	SHARES		VALUE($)
Technology Hardware & Equipment — continued
Lam Research Corp.		4,645		2,881,990
Maxim Integrated Products, Inc.		19,641		1,846,254
NetApp, Inc.		12,519		935,044
NVIDIA Corp.		5,527		3,318,300
Skyworks Solutions, Inc.		13,541		2,455,390
SYNNEX Corp.		10,288		1,246,906
Teradyne, Inc.		19,435		2,430,930
Texas Instruments, Inc.		13,161		2,375,692
Xerox Holdings Corp.		19,945		481,472
Xilinx, Inc.		13,808		1,766,872
				39,170,208
Telecommunications Equipment — 1.9%
Arista Networks, Inc.*		6,730		2,121,094
Ciena Corp.*		20,680		1,043,719
Cisco Systems, Inc.		51,157		2,604,403
CommScope Holding Co., Inc.*		39,828		655,171
Juniper Networks, Inc. (a)		78,964		2,004,896
Lumentum Holdings, Inc.*		23,197		1,972,905
Motorola Solutions, Inc.		11,774		2,217,044
Ubiquiti, Inc. (a)		1,827		521,298
				13,140,530
Telecommunications Service Providers — 3.2%
Altice USA, Inc., Class A*		54,670		1,985,068
AT&T, Inc.		83,581		2,625,279
Cable One, Inc.		532		952,280
Charter Communications, Inc., Class A*		3,340		2,249,323
Comcast Corp., Class A		46,330		2,601,429
DISH Network Corp., Class A*		4,205		188,342
Lumen Technologies, Inc.		202,571		2,598,986
Roku, Inc.*		4,825		1,654,830
Telephone and Data Systems, Inc.		46,191		1,061,469
T-Mobile US, Inc.*		18,967		2,506,110
United States Cellular Corp.*		11,038		376,727
Verizon Communications, Inc.		48,448		2,799,810
				21,599,653
Tobacco — 0.7%
Altria Group, Inc.		46,786		2,234,032
Philip Morris International, Inc.		25,631		2,434,945
				4,668,977
Travel & Leisure — 0.1%
Travel + Leisure Co.		10,378		669,692

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 159

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Waste & Disposal Services — 0.9%
Clean Harbors, Inc.*		4,435		394,537
Republic Services, Inc.		23,130		2,458,719
Stericycle, Inc.*		5,882		448,679
Waste Management, Inc.		19,604		2,704,764
				6,006,699
Total Common Stocks (Cost $536,710,661)				673,496,928
Short-Term Investments — 2.1%
Investment Companies — 0.0% (b)
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (c) (d) (Cost $247,101)		247,101		247,101
Investment of Cash Collateral from Securities Loaned — 2.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (c) (d)		11,205,279		11,206,400
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		2,786,216		2,786,216
Total Investment of Cash Collateral from Securities Loaned (Cost $13,992,616)				13,992,616
Total Short-Term Investments (Cost $14,239,717)				14,239,717
Total Investments — 102.0% (Cost $550,950,378)				687,736,645
Liabilities in Excess of Other Assets — (2.0%)				(13,345,097)
NET ASSETS — 100.0%				674,391,548

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $13,557,278.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2021:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		4		06/2021		USD		834,850		41,054

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

160 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 100.0%
Automobiles & Parts — 0.5%
BorgWarner, Inc.		8,267		401,611
Gentex Corp.		25,517		897,688
				1,299,299
Banks — 2.3%
Associated Banc-Corp.		3,439		75,280
Bank of Hawaii Corp.		2,215		201,321
Citizens Financial Group, Inc.		4,994		231,122
Comerica, Inc.		2,559		192,334
Commerce Bancshares, Inc.		1,053		81,934
Discover Financial Services		4,356		496,584
Fifth Third Bancorp		9,164		371,509
First Horizon Corp.		8,755		160,129
First Republic Bank		2,675		490,167
FNB Corp.		10,786		139,032
Huntington Bancshares, Inc.		53,453		818,900
KeyCorp		11,048		240,404
M&T Bank Corp.		1,610		253,881
People’s United Financial, Inc.		14,170		256,902
Popular, Inc. (Puerto Rico)		7,538		557,510
Prosperity Bancshares, Inc.		1,886		138,357
Regions Financial Corp.		13,903		303,085
TCF Financial Corp.		8,605		391,700
Zions Bancorp NA		3,752		209,362
				5,609,513
Beverages — 1.0%
Boston Beer Co., Inc. (The), Class A*		657		799,234
Brown-Forman Corp., Class B		9,532		727,101
Molson Coors Beverage Co., Class B* (a)		15,337		842,768
				2,369,103
Chemicals — 6.4%
Albemarle Corp.		5,849		983,626
Ashland Global Holdings, Inc.		8,484		731,406
Cabot Corp.		14,460		793,565
Celanese Corp.		6,607		1,034,987
CF Industries Holdings, Inc.		19,995		972,357
Chemours Co. (The)		33,089		999,288
Eastman Chemical Co.		8,387		967,776
Element Solutions, Inc.		49,460		1,082,185
FMC Corp.		7,384		873,084
Huntsman Corp.		32,747		938,856
LyondellBasell Industries NV, Class A		9,121		946,212
Mosaic Co. (The)		18,216		640,839
NewMarket Corp.		1,384		479,681
Olin Corp.		28,842		1,241,071

INVESTMENTS	SHARES		VALUE($)
Chemicals — continued
Scotts Miracle-Gro Co. (The)		4,224		976,420
Valvoline, Inc.		28,231		886,453
Westlake Chemical Corp.		10,238		961,246
WR Grace & Co.		513		35,258
				15,544,310
Construction & Materials — 2.2%
AO Smith Corp.		11,213		759,681
Eagle Materials, Inc.*		1,810		250,033
Fortune Brands Home & Security, Inc.		8,876		931,803
Lennox International, Inc.		1,469		492,614
Masco Corp.		11,946		763,111
Owens Corning		3,699		358,100
Quanta Services, Inc.		8,363		808,200
Trane Technologies plc		5,711		992,743
				5,356,285
Consumer Services — 0.5%
frontdoor, Inc.*		7,881		421,870
Graham Holdings Co., Class B		23		14,619
IAA, Inc.*		6,618		415,676
Service Corp. International		7,815		417,634
				1,269,799
Electricity — 6.6%
AES Corp. (The)		34,607		962,767
Alliant Energy Corp.		13,483		757,340
Avangrid, Inc. (a)		14,520		739,068
CMS Energy Corp.		12,098		778,990
Consolidated Edison, Inc.		10,910		844,543
DTE Energy Co.		6,959		974,399
Entergy Corp.		6,693		731,478
Evergy, Inc.		15,353		982,131
Eversource Energy		9,773		842,628
FirstEnergy Corp.		21,174		802,918
Hawaiian Electric Industries, Inc.		16,944		729,609
IDACORP, Inc.		8,565		877,741
NRG Energy, Inc.		22,851		818,523
OGE Energy Corp.		23,183		778,022
Pinnacle West Capital Corp.		10,338		875,112
PPL Corp.		28,042		816,863
Public Service Enterprise Group, Inc.		15,234		962,179
Vistra Corp.		45,318		764,515
Xcel Energy, Inc.		13,329		950,358
				15,989,184

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 161

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electronic & Electrical Equipment — 2.0%
AMETEK, Inc.		6,443		869,354
Hubbell, Inc.		3,556		682,787
IDEX Corp.		3,923		879,537
Keysight Technologies, Inc.*		6,612		954,442
Pentair plc		4,319		278,619
Regal Beloit Corp.		3,775		545,223
Rockwell Automation, Inc.		2,653		701,082
				4,911,044
Finance & Credit Services — 1.4%
Ally Financial, Inc.		7,644		393,284
FactSet Research Systems, Inc.		2,321		780,366
Morningstar, Inc.		1,691		448,132
MSCI, Inc.		2,178		1,058,007
Santander Consumer USA Holdings, Inc.		18,349		622,765
				3,302,554
Food Producers — 4.9%
Archer-Daniels-Midland Co.		12,892		813,872
Bunge Ltd.		8,966		756,910
Campbell Soup Co. (a)		16,920		807,930
Conagra Brands, Inc.		23,608		875,621
Corteva, Inc.		21,086		1,028,153
Flowers Foods, Inc.		30,456		729,726
Hain Celestial Group, Inc. (The)*		12,569		515,455
Herbalife Nutrition Ltd.*		10,147		464,428
Hershey Co. (The)		5,318		873,747
Hormel Foods Corp. (a)		14,709		679,556
Ingredion, Inc.		7,405		691,701
JM Smucker Co. (The) (a)		7,273		952,690
Kellogg Co.		12,057		752,598
McCormick & Co., Inc. (Non-Voting)		8,402		759,205
Pilgrim’s Pride Corp.* (a)		5,281		126,533
TreeHouse Foods, Inc.*		6,721		319,919
Tyson Foods, Inc., Class A		10,453		809,585
				11,957,629
Gas, Water & Multi-utilities — 2.7%
Ameren Corp.		11,122		943,590
American Water Works Co., Inc.		5,731		893,979
CenterPoint Energy, Inc.		35,267		863,689
Essential Utilities, Inc.		15,763		742,910
National Fuel Gas Co.		16,852		836,870
NiSource, Inc.		24,388		634,576
UGI Corp. (a)		18,565		811,476
WEC Energy Group, Inc.		9,359		909,414
				6,636,504

INVESTMENTS	SHARES		VALUE($)
General Industrials — 2.2%
AptarGroup, Inc.		3,412		514,564
Carlisle Cos., Inc.		863		165,394
ITT, Inc.		2,759		260,201
Packaging Corp. of America		4,945		730,129
Parker-Hannifin Corp.		2,070		649,587
PPG Industries, Inc.		6,126		1,049,016
RPM International, Inc.		9,651		915,301
Silgan Holdings, Inc.		8,300		350,011
Sonoco Products Co. (a)		6,903		451,870
WestRock Co.		3,750		209,063
				5,295,136
Health Care Providers — 3.2%
Acadia Healthcare Co., Inc.*		3,307		201,463
Amedisys, Inc.*		2,861		772,041
Cerner Corp.		7,803		585,615
Chemed Corp.		1,526		727,307
DaVita, Inc.*		7,512		875,373
Encompass Health Corp.		9,441		801,163
IQVIA Holdings, Inc.*		4,957		1,163,358
Molina Healthcare, Inc.*		3,848		981,625
Universal Health Services, Inc., Class B		5,402		801,711
Veeva Systems, Inc., Class A*		2,988		843,961
				7,753,617
Household Goods & Home Construction — 1.6%
Leggett & Platt, Inc.		8,857		439,927
Lennar Corp., Class A		11,207		1,161,045
NVR, Inc.*		19		95,344
Toll Brothers, Inc.		16,784		1,052,357
Whirlpool Corp.		4,366		1,032,341
				3,781,014
Industrial Engineering — 2.0%
Cummins, Inc.		3,804		958,760
Graco, Inc.		11,889		913,075
Lincoln Electric Holdings, Inc.		3,720		476,346
Nordson Corp.		2,261		477,998
Snap-on, Inc.		4,467		1,061,359
Toro Co. (The)		8,983		1,029,452
				4,916,990
Industrial Materials — 0.9%
Avery Dennison Corp.		5,215		1,116,897
International Paper Co.		17,541		1,017,378
				2,134,275

SEE NOTES TO FINANCIAL STATEMENTS.

162 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Industrial Metals & Mining — 2.7%
Fastenal Co.		17,949		938,374
Freeport-McMoRan, Inc.		22,604		852,397
GrafTech International Ltd.		56,153		714,266
Nucor Corp.		15,385		1,265,570
Reliance Steel & Aluminum Co.		6,821		1,093,474
Steel Dynamics, Inc.		21,686		1,175,815
Timken Co. (The) (a)		6,232		522,678
				6,562,574
Industrial Support Services — 1.5%
ADT, Inc.		9,608		88,394
Booz Allen Hamilton Holding Corp.		9,057		751,278
MSC Industrial Direct Co., Inc., Class A		6,331		570,803
Paychex, Inc.		4,918		479,456
Robert Half International, Inc.		5,211		456,536
Synchrony Financial		7,267		317,858
Western Union Co. (The)		8,120		209,171
WW Grainger, Inc.		1,767		766,065
				3,639,561
Industrial Transportation — 1.7%
Allison Transmission Holdings, Inc.		6,286		260,680
CH Robinson Worldwide, Inc.		4,344		421,716
Expeditors International of Washington, Inc.		4,974		546,444
Kansas City Southern		2,421		707,440
Landstar System, Inc.		4,656		802,136
Old Dominion Freight Line, Inc.		2,700		696,087
PACCAR, Inc.		4,631		416,234
Schneider National, Inc., Class B (a)		6,370		154,345
				4,005,082
Investment Banking & Brokerage Services — 2.8%
Ameriprise Financial, Inc.		2,060		532,304
Broadridge Financial Solutions, Inc.		5,728		908,633
Invesco Ltd.		40,239		1,086,453
Jefferies Financial Group, Inc.		26,294		854,818
LPL Financial Holdings, Inc.		3,271		512,566
Nasdaq, Inc.		2,676		432,281
Raymond James Financial, Inc.		2,838		371,154
State Street Corp.		11,671		979,780
T. Rowe Price Group, Inc.		2,798		501,401
Virtu Financial, Inc., Class A		22,062		653,697
				6,833,087
Leisure Goods — 1.4%
Garmin Ltd.		7,363		1,010,498
Harley-Davidson, Inc.		1,162		56,206

INVESTMENTS	SHARES		VALUE($)
Leisure Goods — continued
Polaris, Inc.		3,136		439,134
Pool Corp.		2,462		1,040,244
Take-Two Interactive Software, Inc.*		4,791		840,246
				3,386,328
Life Insurance — 0.4%
Globe Life, Inc.		5,493		562,978
Lincoln National Corp.		2,374		152,245
Principal Financial Group, Inc.		4,943		315,709
				1,030,932
Media — 1.0%
Discovery, Inc., Class A*		16,594		624,930
Interpublic Group of Cos., Inc. (The)		34,686		1,101,280
John Wiley & Sons, Inc., Class A		1,807		102,891
Liberty Media Corp.-Liberty SiriusXM, Class A*		7,773		351,262
Nexstar Media Group, Inc., Class A		1,345		198,266
				2,378,629
Medical Equipment & Services — 6.3%
Align Technology, Inc.*		575		342,430
Bio-Rad Laboratories, Inc., Class A*		1,506		948,976
Bio-Techne Corp.		2,520		1,077,275
Bruker Corp.		6,631		454,356
Cooper Cos., Inc. (The)		99		40,678
Dentsply Sirona, Inc.		14,027		946,963
Envista Holdings Corp.*		23,269		1,007,082
Globus Medical, Inc., Class A*		9,161		657,485
Henry Schein, Inc.*		2,711		196,548
Hill-Rom Holdings, Inc.		7,090		781,460
Hologic, Inc.*		12,464		817,015
IDEXX Laboratories, Inc.*		1,864		1,023,317
Laboratory Corp. of America Holdings*		3,879		1,031,310
Masimo Corp.*		2,670		621,229
PerkinElmer, Inc.		5,506		713,743
QIAGEN NV* (a)		12,000		577,560
Quest Diagnostics, Inc.		6,205		818,315
Quidel Corp.*		3,637		381,121
ResMed, Inc.		4,222		793,609
STERIS plc		4,350		917,937
Teleflex, Inc.		473		199,833
West Pharmaceutical Services, Inc.		2,962		973,076
				15,321,318
Mortgage Real Estate Investment Trusts — 0.7%
Annaly Capital Management, Inc.		28,054		254,730
New Residential Investment Corp.		40,080		429,658
Starwood Property Trust, Inc.		33,458		863,886
				1,548,274

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 163

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Non-life Insurance — 2.7%
American Financial Group, Inc.		4,057		498,443
Arch Capital Group Ltd.*		1,418		56,309
Arthur J Gallagher & Co.		7,369		1,068,136
Assurant, Inc.		3,241		504,300
Assured Guaranty Ltd.		4,444		225,977
Axis Capital Holdings Ltd.		3,129		174,598
Brown & Brown, Inc.		13,282		706,337
CNA Financial Corp.		104		4,881
Everest Re Group Ltd.		1,151		318,769
Fidelity National Financial, Inc.		6,800		310,216
First American Financial Corp.		3,443		222,073
Hanover Insurance Group, Inc. (The)		1,789		247,437
Hartford Financial Services Group, Inc. (The)		12,582		829,909
Mercury General Corp.		1,388		86,431
Old Republic International Corp.		23,443		577,167
Reinsurance Group of America, Inc.		2,179		284,425
WR Berkley Corp.		6,567		523,521
				6,638,929
Non-Renewable Energy — 4.1%
Antero Midstream Corp.		101,041		872,994
Baker Hughes Co.		31,517		632,861
Cabot Oil & Gas Corp.		48,016		800,427
Continental Resources, Inc.* (a)		5,163		140,640
Devon Energy Corp.		42,525		994,235
Diamondback Energy, Inc.		7,147		584,124
EQT Corp.* (a)		49,046		936,779
Equitrans Midstream Corp.		60,748		495,704
Halliburton Co.		42,577		832,806
Helmerich & Payne, Inc.		26,163		670,558
HollyFrontier Corp.		13,532		473,620
Pioneer Natural Resources Co.		6,398		984,204
Targa Resources Corp.		14,342		497,524
Williams Cos., Inc. (The)		41,328		1,006,750
				9,923,226
Personal Care, Drug & Grocery Stores — 2.8%
Albertsons Cos., Inc., Class A (a)		17,755		329,710
AmerisourceBergen Corp.		6,872		830,138
Casey’s General Stores, Inc.		3,320		737,671
Church & Dwight Co., Inc.		9,917		850,284
Clorox Co. (The)		4,334		790,955
Energizer Holdings, Inc.		6,486		319,760
Kroger Co. (The)		22,265		813,563
McKesson Corp.		4,253		797,693
Nu Skin Enterprises, Inc., Class A		12,912		682,528

INVESTMENTS	SHARES		VALUE($)
Personal Care, Drug & Grocery Stores — continued
Spectrum Brands Holdings, Inc.		2,532		223,170
Sprouts Farmers Market, Inc.* (a)		18,955		485,437
				6,860,909
Personal Goods — 0.4%
Carter’s, Inc.*		1,827		198,759
Tapestry, Inc.*		16,489		788,999
				987,758
Pharmaceuticals, Biotechnology & Marijuana Producers — 2.6%
Alexion Pharmaceuticals, Inc.*		5,352		902,775
Cardinal Health, Inc.		10,083		608,408
Charles River Laboratories International, Inc.*		3,185		1,058,853
Horizon Therapeutics plc*		10,121		957,649
Jazz Pharmaceuticals plc*		4,401		723,525
Moderna, Inc.*		3,713		663,959
Royalty Pharma plc, Class A (a)		8,647		380,468
United Therapeutics Corp.*		5,368		1,081,974
				6,377,611
Precious Metals & Mining — 0.3%
Royal Gold, Inc.		5,436		608,071
Real Estate Investment & Services — 1.2%
CBRE Group, Inc., Class A*		9,467		806,588
CoStar Group, Inc.*		883		754,462
Jones Lang LaSalle, Inc.*		3,873		727,776
Zillow Group, Inc., Class C*		4,303		559,906
				2,848,732
Real Estate Investment Trusts — 8.3%
Alexandria Real Estate Equities, Inc.		2,084		377,412
American Campus Communities, Inc.		1,492		67,453
American Homes 4 Rent, Class A		11,917		441,406
Americold Realty Trust		13,960		563,844
Apartment Investment and Management Co., Class A		41,918		290,911
Brandywine Realty Trust		26,869		363,538
Brixmor Property Group, Inc.		24,602		549,609
Camden Property Trust		2,375		286,140
CoreSite Realty Corp.		4,931		599,067
Corporate Office Properties Trust		6,665		186,887
CubeSmart		10,295		435,890
Duke Realty Corp.		17,686		822,753
Equity Commonwealth		14,534		418,579
Extra Space Storage, Inc.		5,546		824,635
First Industrial Realty Trust, Inc.		7,398		368,198
Gaming and Leisure Properties, Inc.		15,364		714,272

SEE NOTES TO FINANCIAL STATEMENTS.

164 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Real Estate Investment Trusts — continued
Healthpeak Properties, Inc.		23,736		815,094
Highwoods Properties, Inc.		7,239		324,235
Iron Mountain, Inc. (a)		19,718		791,086
Kimco Realty Corp. (a)		37,174		780,654
Lamar Advertising Co., Class A		7,101		703,283
Life Storage, Inc.		4,591		441,011
Medical Properties Trust, Inc.		36,153		797,174
Mid-America Apartment Communities, Inc.		5,166		812,767
Omega Healthcare Investors, Inc.		17,315		657,970
Park Hotels & Resorts, Inc.*		30,592		682,507
Rayonier, Inc.		3,897		141,383
Simon Property Group, Inc.		6,540		796,180
Spirit Realty Capital, Inc.		9,557		454,340
Ventas, Inc.		13,372		741,611
VEREIT, Inc.		13,320		637,229
VICI Properties, Inc. (a)		24,464		775,509
Weingarten Realty Investors		4,297		138,965
Welltower, Inc.		10,667		800,345
Weyerhaeuser Co.		21,127		819,094
WP Carey, Inc.		8,636		646,750
				20,067,781
Renewable Energy — 0.8%
Enphase Energy, Inc.*		5,204		724,657
First Solar, Inc.*		6,036		461,935
SolarEdge Technologies, Inc.*		3,053		804,588
				1,991,180
Retailers — 2.6%
AutoNation, Inc.*		10,082		1,033,203
Best Buy Co., Inc.		8,053		936,322
Dick’s Sporting Goods, Inc.		12,511		1,033,158
Foot Locker, Inc.		5,076		299,383
Gap, Inc. (The)		6,205		205,386
Penske Automotive Group, Inc.		4,789		419,947
Tractor Supply Co.		5,788		1,091,617
Williams-Sonoma, Inc.		6,874		1,173,736
				6,192,752
Software & Computer Services — 4.9%
Amdocs Ltd.		11,738		900,774
ANSYS, Inc.*		2,476		905,374
Cadence Design Systems, Inc.*		6,769		891,951
Citrix Systems, Inc.		5,086		629,901
Dolby Laboratories, Inc., Class A		5,872		595,832
EPAM Systems, Inc.*		1,870		855,993
Fortinet, Inc.*		5,007		1,022,580

INVESTMENTS	SHARES		VALUE($)
Software & Computer Services — continued
IAC/InterActiveCorp*		2,783		705,407
Leidos Holdings, Inc.		6,848		693,565
Manhattan Associates, Inc.*		6,636		910,725
National Instruments Corp.		1,460		60,459
Nuance Communications, Inc.*		19,666		1,045,641
Paycom Software, Inc.*		271		104,175
SS&C Technologies Holdings, Inc.		12,443		923,519
Synopsys, Inc.*		3,846		950,193
Tyler Technologies, Inc.*		1,485		630,917
				11,827,006
Technology Hardware & Equipment — 5.2%
Amphenol Corp., Class A		12,850		865,319
CDW Corp.		5,919		1,055,535
Cirrus Logic, Inc.*		6,713		499,514
Entegris, Inc.		8,666		975,618
KLA Corp.		3,137		989,253
Marvell Technology, Inc.		16,156		730,413
Maxim Integrated Products, Inc.		10,007		940,658
Microchip Technology, Inc.		3,208		482,130
Monolithic Power Systems, Inc.		2,444		883,213
NetApp, Inc.		6,671		498,257
ON Semiconductor Corp.*		7,721		301,119
Qorvo, Inc.*		5,287		994,855
Skyworks Solutions, Inc.		4,848		879,088
SYNNEX Corp.		5,755		697,506
Teradyne, Inc.		7,180		898,075
Xilinx, Inc.		6,141		785,802
				12,476,355
Telecommunications Equipment — 1.9%
Arista Networks, Inc.*		2,493		785,719
Ciena Corp.*		12,939		653,031
CommScope Holding Co., Inc.*		21,086		346,865
Juniper Networks, Inc.		29,287		743,597
Lumentum Holdings, Inc.*		8,063		685,758
Motorola Solutions, Inc.		4,841		911,560
Ubiquiti, Inc.		1,666		475,360
				4,601,890
Telecommunications Service Providers — 2.0%
Altice USA, Inc., Class A*		19,948		724,312
Cable One, Inc.		358		640,820
DISH Network Corp., Class A*		21,628		968,718
Lumen Technologies, Inc.		61,809		793,009
Roku, Inc.*		1,851		634,838
Telephone and Data Systems, Inc.		33,942		779,987

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 165

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Telecommunications Service Providers — continued
United States Cellular Corp.*		5,782		197,340
				4,739,024
Travel & Leisure — 0.8%
Choice Hotels International, Inc.*		1,955		222,479
Copa Holdings SA, Class A (Panama)*		4,300		371,950
Extended Stay America, Inc.		20,575		409,236
Hyatt Hotels Corp., Class A*		421		34,661
Travel + Leisure Co.		3,643		235,083
Wendy’s Co. (The)		454		10,247
Yum China Holdings, Inc. (China)		10,727		674,943
				1,958,599
Waste & Disposal Services — 0.5%
Clean Harbors, Inc.*		2,348		208,878
Republic Services, Inc.		7,910		840,833
Stericycle, Inc.*		3,115		237,612
				1,287,323
Total Common Stocks (Cost $187,638,352)				242,219,187
Short-Term Investments — 3.7%
Investment Companies — 0.0% (b)
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (c) (d) (Cost $127,870)		127,870		127,870

INVESTMENTS	SHARES		VALUE($)
Investment of Cash Collateral from Securities Loaned — 3.7%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (c) (d)		7,199,780		7,200,500
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		1,761,588		1,761,588
Total Investment of Cash Collateral from Securities Loaned (Cost $8,962,088)				8,962,088
Total Short-term Investments (Cost $9,089,958)				9,089,958
Total Investments — 103.7% (Cost $196,728,310)				251,309,145
Liabilities in Excess of Other Assets — (3.7%)				(8,876,893)
NET ASSETS — 100.0%				242,432,252

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $8,652,275.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

166 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.9%
Aerospace & Defense — 0.1%
Moog, Inc., Class A		565		48,901
National Presto Industries, Inc.		1,144		117,694
Park Aerospace Corp.		422		5,693
				172,288
Automobiles & Parts — 0.7%
Cooper Tire & Rubber Co.		9,146		521,230
Dorman Products, Inc.*		2,854		283,060
Gentherm, Inc.*		5,935		422,572
				1,226,862
Banks — 5.5%
1st Source Corp.		913		43,450
Ameris Bancorp		5,713		309,016
Atlantic Union Bankshares Corp.		3,349		129,506
Axos Financial, Inc.*		3,363		151,840
BancFirst Corp.		1,565		108,783
BancorpSouth Bank		3,577		105,843
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		6,370		249,831
Banner Corp.		1,976		112,316
Brookline Bancorp, Inc.		5,306		85,427
Cadence BanCorp		5,828		129,673
Capital City Bank Group, Inc.		878		22,187
Capitol Federal Financial, Inc.		5,866		75,818
Cathay General Bancorp		5,954		241,018
Columbia Banking System, Inc.		3,283		142,909
Community Bank System, Inc.		4,457		345,997
Community Trust Bancorp, Inc.		1,661		74,014
CVB Financial Corp.		3,840		81,446
First BanCorp (Puerto Rico)		8,313		104,494
First Busey Corp.		986		24,630
First Financial Bancorp		3,043		74,584
First Financial Bankshares, Inc. (a)		7,865		386,014
First Financial Corp.		666		29,464
First Interstate BancSystem, Inc., Class A		2,500		117,425
First Merchants Corp.		1,378		63,677
First Midwest Bancorp, Inc.		3,537		74,171
Flagstar Bancorp, Inc.		5,809		270,351
Fulton Financial Corp.		6,758		115,224
Glacier Bancorp, Inc. (a)		7,231		426,268
Hancock Whitney Corp.		2,960		136,870
Hilltop Holdings, Inc.		13,522		475,974
Home BancShares, Inc.		5,954		165,700
Hope Bancorp, Inc.		13,794		207,048
Independent Bank Corp.		997		81,654

INVESTMENTS	SHARES		VALUE($)
Banks — continued
Independent Bank Group, Inc.		2,512		189,681
Investors Bancorp, Inc.		27,350		400,404
Lakeland Financial Corp.		1,238		80,755
NBT Bancorp, Inc.		1,395		52,857
OceanFirst Financial Corp.		7,434		169,941
OFG Bancorp (Puerto Rico)		4,756		112,670
Old National Bancorp		19,654		371,461
Renasant Corp.(a)		4,542		191,355
Republic Bancorp, Inc., Class A		1,296		58,229
Sandy Spring Bancorp, Inc.		1,153		52,300
Simmons First National Corp., Class A		8,643		246,326
TrustCo Bank Corp.		7,149		52,295
Trustmark Corp.		8,418		272,827
UMB Financial Corp.		3,485		338,150
United Bankshares, Inc.		10,386		407,858
United Community Banks, Inc.		4,827		157,939
Valley National Bancorp		31,499		433,741
Washington Federal, Inc.		8,450		275,048
WesBanco, Inc.		4,360		158,224
Westamerica BanCorp		2,672		169,405
				9,354,088
Beverages — 0.8%
Celsius Holdings, Inc.* (a)		5,745		329,188
Coca-Cola Consolidated, Inc.		1,097		321,695
MGP Ingredients, Inc. (a)		1,918		115,272
National Beverage Corp. (a)		7,046		342,365
Primo Water Corp. (a)		20,386		341,262
				1,449,782
Chemicals — 3.4%
AdvanSix, Inc.*		3,160		91,893
American Vanguard Corp.		5,928		117,256
Avient Corp.		12,116		615,129
Balchem Corp.		3,519		447,582
GCP Applied Technologies, Inc.*		9,858		253,252
Ingevity Corp.*		2,913		227,447
Innospec, Inc.		4,303		419,155
Kraton Corp.*		13,217		472,640
Orion Engineered Carbons SA (Germany)* (a)		17,608		349,695
Quaker Chemical Corp.		1,481		358,920
Rayonier Advanced Materials, Inc.*		33,786		307,115
Sensient Technologies Corp.		6,100		501,664
Stepan Co.		3,419		446,726
Trinseo SA		8,020		496,518
Tronox Holdings plc, Class A		27,955		592,646
				5,697,638

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 167

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Construction & Materials — 3.9%
Advanced Drainage Systems, Inc.		3,708		414,035
Aegion Corp.*		3,221		96,952
Alpha Pro Tech Ltd.* (a)		8,652		77,522
American Woodmark Corp.*		2,100		208,866
Builders FirstSource, Inc.*		13,564		660,160
Comfort Systems USA, Inc.		4,371		359,995
EMCOR Group, Inc.		2,881		345,144
Exponent, Inc.		2,392		230,421
Gibraltar Industries, Inc.*		2,281		209,533
GMS, Inc.*		3,658		159,891
Great Lakes Dredge & Dock Corp.*		6,862		107,733
Griffon Corp.		4,847	��	131,451
Installed Building Products, Inc.		1,866		251,257
JELD-WEN Holding, Inc.*		4,048		118,080
Louisiana-Pacific Corp.		6,469		426,178
Masonite International Corp.*		1,810		228,585
MasTec, Inc.*		3,543		369,747
Mueller Water Products, Inc., Class A		11,356		163,072
Patrick Industries, Inc.		2,220		198,912
PGT Innovations, Inc.*		5,557		146,316
Quanex Building Products Corp.		3,871		105,640
Simpson Manufacturing Co., Inc.		3,377		380,588
Tetra Tech, Inc.		3,955		504,777
TopBuild Corp.*		2,691		598,425
US Concrete, Inc.*		1,522		96,510
				6,589,790
Consumer Services — 0.6%
American Public Education, Inc.*		2,799		85,257
Carriage Services, Inc.		1,203		44,728
Laureate Education, Inc., Class A *		12,949		178,049
Perdoceo Education Corp.*		9,177		107,004
Rent-A-Center, Inc.		9,006		518,295
Stride, Inc.*		1,360		38,937
				972,270
Electricity — 2.1%
ALLETE, Inc.		3,577		251,678
Brookfield Renewable Corp. (a)		8,339		345,902
Clearway Energy, Inc., Class C		14,743		422,976
MGE Energy, Inc.		3,854		288,318
NorthWestern Corp.		7,538		512,810
Ormat Technologies, Inc. (a)		4,832		349,837
PNM Resources, Inc.		9,161		452,187
Portland General Electric Co.		7,328		372,702
Spark Energy, Inc., Class A (a)		12,091		127,923
Sunrun, Inc.*		7,817		383,033
				3,507,366

INVESTMENTS	SHARES		VALUE($)
Electronic & Electrical Equipment — 1.0%
Atkore, Inc.*		4,558		356,800
AZZ, Inc.		3,205		168,711
Badger Meter, Inc. (a)		3,677		343,395
Brady Corp., Class A		3,168		172,878
Encore Wire Corp.		2,442		182,368
EnerSys		2,301		210,726
Watts Water Technologies, Inc., Class A		2,436		303,404
				1,738,282
Finance & Credit Services — 1.1%
Encore Capital Group, Inc.* (a)		2,473		97,288
Enova International, Inc.*		5,167		176,918
Navient Corp.		19,281		324,499
PennyMac Financial Services, Inc.		7,416		446,518
PRA Group, Inc.*		2,060		77,621
Radian Group, Inc.		17,113		421,664
Walker & Dunlop, Inc.		2,220		246,087
				1,790,595
Food Producers — 3.2%
Andersons, Inc. (The)		3,367		96,700
B&G Foods, Inc. (a)		11,295		329,588
Cal-Maine Foods, Inc. (a)		2,409		90,000
Darling Ingredients, Inc.*		7,257		503,999
Fresh Del Monte Produce, Inc. (a)		11,537		325,343
Freshpet, Inc.*		2,511		464,083
GrowGeneration Corp.*		7,443		324,515
Hostess Brands, Inc.* (a)		24,036		367,510
J&J Snack Foods Corp.		2,234		367,739
John B Sanfilippo & Son, Inc.		3,006		264,227
Lancaster Colony Corp. (a)		2,194		405,254
Medifast, Inc.		2,067		469,395
Nature’s Sunshine Products, Inc.		1,515		31,527
Sanderson Farms, Inc.		1,943		319,682
Simply Good Foods Co. (The) *		5,439		187,918
Tootsie Roll Industries, Inc. (a)		10,952		345,755
USANA Health Sciences, Inc.* (a)		3,959		356,270
Vital Farms, Inc.*		6,980		169,754
				5,419,259
Gas, Water & Multi-utilities — 3.2%
American States Water Co.		4,903		388,269
Avista Corp.		8,877		408,520
Black Hills Corp.		6,289		433,815
Brookfield Infrastructure Corp., Class A (Canada)		5,915		426,057
California Water Service Group		5,396		317,015
Chesapeake Utilities Corp.		2,789		330,552
Evoqua Water Technologies Corp.*		16,756		478,886

SEE NOTES TO FINANCIAL STATEMENTS.

