J.P. Morgan Exchange-Traded Funds

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.

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).

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’ prospectus 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.

“While investors may not be able to avoid global financial market volatility, we believe the basic principles of a well-diversified portfolio, a long term outlook and avoiding excess concentrations provide the most prudent approach toward the current trends in the global financial marketplace.”

Over the past year, we have been busy building the JPMorgan Exchange-Traded Fund (ETF) business. Recently, we launched our fourth Diversified Return Equity ETF. Our newest ETF targets large cap U.S. equities (JPUS) and complements our funds that invest in global equity (JPGE), developed markets equity (JPIN) and emerging market equity (JPEM). We are seeking to launch several more strategies in our suite of ETFs that uniquely address the risks associated with excess concentrations in sectors of the economy and regions of the world, while selecting stocks with key equity factors. We look forward to telling you more about these new funds as we introduce them.

In recent months, increasing market volatility was punctuated by declining equity markets in late summer followed by rebounding markets in the fall. Following declines in June through September, the Standard & Poor’s 500 Index (S&P 500) finished October with its best one-month performance since October 2011, Japan’s Nikkei Index gained the most since April 2013 and leading European indexes had their best performance since 2009.

Even as leading central banks have extended economic stimulus, financial market volatility has increased over the past year amid slowing growth in China, weakness in commodities prices and uncertainty about the strength of the global economic recovery. Further, financial market apprehension about the pace of future interest rate increases in the U.S. added to investor anxiety. We believe it’s likely that this period of relatively high market volatility will continue into 2016 and beyond.

With this as a backdrop, we thought it would be helpful to share our thoughts on market volatility with you. In recent research developed by JPMorgan and published in “Market Insights: Investing with Composure in Volatile Markets”, we see there have been meaningful declines in equity markets within most calendar years. However, despite average intra-year declines of 14.2%, the S&P 500 posted positive annual returns in 27 of the

past 35 years. This serves to illustrate the importance of keeping market volatility in proper perspective, focusing on longer investment horizons and maintaining portfolio discipline.

Within this volatile market climate, the principles of sound investing provide useful guidelines for investors seeking investment returns over the long-term. Those principles include employing a portfolio that is well diversified across asset classes and adhering to a long-term view of returns. It is also important to remember that attempting to successfully anticipate price swings in financial markets is extremely difficult.

But, what else can an investor do? One thought we want to emphasize is the concept of diversifying within an asset class. In other words, in addition to portfolio diversification across stocks, bonds and real assets, we believe that diversifying the equity portion of a portfolio by deploying complementary strategies has meaningful benefits.

In our opinion, investors should consider strategies that offer lower overall volatility and compensate for the risk of excess sector concentration that is inherent in traditional indexes and well-known market-weighted index mutual funds. The impact of financial market volatility may be mitigated by a properly diversified portfolio that is free of excess concentrations in any particular region, sector or asset class.

While investors may not be able to avoid global financial market volatility, we believe the basic principles of a well-diversified portfolio, a long-term outlook and avoiding excess concentrations provide the most prudent approach toward the current trends in the global financial marketplace. On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come.

If you should have any questions, or would like a copy of “Market Insights: Investing with Composure in Volatile Markets,” please visit www.jpmorganfunds.com or call J.P. Morgan Exchange-Traded Funds at 1-844-457-6383.

Sincerely yours,

LOGO

Robert F. Deutsch

President, J.P. Morgan Exchange-Traded Funds

J.P. Morgan Asset Management

FOR THE PERIOD JANUARY 7, 2015 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2015 (Unaudited)

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 FTSE Emerging Diversified Factor Index (net of foreign withholding taxes) (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which provides emerging markets equity exposure, diversified across emerging market regions and industries. 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 and liquidity screens.

HOW DID THE MARKET PERFORM?

Global financial markets experienced increased volatility through the latter part of the reporting period January 7, 2015 inception through October 31, 2015, punctuated by a sharp sell-off in equities and bonds in August. Weakness in commodities prices, slowing economic growth in China and anxiety over U.S. interest rate policy weighed on financial markets through the summer. In mid-August, Chinese authorities surprised markets by devaluing the yuan by 2%, but when that didn’t halt declines in Shanghai/Shenzhen markets, a global sell-off followed on August 24, 2015. The selling erased year-to-date gains in China’s equity market. The Shanghai Composite Index had its worst one-day performance since 2007.

However, most equity markets rebounded in September and October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. Emerging market equities did participate in the October rebound, but persistent weakness in global commodities prices along with

currency devaluations and deterioration in corporate balance sheets pulled investment capital from emerging market nations.

HOW DID THE FUND PERFORM?

The Fund posted a negative absolute performance for the period January 7, 2015 to October 31, 2015 and experienced a deviation of -1.36% relative to the Underlying Index.

On an absolute basis, the Fund’s positions in the financials and defensives (health care, telecommunications and utilities) were leading detractors from performance, while the Fund’s positions in the industry sector (including the industrials and technology subsectors) and commodities sector (basic materials, oil and gas) were the small detractors from performance.

By region, the largest detractors from absolute performance were Latin America (Brazil, Chile, Colombia and Mexico) and ASEAN (Indonesia, Malaysia, Philippines and Thailand), while the smallest detractors from absolute performance were “ChIndia” (China and India) and Taiwan.

Because the Fund’s holdings were closely aligned with those of the Underlying Index, variances in relative performance due to security selection and/or sector allocation were not significant. The majority of the Fund’s deviations from the Underlying Index related to issues around local market access in certain countries, differences in valuations because of the timing of the local market closings and the net asset value calculations.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s and Underlying Index’s largest allocations of assets were to ChIndia and Taiwan and the smallest allocations were to Latin America and ASEAN. In terms of sectors, the Fund’s and Underlying Index’s largest positions were in financials and industry sectors. The smallest positions were in the commodities and consumer sectors.


PORTFOLIO COMPOSITION BY COUNTRY****
China	23.3	%
Taiwan	18.9
India	9.2
South Africa	8.4
Brazil	6.8
Mexico	5.0
Russia	4.7
Thailand	4.6
Indonesia	4.2
Malaysia	4.2
Philippines	4.0
Turkey	1.6
Chile	1.7
Poland	1.3
Other (each less than 1%)	2.1

The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $45.23 as of October 31, 2015.

Market price cumulative return is calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca, Inc. The midpoint price was $45.27 as of October 31, 2015.

***

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

****

Percentages indicated are based on total investments as of October 31, 2015. The Fund’s composition is subject to change.

FOR THE PERIOD JANUARY 7, 2015 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2015 (Unaudited) (continued)

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 FTSE Emerging Diversified Factor Index , the FTSE Emerging Net Index, and the MSCI Emerging Markets Index from January 7, 2015 to October 31, 2015. 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 FTSE Emerging Diversified Factor Index, the FTSE Emerging Net Index and the MSCI Emerging Markets Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The FTSE Emerging Diversified Factor Index is an index comprised of equity securities from emerging markets selected to represent a diversified set of factor characteristics, originally developed by the adviser and its holdings are selected by the index provider primarily from the constituents of the FTSE Emerging Net Index. The FTSE Emerging Net Index 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. FTSE International Limited is the index provider for the two FTSE indexes. The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. Investors cannot invest directly in an index.

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

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

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

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which provides exposure to large and mid-cap equity securities in developed global markets, diversified across global regions and industries. The Underlying Index uses a proprietary multifactor security selection process that utilizes the following characteristics: relative valuation, price momentum, low volatility and specific market capitalization. The Underlying Index’s methodology includes quarterly rebalancing, and liquidity screens.

HOW DID THE MARKET PERFORM?

Global financial markets experienced increased volatility through the second half of the twelve month period, punctuated by a sharp sell-off in equities and bonds in August. Even as the Greek debt crisis was largely resolved by June, weakness in commodities prices, slowing economic growth in China and anxiety over U.S. interest rate policy weighed on financial markets through the summer. In mid-August, Chinese authorities surprised markets by devaluing the yuan by 2%, but when that didn’t halt declines in Shanghai/Shenzhen markets, a global sell-off followed on August 24, 2015. The selling erased year-to-date gains in China’s equity market. The Shanghai Composite Index had its worst one-day performance since 2007. For the day, the Standard & Poor’s 500 Index (the “S&P 500”) dropped 3.9%, and equity markets in Europe and Japan also fell.

However, most equity markets rebounded in September and October as China’s central bank undertook further actions to

bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. October was an especially strong month for global equities: The S&P 500 turned in its best one-month performance since October 2011, Japan’s Nikkei Index posted its biggest monthly gain since April 2013 and leading European indexes had their best performance since 2009.

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2015, the Fund posted a positive absolute performance and experienced a deviation of -1.01% relative to the Underlying Index.

On an absolute basis, the Fund’s positions in the health care and consumer goods sectors were leading contributors to performance for the twelve month reporting period, while its positions in the oil & gas sector and the basic materials sector were the sole detractors from performance.

Because the Fund’s holdings were closely aligned with those of the Underlying Index, variances in relative performance due to security selection and/or sector allocation were not significant. The majority of the Fund’s deviation against the Underlying Index was due to specific trading limits, differences in valuations because of the timing of the local market closings and the net asset value calculations, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s and Underlying Index’s largest allocation of assets was to North American markets – particularly the U.S. – with smaller allocations to Asia, Europe and Japan. In terms of sectors, the Fund’s largest positions were in the consumer goods, consumer services and health care sectors, while the smallest positions were in the basic materials, telecommunications and oil & gas sectors.


PORTFOLIO COMPOSITION BY COUNTRY****
United States	26.7	%
Japan	20.5
Australia	9.3
South Korea	9.1
United Kingdom	4.4
Hong Kong	4.2
France	4.0
Germany	3.3
Sweden	2.6
Singapore	2.5
Canada	2.4
Spain	2.1
Switzerland	1.9
Netherlands	1.1
Italy	1.1
Belgium	1.0
Norway	1.0
Other (each less than 1%)	2.8

Market price cumulative return is calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $50.67 as of October 31, 2015.

***

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

****

Percentages indicated are based on total investments as of October 31, 2015. The Fund’s composition is subject to change.

Fund commenced operations on June 16, 2014.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Global Equity ETF, the FTSE Developed Diversified Factor Index, the FTSE Developed Net Index, and the MSCI World Index from June 16, 2014 to October 31, 2015. 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 FTSE Developed Diversified Factor Index, the FTSE Developed Net Index and the MSCI World Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The FTSE Developed Diversified Factor Index is an index comprised of equity securities from developed global markets selected to represent a diversified set of factor characteristics, originally developed by the adviser and its holdings are selected by the index provider primarily from the constituents of the FTSE Developed Net Index. The FTSE Developed Net Index is a market-

capitalization weighted index representing the performance of large and mid cap companies in Developed markets. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world’s investable market capitalization. FTSE International Limited is the index provider for the two indexes. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Investors cannot invest directly in an index.

FOR THE PERIOD NOVEMBER 5, 2014 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2015 (Unaudited)

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 FTSE Developed ex North America Diversified Factor Index (net of foreign withholding taxes) (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which tracks large and mid-cap equity securities in developed markets outside North America, diversified across industries and international regions. The Underlying Index uses a proprietary multifactor security selection process that measures the following characteristics: relative valuation, price momentum, low volatility and specific market capitalization. The Underlying Index methodology includes quarterly rebalancing and liquidity screens.

HOW DID THE MARKET PERFORM?

Global financial markets experienced increased volatility through the period November 5, 2014 to October 31, 2015, punctuated by a sharp sell-off in equities and bonds in August. Even as the Greek debt crisis was largely resolved by June, weakness in commodities prices, slowing economic growth in China and anxiety over U.S. interest rate policy weighed on financial markets through the summer. In mid-August, Chinese authorities surprised markets by devaluing the yuan by 2%, but when that didn’t halt declines in Shanghai/Shenzhen markets, a global sell-off followed on August 24, 2015. The selling erased year-to-date gains in China’s equity market. The Shanghai Composite Index had its worst one-day performance since 2007. Equity markets in the Europe and Japan also fell.

However, most equity markets rebounded in September and October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. October was an especially strong month for global equities: The Standard and Poor’s 500 turned in its best one-month performance since October 2011, Japan’s Nikkei Index posted its largest

monthly gain since April 2013 and leading European indexes had their best performance since 2009.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the period November 5, 2014 to October 31, 2015. During the period, the Fund experienced a deviation of -1.06% relative to the Underlying Index but outperformed the MSCI EAFE Index and the FTSE Developed ex North America Net Index, which are more traditional market capital weighted indexes.

Because the Fund’s holdings were closely aligned with those of the Underlying Index, variances in performance relative to the Underlying Index were not significant. The majority of the Fund’s deviation against the Underlying Index was due to specific trading limits, differences in valuations because of the timing of the local market closings and the net asset value calculations, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund.

Relative to market-cap weighted indexes, the Fund’s and Underlying Index’s multi-factor filter contributed to performance across all regions and in most economic sectors, particularly in basic materials, financials and health care. The Fund’s and Underlying Index’s allocation detracted from performance relative to the market-cap weighted indexes, mostly due to an underweight position in the consumer goods sector, an overweight to the oil & gas sector, an overweight position in the Pacific region (excluding Japan) and an underweight position in Europe (excluding the U.K.)

HOW WAS THE FUND POSITIONED?

By seeking to track the Underlying Index, the Fund seeks to deliver superior risk-adjusted returns by avoiding undue concentrations of risk that tend to characterize more traditional market-cap weighted indexes. The Underlying Index’s weightings are structured to distribute risk evenly across 40 regional sectors. A multi-factor stock screen is then used to identify the most attractive stocks in each regional sector, while avoiding the least attractive stocks.


PORTFOLIO COMPOSITION BY COUNTRY****
Japan	23.7	%
United Kingdom	23.1
South Korea	9.4
Australia	8.8
Hong Kong	5.3
France	5.2
Germany	4.2
Singapore	3.3
Netherlands	2.6
Sweden	2.4
Spain	2.2
Switzerland	1.9
Finland	1.5
Italy	1.4
Denmark	1.1
Belgium	1.0
Norway	1.0
Other (each less than 1%)	1.9

Market price cumulative return is calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $51.05 as of October 31, 2015.

***

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

****

Percentages indicated are based on total investments as of October 31, 2015. The Fund’s composition is subject to change.

FOR THE PERIOD NOVEMBER 5, 2014 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2015 (Unaudited) (continued)

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 FTSE Developed ex North America Diversified Factor Index, the FTSE Developed ex North America Net Index, and the MSCI EAFE Index from November 5, 2014 to October 31, 2015. 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 FTSE Developed ex North America Diversified Factor Index, the FTSE Developed ex North America Net Index and the MSCI EAFE Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The FTSE Developed ex North America Diversified Factor Index is an index comprised of equity securities from developed global markets (excluding North America) selected to represent a diversified set of factor characteristics, originally developed by the adviser and its holdings are selected by the index provider primarily from the constituents of the FTSE Developed ex North

America Net Index. The FTSE Developed ex North America Net Index is part of a range of indices designed to help investors benchmark their international investments. The index comprises Large and Mid cap stocks providing coverage of Developed markets, excluding the U.S. and Canada. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world’s investable market capitalization. FTSE International Limited is the index provider for the two indexes. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Investors cannot invest directly in an index.


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 87.5%
		Brazil — 4.7%
	101,657	Ambev S.A.		503,204
	11,585	Banco do Brasil S.A.		47,974
	7,737	BB Seguridade Participacoes S.A.		53,365
	22,100	Bolsa de Valores Mercadorias e Futuros		65,328
	18,869	BRF S.A.		294,052
	2,785	CETIP S.A. — Mercados Organizados		24,625
	10,820	Cielo S.A.		102,714
	5,368	EDP — Energias do Brasil S.A.		15,701
	4,305	Equatorial Energia S.A.		38,389
	5,865	Estacio Participacoes S.A.		23,511
	3,200	Grupo BTG Pactual		23,814
	15,210	JBS S.A.		56,201
	34,056	Kroton Educacional S.A.		87,071
	14,255	Lojas Renner S.A.		68,382
	58,349	Petroleo Brasileiro S.A. (a)		141,918
	1,224	Porto Seguro S.A.		10,261
	5,557	Raia Drogasil S.A. (a)		57,623
	1,033	Smiles S.A.		8,062
	3,056	Sul America S.A.		15,000
	2,096	Transmissora Alianca de Energia Eletrica S.A.		10,815
	3,512	Via Varejo S.A.		3,870
	9,149	WEG S.A.		34,162

				1,686,042

		Chile — 1.6%
	53,196	AES Gener S.A.		25,576
	64,235	Aguas Andinas S.A., Class A		33,781
	306,670	Banco de Chile		32,452
	555	Banco de Credito e Inversiones		22,632
	782,576	Banco Santander Chile S.A.		37,151
	3,283	Cia Cervecerias Unidas S.A.		39,381
	158,160	Colbun S.A.		41,951
	2,013,064	Corpbanca S.A.		18,333
	70,541	Empresa Nacional de Electricidad S.A.		88,374
	18,000	Empresas CMPC S.A.		44,431
	410,456	Enersis S.A.		108,278
	10,255	SACI Falabella		68,758

				561,098

		China — 23.3%
	8,000	Agile Property Holdings Ltd.		4,355
	178,000	Agricultural Bank of China Ltd., Class H		72,786
	24,000	Air China Ltd., Class H		23,117
	13,000	Anhui Conch Cement Co., Ltd., Class H		39,667
	14,000	ANTA Sports Products Ltd.		39,163
	35,000	AviChina Industry & Technology Co., Ltd., Class H		28,523


SHARES		SECURITY DESCRIPTION	VALUE($)


		China — (continued)
	23,500	BAIC Motor Corp. Ltd., Class H		20,714
	548,000	Bank of China Ltd., Class H		258,416
	58,000	Bank of Communications Co., Ltd., Class H		42,781
	16,000	BBMG Corp., Class H		11,212
	16,000	Beijing Capital International Airport Co., Ltd., Class H		17,126
	6,500	Beijing Enterprises Holdings Ltd.		41,033
	56,000	Beijing Enterprises Water Group Ltd.		44,353
	32,000	Beijing Jingneng Clean Energy Co., Ltd., Class H		11,072
	81,000	Belle International Holdings Ltd.		78,621
	14,400	BOE Technology Group Co., Ltd., Class A		4,187
	40,000	Brilliance China Automotive Holdings Ltd.		55,466
	13,000	CAR, Inc. (a)		22,731
	154,000	CGN Power Co., Ltd., Class H		63,577
	39,000	China Agri-Industries Holdings (a)		14,318
	16,000	China BlueChemical Ltd.		4,772
	60,000	China Cinda Asset Management Co., Ltd., Class H		23,328
	56,000	China CITIC Bank Corp., Ltd., Class H (a)		36,214
	48,000	China Communications Construction Co., Ltd., Class H		66,249
	32,000	China Communications Services Corp., Ltd., Class H		12,837
	12,500	China Conch Venture Holdings Ltd.		28,493
	654,000	China Construction Bank Corp., Class H		473,990
	45,000	China Dongxiang Group Co., Ltd.		11,387
	28,000	China Eastern Airlines Corp., Ltd., Class H (a)		17,964
	24,000	China Everbright Bank Co., Ltd., Class H		11,761
	29,000	China Everbright International Ltd.		46,701
	6,000	China Everbright Ltd.		14,121
	16,000	China Foods Ltd. (a)		7,297
	25,500	China Galaxy Securities Co., Ltd., Class H		22,072
	16,000	China Gas Holdings Ltd.		25,464
	12,000	China Hongqiao Group Ltd.		6,248
	87,000	China Huishan Dairy Holdings Co., Ltd.		33,038
	7,200	China International Marine Containers Group Co., Ltd., Class H		12,774
	52,000	China Life Insurance Co., Ltd., Class H		187,516
	39,000	China Longyuan Power Group Corp., Ltd., Class H		35,656
	8,000	China Machinery Engineering Corp., Class H		6,943
	14,000	China Medical System Holdings		19,230
	33,000	China Merchants Bank Co., Ltd., Class H		86,160
	12,329	China Merchants Holdings International Co., Ltd.		40,944


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		China — continued
	44,500	China Minsheng Banking Corp., Ltd., Class H		44,721
	83,000	China Mobile Ltd.		995,161
	16,000	China Molybdenum Co., Ltd., Class H (a)		8,870
	32,000	China National Building Material Co., Ltd., Class H		19,882
	26,000	China Overseas Land & Investment Ltd.		83,976
	8,666	China Overseas Property Holdings Ltd. (a)		1,487
	17,800	China Pacific Insurance Group Co., Ltd., Class H		70,904
	266,000	China Petroleum & Chemical Corp., Class H		191,744
	40,000	China Power International Development Ltd.		25,137
	20,000	China Railway Construction Corp., Ltd., Class H		29,896
	41,000	China Railway Group Ltd., Class H		38,621
	16,000	China Resources Cement Holdings Ltd.		6,457
	10,000	China Resources Gas Group Ltd.		27,430
	20,000	China Resources Land Ltd.		51,972
	28,000	China Resources Power Holdings Co., Ltd.		63,341
	35,500	China Shenhua Energy Co., Ltd., Class H		59,730
	66,000	China Shipping Container Lines Co., Ltd., Class H (a)		24,422
	22,000	China Shipping Development Co., Ltd., Class H		14,369
	32,000	China South City Holdings Ltd.		7,631
	26,000	China Southern Airlines Co., Ltd., Class H		22,107
	16,000	China State Construction International Holdings Ltd.		24,278
	10,200	China Taiping Insurance Holdings Co., Ltd. (a)		32,025
	240,000	China Telecom Corp., Ltd., Class H		125,189
	26,000	China Traditional Chinese Medicine Co., Ltd. (a)		19,664
	88,000	China Unicom Hong Kong Ltd.		107,245
	9,600	China Vanke Co., Ltd., Class H		22,403
	16,000	China Zhongwang Holdings Ltd.		7,047
	13,100	Chongqing Changan Automobile Co., Ltd., Class B		24,110
	24,000	Chongqing Rural Commercial Bank Co., Ltd., Class H		15,073
	75,000	CITIC Ltd.		139,836
	16,000	CITIC Securities Co., Ltd., Class H		34,477
	168,000	CNOOC Ltd.		189,758
	22,291	COSCO Pacific Ltd.		27,052
	40,000	Country Garden Holdings Co., Ltd.		15,193
	7,500	CSG Holding Co., Ltd.		5,942
	58,000	CSPC Pharmaceutical Group Ltd.		54,001
	4,700	Dalian Wanda Commercial Properties Co., Ltd., Class H		31,369


