J.P. Morgan Exchange-Traded Fund Trust

N-CSRS 1 d600004dncsrs.htm J.P. MORGAN EXCHANGE-TRADED FUND TRUST J.P. Morgan Exchange-Traded Fund Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22903

J.P. Morgan Exchange-Traded Fund Trust

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta, Esq.

J.P. Morgan Investment Management Inc.

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

With copies to:

Elizabeth A. Davin, Esq.

JPMorgan Chase & Co.

1111 Polaris Parkway

Columbus, OH 43240

Jon S. Rand, Esq.

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2017 through April 30, 2018

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

[Insert Semi—Annual Report for the period ended April 30, 2018].

Semi-Annual Report

JPMorgan Exchange-Traded Funds

April 30, 2018 (Unaudited)

JPMorgan Diversified Return Emerging Markets Equity ETF

JPMorgan Diversified Return Europe Currency Hedged ETF

JPMorgan Diversified Return Europe Equity ETF

JPMorgan Diversified Return Global Equity ETF

JPMorgan Diversified Return International Currency Hedged ETF

JPMorgan Diversified Return International Equity ETF

JPMorgan Diversified Return U.S. Equity ETF

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

JPMorgan Diversified Return U.S. Small Cap Equity ETF

JPMorgan U.S. Dividend ETF

JPMorgan U.S. Minimum Volatility ETF

JPMorgan U.S. Momentum Factor ETF

JPMorgan U.S. Quality Factor ETF

JPMorgan U.S. Value Factor ETF

LOGO

CONTENTS



President’s Letter			1

Market Overview			2

Fund Commentaries:

JPMorgan Diversified Return Emerging Markets Equity ETF			3

JPMorgan Diversified Return Europe Currency Hedged ETF			6

JPMorgan Diversified Return Europe Equity ETF			8

JPMorgan Diversified Return Global Equity ETF			11

JPMorgan Diversified Return International Currency Hedged ETF			14

JPMorgan Diversified Return International Equity ETF			17

JPMorgan Diversified Return U.S. Equity ETF			20

JPMorgan Diversified Return U.S. Mid Cap Equity ETF			23

JPMorgan Diversified Return U.S. Small Cap Equity ETF			26

JPMorgan U.S. Dividend ETF			29

JPMorgan U.S. Minimum Volatility ETF			32

JPMorgan U.S. Momentum Factor ETF			35

JPMorgan U.S. Quality Factor ETF			38

JPMorgan U.S. Value Factor ETF			41

Schedules of Portfolio Investments			44

Financial Statements			129

Financial Highlights			146

Notes to Financial Statements			152

Schedule of Shareholder Expenses			173

Board Approval of Initial Investment Advisory Agreements			175

Board Approval of Investment Advisory Agreements			177

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

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

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

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

PRESIDENT’S LETTER

JUNE 3, 2018 (Unaudited)

Dear Shareholder,

As we’ve grown our ETF business, which recently surpassed $4.4 billion in assets under management, we have done so by providing investors with additional investment choices and tools to build stronger portfolios. We have broadened your tool set to include targeted exposures with our expanded suite of ETFs. For investors looking to target specific exposures within a diversified portfolio, I’m pleased to announce that we launched five single factor equity strategies and three alternative beta strategies during the six months ended April 30, 2018. Each of these strategies can be used to enhance returns or address a specific client need, like reducing volatility or diversifying away from traditional investments.

“We have broadened your tool set to include targeted exposures with our expanded suite of ETFs.”

While global financial markets largely had strong performance during the first half of the reporting period, the month of February 2018 was notable for a spike in U.S. Treasury bond yields, a sharp sell-off in equity markets and a return of market volatility that was largely absent in first half of the reporting period. As we expect volatility to return, we believe our ETFs can provide solutions for investors in changing markets. Our JPMorgan Minimum Volatility ETF (JMIN), whose underlying index is designed to distribute risk among sectors and stocks in

order to seek to minimize the overall portfolio volatility, generated a positive return at a competitive price of 12 basis points (net of fee waivers and expense reimbursements) for the period since inception on November 8, 2017 to April 30, 2018. One of our new alternative beta ETFs, JPMorgan Managed Futures Strategy ETF (JPMF), which provides broad exposure to managed futures strategies, may be an additional source of diversification in a rising interest rate environment. I’m also pleased to announce that JPMF earned Best New Alternatives ETF at the fifth annual ETF.com Awards held in March 2018.¹

We are proud to bring J.P. Morgan’s experience and quantitative beta investment capabilities to the ETF market place. We are committed to building solutions that address your needs and help you build stronger portfolios. Thank you for your belief in our Firm and our process.

Sincerely,

LOGO

Joanna M. Gallegos

President, J.P. Morgan Exchange-Traded Funds

J.P. Morgan Asset Management

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

¹	ETF.com Award winners are selected by a majority vote of the ETF.com Awards Selection Committee, a group of independent ETF experts. Voting was completed by Jan. 20, 2018, and results were announced at the ETF.com U.S. Awards Dinner on March 22, 2018.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	1

Market Overview

Six Months Ended April 30, 2018 (Unaudited)

Global financial markets generally provided positive returns for the reporting period, but gains were tempered by increased market volatility, rising bond yields in the U.S. and moderating economic growth in the early part of 2018. While economists had generally forecast continued growth in the global economy, concerns over inflationary pressure, signs of slowing growth in Europe and a potential trade war between the U.S. and China all led to investor uncertainty in the latter half of the reporting period.

Notably, global petroleum prices rose significantly during the reporting period. Global economic growth drove increased demand for oil, while on the supply side, the Organization of Petroleum Exporting Countries and Russia agreed in December 2017 to extend production curbs through 2018. Severe reductions in oil output from Venezuela and threatened U.S. sanctions against Iran also provided support for global energy prices.

Throughout the final months of 2017 and into January 2018, U.S. equity prices reached new highs and financial market volatility remained at historically low levels. Then in early February 2018, the Standard & Poor’s 500 Index (the “S&P 500”) fell more than 10% intraday and the CBOE Volatility Index, which measures options on the S&P 500 to gauge near-term market volatility, spiked by a record 115.6%. The sell-off came after fifteen consecutive months of stock market gains and was largely triggered by a spike in yields on 10-year U.S. Treasury bonds, which signaled to investors that rising borrowing costs and accelerating inflation could lead to weakness in prices for equities and bonds. Overall, bond prices in the U.S. declined amid investor expectations for rising interest rates.

In Europe and Japan, equity prices generally ended higher for the reporting period, supported by central bank policies, corporate earnings and continued improvements in leading economic indicators. However, increased market volatility through April 2018 erased much of the stock market gains made in late 2017 for these markets.

Equity prices in emerging markets also rose amid corporate profit growth, rising commodities prices and a positive global economic outlook. China’s efforts to curb financial market speculation appeared to provide some stability to equity and bond prices. Notably, prices for emerging market debt slumped after rising through most of 2016 and 2017. A potential U.S.-China trade war, widening conflict in Syria and political uncertainty ahead of elections in Brazil and Mexico contributed to investor concerns about emerging market currencies and local-currency denominated bonds.



2	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

Six Months Ended April 30, 2018 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return Emerging Markets Equity ETF
Net Asset Value*		5.01%
Market Price**		4.81%
JP Morgan Diversified Factor Emerging Markets Equity Index (net of foreign withholding taxes)		5.90%
FTSE Emerging Index (net of foreign withholding taxes)		4.86%
Morgan Stanley Capital International (MSCI) Emerging Markets Index (net of foreign withholding taxes)		4.80%

Net Assets as of 4/30/2018	$	234,485,760

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2018, the Fund posted a positive absolute return and had a performance deviation of -0.89% from the Underlying Index. The Fund and the Underlying Index outperformed the FTSE Emerging Index and the MSCI Emerging Markets Index, both of which are more traditional market capitalization weighted indexes.

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 were related to differences in the net asset value calculations and foreign exchange pricing between the Underlying

Index and the Fund and fees and operating expenses incurred by the Fund.

The Fund’s and the Underlying Index’s allocations to the financials and oil & gas sectors were leading contributors to absolute performance, while their allocations to the consumer goods and industrials sectors were leading detractors from absolute performance. The Fund’s and the Underlying Index’s allocations to Asia, Europe, the Middle East and Africa were leading contributors to absolute performance, while their allocation to Latin America was the smallest contributors to absolute performance.

Relative to the FTSE Emerging Index, the Fund’s and the Underlying Index’s security selection in the oil & gas and basic materials sectors was a leading contributor to performance, while the Fund’s and the Underlying Index’s security selection in the telecommunications and consumer goods sectors was a leading detractor from relative performance. The Fund’s and the Underlying Index’s security selection in Asia was a leading contributor to relative performance, while their security selection in Europe, the Middle East and Africa detracted from relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest sector allocations were in the financials and technology sectors, while its smallest allocations were in the health care and utilities sectors. The Fund’s largest regional allocation was in Asia and its smallest allocation was in Latin America.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	3

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

Six Months Ended April 30, 2018 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Alibaba Group Holding Ltd., ADR	3.0	%
	2.	Taiwan Semiconductor Manufacturing Co. Ltd.	2.8
	3.	Tencent Holdings Ltd.	2.8
	4.	Naspers Ltd., Class N	2.7
	5.	China Mobile Ltd.	2.5
	6.	Hon Hai Precision Industry Co. Ltd.	1.6
	7.	America Movil SAB de CV, Series L	1.5
	8.	PTT PCL	1.4
	9.	Tenaga Nasional Bhd.	1.4
	10.	China Construction Bank Corp., Class H	1.2


PORTFOLIO COMPOSITION BY COUNTRY****
China	25.0	%
Taiwan	14.4
Brazil	10.3
South Africa	8.1
Thailand	7.9
India	6.9
Malaysia	6.0
Russia	4.6
Mexico	3.1
Indonesia	2.7
Chile	1.8
Philippines	1.8
Poland	1.7
Turkey	1.2
United Arab Emirates	1.0
Others (each less than 1.0%)	3.5

The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $58.62 as of April 30, 2018.

Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $58.73 as of April 30, 2018.

***

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

****

Percentages indicated are based on total investments as of April 30, 2018. The Fund’s composition is subject to change.



4	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018 (Unaudited)
	INCEPTION DATE		SIX MONTHS		1 YEAR		SINCE INCEPTION

JPMorgan Diversified Return Emerging Markets Equity ETF
Net Asset Value		January 7, 2015		5.01%		16.62%		7.09%
Market Price				4.81%		16.22%		7.15%

LIFE OF FUND PERFORMANCE (1/07/15 TO 4/30/18)

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

Fund commenced operations on January 7, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Emerging Markets Equity ETF, the JP Morgan Diversified Factor Emerging Markets Equity Index, the FTSE Emerging Index, and the MSCI Emerging Markets Index from January 7, 2015 to April 30, 2018. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor Emerging Markets Equity Index, the FTSE Emerging Index and the MSCI Emerging Markets Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Emerging Markets Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Emerging Markets Equity Index. The FTSE Emerging Index is a market-capitalization weighted index and is part of the

FTSE Global Equity Index Series. The series includes large- and mid-cap securities from advanced and secondary emerging markets, classified in accordance with FTSE’s transparent Country Classification Review Process. The FTSE Emerging Index provides investors with a comprehensive means of measuring the performance of the most liquid companies in the emerging markets. FTSE International Limited is the index provider for the FTSE index. 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.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	5

JPMorgan Diversified Return Europe Currency Hedged ETF

FUND COMMENTARY

Six Months Ended April 30, 2018 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return Europe Currency Hedged ETF
Net Asset Value*		0.55%
Market Price**		0.34%
JP Morgan Diversified Factor Europe Currency Hedged (USD) Index (net of foreign withholding taxes) (formerly named the FTSE Developed Europe Diversified Factor 100% Hedged to USD Index).		1.29%
JP Morgan Diversified Factor Europe Equity Index (net of foreign withholding taxes) (formerly FTSE Developed Europe Diversified Factor Index)		3.08%
FTSE Developed Europe Index (net of foreign withholding taxes)		2.68%

Net Assets as of 4/30/2018	$	30,019,577

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is composed of large cap and mid cap equity securities of companies from developed Europe, diversified across industries and international regions. The Underlying Index uses a proprietary multifactor selection process that measures the following characteristics: valuation, momentum and quality. The Underlying Index methodology includes quarterly rebalancing. In addition to reflecting European stock performance, the Underlying Index attempts to minimize the impact of exchange rate fluctuations by hedging European currency exposure versus the U.S. dollar on a monthly basis. The Fund seeks to achieve its investment objective by investing a substantial portion of its assets in the JPMorgan Diversified Return Europe Equity ETF.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2018, and experienced a performance deviation of -0.74% from the Underlying Index. The Fund and the Underlying Index underperformed both the JP Morgan Diversified Factor International Equity Index, which is not hedged to the U.S. dollar, and the FTSE Developed Europe Index, which is a more traditional market capitalization weighted index that is not hedged to the U.S. dollar.

The Fund’s and the Underlying Index’s allocations to the oil & gas sector and the basic materials sector were leading contributors to absolute performance, while their allocation to the health care sector was the sole sector detractor from absolute performance. The Fund’s and the Underlying Index’s allocations to the U.K. and Finland were leading contributors to absolute performance, while their allocations to Sweden and Switzerland were the leading detractors from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest sector allocations were in the consumer goods and health care sectors, while its smallest allocations were in the oil & gas and financials sectors. The Fund’s largest country allocations were in the U.K. and Germany and its smallest allocations were in Portugal and Ireland.

***

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



6	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018 (Unaudited)
	INCEPTION DATE	SIX MONTHS	1 YEAR	SINCE INCEPTION
JPMorgan Diversified Return Europe Currency Hedged ETF
Net Asset Value	April 1, 2016	0.55%	9.09%	12.93%
Market Price		0.34%	8.98%	12.87%

LIFE OF FUND PERFORMANCE (4/01/16 TO 4/30/18)

Fund commenced operations on April 1, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Europe Currency Hedged ETF, the JP Morgan Diversified Factor Europe Currency Hedged (USD) Index, the JP Morgan Diversified Factor Europe Equity Index, and the FTSE Developed Europe Index from April 1, 2016 to April 30, 2018. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor Europe Currency Hedged (USD) Index, the JP Morgan Diversified Factor Europe Equity Index, and the FTSE Developed Europe Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Europe Currency Hedged (USD) Index and the JP Morgan Diversified Factor Europe Equity Index and developed the proprietary factors on which the indexes are based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Europe Currency Hedged (USD) Index and

JP Morgan Diversified Factor Europe Equity Index. The JP Morgan Diversified Factor Europe Currency hedged (USD) Index represents European stock performance with the foreign currency risk of the index securities hedged against the U.S. dollar on a monthly basis. The two JP Morgan indexes include large and mid cap stocks providing coverage of developed European markets. FTSE Developed Europe Index is a market-capitalization weighted index representing the performance of large- and mid-cap companies in developed European markets. FTSE International Limited is the index provider for the FTSE index. Investors cannot invest directly in an index.

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



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	7

JPMorgan Diversified Return Europe Equity ETF

FUND COMMENTARY

Six Months Ended April 30, 2018 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return Europe Equity ETF
Net Asset Value*		2.57%
Market Price**		2.32%
JP Morgan Diversified Factor Europe Equity Index (net of foreign withholding taxes) (formerly the FTSE Developed Europe Diversified Factor Index)		3.08%
FTSE Developed Europe Index (net of foreign withholding taxes)		-0.99%
Morgan Stanley Capital International (MSCI) Europe Index (net of foreign withholding taxes)		2.47%

Net Assets as of 4/30/2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	79,162,429

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2018, and had a deviation of -0.51% from the Underlying Index. Both the Fund and the Underlying Index outperformed the FTSE Developed Europe Index and the MSCI Europe Index, both of which are more traditional market capitalization 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 the Fund’s small cash allocation and fees and operating expenses incurred by the Fund.

Relative to the FTSE Developed Europe Index, the Fund’s and the Underlying Index’s security selection in the oil & gas and industrials sectors was a leading contributor to performance, while the Fund’s and the Underlying Index’s security selection in the technology sector was a leading detractor from relative performance.

HOW WAS THE FUND POSITIONED?



8	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	SAP SE (Germany)	2.4	%
	2.	Iberdrola SA (Spain)	2.1
	3.	Vodafone Group plc (United Kingdom)	1.9
	4.	Capgemini SE (France)	1.7
	5.	Novartis AG (Registered) (Switzerland)	1.7
	6.	GlaxoSmithKline plc (United Kingdom)	1.6
	7.	ASML Holding NV (Netherlands)	1.5
	8.	Royal Dutch Shell plc, Class B (Netherlands)	1.5
	9.	Neste OYJ (Finland)	1.4
	10.	Swisscom AG (Registered) (Switzerland)	1.4


SUMMARY OF INVESTMENTS BY COUNTRY****
United Kingdom	23.5	%
France	14.1
Germany	12.5
Switzerland	10.8
Spain	8.5
Netherlands	6.3
Finland	5.5
Sweden	5.4
Italy	3.0
Denmark	2.9
Norway	2.6
Belgium	1.6
Portugal	1.2
Austria	1.1
Others (each less than 1.0%)	1.0

***

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

****

Percentages indicated are based on total investments as of April 30, 2018. The Fund’s composition is subject to change.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	9

JPMorgan Diversified Return Europe Equity ETF

FUND COMMENTARY

Six Months Ended April 30, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018 (Unaudited)
	INCEPTION DATE		SIX MONTHS		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return Europe Equity ETF
Net Asset Value		December 18, 2015		2.57%		15.21%		11.12%
Market Price				2.32%		15.36%		11.21%

LIFE OF FUND PERFORMANCE (12/18/15 TO 4/30/18)

Fund commenced operations on December 18, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Europe Equity ETF, the JP Morgan Diversified Factor Europe Equity Index, the FTSE Developed Europe Index, and the MSCI Europe Index from December 18, 2015 to April 30, 2018. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor Europe Equity Index, the FTSE Developed Europe Index, and the MSCI Europe Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Europe Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Europe Equity Index. The JP Morgan Diversified Factor Europe Equity Index

includes large and mid-cap stocks providing coverage of developed European markets. The FTSE Developed Europe Index is a market-capitalization weighted index representing the performance of large- and mid-cap companies in developed European markets. FTSE International Limited is the index provider for the FTSE index. The MSCI Europe Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. Investors can-not invest directly in an index.

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



10	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan Diversified Return Global Equity ETF

FUND COMMENTARY

Six Months Ended April 30, 2018 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return Global Equity ETF
Net Asset Value*		3.81%
Market Price**		3.50%
JP Morgan Diversified Factor Global Developed Equity Index (net of foreign withholding taxes) (formerly the FTSE Developed Diversified Factor Index		4.46%
FTSE Developed Index (net of foreign withholding taxes)		3.51%
Morgan Stanley Capital International (MSCI) World Index (net of foreign withholding taxes)		3.39%

Net Assets as of 4/30/2018	$	230,390,166

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 JP Morgan Diversified Factor Global Developed Equity Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which provides exposure to large and mid cap equity securities in developed global markets, diversified across global regions and industries. During the reporting period, the Underlying Index used a proprietary multi-factor selection process that utilized the following characteristics: valuation, momentum, volatility and market capitalization. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2018, the Fund posted a positive absolute performance and experienced a performance deviation of -0.65% relative to the Underlying Index. The Fund and the Underlying Index outperformed the FTSE Developed Index (net of foreign withholding taxes) and the MSCI World Index (net of foreign withholding taxes), both of which are more traditional market capitalization weighted indexes.

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.

The Fund’s and the Underlying Index’s positions in the oil & gas and consumer services sectors were leading contributors to absolute performance, while their positions in the utilities and telecommunications sectors were the smallest contributors to absolute performance.

The Fund’s and the Underlying Index’s allocations to Japan and North America were the largest contributors to absolute performance, while the Fund’s allocations to Europe and the Asia Pacific region, excluding Japan, were the smallest contributors to absolute performance.

Relative to the FTSE Developed Index, the Fund’s and the Underlying Index’s security selection in the consumer goods and oil & gas sectors were leading contributors to performance. The Fund’s and the Underlying Index’s security selection in the consumer services and technology sectors was a leading detractor from relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest allocation was to North American markets — particularly the U.S. — with modestly smaller allocations to Asia, Japan and Europe. In terms of sectors, the Fund’s largest allocations were in the consumer goods and industrials sectors, while the smallest allocations were in the telecommunications and oil & gas sectors.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	11

JPMorgan Diversified Return Global Equity ETF

FUND COMMENTARY

Six Months Ended April 30, 2018 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Samsung Electronics Co. Ltd. (South Korea)	0.6	%
	2.	CSL Ltd. (Australia)	0.5
	3.	SK Hynix, Inc. (South Korea)	0.5
	4.	Wesfarmers Ltd. (Australia)	0.4
	5.	Chevron Corp. (United States)	0.4
	6.	Johnson & Johnson. (United States)	0.4
	7.	Intel Corp. (United States)	0.4
	8.	POSCO (South Korea)	0.4
	9.	CK Hutchison Holdings Ltd. (Hong Kong)	0.4
	10.	Toyota Motor Corp. (Japan)	0.4


PORTFOLIO COMPOSITION BY COUNTRY****
United States	26.5	%
Japan	22.1
South Korea	9.2
Australia	6.8
Hong Kong	4.4
France	4.3
Canada	3.6
Germany	3.3
United Kingdom	3.0
Sweden	2.5
Singapore	2.2
Switzerland	1.8
Spain	1.7
Netherlands	1.5
Finland	1.2
Norway	1.0
Italy	1.0
Denmark	1.0
Others (each less than 1.0%)	2.8
Short-Term Investment	0.1

***

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

****

Percentages indicated are based on total investments as of April 30, 2018. The Fund’s composition is subject to change.



12	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018 (Unaudited)
	INCEPTION DATE		SIX MONTHS		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return Global Equity ETF
Net Asset Value		June 16, 2014		3.81%		14.62%		7.62%
Market Price				3.50%		14.72%		7.59%

LIFE OF FUND PERFORMANCE (6/16/14 TO 4/30/18)

Fund commenced operations on June 16, 2014.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Global Equity ETF, the JP Morgan Diversified Factor Global Developed Equity Index, the FTSE Developed Index, and the MSCI World Index from June 16, 2014 to April 30, 2018. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor Global Developed Equity Index, the FTSE Developed Index and the MSCI World Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Global Developed Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Global Developed Equity Index. The FTSE Developed Index is a market-capitalization weighted

index representing the performance of large- and mid-cap companies in developed markets. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world’s investable market capitalization. FTSE International Limited is the index provider for the FTSE index. 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 can not invest directly in an index.

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



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	13

JPMorgan Diversified Return International Currency Hedged ETF

FUND COMMENTARY

Six Months Ended April 30, 2018 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return International Currency Hedged ETF
Net Asset Value*		1.83%
Market Price**		1.97%
JP Morgan Diversified Factor International Currency Hedged (USD) Index (net of foreign withholding taxes)		2.55%
JP Morgan Diversified Factor International Equity Index (net of foreign withholding taxes)		4.70%
FTSE Developed ex North America Index (net of foreign withholding taxes)		3.71%

Net Assets as of 4/30/2018	$	34,575,449

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is composed of large and mid cap equity securities in developed markets outside North America. During the reporting period, the Underlying Index used a proprietary multi-factor selection process that measures the following characteristics: valuation, momentum, volatility and market capitalization. In addition to reflecting international stock performance, the Underlying Index attempts to minimize the impact of exchange rate fluctuations by hedging currency exposure against the U.S. dollar on a monthly basis. The Fund seeks to achieve its investment objective by investing a substantial portion of its assets in the JPMorgan Diversified Return International Equity ETF.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute return for the six months ended April 30, 2018 and its performance deviated from the Underlying Index by -0.72%. The Fund and the Underlying Index underperformed the non-hedged FTSE Developed ex

North America Diversified Factor Index and the FTSE Developed ex North America Index, which is a traditional market capitalization weighted index that is not hedged to the U.S. dollar.

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

Relative to the FTSE Developed ex North America Index, the Fund’s and the Underlying Index’s security selection and overweight positions in the utilities sector and their security selection and underweight position in the industrials sectors were leading detractors from performance, while the Fund’s and the Underlying Index’s security selection in the consumer goods and basic materials sectors was a leading contributor to performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest sector allocations were in the consumer goods and industrials sectors, while the smallest sector allocations were in the oil & gas and telecommunications sectors. The largest regional allocation was in the Asia Pacific region, excluding Japan, while the smallest regional allocation was in the U.K.



14	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

Market price return is calculated assuming an initial investment made at the market price at the beginning of the period,

reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $29.95 as of April 30, 2018.

***

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



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	15

JPMorgan Diversified Return International Currency Hedged ETF

FUND COMMENTARY

Six Months Ended April 30, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018 (Unaudited)
	INCEPTION DATE		SIX MONTHS		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return International Currency Hedged ETF
Net Asset Value		April 1, 2016		1.83%		10.27%		12.90%
Market Price				1.97%		9.52%		12.68%

LIFE OF FUND PERFORMANCE (4/01/16 TO 4/30/18)

Fund commenced operations on April 1, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Currency Hedged ETF, the JP Morgan Diversified Factor International Currency Hedged (USD) Index, the JP Morgan Diversified Factor International Equity Index, and the FTSE Developed ex North America Index from April 1, 2016 to April 30, 2018. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor International Currency Hedged (USD) Index, the JP Morgan Diversified Factor International Equity Index, and the FTSE Developed ex North America Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor International Currency Hedged (USD) Index and the JP Morgan Diversified Factor International Equity Index and developed the proprietary factors on which the indexes are based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor International Currency Hedged (USD) Index and JP Morgan

Diversified Factor International Equity Index. The JP Morgan Diversified Factor International Currency Hedged (USD) Index represents international stock performance with the foreign currency risk of the index securities hedged against the U.S. dollar on a monthly basis. These two indexes include large- and mid-cap stocks providing coverage of developed markets outside of North America. The FTSE Developed ex North America Index a market-capitalization weighted index representing the performance of large- and mid-cap stocks in developed markets, excluding the US 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 FTSE index. Investors cannot invest directly in an index.

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



16	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

Six Months Ended April 30, 2018 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return International Equity ETF
Net Asset Value*		4.05%
Market Price**		3.93%
JP Morgan Diversified Factor International Equity Index (formerly FTSE Developed ex North America Diversified Factor Index) (net of foreign withholding taxes)		4.70%
FTSE Developed ex North America Index (net of foreign withholding taxes)		3.71%
Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East Index (EAFE) (net of foreign withholding taxes)		3.41%

Net Assets as of 4/30/2018	$	1,541,054,899

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is composed of large cap and mid cap equity securities in developed markets outside North America, diversified across sectors and international regions. During the reporting period, the Underlying Index used a proprietary multi-factor selection process that measures the following characteristics: valuation, momentum, volatility and specific market capitalization. The Underlying Index methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2018, and its performance deviated by -0.65% from the performance of the Underlying Index. The Fund and the Underlying Index outperformed both the FTSE Developed ex North America Index and the MSCI EAFE Index, which are more traditional market capitalization weighted indexes.

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, the net asset value calculations, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund.

The Fund’s and the Underlying Index’s positions in the oil & gas sector and the health care sector were leading contributors to absolute performance, while their position in the technology sector was the sole sector detractor from absolute performance.

Relative to FTSE Developed ex North America Index, the Fund’s and the Underlying Index’s security selection in the health care and industrials sectors was a leading contributor to performance, while the Fund’s and the Underlying Index’s security selection in the technology and basic materials sectors was a leading detractor from relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest allocations were in the consumer goods and consumer services sectors, while the smallest allocations were in the oil & gas and telecommunications sectors. By region, the Fund’s largest allocations were in the Asia Pacific region, excluding Japan, and Europe, excluding the U.K. The Fund had modestly smaller allocations to Japan and the U.K.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	17

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

Six Months Ended April 30, 2018 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Royal Dutch Shell plc, Class A (Netherlands)	0.9	%
	2.	BP plc (United Kingdom)	0.9
	3.	Samsung Electronics Co. Ltd. (South Korea)	0.8
	4.	GlaxoSmithKline plc (United Kingdom)	0.6
	5.	GKN plc (United Kingdom)	0.5
	6.	AstraZeneca plc (United Kingdom)	0.5
	7.	Vodafone Group plc (United Kingdom)	0.5
	8.	Diageo plc (United Kingdom)	0.5
	9.	Shire plc (United States)	0.5
	10.	BT Group plc (United Kingdom)	0.5


SUMMARY OF INVESTMENTS BY COUNTRY****
Japan	24.7	%
United Kingdom	18.3
South Korea	10.6
Australia	6.4
France	5.7
Hong Kong	5.3
Germany	4.0
Sweden	3.2
Singapore	2.9
Switzerland	2.4
Netherlands	2.3
Spain	2.1
Finland	1.7
Norway	1.5
Italy	1.3
Denmark	1.3
Belgium	1.1
United States	1.0
Others (each less than 1.0%)	4.0
Short-Term Investment	0.2

***

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

****

Percentages indicated are based on total investments as of April 30, 2018. The Fund’s composition is subject to change.



18	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018 (Unaudited)
	INCEPTION DATE		SIX MONTHS		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return International Equity ETF
Net Asset Value		November 5, 2014		4.05%		14.35%		7.43%
Market Price				3.93%		14.23%		7.48%

LIFE OF FUND PERFORMANCE (11/5/14 TO 4/30/18)

Fund commenced operations on November 5, 2014.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Equity ETF, the JP Morgan Diversified Factor International Equity Index, the FTSE Developed ex North America Index, and the MSCI EAFE Index from November 5, 2014 to April 30, 2018. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor International Equity Index, the FTSE Developed ex North America Index and the MSCI EAFE Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor International Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor International Equity Index. The FTSE Developed ex North America Index is

a market-capitalization weighted index representing the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world’s investable market capitalization. FTSE International Limited is the index provider for the FTSE index. 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.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	19

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

Six Months Ended April 30, 2018 (Unaudited)


Reporting Period Return:
JPMorgan Diversified Return U.S. Equity ETF
Net Asset Value*		3.31%
Market Price**		3.29%
JP Morgan Diversified Factor US Equity Index (formerly Russell 1000 Diversified Factor Index)		3.45%
Russell 1000 Index		3.83%

Net Assets as of 4/30/2018	$	501,751,449

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is composed of large cap and mid cap equity securities of U.S. companies. The Underlying Index uses a rules based proprietary multi-factor selection process that utilizes the following characteristics: valuation, momentum and quality. During the reporting period, the Underlying Index security selection process sought to exclude the least attractive stocks based on these characteristics. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2018, and its performance deviated by -0.14% from the Underlying Index. Both the Fund and the Underlying Index underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

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

During the reporting period, the Fund’s and the Underlying Index’s positions in the consumer services and technology sectors were leading contributors to absolute performance during the reporting period, while the Fund’s and the Underlying Index’s position in the utilities sector detracted from absolute performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s overweight position and in the utilities sector and their security selection in the consumer services sector were leading detractors from performance, while their security selection in the health care sector was a leading contributor to relative performance.

HOW WAS THE FUND POSITIONED?

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



20	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Dr Pepper Snapple Group, Inc.	0.6	%
	2.	CMS Energy Corp.	0.6
	3.	American Water Works Co., Inc.	0.6
	4.	IAC/InterActiveCorp	0.6
	5.	Xcel Energy, Inc.	0.6
	6.	Exelon Corp.	0.6
	7.	American Electric Power Co., Inc.	0.6
	8.	Duke Energy Corp.	0.6
	9.	Public Service Enterprise Group, Inc.	0.6
	10.	Edison International	0.6


PORTFOLIO COMPOSITION BY SECTOR****
Health Care	16.3	%
Consumer Discretionary	16.1
Information Technology	13.7
Utilities	12.5
Consumer Staples	10.5
Industrials	8.5
Financials	8.3
Materials	6.2
Energy	4.3
Telecommunication Services	1.6
Real Estate	1.5
Short-Term Investment	0.5

***

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 April 30, 2018. The Fund’s composition is subject to change.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	21

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

Six Months Ended April 30, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018 (Unaudited)
	INCEPTION DATE		SIX MONTHS		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Equity ETF
Net Asset Value		September 29, 2015		3.31%		10.97%		14.93%
Market Price				3.29%		10.96%		14.95%

LIFE OF FUND PERFORMANCE (9/29/15 TO 4/30/18)

Fund commenced operations on September 29, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Equity ETF, the JP Morgan Diversified Factor US Equity Index, and the Russell 1000 Index from September 29, 2015 to April 30, 2018. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor US Equity Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities

included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor US Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Equity Index. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.



22	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

Six Months Ended April 30, 2018 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Net Asset Value*		3.17%
Market Price**		3.15%
JP Morgan Diversified Factor US Mid Cap Equity Index		3.36%
Russell Midcap Index		3.69%

Net Assets as of 4/30/2018	$	94,734,477

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance and its performance deviated by -0.19% from the Underlying Index for the six months ended April 30, 2018. The Fund and the Underlying Index underperformed the Russell Midcap Index, which is a more traditional market capitalization weighted index.

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

During the reporting period, the Fund’s and the Underlying Index’s positions in the consumer services and technology sectors were leading contributors to absolute performance during the reporting period, while the Fund’s and the Underlying Index’s positions in the utilities and basic materials sectors detracted from absolute performance.

Relative to the Russell Midcap Index, the Fund’s and the Underlying Index’s overweight position in the utilities sector and their security selection in the consumer services sector were leading detractors from performance, while their security selection and underweight position in industrials sector and their underweight position in the financials sector were leading contributors to performance.

HOW WAS THE FUND POSITIONED?

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



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	23

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

Six Months Ended April 30, 2018 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Copart, Inc.	0.6	%
	2.	Zoetis, Inc.	0.6
	3.	Edison International	0.6
	4.	Entergy Corp.	0.6
	5.	WEC Energy Group, Inc.	0.6
	6.	Eversource Energy	0.6
	7.	Sempra Energy	0.6
	8.	Great Plains Energy, Inc.	0.5
	9.	Public Service Enterprise Group, Inc.	0.5
	10.	PPL Corp.	0.5


PORTFOLIO COMPOSITION BY SECTOR****
Consumer Discretionary	15.8	%
Information Technology	14.5
Health Care	13.0
Utilities	12.8
Industrials	12.0
Financials	10.6
Materials	6.6
Consumer Staples	6.1
Real Estate	4.1
Energy	3.9
Telecommunication Services	0.2
Short-Term Investment	0.4

***

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

****

Percentages indicated are based on total investments as of April 30, 2018. The Fund’s composition is subject to change.



24	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018 (Unaudited)
	INCEPTION DATE		SIX MONTHS		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Net Asset Value		May 11, 2016		3.17%		10.13%		13.90%
Market Price				3.15%		10.14%		13.91%

LIFE OF FUND PERFORMANCE (5/11/16 TO 4/30/18)

Fund commenced operations on May 11, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JP Morgan Diversified Factor US Mid Cap Equity Index, and the Russell Midcap Index from May 11, 2016 to April 30, 2018. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor US Mid Cap Equity Index and Russell Midcap Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of

the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor US Mid Cap Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Mid Cap Equity Index. The Russell Midcap Index is a market-capitalization weighted index which measures the performance of the 800 smallest companies in the Russell 1000 Index. Investors cannot invest directly in an index.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	25

JPMorgan Diversified Return U.S. Small Cap Equity ETF

FUND COMMENTARY

Six Months Ended April 30, 2018 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Net Asset Value*		2.32%
Market Price**		2.21%
JP Morgan Diversified Factor US Small Cap Equity Index		2.49%
Russell 2000 Index		3.27%

Net Assets as of 4/30/2018	$	70,480,754

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which tracks small cap equity securities of U.S. companies. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: relative valuation, momentum and quality. During the reporting period, the Underlying Index security selection process then seeks to exclude the least attractive stocks based on these characteristics. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance and a performance deviation of -0.17% relative to the Underlying Index for the six months ended April 30, 2018. Both the Fund and the Underlying Index underperformed the Russell 2000 Index, which is a more traditional market capitalization weighted index.

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

During the reporting period, the Fund’s and the Underlying Index’s positions in the consumer services and health care sectors were leading contributors to absolute performance, while the Fund’s and the Underlying Index’s positions in the utilities and basic materials sectors detracted from absolute performance during the reporting period.

Relative to the Russell 2000 Index, the Fund’s and the Underlying Index’s overweight position in the utilities sector and their underweight position and security selection in the health care sector were leading detractors from performance, while their underweight position in the financial sector and their security selection and overweight position in the consumer services sector contributed to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest allocations were in the consumer goods and industrials sectors and its smallest allocations were in the telecommunications and oil & gas sectors



26	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Boston Beer Co., Inc. (The), Class A	0.9	%
	2.	Webster Financial Corp.	0.7
	3.	Vonage Holdings Corp.	0.7
	4.	Black Hills Corp.	0.7
	5.	Columbia Sportswear Co.	0.7
	6.	USANA Health Sciences, Inc.	0.7
	7.	Steven Madden Ltd.	0.7
	8.	West Pharmaceutical Services, Inc.	0.7
	9.	ICU Medical, Inc.	0.7
	10.	MAXIMUS, Inc.	0.7


PORTFOLIO COMPOSITION BY SECTOR****
Consumer Discretionary	20.8	%
Industrials	13.9
Information Technology	13.6
Health Care	12.3
Utilities	11.3
Consumer Staples	8.3
Materials	6.6
Financials	6.1
Energy	3.3
Real Estate	1.9
Telecommunication Services	1.5
Short-Term Investment	0.4

***

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

****

Percentages indicated are based on total investments as of April 30, 2018. The Fund’s composition is subject to change.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	27

JPMorgan Diversified Return U.S. Small Cap Equity ETF

FUND COMMENTARY

Six Months Ended April 30, 2018 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018 (Unaudited)
	INCEPTION DATE		SIX MONTHS		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Net Asset Value		November 15, 2016		2.32%		9.19%		12.48%
Market Price				2.21%		9.14%		12.53%

LIFE OF FUND PERFORMANCE (11/15/16 TO 4/30/18)

Fund commenced operations on November 15, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Small Cap Equity ETF, the JP Morgan Diversified Factor US Small Cap Equity Index, and the Russell 2000 Index from November 15, 2016 to April 30, 2018. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor US Small Cap Equity Index and Russell 2000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of

the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor US Small Cap Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Small Cap Equity Index. The Russell 2000 Index is an unmanaged index, measuring performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.



28	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan U.S. Dividend ETF

FUND COMMENTARY

Period November 8, 2017 (Fund Inception Date) Through April 30, 2018 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan U.S. Dividend ETF
Net Asset Value*		0.90%
Market Price**		0.94%
JP Morgan US Dividend Index		0.99%
Russell 1000 Index		3.10%

Net Assets as of 4/30/2018	$	26,145,997

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the period from inception on November 8, 2017 to April 30, 2018, the Fund posted a positive absolute performance and experienced a performance deviation of –0.09% relative to the Underlying Index. The Fund and the Underlying Index underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

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

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

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selection in the financial services sector and their overweight position in the utilities sector were leading detractors from performance. The Fund’s and the Underlying Index’s security selection in the consumer services and oil & gas sectors was a leading contributor to relative performance.

Leading individual detractors from performance relative to the Russell 1000 Index included the Fund’s and the Underlying Index’s underweight positions in Amazon.com Inc. and Cisco Systems Inc. and their overweight positions in Macquarie Infrastructure Corp. Shares of Amazon.com, an online retailer, rose amid continued sales and earnings growth. Shares of Cisco Systems, a provider of technology networking products and services, rose after the company reported better-than-expected earnings and revenue for its fiscal second quarter. Shares of Macquarie Infrastructure, a provider of storage and transport of bulk petroleum products, fell after the company reduced its quarterly dividend in February 2018.

Leading individual contributors to performance relative to the Russell 1000 Index included the Funds’ and the Underlying Index’s overweight positions in Macy’s Inc. and Kohl’s Corp. and their underweight position in Apple Inc. Shares of Macy’s, a department store retailer, rose after a broad sell-off in the retail sector made the company’s relatively high dividend more attractive to investors. Shares of Kohl’s, a department store retailer, rose after the company reported better-than-expected earnings and sales for the fourth quarter of 2018. Shares of Apple, a maker of smartphones and other consumer electronics that was not held in the Fund, fell amid increased market volatility and investor concerns about the high valuation of the shares.

HOW WAS THE FUND POSITIONED?

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



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	29

JPMorgan U.S. Dividend ETF

FUND COMMENTARY

Period November 8, 2017 (Fund Inception Date) Through April 30, 2018 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	0.8	%
	2.	PBF Energy, Inc., Class A	0.7
	3.	Intel Corp.	0.7
	4.	Occidental Petroleum Corp.	0.7
	5.	AES Corp.	0.7
	6.	Great Plains Energy, Inc.	0.7
	7.	PG&E Corp.	0.7
	8.	Verizon Communications, Inc.	0.7
	9.	Chevron Corp.	0.7
	10.	VF Corp.	0.7


PORTFOLIO COMPOSITION BY SECTOR****
Utilities	17.8	%
Consumer Discretionary	16.6
Real Estate	10.6
Materials	9.1
Consumer Staples	8.8
Health Care	8.5
Industrials	7.7
Information Technology	6.7
Energy	5.6
Financials	4.8
Telecommunication Services	3.5
Short-Term Investment	0.3

Market price return is calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $24.91 as of April 30, 2018.

***

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

****

Percentages indicated are based on total investments as of April 30, 2018. The Fund’s composition is subject to change.



30	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


TOTAL RETURNS AS OF APRIL 30, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan U.S. Dividend ETF
Net Asset Value		November 8, 2017		0.90%
Market Price				0.94%

LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/18)

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Dividend ETF, the JP Morgan US Dividend Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2018. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Dividend Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of

the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Dividend Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Dividend Index. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	31

JPMorgan U.S. Minimum Volatility ETF

FUND COMMENTARY

Period November 8, 2017 (Fund Inception Date) Through April 30, 2018 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Minimum Volatility ETF
Net Asset Value*		1.96%
Market Price**		2.00%
JP Morgan US Minimum Volatility Index		2.03%
Russell 1000 Index		3.10%

Net Assets as of 4/30/2018	$	26,553,151

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which consists of large and mid cap U.S. equity securities selected to represent minimum volatility factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a volatility factor to identify equity securities to reduce volatility, while avoiding large weightings to single securities. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

For the period from inception on November 8, 2017 to April 30, 2018, the Fund posted a positive absolute performance and experienced a performance deviation of -0.07% relative to the Underlying Index. The Fund and the Underlying Index underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted equity index.

Because the Fund’s holdings were closely aligned with those of the Underlying Index, variances in relative performance due to

In terms of absolute performance, the Fund’s and the Underlying Index’s allocations to the health care and consumer services sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s allocations to the consumer goods and utilities sectors were leading detractors from absolute performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s overweight allocation to the utilities sector and their security selection in the financials sector were leading detractors from performance during the reporting period. The Fund’s and the Underlying Index’s security selection in the technology and health care sectors was a leading contributors to performance relative to the Russell 1000 Index.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest allocations were to the health care and consumer goods sectors, while its smallest allocations were to the telecommunications and oil & gas sectors.



32	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Valero Energy Corp..	0.7	%
	2.	Phillips 66	0.7
	3.	Intuit, Inc..	0.7
	4.	Southern Co. (The).	0.6
	5.	Estee Lauder Cos., Inc. (The).	0.6
	6.	American Electric Power Co., Inc..	0.6
	7.	Ecolab, Inc..	0.6
	8.	Duke Energy Corp.	0.6
	9.	NextEra Energy, Inc.	0.6
	10.	Occidental Petroleum Corp..	0.6


PORTFOLIO COMPOSITION BY SECTOR****
Health Care	21.5	%
Utilities	17.4
Consumer Staples	15.6
Financials	9.0
Consumer Discretionary	8.0
Industrials	7.1
Materials	5.6
Energy	5.3
Information Technology	5.1
Telecommunication Services	3.3
Real Estate	1.8
Short-Term Investment	0.3

***

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

****

Percentages indicated are based on total investments as of April 30, 2018. The Fund’s composition is subject to change.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	33

JPMorgan U.S. Minimum Volatility ETF

FUND COMMENTARY

Period November 8, 2017 (Fund Inception Date) Through April 30, 2018 (Unaudited) (continued)


TOTAL RETURNS AS OF APRIL 30, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan U.S. Minimum Volatility ETF
Net Asset Value		November 8, 2017		1.96%
Market Price				2.00%

LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/18)

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Minimum Volatility ETF, the JP Morgan US Minimum Volatility Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2018. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Minimum Volatility Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if

applicable. The Fund’s adviser is a sponsor of the JP Morgan US Minimum Volatility Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Minimum Volatility Index. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.



34	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan U.S. Momentum Factor ETF

FUND COMMENTARY

Period November 8, 2017 (Fund Inception Date) Through April 30, 2018 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan U.S. Momentum Factor ETF*		4.70%
Market Price**		4.78%
JP Morgan US Momentum Factor Index		4.82%
Russell 1000 Index		3.10%

Net Assets as of 4/30/2018	$	27,331,961

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the period from inception on November 8, 2017 to April 30, 2018, the Fund posted a positive absolute performance and experienced a performance deviation of -0.12% relative to the Underlying Index. Both the Fund and the Underlying Index outperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

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

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

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selection in the industrials and oil & gas sectors was a leading contributor to performance, while the Fund’s and the Underlying Index’s security selection in the basic materials and telecommunications sectors was a leading detractor from relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest positions were in the technology and financials sectors and its smallest positions were in the telecommunications and basic materials sectors.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	35

JPMorgan U.S. Momentum Factor ETF

FUND COMMENTARY

Period November 8, 2017 (Fund Inception Date) Through April 30, 2018 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Amazon.com, Inc.	2.1	%
	2.	Microsoft Corp.	2.0
	3.	Facebook, Inc., Class A	1.9
	4.	Apple, Inc.	1.9
	5.	Visa, Inc., Class A	1.8
	6.	UnitedHealth Group, Inc.	1.7
	7.	Alphabet, Inc., Class A	1.7
	8.	Home Depot, Inc. (The)	1.6
	9.	Johnson & Johnson	1.6
	10.	Boeing Co. (The)	1.5


PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	27.5	%
Consumer Discretionary	16.0
Financials	13.5
Health Care	12.7
Industrials	9.9
Energy	6.2
Consumer Staples	3.6
Utilities	2.9
Materials	2.8
Real Estate	2.4
Telecommunication Services	1.9
Short-Term Investment	0.6

***

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

****

Percentages indicated are based on total investments as of April 30, 2018. The Fund’s composition is subject to change.



36	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


TOTAL RETURNS AS OF APRIL 30, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan U.S. Momentum Factor ETF
Net Asset Value		November 8, 2017		4.70%
Market Price				4.78%

LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/18)

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Momentum Factor ETF, the JP Morgan US Momentum Factor Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2018. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Momentum Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if

applicable. The Fund’s adviser is a sponsor of the JP Morgan US Momentum Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Momentum Factor Index. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	37

JPMorgan U.S. Quality Factor ETF

FUND COMMENTARY

Period November 8, 2017 (Fund Inception Date) Through April 30, 2018 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan U.S. Quality Factor ETF
Net Asset Value*		3.26%
Market Price**		3.30%
JP Morgan US Quality Factor Index		3.34%
Russell 1000 Index		3.10%

Net Assets as of 4/30/2018	$	26,896,201

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the period from inception on November 8, 2017 to April 30, 2018, the Fund posted a positive absolute performance and experienced a performance deviation of –0.08% relative to the Underlying Index. Both the Fund and the Underlying Index outperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

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

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

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

Leading individual contributors to performance relative to the Russell 1000 Index included the Fund’s and the Underlying Index’s underweight positions in General Electric Co. and Apple Inc. and their overweight position in Boeing Co. Shares of General Electric, an industrial conglomerate not held in the Fund, fell amid an ongoing corporate restructuring. Shares of Apple, a maker of smartphones and other consumer electronics, fell amid increased financial market volatility and investor concerns about the high valuation of the shares. Shares of Boeing, an aircraft and aerospace company, rose amid continued growth in revenue and earnings.

Leading individual detractors from performance relative to the Russell 1000 Index included the Fund’s and the Underlying Index’s underweight positions in Amazon.com Inc., Netflix Inc. and Cisco Systems Inc. Shares of Amazon.com, an online retailer not held in the Fund, rose amid continued sales and earnings growth. Shares of Netflix, a provider of online subscription entertainment that was not held in the Fund, rose amid continued growth in subscriptions, revenue and earnings. Shares of Cisco Systems, a provider of technology networking products and services, rose after the company reported better-than-expected earnings and revenue for its fiscal second quarter.

HOW WAS THE FUND POSITIONED?