168 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Gas, Water & Multi-utilities — continued
Middlesex Water Co. (a)		2,675		219,404
New Jersey Resources Corp.		9,457		396,721
Northwest Natural Holding Co.		3,129		168,716
ONE Gas, Inc.		5,539		445,723
SJW Group		3,709		243,125
South Jersey Industries, Inc.		13,976		345,906
Southwest Gas Holdings, Inc.		6,063		422,712
Spire, Inc.		5,543		417,610
				5,443,031
General Industrials — 1.1%
Apogee Enterprises, Inc.		3,597		126,363
Barnes Group, Inc.		1,155		57,658
CSW Industrials, Inc.		1,119		151,524
ESCO Technologies, Inc.		774		84,180
Ferro Corp.*		2,853		47,531
Greif, Inc., Class A		2,824		170,880
HB Fuller Co.		8,286		553,670
Kronos Worldwide, Inc.		12,418		211,106
Myers Industries, Inc.		3,292		74,268
Otter Tail Corp.		4,829		228,074
Standex International Corp.		1,114		105,629
TriMas Corp.*		1,960		62,406
				1,873,289
Health Care Providers — 3.2%
Addus HomeCare Corp.*		1,735		183,563
Brookdale Senior Living, Inc.* (a)		2,060		13,472
Computer Programs & Systems, Inc.		3,371		101,197
CorVel Corp.*		1,102		128,945
Ensign Group, Inc. (The)		5,902		506,687
Healthcare Services Group, Inc. (a)		4,947		148,163
Inovalon Holdings, Inc., Class A * (a)		10,418		314,728
LHC Group, Inc.*		2,068		430,702
Magellan Health, Inc.*		4,278		402,988
ModivCare, Inc.*		2,899		406,092
NextGen Healthcare, Inc.*		6,116		111,984
Omnicell, Inc.*		4,310		625,036
Option Care Health, Inc.*		4,633		88,398
Pennant Group, Inc. (The) *		4,678		189,085
RadNet, Inc.*		3,775		84,333
Select Medical Holdings Corp.*		14,330		540,528
Surgery Partners, Inc.*		12,008		578,786
Tenet Healthcare Corp.*		4,261		252,507
Tivity Health, Inc.* (a)		9,863		238,487

INVESTMENTS	SHARES		VALUE($)
Health Care Providers — continued
US Physical Therapy, Inc. (a)		1,170		131,566
				5,477,247
Household Goods & Home Construction — 1.9%
Beazer Homes USA, Inc.*		3,198		71,347
Central Garden & Pet Co., Class A *		4,969		244,823
CompX International, Inc.		1,255		24,146
Ethan Allen Interiors, Inc.		14,301		410,582
Hamilton Beach Brands Holding Co., Class A		2,215		43,193
Herman Miller, Inc.		5,299		219,909
HNI Corp.		6,598		279,359
Interface, Inc.		20,298		260,626
Kimball International, Inc., Class B		1,677		24,451
Knoll, Inc.		4,553		108,817
La-Z-Boy, Inc.		11,378		505,866
LGI Homes, Inc.* (a)		590		97,810
M/I Homes, Inc.*		4,973		346,718
MDC Holdings, Inc.		2,230		130,812
Sleep Number Corp.*		478		53,483
Steelcase, Inc., Class A		16,394		226,237
Taylor Morrison Home Corp.*		4,039		126,057
Tri Pointe Homes, Inc.*		3,870		92,183
				3,266,419
Industrial Engineering — 1.8%
Albany International Corp., Class A		1,671		149,120
Astec Industries, Inc.		5,567		417,581
Chart Industries, Inc.*		3,833		615,695
Columbus McKinnon Corp.		5,486		271,612
EnPro Industries, Inc.		2,205		188,858
Franklin Electric Co., Inc.		4,063		330,200
Hillenbrand, Inc.		8,282		406,563
John Bean Technologies Corp.		1,240		180,271
Rexnord Corp.		5,849		292,041
Tennant Co.		1,216		95,954
Titan Machinery, Inc.*		1,845		48,173
				2,996,068
Industrial Materials — 2.5%
Boise Cascade Co.		7,038		469,575
Clearwater Paper Corp.* (a)		8,310		278,053
Domtar Corp.*		10,815		426,327
Glatfelter Corp.		9,396		138,309
Koppers Holdings, Inc.*		8,590		285,532
Materion Corp.		5,148		364,530
Minerals Technologies, Inc.		6,447		503,769

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 169

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Industrial Materials — continued
Neenah, Inc.		5,438		289,138
Schweitzer-Mauduit International, Inc.		9,597		438,295
Tredegar Corp.		6,784		99,182
UFP Industries, Inc.		8,163		686,018
Verso Corp., Class A		13,513		208,641
				4,187,369
Industrial Metals & Mining — 4.3%
Alcoa Corp.*		15,828		579,938
Arconic Corp.*		16,252		464,807
Carpenter Technology Corp.		11,577		438,421
Century Aluminum Co.*		35,722		559,407
Cleveland-Cliffs, Inc.* (a)		16,055		286,742
Commercial Metals Co.		20,952		612,217
Compass Minerals International, Inc.		6,855		465,592
Energy Fuels, Inc.* (a)		33,680		185,577
Haynes International, Inc.		5,338		156,083
Kaiser Aluminum Corp.		3,820		460,195
Mueller Industries, Inc.		8,536		383,010
Olympic Steel, Inc.		3,040		88,312
RBC Bearings, Inc.*		2,049		408,632
Schnitzer Steel Industries, Inc., Class A		9,847		464,877
United States Steel Corp. (a)		22,809		524,835
Uranium Energy Corp.* (a)		71,058		206,068
US Silica Holdings, Inc.* (a)		41,861		445,820
Worthington Industries, Inc.		8,084		527,562
				7,258,095
Industrial Support Services — 2.5%
ABM Industries, Inc.		4,608		236,897
ACI Worldwide, Inc.*		5,863		221,504
Applied Industrial Technologies, Inc.		5,605		536,174
ASGN, Inc.*		2,884		303,339
CRA International, Inc.		1,891		151,772
Deluxe Corp.		2,367		104,195
DXP Enterprises, Inc.*		414		12,118
EVERTEC, Inc. (Puerto Rico)		4,855		193,715
ExlService Holdings, Inc.*		2,141		197,786
Forrester Research, Inc.*		1,878		81,599
Heidrick & Struggles International, Inc.		1,354		57,274
Huron Consulting Group, Inc.*		515		28,974
Insperity, Inc.		1,670		146,192
Kelly Services, Inc., Class A *		2,150		53,857
Korn Ferry		2,202		149,494
Lawson Products, Inc.*		1,065		55,838
LB Foster Co., Class A *		262		4,229

INVESTMENTS	SHARES		VALUE($)
Industrial Support Services — continued
MAXIMUS, Inc.		5,298		485,509
Resources Connection, Inc.		3,250		45,857
Sykes Enterprises, Inc.*		2,029		88,931
TriNet Group, Inc.*		2,895		227,865
TrueBlue, Inc.*		1,530		43,299
TTEC Holdings, Inc.		3,548		360,938
UniFirst Corp.		1,851		414,976
				4,202,332
Industrial Transportation — 2.3%
ArcBest Corp.		3,116		226,720
Atlas Air Worldwide Holdings, Inc.*		5,248		356,392
DHT Holdings, Inc.		67,453		397,973
Echo Global Logistics, Inc.*		3,542		115,823
Federal Signal Corp.		3,679		152,421
Forward Air Corp.		2,470		218,076
Frontline Ltd. (Norway)(a)		25,161		192,230
GATX Corp. (a)		2,111		206,266
Hub Group, Inc., Class A *		628		41,272
Matson, Inc.		2,650		173,124
McGrath RentCorp		2,393		196,178
Meritor, Inc.*		13,251		358,175
Nordic American Tankers Ltd. (a)		4,115		13,621
Saia, Inc.*		2,057		482,366
Scorpio Tankers, Inc. (Monaco)		1,538		27,899
Triton International Ltd. (Bermuda)		9,151		459,106
Wabash National Corp.		6,342		111,683
Werner Enterprises, Inc. (a)		5,781		267,256
				3,996,581
Investment Banking & Brokerage Services — 2.4%
Artisan Partners Asset Management, Inc., Class A		9,604		489,036
B. Riley Financial, Inc.		1,666		118,769
Brightsphere Investment Group, Inc.		11,177		251,594
Cannae Holdings, Inc.*		10,928		433,842
Cohen & Steers, Inc.		4,133		281,127
Cowen, Inc., Class A (a)		10,012		395,374
Federated Hermes, Inc.		9,349		269,251
Houlihan Lokey, Inc.		5,768		382,245
Moelis & Co., Class A (a)		4,847		263,095
PJT Partners, Inc., Class A		1,814		133,384
Stifel Financial Corp.		6,516		450,842
Virtus Investment Partners, Inc.		479		130,987
Waddell & Reed Financial, Inc., Class A		19,238		480,565
				4,080,111

SEE NOTES TO FINANCIAL STATEMENTS.

170 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Leisure Goods — 2.1%
Camping World Holdings, Inc., Class A (a)		13,540		589,532
Fox Factory Holding Corp.*		1,987		304,468
LCI Industries		1,633		239,235
Nautilus, Inc.* (a)		19,112		320,317
Smith & Wesson Brands, Inc.		23,123		402,340
Sonos, Inc.*		9,489		379,845
Sturm Ruger & Co., Inc.		6,775		439,968
Universal Electronics, Inc.*		4,159		236,439
YETI Holdings, Inc.*		7,226		617,245
				3,529,389
Life Insurance — 0.5%
American Equity Investment Life Holding Co.		6,883		213,235
CNO Financial Group, Inc.		20,456		522,242
FBL Financial Group, Inc., Class A		1,358		76,985
National Western Life Group, Inc., Class A		231		52,968
				865,430
Media — 0.1%
Gray Television, Inc.		8,754		177,881
QuinStreet, Inc.*		1,501		30,425
Scholastic Corp. (a)		666		20,200
				228,506
Medical Equipment & Services — 4.0%
Accuray, Inc.*		9,915		46,601
AdaptHealth Corp.*		9,628		279,790
Anika Therapeutics, Inc.* (a)		1,062		42,671
AtriCure, Inc.*		5,021		386,968
Atrion Corp.		39		24,905
Avanos Medical, Inc.*		3,427		148,081
CONMED Corp.		3,829		539,698
Fulgent Genetics, Inc.*		4,694		361,532
Inogen, Inc.*		816		53,358
Integer Holdings Corp.*		3,829		359,467
Intersect ENT, Inc.*		1,353		29,509
Invacare Corp.* (a)		7,608		68,700
iRhythm Technologies, Inc.*		1,327		103,320
Lantheus Holdings, Inc.* (a)		6,227		147,580
LENSAR, Inc.*		1,017		7,027
Meridian Bioscience, Inc.*		17,685		346,272
Merit Medical Systems, Inc.*		6,786		431,590
Natus Medical, Inc.*		5,816		148,599
Neogen Corp.*		4,936		473,905
NeoGenomics, Inc.*		9,524		466,581
OraSure Technologies, Inc.* (a)		23,354		213,689
Orthofix Medical, Inc.*		2,420		107,327

INVESTMENTS	SHARES		VALUE($)
Medical Equipment & Services — continued
Owens & Minor, Inc.		15,179		547,810
Patterson Cos., Inc.		13,848		445,075
STAAR Surgical Co.*		5,136		703,683
Surmodics, Inc.*		2,830		151,377
Varex Imaging Corp.* (a)		1,011		24,001
Zynex, Inc.* (a)		5,969		88,162
				6,747,278
Mortgage Real Estate Investment Trusts — 2.0%
Apollo Commercial Real Estate Finance, Inc. (a)		14,663		223,024
Arbor Realty Trust, Inc.		13,361		236,222
Blackstone Mortgage Trust, Inc., Class A (a)		8,740		283,963
Capstead Mortgage Corp.		16,795		108,832
Dynex Capital, Inc.		4,696		94,859
Ellington Financial, Inc.		12,317		220,967
Granite Point Mortgage Trust, Inc.		6,390		84,604
iStar, Inc. (a)		19,721		365,036
KKR Real Estate Finance Trust, Inc. (a)		10,355		218,490
Ladder Capital Corp.		14,933		177,553
MFA Financial, Inc.		114,140		502,216
New York Mortgage Trust, Inc.		65,136		298,974
PennyMac Mortgage Investment Trust		17,601		352,900
Redwood Trust, Inc.		20,243		224,900
TPG RE Finance Trust, Inc.		5,230		65,166
				3,457,706
Non-life Insurance — 1.7%
Employers Holdings, Inc.		4,275		173,052
Enstar Group Ltd.*		757		190,143
Essent Group Ltd.		6,455		339,404
Horace Mann Educators Corp.		2,864		114,846
James River Group Holdings Ltd. (a)		2,384		112,310
Kinsale Capital Group, Inc.		1,450		252,315
Mr Cooper Group, Inc.*		15,997		551,577
Protective Insurance Corp., Class B		205		4,715
RLI Corp.		3,333		371,496
Safety Insurance Group, Inc.		1,703		139,697
Selective Insurance Group, Inc.		2,771		210,984
Stewart Information Services Corp.		6,498		381,108
				2,841,647
Non-Renewable Energy — 5.6%
Antero Resources Corp.*		35,352		318,875
Archrock, Inc.		47,734		445,836
Berry Corp.		21,825		133,351
Bonanza Creek Energy, Inc.*		8,762		289,935
Brigham Minerals, Inc., Class A (a)		7,061		121,025

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 171

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Non-Renewable Energy — continued
Cactus, Inc., Class A (a)		15,439		460,237
CNX Resources Corp.*		41,497		556,890
CONSOL Energy, Inc.*		19,233		168,866
DMC Global, Inc.* (a)		6,077		328,158
Dril-Quip, Inc.*		5,399		165,479
Helix Energy Solutions Group, Inc.* (a)		42,761		183,445
Liberty Oilfield Services, Inc., Class A * (a)		18,508		216,544
Magnolia Oil & Gas Corp., Class A *		26,634		299,899
Matador Resources Co.		9,433		248,182
Matrix Service Co.*		7,352		97,120
MRC Global, Inc.*		23,270		219,203
Nabors Industries Ltd.*		4,989		403,361
NACCO Industries, Inc., Class A		1,153		26,669
Newpark Resources, Inc.*		12,640		35,898
NexTier Oilfield Solutions, Inc.*		26,121		93,774
NOW, Inc.*		29,716		291,811
Oceaneering International, Inc.*		5,770		62,027
Oil States International, Inc.* (a)		4,358		24,448
Ovintiv, Inc.		24,700		591,071
Par Pacific Holdings, Inc.*		1,588		24,122
Patterson-UTI Energy, Inc. (a)		65,049		439,731
PDC Energy, Inc.*		15,259		557,106
Penn Virginia Corp.* (a)		26,020		354,653
ProPetro Holding Corp.*		43,896		422,718
RPC, Inc.* (a)		27,908		135,633
SM Energy Co.		36,977		584,237
Solaris Oilfield Infrastructure, Inc., Class A		24,998		273,478
Southwestern Energy Co.*		26,277		112,203
SunCoke Energy, Inc.		46,112		311,256
Warrior Met Coal, Inc.		3,144		49,832
World Fuel Services Corp.		14,050		434,566
				9,481,639
Personal Care, Drug & Grocery Stores — 1.6%
ACCO Brands Corp.		20,491		175,813
Core-Mark Holding Co., Inc.		4,441		189,009
Edgewell Personal Care Co.		6,619		252,846
Ingles Markets, Inc., Class A (a)		5,052		309,637
PetMed Express, Inc. (a)		9,478		278,890
Rite Aid Corp.* (a)		17,030		298,366
SpartanNash Co. (a)		11,933		231,142
United Natural Foods, Inc.* (a)		9,625		354,777
Veru, Inc.* (a)		23,816		210,533
WD-40 Co. (a)		1,704		423,853
				2,724,866

INVESTMENTS	SHARES		VALUE($)
Personal Goods — 0.9%
Deckers Outdoor Corp.*		1,782		602,673
Movado Group, Inc.		311		9,756
Oxford Industries, Inc. (a)		3,495		318,849
Signet Jewelers Ltd.* (a)		5,056		302,096
Steven Madden Ltd.		5,314		216,120
Vera Bradley, Inc.*		4,804		53,324
				1,502,818
Pharmaceuticals, Biotechnology & Marijuana Producers — 4.0%
ANI Pharmaceuticals, Inc.* (a)		2,581		85,896
Arcus Biosciences, Inc.* (a)		4,338		146,408
Arena Pharmaceuticals, Inc.*		1,544		105,965
Arrowhead Pharmaceuticals, Inc.*		7,148		520,088
Castle Biosciences, Inc.*		3,360		231,941
Catalyst Pharmaceuticals, Inc.*		2,090		9,572
Codexis, Inc.* (a)		1,711		39,661
Collegium Pharmaceutical, Inc.* (a)		9,263		206,565
Corcept Therapeutics, Inc.*		9,807		223,502
Dicerna Pharmaceuticals, Inc.*		8,719		271,946
Eagle Pharmaceuticals, Inc.*		422		17,230
Emergent BioSolutions, Inc.*		3,232		197,087
FibroGen, Inc.*		3,094		69,058
Halozyme Therapeutics, Inc.*		6,242		311,788
Heska Corp.*		911		166,394
Innoviva, Inc.*		9,336		106,897
Kodiak Sciences, Inc.*		3,241		391,642
Lannett Co., Inc.* (a)		1,217		5,318
Ligand Pharmaceuticals, Inc.* (a)		1,003		146,328
Luminex Corp.		10,097		370,459
Medpace Holdings, Inc.*		3,245		550,612
Myriad Genetics, Inc.*		4,920		148,682
Novavax, Inc.*		2,640		625,495
Pacific Biosciences of California, Inc.*		17,936		535,390
Pacira BioSciences, Inc.*		6,280		396,770
PDL BioPharma, Inc*‡		22,847		56,432
Prestige Consumer Healthcare, Inc.*		6,865		299,039
Relmada Therapeutics, Inc.* (a)		629		24,254
Sangamo Therapeutics, Inc.* (a)		4,491		52,904
Supernus Pharmaceuticals, Inc.*		2,962		90,193
Travere Therapeutics, Inc.*		5,463		135,045
Vanda Pharmaceuticals, Inc.*		6,386		106,008
Xencor, Inc.*		3,025		128,744
				6,773,313

SEE NOTES TO FINANCIAL STATEMENTS.

172 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Precious Metals & Mining — 0.7%
Coeur Mining, Inc.*		48,599		392,680
Gold Resource Corp.		17,522		47,134
Hecla Mining Co.		80,475		475,607
Novagold Resources, Inc. (Canada) *		35,021		314,839
				1,230,260
Real Estate Investment & Services — 0.8%
eXp World Holdings, Inc.* (a)		5,722		196,608
Kennedy-Wilson Holdings, Inc.		6,353		130,554
Newmark Group, Inc., Class A		10,394		111,736
Rafael Holdings, Inc., Class B *		3,585		148,204
Realogy Holdings Corp.*		15,966		275,892
Redfin Corp.* (a)		5,133		363,314
St. Joe Co. (The)		3,566		163,287
				1,389,595
Real Estate Investment Trusts — 8.2%
Agree Realty Corp.		5,784		406,962
American Assets Trust, Inc.		3,787		132,734
CareTrust REIT, Inc.		15,570		376,483
Centerspace		2,620		184,422
Colony Capital, Inc.* (a)		49,187		344,309
Columbia Property Trust, Inc.		10,079		181,523
Community Healthcare Trust, Inc.		2,719		138,451
CoreCivic, Inc., REIT * (a)		35,105		272,766
DiamondRock Hospitality Co.*		25,234		262,938
Easterly Government Properties, Inc.		6,171		132,244
EastGroup Properties, Inc.		2,813		446,311
Essential Properties Realty Trust, Inc.		15,044		394,002
Four Corners Property Trust, Inc.		12,686		366,245
GEO Group, Inc. (The) (a)		46,065		253,818
Global Net Lease, Inc. (a)		17,348		333,082
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		6,473		339,185
Healthcare Realty Trust, Inc.		12,957		416,697
Independence Realty Trust, Inc.		6,221		104,762
Innovative Industrial Properties, Inc. (a)		2,749		503,424
Kite Realty Group Trust		10,608		220,752
Lexington Realty Trust		34,639		423,981
LTC Properties, Inc.		7,731		328,799
Monmouth Real Estate Investment Corp.		5,058		93,472
National Health Investors, Inc.		5,204		382,026
National Storage Affiliates Trust		6,997		317,944
Office Properties Income Trust		4,204		116,661
Pebblebrook Hotel Trust		15,615		372,886
Physicians Realty Trust		21,689		406,235

INVESTMENTS	SHARES		VALUE($)
Real Estate Investment Trusts — continued
Piedmont Office Realty Trust, Inc., Class A		20,259		377,223
PotlatchDeltic Corp.		7,221		428,639
PS Business Parks, Inc.		919		149,218
QTS Realty Trust, Inc., Class A (a)		5,840		388,302
Retail Opportunity Investments Corp.		17,823		313,685
Retail Properties of America, Inc., Class A		17,494		205,205
RLJ Lodging Trust		15,487		249,960
RPT Realty		13,379		170,047
Sabra Health Care REIT, Inc.		21,026		382,042
Safehold, Inc.		1,217		86,054
Service Properties Trust		8,793		108,286
SITE Centers Corp.		18,657		275,191
STAG Industrial, Inc.		12,208		445,714
Summit Hotel Properties, Inc.*		21,466		218,309
Sunstone Hotel Investors, Inc.*		22,414		294,968
Tanger Factory Outlet Centers, Inc. (a)		21,445		374,215
Terreno Realty Corp.		6,615		426,800
Uniti Group, Inc.		25,189		287,155
Urban Edge Properties		9,241		174,193
Washington		8,574		199,088
Xenia Hotels & Resorts, Inc.*		6,312		122,642
				13,930,050
Renewable Energy — 1.0%
Arcosa, Inc.		8,320		501,613
Green Plains, Inc.* (a)		19,710		587,358
Renewable Energy Group, Inc.*		6,765		375,593
REX American Resources Corp.*		2,174		175,507
TPI Composites, Inc.*		1,808		96,095
				1,736,166
Retailers — 3.1%
Abercrombie & Fitch Co., Class A *		16,888		633,131
America’s Car-Mart, Inc.*		1,078		162,595
Asbury Automotive Group, Inc.*		486		96,524
Big Lots, Inc.		5,511		379,928
BJ’s Wholesale Club Holdings, Inc.* (a)		10,028		447,951
Buckle, Inc. (The) (a)		13,090		548,995
Caleres, Inc. (a)		721		16,807
Cato Corp. (The), Class A *		926		12,408
Citi Trends, Inc.* (a)		3,465		362,439
Genesco, Inc.*		3,361		168,050
Group 1 Automotive, Inc.		1,521		249,687
Haverty Furniture Cos., Inc. (a)		8,311		386,212
Hibbett Sports, Inc.*		3,543		281,491
Lumber Liquidators Holdings, Inc.*		8,248		197,705

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 173

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Retailers — continued
ODP Corp. (The) *		4,383		177,205
PriceSmart, Inc.		686		57,651
Shoe Carnival, Inc.		6,890		413,056
Sportsman’s Warehouse Holdings, Inc.*		11,301		198,446
Systemax, Inc.		623		26,615
Zumiez, Inc.*		8,620		370,401
				5,187,297
Software & Computer Services — 5.0%
Agilysys, Inc.*		4,111		207,236
Alarm.com Holdings, Inc.*		1,074		96,402
Appfolio, Inc., Class A * (a)		2,338		338,145
Avaya Holdings Corp.*		9,775		281,227
Blackline, Inc.*		3,551		412,129
Calix, Inc.*		7,353		310,958
Cerence, Inc.* (a)		4,686		451,777
ChannelAdvisor Corp.*		13,645		288,592
Cognyte Software Ltd. (Israel) *		4,747		124,039
CSG Systems International, Inc.		5,893		271,019
Intelligent Systems Corp.* (a)		1,429		54,759
j2 Global, Inc.* (a)		3,549		429,429
MicroStrategy, Inc., Class A * (a)		721		473,812
Mitek Systems, Inc.*		5,641		91,441
Model N, Inc.*		2,434		96,825
NetScout Systems, Inc.*		8,576		224,648
OneSpan, Inc.* (a)		8,959		240,191
Perficient, Inc.* (a)		8,370		549,156
Perspecta, Inc.		11,533		337,571
Progress Software Corp.		7,659		334,392
Qualys, Inc.* (a)		3,257		330,130
SailPoint Technologies Holding, Inc.*		9,581		467,840
Sapiens International Corp. NV (Israel)		2,565		83,003
Shutterstock, Inc. (a)		5,807		506,254
Simulations Plus, Inc. (a)		3,572		225,536
SPS Commerce, Inc.*		4,330		443,565
Verint Systems, Inc.*		5,020		243,821
VirnetX Holding Corp. (a)		14,762		68,791
Workiva, Inc.*		5,158		484,852
				8,467,540
Technology Hardware & Equipment — 6.5%
Advanced Energy Industries, Inc.		3,778		416,751
Amkor Technology, Inc.		21,526		435,256
Axcelis Technologies, Inc.*		10,759		446,821
Benchmark Electronics, Inc.		2,392		71,808
Brooks Automation, Inc.		6,274		635,744

INVESTMENTS	SHARES		VALUE($)
Technology Hardware & Equipment — continued
CEVA, Inc.*		4,517		250,422
CMC Materials, Inc.		2,519		462,060
Cohu, Inc.*		7,111		284,511
CTS Corp.		1,380		44,878
Daktronics, Inc.*		3,721		22,959
Diodes, Inc.*		6,400		491,584
DSP Group, Inc.*		3,885		53,963
Fabrinet (Thailand) *		3,179		272,186
FormFactor, Inc.*		10,597		414,873
Ichor Holdings Ltd.* (a)		5,512		307,404
Insight Enterprises, Inc.*		5,703		572,410
Lattice Semiconductor Corp.*		10,955		551,146
MaxLinear, Inc.*		8,073		290,547
Methode Electronics, Inc.		2,525		113,448
NeoPhotonics Corp.*		35,917		336,183
Novanta, Inc.*		2,159		284,362
Onto Innovation, Inc.*		5,805		397,759
PC Connection, Inc. (a)		2,521		114,327
Photronics, Inc.*		9,438		119,863
Pitney Bowes, Inc.		19,251		143,805
Plexus Corp.*		2,823		260,958
Power Integrations, Inc.		5,125		424,401
Rambus, Inc.*		18,061		342,798
ScanSource, Inc.*		3,916		118,381
Semtech Corp.*		4,794		324,746
SiTime Corp.*		1,447		133,920
SMART Global Holdings, Inc.*		4,267		196,922
Super Micro Computer, Inc.*		1,051		38,908
Synaptics, Inc.* (a)		4,042		565,355
TTM Technologies, Inc.*		5,096		76,440
Ultra Clean Holdings, Inc.*		10,978		560,646
Vishay Intertechnology, Inc.		6,658		163,587
Xperi Holding Corp.		17,219		353,850
				11,095,982
Telecommunications Equipment — 1.7%
ADTRAN, Inc.		13,657		233,398
Akoustis Technologies, Inc.*		9,976		112,030
Cambium Networks Corp.*		2,989		179,340
Comtech Telecommunications Corp.		8,453		202,703
Extreme Networks, Inc.*		17,783		202,371
Harmonic, Inc.*		11,979		93,676
Inseego Corp.* (a)		22,547		200,217
InterDigital, Inc.		5,902		409,717
Loral Space & Communications, Inc.		2,863		114,892
NETGEAR, Inc.*		8,246		306,834

SEE NOTES TO FINANCIAL STATEMENTS.

174 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Telecommunications Equipment — continued
Plantronics, Inc.*		6,852		274,011
Resonant, Inc.*		24,719		80,831
Ribbon Communications, Inc.*		1,005		6,784
Viavi Solutions, Inc.*		25,257		413,205
Vocera Communications, Inc.*		3,143		113,682
				2,943,691
Telecommunications Service Providers — 1.9%
Anterix, Inc.* (a)		1,283		60,712
Cincinnati Bell, Inc.*		20,262		312,643
Cogent Communications Holdings, Inc.		5,959		449,964
Consolidated Communications Holdings, Inc.*		38,610		277,992
Gogo, Inc.* (a)		27,762		289,280
GTT Communications, Inc.* (a)		12,779		20,574
IDT Corp., Class B *		14,092		338,349
Iridium Communications, Inc.*		13,865		526,731
ORBCOMM, Inc.*		14,894		170,685
Shenandoah Telecommunications Co.		8,672		409,839
Vonage Holdings Corp.*		33,900		459,345
				3,316,114
Tobacco — 0.5%
Turning Point Brands, Inc.		3,051		148,950
Universal Corp.		6,506		365,832
Vector Group Ltd.		28,329		369,694
				884,476
Travel & Leisure — 0.2%
Biglari Holdings, Inc., Class B *		126		16,765
Churchill Downs, Inc.		518		109,557
Chuy’s Holdings, Inc.*		701		34,251
El Pollo Loco Holdings, Inc.*		4,190		70,979
Ruth’s Hospitality Group, Inc.*		1,411		36,841
				268,393
Waste & Disposal Services — 0.2%
Casella Waste Systems, Inc., Class A *		2,483		166,634
Covanta Holding Corp.		10,943		164,583
				331,217
Total Common Stocks (Cost $145,088,988)				169,632,135

INVESTMENTS	NO. OF RIGHTS		VALUE($)
RIGHTS — 0.0% (b)
Pharmaceuticals, Biotechnology & Marijuana Producers — 0.0%(b)
Achillion Pharmaceuticals, Inc., CVR*‡ (Cost $ —)		12,757		6,379
	SHARES
Short-Term Investments — 11.7%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (c) (d) (Cost $98,178)		98,178		98,178
Investment of Cash Collateral from Securities Loaned — 11.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (c) (d)		17,345,763		17,347,497
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		2,410,817		2,410,817
Total Investment of Cash Collateral from Securities Loaned (Cost $19,758,314)				19,758,314
Total Short-Term Investments (Cost $19,856,492)				19,856,492
Total Investments — 111.6% (Cost $164,945,480)				189,495,006
Liabilities in Excess of Other Assets — (11.6%)				(19,748,370)
NET ASSETS — 100.0%				169,746,636

Percentages indicated are based on net assets.

Abbreviations
CVR	ContingentValue Rights
REIT	RealEstate Investment Trust
(a)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $18,953,736.
(b)	Amountrounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	Therate shown is the current yield as of April 30, 2021
*	Non-incomeproducing security.
‡	Valuedetermined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 175

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

Futures contracts outstanding as of April 30, 2021:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index		4		06/2021		USD		452,400		87

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

176 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

JPMorgan Emerging Markets Equity Core ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 91.2%
Argentina — 0.7%
MercadoLibre, Inc.*		454		713,225
Brazil — 3.8%
Ambev SA		8,382		23,115
Atacadao SA		58,598		234,304
B3 SA—Brasil Bolsa Balcao		23,456		222,597
Banco Bradesco SA (Preference)*		45,079		197,758
Banco BTG Pactual SA*		2,758		54,327
Banco do Brasil SA*		16,242		88,206
BB Seguridade Participacoes SA		14,240		58,459
Bradespar SA (Preference)		4,641		60,729
Cyrela Brazil Realty SA Empreendimentos e Participacoes		8,521		37,020
Gerdau SA (Preference)		20,520		125,491
Hapvida Participacoes e Investimentos SA* (a)		18,961		50,264
Itau Unibanco Holding SA (Preference)		65,940		332,975
Itausa SA (Preference)		46,818		86,792
Localiza Rent a Car SA*		17,222		202,686
Locaweb Servicos de Internet SA* (a)		20,494		110,166
Lojas Renner SA		48,801		360,344
Magazine Luiza SA*		61,279		226,184
Notre Dame Intermedica Participacoes SA		3,242		48,319
Petroleo Brasileiro SA, ADR		20,856		176,859
Porto Seguro SA		5,161		46,289
Qualicorp Consultoria e Corretora de Seguros SA		6,539		32,683
Raia Drogasil SA*		36,722		178,335
Rumo SA*		9,220		34,065
Sul America SA*		6,041		36,210
Vale SA, ADR		27,726		557,847
WEG SA		17,930		114,636
XP, Inc., Class A*		758		30,017
				3,726,677
Canada — 0.1%
B2Gold Corp.		12,299		59,236
Chile — 0.2%
Banco Santander Chile		2,839,262		155,799
China — 38.0%
51job, Inc., ADR*		422		25,974
Aier Eye Hospital Group Co. Ltd., Class A		12,100		138,651
Alibaba Group Holding Ltd.*		143,800		4,156,930
Anhui Conch Cement Co. Ltd., Class H		19,000		113,404
ANTA Sports Products Ltd.		19,000		338,930
Baidu, Inc., ADR*		2,152		452,630
Bank of Ningbo Co. Ltd., Class A		6,100		39,737

INVESTMENTS	SHARES		VALUE($)
China — continued
Baoshan Iron & Steel Co. Ltd., Class A		40,100		53,283
Bilibili, Inc., ADR*		3,340		370,272
BOE Technology Group Co. Ltd., Class A		377,900		425,914
Brilliance China Automotive Holdings Ltd.‡		16,000		11,947
BTG Hotels Group Co. Ltd., Class A		11,900		46,930
Budweiser Brewing Co. APAC Ltd. (a)		84,700		266,899
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		600		17,997
Cheerwin Group Ltd.* (a)		101,000		105,580
China Construction Bank Corp., Class H		698,000		550,960
China Gas Holdings Ltd.		19,800		71,368
China Hongqiao Group Ltd.		39,500		62,346
China Lesso Group Holdings Ltd.		40,000		100,616
China Life Insurance Co. Ltd., Class H		41,000		83,113
China Merchants Bank Co. Ltd., Class H		171,000		1,373,542
China Molybdenum Co. Ltd., Class H		354,000		239,112
China National Accord Medicines Corp. Ltd., Class A		7,710		49,687
China Pacific Insurance Group Co. Ltd., Class H		76,400		274,984
China Petroleum & Chemical Corp., Class H		124,000		61,158
China Resources Land Ltd.		38,000		177,919
China Resources Mixc Lifestyle Services Ltd.* (a)		36,600		214,729
China Tourism Group Duty Free Corp. Ltd., Class A		1,900		91,149
China Vanke Co. Ltd., Class H		128,200		448,303
Chongqing Brewery Co. Ltd., Class A		11,000		266,663
Cloopen Group Holding Ltd., ADR*		6,922		69,428
Contemporary Amperex Technology Co. Ltd., Class A		3,904		234,530
Country Garden Services Holdings Co. Ltd.		56,000		586,648
Dian Diagnostics Group Co. Ltd., Class A		6,100		36,604
ENN Energy Holdings Ltd.		21,800		372,008
Flat Glass Group Co. Ltd., Class H		6,000		18,429
Foshan Haitian Flavouring & Food Co. Ltd., Class A		11,800		307,945
Fu Jian Anjoy Foods Co. Ltd., Class A		2,800		108,784
Fu Jian Anjoy Foods Co. Ltd., Class A		1,300		50,494
Fuyao Glass Industry Group Co. Ltd., Class H (a)		31,600		182,947
GDS Holdings Ltd., Class A*		11,900		123,025
GF Securities Co. Ltd., Class H		79,800		115,326
Glodon Co. Ltd., Class A		8,000		89,913
Guangdong Haid Group Co. Ltd., Class A		2,000		25,712
Guangdong Investment Ltd.		76,000		117,012
Guangzhou Automobile Group Co. Ltd., Class H		100,000		85,309
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		2,000		44,352

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 177

JPMorgan Emerging Markets Equity Core ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
China — continued
Haidilao International Holding Ltd. (a)		3,000		19,412
Haier Smart Home Co. Ltd., Class H*		141,600		608,947
Hang Zhou Great Star Industrial Co. Ltd., Class A*		12,200		71,987
Hangzhou Tigermed Consulting Co. Ltd., Class A		5,900		141,997
Hangzhou Tigermed Consulting Co. Ltd., Class H* (a)		2,200		43,109
Han’s Laser Technology Industry Group Co. Ltd., Class A		15,800		97,612
Hefei Meiya Optoelectronic Technology, Inc., Class A		22,200		164,349
Hualan Biological Engineering, Inc., Class A*		4,200		27,211
Huatai Securities Co. Ltd., Class H (a)		35,800		51,084
Huayu Automotive Systems Co. Ltd., Class A		23,000		92,921
Huazhu Group Ltd.*		6,000		349,856
Hundsun Technologies, Inc., Class A		3,800		53,721
Industrial & Commercial Bank of China Ltd., Class H		40,000		25,956
Industrial Bank Co. Ltd., Class A		10,105		33,872
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		76,200		480,151
JD Health International, Inc.* (a)		9,100		140,497
JD.com, Inc., Class A*		6,300		243,297
Jiangsu Hengli Hydraulic Co. Ltd., Class A		7,900		104,594
Jiangsu Hengrui Medicine Co. Ltd., Class A		9,900		128,197
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		1,800		53,367
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		4,000		28,776
Joyoung Co. Ltd., Class A		37,400		183,452
JOYY, Inc., ADR		598		56,846
KE Holdings, Inc., ADR*		3,878		201,850
Kingdee International Software Group Co. Ltd.*		85,000		279,919
Kingsoft Corp. Ltd.		70,000		493,895
Kuaishou Technology* (a)		5,300		179,447
Kunlun Energy Co. Ltd.		38,000		40,631
Kweichow Moutai Co. Ltd., Class A		1,200		370,610
Laobaixing Pharmacy Chain JSC, Class A		2,100		17,365
Lenovo Group Ltd.		78,000		106,576
Longfor Group Holdings Ltd. (a)		29,000		180,133
LONGi Green Energy Technology Co. Ltd., Class A		14,100		215,026
Maxscend Microelectronics Co. Ltd., Class A		1,080		70,919
Meituan* (a)		33,900		1,297,499
Midea Group Co. Ltd., Class A		53,712		663,168
Minth Group Ltd.		12,000		48,603
Montage Technology Co. Ltd., Class A		800		6,593
Montage Technology Co. Ltd., Class A		15,500		127,739

INVESTMENTS	SHARES		VALUE($)
China — continued
NetEase, Inc.		42,100		940,917
New Oriental Education & Technology Group, Inc.*		25,300		388,851
NIO, Inc., ADR*		779		31,035
Nongfu Spring Co. Ltd., Class H* (a)		24,600		129,894
Pharmaron Beijing Co. Ltd., Class H (a)		2,000		41,293
PICC Property & Casualty Co. Ltd., Class H		42,000		41,118
Pinduoduo, Inc., ADR*		4,081		546,568
Ping An Bank Co. Ltd., Class A		170,300		611,466
Ping An Insurance Group Co. of China Ltd., Class H		199,500		2,175,004
Poly Developments and Holdings Group Co. Ltd., Class A		64,000		138,047
Pop Mart International Group Ltd.* (a)		15,600		128,644
Postal Savings Bank of China Co. Ltd., Class H (a)		399,000		258,778
SAIC Motor Corp. Ltd., Class A		9,900		30,664
Sangfor Technologies, Inc., Class A		4,100		172,740
Sany Heavy Industry Co. Ltd., Class A		15,900		75,486
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		12,000		26,865
Shanghai Baosight Software Co. Ltd., Class A		10,192		99,519
Shanghai M&G Stationery, Inc., Class A		7,800		109,868
Shenzhen Inovance Technology Co. Ltd., Class A		2,000		27,510
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		3,900		279,865
Shenzhou International Group Holdings Ltd.		22,200		488,378
Sichuan Swellfun Co. Ltd., Class A		11,800		185,991
Silergy Corp.		2,000		205,561
Skshu Paint Co. Ltd., Class A		4,100		149,843
Sunny Optical Technology Group Co. Ltd.		16,900		409,693
Suofeiya Home Collection Co. Ltd., Class A*		21,900		98,276
TBEA Co. Ltd., Class A		25,800		48,864
Tencent Holdings Ltd.		58,600		4,674,642
Tingyi Cayman Islands Holding Corp.		84,000		150,931
Tongwei Co. Ltd., Class A		5,900		31,861
Topsports International Holdings Ltd. (a)		201,000		270,562
Trip.com Group Ltd., ADR*		1,682		65,733
Tuya, Inc., ADR*		4,272		82,834
Venus MedTech Hangzhou, Inc., Class H* (a)		19,000		168,146
Wanhua Chemical Group Co. Ltd., Class A		7,800		123,297
Weichai Power Co. Ltd., Class H		22,000		50,923
Weifu High-Technology Group Co. Ltd., Class A		21,900		82,296
Will Semiconductor Co. Ltd., Class A		5,900		273,901
Wuliangye Yibin Co. Ltd., Class A		9,400		411,787
Wuxi Biologics Cayman, Inc.* (a)		67,500		947,551
Xiamen C & D, Inc., Class A		20,100		25,144

SEE NOTES TO FINANCIAL STATEMENTS.