SHARES		SECURITY DESCRIPTION	VALUE($)


		China — continued
	48,000	Datang International Power Generation Co., Ltd., Class H		17,665
	8,900	Dazhong Transportation Group Co., Ltd., Class B		9,564
	44,000	Dongfeng Motor Group Co., Ltd., Class H		63,158
	12,000	ENN Energy Holdings Ltd.		68,744
	37,000	Evergrande Real Estate Group Ltd.		28,295
	19,000	Far East Horizon Ltd.		15,804
	25,576	Fosun International Ltd.		46,573
	32,000	Franshion Properties China Ltd.		8,814
	5,600	Fuyao Glass Industry Group Co., Ltd., Class H (a)		11,972
	116,000	GCL-Poly Energy Holdings Ltd. (a)		23,960
	80,000	Geely Automobile Holdings Ltd.		42,661
	10,000	Golden Eagle Retail Group Ltd.		12,864
	174,000	GOME Electrical Appliances Holding Ltd.		31,795
	51,000	Great Wall Motor Co., Ltd., Class H		61,933
	8,000	Greentown China Holdings Ltd. (a)		6,997
	11,700	Guangdong Electric Power Development Co., Ltd., Class B		7,645
	44,000	Guangdong Investment Ltd.		61,880
	24,000	Guangshen Railway Co., Ltd., Class H		12,402
	38,000	Guangzhou Automobile Group Co., Ltd., Class H		33,227
	2,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		5,628
	6,400	Guangzhou R&F Properties Co., Ltd.		6,352
	19,000	Haier Electronics Group Co., Ltd.		36,720
	8,000	Haitian International Holdings Ltd.		13,998
	20,400	Haitong Securities Co., Ltd., Class H		35,494
	11,000	Hengan International Group Co., Ltd.		118,783
	40,000	Huadian Fuxin Energy Corp., Ltd., Class H		12,255
	26,000	Huadian Power International Corp., Ltd., Class H		19,010
	52,000	Huaneng Power International, Inc., Class H		56,297
	32,000	Huaneng Renewables Corp., Ltd., Class H		9,938
	8,600	Huatai Securities Co., Ltd., Class H (a)		19,514
	518,000	Industrial & Commercial Bank of China Ltd., Class H		328,570
	16,000	Jiangsu Expressway Co., Ltd., Class H		21,633
	16,000	Jiangxi Copper Co., Ltd., Class H		21,071
	8,000	Kingboard Chemical Holdings Ltd.		11,282
	30,000	Kunlun Energy Co., Ltd.		24,491
	8,718	KWG Property Holding Ltd.		6,286
	2,900	Lao Feng Xiang Co., Ltd., Class B		12,479
	16,000	Lee & Man Paper Manufacturing Ltd.		9,961
	2,900	Legend Holdings Corp., Class H (a)		11,209


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		China — continued
	70,000	Lenovo Group Ltd.		65,039
	12,000	Longfor Properties Co., Ltd.		16,078
	44,000	Metallurgical Corp of China Ltd., Class H		15,867
	5,600	New China Life Insurance Co., Ltd., Class H		24,659
	16,000	Nine Dragons Paper Holdings Ltd.		10,557
	32,000	People’s Insurance Co., Ltd., Class H		17,126
	220,000	PetroChina Co., Ltd., Class H		172,239
	24,000	PICC Property & Casualty Co., Ltd., Class H		54,458
	35,500	Ping An Insurance Group Company of China Ltd., Class H		199,270
	16,000	Poly Property Group Co., Ltd.		5,180
	108,000	Renhe Commercial Holdings Co., Ltd. (a)		5,627
	24,000	Shandong Weigao Group Medical Polymer Co., Ltd., Class H		16,571
	3,200	Shanghai Bailian Group Co., Ltd., Class B		6,110
	32,000	Shanghai Electric Group Co., Ltd., Class H		19,971
	4,000	Shanghai Industrial Holdings Ltd.		10,525
	3,400	Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd., Class B		11,071
	2,200	Shanghai Mechanical and Electrical Industry Co., Ltd., Class B		5,550
	10,400	Shanghai Pharmaceuticals Holding Co., Ltd., Class H		23,988
	11,500	Shengjing Bank Co., Ltd., Class H		15,350
	10,000	Shenzhen Expressway Co., Ltd., Class H		7,706
	12,544	Shenzhen International Holdings Ltd.		19,049
	16,000	Shenzhen Investment Ltd.		6,473
	9,000	Shenzhou International Group Holdings Ltd.		44,352
	8,000	Shimao Property Holdings Ltd.		14,011
	16,000	Sichuan Expressway Co., Ltd., Class H		5,569
	40,000	Sihuan Pharmaceutical Holdings Group Ltd.		6,683
	44,000	Sino Biopharmaceutical Ltd.		54,679
	16,000	Sinofert Holdings Ltd.		2,811
	28,000	Sino-Ocean Land Holdings Ltd.		16,274
	12,000	Sinopec Engineering Group Co., Ltd., Class H		10,331
	22,000	Sinopec Oilfield Service Corp., Class H (a)		6,937
	32,000	Sinopec Shanghai Petrochemical Co., Ltd., Class H (a)		13,282
	16,400	Sinopharm Group Co., Ltd., Class H		67,587
	24,000	Sinotrans Ltd., Class H		13,032
	14,000	Sunac China Holdings Ltd.		8,586
	63,900	Tencent Holdings Ltd.		1,204,475
	20,000	Tianhe Chemicals Group Ltd. (a)		—
	8,000	TravelSky Technology Ltd., Class H		11,802
	12,000	Weichai Power Co., Ltd., Class H		12,724
	4,800	Xinjiang Goldwind Science & Technology Co., Ltd., Class H		9,014


SHARES		SECURITY DESCRIPTION	VALUE($)


		China — continued
	3,800	Yantai Changyu Pioneer Wine Co., Ltd., Class B		12,074
	48,000	Yuexiu Property Co., Ltd.		8,270
	12,000	Zhaojin Mining Industry Co., Ltd.		6,763
	16,000	Zhejiang Expressway Co., Ltd., Class H		19,670
	56,000	Zijin Mining Group Co., Ltd., Class H		14,981
	9,600	ZTE Corp., Class H		23,118

				8,449,310

		Colombia — 0.0% (b)
	2,559	Cemex Latam Holdings S.A. (a)		8,904

		Czech Republic — 0.3%
	3,021	CEZ A/S		60,361
	176	Komercni banka A/S		36,474

				96,835

		Egypt — 0.2%
	8,883	Commercial International Bank Egypt SAE GDR		58,504
	12,001	Talaat Moustafa Group		10,158
	7,240	Telecom Egypt Co.		6,212

				74,874

		Hungary — 0.4%
	7,826	Magyar Telekom Telecommunications plc ADR (a)		10,841
	705	MOL Hungarian Oil & Gas plc		31,815
	2,128	OTP Bank plc		41,180
	2,584	Richter Gedeon Nyrt		43,104

				126,940

		Indonesia — 4.2%
	334,400	Adaro Energy		14,456
	638,500	Astra International		274,477
	279,700	Bank Central Asia		262,758
	212,700	Bank Mandiri Persero		134,612
	168,800	Bank Negara Indonesia Persero		58,353
	240,700	Bank Rakyat Indonesia Persero		184,221
	10,400	Indo Tambangraya Megah		6,411
	36,000	Indocement Tunggal Prakarsa		47,085
	39,100	Indofood CBP Sukses Makmur		37,625
	328,600	Perusahaan Gas Negara Persero		71,773
	77,500	Semen Indonesia Persero		55,117
	20,800	Tambang Batubara Bukit Asam Persero		11,049
	1,567,800	Telekomunikasi Indonesia Persero		307,583
	40,800	United Tractors		53,680
	52,000	Vale Indonesia		8,456

				1,527,656


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Malaysia — 4.2%
	46,400	AirAsia BHD		15,935
	24,800	Alliance Financial Group BHD		20,641
	40,000	AMMB Holdings BHD		44,338
	60,600	Astro Malaysia Holdings BHD		40,291
	82,700	Bumi Armada BHD		18,638
	17,300	Hong Leong Bank BHD		56,171
	119,800	Malayan Banking BHD		229,666
	40,000	MISC BHD		84,078
	7,800	Petronas Dagangan BHD		40,867
	20,000	Petronas Gas BHD		106,872
	17,900	PPB Group BHD		64,266
	68,600	Public Bank BHD		288,408
	16,085	RHB Capital BHD		22,810
	100,800	SapuraKencana Petroleum BHD		49,409
	108,500	Tenaga Nasional BHD		318,913
	28,300	Westports Holdings BHD		28,268
	154,500	YTL Corp. BHD		54,257
	86,900	YTL Power International BHD		30,544

				1,514,372

		Mexico — 4.9%
	596,500	America Movil SAB de CV		530,854
	5,780	Arca Continental SAB de CV		36,921
	14,248	Compartamos SAB de CV		26,171
	4,154	El Puerto de Liverpool SAB de CV		57,872
	32,616	Fibra Uno Administracion SA de CV REIT		71,520
	3,834	Gruma SAB de CV, Class B		58,841
	5,800	Grupo Aeroportuario del Pacifico SAB de CV, Class B		52,312
	4,115	Grupo Aeroportuario del Sureste SAB de CV, Class B		63,771
	28,874	Grupo Financiero Banorte SAB de CV, Class O		154,580
	26,048	Grupo Financiero Inbursa SAB de CV, Class O		52,198
	18,840	Grupo Financiero Santander Mexico SAB de CV, Class B		34,617
	10,575	Grupo Lala SAB de CV, Class B		27,011
	62,336	Grupo Mexico SAB de CV		151,936
	3,432	Industrias Bachoco SAB de CV		15,620
	18,577	Kimberly-Clark de Mexico SAB de CV, Class A		44,458
	6,650	Megacable Holdings SAB de CV		25,343
	12,872	OHL Mexico SAB de CV (a)		17,012
	3,582	Promotora y Operadora de Infraestructura SAB de CV (a)		45,035
	121,983	Wal-Mart de Mexico SAB de CV		323,091

				1,789,163


SHARES		SECURITY DESCRIPTION	VALUE($)


		Philippines — 4.0%
	60,720	Aboitiz Equity Ventures, Inc.		72,477
	51,400	Aboitiz Power Corp.		46,108
	111,000	Alliance Global Group, Inc.		43,083
	6,480	Ayala Corp.		107,809
	136,600	Ayala Land, Inc.		104,322
	37,100	Bank of the Philippine Islands		66,929
	32,400	BDO Unibank, Inc.		70,232
	104,000	DMCI Holdings, Inc.		27,557
	213,600	Energy Development Corp.		30,185
	960	Globe Telecom, Inc.		46,619
	1,480	GT Capital Holdings, Inc.		41,491
	70,110	JG Summit Holdings, Inc.		106,608
	9,440	Manila Electric Co.		65,463
	258,000	Megaworld Corp.		25,794
	28,816	Metropolitan Bank & Trust Co.		52,271
	2,630	Philippine Long Distance Telephone Co.		123,294
	8,100	Semirara Mining and Power Corp., Class A		23,155
	10,260	SM Investments Corp.		191,353
	176,800	SM Prime Holdings, Inc.		81,326
	26,380	Universal Robina Corp.		112,923

				1,438,999

		Poland — 1.3%
	608	Alior Bank S.A. (a)		12,776
	1,144	Asseco Poland S.A.		16,886
	6,573	Bank Millennium S.A. (a)		10,409
	304	Bank Zachodni WBK S.A. (a)		24,504
	492	CCC S.A.		21,481
	4,504	Cyfrowy Polsat S.A. (a)		29,020
	4,592	Enea S.A.		15,229
	6,017	Energa S.A.		25,691
	1,432	Grupa Lotos S.A. (a)		10,547
	2,056	KGHM Polska Miedz S.A.		47,732
	13,720	PGE Polska Grupa Energetyczna S.A.		51,069
	4,784	Polski Koncern Naftowy Orlen S.A.		77,613
	26,384	Polskie Gornictwo Naftowe i Gazownictwo S.A.		46,745
	600	Powszechny Zaklad Ubezpieczen S.A.		58,259
	22,328	Tauron Polska Energia S.A.		17,506

				465,467

		Russia — 4.3%
	28,027	Alrosa OAO		22,569
	158,214	Gazprom OAO		336,228
	6,947	Lukoil PJSC		252,589
	23,273	Magnitogorsk Iron & Steel Works		8,771
	2,024	MegaFon OAO GDR		26,068


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Russia — continued
	679	MMC Norilsk Nickel OJSC		100,897
	18,710	Mobile Telesystems OJSC		60,884
	14,849	Moscow Exchange MICEX-RTS		20,895
	16,111	Novatek OAO		147,563
	14,169	Novolipetsk Steel OAO		17,357
	1,160	PhosAgro OAO GDR		15,660
	17,609	Rosneft OAO (a)		71,297
	21,203	Rostelecom PJSC (a)		31,040
	2,560,464	Rushydro PJSC (a)		26,078
	115,499	Sberbank of Russia PJSC (a)		163,760
	2,636	Severstal PAO		30,639
	60,577	Sistema (a)		16,747
	112,492	Surgutneftegas OAO (a)		63,011
	20,380	Tatneft, Class S (a)		104,982
	14,927	Uralkali PJSC (a)		36,271

				1,553,306

		South Africa — 8.4%
	5,968	AVI Ltd.		37,967
	3,664	Barclays Africa Group Ltd.		46,957
	3,504	Barloworld Ltd.		19,770
	5,134	Bidvest Group Ltd. (The)		131,146
	3,746	Brait S.E. (a)		42,893
	17,616	Capital Property Fund Ltd. REIT		20,502
	584	Capitec Bank Holdings Ltd.		25,228
	4,509	Clicks Group Ltd.		32,888
	2,928	DataTec Ltd.		12,536
	3,657	Discovery Ltd.		39,048
	1,664	EOH Holdings Ltd.		18,374
	2,089	Exxaro Resources Ltd.		8,646
	32,130	FirstRand Ltd.		117,735
	4,098	Foschini Group Ltd. (The)		41,808
	25,049	Growthpoint Properties Ltd.		45,889
	2,779	Hyprop Investments Ltd.		25,202
	2,688	Imperial Holdings Ltd.		34,989
	1,140	JSE Ltd.		10,982
	22,115	KAP Industrial Holdings Ltd.		11,745
	864	Kumba Iron Ore Ltd.		3,730
	1,168	Liberty Holdings Ltd.		11,420
	9,077	Mediclinic International Ltd.		79,673
	11,600	MMI Holdings Ltd.		21,050
	1,768	Mondi Ltd.		41,080
	4,385	Mr Price Group Ltd.		67,332
	34,185	MTN Group Ltd.		389,183
	2,216	Nedbank Group Ltd.		36,837
	27,018	Netcare Ltd.		76,831


SHARES		SECURITY DESCRIPTION	VALUE($)


		South Africa — continued
	4,291	Pick n Pay Stores Ltd.		20,748
	2,385	Pioneer Foods Group Ltd.		34,169
	6,894	PPC Ltd.		8,288
	752	PSG Group Ltd.		14,500
	43,503	Redefine Properties Ltd.		36,297
	7,273	Remgro Ltd.		145,511
	2,544	Resilient Property Income Fund Ltd.		22,415
	7,544	RMB Holdings Ltd.		36,735
	18,368	Sanlam Ltd.		82,982
	420	Santam Ltd.		6,768
	8,024	Sappi Ltd. (a)		31,662
	8,025	Sasol Ltd.		257,135
	8,203	Shoprite Holdings Ltd.		85,243
	6,075	Sibanye Gold Ltd.		10,146
	3,288	SPAR Group Ltd. (The)		47,197
	12,960	Standard Bank Group Ltd.		134,656
	49,724	Steinhoff International Holdings Ltd.		303,985
	6,592	Telkom SA SOC Ltd.		34,616
	8,073	Truworths International Ltd.		54,621
	6,105	Vodacom Group Ltd.		65,941
	18,675	Woolworths Holdings Ltd.		138,169

				3,023,225

		Taiwan — 18.7%
	129,000	Advanced Semiconductor Engineering, Inc.		148,925
	48,000	Asia Cement Corp.		49,854
	15,000	Asustek Computer, Inc.		134,241
	175,000	AU Optronics Corp.		51,477
	16,000	Catcher Technology Co., Ltd.		157,024
	127,000	Cathay Financial Holding Co., Ltd.		180,898
	85,390	Chang Hwa Commercial Bank Ltd.		44,322
	45,000	Cheng Shin Rubber Industry Co., Ltd.		81,477
	8,000	Cheng Uei Precision Industry Co., Ltd.		11,687
	10,065	Chicony Electronics Co., Ltd.		23,956
	63,000	China Airlines Ltd. (a)		22,553
	228,000	China Development Financial Holding Corp.		61,261
	93,000	Chunghwa Telecom Co., Ltd.		284,939
	88,000	Compal Electronics, Inc.		54,730
	263,811	CTBC Financial Holding Co., Ltd.		144,531
	122,388	E.Sun Financial Holding Co., Ltd.		73,559
	5,000	Eclat Textile Co., Ltd.		73,540
	49,000	Eva Airways Corp. (a)		28,758
	33,450	Evergreen Marine Corp. Taiwan Ltd.		14,890
	35,000	Far Eastern International Bank		10,874
	100,680	Far Eastern New Century Corp.		91,506
	40,000	Far EasTone Telecommunications Co., Ltd.		86,787


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Taiwan — continued
	8,000	Feng TAY Enterprise Co., Ltd.		45,842
	150,109	First Financial Holding Co., Ltd.		72,698
	84,000	Formosa Chemicals & Fibre Corp.		192,036
	37,000	Formosa Petrochemical Corp.		89,925
	97,000	Formosa Plastics Corp.		225,102
	21,300	Foxconn Technology Co., Ltd.		55,791
	118,000	Fubon Financial Holding Co., Ltd.		190,726
	7,000	Giant Manufacturing Co., Ltd.		52,743
	294,900	Hon Hai Precision Industry Co., Ltd.		783,862
	11,000	Hotai Motor Co., Ltd.		128,333
	120,672	Hua Nan Financial Holdings Co., Ltd.		57,990
	192,000	Innolux Corp.		64,411
	50,000	Inotera Memories, Inc. (a)		38,374
	64,000	Inventec Corp.		36,680
	3,000	Largan Precision Co., Ltd.		233,126
	42,285	Lite-On Technology Corp.		43,833
	163,000	Mega Financial Holding Co., Ltd.		118,770
	110,000	Nan Ya Plastics Corp.		218,277
	7,000	Nanya Technology Corp.		8,585
	13,000	Novatek Microelectronics Corp.		44,249
	40,000	Pegatron Corp.		97,746
	69,000	Pou Chen Corp.		97,319
	54,000	Quanta Computer, Inc.		91,959
	115,287	Shin Kong Financial Holding Co., Ltd.		27,587
	49,165	Siliconware Precision Industries Co., Ltd.		64,959
	155,572	SinoPac Financial Holdings Co., Ltd.		51,344
	24,000	Synnex Technology International Corp.		25,294
	136,000	Taishin Financial Holding Co., Ltd.		53,259
	61,621	Taiwan Business Bank (a)		15,823
	41,000	Taiwan Mobile Co., Ltd.		129,071
	6,000	Taiwan Secom Co., Ltd.		18,025
	270,000	Taiwan Semiconductor Manufacturing Co., Ltd.		1,137,691
	48,000	Teco Electric and Machinery Co., Ltd.		41,835
	5,000	Transcend Information, Inc.		13,923
	122,000	Uni-President Enterprises Corp.		206,273
	240,000	United Microelectronics Corp.		87,532
	22,000	Wan Hai Lines Ltd.		14,534
	30,000	Yang Ming Marine Transport Corp. (a)		9,098
	161,665	Yuanta Financial Holding Co., Ltd.		63,521

				6,779,935

		Thailand — 4.6%
	36,700	Advanced Info Service PCL NVDR		240,111
	11,200	Airports of Thailand PCL NVDR		93,602
	11,200	Bangkok Bank PCL NVDR		52,627


SHARES		SECURITY DESCRIPTION	VALUE($)


		Thailand — continued
	11,100	Bumrungrad Hospital PCL NVDR		67,319
	31,700	Central Pattana PCL NVDR		40,960
	139,200	CP ALL PCL NVDR		195,767
	13,600	Delta Electronics Thailand PCL NVDR		32,309
	8,000	Electricity Generating PCL NVDR		34,926
	13,600	Glow Energy PCL NVDR		32,688
	34,800	Indorama Ventures PCL NVDR		22,564
	39,900	Intouch Holdings PCL NVDR		84,070
	270,500	IRPC PCL NVDR		30,963
	26,400	Kasikornbank PCL NVDR		127,677
	79,200	Krung Thai Bank PCL NVDR		38,004
	72,200	Land & Houses PCL NVDR		17,330
	43,200	PTT Global Chemical PCL NVDR		67,675
	21,500	PTT PCL NVDR		166,069
	8,000	Siam Cement (The) PCL NVDR		102,126
	2,100	Siam City Cement PCL NVDR		19,935
	35,200	Siam Commercial Bank (The) PCL NVDR		131,847
	22,400	Thai Oil PCL NVDR		34,111
	492,000	TMB Bank PCL NVDR		36,714