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



38	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	2.0	%
	2.	Facebook, Inc., Class A	1.9
	3.	Berkshire Hathaway, Inc., Class B	1.9
	4.	Alphabet, Inc., Class A	1.9
	5.	Apple, Inc.	1.8
	6.	Home Depot, Inc. (The)	1.8
	7.	Johnson & Johnson	1.7
	8.	Intel Corp.	1.6
	9.	Pfizer, Inc.	1.6
	10.	Exxon Mobil Corp.	1.6


PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	26.0	%
Financials	13.8
Health Care	13.2
Consumer Discretionary	12.6
Industrials	9.6
Consumer Staples	8.7
Energy	5.8
Utilities	2.9
Real Estate	2.8
Materials	2.4
Telecommunication Services	1.8
Short-Term Investment	0.4

***

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

****

Percentages indicated are based on total investments as of April 30, 2018. The Fund’s composition is subject to change.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	39

JPMorgan U.S. Quality Factor ETF

FUND COMMENTARY

Period November 8, 2017 (Fund Inception Date) Through April 30, 2018 (Unaudited) (continued)


TOTAL RETURNS AS OF APRIL 30, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan U.S. Quality Factor ETF
Net Asset Value		November 8, 2017		3.26%
Market Price				3.30%

LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/18)

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Quality Factor ETF, the JP Morgan US Quality Factor Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2018. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Quality Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The

Fund’s adviser is a sponsor of the JP Morgan US Quality Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Quality Factor Index. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.



40	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan U.S. Value Factor ETF

FUND COMMENTARY

Period November 8, 2017 (Fund Inception Date) Through April 30, 2018 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan U.S. Value Factor ETF
Net Asset Value*		2.28%
Market Price**		2.36%
JP Morgan US Value Factor Index		2.57%
Russell 1000 Index		3.10%

Net Assets as of 4/30/2018	$	26,599,567

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the period from inception on November 8, 2017 to April 30, 2018, the Fund posted a positive absolute performance and experienced a performance deviation of –0.29% relative to the Underlying Index. The Fund and the Underlying Index underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

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

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

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selection in the consumer services and

financials sectors was a leading detractor from performance. The Fund’s and the Underlying Index’s security selection in the consumer goods and health care sectors was a leading contributor to relative performance.

Leading individual detractors from performance relative to the Russell 1000 Index, included the Fund’s and the Underlying Index’s underweight positions in Amazon.com Inc. and Netflix Inc. and their overweight position in General Electric Co. Shares of Amazon.com, an online retailer that was not held in the Fund, rose amid continued sales and earnings growth. Shares of Netflix, a provider of online subscription entertainment that was not held in the Fund, rose amid continued growth in subscriptions, revenue and earnings. Shares of General Electric, an industrial conglomerate, fell amid an ongoing corporate restructuring.

Leading individual contributors to performance relative to the Russell 1000 Index included the Fund’s and the Underlying Index’s overweight position in Cisco Systems Inc. and their underweight positions in Alphabet Inc. and Philip Morris International Inc. Shares of Cisco Systems, a provider of technology networking products and services, rose after the company reported better-than-expected earnings and revenue for its fiscal second quarter. Shares of Alphabet, the parent company of online services and technology company Google Inc., which was not held in the Fund, fell amid an increase in financial market volatility and investor concerns about high valuation of the shares. Shares of Philip Morris International, a maker of tobacco and nicotine products that was not held in the Fund, fell after the company reported lower-than-expected earnings for the fourth quarter of 2017.

HOW WAS THE FUND POSITIONED?

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



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	41

JPMorgan U.S. Value Factor ETF

FUND COMMENTARY

Period November 8, 2017 (Fund Inception Date) Through April 30, 2018 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	2.1	%
	2.	Intel Corp.	2.0
	3.	Apple, Inc.	1.9
	4.	Wells Fargo & Co.	1.9
	5.	Cisco Systems, Inc.	1.8
	6.	Exxon Mobil Corp.	1.7
	7.	Pfizer, Inc.	1.7
	8.	Chevron Corp.	1.6
	9.	Johnson & Johnson	1.6
	10.	UnitedHealth Group, Inc.	1.4


PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	20.2	%
Financials	15.2
Health Care	14.2
Consumer Discretionary	14.1
Industrials	12.8
Energy	6.4
Consumer Staples	5.6
Materials	3.8
Utilities	3.1
Real Estate	2.4
Telecommunication Services	1.9
Short-Term Investment	0.3

***

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

****

Percentages indicated are based on total investments as of April 30, 2018. The Fund’s composition is subject to change.



42	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


TOTAL RETURNS AS OF APRIL 30, 2018 (Unaudited)
	INCEPTION DATE		SINCE INCEPTION
JPMorgan U.S. Value Factor ETF
Net Asset Value		November 8, 2017		2.28%
Market Price				2.36%

LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/18)

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Value Factor ETF, the JP Morgan US Value Factor Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2018. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Value Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The

Fund’s adviser is a sponsor of the JP Morgan US Value Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Value Factor Index. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	43

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 99.6%
		Brazil — 10.3%
	20,738	AES Tiete Energia SA		67,544
	11,000	Alpargatas SA (Preference)		49,015
	339,888	Ambev SA (Preference)		2,262,557
	7,556	Azul SA (Preference)*		77,993
	94,776	B3 SA — Brasil Bolsa Balcao		683,117
	42,931	Banco Bradesco SA		392,644
	165,039	Banco Bradesco SA (Preference)		1,626,269
	9,776	Banco BTG Pactual SA		63,905
	62,845	Banco do Brasil SA		658,732
	8,556	Banco do Estado do Rio Grande do Sul SA (Preference), Class B		48,847
	19,554	Banco Santander Brasil SA		212,888
	33,725	BB Seguridade Participacoes SA		264,836
	11,199	Bradespar SA (Preference)		113,166
	11,504	Braskem SA (Preference), Class A		149,186
	69,388	CCR SA		238,081
	41,776	Centrais Eletricas Brasileiras SA*		227,412
	30,556	Centrais Eletricas Brasileiras SA (Preference)*		197,648
	2,305	Cia de Gas de Sao Paulo — COMGAS (Preference)		38,629
	45,515	Cia de Saneamento Basico do Estado de Sao Paulo		455,514
	6,248	Cia de Transmissao de Energia Eletrica Paulista (Preference)		120,762
	10,224	Cia Energetica de Minas Gerais		22,443
	124,053	Cia Energetica de Minas Gerais (Preference)		299,580
	13,566	Cia Paranaense de Energia (Preference)		104,169
	35,000	Cia Siderurgica Nacional SA*		88,319
	56,860	Cielo SA		312,120
	11,888	Cosan SA Industria e Comercio		135,637
	39,904	EDP — Energias do Brasil SA		157,989
	23,444	Energisa SA		221,711
	18,695	Engie Brasil Energia SA		198,786
	22,692	Equatorial Energia SA		460,615
	20,328	Estacio Participacoes SA		184,003
	13,851	Fibria Celulose SA		271,785
	26,087	Fleury SA		194,431
	58,008	Gerdau SA (Preference)		275,535
	6,523	Grendene SA		50,777
	556	Guararapes Confeccoes SA		21,815
	28,888	Hypera SA		259,177
	4,757	IRB Brasil Resseguros S/A		63,876
	152,670	Itau Unibanco Holding SA (Preference)		2,216,922
	197,773	Itausa — Investimentos Itau SA (Preference)		764,965
	83,227	JBS SA		208,115


SHARES		INVESTMENTS	VALUE($)


		Brazil — continued
	47,234	Klabin SA		285,707
	121,320	Kroton Educacional SA		487,261
	37,028	Localiza Rent a Car SA*		293,839
	55,875	Lojas Renner SA		518,365
	6,760	M Dias Branco SA*		84,867
	5,776	Magazine Luiza SA		175,051
	14,437	Natura Cosmeticos SA		133,194
	35,900	Odontoprev SA		154,024
	179,770	Petroleo Brasileiro SA*		1,269,556
	229,024	Petroleo Brasileiro SA (Preference)*		1,502,333
	4,627	Porto Seguro SA		59,766
	12,769	Sao Martinho SA		61,782
	4,445	Smiles Fidelidade SA		91,547
	10,772	Sul America SA		66,541
	56,293	Telefonica Brasil SA (Preference)		793,649
	107,892	TIM Participacoes SA		490,922
	25,106	Transmissora Alianca de Energia Eletrica SA		153,293
	23,299	Usinas Siderurgicas de Minas Gerais SA (Preference), Class A		72,227
	192,928	Vale SA		2,678,148
	10,000	Via Varejo SA		84,323
	48,245	WEG SA		244,723

				24,162,633

		Chile — 1.8%
	358,146	Aguas Andinas SA, Class A		238,018
	1,259,738	Banco de Chile		208,033
	2,275	Banco de Credito e Inversiones		171,845
	3,027,550	Banco Santander Chile		251,341
	11,511	Cia Cervecerias Unidas SA		159,318
	947,545	Colbun SA		235,774
	19,997	Embotelladora Andina SA (Preference), Class B		99,499
	67,192	Empresas CMPC SA		274,022
	25,375	Empresas COPEC SA		414,243
	3,691,159	Enel Americas SA		843,112
	3,588,921	Enel Chile SA		446,860
	42,924	Enel Generacion Chile SA		34,098
	26,414	Latam Airlines Group SA		405,081
	28,236	Parque Arauco SA		87,476
	5,724	Sociedad Quimica y Minera de Chile SA (Preference), Class B		313,478

				4,182,198

		China — 25.0%
	4,400	58.com, Inc., ADR*		384,516
	42,000	Agile Group Holdings Ltd.		82,849

SEE NOTES TO FINANCIAL STATEMENTS.



44	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		China — continued
	793,000	Agricultural Bank of China Ltd., Class H		447,103
	104,000	Air China Ltd., Class H		137,103
	39,400	Alibaba Group Holding Ltd., ADR*		7,034,476
	164,000	Aluminum Corp. of China Ltd., Class H*		92,625
	48,000	Angang Steel Co. Ltd., Class H		51,452
	52,000	Anhui Conch Cement Co. Ltd., Class H		324,557
	73,000	ANTA Sports Products Ltd.		416,552
	1,800	Autohome, Inc., ADR		175,590
	151,000	AviChina Industry & Technology Co. Ltd., Class H		95,206
	84,000	BAIC Motor Corp. Ltd., Class H (a) (b)		81,085
	8,900	Baidu, Inc., ADR*		2,233,010
	2,368,000	Bank of China Ltd., Class H		1,285,424
	242,000	Bank of Communications Co. Ltd., Class H		198,025
	105,000	BBMG Corp., Class H		47,891
	74,000	Beijing Capital International Airport Co. Ltd., Class H		100,786
	22,000	Beijing Enterprises Holdings Ltd.		109,888
	488,000	Beijing Enterprises Water Group Ltd.		283,324
	40,700	BOE Technology Group Co. Ltd., Class B		17,556
	168,000	Brilliance China Automotive Holdings Ltd.		299,127
	34,500	BYD Electronic International Co. Ltd.		52,606
	1,294,000	CGN Power Co. Ltd., Class H (a) (b)		352,879
	126,000	China Agri-Industries Holdings Ltd.		52,885
	78,000	China BlueChemical Ltd., Class H		20,500
	289,000	China Cinda Asset Management Co. Ltd., Class H		103,146
	256,000	China CITIC Bank Corp. Ltd., Class H		183,001
	87,000	China Coal Energy Co. Ltd., Class H		37,717
	193,000	China Communications Construction Co. Ltd., Class H		222,371
	108,000	China Communications Services Corp. Ltd., Class H		67,805
	68,000	China Conch Venture Holdings Ltd.		211,110
	2,759,000	China Construction Bank Corp., Class H		2,890,491
	92,000	China Eastern Airlines Corp. Ltd., Class H		75,998
	94,000	China Everbright Bank Co., Ltd., Class H		46,976
	114,000	China Everbright International Ltd.		159,903
	28,000	China Everbright Ltd.		61,616
	84,000	China Evergrande Group*		266,076
	115,000	China Galaxy Securities Co. Ltd., Class H		75,536
	297,000	China Huarong Asset Management Co. Ltd., Class H (a) (b)		102,289
	20,800	China International Capital Corp. Ltd., Class H (a) (b)		47,062
	174,000	China Jinmao Holdings Group Ltd.		98,497


SHARES		INVESTMENTS	VALUE($)

		China — continued
	230,000	China Life Insurance Co. Ltd., Class H		652,271
	1,200	China Lodging Group Ltd., ADR		167,592
	144,000	China Longyuan Power Group Corp. Ltd., Class H		141,440
	41,000	China Machinery Engineering Corp., Class H		23,820
	137,000	China Medical System Holdings Ltd.		335,482
	117,500	China Merchants Bank Co. Ltd., Class H		512,347
	56,000	China Merchants Port Holdings Co. Ltd.		125,124
	27,800	China Merchants Securities Co. Ltd., Class H (a) (b)		38,937
	164,000	China Minsheng Banking Corp. Ltd., Class H		153,471
	605,500	China Mobile Ltd.		5,768,293
	156,000	China Molybdenum Co. Ltd., Class H*		117,229
	166,250	China National Building Material Co. Ltd., Class H		194,229
	74,000	China Oilfield Services Ltd., Class H		73,829
	114,000	China Overseas Land & Investment Ltd.		381,972
	77,600	China Pacific Insurance Group Co. Ltd., Class H		342,424
	1,062,000	China Petroleum & Chemical Corp., Class H		1,034,239
	504,000	China Power International Development Ltd.		135,104
	82,500	China Railway Construction Corp. Ltd., Class H		97,699
	166,000	China Railway Group Ltd., Class H		133,054
	69,000	China Railway Signal & Communication Corp. Ltd., Class H (a) (b)		53,794
	207,000	China Reinsurance Group Corp., Class H		43,610
	74,000	China Resources Cement Holdings Ltd.		77,632
	92,000	China Resources Gas Group Ltd.		338,340
	82,000	China Resources Land Ltd.		307,970
	192,000	China Resources Pharmaceutical Group Ltd. (a) (b)		265,432
	218,000	China Resources Power Holdings Co. Ltd.		418,149
	144,500	China Shenhua Energy Co. Ltd., Class H		354,438
	102,000	China South City Holdings Ltd.		22,178
	112,000	China Southern Airlines Co. Ltd., Class H		120,597
	76,000	China State Construction International Holdings Ltd.		98,842
	43,800	China Taiping Insurance Holdings Co. Ltd.		146,475
	1,610,000	China Telecom Corp. Ltd., Class H		780,419
	248,000	China Traditional Chinese Medicine Holdings Co. Ltd.		213,251
	40,600	China Vanke Co. Ltd., Class H		167,794
	58,800	China Zhongwang Holdings Ltd.		32,945
	50,800	Chongqing Changan Automobile Co. Ltd., Class B		47,451
	84,000	Chongqing Rural Commercial Bank Co. Ltd., Class H		64,258

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	45

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		China — continued
	104,000	CIFI Holdings Group Co. Ltd.		81,895
	26,000	CIMC Enric Holdings Ltd.		26,894
	214,000	CITIC Ltd.		326,350
	69,500	CITIC Securities Co. Ltd., Class H		169,422
	666,000	CNOOC Ltd.		1,126,681
	60,000	COSCO SHIPPING Energy Transportation Co. Ltd., Class H		29,628
	108,500	COSCO SHIPPING Holdings Co. Ltd., Class H*		55,112
	76,000	COSCO SHIPPING Ports Ltd.		66,840
	218,000	Country Garden Holdings Co. Ltd.		444,516
	172,000	CRRC Corp. Ltd., Class H		152,027
	502,000	CSPC Pharmaceutical Group Ltd.		1,278,623
	123,000	Dali Foods Group Co. Ltd. (a) (b)		85,147
	330,000	Datang International Power Generation Co. Ltd., Class H		108,082
	15,200	Dongfang Electric Corp. Ltd., Class H*		11,858
	174,000	Dongfeng Motor Group Co. Ltd., Class H		192,415
	83,000	ENN Energy Holdings Ltd.		776,177
	66,000	Far East Horizon Ltd.		65,491
	94,076	Fosun International Ltd.		199,911
	30,800	Fuyao Glass Industry Group Co. Ltd., Class H (a) (b)		105,862
	288,000	Geely Automobile Holdings Ltd.		757,449
	48,200	GF Securities Co. Ltd., Class H		84,861
	185,500	Great Wall Motor Co. Ltd., Class H		192,401
	23,000	Greentown China Holdings Ltd.		30,310
	336,000	Guangdong Investment Ltd.		520,072
	86,000	Guangshen Railway Co. Ltd., Class H		49,869
	138,000	Guangzhou Automobile Group Co. Ltd., Class H		252,777
	26,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		100,023
	31,200	Guangzhou R&F Properties Co. Ltd., Class H		74,181
	25,400	Guotai Junan Securities Co. Ltd., Class H* (a) (b)		59,539
	26,000	Haitian International Holdings Ltd.		69,194
	105,600	Haitong Securities Co. Ltd., Class H		144,187
	9,000	Health and Happiness H&H International Holdings Ltd.*		64,642
	43,000	Hengan International Group Co. Ltd.		382,414
	184,000	Huadian Power International Corp. Ltd., Class H		74,669
	492,000	Huaneng Power International, Inc., Class H		325,163
	214,000	Huaneng Renewables Corp. Ltd., Class H		95,038
	53,400	Huatai Securities Co. Ltd., Class H (a) (b)		108,166
	2,427,000	Industrial & Commercial Bank of China Ltd., Class H		2,130,619


SHARES		INVESTMENTS	VALUE($)

		China — continued
	42,900	Inner Mongolia Yitai Coal Co. Ltd., Class B		55,600
	56,000	Jiangsu Expressway Co. Ltd., Class H		76,783
	49,000	Jiangxi Copper Co. Ltd., Class H		69,663
	114,000	Kunlun Energy Co. Ltd.		97,609
	38,236	KWG Property Holding Ltd.		51,506
	16,900	Legend Holdings Corp., Class H (a) (b)		56,410
	96,500	Li Ning Co. Ltd.*		108,655
	11,010	Livzon Pharmaceutical Group, Inc., Class H		79,305
	32,000	Logan Property Holdings Co. Ltd.		46,917
	44,500	Longfor Properties Co. Ltd.		133,088
	188,000	Luye Pharma Group Ltd.		199,316
	74,000	Maanshan Iron & Steel Co. Ltd., Class H*		36,323
	125,000	Metallurgical Corp. of China Ltd., Class H		39,914
	3,100	Momo, Inc., ADR*		108,190
	26,800	New China Life Insurance Co. Ltd., Class H		124,952
	26,000	Orient Securities Co. Ltd., Class H (a) (b)		22,356
	257,000	People’s Insurance Co. Group of China Ltd. (The), Class H		120,992
	866,000	PetroChina Co. Ltd., Class H		638,129
	140,000	PICC Property & Casualty Co. Ltd., Class H		250,624
	156,000	Ping An Insurance Group Co. of China Ltd., Class H		1,524,338
	56,000	Poly Property Group Co. Ltd.		26,028
	177,000	Postal Savings Bank of China Co. Ltd., Class H (a) (b)		121,263
	19,600	Red Star Macalline Group Corp. Ltd., Class H (a) (b)		26,319
	19,800	Shandong Chenming Paper Holdings Ltd., Class B		27,980
	14,000	Shandong Chenming Paper Holdings Ltd., Class H		21,258
	192,000	Shandong Weigao Group Medical Polymer Co. Ltd., Class H		117,991
	55,000	Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		298,339
	20,000	Shanghai Industrial Holdings Ltd.		52,446
	97,100	Shanghai Pharmaceuticals Holding Co. Ltd., Class H		265,051
	36,544	Shenzhen International Holdings Ltd.		79,845
	94,829	Shenzhen Investment Ltd.		38,327
	43,000	Shenzhou International Group Holdings Ltd.		469,398
	36,500	Shimao Property Holdings Ltd.		96,545
	74,000	Sinofert Holdings Ltd.*		8,807
	86,000	Sino-Ocean Group Holding Ltd.		59,715
	62,000	Sinopec Engineering Group Co. Ltd., Class H		63,922
	144,000	Sinopec Shanghai Petrochemical Co. Ltd., Class H		95,617

SEE NOTES TO FINANCIAL STATEMENTS.



46	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		China — continued
	88,000	Sinotrans Ltd., Class H		50,420
	27,000	Sinotruk Hong Kong Ltd.		31,634
	58,000	SOHO China Ltd.		29,782
	66,000	Sunac China Holdings Ltd.		280,350
	27,800	Sunny Optical Technology Group Co. Ltd.		453,630
	133,300	Tencent Holdings Ltd.		6,553,418
	20,000	Tianhe Chemicals Group Ltd.* (a) (b)‡		—
	19,100	Vipshop Holdings Ltd., ADR*		295,668
	82,000	Weichai Power Co. Ltd., Class H		94,927
	39,500	Wuxi Biologics Cayman, Inc.* (a) (b)		358,302
	22,440	Xinjiang Goldwind Science & Technology Co. Ltd., Class H		42,493
	95,200	Yangzijiang Shipbuilding Holdings Ltd.		83,133
	84,000	Yanzhou Coal Mining Co. Ltd., Class H		105,111
	186,000	Yuexiu Property Co. Ltd.		41,847
	1,300	YY, Inc., ADR*		125,307
	64,000	Zhejiang Expressway Co. Ltd., Class H		65,723
	38,000	Zhongsheng Group Holdings Ltd.		108,934
	22,500	Zhuzhou CRRC Times Electric Co. Ltd., Class H		119,292
	238,000	Zijin Mining Group Co. Ltd., Class H		107,957
	56,400	Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		24,226

				58,508,920

		Colombia — 0.4%
	12,470	Bancolombia SA		149,518
	22,030	Bancolombia SA (Preference)		262,890
	281,292	Ecopetrol SA		309,436
	53,025	Interconexion Electrica SA ESP		271,453

				993,297

		Czech Republic — 0.4%
	20,640	CEZ A/S		527,819
	3,512	Komercni banka A/S		151,523
	23,889	Moneta Money Bank A/S (a) (b)		85,868

				765,210

		Egypt — 0.2%
	47,927	Commercial International Bank Egypt SAE		254,769
	9,333	Eastern Tobacco		108,512
	24,477	Egyptian Financial Group-Hermes Holding Co.		36,227
	4,443	ElSewedy Electric Co.		63,284
	46,306	Talaat Moustafa Group		35,661

				498,453

		Greece — 0.4%
	64,524	Alpha Bank AE*		170,460
	89,128	Eurobank Ergasias SA*		112,498


SHARES		INVESTMENTS	VALUE($)

		Greece — continued
	8,035	JUMBO SA		147,077
	3,214	Motor Oil Hellas Corinth Refineries SA		76,580
	6,026	Mytilineos Holdings SA		72,663
	263,318	National Bank of Greece SA*		109,471
	16,548	OPAP SA		198,003

				886,752

		Hong Kong — 0.8%
	64,400	China Gas Holdings Ltd.		228,213
	531,000	GCL-Poly Energy Holdings Ltd.*		65,682
	74,000	Haier Electronics Group Co. Ltd.		256,023
	27,500	Kingboard Chemical Holdings Ltd.		111,878
	41,500	Kingboard Laminates Holdings Ltd.		55,315
	64,000	Lee & Man Paper Manufacturing Ltd.		70,495
	67,000	Nine Dragons Paper Holdings Ltd.		99,928
	477,000	Sino Biopharmaceutical Ltd.		1,004,471

				1,892,005

		Hungary — 0.3%
	24,825	MOL Hungarian Oil & Gas plc		286,872
	11,562	OTP Bank Nyrt		504,143

				791,015

		India — 6.9%
	11,238	Adani Enterprises Ltd.		23,395
	7,696	Adani Green Energy Ltd.*‡		2,254
	35,717	Adani Ports & Special Economic Zone Ltd.		217,469
	50,558	Ashok Leyland Ltd.		124,007
	30,834	Aurobindo Pharma Ltd.		295,828
	4,028	Avenue Supermarts Ltd.* (a) (b)		89,395
	5,259	Bajaj Auto Ltd.		231,739
	5,309	Bajaj Finance Ltd.		151,074
	1,201	Bajaj Finserv Ltd.		98,344
	812	Bajaj Holdings & Investment Ltd.		32,857
	8,112	Bharat Forge Ltd.		93,767
	41,776	Bharat Petroleum Corp. Ltd.		241,609
	1,727	Britannia Industries Ltd.		142,550
	3,633	Canara Bank		14,361
	53,000	Coal India Ltd.		225,811
	8,924	Divi’s Laboratories Ltd.		159,574
	23,006	GAIL India Ltd.		111,792
	23,006	HCL Technologies Ltd.		362,023
	5,924	Hero MotoCorp Ltd.		330,305
	37,816	Hindalco Industries Ltd.		132,430
	25,744	Hindustan Petroleum Corp. Ltd.		116,994
	43,449	Hindustan Unilever Ltd.		978,623
	9,850	Hindustan Zinc Ltd.		48,121

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	47

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		India — continued
	49,609	Housing Development Finance Corp. Ltd.		1,397,069
	5,671	IDFC Ltd.		4,962
	9,955	Indiabulls Housing Finance Ltd.		194,001
	97,200	Indian Oil Corp. Ltd.		235,210
	77,874	Infosys Ltd.		1,395,681
	5,832	InterGlobe Aviation Ltd. (a) (b)		122,222
	15,270	Jindal Steel & Power Ltd.		57,147
	43,935	JSW Energy Ltd.		55,364
	50,398	JSW Steel Ltd.		243,912
	13,584	L&T Finance Holdings Ltd.		35,030
	14,685	Larsen & Toubro Ltd.		307,269
	7,586	LIC Housing Finance Ltd.		61,820
	9,147	Mahindra & Mahindra Financial Services Ltd.		72,079
	26,198	Mahindra & Mahindra Ltd.		341,478
	8,417	Mangalore Refinery & Petrochemicals Ltd.		13,565
	7,325	Maruti Suzuki India Ltd.		963,888
	3,254	Mphasis Ltd.		50,349
	283,699	NHPC Ltd.		120,659
	31,815	NMDC Ltd.		59,270
	227,745	NTPC Ltd.		586,123
	128,957	Oil & Natural Gas Corp. Ltd.		347,899
	11,490	Oil India Ltd.		39,899
	26,001	Petronet LNG Ltd.		88,114
	19,327	Power Finance Corp. Ltd.		25,344
	88,305	Power Grid Corp. of India Ltd.		274,296
	15,144	Punjab National Bank*		21,544
	8,610	Rajesh Exports Ltd.		87,842
	116,513	Reliance Communications Ltd.*		26,514
	132,167	Reliance Industries Ltd.		1,899,416
	62,967	Reliance Power Ltd.*		34,718
	74,874	Rural Electrification Corp. Ltd.		142,519
	4,895	Shriram Transport Finance Co. Ltd.		117,619
	20,075	Tata Consultancy Services Ltd.		1,059,693
	11,466	Tata Steel Ltd.		101,521
	20,547	Tech Mahindra Ltd.		205,565
	18,655	Titan Co. Ltd.		273,570
	13,201	Torrent Power Ltd.		48,537
	23,474	Vakrangee Ltd.		35,023
	70,361	Vedanta Ltd.		312,318
	47,229	Wipro Ltd.		195,919
	53,519	Yes Bank Ltd.		288,887

				16,168,177

		Indonesia — 2.7%
	1,655,300	Adaro Energy Tbk. PT		216,763
	1,142,500	Bank Central Asia Tbk. PT		1,806,616


SHARES		INVESTMENTS	VALUE($)

		Indonesia — continued
	359,900	Bank Danamon Indonesia Tbk. PT		171,558
	2,244,000	Bank Mandiri Persero Tbk. PT		1,136,709
	879,600	Bank Negara Indonesia Persero Tbk. PT		506,400
	6,189,100	Bank Rakyat Indonesia Persero Tbk. PT		1,427,011
	532,200	Bukit Asam Persero Tbk. PT		123,037
	883,300	Bumi Serpong Damai Tbk. PT		106,662
	66,600	Gudang Garam Tbk. PT		330,860
	197,600	United Tractors Tbk. PT		482,121
	256,300	Vale Indonesia Tbk. PT*		57,626

				6,365,363

		Malaysia — 6.0%
	214,100	AirAsia Bhd.		209,158
	124,700	Alliance Bank Malaysia Bhd.		137,666
	227,200	AMMB Holdings Bhd.		224,396
	432,700	Bumi Armada Bhd.*		92,231
	771,255	CIMB Group Holdings Bhd.		1,405,577
	285,200	Gamuda Bhd.		372,403
	76,268	Hong Leong Bank Bhd.		367,699
	700,108	Malayan Banking Bhd.		1,919,324
	565,100	Maxis Bhd.		836,913
	190,700	MISC Bhd.		346,273
	8,300	Nestle Malaysia Bhd.		291,560
	363,200	Petronas Chemicals Group Bhd.		780,295
	43,000	Petronas Dagangan Bhd.		295,172
	82,400	PPB Group Bhd.		404,072
	233,200	Press Metal Aluminium Holdings Bhd.		284,516
	364,600	Public Bank Bhd.		2,206,185
	128,400	RHB Bank Bhd.		172,648
	466,700	Sime Darby Bhd.		316,061
	415,500	Sime Darby Property Bhd.		157,429
	808,600	Tenaga Nasional Bhd.		3,255,970

				14,075,548

		Mexico — 3.1%
	3,909,327	America Movil SAB de CV, Series L		3,616,254
	13,112	Banco del Bajio SA (a) (b)		27,967
	83,753	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B		123,914
	154,696	Fibra Uno Administracion SA de CV, REIT		256,172
	16,007	Gruma SAB de CV, Class B		195,726
	18,611	Grupo Aeroportuario del Centro Norte SAB de CV		98,170
	24,344	Grupo Aeroportuario del Pacifico SAB de CV, Class B		252,889
	5,176	Grupo Elektra SAB de CV		141,530

SEE NOTES TO FINANCIAL STATEMENTS.



48	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Mexico — continued
	121,001	Grupo Financiero Banorte SAB de CV, Class O		756,723
	111,913	Grupo Financiero Inbursa SAB de CV, Class O		186,282
	201,825	Grupo Mexico SAB de CV, Series B		668,216
	7,494	Industrias Penoles SAB de CV		157,473
	80,280	Infraestructura Energetica Nova SAB de CV		353,751
	23,628	Megacable Holdings SAB de CV		108,563
	59,117	Mexichem SAB de CV		184,760
	47,170	Nemak SAB de CV (a) (b)		35,411
	10,931	Regional SAB de CV		69,577

				7,233,378

		Pakistan — 0.0% (c)
	20,600	Habib Bank Ltd.		34,705
	26,800	Oil & Gas Development Co. Ltd.		38,728

				73,433

		Peru — 0.1%
	11,668	Cia de Minas Buenaventura SAA, ADR		186,105

		Philippines — 1.8%
	532,200	Alliance Global Group, Inc.*		134,047
	32,665	Ayala Corp.		607,602
	185,100	Bank of the Philippine Islands		374,649
	238,490	BDO Unibank, Inc.		604,916
	507,800	Bloomberry Resorts Corp.		120,287
	141,710	International Container Terminal Services, Inc.		231,667
	59,130	Jollibee Foods Corp.		324,954
	53,770	Manila Electric Co.		333,800
	1,368,500	Megaworld Corp.		118,753
	2,876,400	Metro Pacific Investments Corp.		282,902
	158,156	Metropolitan Bank & Trust Co.		259,038
	23,560	PLDT, Inc.		659,356
	152,920	Semirara Mining & Power Corp.		91,162

				4,143,133

		Poland — 1.7%
	4,293	Alior Bank SA*		86,368
	4,386	Asseco Poland SA		54,763
	28,937	Bank Millennium SA		70,491
	7,571	Bank Pekao SA		251,258
	1,394	Bank Zachodni WBK SA		147,064
	1,588	CCC SA		116,654
	4,835	CD Projekt SA		170,625
	11,724	Cyfrowy Polsat SA		85,508
	3,629	Dino Polska SA* (a) (b)		97,609
	28,025	Enea SA		83,017
	5,377	Grupa Lotos SA		84,237


SHARES		INVESTMENTS	VALUE($)

		Poland — continued
	3,005	Jastrzebska Spolka Weglowa SA*		70,464
	7,945	KGHM Polska Miedz SA		210,598
	952	KRUK SA		62,133
	112	LPP SA		291,271
	598	mBank SA		72,811
	86,364	Orange Polska SA*		129,294
	93,129	PGE Polska Grupa Energetyczna SA		276,867
	13,773	PLAY Communications SA (a) (b)		115,917
	18,035	Polski Koncern Naftowy ORLEN SA		459,349
	99,201	Polskie Gornictwo Naftowe i Gazownictwo SA		174,111
	41,078	Powszechna Kasa Oszczednosci Bank Polski SA		487,684
	26,207	Powszechny Zaklad Ubezpieczen SA		318,599
	135,093	Tauron Polska Energia SA*		90,155

				4,006,847

		Qatar — 0.5%
	4,553	Barwa Real Estate Co.		44,204
	7,109	Doha Bank QPSC		52,893
	17,197	Masraf Al Rayan QSC		168,074
	10,876	Ooredoo QPSC		236,606
	3,544	Qatar Electricity & Water Co. QSC		192,725
	2,884	Qatar Islamic Bank SAQ		84,762
	10,938	Qatar National Bank QPSC		452,744

				1,232,008

		Russia — 4.6%
	41,276	Aeroflot PJSC		94,304
	143,612	Alrosa PJSC		204,135
	1,096	Bashneft PJSC (Preference)		31,885
	33,712,684	Federal Grid Co. Unified Energy System PJSC		93,755
	603,846	Gazprom PJSC		1,396,213
	3,936,795	Inter RAO UES PJSC		249,967
	26,793	LUKOIL PJSC		1,770,014
	100,712	Magnitogorsk Iron & Steel Works PJSC		77,589
	2,637	MMC Norilsk Nickel PJSC		450,428
	129,824	Mobile TeleSystems PJSC		613,285
	65,938	Moscow Exchange MICEX-RTS PJSC		126,132
	61,537	Novatek PJSC		752,181
	49,797	Novolipetsk Steel PJSC		127,141
	6,137	PhosAgro PJSC, GDR (b)		88,496
	2,398	Polyus PJSC, GDR(b)		76,208
	66,989	Rosneft Oil Co. PJSC		406,909
	3,789,531	ROSSETI PJSC		50,082
	109,635	Rostelecom PJSC		114,127
	14,302,284	RusHydro PJSC		168,953

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	49

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Russia — continued
	503,664	Sberbank of Russia PJSC		1,795,308
	10,694	Severstal PJSC		171,461
	364,116	Sistema PJSC FC		64,833
	410,563	Surgutneftegas OJSC		191,634
	442,564	Surgutneftegas OJSC (Preference)		217,794
	85,899	Tatneft PJSC		912,680
	88	Transneft PJSC (Preference)		240,538
	239,899,643	VTB Bank PJSC		205,114

				10,691,166

		Singapore — 0.0% (c)
	20,400	Yanlord Land Group Ltd.		26,014

		South Africa — 8.1%
	6,237	African Rainbow Minerals Ltd.		51,232
	3,417	Anglo American Platinum Ltd.		91,696
	1,847	Assore Ltd.		45,550
	24,464	AVI Ltd.		223,758
	30,435	Barclays Africa Group Ltd.		445,790
	12,326	Barloworld Ltd.		167,254
	19,882	Bidvest Group Ltd. (The)		389,472
	2,495	Capitec Bank Holdings Ltd.		177,629
	18,824	Clicks Group Ltd.		322,688
	12,352	Coronation Fund Managers Ltd.		73,508
	18,886	Dis-Chem Pharmacies Ltd. (a) (b)		56,908
	16,011	Discovery Ltd.		222,311
	15,287	Exxaro Resources Ltd.		135,595
	148,875	FirstRand Ltd.		797,304
	53,867	Fortress REIT Ltd., REIT		74,133
	35,886	Fortress REIT Ltd., Class B, REIT		50,094
	16,508	Foschini Group Ltd. (The)		284,028
	47,319	Gold Fields Ltd.		179,649
	131,486	Growthpoint Properties Ltd., REIT		306,959
	22,788	Harmony Gold Mining Co. Ltd.		46,499
	11,733	Hyprop Investments Ltd., REIT		107,305
	9,480	Imperial Holdings Ltd.		182,358
	13,145	Investec Ltd.		103,692
	3,966	JSE Ltd.		62,209
	85,636	KAP Industrial Holdings Ltd.		60,536
	3,175	Kumba Iron Ore Ltd.		67,826
	5,521	Liberty Holdings Ltd.		58,700
	48,431	MMI Holdings Ltd.		86,216
	6,801	Mondi Ltd.		198,579
	18,680	Mr Price Group Ltd.		409,911
	26,272	Naspers Ltd., Class N		6,400,373
	9,803	Nedbank Group Ltd.		233,782


SHARES		INVESTMENTS	VALUE($)

		South Africa — continued
	26,121	Pick n Pay Stores Ltd.		168,545
	32,007	Rand Merchant Investment Holdings Ltd.		105,999
	240,760	Redefine Properties Ltd., REIT		231,392
	30,818	Remgro Ltd.		554,836
	14,451	Resilient REIT Ltd., REIT		78,544
	9,754	Reunert Ltd.		60,767
	31,318	RMB Holdings Ltd.		196,435
	79,825	Sanlam Ltd.		504,256
	31,969	Sappi Ltd.		204,016
	32,081	Sasol Ltd.		1,146,811
	34,154	Shoprite Holdings Ltd.		679,522
	88,991	Sibanye Gold Ltd.		78,006
	14,496	SPAR Group Ltd. (The)		245,903
	58,790	Standard Bank Group Ltd.		1,008,284
	21,356	Super Group Ltd.*		63,443
	41,178	Telkom SA SOC Ltd.		188,054
	8,598	Tongaat Hulett Ltd.		62,327
	32,730	Truworths International Ltd.		267,587
	41,017	Tsogo Sun Holdings Ltd.		74,978
	79,104	Vodacom Group Ltd.		989,799
	33,395	Vukile Property Fund Ltd., REIT		60,280

				19,083,328

		Taiwan — 14.4%
	255,000	Acer, Inc.		194,474
	299,500	ASE Industrial Holding Co. Ltd.*		812,866
	211,000	Asia Cement Corp.		225,174
	66,000	Asustek Computer, Inc.		616,811
	800,000	AU Optronics Corp.		329,885
	158,000	Capital Securities Corp.		59,735
	68,000	Catcher Technology Co. Ltd.		754,132
	629,000	Cathay Financial Holding Co. Ltd.		1,128,273
	469,000	Chang Hwa Commercial Bank Ltd.		269,974
	37,000	Cheng Uei Precision Industry Co. Ltd.		48,026
	52,300	Chicony Electronics Co. Ltd.		128,853
	284,000	China Airlines Ltd.*		103,597
	1,089,000	China Development Financial Holding Corp.		411,749
	195,470	China Life Insurance Co. Ltd.		211,781
	378,000	Compal Electronics, Inc.		246,211
	1,443,395	CTBC Financial Holding Co. Ltd.		1,029,376
	765,715	E.Sun Financial Holding Co. Ltd.		541,478
	92,000	Epistar Corp.		125,210
	214,000	Eva Airways Corp.		114,916
	186,000	Evergreen Marine Corp. Taiwan Ltd.*		94,080
	426,000	Far Eastern New Century Corp.		406,592
	37,000	Feng TAY Enterprise Co. Ltd.		167,780

SEE NOTES TO FINANCIAL STATEMENTS.



50	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Taiwan — continued
	763,100	First Financial Holding Co. Ltd.		524,637
	309,000	Formosa Chemicals & Fibre Corp.		1,135,312
	123,000	Formosa Petrochemical Corp.		501,882
	437,000	Formosa Plastics Corp.		1,533,539
	99,533	Foxconn Technology Co. Ltd.		247,129
	585,000	Fubon Financial Holding Co. Ltd.		1,000,852
	20,000	Globalwafers Co. Ltd.		322,651
	1,372,490	Hon Hai Precision Industry Co. Ltd.		3,817,419
	67,000	HTC Corp.*		135,835
	649,360	Hua Nan Financial Holdings Co. Ltd.		392,690
	784,000	Innolux Corp.		291,747
	277,000	Inventec Corp.		209,867
	203,000	Lite-On Technology Corp.*		267,881
	135,000	MediaTek, Inc.*		1,535,437
	866,233	Mega Financial Holding Co. Ltd.		764,717
	508,000	Nan Ya Plastics Corp.		1,391,405
	70,737	Nanya Technology Corp.		220,196
	51,000	Novatek Microelectronics Corp.		214,074
	66,000	Oriental Union Chemical Corp.		70,773
	186,000	Pegatron Corp.		433,654
	290,000	Pou Chen Corp.		362,667
	243,000	Quanta Computer, Inc.		441,804
	42,000	Realtek Semiconductor Corp.*		158,832
	615,287	Shin Kong Financial Holding Co. Ltd.		250,066
	809,785	SinoPac Financial Holdings Co. Ltd.		291,414
	120,200	Synnex Technology International Corp.		172,631
	747,973	Taishin Financial Holding Co. Ltd.		363,456
	320,113	Taiwan Business Bank		98,373
	326,000	Taiwan Cement Corp.		447,998
	691,674	Taiwan Cooperative Financial Holding Co. Ltd.		401,906
	874,000	Taiwan Semiconductor Manufacturing Co. Ltd.		6,657,557
	27,000	Transcend Information, Inc.*		76,136
	82,000	Vanguard International Semiconductor Corp.		166,215
	282,000	Walsin Lihwa Corp.		191,738
	69,000	Wan Hai Lines Ltd.		39,794
	248,661	Wistron Corp.		197,736
	907,665	Yuanta Financial Holding Co. Ltd.		433,185

				33,784,178

		Thailand — 7.9%
	225,700	Advanced Info Service PCL		1,486,051
	560,200	Airports of Thailand PCL		1,253,326
	42,900	Bangkok Bank PCL		273,226
	18,800	Bangkok Bank PCL, NVDR		114,466
	561,400	Banpu PCL		342,777


SHARES		INVESTMENTS	VALUE($)

		Thailand — continued
	65,900	Bumrungrad Hospital PCL		395,654
	292,000	Central Pattana PCL		745,147
	769,900	CP ALL PCL		2,118,281
	53,800	Electricity Generating PCL		379,327
	335,600	Energy Absolute PCL		379,490
	83,300	Glow Energy PCL		226,908
	829,800	Home Product Center PCL		392,597
	221,500	Indorama Ventures PCL		420,412
	247,400	Intouch Holdings PCL, NVDR		450,147
	1,317,200	IRPC PCL		293,119
	729,500	Krung Thai Bank PCL		419,054
	773,600	Land & Houses PCL, NVDR		269,266
	177,700	PTT Exploration & Production PCL		753,047
	261,700	PTT Global Chemical PCL		808,812
	1,843,000	PTT PCL		3,270,215
	156,900	Ratchaburi Electricity Generating Holding PCL		259,649
	110,600	Siam Cement PCL (The) (Registered)		1,636,689
	284,400	Siam Commercial Bank PCL (The)		1,180,494
	131,700	Thai Oil PCL		392,063
	2,526,600	TMB Bank PCL		188,226

				18,448,443

		Turkey — 1.2%
	96,587	Akbank Turk A/S		200,966
	9,195	Aselsan Elektronik Sanayi ve Ticaret A/S		56,918
	16,951	BIM Birlesik Magazalar A/S		288,008
	88,069	Emlak Konut Gayrimenkul Yatirim Ortakligi A/S, REIT		52,772
	29,154	Enka Insaat ve Sanayi A/S		35,081
	76,854	Eregli Demir ve Celik Fabrikalari TAS		191,846
	4,909	Ford Otomotiv Sanayi A/S		67,581
	42,498	Haci Omer Sabanci Holding A/S		100,505
	50,161	KOC Holding A/S		169,462
	3,584	Migros Ticaret A/S*		20,133
	32,725	Petkim Petrokimya Holding A/S		57,837
	20,006	Soda Sanayii A/S		23,813
	10,318	TAV Havalimanlari Holding A/S		55,537
	7,617	Tekfen Holding A/S		28,825
	9,444	Tofas Turk Otomobil Fabrikasi A/S		58,198
	7,071	Tupras Turkiye Petrol Rafinerileri A/S		180,750
	42,631	Turk Hava Yollari AO*		176,094
	139,376	Turkcell Iletisim Hizmetleri A/S		479,896
	99,027	Turkiye Garanti Bankasi A/S		224,240
	28,843	Turkiye Halk Bankasi A/S		59,013
	66,697	Turkiye Is Bankasi, Class C		101,064
	46,497	Turkiye Sinai Kalkinma Bankasi A/S		16,058

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	51

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)

		Turkey — continued
	47,346	Turkiye Sise ve Cam Fabrikalari A/S		52,613
	49,227	Turkiye Vakiflar Bankasi TAO, Class D		72,432
	37,534	Yapi ve Kredi Bankasi A/S		36,759

				2,806,401

		United Arab Emirates — 1.0%
	89,253	Abu Dhabi Commercial Bank PJSC		170,471
	175,546	Air Arabia PJSC		58,306
	140,241	Aldar Properties PJSC		80,054
	76,938	DAMAC Properties Dubai Co. PJSC		57,867
	406,169	Dana Gas PJSC		109,472
	9,955	DP World Ltd.		221,499
	69,446	Dubai Investments PJSC		35,922
	55,587	Dubai Islamic Bank PJSC		83,233
	37,774	Emaar Development PJSC*		57,075
	93,525	Emaar Malls PJSC		56,525
	159,043	Emaar Properties PJSC		250,700
	176,523	Emirates Telecommunications Group Co. PJSC		822,462
	125,457	First Abu Dhabi Bank PJSC		422,888

				2,426,474

		Total Common Stocks (Cost $208,869,243)		233,430,479

	Short-Term Investments — 0.4%
		Investment Companies — 0.4%
	947,561	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (d) (e) (Cost $947,561)		947,561

		Total Investments — 100.0% (Cost $209,816,804)		234,378,040
		Other Assets Less Liabilities — 0.0% (c)		107,720

		NET ASSETS — 100.0%	$	234,485,760

Percentages indicated are based on net assets.


Abbreviations
ADR		— American Depositary Receipt
GDR		— Global Depositary Receipt
NVDR		— Non-Voting Depositary Receipt
OJSC		— Open Joint Stock Company
PJSC		— Public Joint Stock Company
Preference		— A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT		— Real Estate Investment Trust


*		— Non-income producing security.
‡		— Value determined using significant unobservable inputs.
(a)		— Securities exempt from registration under Rule 144A or section 4(2), of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(b)		— Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)		— Represents less than 0.05% of net assets.
(d)		— Affiliated company as defined under the Investment Company Act of 1940.
(e)		— The rate shown was the current yield as of April 30, 2018.

Summary of Investments by Industry, April 30, 2018

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


INDUSTRY	PERCENTAGE
Banks		19.3	%
Oil, Gas & Consumable Fuels		10.6
Internet Software & Services		7.1
Wireless Telecommunication Services		6.7
Semiconductors & Semiconductor Equipment		4.4
Electric Utilities		3.8
Chemicals		3.5
Metals & Mining		3.5
Media		2.9
Insurance		2.8
Electronic Equipment, Instruments & Components		2.3
Real Estate Management & Development		2.1
Pharmaceuticals		1.8
Food & Staples Retailing		1.7
Technology Hardware, Storage & Peripherals		1.7
Diversified Financial Services		1.6
Independent Power and Renewable Electricity Producers		1.6
Automobiles		1.6
IT Services		1.5
Diversified Telecommunication Services		1.3
Transportation Infrastructure		1.3
Construction Materials		1.3
Capital Markets		1.2
Beverages		1.1
Textiles, Apparel & Luxury Goods		1.1
Industrial Conglomerates		1.0
Others (each less than 1.0%)		11.2

SEE NOTES TO FINANCIAL STATEMENTS.



52	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan Diversified Return Europe Currency Hedged ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)


SHARES		INVESTMENTS	VALUE($)
	Exchange Traded Funds — 100.0%
		United States — 100.0%
	491,466	JPMorgan Diversified Return Europe Equity ETF (a) (Cost $25,656,882)		30,028,573

		Total Investments — 100.0% (Cost $25,656,882)		30,028,573
		Liabilities in excess of other assets — 0.0% (b)		(8,996	)

		Net Assets — 100.0%	$	30,019,577

Percentages indicated are based on net assets.