178 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
China — continued
Xinyi Solar Holdings Ltd.		290,000		483,669
Yatsen Holding Ltd., ADR* (b)		6,058		63,124
Yonyou Network Technology Co. Ltd., Class A		5,800		29,632
Yum China Holdings, Inc.		6,360		400,171
Yunnan Energy New Material Co. Ltd.		6,100		126,157
Zai Lab Ltd.*		300		49,879
Zhejiang Dingli Machinery Co. Ltd., Class A		1,900		21,482
Zhejiang Supor Co. Ltd., Class A		11,900		138,345
Zhongsheng Group Holdings Ltd.		9,500		71,858
Zhuzhou Kibing Group Co. Ltd., Class A		68,040		160,660
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		52,000		71,880
				37,517,580
Egypt — 0.1%
Commercial International Bank Egypt SAE*		26,301		97,871
Germany – 0.0% (c)
Jumia Technologies AG, ADR*		802		24,397
Ghana — 0.0% (c)
Kosmos Energy Ltd.*		13,179		37,692
Greece — 0.2%
Hellenic Telecommunications Organization SA		3,981		67,508
JUMBO SA		1,502		28,060
OPAP SA		3,962		60,762
				156,330
Hong Kong — 2.4%
AIA Group Ltd.		43,800		555,935
Hang Seng Bank Ltd.		5,900		115,505
HKT Trust & HKT Ltd.		42,000		60,983
Hong Kong Exchanges & Clearing Ltd.		10,800		651,359
JS Global Lifestyle Co. Ltd.* (a)		59,500		179,638
Nine Dragons Paper Holdings Ltd.		40,000		54,811
Techtronic Industries Co. Ltd.		20,500		371,968
Vitasoy International Holdings Ltd.		44,000		169,902
WH Group Ltd. (a)		70,000		60,991
Xinyi Glass Holdings Ltd.		36,000		127,548
				2,348,640
Hungary — 0.2%
OTP Bank Nyrt.*		2,858		128,481
Richter Gedeon Nyrt.		1,918		54,856
				183,337
India — 0.9%
HDFC Bank Ltd., ADR*		13,322		936,270

INVESTMENTS	SHARES		VALUE($)
Indonesia — 1.2%
Astra International Tbk. PT		83,900		31,885
Bank Central Asia Tbk. PT		164,100		363,278
Bank Mandiri Persero Tbk. PT		88,000		37,467
Bank Negara Indonesia Persero Tbk. PT		64,000		25,189
Bank Rakyat Indonesia Persero Tbk. PT		1,399,900		391,741
Charoen Pokphand Indonesia Tbk. PT		47,900		23,353
Telkom Indonesia Persero Tbk. PT		1,379,800		304,860
Unilever Indonesia Tbk. PT		67,800		28,142
				1,205,915
Ivory Coast — 0.1%
Endeavour Mining Corp.		3,080		64,123
Kenya — 0.2%
Safaricom plc		474,732		177,612
Macau — 0.1%
Sands China Ltd.*		23,200		109,784
Malaysia — 0.3%
CIMB Group Holdings Bhd.		27,900		28,166
Malayan Banking Bhd.		18,200		36,553
Petronas Chemicals Group Bhd.		16,200		32,401
Public Bank Bhd.		125,900		127,465
Tenaga Nasional Bhd.		15,900		38,636
Top Glove Corp. Bhd.		23,800		32,759
				295,980
Mexico — 2.6%
America Movil SAB de CV, Series L		121,560		85,153
Bolsa Mexicana de Valores SAB de CV		42,062		93,584
Fomento Economico Mexicano SAB de CV		5,342		41,463
Grupo Aeroportuario del Pacifico SAB de CV, Class B*		6,141		63,217
Grupo Aeroportuario del Sureste SAB de CV, Class B*		9,059		153,409
Grupo Financiero Banorte SAB de CV, Class O		98,014		556,527
Grupo Mexico SAB de CV, Series B		44,938		203,826
Infraestructura Energetica Nova SAB de CV*		12,602		54,123
Kimberly-Clark de Mexico SAB de CV, Class A		104,179		180,566
Regional SAB de CV*		27,401		139,798
Wal-Mart de Mexico SAB de CV		300,020		983,874
				2,555,540
Norway — 0.1%
Scatec ASA (a)		1,900		51,117
Panama — 0.0% (c)
Copa Holdings SA, Class A*		442		38,233

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 179

JPMorgan Emerging Markets Equity Core ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES			VALUE($)
Common Stocks — continued
Peru — 0.2%
Credicorp Ltd.*		1,361			162,503
Philippines — 0.1%
Ayala Corp.		1,810			27,828
Ayala Land, Inc.		42,100			28,087
BDO Unibank, Inc.		10,190			21,793
International Container Terminal Services, Inc.		8,410			22,689
SM Investments Corp.		1,025			20,454
SM Prime Holdings, Inc.		35,800			25,587
					146,438
Poland — 0.3%
Allegro.eu SA* (a)		15,821			242,559
Dino Polska SA* (a)		479			31,077
TEN Square Games SA		360			42,028
					315,664
Portugal — 0.2%
Jeronimo Martins SGPS SA		11,639			212,554
Qatar — 0.1%
Qatar National Bank QPSC		21,066			103,565
Russia — 5.5%
Alrosa PJSC		158,061			228,330
Detsky Mir PJSC		21,641			43,364
Fix Price Group Ltd., GDR* (a)		10,857			101,567
Gazprom Neft PJSC		7,060			33,861
Gazprom PJSC, ADR		44,358	��		268,975
Inter RAO UES PJSC		393,081			25,619
LUKOIL PJSC, ADR		8,959			685,698
Magnit PJSC, GDR (a)		2,800			39,438
Magnitogorsk Iron & Steel Works PJSC, GDR (a)		11,098			125,462
Mail.Ru Group Ltd., GDR* (a)		1,602			35,781
MMC Norilsk Nickel PJSC, ADR		13,401			454,435
Moscow Exchange MICEX-RTS PJSC		208,438			490,208
Novatek PJSC, GDR (a)		599			107,871
Novolipetsk Steel PJSC, GDR (a)		3,240			113,822
Polymetal International plc		3,119			64,403
Polyus PJSC, GDR (a)		1,299			120,334
QIWI plc, ADR		3,461			36,514
Rosneft Oil Co. PJSC, GDR (a)		44,185			304,790
Rostelecom PJSC*		35,300			48,703
Sberbank of Russia PJSC, ADR		66,841			1,052,293
Severstal PAO, GDR (a)		19,738			464,544
Sistema PJSFC		100,360			45,165
Surgutneftegas PJSC (Preference)		123,655			70,440
Tatneft PJSC, ADR		5,139			206,390

INVESTMENTS	SHARES		VALUE($)
Russia —continued
X5 Retail Group NV, GDR (a)		4,298		131,941
Yandex NV, Class A*		1,501		98,391
				5,398,339
Saudi Arabia — 1.3%
Abdullah Al Othaim Markets Co.		1,138		40,825
Al Rajhi Bank		13,010		342,543
Almarai Co. JSC		4,479		64,165
BinDawood Holding Co.		1,840		55,160
Bupa Arabia for Cooperative Insurance Co.*		1,101		33,938
Dr Sulaiman Al Habib Medical Services Group Co.		979		39,366
Jarir Marketing Co.		598		31,732
Mouwasat Medical Services Co.*		1,938		91,675
SABIC Agri-Nutrients Co.		1,019		28,475
Saudi Arabian Oil Co. (a)		4,859		45,867
Saudi Basic Industries Corp.		3,241		106,814
Saudi Industrial Investment Group		3,742		35,281
Saudi National Bank*		9,558		144,764
Saudi Telecom Co.		3,179		107,489
Saudia Dairy & Foodstuff Co.		501		22,508
Savola Group (The)		3,178		33,781
United International Transportation Co.		2,098		23,916
				1,248,299
Singapore — 0.0% (c)
IGG, Inc.		22,000		37,083
South Africa — 2.5%
African Rainbow Minerals Ltd.		2,180		40,693
Anglo American Platinum Ltd.		339		46,294
Anglo American plc		5,058		214,462
AVI Ltd.		21,759		106,421
Bid Corp. Ltd.*		7,200		141,950
Bidvest Group Ltd. (The)		6,701		77,380
Capitec Bank Holdings Ltd.*		2,780		284,930
Clicks Group Ltd.		12,722		212,465
Exxaro Resources Ltd.		3,040		31,967
FirstRand Ltd.		57,958		203,873
Foschini Group Ltd. (The)*		6,021		47,753
Gold Fields Ltd.		2,981		27,973
Impala Platinum Holdings Ltd.		9,080		169,669
Mr Price Group Ltd.		10,062		125,874
MTN Group*		9,621		60,869
Naspers Ltd., Class N		1,240		282,199
Sasol Ltd.*		1,538		25,874
Sibanye Stillwater Ltd.		10,681		49,692
SPAR Group Ltd. (The)		9,058		114,341

SEE NOTES TO FINANCIAL STATEMENTS.

180 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
South Africa — continued
Vodacom Group Ltd.		14,262		123,644
Woolworths Holdings Ltd.*		13,382		45,399
				2,433,722
South Korea — 11.1%
AfreecaTV Co. Ltd.		841		67,288
CJ CheilJedang Corp.		299		106,129
Daewoo Engineering & Construction Co. Ltd.*		20,322		134,410
Dentium Co. Ltd.		1,879		100,469
DL Holdings Co. Ltd.		518		43,892
E-MART, Inc.		801		120,389
Green Cross Corp.		138		41,889
GS Engineering & Construction Corp.		999		39,511
GS Retail Co. Ltd.		2,421		77,699
Hana Financial Group, Inc.		8,125		333,039
Hankook Tire & Technology Co. Ltd.		3,740		161,378
Hanon Systems		7,638		111,264
Hugel, Inc.*		660		109,307
Hwaseung Enterprise Co. Ltd.		3,521		58,189
HYBE Co. Ltd.*		380		82,707
Hyundai Department Store Co. Ltd.		801		66,610
Hyundai Glovis Co. Ltd.		540		92,874
Hyundai Mobis Co. Ltd.		740		179,101
Hyundai Motor Co.		360		68,455
Innocean Worldwide, Inc.		978		52,659
JYP Entertainment Corp.		2,658		78,406
Kakao Corp.		1,395		142,048
KB Financial Group, Inc.		2,597		127,847
KCC Corp.		201		56,390
Kia Corp.		3,759		260,733
KIWOOM Securities Co. Ltd.		379		44,876
Korea Electric Power Corp.		5,820		123,515
Korea Investment Holdings Co. Ltd.		2,100		210,815
Korea Shipbuilding & Offshore Engineering Co. Ltd.*		959		131,667
KT&G Corp.		1,055		78,070
LG Chem Ltd.		210		175,306
LG Household & Health Care Ltd.		162		223,743
Lotte Chemical Corp.		102		27,691
Modetour Network, Inc.*		1,278		25,885
NAVER Corp.		1,198		385,782
NCSoft Corp.		421		313,172
NICE Information Service Co. Ltd.		2,579		50,642
POSCO		1,302		425,513
Samsung Biologics Co. Ltd.* (a)		100		71,871
Samsung Electro-Mechanics Co. Ltd.		1,398		223,415

INVESTMENTS	SHARES		VALUE($)
South Korea — continued
Samsung Electronics Co. Ltd.		47,588		3,468,474
Samsung Fire & Marine Insurance Co. Ltd.		578		102,686
Samsung SDI Co. Ltd.		181		105,646
Samsung Securities Co. Ltd.		1,460		55,789
Shinhan Financial Group Co. Ltd.		4,578		164,513
SK Holdings Co. Ltd.		381		94,160
SK Hynix, Inc.		7,980		910,369
SK Innovation Co. Ltd.*		779		188,420
SK Materials Co. Ltd.		278		83,764
SK Telecom Co. Ltd.		699		190,390
S-Oil Corp.*		2,122		164,808
Studio Dragon Corp.*		780		72,243
TSE Co. Ltd.		578		32,429
Wonik Materials Co. Ltd.		1,460		49,786
Zinus, Inc.		1,039		77,733
				10,985,856
Taiwan — 16.3%
Accton Technology Corp.		40,000		452,924
Advantech Co. Ltd.		40,000		506,114
ASE Technology Holding Co. Ltd.		20,000		83,575
ASMedia Technology, Inc.		3,000		124,716
ASPEED Technology, Inc.		1,000		74,645
AU Optronics Corp.		578,000		676,637
Chailease Holding Co. Ltd.		119,000		857,521
Chicony Electronics Co. Ltd.		6,000		18,065
Delta Electronics, Inc.		70,000		749,904
E.Sun Financial Holding Co. Ltd.		98,000		94,441
Eclat Textile Co. Ltd.		20,000		382,946
Evergreen Marine Corp. Taiwan Ltd.*		45,000		126,600
Feng TAY Enterprise Co. Ltd.		19,000		140,637
Formosa Plastics Corp.		38,000		143,654
Fubon Financial Holding Co. Ltd.		82,000		187,897
Giant Manufacturing Co. Ltd.		3,000		38,097
Global PMX Co. Ltd.		19,000		121,184
Global Unichip Corp.		19,000		270,705
Globalwafers Co. Ltd.		6,000		183,894
Hiwin Technologies Corp.		19,000		286,653
Hon Hai Precision Industry Co. Ltd.		65,000		267,218
Largan Precision Co. Ltd.		1,000		110,628
Lite-On Technology Corp.		19,000		43,058
Lotes Co. Ltd.		3,000		57,946
Makalot Industrial Co. Ltd.		38,000		333,298
MediaTek, Inc.*		17,000		712,684
Mega Financial Holding Co. Ltd.		40,000		46,686
Micro-Star International Co. Ltd.		6,000		39,300

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 181

JPMorgan Emerging Markets Equity Core ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Taiwan — continued
momo.com, Inc.		2,000		73,184
Nanya Technology Corp.		82,000		265,541
Nien Made Enterprise Co. Ltd.		18,000		290,348
Novatek Microelectronics Corp.		14,000		308,878
Pegavision Corp.		8,000		130,043
President Chain Store Corp.		19,000		183,637
Quanta Computer, Inc.		40,000		140,000
Realtek Semiconductor Corp.*		22,000		415,028
Sea Ltd., ADR*		1,361		343,707
Sinbon Electronics Co. Ltd.		19,000		176,037
Taiwan Cement Corp.		39,000		72,742
Taiwan Semiconductor Manufacturing Co. Ltd.		239,000		5,033,250
Taiwan Union Technology Corp.		7,000		29,440
Unimicron Technology Corp.		62,000		253,200
Uni-President Enterprises Corp.		40,000		107,138
United Microelectronics Corp.		60,000		119,671
Vanguard International Semiconductor Corp.		102,000		431,518
Wiwynn Corp.		6,000		195,142
Yageo Corp.		8,000		154,078
Yuanta Financial Holding Co. Ltd.		298,000		276,404
				16,130,613
Tanzania, United Republic of — 0.0% (c)
AngloGold Ashanti Ltd.		2,178		44,926
Thailand — 1.0%
Advanced Info Service PCL, NVDR		100		549
Advanced Info Service PCL		9,700		53,228
Airports of Thailand PCL		39,500		78,507
Airports of Thailand PCL, NVDR		500		994
Bangkok Dusit Medical Services PCL, NVDR		800		557
Bangkok Dusit Medical Services PCL, Class F		61,100		42,556
CP ALL PCL, NVDR*		400		802
CP ALL PCL*		29,700		59,585
Kasikornbank PCL		11,700		49,901
Kasikornbank PCL, NVDR		100		423
Minor International PCL*		33,400		32,125
Minor International PCL, NVDR*		400		385
PTT Exploration & Production PCL		40,000		152,093
PTT Global Chemical PCL		13,800		29,920
PTT Global Chemical PCL, NVDR		200		434
PTT PCL, NVDR		700		896
PTT PCL		55,300		70,478
Siam Cement PCL (The), NVDR		200		2,964
Siam Cement PCL (The) (Registered)		17,900		264,882
Siam Commercial Bank PCL (The), NVDR		200		674
Siam Commercial Bank PCL (The)		13,900		46,823

INVESTMENTS	SHARES		VALUE($)
Thailand — continued
Sri Trang Agro-Industry PCL		49,800		75,509
Thai Oil PCL		25,800		48,834
Thai Oil PCL, NVDR		300		568
				1,013,687
Turkey — 0.2%
Arcelik A/S		8,200		34,046
BIM Birlesik Magazalar A/S		16,621		130,498
Ford Otomotiv Sanayi A/S		3,041		64,576
				229,120
United Arab Emirates — 0.2%
Abu Dhabi National Oil Co. for Distribution PJSC		42,993		52,980
Aldar Properties PJSC		52,390		49,928
First Abu Dhabi Bank PJSC		18,968		73,409
				176,317
United States — 1.0%
EPAM Systems, Inc.*		1,201		549,758
FirstCash, Inc.		501		36,087
Globant SA*		901		206,491
Parade Technologies Ltd.		5,000		245,165
				1,037,501
Total Common Stocks (Cost $88,146,800)				90,131,545
Exchange-Traded Funds — 8.2%
United States — 8.2%
iShares MSCI India ETF (Cost $8,362,596)		199,067		8,165,728
	NO. OF RIGHTS
Rights — 0.0% (c)
South Korea — 0.0% (c)
HYBE Co. Ltd., expiring 6/2/2021* (Cost $ —)		22		833
	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, 0.03% (d) (e) (Cost $58,611)		58,611		58,611
Total Investments — 99.5% (Cost $96,568,007)				98,356,717
Other Assets Less Liabilities — 0.5%				474,217
NET ASSETS — 100.0%				98,830,934

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

182 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

Summary of Investments by Industry, April 30, 2021

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

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Semiconductors & Semiconductor Equipment		10.7	%
Banks		10.0
Exchange-Traded Fund		8.3
Internet & Direct Marketing Retail		7.9
Interactive Media & Services		6.2
Technology Hardware, Storage & Peripherals		4.6
Metals & Mining		4.1
Electronic Equipment, Instruments & Components		3.8
Insurance		3.6
Food & Staples Retailing		3.0
Oil, Gas & Consumable Fuels		2.7
Household Durables		2.4
Entertainment		2.3
Capital Markets		2.0
Food Products		1.9
Beverages		1.8
Textiles, Apparel & Luxury Goods		1.8
Real Estate Management & Development		1.5
Machinery		1.4
Software		1.4
Diversified Financial Services		1.4
Life Sciences Tools & Services		1.3
Auto Components		1.1
Chemicals		1.1
Hotels, Restaurants & Leisure		1.1
IT Services		1.0
Others (each less than 1.0%)		11.5
Short-Term Investments		0.1

Abbreviations

ADR	American Depositary Receipt
ETF	Exchange-Traded Fund
GDR	Global 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
RTS	Russian Trading System
SGPS	Holding company
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $58,164.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 183

JPMorgan International Growth ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 98.5%
Australia — 2.7%
CSL Ltd.		5,134		1,072,464
IDP Education Ltd.		35,915		627,324
				1,699,788
Brazil — 1.0%
Magazine Luiza SA*		169,339		625,040
Canada — 3.6%
Canadian National Railway Co.		9,148		984,871
Shopify, Inc., Class A*		1,099		1,297,270
				2,282,141
China — 12.5%
Alibaba Group Holding Ltd.*		22,651		654,789
Bilibili, Inc., ADR*		7,267		805,619
Kuaishou Technology* (a)		16,100		545,113
Meituan* (a)		31,000		1,186,504
New Oriental Education & Technology Group, Inc., ADR*		32,920		502,359
Tencent Holdings Ltd.		34,700		2,768,090
Weimob, Inc.* (a)		249,000		549,637
Wuxi Biologics Cayman, Inc.* (a)		68,000		954,570
				7,966,681
Denmark — 4.6%
Genmab A/S*		1,972		723,649
Novo Nordisk A/S, Class B		17,811		1,313,873
Orsted A/S (a)		6,066		881,784
				2,919,306
Finland — 1.6%
Kone OYJ, Class B		12,840		1,008,487
France — 5.8%
L’Oreal SA		3,983		1,630,921
LVMH Moet Hennessy Louis Vuitton SE		2,787		2,099,588
				3,730,509
Germany — 5.8%
adidas AG*		3,847		1,188,188
Sartorius AG (Preference)		1,530		863,257
Symrise AG		6,283		811,355
Zalando SE* (a)		8,150		847,589
				3,710,389
Hong Kong — 5.9%
AIA Group Ltd.		122,200		1,551,033
Hong Kong Exchanges & Clearing Ltd.		21,400		1,290,656
Techtronic Industries Co. Ltd.		50,000		907,239
				3,748,928

INVESTMENTS	SHARES		VALUE($)
India — 1.2%
HDFC Bank Ltd., ADR*		11,197		786,925
Indonesia — 1.4%
Bank Central Asia Tbk. PT		419,400		928,451
Japan — 10.8%
Daikin Industries Ltd.		4,300		867,374
Hoya Corp.		8,900		1,011,621
Keyence Corp.		2,900		1,392,154
Kyowa Kirin Co. Ltd.		15,100		459,615
SMC Corp.		1,400		813,508
Sony Group Corp.		16,000		1,599,663
Sysmex Corp.		7,700		769,103
				6,913,038
Netherlands — 7.6%
Adyen NV* (a)		468		1,151,792
Argenx SE*		2,135		613,507
Argenx SE*		340		96,936
ASML Holding NV		3,919		2,543,988
Pharvaris NV*		18,024		434,378
				4,840,601
Poland — 0.9%
InPost SA*		31,765		605,303
South Korea — 3.3%
Delivery Hero SE* (a)		7,779		1,234,067
LG Chem Ltd.		1,077		899,067
				2,133,134
Spain — 1.4%
Cellnex Telecom SA (a)		16,221		917,526
Sweden — 3.2%
Assa Abloy AB, Class B		34,642		987,629
Atlas Copco AB, Class A		17,575		1,065,749
				2,053,378
Switzerland — 6.7%
Lonza Group AG (Registered)		1,439		914,793
Nestle SA (Registered)		19,825		2,365,731
Straumann Holding AG (Registered)		726		1,037,579
				4,318,103
Taiwan — 6.8%
Sea Ltd., ADR*		4,231		1,068,497
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		27,989		3,267,436
				4,335,933

SEE NOTES TO FINANCIAL STATEMENTS.

184 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
United Kingdom — 9.3%
Diageo plc		32,228		1,446,761
InterContinental Hotels Group plc*		12,118		861,142
Intertek Group plc		9,243		783,523
Linde plc		3,167		905,247
London Stock Exchange Group plc		8,626		881,304
RELX plc		41,992		1,092,662
				5,970,639
United States — 2.4%
EPAM Systems, Inc.*		2,106		964,022
Unity Software, Inc.*		5,576		566,410
				1,530,432
Total Common Stocks (Cost $52,788,546)				63,024,732
Total Investments — 98.5% (Cost $52,788,546)				63,024,732
Other Assets Less Liabilities — 1.5%				949,432
NET ASSETS — 100.0%				63,974,164

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2021

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

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Semiconductors & Semiconductor Equipment		9.2	%
Internet & Direct Marketing Retail		6.2
Machinery		6.0
Health Care Equipment & Supplies		5.8
IT Services		5.4
Interactive Media & Services		5.3
Textiles, Apparel & Luxury Goods		5.2
Chemicals		4.1
Biotechnology		4.0
Food Products		3.7
Pharmaceuticals		3.5
Capital Markets		3.4
Professional Services		3.0
Entertainment		3.0
Life Sciences Tools & Services		3.0
Building Products		2.9
Banks		2.7

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Personal Products		2.6	%
Household Durables		2.5
Insurance		2.5
Beverages		2.3
Electronic Equipment, Instruments & Components		2.2
Diversified Consumer Services		1.8
Software		1.8
Road & Rail		1.6
Diversified Telecommunication Services		1.5
Electric Utilities		1.4
Hotels, Restaurants & Leisure		1.4
Multiline Retail		1.0
Air Freight & Logistics		1.0

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)	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.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 185

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%
Aerospace & Defense — 0.5%
Lockheed Martin Corp.		368		140,046
Automobiles & Parts — 0.3%
Genuine Parts Co.		755		94,352
Banks — 2.3%
Comerica, Inc.		797		59,903
First Horizon Corp.		4,585		83,860
FNB Corp.		1,546		19,928
Huntington Bancshares, Inc.		6,799		104,161
New York Community Bancorp, Inc.		11,390		136,224
PacWest Bancorp		2,935		127,408
People’s United Financial, Inc.		7,347		133,201
				664,685
Beverages — 2.7%
Brown-Forman Corp., Class B		452		34,479
Coca-Cola Co. (The)		3,074		165,934
Constellation Brands, Inc., Class A		628		150,921
Keurig Dr Pepper, Inc.		3,852		138,094
Molson Coors Beverage Co., Class B*		2,427		133,364
PepsiCo, Inc.		1,168		168,379
				791,171
Chemicals — 5.1%
Cabot Corp.		1,226		67,283
Celanese Corp.		398		62,347
CF Industries Holdings, Inc.		3,442		167,384
Chemours Co. (The)		5,886		177,757
Dow, Inc.		2,629		164,312
Eastman Chemical Co.		1,410		162,700
Huntsman Corp.		4,734		135,724
LyondellBasell Industries NV, Class A		1,516		157,270
NewMarket Corp.		34		11,784
Olin Corp.		5,810		250,004
Scotts Miracle-Gro Co. (The)		149		34,443
Valvoline, Inc.		1,473		46,252
WR Grace & Co.		416		28,592
				1,465,852
Construction & Materials — 0.5%
MDU Resources Group, Inc.		4,621		154,619
Consumer Services — 0.3%
H&R Block, Inc.		3,389		75,439
Electricity — 12.2%
AES Corp. (The)		6,267		174,348
Alliant Energy Corp.		2,796		157,051
American Electric Power Co., Inc.		1,779		157,815
Avangrid, Inc.		2,121		107,959

INVESTMENTS	SHARES		VALUE($)
Electricity — continued
CMS Energy Corp.		2,451		157,820
Consolidated Edison, Inc.		1,993		154,278
Dominion Energy, Inc.		2,050		163,795
DTE Energy Co.		1,135		158,923
Edison International		2,370		140,896
Entergy Corp.		1,525		166,667
Evergy, Inc.		2,732		174,766
Eversource Energy		1,696		146,229
Exelon Corp.		3,779		169,828
FirstEnergy Corp.		4,902		185,884
Hawaiian Electric Industries, Inc.		2,509		108,038
IDACORP, Inc.		933		95,614
NRG Energy, Inc.		3,264		116,916
OGE Energy Corp.		3,472		116,520
Pinnacle West Capital Corp.		1,771		149,915
PPL Corp.		5,045		146,961
Public Service Enterprise Group, Inc.		2,592		163,711
Southern Co. (The)		2,556		169,131
Vistra Corp.		7,511		126,711
Xcel Energy, Inc.		1,786		127,342
				3,537,118
Electronic & Electrical Equipment — 1.2%
Emerson Electric Co.		1,822		164,873
Hubbell, Inc.		898		172,425
				337,298
Finance & Credit Services — 0.2%
OneMain Holdings, Inc.		1,059		60,225
Food Producers — 6.9%
Archer-Daniels-Midland Co.		2,379		150,186
Bunge Ltd.		1,695		143,092
Campbell Soup Co.		2,876		137,329
Conagra Brands, Inc.		3,793		140,682
Corteva, Inc.		2,343		114,245
Flowers Foods, Inc.		5,224		125,167
General Mills, Inc.		2,418		147,160
Hershey Co. (The)		734		120,596
Hormel Foods Corp.		2,005		92,631
Ingredion, Inc.		376		35,122
JM Smucker Co. (The)		829		108,591
Kellogg Co.		2,291		143,004
Kraft Heinz Co. (The)		3,925		162,063
Lamb Weston Holdings, Inc.		367		29,544
McCormick & Co., Inc. (Non-Voting)		1,011		91,354
Mondelez International, Inc., Class A		2,537		154,275

SEE NOTES TO FINANCIAL STATEMENTS.

186 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Food Producers — continued
Tyson Foods, Inc., Class A		1,352		104,712
				1,999,753
Gas, Water & Multi-utilities — 4.4%
Ameren Corp.		1,044		88,573
Atmos Energy Corp.		670		69,405
CenterPoint Energy, Inc.		6,502		159,234
Duke Energy Corp.		1,723		173,489
Essential Utilities, Inc.		626		29,504
National Fuel Gas Co.		2,146		106,570
NiSource, Inc.		6,361		165,513
Sempra Energy		1,151		158,343
UGI Corp.		3,750		163,913
WEC Energy Group, Inc.		1,619		157,318
				1,271,862
General Industrials — 3.0%
3M Co.		853		168,160
Eaton Corp. plc		1,208		172,659
Packaging Corp. of America		1,131		166,992
RPM International, Inc.		601		56,999
Sonoco Products Co.		2,123		138,972
WestRock Co.		2,940		163,905
				867,687
Health Care Providers — 1.1%
Encompass Health Corp.		1,481		125,678
UnitedHealth Group, Inc.		482		192,221
				317,899
Household Goods & Home Construction — 1.1%
Leggett & Platt, Inc.		2,077		103,165
Newell Brands, Inc.		4,425		119,298
Whirlpool Corp.		376		88,905
				311,368
Industrial Engineering — 0.8%
Caterpillar, Inc.		384		87,594
Cummins, Inc.		618		155,761
				243,355
Industrial Materials — 0.6%
International Paper Co.		2,934		170,172
Industrial Metals & Mining — 2.7%
Fastenal Co.		1,352		70,683
GrafTech International Ltd.		1,753		22,298
Nucor Corp.		2,590		213,053
Reliance Steel & Aluminum Co.		737		118,148

INVESTMENTS	SHARES		VALUE($)
Industrial Metals & Mining — continued
Southern Copper Corp. (Peru)		1,636		113,555
Steel Dynamics, Inc.		3,332		180,661
Timken Co. (The)		734		61,561
				779,959
Industrial Support Services — 0.5%
Paychex, Inc.		1,634		159,299
Industrial Transportation — 1.4%
Macquarie Infrastructure Corp.		3,169		105,559
Ryder System, Inc.		1,315		104,990
United Parcel Service, Inc., Class B		955		194,686
				405,235
Investment Banking & Brokerage Services — 1.4%
Apollo Global Management, Inc.		955		52,878
Franklin Resources, Inc.		2,142		64,260
Invesco Ltd.		6,823		184,221
Lazard Ltd., Class A		2,234		100,508
				401,867
Leisure Goods — 0.8%
Garmin Ltd.		559		76,717
Harley-Davidson, Inc.		1,849		89,436
Hasbro, Inc.		537		53,405
				219,558
Life Insurance — 0.9%
Principal Financial Group, Inc.		1,010		64,508
Prudential Financial, Inc.		1,514		151,945
Unum Group		1,603		45,301
				261,754
Media — 0.1%
Nielsen Holdings plc		1,032		26,471
Medical Equipment & Services — 2.2%
Abbott Laboratories		1,334		160,186
Becton Dickinson and Co.		554		137,841
Medtronic plc		1,478		193,500
Quest Diagnostics, Inc.		1,093		144,145
				635,672
Mortgage Real Estate Investment Trusts — 2.3%
AGNC Investment Corp.		10,012		179,515
Annaly Capital Management, Inc.		18,310		166,255
New Residential Investment Corp.		14,394		154,304
Starwood Property Trust, Inc.		6,395		165,119
				665,193

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 187

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Non-life Insurance — 1.1%
Old Republic International Corp.		6,101		150,206
Progressive Corp. (The)		1,551		156,248
				306,454
Non-Renewable Energy — 4.9%
Antero Midstream Corp.		17,083		147,597
Chevron Corp.		1,643		169,344
Equitrans Midstream Corp.		13,666		111,515
Exxon Mobil Corp.		3,009		172,235
Helmerich & Payne, Inc.		4,012		102,828
Kinder Morgan, Inc.		9,701		165,402
Murphy Oil Corp.		4,129		69,904
ONEOK, Inc.		3,292		172,303
Targa Resources Corp.		4,057		140,737
Valero Energy Corp.		205		15,162
Williams Cos., Inc. (The)		6,531		159,095
				1,426,122
Personal Care, Drug & Grocery Stores — 5.7%
AmerisourceBergen Corp.		726		87,701
Casey’s General Stores, Inc.		165		36,661
Church & Dwight Co., Inc.		1,008		86,426
Clorox Co. (The)		734		133,955
Colgate-Palmolive Co.		1,839		148,407
CVS Health Corp.		2,014		153,870
Energizer Holdings, Inc.		503		24,798
Kimberly-Clark Corp.		1,050		139,986
Kroger Co. (The)		3,965		144,881
McKesson Corp.		649		121,727
Nu Skin Enterprises, Inc., Class A		1,673		88,435
Procter & Gamble Co. (The)		1,365		182,118
Spectrum Brands Holdings, Inc.		200		17,628
Sysco Corp.		1,670		141,499
Walgreens Boots Alliance, Inc.		2,911		154,574
				1,662,666
Personal Goods — 0.7%
Coty, Inc., Class A*		6,678		66,847
Hanesbrands, Inc.		5,040		106,142
Tapestry, Inc.*		727		34,787
				207,776
Pharmaceuticals, Biotechnology & Marijuana Producers — 5.2%
AbbVie, Inc.		1,661		185,202
Amgen, Inc.		626		150,015
Bristol-Myers Squibb Co.		2,631		164,227
Cardinal Health, Inc.		2,192		132,265

INVESTMENTS	SHARES		VALUE($)
Pharmaceuticals, Biotechnology & Marijuana Producers — continued
Eli Lilly & Co.		844		154,258
Gilead Sciences, Inc.		2,130		135,191
Johnson & Johnson		1,258		204,714
Merck & Co., Inc.		1,939		144,456
Perrigo Co. plc		1,780		74,101
Pfizer, Inc.		4,108		158,774
				1,503,203
Real Estate Investment Trusts — 8.8%
Apartment Investment and Management Co., Class A		3,433		23,825
Apple Hospitality REIT, Inc.		5,634		89,355
Brandywine Realty Trust		7,187		97,240
Brixmor Property Group, Inc.		5,019		112,124
Brookfield Property REIT, Inc., Class A		2,201		39,585
Corporate Office Properties Trust		1,012		28,377
EPR Properties*		2,734		130,439
Gaming and Leisure Properties, Inc.		3,204		148,954
Healthcare Trust of America, Inc., Class A		810		23,790
Healthpeak Properties, Inc.		3,723		127,848
Iron Mountain, Inc.		3,943		158,193
Kimco Realty Corp.		6,373		133,833
Medical Properties Trust, Inc.		3,602		79,424
National Retail Properties, Inc.		2,123		98,550
Omega Healthcare Investors, Inc.		3,602		136,876
Outfront Media, Inc.*		3,349		81,615
Park Hotels & Resorts, Inc.*		7,703		171,854
Rayonier, Inc.		2,791		101,257
Simon Property Group, Inc.		1,282		156,071
Spirit Realty Capital, Inc.		2,931		139,340
Ventas, Inc.		700		38,822
VEREIT, Inc.		2,956		141,415
Vornado Realty Trust		428		19,581
Welltower, Inc.		1,516		113,745
WP Carey, Inc.		2,000		149,780
				2,541,893
Retailers — 1.1%
Foot Locker, Inc.		827		48,777
Gap, Inc. (The)		2,520		83,412
Kohl’s Corp.		1,076		63,118
L Brands, Inc.*		1,453		95,753
Nordstrom, Inc.*		493		18,083
				309,143
Software & Computer Services — 1.2%
DXC Technology Co.*		52		1,711
Hewlett Packard Enterprise Co.		11,107		177,934

SEE NOTES TO FINANCIAL STATEMENTS.

188 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Software & Computer Services — continued
International Business Machines Corp.		1,111		157,629
				337,274
Technology Hardware & Equipment — 4.7%
Analog Devices, Inc.		1,115		170,773
HP, Inc.		5,532		188,697
Intel Corp.		2,595		149,290
KLA Corp.		558		175,965
Maxim Integrated Products, Inc.		1,849		173,806
Microchip Technology, Inc.		304		45,688
NetApp, Inc.		1,008		75,288
QUALCOMM, Inc.		1,166		161,841
Xerox Holdings Corp.		5,965		143,995
Xilinx, Inc.		537		68,715
				1,354,058
Telecommunications Equipment — 2.3%
Arista Networks, Inc.*		393		123,862
Ciena Corp.*		955		48,199
Cisco Systems, Inc.		3,272		166,577
Juniper Networks, Inc.		3,368		85,514
Lumentum Holdings, Inc.*		1,157		98,403
Motorola Solutions, Inc.		503		94,715
Ubiquiti, Inc.		78		22,256
ViaSat, Inc.*		412		21,337
				660,863
Telecommunications Service Providers — 5.5%
Altice USA, Inc., Class A*		3,055		110,927
AT&T, Inc.		5,507		172,975
Cable One, Inc.		21		37,590
Charter Communications, Inc., Class A*		229		154,220
Comcast Corp., Class A		2,827		158,736
DISH Network Corp., Class A*		3,165		141,760
Liberty Broadband Corp., Class C*		841		136,848
Lumen Technologies, Inc.		12,074		154,909
Roku, Inc.*		390		133,758
Telephone and Data Systems, Inc.		3,942		90,587
T-Mobile US, Inc.*		1,124		148,514

INVESTMENTS	SHARES		VALUE($)
Telecommunications Service Providers — continued
Verizon Communications, Inc.		2,821		163,026
				1,603,850
Tobacco — 1.1%
Altria Group, Inc.		3,220		153,755
Philip Morris International, Inc.		1,833		174,135
				327,890
Travel & Leisure — 1.5%
Copa Holdings SA, Class A (Panama)*		956		82,694
Darden Restaurants, Inc.		276		40,495
Extended Stay America, Inc.		5,450		108,400
Six Flags Entertainment Corp.*		2,859		134,316
Travel + Leisure Co.		1,031		66,530
				432,435
Waste & Disposal Services — 0.5%
Waste Management, Inc.		1,043		143,903
Total Common Stocks (Cost $27,191,601)				28,875,439
Short-Term Investments — 0.2%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b) (Cost $54,411)		54,411		54,411
Total Investments — 100.0% (Cost $27,246,012)				28,929,850
Liabilities in Excess of Other Assets — 0.0% (c)				(7,049)
NET ASSETS — 100.0%				28,922,801

Percentages indicated are based on net assets.