				1,669,394

		Turkey — 1.6%
	21,455	Akbank TAS		54,983
	3,345	Arcelik A/S		18,229
	1,248	Aselsan Elektronik Sanayi Ve Ticaret A/S		5,966
	22,000	Emlak Konut Gayrimenkul Yatirim Ortakligi A/S REIT		21,312
	8,123	Enka Insaat ve Sanayi A/S		14,379
	20,352	Eregli Demir ve Celik Fabrikalari		28,843
	1,351	Ford Otomotiv Sanayi A/S		15,871
	9,264	Haci Omer Sabanci Holding A/S		29,371
	9,448	KOC Holding A/S		42,671
	680	Koza Altin Isletmeleri A/S		3,817
	5,382	Petkim Petrokimya Holding A/S (a)		7,930
	2,328	TAV Havalimanlari Holding A/S		18,263
	2,311	Tofas Turk Otomobil Fabrikasi A/S		15,246
	1,832	Tupras Turkiye Petrol Rafinerileri A/S (a)		48,343
	10,347	Turk Hava Yollari AO (a)		30,509
	11,152	Turk Telekomunikasyon A/S		24,055
	14,599	Turkcell Iletisim Hizmetleri A/S		58,016
	21,962	Turkiye Garanti Bankasi A/S		56,869
	7,096	Turkiye Halk Bankasi A/S		26,583
	15,320	Turkiye Is Bankasi, Class C		26,111
	10,469	Turkiye Sise ve Cam Fabrikalari A/S		11,981
	11,920	Turkiye Vakiflar Bankasi Tao, Class D		16,968


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Turkey — continued
	9,872	Yapi ve Kredi Bankasi A/S		11,992

				588,308

		United Arab Emirates — 0.8%
	19,415	Abu Dhabi Commercial Bank PJSC		39,414
	43,216	Air Arabia		15,865
	33,269	Aldar Properties PJSC		20,667
	74,995	Dana Gas PJSC (a)		9,571
	2,446	DP World Ltd.		49,431
	9,192	Dubai Investments PJSC		5,645
	10,381	Dubai Islamic Bank PJSC		18,239
	22,028	Emaar Malls Group PJSC (a)		18,796
	39,519	Emaar Properties PJSC		69,412
	11,706	First Gulf Bank PJSC		39,289
	11,391	Union National Bank PJSC		17,367
	10,532	Union Properties PJSC		2,473

				306,169

		Total Common Stocks (Cost $37,012,461)		31,659,997

	Exchange-Traded Fund — 9.1%
		India — 9.1%
	115,698	iShares MSCI India ETF		3,295,079

		Total Exchange-Traded Fund (Cost $3,568,857)		3,295,079

	Preferred Stocks — 2.7%
		Brazil — 2.1%
	40,228	Banco Bradesco S.A.		219,053
	2,416	Braskem S.A.		13,645
	784	Cia de Transmissao de Energia Eletrica Paulista S.A.		9,026
	16,664	Cia Energetica de Minas Gerais		30,938
	2,280	Cia Paranaense de Energia		19,214
	38,212	Itau Unibanco Holding S.A.		262,274
	43,970	Itausa – Investimentos Itau S.A.		82,090
	67,920	Petroleo Brasileiro S.A. (a)		135,785

				772,025

		Chile — 0.1%
	5,343	Embotelladora Andina S.A.		19,593

		Colombia — 0.1%
	5,295	Bancolombia S.A.		45,913

		Russia — 0.4%
	24	AK Transneft OAO (a)		55,988


SHARES		SECURITY DESCRIPTION	VALUE($)

		Russia — continued
	108,880	Surgutneftegas OAO (a)		74,219

				130,207

		Total Preferred Stocks (Cost $1,467,920)		967,738

		Total Investments — 99.3% (Cost $42,049,238)		35,922,814
		Other Assets in Excess of Liabilities — 0.7%		262,860

		NET ASSETS— 100.0%	$	36,185,674

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2015

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


INDUSTRY	PERCENTAGE
Commercial Banks		15.9	%
Exchange-Traded Fund		9.2
Wireless Telecommunication Services		7.4
Oil, Gas & Consumable Fuels		6.9
Semiconductors & Semiconductor Equipment		5.1
Electronic Equipment & Instruments		3.8
Internet Software & Services		3.4
Insurance		3.0
Food Products		2.8
Diversified Financial Services		2.7
Diversified Telecommunication Services		2.6
Industrial Conglomerates		2.6
Chemicals		2.3
Electric Utilities		2.3
Real Estate Management & Development		2.2
Computers & Peripherals		2.2
Food & Staples Retailing		2.1
Independent Power Producers & Energy Trader		1.7
Beverages		1.7
Automobiles		1.7
Metals & Mining		1.4
Transportation Infrastructure		1.3
Textiles, Apparel & Luxury Goods		1.2
Construction Materials		1.2
Others (each less than 1.0%)		13.3


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 99.3%
		Australia — 9.3%
	13,844	AGL Energy Ltd.		164,171
	18,932	Amcor Ltd.		182,860
	7,094	Ansell Ltd.		100,947
	21,800	APA Group		142,031
	23,907	Asciano Ltd.		139,223
	3,278	ASX Ltd.		95,828
	42,193	Aurizon Holdings Ltd.		154,701
	1,869	BHP Billiton Ltd.		30,653
	16,866	Boral Ltd.		64,516
	23,437	Brambles Ltd.		172,589
	6,214	Caltex Australia Ltd.		139,108
	2,210	Cochlear Ltd.		139,480
	4,336	Crown Resorts Ltd.		35,141
	3,144	CSL Ltd.		208,982
	29,229	CSR Ltd.		57,221
	17,443	Dexus Property Group REIT		95,751
	19,545	Echo Entertainment Group Ltd.		70,640
	2,903	Flight Centre Travel Group Ltd.		78,101
	48,905	GPT Group REIT (The)		165,633
	20,100	Harvey Norman Holdings Ltd.		56,472
	49,075	Incitec Pivot Ltd.		137,044
	12,219	Oil Search Ltd.		68,099
	7,109	Orica Ltd.		83,164
	19,230	Origin Energy Ltd.		74,724
	5,690	Qantas Airways Ltd. (a)		16,027
	2,910	Ramsay Health Care Ltd.		127,917
	4,674	Rio Tinto Ltd.		167,133
	61,565	Scentre Group REIT		180,578
	8,150	Sonic Healthcare Ltd.		111,464
	9,805	South32 Ltd. (a)		10,153
	12,666	Suncorp Group Ltd.		117,662
	38,721	Sydney Airport		176,959
	36,120	Tabcorp Holdings Ltd.		120,716
	37,920	Tatts Group Ltd.		106,469
	45,173	Telstra Corp. Ltd.		173,087
	24,738	Transurban Group		183,309
	7,641	Wesfarmers Ltd.		213,675
	7,943	Woodside Petroleum Ltd.		166,588
	7,157	Woolworths Ltd.		122,608
	8,374	WorleyParsons Ltd.		38,633

				4,690,057

		Austria — 0.2%
	3,600	OMV AG		95,860

		Belgium — 1.0%
	521	Anheuser-Busch InBev NV		62,168


SHARES		SECURITY DESCRIPTION	VALUE($)


		Belgium — continued
	3,120	Belgacom S.A.		107,967
	1,310	Colruyt S.A.		64,797
	732	Delhaize Group S.A.		67,921
	910	Groupe Bruxelles Lambert S.A.		73,864
	908	Solvay S.A.		102,578
	385	UCB S.A.		33,279

				512,574

		Canada — 2.4%
	1,120	Agrium, Inc.		104,197
	2,944	BCE, Inc.		127,252
	1,070	Canadian Tire Corp., Ltd., Class A		94,120
	3,664	Fortis, Inc.		106,059
	4,592	Husky Energy, Inc.		62,053
	2,637	Imperial Oil Ltd.		87,745
	662	Magna International, Inc.		34,913
	4,290	Metro, Inc., Class A		122,670
	1,243	National Bank of Canada		41,170
	2,727	Potash Corp of Saskatchewan, Inc.		55,224
	3,033	RioCan REIT		59,148
	3,181	Rogers Communications, Inc., Class B		126,573
	4,660	Shaw Communications, Inc., Class B		96,757
	2,862	TransCanada Corp.		96,305

				1,214,186

		Denmark — 0.6%
	250	Carlsberg A/S, Class B		20,483
	1,353	Christian Hansen Holdings		81,292
	573	Coloplast A/S, Class B		41,098
	1,787	DSV A/S		72,515
	1,410	H Lundbeck A/S (a)		41,421
	12,741	TDC A/S		66,609

				323,418

		Finland — 0.9%
	4,624	Fortum OYJ		69,341
	5,090	Neste Oil OYJ		124,107
	12,822	Nokia OYJ		95,381
	2,020	Sampo OYJ, Class A		98,733
	3,940	Stora Enso OYJ, Class R		36,548
	2,361	UPM-Kymmene OYJ		44,200

				468,310

		France — 4.0%
	1,480	AtoS		117,818
	1,572	Capital Gemini S.A.		139,776
	1,201	Casino Guichard Perrachon S.A.		69,003


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		France — continued
	292	Christian Dior S.A.		57,390
	2,068	Dassault Systemes S.A.		163,141
	878	Essilor International S.A.		115,249
	3,441	Eutelsat Communications S.A.		113,414
	608	Ingenico S.A.		71,654
	2,392	Lagardere SCA		69,596
	185	L’Oreal S.A.		33,726
	4,024	Orange S.A.		70,950
	580	Pernod Ricard S.A.		68,248
	1,130	Publicis Groupe S.A.		73,196
	1,042	Sanofi S.A.		105,113
	1,451	SCOR S.A.		53,952
	930	Sodexo S.A.		82,669
	4,472	STMicroelectronics NV		30,813
	2,977	Suez Environnement S.A.		56,527
	1,856	Thales S.A.		134,173
	1,858	Total S.A.		89,851
	791	Valeo S.A.		122,151
	2,070	Veolia Environnement S.A. (a)		48,086
	352	Vinci S.A.		23,699
	4,418	Vivendi S.A.		106,283

				2,016,478

		Germany — 3.2%
	601	BASF AG		49,236
	832	Bayerische Motoren Werke AG		85,220
	1,090	Beiersdorf AG		103,524
	3,124	Deutsche Telekom AG		58,518
	2,710	Evonik Industries AG		98,400
	1,280	Fraport AG Frankfurt Airport Services Worldwide		81,155
	1,600	Fresenius Medical Care AG & Co., KGaA		144,012
	2,064	Fresenius SE & Co., KGaA		151,668
	1,252	Hannover Rueck SE		144,744
	680	HUGO BOSS AG		69,922
	9,042	Infineon Technologies AG		111,379
	660	Linde AG		114,481
	1,200	Merck KGaA		117,154
	1,412	SAP SE		111,315
	988	Symrise AG		65,027
	2,591	United Internet AG		134,532

				1,640,287

		Greece — 0.1%
	5,890	Hellenic Telecommunications Organization S.A.		55,138


SHARES		SECURITY DESCRIPTION	VALUE($)


		Hong Kong — 4.2%
	29,000	Cathay Pacific Airways Ltd.		57,517
	19,000	Cheung Kong Infrastructure Holdings Ltd.		176,263
	16,260	Cheung Kong Property Holdings Ltd.		113,774
	17,260	CK Hutchison Holdings Ltd.		236,350
	21,000	CLP Holdings Ltd.		182,564
	8,900	Hang Seng Bank Ltd.		163,278
	78,700	Hong Kong & China Gas Co., Ltd.		159,567
	5,500	Johnson Electric Holdings Ltd.		20,130
	33,500	Link REIT (The)		200,152
	30,000	MTR Corp., Ltd.		135,907
	30,000	New World Development Co., Ltd.		31,998
	140,000	PCCW Ltd.		75,382
	20,000	Power Assets Holdings Ltd.		198,928
	1,460,000	Semiconductor Manufacturing International Corp. (a)		135,254
	10,500	Swire Pacific Ltd., Class A		121,312
	60,000	Xinyi Glass Holdings Ltd.		31,084
	228,000	Xinyi Solar Holdings Ltd.		90,638

				2,130,098

		Israel — 0.3%
	1,490	Check Point Software Technologies Ltd. (a)		126,561

		Italy — 1.0%
	48,262	Enel Green Power SpA		102,034
	6,184	Eni SpA		100,986
	23,890	Parmalat SpA		62,156
	6,700	Pirelli & C. SpA		110,155
	8,934	Snam SpA		46,234
	21,380	Terna Rete Elettrica Nazionale SpA		108,745

				530,310

		Japan — 20.4%
	7,000	Ajinomoto Co., Inc.		155,918
	50,000	ANA Holdings Co., Ltd.		149,310
	39,000	Aozora Bank Ltd.		142,547
	17,000	Asahi Kasei Corp.		104,323
	2,000	Bank of Kyoto Ltd. (The)		20,199
	25,000	Bank of Yokohama Ltd. (The)		156,028
	8,000	Brother Industries Ltd.		102,252
	5,000	Canon, Inc.		149,310
	3,900	Capcom Co., Ltd.		82,231
	300	Central Japan Railway Co.		54,724
	20,000	Chiba Bank Ltd. (The)		145,901
	7,000	Chubu Electric Power Co., Inc.		107,681
	7,300	Chugoku Electric Power Co., Inc. (a)		110,314


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Japan — continued
	5,000	Cosmo Energy Holdings Co., Ltd. (a)		67,965
	8,900	Daicel Corp.		117,608
	7,500	Daiichi Sankyo Co., Ltd.		147,293
	19,000	DIC Corp.		51,430
	4,000	Dowa Holdings Co., Ltd.		34,874
	1,800	East Japan Railway Co.		171,136
	4,000	Electric Power Development Co., Ltd.		131,864
	3,200	FamilyMart Co., Ltd.		130,806
	19,000	Fuji Electric Co., Ltd.		84,770
	3,800	FUJIFILM Holdings Corp.		151,577
	14,000	Fujikura Ltd.		71,959
	28,000	Fukuoka Financial Group, Inc.		147,340
	1,500	Hikari Tsushin, Inc.		114,148
	2,700	Hokkaido Electric Power Co., Inc. (a)		28,843
	6,000	Hokuriku Electric Power Co.		89,495
	900	Hoya Corp.		37,140
	5,000	Idemitsu Kosan Co., Ltd.		81,997
	12,500	Inpex Corp.		119,150
	12,300	ITOCHU Corp.		153,910
	4,200	Japan Airlines Co., Ltd. (a)		158,227
	3,000	Japan Petroleum Exploration Co., Ltd.		90,036
	37,100	JX Holdings, Inc.		145,679
	19,000	Kaneka Corp.		168,478
	51,000	Kawasaki Kisen Kaisha Ltd.		114,501
	6,900	KDDI Corp.		166,969
	9,000	Keisei Electric Railway Co., Ltd.		110,906
	12,700	Konica Minolta, Inc.		130,485
	9,900	Kuraray Co., Ltd.		122,105
	6,000	Kyowa Hakko Kirin Co., Ltd.		98,898
	800	Mabuchi Motor Co., Ltd.		39,583
	25,700	Marubeni Corp.		148,495
	600	MEIJI Holdings Co., Ltd.		47,280
	7,100	Mitsubishi Corp.		129,082
	9,100	Mitsubishi Tanabe Pharma Corp.		153,874
	14,000	Mitsui OSK Lines Ltd.		37,386
	1,700	Mochida Pharmaceutical Co., Ltd.		100,378
	7,000	NH Foods Ltd.		146,010
	8,000	Nippon Kayaku Co., Ltd.		83,462
	4,900	Nippon Paper Industries Co., Ltd.		90,820
	1,400	Nippon Shokubai Co., Ltd.		109,560
	4,100	Nippon Telegraph & Telephone Corp.		150,312
	7,000	Nippon Television Holdings, Inc.		121,142
	9,000	Nipro Corp.		100,894
	2,100	Nissin Foods Holdings Co., Ltd.		97,079
	3,300	NTT Data Corp.		164,224


SHARES		SECURITY DESCRIPTION	VALUE($)


		Japan — continued
	7,700	NTT DOCOMO, Inc.		149,961
	39,000	Osaka Gas Co., Ltd.		153,600
	1,200	Otsuka Corp.		58,008
	4,800	Otsuka Holdings Co., Ltd.		159,746
	29,000	Resona Holdings, Inc.		153,449
	7,300	Ricoh Co., Ltd.		78,679
	2,300	Rohm Co., Ltd.		113,693
	1,400	Sankyo Co., Ltd.		53,956
	1,100	Sawai Pharmaceutical Co., Ltd.		70,419
	4,000	SCREEN Holdings Co., Ltd.		23,633
	7,000	Sekisui Chemical Co., Ltd.		82,593
	10,000	Sekisui House Ltd.		166,464
	26,000	Seven Bank Ltd.		118,470
	1,100	Shimamura Co., Ltd.		123,543
	1,700	Shionogi & Co., Ltd.		69,728
	14,000	Showa Shell Sekiyu		123,571
	2,900	SoftBank Group Corp.		162,481
	36,300	Sojitz Corp.		79,842
	28,000	Sumitomo Osaka Cement Co., Ltd.		107,899
	2,100	Suzuken Co., Ltd.		80,375
	1,000	Taisho Pharmaceutical Holdings Co., Ltd.		62,395
	3,300	Takeda Pharmaceutical Co., Ltd.		161,147
	11,000	Tohoku Electric Power Co., Inc.		154,445
	6,000	Tokyo Broadcasting System Holdings Inc.		89,143
	12,000	TonenGeneral Sekiyu		124,676
	15,000	Toppan Printing Co., Ltd.		134,512
	12,000	Tosoh Corp.		60,945
	4,000	Toyo Suisan Kaisha Ltd.		147,391
	2,700	Toyota Industries Corp.		141,884
	3,800	Toyota Motor Corp. (a)		232,805
	4,000	Tsumura & Co.		96,384
	43,000	Ube Industries Ltd.		90,290
	2,300	West Japan Railway Co.		161,590
	4,400	Yokohama Rubber Co., Ltd. (The)		84,584

				10,312,209

		Netherlands — 1.1%
	498	Boskalis Westminster NV		24,170
	1,161	Heineken Holding NV		92,756
	5,630	Koninklijke Ahold NV		114,530
	5,450	Reed Elsevier NV		92,959
	3,411	Royal Dutch Shell plc, Class A		89,052
	3,971	Wolters Kluwer NV		134,209

				547,676


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		New Zealand — 0.4%
	13,529	Contact Energy Ltd.		47,486
	60,030	Spark New Zealand Ltd.		136,161

				183,647

		Norway — 0.9%
	8,258	Marine Harvest ASA		110,838
	8,788	Orkla ASA		74,787
	5,585	Statoil ASA		90,278
	4,678	Telenor ASA		88,125
	2,494	Yara International ASA		113,292

				477,320

		Portugal — 0.2%
	29,310	EDP – Energias de Portugal S.A.		108,314

		Singapore — 2.5%
	52,400	CapitaMall Trust REIT		73,880
	25,200	ComfortDelGro Corp., Ltd.		54,523
	15,500	DBS Group Holdings Ltd.		190,573
	290,000	Golden Agri-Resources Ltd.		80,482
	120,000	Hutchison Port Holdings Trust, Class U		66,463
	27,800	Keppel Corp., Ltd.		139,937
	40,500	Sembcorp Industries Ltd.		103,200
	10,000	Singapore Airlines Ltd.		76,932
	40,000	Singapore Press Holdings Ltd.		113,760
	72,200	Singapore Telecommunications Ltd.		205,138
	8,900	Venture Corp., Ltd.		52,450
	48,900	Wilmar International Ltd.		108,967

				1,266,305

		South Korea — 9.1%
	2,599	Celltrion, Inc. (a)		174,762
	341	CJ CheilJedang Corp.		104,433
	521	CJ Corp.		109,391
	1,288	Daum Kakao Corp.		128,036
	1,631	GS Holdings Corp.		71,642
	2,150	Halla Visteon Climate Control Corp.		84,545
	2,577	Hankook Tire Co., Ltd.		98,516
	306	Hanmi Pharm Co., Ltd. (a)		138,008
	816	Hanmi Science Co., Ltd. (a)		93,380
	5,057	Hanwha Chemical Corp.		97,984
	881	Hyundai Mobis Co., Ltd.		185,213
	2,290	Hyundai Steel Co.		104,264
	7,342	Industrial Bank of Korea		89,872
	2,442	Kia Motors Corp.		119,199
	4,284	Korea Electric Power Corp.		192,885
	2,270	Korea Gas Corp.		84,521
	197	Korea Zinc Co., Ltd.		81,867


SHARES		SECURITY DESCRIPTION	VALUE($)


		South Korea — continued
	2,153	Korean Air Lines Co., Ltd. (a)		58,161
	5,272	KT Corp. (a)		136,575
	1,853	KT&G Corp.		185,292
	7,082	LG Display Co., Ltd.		134,538
	2,116	LG Electronics, Inc.		90,844
	13,182	LG Uplus Corp.		126,339
	364	Lotte Chemical Corp.		76,421
	368	Lotte Shopping Co., Ltd.		74,557
	333	NAVER Corp.		174,850
	1,111	POSCO		178,661
	273	Samsung Electronics Co., Ltd.		327,444
	1,110	Samsung Fine Chemicals Co., Ltd.		36,477
	483	Samsung SDS Co., Ltd.		108,323
	120	Shinsegae Co., Ltd.		24,417
	920	SK C&C Co., Ltd.		215,051
	6,111	SK Hynix, Inc.		163,544
	1,389	SK Innovation Co., Ltd. (a)		144,023
	714	SK Telecom Co., Ltd.		151,198
	1,830	SKC Co., Ltd.		61,421
	1,710	S-Oil Corp.		102,270
	5,053	Woori Bank		43,832