(a)		— Affiliated company as defined under the Investment Company Act of 1940.
(b)		— Represents less than 0.05% of net assets


Forward foreign currency exchange contracts outstanding as of April 30, 2018:
CURRENCY PURCHASED			CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
	GBP	5,012,112		USD	6,899,918	Citibank, NA		5/3/2018		557
	USD	3,184,405		CHF	3,042,221	Goldman Sachs International		5/3/2018		114,272
	USD	799,565		DKK	4,835,169	Citibank, NA		5/3/2018		15,814
	USD	74,080		DKK	448,023	Royal Bank of Canada		5/3/2018		1,458
	USD	15,484,036		EUR	12,564,407	Australia & New Zealand Banking Group Ltd.		5/3/2018		310,199
	USD	62,928		EUR	51,026	Royal Bank of Canada		5/3/2018		1,304
	USD	7,101,720		GBP	5,058,605	Australia & New Zealand Banking Group Ltd.		5/3/2018		137,235
	USD	20,005		GBP	14,188	Royal Bank of Canada		5/3/2018		471
	USD	841,473		NOK	6,598,404	Royal Bank of Canada		5/3/2018		18,935
	USD	17,081		SEK	142,889	Barclays Bank plc		5/3/2018		762
	USD	1,635,681		SEK	13,665,362	Citibank, NA		5/3/2018		74,980
	USD	3,203,858		CHF	3,162,962	Goldman Sachs International		6/5/2018		2,560
	USD	14,853,222		EUR	12,265,810	Australia & New Zealand Banking Group Ltd.		6/5/2018		2,355
	USD	343,873		EUR	283,596	BNP Paribas		6/5/2018		509
	USD	817,015		EUR	674,630	Goldman Sachs International		6/5/2018		204
	USD	160,344		GBP	116,258	Royal Bank of Canada		6/5/2018		26
	USD	732,819		NOK	5,865,879	Citibank, NA		6/5/2018		733
	USD	35,702		NOK	285,778	Goldman Sachs International		6/5/2018		36
	USD	16,617		NOK	132,946	Royal Bank of Canada		6/5/2018		25
	USD	1,571,752		SEK	13,718,177	Citibank, NA		6/5/2018		984
	USD	69,151		SEK	603,462	Goldman Sachs International		6/5/2018		53
	USD	858,851		DKK	5,283,191	Citibank, NA		6/6/2018		149
	USD	18,960		DKK	116,487	Goldman Sachs International		6/6/2018		27
	USD	9,136		DKK	56,197	TD Bank Financial Group		6/6/2018		2

	Total unrealized appreciation									683,650

	CHF	3,042,221		USD	3,073,709	Goldman Sachs International		5/3/2018		(3,576	)
	DKK	5,283,191		USD	856,709	Citibank, NA		5/3/2018		(337	)
	EUR	12,265,810		USD	14,818,326	Australia & New Zealand Banking Group Ltd.		5/3/2018		(5,099	)
	EUR	319,502		USD	393,840	Goldman Sachs International		5/3/2018		(7,982	)
	EUR	30,120		USD	37,106	Royal Bank of Canada		5/3/2018		(730	)
	GBP	60,682		USD	85,254	Royal Bank of Canada		5/3/2018		(1,710	)
	NOK	5,865,879		USD	732,035	Citibank, NA		5/3/2018		(811	)
	NOK	732,525		USD	93,415	Goldman Sachs International		5/3/2018		(2,100	)
	SEK	13,415,522		USD	1,533,408	Citibank, NA		5/3/2018		(1,241	)

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	53

JPMorgan Diversified Return Europe Currency Hedged ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


CURRENCY PURCHASED			CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
	SEK	392,729		USD	47,012	Goldman Sachs International		5/3/2018		(2,159	)
	USD	402,780		GBP	292,170	BNP Paribas		6/5/2018		(120	)
	USD	6,909,881		GBP	5,012,112	Citibank, NA		6/5/2018		(1,757	)

	Total unrealized depreciation									(27,622	)

	Net unrealized appreciation									656,028


CHF		— Swiss Franc
DKK		— Danish Krone
ETF		— Exchange Traded Fund
EUR		— Euro
GBP		— British Pound
NOK		— Norwegian Krone
SEK		— Swedish Krona
USD		— United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



54	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 99.1%
		Austria — 1.1%
	1,734	ANDRITZ AG		93,205
	7,029	OMV AG		435,342
	6,044	voestalpine AG		318,865

				847,412

		Belgium — 1.6%
	4,165	bpost SA		91,389
	3,668	Colruyt SA		206,403
	1,042	Groupe Bruxelles Lambert SA		119,108
	10,808	Proximus SADP		331,202
	1,991	Solvay SA		276,889
	4,742	Umicore SA		263,743

				1,288,734

		Denmark — 2.9%
	2,917	Chr Hansen Holding A/S		264,423
	1,096	Coloplast A/S, Class B		92,846
	2,173	Danske Bank A/S		75,625
	3,121	DSV A/S		247,170
	1,447	ISS A/S		50,463
	15,380	Novo Nordisk A/S, Class B		723,290
	1,884	Novozymes A/S, Class B		88,572
	4,581	Orsted A/S (a) (b)		301,593
	2,884	Tryg A/S		68,260
	2,979	Vestas Wind Systems A/S		192,717
	5,199	William Demant Holding A/S*		202,614

				2,307,573

		Finland — 5.4%
	6,376	Elisa OYJ		281,835
	28,708	Fortum OYJ		660,365
	3,082	Kesko OYJ, Class B		180,974
	5,076	Kone OYJ, Class B		252,102
	13,480	Neste OYJ		1,135,105
	788	Nokia OYJ		4,728
	3,436	Orion OYJ, Class B		104,216
	7,530	Sampo OYJ, Class A		407,235
	22,548	Stora Enso OYJ, Class R		444,751
	15,525	UPM-Kymmene OYJ		553,957
	13,613	Wartsila OYJ Abp		289,036

				4,314,304

		France — 14.0%
	803	Aeroports de Paris		176,759
	2,051	Air Liquide SA		266,581
	2,148	Arkema SA		281,376
	4,926	Atos SE		665,011
	3,549	AXA SA		101,497


SHARES		INVESTMENTS	VALUE($)

		France — continued
	1,581	BNP Paribas SA		122,052
	2,750	Bouygues SA		140,264
	2,487	Bureau Veritas SA		65,030
	9,933	Capgemini SE		1,366,442
	1,881	Casino Guichard Perrachon SA		97,570
	1,821	Cie Generale des Etablissements Michelin SCA		256,074
	1,104	Cie Plastic Omnium SA		53,055
	4,984	CNP Assurances		127,659
	5,325	Credit Agricole SA		87,689
	2,661	Danone SA		215,556
	874	Dassault Systemes SE		113,262
	1,715	Eiffage SA		204,139
	11,333	Engie SA		198,798
	622	Eurazeo SA		54,634
	1,834	Eutelsat Communications SA		39,719
	2,141	Faurecia SA		174,832
	1,006	Fonciere Des Regions, REIT		112,510
	584	Gecina SA, REIT		101,237
	148	Hermes International		95,703
	1,084	Imerys SA		98,939
	1,630	Ingenico Group SA		142,581
	537	Kering SA		310,653
	1,954	Klepierre SA, REIT		79,975
	4,655	Lagardere SCA		133,138
	2,748	Legrand SA		213,830
	827	L’Oreal SA		199,133
	1,068	LVMH Moet Hennessy Louis Vuitton SE		371,677
	7,033	Natixis SA		57,762
	38,446	Orange SA		698,934
	1,144	Orpea		146,599
	1,155	Pernod Ricard SA		191,829
	2,195	Renault SA		237,898
	420	Rubis SCA		32,679
	1,137	Safran SA		133,359
	4,409	Sanofi		348,586
	1,379	Schneider Electric SE*		124,999
	2,375	SCOR SE		96,314
	189	SEB SA		36,213
	1,929	Societe Generale SA		105,572
	2,569	Sodexo SA		254,404
	1,688	Thales SA		213,969
	14,238	TOTAL SA		894,883
	335	Unibail-Rodamco SE, REIT		80,423
	6,227	Valeo SA		416,333
	6,322	Veolia Environnement SA		149,570

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	55

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		France — continued
	1,704	Vinci SA		170,372

				11,058,073

		Germany — 12.4%
	525	Allianz SE (Registered)		124,175
	2,038	Axel Springer SE		166,938
	7,122	BASF SE		740,998
	2,979	Bayer AG (Registered)		356,049
	2,309	Bayerische Motoren Werke AG		256,719
	3,603	CECONOMY AG		40,375
	856	Continental AG		227,983
	3,001	Covestro AG (a) (b)		272,685
	3,023	Daimler AG (Registered)		237,663
	1,013	Deutsche Boerse AG		136,237
	14,629	Deutsche Lufthansa AG (Registered)		425,195
	3,757	Deutsche Post AG (Registered)		163,071
	1,511	Deutsche Wohnen SE		71,311
	10,933	E.ON SE		119,714
	6,517	Evonik Industries AG		231,550
	1,025	Fielmann AG		84,172
	1,764	Fraport AG Frankfurt Airport Services Worldwide		170,712
	4,664	Fresenius Medical Care AG & Co. KGaA		473,260
	2,949	FUCHS PETROLUB SE (Preference)		158,347
	993	Hannover Rueck SE		139,463
	777	Hella GmbH & Co. KGaA		47,926
	3,495	Henkel AG & Co. KGaA (Preference)		444,161
	543	HOCHTIEF AG		99,080
	1,455	HUGO BOSS AG		136,400
	43,995	Infineon Technologies AG		1,126,524
	806	LEG Immobilien AG		92,934
	611	MAN SE		70,425
	1,119	MTU Aero Engines AG		192,480
	5,342	ProSiebenSat.1 Media SE		193,797
	17,186	SAP SE		1,909,462
	1,094	Siemens AG (Registered)		138,932
	2,446	Talanx AG		110,205
	9,366	TUI AG		211,802
	8,127	Uniper SE		251,280
	1,044	United Internet AG (Registered)		67,482
	2,077	Vonovia SE		104,068

				9,793,575

		Ireland — 0.1%
	1,649	Smurfit Kappa Group plc		70,294

		Italy — 3.0%
	4,681	Assicurazioni Generali SpA		94,458


SHARES		INVESTMENTS	VALUE($)

		Italy — continued
	4,666	Atlantia SpA		154,444
	52,696	Enel SpA		334,289
	31,864	Eni SpA		622,890
	25,513	Intesa Sanpaolo SpA		97,050
	8,881	Mediobanca Banca di Credito Finanziario SpA		107,616
	3,914	Recordati SpA		139,615
	98,982	Terna Rete Elettrica Nazionale SpA		594,083
	17,804	Unione di Banche Italiane SpA		91,703
	39,711	UnipolSai Assicurazioni SpA		106,722

				2,342,870

		Luxembourg — 0.3%
	86	Eurofins Scientific SE		46,388
	1,306	RTL Group SA		107,470
	7,139	SES SA, FDR		110,147

				264,005

		Netherlands — 6.2%
	2,889	ABN AMRO Group NV, CVA (a) (b)		89,592
	2,628	Akzo Nobel NV		237,987
	6,224	ASML Holding NV		1,184,949
	964	ASR Nederland NV		45,466
	1,540	Heineken Holding NV		156,326
	1,591	Heineken NV		167,493
	5,256	ING Groep NV		88,566
	14,851	Koninklijke Ahold Delhaize NV		358,273
	3,750	Koninklijke DSM NV		387,573
	39,358	Koninklijke KPN NV		122,491
	9,093	Koninklijke Philips NV		384,872
	2,751	NN Group NV		131,841
	227	Randstad Holding NV		14,611
	32,429	Royal Dutch Shell plc, Class B		1,157,678
	7,426	Wolters Kluwer NV		401,820

				4,929,538

		Norway — 2.6%
	1,685	Aker BP ASA		55,267
	10,513	DNB ASA		196,608
	5,385	Gjensidige Forsikring ASA		85,235
	13,949	Marine Harvest ASA		303,640
	31,649	Norsk Hydro ASA		197,678
	17,380	Orkla ASA		160,855
	17,216	Statoil ASA		440,260
	27,143	Telenor ASA		600,781

				2,040,324

SEE NOTES TO FINANCIAL STATEMENTS.



56	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Portugal — 1.1%
	115,701	EDP — Energias de Portugal SA		429,247
	19,525	Galp Energia SGPS SA		374,744
	5,921	Jeronimo Martins SGPS SA		103,837

				907,828

		South Africa — 0.4%
	10,242	Mondi plc		285,107

		Spain — 8.4%
	7,899	Abertis Infraestructuras SA		174,148
	1,296	Acciona SA		108,406
	3,472	ACS Actividades de Construccion y Servicios SA		146,327
	706	Aena SME SA (a) (b)		145,527
	3,429	Amadeus IT Group SA		250,179
	8,261	Banco Santander SA		53,374
	15,784	Enagas SA		458,778
	18,305	Endesa SA		426,877
	17,628	Gas Natural SDG SA		444,360
	10,744	Grifols SA		301,238
	210,874	Iberdrola SA		1,629,201
	5,313	Industria de Diseno Textil SA		164,693
	5,138	Mediaset Espana Comunicacion SA		49,172
	6,516	Merlin Properties Socimi SA, REIT		100,541
	20,508	Red Electrica Corp. SA		427,190
	31,254	Repsol SA		596,414
	11,776	Siemens Gamesa Renewable Energy SA		201,659
	98,002	Telefonica SA		998,688

				6,676,772

		Sweden — 5.4%
	4,749	Alfa Laval AB		117,484
	6,353	Atlas Copco AB, Class A*		248,443
	8,192	Boliden AB*		283,850
	5,936	Electrolux AB, Series B		156,216
	5,971	Hennes & Mauritz AB, Class B		102,608
	8,039	Hexagon AB, Class B		464,163
	6,891	Husqvarna AB, Class B		66,277
	2,368	ICA Gruppen AB		73,527
	3,507	Industrivarden AB, Class C		73,838
	2,666	Investor AB, Class B		116,062
	2,667	Kinnevik AB, Class B		96,112
	318	L E Lundbergforetagen AB, Class B		21,524
	19,143	Nordea Bank AB		194,697
	9,405	Securitas AB, Class B		151,969
	8,412	Skandinaviska Enskilda Banken AB, Class A		78,972
	7,307	Skanska AB, Class B		142,308
	5,384	SKF AB, Class B		108,998


SHARES		INVESTMENTS	VALUE($)

		Sweden — continued
	14,934	Swedbank AB, Class A		324,415
	32,038	Tele2 AB, Class B		415,274
	150,790	Telia Co. AB		742,446
	6,291	Trelleborg AB, Class B		147,013
	6,467	Volvo AB, Class B		109,592

				4,235,788

		Switzerland — 10.7%
	5,552	ABB Ltd. (Registered)		129,448
	1,525	Adecco Group AG (Registered)		100,993
	820	Baloise Holding AG (Registered)		129,974
	84	Banque Cantonale Vaudoise (Registered)		66,944
	9,154	Clariant AG (Registered)		211,323
	254	DKSH Holding AG		20,371
	401	EMS-Chemie Holding AG (Registered)		247,675
	1,573	Ferguson plc		120,409
	285	Flughafen Zurich AG (Registered)		59,517
	706	Geberit AG (Registered)		301,273
	112	Givaudan SA (Registered)		249,317
	140	Helvetia Holding AG (Registered)		83,162
	797	Kuehne + Nagel International AG (Registered)		124,090
	3,911	Logitech International SA (Registered)		144,485
	1,820	Lonza Group AG (Registered)*		444,684
	6,672	Nestle SA (Registered)		516,880
	17,286	Novartis AG (Registered)		1,330,578
	1,050	Pargesa Holding SA		98,269
	203	Partners Group Holding AG		148,062
	4,463	Roche Holding AG		991,623
	995	Schindler Holding AG		205,454
	89	SGS SA (Registered)		216,150
	24	Sika AG		174,149
	2,354	Sonova Holding AG (Registered)		387,924
	163	Straumann Holding AG (Registered)		110,649
	681	Swiss Life Holding AG (Registered)		238,227
	778	Swiss Prime Site AG (Registered)		72,894
	961	Swiss Re AG		91,554
	2,360	Swisscom AG (Registered)		1,131,933
	1,677	Temenos Group AG (Registered)		211,013
	234	Vifor Pharma AG		36,928
	309	Zurich Insurance Group AG*		98,706

				8,494,658

		United Kingdom — 23.3%
	12,100	3i Group plc		156,189
	2,081	Admiral Group plc		56,949
	16,119	Anglo American plc		379,268

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	57

JPMorgan Diversified Return Europe Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	5,571	AstraZeneca plc		389,983
	14,741	BAE Systems plc		123,680
	4,428	Bellway plc		201,768
	5,122	Berkeley Group Holdings plc		286,750
	91,276	BP plc		677,995
	14,791	British American Tobacco plc		811,249
	140,218	BT Group plc		481,276
	8,219	Bunzl plc		238,323
	27,314	Compass Group plc		585,961
	4,391	Croda International plc		268,609
	6,491	Diageo plc		231,564
	17,265	DS Smith plc		123,678
	12,387	easyJet plc		270,031
	6,154	Experian plc		141,002
	13,495	GKN plc		85,689
	60,803	GlaxoSmithKline plc		1,219,536
	10,670	Hammerson plc, REIT		80,435
	11,532	HSBC Holdings plc		114,812
	6,516	IMI plc		97,662
	2,172	Imperial Brands plc		77,713
	8,205	Inchcape plc		81,971
	13,053	Informa plc		132,524
	18,553	Inmarsat plc		95,850
	25,586	International Consolidated Airlines Group SA		221,171
	94,558	ITV plc		196,716
	61,547	J Sainsbury plc		261,154
	302	Johnson Matthey plc		13,649
	52,505	Kingfisher plc		218,969
	38,597	Legal & General Group plc		142,953
	10,749	Meggitt plc		69,636
	58,644	National Grid plc		678,508
	6,506	Next plc		469,969
	2,441	Pennon Group plc		23,192
	5,759	Persimmon plc		215,130
	6,793	Reckitt Benckiser Group plc		532,898
	20,233	RELX NV		430,500
	19,009	RELX plc		406,279
	28,110	Rentokil Initial plc		118,594
	5,645	Rio Tinto plc		307,686
	14,740	Royal Mail plc		117,551
	46,096	Sage Group plc (The)		400,928
	964	Schroders plc		43,612
	17,675	Segro plc, REIT		156,844
	12,104	Severn Trent plc		322,303
	26,595	Smith & Nephew plc		509,322


SHARES		INVESTMENTS	VALUE($)

		United Kingdom — continued
	6,818	Smiths Group plc		149,391
	23,561	SSE plc		447,155
	21,735	Tate & Lyle plc		171,659
	50,099	Taylor Wimpey plc		131,938
	5,718	Unilever NV, CVA		327,805
	18,279	Unilever plc		1,025,307
	34,137	United Utilities Group plc		348,108
	511,044	Vodafone Group plc		1,491,337
	5,456	Whitbread plc		321,016
	51,728	William Hill plc		208,059
	63,600	Wm Morrison Supermarkets plc		212,117
	17,709	WPP plc		303,889

				18,405,812

		United States — 0.2%
	2,911	Carnival plc		189,201

		Total Common Stocks (Cost $66,007,187)		78,451,868

		Total Investments — 99.1% (Cost $66,007,187)		78,451,868
		Other Assets Less Liabilities — 0.9%		710,561

		Net Assets — 100.0%	$	79,162,429

Percentages indicated are based on net assets.


*		— Non-income producing security.
(a)		— Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)		— Securities exempt from registration under Rule 144A or section 4(2), of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.

Abbreviations


CVA		— Dutch Certification
FDR		— Fiduciary Depositary Receipt
OYJ		— Public Limited Company
Preference		— A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT		— Real Estate Investment Trust
SCA		— Limited partnership with share capital

SEE NOTES TO FINANCIAL STATEMENTS.



58	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

Summary of Investments by Industry, April 30, 2018

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		8.7	%
Pharmaceuticals		7.2
Diversified Telecommunication Services		7.0
Electric Utilities		6.8
Chemicals		5.9
Software		3.4
Insurance		3.2
Semiconductors & Semiconductor Equipment		2.9
IT Services		2.9
Wireless Telecommunication Services		2.4
Banks		2.4
Professional Services		2.3
Hotels, Restaurants & Leisure		2.3
Machinery		2.2
Health Care Equipment & Supplies		2.2
Personal Products		2.0
Food & Staples Retailing		1.9
Metals & Mining		1.9
Media		1.8
Food Products		1.7
Paper & Forest Products		1.6
Auto Components		1.6
Multi-Utilities		1.5
Household Durables		1.4
Household Products		1.2
Construction & Engineering		1.2
Airlines		1.2
Textiles, Apparel & Luxury Goods		1.2
Transportation Infrastructure		1.1
Tobacco		1.1
Electrical Equipment		1.1
Beverages		1.0
Others (each less than 1.0%)		13.7

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	59

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 99.4%
		Australia — 6.7%
	44,457	AGL Energy Ltd.		724,536
	24,323	Ansell Ltd.		475,222
	51,242	APA Group		320,786
	10,970	ASX Ltd.		482,272
	50,548	Aurizon Holdings Ltd.		170,106
	74,924	Boral Ltd.		385,581
	19,380	Caltex Australia Ltd.		450,678
	9,160	CIMIC Group Ltd.		311,704
	5,140	Cochlear Ltd.		748,022
	20,395	Computershare Ltd.		259,456
	12,826	Crown Resorts Ltd.		124,488
	8,418	CSL Ltd.		1,078,254
	96,177	CSR Ltd.		405,808
	72,302	Dexus, REIT		514,179
	11,341	Flight Centre Travel Group Ltd.		475,093
	161,648	GPT Group (The), REIT		586,154
	94,072	Harvey Norman Holdings Ltd.		247,972
	233,922	Healthscope Ltd.		426,191
	47,623	Incitec Pivot Ltd.		135,522
	383,291	Mirvac Group, REIT		643,231
	108,486	Origin Energy Ltd.*		792,032
	154,067	Qantas Airways Ltd.		666,306
	10,368	Ramsay Health Care Ltd.		504,048
	86,737	Scentre Group, REIT		262,164
	35,164	Sonic Healthcare Ltd.		623,466
	115,419	Star Entertainment Grp Ltd. (The)		456,745
	73,490	Sydney Airport		393,472
	289,366	Telstra Corp. Ltd.		688,004
	41,031	Transurban Group		357,532
	24,937	Treasury Wine Estates Ltd.		356,200
	28,877	Wesfarmers Ltd.		950,041
	7,636	Woolworths Group Ltd.		159,713
	29,634	WorleyParsons Ltd.		361,202

				15,536,180

		Austria — 0.3%
	10,998	OMV AG		681,162

		Belgium — 0.8%
	2,064	Ageas		110,409
	6,597	Colruyt SA		371,222
	4,180	Groupe Bruxelles Lambert SA		477,803
	14,135	Proximus SADP		433,155
	1,953	Solvay SA		271,605
	1,157	UCB SA		87,138

				1,751,332


SHARES		INVESTMENTS	VALUE($)

		Bermuda — 0.2%
	4,232	RenaissanceRe Holdings Ltd.		575,721

		Canada — 3.6%
	8,460	ARC Resources Ltd.		94,355
	12,559	BCE, Inc.		532,996
	4,569	Canadian Tire Corp. Ltd., Class A		622,675
	4,270	CGI Group, Inc., Class A*		247,430
	14,151	Fortis, Inc.		475,025
	34,005	Husky Energy, Inc.		475,665
	18,471	Hydro One Ltd. (a) (b)		293,332
	13,435	Imperial Oil Ltd.		417,820
	21,927	Inter Pipeline Ltd.		395,350
	8,879	Loblaw Cos. Ltd.		451,574
	17,078	Metro, Inc.		541,889
	13,830	RioCan, REIT		251,513
	13,056	Rogers Communications, Inc., Class B		616,320
	20,922	Shaw Communications, Inc., Class B		430,026
	10,955	Suncor Energy, Inc.		418,934
	15,254	Teck Resources Ltd., Class B		382,909
	15,749	TELUS Corp.		563,625
	10,840	Thomson Reuters Corp.		435,897
	4,988	Tourmaline Oil Corp.		93,820
	14,226	TransCanada Corp.		603,188

				8,344,343

		Chile — 0.0% (c)
	1,256	Antofagasta plc		16,781

		China — 0.4%
	527,700	Semiconductor Manufacturing International Corp.*		678,671
	630,000	Xinyi Solar Holdings Ltd.		287,062

				965,733

		Denmark — 1.0%
	3,851	Carlsberg A/S, Class B		430,664
	6,023	Chr Hansen Holding A/S		545,979
	3,314	H Lundbeck A/S		191,986
	6,815	Orsted A/S (a) (b)		448,669
	78,593	TDC A/S*		639,985

				2,257,283

		Finland — 1.2%
	10,576	Elisa OYJ		467,486
	26,141	Fortum OYJ		601,316
	2,103	Kesko OYJ, Class B		123,488
	9,309	Neste OYJ		783,879
	3,214	Sampo OYJ, Class A		173,819
	21,229	Stora Enso OYJ, Class R		418,734

SEE NOTES TO FINANCIAL STATEMENTS.



60	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Finland — continued
	3,300	UPM-Kymmene OYJ		117,749

				2,686,471

		France — 4.3%
	4,296	Alstom SA		195,590
	4,139	Arkema SA		542,187
	4,211	Atos SE		568,486
	5,423	Bouygues SA		276,601
	5,448	Capgemini SE		749,459
	6,425	Casino Guichard Perrachon SA		333,275
	5,102	Danone SA		413,292
	5,277	Dassault Systemes SE		683,847
	4,197	Eiffage SA		499,576
	14,903	Eutelsat Communications SA		322,754
	5,961	Faurecia SA		486,769
	1,949	Iliad SA		390,391
	2,735	Ingenico Group SA		239,239
	11,137	Lagardere SCA		318,531
	26,551	Orange SA		482,687
	2,924	Pernod Ricard SA		485,636
	4,501	Sanofi		355,859
	5,573	SCOR SE		226,003
	3,815	Sodexo SA		377,793
	5,754	Thales SA		729,370
	8,376	TOTAL SA		526,446
	2,621	Vinci SA		262,057
	15,449	Vivendi SA		407,417

				9,873,265

		Germany — 3.3%
	2,019	BASF SE		210,064
	4,166	Beiersdorf AG		471,334
	3,979	Covestro AG (a) (b)		361,551
	17,269	Deutsche Lufthansa AG (Registered)		501,928
	12,648	Evonik Industries AG		449,386
	5,051	Fraport AG Frankfurt Airport Services Worldwide		488,813
	5,719	Fresenius Medical Care AG & Co. KGaA		580,312
	7,422	Fresenius SE & Co. KGaA		565,217
	4,830	Hannover Rueck SE		678,352
	2,199	Henkel AG & Co. KGaA (Preference)		279,459
	24,773	Infineon Technologies AG		634,330
	4,605	Merck KGaA		449,864
	1,102	Rheinmetall AG		144,011
	5,315	SAP SE		590,527
	24,657	Telefonica Deutschland Holding AG		117,676
	12,139	TUI AG		274,511


SHARES		INVESTMENTS	VALUE($)

		Germany — continued
	14,997	Uniper SE		463,695
	4,499	United Internet AG (Registered)		290,805

				7,551,835

		Hong Kong — 4.4%
	39,300	ASM Pacific Technology Ltd.		538,541
	143,000	Cathay Pacific Airways Ltd.		229,601
	72,260	CK Hutchison Holdings Ltd.		854,464
	58,000	CK Infrastructure Holdings Ltd.		457,760
	79,000	CLP Holdings Ltd.		820,342
	32,500	Hang Seng Bank Ltd.		823,222
	381,647	Hong Kong & China Gas Co. Ltd.		797,431
	731,200	Hutchison Port Holdings Trust		243,783
	7,200	Jardine Matheson Holdings Ltd.		435,987
	7,900	Jardine Strategic Holdings Ltd.		298,978
	26,500	Johnson Electric Holdings Ltd.		92,261
	94,500	Link RE, REIT		835,203
	121,500	MTR Corp. Ltd.		682,679
	384,000	New World Development Co. Ltd.		563,144
	516,000	PCCW Ltd.		318,967
	89,500	Power Assets Holdings Ltd.		666,519
	46,000	Swire Pacific Ltd., Class A		454,540
	391,000	WH Group Ltd. (a) (b)		404,793
	380,000	Xinyi Glass Holdings Ltd.		546,288

				10,064,503

		Israel — 0.2%
	5,949	Check Point Software Technologies Ltd.*		574,138

		Italy — 1.0%
	4,769	Buzzi Unicem SpA		120,411
	78,231	Enel SpA		496,276
	72,021	Italgas SpA		466,056
	92,352	Parmalat SpA		336,803
	8,993	Recordati SpA		320,786
	86,635	Terna Rete Elettrica Nazionale SpA		519,977

				2,260,309

		Japan — 21.9%
	7,200	Aisin Seiki Co. Ltd.		390,059
	17,000	ANA Holdings, Inc.		672,930
	16,800	Aozora Bank Ltd.		677,739
	27,500	Brother Industries Ltd.		589,863
	18,900	Canon, Inc.		650,145
	23,200	Capcom Co. Ltd.		443,478
	3,800	Central Japan Railway Co.		761,461
	37,500	Chubu Electric Power Co., Inc.		587,923
	39,000	Chugoku Electric Power Co., Inc. (The)		487,908

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	61

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Japan — continued
	9,600	COMSYS Holdings Corp.		267,069
	19,400	Cosmo Energy Holdings Co. Ltd.		639,098
	18,900	Credit Saison Co. Ltd.		338,490
	2,000	Dai Nippon Printing Co. Ltd.		43,064
	16,800	Daiichi Sankyo Co. Ltd.		574,988
	3,400	Daito Trust Construction Co. Ltd.		567,341
	11,300	DIC Corp.		383,465
	8,100	Dowa Holdings Co. Ltd.		304,405
	6,000	Ebara Corp.		229,173
	18,200	Electric Power Development Co. Ltd.		494,959
	43,000	Fuji Electric Co. Ltd.		306,690
	16,800	FUJIFILM Holdings Corp.		675,630
	71,500	Fujikura Ltd.		488,563
	5,000	Fujitsu Ltd.		30,312
	6,600	Gree, Inc.		36,467
	11,300	Hankyu Hanshin Holdings, Inc.		444,515
	4,800	Hikari Tsushin, Inc.		778,100
	10,900	Hitachi High-Technologies Corp.		508,383
	14,200	Hokkaido Electric Power Co., Inc.		94,235
	28,200	Hokuriku Electric Power Co.		287,769
	17,800	Idemitsu Kosan Co. Ltd.		695,373
	56,600	Inpex Corp.		723,564
	36,700	ITOCHU Corp.		733,942
	16,300	Japan Airlines Co. Ltd.		643,271
	11,800	Japan Petroleum Exploration Co. Ltd.		307,064
	114,400	JXTG Holdings, Inc.		745,747
	53,000	Kaneka Corp.		523,707
	43,800	Kansai Electric Power Co., Inc. (The)		612,840
	17,400	Kawasaki Kisen Kaisha Ltd.		402,379
	27,900	KDDI Corp.		748,937
	15,700	Keisei Electric Railway Co. Ltd.		511,184
	8,200	K’s Holdings Corp.		118,269
	35,200	Kuraray Co. Ltd.		586,227
	37,300	Kyushu Electric Power Co., Inc.		462,148
	2,000	Lawson, Inc.		132,122
	90,700	Marubeni Corp.		681,117
	3,100	Miraca Holdings, Inc.		120,683
	8,100	Mitsubishi Gas Chemical Co., Inc.		189,827
	27,000	Mitsubishi Tanabe Pharma Corp.		512,819
	391,100	Mizuho Financial Group, Inc.		707,593
	6,100	Mochida Pharmaceutical Co. Ltd.		429,795
	10,200	NH Foods Ltd.		445,603
	12,300	Nihon M&A Center, Inc.		358,995
	22,300	Nikon Corp.		388,031
	2,400	Nippon Express Co. Ltd.		181,320
	28,100	Nippon Kayaku Co. Ltd.		351,609


SHARES		INVESTMENTS	VALUE($)

		Japan — continued
	21,600	Nippon Paper Industries Co. Ltd.		413,687
	6,200	Nippon Shokubai Co. Ltd.		421,291
	14,400	Nippon Telegraph & Telephone Corp.		683,355
	34,900	Nipro Corp.		502,313
	54,200	Nissan Motor Co. Ltd.		570,210
	15,400	Nisshin Steel Co. Ltd.		203,797
	6,300	Nissin Foods Holdings Co. Ltd.		463,895
	23,600	Nomura Real Estate Holdings, Inc.		584,016
	9,000	Nomura Research Institute Ltd.		463,543
	35,200	NTT Data Corp.		379,350
	27,900	NTT DOCOMO, Inc.		720,769
	52,000	Oji Holdings Corp.		365,799
	30,300	Osaka Gas Co. Ltd.		652,479
	14,800	Otsuka Corp.		685,794
	1,000	Otsuka Holdings Co. Ltd.		52,283
	11,000	Sankyo Co. Ltd.		385,629
	6,800	Sawai Pharmaceutical Co. Ltd.		293,866
	13,700	SBI Holdings, Inc.		345,450
	3,400	SCREEN Holdings Co. Ltd.		278,102
	8,100	SCSK Corp.		346,648
	10,900	Sega Sammy Holdings, Inc.		179,051
	31,700	Sekisui Chemical Co. Ltd.		560,775
	37,800	Sekisui House Ltd.		692,821
	16,800	Seven Bank Ltd.		56,405
	4,300	Shimamura Co. Ltd.		500,405
	19,900	Shimizu Corp.		196,887
	400	Showa Denko KK		13,308
	52,100	Showa Shell Sekiyu KK		735,683
	14,900	Skylark Co. Ltd.		219,171
	9,200	SoftBank Group Corp.		702,960
	195,800	Sojitz Corp.		644,527
	15,200	Square Enix Holdings Co. Ltd.		630,006
	31,700	Sumitomo Dainippon Pharma Co. Ltd.		576,522
	98,000	Sumitomo Osaka Cement Co. Ltd.		448,647
	10,400	Suzuken Co. Ltd.		447,184
	7,600	Taisei Corp.		409,989
	3,700	Taisho Pharmaceutical Holdings Co. Ltd.		353,907
	36,000	Takashimaya Co. Ltd.		309,148
	9,500	Takeda Pharmaceutical Co. Ltd.		400,045
	23,000	Teijin Ltd.		432,420
	11,900	Terumo Corp.		673,312
	41,600	Tohoku Electric Power Co., Inc.		537,241
	23,400	Tokyo Broadcasting System Holdings, Inc.		520,132
	113,600	Tokyo Electric Power Co. Holdings, Inc.*		540,026
	22,400	Tokyo Gas Co. Ltd.		601,111
	15,900	Tokyo Tatemono Co. Ltd.		242,144

SEE NOTES TO FINANCIAL STATEMENTS.



62	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Japan — continued
	11,400	Tokyu Corp.		191,364
	42,000	Tokyu Fudosan Holdings Corp.		330,519
	57,000	Toppan Printing Co. Ltd.		476,644
	14,300	Toyo Suisan Kaisha Ltd.		563,039
	9,400	Toyota Industries Corp.		554,327
	12,800	Toyota Motor Corp.		839,327
	15,300	Tsumura & Co.		554,996
	21,800	Ube Industries Ltd.		664,119
	84,800	Yamada Denki Co. Ltd.		443,545
	18,400	Yokohama Rubber Co. Ltd. (The)		433,248

				50,555,619

		Netherlands — 1.5%
	1,882	Boskalis Westminster		55,753
	3,461	Gemalto NV*		208,474
	3,912	Heineken Holding NV		397,109
	4,571	Koninklijke DSM NV		472,426
	123,636	Koninklijke KPN NV		384,784
	11,858	Koninklijke Philips NV		501,904
	9,232	NN Group NV		442,441
	6,827	Royal Dutch Shell plc, Class A		237,520
	13,204	Wolters Kluwer NV		714,466

				3,414,877

		New Zealand — 0.3%
	61,477	Contact Energy Ltd.		232,004
	212,088	Spark New Zealand Ltd.		515,042

				747,046

		Norway — 1.0%
	32,406	Marine Harvest ASA		705,410
	43,223	Orkla ASA		400,037
	9,156	Statoil ASA		234,144
	25,343	Telenor ASA		560,939
	10,520	Yara International ASA		443,719

				2,344,249

		Portugal — 0.4%
	135,803	EDP — Energias de Portugal SA		503,824
	24,532	Galp Energia SGPS SA		470,844

				974,668

		Singapore — 2.2%
	293,000	CapitaLand Mall Trust, REIT		462,696
	270,900	ComfortDelGro Corp. Ltd.		457,222
	868,700	Golden Agri-Resources Ltd.		225,242
	122,200	Keppel Corp. Ltd.		749,472
	188,500	Sembcorp Industries Ltd.		434,195


SHARES		INVESTMENTS	VALUE($)

		Singapore — continued
	51,100	Singapore Airlines Ltd.		416,944
	158,200	Singapore Press Holdings Ltd.		323,272
	316,600	Singapore Telecommunications Ltd.		837,437
	34,600	Venture Corp. Ltd.		541,181
	229,200	Wilmar International Ltd.		560,721

				5,008,382

		South Africa — 0.1%
	10,180	Mondi plc		283,382

		South Korea — 9.2%
	6,098	Celltrion Healthcare Co. Ltd.*		506,814
	1,283	CJ CheilJedang Corp.		410,204
	1,887	E-MART, Inc.		475,024
	7,617	GS Holdings Corp.		436,007
	10,068	Hankook Tire Co. Ltd.		464,975
	680	Hanmi Pharm Co. Ltd.		294,376
	4,060	Hanmi Science Co. Ltd.		293,826
	12,998	Hanon Systems		132,004
	22,269	Hanwha Chemical Corp.		598,644
	11,100	Hanwha Techwin Co. Ltd.*		248,821
	1,093	Hyosung Corp.		133,718
	1,733	Hyundai Construction Equipment Co. Ltd.*		305,792
	1,627	Hyundai Electric & Energy System Co. Ltd.*		142,732
	9,605	Hyundai Engineering & Construction Co. Ltd.		568,840
	48	Hyundai Robotics Co. Ltd.*		18,860
	10,290	Hyundai Steel Co.		581,597
	29,024	Industrial Bank of Korea		455,149
	6,018	Kakao Corp.		619,228
	11,190	Kia Motors Corp.		345,488
	22,693	Korea Electric Power Corp.		793,841
	8,523	Korea Gas Corp.*		435,640
	722	Korea Zinc Co. Ltd.		292,213
	9,278	Korean Air Lines Co. Ltd.		294,862
	7,703	KT&G Corp.		704,380
	5,819	LG Corp.		440,177
	26,273	LG Display Co. Ltd.		573,648
	4,781	LG Electronics, Inc.		453,329
	48,083	LG Uplus Corp.		550,469
	1,710	Lotte Chemical Corp.		658,481
	4,092	LOTTE Fine Chemical Co. Ltd.		260,550
	243	NAVER Corp.		162,043
	2,496	POSCO		860,024
	1,171	Samsung Biologics Co. Ltd.* (a) (b)		531,858
	529	Samsung Electronics Co. Ltd.‡		1,311,185
	1,703	Samsung SDS Co. Ltd.		386,817
	1,485	Shinsegae, Inc.		576,378

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	63

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		South Korea — continued
	2,821	SK Holdings Co. Ltd.		772,190
	13,234	SK Hynix, Inc.		1,040,775
	4,000	SK Innovation Co. Ltd.		732,985
	3,153	SK Telecom Co. Ltd.		673,679
	7,048	SKC Co. Ltd.		249,664
	6,266	S-Oil Corp.		642,633
	43,897	Woori Bank		655,358

				21,085,278

		Spain — 1.7%
	2,297	Acciona SA		192,136
	4,549	Acerinox SA		63,884
	1,053	ACS Actividades de Construccion y Servicios SA		44,379
	2,805	Aena SME SA (a) (b)		578,191
	4,767	Cellnex Telecom SA (a) (b)		127,847
	17,453	Enagas SA		507,289
	20,613	Gas Natural SDG SA		519,605
	19,103	Grifols SA		535,605
	62,994	Iberdrola SA		486,688
	14,600	Red Electrica Corp. SA		304,124
	27,986	Repsol SA		534,052

				3,893,800

		Sweden — 2.5%
	18,534	Arjo AB, Class B*		54,908
	4,393	Autoliv, Inc.		588,882
	14,726	Boliden AB*		510,250
	1,398	Essity AB, Class B		35,460
	12,438	Getinge AB, Class B		115,885
	10,561	Hexagon AB, Class B		609,781
	10,093	Investor AB, Class B		439,389
	4,540	Lundin Petroleum AB*		125,154
	33,336	Securitas AB, Class B		538,653
	23,130	Skanska AB, Class B		450,471
	8,300	Svenska Cellulosa AB SCA, Class B		91,920
	12,576	Swedish Match AB		564,162
	48,972	Tele2 AB, Class B		634,771
	103,658	Telia Co. AB		510,382
	19,504	Trelleborg AB, Class B		455,784

				5,725,852

		Switzerland — 1.8%
	3,166	Baloise Holding AG (Registered)		501,826
	167	Barry Callebaut AG (Registered)		299,812
	21,259	Clariant AG (Registered)		490,771
	815	Kuehne + Nagel International AG (Registered)		126,892


SHARES		INVESTMENTS	VALUE($)

		Switzerland — continued
	3,918	Logitech International SA (Registered)		144,743
	280	Lonza Group AG (Registered)*		68,413
	4,725	Novartis AG (Registered)		363,704
	3,110	Sonova Holding AG (Registered)		512,509
	242	Straumann Holding AG (Registered)		164,276
	1,278	Swiss Life Holding AG (Registered)		447,068
	2,170	Swiss Prime Site AG (Registered)		203,316
	912	Swisscom AG (Registered)		437,425
	2,563	Vifor Pharma AG		404,470

				4,165,225

		United Kingdom — 3.0%
	4,060	Bellway plc		184,999
	72,258	BP plc		536,730
	3,159	Bunzl plc		91,600
	11,954	Coca-Cola European Partners plc		468,597
	5,245	easyJet plc		114,339
	23,240	Hammerson plc, REIT		175,192
	26,355	Inmarsat plc		136,157
	35,941	International Consolidated Airlines Group SA		310,682
	54,871	Kingfisher plc		228,836
	18,230	Land Securities Group plc, REIT		247,476
	3,956	Persimmon plc		147,778
	20,567	RELX NV		437,607
	64,660	Rentokil Initial plc		272,796
	45,800	Royal Mail plc		365,253
	48,944	Sage Group plc (The)		425,699
	15,674	Segro plc, REIT		139,087
	7,346	Severn Trent plc		195,608
	26,808	Smith & Nephew plc		513,401
	32,063	Tate & Lyle plc		253,227
	114,791	Taylor Wimpey plc		302,307
	34,184	United Utilities Group plc		348,587
	98,986	Vodafone Group plc		288,862
	27,622	William Hill plc		111,100
	156,029	Wm Morrison Supermarkets plc		520,383

				6,816,303

		United States — 26.4%
	23,383	AGNC Investment Corp., REIT		442,406
	2,942	Air Products & Chemicals, Inc.		477,457
	4,919	Alaska Air Group, Inc.		319,391
	13,236	Alcoa Corp.		677,683
	876	Alleghany Corp.		503,411
	15,427	Alliant Energy Corp.		662,590
	5,724	Allstate Corp. (The)		559,922

SEE NOTES TO FINANCIAL STATEMENTS.



64	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		United States — continued
	9,966	Amdocs Ltd.		670,214
	9,226	Ameren Corp.		540,828
	6,174	American Electric Power Co., Inc.		432,057
	295	American Water Works Co., Inc.		25,541
	4,017	Andeavor		555,631
	40,480	Annaly Capital Management, Inc., REIT		419,778
	3,573	ANSYS, Inc.*		577,611
	10,704	Antero Resources Corp.*		203,376
	3,063	Anthem, Inc.		722,837
	9,197	Aramark		343,876
	4,238	Arrow Electronics, Inc.*		316,748
	6,560	Ashland Global Holdings, Inc.		434,141
	2,093	Assurant, Inc.		194,272
	22,589	AT&T, Inc.		738,660
	8,290	AutoNation, Inc.*		382,915
	6,947	Avangrid, Inc.		366,176
	5,868	Avery Dennison Corp.		615,025
	9,087	Avnet, Inc.		356,483
	8,808	Axis Capital Holdings Ltd.		517,030
	7,637	Baxter International, Inc.		530,771
	3,239	Becton Dickinson and Co.		751,027
	10,391	Bemis Co., Inc.		449,619
	6,904	Broadridge Financial Solutions, Inc.		740,178
	7,780	Brown & Brown, Inc.		211,849
	15,837	CA, Inc.		551,128
	7,384	Carnival Corp.		465,635
	2,386	Carnival plc		155,079
	6,349	Celanese Corp., Series A		689,946
	17,078	CenterPoint Energy, Inc.		432,586
	37,090	CenturyLink, Inc.		689,132
	7,203	Chevron Corp.		901,167
	12,272	Church & Dwight Co., Inc.		566,966
	2,294	Cigna Corp.		394,155
	6,200	Cincinnati Financial Corp.		436,108
	4,120	Cintas Corp.		701,636
	9,509	CMS Energy Corp.		448,730
	6,292	CNA Financial Corp.		317,494
	9,420	Commerce Bancshares, Inc.		598,358
	6,159	Consolidated Edison, Inc.		493,521
	3,338	Constellation Brands, Inc., Class A		778,188
	7,157	Darden Restaurants, Inc.		664,599
	2,309	DaVita, Inc.*		144,982
	9,040	DENTSPLY SIRONA, Inc.		455,074
	4,273	Dr Pepper Snapple Group, Inc.		512,589
	6,064	DTE Energy Co.		639,146


SHARES		INVESTMENTS	VALUE($)

		United States — continued
	6,062	Eastman Chemical Co.		618,809
	2,557	Everest Re Group Ltd.		594,937
	10,830	Eversource Energy		652,508
	7,238	Fidelity National Information Services, Inc.		687,393
	8,871	Flex Ltd.*		115,323
	8,158	Foot Locker, Inc.		351,447
	9,952	Garmin Ltd.		583,884
	21,401	Gentex Corp.		486,659
	4,172	Genuine Parts Co.		368,471
	4,433	Harris Corp.		693,410
	6,302	Hasbro, Inc.		555,143
	7,004	Henry Schein, Inc.*		532,304
	11,108	HollyFrontier Corp.		674,145
	14,080	Hormel Foods Corp.		510,400
	3,058	IAC/InterActiveCorp*		495,824
	3,532	Ingredion, Inc.		427,690
	16,746	Intel Corp.		864,429
	2,395	International Flavors & Fragrances, Inc.		338,318
	7,590	International Paper Co.		391,340
	10,216	Interpublic Group of Cos., Inc. (The)		240,995
	4,744	IQVIA Holdings, Inc.*		454,285
	9,923	Jabil, Inc.		263,952
	4,423	JM Smucker Co. (The)		504,576
	6,910	Johnson & Johnson		874,046
	3,402	L3 Technologies, Inc.		666,384
	4,057	Laboratory Corp. of America Holdings*		692,733
	3,055	Lam Research Corp.		565,358
	11,398	Leggett & Platt, Inc.		462,189
	18,981	Leucadia National Corp.		456,303
	2,079	ManpowerGroup, Inc.		199,002
	4,498	McCormick & Co., Inc. (Non-Voting)		474,134
	17,479	MDU Resources Group, Inc.		492,383
	6,126	Molson Coors Brewing Co., Class B		436,416
	2,961	Murphy Oil Corp.		89,156
	28,525	News Corp., Class A		455,830
	1,156	NextEra Energy, Inc.		189,480
	10,857	NiSource, Inc.		264,802
	2,037	Northrop Grumman Corp.		655,995
	200	NVR, Inc.*		620,000
	22,016	Old Republic International Corp.		449,126
	2,372	Phillips 66		264,027
	7,429	Pinnacle West Capital Corp.		598,034
	4,491	Public Service Enterprise Group, Inc.		234,206
	17,151	PulteGroup, Inc.		520,704
	4,554	Quest Diagnostics, Inc.		460,865

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	65

JPMorgan Diversified Return Global Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		United States — continued
	3,370	Raytheon Co.		690,648
	10,289	Republic Services, Inc.		665,493
	8,192	SCANA Corp.		301,220
	10,751	Southwest Airlines Co.		567,975
	88,250	Sprint Corp.*		495,083
	7,767	Synopsys, Inc.*		664,156
	10,044	T-Mobile US, Inc.*		607,762
	11,364	Toll Brothers, Inc.		479,106
	7,878	Torchmark Corp.		683,338
	6,201	Tyson Foods, Inc., Class A		434,690
	6,987	United Continental Holdings, Inc.*		471,902
	4,397	Universal Health Services, Inc., Class B		502,137
	4,140	Valero Energy Corp.		459,250
	16,716	Verizon Communications, Inc.		824,935
	3,572	VMware, Inc., Class A*		476,005
	6,438	Walmart, Inc.		569,505
	4,113	Walt Disney Co. (The)		412,657
	3,313	Waters Corp.*		624,202
	6,359	Westlake Chemical Corp.		680,222
	8,734	WR Berkley Corp.		651,207
	5,968	Wyndham Worldwide Corp.		681,605
	13,858	Xcel Energy, Inc.		649,109
	9,083	Xylem, Inc.		662,151
	2,111	Zimmer Biomet Holdings, Inc.		243,124

				60,800,619

		Total Common Stocks (Cost $210,314,957)		228,954,356

	Short-Term Investments — 0.1%
		Investment Companies — 0.1%
	182,981	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (d) (e) (Cost $182,981)		182,981

		Total Investments — 99.5% (Cost $210,497,938)		229,137,337
		Other Assets Less Liabilities — 0.5%		1,252,829

		Net Assets — 100.0%	$	230,390,166

Percentages indicated are based on net assets.