Abbreviations

REIT	Real Estate Investment Trust
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of April 30, 2021.
(c)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2021:

DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Micro E-Mini S&P 500 Index		1		06/2021		USD		20,871		1,381

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 189

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%
Aerospace & Defense — 1.0%
L3Harris Technologies, Inc.		471		98,547
Lockheed Martin Corp.		257		97,804
				196,351
Automobiles & Parts — 0.6%
Gentex Corp.		1,563		54,986
Genuine Parts Co.		503		62,860
				117,846
Banks — 0.1%
TFS Financial Corp.		1,318		25,780
Beverages — 3.9%
Brown-Forman Corp., Class B		1,300		99,164
Coca-Cola Co. (The)		1,944		104,937
Constellation Brands, Inc., Class A		433		104,059
Keurig Dr Pepper, Inc.		2,818		101,025
Molson Coors Beverage Co., Class B*		2,077		114,131
Monster Beverage Corp.*		1,141		110,734
PepsiCo, Inc.		769		110,859
				744,909
Chemicals — 3.8%
Air Products and Chemicals, Inc.		347		100,103
Ashland Global Holdings, Inc.		1,108		95,521
Celanese Corp.		90		14,099
Ecolab, Inc.		448		100,406
International Flavors & Fragrances, Inc.		608		86,439
Linde plc (United Kingdom)		442		126,341
NewMarket Corp.		111		38,471
Scotts Miracle-Gro Co. (The)		528		122,052
WR Grace & Co.		662		45,499
				728,931
Construction & Materials — 0.0%(a)
MDU Resources Group, Inc.		47		1,573
Consumer Services — 0.6%
Graham Holdings Co., Class B		36		22,882
Rollins, Inc.		485		18,081
Service Corp. International		1,479		79,037
				120,000
Electricity — 11.5%
Alliant Energy Corp.		1,836		103,128
American Electric Power Co., Inc.		1,239		109,912
Avangrid, Inc.		1,592		81,033
CMS Energy Corp.		1,667		107,338
Consolidated Edison, Inc.		1,306		101,098
Dominion Energy, Inc.		1,290		103,071

INVESTMENTS	SHARES		VALUE($)
Electricity — continued
DTE Energy Co.		820		114,816
Edison International		1,523		90,542
Entergy Corp.		998		109,072
Evergy, Inc.		1,616		103,376
Eversource Energy		1,170		100,877
Exelon Corp.		2,305		103,587
FirstEnergy Corp.		1,878		71,214
Hawaiian Electric Industries, Inc.		1,207		51,973
IDACORP, Inc.		657		67,329
NextEra Energy, Inc.		1,554		120,451
NRG Energy, Inc.		2,005		71,819
OGE Energy Corp.		2,315		77,691
Pinnacle West Capital Corp.		1,164		98,533
PPL Corp.		3,114		90,711
Public Service Enterprise Group, Inc.		1,800		113,688
Southern Co. (The)		1,626		107,592
Xcel Energy, Inc.		1,458		103,955
				2,202,806
Electronic & Electrical Equipment — 0.6%
Hubbell, Inc.		239		45,890
Waters Corp.*		208		62,373
				108,263
Finance & Credit Services — 0.1%
Morningstar, Inc.		65		17,226
Food Producers — 9.3%
Archer-Daniels-Midland Co.		1,859		117,359
Bunge Ltd.		1,175		99,194
Campbell Soup Co.		1,907		91,059
Conagra Brands, Inc.		2,733		101,367
Corteva, Inc.		1,692		82,502
Flowers Foods, Inc.		2,639		63,230
General Mills, Inc.		1,566		95,307
Hain Celestial Group, Inc. (The)*		289		11,852
Hershey Co. (The)		625		102,687
Hormel Foods Corp.		1,902		87,872
Ingredion, Inc.		1,018		95,091
JM Smucker Co. (The) (b)		818		107,150
Kellogg Co.		1,484		92,631
Kraft Heinz Co. (The)		2,325		95,999
Lamb Weston Holdings, Inc.		1,171		94,266
McCormick & Co., Inc. (Non-Voting)		1,041		94,065
Mondelez International, Inc., Class A		1,697		103,195
Pilgrim’s Pride Corp.*		638		15,286
Post Holdings, Inc.*		795		90,455
TreeHouse Foods, Inc.*		878		41,793
Tyson Foods, Inc., Class A		1,209		93,637

SEE NOTES TO FINANCIAL STATEMENTS.

190 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Food Producers — continued
US Foods Holding Corp.*		321		13,309
				1,789,306
Gas, Water & Multi-utilities — 5.4%
Ameren Corp.		1,241		105,286
American Water Works Co., Inc.		758		118,240
Atmos Energy Corp.		956		99,032
CenterPoint Energy, Inc.		2,353		57,625
Duke Energy Corp.		1,099		110,658
Essential Utilities, Inc.		1,920		90,490
National Fuel Gas Co.		1,512		75,086
NiSource, Inc.		4,059		105,615
Sempra Energy		741		101,939
UGI Corp.		1,636		71,510
WEC Energy Group, Inc.		1,044		101,446
				1,036,927
General Industrials — 1.9%
3M Co.		411		81,024
AptarGroup, Inc.		310		46,751
PPG Industries, Inc.		699		119,697
RPM International, Inc.		919		87,158
Silgan Holdings, Inc.		339		14,296
Sonoco Products Co.		229		14,990
				363,916
Health Care Providers — 1.8%
Cerner Corp.		670		50,284
Chemed Corp.		109		51,950
Encompass Health Corp.		421		35,726
IQVIA Holdings, Inc.*		286		67,121
UnitedHealth Group, Inc.		330		131,604
				336,685
Household Goods & Home Construction — 0.7%
Leggett & Platt, Inc.		1,166		57,915
NVR, Inc.*		16		80,290
				138,205
Industrial Materials — 0.5%
Avery Dennison Corp.		421		90,166
Industrial Metals & Mining — 0.5%
Fastenal Co.		1,712		89,503
Industrial Support Services — 0.8%
Automatic Data Processing, Inc.		438		81,902
Jack Henry & Associates, Inc.		296		48,198
Verisk Analytics, Inc.		118		22,207
				152,307
Industrial Transportation — 1.1%
Expeditors International of Washington, Inc.		680		74,705

INVESTMENTS	SHARES		VALUE($)
Industrial Transportation — continued
United Parcel Service, Inc., Class B		643		131,082
				205,787
Investment Banking & Brokerage Services — 0.7%
Berkshire Hathaway, Inc., Class B*		456		125,377
Broadridge Financial Solutions, Inc.		102		16,180
				141,557
Leisure Goods — 1.1%
Electronic Arts, Inc.		139		19,749
Garmin Ltd.		864		118,575
Hasbro, Inc.		131		13,028
Pool Corp.		132		55,773
				207,125
Medical Equipment & Services — 13.0%
Abbott Laboratories		953		114,436
Baxter International, Inc.		1,161		99,486
Becton Dickinson and Co.		383		95,294
Bio-Rad Laboratories, Inc., Class A*		163		102,711
Bio-Techne Corp.		299		127,820
Boston Scientific Corp.*		2,591		112,968
Cooper Cos., Inc. (The)		275		112,995
Danaher Corp.		503		127,732
Edwards Lifesciences Corp.*		1,086		103,735
Henry Schein, Inc.*		1,299		94,177
Hill-Rom Holdings, Inc.		950		104,709
Hologic, Inc.*		1,297		85,018
IDEXX Laboratories, Inc.*		215		118,033
Integra LifeSciences Holdings Corp.*		254		18,816
Masimo Corp.*		364		84,692
Medtronic plc		934		122,279
PerkinElmer, Inc.		637		82,574
QIAGEN NV*		1,184		56,986
Quest Diagnostics, Inc.		820		108,142
STERIS plc		550		116,061
Stryker Corp.		448		117,658
Teleflex, Inc.		256		108,155
Thermo Fisher Scientific, Inc.		243		114,266
West Pharmaceutical Services, Inc.		406		133,379
Zimmer Biomet Holdings, Inc.		117		20,728
				2,482,850
Mortgage Real Estate Investment Trusts — 0.3%
AGNC Investment Corp.		413		7,405
Annaly Capital Management, Inc.		604		5,485
Starwood Property Trust, Inc.		1,593		41,131
				54,021
Non-life Insurance — 4.0%
Allstate Corp. (The)		857		108,668

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 191

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Non-life Insurance — continued
American Financial Group, Inc.		305		37,472
Aon plc, Class A		126		31,681
Arch Capital Group Ltd.*		945		37,526
Arthur J Gallagher & Co.		567		82,187
Brown & Brown, Inc.		2,188		116,358
Markel Corp.*		39		45,880
Marsh & McLennan Cos., Inc.		869		117,923
RenaissanceRe Holdings Ltd. (Bermuda)		566		95,547
White Mountains Insurance Group Ltd.		46		53,610
WR Berkley Corp.		464		36,990
				763,842
Non-Renewable Energy — 4.1%
Baker Hughes Co.		3,298		66,224
Cabot Oil & Gas Corp.		4,848		80,816
Cheniere Energy, Inc.*		1,469		113,877
Chevron Corp.		986		101,627
ConocoPhillips		487		24,905
Exxon Mobil Corp.		1,862		106,581
Kinder Morgan, Inc.		5,637		96,111
Phillips 66		1,204		97,416
Williams Cos., Inc. (The)		3,851		93,810
				781,367
Personal Care, Drug & Grocery Stores — 5.4%
Albertsons Cos., Inc., Class A (b)		879		16,323
AmerisourceBergen Corp.		701		84,681
Casey’s General Stores, Inc.		109		24,219
Church & Dwight Co., Inc.		1,109		95,086
Clorox Co. (The)		479		87,418
Colgate-Palmolive Co.		1,282		103,457
CVS Health Corp.		1,291		98,632
Grocery Outlet Holding Corp.*		319		12,884
Kimberly-Clark Corp.		673		89,724
Kroger Co. (The)		2,593		94,748
McKesson Corp.		426		79,901
Procter & Gamble Co. (The)		860		114,741
Sprouts Farmers Market, Inc.*		921		23,587
Walgreens Boots Alliance, Inc.		1,897		100,731
				1,026,132
Personal Goods — 0.2%
Columbia Sportswear Co.		134		14,607
VF Corp.		199		17,445
				32,052
Pharmaceuticals, Biotechnology & Marijuana Producers — 5.6%
AbbVie, Inc.		1,003		111,835
Amgen, Inc.		424		101,607
Bristol-Myers Squibb Co.		1,567		97,812

INVESTMENTS	SHARES		VALUE($)
Pharmaceuticals, Biotechnology & Marijuana Producers — continued
Eli Lilly & Co.		530		96,868
Gilead Sciences, Inc.		1,431		90,826
Johnson & Johnson		753		122,536
Merck & Co., Inc.		1,299		96,775
Pfizer, Inc.		2,479		95,813
Regeneron Pharmaceuticals, Inc.*		179		86,153
United Therapeutics Corp.*		200		40,312
Zoetis, Inc.		728		125,966
				1,066,503
Precious Metals & Mining — 0.4%
Newmont Corp.		1,370		85,502
Real Estate Investment Trusts — 5.6%
Alexandria Real Estate Equities, Inc.		402		72,802
American Homes 4 Rent, Class A		677		25,076
American Tower Corp.		455		115,920
Apple Hospitality REIT, Inc.		860		13,640
CoreSite Realty Corp.		191		23,205
Crown Castle International Corp.		631		119,297
CubeSmart		529		22,398
Digital Realty Trust, Inc.		679		104,776
Equinix, Inc.		147		105,952
Equity Commonwealth		1,531		44,093
Equity LifeStyle Properties, Inc.		614		42,612
Extra Space Storage, Inc.		347		51,595
First Industrial Realty Trust, Inc.		401		19,958
Gaming and Leisure Properties, Inc.		358		16,643
Healthcare Trust of America, Inc., Class A		669		19,649
Life Storage, Inc.		255		24,495
Mid-America Apartment Communities, Inc.		216		33,983
Public Storage		376		105,716
SBA Communications Corp.		364		109,098
WP Carey, Inc.		53		3,969
				1,074,877
Renewable Energy — 0.5%
First Solar, Inc.*		1,325		101,402
Retailers — 1.2%
Costco Wholesale Corp.		317		117,952
Walmart, Inc.		780		109,130
				227,082
Software & Computer Services — 4.9%
Amdocs Ltd.		1,363		104,597
ANSYS, Inc.*		346		126,518
Black Knight, Inc.*		448		32,444
CDK Global, Inc.		1,240		66,452
Citrix Systems, Inc.		538		66,631
Cognizant Technology Solutions Corp., Class A		179		14,391
International Business Machines Corp.		409		58,029

SEE NOTES TO FINANCIAL STATEMENTS.

192 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Software & Computer Services — continued
Intuit, Inc.		285		117,466
Microsoft Corp.		572		144,247
Synopsys, Inc.*		470		116,118
Tyler Technologies, Inc.*		142		60,330
VeriSign, Inc.*		123		26,909
				934,132
Technology Hardware & Equipment — 0.3%
Texas Instruments, Inc.		364		65,706
Telecommunications Equipment — 1.3%
Cisco Systems, Inc.		1,582		80,540
Juniper Networks, Inc.		2,209		56,086
Motorola Solutions, Inc.		578		108,837
				245,463
Telecommunications Service Providers — 3.8%
AT&T, Inc.		3,144		98,753
Charter Communications, Inc., Class A*		144		96,977
Comcast Corp., Class A		1,735		97,420
Liberty Broadband Corp., Class C*		550		89,496
Lumen Technologies, Inc.		3,322		42,621
Telephone and Data Systems, Inc.		2,329		53,521
T-Mobile US, Inc.*		800		105,704
United States Cellular Corp.*		1,113		37,987
Verizon Communications, Inc.		1,852		107,027
				729,506
Tobacco — 1.1%
Altria Group, Inc.		2,033		97,076
Philip Morris International, Inc.		1,106		105,070
				202,146
Travel & Leisure — 0.9%
Choice Hotels International, Inc.*		343		39,033
McDonald’s Corp.		532		125,595
Yum! Brands, Inc.		65		7,769
				172,397
Waste & Disposal Services — 1.2%
Republic Services, Inc.		1,052		111,828

INVESTMENTS	SHARES		VALUE($)
Waste & Disposal Services— continued
Waste Management, Inc.		869		119,896
				231,724
Total Common Stocks (Cost $17,317,805)				19,091,873
Short-Term Investments — 0.8%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (c) (d) (Cost $16,846)		16,846		16,846
Investment of Cash Collateral from Securities Loaned — 0.7%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (c) (d)		24,948		24,950
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		98,641		98,641
Total Investment of Cash Collateral from Securities Loaned (Cost $123,596)				123,591
Total Short-Term Investments (Cost $140,442)				140,437
Total Investments — 100.6% (Cost $17,458,247)				19,232,310
Liabilities in Excess of Other Assets — (0.6%)				(105,476)
NET ASSETS — 100.0%				19,126,834

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 April 30, 2021. The total value of securities on loan at April 30, 2021 is $119,697.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2021:

DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Micro E-Mini S&P 500 Index		1		06/2021		USD		20,871		(170	)

Abbreviations
USD	UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 193

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.9%
Aerospace & Defense — 0.3%
Axon Enterprise, Inc.*		2,116		320,807
Virgin Galactic Holdings, Inc.* (a)		12,329		273,087
				593,894
Automobiles & Parts — 2.4%
Gentex Corp.		10,536		370,657
Tesla, Inc.*		5,394		3,826,719
				4,197,376
Banks — 1.5%
Bank OZK		2,880		118,051
East West Bancorp, Inc.		3,280		249,772
First Citizens BancShares, Inc., Class A		189		163,950
First Republic Bank		2,227		408,076
Pinnacle Financial Partners, Inc.		1,533		134,352
Popular, Inc. (Puerto Rico)		2,200		162,712
Regions Financial Corp.		14,728		321,070
Signature Bank		1,152		289,740
SVB Financial Group*		1,051		600,993
Western Alliance Bancorp		2,388		250,907
				2,699,623
Beverages — 0.6%
Boston Beer Co., Inc. (The), Class A*		366		445,235
Monster Beverage Corp.*		6,400		621,120
				1,066,355
Chemicals — 1.0%
Air Products and Chemicals, Inc.		2,220		640,426
Albemarle Corp.		1,844		310,105
Ashland Global Holdings, Inc.		713		61,468
Ecolab, Inc.		3,086		691,634
Element Solutions, Inc.		4,723		103,339
				1,806,972
Construction & Materials — 1.4%
AECOM*		6,650		441,760
Masco Corp.		7,296		466,068
Quanta Services, Inc.		4,963		479,624
Trane Technologies plc		1,625		282,474
Trex Co., Inc.*		4,571		493,622
Watsco, Inc.		1,007		294,910
				2,458,458
Consumer Services — 0.7%
Chegg, Inc.*		4,716		425,997
Copart, Inc.*		4,573		569,384
frontdoor, Inc.*		1,302		69,696

INVESTMENTS	SHARES		VALUE($)
Consumer Services — continued
Rollins, Inc.		5,947		221,704
				1,286,781
Electricity — 1.8%
AES Corp. (The)		17,662		491,357
Eversource Energy		5,817		501,542
NextEra Energy, Inc.		20,209		1,566,399
NRG Energy, Inc.		4,733		169,536
Southern Co. (The)		5,560		367,905
				3,096,739
Electronic & Electrical Equipment — 1.0%
Keysight Technologies, Inc.*		3,884		560,656
Mettler-Toledo International, Inc.*		491		644,840
Zebra Technologies Corp., Class A*		1,091		532,124
				1,737,620
Finance & Credit Services — 1.9%
Ally Financial, Inc.		6,393		328,920
FactSet Research Systems, Inc.		441		148,273
Moody’s Corp.		2,188		714,841
Morningstar, Inc.		595		157,681
MSCI, Inc.		1,390		675,220
S&P Global, Inc.		2,809		1,096,606
SLM Corp.		12,722		250,115
				3,371,656
Food Producers — 2.0%
Archer-Daniels-Midland Co.		6,851		432,504
Beyond Meat, Inc.* (a)		1,571		206,869
Bunge Ltd.		3,776		318,770
Conagra Brands, Inc.		8,101		300,466
Corteva, Inc.		13,169		642,120
Hain Celestial Group, Inc. (The)*		2,659		109,046
Herbalife Nutrition Ltd.*		4,048		185,277
Hormel Foods Corp.		7,236		334,303
Kraft Heinz Co. (The)		8,993		371,321
McCormick & Co., Inc. (Non-Voting)		4,782		432,101
TreeHouse Foods, Inc.*		3,166		150,702
				3,483,479
Gas, Water & Multi-utilities — 0.7%
American Water Works Co., Inc.		3,814		594,946
National Fuel Gas Co.		1,756		87,203
WEC Energy Group, Inc.		5,073		492,943
				1,175,092

SEE NOTES TO FINANCIAL STATEMENTS.

194 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
General Industrials — 0.9%
AptarGroup, Inc.		1,125		169,661
Ball Corp.		6,160		576,823
Crown Holdings, Inc.		4,109		451,168
RPM International, Inc.		3,779		358,400
				1,556,052
Health Care Providers — 2.4%
Amedisys, Inc.*		1,371		369,964
Chemed Corp.		323		153,945
DaVita, Inc.*		3,347		390,026
Humana, Inc.		1,574		700,808
Teladoc Health, Inc.*		2,556		440,527
UnitedHealth Group, Inc.		3,990		1,591,212
Veeva Systems, Inc., Class A*		2,344		662,063
				4,308,545
Household Goods & Home Construction — 0.4%
DR Horton, Inc.		2,483		244,054
PulteGroup, Inc.		8,506		502,875
				746,929
Industrial Engineering — 1.0%
Deere & Co.		3,424		1,269,791
Generac Holdings, Inc.*		1,535		497,263
				1,767,054
Industrial Materials — 0.3%
Avery Dennison Corp.		2,386		511,010
Industrial Metals & Mining — 0.4%
Fastenal Co.		2,723		142,359
Freeport-McMoRan, Inc.		14,292		538,951
				681,310
Industrial Support Services — 7.1%
American Express Co.		3,167		485,659
Bill.com Holdings, Inc.*		2,752		425,542
Cintas Corp.		1,465		505,630
CoreLogic, Inc.		4,662		371,561
Fair Isaac Corp.*		850		443,199
Mastercard, Inc., Class A		7,660		2,926,580
Paylocity Holding Corp.*		1,702		328,895
PayPal Holdings, Inc.*		10,780		2,827,486
Square, Inc., Class A*		4,440		1,087,001
Visa, Inc., Class A		13,222		3,088,130
				12,489,683
Industrial Transportation — 2.8%
FedEx Corp.		2,966		861,059

INVESTMENTS	SHARES		VALUE($)
Industrial Transportation — continued
JB Hunt Transport Services, Inc.		2,563		437,530
Kansas City Southern		2,188		639,355
Norfolk Southern Corp.		3,269		912,836
Old Dominion Freight Line, Inc.		2,218		571,823
Schneider National, Inc., Class B		1,724		41,772
United Parcel Service, Inc., Class B		7,323		1,492,867
				4,957,242
Investment Banking & Brokerage Services — 5.2%
Affiliated Managers Group, Inc.		1,484		239,176
Ameriprise Financial, Inc.		1,588		410,339
Ares Management Corp.		3,863		202,885
BlackRock, Inc.		1,608		1,317,434
Broadridge Financial Solutions, Inc.		2,746		435,598
Charles Schwab Corp. (The)		12,570		884,928
Evercore, Inc., Class A		1,780		249,431
Goldman Sachs Group, Inc. (The)		2,917		1,016,429
Interactive Brokers Group, Inc., Class A		2,676		191,388
Invesco Ltd.		9,532		257,364
Jefferies Financial Group, Inc.		6,893		224,091
KKR & Co., Inc.		11,202		633,809
LPL Financial Holdings, Inc.		2,913		456,467
MarketAxess Holdings, Inc.		932		455,245
Morgan Stanley		12,233		1,009,834
Nasdaq, Inc.		1,844		297,880
T. Rowe Price Group, Inc.		2,588		463,770
Tradeweb Markets, Inc., Class A		2,846		231,323
Virtu Financial, Inc., Class A		6,429		190,491
				9,167,882
Leisure Goods — 1.1%
Garmin Ltd.		3,760		516,023
Pool Corp.		1,283		542,093
Take-Two Interactive Software, Inc.*		2,795		490,187
Zynga, Inc., Class A*		36,901		399,269
				1,947,572
Media — 0.8%
Netflix, Inc.*		413		212,063
Spotify Technology SA*		2,240		564,749
Trade Desk, Inc. (The), Class A*		822		599,493
				1,376,305
Medical Equipment & Services — 6.4%
10X Genomics, Inc., Class A*		2,532		500,830
Agilent Technologies, Inc.		5,208		695,997
Bio-Rad Laboratories, Inc., Class A*		732		461,255
Bio-Techne Corp.		1,209		516,835

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 195

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Medical Equipment & Services — continued
Danaher Corp.		6,466		1,641,976
Dexcom, Inc.*		1,459		563,320
IDEXX Laboratories, Inc.*		1,314		721,373
Insulet Corp.*		1,780		525,492
Intuitive Surgical, Inc.*		1,270		1,098,550
Masimo Corp.*		1,705		396,702
Quest Diagnostics, Inc.		3,265		430,588
Quidel Corp.*		2,069		216,811
Repligen Corp.*		2,183		462,163
ResMed, Inc.		2,769		520,489
STERIS plc		642		135,475
Thermo Fisher Scientific, Inc.		3,881		1,824,963
West Pharmaceutical Services, Inc.		1,824		599,220
				11,312,039
Non-life Insurance — 2.3%
Aon plc, Class A		2,824		710,067
Arthur J Gallagher & Co.		4,070		589,946
Brown & Brown, Inc.		7,850		417,463
Erie Indemnity Co., Class A		854		182,773
Marsh & McLennan Cos., Inc.		5,858		794,931
Progressive Corp. (The)		7,850		790,809
Willis Towers Watson plc		2,135		552,666
				4,038,655
Non-Renewable Energy — 2.0%
Antero Midstream Corp.		36,314		313,753
Baker Hughes Co.		11,413		229,173
Cheniere Energy, Inc.*		3,908		302,948
Chevron Corp.		10,879		1,121,299
Cimarex Energy Co.		3,881		256,922
EQT Corp.*		20,095		383,815
Hess Corp.		4,793		357,126
Pioneer Natural Resources Co.		2,462		378,729
Targa Resources Corp.		4,564		158,325
				3,502,090
Personal Care, Drug & Grocery Stores — 2.2%
Casey’s General Stores, Inc.		1,282		284,847
Church & Dwight Co., Inc.		5,032		431,444
Kroger Co. (The)		14,344		524,130
Nu Skin Enterprises, Inc., Class A		2,531		133,789
Procter & Gamble Co. (The)		17,095		2,280,815
Spectrum Brands Holdings, Inc.		1,214		107,002
Sprouts Farmers Market, Inc.*		7,676		196,582
				3,958,609

INVESTMENTS	SHARES		VALUE($)
Personal Goods — 1.8%
Estee Lauder Cos., Inc. (The), Class A		2,908		912,530
Lululemon Athletica, Inc.*		1,774		594,769
NIKE, Inc., Class B		11,943		1,583,881
				3,091,180
Pharmaceuticals, Biotechnology & Marijuana Producers — 3.9%
Acceleron Pharma, Inc.*		2,981		372,536
Alnylam Pharmaceuticals, Inc.*		3,195		449,345
Bristol-Myers Squibb Co.		8,021		500,671
Catalent, Inc.*		4,375		492,056
Charles River Laboratories International, Inc.*		1,047		348,075
Eli Lilly & Co.		8,172		1,493,596
Guardant Health, Inc.*		142		22,575
Horizon Therapeutics plc*		5,195		491,551
Moderna, Inc.*		4,714		842,958
Seagen, Inc.*		2,712		389,877
United Therapeutics Corp.*		1,778		358,374
Zoetis, Inc.		6,011		1,040,083
				6,801,697
Precious Metals & Mining — 0.3%
Newmont Corp.		7,690		479,933
Real Estate Investment & Services — 0.6%
CoStar Group, Inc.*		685		585,284
Zillow Group, Inc., Class C*		3,538		460,365
				1,045,649
Real Estate Investment Trusts — 2.5%
Alexandria Real Estate Equities, Inc.		2,451		443,876
CoreSite Realty Corp.		1,212		147,246
Crown Castle International Corp.		4,421		835,834
CyrusOne, Inc.		3,340		243,252
Equinix, Inc.		1,224		882,210
Gaming and Leisure Properties, Inc.		4,124		191,725
Invitation Homes, Inc.		12,174		426,821
Life Storage, Inc.		2,402		230,736
Medical Properties Trust, Inc.		3,280		72,324
Omega Healthcare Investors, Inc.		433		16,454
Prologis, Inc.		8,157		950,535
				4,441,013
Renewable Energy — 0.7%
Enphase Energy, Inc.*		3,085		429,586
First Solar, Inc.*		5,100		390,303
SolarEdge Technologies, Inc.*		1,680		442,747
				1,262,636

SEE NOTES TO FINANCIAL STATEMENTS.

196 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Retailers — 7.4%
Amazon.com, Inc.*		1,017		3,526,366
Burlington Stores, Inc.*		1,338		436,630
Costco Wholesale Corp.		4,094		1,523,336
Dollar General Corp.		3,683		790,924
Etsy, Inc.*		2,549		506,716
Home Depot, Inc. (The)		9,895		3,202,715
O’Reilly Automotive, Inc.*		497		274,781
Target Corp.		5,861		1,214,751
TJX Cos., Inc. (The)		12,549		890,979
Wayfair, Inc., Class A*		1,093		323,058
Williams-Sonoma, Inc.		2,209		377,187
				13,067,443
Software & Computer Services — 16.0%
Adobe, Inc.*		4,596		2,336,331
Anaplan, Inc.*		4,524		269,857
ANSYS, Inc.*		1,714		626,741
Atlassian Corp. plc, Class A*		2,454		582,972
Autodesk, Inc.*		2,965		865,513
Avalara, Inc.*		2,713		384,459
Black Knight, Inc.*		5,006		362,534
Cadence Design Systems, Inc.*		4,743		624,985
Ceridian HCM Holding, Inc.*		4,383		414,106
Cloudflare, Inc., Class A*		5,729		485,475
Coupa Software, Inc.*		1,682		452,525
Crowdstrike Holdings, Inc., Class A*		2,994		624,279
Datadog, Inc., Class A*		5,132		440,172
DocuSign, Inc.*		3,023		673,948
Dolby Laboratories, Inc., Class A		456		46,270
Dynatrace, Inc.*		7,907		411,480
EPAM Systems, Inc.*		1,320		604,230
Everbridge, Inc.*		2,580		342,392
Fastly, Inc., Class A* (a)		5,594		357,289
Five9, Inc.*		2,490		468,045
HubSpot, Inc.*		1,031		542,770
IAC/InterActiveCorp*		1,966		498,322
Intuit, Inc.		2,837		1,169,298
Manhattan Associates, Inc.*		2,440		334,865
Match Group, Inc.*		3,628		564,626
Microsoft Corp.		13,335		3,362,820
MongoDB, Inc.*		1,454		432,507
Nuance Communications, Inc.*		9,900		526,383
Okta, Inc.*		2,418		652,135
Palo Alto Networks, Inc.*		1,718		607,124
Paycom Software, Inc.*		1,103		424,004
Pegasystems, Inc.		2,849		361,652

INVESTMENTS	SHARES		VALUE($)
Software & Computer Services — continued
Pinterest, Inc., Class A*		7,926		526,049
RingCentral, Inc., Class A*		1,628		519,251
salesforce.com, Inc.*		8,587		1,977,758
ServiceNow, Inc.*		2,224		1,126,167
Smartsheet, Inc., Class A*		1,211		71,812
Synopsys, Inc.*		2,621		647,544
Twilio, Inc., Class A*		2,101		772,748
Twitter, Inc.*		1,430		78,965
Tyler Technologies, Inc.*		1,129		479,667
Zoom Video Communications, Inc., Class A*		2,351		751,309
Zscaler, Inc.*		2,433		456,528
				28,257,907
Technology Hardware & Equipment — 10.5%
Advanced Micro Devices, Inc.*		13,675		1,116,154
Apple, Inc.		23,651		3,109,161
Applied Materials, Inc.		10,164		1,348,864
Broadcom, Inc.		3,786		1,727,173
Cirrus Logic, Inc.*		919		68,383
Cree, Inc.*		3,904		388,136
Entegris, Inc.		4,278		481,617
KLA Corp.		2,326		733,504
Lam Research Corp.		1,727		1,071,517
Marvell Technology, Inc.		19,021		859,939
Monolithic Power Systems, Inc.		1,317		475,937
NVIDIA Corp.		5,379		3,229,444
Qorvo, Inc.*		1,724		324,405
QUALCOMM, Inc.		5,934		823,639
Skyworks Solutions, Inc.		3,172		575,179
Switch, Inc., Class A		3,202		59,461
Teradyne, Inc.		4,132		516,831
Texas Instruments, Inc.		8,641		1,559,787
Universal Display Corp.		296		66,212
				18,535,343
Telecommunications Equipment — 0.3%
Arista Networks, Inc.*		1,018		320,843
Ubiquiti, Inc.		566		161,497
				482,340
Telecommunications Service Providers — 2.9%
Cable One, Inc.		177		316,830
Charter Communications, Inc., Class A*		1,600		1,077,520
Comcast Corp., Class A		11,528		647,297
Liberty Broadband Corp., Class C*		3,386		550,970
Roku, Inc.*		1,778		609,801
T-Mobile US, Inc.*		6,532		863,073

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 197

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Telecommunications Service Providers — continued
Verizon Communications, Inc.		19,740		1,140,775
				5,206,266
Tobacco — 0.1%
Altria Group, Inc.		4,071		194,390
Travel & Leisure — 2.1%
Chipotle Mexican Grill, Inc.*		460		686,334
Choice Hotels International, Inc.*		1,503		171,041
Hilton Worldwide Holdings, Inc.*		4,137		532,432
Peloton Interactive, Inc., Class A*		5,091		500,700
Starbucks Corp.		11,904		1,362,889
Wendy’s Co. (The)		1,292		29,160
Yum China Holdings, Inc. (China)		8,052		506,632
				3,789,188
Waste & Disposal Services — 0.2%
Republic Services, Inc.		4,164		442,632
Total Common Stocks (Cost $132,103,062)				176,392,639
Short-Term Investments — 0.5%
Investment Companies — 0.0% (b)
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (c) (d) (Cost $42,873)		42,873		42,873

INVESTMENTS	SHARES		VALUE($)
Investment of Cash Collateral from Securities Loaned — 0.5%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d) (Cost $835,099)		835,099		835,099
Total Short-Term Investments (Cost $877,972)				877,972
Total Investments — 100.4% (Cost $132,981,034)				177,270,611
Liabilities in Excess of Other Assets — (0.4%)				(725,525)
NET ASSETS — 100.0%				176,545,086

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $803,494.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2021:

DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Micro E-Mini S&P 500 Index		7		06/2021		USD		146,099		6,176

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

198 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%
Aerospace & Defense — 0.6%
Lockheed Martin Corp.		5,253		1,999,082
Automobiles & Parts — 0.3%
Gentex Corp.		16,097		566,292
Genuine Parts Co.		4,682		585,110
				1,151,402
Banks — 0.9%
Bank of Hawaii Corp.		5,795		526,708
Commerce Bancshares, Inc.(a)		9,529		741,451
US Bancorp		28,105		1,668,032
				2,936,191
Beverages — 0.6%
Brown-Forman Corp., Class B		8,326		635,107
Monster Beverage Corp.*		12,596		1,222,442
				1,857,549
Chemicals — 1.1%
Air Products and Chemicals, Inc.		5,382		1,552,600
Celanese Corp.		5,437		851,706
CF Industries Holdings, Inc.		8,619		419,142
LyondellBasell Industries NV, Class A		5,534		574,097
NewMarket Corp.		1,112		385,408
				3,782,953
Construction & Materials — 0.7%
Acuity Brands, Inc.		2,990		554,705
AO Smith Corp.		7,565		512,529
Lennox International, Inc.		1,575		528,160
Watsco, Inc.		3,049		892,930
				2,488,324
Consumer Services — 1.1%
Copart, Inc.*		8,762		1,090,957
eBay, Inc.		21,202		1,182,860
frontdoor, Inc.*		6,409		343,074
Grand Canyon Education, Inc.* (a)		4,491		486,330
Rollins, Inc.		11,651		434,349
				3,537,570
Electricity — 1.9%
AES Corp. (The)		11,542		321,098
Evergy, Inc.		8,340		533,510
Exelon Corp.		25,454		1,143,903
Hawaiian Electric Industries, Inc.		6,463		278,297
IDACORP, Inc.		3,161		323,939
NextEra Energy, Inc.		34,409		2,667,042
NRG Energy, Inc.		14,830		531,211

INVESTMENTS	SHARES		VALUE($)
Electricity — continued
Pinnacle West Capital Corp.		283		23,956
Vistra Corp.		23,590		397,963
				6,220,919
Electronic & Electrical Equipment — 2.0%
Allegion plc		5,828		783,167
Donaldson Co., Inc.		8,654		544,163
IDEX Corp.		4,231		948,590
Keysight Technologies, Inc.*		7,406		1,069,056
Mettler-Toledo International, Inc.*		946		1,242,401
Rockwell Automation, Inc.		4,061		1,073,160
Waters Corp.*		3,225		967,081
				6,627,618
Finance & Credit Services — 1.5%
FactSet Research Systems, Inc.		2,132		716,821
Moody’s Corp.		4,342		1,418,575
Morningstar, Inc.		1,115		295,486
Rocket Cos., Inc., Class A (a)		14,296		320,945
S&P Global, Inc.		5,449		2,127,235
				4,879,062
Food Producers — 0.2%
Hershey Co. (The)		4,724		776,153
Gas, Water & Multi-utilities — 0.7%
Ameren Corp.		10,154		861,465
National Fuel Gas Co.		9,750		484,185
UGI Corp.		31		1,355
WEC Energy Group, Inc.		10,039		975,490
				2,322,495
General Industrials — 1.3%
3M Co.		11,833		2,332,758
Honeywell International, Inc.		1,455		324,523
Illinois Tool Works, Inc.		7,558		1,741,817
				4,399,098
Health Care Providers — 1.2%
Cerner Corp.		10,953		822,023
Chemed Corp.		1,451		691,561
DaVita, Inc.*		6,478		754,881
HCA Healthcare, Inc.		5,364		1,078,486
Premier, Inc., Class A		8,149		288,067
Universal Health Services, Inc., Class B		3,145		466,750
				4,101,768
Industrial Engineering — 1.1%
Brunswick Corp.		4,857		520,331

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 199

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Industrial Engineering — continued
Cummins, Inc.		4,529		1,141,489
Graco, Inc.		11,733		901,095
Lincoln Electric Holdings, Inc.		5,367		687,244
Toro Co. (The)		2,979		341,393
				3,591,552
Industrial Metals & Mining — 0.2%
Reliance Steel & Aluminum Co.		3,061		490,709
Southern Copper Corp. (Peru)		4,935		342,538
				833,247
Industrial Support Services — 7.3%
Accenture plc, Class A		12,161		3,526,325
Automatic Data Processing, Inc.		9,899		1,851,014
Cintas Corp.		2,911		1,004,703
Jack Henry & Associates, Inc.		4,177		680,141
Mastercard, Inc., Class A		15,089		5,764,903
MSC Industrial Direct Co., Inc., Class A		5,027		453,234
Paychex, Inc.		11,226		1,094,423
Robert Half International, Inc.		9,616		842,458
Verisk Analytics, Inc.		5,394		1,015,151
Visa, Inc., Class A		26,951		6,294,676
Vontier Corp.*		10,606		332,392
Western Union Co. (The)		27,375		705,180
WW Grainger, Inc.		2,034		881,820
				24,446,420
Industrial Transportation — 1.3%
Allison Transmission Holdings, Inc.		11,871		492,290
CH Robinson Worldwide, Inc.		231		22,426
Landstar System, Inc.		4,347		748,901
Union Pacific Corp.		13,099		2,909,157
United Parcel Service, Inc., Class B		1,284		261,756
				4,434,530
Investment Banking & Brokerage Services — 3.7%
Berkshire Hathaway, Inc., Class B*		15,110		4,154,494
BlackRock, Inc.		2,473		2,026,129
Broadridge Financial Solutions, Inc.		5,825		924,020
Cboe Global Markets, Inc.		4,511		470,813
Intercontinental Exchange, Inc.		10,382		1,222,065
MarketAxess Holdings, Inc.		1,115		544,633
Nasdaq, Inc.		5,966		963,748
SEI Investments Co.		9,283		570,347
T. Rowe Price Group, Inc.		5,830		1,044,736
Virtu Financial, Inc., Class A		12,220		362,079
				12,283,064

INVESTMENTS	SHARES		VALUE($)
Leisure Goods — 0.9%
Electronic Arts, Inc.		8,936		1,269,627
Polaris, Inc.		3,156		441,935
Pool Corp.		2,459		1,038,976
Take-Two Interactive Software, Inc.*		2,234		391,799
				3,142,337
Life Insurance — 0.5%
Aflac, Inc.		18,967		1,019,097
Globe Life, Inc.		6,319		647,634
				1,666,731
Media — 0.8%
Interpublic Group of Cos., Inc. (The)		27,806		882,840
Omnicom Group, Inc.		8,764		720,927
Sirius XM Holdings, Inc. (a)		111,989		683,133
World Wrestling Entertainment, Inc., Class A (a)		6,244		344,107
				2,631,007
Medical Equipment & Services — 1.6%
Bio-Techne Corp.		2,304		984,937
Edwards Lifesciences Corp.*		16,587		1,584,390
IDEXX Laboratories, Inc.*		2,497		1,370,828
Quidel Corp.*		4,003		419,475
ResMed, Inc.		5,327		1,001,316
				5,360,946
Mortgage Real Estate Investment Trusts — 0.2%
AGNC Investment Corp.		30,310		543,458
Non-life Insurance — 4.1%
Allstate Corp. (The)		9,353		1,185,960
Aon plc, Class A		6,047		1,520,458
Arch Capital Group Ltd.*		15,622		620,350
Arthur J Gallagher & Co.		7,827		1,134,524
Brown & Brown, Inc.		15,976		849,604
Chubb Ltd.		6,823		1,170,758
Erie Indemnity Co., Class A		2,678		573,145
Fidelity National Financial, Inc.		11,993		547,121
Hanover Insurance Group, Inc. (The)		1,604		221,849
Hartford Financial Services Group, Inc. (The)		7,733		510,069
Marsh & McLennan Cos., Inc.		12,519		1,698,828
Progressive Corp. (The)		14,445		1,455,189
RenaissanceRe Holdings Ltd. (Bermuda)		2,570		433,842
Travelers Cos., Inc. (The)		6,350		982,091
White Mountains Insurance Group Ltd.		153		178,311
WR Berkley Corp.		8,592		684,954
				13,767,053

SEE NOTES TO FINANCIAL STATEMENTS.