				4,572,756

		Spain — 2.1%
	50	Acciona S.A.		4,194
	3,000	Acerinox S.A.		32,413
	2,363	ACS Actividades de Construccion y Servicios S.A.		80,173
	3,373	Enagas S.A.		101,994
	5,272	Endesa S.A.		117,224
	4,760	Ferrovial S.A.		120,082
	4,799	Gas Natural SDG S.A.		103,811
	2,120	Grifols S.A.		98,188
	15,297	Iberdrola S.A.		109,085
	1,220	Red Electrica Corp. S.A.		107,403
	5,603	Repsol S.A.		70,533
	7,158	Telefonica S.A.		94,438

				1,039,538

		Sweden — 2.6%
	1,134	Autoliv, Inc.		137,486
	6,270	Boliden AB		120,048
	1,093	Getinge AB, Class B		27,316
	1,190	Hexagon AB, Class B		41,276
	2,760	Investor AB, Class B		102,142
	10,410	Securitas AB, Class B		135,910
	6,000	Skanska AB, Class B		117,078


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Sweden — continued
	4,800	Svenska Cellulosa AB SCA, Class B		141,379
	6,990	Svenska Handelsbanken AB, Class A		94,935
	1,528	Swedish Match AB		48,034
	10,221	Tele2 AB, Class B		102,073
	8,051	Telefonaktiebolaget LM Ericsson, Class B		78,356
	17,250	TeliaSonera AB		88,139
	5,253	Trelleborg AB, Class B		88,503

				1,322,675

		Switzerland — 1.9%
	294	Actelion Ltd.		40,811
	824	Baloise Holding AG		98,795
	4,784	Clariant AG		87,970
	2,170	Garmin Ltd.		76,970
	70	Givaudan S.A.		125,174
	212	Kuehne & Nagel International AG		29,374
	920	Lonza Group AG		135,037
	1,230	Novartis AG		111,424
	357	Sonova Holding AG		48,711
	254	Swiss Life Holding AG		60,526
	347	Swiss Prime Site AG		26,512
	230	Swisscom AG		118,500

				959,804

		United Kingdom — 4.4%
	6,602	AMEC plc		72,240
	6,076	Antofagasta plc		49,119
	19,595	BP plc		116,452
	6,333	British Land Co., plc REIT		84,828
	10,585	BT Group plc, Class A		75,592
	4,860	Bunzl plc		138,979
	5,867	Direct Line Insurance Group plc		35,588
	1,151	easyJet plc		31,006
	5,219	GlaxoSmithKline plc		112,551
	4,030	Hammerson plc REIT		39,484
	4,200	Inmarsat plc		63,659
	390	Johnson Matthey plc		15,512
	5,741	Land Securities Group plc REIT		118,274
	1,425	Mondi plc		32,952
	1,220	Next plc		150,248
	1,494	Persimmon plc		45,817
	13,250	Rexam plc		110,170
	4,859	Royal Mail plc		33,289
	18,721	Sage Group plc		156,967
	1,247	Severn Trent plc		43,006
	6,400	Smith & Nephew plc		109,283


SHARES		SECURITY DESCRIPTION	VALUE($)


		United Kingdom — continued
	10,438	Subsea 7 S.A. (a)		81,869
	29,306	Taylor Wimpey plc		89,276
	2,435	Travis Perkins plc		71,769
	7,036	United Utilities Group plc		107,068
	28,168	Vodafone Group plc		92,699
	7,970	William Hill plc		38,888
	4,510	WPP plc		101,099

				2,217,684

		United States — 26.5%
	910	Airgas, Inc.		87,506
	200	Alleghany Corp. (a)		99,254
	1,880	Alliant Energy Corp.		110,957
	1,467	Allstate Corp. (The)		90,778
	2,561	Amdocs Ltd.		152,559
	1,960	Ameren Corp.		85,613
	2,901	American Water Works Co., Inc.		166,401
	1,421	AmerisourceBergen Corp., Class A		137,141
	8,555	Annaly Capital Management, Inc. REIT		85,122
	968	Anthem, Inc.		134,697
	1,000	Ashland, Inc.		109,720
	1,570	Assurant, Inc.		128,002
	4,622	AT&T, Inc.		154,883
	1,980	AutoNation, Inc. (a)		125,116
	150	AutoZone Inc. (a)		117,661
	2,150	Avery Dennison Corp.		139,685
	2,260	Axis Capital Holdings Ltd.		122,040
	1,160	Becton Dickinson & Co.		165,323
	2,560	Bemis Co., Inc.		117,197
	2,863	Broadridge Financial Solutions Inc.		170,577
	3,590	CA Technologies, Inc.		99,479
	1,183	Celanese Corp., Class A		84,052
	3,822	CenturyLink, Inc.		107,819
	2,055	CF Industries Holdings, Inc.		104,332
	5,307	Chemours Co. (The)		36,778
	1,466	Chevron Corp.		133,230
	1,470	Church & Dwight Co., Inc.		126,553
	1,094	Cigna Corp.		146,640
	2,010	Cincinnati Financial Corp.		121,062
	1,710	Cintas Corp.		159,184
	771	CMS Energy Corp.		27,810
	1,470	CNA Financial Corp.		53,743
	292	Columbia Pipeline Group, Inc.		6,065
	1,171	Commerce Bancshares Inc.		53,339
	1,410	Communications Sales & Leasing, Inc. REIT		28,327
	1,742	Computer Sciences Corp.		116,000


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		United States — continued
	2,070	ConocoPhillips Co.		110,435
	1,203	Constellation Brands, Inc., Class A		162,165
	510	C.R. Bard, Inc.		95,039
	1,116	Darden Restaurants, Inc.		69,069
	354	DaVita HealthCare Partners, Inc. (a)		27,438
	2,050	DENTSPLY International Corp.		124,743
	1,190	Diamond Offshore Drilling, Inc.		23,657
	1,601	Dr Pepper Snapple Group, Inc.		143,081
	1,340	DST Systems, Inc.		163,681
	1,782	DTE Energy Co.		145,393
	700	Eastman Chemical Co.		50,519
	910	Edgewell Personal Care Co.		77,086
	363	EI du Pont de Nemours & Co.		23,014
	910	Energizer Holdings, Inc.		38,975
	741	Entergy Corp.		50,506
	901	Everest Re Group Ltd.		160,351
	2,540	Eversource Energy		129,388
	1,504	Fidelity National Information Services, Inc.		109,672
	2,061	Foot Locker, Inc.		139,633
	20,390	Frontier Communications Corp.		104,805
	717	Gannett Co., Inc.		11,343
	850	Genuine Parts Co.		77,146
	1,520	Harris Corp.		120,278
	2,004	Hasbro, Inc.		153,967
	1,024	Helmerich & Payne, Inc.		57,621
	970	Henry Schein, Inc. (a)		147,159
	1,315	Hess Corp.		73,916
	2,271	HollyFrontier Corp.		111,211
	2,200	Hormel Foods Corp.		148,610
	1,203	IAC/Interactive Corp.		80,613
	2,391	Intel Corp.		80,959
	1,090	International Flavors & Fragrances, Inc.		126,505
	2,161	Jabil Circuit, Inc.		49,660
	1,254	JM Smucker Co. (The)		147,207
	936	Johnson & Johnson		94,564
	317	KLA-Tencor Corp.		21,277
	1,182	L-3 Communications Holdings Corp., Class 3		149,405
	990	Laboratory Corp of America Holdings (a)		121,513
	3,320	Leggett & Platt, Inc.		149,500
	2,172	Level 3 Communications, Inc. (a)		110,663
	4,320	Liberty Interactive Corp., Class A (a)		118,238
	3,502	Marathon Oil Corp.		64,367
	1,044	McCormick & Co., Inc.		87,675
	1,610	Molson Coors Brewing Co., Class B		141,841
	1,228	Motorola Solutions, Inc.		85,923
	1,980	Murphy Oil Corp.		56,291


SHARES		SECURITY DESCRIPTION	VALUE($)


		United States — continued
	3,440	Newell Rubbermaid, Inc.		145,959
	2,126	Newfield Exploration Co. (a)		85,444
	292	NiSource, Inc.		5,595
	922	Northrop Grumman Corp.		173,105
	5,751	NVIDIA Corp.		163,156
	76	NVR, Inc. (a)		124,470
	1,071	PartnerRe, Inc. (a)		148,869
	2,390	Patterson Cos., Inc.		113,286
	5,356	Pepco Holdings, Inc.		142,630
	1,820	Pinnacle West Capital Corp.		115,588
	1,302	PPG Industries, Inc.		135,747
	340	Quest Diagnostics, Inc.		23,103
	1,640	Questar Corp.		33,866
	1,452	Raytheon Co.		170,465
	1,410	RenaissanceRe Holdings Ltd.		154,578
	2,482	Republic Services, Inc., Class A		108,563
	1,254	Ryder System, Inc.		90,012
	1,230	SBA Communications Corp., Class A (a)		146,395
	2,185	SCANA Corp.		129,396
	830	Scripps Networks Interactive, Inc., Class A		49,866
	2,671	Southwest Airlines Co.		123,641
	21,951	Sprint Corp. (a)		103,828
	642	Stericycle, Inc. (a)		77,919
	3,281	Synopsys, Inc. (a)		163,984
	5,770	TECO Energy, Inc.		155,790
	1,434	TEGNA, Inc.		38,775
	3,980	TELUS Corp.		132,813
	823	Tesoro Corp.		88,003
	2,533	Thomson Reuters Corp.		103,986
	4,000	T-Mobile US, Inc. (a)		151,560
	1,980	Torchmark Corp.		114,860
	2,575	Total System Services, Inc.		135,059
	1,234	Tyson Foods, Inc., Class A		54,740
	1,094	Universal Health Services, Inc., Class B		133,566
	3,231	Verizon Communications, Inc.		151,469
	1,524	Walt Disney Co. (The)		173,340
	780	Waters Corp. (a)		99,684
	482	Westlake Chemical Corp.		29,050
	1,368	WestRock Co.		73,544
	2,568	WR Berkley Corp.		143,372
	1,840	Wyndham Worldwide Corp.		149,684
	4,460	Xcel Energy, Inc.		158,910
	1,141	Zimmer Holdings, Inc.		119,314

				13,377,731

		Total Common Stocks (Cost $50,289,699)		50,188,936


SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stock — 0.1%
		Germany — 0.1%
	420	Porsche Automobil Holding AG		19,632

		Total Preferred Stock (Cost $38,523)		19,632

		Total Investments — 99.4% (Cost $50,328,222)		50,208,568
		Other Assets in Excess of Liabilities — 0.6%		321,466

		NET ASSETS — 100.0%	$	50,530,034

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2015

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


INDUSTRY	PERCENTAGE
Oil, Gas & Consumable Fuels		7.1	%
Chemicals		6.3
Diversified Telecommunication Services		5.3
Electric Utilities		5.2
Pharmaceuticals		4.3
Insurance		3.9
Health Care Providers & Services		3.3
IT Services		3.1
Food Products		3.1
Commercial Banks		3.1
Media		2.9
Wireless Telecommunication Services		2.7
Semiconductors & Semiconductor Equipment		2.5
Road & Rail		2.3
Real Estate Investment Trusts (REITs)		2.2
Health Care Equipment & Supplies		2.2
Auto Components		2.0
Household Durables		1.9
Multi-Utilities		1.9
Software		1.8
Trading Companies & Distributors		1.7
Metals & Mining		1.7
Gas Utilities		1.6
Commercial Services & Supplies		1.6
Hotels, Restaurants & Leisure		1.5
Specialty Retail		1.4
Beverages		1.4
Electronic Equipment & Instruments		1.3
Airlines		1.3
Aerospace & Defense		1.2
Food & Staples Retailing		1.2
Real Estate Management & Development		1.1
Internet Software & Services		1.0
Transportation Infrastructure		1.0
Others (each less than 1.0%)		13.9


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 99.4%
		Australia — 8.7%
	32,274	AGL Energy Ltd.		382,726
	18,090	Ansell Ltd.		257,420
	53,856	APA Group		350,882
	12,247	Asciano Ltd.		71,320
	24,206	Bendigo & Adelaide Bank Ltd.		183,630
	18,718	BHP Billiton Ltd.		306,989
	24,929	Boral Ltd.		95,358
	34,495	Brambles Ltd.		254,020
	11,890	Caltex Australia Ltd.		266,172
	5,400	Cochlear Ltd.		340,811
	6,645	CSL Ltd.		441,695
	53,157	CSR Ltd.		104,065
	51,769	Dexus Property Group REIT		284,179
	13,123	Downer EDI Ltd.		32,977
	121,845	Federation Centres REIT		251,703
	84,923	GPT Group REIT (The)		287,619
	13,431	Harvey Norman Holdings Ltd.		37,735
	47,310	Healthscope Ltd.		90,573
	92,394	Incitec Pivot Ltd.		258,014
	8,471	Orica Ltd.		99,097
	71,604	Origin Energy Ltd.		278,239
	7,686	Ramsay Health Care Ltd.		337,858
	22,086	Sonic Healthcare Ltd.		302,061
	60,557	South32 Ltd. (a)		62,707
	80,473	Sydney Airport		367,770
	102,052	Tabcorp Holdings Ltd.		341,065
	88,452	Tatts Group Ltd.		248,349
	95,038	Telstra Corp. Ltd.		364,152
	31,158	TPG Telecom Ltd.		244,213
	54,738	Transurban Group		405,610
	12,041	Wesfarmers Ltd.		336,718
	17,009	Woodside Petroleum Ltd.		356,728

				8,042,455

		Austria — 0.4%
	7,416	OMV AG		197,472
	4,638	Voestalpine AG		167,692

				365,164

		Belgium — 1.0%
	1,834	Ageas		80,875
	9,857	Belgacom S.A.		341,100
	4,932	Colruyt S.A.		243,952
	1,602	Groupe Bruxelles Lambert S.A.		130,034
	2,422	Umicore S.A.		102,834

				898,795


SHARES		SECURITY DESCRIPTION	VALUE($)


		Denmark — 1.1%
	4,000	Christian Hansen Holdings A/S		240,332
	2,006	DSV A/S		81,402
	5,238	H Lundbeck A/S (a)		153,876
	51,387	TDC A/S		268,645
	2,024	Vestas Wind Systems A/S		118,008
	1,692	William Demant Holding A/S (a)		146,997

				1,009,260

		Finland — 1.5%
	1,703	Elisa OYJ		64,163
	5,760	Fortum OYJ		86,376
	5,166	Kesko OYJ, Class B		164,921
	14,238	Neste Oil OYJ		347,158
	21,483	Nokia OYJ		159,809
	4,115	Orion OYJ, Class B		146,978
	6,138	Sampo OYJ, Class A		300,011
	6,626	UPM-Kymmene OYJ		124,045

				1,393,461

		France — 5.1%
	4,392	AtoS		349,632
	3,875	Capital Gemini S.A.		344,550
	2,085	Casino Guichard Perrachon S.A.		119,793
	1,446	Christian Dior S.A.		284,200
	5,062	Dassault Systemes S.A.		399,332
	2,381	Essilor International S.A.		312,538
	5,049	Eutelsat Communications S.A.		166,413
	1,945	Ingenico S.A.		229,221
	7,875	Lagardere SCA		229,127
	542	L’Oreal S.A.		98,809
	3,366	Publicis Groupe S.A.		218,033
	3,456	Safran S.A.		262,497
	7,817	SCOR S.A.		290,657
	954	Sodexo S.A.		84,803
	5,118	Thales S.A.		369,987
	5,422	TOTAL S.A.		262,202
	1,224	Valeo S.A.		189,017
	10,900	Vivendi S.A.		262,219
	10,068	Zodiac Aerospace S.A.		253,983

				4,727,013

		Germany — 4.2%
	1,398	Axel Springer AG		78,567
	3,006	Beiersdorf AG		285,497
	3,762	Brenntag AG		227,162
	5,697	Evonik Industries AG		206,858


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Germany — continued
	3,960	Fraport AG Frankfurt Airport Services Worldwide		251,075
	4,428	Fresenius Medical Care AG & Co., KGaA		398,554
	5,724	Fresenius SE & Co., KGaA		420,613
	3,240	Hannover Rueck SE		374,577
	1,159	HUGO BOSS AG		119,176
	21,418	Infineon Technologies AG		263,825
	3,620	K+S AG		91,381
	1,368	Linde AG		237,287
	2,770	Merck KGaA		270,431
	2,504	Suedzucker AG		46,731
	1,013	Symrise AG		66,672
	21,530	Telefonica Deutschland Holding AG		138,603
	7,490	United Internet AG		388,902

				3,865,911

		Hong Kong — 5.3%
	82,000	Cathay Pacific Airways Ltd.		162,634
	42,000	Cheung Kong Infrastructure Holdings Ltd.		389,633
	29,042	CK Hutchison Holdings Ltd.		397,687
	47,000	CLP Holdings Ltd.		408,596
	216,000	FIH Mobile Ltd.		103,019
	36,000	First Pacific Co., Ltd.		24,634
	190,100	Hong Kong & China Gas Co., Ltd.		385,434
	68,000	Link REIT (The)		406,279
	78,500	MTR Corp., Ltd.		355,625
	64,000	New World Development Co., Ltd.		68,263
	647,000	PCCW Ltd.		348,372
	42,500	Power Assets Holdings Ltd.		422,722
	3,417,000	Semiconductor Manufacturing International Corp. (a)		316,550
	27,000	Swire Pacific Ltd., Class A		311,945
	53,500	Techtronic Industries Co., Ltd.		195,579
	26,000	Wheelock & Co., Ltd.		121,189
	144,000	Xinyi Solar Holdings Ltd.		57,245
	101,000	Yue Yuen Industrial Holdings Ltd.		368,454

				4,843,860

		Ireland — 0.3%
	2,918	Kerry Group plc, Class A		236,663

		Italy — 1.4%
	18,774	Davide Campari-Milano SpA		160,770
	39,744	Enel Green Power SpA		84,025
	12,691	Eni SpA		207,247
	71,604	Parmalat SpA		186,297
	21,206	Pirelli & C. SpA		348,648


SHARES		SECURITY DESCRIPTION	VALUE($)


		Italy — continued
	63,801	Terna Rete Elettrica Nazionale SpA		324,512

				1,311,499

		Japan — 23.6%
	16,200	Alfresa Holdings Corp.		310,641
	40,000	Asahi Kasei Corp.		245,465
	58,000	Bank of Yokohama Ltd. (The)		361,984
	10,800	Brother Industries Ltd.		138,040
	9,000	Canon Marketing Japan, Inc.		136,824
	10,100	Canon, Inc.		301,607
	13,200	Capcom Co., Ltd.		278,320
	1,700	Central Japan Railway Co.		310,103
	51,000	Chiba Bank Ltd. (The)		372,047
	5,400	Chubu Electric Power Co., Inc.		83,068
	16,400	Chugoku Electric Power Co., Inc. (a)		247,828
	14,400	COMSYS Holdings Corp.		188,086
	30,500	Daicel Corp.		403,039
	80,000	DIC Corp.		216,549
	8,900	Electric Power Development Co., Ltd.		293,397
	7,200	FamilyMart Co., Ltd.		294,313
	36,000	Fuji Electric Co., Ltd.		160,616
	10,600	FUJIFILM Holdings Corp.		422,821
	54,000	Fujikura Ltd.		277,556
	46,000	Fukuoka Financial Group, Inc.		242,059
	23,000	Gunma Bank Ltd. (The)		144,778
	18,000	Hachijuni Bank Ltd. (The)		122,737
	47,000	Hankyu Hanshin Holdings, Inc.		306,164
	4,800	Hikari Tsushin, Inc.		365,274
	12,600	Hitachi Chemical Co., Ltd.		199,176
	12,600	Hitachi High-Technologies Corp.		338,853
	16,200	Hokuriku Electric Power Co.		241,637
	14,300	Idemitsu Kosan Co., Ltd.		234,512
	30,300	Inpex Corp.		288,820
	8,000	Itochu Techno-Solutions Corp.		175,384
	10,200	Japan Airlines Co., Ltd. (a)		384,266
	8,000	Japan Petroleum Exploration Co., Ltd.		240,097
	84,700	JX Holdings, Inc.		332,588
	49,000	Kaneka Corp.		434,496
	126,000	Kawasaki Kisen Kaisha Ltd.		282,885
	16,500	KDDI Corp.		399,273
	32,100	Konica Minolta, Inc.		329,809
	15,100	Kuraray Co., Ltd.		186,241
	4,000	Kyowa Hakko Kirin Co., Ltd.		65,932
	7,200	Lintec Corp.		168,660
	6,000	Lion Corp.		57,842
	14,400	Medipal Holdings Corp.		251,310