*		— Non-income producing security.
‡		— Value determined using significant unobservable inputs.
(a)		— Securities exempt from registration under Rule 144A or section 4(2), of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(b)		— Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)		— Represents less than 0.05% of net assets.
(d)		— Affiliated company as defined under the Investment Company Act of 1940.
(e)		— The rate shown was the current yield as of April 30, 2018.

Abbreviations


OYJ		— Public Limited Company
Preference		— A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT		— Real Estate Investment Trust
SCA		— Limited partnership with share capital

SEE NOTES TO FINANCIAL STATEMENTS.



66	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

Summary of Investments by Industry, April 30, 2018

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		7.5	%
Electric Utilities		6.3
Chemicals		5.5
Diversified Telecommunication Services		5.1
Insurance		3.6
Food Products		3.4
Pharmaceuticals		3.2
Health Care Providers & Services		3.2
Health Care Equipment & Supplies		2.7
IT Services		2.7
Software		2.5
Wireless Telecommunication Services		2.4
Household Durables		2.4
Airlines		2.3
Semiconductors & Semiconductor Equipment		2.1
Food & Staples Retailing		2.0
Multi-Utilities		2.0
Hotels, Restaurants & Leisure		1.9
Industrial Conglomerates		1.8
Equity Real Estate Investment Trusts (REITs)		1.8
Auto Components		1.8
Banks		1.7
Metals & Mining		1.7
Beverages		1.7
Gas Utilities		1.7
Aerospace & Defense		1.6
Electronic Equipment, Instruments & Components		1.5
Media		1.5
Construction & Engineering		1.5
Road & Rail		1.5
Technology Hardware, Storage & Peripherals		1.5
Real Estate Management & Development		1.3
Specialty Retail		1.2
Commercial Services & Supplies		1.2
Others (each less than 1.0%)		14.2

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	67

JPMorgan Diversified Return International Currency Hedged ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)


SHARES		INVESTMENTS	VALUE($)
	Exchange Traded Funds — 99.3%
		United States — 99.3%
	568,934	JPMorgan Diversified Return International Equity ETF (a)
		(Cost $29,142,199)		34,323,788

		Total Investments — 99.3% (Cost $29,142,199)		34,323,788
		Other Assets Less Liabilities — 0.7%		251,661

		Net Assets — 100.0%	$	34,575,449

Percentages indicated are based on net assets.


(a)		— Affiliated company as defined under the Investment Company Act of 1940.


Forward foreign currency exchange contracts outstanding as of April 30, 2018:
CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
GBP	5,049,733		USD	6,951,708	Citibank, NA		5/3/2018		561
KRW	28,802,134		USD	26,605	Citibank, NA**		5/3/2018		352
USD	2,207,241		AUD	2,876,855	State Street Corp.		5/3/2018		41,399
USD	554,804		CHF	530,058	State Street Corp.		5/3/2018		19,883
USD	448,573		DKK	2,712,630	Citibank, NA		5/3/2018		8,872
USD	117,698		DKK	707,168	HSBC Bank, NA		5/3/2018		3,070
USD	6,476,272		EUR	5,255,123	Australia & New Zealand Banking Group Ltd.		5/3/2018		129,742
USD	7,020,785		GBP	5,000,954	Australia & New Zealand Banking Group Ltd.		5/3/2018		135,671
USD	36,557		GBP	25,756	BNP Paribas		5/3/2018		1,097
USD	102,628		GBP	73,580	Merrill Lynch International		5/3/2018		1,326
USD	70,584		GBP	50,286	Royal Bank of Canada		5/3/2018		1,352
USD	13,233		HKD	103,773	Citibank, NA		5/3/2018		11
USD	1,783,293		HKD	13,981,402	HSBC Bank, NA		5/3/2018		1,857
USD	26,981		KRW	28,802,134	Citibank, NA**		5/3/2018		24
USD	33,830		KRW	36,113,092	Goldman Sachs International**		5/3/2018		31
USD	3,837,961		KRW	4,076,018,447	Merrill Lynch International**		5/3/2018		23,142
USD	449,384		NOK	3,523,843	Royal Bank of Canada		5/3/2018		10,112
USD	185,184		NZD	256,763	Australia & New Zealand Banking Group Ltd.		5/3/2018		4,527
USD	1,103,229		SEK	9,216,968	Citibank, NA		5/3/2018		50,573
USD	989,371		SGD	1,296,235	State Street Corp.		5/3/2018		11,800
JPY	3,980,993		USD	36,426	Royal Bank of Canada		5/8/2018		4
JPY	882,901,212		USD	8,072,883	State Street Corp.		5/8/2018		6,490
USD	8,547,406		JPY	906,801,991	BNP Paribas		5/8/2018		249,318
USD	39,311		JPY	4,217,633	Royal Bank of Canada		5/8/2018		716
USD	36,391		JPY	3,851,502	State Street Corp.		5/8/2018		1,146
HKD	177,247		USD	22,604	HSBC Bank, NA		6/5/2018		—	(a)
USD	26,012		AUD	34,465	HSBC Bank, NA		6/5/2018		63
USD	127,879		AUD	169,452	Merrill Lynch International		6/5/2018		298
USD	2,058,326		AUD	2,727,227	State Street Corp.		6/5/2018		4,984
USD	154,038		CHF	152,076	Goldman Sachs International		6/5/2018		118
USD	520,873		CHF	514,238	State Street Corp.		6/5/2018		402
USD	6,196,613		EUR	5,117,172	Australia & New Zealand Banking Group Ltd.		6/5/2018		982
USD	79,369		EUR	65,456	BNP Paribas		6/5/2018		117
USD	298,884		EUR	246,797	Goldman Sachs International		6/5/2018		75
USD	91,113		GBP	66,062	Royal Bank of Canada		6/5/2018		15
USD	1,754,232		HKD	13,755,710	HSBC Bank, NA		6/5/2018		1

SEE NOTES TO FINANCIAL STATEMENTS.



68	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	101,685		JPY	11,075,189	Merrill Lynch International		6/5/2018		135
USD	3,634,750		KRW	3,884,493,288	Merrill Lynch International**		6/5/2018		5,242
USD	412,708		NOK	3,303,539	Citibank, NA		6/5/2018		413
USD	90,346		NOK	723,172	Goldman Sachs International		6/5/2018		91
USD	180,873		NZD	256,763	BNP Paribas		6/5/2018		238
USD	1,069,146		SEK	9,331,455	Citibank, NA		6/5/2018		670
USD	51,265		SEK	447,381	Goldman Sachs International		6/5/2018		39
USD	957,075		SGD	1,266,375	HSBC Bank, NA		6/5/2018		1,353
USD	44,583		SGD	58,991	State Street Corp.		6/5/2018		63
USD	555,933		DKK	3,419,798	Citibank, NA		6/6/2018		97

Total unrealized appreciation									718,472

AUD	81,256		USD	62,343	Barclays Bank plc		5/3/2018		(1,169	)
AUD	47,489		USD	36,194	Merrill Lynch International		5/3/2018		(442	)
AUD	20,882		USD	16,027	Royal Bank of Canada		5/3/2018		(306	)
AUD	2,727,227		USD	2,058,213	State Street Corp.		5/3/2018		(5,018	)
CHF	530,058		USD	536,012	State Street Corp.		5/3/2018		(1,091	)
DKK	3,419,798		USD	554,546	Citibank, NA		5/3/2018		(218	)
EUR	5,117,172		USD	6,182,055	Australia & New Zealand Banking Group Ltd.		5/3/2018		(2,127	)
EUR	105,563		USD	129,771	Goldman Sachs International		5/3/2018		(2,285	)
EUR	13,596		USD	16,851	Merrill Lynch International		5/3/2018		(431	)
EUR	18,793		USD	23,151	Royal Bank of Canada		5/3/2018		(456	)
GBP	9,499		USD	13,418	Merrill Lynch International		5/3/2018		(340	)
GBP	21,934		USD	31,451	Morgan Stanley		5/3/2018		(1,253	)
GBP	69,412		USD	97,518	Royal Bank of Canada		5/3/2018		(1,954	)
HKD	128,921		USD	16,432	Australia & New Zealand Banking Group Ltd.		5/3/2018		(6	)
HKD	13,956,254		USD	1,778,305	HSBC Bank, NA		5/3/2018		(73	)
KRW	36,113,092		USD	33,812	Goldman Sachs International**		5/3/2018		(13	)
KRW	4,076,018,447		USD	3,818,910	Merrill Lynch International**		5/3/2018		(4,091	)
NOK	3,303,539		USD	412,267	Citibank, NA		5/3/2018		(457	)
NOK	220,304		USD	28,094	Goldman Sachs International		5/3/2018		(632	)
NZD	256,763		USD	180,896	BNP Paribas		5/3/2018		(239	)
SEK	9,216,968		USD	1,053,509	Citibank, NA		5/3/2018		(852	)
SGD	1,266,375		USD	956,433	HSBC Bank, NA		5/3/2018		(1,381	)
SGD	29,860		USD	22,789	Merrill Lynch International		5/3/2018		(270	)
JPY	15,759,807		USD	148,574	Goldman Sachs International		5/8/2018		(4,357	)
JPY	3,504,293		USD	33,017	Merrill Lynch International		5/8/2018		(950	)
JPY	8,724,821		USD	81,047	Royal Bank of Canada		5/8/2018		(1,207	)
KRW	81,277,495		USD	76,050	Merrill Lynch International**		6/5/2018		(108	)
NZD	21,752		USD	15,322	Royal Bank of Canada		6/5/2018		(19	)
USD	498,419		GBP	361,546	BNP Paribas		6/5/2018		(148	)
USD	6,961,746		GBP	5,049,733	Citibank, NA		6/5/2018		(1,771	)
USD	21,112		HKD	165,561	HSBC Bank, NA		6/5/2018		(1	)
USD	354,322		JPY	38,683,204	Royal Bank of Canada		6/5/2018		(368	)
USD	8,087,044		JPY	882,901,212	State Street Corp.		6/5/2018		(8,372	)
DKK	841,889		USD	136,869	Royal Bank of Canada		6/6/2018		(33	)

Total unrealized depreciation									(42,438	)

Net unrealized appreciation									676,034


**		— Non-deliverable forward.
(a)		— Amount rounds to less than 1.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	69

JPMorgan Diversified Return International Currency Hedged ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

Abbreviations


AUD		— Australian Dollar
CHF		— Swiss Franc
DKK		— Danish Krone
ETF		— Exchange Traded Fund
EUR		— Euro
GBP		— British Pound
HKD		— Hong Kong Dollar
JPY		— Japanese Yen
KRW		— South Korean Won
NOK		— Norwegian Krone
NZD		— New Zealand Dollar
SEK		— Swedish Krona
SGD		— Singapore Dollar
USD		— United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



70	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 99.2%
		Australia — 6.4%
	337,104	AGL Energy Ltd.		5,493,935
	262,518	Ansell Ltd.		5,129,066
	114,861	APA Group		719,054
	231,392	Boral Ltd.		1,190,810
	45,030	Caltex Australia Ltd.		1,047,163
	39,467	Cochlear Ltd.		5,743,619
	121,243	Computershare Ltd.		1,542,398
	105,383	Crown Resorts Ltd.		1,022,840
	38,813	CSL Ltd.		4,971,520
	821,175	CSR Ltd.		3,464,856
	672,785	Dexus, REIT		4,784,544
	618,690	Downer EDI Ltd.		3,184,260
	1,319,663	GPT Group (The), REIT		4,785,245
	691,944	Harvey Norman Holdings Ltd.		1,823,952
	1,583,414	Healthscope Ltd.		2,884,878
	284,507	Incitec Pivot Ltd.		809,628
	211,208	Macquarie Atlas Roads Group		1,021,226
	651,991	Metcash Ltd.		1,759,796
	929,660	Mirvac Group, REIT		1,560,137
	914,046	Origin Energy Ltd.*		6,673,250
	1,014,301	Qantas Airways Ltd.		4,386,631
	48,252	Ramsay Health Care Ltd.		2,345,805
	306,106	Sonic Healthcare Ltd.		5,427,331
	257,903	Star Entertainment Grp Ltd. (The)		1,020,595
	1,637,280	Tabcorp Holdings Ltd.		5,383,945
	1,965,148	Telstra Corp. Ltd.		4,672,384
	668,781	TPG Telecom Ltd.		2,805,254
	2,352,130	Vicinity Centres, REIT		4,306,691
	1,053,866	Vocus Group Ltd.*		1,936,844
	89,779	Wesfarmers Ltd.		2,953,692
	152,897	Woodside Petroleum Ltd.		3,705,231

				98,556,580

		Austria — 0.7%
	96,041	OMV AG		5,948,308
	92,479	voestalpine AG		4,878,938

				10,827,246

		Belgium — 1.1%
	77,911	Colruyt SA		4,384,152
	31,933	Groupe Bruxelles Lambert SA		3,650,164
	144,189	Proximus SADP		4,418,553
	77,945	Umicore SA		4,335,189

				16,788,058

		Chile — 0.4%
	478,263	Antofagasta plc		6,390,037


SHARES		INVESTMENTS	VALUE($)

		China — 0.3%
	3,603,000	FIH Mobile Ltd.*		617,712
	691,300	Semiconductor Manufacturing International Corp.*		889,076
	5,508,400	Xinyi Solar Holdings Ltd.		2,509,921

				4,016,709

		Denmark — 1.2%
	60,637	Chr Hansen Holding A/S		5,496,684
	6,457	DSV A/S		511,367
	23,476	H Lundbeck A/S		1,360,004
	10,266	ISS A/S		358,018
	666,331	TDC A/S*		5,425,948
	150,753	William Demant Holding A/S*		5,875,102

				19,027,123

		Finland — 1.7%
	109,934	Elisa OYJ		4,859,358
	208,474	Fortum OYJ		4,795,488
	80,087	Kesko OYJ, Class B		4,702,695
	85,699	Neste OYJ		7,216,422
	28,753	Nokian Renkaat OYJ		1,150,461
	14,371	Orion OYJ, Class B		435,882
	65,138	UPM-Kymmene OYJ		2,324,229

				25,484,535

		France — 5.6%
	32,678	Arkema SA		4,280,643
	37,322	Atos SE		5,038,475
	18,826	Bouygues SA		960,223
	47,929	Capgemini SE		6,593,396
	27,163	Casino Guichard Perrachon SA		1,408,989
	15,691	Cie Plastic Omnium SA		754,070
	43,937	Dassault Systemes SE		5,693,797
	47,104	Eiffage SA		5,606,868
	203,013	Electricite de France SA		2,849,027
	43,924	Eutelsat Communications SA		951,263
	36,477	Faurecia SA		2,978,672
	7,898	Fonciere Des Regions, REIT		883,301
	14,646	Gecina SA, REIT		2,538,891
	8,898	Iliad SA		1,782,300
	36,983	Ingenico Group SA		3,235,019
	7,386	Ipsen SA		1,195,548
	141,297	Lagardere SCA		4,041,252
	263,903	Orange SA		4,797,659
	19,672	Orpea		2,520,890
	26,397	Pernod Ricard SA		4,384,174
	114,320	SCOR SE		4,636,033

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	71

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		France — Continued
	25,225	Sodexo SA		2,497,992
	26,846	Thales SA		3,402,964
	84,992	TOTAL SA		5,341,896
	40,678	Vinci SA		4,067,137
	168,338	Vivendi SA		4,439,370

				86,879,849

		Germany — 4.0%
	48,851	Axel Springer SE		4,001,512
	46,624	Beiersdorf AG		5,274,960
	50,559	CECONOMY AG		566,556
	41,448	Deutsche Telekom AG (Registered)		725,490
	124,836	Evonik Industries AG		4,435,447
	55,235	Fraport AG Frankfurt Airport Services Worldwide		5,345,396
	57,803	Fresenius Medical Care AG & Co. KGaA		5,865,321
	41,216	Hannover Rueck SE		5,788,608
	12,281	Hella GmbH & Co. KGaA		757,498
	222,197	Infineon Technologies AG		5,689,514
	41,748	Merck KGaA		4,078,375
	43,607	SAP SE		4,844,985
	51,638	Suedzucker AG		858,254
	794,179	Telefonica Deutschland Holding AG		3,790,239
	99,595	TUI AG		2,252,235
	146,985	Uniper SE		4,544,656
	46,821	United Internet AG (Registered)		3,026,398

				61,845,444

		Hong Kong — 5.3%
	335,900	ASM Pacific Technology Ltd.		4,602,950
	1,457,000	Cathay Pacific Airways Ltd.		2,339,357
	567,042	CK Hutchison Holdings Ltd.		6,705,191
	579,500	CK Infrastructure Holdings Ltd.		4,573,652
	628,500	CLP Holdings Ltd.		6,526,394
	994,000	First Pacific Co. Ltd.		508,997
	3,114,061	Hong Kong & China Gas Co. Ltd.		6,506,664
	4,522,700	Hutchison Port Holdings Trust		1,507,873
	34,000	Jardine Matheson Holdings Ltd.		2,058,827
	67,200	Jardine Strategic Holdings Ltd.		2,543,208
	755,000	Link, REIT		6,672,788
	247,000	Melco International Development Ltd.		914,478
	1,015,500	MTR Corp. Ltd.		5,705,851
	8,050,000	PCCW Ltd.		4,976,124
	742,000	Power Assets Holdings Ltd.		5,525,778
	426,500	Swire Pacific Ltd., Class A		4,214,380
	769,000	Techtronic Industries Co. Ltd.		4,504,950
	403,000	Wheelock & Co. Ltd.		2,989,943


SHARES		INVESTMENTS	VALUE($)

		Hong Kong — continued
	2,970,000	Xinyi Glass Holdings Ltd.		4,269,670
	1,289,000	Yue Yuen Industrial Holdings Ltd.		3,652,982

				81,300,057

		Italy — 1.3%
	703,414	Davide Campari-Milano SpA		5,269,239
	49,056	Eni SpA		958,967
	345,501	Italgas SpA		2,235,777
	1,110,417	Parmalat SpA		4,049,638
	68,471	Recordati SpA		2,442,404
	916,695	Terna Rete Elettrica Nazionale SpA		5,501,938

				20,457,963

		Japan — 24.5%
	214,700	Alfresa Holdings Corp.		4,737,156
	124,700	ANA Holdings, Inc.		4,936,138
	118,800	Aozora Bank Ltd.		4,792,584
	75,200	Brother Industries Ltd.		1,613,008
	140,600	Canon Marketing Japan, Inc.		3,055,373
	166,100	Canon, Inc.		5,713,706
	276,200	Capcom Co. Ltd.		5,279,678
	27,500	Central Japan Railway Co.		5,510,574
	370,000	Chubu Electric Power Co., Inc.		5,800,843
	371,800	Chugoku Electric Power Co., Inc. (The)		4,651,390
	210,300	COMSYS Holdings Corp.		5,850,482
	65,800	Cosmo Energy Holdings Co. Ltd.		2,167,662
	61,500	Credit Saison Co. Ltd.		1,101,434
	50,700	Denka Co. Ltd.		1,804,987
	115,300	DIC Corp.		3,912,698
	160,500	Electric Power Development Co. Ltd.		4,364,884
	58,700	Fuji Media Holdings, Inc.		962,391
	105,700	FUJIFILM Holdings Corp.		4,250,841
	678,900	Fujikura Ltd.		4,638,953
	348,000	Gunma Bank Ltd. (The)		2,030,992
	343,600	Hachijuni Bank Ltd. (The)		1,814,544
	136,800	Hankyu Hanshin Holdings, Inc.		5,381,384
	37,200	Hikari Tsushin, Inc.		6,030,275
	20,100	Hitachi Capital Corp.		537,102
	61,500	Hitachi Chemical Co. Ltd.		1,348,928
	90,200	Hitachi High-Technologies Corp.		4,206,990
	183,800	Hokuriku Electric Power Co.		1,875,598
	152,200	Idemitsu Kosan Co. Ltd.		5,945,832
	55,500	Iida Group Holdings Co. Ltd.		1,081,939
	471,500	Inpex Corp.		6,027,567
	237,700	Itochu Techno-Solutions Corp.		4,913,724
	147,900	Japan Airlines Co. Ltd.		5,836,793

SEE NOTES TO FINANCIAL STATEMENTS.



72	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Japan — continued
	126,100	Japan Petroleum Exploration Co. Ltd.		3,281,425
	955,900	JXTG Holdings, Inc.		6,231,289
	49,800	Kagome Co. Ltd.		1,795,532
	66,000	Kajima Corp.		635,850
	482,000	Kaneka Corp.		4,762,769
	200,800	Kansai Electric Power Co., Inc. (The)		2,809,547
	107,200	Kawasaki Kisen Kaisha Ltd.		2,479,026
	236,300	KDDI Corp.		6,343,144
	36,000	Keisei Electric Railway Co. Ltd.		1,172,141
	170,800	K’s Holdings Corp.		2,463,460
	251,500	Kuraray Co. Ltd.		4,188,522
	437,600	Kyushu Electric Power Co., Inc.		5,421,874
	476,500	Leopalace21 Corp.		4,132,653
	98,900	Lintec Corp.		2,861,962
	215,900	Matsui Securities Co. Ltd.		2,104,951
	294,800	Mebuki Financial Group, Inc.		1,144,243
	182,800	Medipal Holdings Corp.		3,921,581
	66,000	Miraca Holdings, Inc.		2,569,375
	212,400	Mitsubishi Gas Chemical Co., Inc.		4,977,695
	253,000	Mitsubishi Tanabe Pharma Corp.		4,805,302
	222,400	Mitsubishi UFJ Lease & Finance Co. Ltd.		1,413,814
	68,300	Mochida Pharmaceutical Co. Ltd.		4,812,292
	24,300	Nagoya Railroad Co. Ltd.		636,445
	54,400	NH Foods Ltd.		2,376,550
	42,900	Nichirei Corp.		1,242,789
	39,100	Nifco, Inc.		1,372,834
	191,000	Nippo Corp.		4,380,568
	51,900	Nippon Express Co. Ltd.		3,921,052
	191,000	Nippon Paper Industries Co. Ltd.		3,658,069
	46,100	Nippon Shokubai Co. Ltd.		3,132,499
	130,500	Nippon Telegraph & Telephone Corp.		6,192,902
	386,200	Nipro Corp.		5,558,549
	102,100	Nissan Motor Co. Ltd.		1,074,140
	300,900	Nisshin Seifun Group, Inc.		6,575,029
	64,200	Nissin Foods Holdings Co. Ltd.		4,727,315
	92,100	Nomura Real Estate Holdings, Inc.		2,279,146
	46,600	Nomura Research Institute Ltd.		2,400,123
	235,400	NTT DOCOMO, Inc.		6,081,326
	113,000	NTT Urban Development Corp.		1,331,402
	23,200	Oracle Corp. Japan		1,905,825
	267,500	Osaka Gas Co. Ltd.		5,760,338
	45,300	Otsuka Corp.		2,099,086
	46,100	Sankyo Co. Ltd.		1,616,135
	25,300	Sapporo Holdings Ltd.		723,895
	45,600	Sawai Pharmaceutical Co. Ltd.		1,970,633
	111,200	SBI Holdings, Inc.		2,803,941


SHARES		INVESTMENTS	VALUE($)

		Japan — continued
	47,300	SCSK Corp.		2,024,255
	69,700	Sega Sammy Holdings, Inc.		1,144,941
	185,100	Sekisui Chemical Co. Ltd.		3,274,433
	321,800	Sekisui House Ltd.		5,898,140
	74,900	Shikoku Electric Power Co., Inc.		954,984
	120,000	Shimachu Co. Ltd.		3,873,892
	23,100	Shimamura Co. Ltd.		2,688,223
	440,200	Showa Shell Sekiyu KK		6,215,883
	233,700	SKY Perfect JSAT Holdings, Inc.		1,064,977
	127,000	Skylark Co. Ltd.		1,868,104
	80,100	SoftBank Group Corp.		6,120,338
	1,862,500	Sojitz Corp.		6,130,904
	64,800	Square Enix Holdings Co. Ltd.		2,685,815
	68,500	Sumitomo Dainippon Pharma Co. Ltd.		1,245,797
	970,000	Sumitomo Osaka Cement Co. Ltd.		4,440,691
	71,800	Suzuken Co. Ltd.		3,087,288
	106,600	Taisei Corp.		5,750,639
	29,500	Taisho Pharmaceutical Holdings Co. Ltd.		2,821,694
	113,000	Takashimaya Co. Ltd.		970,381
	93,200	Teijin Ltd.		1,752,241
	87,900	Tobu Railway Co. Ltd.		2,798,893
	44,300	Toho Co. Ltd.		1,477,682
	48,700	Toho Gas Co. Ltd.		1,480,700
	316,300	Tohoku Electric Power Co., Inc.		4,084,837
	13,400	Tokyo Century Corp.		834,206
	126,800	Tokyu Fudosan Holdings Corp.		997,853
	126,100	Toyo Suisan Kaisha Ltd.		4,964,980
	95,500	Toyota Industries Corp.		5,631,727
	140,000	Tsumura & Co.		5,078,394
	158,300	Ube Industries Ltd.		4,822,480
	340,000	Yamada Denki Co. Ltd.		1,778,363
	259,000	Yamaguchi Financial Group, Inc.		3,235,310
	190,600	Yokohama Rubber Co. Ltd. (The)		4,487,885
	127,800	Zeon Corp.		1,650,447

				377,662,865

		Jordan — 0.3%
	271,695	Hikma Pharmaceuticals plc		4,790,654

		Luxembourg — 0.2%
	42,477	RTL Group SA		3,495,412

		Netherlands — 2.3%
	17,695	Boskalis Westminster		524,202
	56,249	Heineken Holding NV		5,709,867
	12,134	Koninklijke DSM NV		1,254,083
	90,258	Koninklijke Philips NV		3,820,281
	82,057	NN Group NV		3,932,560

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	73

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Netherlands — continued
	410,200	Royal Dutch Shell plc, Class A		14,271,357
	112,308	Wolters Kluwer NV		6,076,964

				35,589,314

		New Zealand — 0.6%
	185,754	Fisher & Paykel Healthcare Corp. Ltd.		1,661,316
	217,384	Fletcher Building Ltd.		962,799
	2,018,740	Spark New Zealand Ltd.		4,902,375
	36,807	Xero Ltd.*		1,047,048

				8,573,538

		Norway — 1.5%
	267,768	Marine Harvest ASA		5,828,740
	387,747	Norsk Hydro ASA		2,421,850
	417,468	Orkla ASA		3,863,746
	140,361	Statoil ASA		3,589,411
	126,494	Telenor ASA		2,799,806
	95,906	Yara International ASA		4,045,179

				22,548,732

		Portugal — 0.7%
	1,178,076	EDP — Energias de Portugal SA		4,370,622
	268,231	Galp Energia SGPS SA		5,148,172
	50,502	Jeronimo Martins SGPS SA		885,653

				10,404,447

		Singapore — 2.9%
	953,900	Ascendas, REIT		1,913,610
	617,300	CapitaLand Commercial Trust, REIT		843,354
	2,651,400	CapitaLand Mall Trust, REIT		4,187,004
	1,266,900	ComfortDelGro Corp. Ltd.		2,138,260
	12,008,800	Golden Agri-Resources Ltd.		3,113,721
	1,043,800	Keppel Corp. Ltd.		6,401,795
	1,173,900	Sembcorp Industries Ltd.		2,703,987
	1,367,300	Singapore Press Holdings Ltd.		2,793,990
	2,513,200	Singapore Telecommunications Ltd.		6,647,655
	1,189,500	StarHub Ltd.		2,029,189
	1,514,300	Suntec, REIT		2,225,881
	284,900	Venture Corp. Ltd.		4,456,139
	1,979,000	Wilmar International Ltd.		4,841,480

				44,296,065

		South Africa — 0.7%
	473,454	Mediclinic International plc		4,356,629
	239,572	Mondi plc		6,668,986

				11,025,615


SHARES		INVESTMENTS	VALUE($)

		South Korea — 10.6%
	60,892	Celltrion Healthcare Co. Ltd.*		5,060,825
	9,314	CJ CheilJedang Corp.		2,977,899
	4,787	CJ Corp.		725,202
	20,400	Daelim Industrial Co. Ltd.		1,637,175
	13,779	E-MART, Inc.		3,468,654
	81,778	GS Holdings Corp.		4,681,079
	15,296	Hankook Tire Co. Ltd.		706,423
	162,136	Hanwha Chemical Corp.		4,358,605
	44,013	Hanwha Corp.		1,636,394
	8,403	Hanwha Techwin Co. Ltd.*		188,364
	17,510	Hyosung Corp.		2,142,181
	27,057	Hyundai Department Store Co. Ltd.		2,608,916
	19,109	Hyundai Engineering & Construction Co. Ltd.		1,131,698
	10,167	Hyundai Mipo Dockyard Co. Ltd.*		844,328
	98,690	Hyundai Steel Co.		5,578,014
	279,800	Industrial Bank of Korea		4,387,774
	36,899	Kakao Corp.		3,796,757
	97,700	Kangwon Land, Inc.		2,635,600
	3,821	KCC Corp.		1,394,744
	151,734	Korea Electric Power Corp.		5,307,925
	88,700	Korea Gas Corp.*		4,533,762
	6,714	Korea Zinc Co. Ltd.		2,717,341
	71,276	Korean Air Lines Co. Ltd.		2,265,203
	45,232	KT&G Corp.		4,136,120
	71,676	LG Corp.		5,421,914
	196,179	LG Display Co. Ltd.		4,283,395
	430,420	LG Uplus Corp.		4,927,577
	11,391	Lotte Chemical Corp.		4,386,410
	1,766	Mando Corp.		373,627
	4,000	NAVER Corp.		2,667,372
	21,287	POSCO		7,334,667
	7,342	Samsung Biologics Co. Ltd.* (a) (b)		3,334,670
	5,026	Samsung Electronics Co. Ltd.‡		12,457,486
	4,540	Samsung SDS Co. Ltd.		1,031,208
	13,400	Shinsegae, Inc.		5,200,989
	22,335	SK Holdings Co. Ltd.		6,113,739
	91,962	SK Hynix, Inc.		7,232,263
	31,691	SK Innovation Co. Ltd.		5,807,260
	349,039	SK Networks Co. Ltd.		1,830,205
	25,560	SK Telecom Co. Ltd.		5,461,225
	79,439	SKC Co. Ltd.		2,813,994
	54,041	S-Oil Corp.		5,542,380
	341,478	Woori Bank		5,098,079
	12,491	Yuhan Corp.		2,668,144

				162,907,587

SEE NOTES TO FINANCIAL STATEMENTS.



74	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Spain — 2.1%
	199,665	Abertis Infraestructuras SA		4,401,994
	15,935	Acciona SA		1,332,905
	176,989	Acerinox SA		2,485,551
	66,630	Cellnex Telecom SA (a) (b)		1,786,966
	11,432	Corp. Financiera Alba SA		711,441
	163,647	Enagas SA		4,756,562
	221,585	Endesa SA		5,167,410
	40,169	Ferrovial SA		857,976
	201,630	Gas Natural SDG SA		5,082,618
	18,720	Iberdrola SA		144,630
	258,080	Repsol SA		4,924,894
	43,027	Siemens Gamesa Renewable Energy SA		736,819

				32,389,766

		Sweden — 3.2%
	289,936	Arjo AB, Class B*		858,946
	170,800	Boliden AB*		5,918,157
	100,723	Hexagon AB, Class B		5,815,638
	87,185	ICA Gruppen AB		2,707,128
	117,494	Investor AB, Class B		5,114,984
	296,066	Securitas AB, Class B		4,783,924
	187,963	Skanska AB, Class B		3,660,694
	86,131	Svenska Cellulosa AB SCA, Class B		953,872
	100,395	Swedish Match AB		4,503,741
	478,875	Tele2 AB, Class B		6,207,138
	1,023,609	Telia Co. AB		5,039,956
	164,174	Trelleborg AB, Class B		3,836,543

				49,400,721

		Switzerland — 2.3%
	34,467	Baloise Holding AG (Registered)		5,463,189
	165,728	Clariant AG (Registered)		3,825,883
	170,761	Coca-Cola HBC AG		5,720,635
	1,389	EMS-Chemie Holding AG (Registered)		857,906
	3,714	Flughafen Zurich AG (Registered)		775,596
	7,788	Kuehne + Nagel International AG (Registered)		1,212,560
	12,966	Lonza Group AG (Registered)*		3,168,008
	35,731	Novartis AG (Registered)		2,750,369
	29,409	Sonova Holding AG (Registered)		4,846,420
	9,045	Swisscom AG (Registered)		4,338,276
	19,932	Vifor Pharma AG		3,145,494

				36,104,336

		United Arab Emirates — 0.1%
	35,804	NMC Health plc		1,749,495


SHARES		INVESTMENTS	VALUE($)

		United Kingdom — 18.2%
	129,053	Admiral Group plc		3,531,719
	116,805	AstraZeneca plc		8,176,627
	490,887	Babcock International Group plc		4,954,857
	692,737	Barratt Developments plc		5,311,951
	100,796	Bellway plc		4,592,907
	118,238	Berkeley Group Holdings plc		6,619,436
	1,776,966	BP plc		13,199,243
	488,904	British Land Co. plc (The), REIT		4,514,985
	2,269,329	BT Group plc		7,789,112
	34,420	Bunzl plc		998,063
	3,213,705	Centrica plc		6,804,585
	1,134,321	ConvaTec Group plc(a)(b)		3,376,882
	86,142	Croda International plc		5,269,532
	223,627	Diageo plc		7,977,824
	592,001	Direct Line Insurance Group plc		3,041,871
	700,150	DS Smith plc		5,015,536
	179,719	easyJet plc		3,917,791
	1,311,793	GKN plc		8,329,434
	445,675	GlaxoSmithKline plc		8,938,978
	265,787	Halma plc		4,459,644
	703,490	Hammerson plc, REIT		5,303,186
	202,114	IMI plc		3,029,291
	302,553	Inchcape plc		3,022,615
	322,336	Informa plc		3,272,613
	902,672	Inmarsat plc		4,663,448
	71,723	InterContinental Hotels Group plc		4,525,106
	324,249	International Consolidated Airlines Group SA		2,802,880
	948,534	Intu Properties plc, REIT		2,550,319
	616,591	J Sainsbury plc		2,616,301
	633,613	John Wood Group plc		4,938,989
	81,228	Johnson Matthey plc		3,671,051
	243,366	Land Securities Group plc, REIT		3,303,740
	738,624	Meggitt plc		4,785,071
	23,253	Melrose Industries plc		72,913
	315,341	Merlin Entertainments plc(a)(b)		1,595,222
	343,646	Micro Focus International plc		5,925,533
	662,631	National Grid plc		7,666,611
	515,561	Pennon Group plc		4,898,464
	182,754	Persimmon plc		6,826,856
	251,663	RELX NV		5,354,670
	294,993	RELX plc		6,304,887
	1,173,861	Rentokil Initial plc		4,952,430
	754,916	Royal Mail plc		6,020,425
	674,214	Sage Group plc (The)		5,864,088
	29,607	Schroders plc		1,339,438

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	75

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	719,126	Segro plc, REIT		6,381,352
	210,833	Severn Trent plc		5,614,016
	361,312	Smith & Nephew plc		6,919,502
	299,872	Smiths Group plc		6,570,577
	382,029	SSE plc		7,250,378
	543,153	Tate & Lyle plc		4,289,713
	71,939	Travis Perkins plc		1,252,728
	542,144	United Utilities Group plc		5,528,443
	2,736,916	Vodafone Group plc		7,986,911
	32,235	Whitbread plc		1,896,617
	1,437,567	Wm Morrison Supermarkets plc		4,794,524

				280,611,885

		United States — 1.0%
	101,226	Carnival plc		6,579,220
	15,203	QIAGEN NV*		497,290
	148,875	Shire plc		7,927,583

				15,004,093

		Total Common Stocks (Cost $1,375,015,602)		1,528,128,126

NO. OF RIGHTS
	Rights — 0.0% (c)
		New Zealand — 0.0% (c)
	76,280	Fletcher Building Ltd., expiring 5/11/2018* (Cost $—)		80,227

SHARES
	Short-term Investments — 0.2%
		Investment Companies — 0.2%
	3,570,626	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (d) (e) (Cost $3,570,626)		3,570,626

		Total Investments — 99.4% (Cost $1,378,586,228)		1,531,778,979
		Other Assets Less Liabilities — 0.6%		9,275,920

		Net Assets — 100.0%	$	1,541,054,899

Percentages indicated are based on net assets.


*		— Non-income producing security.
‡		— Value determined using significant unobservable inputs.
(a)		— Securities exempt from registration under Rule 144A or section 4(2), of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(b)		— Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)		— Represents less than 0.05% of net assets.
(d)		— Affiliated company as defined under the Investment Company Act of 1940.
(e)		— The rate shown was the current yield as of April 30, 2018.

Abbreviations


OYJ		— Public Limited Company
REIT		— Real Estate Investment Trust
SCA		— Limited partnership with share capital

SEE NOTES TO FINANCIAL STATEMENTS.



76	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

Summary of Investments by Industry, April 30, 2018

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		8.0	%
Diversified Telecommunication Services		5.8
Chemicals		5.7
Electric Utilities		5.2
Pharmaceuticals		4.0
Equity Real Estate Investment Trusts (REITs)		3.7
Food Products		3.4
Health Care Providers & Services		2.9
Health Care Equipment & Supplies		2.9
Industrial Conglomerates		2.7
Wireless Telecommunication Services		2.6
Household Durables		2.5
Metals & Mining		2.5
Construction & Engineering		2.3
Software		2.2
Hotels, Restaurants & Leisure		2.1
Auto Components		2.0
Beverages		1.9
Food & Staples Retailing		1.9
Road & Rail		1.8
Electronic Equipment, Instruments & Components		1.8
Media		1.7
Airlines		1.7
Insurance		1.7
Gas Utilities		1.7
IT Services		1.7
Technology Hardware, Storage & Peripherals		1.6
Banks		1.5
Semiconductors & Semiconductor Equipment		1.4
Multi-Utilities		1.3
Commercial Services & Supplies		1.2
Professional Services		1.2
Specialty Retail		1.1
Water Utilities		1.0
Real Estate Management & Development		1.0
Short-Term Investment		0.2
Others (each less than 1.0%)		12.1

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	77

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 99.4%
		Aerospace & Defense — 1.9%
	1,732	Boeing Co. (The)		577,726
	4,590	General Dynamics Corp.		924,013
	17,581	Harris Corp.		2,750,020
	3,743	L3 Technologies, Inc.		733,179
	2,858	Lockheed Martin Corp.		916,961
	2,447	Northrop Grumman Corp.		788,032
	4,438	Raytheon Co.		909,524
	4,951	Rockwell Collins, Inc.		656,205
	9,126	Textron, Inc.		567,090
	5,897	United Technologies Corp.		708,524

				9,531,274

		Air Freight & Logistics — 0.5%
	8,613	CH Robinson Worldwide, Inc.		792,655
	3,216	FedEx Corp.		794,995
	6,760	United Parcel Service, Inc., Class B		767,260

				2,354,910

		Airlines — 0.7%
	8,756	Alaska Air Group, Inc.		568,527
	9,262	American Airlines Group, Inc.		397,618
	13,540	Delta Air Lines, Inc.		707,059
	22,969	JetBlue Airways Corp.*		440,775
	14,332	Southwest Airlines Co.		757,159
	7,777	United Continental Holdings, Inc.*		525,259

				3,396,397

		Auto Components — 0.9%
	1,188	Adient plc		72,813
	14,609	Aptiv plc		1,235,629
	4,922	Delphi Technologies plc		238,274
	74,888	Gentex Corp.		1,702,953
	7,363	Lear Corp.		1,376,660

				4,626,329

		Automobiles — 0.7%
	138,228	Ford Motor Co.		1,553,683
	22,081	General Motors Co.		811,256
	22,519	Harley-Davidson, Inc.		926,206

				3,291,145

		Banks — 2.0%
	16,724	Bank of America Corp.		500,382
	5,769	Bank of Hawaii Corp.		485,807
	12,625	BB&T Corp.		666,600
	8,034	Citigroup, Inc.		548,481
	9,082	Citizens Financial Group, Inc.		376,812
	5,175	Comerica, Inc.		489,452


SHARES		INVESTMENTS	VALUE($)

		Banks — continued
	2,501	Cullen/Frost Bankers, Inc.		286,239
	21,292	Fifth Third Bancorp		706,256
	42,102	Huntington Bancshares, Inc.		627,741
	19,789	KeyCorp		394,197
	2,761	M&T Bank Corp.		503,247
	33,765	People’s United Financial, Inc.		617,562
	4,611	PNC Financial Services Group, Inc. (The)		671,408
	1,056	Popular, Inc. (Puerto Rico)		48,882
	22,382	Regions Financial Corp.		418,543
	9,585	SunTrust Banks, Inc.		640,278
	1,167	SVB Financial Group*		349,645
	2,714	Synovus Financial Corp.		141,861
	11,542	US Bancorp		582,294
	10,627	Wells Fargo & Co.		552,179
	7,749	Zions Bancorp		424,258

				10,032,124

		Beverages — 2.8%
	38,279	Brown-Forman Corp., Class B		2,145,155
	61,598	Coca-Cola Co. (The)		2,661,650
	9,676	Constellation Brands, Inc., Class A		2,255,766
	25,872	Dr Pepper Snapple Group, Inc.		3,103,605
	18,018	Molson Coors Brewing Co., Class B		1,283,602
	5,599	Monster Beverage Corp.*		307,945
	21,996	PepsiCo, Inc.		2,220,276

				13,977,999

		Biotechnology — 1.6%
	11,105	AbbVie, Inc.		1,072,188
	8,937	Amgen, Inc.		1,559,328
	3,261	Biogen, Inc.*		892,209
	8,047	Celgene Corp.*		700,894
	14,820	Exelixis, Inc.*		308,552
	18,656	Gilead Sciences, Inc.		1,347,523
	2,681	Regeneron Pharmaceuticals, Inc.*		814,166
	7,233	United Therapeutics Corp.*		796,425
	3,698	Vertex Pharmaceuticals, Inc.*		566,386

				8,057,671

		Building Products — 0.1%
	9,813	Fortune Brands Home & Security, Inc.		536,673

		Capital Markets — 2.6%
	3,024	Ameriprise Financial, Inc.		423,995
	11,453	Bank of New York Mellon Corp. (The)		624,303
	1,016	BlackRock, Inc.		529,844
	5,486	CBOE Global Markets, Inc.		585,795
	9,640	Charles Schwab Corp. (The)		536,755

SEE NOTES TO FINANCIAL STATEMENTS.



78	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Capital Markets — continued
	4,535	CME Group, Inc.		715,079
	7,841	ETRADE Financial Corp.		475,792
	4,121	Eaton Vance Corp.		224,141
	8,210	FactSet Research Systems, Inc.		1,552,593
	5,116	Federated Investors, Inc., Class B		135,421
	7,337	Franklin Resources, Inc.		246,817
	1,968	Goldman Sachs Group, Inc. (The)		469,033
	9,429	Intercontinental Exchange, Inc.		683,225
	12,095	Invesco Ltd.		350,392
	2,232	Moody’s Corp.		362,030
	8,328	Morgan Stanley		429,891
	5,167	Northern Trust Corp.		551,577
	5,148	Raymond James Financial, Inc.		462,033
	3,859	S&P Global, Inc.		727,807
	18,440	SEI Investments Co.		1,165,961
	5,025	State Street Corp.		501,395
	5,364	T. Rowe Price Group, Inc.		610,531
	11,572	TD Ameritrade Holding Corp.		672,218

				13,036,628

		Chemicals — 5.0%
	13,459	Air Products & Chemicals, Inc.		2,184,261
	7,531	Albemarle Corp.		730,206
	23,327	Ashland Global Holdings, Inc.		1,543,781
	8,057	Cabot Corp.		450,064
	18,209	Celanese Corp., Series A		1,978,772
	10,165	CF Industries Holdings, Inc.		394,402
	8,149	Chemours Co. (The)		394,493
	20,119	DowDuPont, Inc.		1,272,325
	15,957	Eastman Chemical Co.		1,628,890
	19,023	Ecolab, Inc.		2,753,960
	8,468	FMC Corp.		675,154
	25,806	Huntsman Corp.		768,245
	14,166	International Flavors & Fragrances, Inc.		2,001,089
	11,022	LyondellBasell Industries NV, Class A		1,165,356
	22,078	Monsanto Co.		2,767,919
	19,974	Mosaic Co. (The)		538,299
	11,867	PPG Industries, Inc.		1,256,478
	10,313	Praxair, Inc.		1,572,939
	355	RPM International, Inc.		17,146
	2,357	Sherwin-Williams Co. (The)		866,575

				24,960,354

		Commercial Services & Supplies — 1.0%
	11,034	Cintas Corp.		1,879,090
	15,546	Herman Miller, Inc.		477,262


SHARES		INVESTMENTS	VALUE($)

		Commercial Services & Supplies — continued
	25,415	Pitney Bowes, Inc.		259,741
	22,558	Republic Services, Inc.		1,459,052
	11,650	Waste Management, Inc.		947,029

				5,022,174

		Communications Equipment — 1.0%
	2,031	Arista Networks, Inc.*		537,301
	32,888	Cisco Systems, Inc.		1,456,610
	6,258	F5 Networks, Inc.*		1,020,617
	32,834	Juniper Networks, Inc.		807,388
	10,674	Motorola Solutions, Inc.		1,172,325

				4,994,241

		Construction & Engineering — 0.0% (a)
	2,137	Fluor Corp.		125,976

		Consumer Finance — 0.5%
	5,662	American Express Co.		559,123
	6,206	Capital One Financial Corp.		562,388
	9,676	Discover Financial Services		689,415
	45,723	SLM Corp.*		524,900
	10,749	Synchrony Financial		356,544

				2,692,370

		Containers & Packaging — 0.4%
	1,038	Ball Corp.		41,613
	8,651	Bemis Co., Inc.		374,329
	3,337	Crown Holdings, Inc.*		166,316
	13,745	International Paper Co.		708,692
	12,235	Sealed Air Corp.		536,505

				1,827,455

		Distributors — 0.4%
	25,066	Genuine Parts Co.		2,213,829

		Diversified Consumer Services — 0.0% (a)
	64	Graham Holdings Co., Class B		38,595
	4,736	H&R Block, Inc.		130,951

				169,546

		Diversified Financial Services — 0.1%
	3,339	Berkshire Hathaway, Inc., Class B*		646,864

		Diversified Telecommunication Services — 1.0%
	68,530	AT&T, Inc.		2,240,931
	49,257	Verizon Communications, Inc.		2,430,833
	107,483	Windstream Holdings, Inc.		166,599

				4,838,363

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	79

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Electric Utilities — 6.5%
	49,319	Alliant Energy Corp.		2,118,251
	41,922	American Electric Power Co., Inc.		2,933,702
	36,530	Duke Energy Corp.		2,928,245
	43,620	Edison International		2,857,982
	30,282	Entergy Corp.		2,470,708
	42,623	Eversource Energy		2,568,036
	74,292	Exelon Corp.		2,947,907
	5,416	FirstEnergy Corp.		186,310
	14,652	NextEra Energy, Inc.		2,401,609
	36,469	PG&E Corp.		1,681,221
	28,850	Pinnacle West Capital Corp.		2,322,425
	95,973	PPL Corp.		2,792,814
	26,993	Southern Co. (The)		1,244,917
	63,569	Xcel Energy, Inc.		2,977,572

				32,431,699

		Electrical Equipment — 0.6%
	9,554	AMETEK, Inc.		666,869
	10,134	Eaton Corp. plc		760,354
	7,578	Emerson Electric Co.		503,255
	4,643	Hubbell, Inc.		482,222
	4,933	Rockwell Automation, Inc.		811,627

				3,224,327

		Electronic Equipment, Instruments & Components — 0.4%
	11,634	Amphenol Corp., Class A		973,882
	9,511	AVX Corp.		140,382
	31,272	Corning, Inc.		844,970

				1,959,234

		Energy Equipment & Services — 0.7%
	18,029	Baker Hughes a GE Co.		651,027
	6,873	Helmerich & Payne, Inc.		478,017
	20,758	Nabors Industries Ltd.		157,969
	13,135	National Oilwell Varco, Inc.		507,931
	10,967	Oceaneering International, Inc.		232,939
	13,105	Patterson-UTI Energy, Inc.		280,709
	17,406	Schlumberger Ltd.		1,193,355

				3,501,947

		Equity Real Estate Investment Trusts (REITs) — 1.5%
	4,829	Alexandria Real Estate Equities, Inc.		601,549
	4,809	American Tower Corp.		655,755
	4,178	AvalonBay Communities, Inc.		681,014
	580	Boston Properties, Inc.		70,418
	1,015	Camden Property Trust		86,681
	3,685	Corporate Office Properties Trust		101,374


SHARES		INVESTMENTS	VALUE($)

		Equity Real Estate Investment Trusts (REITs) — continued
	5,094	Crown Castle International Corp.		513,832
	3,953	Digital Realty Trust, Inc.		417,793
	2,601	Duke Realty Corp.		70,487
	10,582	Equity Residential		653,015
	566	Essex Property Trust, Inc.		135,665
	706	Federal Realty Investment Trust		81,790
	12,035	GGP, Inc.		240,580
	21,195	Host Hotels & Resorts, Inc.		414,574
	4,458	Iron Mountain, Inc.		151,304
	990	JBG SMITH Properties		36,501
	802	Liberty Property Trust		33,540
	4,878	Park Hotels & Resorts, Inc.		140,389
	8,231	Prologis, Inc.		534,274
	8,635	Rayonier, Inc.		321,136
	6,756	Senior Housing Properties Trust		105,191
	3,166	Simon Property Group, Inc.		494,972
	1,018	Taubman Centers, Inc.		56,988
	1,964	Vornado Realty Trust		133,611
	6,458	Weingarten Realty Investors		177,401
	11,166	Weyerhaeuser Co.		410,685

				7,320,519

		Food & Staples Retailing — 1.2%
	6,467	Costco Wholesale Corp.		1,275,034
	17,821	Kroger Co. (The)		448,911
	24,035	Sysco Corp.		1,503,149
	17,230	Walgreens Boots Alliance, Inc.		1,144,933
	17,204	Walmart, Inc.		1,521,866
	4,414	Weis Markets, Inc.		203,132

				6,097,025

		Food Products — 3.4%
	38,293	Archer-Daniels-Midland Co.		1,737,736
	9,301	Bunge Ltd.		671,811
	39,411	Campbell Soup Co.		1,607,181
	49,017	Conagra Brands, Inc.		1,817,060
	29,465	General Mills, Inc.		1,288,799
	19,739	Hershey Co. (The)		1,814,804
	53,877	Hormel Foods Corp.		1,953,041
	3,273	JM Smucker Co. (The)		373,384
	23,529	Kellogg Co.		1,385,858
	14,301	Kraft Heinz Co. (The)		806,290
	2,995	Lamb Weston Holdings, Inc.		195,634
	24,263	McCormick & Co., Inc. (Non-Voting)		2,557,563
	12,738	Tyson Foods, Inc., Class A		892,934

				17,102,095

SEE NOTES TO FINANCIAL STATEMENTS.