200 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Non-Renewable Energy — 2.3%
Cabot Oil & Gas Corp.		27,815		463,676
Chevron Corp.		28,481		2,935,537
Cimarex Energy Co.		5,953		394,088
ConocoPhillips		31,109		1,590,914
EOG Resources, Inc.		14,700		1,082,508
Helmerich & Payne, Inc.		20,447		524,057
Pioneer Natural Resources Co.		2,136		328,581
Schlumberger NV		20,708		560,151
				7,879,512
Personal Care, Drug & Grocery Stores — 3.2%
Church & Dwight Co., Inc.		6,659		570,943
Clorox Co. (The) (a)		4,873		889,322
Colgate-Palmolive Co.		19,982		1,612,547
Kimberly-Clark Corp.		2,169		289,171
McKesson Corp.		5,668		1,063,090
Procter & Gamble Co. (The)		41,543		5,542,667
Sprouts Farmers Market, Inc.*		25,583		655,181
				10,622,921
Personal Goods — 1.2%
Carter’s, Inc.*		6,896		750,216
Estee Lauder Cos., Inc. (The), Class A		4,631		1,453,208
NIKE, Inc., Class B		9,072		1,203,128
VF Corp.		6,883		603,364
				4,009,916
Pharmaceuticals, Biotechnology & Marijuana Producers — 9.3%
AbbVie, Inc.		27,464		3,062,236
Alexion Pharmaceuticals, Inc.*		1,606		270,900
Amgen, Inc.		11,216		2,687,802
Biogen, Inc.*		4,514		1,206,728
Eli Lilly & Co.		15,746		2,877,896
Gilead Sciences, Inc.		25,401		1,612,201
Illumina, Inc.*		3,775		1,482,971
Jazz Pharmaceuticals plc*		4,349		714,976
Johnson & Johnson		35,607		5,794,327
Merck & Co., Inc.		45,996		3,426,702
Moderna, Inc.*		4,685		837,772
Pfizer, Inc.		74,482		2,878,729
Regeneron Pharmaceuticals, Inc.*		1,952		939,498
Vertex Pharmaceuticals, Inc.*		6,292		1,372,914
Zoetis, Inc.		11,425		1,976,868
				31,142,520
Precious Metals & Mining — 0.5%
Newmont Corp.		16,582		1,034,883

INVESTMENTS	SHARES		VALUE($)
Precious Metals & Mining — continued
Royal Gold, Inc.		5,054		565,340
				1,600,223
Real Estate Investment Trusts — 3.3%
American Tower Corp.		9,781		2,491,905
Apartment Income REIT Corp.		4,684		211,483
Apartment Investment and Management Co., Class A		3,982		27,635
Brookfield Property REIT, Inc., Class A		9,615		172,926
Camden Property Trust		3,371		406,138
CoreSite Realty Corp.		4,602		559,097
Equity Commonwealth		10,900		313,920
Equity LifeStyle Properties, Inc.		10,211		708,643
Equity Residential		6,214		461,265
Extra Space Storage, Inc.		6,402		951,913
Federal Realty Investment Trust		2,932		330,847
Gaming and Leisure Properties, Inc.		14,263		663,087
Lamar Advertising Co., Class A		5,910		585,326
Life Storage, Inc.		4,514		433,615
Public Storage		4,856		1,365,313
Simon Property Group, Inc.		7,413		902,459
Weingarten Realty Investors		5,990		193,717
Weyerhaeuser Co.		9,951		385,800
				11,165,089
Renewable Energy — 0.2%
Array Technologies, Inc.*		10,222		287,852
Shoals Technologies Group, Inc., Class A*		10,628		340,840
				628,692
Retailers — 9.4%
Amazon.com, Inc.*		1,023		3,547,171
AutoZone, Inc.*		774		1,133,229
Best Buy Co., Inc.		9,022		1,048,988
Costco Wholesale Corp.		8,632		3,211,881
Dick’s Sporting Goods, Inc.		9,464		781,537
Dollar General Corp.		7,126		1,530,309
Etsy, Inc.*		2,533		503,535
Foot Locker, Inc.		7,328		432,206
Home Depot, Inc. (The)		18,749		6,068,489
Kohl’s Corp.		1,973		115,736
Lowe’s Cos., Inc.		15,013		2,946,301
Ollie’s Bargain Outlet Holdings, Inc.* (a)		4,359		402,205
O’Reilly Automotive, Inc.*		2,248		1,242,874
Ross Stores, Inc.		10,463		1,370,025
Target Corp.		11,144		2,309,705
TJX Cos., Inc. (The)		27,973		1,986,083

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 201

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Retailers — continued
Tractor Supply Co.		5,698		1,074,643
Walmart, Inc.		5,363		750,337
Williams-Sonoma, Inc.		5,932		1,012,889
				31,468,143
Software & Computer Services — 16.7%
Adobe, Inc.*		8,709		4,427,133
Akamai Technologies, Inc.*		7,531		818,620
Alphabet, Inc., Class A*		2,922		6,876,926
Amdocs Ltd.		6,532		501,266
Aspen Technology, Inc.*		5,131		671,340
Autodesk, Inc.*		5,623		1,641,410
Cadence Design Systems, Inc.*		9,007		1,186,852
CDK Global, Inc.		4,821		258,357
Citrix Systems, Inc.		5,534		685,386
Cognizant Technology Solutions Corp., Class A		15,688		1,261,315
Crowdstrike Holdings, Inc., Class A*		4,854		1,012,108
Dolby Laboratories, Inc., Class A		7,194		729,975
Dropbox, Inc., Class A*		16,896		434,227
EPAM Systems, Inc.*		2,312		1,058,318
Facebook, Inc., Class A*		20,324		6,606,926
Fortinet, Inc.*		4,262		870,428
Gartner, Inc.*		2,903		568,640
GoDaddy, Inc., Class A*		4,051		351,708
International Business Machines Corp.		17,711		2,512,837
Intuit, Inc.		5,429		2,237,617
Manhattan Associates, Inc.*		6,158		845,124
Match Group, Inc.*		5,004		778,772
Microsoft Corp.		26,414		6,661,082
Nuance Communications, Inc.*		10,488		557,647
Oracle Corp.		36,296		2,750,874
Palo Alto Networks, Inc.*		3,283		1,160,179
Paycom Software, Inc.*		1,967		756,134
Proofpoint, Inc.*		3,347		576,052
ServiceNow, Inc.*		3,324		1,683,174
SS&C Technologies Holdings, Inc.		7,735		574,092
Synopsys, Inc.*		4,992		1,233,324
Tyler Technologies, Inc.*		1,691		718,438
VeriSign, Inc.*		4,256		931,085
VMware, Inc., Class A* (a)		3,253		523,180
Zoom Video Communications, Inc., Class A*		4,175		1,334,205
				55,794,751
Technology Hardware & Equipment — 10.3%
Amphenol Corp., Class A		7,392		497,777
Analog Devices, Inc.		7,994		1,224,361
Apple, Inc.		44,126		5,800,804

INVESTMENTS	SHARES		VALUE($)
Technology Hardware & Equipment — continued
Applied Materials, Inc.		17,518		2,324,814
CDW Corp.		3,968		707,613
Intel Corp.		67,028		3,856,121
IPG Photonics Corp.*		1,967		427,055
KLA Corp.		4,125		1,300,819
Maxim Integrated Products, Inc.		10,960		1,030,240
NetApp, Inc.		8,463		632,102
NVIDIA Corp.		10,208		6,128,679
Qorvo, Inc.*		5,302		997,677
QUALCOMM, Inc.		21,821		3,028,755
Skyworks Solutions, Inc.		4,779		866,576
SYNNEX Corp.		4,205		509,646
Teradyne, Inc.		7,889		986,756
Texas Instruments, Inc.		17,603		3,177,518
Xilinx, Inc.		8,596		1,099,944
				34,597,257
Telecommunications Equipment — 1.8%
Arista Networks, Inc.*		396		124,807
Cisco Systems, Inc.		77,154		3,927,910
Lumentum Holdings, Inc.*		4,844		411,982
Motorola Solutions, Inc.		4,522		851,493
Ubiquiti, Inc. (a)		2,048		584,356
				5,900,548
Telecommunications Service Providers — 1.5%
AT&T, Inc.		9,041		283,978
Cable One, Inc.		264		472,560
Verizon Communications, Inc.		73,412		4,242,479
				4,999,017
Tobacco — 1.0%
Altria Group, Inc.		41,852		1,998,433
Philip Morris International, Inc.		14,328		1,361,160
				3,359,593
Travel & Leisure — 3.2%
Booking Holdings, Inc.*		897		2,212,074
Copa Holdings SA, Class A (Panama)*		7,338		634,737
Darden Restaurants, Inc.		6,342		930,498
Hilton Worldwide Holdings, Inc.*		9,102		1,171,427
Marriott International, Inc., Class A*		8,251		1,225,439
McDonald’s Corp.		13,441		3,173,151
Yum! Brands, Inc.		10,294		1,230,339
				10,577,665

SEE NOTES TO FINANCIAL STATEMENTS.

202 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Waste & Disposal Services — 0.1%
Republic Services, Inc.		3,610		383,743
Total Common Stocks (Cost $287,386,017)				333,910,119
Short-Term Investments — 0.9%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (b) (c) (Cost $582,859)		582,859		582,859
Investment of Cash Collateral from Securities Loaned — 0.7%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (b) (c)		2,249,425		2,249,650
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		250,374		250,374
Total Investment of Cash Collateral from Securities Loaned (Cost $2,500,024)				2,500,024
Total Short-Term Investments (Cost $3,082,883)				3,082,883
Total Investments — 100.7% (Cost $290,468,900)				336,993,002
Liabilities in Excess of Other Assets — (0.7%)				(2,205,711)
NET ASSETS — 100.0%				334,787,291

Percentages indicated are based on net assets.

Abbreviations

REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $2,397,758.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2021:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Micro E-Mini S&P 500 Index		41		06/2021		USD		855,721		46,980

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 203

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%
Aerospace & Defense — 1.7%
General Dynamics Corp.		11,893		2,262,405
Huntington Ingalls Industries, Inc.		4,972		1,055,655
L3Harris Technologies, Inc.		12,428		2,600,310
Northrop Grumman Corp.		7,120		2,523,613
Raytheon Technologies Corp.		35,349		2,942,451
Textron, Inc.		19,163		1,231,031
				12,615,465
Automobiles & Parts — 1.7%
BorgWarner, Inc.		29,782		1,446,809
Ford Motor Co.*		243,316		2,807,867
General Motors Co.*		58,971		3,374,321
Gentex Corp.		45,773		1,610,294
Genuine Parts Co.		15,309		1,913,166
Lear Corp.		1,938		356,282
LKQ Corp.* (a)		25,669		1,198,999
				12,707,738
Banks — 6.1%
Associated Banc-Corp.		39,571		866,209
Bank OZK		11,834		485,076
BOK Financial Corp.		9,354		822,591
Citigroup, Inc.		69,824		4,974,262
Citizens Financial Group, Inc.		44,254		2,048,075
Comerica, Inc.		16,582		1,246,303
Fifth Third Bancorp		55,783		2,261,443
First Hawaiian, Inc.		34,692		952,642
First Horizon Corp.		64,622		1,181,936
FNB Corp.		98,747		1,272,849
KeyCorp		95,680		2,081,997
M&T Bank Corp.		8,107		1,278,393
New York Community Bancorp, Inc.		109,882		1,314,189
PacWest Bancorp		12,586		546,358
People’s United Financial, Inc.		63,935		1,159,142
PNC Financial Services Group, Inc. (The)		21,982		4,109,535
Popular, Inc. (Puerto Rico)		22,045		1,630,448
Prosperity Bancshares, Inc.		5,883		431,577
Regions Financial Corp.		97,798		2,131,996
Synovus Financial Corp.		28,025		1,313,251
Truist Financial Corp.		51,599		3,060,337
Umpqua Holdings Corp.		39,243		731,489
US Bancorp		12,935		767,692
Webster Financial Corp.		11,305		598,148
Wells Fargo & Co.		150,666		6,787,503
Zions Bancorp NA		18,236		1,017,569
				45,071,010

INVESTMENTS	SHARES		VALUE($)
Beverages — 0.2%
Molson Coors Beverage Co., Class B* (a)		31,613		1,737,134
Chemicals — 0.9%
Cabot Corp.		3,581		196,525
CF Industries Holdings, Inc.		19,954		970,363
Chemours Co. (The)		32,608		984,762
Eastman Chemical Co.		15,573		1,796,969
Huntsman Corp.		35,061		1,005,199
LyondellBasell Industries NV, Class A		19,864		2,060,691
				7,014,509
Construction & Materials — 1.1%
Acuity Brands, Inc.		5,403		1,002,365
MDU Resources Group, Inc.		28,751		962,008
Mohawk Industries, Inc.*		9,290		1,909,095
Owens Corning		20,499		1,984,508
Trane Technologies plc		13,832		2,404,417
				8,262,393
Consumer Services — 1.0%
eBay, Inc.		47,352		2,641,768
Graham Holdings Co., Class B		2,038		1,295,373
Grand Canyon Education, Inc.* (a)		4,785		518,168
H&R Block, Inc.		74,030		1,647,908
Service Corp. International		31,380		1,676,947
				7,780,164
Electricity — 2.1%
Avangrid, Inc. (a)		15,069		767,012
Consolidated Edison, Inc.		24,970		1,932,928
Evergy, Inc.		19,340		1,237,180
Exelon Corp.		60,870		2,735,498
Hawaiian Electric Industries, Inc.		22,432		965,922
OGE Energy Corp.		18,051		605,791
Pinnacle West Capital Corp.		12,438		1,052,877
PPL Corp.		61,060		1,778,678
Public Service Enterprise Group, Inc.		24,490		1,546,788
Southern Co. (The)		32,383		2,142,783
Vistra Corp.		53,423		901,246
				15,666,703
Electronic & Electrical Equipment — 2.1%
Crane Co. (a)		15,546		1,462,257
Emerson Electric Co.		32,496		2,940,563
Hubbell, Inc.		9,364		1,797,982
Johnson Controls International plc		47,690		2,972,994
MKS Instruments, Inc.		6,863		1,229,232
nVent Electric plc		50,337		1,532,762

SEE NOTES TO FINANCIAL STATEMENTS.

204 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electronic & Electrical Equipment — continued
Pentair plc		29,514		1,903,948
Regal Beloit Corp. (a)		11,212		1,619,349
				15,459,087
Finance & Credit Services — 0.7%
Ally Financial, Inc.		34,052		1,751,975
MGIC Investment Corp.		71,658		1,092,068
OneMain Holdings, Inc.		17,530		996,931
Santander Consumer USA Holdings, Inc.		31,219		1,059,573
				4,900,547
Food Producers — 2.1%
Archer-Daniels-Midland Co.		17,602		1,111,214
Campbell Soup Co. (a)		32,141		1,534,733
Conagra Brands, Inc.		49,607		1,839,924
Flowers Foods, Inc.		50,400		1,207,584
General Mills, Inc.		39,967		2,432,391
Ingredion, Inc.		17,154		1,602,355
JM Smucker Co. (The) (a)		13,708		1,795,611
Kraft Heinz Co. (The)		56,597		2,336,890
Tyson Foods, Inc., Class A		25,713		1,991,472
				15,852,174
Gas, Water & Multi-utilities — 0.6%
Duke Energy Corp.		37,015		3,727,040
National Fuel Gas Co.		16,542		821,476
				4,548,516
General Industrials — 3.2%
3M Co.		21,242		4,187,648
Amcor plc		103,759		1,219,168
Berry Global Group, Inc.*		15,777		1,003,733
Carlisle Cos., Inc.		9,621		1,843,865
Dover Corp.		14,185		2,116,260
Eaton Corp. plc		22,625		3,233,791
Graphic Packaging Holding Co.		73,613		1,365,521
Packaging Corp. of America		12,465		1,840,458
Parker-Hannifin Corp.		8,439		2,648,243
Silgan Holdings, Inc.		29,219		1,232,165
Sonoco Products Co.		20,346		1,331,849
WestRock Co.		31,887		1,777,700
				23,800,401
Health Care Providers — 4.2%
Anthem, Inc.		10,847		4,115,243
Centene Corp.*		29,119		1,797,807
Cerner Corp.		22,100		1,658,605
Cigna Corp.		15,762		3,924,896

INVESTMENTS	SHARES		VALUE($)
Health Care Providers — continued
Humana, Inc.		6,545		2,914,096
IQVIA Holdings, Inc.*		5,241		1,230,010
Premier, Inc., Class A		23,968		847,269
UnitedHealth Group, Inc.		31,775		12,671,870
Universal Health Services, Inc., Class B		11,238		1,667,831
				30,827,627
Household Goods & Home Construction — 1.9%
DR Horton, Inc.		18,886		1,856,305
Leggett & Platt, Inc.		30,033		1,491,739
Lennar Corp., Class A		25,032		2,593,315
Newell Brands, Inc.		66,236		1,785,723
PulteGroup, Inc.		38,540		2,278,485
Toll Brothers, Inc.		29,459		1,847,079
Whirlpool Corp.		8,724		2,062,790
				13,915,436
Industrial Engineering — 2.0%
AGCO Corp.		12,332		1,799,485
Brunswick Corp.		10,412		1,115,438
Caterpillar, Inc.		22,309		5,088,906
Cummins, Inc.		10,117		2,549,889
Snap-on, Inc.		8,090		1,922,184
Stanley Black & Decker, Inc.		11,417		2,360,693
				14,836,595
Industrial Materials — 0.2%
International Paper Co.		25,659		1,488,222
Industrial Metals & Mining — 0.8%
Nucor Corp.		28,315		2,329,192
Reliance Steel & Aluminum Co.		11,608		1,860,879
Timken Co. (The)		18,658		1,564,846
				5,754,917
Industrial Support Services — 1.8%
ADT, Inc.		111,369		1,024,595
Alliance Data Systems Corp.		10,559		1,244,378
Capital One Financial Corp.		25,143		3,748,318
ManpowerGroup, Inc.		15,239		1,842,243
MSC Industrial Direct Co., Inc., Class A		16,111		1,452,568
Robert Half International, Inc.		15,013		1,315,289
Synchrony Financial		38,290		1,674,805
Western Union Co. (The)		41,060		1,057,705
				13,359,901
Industrial Transportation — 2.5%
Allison Transmission Holdings, Inc.		26,889		1,115,087
Knight-Swift Transportation Holdings, Inc.		18,923		891,652

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 205

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Industrial Transportation — continued
Macquarie Infrastructure Corp.		32,571		1,084,940
Norfolk Southern Corp.		13,528		3,777,559
Oshkosh Corp.		14,292		1,778,353
PACCAR, Inc.		23,720		2,131,954
Ryder System, Inc.		10,973		876,084
Schneider National, Inc., Class B		29,361		711,417
Trinity Industries, Inc.		49,263		1,361,629
Union Pacific Corp.		20,298		4,507,983
				18,236,658
Investment Banking & Brokerage Services — 1.2%
Bank of New York Mellon Corp. (The)		50,735		2,530,662
Franklin Resources, Inc.		33,963		1,018,890
Invesco Ltd.		61,853		1,670,031
Jefferies Financial Group, Inc.(a)		44,901		1,459,731
State Street Corp.		23,888		2,005,398
				8,684,712
Leisure Goods — 1.0%
Garmin Ltd.		10,227		1,403,554
Harley-Davidson, Inc.		37,922		1,834,287
Hasbro, Inc.		11,152		1,109,066
Polaris, Inc.		7,073		990,432
Thor Industries, Inc.		12,606		1,784,884
				7,122,223
Life Insurance — 1.3%
Lincoln National Corp.		21,616		1,386,234
MetLife, Inc.(a)		48,513		3,086,882
Principal Financial Group, Inc. (a)		29,516		1,885,187
Prudential Financial, Inc.		24,937		2,502,678
Unum Group		33,162		937,158
				9,798,139
Media — 2.1%
Discovery, Inc., Class A* (a)		25,315		953,363
Fox Corp., Class A		43,287		1,619,800
Interpublic Group of Cos., Inc. (The)		61,746		1,960,436
John Wiley & Sons, Inc., Class A		17,476		995,083
Liberty Media Corp.-Liberty SiriusXM, Class C*		33,106		1,497,384
Lions Gate Entertainment Corp., Class A* (a)		64,317		930,667
Nexstar Media Group, Inc., Class A		10,508		1,548,984
Nielsen Holdings plc		66,752		1,712,189
Omnicom Group, Inc.		24,525		2,017,427
ViacomCBS, Inc.		36,745		1,507,280
World Wrestling Entertainment, Inc., Class A (a)		12,095		666,555
				15,409,168

INVESTMENTS	SHARES		VALUE($)
Medical Equipment & Services — 2.5%
Baxter International, Inc.		14,464		1,239,420
Becton Dickinson and Co.		13,170		3,276,828
Hill-Rom Holdings, Inc.		12,450		1,372,239
Laboratory Corp. of America Holdings*		3,056		812,499
Medtronic plc		54,153		7,089,711
PerkinElmer, Inc.		8,941		1,159,022
Quest Diagnostics, Inc.		13,934		1,837,616
Zimmer Biomet Holdings, Inc.		9,022		1,598,337
				18,385,672
Mortgage Real Estate Investment Trusts — 0.6%
AGNC Investment Corp. (a)		90,254		1,618,254
Annaly Capital Management, Inc.		168,732		1,532,087
Starwood Property Trust, Inc.		57,198		1,476,852
				4,627,193
Non-life Insurance — 0.9%
Assured Guaranty Ltd.		29,144		1,481,972
First American Financial Corp.		24,638		1,589,151
Hartford Financial Services Group, Inc. (The)		22,188		1,463,521
Mercury General Corp.		13,274		826,572
Old Republic International Corp.		57,183		1,407,845
				6,769,061
Non-Renewable Energy — 2.6%
Antero Midstream Corp.		81,042		700,203
Chevron Corp.		38,268		3,944,283
ConocoPhillips		7,846		401,244
Equitrans Midstream Corp.		103,056		840,937
Exxon Mobil Corp.		104,081		5,957,596
Helmerich & Payne, Inc.		43,165		1,106,319
HollyFrontier Corp.		25,341		886,935
Kinder Morgan, Inc.		138,298		2,357,981
Valero Energy Corp.		24,920		1,843,083
Williams Cos., Inc. (The)		65,866		1,604,496
				19,643,077
Personal Care, Drug & Grocery Stores — 1.9%
Albertsons Cos., Inc., Class A (a)		68,334		1,268,962
CVS Health Corp.		58,360		4,458,704
Kroger Co. (The)		62,768		2,293,543
Nu Skin Enterprises, Inc., Class A		24,534		1,296,867
Spectrum Brands Holdings, Inc.		6,661		587,101
Sprouts Farmers Market, Inc.*		60,681		1,554,040
Walgreens Boots Alliance, Inc.		53,437		2,837,505
				14,296,722

SEE NOTES TO FINANCIAL STATEMENTS.

206 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Personal Goods — 0.7%
Carter’s, Inc.*		8,735		950,281
Hanesbrands, Inc.		82,785		1,743,452
PVH Corp.*		12,077		1,366,875
Ralph Lauren Corp.*		10,367		1,381,817
				5,442,425
Pharmaceuticals, Biotechnology & Marijuana Producers — 6.0%
Alexion Pharmaceuticals, Inc.*		10,722		1,808,587
Amgen, Inc.		19,489		4,670,344
Biogen, Inc.*		7,264		1,941,885
Bristol-Myers Squibb Co.		26,572		1,658,624
Cardinal Health, Inc.		21,824		1,316,860
Gilead Sciences, Inc.		54,632		3,467,493
Johnson & Johnson		75,422		12,273,422
Merck & Co., Inc.		92,860		6,918,070
Perrigo Co. plc (a)		20,863		868,527
Pfizer, Inc.		197,078		7,617,065
Sage Therapeutics, Inc.*		8,820		694,663
United Therapeutics Corp.*		6,186		1,246,850
				44,482,390
Real Estate Investment & Services — 0.1%
Jones Lang LaSalle, Inc.* (a)		5,447		1,023,546
Real Estate Investment Trusts — 3.0%
Apartment Investment and Management Co., Class A		87,928		610,220
Apple Hospitality REIT, Inc.		55,854		885,844
Brandywine Realty Trust		57,996		784,686
Brixmor Property Group, Inc.		12,068		269,599
Cousins Properties, Inc.		14,940		547,850
EPR Properties*		19,735		941,557
Equity Residential		21,313		1,582,064
Highwoods Properties, Inc.		19,280		863,551
Iron Mountain, Inc. (a)		27,937		1,120,833
Kimco Realty Corp.		65,294		1,371,174
Medical Properties Trust, Inc.		72,653		1,601,999
National Retail Properties, Inc.		20,948		972,406
Omega Healthcare Investors, Inc.		33,746		1,282,348
Park Hotels & Resorts, Inc.*		57,035		1,272,451
SL Green Realty Corp. (a)		12,519		926,531
Ventas, Inc.		23,971		1,329,432
VEREIT, Inc.		24,844		1,188,537
Vornado Realty Trust		18,680		854,610
Weingarten Realty Investors		30,798		996,007
Welltower, Inc.		22,974		1,723,739
WP Carey, Inc.		15,476		1,158,998
				22,284,436

INVESTMENTS	SHARES		VALUE($)
Retailers — 5.7%
Advance Auto Parts, Inc.		9,829		1,967,373
AutoNation, Inc.*		17,849		1,829,165
Best Buy Co., Inc.		19,109		2,221,803
Dick’s Sporting Goods, Inc. (a)		21,153		1,746,815
Dollar General Corp.		12,160		2,611,360
Foot Locker, Inc.		29,684		1,750,762
Gap, Inc. (The)		56,156		1,858,764
Home Depot, Inc. (The)		18,463		5,975,919
Kohl’s Corp.		29,884		1,752,995
Lowe’s Cos., Inc.		2,245		440,581
Penske Automotive Group, Inc.		18,642		1,634,717
Qurate Retail, Inc., Series A		130,204		1,549,428
Target Corp.		24,860		5,152,484
Tractor Supply Co.		10,369		1,955,593
Walmart, Inc.		54,993		7,694,071
Williams-Sonoma, Inc.		13,253		2,262,950
				42,404,780
Software & Computer Services — 12.7%
Akamai Technologies, Inc.*		15,385		1,672,349
Alphabet, Inc., Class A*		5,906		13,899,771
Amdocs Ltd.		22,052		1,692,270
Black Knight, Inc.*		14,079		1,019,601
CACI International, Inc., Class A*		3,887		990,641
CDK Global, Inc.		16,981		910,012
Change Healthcare, Inc.* (a)		51,059		1,171,804
Citrix Systems, Inc.		10,388		1,286,554
Cognizant Technology Solutions Corp., Class A		33,201		2,669,360
Dell Technologies, Inc., Class C*		18,487		1,817,827
Dolby Laboratories, Inc., Class A		10,217		1,036,719
DXC Technology Co.*		36,374		1,197,068
F5 Networks, Inc.*		7,191		1,342,991
Facebook, Inc., Class A*		45,282		14,720,273
Gartner, Inc.*		5,973		1,169,991
Hewlett Packard Enterprise Co.		129,330		2,071,867
International Business Machines Corp.		36,161		5,130,523
Intuit, Inc.		9,615		3,962,918
Leidos Holdings, Inc.		14,516		1,470,180
Microsoft Corp.		53,879		13,587,206
National Instruments Corp.		19,962		826,626
NCR Corp.*		26,602		1,217,042
NortonLifeLock, Inc.		61,174		1,321,970
Nuance Communications, Inc.*		41,380		2,200,175
Oracle Corp.		74,217		5,624,906
Roper Technologies, Inc.		5,041		2,250,504
salesforce.com, Inc.*		1,655		381,180

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 207

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Software & Computer Services — continued
Science Applications International Corp.		9,534		852,530
SolarWinds Corp.* (a)		25,367		427,688
SS&C Technologies Holdings, Inc.		20,983		1,557,358
Synopsys, Inc.*		7,677		1,896,680
Teradata Corp.*		27,263		1,348,701
VMware, Inc., Class A* (a)		7,607		1,223,434
				93,948,719
Technology Hardware & Equipment — 14.3%
Amphenol Corp., Class A		29,202		1,966,463
Analog Devices, Inc.		21,636		3,313,770
Apple, Inc.		98,540		12,954,068
Applied Materials, Inc.		43,185		5,731,081
Arrow Electronics, Inc.*		9,034		1,030,508
Avnet, Inc.		22,201		975,068
Broadcom, Inc.		16,239		7,408,232
CDW Corp.		12,784		2,279,771
Cirrus Logic, Inc.*		11,809		878,708
Corning, Inc.		48,829		2,158,730
Entegris, Inc.		18,150		2,043,327
HP, Inc.		89,589		3,055,881
Intel Corp.		160,177		9,214,983
Jabil, Inc.		14,911		781,635
KLA Corp.		9,877		3,114,712
Lam Research Corp.		7,341		4,554,723
Marvell Technology, Inc.		48,609		2,197,613
Maxim Integrated Products, Inc.		24,422		2,295,668
Microchip Technology, Inc.		16,089		2,418,016
Micron Technology, Inc.*		53,317		4,588,994
Monolithic Power Systems, Inc.		3,955		1,429,258
NetApp, Inc.		23,717		1,771,423
ON Semiconductor Corp.*		45,644		1,780,116
Qorvo, Inc.*		11,673		2,196,508
QUALCOMM, Inc.		45,867		6,366,339
Skyworks Solutions, Inc.		13,205		2,394,463
SYNNEX Corp.		16,161		1,958,713
Teradyne, Inc.		17,576		2,198,406
Texas Instruments, Inc.		37,990		6,857,575
Western Digital Corp.*		28,346		2,002,078
Xerox Holdings Corp.		58,229		1,405,648
Xilinx, Inc.		18,069		2,312,109
				105,634,587
Telecommunications Equipment — 1.3%
Ciena Corp.*		2,007		101,293
Cisco Systems, Inc.		156,925		7,989,052
CommScope Holding Co., Inc.*		9,210		151,504

INVESTMENTS	SHARES		VALUE($)
Telecommunications Equipment — continued
Juniper Networks, Inc.		58,900		1,495,471
				9,737,320
Telecommunications Service Providers — 2.1%
AT&T, Inc.		262,682		8,250,842
Comcast Corp., Class A		54,537		3,062,252
DISH Network Corp., Class A*		40,086		1,795,452
Lumen Technologies, Inc.		138,374		1,775,338
Verizon Communications, Inc.		6,735		389,216
				15,273,100
Tobacco — 0.8%
Altria Group, Inc.		81,130		3,873,957
Philip Morris International, Inc.		17,788		1,689,860
				5,563,817
Travel & Leisure — 2.1%
Alaska Air Group, Inc.*		25,136		1,737,903
Aramark		398		15,470
Carnival Corp.*		38,516		1,076,907
Copa Holdings SA, Class A (Panama)*		14,882		1,287,293
Darden Restaurants, Inc.		10,134		1,486,861
Extended Stay America, Inc.		53,715		1,068,391
Hyatt Hotels Corp., Class A* (a)		10,020		824,947
MGM Resorts International		52,692		2,145,618
Royal Caribbean Cruises Ltd.*		20,772		1,806,126
Travel + Leisure Co.		25,369		1,637,062
Vail Resorts, Inc.* (a)		3,876		1,260,320
Wyndham Hotels & Resorts, Inc.		14,139		1,033,702
				15,380,600
Total Common Stocks (Cost $688,665,647)				739,746,884
Short-Term Investments — 1.8%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (b) c) (Cost $593,347)		593,347		593,347
Investment of Cash Collateral from Securities Loaned — 1.7%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (b) (c)		11,298,770		11,299,900

SEE NOTES TO FINANCIAL STATEMENTS.

208 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — continued
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)		1,340,156		1,340,156
Total Investment of Cash Collateral from Securities Loaned (Cost $12,640,056)				12,640,056
Total Short-Term Investments (Cost $13,233,403)				13,233,403
Total Investments — 101.6% (Cost $701,899,050)				752,980,287
Liabilities in Excess of Other Assets — (1.6%)				(11,946,428)
NET ASSETS — 100.0%				741,033,859

Percentages indicated are based on net assets.

Abbreviations

REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $12,206,471.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2021:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		6		06/2021		USD		1,252,275		46,913

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 209

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2021 (Unaudited)

	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	$	5,222,196,374		$	3,888,344,717		$	6,170,006,411		$	3,383,022,222
Investments in affiliates, at value		—			—			—			4,298,421
Investments of cash collateral received from securities loaned, at value (See Note 2.C.)		482,149,549			30,636,087			281,876,988			97,963,734
Cash		187,323			582,024			9,915,209			1,448,362
Foreign currency, at value		15,191,679			13,048,454			15,444,708			1,926,385
Deposits at broker for futures contracts		1,315,543			1,144,612			4,510,841			—
Segregated cash balance with Authorized Participant for deposit securities		568,991			—			37,666,784			1,770,173
Receivables:
Fund shares sold		93,369,417			—			—			—
Dividends from non-affiliates		11,887,913			3,188,780			11,273,033			12,002,360
Dividends from affiliates		—			—			—			47
Tax reclaims		76,431			39,741			15,767,536			2,871,846
Securities lending income (See Note 2.C.)		126,550			313,446			117,235			79,082
Variation margin on futures contracts		—			—			—			1,504,413
Due from Authorized Participant		—			—			6,788,485			—
Total Assets		5,827,069,770			3,937,297,861			6,553,367,230			3,506,887,045
LIABILITIES:
Payables:
Investment securities purchased		92,882,458			76			6,788,485			—
Collateral received on securities loaned (See Note 2.C.)		482,149,549			30,636,087			281,876,988			97,963,734
Variation margin on futures contracts		307,454			81,548			369,263			—
Collateral upon return of deposit securities		568,991			—			37,666,784			1,770,174
Accrued liabilities:
Management fees (See Note 3.A.)		783,673			597,620			364,382			196,100
Total Liabilities		576,692,125			31,315,331			327,065,902			99,930,008
Net Assets	$	5,250,377,645		$	3,905,982,530		$	6,226,301,328		$	3,406,957,037
NET ASSETS:
Paid-in-Capital	$	4,174,276,007		$	3,490,637,961		$	5,655,220,814		$	2,819,458,979
Total distributable earnings (loss)		1,076,101,638			415,344,569			571,080,514			587,498,058
Total Net Assets	$	5,250,377,645		$	3,905,982,530		$	6,226,301,328		$	3,406,957,037
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		85,098,911	(a)		66,598,641	(a)		108,999,596	(a)		57,800,000
Net asset value, per share	$	61.70	(a)	$	58.65	(a)	$	57.12	(a)	$	58.94
Cost of investments in non-affiliates	$	4,060,079,593		$	3,454,441,919		$	5,777,216,676		$	2,858,338,737
Cost of investments in affiliates		—			—			—			4,298,421
Cost of foreign currency		14,685,881			13,161,867			15,421,479			1,929,972
Investment securities on loan, at value (See Note 2.C.)		457,124,346			28,222,332			255,212,673			85,745,968
Cost of investment of cash collateral (See Note 2.C.)		482,149,549			30,636,087			281,876,988			97,963,734

(a) Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

210 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

	JPMorgan BetaBuilders Japan ETF			JPMorgan BetaBuilders U.S. Equity ETF		JPMorgan BetaBuilders U.S. Mid Cap Equity ETF			JPMorgan BetaBuilders U.S. Small Cap Equity ETF
ASSETS:
Investments in non-affiliates, at value	$	8,149,059,415		$	496,608,796	$	1,701,508,744		$	423,421,834
Investments in affiliates, at value		—			8,332,342		4,126,773			3,989,749
Investments of cash collateral received from securities loaned, at value (See Note 2.C.)		8,342,532			168,998		33,697,199			6,108,220
Cash		40,828			118		—			—
Foreign currency, at value		11,488,285			—		—			—
Deposits at broker for futures contracts		4,071,791			146,000		389,000			209,000
Receivables:
Dividends from non-affiliates		66,907,453			327,323		396,195			73,768
Dividends from affiliates		—			12		39			3
Tax reclaims		18,945			—		—			—
Securities lending income (See Note 2.C.)		14,153			6,408		5,854			143
Total Assets		8,239,943,402			505,589,997		1,740,123,804			433,802,717
LIABILITIES:
Payables:
Due to custodian		—			—		1,546			187
Investment securities purchased		—			20,245		75,510			39,579
Collateral received on securities loaned (See Note 2.C.)		8,342,532			168,998		33,697,199			6,108,220
Variation margin on futures contracts		105,708			16,337		56,800			50,166
Accrued liabilities:
Management fees (See Note 3.A.)		1,302,649			7,452		97,221			31,179
Total Liabilities		9,750,889			213,032		33,928,276	��		6,229,331
Net Assets	$	8,230,192,513		$	505,376,965	$	1,706,195,528		$	427,573,386
NET ASSETS:
Paid-in-Capital	$	7,367,795,791		$	413,711,258	$	1,319,603,499		$	403,428,953
Total distributable earnings (loss)		862,396,722			91,665,707		386,592,029			24,144,433
Total Net Assets	$	8,230,192,513		$	505,376,965	$	1,706,195,528		$	427,573,386
Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		147,197,548	(a)		6,600,000		19,125,000			6,475,000
Net asset value, per share	$	55.91	(a)	$	76.57	$	89.21		$	66.03
Cost of investments in non-affiliates	$	7,325,580,702		$	414,215,376	$	1,432,426,507		$	404,171,895
Cost of investments in affiliates		—			7,074,470		4,126,773			3,989,749
Cost of foreign currency		11,418,616			—		—			—
Investment securities on loan, at value (See Note 2.C.)		7,899,542			163,728		32,625,500			5,842,342
Cost of investment of cash collateral (See Note 2.C.)		8,342,532			168,998		33,697,199			6,108,220

(a) Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 211

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2021 (Unaudited) (continued)

	JPMorgan Carbon Transition U.S. Equity ETF		JPMorgan Diversified Return Emerging Markets Equity ETF			JPMorgan Diversified Return International Equity ETF			JPMorgan Diversified Return U.S. Equity ETF
ASSETS:
Investments in non-affiliates, at value	$	25,225,733	$	191,294,643		$	863,018,020		$	673,496,928
Investments in affiliates, at value		36,217		—			—			247,101
Investments of cash collateral received from securities loaned, at value (See Note 2.C.)		—		249,000			13,417,589			13,992,616
Cash		1		394,632			653,096			—
Foreign currency, at value		—		180,576			—			—
Deposits at broker for futures contracts		6,200		—			651,600			182,300
Receivables:
Investment securities sold		—		355			903	��		—
Dividends from non-affiliates		18,883		483,483			4,354,950			566,445
Dividends from affiliates		—		—			—			11
Tax reclaims		—		—			1,819,384			—
Securities lending income (See Note 2.C.)		—		92			27,631			2,096
Total Assets		25,287,034		192,602,781			883,943,173			688,487,497
LIABILITIES:
Payables:
Foreign currency due to custodian, at value		—		—			33,779			—
Investment securities purchased		—		234,681			—			—
Collateral received on securities loaned (See Note 2.C.)		—		249,000			13,417,589			13,992,616
Variation margin on futures contracts		261		—			115,213			4,716
Accrued liabilities:
Management fees (See Note 3.A.)		3,082		74,232			265,583			98,617
Deferred foreign capital gains tax		—		680,783			—			—
Total Liabilities		3,343		1,238,696			13,832,164			14,095,949
Net Assets	$	25,283,691	$	191,364,085		$	870,111,009		$	674,391,548
NET ASSETS:
Paid-in-Capital	$	22,202,049	$	193,902,103		$	860,965,115		$	541,841,694
Total distributable earnings (loss)		3,081,642		(2,538,018	)		9,145,894			132,549,854
Total Net Assets	$	25,283,691	$	191,364,085		$	870,111,009		$	674,391,548
Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		450,000		3,300,000			14,000,000			7,100,000
Net asset value, per share	$	56.19	$	57.99		$	62.15		$	94.98
Cost of investments in non-affiliates	$	22,266,397	$	162,426,126		$	774,260,337		$	536,710,661
Cost of investments in affiliates		36,217		—			—			247,101
Cost of foreign currency		—		158,689			—			—
Investment securities on loan, at value (See Note 2.C.)		—		55,846			11,922,920			13,557,278
Cost of investment of cash collateral (See Note 2.C.)		—		249,000			13,417,589			13,992,616

SEE NOTES TO FINANCIAL STATEMENTS.