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Japan — continued
	5,400	Miraca Holdings, Inc.		240,329
	21,800	Mitsubishi Tanabe Pharma Corp.		368,622
	36,700	Mizuho Financial Group, Inc.		75,596
	4,800	Mochida Pharmaceutical Co., Ltd.		283,420
	17,000	NH Foods Ltd.		354,595
	13,000	Nippo Corp.		226,537
	54,000	Nippon Express Co., Ltd.		278,191
	9,700	Nippon Paper Industries Co., Ltd.		179,786
	2,600	Nippon Shokubai Co., Ltd.		203,469
	10,500	Nippon Telegraph & Telephone Corp.		384,945
	19,800	Nippon Television Holdings, Inc.		342,660
	27,100	Nipro Corp.		303,802
	25,200	Nisshin Seifun Group, Inc.		385,168
	4,500	Nissin Foods Holdings Co., Ltd.		208,026
	2,300	Nomura Research Institute		94,002
	19,600	NTT DOCOMO, Inc.		381,719
	90,000	Osaka Gas Co., Ltd.		354,462
	4,500	Otsuka Holdings Co., Ltd.		149,762
	66,700	Resona Holdings, Inc.		352,932
	12,800	Ricoh Co., Ltd.		137,957
	500	Sawai Pharmaceutical Co., Ltd.		32,009
	23,600	Sekisui House Ltd.		392,855
	30,600	Seven Bank Ltd.		139,431
	8,900	Shimachu Co., Ltd.		194,400
	2,900	Shimamura Co., Ltd.		325,703
	1,100	Shionogi & Co., Ltd.		45,118
	32,400	Showa Shell Sekiyu		285,977
	14,400	SKY Perfect JSAT Holdings, Inc.		75,795
	6,600	SoftBank Group Corp.		369,784
	117,900	Sojitz Corp.		259,321
	53,000	Sumitomo Osaka Cement Co., Ltd.		204,237
	5,900	Suzuken Co., Ltd.		225,816
	53,000	Taisei Corp.		344,421
	1,500	Taisho Pharmaceutical Holdings Co., Ltd.		93,592
	4,100	Tohoku Electric Power Co., Inc.		57,566
	53,000	Tokyo Gas Co., Ltd.		262,290
	36,000	TonenGeneral Sekiyu		374,028
	9,300	Toyo Suisan Kaisha Ltd.		342,684
	6,600	Toyota Industries Corp.		346,828
	10,700	Tsumura & Co.		257,828
	88,000	Ube Industries Ltd.		184,779
	5,900	West Japan Railway Co.		414,515
	5,500	Yamaha Corp.		136,503
	12,500	Yokohama Rubber Co., Ltd. (The)		240,296

				21,746,853


SHARES		SECURITY DESCRIPTION	VALUE($)


		Luxembourg — 0.1%
	16,500	Samsonite International S.A.		48,858

		Netherlands — 2.6%
	4,116	Boskalis Westminster NV		199,769
	3,797	Heineken Holding NV		303,354
	7,720	Koninklijke Ahold NV		157,046
	3,475	NN Group NV		108,882
	1,734	OCI NV (a)		48,918
	7,792	QIAGEN NV (a)		188,906
	19,434	Reed Elsevier NV		331,482
	25,714	Royal Dutch Shell plc, Class A		671,321
	11,346	Wolters Kluwer NV		383,464

				2,393,142

		New Zealand — 0.6%
	38,482	Fletcher Building Ltd.		193,820
	148,230	Spark New Zealand Ltd.		336,218

				530,038

		Norway — 1.0%
	828	DNB ASA		10,542
	9,866	Marine Harvest ASA		132,421
	19,872	Norsk Hydro ASA		71,177
	14,276	Statoil ASA		230,761
	11,443	Telenor ASA		215,566
	6,477	Yara International ASA		294,224

				954,691

		Portugal — 0.5%
	74,394	EDP — Energias de Portugal S.A.		274,922
	17,676	Galp Energia SGPS S.A.		190,812

				465,734

		Singapore — 3.3%
	37,700	Ascendas Real Estate Investment Trust REIT		64,185
	162,400	CapitaMall Trust REIT		228,970
	81,700	ComfortDelGro Corp., Ltd.		176,767
	28,900	DBS Group Holdings Ltd.		355,327
	809,200	Golden Agri-Resources Ltd.		224,571
	324,000	Hutchison Port Holdings Trust, Class U		179,449
	60,200	Keppel Corp., Ltd.		303,029
	72,000	Sembcorp Industries Ltd.		183,467
	28,800	Sembcorp Marine Ltd.		47,923
	90,000	Singapore Press Holdings Ltd.		255,960
	133,900	Singapore Telecommunications Ltd.		380,444
	44,700	StarHub Ltd.		114,670
	77,500	Suntec REIT		91,031
	24,900	Venture Corp., Ltd.		146,741


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Singapore — continued
	120,500	Wilmar International Ltd.		268,519

				3,021,053

		South Korea — 9.3%
	5,520	Celltrion, Inc. (a)		371,177
	566	CJ CheilJedang Corp.		173,341
	1,402	CJ Corp.		294,369
	2,580	Daum Kakao Corp.		256,470
	5,512	GS Holdings Corp.		242,115
	522	Hanmi Pharm Co., Ltd. (a)		235,424
	1,746	Hanmi Science Co., Ltd. (a)		199,806
	859	Hyosung Corp.		87,710
	940	Hyundai Department Store Co., Ltd.		103,185
	6,078	Hyundai Steel Co.		276,731
	19,954	Industrial Bank of Korea		244,253
	6,190	Kangwon Land, Inc.		229,671
	9,483	Korea Electric Power Corp.		426,968
	5,992	Korea Gas Corp.		223,106
	551	Korea Zinc Co., Ltd.		228,979
	3,745	Korean Air Lines Co., Ltd. (a)		101,168
	12,562	KT Corp. (a)		325,427
	3,827	KT&G Corp.		382,683
	4,177	LG Corp.		241,689
	12,546	LG Display Co., Ltd.		238,338
	34,110	LG Uplus Corp.		326,918
	263	Lotte Chemical Corp.		55,216
	922	Lotte Shopping Co., Ltd.		186,797
	257	NAVER Corp.		134,944
	1,988	POSCO		319,692
	493	Samsung Electronics Co., Ltd.		591,317
	745	Samsung SDS Co., Ltd.		167,082
	350	Shinsegae Co., Ltd.		71,216
	1,720	SK C&C Co., Ltd.		402,051
	11,013	SK Hynix, Inc.		294,733
	1,150	SK Innovation Co., Ltd. (a)		119,242
	16,488	SK Networks Co., Ltd.		102,277
	1,664	SK Telecom Co., Ltd.		352,373
	5,076	SKC Co., Ltd.		170,367
	3,324	S-Oil Corp.		198,798
	13,314	Woori Bank		115,493
	336	Yuhan Corp.		83,219

				8,574,345

		Spain — 2.2%
	16,002	Acerinox S.A.		172,891
	738	Corp. Financiera Alba S.A.		32,543


SHARES		SECURITY DESCRIPTION	VALUE($)


		Spain — continued
	9,486	Enagas S.A.		286,840
	14,545	Endesa S.A.		323,411
	14,443	Ferrovial S.A.		364,360
	8,760	Gas Natural SDG S.A.		189,495
	41,666	Iberdrola S.A.		297,126
	1,145	Red Electrica Corp. S.A.		100,800
	13,120	Repsol S.A.		165,160
	8,775	Telefonica S.A.		115,772

				2,048,398

		Sweden — 2.3%
	16,779	Boliden AB		321,257
	8,568	Investor AB, Class B		317,085
	19,855	Securitas AB, Class B		259,221
	12,451	Skanska AB, Class B		242,956
	5,526	Svenska Cellulosa AB SCA, Class B		162,763
	31,829	Tele2 AB, Class B		317,864
	21,438	Telefonaktiebolaget LM Ericsson, Class B		208,646
	54,916	TeliaSonera AB		280,594
	3,254	Trelleborg AB, Class B		54,824

				2,165,210

		Switzerland — 1.9%
	2,277	Baloise Holding AG		273,005
	11,255	Clariant AG		206,961
	8,858	Coca-Cola HBC AG		211,052
	452	Kuehne & Nagel International AG		62,628
	1,160	Lonza Group AG		170,264
	3,750	Novartis AG		339,708
	925	Sonova Holding AG		126,211
	630	Swiss Re AG		58,484
	630	Swisscom AG		324,585

				1,772,898

		United Kingdom — 23.0%
	12,205	Admiral Group plc		302,880
	26,614	AMEC plc		291,215
	33,915	Antofagasta plc		274,172
	27,003	ARM Holdings plc		425,259
	8,354	AstraZeneca plc		532,419
	22,824	Babcock International Group plc		338,343
	40,462	Barratt Developments plc		381,170
	7,962	Berkeley Group Holdings plc		406,367
	30,276	BG Group plc		478,314
	119,248	BP plc		708,687
	33,588	British Land Co., plc REIT		449,899
	69,643	BT Group plc, Class A		497,354


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		United Kingdom — continued
	13,176	Bunzl plc		376,786
	10,402	Capita plc		204,044
	5,229	Carnival plc		291,022
	114,684	Centrica plc		399,050
	48,798	Cobham plc		208,346
	4,238	Croda International plc		189,044
	13,663	easyjet plc		368,054
	17,044	GKN plc		75,311
	29,981	GlaxoSmithKline plc		646,559
	39,002	Hammerson plc REIT		382,128
	5,520	Hikma Pharmaceuticals plc		183,938
	8,138	IMI plc		119,336
	5,044	Imperial Tobacco Group plc		271,608
	3,953	Inchcape plc		48,616
	26,298	Inmarsat plc		398,595
	5,442	InterContinental Hotels Group plc		217,458
	50,387	Intu Properties plc REIT		268,226
	23,472	John Wood Group plc		215,481
	8,410	Johnson Matthey plc		334,499
	21,401	Land Securities Group plc REIT		440,895
	107,696	Legal & General Group plc		433,690
	31,739	Meggitt plc		172,904
	19,064	Merlin Entertainments plc		121,646
	17,969	Mondi plc		415,516
	31,319	National Grid plc		446,133
	3,557	Next plc		438,060
	8,474	Pennon Group plc		105,737
	12,624	Persimmon plc		387,145
	17,983	Petrofac Ltd.		233,333
	4,510	Reckitt Benckiser Group plc		440,131
	15,270	Reed Elsevier plc		273,043
	42,301	Rexam plc		351,723
	11,617	Rio Tinto plc		423,383
	48,304	Sage Group plc (The)		405,006
	35,939	Segro plc REIT		248,953
	11,084	Severn Trent plc		382,261
	5,846	Shire plc		442,720
	16,400	Sky plc		276,761
	22,388	Smith & Nephew plc		382,286
	21,064	Smiths Group plc		311,619
	17,667	SSE plc		411,014
	21,951	Subsea 7 S.A. (a)		172,168
	136,444	Taylor Wimpey plc		415,655
	11,072	Travis Perkins plc		326,337
	24,901	Tullow Oil plc (a)		77,777


SHARES		SECURITY DESCRIPTION	VALUE($)


		United Kingdom — continued
	10,676	Unilever plc		475,384
	29,448	United Utilities Group plc		448,113
	176,058	Vodafone Group plc		579,393
	5,332	Whitbread plc		407,171
	19,931	WPP plc		446,787

				21,176,924

		Total Common Stocks (Cost $91,900,285)		91,592,225

		Total Investments — 99.4% (Cost $91,900,285)		91,592,225
		Other Assets in Excess of Liabilities — 0.6%		521,382

		NET ASSETS— 100.0%	$	92,113,607

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2015

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


INDUSTRY	PERCENTAGE
Oil, Gas & Consumable Fuels		8.1	%
Diversified Telecommunication Services		5.5
Chemicals		5.4
Pharmaceuticals		5.4
Electric Utilities		4.0
Food Products		3.3
Real Estate Investment Trusts (REITs)		3.3
Metals & Mining		3.3
Commercial Banks		3.0
Health Care Providers & Services		2.9
Media		2.9
Wireless Telecommunication Services		2.7
Insurance		2.4
Household Durables		2.4
Semiconductors & Semiconductor Equipment		2.3
Gas Utilities		2.2
Road & Rail		2.2
Hotels, Restaurants & Leisure		2.1
Electronic Equipment & Instruments		2.0
Trading Companies & Distributors		1.8
Health Care Equipment & Supplies		1.8
Construction & Engineering		1.7
IT Services		1.6
Aerospace & Defense		1.5
Industrial Conglomerates		1.5
Energy Equipment & Services		1.4
Multi-Utilities		1.3
Transportation Infrastructure		1.3
Auto Components		1.3
Specialty Retail		1.2
Commercial Services & Supplies		1.2
Software		1.2
Airlines		1.1
Water Utilities		1.0
Others (each less than 1.0%)		13.7


ADR		— American Depositary Receipt
ETF		— Exchange Traded Fund
GDR		— Global Depositary Receipt
MSCI		— Morgan Stanley Capital International
NVDR		— Non-Voting Depositary Receipt
REIT		— Real Estate Investment Trust

(a)		— Non-income producing security.
(b)		— Amount rounds to less than 0.1%.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments as described in Note 2.A of the Notes to Financial Statements are as follows:



Fund	Value		Percentage
JPMorgan Diversified Return Emerging Markets Equity ETF	$	25,609,147		71.3	%
JPMorgan Diversified Return Global Equity ETF		35,012,160		69.7
JPMorgan Diversified Return International Equity ETF		90,744,715		99.1

The following are 3 separate funds of the Trust (collectively, the “Funds”) covered in this report:

The JPMorgan Diversified Return Emerging Markets Equity ETF (the “Emerging Markets Equity ETF”) commenced operations on January 7, 2015. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the FTSE Emerging Diversified Factor Index.

The JPMorgan Diversified Return Global Equity ETF (the “Global Equity ETF”) commenced operations as of June 16, 2014. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the FTSE Developed Diversified Factor Index.

The JPMorgan Diversified Return International Return Equity ETF (the “International Equity ETF”) commenced operations as of November 5, 2014. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the FTSE Developed ex-North America Diversified Factor Index.

Shares of each Fund are listed and traded on the NYSE Arca, Inc. Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem their shares on a continuous basis, through SEI Investments Distribution Co. (the “Distributor” or “SIDCO”), at NAV in large blocks of shares, typically 100,000 shares, referred to as “Creation Units.” Creation Units are issued and redeemed principally in-kind for a basket of securities and a cash amount (except for the Emerging Markets Equity ETF, whose shares are created and redeemed partially in cash). Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).

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 Accounting Standards Codification Topic 946 — Investment Companies, which is part of the U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of the investments are in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (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 such unadjusted quoted prices, 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.

JPMorgan Funds Management, Inc. (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 pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAV of the Funds are calculated on a valuation date. Certain foreign equity instruments are valued by applying an international fair value factor provided by an approved pricing service. 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.

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.

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:

There were no significant transfers among any levels during the period ended October 31, 2015. Transfers between fair value levels are valued utilizing values as of the beginning of the period.

Transfers from Level 2 to Level 1 in the amount of approximately $82,168 are due to not applying the fair value factors as of October 31, 2015.

Transfers from Level 1 to Level 2 in the amount of $55,015 are due to applying the fair value factors to certain securities as of October 31, 2015.

Transfers between fair value levels are valued utilizing values as of the beginning of the period.

There were no significant transfers among any levels during the period ended October 31, 2015. Transfers between fair value levels are valued utilizing values as of the beginning of the period.

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 (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 net assets of the Funds. As of October 31, 2015, 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. 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 the foreign exchange rates from changes in the market prices of securities held. Accordingly, such changes are included within Change in net unrealized appreciation/deprecation on investments 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 withholding taxes recorded on the Funds’ books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. The reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statement of Operations.

D. Offering and Organizational Costs — Total offering costs incurred in connection with the offering of shares of each Fund are amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Trust, if any, were recorded as an expense at the time it commenced operations. Approximate offering costs incurred by the Funds were as follows:

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a fund first learns of the dividend.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

F. Allocation of Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds.

G. 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 of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized gain 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 as of October 31, 2015, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

H. 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.

I. Distributions to Shareholders — Distribution from net investment income, if any, are generally declared and paid annually. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The reclassifications for the Funds relate primarily to foreign currency gains or losses, investments in passive foreign investment companies, non-taxable dividends and redemptions in-kind (Emerging Markets Equity ETF).

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, J.P. Morgan Investment Management Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of each Fund and is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.D.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.085% of the average daily net assets of each Fund in the Trust covered by the Administration Agreement.

C. Custodian and Transfer Agent Fees — JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, provides portfolio custody and transfer agency services to the Funds. The amounts paid directly to JPMCB by the Funds for custody services are included in the Custodian and Transfer Agent fees on the Statements of Operations. With respect to the transfer agency services provided by JPMCB for each creation or redemption transaction, the Authorized Participant will generally be responsible for such associated expenses during the period, the Funds paid no transfer agency fees to JPMCB.

Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are used to offset certain custodian charges incurred by the Funds for these transactions.

For the period ended October 31, 2015, the transaction fees paid by the Authorized Participants that were used to reimburse custodian fees were as follows:

Interest income, earned on cash balances at the custodian, if any, is included as interest income from affiliates in the Statements of Operations. For the period ended October 31, 2015 the interest income earned from affiliates was as follows:

Interest expense paid to the custodian related to overdrafts, if any, is included in interest expense to affiliates in the Statements of Operations. For the period ended October 31, 2015 the interest expense paid to affiliates was as follows:

D. Waivers and Reimbursements — The Adviser and Administrator have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the below table:

The expense limitation agreements were in effect for the period ended October 31, 2015. The contractual expense limitation percentages in the table above are in place until at least February 29, 2016.

For the period ended October 31, 2015, the Funds’ service providers waived fees and/or reimbursed expenses for each Fund as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

E. Other — Certain officers of the Trust are affiliated with the Adviser and the Administrator. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board of Trustees appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. The Funds, along with other affiliated funds, make reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in the Funds’ Statements of Operations.

During the year ended October 31, 2015, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

During the period ended October 31, 2015, purchases and sales of investments (excluding short-term investments) were as follows:

During the period ended October 31, 2015, there were no purchases or sales of U.S. Government securities.

For the period ended October 31, 2015, in-kind transactions associated with creations and redemptions were:

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2015 were as follows:

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in passive foreign investment companies, wash sale loss deferrals and investments in real estate investment trusts.

The tax character of distributions paid during the period ended October 31, 2015 was as follows:

As of October 31, 2015, the components of net assets (excluding paid-in-capital) on a tax basis were as follows:

The cumulative timing differences primarily consist of investments in passive foreign investment companies and wash sale loss deferrals.

As of October 31, 2015, the Funds had net capital loss carryforwards, with no expiration dates, as follows:

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 Statement of Changes in Net Assets.

Shares of the Funds may only be purchased or redeemed by Authorized Participants. 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% 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.

For more information about Creation Unit transactions please refer to the Funds’ Statement of Additional information.

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

As of October 31, 2015, the Adviser owned 60%, 49%, and 27% of the outstanding shares of Emerging Markets Equity ETF, Global Equity ETF, and International Equity ETF, respectively.

Each Fund may have elements of risk not typically associated with investment in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year depending on a Fund’s benchmark index (each an “underlying index”). Such concentrations may subject the 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.

As of October 31, 2015, a significant portion of the Funds’ net assets consisted of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

As of October 31, 2015, the Funds had the following country allocation representing greater than 10% of total investments:

Premium/Discount Risk — Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares may result in Shares trading at a significant premium or discount to the NAV. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholders performance may be negatively impacted.

Index Tracking Risk — The Funds incur a number of operating expenses not applicable to the underlying index, and incur costs in buying and selling securities, especially when rebalancing a Fund’s securities holdings to reflect changes in the composition of the underlying index. Additionally, the Funds calculate their NAV based on fair value prices and the value of the underlying index is based on securities’ closing prices on a local foreign market exchange. To the extent of the previously outlined items, each Fund’s return differs from the return of the underlying index.

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. The Distributor has no role in determining the investment policies of the Funds or the securities that are purchased or sold by the Funds. SIDCO receives no fee for its distribution services under the Distribution Agreement.

The Funds may use related party broker-dealers. For the period ended October 31, 2015, the Funds incurred no brokerage commissions with broker-dealers affiliated with the Adviser or Trust.

To the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust and the Shareholders of JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return Global Equity ETF and JPMorgan Diversified Return International Equity ETF:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return Global Equity ETF and JPMorgan Diversified Return International Equity ETF (each a separate fund of J.P. Morgan Exchange-Traded Fund Trust) (the “Funds”) at October 31, 2015, and the results of each of their operations, and the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian, provide a reasonable basis for our opinion.

The table below indicates the number of trading days in which the Funds traded within the range of the premium/discount noted. The number of days in each range is also shown as a percentage of the total trading days for the period covered in the table. All information within the table is based on historical performance. Past performance cannot be used to predict future results. Shareholders may pay more than NAV when they buy fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market prices.

The Fund’s Statement of Additional Information includes additional information about the Funds Trustees and is available, without charge, upon request by calling 1-844-457-6383 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

As a shareholder of the Funds, you incur ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses, in addition to brokerage commissions on your purchases and sales of Fund shares. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period, May 1, 2015 and continued to hold your shares at the end of the reporting period, October 31, 2015.

Actual Expenses

For the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Certain tax information for the JPMorgan ETFs is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2015. 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, 2015. The information necessary to complete your income tax returns for the calendar year ending December 31, 2015 will be provided under separate cover.

Dividends Received deductions

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended October 31, 2015.


	Dividends Received Deduction
Global Equity ETF		24.37	%

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2015, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined:


	Gross Income		Foreign Tax Pass Through
Emerging Markets Equity ETF	$	1,155,987	$	175,441
Global Equity ETF		837,881		96,951
International Equity ETF		2,042,680		167,104

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2015:


	Qualified Dividend Income
Global Equity ETF	$	345,478
International Equity ETF		211,319

J.P. Morgan Exchange-Traded Funds are distributed by SEI Investments Distribution Co. (One Freedom Valley Dr., Oaks, PA 19456), which is not affiliated with JPMorgan Chase & Co. or any of its affiliates.