80	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Health Care Equipment & Supplies — 5.4%
	34,223	Abbott Laboratories		1,989,383
	4,245	Align Technology, Inc.*		1,060,613
	28,016	Baxter International, Inc.		1,947,112
	8,200	Becton Dickinson and Co.		1,901,334
	56,110	Boston Scientific Corp.*		1,611,479
	6,989	Cooper Cos., Inc. (The)		1,598,454
	10,110	Danaher Corp.		1,014,235
	25,189	DENTSPLY SIRONA, Inc.		1,268,014
	7,249	Edwards Lifesciences Corp.*		923,233
	19,709	Hill-Rom Holdings, Inc.		1,691,623
	31,098	Hologic, Inc.*		1,206,291
	6,679	IDEXX Laboratories, Inc.*		1,298,999
	3,150	Intuitive Surgical, Inc.*		1,388,457
	21,415	Medtronic plc		1,715,984
	12,325	Stryker Corp.		2,088,102
	128	Teleflex, Inc.		34,289
	6,999	Varex Imaging Corp.*		251,894
	21,095	Varian Medical Systems, Inc.*		2,438,371
	12,369	Zimmer Biomet Holdings, Inc.		1,424,538

				26,852,405

		Health Care Providers & Services — 5.3%
	8,341	Aetna, Inc.		1,493,456
	10,534	AmerisourceBergen Corp.		954,170
	6,859	Anthem, Inc.		1,618,655
	11,738	Cardinal Health, Inc.		753,228
	10,400	Centene Corp.*		1,129,232
	9,413	Cigna Corp.		1,617,342
	12,138	CVS Health Corp.		847,597
	31,683	DaVita, Inc.*		1,989,376
	15,639	Express Scripts Holding Co.*		1,183,872
	12,743	HCA Healthcare, Inc.		1,220,015
	27,680	Henry Schein, Inc.*		2,103,680
	5,507	Humana, Inc.		1,620,049
	16,179	Laboratory Corp. of America Holdings*		2,762,564
	4,805	McKesson Corp.		750,589
	24,771	Quest Diagnostics, Inc.		2,506,825
	8,124	UnitedHealth Group, Inc.		1,920,514
	17,582	Universal Health Services, Inc., Class B		2,007,864

				26,479,028

		Health Care Technology — 0.1%
	12,982	Cerner Corp.*		756,201

		Hotels, Restaurants & Leisure — 3.3%
	24,903	Carnival Corp.		1,570,383
	9,044	Darden Restaurants, Inc.		839,826


SHARES		INVESTMENTS	VALUE($)

		Hotels, Restaurants & Leisure — continued
	12,328	Dunkin’ Brands Group, Inc.		751,515
	2,245	Hilton Grand Vacations, Inc.*		96,535
	16,573	Hilton Worldwide Holdings, Inc.		1,306,615
	22,899	International Game Technology plc		647,355
	9,008	Las Vegas Sands Corp.		660,557
	10,529	Marriott International, Inc., Class A		1,439,104
	11,095	McDonald’s Corp.		1,857,747
	19,257	MGM Resorts International		605,055
	5,886	Norwegian Cruise Line Holdings Ltd.*		314,724
	6,491	Royal Caribbean Cruises Ltd.		702,261
	8,381	Speedway Motorsports, Inc.		147,925
	31,640	Starbucks Corp.		1,821,515
	9,555	Wyndham Worldwide Corp.		1,091,276
	3,449	Wynn Resorts Ltd.		642,169
	10,275	Yum China Holdings, Inc. (China)		439,359
	21,188	Yum! Brands, Inc.		1,845,475

				16,779,396

		Household Durables — 2.4%
	26,514	DR Horton, Inc.		1,170,328
	21,480	Garmin Ltd.		1,260,232
	35,995	Leggett & Platt, Inc.		1,459,597
	24,640	Lennar Corp., Class A		1,303,210
	6,943	Mohawk Industries, Inc.*		1,457,197
	814	NVR, Inc.*		2,523,400
	53,089	PulteGroup, Inc.		1,611,782
	7,290	Whirlpool Corp.		1,129,585

				11,915,331

		Household Products — 1.7%
	45,206	Church & Dwight Co., Inc.		2,088,517
	18,966	Clorox Co. (The)		2,222,815
	5,434	Energizer Holdings, Inc.		311,694
	20,361	Kimberly-Clark Corp.		2,108,178
	26,493	Procter & Gamble Co. (The)		1,916,504

				8,647,708

		Industrial Conglomerates — 0.5%
	3,420	3M Co.		664,814
	7,275	Honeywell International, Inc.		1,052,547
	3,692	Roper Technologies, Inc.		975,389

				2,692,750

		Insurance — 2.8%
	17,664	Aflac, Inc.		804,949
	6,630	Allstate Corp. (The)		648,547
	3,487	American Financial Group, Inc.		394,798
	7,294	Aon plc		1,039,176

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	81

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Insurance — continued
	7,120	Assurant, Inc.		660,878
	639	Brighthouse Financial, Inc.*		32,448
	5,464	Chubb Ltd.		741,301
	11,405	Cincinnati Financial Corp.		802,228
	1,401	Erie Indemnity Co., Class A		163,595
	2,323	Everest Re Group Ltd.		540,492
	12,295	FNF Group		452,825
	11,556	Hartford Financial Services Group, Inc. (The)		622,175
	8,261	Kemper Corp.		557,618
	4,414	Lincoln National Corp.		311,805
	10,521	Marsh & McLennan Cos., Inc.		857,462
	429	Mercury General Corp.		19,618
	7,062	MetLife, Inc.		336,646
	8,877	Principal Financial Group, Inc.		525,696
	11,613	Progressive Corp. (The)		700,148
	3,822	Prudential Financial, Inc.		406,355
	2,690	Reinsurance Group of America, Inc.		401,886
	13,487	Torchmark Corp.		1,169,862
	5,134	Travelers Cos., Inc. (The)		675,634
	2,034	Willis Towers Watson plc		302,069
	9,879	WR Berkley Corp.		736,578
	3,768	XL Group Ltd. (Bermuda)		209,463

				14,114,252

		Internet & Direct Marketing Retail — 0.6%
	698	Amazon.com, Inc.*		1,093,159
	457	Booking Holdings, Inc.*		995,346
	2,212	Netflix, Inc.*		691,161

				2,779,666

		Internet Software & Services — 2.1%
	1,043	Alphabet, Inc., Class A*		1,062,379
	1,157	Alphabet, Inc., Class C*		1,177,051
	32,210	eBay, Inc.*		1,220,115
	7,397	Facebook, Inc., Class A*		1,272,284
	18,431	IAC/InterActiveCorp*		2,988,402
	22,975	VeriSign, Inc.*		2,697,724

				10,417,955

		IT Services — 3.0%
	6,225	Accenture plc, Class A		941,220
	5,532	Automatic Data Processing, Inc.		653,219
	17,760	Cognizant Technology Solutions Corp., Class A		1,453,123
	10,570	DXC Technology Co.		1,089,344
	12,286	Fidelity National Information Services, Inc.		1,166,801
	12,226	Fiserv, Inc.*		866,334


SHARES		INVESTMENTS	VALUE($)

		IT Services — continued
	8,925	Gartner, Inc.*		1,082,513
	4,239	Global Payments, Inc.		479,219
	7,604	International Business Machines Corp.		1,102,276
	17,702	Leidos Holdings, Inc.		1,137,000
	4,788	Mastercard, Inc., Class A		853,557
	13,478	Paychex, Inc.		816,362
	7,085	PayPal Holdings, Inc.*		528,612
	4,723	Teradata Corp.*		193,265
	7,475	Total System Services, Inc.		628,349
	6,083	Visa, Inc., Class A		771,811
	28,599	Western Union Co. (The)		564,830
	10,205	Worldpay, Inc.*		828,850

				15,156,685

		Leisure Products — 0.5%
	23,474	Hasbro, Inc.		2,067,825
	5,694	Polaris Industries, Inc.		596,845

				2,664,670

		Life Sciences Tools & Services — 1.7%
	12,996	Agilent Technologies, Inc.		854,357
	3,575	Illumina, Inc.*		861,325
	15,271	IQVIA Holdings, Inc.*		1,462,351
	1,454	Mettler-Toledo International, Inc.*		814,138
	7,785	Thermo Fisher Scientific, Inc.		1,637,575
	14,193	Waters Corp.*		2,674,103

				8,303,849

		Machinery — 1.8%
	260	AGCO Corp.		16,297
	4,543	Caterpillar, Inc.		655,828
	1,516	Crane Co.		126,798
	3,756	Cummins, Inc.		600,434
	5,186	Deere & Co.		701,821
	8,441	Dover Corp.		782,481
	8,715	Fortive Corp.		612,752
	5,115	Illinois Tool Works, Inc.		726,432
	8,126	Ingersoll-Rand plc		681,690
	22,692	ITT, Inc.		1,109,412
	7,573	PACCAR, Inc.		482,173
	3,850	Parker-Hannifin Corp.		633,787
	11,356	Stanley Black & Decker, Inc.		1,607,896
	3,687	Terex Corp.		134,649
	8,281	Trinity Industries, Inc.		263,915

				9,136,365

SEE NOTES TO FINANCIAL STATEMENTS.



82	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Media — 2.7%
	64	Cable One, Inc.		40,648
	10,475	CBS Corp. (Non-Voting), Class B		515,370
	2,815	Charter Communications, Inc., Class A*		763,681
	32,743	Comcast Corp., Class A		1,027,803
	2,818	DISH Network Corp., Class A*		94,544
	18,845	EW Scripps Co. (The), Class A		209,745
	40,440	Interpublic Group of Cos., Inc. (The)		953,980
	2,011	John Wiley & Sons, Inc., Class A		132,625
	6,896	Liberty Media Corp.-Liberty SiriusXM, Class A*		288,046
	17,122	Omnicom Group, Inc.		1,261,207
	166,524	Sirius XM Holdings, Inc.		1,054,097
	32,168	TEGNA, Inc.		340,016
	25,110	Time Warner, Inc.		2,380,428
	30,556	Twenty-First Century Fox, Inc., Class A		1,117,127
	32,547	Twenty-First Century Fox, Inc., Class B		1,173,970
	22,775	Viacom, Inc., Class B		686,894
	15,910	Walt Disney Co. (The)		1,596,250

				13,636,431

		Metals & Mining — 0.8%
	13,495	Alcoa Corp.		690,944
	17,452	Freeport-McMoRan, Inc.		265,445
	14,363	Newmont Mining Corp.		564,322
	8,930	Nucor Corp.		550,267
	3,173	Reliance Steel & Aluminum Co.		278,970
	2,189	Royal Gold, Inc.		194,383
	8,736	Southern Copper Corp. (Peru)		461,348
	18,075	Steel Dynamics, Inc.		809,941
	7,538	United States Steel Corp.		255,011

				4,070,631

		Mortgage Real Estate Investment Trusts (REITs) — 0.2%
	56,674	Annaly Capital Management, Inc.		587,710
	19,429	Chimera Investment Corp.		339,813

				927,523

		Multiline Retail — 0.8%
	13,843	Dollar General Corp.		1,336,265
	6,773	Dollar Tree, Inc.*		649,463
	10,015	Kohl’s Corp.		622,132
	12,200	Macy’s, Inc.		379,054
	8,689	Nordstrom, Inc.		439,316
	10,497	Target Corp.		762,082

				4,188,312

		Multi-Utilities — 5.5%
	42,347	Ameren Corp.		2,482,381


SHARES		INVESTMENTS	VALUE($)

		Multi-Utilities — continued
	101,708	CenterPoint Energy, Inc.		2,576,264
	64,801	CMS Energy Corp.		3,057,959
	32,670	Consolidated Edison, Inc.		2,617,847
	37,152	Dominion Energy, Inc.		2,472,837
	23,313	DTE Energy Co.		2,457,190
	97,791	NiSource, Inc.		2,385,123
	55,466	Public Service Enterprise Group, Inc.		2,892,552
	34,957	SCANA Corp.		1,285,369
	22,159	Sempra Energy		2,477,376
	41,701	WEC Energy Group, Inc.		2,680,540

				27,385,438

		Oil, Gas & Consumable Fuels — 3.6%
	7,055	Andeavor		975,848
	9,816	Apache Corp.		401,965
	24,982	Chesapeake Energy Corp.*		74,197
	12,456	Chevron Corp.		1,558,370
	11,861	CNX Resources Corp.*		176,254
	18,690	ConocoPhillips		1,224,195
	1,493	CONSOL Energy, Inc.*		46,955
	12,355	Devon Energy Corp.		448,857
	3,435	Diamondback Energy, Inc.*		441,226
	22,694	Exxon Mobil Corp.		1,764,459
	3,843	Gulfport Energy Corp.*		35,740
	10,686	Hess Corp.		608,995
	12,028	HollyFrontier Corp.		729,979
	41,198	Kinder Morgan, Inc.		651,752
	39,823	Marathon Oil Corp.		726,770
	13,527	Marathon Petroleum Corp.		1,013,308
	13,181	Murphy Oil Corp.		396,880
	11,386	Occidental Petroleum Corp.		879,682
	23,084	ONEOK, Inc.		1,390,119
	13,481	Phillips 66		1,500,570
	14,419	QEP Resources, Inc.*		175,623
	13,724	Targa Resources Corp.		644,616
	14,386	Valero Energy Corp.		1,595,839
	23,229	Williams Cos., Inc. (The)		597,682

				18,059,881

		Paper & Forest Products — 0.0% (a)
	4,870	Domtar Corp.		213,793

		Personal Products — 0.8%
	13,255	Edgewell Personal Care Co.*		583,883
	13,127	Estee Lauder Cos., Inc. (The), Class A		1,943,977
	3,073	Herbalife Nutrition Ltd.*		324,908
	14,063	Nu Skin Enterprises, Inc., Class A		1,000,583

				3,853,351

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	83

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Pharmaceuticals — 2.3%
	27,962	Bristol-Myers Squibb Co.		1,457,659
	24,927	Eli Lilly & Co.		2,020,832
	16,327	Johnson & Johnson		2,065,202
	29,943	Merck & Co., Inc.		1,762,744
	68,930	Pfizer, Inc.		2,523,527
	20,566	Zoetis, Inc.		1,716,850

				11,546,814

		Professional Services — 0.2%
	714	Dun & Bradstreet Corp. (The)		82,332
	4,455	Equifax, Inc.		499,183
	2,805	Nielsen Holdings plc		88,217
	3,915	Robert Half International, Inc.		237,836
	1,718	Verisk Analytics, Inc.*		182,881

				1,090,449

		Real Estate Management & Development — 0.1%
	5,485	CBRE Group, Inc., Class A*		248,526
	381	Jones Lang LaSalle, Inc.		64,583

				313,109

		Road & Rail — 0.7%
	7,946	CSX Corp.		471,913
	7,175	JB Hunt Transport Services, Inc.		842,560
	2,982	Kansas City Southern		317,971
	5,121	Norfolk Southern Corp.		734,710
	4,309	Ryder System, Inc.		290,556
	6,669	Union Pacific Corp.		891,178

				3,548,888

		Semiconductors & Semiconductor Equipment — 3.2%
	13,234	Analog Devices, Inc.		1,155,990
	15,408	Applied Materials, Inc.		765,315
	3,752	Broadcom, Inc.		860,784
	16,530	Cypress Semiconductor Corp.		241,007
	6,920	First Solar, Inc.*		490,697
	20,885	Intel Corp.		1,078,084
	8,893	KLA-Tencor Corp.		904,774
	3,668	Lam Research Corp.		678,800
	27,531	Marvell Technology Group Ltd. (Bermuda)		552,272
	18,406	Maxim Integrated Products, Inc.		1,003,127
	11,157	Microchip Technology, Inc.		933,395
	17,180	Micron Technology, Inc.*		789,936
	3,438	NVIDIA Corp.		773,206
	16,224	NXP Semiconductors NV (Netherlands)*		1,701,898
	33,633	ON Semiconductor Corp.*		742,617
	8,941	QUALCOMM, Inc.		456,080


SHARES		INVESTMENTS	VALUE($)

		Semiconductors & Semiconductor Equipment — continued
	6,822	Skyworks Solutions, Inc.		591,877
	16,377	Teradyne, Inc.		533,071
	10,298	Texas Instruments, Inc.		1,044,526
	2,250	Versum Materials, Inc.		79,155
	13,462	Xilinx, Inc.		864,799

				16,241,410

		Software — 3.0%
	15,888	Activision Blizzard, Inc.		1,054,169
	5,352	Adobe Systems, Inc.*		1,186,003
	28,317	CA, Inc.		985,432
	23,477	Cadence Design Systems, Inc.*		940,489
	16,302	Citrix Systems, Inc.*		1,677,639
	11,752	Dell Technologies, Inc., Class V*		843,441
	9,670	Electronic Arts, Inc.*		1,140,867
	7,965	Intuit, Inc.		1,471,852
	17,754	Microsoft Corp.		1,660,354
	20,520	Oracle Corp.		937,148
	8,376	Red Hat, Inc.*		1,365,790
	7,573	Take-Two Interactive Software, Inc.*		755,104
	6,699	VMware, Inc., Class A*		892,709

				14,910,997

		Specialty Retail — 2.4%
	11,250	AutoNation, Inc.*		519,637
	9,006	Best Buy Co., Inc.		689,229
	1,586	Burlington Stores, Inc.*		215,458
	11,327	CarMax, Inc.*		707,937
	9,369	Dick’s Sporting Goods, Inc.		310,020
	12,258	Foot Locker, Inc.		528,075
	7,508	GameStop Corp., Class A		102,484
	12,787	Gap, Inc. (The)		373,892
	12,198	Home Depot, Inc. (The)		2,254,190
	14,720	Lowe’s Cos., Inc.		1,213,370
	11,082	Ross Stores, Inc.		895,980
	7,502	Signet Jewelers Ltd.		291,678
	14,822	Tiffany & Co.		1,524,146
	15,461	TJX Cos., Inc. (The)		1,311,866
	7,015	Tractor Supply Co.		477,020
	4,929	Urban Outfitters, Inc.*		198,491
	9,882	Williams-Sonoma, Inc.		472,360

				12,085,833

		Technology Hardware, Storage & Peripherals — 1.0%
	6,248	Apple, Inc.		1,032,544
	46,348	Diebold Nixdorf, Inc.		711,442
	46,094	Hewlett Packard Enterprise Co.		785,903

SEE NOTES TO FINANCIAL STATEMENTS.



84	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Technology Hardware, Storage & Peripherals — continued
	55,858	HP, Inc.		1,200,388
	10,976	NetApp, Inc.		730,782
	6,550	Western Digital Corp.		516,075

				4,977,134

		Textiles, Apparel & Luxury Goods — 1.3%
	34,377	Hanesbrands, Inc.		634,943
	11,397	Michael Kors Holdings Ltd.*		779,783
	20,501	NIKE, Inc., Class B		1,402,063
	7,138	PVH Corp.		1,139,725
	21,371	Tapestry, Inc.		1,149,119
	7,732	Under Armour, Inc., Class C*		118,686
	15,522	VF Corp.		1,255,264

				6,479,583

		Tobacco — 0.6%
	25,631	Altria Group, Inc.		1,438,155
	16,546	Philip Morris International, Inc.		1,356,772

				2,794,927

		Trading Companies & Distributors — 0.3%
	11,882	Fastenal Co.		593,981
	3,918	United Rentals, Inc.*		587,700
	1,969	WW Grainger, Inc.		553,978

				1,735,659

		Water Utilities — 0.6%
	34,697	American Water Works Co., Inc.		3,004,066

		Wireless Telecommunication Services — 0.6%
	10,818	Telephone & Data Systems, Inc.		295,656
	45,956	T-Mobile US, Inc.*		2,780,798
	3,032	United States Cellular Corp.*		119,976

				3,196,430

		Total Common Stocks (Cost $467,736,039)		498,926,088

	Short-Term Investments — 0.5%
		Investment Companies — 0.5%
	2,446,359	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (c) (Cost $2,446,359)		2,446,359

		Total Investments — 99.9% (Cost $470,182,398)		501,372,447
		Other Assets Less Liabilities — 0.1%		379,002

		Net Assets — 100.0%	$	501,751,449

Percentages indicated are based on net assets.


*		— Non-income producing security.
(a)		— Represents less than 0.05% of net assets.
(b)		— Affiliated company as defined under the Investment Company Act of 1940.
(c)		— The rate shown was the current yield as of April 30, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	85

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)


SHARES		INVESTMENTS	VALUE($)

	Common Stocks — 99.6%
		Aerospace & Defense — 1.4%
	2,443	BWX Technologies, Inc.		165,635
	1,924	Harris Corp.		300,952
	2,834	Hexcel Corp.		188,376
	471	Huntington Ingalls Industries, Inc.		114,552
	687	L3 Technologies, Inc.		134,570
	707	Orbital ATK, Inc.		93,593
	1,019	Rockwell Collins, Inc.		135,058
	1,303	Spirit AeroSystems Holdings, Inc., Class A		104,722
	2,083	Textron, Inc.		129,438

				1,366,896

		Air Freight & Logistics — 0.3%
	1,829	CH Robinson Worldwide, Inc.		168,323
	2,038	Expeditors International of Washington, Inc.		130,146

				298,469

		Airlines — 0.8%
	1,799	Alaska Air Group, Inc.		116,809
	2,321	American Airlines Group, Inc.		99,641
	1,487	Copa Holdings SA, Class A (Panama)		174,232
	6,184	JetBlue Airways Corp.*		118,671
	2,621	Spirit Airlines, Inc.*		93,622
	1,606	United Continental Holdings, Inc.*		108,469

				711,444

		Auto Components — 1.4%
	1,825	Adient plc		111,854
	2,159	Aptiv plc		182,608
	3,165	BorgWarner, Inc.		154,895
	719	Delphi Technologies plc		34,807
	14,171	Gentex Corp.		322,249
	5,174	Goodyear Tire & Rubber Co. (The)		129,919
	1,455	Lear Corp.		272,041
	1,145	Visteon Corp.*		142,484

				1,350,857

		Automobiles — 0.4%
	4,369	Harley-Davidson, Inc.		179,697
	1,531	Thor Industries, Inc.		162,500

				342,197

		Banks — 2.7%
	1,378	Associated Banc-Corp.		36,448
	963	Bank of Hawaii Corp.		81,094
	1,431	Bank of the Ozarks, Inc.*		66,971
	1,624	BankUnited, Inc.		64,327
	1,966	CIT Group, Inc.		104,100
	1,775	Citizens Financial Group, Inc.		73,645


SHARES		INVESTMENTS	VALUE($)

		Banks — continued
	1,011	Comerica, Inc.		95,620
	2,324	Commerce Bancshares, Inc.		147,620
	831	Cullen/Frost Bankers, Inc.		95,108
	1,374	East West Bancorp, Inc.		91,536
	3,350	Fifth Third Bancorp		111,120
	3,551	First Horizon National Corp.		64,983
	607	First Republic Bank		56,372
	4,346	FNB Corp.		56,498
	8,643	Huntington Bancshares, Inc.		128,867
	3,870	KeyCorp		77,090
	565	M&T Bank Corp.		102,983
	1,202	PacWest Bancorp		61,590
	6,149	People’s United Financial, Inc.		112,465
	1,382	Popular, Inc. (Puerto Rico)		63,973
	779	Prosperity Bancshares, Inc.		55,909
	5,089	Regions Financial Corp.		95,164
	1,958	SunTrust Banks, Inc.		130,794
	316	SVB Financial Group*		94,677
	2,619	Synovus Financial Corp.		136,895
	2,426	TCF Financial Corp.		60,238
	1,320	Webster Financial Corp.		79,451
	1,527	Western Alliance Bancorp*		90,062
	1,514	Zions Bancorp		82,892

				2,518,492

		Beverages — 1.0%
	7,823	Brown-Forman Corp., Class B		438,401
	1,762	Dr Pepper Snapple Group, Inc.		211,370
	3,605	Molson Coors Brewing Co., Class B		256,820

				906,591

		Biotechnology — 0.4%
	3,693	Exelixis, Inc.*		76,888
	2,566	Ionis Pharmaceuticals, Inc.*		110,415
	1,797	United Therapeutics Corp.*		197,868

				385,171

		Building Products — 0.8%
	2,131	Allegion plc		164,471
	2,693	AO Smith Corp.		165,216
	658	Armstrong World Industries, Inc.*		36,848
	1,950	Fortune Brands Home & Security, Inc.		106,645
	688	Lennox International, Inc.		133,039
	1,794	Owens Corning		117,489
	819	USG Corp.*		32,948

				756,656

SEE NOTES TO FINANCIAL STATEMENTS.



86	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Capital Markets — 2.4%
	495	Affiliated Managers Group, Inc.		81,606
	767	Ameriprise Financial, Inc.		107,541
	844	CBOE Global Markets, Inc.		90,122
	2,052	ETRADE Financial Corp.		124,515
	1,724	Eaton Vance Corp.		93,768
	1,380	FactSet Research Systems, Inc.		260,972
	2,638	Federated Investors, Inc., Class B		69,828
	1,022	Interactive Brokers Group, Inc., Class A		75,832
	1,509	Invesco Ltd.		43,716
	1,276	Lazard Ltd., Class A		69,440
	2,302	Legg Mason, Inc.		91,389
	1,429	LPL Financial Holdings, Inc.		86,555
	513	MarketAxess Holdings, Inc.		101,897
	872	Moody’s Corp.		141,438
	889	MSCI, Inc.		133,199
	1,491	Nasdaq, Inc.		131,685
	1,325	Northern Trust Corp.		141,444
	1,262	Raymond James Financial, Inc.		113,265
	2,424	SEI Investments Co.		153,270
	923	T. Rowe Price Group, Inc.		105,056
	1,713	TD Ameritrade Holding Corp.		99,508

				2,316,046

		Chemicals — 3.4%
	1,429	Albemarle Corp.		138,556
	2,169	Ashland Global Holdings, Inc.		143,544
	2,976	Cabot Corp.		166,239
	2,248	Celanese Corp., Series A		244,290
	2,656	CF Industries Holdings, Inc.		103,053
	1,751	Chemours Co. (The)		84,766
	2,745	Eastman Chemical Co.		280,210
	1,994	FMC Corp.		158,982
	4,799	Huntsman Corp.		142,866
	1,604	International Flavors & Fragrances, Inc.		226,581
	3,815	Mosaic Co. (The)		102,814
	283	NewMarket Corp.		107,413
	4,066	Olin Corp.		122,753
	5,000	RPM International, Inc.		241,500
	3,330	Scotts Miracle-Gro Co. (The)		278,321
	8,345	Valvoline, Inc.		169,237
	2,288	Westlake Chemical Corp.		244,747
	3,392	WR Grace & Co.		232,148

				3,188,020

		Commercial Services & Supplies — 1.4%
	866	Cintas Corp.		147,480


SHARES		INVESTMENTS	VALUE($)

		Commercial Services & Supplies — continued
	11,813	Copart, Inc.*		603,408
	5,923	KAR Auction Services, Inc.		307,937
	9,495	Pitney Bowes, Inc.		97,039
	3,212	Republic Services, Inc.		207,752

				1,363,616

		Communications Equipment — 1.3%
	550	Arista Networks, Inc.*		145,502
	295	ARRIS International plc*		7,965
	6,144	CommScope Holding Co., Inc.*		234,824
	1,614	F5 Networks, Inc.*		263,227
	9,242	Juniper Networks, Inc.		227,261
	3,070	Motorola Solutions, Inc.		337,178

				1,215,957

		Construction & Engineering — 0.3%
	457	Jacobs Engineering Group, Inc.		26,547
	2,405	Quanta Services, Inc.*		78,163
	934	Valmont Industries, Inc.		132,721

				237,431

		Construction Materials — 0.1%
	757	Eagle Materials, Inc.		74,913

		Consumer Finance — 0.5%
	242	Credit Acceptance Corp.*		80,063
	1,678	Discover Financial Services		119,558
	3,660	Navient Corp.		48,532
	2,561	Santander Consumer USA Holdings, Inc.		47,250
	6,637	SLM Corp.*		76,193
	1,754	Synchrony Financial		58,180

				429,776

		Containers & Packaging — 1.8%
	1,489	AptarGroup, Inc.		139,222
	3,014	Avery Dennison Corp.		315,897
	1,962	Bemis Co., Inc.		84,896
	2,203	Berry Global Group, Inc.*		121,165
	3,125	Crown Holdings, Inc.*		155,750
	7,983	Graphic Packaging Holding Co.		114,157
	2,904	International Paper Co.		149,730
	2,957	Owens-Illinois, Inc.*		60,116
	1,315	Packaging Corp. of America		152,132
	2,274	Sealed Air Corp.		99,715
	3,555	Silgan Holdings, Inc.		99,789
	1,722	Sonoco Products Co.		88,442
	1,444	WestRock Co.		85,427

				1,666,438

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	87

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Distributors — 0.5%
	2,943	Genuine Parts Co.		259,926
	71	LKQ Corp.*		2,202
	1,823	Pool Corp.		253,051

				515,179

		Diversified Consumer Services — 0.8%
	277	Graham Holdings Co., Class B		167,045
	5,102	H&R Block, Inc.		141,070
	6,443	Service Corp. International		235,234
	4,822	ServiceMaster Global Holdings, Inc.*		243,993

				787,342

		Diversified Financial Services — 0.1%
	5,825	Leucadia National Corp.		140,033

		Electric Utilities — 5.3%
	11,676	Alliant Energy Corp.		501,484
	8,430	Edison International		552,334
	6,737	Entergy Corp.		549,672
	8,961	Eversource Energy		539,900
	15,862	Great Plains Energy, Inc.		519,163
	5,705	Hawaiian Electric Industries, Inc.		197,906
	6,496	OGE Energy Corp.		213,524
	5,549	Pinnacle West Capital Corp.		446,694
	17,829	PPL Corp.		518,824
	8,693	Westar Energy, Inc.		470,987
	10,146	Xcel Energy, Inc.		475,239

				4,985,727

		Electrical Equipment — 0.7%
	2,574	AMETEK, Inc.		179,665
	1,642	Hubbell, Inc.		170,538
	593	Regal Beloit Corp.		42,222
	1,000	Rockwell Automation, Inc.		164,530
	1,959	Sensata Technologies Holding plc*		99,360

				656,315

		Electronic Equipment, Instruments & Components — 1.5%
	2,553	Amphenol Corp., Class A		213,712
	1,478	Arrow Electronics, Inc.*		110,466
	2,254	AVX Corp.		33,269
	5,011	CDW Corp.		357,234
	1,419	Cognex Corp.		65,629
	274	Coherent, Inc.*		46,092
	451	Dolby Laboratories, Inc., Class A		26,979
	2,847	FLIR Systems, Inc.		152,457
	405	IPG Photonics Corp.*		86,277


SHARES		INVESTMENTS	VALUE($)

		Electronic Equipment, Instruments & Components — continued
	3,280	Jabil, Inc.		87,248
	2,975	Keysight Technologies, Inc.*		153,748
	3,104	National Instruments Corp.		126,922

				1,460,033

		Energy Equipment & Services — 0.9%
	6,264	Baker Hughes a GE Co.		226,193
	2,709	Helmerich & Payne, Inc.		188,411
	16,170	Nabors Industries Ltd.		123,054
	3,306	National Oilwell Varco, Inc.		127,843
	3,469	Oceaneering International, Inc.		73,681
	6,500	RPC, Inc.		117,065

				856,247

		Equity Real Estate Investment Trusts (REITs) — 3.9%
	780	Alexandria Real Estate Equities, Inc.		97,165
	475	American Campus Communities, Inc.		18,577
	1,056	American Homes 4 Rent, Class A		21,331
	829	AvalonBay Communities, Inc.		135,127
	3,641	Brandywine Realty Trust		58,657
	2,232	Brixmor Property Group, Inc.		33,235
	1,032	Camden Property Trust		88,133
	9,894	Colony NorthStar, Inc., Class A		60,452
	1,655	CoreCivic, Inc.		33,365
	744	CoreSite Realty Corp.		77,450
	229	CubeSmart		6,742
	1,774	DCT Industrial Trust, Inc.		116,321
	1,454	DDR Corp.		10,542
	991	Digital Realty Trust, Inc.		104,739
	3,038	Douglas Emmett, Inc.		113,226
	4,280	Duke Realty Corp.		115,988
	818	EPR Properties		45,006
	2,302	Equity Commonwealth*		71,339
	1,113	Equity LifeStyle Properties, Inc.		99,235
	587	Essex Property Trust, Inc.		140,698
	1,134	Extra Space Storage, Inc.		101,595
	126	Federal Realty Investment Trust		14,597
	507	Forest City Realty Trust, Inc., Class A		10,170
	2,490	Gaming and Leisure Properties, Inc.		85,332
	2,774	GGP, Inc.		55,452
	1,424	Highwoods Properties, Inc.		62,685
	3,250	Hospitality Properties Trust		80,860
	4,820	Host Hotels & Resorts, Inc.		94,279
	1,922	Hudson Pacific Properties, Inc.		63,176
	1,689	Iron Mountain, Inc.		57,325

SEE NOTES TO FINANCIAL STATEMENTS.



88	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	142	JBG SMITH Properties		5,236
	1,178	Kilroy Realty Corp.		84,427
	1,469	Lamar Advertising Co., Class A		93,590
	2,592	Liberty Property Trust		108,397
	4,815	Medical Properties Trust, Inc.		61,536
	706	Mid-America Apartment Communities, Inc.		64,571
	867	National Retail Properties, Inc.		32,981
	1,868	Omega Healthcare Investors, Inc.		48,531
	2,796	Outfront Media, Inc.		52,425
	4,543	Park Hotels & Resorts, Inc.		130,748
	4,033	Piedmont Office Realty Trust, Inc., Class A		72,271
	2,295	Prologis, Inc.		148,968
	1,999	Rayonier, Inc.		74,343
	4,289	Senior Housing Properties Trust		66,780
	804	Sun Communities, Inc.		75,455
	2,958	Tanger Factory Outlet Centers, Inc.		64,928
	1,040	Taubman Centers, Inc.		58,219
	1,829	Uniti Group, Inc.		32,959
	268	Vornado Realty Trust		18,232
	1,868	Weingarten Realty Investors		51,314
	1,575	Welltower, Inc.		84,168
	2,539	Weyerhaeuser Co.		93,384
	846	WP Carey, Inc.		54,017

				3,650,279

		Food & Staples Retailing — 0.1%
	1,322	Casey’s General Stores, Inc.		127,705

		Food Products — 3.5%
	1,964	Bunge Ltd.		141,860
	5,256	Campbell Soup Co.		214,340
	5,530	Conagra Brands, Inc.		204,997
	13,311	Flowers Foods, Inc.		300,962
	2,988	Hershey Co. (The)		274,717
	7,096	Hormel Foods Corp.		257,230
	2,139	Ingredion, Inc.		259,011
	5,209	Kellogg Co.		306,810
	4,357	Lamb Weston Holdings, Inc.		284,599
	3,950	McCormick & Co., Inc. (Non-Voting)		416,369
	7,468	Pilgrim’s Pride Corp.*		161,309
	5,332	Pinnacle Foods, Inc.		322,053
	2,572	Tyson Foods, Inc., Class A		180,297

				3,324,554

		Gas Utilities — 1.3%
	5,409	Atmos Energy Corp.		469,988
	5,237	National Fuel Gas Co.		268,920


SHARES		INVESTMENTS	VALUE($)

		Gas Utilities — continued
	9,558	UGI Corp.		462,512

				1,201,420

		Health Care Equipment & Supplies — 4.8%
	1,314	ABIOMED, Inc.*		395,448
	1,148	Align Technology, Inc.*		286,828
	1,627	Cooper Cos., Inc. (The)		372,111
	6,058	DENTSPLY SIRONA, Inc.		304,960
	2,033	Edwards Lifesciences Corp.*		258,923
	4,847	Hill-Rom Holdings, Inc.		416,018
	6,317	Hologic, Inc.*		245,036
	1,587	IDEXX Laboratories, Inc.*		308,656
	4,175	ResMed, Inc.		395,122
	3,050	STERIS plc		288,286
	1,628	Teleflex, Inc.		436,109
	2,892	Varian Medical Systems, Inc.*		334,286
	2,097	West Pharmaceutical Services, Inc.		184,976
	2,570	Zimmer Biomet Holdings, Inc.		295,987

				4,522,746

		Health Care Providers & Services — 4.0%
	4,742	Acadia Healthcare Co., Inc.*		168,720
	1,964	AmerisourceBergen Corp.		177,899
	482	Brookdale Senior Living, Inc.*		3,490
	2,893	Cardinal Health, Inc.		185,644
	3,601	Centene Corp.*		390,997
	4,348	DaVita, Inc.*		273,011
	2,990	Envision Healthcare Corp.*		111,138
	5,408	Henry Schein, Inc.*		411,008
	2,773	Laboratory Corp. of America Holdings*		473,490
	4,625	LifePoint Health, Inc.*		221,537
	5,152	MEDNAX, Inc.*		236,528
	5,671	Patterson Cos., Inc.		132,021
	3,419	Quest Diagnostics, Inc.		346,003
	2,226	Universal Health Services, Inc., Class B		254,209
	1,999	WellCare Health Plans, Inc.*		410,115

				3,795,810

		Health Care Technology — 0.4%
	3,644	Allscripts Healthcare Solutions, Inc.*		42,343
	3,068	Cerner Corp.*		178,711
	2,310	Veeva Systems, Inc., Class A*		162,001

				383,055

		Hotels, Restaurants & Leisure — 3.1%
	4,646	Aramark		173,714
	2,037	Choice Hotels International, Inc.		163,062

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	89

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Hotels, Restaurants & Leisure — continued
	2,555	Darden Restaurants, Inc.		237,257
	3,553	Dunkin’ Brands Group, Inc.		216,591
	6,858	Extended Stay America, Inc.		134,280
	507	Hilton Grand Vacations, Inc.*		21,801
	3,331	Hilton Worldwide Holdings, Inc.		262,616
	1,269	International Game Technology plc		35,875
	5,807	MGM Resorts International		182,456
	2,673	Norwegian Cruise Line Holdings Ltd.*		142,925
	1,344	Royal Caribbean Cruises Ltd.		145,407
	3,016	Six Flags Entertainment Corp.		190,732
	1,097	Vail Resorts, Inc.		251,553
	13,076	Wendy’s Co. (The)		218,892
	1,998	Wyndham Worldwide Corp.		228,192
	873	Wynn Resorts Ltd.		162,544
	4,012	Yum China Holdings, Inc. (China)		171,553

				2,939,450

		Household Durables — 2.5%
	5,536	DR Horton, Inc.		244,359
	6,044	Garmin Ltd.		354,601
	8,048	Leggett & Platt, Inc.		326,346
	3,732	Lennar Corp., Class A		197,386
	1,007	Mohawk Industries, Inc.*		211,349
	96	NVR, Inc.*		297,600
	11,121	PulteGroup, Inc.		337,634
	3,372	Toll Brothers, Inc.		142,164
	2,695	Tupperware Brands Corp.		120,089
	1,062	Whirlpool Corp.		164,557

				2,396,085

		Household Products — 1.0%
	7,273	Church & Dwight Co., Inc.		336,012
	3,074	Clorox Co. (The)		360,273
	3,485	Energizer Holdings, Inc.		199,900
	1,044	Spectrum Brands Holdings, Inc.		75,272

				971,457

		Independent Power and Renewable Electricity Producers — 0.1%
	5,386	Vistra Energy Corp.*		123,070

		Industrial Conglomerates — 0.2%
	637	Roper Technologies, Inc.		168,289

		Insurance — 4.3%
	242	Alleghany Corp.		139,070
	2,224	American Financial Group, Inc.		251,801
	2,673	Arch Capital Group Ltd.*		214,188
	3,064	Arthur J Gallagher & Co.		214,449


SHARES		INVESTMENTS	VALUE($)

		Insurance — continued
	2,666	Aspen Insurance Holdings Ltd. (Bermuda)		113,172
	1,429	Assurant, Inc.		132,640
	1,912	Assured Guaranty Ltd.		69,386
	2,095	Athene Holding Ltd., Class A*		102,655
	2,454	Axis Capital Holdings Ltd.		144,050
	6,798	Brown & Brown, Inc.		185,110
	1,907	Cincinnati Financial Corp.		134,138
	123	CNA Financial Corp.		6,207
	439	Erie Indemnity Co., Class A		51,262
	470	Everest Re Group Ltd.		109,355
	1,450	First American Financial Corp.		74,110
	2,805	FNF Group		103,308
	712	Hanover Insurance Group, Inc. (The)		81,773
	2,423	Hartford Financial Services Group, Inc. (The)		130,454
	866	Lincoln National Corp.		61,174
	3,072	Loews Corp.		161,157
	16	Markel Corp.*		18,081
	1,157	Mercury General Corp.		52,910
	4,260	Old Republic International Corp.		86,904
	1,960	Principal Financial Group, Inc.		116,071
	2,379	Progressive Corp. (The)		143,430
	948	Reinsurance Group of America, Inc.		141,631
	1,062	RenaissanceRe Holdings Ltd. (Bermuda)		144,474
	2,466	Torchmark Corp.		213,901
	1,890	Unum Group		91,438
	1,322	Validus Holdings Ltd.		89,592
	989	Willis Towers Watson plc		146,876
	2,434	WR Berkley Corp.		181,479
	2,744	XL Group Ltd. (Bermuda)		152,539

				4,058,785

		Internet Software & Services — 1.1%
	290	Akamai Technologies, Inc.*		20,779
	1,301	IAC/InterActiveCorp*		210,944
	1,551	LogMeIn, Inc.		170,920
	3,888	Match Group, Inc.*		183,203
	3,639	VeriSign, Inc.*		427,291

				1,013,137

		IT Services — 3.4%
	7,091	Amdocs Ltd.		476,870
	1,936	Booz Allen Hamilton Holding Corp.		76,724
	2,922	Broadridge Financial Solutions, Inc.		313,268
	1,738	Conduent, Inc.*		33,821
	858	CoreLogic, Inc.*		42,471
	2,003	DXC Technology Co.		206,429

SEE NOTES TO FINANCIAL STATEMENTS.