212 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

	JPMorgan Diversified Return U.S. Mid Cap Equity ETF		JPMorgan Diversified Return U.S. Small Cap Equity ETF		JPMorgan Emerging Markets Equity Core ETF		JPMorgan International Growth ETF
ASSETS:
Investments in non-affiliates, at value	$	242,219,187	$	169,638,514	$	98,298,106	$	63,024,732
Investments in affiliates, at value		127,870		98,178		—		—
Investments of cash collateral received from securities loaned, at value (See Note 2.C.)		8,962,088		19,758,314		58,611		—
Cash		—		37		445,095		1,149,361
Foreign currency, at value		—		—		12,988		35,605
Segregated cash balance with Authorized Participant for deposit securities		—		—		2,938,019		—
Receivables:
Investment securities sold		8,652,739		—		—		477,887
Dividends from non-affiliates		138,751		46,461		92,076		55,631
Dividends from affiliates		5		3		—		—
Tax reclaims		—		—		—		29,186
Securities lending income (See Note 2.C.)		1,329		3,948		—		—
Variation margin on futures contracts		—		87		—		—
Total Assets		260,101,969		189,545,542		101,844,895		64,772,402
LIABILITIES:
Payables:
Due to custodian		568		—		—		—
Investment securities purchased		—		—		—		769,163
Collateral received on securities loaned (See Note 2.C.)		8,962,088		19,758,314		58,611		—
Fund shares redeemed		8,658,293		—		—		—
Collateral upon return of deposit securities		—		—		2,938,019		—
Accrued liabilities:
Management fees (See Note 3.A.)		48,768		40,592		17,331		29,075
Total Liabilities		17,669,717		19,798,906		3,013,961		798,238
Net Assets	$	242,432,252	$	169,746,636	$	98,830,934	$	63,974,164
NET ASSETS:
Paid-in-Capital	$	176,338,725	$	128,345,083	$	97,053,190	$	52,602,768
Total distributable earnings (loss)		66,093,527		41,401,553		1,777,744		11,371,396
Total Net Assets	$	242,432,252	$	169,746,636	$	98,830,934	$	63,974,164
Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		2,800,000		3,950,000		2,000,000		850,000
Net asset value, per share	$	86.58	$	42.97	$	49.42	$	75.26
Cost of investments in non-affiliates	$	187,638,352	$	145,088,988	$	96,509,396	$	52,788,546
Cost of investments in affiliates		127,870		98,178		—		—
Cost of foreign currency		—		—		13,098		35,537
Investment securities on loan, at value (See Note 2.C.)		8,652,275		18,953,736		58,164		—
Cost of investment of cash collateral (See Note 2.C.)		8,962,088		19,758,314		58,611		—

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 213

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2021 (Unaudited) (continued)

	JPMorgan U.S. Dividend ETF		JPMorgan U.S. Minimum Volatility ETF			JPMorgan U.S. Momentum Factor ETF		JPMorgan U.S. Quality Factor ETF		JPMorgan U.S. Value Factor ETF
ASSETS:
Investments in non-affiliates, at value	$	28,875,439	$	19,091,873		$	176,392,639	$	333,910,119	$	739,746,884
Investments in affiliates, at value		54,411		16,846			42,873		582,859		593,347
Investments of cash collateral received from securities loaned, at value (See Note 2.C.)		—		123,591			835,099		2,500,024		12,640,056
Cash		—		—			1		38		—
Deposits at broker for futures contracts		5,630		2,000			38,780		63,610		121,890
Receivables:
Fund shares sold		3,213,646		—			—		—		7,125,332
Dividends from non-affiliates		35,654		18,106			88,394		273,673		614,195
Dividends from affiliates		—		—			2		5		9
Securities lending income (See Note 2.C.)		2		16			161		674		3,206
Total Assets		32,184,782		19,252,432			177,397,949		337,331,002		760,844,919
LIABILITIES:
Payables:
Investment securities purchased		3,259,545		—			—		—		7,093,798
Collateral received on securities loaned (See Note 2.C.)		—		123,591			835,099		2,500,024		12,640,056
Variation margin on futures contracts		93		146			766		5,628		6,510
Accrued liabilities:
Management fees (See Note 3.A.)		2,343		1,861			16,998		38,059		70,696
Total Liabilities		3,261,981		125,598			852,863		2,543,711		19,811,060
Net Assets	$	28,922,801	$	19,126,834		$	176,545,086	$	334,787,291	$	741,033,859
NET ASSETS:
Paid-in-Capital	$	25,201,036	$	19,735,942		$	130,839,882	$	232,544,747	$	686,633,562
Total distributable earnings (loss)		3,721,765		(609,108	)		45,705,204		102,242,544		54,400,297
Total Net Assets	$	28,922,801	$	19,126,834		$	176,545,086	$	334,787,291	$	741,033,859
Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		900,000		550,000			4,250,000		8,500,000		20,800,000
Net asset value, per share	$	32.14	$	34.78		$	41.54	$	39.39	$	35.63
Cost of investments in non-affiliates	$	27,191,601	$	17,317,805		$	132,103,062	$	287,386,017	$	688,665,647
Cost of investments in affiliates		54,411		16,846			42,873		582,859		593,347
Investment securities on loan, at value (See Note 2.C.)		—		119,697			803,494		2,397,758		12,206,471
Cost of investment of cash collateral (See Note 2.C.)		—		123,596			835,099		2,500,024		12,640,056

SEE NOTES TO FINANCIAL STATEMENTS.

214 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

	JPMorgan BetaBuilders Canada ETF			JPMorgan BetaBuilders Developed Asia ex-Japan ETF			JPMorgan BetaBuilders Europe ETF			JPMorgan BetaBuilders International Equity ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	29		$	80		$	—
Interest income from affiliates		83			—			—			—
Dividend income from non-affiliates		66,897,514			41,855,555			72,386,677			44,836,188
Dividend income from affiliates		—			—			—			647
Income from securities lending (net) (See Note 2.C.)		787,224			1,047,269			358,547			198,371
Foreign taxes withheld (net)		(9,354,478	)		(592,433	)		(6,504,639	)		(3,797,899	)
Total investment income		58,330,343			42,310,420			66,240,665			41,237,307
EXPENSES:
Management fees (See Note 3.A.)		4,268,965			2,598,931			1,862,224			1,022,995
Interest expense to non-affiliates		1,041			2,403			18,068			2,597
Interest expense to affiliates		283			252			25,701			9,526
Total expenses		4,270,289			2,601,586			1,905,993			1,035,118
Net investment income (loss)		54,060,054			39,708,834			64,334,672			40,202,189
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		5,215,678			(5,784,328	)		(11,784,806	)		2,720,659
In-kind redemptions of investments in non-affiliates		—			2,746,090			209,312,151			39,114,997
Futures contracts		4,341,999			2,582,400			3,533,385			1,678,912
Foreign currency transactions		1,795,780			61,142			485,964			56,355
Net realized gain (loss)		11,353,457			(394,696	)		201,546,694			43,570,923
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,250,753,263			527,304,619			926,098,820			521,215,395
Investments in affiliates		—			497			5,824			200
Futures contracts		1,537,167			312,028			2,887,907			1,150,005
Foreign currency translations		187,822			(2,005	)		108,984			31,384
Change in net unrealized appreciation/depreciation		1,252,478,252			527,615,139			929,101,535			522,396,984
Net realized/unrealized gains (losses)		1,263,831,709			527,220,443			1,130,648,229			565,967,907
Change in net assets resulting from operations	$	1,317,891,763		$	566,929,277		$	1,194,982,901		$	606,170,096

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 215

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

	JPMorgan BetaBuilders Japan ETF			JPMorgan BetaBuilders U.S. Equity ETF			JPMorgan BetaBuilders U.S. Mid Cap Equity ETF		JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	1		$	—	$	1
Interest income from affiliates		33			—			—		—
Dividend income from non-affiliates		86,318,935			2,323,085			5,796,403		628,167
Dividend income from affiliates		—			56,705			376		124
Non-cash dividend income from non-affiliates		—			—			2,437,540		—
Income from securities lending (net) (See Note 2.C.)		140,765			7,764			87,481		5,124
Foreign taxes withheld (net)		(8,466,959	)		—			—		—
Total investment income		77,992,774			2,387,555			8,321,800		633,416
EXPENSES:
Management fees (See Note 3.A.)		6,810,122			32,003			512,125		61,219
Interest expense to non-affiliates		4,051			16			61		19
Interest expense to affiliates		24,471			—			—		—
Total expenses		6,838,644			32,019			512,186		61,238
Net investment income (loss)		71,154,130			2,355,536			7,809,614		572,178
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(13,152,110	)		(301,503	)		1,401,682		160,090
Investments in affiliates		—			66,388			—		—
In-kind redemptions of investments in non-affiliates		18,937,448			8,502,959			113,352,483		4,221,834
Futures contracts		5,098,111			266,271			833,436		86,769
Foreign currency transactions		117,452			—			—		—
Net realized gain (loss)		11,000,901			8,534,115			115,587,601		4,468,693
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		790,278,005			67,568,446			307,902,370		19,249,939
Investments in affiliates		797			1,418,934			—		—
Futures contracts		(967,398	)		137,787			153,580		40,946
Foreign currency translations		8,198			—			—		—
Change in net unrealized appreciation/depreciation		789,319,602			69,125,167			308,055,950		19,290,885
Net realized/unrealized gains (losses)		800,320,503			77,659,282			423,643,551		23,759,578
Change in net assets resulting from operations	$	871,474,633		$	80,014,818		$	431,453,165	$	24,331,756

(a) Commencement of operations was November 16, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

216 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

	JPMorgan Carbon Transition U.S. Equity ETF (a)		JPMorgan Diversified Return Emerging Markets Equity ETF			JPMorgan Diversified Return International Equity ETF			JPMorgan Diversified Return U.S. Equity ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	27	$	28		$	918		$	—
Dividend income from non-affiliates		132,348		3,160,042			13,659,943			6,508,344
Dividend income from affiliates		4		—			553			170
Income from securities lending (net) (See Note 2.C.)		—		519			56,719			11,749
Foreign taxes withheld (net)		—		(268,974	)		(1,239,423	)		—
Total investment income		132,379		2,891,615			12,478,710			6,520,263
EXPENSES:
Management fees (See Note 3.A.)		13,656		516,669			1,651,301			560,173
Interest expense to non-affiliates		—		—			746			140
Interest expense to affiliates		—		—			310			—
Total expenses		13,656		516,669			1,652,357			560,313
Net investment income (loss)		118,723		2,374,946			10,826,353			5,959,950
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		77,062		734,548	(b)		8,397,056			(3,504,483	)
Investments in affiliates		—		—			(713	)		—
In-kind redemptions of investments in non-affiliates		—		4,968,084			24,830,100			40,381,796
Futures contracts		3,495		(6,655	)		1,044,410			275,710
Foreign currency transactions		—		(36,727	)		(90,993	)		—
Net realized gain (loss)		80,557		5,659,250			34,179,860			37,153,023
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		2,959,336		44,606,189	(c)		163,774,292			117,141,595
Investments in affiliates		—		—			273			701
Futures contracts		1,398		—			467,414			70,393
Foreign currency translations		—		37,049			18,283			—
Change in net unrealized appreciation/depreciation		2,960,734		44,643,238			164,260,262			117,212,689
Net realized/unrealized gains (losses)		3,041,291		50,302,488			198,440,122			154,365,712
Change in net assets resulting from operations	$	3,160,014	$	52,677,434		$	209,266,475		$	160,325,662

(a) Commencement of operations was December 9, 2020.

(b) Net of foreign capital gains tax of $(224,098).

(c) Net of change in foreign capital gains tax of $(202,799).

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 217

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

	JPMorgan Diversified Return U.S. Mid Cap Equity ETF			JPMorgan Diversified Return U.S. Small Cap Equity ETF			JPMorgan Emerging Markets Equity Core ETF (a)			JPMorgan International Growth ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	4		$	—		$	40
Dividend income from non-affiliates		2,244,290			1,154,318			149,625			299,886
Dividend income from affiliates		56			54			13			4
Income from securities lending (net) (See Note 2.C.)		7,695			54,990			1			—
Foreign taxes withheld (net)		—			—			(16,520	)		(29,572	)
Total investment income		2,252,041			1,209,366			133,119			270,358
EXPENSES:
Management fees (See Note 3.A.)		304,060			253,328			21,259			139,508
Interest expense to affiliates		—			—			37			33
Total expenses		304,060			253,328			21,296			139,541
Net investment income (loss)		1,947,981			956,038			111,823			130,817
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(1,283,461	)		(2,941,078	)		(73,932	)		1,059,332
In-kind redemptions of investments in non-affiliates		27,591,769			31,648,097			—			—
Futures contracts		142,513			214,325			—			—
Foreign currency transactions		—			—			(49,068	)		(1,321	)
Net realized gain (loss)		26,450,821			28,921,344			(123,000	)		1,058,011
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		44,914,915			39,782,708			1,788,710			6,416,245
Investments in affiliates		—			2,800			—			—
Futures contracts		(4,503	)		5,295			—			—
Foreign currency translations		—			—			211			43
Change in net unrealized appreciation/depreciation		44,910,412			39,790,803			1,788,921			6,416,288
Net realized/unrealized gains (losses)		71,361,233			68,712,147			1,665,921			7,474,299
Change in net assets resulting from operations	$	73,309,214		$	69,668,185		$	1,777,744		$	7,605,116

(a) Commencement of operations was March 10, 2021.

SEE NOTES TO FINANCIAL STATEMENTS.

218 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

	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	$	—	$	—	$	—	$	2		$	—
Dividend income from non-affiliates		336,416		205,125		760,407		3,485,870			2,488,445
Dividend income from affiliates		6		6		26		99			48
Non-cash dividend income from non-affiliates		—		—		—		354,708			—
Income from securities lending (net) (See Note 2.C.)		4,374		804		1,530		22,193			13,267
Total investment income		340,796		205,935		761,963		3,862,872			2,501,760
EXPENSES:
Management fees (See Note 3.A.)		12,668		13,026		93,277		252,108			155,927
Interest expense to non-affiliates		—		—		—		319			—
Total expenses		12,668		13,026		93,277		252,427			155,927
Net investment income (loss)		328,128		192,909		668,686		3,610,445			2,345,833
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		316,303		143,334		1,812,920		(896,665	)		820,370
In-kind redemptions of investments in non-affiliates		3,686,839		1,031,519		5,248,877		62,815,385			4,419,210
Futures contracts		20,979		18,052		59,848		173,447			53,101
Net realized gain (loss)		4,024,121		1,192,905		7,121,645		62,092,167			5,292,681
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		4,793,899		3,858,040		24,214,077		29,198,989			53,968,446
Investments in affiliates		60		45		50		350			100
Futures contracts		2,377		2,697		12,048		50,207			51,255
Change in net unrealized appreciation/depreciation		4,796,336		3,860,782		24,226,175		29,249,546			54,019,801
Net realized/unrealized gains (losses)		8,820,457		5,053,687		31,347,820		91,341,713			59,312,482
Change in net assets resulting from operations	$	9,148,585	$	5,246,596	$	32,016,506	$	94,952,158		$	61,658,315

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 219

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan BetaBuilders Canada ETF						JPMorgan BetaBuilders Developed Asia ex-Japan ETF
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	54,060,054		$	99,923,560		$	39,708,834		$	47,112,341
Net realized gain (loss)		11,353,457			(107,887,037	)		(394,696	)		(34,800,063	)
Change in net unrealized appreciation/depreciation		1,252,478,252			(214,935,256	)		527,615,139			(151,388,803	)
Change in net assets resulting from operations		1,317,891,763			(222,898,733	)		566,929,277			(139,076,525	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(52,801,578	)		(97,217,228	)		(35,956,390	)		(47,499,256	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		345,076,200			159,573,201			1,909,038,749			209,692,845
NET ASSETS:
Change in net assets		1,610,166,385			(160,542,760	)		2,440,011,636			23,117,064
Beginning of period		3,640,211,260			3,800,754,020			1,465,970,894			1,442,853,830
End of period	$	5,250,377,645		$	3,640,211,260		$	3,905,982,530		$	1,465,970,894
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	345,142,369		$	225,691,349		$	1,919,823,662		$	400,560,096
Cost of shares redeemed		(66,169	)		(66,118,148	)		(10,784,913	)		(190,867,251	)
Total change in net assets resulting from capital transactions	$	345,076,200		$	159,573,201		$	1,909,038,749		$	209,692,845
SHARE TRANSACTIONS:
Issued		5,950,000	(a)		4,700,000	(a)		34,200,000	(a)		9,000,000	(a)
Redeemed		(1,089	)(a)		(1,900,000	)(a)		(201,359	)(a)		(4,900,000	)(a)
Net increase in shares from share transactions		5,948,911			2,800,000			33,998,641			4,100,000

(a) Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

220 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

	JPMorgan BetaBuilders Europe ETF						JPMorgan BetaBuilders International Equity ETF
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Period Ended October 31, 2020 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	64,334,672		$	93,927,172		$	40,202,189		$	17,506,262
Net realized gain (loss)		201,546,694			(173,140,960	)		43,570,923			1,290,568
Change in net unrealized appreciation/depreciation		929,101,535			(679,859,114	)		522,396,984			2,882,633
Change in net assets resulting from operations		1,194,982,901			(759,072,902	)		606,170,096			21,679,463
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(44,653,114	)		(91,833,136	)		(26,391,798	)		(10,275,336	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,374,966,032			698,765,923			960,508,437			1,855,266,175
NET ASSETS:
Change in net assets		2,525,295,819			(152,140,115	)		1,540,286,735			1,866,670,302
Beginning of period		3,701,005,509			3,853,145,624			1,866,670,302			—
End of period	$	6,226,301,328		$	3,701,005,509		$	3,406,957,037		$	1,866,670,302
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	2,645,903,875		$	3,682,970,788		$	1,131,211,023		$	1,875,036,423
Cost of shares redeemed		(1,270,937,843	)		(2,984,204,865	)		(170,702,586	)		(19,770,248	)
Total change in net assets resulting from capital transactions	$	1,374,966,032		$	698,765,923		$	960,508,437		$	1,855,266,175
SHARE TRANSACTIONS:
Issued		47,700,000	(b)		81,000,000	(b)		20,400,000			40,800,000
Redeemed		(24,200,404	)(b)		(74,600,000	)(b)		(3,000,000	)		(400,000	)
Net increase in shares from share transactions		23,499,596			6,400,000			17,400,000			40,400,000

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

(b) Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 221

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan BetaBuilders Japan ETF						JPMorgan BetaBuilders U.S. Equity ETF
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	71,154,130		$	73,146,812		$	2,355,536		$	2,534,659
Net realized gain (loss)		11,000,901			91,835,601			8,534,115			3,472,263
Change in net unrealized appreciation/depreciation		789,319,602			(118,967,461	)		69,125,167			11,499,386
Change in net assets resulting from operations		871,474,633			46,014,952			80,014,818			17,506,308
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(70,569,312	)		(102,501,216	)		(2,070,625	)		(2,245,984	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,106,251,745			1,060,999,792			189,060,197			176,703,126
NET ASSETS:
Change in net assets		2,907,157,066			1,004,513,528			267,004,390			191,963,450
Beginning of period		5,323,035,447			4,318,521,919			238,372,575			46,409,125
End of period	$	8,230,192,513		$	5,323,035,447		$	505,376,965		$	238,372,575
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	2,171,970,407		$	2,626,810,358		$	214,939,973		$	191,742,099
Cost of shares redeemed		(65,718,662	)		(1,565,810,566	)		(25,879,776	)		(15,038,973	)
Total change in net assets resulting from capital transactions	$	2,106,251,745		$	1,060,999,792		$	189,060,197		$	176,703,126
SHARE TRANSACTIONS:
Issued		38,400,000	(a)		56,200,000	(a)		3,000,000			3,400,000
Redeemed		(1,202,452	)(a)		(34,200,000	)(a)		(400,000	)		(250,000	)
Net increase in shares from share transactions		37,197,548			22,000,000			2,600,000			3,150,000

(a) Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

222 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

	JPMorgan BetaBuilders U.S. Mid Cap Equity ETF						JPMorgan BetaBuilders U.S. Small Cap Equity ETF
	Six Months Ended April 30, 2021 (Unaudited)			Period Ended October 31, 2020 (a)			Period Ended April 30, 2021 (Unaudited) (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,809,614		$	286,955		$	572,178
Net realized gain (loss)		115,587,601			920,825			4,468,693
Change in net unrealized appreciation/depreciation		308,055,950			(38,827,275	)		19,290,885
Change in net assets resulting from operations		431,453,165			(37,619,495	)		24,331,756
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(6,246,361	)		(34,041	)		(187,323	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		292,856,771			1,025,785,489			403,428,953
NET ASSETS:
Change in net assets		718,063,575			988,131,953			427,573,386
Beginning of period		988,131,953			—			—
End of period	$	1,706,195,528		$	988,131,953		$	427,573,386
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	807,634,948		$	1,030,410,313		$	444,422,095
Cost of shares redeemed		(514,778,177	)		(4,624,824	)		(40,993,142	)
Total change in net assets resulting from capital transactions	$	292,856,771		$	1,025,785,489		$	403,428,953
SHARE TRANSACTIONS:
Issued		9,900,000			15,475,000			7,100,000
Redeemed		(6,175,000	)		(75,000	)		(625,000	)
Net increase in shares from share transactions		3,725,000			15,400,000			6,475,000

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

(b) Commencement of operations was November 16, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 223

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan Carbon Transition U.S. Equity ETF			JPMorgan Diversified Return Emerging Markets Equity ETF
	Period Ended April 30, 2021 (Unaudited) (a)			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	118,723		$	2,374,946		$	8,829,220
Net realized gain (loss)		80,557			5,659,250			(17,873,066	)
Change in net unrealized appreciation/depreciation		2,960,734			44,643,238			(35,896,310	)
Change in net assets resulting from operations		3,160,014			52,677,434			(44,940,156	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(78,372	)		(1,952,764	)		(11,494,561	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		22,202,049			(73,120,727	)		(83,600,557	)
NET ASSETS:
Change in net assets		25,283,691			(22,396,057	)		(140,035,274	)
Beginning of period		—			213,760,142			353,795,416
End of period	$	25,283,691		$	191,364,085		$	213,760,142
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	22,202,049		$	16,735		$	11,220,073
Cost of shares redeemed		—			(73,137,462	)		(94,820,630	)
Total change in net assets resulting from capital transactions	$	22,202,049		$	(73,120,727	)	$	(83,600,557	)
SHARE TRANSACTIONS:
Issued		450,000			—			200,000
Redeemed		—			(1,300,000	)		(2,100,000	)
Net increase (decrease) in shares from share transactions		450,000			(1,300,000	)		(1,900,000	)

(a) Commencement of operations was December 9, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

224 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

	JPMorgan Diversified Return International Equity ETF						JPMorgan Diversified Return U.S. Equity ETF
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	10,826,353		$	27,691,365		$	5,959,950		$	14,977,931
Net realized gain (loss)		34,179,860			(55,516,544	)		37,153,023			6,210,123
Change in net unrealized appreciation/depreciation		164,260,262			(83,197,859	)		117,212,689			(62,482,770	)
Change in net assets resulting from operations		209,266,475			(111,023,038	)		160,325,662			(41,294,716	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(8,840,042	)		(31,499,409	)		(5,621,293	)		(15,994,512	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(197,515,548	)		(273,144,732	)		(17,022,462	)		(208,627,128	)
NET ASSETS:
Change in net assets		2,910,885			(415,667,179	)		137,681,907			(265,916,356	)
Beginning of period		867,200,124			1,282,867,303			536,709,641			802,625,997
End of period	$	870,111,009		$	867,200,124		$	674,391,548		$	536,709,641
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	47,122		$	45,178,764		$	90,741,444		$	80,338,258
Cost of shares redeemed		(197,562,670	)		(318,323,496	)		(107,763,906	)		(288,965,386	)
Total change in net assets resulting from capital transactions	$	(197,515,548	)	$	(273,144,732	)	$	(17,022,462	)	$	(208,627,128	)
SHARE TRANSACTIONS:
Issued		—			800,000			1,000,000			1,100,000
Redeemed		(3,400,000	)		(6,700,000	)		(1,200,000	)		(4,300,000	)
Net decrease in shares from share transactions		(3,400,000	)		(5,900,000	)		(200,000	)		(3,200,000	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 225

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan Diversified Return U.S. Mid Cap Equity ETF						JPMorgan Diversified Return U.S. Small Cap Equity ETF
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,947,981		$	3,866,579		$	956,038		$	2,310,675
Net realized gain (loss)		26,450,821			2,889,370			28,921,344			(7,848,200	)
Change in net unrealized appreciation/depreciation		44,910,412			(4,768,925	)		39,790,803			(10,763,787	)
Change in net assets resulting from operations		73,309,214			1,987,024			69,668,185			(16,301,312	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(1,997,713	)		(3,705,274	)		(1,245,342	)		(2,108,906	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(49,087,095	)		33,952,305			(47,349,032	)		26,739,716
NET ASSETS:
Change in net assets		22,224,406			32,234,055			21,073,811			8,329,498
Beginning of period		220,207,846			187,973,791			148,672,825			140,343,327
End of period	$	242,432,252		$	220,207,846		$	169,746,636		$	148,672,825
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	32,388,694		$	84,732,532		$	34,707,329		$	87,381,544
Cost of shares redeemed		(81,475,789	)		(50,780,227	)		(82,056,361	)		(60,641,828	)
Total change in net assets resulting from capital transactions	$	(49,087,095	)	$	33,952,305		$	(47,349,032	)	$	26,739,716
SHARE TRANSACTIONS:
Issued		400,000			1,400,000			800,000			2,900,000
Redeemed		(1,000,000	)		(800,000	)		(2,000,000	)		(2,300,000	)
Net increase (decrease) in shares from share transactions		(600,000	)		600,000			(1,200,000	)		600,000

SEE NOTES TO FINANCIAL STATEMENTS.

226 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

	JPMorgan Emerging Markets Equity Core ETF			JPMorgan International Growth ETF
	Period Ended April 30, 2021 (Unaudited) (a)			Six Months Ended April 30, 2021 (Unaudited)			Period Ended October 31, 2020 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	111,823		$	130,817		$	21,045
Net realized gain (loss)		(123,000	)		1,058,011			(56,298	)
Change in net unrealized appreciation/depreciation		1,788,921			6,416,288			3,819,857
Change in net assets resulting from operations		1,777,744			7,605,116			3,784,604
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		—			(18,324	)		—
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		97,053,190			18,599,714			34,003,054
NET ASSETS:
Change in net assets		98,830,934			26,186,506			37,787,658
Beginning of period		—			37,787,658			—
End of period	$	98,830,934		$	63,974,164		$	37,787,658
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	97,053,190		$	18,599,714		$	34,003,054
Total change in net assets resulting from capital transactions	$	97,053,190		$	18,599,714		$	34,003,054
SHARE TRANSACTIONS:
Issued		2,000,000			250,000			600,000
Net increase in shares from share transactions		2,000,000			250,000			600,000

(a) Commencement of operations was March 10, 2021.

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 227

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan U.S. Dividend ETF						JPMorgan U.S. Minimum Volatility ETF
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	328,128		$	1,377,581		$	192,909		$	1,908,765
Net realized gain (loss)		4,024,121			165,880			1,192,905			751,473
Change in net unrealized appreciation/depreciation		4,796,336			(5,058,774	)		3,860,782			(6,876,405	)
Change in net assets resulting from operations		9,148,585			(3,515,313	)		5,246,596			(4,216,167	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(405,663	)		(1,343,662	)		(265,397	)		(2,053,319	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(14,785,524	)		(807,147	)		(23,627,903	)		(63,201,634	)
NET ASSETS:
Change in net assets		(6,042,602	)		(5,666,122	)		(18,646,704	)		(69,471,120	)
Beginning of period		34,965,403			40,631,525			37,773,538			107,244,658
End of period	$	28,922,801		$	34,965,403		$	19,126,834		$	37,773,538
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	12,340,692		$	9,833,249		$	—		$	12,683,981
Cost of shares redeemed		(27,126,216	)		(10,640,396	)		(23,627,903	)		(75,885,615	)
Total change in net assets resulting from capital transactions	$	(14,785,524	)	$	(807,147	)	$	(23,627,903	)	$	(63,201,634	)
SHARE TRANSACTIONS:
Issued		400,000			450,000			—			450,000
Redeemed		(1,000,000	)		(450,000	)		(750,000	)		(2,700,000	)
Net decrease in shares from share transactions		(600,000	)		—			(750,000	)		(2,250,000	)

SEE NOTES TO FINANCIAL STATEMENTS.

228 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

	JPMorgan U.S. Momentum Factor ETF					JPMorgan U.S. Quality Factor ETF
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020		Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	668,686		$	1,001,800	$	3,610,445		$	4,490,712
Net realized gain (loss)		7,121,645			(1,558,599)		62,092,167			12,907,095
Change in net unrealized appreciation/depreciation		24,226,175			21,209,006		29,249,546			9,761,565
Change in net assets resulting from operations		32,016,506			20,652,207		94,952,158			27,159,372
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(660,888	)		(941,311)		(3,999,014)			(3,901,856)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		10,446,382			58,411,601		(140,837,062	)		254,345,821
NET ASSETS:
Change in net assets		41,802,000			78,122,497		(49,883,918	)		277,603,337
Beginning of period		134,743,086			56,620,589		384,671,209			107,067,872
End of period	$	176,545,086		$	134,743,086	$	334,787,291		$	384,671,209
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	25,608,306		$	66,714,485	$	94,515,134		$	318,973,804
Cost of shares redeemed		(15,161,924	)		(8,302,884)		(235,352,196)			(64,627,983)
Total change in net assets resulting from capital transactions	$	10,446,382		$	58,411,601	$	(140,837,062	)	$	254,345,821
SHARE TRANSACTIONS:
Issued		650,000			2,300,000		2,600,000			10,650,000
Redeemed		(400,000	)		(250,000)		(6,300,000)			(2,050,000)
Net increase (decrease) in shares from share transactions		250,000			2,050,000		(3,700,000	)		8,600,000

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 229

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan U.S. Value Factor ETF
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,345,833		$	1,942,986
Net realized gain (loss)		5,292,681			828,438
Change in net unrealized appreciation/depreciation		54,019,801			(7,042,295	)
Change in net assets resulting from operations		61,658,315			(4,270,871	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(1,307,439	)		(1,990,064	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		618,214,828			1,879,448
NET ASSETS:
Change in net assets		678,565,704			(4,381,487	)
Beginning of period		62,468,155			66,849,642
End of period	$	741,033,859		$	62,468,155
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	636,046,587		$	23,462,558
Cost of shares redeemed		(17,831,759	)		(21,583,110	)
Total change in net assets resulting from capital transactions	$	618,214,828		$	1,879,448
SHARE TRANSACTIONS:
Issued		18,900,000			900,000
Redeemed		(600,000	)		(850,000	)
Net increase in shares from share transactions		18,300,000			50,000

SEE NOTES TO FINANCIAL STATEMENTS.

230 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 231

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan BetaBuilders Canada ETF
Six Months Ended April 30, 2021 (Unaudited) (f)	$	45.99	$	0.67	$	15.37		$	16.04		$	(0.33	)
Year Ended October 31, 2020 (f)		49.78		1.29		(3.82	)		(2.53	)		(1.26	)
Year Ended October 31, 2019 (f)		45.19		1.31		4.47			5.78			(1.19	)
August 7, 2018 (h) through October 31, 2018 (f)		49.31		0.29		(4.31	)		(4.02	)		(0.10	)
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
Six Months Ended April 30, 2021 (Unaudited) (f)		44.97		0.81		13.19			14.00			(0.32	)
Year Ended October 31, 2020 (f)		50.63		1.58		(5.65	)		(4.07	)		(1.59	)
Year Ended October 31, 2019 (f)		45.36		2.10		5.17			7.27			(2.00	)
August 7, 2018 (h) through October 31, 2018 (f)		50.73		0.44		(5.48	)		(5.04	)		(0.33	)
JPMorgan BetaBuilders Europe ETF
Six Months Ended April 30, 2021 (Unaudited) (f)		43.29		0.82		13.31			14.13			(0.30	)
Year Ended October 31, 2020 (f)		48.71		1.08		(5.43	)		(4.35	)		(1.07	)
Year Ended October 31, 2019 (f)		45.19		1.79		3.28			5.07			(1.55	)
June 15, 2018 (h) through October 31, 2018 (f)		49.58		0.26		(4.58	)		(4.32	)		(0.07	)
JPMorgan BetaBuilders International Equity ETF
Six Months Ended April 30, 2021 (Unaudited)		46.20		0.77		12.44			13.21			(0.47	)
December 3, 2019 (h) through October 31, 2020		49.79		1.05		(4.26	)(k)		(3.21	)		(0.38	)
JPMorgan BetaBuilders Japan ETF
Six Months Ended April 30, 2021 (Unaudited) (f)		48.39		0.56		7.27			7.83			(0.31	)
Year Ended October 31, 2020 (f)		49.07		0.84		(0.39	)		0.45			(1.13	)
Year Ended October 31, 2019 (f)		45.45		0.97		2.93			3.90			(0.28	)
June 15, 2018 (h) through October 31, 2018 (f)		49.58		0.48		(4.61	)		(4.13	)		—
JPMorgan BetaBuilders U.S. Equity ETF
Six Months Ended April 30, 2021 (Unaudited)		59.59		0.51		16.94			17.45			(0.47	)
Year Ended October 31, 2020		54.60		1.14		4.83			5.97			(0.98	)
March 12, 2019 (h) through October 31, 2019		50.14		0.68		4.29			4.97			(0.51	)
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
Six Months Ended April 30, 2021 (Unaudited)		64.16		0.43		24.97			25.40			(0.35	)
April 14, 2020 (h) through October 31, 2020		50.78		0.33		13.32	(k)		13.65			(0.27	)
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
November 16, 2020 (h) through April 30, 2021 (Unaudited)		51.27		0.25		14.64			14.89			(0.13	)

(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) Per share amounts reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.

(g) 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.

(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.

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

SEE NOTES TO FINANCIAL STATEMENTS.