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.

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s Forms N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-844-457-6383 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Fund’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

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

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

Dear Shareholder,

Over the past year, we have been busy building the JPMorgan Exchange-Traded Fund (ETF) business. Recently, we launched our fourth Diversified Return Equity ETF. Our newest ETF targets large cap U.S. equities (JPUS) and complements our funds that invest in global equity (JPGE), developed markets equity (JPIN) and emerging market equity (JPEM). We are seeking to launch several more strategies in our suite of ETFs that uniquely address the risks associated with excess concentration in sectors of the economy and regions of the world, while selecting stocks with key equity factors. We look forward to telling you more about these new funds as we introduce them.

Sincerely yours,

LOGO

Robert F. Deutsch

President, J.P. Morgan Exchange-Traded Funds

J.P. Morgan Asset Management

FOR THE PERIOD SEPTEMBER 29, 2015 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2015 (Unaudited)

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 Russell 1000 Diversified Factor Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which tracks large and mid cap equity securities in the U.S. The Underlying Index seeks to diversify risk across sectors and securities, and avoid the most unattractive stocks by building a portfolio that excludes expensive, low quality stocks with weak momentum characteristics. The Underlying Index’s methodology includes quarterly rebalancing, liquidity screens and turnover controls.

HOW DID THE MARKET PERFORM?

In October 2015, U.S. financial markets rebounded from an August-September sell-off as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. The Standard & Poor’s 500 Index turned in its best one-month performance since October 2011 and returned 8.30% in October 2015.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance but experienced a deviation of -0.05% relative to the Underlying Index for the period September 29, 2015 to October 31, 2015.

On an absolute basis, the Fund’s positions in the information technology, health care and consumer discretionary sectors were leading contributors to performance for the one month period, while the Fund’s positions in the telecom services, utilities, and energy made the smallest contribution to performance.

Because the Fund’s holdings were closely aligned with those of the Underlying Index, variances in relative performance due to security selection and/or sector allocation were not significant. The majority of the Fund’s deviation against the Underlying Index was due to the Fund’s small cash allocation and fees and operating expenses incurred by the Fund.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest positions were in the consumer discretionary and health care sectors and the smallest positions were in the telecommunications services and energy sectors.


PORTFOLIO COMPOSITION BY SECTOR****
Consumer Discretionary	16.8	%
Health Care	16.0
Information Technology	12.5
Utilities	12.5
Consumer Staples	12.5
Financials	10.1
Industrials	7.8
Materials	5.9
Energy	4.4
Telecommunication Services	1.5

***

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

****

Percentages indicated are based on total investments as of October 31, 2015. The Fund’s composition is subject to change.

FOR THE PERIOD SEPTEMBER 29, 2015 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2015 (Unaudited) (continued)

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 Russell 1000 Diversified Factor Index, and the Russell 1000 Index from September 29, 2015 to October 31, 2015. 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 Russell 1000 Diversified 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 Russell 1000 Diversified Factor Index is an index comprised of U.S. equity securities selected to represent a diversified set of factor characteristics, originally developed by the adviser and its holdings are selected by the index provider primarily from the constituents of the Russell 1000 Index. Frank Russell Company is the index provider. The Russell 1000 Index is an unmanaged index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 99.7%
		Consumer Discretionary — 16.8%
		Auto Components — 1.2%
	353	Delphi Automotive plc (United Kingdom)		29,366
	1,219	Gentex Corp.		19,979
	661	Goodyear Tire & Rubber Co. (The)		21,707
	390	Johnson Controls, Inc.		17,620
	328	Lear Corp.		41,020

				129,692

		Automobiles — 0.6%
	1,488	Ford Motor Co.		22,037
	811	General Motors Co.		28,312
	341	Harley-Davidson, Inc.		16,863

				67,212

		Distributors — 0.6%
	636	Genuine Parts Co.		57,723

		Diversified Consumer Services — 0.2%
	2	Graham Holdings Co., Class B		1,105
	546	H&R Block, Inc.		20,344

				21,449

		Hotels, Restaurants & Leisure — 2.3%
	271	Brinker International, Inc.		12,333
	464	Carnival Corp.		25,093
	18	Chipotle Mexican Grill, Inc., Class A (a)		11,524
	232	Darden Restaurants, Inc.		14,359
	585	International Game Technology plc		9,489
	230	Las Vegas Sands Corp.		11,387
	158	Marriott International, Inc., Class A		12,131
	289	McDonald’s Corp.		32,440
	39	Panera Bread Co., Class A (a)		6,918
	166	Royal Caribbean Cruises Ltd.		16,326
	300	Speedway Motorsports, Inc.		5,541
	550	Starbucks Corp.		34,414
	189	Starwood Hotels & Resorts Worldwide, Inc.		15,095
	244	Wyndham Worldwide Corp.		19,849
	64	Wynn Resorts Ltd.		4,477
	267	Yum! Brands, Inc.		18,933

				250,309

		Household Durables — 1.9%
	347	Garmin Ltd. (Switzerland)		12,308
	195	GoPro, Inc., Class A (a)		4,875
	129	Harman International Industries, Inc.		14,185
	919	Leggett & Platt, Inc.		41,383
	458	Lennar Corp., Class A		22,932
	55	Mohawk Industries, Inc. (a)		10,752
	878	Newell Rubbermaid, Inc.		37,254


SHARES		SECURITY DESCRIPTION	VALUE($)


		Household Durables — continued
	16	NVR, Inc. (a)		26,204
	985	PulteGroup, Inc.		18,055
	33	TopBuild Corp. (a)		928
	113	Whirlpool Corp.		18,096

				206,972

		Internet & Catalog Retail — 0.6%
	142	Expedia, Inc.		19,355
	698	Liberty Interactive Corp., Class A (a)		19,104
	80	Netflix, Inc. (a)		8,670
	12	Priceline Group, Inc. (The) (a)		17,451

				64,580

		Leisure Equipment & Products — 0.7%
	593	Hasbro, Inc.		45,560
	363	Mattel, Inc.		8,923
	146	Polaris Industries, Inc.		16,402

				70,885

		Media — 2.7%
	2	Cable One, Inc. (a)		867
	267	CBS Corp. (Non-Voting), Class B		12,421
	628	Comcast Corp., Class A		39,341
	185	DISH Network Corp., Class A (a)		11,649
	470	EW Scripps Co. (The), Class A (a)		10,368
	905	Interpublic Group of Cos., Inc. (The)		20,752
	51	John Wiley & Sons, Inc., Class A		2,669
	176	Liberty Media Corp. (a)		7,174
	287	Omnicom Group, Inc.		21,502
	181	Scripps Networks Interactive, Inc., Class A		10,874
	2,152	Sirius XM Holdings, Inc. (a)		8,780
	1,042	Starz (a)		34,917
	525	TEGNA, Inc.		14,196
	90	Time Warner Cable, Inc.		17,046
	197	Time Warner, Inc.		14,842
	267	Twenty-First Century Fox, Inc.		8,245
	638	Twenty-First Century Fox, Inc., Class A		19,580
	209	Viacom, Inc., Class B		10,306
	236	Walt Disney Co. (The)		26,843

				292,372

		Multiline Retail — 1.0%
	150	Dillard’s, Inc., Class A		13,422
	275	Dollar General Corp.		18,637
	269	Dollar Tree, Inc. (a)		17,617
	256	Kohl’s Corp.		11,807
	312	Macy’s, Inc.		15,906


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Multiline Retail — continued
	222	Nordstrom, Inc.		14,476
	250	Target Corp.		19,295

				111,160

		Specialty Retail — 3.5%
	96	Advance Auto Parts, Inc.		19,049
	289	AutoNation, Inc. (a)		18,262
	199	Bed Bath & Beyond, Inc. (a)		11,866
	228	Best Buy Co., Inc.		7,987
	213	CarMax, Inc. (a)		12,569
	240	Dick’s Sporting Goods, Inc.		10,692
	482	Foot Locker, Inc.		32,656
	191	GameStop Corp., Class A		8,799
	326	Gap, Inc.		8,874
	289	GNC Holdings, Inc., Class A		8,598
	316	Home Depot, Inc. (The)		39,070
	246	L Brands, Inc.		23,611
	314	Lowe’s Cos., Inc.		23,183
	94	O’Reilly Automotive, Inc. (a)		25,969
	400	Ross Stores, Inc.		20,232
	60	Signet Jewelers Ltd. (Bermuda)		9,056
	640	Staples, Inc.		8,314
	164	Tiffany & Co.		13,520
	396	TJX Co., Inc. (The)		28,983
	179	Tractor Supply Co.		16,538
	66	Ulta Salon Cosmetics & Fragrance, Inc. (a)		11,481
	127	Urban Outfitters, Inc. (a)		3,632
	252	Williams-Sonoma, Inc.		18,585

				381,526

		Textiles, Apparel & Luxury Goods — 1.5%
	817	Coach, Inc.		25,490
	185	Deckers Outdoor Corp. (a)		10,297
	519	Hanesbrands, Inc.		16,577
	187	lululemon athletica, Inc. (a)		9,195
	341	NIKE, Inc., Class B		44,681
	165	Skechers U.S.A., Inc., Class A (a)		5,148
	195	Under Armour, Inc., Class A (a)		18,541
	497	V.F. Corp.		33,557

				163,486

		Total Consumer Discretionary		1,817,366

		Consumer Staples — 12.4%
		Beverages — 3.1%
	388	Brown-Forman Corp., Class B		41,198
	570	Coca-Cola Enterprises, Inc.		29,264
	878	Coca-Cola Co. (The)		37,183


SHARES		SECURITY DESCRIPTION	VALUE($)


		Beverages — continued
	291	Constellation Brands, Inc., Class A		39,227
	552	Dr. Pepper Snapple Group, Inc.		49,332
	677	Molson Coors Brewing Co., Class B		59,644
	170	Monster Beverage Corp. (a)		23,174
	572	PepsiCo, Inc.		58,453

				337,475

		Food & Staples Retailing — 1.5%
	174	Costco Wholesale Corp.		27,513
	314	CVS Health Corp.		31,017
	714	Kroger Co. (The)		26,989
	718	Sysco Corp.		29,617
	185	Walgreens Boots Alliance, Inc.		15,666
	501	Wal-Mart Stores, Inc.		28,677
	144	Weis Markets, Inc.		5,924

				165,403

		Food Products — 4.5%
	495	Archer-Daniels-Midland Co.		22,602
	35	Bunge Ltd.		2,553
	1,005	Campbell Soup Co.		51,044
	745	ConAgra Foods, Inc.		30,210
	833	General Mills, Inc.		48,406
	575	Hershey Co. (The)		50,997
	749	Hormel Foods Corp.		50,595
	314	JM Smucker Co. (The)		36,860
	628	Kellogg Co.		44,286
	531	Kraft Heinz Co. (The)		41,402
	616	McCormick & Co., Inc. (Non-Voting)		51,732
	398	Mead Johnson Nutrition Co., Class A		32,636
	511	Tyson Foods, Inc., Class A		22,668

				485,991

		Household Products — 1.8%
	484	Clorox Co. (The)		59,019
	628	Colgate-Palmolive Co.		41,668
	140	Energizer Holdings, Inc.		5,996
	326	Kimberly-Clark Corp.		39,026
	667	Procter & Gamble Co. (The)		50,945

				196,654

		Personal Products — 0.6%
	339	Edgewell Personal Care Co.		28,717
	396	Estee Lauder Cos., Inc. (The), Class A		31,862
	96	Nu Skin Enterprises, Inc., Class A		3,668

				64,247


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Tobacco — 0.9%
	819	Altria Group, Inc.		49,525
	29	Philip Morris International, Inc.		2,564
	882	Reynolds American, Inc.		42,618

				94,707

		Total Consumer Staples		1,344,477

		Energy — 4.4%
		Energy Equipment & Services — 1.0%
	207	Baker Hughes, Inc.		10,905
	289	Diamond Offshore Drilling, Inc.		5,745
	345	FMC Technologies, Inc. (a)		11,671
	234	Halliburton Co.		8,981
	174	Helmerich & Payne, Inc.		9,791
	271	Nabors Industries Ltd. (Bermuda)		2,721
	211	National Oilwell Varco, Inc.		7,942
	634	Noble Corp. plc (United Kingdom)		8,540
	279	Oceaneering International, Inc.		11,724
	334	Patterson-UTI Energy, Inc.		4,973
	240	Schlumberger Ltd.		18,758
	376	Seadrill Ltd. (a)		2,433
	80	Superior Energy Services, Inc.		1,133

				105,317

		Oil, Gas & Consumable Fuels — 3.4%
	638	Chesapeake Energy Corp. (a)		4,549
	209	Chevron Corp.		18,994
	86	Cimarex Energy Co.		10,153
	230	Columbia Pipeline Group, Inc.		4,777
	267	ConocoPhillips		14,244
	172	Continental Resources, Inc. (a)		5,833
	211	Devon Energy Corp.		8,847
	174	EOG Resources, Inc.		14,938
	363	Exxon Mobil Corp.		30,035
	96	Gulfport Energy Corp. (a)		2,925
	273	Hess Corp.		15,345
	170	HollyFrontier Corp.		8,325
	542	Kinder Morgan, Inc.		14,824
	435	Marathon Oil Corp.		7,995
	345	Marathon Petroleum Corp.		17,871
	337	Murphy Oil Corp.		9,581
	179	Newfield Exploration Co. (a)		7,194
	263	Noble Energy, Inc.		9,426
	314	Occidental Petroleum Corp.		23,406
	845	ONEOK, Inc.		28,662
	156	Phillips 66		13,892
	234	Range Resources Corp.		7,123


SHARES		SECURITY DESCRIPTION	VALUE($)


		Oil, Gas & Consumable Fuels — continued
	1,570	Spectra Energy Corp.		44,855
	181	Tesoro Corp.		19,354
	213	Valero Energy Corp.		14,041
	244	Williams Cos., Inc. (The)		9,623

				366,812

		Total Energy		472,129

		Financials — 10.1%
		Banks — 1.2%
	148	Bank of Hawaii Corp.		9,691
	322	BB&T Corp.		11,962
	2	Comerica, Inc.		87
	64	Cullen/Frost Bankers, Inc.		4,380
	1,075	Huntington Bancshares, Inc.		11,793
	944	KeyCorp		11,724
	115	M&T Bank Corp.		13,783
	369	People’s United Financial, Inc.		5,886
	185	PNC Financial Services Group, Inc. (The)		16,698
	27	Popular, Inc.		798
	244	SunTrust Banks, Inc.		10,131
	70	Synovus Financial Corp.		2,214
	458	U.S. Bancorp		19,318
	271	Wells Fargo & Co.		14,672
	23	Zions Bancorporation		662

				133,799

		Capital Markets — 1.5%
	78	Ameriprise Financial, Inc.		8,998
	293	Bank of New York Mellon Corp. (The)		12,203
	39	BlackRock, Inc., Class A		13,727
	105	Eaton Vance Corp.		3,792
	131	Federated Investors, Inc., Class B		4,026
	215	Franklin Resources, Inc.		8,763
	62	Goldman Sachs Group, Inc.		11,625
	310	Invesco Ltd.		10,283
	271	Morgan Stanley		8,935
	201	Northern Trust Corp.		14,148
	131	Raymond James Financial, Inc.		7,219
	472	SEI Investments Co.		24,459
	156	State Street Corp.		10,764
	212	T. Rowe Price Group, Inc.		16,031
	295	TD Ameritrade Holding Corp.		10,169

				165,142

		Consumer Finance — 0.4%
	146	American Express Co.		10,696
	158	Capital One Financial Corp.		12,466


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Consumer Finance — continued
	246	Discover Financial Services		13,830
	1,168	SLM Corp. (a)		8,246

				45,238

		Diversified Financial Services — 0.8%
	129	Berkshire Hathaway, Inc., Class B (a)		17,547
	115	CME Group, Inc., Class A		10,864
	207	FactSet Research Systems, Inc.		36,250
	113	Moody’s Corp.		10,866
	150	Voya Financial, Inc.		6,085

				81,612

		Insurance — 3.1%
	146	ACE Ltd. (Switzerland)		16,577
	312	Aflac, Inc.		19,890
	238	Allstate Corp. (The)		14,727
	88	American Financial Group, Inc.		6,353
	277	American International Group, Inc.		17,468
	183	Aon plc (United Kingdom)		17,076
	181	Assurant, Inc.		14,757
	84	Chubb Corp. (The)		10,865
	289	Cincinnati Financial Corp.		17,406
	35	Erie Indemnity Co., Class A		3,061
	86	Everest Re Group Ltd.		15,305
	314	FNF Group		11,078
	345	Genworth Financial, Inc., Class A (a)		1,615
	295	Hartford Financial Services Group, Inc. (The)		13,647
	78	Kemper Corp.		2,786
	224	Lincoln National Corp.		11,986
	269	Marsh & McLennan Cos., Inc.		14,994
	10	Mercury General Corp.		540
	181	MetLife, Inc.		9,119
	105	PartnerRe, Inc. (Bermuda) (a)		14,595
	228	Principal Financial Group, Inc.		11,437
	570	Progressive Corp. (The)		18,884
	70	Reinsurance Group of America, Inc., Class A		6,317
	345	Torchmark Corp.		20,013
	131	Travelers Cos., Inc. (The)		14,789
	248	W.R. Berkley Corp. (Ireland)		13,846
	562	XL Group plc, Class A		21,401

				340,532

		Real Estate Investment Trusts (REITs) — 2.8%
	55	Alexandria Real Estate Equities, Inc.		4,936
	776	American Capital Agency Corp.		13,836
	133	American Tower Corp.		13,597
	538	Annaly Capital Management, Inc.		5,353


SHARES		SECURITY DESCRIPTION	VALUE($)


		Real Estate Investment Trusts (REITs) — continued
	107	AvalonBay Communities, Inc.		18,707
	127	Boston Properties, Inc.		15,983
	25	Camden Property Trust		1,845
	37	Care Capital Properties, Inc.		1,219
	478	Chimera Investment Corp.		6,730
	94	Corporate Office Properties Trust		2,162
	226	Digital Realty Trust, Inc.		16,715
	66	Duke Realty Corp.		1,366
	129	Equity Residential		9,974
	76	Essex Property Trust, Inc.		16,753
	129	Federal Realty Investment Trust		18,510
	308	General Growth Properties, Inc.		8,917
	185	HCP, Inc.		6,882
	113	Iron Mountain, Inc.		3,462
	406	Kimco Realty Corp.		10,869
	21	Liberty Property Trust		714
	105	Macerich Co. (The)		8,898
	435	NorthStar Realty Finance Corp.		5,224
	240	Plum Creek Timber Co., Inc.		9,778
	78	Public Storage		17,898
	222	Rayonier, Inc.		5,028
	142	Realty Income Corp.		7,023
	172	Senior Housing Properties Trust		2,613
	80	Simon Property Group, Inc.		16,117
	25	Taubman Centers, Inc.		1,925
	154	Ventas, Inc.		8,273
	148	Vornado Realty Trust		14,881
	164	Weingarten Realty Investors		5,865
	152	Welltower, Inc.		9,860
	300	Weyerhaeuser Co.		8,799

				300,712

		Real Estate Management & Development — 0.1%
	142	CBRE Group, Inc., Class A (a)		5,294
	10	Jones Lang LaSalle, Inc.		1,667

				6,961

		Thrifts & Mortgage Finance — 0.2%
	1,075	New York Community Bancorp, Inc.		17,759

		Total Financials		1,091,755

		Health Care — 16.0%
		Biotechnology — 1.8%
	88	Alexion Pharmaceuticals, Inc. (a)		15,488
	164	Amgen, Inc.		25,941
	164	Baxalta, Inc.		5,651
	49	Biogen, Inc. (a)		14,235
	207	Celgene Corp. (a)		25,401


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Biotechnology — continued
	197	Gilead Sciences, Inc.		21,302
	107	Incyte Corp. (a)		12,576
	359	Medivation, Inc. (a)		15,100
	222	Myriad Genetics, Inc. (a)		8,962
	57	Regeneron Pharmaceuticals, Inc. (a)		31,771
	119	United Therapeutics Corp. (a)		17,449

				193,876

		Health Care Equipment & Supplies — 4.5%
	884	Abbott Laboratories		39,603
	1,036	Baxter International, Inc.		38,736
	380	Becton, Dickinson & Co.		54,158
	265	Boston Scientific Corp. (a)		4,844
	318	C.R. Bard, Inc.		59,259
	821	DENTSPLY International, Inc.		49,958
	197	Edwards Lifesciences Corp. (a)		30,959
	318	Hill-Rom Holdings, Inc.		16,756
	458	Medtronic plc (Ireland)		33,855
	425	St. Jude Medical, Inc.		27,119
	503	Stryker Corp.		48,097
	4	Teleflex, Inc.		532
	396	Varian Medical Systems, Inc. (a)		31,098
	513	Zimmer Holdings, Inc.		53,644

				488,618

		Health Care Providers & Services — 5.4%
	308	Aetna, Inc.		35,352
	240	AmerisourceBergen Corp., Class A		23,162
	199	Anthem, Inc.		27,691
	505	Cardinal Health, Inc.		41,511
	265	Centene Corp. (a)		15,762
	211	Cigna Corp.		28,282
	808	DaVita HealthCare Partners, Inc. (a)		62,628
	291	Express Scripts Holding Co. (a)		25,137
	334	HCA Holdings, Inc. (a)		22,976
	435	Henry Schein, Inc. (a)		65,994
	142	Humana, Inc.		25,365
	451	Laboratory Corp. of America Holdings (a)		55,356
	121	McKesson Corp.		21,635
	628	Quest Diagnostics, Inc.		42,673
	35	Tenet Healthcare Corp. (a)		1,098
	310	UnitedHealth Group, Inc.		36,512
	449	Universal Health Services, Inc., Class B		54,818