90	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		IT Services — continued
	725	Euronet Worldwide, Inc.*		56,630
	1,722	Fidelity National Information Services, Inc.		163,538
	6,075	First Data Corp., Class A*		109,958
	2,419	Fiserv, Inc.*		171,410
	1,832	Gartner, Inc.*		222,203
	1,229	Global Payments, Inc.		138,938
	1,725	Jack Henry & Associates, Inc.		206,103
	4,847	Leidos Holdings, Inc.		311,323
	2,037	Paychex, Inc.		123,381
	8,442	Sabre Corp.		174,243
	809	Teradata Corp.*		33,104
	1,734	Total System Services, Inc.		145,760
	3,038	Western Union Co. (The)		60,001
	1,817	Worldpay, Inc.*		147,577

				3,213,752

		Leisure Products — 0.5%
	3,037	Brunswick Corp.		181,856
	2,151	Hasbro, Inc.		189,482
	1,414	Polaris Industries, Inc.		148,215

				519,553

		Life Sciences Tools & Services — 2.4%
	2,295	Agilent Technologies, Inc.		150,873
	582	Bio-Rad Laboratories, Inc., Class A*		147,659
	1,563	Bio-Techne Corp.		235,872
	3,371	Charles River Laboratories International, Inc.*		351,225
	949	Illumina, Inc.*		228,643
	4,094	IQVIA Holdings, Inc.*		392,041
	235	Mettler-Toledo International, Inc.*		131,584
	1,317	PerkinElmer, Inc.		96,615
	5,801	QIAGEN NV*		189,751
	1,942	Waters Corp.*		365,892

				2,290,155

		Machinery — 4.2%
	2,265	AGCO Corp.		141,970
	3,010	Allison Transmission Holdings, Inc.		117,360
	1,067	Crane Co.		89,244
	813	Cummins, Inc.		129,966
	1,715	Donaldson Co., Inc.		75,906
	1,572	Dover Corp.		145,724
	2,377	Fortive Corp.		167,127
	5,289	Graco, Inc.		232,663
	1,657	IDEX Corp.		221,475
	1,717	Ingersoll-Rand plc		144,039
	1,138	ITT, Inc.		55,637
	1,670	Lincoln Electric Holdings, Inc.		138,393


SHARES		INVESTMENTS	VALUE($)

		Machinery — continued
	960	Middleby Corp. (The)*		120,806
	749	Nordson Corp.		96,321
	1,403	Oshkosh Corp.		101,241
	1,674	PACCAR, Inc.		106,584
	773	Parker-Hannifin Corp.		127,251
	1,686	Pentair plc (United Kingdom)		113,434
	2,067	Snap-on, Inc.		300,232
	3,942	SPX Corp.*		124,725
	2,577	Stanley Black & Decker, Inc.		364,877
	863	Terex Corp.		31,517
	1,757	Timken Co. (The)		75,112
	5,537	Toro Co. (The)		323,305
	1,383	Trinity Industries, Inc.		44,076
	1,536	WABCO Holdings, Inc.*		198,129
	2,213	Xylem, Inc.		161,328

				3,948,442

		Marine — 0.0%(a)
	507	Kirby Corp.*		43,247

		Media — 2.2%
	5,766	Cinemark Holdings, Inc.		225,854
	7,763	Discovery, Inc., Class A*		183,595
	6,220	Discovery, Inc., Class C*		138,208
	1,072	GCI Liberty, Inc., Class A*		47,811
	7,486	Interpublic Group of Cos., Inc. (The)		176,595
	1,026	Liberty Broadband Corp., Class C*		72,733
	1,892	Liberty Media Corp.-Liberty Formula One, Class C*		55,852
	1,867	Liberty Media Corp.-Liberty SiriusXM, Class A*		77,985
	7,268	MSG Networks, Inc., Class A*		148,994
	3,041	Omnicom Group, Inc.		224,000
	43,414	Sirius XM Holdings, Inc.		274,811
	12,351	TEGNA, Inc.		130,550
	4,857	Tribune Media Co., Class A		183,546
	4,984	Viacom, Inc., Class B		150,317

				2,090,851

		Metals & Mining — 1.2%
	2,955	Alcoa Corp.		151,296
	267	Compass Minerals International, Inc.		17,969
	5,616	Freeport-McMoRan, Inc.		85,419
	3,519	Newmont Mining Corp.		138,262
	2,179	Nucor Corp.		134,270
	1,581	Reliance Steel & Aluminum Co.		139,002
	1,158	Royal Gold, Inc.		102,830
	3,153	Southern Copper Corp. (Peru)		166,510

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	91

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Metals & Mining — continued
	3,644	Steel Dynamics, Inc.		163,288
	1,786	United States Steel Corp.		60,420

				1,159,266

		Mortgage Real Estate Investment Trusts (REITs) — 0.7%
	6,718	AGNC Investment Corp.		127,105
	10,850	Annaly Capital Management, Inc.		112,514
	3,829	Chimera Investment Corp.		66,969
	12,896	MFA Financial, Inc.		96,978
	5,543	Starwood Property Trust, Inc.		116,181
	6,745	Two Harbors Investment Corp.		102,929

				622,676

		Multiline Retail — 0.9%
	3,030	Dollar General Corp.		292,486
	2,111	Dollar Tree, Inc.*		202,424
	2,248	Kohl’s Corp.		139,646
	2,575	Macy’s, Inc.		80,005
	2,200	Nordstrom, Inc.		111,232

				825,793

		Multi-Utilities — 5.3%
	7,951	Ameren Corp.		466,088
	19,520	CenterPoint Energy, Inc.		494,441
	10,168	CMS Energy Corp.		479,828
	5,829	Consolidated Edison, Inc.		467,078
	4,272	DTE Energy Co.		450,269
	3,457	MDU Resources Group, Inc.		97,384
	18,177	NiSource, Inc.		443,337
	9,953	Public Service Enterprise Group, Inc.		519,049
	4,033	SCANA Corp.		148,293
	4,687	Sempra Energy		524,006
	5,571	Vectren Corp.		391,474
	8,525	WEC Energy Group, Inc.		547,987

				5,029,234

		Oil, Gas & Consumable Fuels — 3.0%
	1,270	Andeavor		175,667
	3,770	Apache Corp.		154,382
	3,454	Cheniere Energy, Inc.*		200,885
	7,036	CNX Resources Corp.*		104,555
	887	CONSOL Energy, Inc.*		27,896
	4,492	Devon Energy Corp.		163,194
	1,398	Diamondback Energy, Inc.*		179,573
	615	Energen Corp.*		40,246
	1,968	Hess Corp.		112,156
	2,633	HollyFrontier Corp.		159,797


SHARES		INVESTMENTS	VALUE($)

		Oil, Gas & Consumable Fuels — continued
	7,299	Laredo Petroleum, Inc.*		80,289
	5,451	Marathon Oil Corp.		99,481
	2,681	Marathon Petroleum Corp.		200,834
	2,873	Murphy Oil Corp.		86,506
	4,933	Newfield Exploration Co.*		147,003
	4,514	ONEOK, Inc.		271,833
	3,446	PBF Energy, Inc., Class A		132,085
	40	SM Energy Co.		958
	26,703	Southwestern Energy Co.*		109,482
	3,596	Targa Resources Corp.		168,904
	8,652	Williams Cos., Inc. (The)		222,616
	1,139	World Fuel Services Corp.		24,454

				2,862,796

		Paper & Forest Products — 0.1%
	2,796	Domtar Corp.		122,744

		Personal Products — 0.5%
	937	Coty, Inc., Class A		16,257
	26	Edgewell Personal Care Co.*		1,145
	2,018	Herbalife Nutrition Ltd.*		213,363
	2,931	Nu Skin Enterprises, Inc., Class A		208,541

				439,306

		Pharmaceuticals — 0.9%
	3,906	Akorn, Inc.*		56,363
	8,162	Mallinckrodt plc*		106,106
	2,327	Perrigo Co. plc		181,832
	6,618	Zoetis, Inc.		552,471

				896,772

		Professional Services — 0.5%
	268	Dun & Bradstreet Corp. (The)		30,903
	501	Equifax, Inc.		56,137
	1,011	ManpowerGroup, Inc.		96,773
	2,302	Robert Half International, Inc.		139,846
	2,258	TransUnion*		146,567

				470,226

		Real Estate Management & Development — 0.2%
	1,949	CBRE Group, Inc., Class A*		88,309
	450	Jones Lang LaSalle, Inc.		76,279
	2,413	Realogy Holdings Corp.		59,867

				224,455

		Road & Rail — 0.7%
	1,506	JB Hunt Transport Services, Inc.		176,849
	1,020	Kansas City Southern		108,763

SEE NOTES TO FINANCIAL STATEMENTS.



92	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Road & Rail — continued
	2,080	Landstar System, Inc.		211,432
	891	Old Dominion Freight Line, Inc.		119,269
	914	Ryder System, Inc.		61,631

				677,944

		Semiconductors & Semiconductor Equipment — 2.8%
	2,923	Analog Devices, Inc.		255,324
	12,460	Cypress Semiconductor Corp.		181,667
	1,625	First Solar, Inc.*		115,229
	2,086	KLA-Tencor Corp.		212,230
	897	Lam Research Corp.		165,999
	6,738	Marvell Technology Group Ltd. (Bermuda)		135,164
	4,295	Maxim Integrated Products, Inc.		234,077
	2,844	Microchip Technology, Inc.		237,929
	3,189	Microsemi Corp.*		206,296
	7,406	ON Semiconductor Corp.*		163,524
	2,550	Qorvo, Inc.*		171,870
	1,758	Skyworks Solutions, Inc.		152,524
	4,560	Teradyne, Inc.		148,428
	1,572	Versum Materials, Inc.		55,303
	3,065	Xilinx, Inc.		196,896

				2,632,460

		Software — 3.9%
	1,717	ANSYS, Inc.*		277,570
	6,484	CA, Inc.		225,643
	5,933	Cadence Design Systems, Inc.*		237,676
	4,477	CDK Global, Inc.		292,079
	3,303	Citrix Systems, Inc.*		339,912
	2,373	Dell Technologies, Inc., Class V*		170,310
	2,766	Manhattan Associates, Inc.*		119,104
	2,530	Nuance Communications, Inc.*		37,242
	3,556	PTC, Inc.*		292,837
	1,909	Red Hat, Inc.*		311,281
	6,341	SS&C Technologies Holdings, Inc.		314,831
	5,986	Symantec Corp.		166,351
	4,412	Synopsys, Inc.*		377,270
	1,705	Take-Two Interactive Software, Inc.*		170,006
	1,661	Tyler Technologies, Inc.*		363,626
	148	Ultimate Software Group, Inc. (The)*		35,508

				3,731,246

		Specialty Retail — 2.1%
	2,460	AutoNation, Inc.*		113,627
	7	AutoZone, Inc.*		4,372
	3,773	Bed Bath & Beyond, Inc.		65,877
	2,035	Best Buy Co., Inc.		155,738


SHARES		INVESTMENTS	VALUE($)

		Specialty Retail — continued
	164	Burlington Stores, Inc.*		22,279
	1,884	CarMax, Inc.*		117,750
	4,275	Dick’s Sporting Goods, Inc.		141,460
	2,257	Foot Locker, Inc.		97,232
	5,508	GameStop Corp., Class A		75,184
	4,421	Gap, Inc. (The)		129,270
	1,868	Murphy USA, Inc.*		116,881
	2,262	Penske Automotive Group, Inc.		102,016
	2,623	Ross Stores, Inc.		212,070
	1,044	Sally Beauty Holdings, Inc.*		18,051
	1,498	Signet Jewelers Ltd.		58,242
	2,119	Tiffany & Co.		217,897
	2,247	Tractor Supply Co.		152,796
	2,988	Williams-Sonoma, Inc.		142,826

				1,943,568

		Technology Hardware, Storage & Peripherals — 0.5%
	4,415	NCR Corp.*		135,850
	2,687	NetApp, Inc.		178,900
	1,479	Western Digital Corp.		116,530
	2,166	Xerox Corp.		68,121

				499,401

		Textiles, Apparel & Luxury Goods — 1.3%
	1,948	Carter’s, Inc.		195,423
	5,587	Hanesbrands, Inc.		103,192
	2,494	Michael Kors Holdings Ltd.*		170,640
	1,528	PVH Corp.		243,976
	4,316	Tapestry, Inc.		232,071
	1,537	Under Armour, Inc., Class C*		23,593
	3,645	VF Corp.		294,771

				1,263,666

		Trading Companies & Distributors — 0.7%
	1,834	Air Lease Corp.		76,459
	1,453	Fastenal Co.		72,636
	1,014	MSC Industrial Direct Co., Inc., Class A		87,650
	430	United Rentals, Inc.*		64,500
	914	Watsco, Inc.		153,022
	1,026	WESCO International, Inc.*		61,098
	355	WW Grainger, Inc.		99,879

				615,244

		Transportation Infrastructure — 0.1%
	1,642	Macquarie Infrastructure Corp.		62,232

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	93

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Water Utilities — 0.8%
	5,641	American Water Works Co., Inc.		488,398
	8,440	Aqua America, Inc.		296,666

				785,064

		Wireless Telecommunication Services — 0.2%
	4,173	Telephone & Data Systems, Inc.		114,048
	1,102	United States Cellular Corp.*		43,606

				157,654

		Total Common Stocks (Cost $87,098,947)		94,333,435

	Short-Term Investments — 0.4%
		Investment Companies — 0.4%
	403,004	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b)(c) (Cost $403,004)		403,004

		Total Investments — 100.0% (Cost $87,501,951)		94,736,439
		Liabilities in excess of other assets — 0.0% (a)		(1,962	)

		Net Assets — 100.0%	$	94,734,477

Percentages indicated are based on net assets.



*		— Non-income producing security.
(a)		— Represents less than 0.05% of net assets.
(b)		— Affiliated company as defined under the Investment Company Act of 1940.
(c)		— The rate shown was the current yield as of April 30, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



94	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 99.6%
		Aerospace & Defense — 1.0%
	1,263	AAR Corp.		54,688
	1,725	Aerojet Rocketdyne Holdings, Inc.*		48,197
	871	Aerovironment, Inc.*		47,469
	840	Cubic Corp.		51,870
	857	Curtiss-Wright Corp.		109,730
	537	Esterline Technologies Corp.*		38,583
	1,106	KLX, Inc.*		86,522
	1,869	Mercury Systems, Inc.*		59,958
	1,556	Moog, Inc., Class A*		127,545
	654	National Presto Industries, Inc.		62,621

				687,183

		Air Freight & Logistics — 0.2%
	775	Atlas Air Worldwide Holdings, Inc.*		49,135
	1,142	Forward Air Corp.		61,656
	1,284	Hub Group, Inc., Class A*		56,432

				167,223

		Airlines — 0.3%
	383	Allegiant Travel Co.		61,376
	1,384	Hawaiian Holdings, Inc.		57,021
	1,998	SkyWest, Inc.		113,686

				232,083

		Auto Components — 2.3%
	7,001	American Axle & Manufacturing Holdings, Inc.*		107,396
	3,925	Cooper Tire & Rubber Co.		95,966
	1,806	Cooper-Standard Holdings, Inc.*		223,583
	6,374	Dana, Inc.		151,255
	3,557	Dorman Products, Inc.*		228,573
	3,208	Fox Factory Holding Corp.*		106,666
	3,930	Gentherm, Inc.*		132,834
	3,467	LCI Industries		330,405
	1,669	Modine Manufacturing Co.*		28,707
	1,446	Stoneridge, Inc.*		38,073
	4,468	Superior Industries International, Inc.		58,754
	2,212	Tenneco, Inc.		98,854

				1,601,066

		Automobiles — 0.3%
	6,125	Winnebago Industries, Inc.		232,138

		Banks — 3.3%
	337	1st Source Corp.		17,524
	939	Ameris Bancorp		48,546
	1,652	AmeriServ Financial, Inc.		6,773
	718	BancFirst Corp.		41,034
	1,138	BancorpSouth Bank		37,611


SHARES		INVESTMENTS	VALUE($)
		Banks — continued
	1,158	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		54,947
	794	Banner Corp.		45,576
	2,288	Brookline Bancorp, Inc.		37,981
	250	Capital City Bank Group, Inc.		5,595
	956	Cathay General Bancorp		38,250
	207	Chemical Financial Corp.		11,362
	1,191	Community Bank System, Inc.		66,994
	812	Community Trust Bancorp, Inc.		38,976
	988	CVB Financial Corp.		21,884
	1,278	Farmers Capital Bank Corp.		64,092
	950	FCB Financial Holdings, Inc., Class A*		54,910
	90	First Busey Corp.		2,668
	837	First Financial Bancorp		25,905
	750	First Financial Bankshares, Inc.		37,162
	223	First Financial Corp.		9,533
	272	First Merchants Corp.		11,718
	971	First Midwest Bancorp, Inc.		23,605
	2,460	Fulton Financial Corp.		41,574
	943	Glacier Bancorp, Inc.		34,919
	1,363	Great Western Bancorp, Inc.		56,074
	898	Hancock Holding Co.		43,867
	2,009	Home BancShares, Inc.		46,689
	572	IBERIABANK Corp.		42,871
	1,060	Independent Bank Corp.		76,638
	6,062	Investors Bancorp, Inc.		81,049
	1,361	MB Financial, Inc.		58,006
	399	NBT Bancorp, Inc.		14,579
	833	OFG Bancorp (Puerto Rico)		11,246
	2,879	Old National Bancorp		49,519
	439	Renasant Corp.		19,856
	627	Republic Bancorp, Inc., Class A		26,441
	702	S&T Bancorp, Inc.		29,961
	262	Sandy Spring Bancorp, Inc.		10,383
	2,966	Sterling Bancorp		70,443
	1,650	Trustmark Corp.		51,662
	664	UMB Financial Corp.		50,849
	2,561	Umpqua Holdings Corp.		60,337
	2,090	United Community Banks, Inc.		66,734
	5,919	Valley National Bancorp		74,283
	8,480	Webster Financial Corp.		510,411
	562	WesBanco, Inc.		24,616
	642	Westamerica Bancorp		35,830
	617	Wintrust Financial Corp.		55,191

				2,346,674

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	95

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Beverages — 1.6%
	2,711	Boston Beer Co., Inc. (The), Class A*		607,671
	978	Coca-Cola Bottling Co. Consolidated		164,685
	1,853	MGP Ingredients, Inc.		177,499
	1,685	National Beverage Corp.		148,887

				1,098,742

		Biotechnology — 2.4%
	1,296	Acceleron Pharma, Inc.*		45,243
	4,775	Achillion Pharmaceuticals, Inc.*		18,002
	1,952	Acorda Therapeutics, Inc.*		45,091
	1,489	Aimmune Therapeutics, Inc.*		46,219
	657	AMAG Pharmaceuticals, Inc.*		13,501
	3,290	Amicus Therapeutics, Inc.*		46,554
	429	Arena Pharmaceuticals, Inc.*		17,091
	4,312	Array BioPharma, Inc.*		58,471
	444	Avexis, Inc.*		94,421
	285	Bluebird Bio, Inc.*		48,493
	706	Blueprint Medicines Corp.*		54,164
	999	Chimerix, Inc.*		4,575
	924	Dynavax Technologies Corp.*		15,662
	781	Eagle Pharmaceuticals, Inc.*		40,620
	1,637	Emergent BioSolutions, Inc.*		84,895
	1,230	Enanta Pharmaceuticals, Inc.*		114,452
	839	Exact Sciences Corp.*		41,958
	833	Five Prime Therapeutics, Inc.*		13,953
	898	Foundation Medicine, Inc.*		68,562
	934	Genomic Health, Inc.*		29,636
	2,281	Halozyme Therapeutics, Inc.*		43,179
	1,363	ImmunoGen, Inc.*		14,979
	4,713	Inovio Pharmaceuticals, Inc.*		20,690
	1,433	Insys Therapeutics, Inc.*		10,045
	2,841	Keryx Biopharmaceuticals, Inc.*		12,586
	2,958	Lexicon Pharmaceuticals, Inc.*		24,404
	421	Ligand Pharmaceuticals, Inc.*		65,192
	372	Merrimack Pharmaceuticals, Inc.		3,155
	4,324	MiMedx Group, Inc.*		35,500
	2,005	Momenta Pharmaceuticals, Inc.*		41,704
	1,951	Myriad Genetics, Inc.*		55,194
	1,093	NewLink Genetics Corp.*		4,984
	3,259	Novavax, Inc.*		5,084
	10,277	PDL BioPharma, Inc.*		30,009
	2,213	Repligen Corp.*		81,881
	2,433	Retrophin, Inc.*		61,068
	163	Sage Therapeutics, Inc.*		23,459
	1,183	Sangamo Therapeutics, Inc.*		18,691
	901	Sarepta Therapeutics, Inc.*		68,800


SHARES		INVESTMENTS	VALUE($)

		Biotechnology — continued
	897	Spark Therapeutics, Inc.*		68,459
	2,207	Spectrum Pharmaceuticals, Inc.*		35,135
	3,124	Vanda Pharmaceuticals, Inc.*		43,580

				1,669,341

		Building Products — 1.1%
	1,661	Advanced Drainage Systems, Inc.		41,857
	1,303	American Woodmark Corp.*		107,107
	1,797	Apogee Enterprises, Inc.		73,875
	2,564	Builders FirstSource, Inc.*		46,742
	968	Gibraltar Industries, Inc.*		34,025
	2,309	Griffon Corp.		45,949
	1,619	JELD-WEN Holding, Inc.*		45,510
	807	Masonite International Corp.*		48,985
	282	NCI Building Systems, Inc.*		4,935
	1,013	Patrick Industries, Inc.*		57,640
	1,980	Quanex Building Products Corp.		33,957
	1,430	Simpson Manufacturing Co., Inc.		78,192
	680	Trex Co., Inc.*		70,638
	3,338	Universal Forest Products, Inc.		106,415

				795,827

		Capital Markets — 0.1%
	411	Evercore, Inc., Class A		41,614
	283	Financial Engines, Inc.		12,636

				54,250

		Chemicals — 3.8%
	4,544	A Schulman, Inc.		194,938
	1,633	AdvanSix, Inc.*		58,494
	1,292	American Vanguard Corp.		27,843
	1,882	Balchem Corp.		166,068
	6,294	Ferro Corp.*		138,531
	129	Flotek Industries, Inc.*		460
	2,389	GCP Applied Technologies, Inc.*		68,445
	4,022	HB Fuller Co.		198,968
	1,728	Ingevity Corp.*		132,762
	1,200	Innophos Holdings, Inc.		49,656
	1,962	Innospec, Inc.		142,637
	991	Koppers Holdings, Inc.*		43,406
	2,962	Kraton Corp.*		135,274
	2,044	Kronos Worldwide, Inc.		47,094
	1,268	LSB Industries, Inc.*		7,012
	5,600	Minerals Technologies, Inc.		386,680
	2,895	PolyOne Corp.		121,156
	3,604	Rayonier Advanced Materials, Inc.		77,126
	5,311	Sensient Technologies Corp.		353,978

SEE NOTES TO FINANCIAL STATEMENTS.



96	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Chemicals — continued
	1,429	Stepan Co.		100,487
	1,420	Tredegar Corp.		24,992
	1,777	Trinseo SA		129,632
	2,866	Tronox Ltd., Class A		49,238

				2,654,877

		Commercial Services & Supplies — 3.7%
	1,931	ABM Industries, Inc.		60,112
	13,803	ACCO Brands Corp.		166,326
	1,018	Brady Corp., Class A		37,055
	899	Brink’s Co. (The)		66,346
	613	CompX International, Inc.		8,429
	919	Deluxe Corp.		62,988
	1,089	Essendant, Inc.		8,102
	5,992	Healthcare Services Group, Inc.		231,471
	6,218	Herman Miller, Inc.		190,893
	4,569	HNI Corp.		152,559
	14,491	Interface, Inc.		318,802
	2,052	Kimball International, Inc., Class B		33,899
	6,380	Knoll, Inc.		121,667
	1,696	Matthews International Corp., Class A		83,358
	1,111	McGrath RentCorp		65,471
	283	Mobile Mini, Inc.		11,886
	954	MSA Safety, Inc.		82,845
	699	Multi-Color Corp.		45,400
	8,755	Rollins, Inc.		424,793
	9,055	Steelcase, Inc., Class A		119,979
	817	Team, Inc.*		13,848
	1,907	Tetra Tech, Inc.		92,299
	890	UniFirst Corp.		142,934
	838	Viad Corp.		42,529
	1,495	Virco Manufacturing Corp.		6,279

				2,590,270

		Communications Equipment — 1.5%
	1,241	Acacia Communications, Inc.*		34,934
	4,743	ADTRAN, Inc.		69,485
	879	Applied Optoelectronics, Inc.*		28,093
	1,760	CalAmp Corp.*		34,760
	2,322	Ciena Corp.*		59,792
	2,170	Comtech Telecommunications Corp.		66,380
	5,074	Extreme Networks, Inc.*		54,292
	1,966	Finisar Corp.*		30,630
	3,609	Harmonic, Inc.*		13,173
	2,360	Infinera Corp.*		27,659
	9,177	Inseego Corp.*		19,639
	1,073	InterDigital, Inc.		79,885


SHARES		INVESTMENTS	VALUE($)

		Communications Equipment — continued
	759	Lumentum Holdings, Inc.*		38,292
	1,069	NETGEAR, Inc.*		59,116
	1,562	NetScout Systems, Inc.*		42,408
	5,360	Oclaro, Inc.*		42,451
	1,392	Plantronics, Inc.		90,689
	1,031	Ribbon Communications, Inc.*		6,000
	1,093	Ubiquiti Networks, Inc.*		77,887
	1,380	ViaSat, Inc.*		88,292
	11,667	Viavi Solutions, Inc.*		110,253

				1,074,110

		Construction & Engineering — 0.6%
	1,493	Aegion Corp.*		33,876
	722	Argan, Inc.		28,880
	2,144	Comfort Systems USA, Inc.		90,477
	655	Dycom Industries, Inc.*		68,028
	1,074	EMCOR Group, Inc.		79,036
	526	Granite Construction, Inc.		27,552
	1,402	MasTec, Inc.*		61,688
	1,433	Tutor Perini Corp.*		29,591

				419,128

		Construction Materials — 0.1%
	1,958	Summit Materials, Inc., Class A*		55,098
	729	US Concrete, Inc.*		42,610

				97,708

		Consumer Finance — 0.2%
	1,048	Encore Capital Group, Inc.*		46,741
	851	EZCORP, Inc., Class A*		11,659
	723	FirstCash, Inc.		62,684
	699	PRA Group, Inc.*		24,884
	307	World Acceptance Corp.*		31,468

				177,436

		Containers & Packaging — 0.2%
	1,342	Greif, Inc., Class A		78,534
	1,331	Myers Industries, Inc.		31,012

				109,546

		Distributors — 0.7%
	1,326	Core-Mark Holding Co., Inc.		27,329
	3,189	Pool Corp.		442,665

				469,994

		Diversified Consumer Services — 1.0%
	2,222	Adtalem Global Education, Inc.*		105,767
	1,814	American Public Education, Inc.*		73,104
	2,059	Bridgepoint Education, Inc.*		12,025

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	97

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Diversified Consumer Services — continued
	1,157	Carriage Services, Inc.		30,117
	3,576	Chegg, Inc.*		82,999
	1,332	Grand Canyon Education, Inc.*		138,515
	473	Houghton Mifflin Harcourt Co.*		3,216
	252	K12, Inc.*		3,856
	2,899	Regis Corp.*		45,282
	1,224	Sotheby’s*		64,627
	490	Strayer Education, Inc.		51,484
	2,610	Universal Technical Institute, Inc.*		8,169
	977	Weight Watchers International, Inc.*		68,439

				687,600

		Diversified Telecommunication Services — 1.5%
	5,660	Alaska Communications Systems Group, Inc.*		8,320
	2,426	Cogent Communications Holdings, Inc.		114,386
	4,215	IDT Corp., Class B		22,845
	28,980	Iridium Communications, Inc.*		344,862
	44,577	Vonage Holdings Corp.*		498,371
	40,276	Windstream Holdings, Inc.		62,428

				1,051,212

		Electric Utilities — 3.5%
	5,784	ALLETE, Inc.		441,955
	7,374	El Paso Electric Co.		376,443
	4,658	IDACORP, Inc.		433,194
	2,659	MGE Energy, Inc.		154,355
	4,180	Otter Tail Corp.		183,293
	9,775	PNM Resources, Inc.		387,579
	8,967	Portland General Electric Co.		380,918
	7,775	Spark Energy, Inc., Class A		96,799

				2,454,536

		Electrical Equipment — 0.4%
	1,607	AZZ, Inc.		71,592
	1,168	Encore Wire Corp.		61,495
	895	EnerSys		61,361
	833	Generac Holdings, Inc.*		37,493
	2,728	LSI Industries, Inc.		16,723
	605	Vicor Corp.*		21,689

				270,353

		Electronic Equipment, Instruments & Components — 1.8%
	772	Anixter International, Inc.*		45,471
	1,672	Badger Meter, Inc.		70,976
	748	Belden, Inc.		46,077
	1,085	Benchmark Electronics, Inc.		28,535
	463	CTS Corp.		13,867
	2,491	Daktronics, Inc.		22,444


SHARES		INVESTMENTS	VALUE($)

		Electronic Equipment, Instruments & Components — continued
	1,337	Fabrinet (Thailand)*		37,717
	799	II-VI, Inc.*		30,442
	2,770	Insight Enterprises, Inc.*		98,197
	1,305	Itron, Inc.*		85,347
	290	Littelfuse, Inc.		54,207
	1,099	Methode Electronics, Inc.		43,850
	2,001	MTS Systems Corp.		101,651
	850	Novanta, Inc.*		49,980
	1,450	Park Electrochemical Corp.		24,694
	1,371	PC Connection, Inc.		36,592
	497	PCM, Inc.*		6,436
	1,284	Plexus Corp.*		70,415
	338	Rogers Corp.*		36,065
	1,480	Sanmina Corp.*		43,660
	1,308	ScanSource, Inc.*		44,864
	878	SYNNEX Corp.		87,949
	740	Systemax, Inc.		23,258
	813	Tech Data Corp.*		61,991
	1,992	TTM Technologies, Inc.*		27,768
	4,636	Vishay Intertechnology, Inc.		81,825

				1,274,278

		Energy Equipment & Services — 1.3%
	3,027	Archrock, Inc.		32,692
	1,873	Bristow Group, Inc.		30,062
	2,976	C&J Energy Services, Inc.*		88,863
	1,629	CARBO Ceramics, Inc.*		14,400
	5,299	Diamond Offshore Drilling, Inc.*		97,449
	12,922	Ensco plc, Class A		73,009
	2,465	Forum Energy Technologies, Inc.*		31,059
	596	Geospace Technologies Corp.*		6,282
	1,378	Gulf Island Fabrication, Inc.		13,780
	2,786	Helix Energy Solutions Group, Inc.*		21,508
	1,971	Matrix Service Co.*		30,353
	10,164	McDermott International, Inc.*		67,082
	3,925	Newpark Resources, Inc.*		41,212
	15,215	Noble Corp. plc*		71,054
	1,333	Oil States International, Inc.*		47,921
	3,732	Parker Drilling Co.*		2,353
	5,079	Pioneer Energy Services Corp.*		17,523
	2,439	SEACOR Holdings, Inc.*		133,755
	3,446	TETRA Technologies, Inc.*		13,543
	2,877	Unit Corp.*		65,250
	1,199	US Silica Holdings, Inc.		36,102

				935,252

SEE NOTES TO FINANCIAL STATEMENTS.



98	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Equity Real Estate Investment Trusts (REITs) — 1.8%
	250	Acadia Realty Trust		5,900
	922	Agree Realty Corp.		45,067
	1,804	American Assets Trust, Inc.		60,560
	2,170	CareTrust REIT, Inc.		28,666
	285	Chesapeake Lodging Trust		8,419
	3,785	Cousins Properties, Inc.		33,649
	2,082	DiamondRock Hospitality Co.		23,006
	519	EastGroup Properties, Inc.		46,596
	2,290	First Industrial Realty Trust, Inc.		71,242
	2,169	Four Corners Property Trust, Inc.		49,150
	2,436	Franklin Street Properties Corp.		18,952
	1,586	GEO Group, Inc. (The)		35,685
	1,382	Government Properties Income Trust		17,261
	228	Healthcare Realty Trust, Inc.		6,345
	222	Kite Realty Group Trust		3,268
	1,219	Lexington Realty Trust		9,801
	2,899	LTC Properties, Inc.		104,799
	571	Mack-Cali Realty Corp.		9,804
	806	National Health Investors, Inc.		55,026
	1,111	Pennsylvania REIT		10,754
	884	PotlatchDeltic Corp.		45,835
	659	PS Business Parks, Inc.		75,970
	2,251	Ramco-Gershenson Properties Trust		26,899
	294	Retail Opportunity Investments Corp.		5,057
	2,154	Rexford Industrial Realty, Inc.		65,805
	1,185	Ryman Hospitality Properties, Inc.		92,880
	1,815	Sabra Health Care REIT, Inc.		33,233
	637	Saul Centers, Inc.		30,480
	1,552	Select Income REIT		29,426
	1,844	STAG Industrial, Inc.		45,307
	2,528	Summit Hotel Properties, Inc.		36,605
	1,352	Sunstone Hotel Investors, Inc.		21,091
	1,174	Terreno Realty Corp.		43,614
	201	Urban Edge Properties		4,135
	1,546	Washington REIT		44,401
	2,064	Xenia Hotels & Resorts, Inc.		42,498

				1,287,186

		Food & Staples Retailing — 0.6%
	4,186	Andersons, Inc. (The)		136,673
	958	Ingles Markets, Inc., Class A		32,811
	2,034	Performance Food Group Co.*		66,003
	902	PriceSmart, Inc.		79,015
	3,977	SpartanNash Co.		72,302
	1,430	United Natural Foods, Inc.*		64,379

				451,183


SHARES		INVESTMENTS	VALUE($)

		Food Products — 3.2%
	4,537	B&G Foods, Inc.		103,217
	1,862	Calavo Growers, Inc.		174,469
	3,365	Cal-Maine Foods, Inc.*		163,876
	9,075	Darling Ingredients, Inc.*		155,546
	8,741	Dean Foods Co.		75,260
	366	Farmer Brothers Co.*		10,376
	8,392	Fresh Del Monte Produce, Inc.		412,467
	10,857	Hostess Brands, Inc.*		152,541
	2,022	J&J Snack Foods Corp.		277,843
	3,060	Lancaster Colony Corp.		384,305
	1,470	Sanderson Farms, Inc.		163,405
	20	Seaboard Corp.		80,141
	4,049	Tootsie Roll Industries, Inc.		115,599

				2,269,045

		Gas Utilities — 3.8%
	9,495	New Jersey Resources Corp.		392,618
	4,100	Northwest Natural Gas Co.		251,330
	5,884	ONE Gas, Inc.		410,232
	12,271	South Jersey Industries, Inc.		379,174
	5,025	Southwest Gas Holdings, Inc.		366,775
	5,660	Spire, Inc.		408,369
	5,147	WGL Holdings, Inc.		438,010

				2,646,508

		Health Care Equipment & Supplies — 5.9%
	1,646	Abaxis, Inc.		109,574
	4,666	Accuray, Inc.*		23,330
	1,193	Analogic Corp.		99,138
	1,162	Anika Therapeutics, Inc.*		51,140
	1,404	Cantel Medical Corp.		157,346
	2,985	CONMED Corp.		194,115
	1,428	Glaukos Corp.*		48,095
	2,288	Globus Medical, Inc., Class A*		117,123
	3,294	Haemonetics Corp.*		257,064
	2,179	Halyard Health, Inc.*		103,219
	1,847	ICU Medical, Inc.*		464,890
	820	Inogen, Inc.*		115,276
	1,365	Insulet Corp.*		117,390
	1,850	Integer Holdings Corp.*		101,565
	2,036	Integra LifeSciences Holdings Corp.*		125,479
	5,172	Invacare Corp.		94,130
	1,154	iRhythm Technologies, Inc.*		67,105
	1,611	LivaNova plc*		143,025
	1,100	Masimo Corp.*		98,703
	3,380	Meridian Bioscience, Inc.		49,348
	3,265	Merit Medical Systems, Inc.*		158,352

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	99

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Health Care Equipment & Supplies — continued
	4,038	Natus Medical, Inc.*		133,456
	2,210	Neogen Corp.*		150,612
	1,558	NuVasive, Inc.*		82,901
	1,550	NxStage Medical, Inc.*		41,261
	3,450	OraSure Technologies, Inc.*		61,168
	1,049	Orthofix International NV*		64,010
	754	Penumbra, Inc.*		93,760
	3,119	Quidel Corp.*		176,847
	2,272	Surmodics, Inc.*		84,859
	2,048	Varex Imaging Corp.*		73,708
	5,276	West Pharmaceutical Services, Inc.		465,396
	2,617	Wright Medical Group NV*		51,319

				4,174,704

		Health Care Providers & Services — 1.8%
	750	Amedisys, Inc.*		49,568
	1,367	AMN Healthcare Services, Inc.*		91,384
	1,116	BioScrip, Inc.*		2,935
	705	BioTelemetry, Inc.*		26,931
	794	Chemed Corp.		244,727
	1,255	Diplomat Pharmacy, Inc.*		27,346
	2,505	Encompass Health Corp.		152,354
	2,635	Genesis Healthcare, Inc.*		4,005
	3,097	Kindred Healthcare, Inc.*		27,563
	2,147	LHC Group, Inc.*		159,779
	1,820	Magellan Health, Inc.*		152,607
	866	Molina Healthcare, Inc.*		72,095
	3,485	Owens & Minor, Inc.		56,631
	3,453	Select Medical Holdings Corp.*		62,327
	4,454	Tivity Health, Inc.*		160,121

				1,290,373

		Health Care Technology — 0.7%
	5,907	Allscripts Healthcare Solutions, Inc.*		68,639
	908	Computer Programs & Systems, Inc.		27,104
	2,451	HMS Holdings Corp.*		44,142
	1,264	Medidata Solutions, Inc.*		90,199
	4,730	Omnicell, Inc.*		203,863
	1,613	Quality Systems, Inc.*		21,663
	1,589	Teladoc, Inc.*		68,327

				523,937

		Hotels, Restaurants & Leisure — 3.9%
	4,621	Belmond Ltd., Class A (United Kingdom)*		49,445
	65	Biglari Holdings, Inc.*		22,247
	1,406	BJ’s Restaurants, Inc.		78,525
	2,955	Bloomin’ Brands, Inc.		69,915


SHARES		INVESTMENTS	VALUE($)

		Hotels, Restaurants & Leisure — continued
	3,109	Boyd Gaming Corp.		103,250
	4,288	Caesars Entertainment Corp.*		48,669
	2,543	Cheesecake Factory, Inc. (The)		132,109
	487	Churchill Downs, Inc.		133,730
	1,272	Chuy’s Holdings, Inc.*		36,379
	719	Cracker Barrel Old Country Store, Inc.		118,340
	1,264	Dave & Buster’s Entertainment, Inc.*		53,707
	2,299	Dine Brands Global, Inc.		182,403
	3,206	Dover Motorsports, Inc.		6,572
	3,574	El Pollo Loco Holdings, Inc.*		35,740
	2,365	Eldorado Resorts, Inc.*		95,783
	994	Fiesta Restaurant Group, Inc.*		20,874
	4,425	ILG, Inc.		151,025
	847	Jack in the Box, Inc.		75,976
	4,998	La Quinta Holdings, Inc.*		97,661
	2,404	Luby’s, Inc.*		6,202
	1,064	Marriott Vacations Worldwide Corp.		130,457
	1,432	Noodles & Co.*		10,382
	2,978	Papa John’s International, Inc.		184,636
	3,581	Penn National Gaming, Inc.*		108,540
	2,123	Pinnacle Entertainment, Inc.*		68,191
	2,210	Planet Fitness, Inc., Class A*		89,041
	3,048	Red Robin Gourmet Burgers, Inc.*		190,043
	2,663	Red Rock Resorts, Inc., Class A		80,396
	2,066	Ruth’s Hospitality Group, Inc.		55,472
	1,615	Scientific Games Corp., Class A*		86,080
	2,314	Texas Roadhouse, Inc.		148,281
	1,713	Wingstop, Inc.		83,697

				2,753,768

		Household Durables — 4.3%
	1,693	Bassett Furniture Industries, Inc.		49,182
	8,445	Beazer Homes USA, Inc.*		123,973
	7,844	Ethan Allen Interiors, Inc.		172,960
	2,388	Hamilton Beach Brands Holding Co., Class A		53,133
	3,638	Helen of Troy Ltd.*		324,328
	854	Installed Building Products, Inc.*		49,276
	1,507	iRobot Corp.*		87,948
	6,103	KB Home		162,035
	8,121	La-Z-Boy, Inc.		233,885
	3,411	LGI Homes, Inc.*		236,041
	6,326	M/I Homes, Inc.*		192,816
	8,171	MDC Holdings, Inc.		237,041
	4,051	Meritage Homes Corp.*		180,269
	2,536	Skyline Corp.*		64,364
	7,020	Taylor Morrison Home Corp., Class A*		166,795

SEE NOTES TO FINANCIAL STATEMENTS.



100	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Household Durables — continued
	1,587	TopBuild Corp.*		126,484
	11,622	TRI Pointe Group, Inc.*		198,852
	2,400	Universal Electronics, Inc.*		111,120
	4,755	William Lyon Homes, Class A*		127,719
	13,264	ZAGG, Inc.*		148,557

				3,046,778

		Household Products — 0.9%
	3,149	Central Garden & Pet Co.*		118,056
	5,775	Central Garden & Pet Co., Class A*		205,013
	552	HRG Group, Inc.*		6,204
	2,277	WD-40 Co.		300,336

				629,609

		Independent Power and Renewable Electricity Producers — 1.2%
	1,273	Atlantica Yield plc (Spain)		25,574
	1,778	NRG Yield, Inc., Class A		31,310
	5,721	Ormat Technologies, Inc.		331,246
	5,420	Pattern Energy Group, Inc., Class A		98,536
	9,484	TerraForm Power, Inc., Class A		105,747
	11,119	Vistra Energy Corp.*		254,069

				846,482

		Insurance — 1.2%
	224	Baldwin & Lyons, Inc., Class B		5,219
	2,469	CNO Financial Group, Inc.		52,935
	297	Crawford & Co., Class B		2,382
	1,369	Employers Holdings, Inc.		55,992
	669	FBL Financial Group, Inc., Class A		52,015
	1,102	Horace Mann Educators Corp.		49,259
	927	Infinity Property & Casualty Corp.		122,364
	93	National Western Life Group, Inc., Class A		29,519
	1,235	Navigators Group, Inc. (The)		69,778
	372	Primerica, Inc.		35,991
	845	RLI Corp.		53,472
	624	Safety Insurance Group, Inc.		49,920
	2,629	Selective Insurance Group, Inc.		155,637
	1,201	State Auto Financial Corp.		37,507
	976	Stewart Information Services Corp.		40,709

				812,699

		Internet & Direct Marketing Retail — 0.5%
	1,358	Lands’ End, Inc.*		26,278
	8,155	Nutrisystem, Inc.		236,495
	1,250	PetMed Express, Inc.		41,825
	172	Shutterfly, Inc.*		13,918

				318,516


SHARES		INVESTMENTS	VALUE($)

		Internet Software & Services — 1.7%
	1,149	2U, Inc.*		92,483
	1,199	Alarm.com Holdings, Inc.*		48,416
	1,736	Blucora, Inc.*		45,136
	3,422	Cars.com, Inc.*		97,459
	1,168	Envestnet, Inc.*		63,422
	2,583	Etsy, Inc.*		77,335
	2,220	Five9, Inc.*		65,201
	4,417	Gogo, Inc.*		41,608
	656	GrubHub, Inc.*		66,348
	2,927	Hortonworks, Inc.*		49,554
	1,176	j2 Global, Inc.		93,351
	765	Liquidity Services, Inc.*		4,934
	3,314	LivePerson, Inc.*		55,675
	9,800	Meet Group, Inc. (The)*		23,324
	1,195	New Relic, Inc.*		83,519
	1,963	Shutterstock, Inc.*		82,721
	331	Stamps.com, Inc.*		75,385
	817	Trade Desk, Inc. (The), Class A*		41,806
	283	Travelzoo*		3,240
	3,518	Web.com Group, Inc.*		65,435
	2,659	XO Group, Inc.*		57,647

				1,233,999

		IT Services — 2.2%
	3,499	Acxiom Corp.*		90,904
	916	CACI International, Inc., Class A*		138,362
	1,279	Cardtronics plc, Class A*		33,574
	1,392	Computer Task Group, Inc.*		10,676
	3,130	Convergys Corp.		73,117
	2,256	CSG Systems International, Inc.		96,534
	702	EPAM Systems, Inc.*		80,274
	2,142	EVERTEC, Inc. (Puerto Rico)		39,091
	859	ExlService Holdings, Inc.*		49,659
	552	ManTech International Corp., Class A		32,618
	6,820	MAXIMUS, Inc.		461,236
	1,930	Perficient, Inc.*		47,729
	1,375	Science Applications International Corp.		117,961
	689	Sykes Enterprises, Inc.*		19,816
	1,910	Syntel, Inc.*		55,161
	1,752	TTEC Holdings, Inc.s		56,064
	5,200	Travelport Worldwide Ltd.		89,128
	1,654	Unisys Corp.*		18,525
	1,453	Virtusa Corp.*		69,947

				1,580,376

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	101

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Leisure Products — 0.7%
	1,598	American Outdoor Brands Corp.*		17,578
	17,697	Callaway Golf Co.		305,450
	8,342	JAKKS Pacific, Inc.*		19,604
	9,585	Nautilus, Inc.*		139,462
	477	Sturm Ruger & Co., Inc.		26,354

				508,448

		Life Sciences Tools & Services — 0.4%
	1,832	Cambrex Corp.*		97,004
	872	Fluidigm Corp.*		5,145
	3,967	Luminex Corp.		84,696
	1,078	PRA Health Sciences, Inc.*		88,579
	1,104	Syneos Health, Inc.*		42,062

				317,486

		Machinery — 3.0%
	1,246	Actuant Corp., Class A		29,343
	1,555	Albany International Corp., Class A		91,978
	521	Astec Industries, Inc.		28,947
	1,098	Barnes Group, Inc.		60,972
	11,343	Briggs & Stratton Corp.		204,514
	2,283	Chart Industries, Inc.*		129,537
	650	CIRCOR International, Inc.		27,540
	3,077	Columbus McKinnon Corp.		110,403
	1,045	EnPro Industries, Inc.		78,532
	719	ESCO Technologies, Inc.		40,156
	1,487	Federal Signal Corp.		32,208
	1,385	Franklin Electric Co., Inc.		56,785
	646	Greenbrier Cos., Inc. (The)		28,327
	3,831	Hillenbrand, Inc.		177,567
	784	John Bean Technologies Corp.		84,476
	1,235	Kennametal, Inc.		45,016
	369	LB Foster Co., Class A*		8,690
	310	Lindsay Corp.		27,237
	791	LS Starrett Co. (The), Class A		4,825
	776	Manitowoc Co., Inc. (The)*		19,128
	1,492	Meritor, Inc.*		29,049
	2,181	Mueller Industries, Inc.		59,280
	4,795	Mueller Water Products, Inc., Class A		46,943
	571	Proto Labs, Inc.*		68,035
	907	RBC Bearings, Inc.*		105,557
	2,266	Rexnord Corp.*		62,338
	506	Standex International Corp.		49,057
	893	Tennant Co.		66,082
	6,780	Titan International, Inc.		69,834
	1,451	TriMas Corp.*		39,322
	3,024	Wabash National Corp.		60,661
	1,136	Watts Water Technologies, Inc., Class A		84,632
	849	Woodward, Inc.		61,077

				2,088,048


SHARES		INVESTMENTS	VALUE($)

		Marine — 0.0% (a)
	1,107	Matson, Inc.		32,358

		Media — 1.4%
	1,813	AMC Entertainment Holdings, Inc., Class A		31,637
	4,622	Entercom Communications Corp., Class A		46,913
	2,280	EW Scripps Co. (The), Class A		25,376
	5,704	Gannett Co., Inc.		55,158
	3,566	Gray Television, Inc.*		40,296
	3,280	Liberty Media Corp.-Liberty Formula One, Class A*		92,201
	1,249	Loral Space & Communications, Inc.*		48,523
	761	Marcus Corp. (The)		22,678
	2,067	MDC Partners, Inc., Class A*		15,606
	1,551	Meredith Corp.		80,342
	2,310	MSG Networks, Inc., Class A*		47,355
	5,744	New York Times Co. (The), Class A		134,697
	1,267	Nexstar Media Group, Inc., Class A		78,871
	1,961	Scholastic Corp.		81,185
	1,688	Sinclair Broadcast Group, Inc., Class A		47,855
	4,022	World Wrestling Entertainment, Inc., Class A		160,035

				1,008,728

		Metals & Mining — 1.7%
	5,508	AK Steel Holding Corp.*		25,282
	3,281	Allegheny Technologies, Inc.*		87,176
	1,925	Carpenter Technology Corp.		102,526
	3,185	Century Aluminum Co.*		55,642
	9,051	Coeur Mining, Inc.*		68,516
	5,027	Commercial Metals Co.		105,617
	2,664	Compass Minerals International, Inc.		179,287
	1,640	Haynes International, Inc.		68,569
	15,319	Hecla Mining Co.		58,672
	1,958	Kaiser Aluminum Corp.		192,941
	854	Materion Corp.		43,341
	932	Olympic Steel, Inc.		21,855
	4,300	SunCoke Energy, Inc.*		49,407
	2,872	Warrior Met Coal, Inc.		66,774
	2,225	Worthington Industries, Inc.		99,079

				1,224,684

		Mortgage Real Estate Investment Trusts (REITs) — 0.5%
	1,369	AG Mortgage Investment Trust, Inc.		24,204
	2,443	ARMOUR Residential REIT, Inc.		55,285
	8,465	Capstead Mortgage Corp.		74,492
	8,021	CYS Investments, Inc.		57,510
	3,194	Ladder Capital Corp.		44,397
	6,567	New York Mortgage Trust, Inc.		39,796
	2,341	Redwood Trust, Inc.		35,911
	3,241	Western Asset Mortgage Capital Corp.		32,248

				363,843

SEE NOTES TO FINANCIAL STATEMENTS.