232 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

				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)
$	61.70	$	61.72		35.73	%		35.48	%	$	5,250,377,645		0.19	%		2.40	%		0.19	%		1	%
	45.99		23.05		(4.98	)		(4.81	)		3,640,211,260		0.19			2.74			0.19			4
	49.78		24.90		13.08			12.97			3,800,754,020		0.19			2.73			0.34	(g)		7
	45.19		22.62		(8.18	)		(8.05	)(i)		2,044,698,826		0.19	(j)		2.55			0.37	(g)(j)		1
	58.65		58.83		31.99			31.98			3,905,982,530		0.19			2.90			0.19			3
	44.97		22.55		(7.87	)		(7.45	)		1,465,970,894		0.19			3.40			0.19			6
	50.63		25.27		16.18			15.94			1,442,853,830		0.19			4.22			0.39	(g)		7
	45.36		22.69		(9.97	)		(9.93	)(i)		603,313,934		0.19	(j)		3.94			0.45	(g)(j)		2
	57.12		57.28		33.51			33.70			6,226,301,328		0.09			3.10			0.09			3
	43.29		21.67		(8.92	)		(8.90	)		3,701,005,509		0.09			2.33			0.09			5
	48.71		24.39		11.43			11.32			3,853,145,624		0.09			3.83			0.25	(g)		7
	45.19		22.64		(8.75	)		(8.55	)(i)		1,314,930,292		0.09	(j)		1.45			0.34	(g)(j)		2
	58.94		59.05		28.65			28.64			3,406,957,037		0.07			2.74			0.07			2
	46.20		46.29		(6.45	)		(6.27	)(i)		1,866,670,302		0.07			2.40			0.07			8
	55.91		56.00		16.86			16.46			8,230,192,513		0.19			1.98			0.19			1
	48.39		24.32		0.87			1.24			5,323,035,447		0.19			1.77			0.19			5
	49.07		24.57		8.74			9.07			4,318,521,919		0.19			2.14			0.33	(g)		4
	45.45		22.68		(8.35	)		(8.51	)(i)		2,336,087,667		0.19	(j)		2.63			0.37	(g)(j)		5
	76.57		76.63		29.37			29.49			505,376,965		0.02			1.44			0.02			1
	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	(i)		46,409,125		0.02			2.01			0.02			3
	89.21		89.23		39.65			39.90			1,706,195,528		0.07			1.06			0.07			13
	64.16		64.06		26.91			26.70	(i)		988,131,953		0.07			0.91			0.07			7
	66.03		66.01		29.07			29.03	(i)		427,573,386		0.09			0.84			0.09			6

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 233

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 Carbon Transition U.S. Equity ETF
December 9, 2020 (f) through April 30, 2021 (Unaudited)	$	49.29	$	0.27		$	6.80		$	7.07		$	(0.17	)
JPMorgan Diversified Return Emerging Markets Equity ETF
Six Months Ended April 30, 2021 (Unaudited)		46.47		0.56			11.40			11.96			(0.44	)
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
Six Months Ended April 30, 2021 (Unaudited)		49.84		0.71			12.16			12.87			(0.56	)
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	)(i)		(0.09	)		(1.08	)
JPMorgan Diversified Return U.S. Equity ETF
Six Months Ended April 30, 2021 (Unaudited)		73.52		0.82			21.42			22.24			(0.78	)
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	(i)		3.19			(0.26	)
JPMorgan Diversified Return U.S. Mid Cap Equity ETF					��
Six Months Ended April 30, 2021 (Unaudited)		64.77		0.59			21.83			22.42			(0.61	)
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 (f) through October 31, 2016		50.00		0.42			1.23			1.65			—
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Six Months Ended April 30, 2021 (Unaudited)		28.87		0.21			14.16			14.37			(0.27	)
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 (f) through October 31, 2017		25.00		0.28			3.71			3.99			(0.04	)
JPMorgan Emerging Markets Equity Core ETF
March 10, 2021 (f) through April 30, 2021 (Unaudited)		48.00		0.10			1.32			1.42			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

234 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

				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)
$	56.19	$	56.17		14.38	%		14.34	%(g)	$	25,283,691		0.15	%		1.30	%		0.15	%		11	%
	57.99		57.66		25.81			25.80			191,364,085		0.44			2.02			0.44			16
	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	(h)		51
	50.91		50.83		(6.93	)		(7.43	)		213,804,252		0.45			2.80			0.96	(h)		53
	57.15		57.36		18.95			18.65			165,741,046		0.45			2.85			1.06	(h)		60
	48.68		48.98		11.02			11.63			43,809,461		0.45			2.33			1.91	(h)		44
	62.15		62.05		25.92			25.66			870,111,009		0.37			2.42			0.37			22
	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	(h)		25
	53.10		52.98		(6.72	)		(7.22	)		1,444,332,261		0.40			2.57			0.44	(h)		28
	59.18		59.36		20.35			20.30			1,159,887,006		0.43			2.63			0.51	(h)		29
	50.00		50.17		(0.15	)		0.41			470,042,716		0.43			2.56			0.75	(h)		27
	94.98		95.01		30.38			30.45			674,391,548		0.18			1.91			0.18			22
	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	(h)		24
	69.92		69.93		4.74			4.70			559,362,329		0.19			1.95			0.41	(h)		32
	68.52		68.55		20.99			21.02			356,298,771		0.21			1.83			0.47	(h)		27
	57.06		57.08		5.92			5.90			125,538,258		0.29			1.95			0.90	(h)		22
	86.58		86.62		34.74			34.90			242,432,252		0.24			1.54			0.24			21
	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	(h)		25
	62.24		62.25		2.59			2.57			112,028,180		0.24			1.64			0.50	(h)		35
	62.06		62.08		21.25			21.31			62,063,250		0.26			1.54			0.62	(h)		31
	51.65		51.64		3.30			3.28	(g)		36,153,888		0.34	(j)		1.69			1.02	(h)(j)		15
	42.97		42.95		49.93			49.50			169,746,636		0.29			1.09			0.29			21
	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	(h)		43
	29.58		29.58		3.61			3.43			96,135,254		0.29			1.08			0.61	(h)		30
	28.95		29.00		15.96			16.16	(g)		55,011,105		0.31	(j)		1.08			0.97	(h)(j)		24
	49.42		49.55		2.96			3.23	(g)		98,830,934		0.27			1.40			0.32			8

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 235

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
Six Months Ended April 30, 2021 (Unaudited)	$	62.98	$	0.19	$	12.12		$	12.31		$	(0.03	)
May 20, 2020 (f) through October 31, 2020		51.83		0.05		11.10			11.15			—
JPMorgan U.S. Dividend ETF
Six Months Ended April 30, 2021 (Unaudited)		23.31		0.43		9.12			9.55			(0.72	)
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
Six Months Ended April 30, 2021 (Unaudited)		29.06		0.28		5.92			6.20			(0.48	)
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
Six Months Ended April 30, 2021 (Unaudited)		33.68		0.17		7.86			8.03			(0.17	)
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
Six Months Ended April 30, 2021 (Unaudited)		31.53		0.31		7.89			8.20			(0.34	)
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
Six Months Ended April 30, 2021 (Unaudited)		24.99		0.30		10.60			10.90			(0.26	)
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.

236 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

				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)
$	75.26	$	75.12		19.55	%		19.06	%	$	63,974,164		0.55	%		0.52	%		0.55	%		24	%
	62.98		63.12		21.51			21.78	(g)		37,787,658		0.55			0.16			0.55			12
	32.14		32.11		41.57			41.75			28,922,801		0.12			3.10			0.12			23
	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
	34.78		34.78		21.52			21.90			19,126,834		0.12			1.77			0.12			14
	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
	41.54		41.60		23.87			23.83			176,545,086		0.12			0.86			0.12			22
	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
	39.39		39.41		26.12			26.14			334,787,291		0.12			1.72			0.12			11
	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
	35.63		35.61		43.84			44.27			741,033,859		0.12			1.80			0.12			23
	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.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 237

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited)

1. Organization

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

The following are 21 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	Diversified
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF(2)	Diversified
JPMorgan BetaBuilders U.S. Small Cap Equity ETF(3)	Diversified
JPMorgan Carbon Transition U.S. Equity ETF(4)	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 Emerging Markets Equity Core ETF(5)	Diversified
JPMorgan International Growth ETF(6)	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⁾  Commenced operations on December 3, 2019.

⁽²⁾  Commenced operations on April 14, 2020.

⁽³⁾  Commenced operations on November 16, 2020.

⁽⁴⁾  Commenced operations on December 9, 2020.

⁽⁵⁾  Commenced operations on March 10, 2021.

⁽⁶⁾  Commenced operations on May 20, 2020.

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

238 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

The investment objective of JPMorgan Carbon Transition U.S. Equity ETF (“Carbon Transition U.S. Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Asset Management Carbon Transition U.S. Equity Index.

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

The investment objective of JPMorgan Diversified Return U.S. Mid Cap Equity ETF (“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 (“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 Emerging Markets Equity Core ETF (“Emerging Markets Equity Core ETF”) and JPMorgan International Growth ETF (“International Growth ETF”) is to seek long-term capital appreciation.

The investment objective of JPMorgan U.S. Dividend ETF (“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 (“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 (“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 (“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 (“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.
BetaBuilders U.S. Small Cap Equity ETF	NYSE Arca, Inc.
Carbon Transition U.S. Equity ETF	NYSE Arca, Inc.
Emerging Markets Equity ETF	NYSE Arca, Inc.
International Equity ETF	NYSE Arca, Inc.
U.S. Equity ETF	NYSE Arca, Inc.
U.S. Mid Cap Equity ETF	NYSE Arca, Inc.
U.S. Small Cap Equity ETF	NYSE Arca, Inc.
Emerging Markets Equity Core ETF	Cboe BZX Exchange, Inc.
International Growth ETF	NYSE Arca, Inc.
U.S. Dividend ETF	NYSE Arca, Inc.
U.S. Minimum Volatility ETF	NYSE Arca, Inc.
U.S. Momentum Factor ETF	NYSE Arca, Inc.
U.S. Quality Factor ETF	NYSE Arca, Inc.
U.S. Value Factor ETF	NYSE Arca, Inc.

Market prices for the Funds’ shares may be different from their net asset value (“NAV”).

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 239

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

Effective April 12, 2021, BetaBuilders Canada ETF, BetaBuilders Developed Asia-ex Japan ETF, BetaBuilders Europe ETF and BetaBuilders Japan ETF each underwent a 1:2 reverse stock split which resulted in a decrease to each Fund’s shares outstanding and an increase to each Fund’s NAV per share. There was no change to the net assets of each Fund or the value of a shareholder’s investment as a result of this reverse stock split, except to the extent that shareholders held quantities of shares that were not an exact multiple of the reverse split ratio as described below.

The historical share transactions presented in the Statements of Changes in Net Assets and the per share data presented in the Financial Highlights have been adjusted accordingly to give effect to the reverse stock splits.

For shareholders who held quantities of shares that were not an exact multiple of the reverse split ratio (for example, not a multiple of two for a 1:2 reverse split), the reverse split resulted in the creation of a fractional share. Post-split fractional shares were redeemed for cash and sent to the broker of record.

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		50,000
BetaBuilders Developed Asia ex-Japan ETF		100,000
BetaBuilders Europe ETF		100,000
BetaBuilders International Equity ETF		200,000
BetaBuilders Japan ETF		200,000
BetaBuilders U.S. Equity ETF		50,000
BetaBuilders U.S. Mid Cap Equity ETF		25,000
BetaBuilders U.S. Small Cap Equity ETF		25,000
Carbon Transition U.S. Equity ETF		50,000
Emerging Markets Equity ETF		100,000
International Equity ETF		100,000
U.S. Equity ETF		100,000
U.S. Mid Cap Equity ETF		100,000
U.S. Small Cap Equity ETF		50,000
Emerging Markets Equity Core ETF		100,000
International Growth ETF		25,000
U.S. Dividend ETF		50,000
U.S. Minimum Volatility ETF		50,000
U.S. Momentum Factor ETF		50,000
U.S. Quality Factor ETF		50,000
U.S. Value Factor ETF		50,000

Prior to April 12, 2021, the Shares per Creation Unit amounts for BetaBuilders Canada ETF, BetaBuilders Developed Asia-ex Japan ETF, BetaBuilders Europe ETF and BetaBuilders Japan ETF were 100,000, 200,000, 200,000 and 400,000, respectively. These amounts were reduced in connection with the reverse stock split mentioned above.

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.

240 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

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 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.

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

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

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

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

BetaBuilders Canada ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	5,704,345,923	$	—	$	—	$	5,704,345,923
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	399,930	$	—	$	—	$	399,930

(a) Please refer to the SOI for specifics of portfolio holdings.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 241

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (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	$	—	$	2,282,553,399	$	—	$	2,282,553,399
Cambodia		—		4,557,769		—		4,557,769
China		—		76,997,054		—		76,997,054
Hong Kong		6,197,097		905,600,779		—		911,797,876
Macau		—		70,466,464		—		70,466,464
New Zealand		—		98,415,899		—		98,415,899
Singapore		—		373,790,813		—		373,790,813
United Kingdom		—		41,940,297		—		41,940,297
United States		—		27,825,146		—		27,825,146
Total Common Stocks		6,197,097		3,882,147,620		—		3,888,344,717
Short-Term Investments
Investment of Cash Collateral from Securities Loaned		30,636,087		—		—		30,636,087
Total Investments in Securities	$	36,833,184	$	3,882,147,620	$	—	$	3,918,980,804
Appreciation in Other Financial Instruments
Futures Contracts	$	283,992	$	—	$	—	$	283,992

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	$	—	$	113,257,946	$	—		$	113,257,946
Austria		1,198,106		23,623,993		—			24,822,099
Belgium		2,117,378		94,451,763		—			96,569,141
Brazil		—		5,102,082		—			5,102,082
Chile		—		5,059,059		—			5,059,059
China		—		26,142,141		—			26,142,141
Colombia		—		2,277,268		—			2,277,268
Denmark		24,046,487		211,197,670		—			235,244,157
Finland		5,592,116		128,351,693		—			133,943,809
France		—		1,035,304,416		—			1,035,304,416
Germany		—		838,361,855		—			838,361,855
Ireland		—		65,574,462		—			65,574,462
Italy		—		211,395,913		—			211,395,913
Jordan		—		3,079,899		—			3,079,899
Luxembourg		—		19,659,585		—			19,659,585
Mexico		—		1,190,203		—			1,190,203
Netherlands		1,082,114		471,958,299		—			473,040,413
Norway		2,521,148		60,679,781		—			63,200,929
Portugal		11,349,650		2,987,781		—			14,337,431
Russia		—		6,009,430		—			6,009,430
South Africa		—		32,955,882		—			32,955,882
South Korea		—		14,169,960		—			14,169,960
Spain		3,319,943		246,707,093		—			250,027,036
Sweden		6,669,492		359,777,436		—			366,446,928
Switzerland		4,730,030		882,796,476		—			887,526,506
United Arab Emirates		—		—		—	(a)		—	(a)
United Kingdom		11,513,603		1,184,425,519		—			1,195,939,122

242 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

BetaBuilders Europe ETF (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
United States	$	—	$	49,314,826	$	—		$	49,314,826
Total Common Stocks		74,140,067		6,095,812,431		—	(a)		6,169,952,498
Rights		—		53,913		—			53,913
Short-Term Investments
Investment of Cash Collateral from Securities Loaned		281,876,988		—		—			281,876,988
Total Investments in Securities	$	356,017,055	$	6,095,866,344		$—(a)		$	6,451,883,399
Appreciation in Other Financial Instruments
Futures Contracts	$	1,105,813	$	—	$	—		$	1,105,813

(a) Value is zero.

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	$	—	$	271,969,173	$	—		$	271,969,173
Austria		425,931		8,044,029		—			8,469,960
Belgium		719,631		32,209,374		—			32,929,005
Brazil		—		1,733,556		—			1,733,556
Cambodia		—		468,176		—			468,176
Chile		—		1,721,189		—			1,721,189
China		—		16,778,844		—			16,778,844
Colombia		—		774,567		—			774,567
Denmark		8,196,328		72,027,797		—			80,224,125
Finland		1,899,526		43,767,533		—			45,667,059
France		—		353,074,509		—			353,074,509
Germany		—		285,882,645		—			285,882,645
Hong Kong		635,234		92,593,340		—			93,228,574
Ireland		—		22,357,448		—			22,357,448
Israel		—		13,114,988		—			13,114,988
Italy		—		72,099,670		—			72,099,670
Japan		2,565,047		865,330,263		—			867,895,310
Jordan		—		1,048,010		—			1,048,010
Luxembourg		—		6,700,600		—			6,700,600
Macau		—		7,205,888		—			7,205,888
Mexico		—		405,676		—			405,676
Netherlands		366,742		160,908,850		—			161,275,592
New Zealand		—		10,066,436		—			10,066,436
Norway		854,531		20,708,583		—			21,563,114
Portugal		3,875,460		1,014,501		—			4,889,961
Russia		—		2,050,663		—			2,050,663
Singapore		—		38,244,191		—			38,244,191
South Africa		—		11,237,351		—			11,237,351
South Korea		—		4,830,773		—			4,830,773
Spain		1,127,140		84,134,770		—			85,261,910
Sweden		2,286,569		122,618,839		—			124,905,408
Switzerland		1,854,914		301,319,611		—			303,174,525
United Arab Emirates		—		—		—	(a)		—	(a)
United Kingdom		3,926,488		408,168,539		—			412,095,027
United States		—		19,659,377		—			19,659,377
Total Common Stocks		28,733,541		3,354,269,759		—	(a)		3,383,003,300

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 243

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

BetaBuilders International Equity ETF (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Rights	$	—	$	18,922	$	—		$	18,922
Short-Term Investments
Investment Companies		4,298,421		—		—			4,298,421
Investment of Cash Collateral from Securities Loaned		97,963,734		—		—			97,963,734
Total Short-Term Investments		102,262,155		—		—			102,262,155
Total Investments in Securities	$	130,995,696	$	3,354,288,681	$	—	(a)	$	3,485,284,377
Appreciation in Other Financial Instruments
Futures Contracts	$	525,810	$	—	$	—		$	525,810

(a) Value is zero.

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	$	—	$	39,587,050	$	—	$	39,587,050
Airlines		—		12,348,231		—		12,348,231
Auto Components		—		220,547,009		—		220,547,009
Automobiles		—		556,010,081		—		556,010,081
Banks		—		380,919,182		—		380,919,182
Beverages		—		78,729,805		—		78,729,805
Biotechnology		—		7,657,371		—		7,657,371
Building Products		—		156,364,596		—		156,364,596
Capital Markets		—		79,453,668		—		79,453,668
Chemicals		—		383,983,715		—		383,983,715
Commercial Services & Supplies		—		64,663,184		—		64,663,184
Construction & Engineering		—		58,990,296		—		58,990,296
Construction Materials		—		5,824,765		—		5,824,765
Consumer Finance		—		10,746,622		—		10,746,622
Containers & Packaging		—		3,429,368		—		3,429,368
Diversified Consumer Services		—		3,265,904		—		3,265,904
Diversified Financial Services		—		52,224,115		—		52,224,115
Diversified Telecommunication Services		—		59,247,760		—		59,247,760
Electric Utilities		—		57,939,972		—		57,939,972
Electrical Equipment		—		192,675,781		—		192,675,781
Electronic Equipment, Instruments & Components		—		513,436,368		—		513,436,368
Entertainment		—		184,859,362		—		184,859,362
Equity Real Estate Investment Trusts (REITs)		13,296,206		118,972,061		—		132,268,267
Food & Staples Retailing		5,862,741		140,791,137		—		146,653,878
Food Products		5,041,976		121,506,060		—		126,548,036
Gas Utilities		—		39,061,313		—		39,061,313
Health Care Equipment & Supplies		—		216,871,388		—		216,871,388
Health Care Providers & Services		—		19,214,049		—		19,214,049
Health Care Technology		—		53,944,490		—		53,944,490
Hotels, Restaurants & Leisure		—		63,943,328		—		63,943,328
Household Durables		—		359,936,824		—		359,936,824
Household Products		—		49,055,777		—		49,055,777
Independent Power and Renewable Electricity Producers		—		5,085,360		—		5,085,360
Industrial Conglomerates		—		39,103,586		—		39,103,586
Insurance		—		192,578,689		—		192,578,689

244 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

BetaBuilders Japan ETF (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Interactive Media & Services	$	—		$	28,787,256	$	—	$	28,787,256
Internet & Direct Marketing Retail		—			33,884,801		—		33,884,801
IT Services		—			188,730,287		—		188,730,287
Leisure Products		—			86,301,588		—		86,301,588
Machinery		—			459,747,136		—		459,747,136
Marine		—			21,048,784		—		21,048,784
Media		—			41,918,592		—		41,918,592
Metals & Mining		—			81,406,435		—		81,406,435
Multiline Retail		—			57,612,261		—		57,612,261
Oil, Gas & Consumable Fuels		—			49,596,623		—		49,596,623
Paper & Forest Products		—			11,679,524		—		11,679,524
Personal Products		—			132,177,057		—		132,177,057
Pharmaceuticals		—			456,632,747		—		456,632,747
Professional Services		—			159,907,173		—		159,907,173
Real Estate Management & Development		—			189,026,267		—		189,026,267
Road & Rail		—			256,571,294		—		256,571,294
Semiconductors & Semiconductor Equipment		—			256,280,813		—		256,280,813
Software		—			17,918,657		—		17,918,657
Specialty Retail		—			162,964,742		—		162,964,742
Technology Hardware, Storage & Peripherals		—			127,491,115		—		127,491,115
Textiles, Apparel & Luxury Goods		—			5,510,567		—		5,510,567
Tobacco		—			37,663,654		—		37,663,654
Trading Companies & Distributors		—			304,784,884		—		304,784,884
Transportation Infrastructure		—			15,211,184		—		15,211,184
Wireless Telecommunication Services		—			399,036,784		—		399,036,784
Total Common Stocks		24,200,923			8,124,858,492		—		8,149,059,415
Short-Term Investments
Investment of Cash Collateral from Securities Loaned		8,342,532			—		—		8,342,532
Total Investments in Securities	$	32,543,455		$	8,124,858,492	$	—	$	8,157,401,947
Depreciation in Other Financial Instruments
Futures Contracts	$	(2,598,270	)	$	—	$	—	$	(2,598,270	)
		��

BetaBuilders U.S. Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	505,110,136	$	—	$	—	$	505,110,136
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	98,456	$	—	$	—	$	98,456

(a) Please refer to the SOI for specifics of portfolio holdings.

BetaBuilders U.S. Mid Cap Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,739,332,716	$	—	$	—	$	1,739,332,716
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	146,438	$	—	$	—	$	146,438

(a) Please refer to the SOI for specifics of portfolio holdings.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 245

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

BetaBuilders U.S. Small Cap Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	433,519,803	$	—	$	—	$	433,519,803
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	40,946	$	—	$	—	$	40,946

(a) Please refer to the SOI for specifics of portfolio holdings.

Carbon Transition U.S. Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	25,261,950	$	—	$	—	$	25,261,950
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	1,398	$	—	$	—	$	1,398

(a) Please refer to the SOI for specifics of portfolio holdings.

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	$	—	$	217,597	$	—	$	217,597
Brazil		21,335,020		—		—		21,335,020
Chile		2,995,787		—		—		2,995,787
China		1,370,545		47,161,328		180,506		48,712,379
Colombia		573,046		—		—		573,046
Czech Republic		98,393		121,170		—		219,563
Egypt		—		444,548		—		444,548
Greece		—		2,014,316		—		2,014,316
Hong Kong		—		725,835		—		725,835
Hungary		—		1,316,727		—		1,316,727
India		—		17,323,633		—		17,323,633
Indonesia		—		6,399,110		—		6,399,110
Kuwait		260,075		2,591,311		—		2,851,386
Malaysia		513,319		4,668,357		—		5,181,676
Mexico		9,483,845		—		—		9,483,845
Pakistan		—		83,138		—		83,138
Philippines		469,340		776,407		—		1,245,747
Qatar		1,462,002		1,637,053		—		3,099,055
Russia		10,883,018		—		—		10,883,018
Saudi Arabia		1,421,164		5,042,709		—		6,463,873
South Africa		3,890,272		8,712,067		—		12,602,339
Taiwan		640,819		22,837,687		—		23,478,506
Thailand		3,921,381		2,060,294		—		5,981,675
Turkey		2,864,807		1,429,097		—		4,293,904
United Arab Emirates		846,877		1,853,785		—		2,700,662
United States		668,258		—		—		668,258
Total Common Stocks		63,697,968		127,416,169		180,506		191,294,643

246 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

Emerging Markets Equity ETF (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Rights	$	—	$	—	$	—	(a)	$	—	(a)
Short-Term Investments
Investment of Cash Collateral from Securities Loaned		249,000		—		—			249,000
Total Investments in Securities	$	63,946,968	$	127,416,169	$	180,506		$	191,543,643

(a) Value is zero.

There were no significant transfers into or out of level 3 for the six months ended April 30, 2021.

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	$	—	$	85,135,469	$	2,468,360		$	87,603,829
Austria		—		1,122,534		—			1,122,534
Belgium		1,880,921		3,650,775		—			5,531,696
Brazil		—		2,603,620		—			2,603,620
Cambodia		—		442,523		—			442,523
Chile		—		3,647,327		—			3,647,327
China		—		11,176,535		—			11,176,535
Denmark		—		7,744,739		—			7,744,739
Finland		524,217		18,520,466		—			19,044,683
France		—		32,898,058		—			32,898,058
Germany		—		27,212,476		—			27,212,476
Hong Kong		—		35,746,369		—			35,746,369
Indonesia		—		991,405		—			991,405
Ireland		—		4,401,793		—			4,401,793
Italy		—		13,269,036		—			13,269,036
Japan		4,060,404		240,246,536		—			244,306,940
Jordan		—		2,956,257		—			2,956,257
Luxembourg		—		1,298,918		—			1,298,918
Netherlands		—		22,919,083		—			22,919,083
New Zealand		—		7,800,240		—			7,800,240
Norway		—		7,842,843		—	��		7,842,843
Portugal		4,539,101		246,405		—			4,785,506
Russia		—		4,220,795		—			4,220,795
Singapore		—		18,701,934		—			18,701,934
South Africa		—		1,952,626		—			1,952,626
South Korea		—		73,722,382		—			73,722,382
Spain		—		13,922,978		—			13,922,978
Sweden		—		37,256,570		—			37,256,570
Switzerland		—		18,166,294		—			18,166,294
United Kingdom		4,057,702		139,985,660		—			144,043,362
United States		—		5,684,669		—			5,684,669
Total Common Stocks		15,062,345		845,487,315		2,468,360			863,018,020
Short-Term Investments
Investment of Cash Collateral from Securities Loaned		13,417,589		—		—			13,417,589
Total Investments in Securities	$	28,479,934	$	845,487,315	$	2,468,360		$	876,435,609
Appreciation in Other Financial Instruments
Futures Contracts	$	202,916	$	—	$	—		$	202,916

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 247

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

There were no significant transfers into or out of level 3 for the six months ended April 30, 2021.

U.S. Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	687,736,645	$	—	$	—	$	687,736,645
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	41,054	$	—	$	—	$	41,054

(a) Please refer to the SOI for specifics of portfolio holdings.

U.S. Mid Cap Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	251,309,145	$	—	$	—	$	251,309,145

(a) Please refer to the SOI for specifics of portfolio holdings.

U.S. Small Cap Equity ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Aerospace & Defense	$	172,288	$	—	$	—	$	172,288
Automobiles & Parts		1,226,862		—		—		1,226,862
Banks		9,354,088		—		—		9,354,088
Beverages		1,449,782		—		—		1,449,782
Chemicals		5,697,638		—		—		5,697,638
Construction & Materials		6,589,790		—		—		6,589,790
Consumer Services		972,270		—		—		972,270
Electricity		3,507,366		—		—		3,507,366
Electronic & Electrical Equipment		1,738,282		—		—		1,738,282
Finance & Credit Services		1,790,595		—		—		1,790,595
Food Producers		5,419,259		—		—		5,419,259
Gas, Water & Multi-utilities		5,443,031		—		—		5,443,031
General Industrials		1,873,289		—		—		1,873,289
Health Care Providers		5,477,247		—		—		5,477,247
Household Goods & Home Construction		3,266,419		—		—		3,266,419
Industrial Engineering		2,996,068		—		—		2,996,068
Industrial Materials		4,187,369		—		—		4,187,369
Industrial Metals & Mining		7,258,095		—		—		7,258,095
Industrial Support Services		4,202,332		—		—		4,202,332
Industrial Transportation		3,996,581		—		—		3,996,581
Investment Banking & Brokerage Services		4,080,111		—		—		4,080,111
Leisure Goods		3,529,389		—		—		3,529,389
Life Insurance		865,430		—		—		865,430
Media		228,506		—		—		228,506
Medical Equipment & Services		6,747,278		—		—		6,747,278
Mortgage Real Estate Investment Trusts		3,457,706		—		—		3,457,706
Non-life Insurance		2,841,647		—		—		2,841,647
Non-Renewable Energy		9,481,639		—		—		9,481,639
Personal Care, Drug & Grocery Stores		2,724,866		—		—		2,724,866
Personal Goods		1,502,818		—		—		1,502,818

248 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

U.S. Small Cap Equity ETF (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Pharmaceuticals, Biotechnology & Marijuana Producers	$	6,716,881	$	—	$	56,432	$	6,773,313
Precious Metals & Mining		1,230,260		—		—		1,230,260
Real Estate Investment & Services		1,389,595		—		—		1,389,595
Real Estate Investment Trusts		13,930,050		—		—		13,930,050
Renewable Energy		1,736,166		—		—		1,736,166
Retailers		5,187,297		—		—		5,187,297
Software & Computer Services		8,467,540		—		—		8,467,540
Technology Hardware & Equipment		11,095,982		—		—		11,095,982
Telecommunications Equipment		2,943,691		—		—		2,943,691
Telecommunications Service Providers		3,316,114		—		—		3,316,114
Tobacco		884,476		—		—		884,476
Travel & Leisure		268,393		—		—		268,393
Waste & Disposal Services		331,217		—		—		331,217
Total Common Stocks		169,575,703		—		56,432		169,632,135
Rights		—		—		6,379		6,379
Short-Term Investments
Investment Companies		98,178		—		—		98,178
Investment of Cash Collateral from Securities Loaned		19,758,314		—		—		19,758,314
Total Short-Term Investments		19,856,492		—		—		19,856,492
Total Investments in Securities	$	189,432,195	$	—	$	62,811	$	189,495,006
Appreciation in Other Financial Instruments
Futures	$	87	$	—	$	—	$	87

There were no significant transfers into or out of level 3 for the six months ended April 30, 2021.

Emerging Markets Equity Core ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Argentina	$	713,225	$	—	$	—	$	713,225
Brazil		3,726,677		—		—		3,726,677
Canada		59,236		—		—		59,236
Chile		155,799		—		—		155,799
China		2,651,492		34,854,141		11,947		37,517,580
Egypt		—		97,871		—		97,871
Germany		24,397		—		—		24,397
Ghana		37,692		—		—		37,692
Greece		—		156,330		—		156,330
Hong Kong		—		2,348,640		—		2,348,640
Hungary		—		183,337		—		183,337
India		936,270		—		—		936,270
Indonesia		—		1,205,915		—		1,205,915
Ivory Coast		64,123		—		—		64,123
Kenya		177,612		—		—		177,612
Macau		—		109,784		—		109,784
Malaysia		—		295,980		—		295,980
Mexico		2,555,540		—		—		2,555,540
Norway		—		51,117		—		51,117
Panama		38,233		—		—		38,233
Peru		162,503		—		—		162,503
Philippines		—		146,438		—		146,438

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 249

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

Emerging Markets Equity Core ETF (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Poland	$	242,559	$	73,105	$	—	$	315,664
Portugal		212,554		—		—		212,554
Qatar		103,565		—		—		103,565
Russia		1,261,600		4,136,739		—		5,398,339
Saudi Arabia		371,892		876,407		—		1,248,299
Singapore		—		37,083		—		37,083
South Africa		777,733		1,655,989		—		2,433,722
South Korea		—		10,985,856		—		10,985,856
Taiwan		749,747		15,380,866		—		16,130,613
Tanzania, United Republic of		—		44,926		—		44,926
Thailand		517,039		496,648		—		1,013,687
Turkey		195,074		34,046		—		229,120
United Arab Emirates		—		176,317		—		176,317
United States		792,336		245,165		—		1,037,501
Total Common Stocks		16,526,898		73,592,700		11,947		90,131,545
Exchange-Traded Funds		8,165,728		—		—		8,165,728
Rights		—		833		—		833
Short-Term Investments
Investment of Cash Collateral from Securities Loaned		58,611		—		—		58,611
Total Investments in Securities	$	24,751,237	$	73,593,533	$	11,947	$	98,356,717

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	$	—	$	1,699,788	$	—	$	1,699,788
Brazil		625,040		—		—		625,040
Canada		2,282,141		—		—		2,282,141
China		1,853,091		6,113,590		—		7,966,681
Denmark		—		2,919,306		—		2,919,306
Finland		—		1,008,487		—		1,008,487
France		—		3,730,509		—		3,730,509
Germany		—		3,710,389		—		3,710,389
Hong Kong		—		3,748,928		—		3,748,928
India		786,925		—		—		786,925
Indonesia		—		928,451		—		928,451
Japan		—		6,913,038		—		6,913,038
Netherlands		434,378		4,406,223		—		4,840,601
Poland		605,303		—		—		605,303
South Korea		—		2,133,134		—		2,133,134
Spain		—		917,526		—		917,526
Sweden		—		2,053,378		—		2,053,378
Switzerland		—		4,318,103		—		4,318,103
Taiwan		4,335,933		—		—		4,335,933
United Kingdom		—		5,970,639		—		5,970,639
United States		1,530,432		—		—		1,530,432
Total Common Stocks		12,453,243		50,571,489		—		63,024,732
Total Investments in Securities	$	12,453,243	$	50,571,489	$	—	$	63,024,732

250 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

U.S. Dividend ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	28,929,850	$	—	$	—	$	28,929,850
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	1,381	$	—	$	—	$	1,381

(a) Please refer to the SOI for specifics of portfolio holdings.

U.S. Minimum Volatility ETF

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	19,232,310		$	—	$	—	$	19,232,310
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(170	)	$	—	$	—	$	(170	)

(a) Please refer to the SOI for specifics of portfolio holdings.

U.S. Momentum Factor ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	177,270,611	$	—	$	—	$	177,270,611
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	6,176	$	—	$	—	$	6,176

(a) Please refer to the SOI for specifics of portfolio holdings.

U.S. Quality Factor ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	336,993,002	$	—	$	—	$	336,993,002
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	46,980	$	—	$	—	$	46,980

(a) Please refer to the SOI for specifics of portfolio holdings.

U.S. Value Factor ETF

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	752,980,287	$	—	$	—	$	752,980,287
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	46,913	$	—	$	—	$	46,913

(a) Please refer to the SOI for specifics of portfolio holdings.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 251

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of April 30, 2021, 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 the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the 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.

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 they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. 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 April 30, 2021.

	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	$	457,124,346	$	(457,124,346	)	$	—
BetaBuilders Developed Asia ex-Japan ETF		28,222,332		(28,222,332	)		—
BetaBuilders Europe ETF		255,212,673		(255,212,673	)		—
BetaBuilders International Equity ETF		85,745,968		(85,745,968	)		—
BetaBuilders Japan ETF		7,899,542		(7,899,542	)		—
BetaBuilders U.S. Equity ETF		163,728		(163,728	)		—
BetaBuilders U.S. Mid Cap Equity ETF		32,625,500		(32,625,500	)		—
BetaBuilders U.S. Small Cap Equity ETF		5,842,342		(5,842,342	)		—
Emerging Markets Equity ETF		55,846		(55,846	)		—
International Equity ETF		11,922,920		(11,922,920	)		—
U.S. Equity ETF		13,557,278		(13,557,278	)		—
U.S. Mid Cap Equity ETF		8,652,275		(8,652,275	)		—
U.S. Small Cap Equity ETF		18,953,736		(18,953,736	)		—
Emerging Markets Equity Core ETF		58,164		(58,164	)		—
U.S. Minimum Volatility ETF		119,697		(119,697	)		—
U.S. Momentum Factor ETF		803,494		(803,494	)		—
U.S. Quality Factor ETF		2,397,758		(2,397,758	)		—
U.S. Value Factor ETF		12,206,471		(12,206,471	)		—

* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

252 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

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 six months ended April 30, 2021, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:

BetaBuilders Canada ETF	$	48,181
BetaBuilders Developed Asia ex-Japan ETF		1,102
BetaBuilders Europe ETF		5,030
BetaBuilders International Equity ETF		1,062
BetaBuilders Japan ETF		3,267
BetaBuilders U.S. Equity ETF		89
BetaBuilders U.S. Mid Cap Equity ETF		1,494
BetaBuilders U.S. Small Cap Equity ETF		153
Emerging Markets Equity ETF		58
International Equity ETF		864
U.S. Equity ETF		567
U.S. Mid Cap Equity ETF		580
U.S. Small Cap Equity ETF		1,093
U.S. Dividend ETF		50
U.S. Minimum Volatility ETF		36
U.S. Momentum Factor ETF		150
U.S. Quality Factor ETF		400
U.S. Value Factor ETF		245

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).

Carbon Transition U.S. Equity ETF and International Growth ETF and did not lend out any securities during the six months ended April 30, 2021. U.S. Dividend ETF did not have any securities out on loan at April 30, 2021.

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 a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be an affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below.

BetaBuilders Canada ETF

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a)(b)	$	242,096,062	$	1,247,125,000	$	1,188,700,000	$	—	$	—	$	300,521,062		300,491,013	$	160,828	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		42,762,729		3,543,451,745		3,404,585,987		—		—		181,628,487		181,628,487		23,905	*		—
Total	$	284,858,791	$	4,790,576,745	$	4,593,285,987	$	—	$	—	$	482,149,549			$	184,733		$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 253

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

BetaBuilders Developed Asia ex-Japan ETF

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a)(b)	$	5,987,503	$	122,000,000	$	101,000,000	$	(497	)*	$	497	$	26,987,503		26,984,804	$	10,728	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		2,214,888		67,643,278		66,209,582		—			—		3,648,584		3,648,584		527	*		—
Total	$	8,202,391	$	189,643,278	$	167,209,582	$	(497	)	$	497	$	30,636,087			$	11,255		$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

BetaBuilders Europe ETF

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a)(b)	$	99,118,066	$	352,000,000	$	214,000,000	$	(5,824	)*	$	5,824	$	237,118,066		237,094,357	$	48,915	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		17,023,688		237,164,259		209,429,025		—			—		44,758,922		44,758,922		2,511	*		—
Total	$	116,141,754	$	589,164,259	$	423,429,025	$	(5,824	)	$	5,824	$	281,876,988			$	51,426		$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

BetaBuilders International Equity ETF

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a)(b)	$	19,997,201	$	141,000,000	$	73,500,000	$	(200	)*	$	200	$	87,497,201		87,488,453	$	11,649	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		2,320,963		74,458,751		66,313,181		—			—		10,466,533		10,466,533		509	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		5,136,138		44,643,644		45,481,361		—			—		4,298,421		4,298,421		647			—
Total	$	27,454,302	$	260,102,395	$	185,294,542	$	(200	)	$	200	$	102,262,155			$	12,805		$	—

(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.