				585,952


SHARES		SECURITY DESCRIPTION	VALUE($)


		Health Care Technology — 0.4%
	726	Cerner Corp. (a)		48,127


		Life Sciences Tools & Services — 1.1%
	90	Illumina, Inc. (a)		12,895
	37	Mettler-Toledo International, Inc. (a)		11,507
	304	Thermo Fisher Scientific, Inc.		39,757
	404	Waters Corp. (a)		51,631

				115,790

		Pharmaceuticals — 2.8%
	388	AbbVie, Inc.		23,105
	84	Allergan plc (a)		25,911
	484	Bristol-Myers Squibb Co.		31,920
	536	Eli Lilly & Co.		43,721
	29	Jazz Pharmaceuticals plc (Ireland) (a)		3,981
	421	Johnson & Johnson		42,534
	716	Merck & Co., Inc.		39,137
	345	Mylan N.V. (a)		15,211
	1,252	Pfizer, Inc.		42,343
	698	Zoetis, Inc., Class A		30,021

				297,884

		Total Health Care		1,730,247

		Industrials — 7.8%
		Aerospace & Defense — 1.7%
	113	Boeing Co. (The)		16,732
	117	General Dynamics Corp.		17,384
	183	Honeywell International, Inc.		18,900
	133	L-3 Communications Holdings, Inc., Class 3		16,811
	88	Lockheed Martin Corp.		19,345
	131	Northrop Grumman Corp.		24,595
	154	Raytheon Co.		18,080
	185	Rockwell Collins, Inc.		16,043
	234	Textron, Inc.		9,868
	80	TransDigm Group, Inc. (a)		17,588
	133	United Technologies Corp.		13,089

				188,435

		Air Freight & Logistics — 0.4%
	222	C.H. Robinson Worldwide, Inc.		15,402
	101	FedEx Corp.		15,761
	131	United Parcel Service, Inc., Class B		13,496

				44,659

		Airlines — 0.7%
	103	Alaska Air Group, Inc.		7,853
	236	American Airlines Group, Inc.		10,908


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Airlines —continued
	345	Delta Air Lines, Inc.		17,540
	587	JetBlue Airways Corp. (a)		14,581
	365	Southwest Airlines Co.		16,896
	197	United Continental Holdings, Inc. (a)		11,881

				79,659

		Building Products — 0.1%
	295	Masco Corp.		8,555


		Commercial Services & Supplies — 1.1%
	279	Cintas Corp.		25,972
	318	Herman Miller, Inc.		10,090
	648	Pitney Bowes, Inc.		13,381
	577	Republic Services, Inc., Class A		25,238
	43	Stericycle, Inc. (a)		5,219
	417	Tyco International plc		15,196
	497	Waste Management, Inc.		26,719

				121,815

		Construction & Engineering — 0.2%
	101	Chicago Bridge & Iron Co., N.V.		4,532
	236	Fluor Corp.		11,283
	18	KBR, Inc.		332

				16,147

		Electrical Equipment — 0.4%
	150	Eaton Corp. plc		8,387
	193	Emerson Electric Co.		9,115
	117	Hubbell, Inc., Class B		11,332
	127	Rockwell Automation, Inc.		13,863

				42,697

		Industrial Conglomerates — 0.5%
	129	3M Co.		20,280
	189	Danaher Corp.		17,636
	595	General Electric Co.		17,207

				55,123

		Machinery — 1.7%
	105	AGCO Corp.		5,081
	168	Caterpillar, Inc.		12,262
	37	Crane Co.		1,948
	78	Cummins, Inc.		8,074
	195	Deere & Co.		15,210
	215	Dover Corp.		13,852
	158	Flowserve Corp.		7,325


SHARES		SECURITY DESCRIPTION	VALUE($)


		Machinery — continued
	183	Illinois Tool Works, Inc.		16,825
	209	Ingersoll-Rand plc		12,385
	579	ITT Corp.		22,917
	127	Manitowoc Co., Inc.		1,943
	193	PACCAR, Inc.		10,161
	98	Parker-Hannifin Corp.		10,261
	31	SPX Corp. (a)		380
	31	SPX FLOW, Inc. (a)		1,051
	351	Stanley Black & Decker, Inc.		37,199
	94	Terex Corp.		1,886
	211	Trinity Industries, Inc.		5,712

				184,472

		Professional Services — 0.1%
	18	Dun & Bradstreet Corp.		2,049
	101	Robert Half International, Inc.		5,319

				7,368

		Road & Rail — 0.6%
	127	Avis Budget Group, Inc. (a)		6,342
	347	CSX Corp.		9,365
	183	J.B. Hunt Transport Services, Inc.		13,976
	131	Norfolk Southern Corp.		10,484
	109	Ryder System, Inc.		7,824
	168	Union Pacific Corp.		15,011

				63,002

		Trading Companies & Distributors — 0.3%
	304	Fastenal Co.		11,904
	101	United Rentals, Inc. (a)		7,561
	51	W.W. Grainger, Inc.		10,710

				30,175

		Total Industrials		842,107

		Information Technology — 12.5%
		Communications Equipment — 1.2%
	730	Cisco Systems, Inc.		21,060
	170	F5 Networks, Inc. (a)		18,734
	560	Harris Corp.		44,313
	492	Juniper Networks, Inc.		15,444
	246	Motorola Solutions, Inc.		17,213
	265	QUALCOMM, Inc.		15,746

				132,510

		Computers & Peripherals — 1.2%
	146	3D Systems Corp. (a)		1,469
	179	Apple, Inc.		21,390
	419	Diebold, Inc.		15,449


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Computers & Peripherals — continued
	1,092	EMC Corp.		28,632
	382	Hewlett-Packard, Inc.		10,299
	199	Lexmark International, Inc., Class A		6,466
	419	NetApp, Inc.		14,246
	183	SanDisk Corp. (a)		14,091
	199	Western Digital Corp.		13,297

				125,339

		Electronic Equipment & Instruments — 0.7%
	406	Amphenol Corp., Class A		22,013
	314	AVX Corp.		4,239
	798	Corning, Inc.		14,843
	125	Ingram Micro, Inc., Class A		3,722
	624	Leidos Holdings, Inc.		32,804

				77,621

		Internet Software & Services — 1.5%
	222	Akamai Technologies, Inc. (a)		13,502
	53	Alphabet, Inc., Class A (a)		39,082
	33	Alphabet, Inc., Class C (a)		23,457
	158	Facebook, Inc., Class A (a)		16,111
	468	IAC/Interactive Corp.		31,361
	291	VeriSign, Inc. (a)		23,455
	312	Yahoo!, Inc. (a)		11,113

				158,081

		IT Services — 2.9%
	222	Accenture plc (Ireland), Class A		23,798
	39	Alliance Data Systems Corp. (a)		11,595
	209	Automatic Data Processing, Inc.		18,181
	398	Cognizant Technology Solutions Corp., Class A (a)		27,108
	256	Computer Sciences Corp.		17,047
	215	DST Systems, Inc.		26,262
	314	Fidelity National Information Services, Inc.		22,897
	240	Fiserv, Inc. (a)		23,162
	53	FleetCor Technologies, Inc. (a)		7,678
	135	Gartner, Inc. (a)		12,240
	287	International Business Machines Corp.		40,203
	168	MasterCard, Inc., Class A		16,630
	449	Paychex, Inc.		23,159
	359	Teradata Corp. (a)		10,092
	53	Total System Services, Inc.		2,780
	121	VeriFone Systems, Inc. (a)		3,647
	156	Visa, Inc., Class A		12,102
	322	Western Union Co. (The)		6,199
	1,012	Xerox Corp.		9,503

				314,283


SHARES		SECURITY DESCRIPTION	VALUE($)


		Semiconductors & Semiconductor Equipment — 3.4%
	369	Altera Corp.		19,391
	423	Analog Devices, Inc.		25,431
	923	Applied Materials, Inc.		15,479
	113	Avago Technologies Ltd.,Class A (Singapore)		13,914
	277	Broadcom Corp., Class A		14,238
	164	Freescale Semiconductor Ltd. (a)		5,492
	663	Intel Corp.		22,449
	228	KLA-Tencor Corp.		15,303
	267	Lam Research Corp.		20,450
	948	Linear Technology Corp.		42,110
	1,046	Marvell Technology Group Ltd. (Bermuda)		8,588
	480	Maxim Integrated Products, Inc.		19,670
	412	Microchip Technology, Inc.		19,895
	437	Micron Technology, Inc. (a)		7,237
	1,016	NVIDIA Corp.		28,824
	156	Qorvo, Inc. (a)		6,853
	174	Skyworks Solutions, Inc.		13,440
	197	SunPower Corp., Class A (a)		5,287
	419	Teradyne, Inc.		8,179
	525	Texas Instruments, Inc.		29,778
	480	Xilinx, Inc.		22,858

				364,866

		Software — 1.6%
	429	Adobe Systems, Inc. (a)		38,035
	133	Autodesk, Inc. (a)		7,340
	558	CA, Inc.		15,462
	254	Cadence Design Systems, Inc. (a)		5,644
	246	Electronic Arts, Inc. (a)		17,729
	326	Intuit, Inc.		31,762
	470	Microsoft Corp.		24,741
	417	Oracle Corp.		16,196
	107	Red Hat, Inc. (a)		8,465
	616	Symantec Corp.		12,690

				178,064

		Total Information Technology		1,350,764

		Materials — 5.8%
		Chemicals — 4.6%
	115	Air Products & Chemicals, Inc.		15,983
	330	Airgas, Inc.		31,733
	250	Albemarle Corp.		13,380
	295	Ashland, Inc.		32,367
	207	Cabot Corp.		7,440
	314	Celanese Corp., Class A		22,310
	259	CF Industries Holdings, Inc.		13,149
	76	Chemours Co. (The)		527


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Chemicals — continued
	402	Dow Chemical Co. (The)		20,771
	148	Eastman Chemical Co.		10,681
	238	Ecolab, Inc.		28,643
	376	E.I. du Pont de Nemours & Co.		23,838
	246	FMC Corp.		10,015
	659	Huntsman Corp.		8,679
	359	International Flavors & Fragrances, Inc.		41,666
	156	LyondellBasell Industries N.V., Class A		14,494
	384	Monsanto Co.		35,796
	509	Mosaic Co. (The)		17,199
	246	PPG Industries, Inc.		25,648
	417	Praxair, Inc.		46,325
	8	RPM International, Inc.		366
	62	Sherwin-Williams Co. (The)		16,543
	443	Sigma-Aldrich Corp.		61,896
	33	Valspar Corp. (The)		2,671

				502,120

		Construction Materials — 0.1%
	80	Vulcan Materials Co.		7,727


		Containers & Packaging — 0.4%
	355	Ball Corp.		24,318
	222	Bemis Co., Inc.		10,163
	84	Crown Holdings, Inc. (a)		4,455
	140	Sealed Air Corp.		6,877

				45,813

		Metals & Mining — 0.5%
	1,077	Alcoa, Inc.		9,617
	62	Compass Minerals International, Inc.		5,037
	445	Freeport-McMoRan, Inc.		5,238
	503	Nucor Corp.		21,277
	80	Reliance Steel & Aluminum Co.		4,797
	57	Royal Gold, Inc.		2,727
	224	Southern Copper Corp.		6,218
	287	United States Steel Corp.		3,352

				58,263

		Paper & Forest Products — 0.2%
	125	Domtar Corp.		5,155
	351	International Paper Co.		14,984

				20,139

		Total Materials		634,062


SHARES		SECURITY DESCRIPTION	VALUE($)


		Telecommunication Services — 1.5%
		Diversified Telecommunication Services — 1.4%
	1,527	AT&T, Inc.		51,170
	1,360	CenturyLink, Inc.		38,365
	92	Frontier Communications Corp.		473
	1,053	Verizon Communications, Inc.		49,365
	2,782	Windstream Holdings, Inc.		18,111

				157,484

		Wireless Telecommunication Services — 0.1%
	275	Telephone & Data Systems, Inc.		7,876
	2	T-Mobile US, Inc. (a)		76
	78	United States Cellular Corp. (a)		3,177

				11,129

		Total Telecommunication Services		168,613

		Utilities — 12.4%
		Electric Utilities — 5.6%
	829	American Electric Power Co., Inc.		46,963
	642	Duke Energy Corp.		45,884
	868	Edison International		52,531
	767	Entergy Corp.		52,279
	1,079	Eversource Energy		54,964
	1,687	Exelon Corp.		47,101
	140	FirstEnergy Corp.		4,368
	427	NextEra Energy, Inc.		43,836
	1,586	Pepco Holdings, Inc.		42,235
	811	Pinnacle West Capital Corp.		51,507
	1,311	PPL Corp.		45,098
	1,243	Southern Co. (The)		56,059
	1,919	Xcel Energy, Inc.		68,374

				611,199

		Gas Utilities — 0.2%
	1,001	Questar Corp.		20,671

		Independent Power Producers & Energy Trader — 0.2%
	1,502	NRG Energy, Inc.		19,361

		Multi-Utilities — 6.4%
	127	Alliant Energy Corp.		7,495
	1,209	Ameren Corp.		52,809
	1,978	CenterPoint Energy, Inc.		36,692
	1,717	CMS Energy Corp.		61,932
	905	Consolidated Edison, Inc.		59,504
	628	Dominion Resources, Inc.		44,858
	733	DTE Energy Co.		59,805
	2,194	NiSource, Inc.		42,037
	839	PG&E Corp.		44,803
	1,071	Public Service Enterprise Group, Inc.		44,222


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Multi-Utilities — continued
	1,042	SCANA Corp.		61,707
	560	Sempra Energy		57,350
	2,425	TECO Energy, Inc.		65,475
	1,057	WEC Energy Group, Inc.		54,499

				693,188

		Total Utilities		1,344,419

		Total Common Stocks (Cost $9,979,613)		10,795,939

		Total Investments — 99.7% (Cost $9,979,613)		10,795,939
		Other Assets in Excess of Liabilities — 0.3%		30,684

		NET ASSETS — 100.0%	$	10,826,623

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:


REIT		— Real Estate Investment Trust
(a)		— Non-income producing security.

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-ended management investment company. JPMorgan Diversified Return U.S. Equity ETF (the “Fund” or the “U.S. Equity ETF”) is a separate diversified series of the Trust covered in this report.

The Fund commenced operations on September 29, 2015. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Russell 1000 Diversified Factor Index.

Shares of the Fund are listed and traded on the NYSE Arca, Inc. Market price for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems its shares on a continuous basis, through SEI Investments Distribution Co. (the “Distributor” or “SIDCO”), at NAV in large blocks of shares, typically 100,000 shares, referred to as “Creation Units.” Creation Units are issued and redeemed principally in-kind for a basket of securities and a cash amount. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Fund (each an “Authorized Participant”).

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of the U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of the investments is in accordance with GAAP and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (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 such unadjusted quoted prices, 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.

JPMorgan Funds Management, Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

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 instruments are traded before the net asset value (“NAV”) of the Fund is calculated on a valuation date.

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments :

There were no transfers among any levels during the period ended October 31, 2015. Transfers between fair value levels are valued utilizing values as of the beginning of the period.

B. Restricted Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities act of 1933 (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 net assets of the Fund. As of October 31, 2015, the Fund had no investments in restricted securities.

C. Offering and Organizational Costs — Total offering costs of $23,862 incurred in connection with the offering of shares of the Fund are amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Trust, if any, were recorded as an expense at the time it commenced operations.

D. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a fund first learns of the dividend.

To the extent such information is publicly available, the Fund records distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

E. Allocation of Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds.

F. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized gain on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined as of October 31, 2015, no liability for income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

G. Distributions to Shareholders — Distribution from net investment income, if any, are generally declared and paid annually. Net realized capital gains, if any, are distributed by the Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, the J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of the Fund and is paid a fee for such services. The fee is accrued daily and paid monthly at an annual rate of 0.23% of the Fund’s average daily net assets.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.D.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.085% of the Fund’s average daily net assets in the Trust covered by the Administration Agreement.

C. Custodian and Transfer Agent Fees — JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, provides portfolio custody and transfer agency services to the Fund. The amounts paid directly to JPMCB by the Fund for custody services are included in the Custodian fees on the Statements of Operations. With respect to the transfer agency services provided by JPMCB for each creation or redemption transaction, the “Authorized Participant” will generally be responsible for such associated expenses; during the period, the Fund paid no such fees to JPMCB.

For the period ended October 31, 2015, the transaction fees paid by the Authorized Participants that were used to reimburse custodian fees of the Fund were $1,450.

Interest income, earned on cash balances at the custodian, if any, is included as interest income from affiliates in the Statements of Operations.

Interest expense paid to the custodian related to overdrafts, if any, is included in interest expense to affiliates in the Statement of Operations.

D. Waivers and Reimbursements — The Adviser and Administrator have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed the percentages of the Fund’s average daily net assets of 0.29%.

The expense limitation agreements were in effect for the period ended October 31, 2015. The contractual expense limitation percentage is in place until at least February 28, 2017.

For the period ended October 31, 2015, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

The Board of Trustees appointed a Chief Compliance Officer to the Fund in accordance with Federal securities regulations. The Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in the Fund’s Statements of Operations.

During the period ended October 31, 2015, the Fund may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

During the period ended October 31, 2015, purchases and sales of investments (excluding short-term investments) were as follows:

During the period ended October 31, 2015, there were no purchases or sales of U.S. Government securities.

For the period ended October 31, 2015, in-kind transactions associated with creations and redemptions were $9,616,482 and $0, respectively.

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2015 were as follows:

There is no difference between book and tax basis appreciation (depreciation) on investments.

As of October 31, 2015, the components of net assets (excluding paid-in-capital) on a tax basis were as follows:

As of October 31, 2015, the Fund had net capital loss carryforwards, with no expiration dates, as follows:

The Trust issues and redeems shares of the Fund only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Statement of Changes in Net Assets.

Shares of the Fund may only be purchased or redeemed by Authorized Participants. 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 the 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 Fund’s 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% 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.

For more information about Creation Unit transactions please refer to the Fund’s Statement of Additional information.

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

As of October 31, 2015, the Adviser owned 93% of the outstanding shares of the Fund.

Premium/Discount Risk — Disruptions to creations and redemptions, the existence of extreme markets volatility or potential lack of an active trading market for Shares may result in Shares trading at a significant premium or discount to the NAV. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholders performance may be negatively impacted.

Index Tracking Risk — The Fund incurs a number of operating expenses not applicable to the underlying index, and incurs costs in buying and selling securities, especially when rebalancing a Fund’s securities holdings to reflect changes in the composition of the underlying index. To the extent of the previously outlined items, the Fund’s return differs from the return of the underlying index.

The Distributor or its agent distributes Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Fund. The Distributor has no role in determining the investment policies of the Fund or the securities that are purchased or sold by the Fund. SIDCO receives no fee for its distribution services under the Distribution Agreement.

The Fund may use related party broker-dealers. For the period ended October 31, 2015, The Fund incurred no brokerage commissions with broker-dealers affiliated with the Adviser or Trust.

To the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust and the Shareholders of JPMorgan Diversified Return U.S. Equity ETF:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Diversified Return U.S. Equity ETF (a separate series of J.P. Morgan Exchange-Traded Fund Trust) (the “Fund”) at October 31, 2015, and the results of its operations, the changes in its net assets and the financial highlights for the period September 29, 2015 (commencement of operations) through October 31, 2015, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at October 31, 2015 by correspondence with the custodian, provides a reasonable basis for our opinion.

The table below indicates the number of trading days in which the Fund traded within the range of the premium/discount noted. The number of days in each range is also shown as a percentage of the total trading days for the period covered in the table. All information within the table is based on historical performance. Past performance cannot be used to predict future results. Shareholders may pay more than NAV when they buy fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market prices.

The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request by calling 1-844-457-6383 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

As a shareholder of the Fund, you incur ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period, September 29, 2015 and continued to hold your shares at the end of the reporting period, October 31, 2015.

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The examples also assume all dividends and distributions have been reinvested.

Board Approval of Initial Investment Advisory Agreement

For the JPMorgan Diversified Return U.S. Equity ETF

On May 6 - 7, 2014, the Board of the Trust, a statutory Trust organized under the laws of the State of Delaware, held an in-person meeting and approved the initial Investment Advisory Agreement (“Agreement”) for the Fund. The approval included the approval of a majority of Trustees who are not interested persons of the Trust or the Adviser. Such Trustees are considered Independent Trustees as defined by the 1940 Act. In connection with the approval of the Agreement, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed Agreement, the Trustees reviewed the Agreement with representatives of the Adviser and with 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 proposed Agreement. The Trustees also discussed the proposed Agreement in an executive session with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Agreement.

The Trustees considered information provided with respect to the Fund and the approval of the Agreement. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from the Fund under the Agreement was fair and reasonable and that the initial approval of the Agreement was in the best interests of the Fund and its potential shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of the initial Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the Agreement, as well as other relevant information furnished for the Trust. The Trustees considered the background and experience of the Adviser’s senior management and investment personnel, as well as the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund. The Trustees also considered the investment strategy and the underlying index for the Fund, and the infrastructure supporting the portfolio management team. In addition, the Trustees considered information about the structure and distribution strategy of the Fund, how it fits within the Trust’s lineup, and how it will be positioned against identified peers.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser gained from experience in the financial industry. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Trust, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services to be provided to the Fund by the Adviser.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Trust.

The Trustees also considered that the fees that the Administrator, an affiliate of the Adviser, will earn from the Fund for providing administrative services. The Trustees also considered the fees paid to JPMCB, also an affiliate of the Adviser, for custody, transfer agency and other related services. The Trustees also considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex.