102	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Multiline Retail — 0.4%
	1,702	Big Lots, Inc.		72,250
	711	Dillard’s, Inc., Class A		53,005
	4,397	Fred’s, Inc., Class A		10,531
	2,115	Ollie’s Bargain Outlet Holdings, Inc.*		131,553

				267,339

		Multi-Utilities — 1.8%
	8,064	Avista Corp.		418,199
	8,666	Black Hills Corp.		491,189
	6,246	NorthWestern Corp.		343,155

				1,252,543

		Oil, Gas & Consumable Fuels — 2.0%
	8,447	Abraxas Petroleum Corp.*		24,159
	1,173	Arch Coal, Inc., Class A		94,814
	4,468	Callon Petroleum Co.*		62,150
	1,390	Contango Oil & Gas Co.*		5,185
	3,203	CVR Energy, Inc.		110,504
	3,544	Delek US Energy, Inc.		167,879
	5,986	DHT Holdings, Inc.		21,729
	924	Frontline Ltd. (Norway)		4,001
	1,812	GasLog Ltd. (Monaco)		30,532
	2,735	Golar LNG Ltd. (Bermuda)		87,930
	4,882	Green Plains, Inc.		90,805
	6,798	Halcon Resources Corp.*		36,505
	3,468	Matador Resources Co.*		113,542
	925	NACCO Industries, Inc., Class A		34,086
	858	Nordic American Tankers Ltd.		1,613
	2,526	Oasis Petroleum, Inc.*		27,862
	3,780	Pacific Ethanol, Inc.*		13,230
	1,567	Resolute Energy Corp.*		52,322
	1,371	REX American Resources Corp.*		102,524
	2,359	Sanchez Energy Corp.*		7,242
	3,946	Scorpio Tankers, Inc. (Monaco)		10,496
	3,572	SemGroup Corp., Class A		89,836
	5,248	Ship Finance International Ltd. (Norway)		74,784
	10,283	SRC Energy, Inc.*		113,524
	8,055	Teekay Tankers Ltd., Class A (Bermuda)		9,263
	6,777	Ultra Petroleum Corp.*		16,400
	5,494	W&T Offshore, Inc.*		33,514

				1,436,431

		Paper & Forest Products — 0.8%
	1,610	Boise Cascade Co.		66,976
	1,396	Clearwater Paper Corp.*		33,015
	3,009	KapStone Paper and Packaging Corp.		103,570
	2,482	Louisiana-Pacific Corp.		70,315
	5,321	PH Glatfelter Co.		111,156


SHARES		INVESTMENTS	VALUE($)

		Paper & Forest Products — continued
	4,915	Schweitzer-Mauduit International, Inc.		191,832

				576,864

		Personal Products — 1.2%
	3,313	Medifast, Inc.		332,559
	469	Nature’s Sunshine Products, Inc.		4,338
	4,503	USANA Health Sciences, Inc.*		475,292

				812,189

		Pharmaceuticals — 1.0%
	807	Aerie Pharmaceuticals, Inc.*		41,318
	768	ANI Pharmaceuticals, Inc.*		45,581
	2,268	Catalent, Inc.*		93,237
	2,863	Corcept Therapeutics, Inc.*		47,755
	1,284	Depomed, Inc.*		8,064
	1,513	Impax Laboratories, Inc.*		28,444
	4,253	Innoviva, Inc.*		61,668
	1,239	Intersect ENT, Inc.*		49,498
	1,127	Lannett Co., Inc.*		17,581
	1,114	Medicines Co. (The)*		33,520
	246	Melinta Therapeutics, Inc.*		1,673
	769	Nektar Therapeutics*		64,335
	462	Pacira Pharmaceuticals, Inc.*		15,292
	1,455	Paratek Pharmaceuticals, Inc.*		15,569
	2,436	Prestige Brands Holdings, Inc.*		71,716
	1,103	Supernus Pharmaceuticals, Inc.*		51,731
	1,426	Theravance Biopharma, Inc. (Cayman Islands)*		34,324

				681,306

		Professional Services — 1.0%
	524	Acacia Research Corp.*		1,913
	1,147	ASGN, Inc.*		92,483
	1,036	CRA International, Inc.		58,503
	2,936	Forrester Research, Inc.		116,853
	173	FTI Consulting, Inc.*		10,103
	510	Heidrick & Struggles International, Inc.		19,202
	623	Huron Consulting Group, Inc.*		23,331
	1,622	Insperity, Inc.		130,165
	809	Kelly Services, Inc., Class A		23,671
	733	Korn/Ferry International		39,186
	2,538	Navigant Consulting, Inc.*		54,288
	1,214	Resources Connection, Inc.		18,999
	1,891	TriNet Group, Inc.*		97,670
	456	TrueBlue, Inc.*		12,152
	203	WageWorks, Inc.*		8,455

				706,974

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	103

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Real Estate Management & Development — 0.1%
	1,630	Kennedy-Wilson Holdings, Inc.		30,889
	2,107	Rafael Holdings, Inc., Class B*		17,277

				48,166

		Road & Rail — 1.3%
	1,279	AMERCO		431,688
	1,467	ArcBest Corp.		47,091
	1,446	Avis Budget Group, Inc.*		71,447
	1,836	Covenant Transportation Group, Inc., Class A*		50,949
	2,451	Heartland Express, Inc.		43,701
	1,308	Knight-Swift Transportation Holdings, Inc.		51,025
	900	Saia, Inc.*		59,445
	2,244	Schneider National, Inc., Class B		59,870
	2,437	Werner Enterprises, Inc.		83,589

				898,805

		Semiconductors & Semiconductor Equipment — 2.5%
	1,184	Advanced Energy Industries, Inc.*		70,507
	5,605	Amkor Technology, Inc.*		46,409
	1,724	Axcelis Technologies, Inc.*		37,928
	2,112	Brooks Automation, Inc.		52,547
	1,587	Cabot Microelectronics Corp.		161,001
	1,347	CEVA, Inc.*		43,912
	895	Cirrus Logic, Inc.*		32,641
	390	Cohu, Inc.		8,346
	2,010	Cree, Inc.*		75,013
	2,182	Diodes, Inc.*		62,296
	531	DSP Group, Inc.*		6,345
	2,851	Entegris, Inc.		91,802
	2,309	Integrated Device Technology, Inc.*		64,259
	7,774	Lattice Semiconductor Corp.*		42,135
	2,965	MaxLinear, Inc.*		66,208
	896	MKS Instruments, Inc.		91,750
	1,092	Monolithic Power Systems, Inc.		127,873
	2,866	Nanometrics, Inc.*		71,134
	3,334	NeoPhotonics Corp.*		17,137
	3,209	Photronics, Inc.*		24,549
	1,161	Power Integrations, Inc.		78,716
	4,493	Rambus, Inc.*		60,656
	3,273	Semtech Corp.*		128,629
	32	Sigma Designs, Inc.*		202
	977	Silicon Laboratories, Inc.*		90,763
	461	Synaptics, Inc.*		20,063
	1,854	Ultra Clean Holdings, Inc.*		32,464
	819	Veeco Instruments, Inc.*		12,654
	3,706	Xcerra Corp.*		44,769
	3,461	Xperi Corp.		76,142

				1,738,850


SHARES		INVESTMENTS	VALUE($)

		Software — 3.5%
	7,974	8x8, Inc.*		161,474
	6,730	ACI Worldwide, Inc.*		156,472
	1,474	Agilysys, Inc.*		17,364
	1,903	Aspen Technology, Inc.*		166,988
	993	Blackbaud, Inc.		104,225
	1,398	Bottomline Technologies de, Inc.*		55,249
	1,889	CommVault Systems, Inc.*		132,136
	1,705	Ebix, Inc.		132,137
	782	Ellie Mae, Inc.*		75,752
	1,038	Fair Isaac Corp.		179,761
	475	Globant SA*		21,380
	610	HubSpot, Inc.*		64,599
	562	MicroStrategy, Inc., Class A*		71,633
	1,210	Paycom Software, Inc.*		138,194
	2,765	Pegasystems, Inc.		168,803
	3,649	Progress Software Corp.		134,758
	2,795	Qualys, Inc.*		215,075
	2,874	RealNetworks, Inc.*		10,260
	1,452	RealPage, Inc.*		77,682
	1,706	RingCentral, Inc., Class A*		114,387
	2,454	Rosetta Stone, Inc.*		34,135
	1,148	Synchronoss Technologies, Inc.*		12,858
	2,743	TiVo Corp.		38,813
	1,078	Varonis Systems, Inc.*		70,447
	2,259	VASCO Data Security International, Inc.*		35,015
	1,916	Verint Systems, Inc.*		80,664

				2,470,261

		Specialty Retail — 3.1%
	1,746	Aaron’s, Inc.		72,930
	1,765	Abercrombie & Fitch Co., Class A		45,219
	4,547	American Eagle Outfitters, Inc.		94,032
	1,106	Asbury Automotive Group, Inc.*		74,157
	3,679	Barnes & Noble, Inc.		20,418
	3,772	Buckle, Inc. (The)		86,945
	1,695	Build-A-Bear Workshop, Inc.*		15,424
	2,550	Caleres, Inc.		83,461
	2,118	Cato Corp. (The), Class A		34,333
	5,476	Chico’s FAS, Inc.		54,377
	612	Children’s Place, Inc. (The)		78,061
	1,855	Citi Trends, Inc.		56,819
	871	Conn’s, Inc.*		22,210
	4,225	DSW, Inc., Class A		94,217
	2,279	Express, Inc.*		17,867
	2,650	Finish Line, Inc. (The), Class A		35,961
	1,561	Five Below, Inc.*		110,222

SEE NOTES TO FINANCIAL STATEMENTS.



104	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Specialty Retail — continued
	3,828	Francesca’s Holdings Corp.*		18,949
	894	Genesco, Inc.*		38,219
	2,132	GNC Holdings, Inc., Class A*		7,569
	1,132	Group 1 Automotive, Inc.		73,976
	3,455	Guess?, Inc.		80,467
	1,983	Haverty Furniture Cos., Inc.		35,991
	1,830	Hibbett Sports, Inc.*		49,776
	1,930	Kirkland’s, Inc.*		20,439
	663	Lithia Motors, Inc., Class A		63,555
	670	Lumber Liquidators Holdings, Inc.*		16,127
	3,155	Monro, Inc.		176,522
	9,513	Office Depot, Inc.		21,785
	3,381	Pier 1 Imports, Inc.		7,540
	2,053	Rent-A-Center, Inc.		20,756
	366	RH*		34,935
	3,396	Shoe Carnival, Inc.		82,761
	3,245	Sleep Number Corp.*		91,963
	1,803	Sonic Automotive, Inc., Class A		35,699
	1,463	Tailored Brands, Inc.		46,158
	2,094	Tile Shop Holdings, Inc.		14,344
	1,146	Vitamin Shoppe, Inc.*		5,673
	10,553	Zumiez, Inc.*		246,940

				2,186,797

		Technology Hardware, Storage & Peripherals — 0.3%
	1,646	Cray, Inc.*		39,257
	2,313	Diebold Nixdorf, Inc.		35,505
	1,460	Electronics For Imaging, Inc.*		40,442
	2,738	Stratasys Ltd.*		52,487
	1,671	Super Micro Computer, Inc.*		29,577

				197,268

		Textiles, Apparel & Luxury Goods — 2.3%
	5,823	Columbia Sportswear Co.		483,367
	1,486	G-III Apparel Group Ltd.*		54,224
	1,826	Iconix Brand Group, Inc.*		1,480
	1,926	Movado Group, Inc.		75,981
	2,141	Oxford Industries, Inc.		164,943
	9,775	Steven Madden Ltd.		471,644
	13,846	Vera Bradley, Inc.*		157,567
	6,230	Wolverine World Wide, Inc.		186,651

				1,595,857

		Thrifts & Mortgage Finance — 0.7%
	1,405	BofI Holding, Inc.*		56,593
	4,090	Capitol Federal Financial, Inc.		51,002
	2,761	Dime Community Bancshares, Inc.		54,530


SHARES		INVESTMENTS	VALUE($)

		Thrifts & Mortgage Finance — continued
	3,389	Kearny Financial Corp.		47,615
	4,238	MGIC Investment Corp.*		42,465
	3,163	Northwest Bancshares, Inc.		52,506
	2,652	OceanFirst Financial Corp.		71,551
	2,441	Oritani Financial Corp.		37,347
	1,786	PHH Corp.*		18,950
	2,783	TrustCo Bank Corp.		23,795
	2,127	Washington Federal, Inc.		67,532

				523,886

		Tobacco — 0.9%
	4,413	Universal Corp.		207,632
	20,394	Vector Group Ltd.		397,683

				605,315

		Trading Companies & Distributors — 1.3%
	3,013	Aircastle Ltd.		59,055
	3,611	Applied Industrial Technologies, Inc.		230,923
	2,256	Beacon Roofing Supply, Inc.*		110,431
	420	DXP Enterprises, Inc.*		15,246
	1,272	GATX Corp.		82,985
	1,480	GMS, Inc.*		46,117
	1,704	Kaman Corp.		103,331
	643	Lawson Products, Inc.*		14,885
	4,930	MRC Global, Inc.*		92,339
	1,777	SiteOne Landscape Supply, Inc.*		121,725
	1,070	Textainer Group Holdings Ltd.*		18,404
	2,220	Titan Machinery, Inc.*		42,890

				938,331

		Water Utilities — 1.1%
	4,985	American States Water Co.		277,764
	6,825	California Water Service Group		264,469
	1,359	Connecticut Water Service, Inc.		92,412
	1,879	SJW Group		113,586

				748,231

		Total Common Stocks (Cost $64,929,226)		70,244,998


NUMBER OF RIGHTS
	Rights — 0.0% (a)
		Media — 0.0% (a)
	1,533	Media General, Inc., CVR*‡ (Cost $—)		75

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	105

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Short-Term Investments — 0.4%
		Investment Companies — 0.4%
	268,428	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (b) (c) (Cost $268,428)		268,428

		Total Investments — 100.0% (Cost $65,197,654)		70,513,501
		Liabilities in excess of other assets — 0.0% (a)		(32,747	)

		Net Assets — 100.0%	$	70,480,754

Percentages indicated are based on net assets.


*		— Non-income producing security.
‡		— Value determined using significant unobservable inputs.
(a)		— Represents less than 0.05% of net assets.
(b)		— Affiliated company as defined under the Investment Company Act of 1940.
(c)		— The rate shown was the current yield as of April 30, 2018.

Abbreviations


CVR		— Contingent Value Rights

SEE NOTES TO FINANCIAL STATEMENTS.



106	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 99.6%
		Aerospace & Defense — 0.6%
	466	Lockheed Martin Corp.		149,511

		Air Freight & Logistics — 0.4%
	999	United Parcel Service, Inc., Class B		113,386

		Airlines — 0.4%
	978	Copa Holdings SA, Class A (Panama)		114,592

		Automobiles — 1.5%
	13,358	Ford Motor Co.		150,144
	3,899	General Motors Co.		143,249
	2,567	Harley-Davidson, Inc.		105,581

				398,974

		Banks — 0.7%
	1,246	PacWest Bancorp		63,845
	6,033	People’s United Financial, Inc.		110,344

				174,189

		Beverages — 1.9%
	166	Brown-Forman Corp., Class B		9,303
	3,722	Coca-Cola Co. (The)		160,828
	1,255	Dr Pepper Snapple Group, Inc.		150,550
	693	Molson Coors Brewing Co., Class B		49,369
	1,329	PepsiCo, Inc.		134,149

				504,199

		Biotechnology — 1.7%
	1,476	AbbVie, Inc.		142,508
	848	Amgen, Inc.		147,959
	2,001	Gilead Sciences, Inc.		144,532

				434,999

		Chemicals — 5.0%
	997	Air Products & Chemicals, Inc.		161,803
	3,847	CF Industries Holdings, Inc.		149,264
	1,573	Eastman Chemical Co.		160,572
	3,395	Huntsman Corp.		101,069
	1,482	LyondellBasell Industries NV, Class A		156,692
	6,026	Mosaic Co. (The)		162,401
	3,075	Olin Corp.		92,834
	1,075	Praxair, Inc.		163,959
	2,638	RPM International, Inc.		127,415
	437	Scotts Miracle-Gro Co. (The)		36,524

				1,312,533

		Commercial Services & Supplies — 1.0%
	10,192	Pitney Bowes, Inc.		104,162
	1,860	Waste Management, Inc.		151,200

				255,362


SHARES		INVESTMENTS	VALUE($)

		Containers & Packaging — 2.3%
	546	Bemis Co., Inc.		23,625
	2,680	International Paper Co.		138,181
	1,332	Packaging Corp. of America		154,099
	2,931	Sonoco Products Co.		150,536
	2,134	WestRock Co.		126,248

				592,689

		Distributors — 0.6%
	1,686	Genuine Parts Co.		148,908

		Diversified Consumer Services — 0.5%
	4,514	H&R Block, Inc.		124,812

		Diversified Telecommunication Services — 2.0%
	4,784	AT&T, Inc.		156,437
	9,007	CenturyLink, Inc.		167,350
	3,576	Verizon Communications, Inc.		176,476
	555	Zayo Group Holdings, Inc.*		20,146

				520,409

		Electric Utilities — 10.3%
	3,485	Alliant Energy Corp.		149,681
	2,133	American Electric Power Co., Inc.		149,267
	2,131	Avangrid, Inc.		112,325
	2,097	Duke Energy Corp.		168,096
	2,195	Edison International		143,816
	2,083	Entergy Corp.		169,952
	2,535	Eversource Energy		152,734
	3,991	Exelon Corp.		158,363
	4,886	FirstEnergy Corp.		168,078
	5,419	Great Plains Energy, Inc.		177,364
	2,784	Hawaiian Electric Industries, Inc.		96,577
	3,271	OGE Energy Corp.		107,518
	3,844	PG&E Corp.		177,208
	1,718	Pinnacle West Capital Corp.		138,299
	5,513	PPL Corp.		160,428
	3,668	Southern Co. (The)		169,168
	2,711	Westar Energy, Inc.		146,882
	3,141	Xcel Energy, Inc.		147,125

				2,692,881

		Electrical Equipment — 1.7%
	1,988	Eaton Corp. plc		149,160
	2,267	Emerson Electric Co.		150,551
	1,209	Hubbell, Inc.		125,567
	159	Rockwell Automation, Inc.		26,160

				451,438

		Energy Equipment & Services — 0.6%
	2,452	Helmerich & Payne, Inc.		170,537

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	107

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Equity Real Estate Investment Trusts (REITs) — 10.6%
	2,354	Apple Hospitality REIT, Inc.		42,348
	8,406	Brandywine Realty Trust		135,421
	1,359	Brixmor Property Group, Inc.		20,235
	2,588	Colony NorthStar, Inc., Class A		15,813
	4,379	CoreCivic, Inc.		88,281
	960	Corporate Office Properties Trust		26,409
	11,501	DDR Corp.		83,382
	1,414	Digital Realty Trust, Inc.		149,446
	3,841	Duke Realty Corp.		104,091
	572	EPR Properties		31,471
	3,589	Gaming and Leisure Properties, Inc.		122,995
	3,950	HCP, Inc.		92,272
	720	Healthcare Trust of America, Inc., Class A		17,993
	4,376	Hospitality Properties Trust		108,875
	3,902	Iron Mountain, Inc.		132,434
	7,092	Kimco Realty Corp.		102,905
	3,641	Liberty Property Trust		152,267
	1,185	Macerich Co. (The)		68,280
	1,987	Medical Properties Trust, Inc.		25,394
	2,354	National Retail Properties, Inc.		89,546
	5,074	Omega Healthcare Investors, Inc.		131,822
	2,833	Outfront Media, Inc.		53,119
	4,067	Piedmont Office Realty Trust, Inc., Class A		72,881
	3,943	Rayonier, Inc.		146,640
	7,221	Senior Housing Properties Trust		112,431
	17,867	Spirit Realty Capital, Inc.		143,829
	8,587	Uniti Group, Inc.		154,738
	703	Ventas, Inc.		36,148
	17,494	VEREIT, Inc.		118,959
	1,618	Welltower, Inc.		86,466
	1,587	WP Carey, Inc.		101,330

				2,768,221

		Food & Staples Retailing — 0.6%
	2,682	Sysco Corp.		167,732

		Food Products — 3.2%
	1,036	Archer-Daniels-Midland Co.		47,014
	3,070	Campbell Soup Co.		125,195
	3,976	Conagra Brands, Inc.		147,390
	6,922	Flowers Foods, Inc.		156,506
	2,644	General Mills, Inc.		115,649
	77	JM Smucker Co. (The)		8,784
	2,065	Kellogg Co.		121,628
	2,005	Kraft Heinz Co. (The)		113,042

				835,208


SHARES		INVESTMENTS	VALUE($)

		Gas Utilities — 0.3%
	1,540	National Fuel Gas Co.		79,079

		Health Care Equipment & Supplies — 3.1%
	2,737	Abbott Laboratories		159,102
	730	Becton Dickinson and Co.		169,265
	559	Hill-Rom Holdings, Inc.		47,979
	1,793	Medtronic plc		143,673
	1,238	ResMed, Inc.		117,164
	998	Stryker Corp.		169,081

				806,264

		Health Care Providers & Services — 0.7%
	2,184	Patterson Cos., Inc.		50,844
	1,440	Quest Diagnostics, Inc.		145,728

				196,572

		Hotels, Restaurants & Leisure — 3.9%
	1,722	Darden Restaurants, Inc.		159,905
	7,063	Extended Stay America, Inc.		138,294
	2,681	International Game Technology plc		75,792
	2,195	Las Vegas Sands Corp.		160,959
	1,004	McDonald’s Corp.		168,110
	2,276	Six Flags Entertainment Corp.		143,934
	9,916	Wendy’s Co. (The)		165,994

				1,012,988

		Household Durables — 2.1%
	2,636	Garmin Ltd.		154,654
	3,228	Leggett & Platt, Inc.		130,895
	5,158	Newell Brands, Inc.		142,516
	2,687	Tupperware Brands Corp.		119,733

				547,798

		Household Products — 1.4%
	1,002	Clorox Co. (The)		117,435
	1,211	Kimberly-Clark Corp.		125,387
	1,854	Procter & Gamble Co. (The)		134,118

				376,940

		Independent Power and Renewable Electricity Producers — 0.7%
	14,578	AES Corp.		178,435

		Industrial Conglomerates — 1.1%
	711	3M Co.		138,211
	9,940	General Electric Co.		139,856

				278,067

		Insurance — 0.6%
	7,661	Old Republic International Corp.		156,284

SEE NOTES TO FINANCIAL STATEMENTS.



108	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		IT Services — 0.8%
	513	International Business Machines Corp.		74,365
	2,448	Paychex, Inc.		148,275

				222,640

		Leisure Products — 1.0%
	1,496	Hasbro, Inc.		131,783
	8,958	Mattel, Inc.		132,578

				264,361

		Life Sciences Tools & Services — 0.1%
	175	Bio-Techne Corp.		26,409

		Machinery — 1.9%
	1,061	Caterpillar, Inc.		153,166
	950	Cummins, Inc.		151,867
	974	Stanley Black & Decker, Inc.		137,909
	1,171	Timken Co. (The)		50,060

				493,002

		Media — 1.1%
	3,284	Cinemark Holdings, Inc.		128,634
	8,830	TEGNA, Inc.		93,333
	2,597	Viacom, Inc., Class B		78,326

				300,293

		Metals & Mining — 1.3%
	2,438	Nucor Corp.		150,229
	1,580	Reliance Steel & Aluminum Co.		138,914
	7,936	Tahoe Resources, Inc.		39,918

				329,061

		Mortgage Real Estate Investment Trusts (REITs) — 3.1%
	7,643	AGNC Investment Corp.		144,605
	12,954	Annaly Capital Management, Inc.		134,333
	6,616	Chimera Investment Corp.		115,714
	16,753	MFA Financial, Inc.		125,983
	6,745	Starwood Property Trust, Inc.		141,375
	8,973	Two Harbors Investment Corp.		136,928

				798,938

		Multiline Retail — 2.2%
	2,402	Kohl’s Corp.		149,212
	5,392	Macy’s, Inc.		167,530
	2,079	Nordstrom, Inc.		105,114
	2,133	Target Corp.		154,856

				576,712

		Multi-Utilities — 6.5%
	2,562	Ameren Corp.		150,184
	5,839	CenterPoint Energy, Inc.		147,902


SHARES		INVESTMENTS	VALUE($)

		Multi-Utilities — continued
	3,120	CMS Energy Corp.		147,233
	1,962	Consolidated Edison, Inc.		157,215
	2,133	Dominion Energy, Inc.		141,973
	1,371	DTE Energy Co.		144,503
	5,707	MDU Resources Group, Inc.		160,766
	4,061	NiSource, Inc.		99,048
	3,115	Public Service Enterprise Group, Inc.		162,447
	3,982	SCANA Corp.		146,418
	66	Sempra Energy		7,379
	1,277	Vectren Corp.		89,735
	2,373	WEC Energy Group, Inc.		152,536

				1,707,339

		Oil, Gas & Consumable Fuels — 4.9%
	1,403	Chevron Corp.		175,529
	1,005	Exxon Mobil Corp.		78,139
	1,142	HollyFrontier Corp.		69,308
	3,527	Kinder Morgan, Inc.		55,797
	2,709	Murphy Oil Corp.		81,568
	2,329	Occidental Petroleum Corp.		179,939
	2,831	ONEOK, Inc.		170,483
	5,043	PBF Energy, Inc., Class A		193,298
	3,124	Targa Resources Corp.		146,734
	5,332	Williams Cos., Inc. (The)		137,192

				1,287,987

		Paper & Forest Products — 0.6%
	3,379	Domtar Corp.		148,338

		Personal Products — 0.6%
	5,593	Coty, Inc., Class A		97,039
	722	Nu Skin Enterprises, Inc., Class A		51,370

				148,409

		Pharmaceuticals — 2.9%
	2,479	Bristol-Myers Squibb Co.		129,230
	1,691	Eli Lilly & Co.		137,090
	1,320	Johnson & Johnson		166,967
	2,698	Merck & Co., Inc.		158,831
	4,635	Pfizer, Inc.		169,687

				761,805

		Road & Rail — 0.2%
	365	Norfolk Southern Corp.		52,367

		Semiconductors & Semiconductor Equipment — 4.0%
	1,778	Analog Devices, Inc.		155,308
	9,065	Cypress Semiconductor Corp.		132,168
	3,536	Intel Corp.		182,528

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	109

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	1,405	KLA-Tencor Corp.		142,945
	2,612	Maxim Integrated Products, Inc.		142,354
	1,369	Microchip Technology, Inc.		114,530
	1,107	QUALCOMM, Inc.		56,468
	2,020	Xilinx, Inc.		129,765

				1,056,066

		Software — 1.1%
	2,772	CA, Inc.		96,466
	2,106	Microsoft Corp.		196,953

				293,419

		Specialty Retail — 2.4%
	85	Best Buy Co., Inc.		6,505
	2,914	Foot Locker, Inc.		125,535
	6,803	GameStop Corp., Class A		92,861
	5,018	Gap, Inc. (The)		146,726
	793	Home Depot, Inc. (The)		146,546
	2,928	L Brands, Inc.		102,217

				620,390

		Technology Hardware, Storage & Peripherals — 0.7%
	1,603	HP, Inc.		34,449
	4,441	Xerox Corp.		139,669

				174,118

		Textiles, Apparel & Luxury Goods — 1.3%
	3,123	Tapestry, Inc.		167,924
	2,141	VF Corp.		173,142

				341,066

		Thrifts & Mortgage Finance — 0.5%
	10,158	New York Community Bancorp, Inc.		120,677

		Tobacco — 1.0%
	2,234	Altria Group, Inc.		125,350
	1,517	Philip Morris International, Inc.		124,394

				249,744

		Transportation Infrastructure — 0.4%
	2,920	Macquarie Infrastructure Corp.		110,668

		Wireless Telecommunication Services — 1.5%
	21,165	Sprint Corp.*		118,736
	4,906	Telephone & Data Systems, Inc.		134,081
	2,420	T-Mobile US, Inc.*		146,434

				399,251

		Total Common Stocks (Cost $26,524,564)		26,046,067


SHARES		INVESTMENTS	VALUE($)
	Short-Term Investments — 0.3%
		Investment Companies — 0.3%
	74,097	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (a) (b) (Cost $74,097)		74,097

		Total Investments — 99.9% (Cost $26,598,661)		26,120,164
		Other Assets Less Liabilities — 0.1%		25,833

		Net Assets — 100.0%	$	26,145,997

Percentages indicated are based on net assets.


*		— Non-income producing security.
(a)		— Affiliated company as defined under the Investment Company Act of 1940.
(b)		— The rate shown was the current yield as of April 30, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



110	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 99.7%
		Aerospace & Defense — 2.2%
	961	Harris Corp.		150,319
	767	L3 Technologies, Inc.		150,240
	452	Lockheed Martin Corp.		145,020
	732	Raytheon Co.		150,016

				595,595

		Air Freight & Logistics — 0.5%
	1,191	United Parcel Service, Inc., Class B		135,179

		Banks — 0.5%
	2,643	US Bancorp		133,339

		Beverages — 3.1%
	2,852	Brown-Forman Corp., Class B		159,826
	3,568	Coca-Cola Co. (The)		154,173
	383	Constellation Brands, Inc., Class A		89,289
	1,370	Dr Pepper Snapple Group, Inc.		164,345
	1,741	Molson Coors Brewing Co., Class B		124,029
	1,402	PepsiCo, Inc.		141,518

				833,180

		Biotechnology — 0.5%
	714	Amgen, Inc.		124,579

		Chemicals — 5.2%
	894	Air Products & Chemicals, Inc.		145,087
	2,209	Ashland Global Holdings, Inc.		146,192
	259	DowDuPont, Inc.		16,379
	1,171	Ecolab, Inc.		169,526
	1,049	International Flavors & Fragrances, Inc.		148,182
	1,159	Monsanto Co.		145,304
	78	NewMarket Corp.		29,605
	1,366	PPG Industries, Inc.		144,632
	1,060	Praxair, Inc.		161,671
	2,619	RPM International, Inc.		126,498
	1,461	Scotts Miracle-Gro Co. (The)		122,110
	525	WR Grace & Co.		35,931

				1,391,117

		Commercial Services & Supplies — 1.5%
	1,881	Copart, Inc.*		96,081
	1,975	Republic Services, Inc.		127,743
	465	Rollins, Inc.		22,562
	1,758	Waste Management, Inc.		142,908

				389,294

		Communications Equipment — 0.1%
	187	Motorola Solutions, Inc.		20,538


SHARES		INVESTMENTS	VALUE($)

		Containers & Packaging — 0.4%
	757	Avery Dennison Corp.		79,341
	583	Bemis Co., Inc.		25,227

				104,568

		Distributors — 1.0%
	1,563	Genuine Parts Co.		138,044
	867	Pool Corp.		120,348

				258,392

		Diversified Financial Services — 0.6%
	770	Berkshire Hathaway, Inc., Class B*		149,172

		Diversified Telecommunication Services — 1.8%
	4,393	AT&T, Inc.		143,651
	1,263	CenturyLink, Inc.		23,466
	3,239	Verizon Communications, Inc.		159,845
	4,442	Zayo Group Holdings, Inc.*		161,245

				488,207

		Electric Utilities — 8.6%
	3,616	Alliant Energy Corp.		155,307
	2,428	American Electric Power Co., Inc.		169,912
	1,882	Avangrid, Inc.		99,200
	2,113	Duke Energy Corp.		169,378
	1,222	Edison International		80,065
	1,886	Entergy Corp.		153,879
	2,516	Eversource Energy		151,589
	4,754	Great Plains Energy, Inc.		155,598
	2,289	Hawaiian Electric Industries, Inc.		79,405
	1,033	NextEra Energy, Inc.		169,319
	4,091	OGE Energy Corp.		134,471
	1,777	Pinnacle West Capital Corp.		143,049
	4,632	PPL Corp.		134,791
	3,698	Southern Co. (The)		170,552
	2,947	Westar Energy, Inc.		159,669
	3,161	Xcel Energy, Inc.		148,061

				2,274,245

		Electrical Equipment — 0.5%
	1,215	Hubbell, Inc.		126,190

		Energy Equipment & Services — 1.4%
	2,775	Halliburton Co.		147,048
	2,160	National Oilwell Varco, Inc.		83,527
	1,993	Schlumberger Ltd.		136,640

				367,215

		Equity Real Estate Investment Trusts (REITs) — 1.8%
	1,044	American Tower Corp.		142,360
	100	Camden Property Trust		8,540

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	111

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	1,433	Crown Castle International Corp.		144,547
	891	Equity Commonwealth*		27,612
	853	Federal Realty Investment Trust		98,820
	923	National Retail Properties, Inc.		35,111
	514	Regency Centers Corp.		30,249

				487,239

		Food & Staples Retailing — 2.3%
	835	Costco Wholesale Corp.		164,629
	4,859	Kroger Co. (The)		122,398
	2,670	Sysco Corp.		166,982
	1,679	Walmart, Inc.		148,524

				602,533

		Food Products — 5.8%
	2,543	Campbell Soup Co.		103,704
	3,923	Conagra Brands, Inc.		145,426
	2,625	General Mills, Inc.		114,818
	1,212	Hershey Co. (The)		111,431
	3,744	Hormel Foods Corp.		135,720
	1,016	Ingredion, Inc.		123,027
	1,193	JM Smucker Co. (The)		136,097
	2,055	Kellogg Co.		121,040
	1,980	Kraft Heinz Co. (The)		111,632
	1,491	McCormick & Co., Inc. (Non-Voting)		157,166
	3,344	Mondelez International, Inc., Class A		132,088
	2,334	Pinnacle Foods, Inc.		140,974

				1,533,123

		Gas Utilities — 1.1%
	1,740	Atmos Energy Corp.		151,189
	3,116	UGI Corp.		150,783

				301,972

		Health Care Equipment & Supplies — 8.8%
	2,641	Abbott Laboratories		153,521
	2,349	Baxter International, Inc.		163,256
	717	Becton Dickinson and Co.		166,251
	576	Cooper Cos., Inc. (The)		131,737
	2,386	DENTSPLY SIRONA, Inc.		120,111
	1,903	Hill-Rom Holdings, Inc.		163,335
	851	IDEXX Laboratories, Inc.*		165,511
	373	Intuitive Surgical, Inc.*		164,411
	1,662	Medtronic plc		133,176
	1,671	ResMed, Inc.		158,143
	1,008	STERIS plc		95,276
	982	Stryker Corp.		166,370
	614	Teleflex, Inc.		164,478


SHARES		INVESTMENTS	VALUE($)

		Health Care Equipment & Supplies — continued
	1,334	Varian Medical Systems, Inc.*		154,197
	1,166	West Pharmaceutical Services, Inc.		102,853
	1,193	Zimmer Biomet Holdings, Inc.		137,398

				2,340,024

		Health Care Providers & Services — 6.0%
	1,673	AmerisourceBergen Corp.		151,540
	602	Anthem, Inc.		142,066
	1,857	Cardinal Health, Inc.		119,164
	352	Cigna Corp.		60,481
	1,415	CVS Health Corp.		98,809
	2,211	DaVita, Inc.*		138,829
	1,698	Express Scripts Holding Co.*		128,539
	1,718	Henry Schein, Inc.*		130,568
	907	Laboratory Corp. of America Holdings*		154,870
	2,231	MEDNAX, Inc.*		102,425
	2,769	Patterson Cos., Inc.		64,462
	1,429	Quest Diagnostics, Inc.		144,615
	705	UnitedHealth Group, Inc.		166,662

				1,603,030

		Hotels, Restaurants & Leisure — 0.6%
	949	McDonald’s Corp.		158,901

		Household Durables — 1.5%
	3,053	Leggett & Platt, Inc.		123,799
	553	Mohawk Industries, Inc.*		116,064
	47	NVR, Inc.*		145,700

				385,563

		Household Products — 2.9%
	2,958	Church & Dwight Co., Inc.		136,660
	1,171	Clorox Co. (The)		137,241
	2,175	Colgate-Palmolive Co.		141,875
	1,362	Kimberly-Clark Corp.		141,022
	1,816	Procter & Gamble Co. (The)		131,369
	1,107	Spectrum Brands Holdings, Inc.		79,815

				767,982

		Independent Power and Renewable Electricity Producers — 0.6%
	7,002	Vistra Energy Corp.*		159,996

		Industrial Conglomerates — 0.5%
	672	3M Co.		130,630

		Insurance — 5.7%
	1,589	Allstate Corp. (The)		155,436
	1,398	American Financial Group, Inc.		158,282
	201	Aon plc		28,636
	1,584	Arch Capital Group Ltd.*		126,926

SEE NOTES TO FINANCIAL STATEMENTS.



112	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Insurance — continued
	872	Arthur J Gallagher & Co.		61,031
	1,483	Brown & Brown, Inc.		40,382
	974	Chubb Ltd.		132,143
	1,840	Cincinnati Financial Corp.		129,426
	412	Everest Re Group Ltd.		95,860
	143	Markel Corp.*		161,596
	1,918	Marsh & McLennan Cos., Inc.		156,317
	544	ProAssurance Corp.		25,731
	1,027	RenaissanceRe Holdings Ltd. (Bermuda)		139,713
	36	White Mountains Insurance Group Ltd.		31,150
	1,059	WR Berkley Corp.		78,959

				1,521,588

		IT Services — 1.8%
	2,387	Amdocs Ltd.		160,526
	1,345	Automatic Data Processing, Inc.		158,818
	625	International Business Machines Corp.		90,600
	153	Jack Henry & Associates, Inc.		18,280
	612	Paychex, Inc.		37,069

				465,293

		Leisure Products — 0.3%
	924	Hasbro, Inc.		81,395

		Life Sciences Tools & Services — 2.9%
	590	Bio-Rad Laboratories, Inc., Class A*		149,689
	967	Bio-Techne Corp.		145,930
	1,350	IQVIA Holdings, Inc.*		129,276
	1,380	QIAGEN NV*		45,140
	764	Thermo Fisher Scientific, Inc.		160,707
	778	Waters Corp.*		146,583

				777,325

		Machinery — 1.0%
	862	Snap-on, Inc.		125,205
	962	Stanley Black & Decker, Inc.		136,210

				261,415

		Media — 1.0%
	1,035	Omnicom Group, Inc.		76,238
	634	Time Warner, Inc.		60,103
	1,308	Walt Disney Co. (The)		131,232

				267,573

		Mortgage Real Estate Investment Trusts (REITs) — 2.0%
	8,437	AGNC Investment Corp.		159,628
	12,421	Annaly Capital Management, Inc.		128,806
	1,078	Chimera Investment Corp.		18,854
	4,442	MFA Financial, Inc.		33,404


SHARES		INVESTMENTS	VALUE($)

		Mortgage Real Estate Investment Trusts (REITs) — continued
	7,378	Starwood Property Trust, Inc.		154,643
	2,483	Two Harbors Investment Corp.		37,890

				533,225

		Multiline Retail — 0.8%
	749	Dollar Tree, Inc.*		71,821
	2,033	Target Corp.		147,596

				219,417

		Multi-Utilities — 6.0%
	2,551	Ameren Corp.		149,540
	4,906	CenterPoint Energy, Inc.		124,269
	3,319	CMS Energy Corp.		156,624
	1,832	Consolidated Edison, Inc.		146,798
	1,940	Dominion Energy, Inc.		129,126
	1,580	DTE Energy Co.		166,532
	5,737	NiSource, Inc.		139,925
	3,075	Public Service Enterprise Group, Inc.		160,361
	1,304	Sempra Energy		145,787
	1,915	Vectren Corp.		134,567
	2,348	WEC Energy Group, Inc.		150,930

				1,604,459

		Oil, Gas & Consumable Fuels — 3.9%
	1,312	Chevron Corp.		164,144
	2,239	ConocoPhillips		146,654
	253	EOG Resources, Inc.		29,897
	1,689	Exxon Mobil Corp.		131,320
	1,003	Kinder Morgan, Inc.		15,867
	2,183	Occidental Petroleum Corp.		168,659
	1,623	Phillips 66		180,656
	1,761	Valero Energy Corp.		195,348

				1,032,545

		Personal Products — 0.6%
	1,150	Estee Lauder Cos., Inc. (The), Class A		170,303

		Pharmaceuticals — 3.3%
	2,044	Bristol-Myers Squibb Co.		106,554
	1,724	Eli Lilly & Co.		139,765
	1,174	Johnson & Johnson		148,499
	2,463	Merck & Co., Inc.		144,997
	4,392	Pfizer, Inc.		160,791
	1,970	Zoetis, Inc.		164,455

				865,061

		Professional Services — 0.5%
	1,233	Dun & Bradstreet Corp. (The)		142,177

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	113

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Road & Rail — 0.4%
	761	Union Pacific Corp.		101,692

		Semiconductors & Semiconductor Equipment — 0.6%
	1,471	Texas Instruments, Inc.		149,204

		Software — 2.7%
	996	ANSYS, Inc.*		161,013
	1,660	CA, Inc.		57,768
	954	Intuit, Inc.		176,290
	1,707	Microsoft Corp.		159,639
	1,805	Synopsys, Inc.*		154,345

				709,055

		Specialty Retail — 1.7%
	188	AutoZone, Inc.*		117,410
	757	Home Depot, Inc. (The)		139,893
	241	O’Reilly Automotive, Inc.*		61,713
	1,559	TJX Cos., Inc. (The)		132,281

				451,297

		Textiles, Apparel & Luxury Goods — 1.2%
	2,104	NIKE, Inc., Class B		143,893
	2,069	VF Corp.		167,320

				311,213

		Thrifts & Mortgage Finance — 0.1%
	2,700	TFS Financial Corp.		40,257

		Tobacco — 0.9%
	2,110	Altria Group, Inc.		118,392
	1,539	Philip Morris International, Inc.		126,198

				244,590

		Water Utilities — 1.0%
	1,782	American Water Works Co., Inc.		154,285
	3,399	Aqua America, Inc.		119,475

				273,760

		Wireless Telecommunication Services — 1.5%
	4,598	Telephone & Data Systems, Inc.		125,663
	2,627	T-Mobile US, Inc.*		158,960
	2,820	United States Cellular Corp.*		111,588

				396,211

		Total Common Stocks (Cost $26,337,177)		26,480,858


SHARES		INVESTMENTS	VALUE($)
	Short-Term Investments — 0.3%
		Investment Companies — 0.3%
	68,080	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58%, (a) (b) (Cost $68,080)		68,080

		Total Investments — 100.0% (Cost $26,405,257)		26,548,938
		Other Assets Less Liabilities — 0.0% (c)		4,213

		Net Assets — 100.0%	$	26,553,151

Percentages indicated are based on net assets.


*		— Non-income producing security.
(a)		— Affiliated company as defined under the Investment Company Act of 1940.
(b)		— The rate shown was the current yield as of April 30, 2018.
(c)		— Represents less than 0.05% of net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



114	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 99.4%
		Aerospace & Defense — 5.0%
	1,231	Boeing Co. (The)		410,612
	1,039	BWX Technologies, Inc.		70,444
	743	General Dynamics Corp.		149,573
	583	Harris Corp.		91,193
	296	Huntington Ingalls Industries, Inc.		71,990
	387	L3 Technologies, Inc.		75,806
	635	Lockheed Martin Corp.		203,733
	441	Northrop Grumman Corp.		142,020
	754	Raytheon Co.		154,525

				1,369,896

		Airlines — 0.2%
	455	Copa Holdings SA, Class A (Panama)		53,312

		Auto Components — 0.9%
	1,345	BorgWarner, Inc.		65,824
	2,963	Gentex Corp.		67,379
	412	Lear Corp.		77,032
	400	Visteon Corp.*		49,776

				260,011

		Automobiles — 0.5%
	319	Tesla, Inc.*		93,754
	423	Thor Industries, Inc.		44,897

				138,651

		Banks — 3.0%
	13,233	Bank of America Corp.		395,931
	931	Citigroup, Inc.		63,559
	902	Comerica, Inc.		85,311
	95	Commerce Bancshares, Inc.		6,035
	650	Synovus Financial Corp.		33,976
	3,079	US Bancorp		155,336
	1,379	Zions Bancorp		75,500

				815,648

		Beverages — 1.2%
	569	Constellation Brands, Inc., Class A		132,651
	1,670	Monster Beverage Corp.*		91,850
	978	PepsiCo, Inc.		98,719

				323,220

		Biotechnology — 1.3%
	3,257	AbbVie, Inc.		314,463
	2,284	Exelixis, Inc.*		47,553

				362,016


SHARES		INVESTMENTS	VALUE($)

		Building Products — 0.3%
	1,062	AO Smith Corp.		65,154
	91	Lennox International, Inc.		17,596

				82,750

		Capital Markets — 4.0%
	2,225	BGC Partners, Inc., Class A		29,726
	341	BlackRock, Inc.		177,832
	636	CBOE Global Markets, Inc.		67,912
	836	CME Group, Inc.		131,821
	111	FactSet Research Systems, Inc.		20,991
	927	Interactive Brokers Group, Inc., Class A		68,783
	517	LPL Financial Holdings, Inc.		31,315
	288	MarketAxess Holdings, Inc.		57,205
	652	Moody’s Corp.		105,754
	561	MSCI, Inc.		84,055
	780	S&P Global, Inc.		147,108
	1,012	SEI Investments Co.		63,989
	948	T. Rowe Price Group, Inc.		107,901

				1,094,392

		Chemicals — 2.0%
	1,128	Chemours Co. (The)		54,606
	2,184	DowDuPont, Inc.		138,116
	183	Eastman Chemical Co.		18,681
	820	Ecolab, Inc.		118,711
	809	FMC Corp.		64,502
	2,094	Huntsman Corp.		62,338
	133	International Flavors & Fragrances, Inc.		18,788
	577	Westlake Chemical Corp.		61,722

				537,464

		Commercial Services & Supplies — 1.5%
	491	Cintas Corp.		83,617
	1,560	Copart, Inc.*		79,685
	1,256	Republic Services, Inc.		81,238
	1,279	Rollins, Inc.		62,057
	1,426	Waste Management, Inc.		115,920

				422,517

		Communications Equipment — 0.3%
	308	Arista Networks, Inc.*		81,481

		Consumer Finance — 0.5%
	1,260	American Express Co.		124,425

		Containers & Packaging — 0.6%
	292	AptarGroup, Inc.		27,302
	637	Avery Dennison Corp.		66,764

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	115

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Containers & Packaging — continued
	612	Packaging Corp. of America		70,802

				164,868

		Distributors — 0.2%
	474	Pool Corp.		65,796

		Diversified Consumer Services — 0.2%
	217	Bright Horizons Family Solutions, Inc.*		20,589
	44	Graham Holdings Co., Class B		26,534
	547	Service Corp. International		19,971

				67,094

		Diversified Financial Services — 1.1%
	1,489	Berkshire Hathaway, Inc., Class B*		288,464

		Diversified Telecommunication Services — 1.4%
	6,712	Verizon Communications, Inc.		331,237
	1,736	Zayo Group Holdings, Inc.*		63,017

				394,254

		Electric Utilities — 1.4%
	848	American Electric Power Co., Inc.		59,343
	959	Avangrid, Inc.		50,549
	1,151	Eversource Energy		69,348
	1,270	NextEra Energy, Inc.		208,165
	94	OGE Energy Corp.		3,090

				390,495

		Electronic Equipment, Instruments & Components — 0.8%
	596	CDW Corp.		42,489
	1,089	Cognex Corp.		50,366
	513	Dolby Laboratories, Inc., Class A		30,688
	294	IPG Photonics Corp.*		62,631
	307	Zebra Technologies Corp., Class A*		41,393

				227,567

		Energy Equipment & Services — 0.2%
	2,624	RPC, Inc.		47,258

		Equity Real Estate Investment Trusts (REITs) — 2.4%
	594	Alexandria Real Estate Equities, Inc.		73,995
	533	CoreSite Realty Corp.		55,485
	473	Corporate Office Properties Trust		13,012
	761	CyrusOne, Inc.		40,782
	957	DCT Industrial Trust, Inc.		62,751
	455	Digital Realty Trust, Inc.		48,089
	1,902	Duke Realty Corp.		51,544
	199	Equinix, Inc.		83,737
	335	Equity LifeStyle Properties, Inc.		29,869
	1,743	Prologis, Inc.		113,138


SHARES		INVESTMENTS	VALUE($)

		Equity Real Estate Investment Trusts (REITs) — continued
	534	SBA Communications Corp.*		85,563

				657,965

		Food & Staples Retailing — 0.4%
	1,756	Sysco Corp.		109,820


		Food Products — 0.6%
	1,301	Lamb Weston Holdings, Inc.		84,981
	864	Pilgrim’s Pride Corp.*		18,663
	1,023	Pinnacle Foods, Inc.		61,789

				165,433

		Gas Utilities — 0.2%
	748	Atmos Energy Corp.		64,994

		Health Care Equipment & Supplies — 3.5%
	284	ABIOMED, Inc.*		85,470
	363	Align Technology, Inc.*		90,695
	755	Becton Dickinson and Co.		175,062
	3,825	Boston Scientific Corp.*		109,854
	422	Hill-Rom Holdings, Inc.		36,220
	461	IDEXX Laboratories, Inc.*		89,660
	336	Intuitive Surgical, Inc.*		148,102
	848	ResMed, Inc.		80,255
	283	Teleflex, Inc.		75,810
	614	West Pharmaceutical Services, Inc.		54,161

				945,289

		Health Care Providers & Services — 4.8%
	745	Aetna, Inc.		133,392
	692	Anthem, Inc.		163,305
	668	Centene Corp.*		72,531
	699	Cigna Corp.		120,102
	667	HCA Healthcare, Inc.		63,859
	453	Humana, Inc.		133,263
	481	Laboratory Corp. of America Holdings*		82,131
	1,979	UnitedHealth Group, Inc.		467,836
	331	WellCare Health Plans, Inc.*		67,908

				1,304,327

		Health Care Technology — 0.1%
	258	Veeva Systems, Inc., Class A*		18,094

		Hotels, Restaurants & Leisure — 5.1%
	402	Choice Hotels International, Inc.		32,180
	811	Darden Restaurants, Inc.		75,309
	319	Domino’s Pizza, Inc.		77,112
	931	Hilton Grand Vacations, Inc.*		40,033
	1,097	Hilton Worldwide Holdings, Inc.		86,488

SEE NOTES TO FINANCIAL STATEMENTS.