254 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

(b) The rate shown is the current yield as of April 30, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

BetaBuilders Japan ETF

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a)(b)	$	3,989,013	$	199,000,000	$	196,000,000	$	(797	)*	$	797	$	6,989,013		6,988,314	$	23,432	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		1,126,935		174,407,142		174,180,558		—			—		1,353,519		1,353,519		1,396	*		—
Total	$	5,115,948	$	373,407,142	$	370,180,558	$	(797	)	$	797	$	8,342,532			$	24,828		$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

BetaBuilders U.S. Equity ETF

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Chase & Co. (a)	$	2,470,706	$	2,716,716	$	320,530	$	66,388		$	1,418,919	$	6,352,199		41,299	$	56,550		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares (b)		149,910		—		149,910		(15	)*		15		—		—		61	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b)(c)		103,441		2,813,167		2,747,610		—			—		168,998		168,998		28	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (b)(c)		1,117,563		4,399,291		3,536,711		—			—		1,980,143		1,980,143		155			—
Total	$	3,841,620	$	9,929,174	$	6,754,761	$	66,373		$	1,418,934	$	8,501,340			$	56,794		$	—

(a) Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.

(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(c) The rate shown is the current yield as of April 30, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 255

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

BetaBuilders U.S. Mid Cap Equity ETF

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a)(b)	$	—	$	86,000,000	$	56,500,000	$	—	$	—	$	29,500,000		29,497,050	$	7,337	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		12,084,091		68,967,336		76,854,228		—		—		4,197,199		4,197,199		692	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		2,909,004		37,506,821		36,289,052		—		—		4,126,773		4,126,773		376			—
Total	$	14,993,095	$	192,474,157	$	169,643,280	$	—	$	—	$	37,823,972			$	8,405		$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

BetaBuilders U.S. Small Cap Equity ETF

	For the period ended April 30, 2021
Security Description	Value at November 16, 2020 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b)(c)	$	—	$	10,086,748	$	6,096,999	$	—	$	—	$	3,989,749		3,989,749	$	124		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b)(c)		—		13,602,377		7,494,157		—		—		6,108,220		6,108,220		208	*		—
Total	$	—	$	23,689,125	$	13,591,156	$	—	$	—	$	10,097,969			$	332		$	—

(a) Commencement of operations was November 16, 2020.

(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(c) The rate shown is the current yield as of April 30, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

Carbon Transition U.S. Equity ETF

	For the period ended April 30, 2021
Security Description	Value at December 9, 2020 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b)(c)	$	—	$	214,099	$	177,882	$	—	$	—	$	36,217		36,217	$	4	$	—

(a) Commencement of operations was December 9, 2020.

256 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(c) The rate shown is the current yield as of April 30, 2021.

Emerging Markets Equity ETF

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)	$	137,511	$	3,373,967	$	3,262,478	$	—	$	—	$	249,000		249,000	$	26	*	$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

International Equity ETF

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares (a)	$	209,263	$	24,846,126	$	25,054,697	$	(713	)	$	21	$	—		—	$	553		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a)(b)		2,258,649		55,000,000		46,500,000		(252	)*		252		10,758,649		10,757,573		4,485	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		1,193,251		48,778,716		47,313,027		—			—		2,658,940		2,658,940		365	*	$	—
Total	$	3,661,163	$	128,624,842	$	118,867,724	$	(965	)	$	273	$	13,417,589			$	5,403		$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 257

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

U.S. Equity ETF

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a)(b)	$	5,006,400	$	34,000,000	$	27,800,000	$	(701	)*	$	701	$	11,206,400		11,205,279	$	2,798	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		1,333,596		30,094,672		28,642,052		—			—		2,786,216		2,786,216		203	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		773,854		13,686,055		14,212,808		—			—		247,101		247,101		170			—
Total	$	7,113,850	$	77,780,727	$	70,654,860	$	(701	)	$	701	$	14,239,717			$	3,171		$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

U.S. Mid Cap Equity ETF

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a)(b)	$	500	$	23,200,000	$	16,000,000	$	—	$	—	$	7,200,500		7,199,780	$	2,525	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		3,052,553		31,835,241		33,126,206		—		—		1,761,588		1,761,588		222	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		147,665		6,287,421		6,307,216		—		—		127,870		127,870		56			—
Total	$	3,200,718	$	61,322,662	$	55,433,422	$	—	$	—	$	9,089,958			$	2,803		$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

258 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

U.S. Small Cap Equity ETF

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a)(b)	$	15,997,497	$	28,250,000	$	26,900,000	$	(2,800	)*	$	2,800	$	17,347,497		17,345,763	$	12,584	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		2,483,386		36,476,866		36,549,435		—			—		2,410,817		2,410,817		458	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		224,874		6,383,456		6,510,152		—			—		98,178		98,178		54			—
Total	$	18,705,757	$	71,110,322	$	69,959,587	$	(2,800	)	$	2,800	$	19,856,492			$	13,096		$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

Emerging Markets Equity Core ETF

	For the period ended April 30, 2021
Security Description	Value at March 10, 2021 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares (b)	$	—	$	1,774,049	$	1,774,049	$	—	$	—	$	—		—	$	13	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b)(c)		—		62,798		4,187		—		—		58,611	��	58,611		—		—
Total	$	—	$	1,836,847	$	1,778,236	$	—	$	—	$	58,611			$	13	$	—

(a) Commencement of operations was March 10, 2021.

(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(c) The rate shown is the current yield as of April 30, 2021.

International Growth ETF

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)	$	469,916	$	7	$	469,923	$	—	$	—	$	—		—	$	4	$	—

(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.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 259

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

U.S. Dividend ETF

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares (a)	$	399,910	$	—	$	399,910	$	(60	)*	$	60	$	—		—	$	87	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		218,497		1,394,811		1,613,308		—			—		—		—		11	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		83,190		892,005		920,784		—			—		54,411		54,411		6			—
Total	$	701,597	$	2,286,816	$	2,934,002	$	(60	)	$	60	$	54,411			$	104		$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

U.S. Minimum Volatility ETF

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a)(b)	$	249,950	$	—	$	225,000	$	(45	)*	$	45	$	24,950		24,948	$	47	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		205,400		1,678,342		1,785,101		—			—		98,641		98,641		11	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		79,780		794,198		857,132		—			—		16,846		16,846		6			—
Total	$	535,130	$	2,472,540	$	2,867,233	$	(45	)	$	45	$	140,437			$	64		$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

U.S. Momentum Factor ETF

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares (a)	$	399,860	$	—	$	399,860	$	(50	)*	$	50	$	—		—	$	71	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		800,674		7,148,108		7,113,683		—			—		835,099		835,099		69	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		205,755		2,491,993		2,654,875		—			—		42,873		42,873		26			—
Total	$	1,406,289	$	9,640,101	$	10,168,418	$	(50	)	$	50	$	877,972			$	166		$	—

(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.

260 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

(b) The rate shown is the current yield as of April 30, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

U.S. Quality Factor ETF

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a)(b)	$	2,749,650	$	10,500,000	$	11,000,000	$	(350	)*	$	350	$	2,249,650		2,249,425	$	1,765	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		530,051		25,873,350		26,153,027		—			—		250,374		250,374		169	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		104,552		7,242,310		6,764,003		—			—		582,859		582,859		99			—
Total	$	3,384,253	$	43,615,660	$	43,917,030	$	(350	)	$	350	$	3,082,883			$	2,033		$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

U.S. Value Factor ETF

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a)(b)	$	499,900	$	22,300,000	$	11,500,000	$	(100	)*	$	100	$	11,299,900		11,298,770	$	1,951	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		249,858		26,412,535		25,322,237		—			—		1,340,156		1,340,156		162	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)		104,469		6,463,359		5,974,481		—			—		593,347		593,347		48			—
Total	$	854,227	$	55,175,894	$	42,796,718	$	(100	)	$	100	$	13,233,403			$	2,161		$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2021.

  * 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

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 261

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

assets and liabilities denominated in foreign currencies, which are held at period 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, except for Emerging Markets Equity Core ETF and International Growth ETF, 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 on 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 trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended April 30, 2021:

	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		BetaBuilders U.S. Small Cap Equity ETF			Carbon Transition U.S. Equity ETF			Emerging Markets Equity ETF
Futures Contracts — Equity:
Average Notional Balance Long	$	24,917,592	$	14,832,823	$	30,387,456	$	13,796,325	$	44,103,469	$	1,623,259	$	2,831,860	$	1,051,049	(a)	$	42,878	(b)	$	94,089
Ending Notional Balance Long		26,039,946		17,070,970		55,816,083		23,694,300		80,360,692		2,337,580		4,355,200		4,410,900			41,743			—

	International Equity ETF		U.S. Equity ETF		U.S. Mid Cap Equity ETF			U.S. Small Cap Equity ETF		U.S. Dividend ETF		U.S. Minimum Volatility ETF		U.S. Momentum Factor ETF		U.S. Quality Factor ETF		U.S. Value Factor ETF
Futures Contracts — Equity:
Average Notional Balance Long	$	6,720,216	$	1,379,959	$	431,327	(c)	$	420,683	$	69,272	$	64,395	$	183,661	$	918,760	$	570,097
Ending Notional Balance Long		8,687,910		834,850		—			452,400		20,871		20,871		146,099		855,721		1,252,275

(a) For the period November 1, 2020 through April 30, 2021.

(b) For the period December 9, 2020 through April 30, 2021.

(c) For the period November 1, 2020 through March 31, 2021.

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. 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.

262 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2021, 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 at least quarterly, except for BetaBuilders Japan ETF, Emerging Markets Equity Core ETF and International Growth ETF, for which distributions are generally declared and paid at least 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.

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
BetaBuilders U.S. Small Cap Equity ETF	0.09
Carbon Transition U.S. Equity ETF	0.15
Emerging Markets Equity ETF	0.44
International Equity ETF	0.37
U.S. Equity ETF	0.18
U.S. Mid Cap Equity ETF	0.24
U.S. Small Cap Equity ETF	0.29
Emerging Markets Equity Core ETF	0.33
International Growth ETF	0.55
U.S. Dividend ETF	0.12
U.S. Minimum Volatility ETF	0.12
U.S. Momentum Factor ETF	0.12
U.S. Quality Factor ETF	0.12
U.S. Value Factor ETF	0.12

Under 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.

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 management fees payable to JPMIM.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 263

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

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 that are covered by 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 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 six months ended April 30, 2021, 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	$	59,452,921	$	47,915,178
BetaBuilders Developed Asia ex-Japan ETF		302,802,453		82,416,637
BetaBuilders Europe ETF		115,407,955		109,305,816
BetaBuilders International Equity ETF		94,394,023		63,594,752
BetaBuilders Japan ETF		79,338,305		108,498,650
BetaBuilders U.S. Equity ETF		6,415,114		4,909,458
BetaBuilders U.S. Mid Cap Equity ETF		191,375,703		195,124,337
BetaBuilders U.S. Small Cap Equity ETF		9,667,813		7,161,361
Carbon Transition U.S. Equity ETF		22,134,278		2,411,150
Emerging Markets Equity ETF		36,087,040		78,931,652
International Equity ETF		193,335,180		208,981,660
U.S. Equity ETF		135,857,034		136,190,415
U.S. Mid Cap Equity ETF		50,539,451		51,226,123
U.S. Small Cap Equity ETF		34,853,089		35,427,505
Emerging Markets Equity Core ETF		61,450,773		4,212,174
International Growth ETF		13,075,493		11,893,154
U.S. Dividend ETF		5,365,567		5,832,670
U.S. Minimum Volatility ETF		3,200,243		3,475,349
U.S. Momentum Factor ETF		34,925,867		34,512,909
U.S. Quality Factor ETF		45,213,820		48,617,353
U.S. Value Factor ETF		76,656,008		66,329,844

During the six months ended April 30, 2021, there were no purchases or sales of U.S. Government securities.

264 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

For the six months ended April 30, 2021, in-kind transactions associated with creations and redemptions were:

	In-Kind Creations		In-Kind Redemptions
BetaBuilders Canada ETF	$	342,001,303	$	—
BetaBuilders Developed Asia ex-Japan ETF		1,699,349,557		7,919,941
BetaBuilders Europe ETF		2,618,741,237		1,256,565,416
BetaBuilders International Equity ETF		1,099,783,788		163,774,072
BetaBuilders Japan ETF		2,171,595,367		62,317,653
BetaBuilders U.S. Equity ETF		213,064,092		25,491,464
BetaBuilders U.S. Mid Cap Equity ETF		794,220,030		496,399,727
BetaBuilders U.S. Small Cap Equity ETF		437,402,950		40,045,247
Carbon Transition U.S. Equity ETF		2,467,485		—
Emerging Markets Equity ETF		—		30,248,382
International Equity ETF		—		179,274,315
U.S. Equity ETF		89,767,576		104,963,273
U.S. Mid Cap Equity ETF		32,033,147		80,131,779
U.S. Small Cap Equity ETF		34,397,085		80,928,908
Emerging Markets Equity Core ETF		39,344,773		—
International Growth ETF		17,732,052		—
U.S. Dividend ETF		12,198,686		26,475,622
U.S. Minimum Volatility ETF		—		23,283,425
U.S. Momentum Factor ETF		25,290,186		15,001,923
U.S. Quality Factor ETF		93,655,915		231,168,981
U.S. Value Factor ETF		625,365,782		17,337,101

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2021 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
BetaBuilders Canada ETF	$	4,542,229,142	$	1,247,690,609	$	85,173,898	$	1,162,516,711
BetaBuilders Developed Asia ex-Japan ETF		3,485,078,006		495,751,805		61,565,015		434,186,790
BetaBuilders Europe ETF		6,059,093,664		569,852,599		175,957,051		393,895,548
BetaBuilders International Equity ETF		2,960,600,892		557,259,402		32,050,107		525,209,295
BetaBuilders Japan ETF		7,333,923,234		1,063,643,928		242,763,485		820,880,443
BetaBuilders U.S. Equity ETF		421,461,420		85,000,902		1,253,730		83,747,172
BetaBuilders U.S. Mid Cap Equity ETF		1,471,446,589		311,840,701		43,808,136		268,032,565
BetaBuilders U.S. Small Cap Equity ETF		414,325,560		31,263,493		12,028,304		19,235,189
Carbon Transition U.S. Equity ETF		22,302,765		3,097,592		137,009		2,960,583
Emerging Markets Equity ETF		162,675,126		40,780,250		11,911,733		28,868,517
International Equity ETF		787,677,926		143,800,550		54,839,951		88,960,599
U.S. Equity ETF		551,110,738		146,375,596		9,708,635		136,666,961
U.S. Mid Cap Equity ETF		196,750,168		57,429,444		2,870,467		54,558,977
U.S. Small Cap Equity ETF		164,946,423		30,002,696		5,454,026		24,548,670
Emerging Markets Equity Core ETF		96,568,007		3,769,261		1,980,551		1,788,710
International Growth ETF		52,788,546		10,767,528		531,342		10,236,186
U.S. Dividend ETF		27,191,037		2,434,325		694,131		1,740,194
U.S. Minimum Volatility ETF		17,458,766		2,377,627		604,253		1,773,374
U.S. Momentum Factor ETF		132,968,740		45,207,705		899,658		44,308,047
U.S. Quality Factor ETF		290,516,765		50,200,960		3,677,743		46,523,217
U.S. Value Factor ETF		701,917,467		55,742,732		4,632,999		51,109,733

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 265

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

At October 31, 2020, the following Funds had net capital loss carryforwards which are available to offset future realized gains:

	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
U.S. Equity ETF		23,715,600		17,833,141
U.S. Mid Cap Equity ETF		8,044,136		4,628,435
U.S. Small Cap Equity ETF		6,946,907		4,234,509
International Growth ETF		52,151		—
U.S. Dividend ETF		973,838		850,992
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. Value Factor ETF		1,803,584		1,002,073

During the year ended October 31, 2020, the following Funds 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.

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, BetaBuilders U.S. Small Cap Equity ETF, Carbon Transition U.S. Equity ETF, Emerging Markets Equity Core ETF and International Equity ETF, and plus at least 110% for Emerging Markets Equity ETF of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of April 30, 2021, JPMorgan SmartRetirement Funds and SmartRetirement Blend Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	JPMorgan SmartRetirement Blend Funds			SmartRetirement Funds
BetaBuilders International Equity ETF		90.6	%		—	%
BetaBuilders U.S. Mid Cap Equity ETF		37.7			60.2
BetaBuilders U.S. Small Cap Equity ETF		97.6			—
U.S. Value Factor ETF		63.2			—

266 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.

As of April 30, 2021, the Adviser owned shares representing more than 10% of net assets of the following Funds:

	% of Ownership
Carbon Transition U.S. Equity ETF		89	%
Emerging Markets Equity Core ETF		25
International Growth ETF		15

Significant shareholder transactions by the Adviser may impact the Funds’ performance.

BetaBuilders Canada ETF, BetaBuilders Developed Asia ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, Emerging Markets Equity ETF, Emerging Markets Equity Core 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 countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.

As of April 30, 2021, 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			Emerging Markets Equity Core ETF			International Growth ETF
Australia		—	%		58.7	%		—	%		—	%		—	%		—	%		10.2	%		—	%		—	%
Brazil		—			—			—			—			—			11.2			—			—			—
Canada		95.3			—			—			—			—			—			—			—			—
China		—			—			—			—			—			25.5			—			38.2			12.6
France		—			—			16.8			10.4			—			—			—			—			—
Germany		—			—			13.6			—			—			—			—			—			—
Hong Kong		—			23.4			—			—			—			—			—			—			—
Japan		—			—			—			25.6			100.0			—			28.3			—			11.0
South Korea		—			—			—			—			—			—			—			11.2			—
Switzerland		—			—			14.4			—			—			—			—			—			—
Taiwan		—			—			—			—			—			12.3			—			16.4			—
United Kingdom		—			—			19.4			12.2			—			—			16.7			—			—

As of April 30, 2021, a significant portion of the investments of 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, Emerging Markets Equity Core ETF and International Growth ETF 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.

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.

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 Emerging Markets Equity Core ETF and 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.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 267

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

The Funds are subject to infectious disease epidemics/pandemics risk. 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.

8. Subsequent Event

On June 8, 2021, the Board approved a change to the name of Emerging Markets Equity Core ETF to JPMorgan ActiveBuilders Emerging Markets Equity ETF, which is expected to become effective on or about July 8, 2021.

268 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of ongoing costs: (1) transaction costs, including brokerage commissions on your purchases and sales of Fund shares and (2) ongoing costs, primarily management fees. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period November 1, 2020 and continued to hold your shares at the end of the reporting period, April 30, 2021.

Actual Expenses

For the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then

multiply the result by the number under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value November 1, 2020		Ending Account Value April 30, 2021		Annualized Expense Ratio			Expenses Paid During the Period
JPMorgan BetaBuilders Canada ETF
Actual (1)	$	1,000.00	$	1,357.30		0.19	%	$	1.11
Hypothetical (1)		1,000.00		1,023.85		0.19			0.95
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
Actual (1)		1,000.00		1,319.90		0.19			1.09
Hypothetical (1)		1,000.00		1,023.85		0.19			0.95
JPMorgan BetaBuilders Europe ETF
Actual (1)		1,000.00		1,335.10		0.09			0.52
Hypothetical (1)		1,000.00		1,024.35		0.09			0.45
JPMorgan BetaBuilders International Equity ETF
Actual (1)		1,000.00		1,286.50		0.07			0.40
Hypothetical (1)		1,000.00		1,024.45		0.07			0.35
JPMorgan BetaBuilders Japan ETF
Actual (1)		1,000.00		1,168.60		0.19			1.02
Hypothetical (1)		1,000.00		1,023.85		0.19			0.95
JPMorgan BetaBuilders U.S. Equity ETF
Actual (1)		1,000.00		1,293.70		0.02			0.11
Hypothetical (1)		1,000.00		1,024.70		0.02			0.10
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
Actual (1)		1,000.00		1,396.50		0.07			0.42
Hypothetical (1)		1,000.00		1,024.45		0.07			0.35
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
Actual (2)		1,000.00		1,290.70		0.09			0.47
Hypothetical (2)		1,000.00		1,024.35		0.09			0.45
JPMorgan Carbon Transition U.S. Equity ETF
Actual (3)		1,000.00		1,143.80		0.15			0.63
Hypothetical (3)		1,000.00		1,024.05		0.15			0.75
JPMorgan Diversified Return Emerging Markets Equity ETF
Actual (1)		1,000.00		1,258.10		0.44			2.46
Hypothetical (1)		1,000.00		1,022.61		0.44			2.21
JPMorgan Diversified Return International Equity ETF
Actual (1)		1,000.00		1,259.20		0.37			2.07
Hypothetical (1)		1,000.00		1,022.96		0.37			1.86

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 269

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value November 1, 2020		Ending Account Value April 30, 2021		Annualized Expense Ratio			Expenses Paid During the Period
JPMorgan Diversified Return U.S. Equity ETF
Actual (1)	$	1,000.00	$	1,303.80		0.18	%	$	1.03
Hypothetical (1)		1,000.00		1,023.90		0.18			0.90
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Actual (1)		1,000.00		1,347.40		0.24			1.40
Hypothetical (1)		1,000.00		1,023.60		0.24			1.20
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Actual (1)		1,000.00		1,499.30		0.29			1.80
Hypothetical (1)		1,000.00		1,023.36		0.29			1.45
JPMorgan Emerging Markets Equity Core ETF
Actual (4)		1,000.00		1,029.60		0.27			0.38
Hypothetical (4)		1,000.00		1,023.46		0.27			1.35
JPMorgan International Growth ETF
Actual (1)		1,000.00		1,195.50		0.55			2.99
Hypothetical (1)		1,000.00		1,022.07		0.55			2.76
JPMorgan U.S. Dividend ETF
Actual (1)		1,000.00		1,415.70		0.12			0.72
Hypothetical (1)		1,000.00		1,024.20		0.12			0.60
JPMorgan U.S. Minimum Volatility ETF
Actual (1)		1,000.00		1,215.20		0.12			0.66
Hypothetical (1)		1,000.00		1,024.20		0.12			0.60
JPMorgan U.S. Momentum Factor ETF
Actual (1)		1,000.00		1,238.70		0.12			0.67
Hypothetical (1)		1,000.00		1,024.20		0.12			0.60
JPMorgan U.S. Quality Factor ETF
Actual (1)		1,000.00		1,261.20		0.12			0.67
Hypothetical (1)		1,000.00		1,024.20		0.12			0.60
JPMorgan U.S. Value Factor ETF
Actual (1)		1,000.00		1,438.40		0.12			0.73
Hypothetical (1)		1,000.00		1,024.20		0.12			0.60

(1) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

(2) Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 165/365 (to reflect the actual period). The Fund commenced operations on November 16, 2020.

(3) Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 142/365 (to reflect the actual period). The Fund commenced operations on December 9, 2020.

(4) Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 51/365 (to reflect the actual period). The Fund commenced operations on March 10, 2021.

270 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Exchange-Traded Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on March 9, 2021, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Exchange-Traded Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the effectiveness of the Program with respect to the identification of each Fund that qualifies as an “In-Kind ETF” (as defined in the Liquidity Rule); (2) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (3) the methodology

and inputs for classifying the investments of a Fund (other than an In-Kind ETF) into one of four liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions, including additional focus on particular asset classes and securities impacted by the COVID-19 pandemic (and, for In-Kind ETFs, the methodology and inputs for determining whether any investments should be classified as “illiquid investments” (as defined under the Liquidity Rule)); (4) the oversight of the liquidity vendor retained to perform liquidity classifications for the Program including oversight during the COVID-19 pandemic; (5) whether a Fund (other than an In-Kind ETF) invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), as well as whether an HLIM should be established for such a Fund and the procedures for monitoring any HLIM; (6) whether a Fund invested more than 15% of its assets in “Illiquid Investments” and the procedures for monitoring for this limit; and (7) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused the significant market volatility created in March 2020 by the COVID-19 pandemic. The Report further summarized that the Program Administrator instituted a stressed market protocol in March 2020 to: (1) review the results of the liquidity risk framework and daily classifications of each Fund’s investments; and (2) perform additional stress testing. The Report summarized the daily liquidity monitoring of premium/discount levels during March 2020, noting these levels did not have a material impact on the efficiency of the arbitrage functions. The Report noted that each Fund was able to meet redemption requests without significant dilution to remaining shareholders during the Program Reporting Period, including during March 2020.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 271

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 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 has been provided under separate cover.

Section 199A Income

The following funds had the following amount, or maximum allowable amount, of ordinary income distributions treated as 199A dividends for the fiscal year ended October 31, 2020.

JPMorgan Diversified Return U.S. Equity ETF	$	625,020
JPMorgan Diversified Return U.S. Mid Cap Equity ETF		274,286
JPMorgan Diversified Return U.S. Small Cap Equity ETF		208,963
JPMorgan U.S. Dividend ETF		201,882
JPMorgan U.S. Minimum Volatility ETF		191,144
JPMorgan U.S. Momentum Factor ETF		82,885
JPMorgan U.S. Quality Factor ETF		46,207
JPMorgan U.S. Value Factor ETF		44,930

272 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENTS

(Unaudited)

JPMorgan BetaBuilder U.S. Small Cap Equity ETF, JPMorgan Carbon Transition U.S. Equity ETF and JPMorgan Emerging Markets Equity Core ETF

The Board of Trustees held meetings and approved the initial management agreements (each a “Management Agreement” and collectively, the “Management Agreements”) for the JPMorgan BetaBuilder U.S. Small Cap Equity ETF and the JPMorgan Carbon Transition U.S. Equity ETF on June 9-10, 2020 and on December 18, 2020 for the JPMorgan Emerging Markets Equity Core ETF. Collectively, the JPMorgan BetaBuilder U.S. Small Cap Equity ETF, JPMorgan Carbon Transition U.S. Equity ETF and JPMorgan Emerging Markets Equity Core ETF are referred to as the Funds and each is a Fund. The meetings were held by videoconference 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 Agreements were 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 Agreements or any of their affiliates. In connection with the approval of each Management Agreement, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel and considered this information individually for each of the Funds. Before voting on the proposed Management Agreements, the Trustees reviewed each Management Agreement with representatives of the Adviser and with counsel to the Trust and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Management Agreements. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed each proposed Management Agreement in executive session with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Management Agreement is provided below. The Trustees considered information provided with respect to the Funds and the approval of the Management Agreements. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from each Fund under the Management Agreement was fair and reasonable and that initial approval of each Management Agreement was in the best interests of each Fund and its potential shareholders.

Summarized below are the material factors considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of each Fund’s initial Management Agreement, the Trustees considered the materials furnished specifically in connection with the approval of each Management Agreement, as well as other relevant information furnished for the Trustees, regarding the nature, extent, and quality of services provided by the adviser. Among other things, the Trustees considered:

(i) The background and experience of the Adviser’s senior management and investment personnel;

(ii) The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management each of the Funds;

(iii) The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;

(iv) Information about the structure and distribution strategy of each Fund and how it fits within the Trust’s other fund offerings;

(v) The administration services to be provided by the Adviser under the Management Agreements;

(vi) Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Trust and in the financial industry generally;

(vii) The overall reputation and capabilities of the Adviser and its affiliates;

(viii) The commitment of the Adviser to provide high quality service to the Funds;

(ix) Their overall confidence in the Adviser’s integrity; and

(x) The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them; and

(xi) The Adviser’s business continuity plan and steps the Adviser and its affiliates were taking to provide ongoing services to the Fund during the COVID-19 pandemic, and the Adviser’s and its affiliates’ success in continuing to provide services to each Fund and its shareholders throughout this period.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services to be provided to each Fund by the Adviser.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Funds. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex.

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(Unaudited) (continued)

The Trustees also considered the benefits the Adviser is expected to receive as the result of JPMorgan Chase Bank, N.A.’s (“JPMCB”) roles as custodian, fund accountant and transfer agent for the Funds.

Economies of Scale

The Trustees considered the extent to which each Fund will benefit from economies of scale. The Trustees noted that the proposed unitary management fee schedule for each of the Funds does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when the Funds are new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreements in the future. After considering the factors identified above, the Trustees concluded that each Fund’s shareholders will receive the benefits of potential economies of scale.

Fees Relative to Adviser’s Other Clients

The Trustees requested, received and considered information about the nature and extent of investment advisory services and fee rates offered to other investment companies and/or institutional accounts advised by the Adviser in the same asset class as each Fund. The Trustees noted the Adviser’s view that it does not manage other accounts with substantially similar investment strategies as that of the Funds. The Trustees concluded that the fees to be charged to each Fund in comparison to those charged to such other clients were reasonable.

Investment Performance

The Trustees considered each Fund’s investment strategy and processes, 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 Agreements, the Adviser will provide advisory and administrative services and will be responsible for substantially all of the expenses of the Funds (“unitary fee structure”). The Trustees considered the contractual management fee rate that will be paid by each Fund to the Adviser and compared the rate to information prepared by Broadridge 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 each Fund. The Trustees also compared the management fee for each 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 JPMCB, an affiliate of the Adviser, for custody, transfer agency and other related services for each Fund and the profitability of these arrangements to JPMCB.

The Trustees considered how each Fund will be positioned against peer funds, as identified by management and/or Broadridge and noted that each Fund’s proposed management fee was in line with identified peer funds. The Trustees also noted that because the Funds were not yet operational, no profitability information was available. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that each Fund’s proposed management fee was reasonable.

274 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

BOARD APPROVAL OF MANAGEMENT AGREEMENTS

(Unaudited)

JPMorgan BetaBuilders Canada ETF, JPMorgan BetaBuilders Developed Asia ex-Japan ETF, JPMorgan BetaBuilders Europe ETF, JPMorgan BetaBuilders International Equity ETF, JPMorgan BetaBuilders Japan ETF, JPMorgan BetaBuilders U.S. Equity ETF, JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return International Equity ETF, JPMorgan Diversified Return U.S. Equity ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JPMorgan Diversified Return U.S. Small Cap Equity ETF, JPMorgan U.S. Dividend ETF, JPMorgan U.S. Minimum Volatility ETF, JPMorgan U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to their annual consideration of management agreements at each meeting. The Board also meets specifically to consider management agreement annual renewals. The Board of Trustees held meetings on November 5, 2020 and December 7-8, 2020, at which the Trustees considered the continuation of management agreements (each a “Management Agreement” and collectively, the “Management Agreements”) for 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 Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return International Equity ETF, JPMorgan Diversified Return U.S. Equity ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JPMorgan Diversified Return U.S. Small Cap Equity ETF, JPMorgan U.S. Dividend ETF, JPMorgan U.S. Minimum Volatility ETF, JPMorgan U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF (the “Funds”). The meetings were held by videoconference in reliance upon the Division of Investment Management Staff Statement on Fund Board Meetings and Unforeseen or Emergency Circumstances Related to Coronavirus Disease 2019. In connection with these meetings, the Board reviewed and considered performance, expense and other information individually for each of the Funds. The Trustees, including a majority of the Trustees who are not “Interested Persons” (as defined in the 1940 Act) of any party to the Management Agreements or any of their affiliates, approved the continuation of each Management Agreement.

As part of their review of the Management Agreements, the Trustees considered and reviewed performance and other information about each Fund received from the Adviser. This information included each Fund’s performance as compared to the performance of its benchmark and analyses by the Adviser of each Fund’s performance. In addition, in preparation for the December meeting, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent

provider of investment company data, and met with representatives of Broadridge. Before voting on the Management Agreements, the Trustees reviewed the Management Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Management Agreements. The Trustees also discussed the Management Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Management Agreement is provided below. The Trustees considered information provided with respect to the Funds over the course of the year, as well as the materials furnished specifically in connection with this annual renewal process. Each Trustee attributed his or her own evaluation of the significance of the various factors and no factor alone was considered determinative. As part of their review process, the Trustees considered and placed emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation received by the Adviser from each Fund under the Management Agreement was fair and reasonable and that the continuance of the Management Agreement was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under its respective Management Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. 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 each of the Funds;

(iii) The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;

(iv) Information about the structure and distribution strategy each of the Funds and how it fits within the Trust’s other fund offerings;

(v) The administration services provided by the Adviser under the Management Agreements;

(vi) Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Trust and in the financial industry generally;

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 275

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(Unaudited) (continued)

(vii) The overall reputation and capabilities of the Adviser and its affiliates;

(viii) The commitment of the Adviser to provide high quality service to the Funds;

(ix) Their overall confidence in the Adviser’s integrity;

(x) The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them; and

(xi) The Adviser’s business continuity plan and steps the Adviser and its affiliates were taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s and its affiliates’ success in continuing to provide services to the Funds and their shareholders throughout this period.

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 Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received, reviewed, considered and discussed information regarding the profitability to the Adviser and its affiliates in providing services to the Funds. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using allocation methodologies developed by the Adviser. The Trustees recognized that it is difficult to make direct comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Management Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered (i) that under the Management Agreements, the Adviser earns fees from the Funds for providing administrative services and (ii) fees paid to J.P. Morgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, for custody, transfer agency and other related services for each Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationships with the Funds. 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 receives as the result of JPMCB’s roles as custodian, fund accountant and transfer agent for the Fund, including the profitability of those arrangements to JPMCB.

Economies of Scale

The Trustees considered the extent to which each Fund will benefit from economies of scale. The Trustees noted that the management fee schedule for the Funds does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when a Fund was new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to fee decreases even if economies of scale are achieved, but also that the Trustees 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.

Fees Relative to Adviser’s Other Clients

The Trustees requested, received and considered information about the nature and extent of investment advisory services and fee rates offered to other investment companies and/or institutional accounts advised by the Adviser in the same asset class as each Fund. The Trustees noted the Adviser’s view that it does not manage other accounts with substantially similar investment strategies as that of the Funds. The Trustees concluded that the fees charged to each Fund in comparison to those charged to such other clients were reasonable.

Investment Performance

The Trustees considered each Fund’s investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by management. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered each Fund’s performance information provided at regular Board meetings by the Adviser. After consideration, the Trustees determined that each Fund’s performance was consistent with its investment objective and supported renewal of each Fund’s Management Agreement.

Management Fees and Expense Ratios

The Trustees considered the contractual management fee rate paid by each Fund to the Adviser and compared the rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Morningstar category as each Fund. This review included ranking of each Fund within

276 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

an expense universe made up of funds with the same Morningstar investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”). The Trustees reviewed a description of Broadridge’s methodology for selecting funds in the Peer Group and Universe, as applicable, and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Trustees also reviewed information about other expenses and the total expense ratio for each Fund. The Trustees compared the management fee for each Fund to fees charged to mutual funds and/or institutional accounts with similar investment objectives or in similar asset classes managed by the Adviser. The Trustees recognized that it is difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other accounts. The Trustees considered how the Funds are positioned against peer funds, as identified by management and/or Broadridge and noted that each Fund’s management fee was appropriate as compared to identified peer funds. The Trustees’ determinations as a result of the review of each Fund’s management fees and expense ratios are summarized below:

The Trustees noted that the JPMorgan BetaBuilders Canada ETF’s net management fee and actual total expenses were in the third quartile of the Peer Group and in the second and first quintiles, respectively, of the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan BetaBuilders Developed Asia ex-Japan ETF’s net management fee and actual total expenses were in the first quintiles of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan BetaBuilders Europe ETF’s net management fee and actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan BetaBuilders International Equity ETF’s net management fee was in the second and first quintiles of the Peer Group and Universe, respectively; and that the actual total expenses were in the second and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan BetaBuilders Japan ETF’s net management fee and actual total expenses were in the second quintile of both the Peer Group and Universe. After

considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan BetaBuilders U.S. Equity ETF’s net management fee and actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return Emerging Markets Equity ETF’s net management fee was in the second quintile of both the Peer Group and Universe; and that the actual total expenses were in the first and second quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return International Equity ETF’s net management fee was in the third and fourth quintiles of the Peer Group and Universe, respectively; and that the actual total expenses were in the third quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return U.S. Equity ETF’s net management fee was in the first and second quintiles of the Peer Group and Universe, respectively; and that the actual total expenses were in the first and second quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return U.S. Mid Cap Equity ETF’s net management fee was in the first and third quintiles of the Peer Group and Universe, respectively; and that the actual total expenses were in the first and third quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return U.S. Small Cap Equity ETF’s net management fee was in the second and third quintiles of the Peer Group and Universe, respectively; and that the actual total expenses were in the second and third quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan U.S. Dividend ETF’s net management fee and actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

APRIL 30, 2021 J.P. MORGAN EXCHANGE-TRADED FUNDS 277

BOARD APPROVAL OF MANAGEMENT AGREEMENTS

(Unaudited) (continued)

The Trustees noted that the JPMorgan U.S. Minimum Volatility ETF’s net management fee was in the first and second quintiles of the Peer Group and Universe, respectively; and that the actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan U.S. Momentum Factor ETF’s net management fee and actual total expenses were in the first quartile of the Peer Group and in the first quintile of the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan U.S. Quality Factor ETF’s net management fee was in the first and second quintiles of the Peer Group and Universe, respectively; and that the actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

The Trustees noted that the JPMorgan U.S. Value Factor ETF’s net management fee was in the third and first quintiles of the Peer Group and Universe, respectively; and that the actual total expenses were in the third and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.

278 J.P. MORGAN EXCHANGE-TRADED FUNDS APRIL 30, 2021

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. SAN-ETF-421

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15

U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semi-annual report.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b))and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES 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.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

J.P. Morgan Exchange-Traded Fund Trust

By:	/s/ Joanna M. Gallegos
	Joanna M. Gallegos President and Principal Executive Officer July 1, 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 July 1, 2021

By:	/s/ Timothy J. Clemens
	Timothy J. Clemens Treasurer and Principal Financial Officer July 1, 2021