Economies of Scale

The Trustees considered the extent to which the Fund will benefit from economies of scale. The Trustees noted that neither the proposed investment advisory fee schedule nor the proposed administration agreement for the Fund contains breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints. With respect to the administration agreement, the Trustees also considered the fact that the Fund would benefit from economies of scale for the broader J.P. Morgan mutual fund complex because the administration fee had been set at a level consistent with the lower effective rate of the mutual funds, which includes breakpoints. The Trustees also noted that the Adviser has implemented fee waivers and expense limitations. The Trustees concluded that shareholders of the Fund will generally benefit from the lower expense ratios that resulted from these factors.

Investment Performance

The Trustees considered the Fund’s investment strategy and process, including the fact that the Fund seeks performance that closely corresponds to the Index, the portfolio management team and competitive positioning against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.

The Trustees considered the contractual advisory fee rate that will be paid by the Fund to the Adviser and compared that rate to the fees charged to similar mutual funds managed by the Adviser, as well as information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Fund. The Trustees also noted that the Adviser does not currently manage other mutual funds or institutional accounts with the exact same or similar strategies proposed for the Fund. The Trustees also reviewed information about other projected expenses and the expense ratios for the Fund. The Trustees considered the projected fee waiver and/or expense reimbursement arrangements proposed for the Fund and considered the net advisory fee rate after taking into account any projected waivers and/or reimbursements.

The Trustees noted that the Fund’s estimated net advisory fees and total expenses were in line with identified peer funds. The Trustees also noted that because the Fund was not yet operational, no profitability information was available. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fees were reasonable.

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.

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.

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 12(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

The audit committee financial experts are Gary L. French, Robert J. Grassi, Thomas P. Lemke, Lawrence R. Maffia, and Emily A. Youssouf, each of which is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

(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.

Audit-related fees consist of security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended October 31, 2015 and 2014, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the “Pre-approval List”). The Audit Committee annually reviews and pre-approves the

services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(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.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

The registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The members of the Audit Committee are Gary L. French, Robert J. Grassi, Thomas P. Lemke, Lawrence R. Maffia, and Emily A. Youssouf.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

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.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

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.

(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.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

(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.

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.

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.


Elizabeth A. Davin, Esq.		Jon S. Rand Esq.
JPMorgan Chase & Co.		Dechert LLP
460 Polaris Parkway		1095 Avenue of the Americas
Westerville, OH 43082		New York, NY 10036


REPORTING PERIOD RETURN:
JPMorgan Diversified Return Emerging Markets Equity ETF*		-9.54%
Market Price**		-9.46%
FTSE Emerging Diversified Factor Index (net of foreign withholding taxes)		-8.18%
FTSE Emerging Net Index		-9.00%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)		-8.01%

Net Assets as of 10/31/2015	$	36,185,674


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015

	INCEPTION DATE		SINCE INCEPTION
JPMorgan Diversified Return Emerging Markets Equity ETF		1/07/2015		-9.54	%
Market Price				-9.46


REPORTING PERIOD RETURN:
JPMorgan Diversified Return Global Equity ETF *		2.36%
Market Price**		1.82%
FTSE Developed Diversified Factor Index (net of foreign withholding taxes)		3.37%
FTSE Developed Net Index		1.74%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)		1.77%

Net Assets as of 10/31/2015	$	50,530,034


AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015

	INCEPTION DATE		1 YEAR			SINCE INCEPTION
JPMorgan Diversified Return Global Equity ETF		6/16/2014		2.36	%		1.25	%
Market Price				1.82			1.45



President’s Letter			1

Fund Commentaries:

JPMorgan Diversified Return Emerging Markets Equity ETF			2

JPMorgan Diversified Return Global Equity ETF			5

JPMorgan Diversified Return International Equity ETF			8

Schedules of Portfolio Investments			11

Financial Statements			32

Notes to Financial Statements			38

Report of Independent Registered Public Accounting Firm			46

Supplemental Information			47

Trustees			48

Officers			49

Schedule of Shareholder Expenses			50

Tax Letter			51


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	iShares MSCI India ETF	9.2	%
	2.	Tencent Holdings Ltd.	3.4
	3.	Taiwan Semiconductor Manufacturing Co., Ltd.	3.2
	4.	China Mobile Ltd.	2.8
	5.	Hon Hai Precision Industry Co., Ltd.	2.2
	6.	America Movil SAB de CV	1.5
	7.	Ambev S.A.	1.4
	8.	China Construction Bank Corp.	1.3
	9.	MTN Group Ltd.	1.1
	10.	Gazprom OAO	0.9


REPORTING PERIOD RETURN:
JPMorgan Diversified Return International Equity ETF*		2.65%
Market Price**		2.40%
FTSE Developed ex North America Diversified Factor Index (net of foreign withholding taxes)		3.71%
FTSE Developed ex North America Net Index		0.64%
Morgan Stanley Capital International (“MSCI”) Europe, Australia and Far East (“EAFE”) Index (net of foreign withholding taxes)		0.29%

Net Assets as of 10/31/2015	$	92,113,607


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	BP plc	0.8	%
	2.	Royal Dutch Shell plc	0.7
	3.	GlaxoSmithKline plc	0.7
	4.	Samsung Electronics Co., Ltd.	0.6
	5.	Vodafone Group plc	0.6
	6.	AstraZeneca plc	0.6
	7.	BT Group plc	0.5
	8.	BG Group plc	0.5
	9.	Unilever plc	0.5
	10.	British Land Co., plc	0.5


	JPMorgan Diversified Return Emerging Markets Equity ETF			JPMorgan Diversified Return Global Equity ETF			JPMorgan Diversified Return International Equity ETF
ASSETS:
Investments in non-affiliates, at value	$	35,922,814		$	50,208,568		$	91,592,225
Cash		299,347			224,898			191,472
Foreign currency, at value		44,813			39,932			154,422
Receivables:
Due from Adviser		85,936			242,962			232,558
Dividends from non-affiliates		18,389			89,082			202,353
Tax reclaims		277			19,317			48,174
Prepaid insurance		9,082			18,412			25,658
Deferred offering costs		4,568			—			223

Total Assets		36,385,226			50,843,171			92,447,085


LIABILITIES:
Accrued Liabilities:
Professional fees		131,011			274,343			279,383
Custodian and Transfer Agent fees (Note 3.C)		35,065			5,800			6,000
Trustees’ and Chief Compliance Officer’s fees		3,576			4,628			9,016
Accounting fees		1,052			3,342			2,621
Other		28,848			25,024			36,458

Total Liabilities		199,552			313,137			333,478

Net Assets	$	36,185,674		$	50,530,034		$	92,113,607


NET ASSETS:
Paid-in Capital	$	44,041,497		$	50,207,818		$	90,782,109
Accumulated undistributed (distributions in excess of) net investment income		964,675			812,361			1,836,680
Accumulated net realized gains (losses)		(2,692,109	)		(369,465	)		(192,684	)
Net unrealized appreciation (depreciation)		(6,128,389	)		(120,680	)		(312,498	)

Total Net Assets	$	36,185,674		$	50,530,034		$	92,113,607

Outstanding number of shares
(unlimited number of shares authorized — no par value)		800,000			1,000,000			1,800,000

Net asset value, per share	$	45.23		$	50.53		$	51.17

Cost of investments in non-affiliates	$	42,049,238		$	50,328,222		$	91,900,285
Cost of foreign currency		45,230			39,839			157,705


	JPMorgan Diversified Return Emerging Markets Equity ETF			JPMorgan Diversified Return Global Equity ETF						JPMorgan Diversified Return International Equity ETF
	Period Ended October 31, 2015 (a)			Year ended October 31, 2015			Period Ended October 31, 2014 (b)			Period Ended October 31, 2015 (c)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	980,553		$	964,790		$	146,757		$	1,875,555
Net realized gain (loss)		(3,629,485	)		(286,219	)		(94,421	)		(187,378	)
Change in net unrealized appreciation/depreciation		(6,128,389	)		257,942			(378,622	)		(312,498	)

Change in net assets resulting from operations		(8,777,321	)		936,513			(326,286	)		1,375,679


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			(288,042	)		—			(44,215	)

Total distributions to shareholders		—			(288,042	)		—			(44,215	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		44,962,995			25,034,796			25,173,053			90,782,143


NET ASSETS:
Change in net assets		36,185,674			25,683,267			24,846,767			92,113,607
Beginning of period		—			24,846,767			—			—

End of period	$	36,185,674		$	50,530,034		$	24,846,767		$	92,113,607

Accumulated undistributed (distributions in excess of) net investment income	$	964,675		$	812,361		$	152,009		$	1,836,680


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	58,386,392		$	25,034,796		$	25,173,053		$	90,782,143
Cost of shares redeemed		(13,423,397	)		—			—			—

Total change in net assets resulting from capital transactions	$	44,962,995		$	25,034,796		$	25,173,053		$	90,782,143

SHARE TRANSACTIONS:
Issued		1,100,000			500,000			500,000			1,800,000
Redeemed		(300,000	)		—			—			—

Net increase in shares from share transactions		800,000			500,000			500,000			1,800,000


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net asset value, end of period		Market price, end of period
JPMorgan Diversified Return Emerging Markets Equity ETF
January 7, 2015 (a) through October 31, 2015	$	50.00	$	1.29	$	(6.06	)	$	(4.77	)	$	—		$	45.23	$	45.27

JPMorgan Diversified Return Global Equity ETF
Year ended October 31, 2015		49.69		1.08		0.08	(i)		1.16			(0.32	)		50.53		50.67
June 16, 2014 (a) through October 31, 2014		50.00		0.38		(0.69	)		(0.31	)		—			49.69		50.09

JPMorgan Diversified Return International Equity ETF
November 5, 2014 (a) through October 31, 2015		50.00		1.39		(0.07	)		1.32			(0.15	)		51.17		51.05


			Ratios/Supplemental data
								Ratios to average net assets (f)
Total return (c)(d)			Market price total return (c)(e)			Net assets, end of period		Net expenses (g)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)(h)

	(9.54	)%		(9.46	)%	$	36,185,674		0.45	%		3.18	%		2.07	%(g)		46	%


	2.36			1.82			50,530,034		0.38			2.16			1.52			18
	(0.62	)		0.18			24,846,767		0.38			2.01			5.19	(g)		14


	2.65			2.40			92,113,607		0.43			2.72			1.33	(g)		20


		Diversified/Non-Diversified
JPMorgan Diversified Return Emerging Markets Equity ETF		Diversified
JPMorgan Diversified Return Global Equity ETF		Diversified
JPMorgan Diversified Return International Equity ETF		Diversified


	Level 1 Quoted Prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Brazil	$	1,686,042	$	—	$	—	$	1,686,042
Chile		561,098		—		—		561,098
China		36,458		8,304,488		108,364		8,449,310
Colombia		8,904		—		—		8,904
Czech Republic		—		96,835		—		96,835
Egypt		6,212		68,662		—		74,874
Hungary		—		126,940		—		126,940
Indonesia		—		1,527,656		—		1,527,656
Malaysia		114,622		1,399,750		—		1,514,372
Mexico		1,789,163		—		—		1,789,163
Philippines		46,108		1,392,891		—		1,438,999
Poland		25,691		439,776		—		465,467
Russia		93,901		1,459,405		—		1,553,306
South Africa		123,583		2,899,642		—		3,023,225
Taiwan		—		6,779,935		—		6,779,935
Thailand		—		1,669,394		—		1,669,394
Turkey		—		588,308		—		588,308
United Arab Emirates		17,367		288,802		—		306,169

Total Common Stocks		4,509,149		27,042,484		108,364		31,659,997

Exchange-Traded Fund
India		3,295,079		—		—		3,295,079

Total Exchange-Traded Fund		3,295,079		—		—		3,295,079

Preferred Stocks
Brazil		772,025		—		—		772,025
Chile		19,593		—		—		19,593
Colombia		45,913		—		—		45,913
Russia		—		130,207		—		130,207

Total Preferred Stocks		837,531		130,207		—		967,738

Total Investments in Securities	$	8,641,759	$	27,172,691	$	108,364	$	35,922,814



OCTOBER 31, 2015	JPMORGAN EXCHANGE-TRADED FUNDS	1



2	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2015



OCTOBER 31, 2015	JPMORGAN EXCHANGE-TRADED FUNDS	3



4	JPMORGAN EXCHANGE-TRADED FUNDS	OCTOBER 31, 2015


Emerging Markets Equity ETF	$	24,518
Global Equity ETF		31,609
International Equity ETF		16,301


	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment Income			Accumulated net realized gains (losses)
Emerging Markets Equity ETF	$	(921,498	)	$	(15,878	)	$	937,376
Global Equity ETF		(31	)		(16,396	)		16,427
International Equity ETF		(34	)		5,340			(5,306	)


Emerging Markets Equity ETF			0.44%
Global Equity ETF			0.24%
International Equity ETF			0.24%


Emerging Markets Equity ETF	$	58,800
Global Equity ETF		23,100
International Equity ETF		50,400


	Expense Cap
Emerging Markets Equity ETF		0.45	%
Global Equity ETF		0.38	%
International Equity ETF		0.43	%


	Contractual Waivers
	Investment Advisory		Administration		Total		Contractual Reimbursements
Emerging Markets Equity ETF	$	135,156	$	26,110	$	161,266	$	341,242
Global Equity ETF		107,159		37,952		145,111		362,872
International Equity ETF		165,087		58,468		223,555		394,984


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Emerging Markets Equity ETF	$	36,188,459	$	17,494,367
Global Equity ETF		10,671,117		7,957,513
International Equity ETF		24,838,088		14,548,358


	In-Kind Purchases		In-Kind Sales		Realized gain (loss)
Emerging Markets Equity ETF	$	35,277,589	$	8,336,117	$	(921,498	)
Global Equity ETF		22,715,800		—		—
International Equity ETF		81,796,467		—		—


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Emerging Markets Equity ETF	$	42,165,145	$	291,884	$	(6,534,215	)	$	(6,242,331	)
Global Equity ETF		50,432,311		3,818,557		(4,042,300	)		(223,743	)
International Equity ETF		91,951,835		5,638,222		(5,997,832	)		(359,610	)


	Ordinary Income		Total Distributions Paid
Emerging Markets Equity ETF	$	—	$	—
Global Equity ETF		288,042		288,042
International Equity ETF		44,215		44,215


	Current Distributable Ordinary Income		Current Distributable Short-Term Capital Gains or (Tax Basis Loss Carryover)			Unrealized Appreciation (Depreciation)
Emerging Markets Equity ETF	$	981,830	$	(2,593,357	)	$	(6,244,296	)
Global Equity ETF		862,270		(315,285	)		(224,769	)
International Equity ETF		1,869,324		(173,778	)		(364,048	)


	Capital Loss Carryforward Character
	Short-Term			Long-Term
Emerging Markets Equity ETF	$	(2,593,357	)	$	—
Global Equity ETF		(315,285	)		—
International Equity ETF		(173,778	)		—


	China			Japan			Taiwan			United Kingdom			United States
Emerging Markets Equity ETF		23.3	%		—	%		18.9	%		—	%		—	%
Global Equity ETF		—			20.5			—			—			26.7
International Equity ETF		—			23.7			—			23.1			—


	Emerging Markets Equity ETF (a)					Global Equity ETF					International Equity ETF (b)
Range of Premium/(Discount)	Day Count		Percentage			Day Count		Percentage			Day Count		Percentage
Greater than 1.5% and Less than or equal to 2.0%		2		0.97	%		—		—			—		—
Greater than 1.0% and Less than or equal to 1.5%		20		9.71	%		—		—			—		—
Greater than 0.5% and Less than or equal to 1.0%		94		45.64	%		7		2.79	%		72		29.15	%
Between 0.5% and –0.5%		62		30.09	%		241		96.01	%		172		69.64	%
Less than –0.5% and greater than or equal to –1.0%		21		10.19	%		2		0.80	%		3		1.21	%
Less than –1.0% and greater than or equal to –1.5%		6		2.91	%		1		0.40	%		—		—
Less than –1.5% and greater than or equal to –2.0%		1		0.49	%		—		—			—		—

		206		100.00	%		251		100.00	%		247		100.00	%


Name (Year of Birth; Positions With the Funds since)	Principal Occupation During the Past 5 Year	Number of Funds in Fund Complex Overseen by Trustee ⁽¹⁾	Other Directorships Held During the Past 5 Years
Independent Trustees

Gary L. French (1951); Trustee of the Trust since 2014	Senior Consultant for the Regulatory Fundamentals Group LLC (2011-present); Senior Vice President-Fund Administration, State Street Corporation (2002-2010).	10	Independent Trustee, The China Fund, Inc. (2013-present); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014).

Robert J. Grassi (1957); Trustee of the Trust since 2014	Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Coming Incorporated (2002-2012).	10	None

Thomas P. Lemke (1954); Trustee of the Trust since 2014	Retired; Executive Vice President and General Counsel, Legg Mason (2005-2013).	10	Independent Director of AXA Premier VIP Trust (2014-present); Independent Director of The Advisors’ Inner Circle III Funds (2014-present); Independent Director of The Munder Funds (2014-present); Independent Director of ICI Mutual Insurance Company (2008-2013).

Lawrence R. Maffia (1950); Trustee of the Trust since 2014	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).	10	Director, ICI Mutual Insurance Company (1999-2013).

Emily A. Youssouf (1951); Trustee of the Trust since 2014	Vice Chair (2011-2013) and Board Member (2013-present) of New York City Housing Authority; Clinical Professor, NYU Schack Institute of Real Estate (2009-present); Board Member, NYC Health and Hospitals Corporation (2005-present).	10	Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Board Member, PennyMac Financial Services, Inc. (2013-present).

Interested Trustee

Robert Deutsch⁽²⁾ (1957); Trustee of the Trust since 2014	Head of the Global ETF Business for JPMorgan Asset Management (2013-present); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013).	10	None


Name (Year of Birth), Positions Held with the Trusts (Since)		Principal Occupations During Past 5 Years

Robert Deutsch (1957), President and Principal Executive Officer (2014)		Managing Director, global head of J.P. Morgan Asset Management’s Exchange-Traded Funds and a member of the J.P. Morgan Global Funds Operating Committee. Previously, head of the Global Liquidity Business from 2003 to 2013 and National Sales Manager for J.P. Morgan’s U.S. Mutual Funds Business prior to 2003.

Paul Shield (1960), Treasurer and Principal Financial Officer (2014)		Managing Director and head of Business Management for JPMorgan Asset Management’s Exchange-Traded Fund platform since 2013. Senior Global Product Manager of Alternative Investments for BNY Mellon from 2011 to 2013 and Global Product Head for Exchange Traded Funds at JPMorgan Chase Bank from 2008 to 2011.

Frank J. Nasta (1964), Secretary (2014)		Managing Director and Associate General Counsel, JPMorgan Chase since 2008;

Stephen M. Ungerman (1953), Chief Compliance Officer (2014)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2014)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2014)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.

John T. Fitzgerald (1975), Assistant Secretary (2014)		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.

Carmine Lekstutis (1980), Assistant Secretary (2011)		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.

Gregory S. Samuels (1980), Assistant Secretary (2014)		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014

Pamela L. Woodley (1971), Assistant Secretary (2014)***		Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.

Frederick J. Cavaliere (1978), Assistant Treasurer (2015)		Vice President, JPMorgan Funds Management, Inc. since September 2011; formerly Vice President of J.P. Morgan Investment Management Inc. (2010-2011). Mr. Cavaliere has been with JPMorgan since May 2006.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2014)		Managing Director, JPMorgan Funds Management, Inc. from May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 until May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.

Lauren A. Paino (1973), Assistant Treasurer (2015)		Executive Director, JPMorgan Funds Management, Inc. since August 2013; Director, Credit Suisse Asset Management (2000-2013); Manager, PricewaterhouseCoopers LLP (1995-2000).

Julie A. Roach (1971), Assistant Treasurer (2014)**		Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.

Jason Ronca (1978), Assistant Treasurer (2014)****		Vice President, Assistant Treasurer and ETF Platform Manager for J.P. Morgan Asset Management since May 2014. ETF Product Manager for Corporate Investment Bank responsible for setting the strategy and control agenda for the ETF servicing business from 2010 to May 2014; Prior to 2010, a Vice President in Fund Accounting within J.P. Morgan Investor Services, supporting a series of U.S. registered mutual funds.


	Beginning Account Value 5/01/2015		Ending Account Value 10/31/2015		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
Emerging Markets Equity ETF
Actual Fund Return	$	1,000.00	$	822.40		0.45	%	$	2.07
Hypothetical 5% Return		1,000.00		1,022.94		0.45			2.29
Global Equity ETF
Actual Fund Return	$	1,000.00	$	966.50		0.38	%	$	1.88
Hypothetical 5% Return		1,000.00		1,023.29		0.38			1.94
International Equity ETF
Actual Fund Return	$	1,000.00	$	955.60		0.43	%	$	2.12
Hypothetical 5% Return		1,000.00		1,023.04		0.43			2.19


		^© JPMorgan Chase & Co., 2015. All rights reserved. October 2015.		AN-ETF-1015



President’s Letter			1

Fund Commentary			2

Schedule of Portfolio Investments			5

Financial Statements			14

Notes to Financial Statements			20

Report of Independent Registered Public Accounting Firm			24

Supplemental Information			25

Trustees			26

Officers			27

Schedule of Shareholder Expenses			28

Board Approval of Investment Advisory Agreement			29


REPORTING PERIOD RETURN:
JPMorgan Diversified Return U.S. Equity ETF*		8.26%
Market Price**		8.32%
Russell 1000 Diversified Factor Index		8.31%
Russell 1000 Index		10.13%

Net Assets as of 10/31/2015	$	10,826,623