116	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Hotels, Restaurants & Leisure — continued
	802	Hyatt Hotels Corp., Class A		61,650
	811	International Game Technology plc		22,927
	1,456	Las Vegas Sands Corp.		106,768
	980	Marriott International, Inc., Class A		133,946
	1,754	McDonald’s Corp.		293,690
	893	Starbucks Corp.		51,410
	311	Vail Resorts, Inc.		71,315
	3,185	Wendy’s Co. (The)		53,317
	667	Wyndham Worldwide Corp.		76,178
	483	Wynn Resorts Ltd.		89,930
	1,985	Yum China Holdings, Inc. (China)		84,879
	458	Yum! Brands, Inc.		39,892

				1,397,024

		Household Durables — 1.1%
	1,754	DR Horton, Inc.		77,421
	49	Mohawk Industries, Inc.*		10,284
	26	NVR, Inc.*		80,600
	2,099	PulteGroup, Inc.		63,726
	1,349	Toll Brothers, Inc.		56,874

				288,905

		Household Products — 0.2%
	1,442	Church & Dwight Co., Inc.		66,620

		Independent Power and Renewable Electricity Producers — 0.3%
	2,707	NRG Energy, Inc.		83,917

		Industrial Conglomerates — 0.5%
	734	3M Co.		142,682

		Insurance — 4.5%
	1,181	Allstate Corp. (The)		115,525
	624	American Financial Group, Inc.		70,649
	825	Aon plc		117,538
	121	Arch Capital Group Ltd.*		9,696
	1,137	Arthur J Gallagher & Co.		79,579
	161	Assurant, Inc.		14,944
	1,426	Brown & Brown, Inc.		38,830
	805	CNA Financial Corp.		40,620
	1,156	First American Financial Corp.		59,083
	1,885	FNF Group		69,425
	117	Hanover Insurance Group, Inc. (The)		13,437
	1,554	Hartford Financial Services Group, Inc. (The)		83,667
	6	Markel Corp.*		6,780
	1,515	Marsh & McLennan Cos., Inc.		123,473
	1,280	Old Republic International Corp.		26,112
	580	ProAssurance Corp.		27,434


SHARES		INVESTMENTS	VALUE($)

		Insurance — continued
	2,080	Progressive Corp. (The)		125,403
	438	Reinsurance Group of America, Inc.		65,437
	86	Torchmark Corp.		7,460
	871	Travelers Cos., Inc. (The)		114,624
	131	Validus Holdings Ltd.		8,878

				1,218,594


		Internet & Direct Marketing Retail — 3.6%
	363	Amazon.com, Inc.*		568,505
	984	Netflix, Inc.*		307,461
	2,526	Qurate Retail Group, Inc. QVC Group, Class A*		59,134
	785	Wayfair, Inc., Class A*		48,905

				984,005

		Internet Software & Services — 4.7%
	458	Alphabet, Inc., Class A*		466,510
	3,019	Facebook, Inc., Class A*		519,268
	1,169	GoDaddy, Inc., Class A*		75,471
	505	IAC/InterActiveCorp*		81,881
	1,444	Match Group, Inc.*		68,041
	639	VeriSign, Inc.*		75,031

				1,286,202

		IT Services — 6.8%
	775	Broadridge Financial Solutions, Inc.		83,088
	1,806	Cognizant Technology Solutions Corp., Class A		147,767
	1,085	DXC Technology Co.		111,820
	327	Fidelity National Information Services, Inc.		31,055
	1,556	Fiserv, Inc.*		110,258
	604	Jack Henry & Associates, Inc.		72,166
	144	Leidos Holdings, Inc.		9,249
	2,113	Mastercard, Inc., Class A		376,685
	2,891	PayPal Holdings, Inc.*		215,698
	1,666	Square, Inc., Class A*		78,868
	420	Total System Services, Inc.		35,305
	3,981	Visa, Inc., Class A		505,109
	891	Worldpay, Inc.*		72,367

				1,849,435

		Leisure Products — 0.2%
	635	Hasbro, Inc.		55,937

		Life Sciences Tools & Services — 1.0%
	241	Bio-Rad Laboratories, Inc., Class A*		61,144
	1,175	Bruker Corp.		34,698
	417	IQVIA Holdings, Inc.*		39,932
	129	Mettler-Toledo International, Inc.*		72,231

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	117

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Life Sciences Tools & Services — continued
	336	Waters Corp.*		63,306

				271,311

		Machinery — 1.2%
	860	Illinois Tool Works, Inc.		122,137
	731	Oshkosh Corp.		52,749
	642	Stanley Black & Decker, Inc.		90,901
	201	Toro Co. (The)		11,736
	809	Xylem, Inc.		58,976

				336,499

		Media — 1.2%
	69	Cable One, Inc.		43,823
	503	Charter Communications, Inc., Class A*		136,459
	962	GCI Liberty, Inc., Class A*		42,905
	542	Liberty Broadband Corp., Class C*		38,423
	1,487	Live Nation Entertainment, Inc.*		58,692

				320,302

		Metals & Mining — 0.2%
	1,202	Southern Copper Corp. (Peru)		63,478

		Mortgage Real Estate Investment Trusts (REITs) — 0.6%
	2,152	AGNC Investment Corp.		40,716
	5,227	Annaly Capital Management, Inc.		54,204
	2,582	Chimera Investment Corp.		45,159
	1,739	MFA Financial, Inc.		13,077
	760	Two Harbors Investment Corp.		11,598

				164,754

		Multiline Retail — 0.3%
	1,158	Kohl’s Corp.		71,935

		Multi-Utilities — 0.9%
	2,423	CenterPoint Energy, Inc.		61,374
	436	Consolidated Edison, Inc.		34,937
	631	DTE Energy Co.		66,507
	2,412	NiSource, Inc.		58,829
	300	Vectren Corp.		21,081

				242,728

		Oil, Gas & Consumable Fuels — 6.0%
	791	Andeavor		109,411
	2,529	Chevron Corp.		316,403
	612	ConocoPhillips		40,086
	1,327	Continental Resources, Inc.*		87,662
	631	Diamondback Energy, Inc.*		81,052
	1,313	EOG Resources, Inc.		155,157
	1,628	HollyFrontier Corp.		98,803


SHARES		INVESTMENTS	VALUE($)

		Oil, Gas & Consumable Fuels — continued
	1,799	Marathon Petroleum Corp.		134,763
	1,942	PBF Energy, Inc., Class A		74,437
	1,432	Phillips 66		159,396
	1,369	Targa Resources Corp.		64,302
	1,457	Valero Energy Corp.		161,625
	2,954	Williams Cos., Inc. (The)		76,007
	4,660	WPX Energy, Inc.*		79,639

				1,638,743

		Personal Products — 0.7%
	821	Estee Lauder Cos., Inc. (The), Class A		121,582
	881	Nu Skin Enterprises, Inc., Class A		62,683

				184,265

		Pharmaceuticals — 2.1%
	3,524	Johnson & Johnson		445,751
	1,469	Zoetis, Inc.		122,632

				568,383

		Professional Services — 0.3%
	212	CoStar Group, Inc.*		77,732

		Road & Rail — 0.5%
	910	Norfolk Southern Corp.		130,557
	145	Old Dominion Freight Line, Inc.		19,410

				149,967

		Semiconductors & Semiconductor Equipment — 5.3%
	2,944	Applied Materials, Inc.		146,228
	1,033	First Solar, Inc.*		73,250
	790	KLA-Tencor Corp.		80,375
	570	Lam Research Corp.		105,484
	1,035	Microchip Technology, Inc.		86,588
	3,244	Micron Technology, Inc.*		149,159
	1,353	NVIDIA Corp.		304,290
	1,053	NXP Semiconductors NV (Netherlands)*		110,460
	1,591	Teradyne, Inc.		51,787
	2,156	Texas Instruments, Inc.		218,683
	382	Universal Display Corp.		33,635
	1,051	Xilinx, Inc.		67,516

				1,427,455

		Software — 7.8%
	2,188	Activision Blizzard, Inc.		145,174
	1,222	Adobe Systems, Inc.*		270,795
	509	ANSYS, Inc.*		82,285
	330	Autodesk, Inc.*		41,547
	1,724	Cadence Design Systems, Inc.*		69,063
	949	Electronic Arts, Inc.*		111,963

SEE NOTES TO FINANCIAL STATEMENTS.



118	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Software — continued
	692	Intuit, Inc.		127,875
	5,866	Microsoft Corp.		548,588
	797	PTC, Inc.*		65,633
	717	Red Hat, Inc.*		116,914
	1,805	salesforce.com, Inc.*		218,387
	672	ServiceNow, Inc.*		111,646
	332	SS&C Technologies Holdings, Inc.		16,484
	863	Synopsys, Inc.*		73,795
	708	Take-Two Interactive Software, Inc.*		70,595
	548	VMware, Inc., Class A*		73,027

				2,143,771

		Specialty Retail — 2.3%
	1,246	Best Buy Co., Inc.		95,356
	579	Burlington Stores, Inc.*		78,657
	2,431	Home Depot, Inc. (The)		449,249
	237	Ross Stores, Inc.		19,162

				642,424

		Technology Hardware, Storage & Peripherals — 1.9%
	3,088	Apple, Inc.		510,324

		Textiles, Apparel & Luxury Goods — 0.3%
	530	PVH Corp.		84,625

		Tobacco — 0.5%
	1,740	Philip Morris International, Inc.		142,680

		Trading Companies & Distributors — 0.3%
	478	United Rentals, Inc.*		71,700

		Wireless Telecommunication Services — 0.4%
	1,153	Telephone & Data Systems, Inc.		31,511
	1,494	T-Mobile US, Inc.*		90,402

				121,913

		Total Common Stocks (Cost $26,230,934)		27,185,811

	Short-Term Investments — 0.6%
		Investment Companies — 0.6%
	151,827	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (a) (b) (Cost $151,827)		151,827

		Total Investments — 100.0% (Cost $26,382,761)		27,337,638
		Liabilities in Excess of other assets — 0.0% (c)		(5,677	)

		Net Assets — 100.0%	$	27,331,961

Percentages indicated are based on net assets.


*		— Non-income producing security.
(a)		— Affiliated company as defined under the Investment Company Act of 1940.
(b)		— The rate shown was the current yield as of April 30, 2018.
(c)		— Represents less than 0.05% of net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	119

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 99.6%
		Aerospace & Defense — 3.1%
	1,221	Boeing Co. (The)		407,277
	1,023	BWX Technologies, Inc.		69,359
	394	General Dynamics Corp.		79,316
	630	Lockheed Martin Corp.		202,129
	818	Spirit AeroSystems Holdings, Inc., Class A		65,743

				823,824

		Banks — 2.3%
	618	Bank of Hawaii Corp.		52,042
	776	Commerce Bancshares, Inc.		49,292
	3,354	US Bancorp		169,209
	6,893	Wells Fargo & Co.		358,160

				628,703

		Beverages — 3.0%
	1,425	Brown-Forman Corp., Class B		79,857
	8,292	Coca-Cola Co. (The)		358,297
	1,391	Monster Beverage Corp.*		76,505
	2,839	PepsiCo, Inc.		286,569

				801,228

		Biotechnology — 4.2%
	2,375	AbbVie, Inc.		229,306
	1,418	Amgen, Inc.		247,413
	547	Biogen, Inc.*		149,659
	877	Celgene Corp.*		76,387
	2,659	Gilead Sciences, Inc.		192,059
	220	Regeneron Pharmaceuticals, Inc.*		66,810
	437	United Therapeutics Corp.*		48,118
	774	Vertex Pharmaceuticals, Inc.*		118,546

				1,128,298

		Building Products — 0.2%
	325	Allegion plc		25,083
	374	AO Smith Corp.		22,945

				48,028

		Capital Markets — 2.0%
	633	CBOE Global Markets, Inc.		67,592
	711	Eaton Vance Corp.		38,671
	337	FactSet Research Systems, Inc.		63,730
	1,131	Federated Investors, Inc., Class B		29,937
	1,373	Franklin Resources, Inc.		46,188
	376	MSCI, Inc.		56,336
	441	S&P Global, Inc.		83,173
	835	SEI Investments Co.		52,797
	778	T. Rowe Price Group, Inc.		88,552

				526,976


SHARES		INVESTMENTS	VALUE($)

		Chemicals — 2.1%
	692	Air Products & Chemicals, Inc.		112,305
	261	International Flavors & Fragrances, Inc.		36,869
	1,126	LyondellBasell Industries NV, Class A		119,052
	137	NewMarket Corp.		51,998
	874	PPG Industries, Inc.		92,539
	912	Praxair, Inc.		139,098

				551,861

		Commercial Services & Supplies — 0.3%
	1,544	Copart, Inc.*		78,867

		Communications Equipment — 1.9%
	305	Arista Networks, Inc.*		80,688
	3,004	Cisco Systems, Inc.		133,047
	485	F5 Networks, Inc.*		79,099
	2,604	Juniper Networks, Inc.		64,032
	672	Motorola Solutions, Inc.		73,806
	485	Palo Alto Networks, Inc.*		93,367

				524,039

		Consumer Finance — 0.7%
	1,913	American Express Co.		188,909

		Containers & Packaging — 0.2%
	524	Avery Dennison Corp.		54,920

		Diversified Consumer Services — 0.3%
	2,547	H&R Block, Inc.		70,425

		Diversified Financial Services — 1.9%
	2,628	Berkshire Hathaway, Inc., Class B*		509,122

		Diversified Telecommunication Services — 1.8%
	6,355	AT&T, Inc.		207,808
	5,651	Verizon Communications, Inc.		278,877

				486,685

		Electric Utilities — 1.5%
	1,403	American Electric Power Co., Inc.		98,182
	1,137	Edison International		74,496
	536	Hawaiian Electric Industries, Inc.		18,594
	1,007	NextEra Energy, Inc.		165,058
	972	PG&E Corp.		44,809

				401,139

		Electrical Equipment — 0.8%
	1,966	Emerson Electric Co.		130,562
	507	Rockwell Automation, Inc.		83,417

				213,979

		Electronic Equipment, Instruments & Components — 0.1%
	495	Dolby Laboratories, Inc., Class A		29,611

SEE NOTES TO FINANCIAL STATEMENTS.



120	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Energy Equipment & Services — 1.5%
	2,215	National Oilwell Varco, Inc.		85,654
	2,343	Oceaneering International, Inc.		49,766
	2,604	RPC, Inc.		46,898
	3,070	Schlumberger Ltd.		210,479

				392,797

		Equity Real Estate Investment Trusts (REITs) — 2.8%
	850	American Tower Corp.		115,906
	432	Camden Property Trust		36,893
	745	Equity LifeStyle Properties, Inc.		66,424
	913	Equity Residential		56,341
	419	Federal Realty Investment Trust		48,541
	1,483	Gaming and Leisure Properties, Inc.		50,822
	780	Lamar Advertising Co., Class A		49,694
	652	Piedmont Office Realty Trust, Inc., Class A		11,684
	427	Public Storage		86,160
	856	Simon Property Group, Inc.		133,827
	1,728	Tanger Factory Outlet Centers, Inc.		37,930
	791	Taubman Centers, Inc.		44,280
	880	Weingarten Realty Investors		24,174

				762,676

		Food & Staples Retailing — 1.9%
	1,089	Costco Wholesale Corp.		214,707
	3,366	Walmart, Inc.		297,757

				512,464

		Food Products — 0.6%
	1,254	Campbell Soup Co.		51,138
	620	Hershey Co. (The)		57,003
	1,494	Hormel Foods Corp.		54,157

				162,298

		Gas Utilities — 0.2%
	895	National Fuel Gas Co.		45,958
	233	UGI Corp.		11,275

				57,233

		Health Care Equipment & Supplies — 1.8%
	802	Edwards Lifesciences Corp.*		102,143
	457	IDEXX Laboratories, Inc.*		88,882
	335	Intuitive Surgical, Inc.*		147,661
	753	ResMed, Inc.		71,264
	632	Varian Medical Systems, Inc.*		73,053

				483,003

		Health Care Technology — 0.6%
	1,347	Cerner Corp.*		78,463


SHARES		INVESTMENTS	VALUE($)

		Health Care Technology — continued
	993	Veeva Systems, Inc., Class A*		69,639

				148,102

		Hotels, Restaurants & Leisure — 3.2%
	232	Choice Hotels International, Inc.		18,572
	760	Darden Restaurants, Inc.		70,574
	1,441	Las Vegas Sands Corp.		105,668
	970	Marriott International, Inc., Class A		132,580
	1,597	McDonald’s Corp.		267,402
	964	Six Flags Entertainment Corp.		60,963
	3,587	Starbucks Corp.		206,503

				862,262

		Household Durables — 0.1%
	817	Leggett & Platt, Inc.		33,129

		Household Products — 1.6%
	780	Church & Dwight Co., Inc.		36,036
	546	Clorox Co. (The)		63,991
	2,242	Colgate-Palmolive Co.		146,246
	1,024	Kimberly-Clark Corp.		106,025
	1,251	Procter & Gamble Co. (The)		90,497

				442,795

		Independent Power and Renewable Electricity Producers — 0.3%
	3,336	Vistra Energy Corp.*		76,228

		Industrial Conglomerates — 0.9%
	1,294	3M Co.		251,541

		Insurance — 5.9%
	2,668	Aflac, Inc.		121,581
	93	Alleghany Corp.		53,444
	1,174	Allstate Corp. (The)		114,841
	617	American Financial Group, Inc.		69,857
	865	Aon plc		123,237
	705	Arch Capital Group Ltd.*		56,492
	1,131	Arthur J Gallagher & Co.		79,159
	2,386	Brown & Brown, Inc.		64,971
	945	Chubb Ltd.		128,208
	845	Cincinnati Financial Corp.		59,437
	314	Erie Indemnity Co., Class A		36,666
	47	Markel Corp.*		53,112
	1,634	Marsh & McLennan Cos., Inc.		133,171
	1,723	Old Republic International Corp.		35,149
	904	ProAssurance Corp.		42,759
	2,059	Progressive Corp. (The)		124,137
	265	Reinsurance Group of America, Inc.		39,591

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	121

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Insurance — continued
	856	Torchmark Corp.		74,249
	869	Travelers Cos., Inc. (The)		114,360
	711	WR Berkley Corp.		53,012

				1,577,433

		Internet & Direct Marketing Retail — 0.9%
	84	Booking Holdings, Inc.*		182,952
	1,296	TripAdvisor, Inc.*		48,496

				231,448

		Internet Software & Services — 4.3%
	713	Akamai Technologies, Inc.*		51,086
	493	Alphabet, Inc., Class A*		502,160
	3,002	Facebook, Inc., Class A*		516,344
	633	VeriSign, Inc.*		74,327

				1,143,917

		IT Services — 6.9%
	1,469	Accenture plc, Class A		222,113
	349	Amdocs Ltd.		23,470
	1,270	Automatic Data Processing, Inc.		149,962
	767	Broadridge Financial Solutions, Inc.		82,230
	1,536	Fiserv, Inc.*		108,841
	1,729	International Business Machines Corp.		250,636
	601	Jack Henry & Associates, Inc.		71,807
	2,092	Mastercard, Inc., Class A		372,941
	1,437	Paychex, Inc.		87,039
	1,050	Teradata Corp.*		42,966
	3,067	Visa, Inc., Class A		389,141
	3,128	Western Union Co. (The)		61,778

				1,862,924

		Life Sciences Tools & Services — 1.0%
	1,197	Agilent Technologies, Inc.		78,691
	273	Bio-Techne Corp.		41,198
	127	Mettler-Toledo International, Inc.*		71,111
	410	Waters Corp.*		77,248

				268,248

		Machinery — 1.8%
	1,551	Allison Transmission Holdings, Inc.		60,473
	1,047	Donaldson Co., Inc.		46,340
	1,548	Graco, Inc.		68,097
	530	IDEX Corp.		70,840
	923	Illinois Tool Works, Inc.		131,084
	677	Lincoln Electric Holdings, Inc.		56,103
	1,059	Toro Co. (The)		61,835

				494,772


SHARES		INVESTMENTS	VALUE($)

		Media — 0.7%
	33	Cable One, Inc.		20,959
	1,158	Omnicom Group, Inc.		85,298
	11,396	Sirius XM Holdings, Inc.		72,137

				178,394

		Metals & Mining — 0.2%
	1,034	Newmont Mining Corp.		40,626

		Mortgage Real Estate Investment Trusts (REITs) — 1.0%
	3,377	AGNC Investment Corp.		63,893
	6,617	Annaly Capital Management, Inc.		68,618
	2,159	Chimera Investment Corp.		37,761
	5,563	MFA Financial, Inc.		41,834
	1,628	Starwood Property Trust, Inc.		34,123
	2,117	Two Harbors Investment Corp.		32,305

				278,534

		Multiline Retail — 0.7%
	1,273	Nordstrom, Inc.		64,363
	1,768	Target Corp.		128,357

				192,720

		Multi-Utilities — 0.9%
	1,228	Ameren Corp.		71,986
	2,548	CenterPoint Energy, Inc.		64,541
	360	Vectren Corp.		25,297
	1,208	WEC Energy Group, Inc.		77,650

				239,474

		Oil, Gas & Consumable Fuels — 4.3%
	2,075	Cabot Oil & Gas Corp.		49,613
	1,909	ConocoPhillips		125,040
	5,392	Exxon Mobil Corp.		419,228
	1,781	Marathon Petroleum Corp.		133,415
	2,131	Occidental Petroleum Corp.		164,641
	1,043	Phillips 66		116,096
	1,442	Valero Energy Corp.		159,961

				1,167,994

		Personal Products — 0.1%
	305	Nu Skin Enterprises, Inc., Class A		21,701

		Pharmaceuticals — 5.7%
	3,047	Bristol-Myers Squibb Co.		158,840
	1,689	Eli Lilly & Co.		136,927
	3,679	Johnson & Johnson		465,357
	5,621	Merck & Co., Inc.		330,908
	12,062	Pfizer, Inc.		441,590

				1,533,622

SEE NOTES TO FINANCIAL STATEMENTS.



122	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Professional Services — 0.6%
	499	Equifax, Inc.		55,913
	1,187	Robert Half International, Inc.		72,110
	251	Verisk Analytics, Inc.*		26,719

				154,742

		Road & Rail — 1.1%
	581	Landstar System, Inc.		59,059
	1,837	Union Pacific Corp.		245,478

				304,537

		Semiconductors & Semiconductor Equipment — 5.4%
	2,927	Applied Materials, Inc.		145,384
	1,023	First Solar, Inc.*		72,541
	8,562	Intel Corp.		441,970
	782	KLA-Tencor Corp.		79,561
	1,433	Maxim Integrated Products, Inc.		78,098
	1,134	NVIDIA Corp.		255,037
	1,575	Teradyne, Inc.		51,266
	2,385	Texas Instruments, Inc.		241,911
	352	Versum Materials, Inc.		12,383
	1,253	Xilinx, Inc.		80,493

				1,458,644

		Software — 5.5%
	1,210	Adobe Systems, Inc.*		268,136
	504	ANSYS, Inc.*		81,477
	1,715	Cadence Design Systems, Inc.*		68,703
	882	Citrix Systems, Inc.*		90,767
	794	Intuit, Inc.		146,723
	1,423	Manhattan Associates, Inc.*		61,274
	5,807	Microsoft Corp.		543,071
	709	Red Hat, Inc.*		115,609
	270	Synopsys, Inc.*		23,088
	543	VMware, Inc., Class A*		72,360

				1,471,208

		Specialty Retail — 5.3%
	1,234	Best Buy Co., Inc.		94,438
	573	Burlington Stores, Inc.*		77,842
	1,170	Foot Locker, Inc.		50,404
	2,172	Gap, Inc. (The)		63,509
	2,566	Home Depot, Inc. (The)		474,197
	2,040	Lowe’s Cos., Inc.		168,157
	328	O’Reilly Automotive, Inc.*		83,991
	1,423	Ross Stores, Inc.		115,049
	1,199	Signet Jewelers Ltd.		46,617
	585	Tiffany & Co.		60,155


SHARES		INVESTMENTS	VALUE($)

		Specialty Retail — continued
	1,849	TJX Cos., Inc. (The)		156,888
	882	Williams-Sonoma, Inc.		42,160

				1,433,407

		Technology Hardware, Storage & Peripherals — 1.8%
	2,972	Apple, Inc.		491,153

		Textiles, Apparel & Luxury Goods — 1.4%
	350	Carter’s, Inc.		35,112
	757	Michael Kors Holdings Ltd.*		51,794
	3,224	NIKE, Inc., Class B		220,489
	942	VF Corp.		76,180

				383,575

		Tobacco — 1.4%
	4,111	Altria Group, Inc.		230,668
	1,928	Philip Morris International, Inc.		158,096

				388,764

		Trading Companies & Distributors — 0.8%
	671	MSC Industrial Direct Co., Inc., Class A		58,001
	371	Watsco, Inc.		62,113
	306	WW Grainger, Inc.		86,093

				206,207

		Total Common Stocks (Cost $26,332,991)		26,775,186

	Short-Term Investments — 0.4%
		Investment Companies — 0.4%
	117,748	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (a) (b) (Cost $117,748)		117,748

		Total Investments — 100.0% (Cost $26,450,739)		26,892,934
		Other Assets Less Liabilities — 0.0% (c)		3,267

		Net Assets — 100.0%	$	26,896,201

Percentages indicated are based on net assets.



*		— Non-income producing security.
(a)		— Affiliated company as defined under the Investment Company Act of 1940.
(b)		— The rate shown was the current yield as of April 30, 2018.
(c)		— Represents less than 0.05% of net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	123

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 99.7%
		Aerospace & Defense — 1.7%
	591	Harris Corp.		92,444
	421	L3 Technologies, Inc.		82,465
	528	Orbital ATK, Inc.		69,897
	1,737	United Technologies Corp.		208,701

				453,507

		Airlines — 1.0%
	770	Alaska Air Group, Inc.		49,996
	471	Copa Holdings SA, Class A (Panama)		55,187
	2,239	Delta Air Lines, Inc.		116,921
	2,932	JetBlue Airways Corp.*		56,265

				278,369

		Auto Components — 0.7%
	3,002	Gentex Corp.		68,265
	1,190	Goodyear Tire & Rubber Co. (The)		29,881
	430	Lear Corp.		80,397

				178,543

		Automobiles — 1.4%
	11,752	Ford Motor Co.		132,092
	3,947	General Motors Co.		145,013
	1,151	Harley-Davidson, Inc.		47,341
	459	Thor Industries, Inc.		48,718

				373,164

		Banks — 6.1%
	1,919	Associated Banc-Corp.		50,758
	1,622	Bank of America Corp.		48,530
	2,539	BB&T Corp.		134,059
	351	BOK Financial Corp.		35,339
	646	Cullen/Frost Bankers, Inc.		73,935
	3,051	Fifth Third Bancorp		101,202
	2,018	FNB Corp.		26,234
	4,771	Huntington Bancshares, Inc.		71,136
	1,318	PacWest Bancorp		67,534
	3,270	People’s United Financial, Inc.		59,808
	1,289	PNC Financial Services Group, Inc. (The)		187,691
	1,524	Popular, Inc. (Puerto Rico)		70,546
	5,100	Regions Financial Corp.		95,370
	1,723	SunTrust Banks, Inc.		115,096
	9,540	Wells Fargo & Co.		495,698

				1,632,936

		Beverages — 0.2%
	728	Molson Coors Brewing Co., Class B		51,863


SHARES		INVESTMENTS	VALUE($)

		Biotechnology — 1.3%
	909	Amgen, Inc.		158,602
	2,700	Gilead Sciences, Inc.		195,021

				353,623

		Building Products — 0.4%
	837	Owens Corning		54,815
	1,125	USG Corp.*		45,259

				100,074

		Capital Markets — 1.8%
	2,897	Bank of New York Mellon Corp. (The)		157,915
	903	Goldman Sachs Group, Inc. (The)		215,212
	1,346	Invesco Ltd.		38,994
	1,508	Legg Mason, Inc.		59,868

				471,989

		Chemicals — 1.4%
	430	Cabot Corp.		24,020
	775	CF Industries Holdings, Inc.		30,070
	833	Eastman Chemical Co.		85,032
	2,121	Huntsman Corp.		63,142
	1,153	LyondellBasell Industries NV, Class A		121,907
	2,237	Mosaic Co. (The)		60,287

				384,458

		Commercial Services & Supplies — 0.4%
	2,587	Pitney Bowes, Inc.		26,439
	1,272	Republic Services, Inc.		82,273

				108,712

		Communications Equipment — 2.3%
	1,173	ARRIS International plc*		31,671
	10,764	Cisco Systems, Inc.		476,738
	2,711	Juniper Networks, Inc.		66,663
	384	Motorola Solutions, Inc.		42,175

				617,247

		Construction & Engineering — 0.4%
	1,881	AECOM*		64,782
	828	Fluor Corp.		48,810

				113,592

		Consumer Finance — 0.8%
	1,507	Capital One Financial Corp.		136,564
	4,812	Navient Corp.		63,807

				200,371

		Containers & Packaging — 1.3%
	1,350	Bemis Co., Inc.		58,415
	4,248	Graphic Packaging Holding Co.		60,746

SEE NOTES TO FINANCIAL STATEMENTS.



124	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Containers & Packaging — continued
	651	Packaging Corp. of America		75,314
	584	Silgan Holdings, Inc.		16,393
	1,187	Sonoco Products Co.		60,964
	1,341	WestRock Co.		79,334

				351,166

		Distributors — 0.3%
	793	Genuine Parts Co.		70,038

		Diversified Consumer Services — 0.3%
	50	Graham Holdings Co., Class B		30,153
	1,473	H&R Block, Inc.		40,728

				70,881

		Diversified Telecommunication Services — 1.9%
	7,307	AT&T, Inc.		238,939
	2,106	CenturyLink, Inc.		39,130
	4,395	Verizon Communications, Inc.		216,893

				494,962

		Electric Utilities — 2.2%
	1,022	Avangrid, Inc.		53,870
	653	Duke Energy Corp.		52,344
	771	Eversource Energy		46,453
	3,392	Exelon Corp.		134,595
	281	FirstEnergy Corp.		9,666
	2,018	Great Plains Energy, Inc.		66,049
	1,648	Hawaiian Electric Industries, Inc.		57,169
	1,121	OGE Energy Corp.		36,847
	2,362	PG&E Corp.		108,888
	185	Pinnacle West Capital Corp.		14,893
	558	PPL Corp.		16,238

				597,012

		Electrical Equipment — 1.4%
	1,556	Eaton Corp. plc		116,747
	2,029	Emerson Electric Co.		134,746
	532	Hubbell, Inc.		55,253
	857	Regal Beloit Corp.		61,018

				367,764

		Electronic Equipment, Instruments & Components — 0.8%
	819	Arrow Electronics, Inc.*		61,212
	1,442	Avnet, Inc.		56,569
	3,338	Corning, Inc.		90,193
	560	Jabil, Inc.		14,896

				222,870


SHARES		INVESTMENTS	VALUE($)

		Energy Equipment & Services — 0.5%
	669	Helmerich & Payne, Inc.		46,529
	1,693	Oceaneering International, Inc.		35,959
	3,970	Transocean Ltd.*		49,109

				131,597

		Equity Real Estate Investment Trusts (REITs) — 2.4%
	2,019	Apple Hospitality REIT, Inc.		36,322
	2,468	Brandywine Realty Trust		39,759
	2,067	Brixmor Property Group, Inc.		30,778
	2,726	Colony NorthStar, Inc., Class A		16,656
	1,032	Columbia Property Trust, Inc.		22,044
	2,465	CoreCivic, Inc.		49,694
	597	EPR Properties		32,847
	1,987	Hospitality Properties Trust		49,437
	3,713	Kimco Realty Corp.		53,876
	3,912	Medical Properties Trust, Inc.		49,995
	1,982	Omega Healthcare Investors, Inc.		51,492
	2,426	Park Hotels & Resorts, Inc.		69,820
	781	Piedmont Office Realty Trust, Inc., Class A		13,996
	2,729	Retail Properties of America, Inc., Class A		31,493
	1,543	Senior Housing Properties Trust		24,024
	1,215	Ventas, Inc.		62,475

				634,708

		Food & Staples Retailing — 1.8%
	8,504	Rite Aid Corp.*		14,202
	2,289	Walgreens Boots Alliance, Inc.		152,104
	3,444	Walmart, Inc.		304,656

				470,962

		Food Products — 2.1%
	2,425	Archer-Daniels-Midland Co.		110,046
	953	Bunge Ltd.		68,835
	3,034	Flowers Foods, Inc.		68,599
	1,840	General Mills, Inc.		80,482
	310	Ingredion, Inc.		37,538
	638	JM Smucker Co. (The)		72,783
	1,271	Pilgrim’s Pride Corp.*		27,454
	1,231	Tyson Foods, Inc., Class A		86,293

				552,030

		Health Care Equipment & Supplies — 2.5%
	1,151	Abbott Laboratories		66,908
	1,595	Baxter International, Inc.		110,852
	606	Becton Dickinson and Co.		140,513
	204	DENTSPLY SIRONA, Inc.		10,269
	547	Hill-Rom Holdings, Inc.		46,949

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	125

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Health Care Equipment & Supplies — continued
	2,771	Medtronic plc		222,040
	603	Zimmer Biomet Holdings, Inc.		69,448

				666,979

		Health Care Providers & Services — 5.7%
	918	Aetna, Inc.		164,368
	716	Anthem, Inc.		168,969
	1,217	Cardinal Health, Inc.		78,095
	724	Cigna Corp.		124,398
	2,411	CVS Health Corp.		168,360
	216	Express Scripts Holding Co.*		16,351
	420	Humana, Inc.		123,555
	492	LifePoint Health, Inc.*		23,567
	558	McKesson Corp.		87,165
	657	MEDNAX, Inc.*		30,163
	1,032	Patterson Cos., Inc.		24,025
	731	Quest Diagnostics, Inc.		73,977
	1,600	UnitedHealth Group, Inc.		378,240
	610	Universal Health Services, Inc., Class B		69,662

				1,530,895

		Hotels, Restaurants & Leisure — 1.0%
	1,633	Carnival Corp.		102,977
	1,099	International Game Technology plc		31,069
	593	Royal Caribbean Cruises Ltd.		64,156
	676	Wyndham Worldwide Corp.		77,206

				275,408

		Household Durables — 1.3%
	1,178	Garmin Ltd.		69,113
	841	Leggett & Platt, Inc.		34,103
	1,487	Lennar Corp., Class A		78,647
	912	Newell Brands, Inc.		25,199
	2,173	PulteGroup, Inc.		65,972
	331	Toll Brothers, Inc.		13,955
	558	Tupperware Brands Corp.		24,865
	299	Whirlpool Corp.		46,330

				358,184

		Household Products — 1.3%
	4,764	Procter & Gamble Co. (The)		344,628

		Independent Power and Renewable Electricity Producers — 0.3%
	3,414	Vistra Energy Corp.*		78,010

		Industrial Conglomerates — 1.1%
	661	Carlisle Cos., Inc.		71,210
	16,431	General Electric Co.		231,184

				302,394


SHARES		INVESTMENTS	VALUE($)

		Insurance — 4.8%
	2,044	Aflac, Inc.		93,145
	1,120	Aspen Insurance Holdings Ltd. (Bermuda)		47,544
	423	Assurant, Inc.		39,263
	1,745	Assured Guaranty Ltd.		63,326
	981	Axis Capital Holdings Ltd.		57,585
	271	Everest Re Group Ltd.		63,053
	1,171	First American Financial Corp.		59,850
	192	Hanover Insurance Group, Inc. (The)		22,051
	1,134	Lincoln National Corp.		80,106
	877	Mercury General Corp.		40,105
	2,986	MetLife, Inc.		142,343
	3,261	Old Republic International Corp.		66,524
	1,322	Principal Financial Group, Inc.		78,289
	673	ProAssurance Corp.		31,833
	1,282	Prudential Financial, Inc.		136,302
	462	Reinsurance Group of America, Inc.		69,023
	876	Travelers Cos., Inc. (The)		115,282
	1,401	Unum Group		67,780

				1,273,404

		Internet & Direct Marketing Retail — 0.1%
	486	Liberty Expedia Holdings, Inc., Class A*		19,829

		Internet Software & Services — 0.2%
	848	Akamai Technologies, Inc.*		60,759

		IT Services — 1.9%
	1,072	Amdocs Ltd.		72,092
	782	DXC Technology Co.		80,593
	2,023	International Business Machines Corp.		293,254
	763	Leidos Holdings, Inc.		49,008

				494,947

		Machinery — 3.5%
	1,651	Allison Transmission Holdings, Inc.		64,372
	702	Crane Co.		58,715
	639	Cummins, Inc.		102,150
	858	Dover Corp.		79,537
	1,118	Ingersoll-Rand plc		93,789
	755	Oshkosh Corp.		54,481
	1,452	PACCAR, Inc.		92,449
	545	Parker-Hannifin Corp.		89,718
	1,137	Pentair plc (United Kingdom)		76,497
	613	Stanley Black & Decker, Inc.		86,795
	1,408	Timken Co. (The)		60,192
	1,839	Trinity Industries, Inc.		58,609

				917,304

SEE NOTES TO FINANCIAL STATEMENTS.



126	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Media — 4.6%
	9,426	Comcast Corp., Class A		295,882
	1,762	Discovery, Inc., Class A*		41,671
	1,066	DISH Network Corp., Class A*		35,764
	2,792	Interpublic Group of Cos., Inc. (The)		65,863
	948	John Wiley & Sons, Inc., Class A		62,521
	1,084	Lions Gate Entertainment Corp., Class A		26,981
	1,070	Omnicom Group, Inc.		78,816
	3,876	TEGNA, Inc.		40,970
	1,925	Time Warner, Inc.		182,490
	1,914	Viacom, Inc., Class B		57,726
	3,344	Walt Disney Co. (The)		335,504

				1,224,188

		Metals & Mining — 0.9%
	1,479	Nucor Corp.		91,136
	757	Reliance Steel & Aluminum Co.		66,556
	1,652	Steel Dynamics, Inc.		74,026

				231,718

		Mortgage Real Estate Investment Trusts (REITs) — 1.6%
	3,874	AGNC Investment Corp.		73,296
	7,831	Annaly Capital Management, Inc.		81,207
	3,693	Chimera Investment Corp.		64,591
	8,601	MFA Financial, Inc.		64,679
	3,252	Starwood Property Trust, Inc.		68,162
	4,133	Two Harbors Investment Corp.		63,070

				415,005

		Multiline Retail — 1.3%
	1,173	Kohl’s Corp.		72,867
	2,466	Macy’s, Inc.		76,618
	1,171	Nordstrom, Inc.		59,206
	1,810	Target Corp.		131,406

				340,097

		Multi-Utilities — 0.6%
	1,230	Consolidated Edison, Inc.		98,560
	1,551	SCANA Corp.		57,030

				155,590

		Oil, Gas & Consumable Fuels — 5.9%
	542	Andeavor		74,970
	3,428	Chevron Corp.		428,877
	422	ConocoPhillips		27,641
	5,727	Exxon Mobil Corp.		445,274
	1,577	HollyFrontier Corp.		95,708
	5,442	Kinder Morgan, Inc.		86,093
	1,201	Marathon Oil Corp.		21,918


SHARES		INVESTMENTS	VALUE($)

		Oil, Gas & Consumable Fuel — continued
	1,457	Marathon Petroleum Corp.		109,144
	1,147	PBF Energy, Inc., Class A		43,965
	1,024	Targa Resources Corp.		48,097
	1,467	Valero Energy Corp.		162,734
	592	World Fuel Services Corp.		12,710

				1,557,131

		Paper & Forest Products — 0.2%
	1,266	Domtar Corp.		55,577

		Personal Products — 0.2%
	888	Nu Skin Enterprises, Inc., Class A		63,181

		Pharmaceuticals — 4.6%
	3,352	Johnson & Johnson		423,994
	1,846	Mallinckrodt plc*		23,998
	5,924	Merck & Co., Inc.		348,746
	11,996	Pfizer, Inc.		439,174

				1,235,912

		Professional Services — 0.6%
	600	ManpowerGroup, Inc.		57,432
	1,497	Nielsen Holdings plc		47,081
	799	Robert Half International, Inc.		48,539

				153,052

		Road & Rail — 1.5%
	496	Genesee & Wyoming, Inc., Class A*		35,315
	743	Kansas City Southern		79,226
	958	Norfolk Southern Corp.		137,444
	631	Ryder System, Inc.		42,549
	814	Union Pacific Corp.		108,775

				403,309

		Semiconductors & Semiconductor Equipment — 7.3%
	1,096	Analog Devices, Inc.		95,736
	2,810	Applied Materials, Inc.		139,573
	10,059	Intel Corp.		519,246
	800	KLA-Tencor Corp.		81,392
	590	Lam Research Corp.		109,185
	1,903	Marvell Technology Group Ltd. (Bermuda)		38,174
	1,467	Maxim Integrated Products, Inc.		79,951
	2,634	Micron Technology, Inc.*		121,111
	802	NXP Semiconductors NV (Netherlands)*		84,130
	2,214	ON Semiconductor Corp.*		48,885
	3,603	QUALCOMM, Inc.		183,789
	692	Skyworks Solutions, Inc.		60,038
	1,580	Teradyne, Inc.		51,429
	2,348	Texas Instruments, Inc.		238,158

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	127

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	1,223	Xilinx, Inc.		78,565

				1,929,362

		Software — 3.8%
	2,206	CA, Inc.		76,769
	5,943	Microsoft Corp.		555,789
	6,838	Oracle Corp.		312,292
	2,172	Symantec Corp.		60,360

				1,005,210

		Specialty Retail — 1.9%
	860	AutoNation, Inc.*		39,723
	1,859	Bed Bath & Beyond, Inc.		32,458
	1,263	Best Buy Co., Inc.		96,657
	1,083	Dick’s Sporting Goods, Inc.		35,837
	1,101	Foot Locker, Inc.		47,431
	2,453	GameStop Corp., Class A		33,484
	2,223	Gap, Inc. (The)		65,001
	789	Penske Automotive Group, Inc.		35,584
	748	Signet Jewelers Ltd.		29,082
	1,671	Urban Outfitters, Inc.*		67,291
	695	Williams-Sonoma, Inc.		33,221

				515,769

		Technology Hardware, Storage & Peripherals — 3.9%
	3,129	Apple, Inc.		517,099
	6,079	Hewlett Packard Enterprise Co.		103,647
	5,620	HP, Inc.		120,774
	1,063	NCR Corp.*		32,708
	1,446	NetApp, Inc.		96,275
	1,223	Western Digital Corp.		96,360
	2,054	Xerox Corp.		64,598

				1,031,461

		Textiles, Apparel & Luxury Goods — 1.3%
	1,717	Hanesbrands, Inc.		31,713
	927	Michael Kors Holdings Ltd.*		63,425
	537	PVH Corp.		85,743
	593	Ralph Lauren Corp.		65,141
	1,654	Tapestry, Inc.		88,936

				334,958

		Thrifts & Mortgage Finance — 0.2%
	5,025	New York Community Bancorp, Inc.		59,697

		Trading Companies & Distributors — 0.6%
	502	MSC Industrial Direct Co., Inc., Class A		43,393
	610	WESCO International, Inc.*		36,325


SHARES		INVESTMENTS	VALUE($)

		Thrifts & Mortgage Finance — continued
	313	WW Grainger, Inc.		88,063

				167,781

		Transportation Infrastructure — 0.1%
	938	Macquarie Infrastructure Corp.		35,550

		Total Common Stocks (Cost $26,412,644)		26,519,727

	Short-Term Investments — 0.3%
		Investment Companies — 0.3%
	72,576	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (a) (b) (Cost $72,576)		72,576

		Total Investments — 100.0% (Cost $26,485,220)		26,592,303
		Other Assets Less Liabilities — 0.0% (c)		7,264

		Net Assets — 100.0%	$	26,599,567

Percentages indicated are based on net assets.



*		— Non-income producing security.
(a)		— Affiliated company as defined under the Investment Company Act of 1940.
(b)		— The rate shown was the current yield as of April 30, 2018.
(c)		— Represents less than 0.05% of net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



128	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2018 (Unaudited)


	JPMorgan Diversified Return Emerging Markets Equity ETF			JPMorgan Diversified Return Europe Currency Hedged ETF			JPMorgan Diversified Return Europe Equity ETF
ASSETS:
Investments in non-affiliates, at value	$	233,430,479		$	—		$	78,451,868
Investments in affiliates, at value		947,561			30,028,573			—
Restricted cash		122,135			—			—
Cash		113,194			9,800			225,790
Foreign currency, at value		229,471			—			116,821
Segregated cash balance with Authorized Participant for deposit securities		21,842			—			—
Prepaid Expenses		15,003			1,389			3,028
Receivables:
Dividends from non-affiliates		235,785			—			193,110
Dividends from affiliates		620			—			—
Tax reclaims		—			—			290,311
Unrealized appreciation on forward foreign currency exchange contracts		—			683,650			—
Due from Adviser		—			10,950			—

Total Assets		235,116,090			30,734,362			79,280,928


LIABILITIES:
Payables:
Investment securities purchased		—			643,572			—
Unrealized depreciation on forward foreign currency exchange contracts		—			27,622			—
Accrued liabilities:
Investment advisory fees		46,928			4,388			16,098
Administration fees		15,398			2,034			5,487
Custodian, Accounting and Transfer Agent fees		190,313			5,842			39,503
Trustees’ and Chief Compliance Officer’s fees		—			1,333			2,823
Deferred foreign capital gains tax		317,714			—			—
Professional Fees		26,125			23,075			51,592
Collateral upon return of deposit securities		21,842			—			—
Other		12,010			6,919			2,996

Total Liabilities		630,330			714,785			118,499

Net Assets	$	234,485,760		$	30,019,577		$	79,162,429


NET ASSETS:
Paid-in-Capital	$	215,385,136		$	27,087,053		$	66,250,524
Accumulated undistributed (distributions in excess of) net investment income		572,973			54,762			477,978
Accumulated net realized gains (losses)		(5,712,921	)		(2,149,957	)		(17,635	)
Net unrealized appreciation (depreciation)		24,240,572			5,027,719			12,451,562

Total Net Assets	$	234,485,760		$	30,019,577		$	79,162,429


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		4,000,000			1,050,000			1,300,000

Net asset value, per share	$	58.62		$	28.59		$	60.89


Cost of investments in non-affiliates	$	208,869,243		$	—		$	66,007,187
Cost of investments in affiliates		947,561			25,656,882			—
Cost of foreign currency		229,496			—			117,854

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	129

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2018 (Unaudited) (continued)


	JPMorgan Diversified Return Global Equity ETF			JPMorgan Diversified Return International Currency Hedged ETF		JPMorgan Diversified Return International Equity ETF
ASSETS:
Investments in non-affiliates, at value	$	228,954,356		$	—	$	1,528,208,353
Investments in affiliates, at value		182,981			34,323,788		3,570,626
Restricted cash		53,900			—		36,000
Cash		108,779			13,540		3,205,811
Foreign currency, at value		213,331			—		962,928
Prepaid Expenses		12,156			3,661		80,819
Receivables:
Investment securities sold		301,957			—		1,444,823
Dividends from non-affiliates		695,926			—		6,474,496
Dividends from affiliates		399			—		4,663
Tax reclaims		79,439			—		730,336
Unrealized appreciation on forward foreign currency exchange contracts		—			718,472		—
Due from Adviser		—			12,678		—

Total Assets		230,603,224			35,072,139		1,544,718,855


LIABILITIES:
Payables:
Investment securities purchased		—			414,961		2,964,934
Unrealized depreciation on forward foreign currency exchange contracts		—			42,438		—
Accrued liabilities:
Investment advisory fees		46,845			3,676		295,692
Administration fees		16,597			2,359		104,987
Custodian, Accounting and Transfer Agent fees		72,614			2,311		96,053
Trustees’ and Chief Compliance Officer’s fees		341			1,425		9,405
Professional Fees		73,359			20,614		117,291
Other		3,302			8,906		75,594

Total Liabilities		213,058			496,690		3,663,956

Net Assets	$	230,390,166		$	34,575,449	$	1,541,054,899


NET ASSETS:
Paid-in-Capital	$	213,464,870		$	28,666,416	$	1,383,515,864
Accumulated undistributed (distributions in excess of) net investment income		765,735			22,357		5,227,051
Accumulated net realized gains (losses)		(2,471,473	)		29,048		(780,894	)
Net unrealized appreciation (depreciation)		18,631,034			5,857,628		153,092,878

Total Net Assets	$	230,390,166		$	34,575,449	$	1,541,054,899


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		3,700,000			1,150,000		25,600,000

Net asset value, per share	$	62.27		$	30.07	$	60.20


Cost of investments in non-affiliates	$	210,314,957		$	—	$	1,375,015,602
Cost of investments in affiliates		182,981			29,142,199		3,570,626
Cost of foreign currency		213,305			—		967,107

SEE NOTES TO FINANCIAL STATEMENTS.



130	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


	JPMorgan Diversified Return U.S. Equity ETF		JPMorgan Diversified Return U.S. Mid Cap Equity ETF		JPMorgan Diversified Return U.S. Small Cap Equity ETF
ASSETS:
Investments in non-affiliates, at value	$	498,926,088	$	94,333,435	$	70,245,073
Investments in affiliates, at value		2,446,359		403,004		268,428
Restricted cash		10,150		3,000		8,400
Prepaid Expenses		30,591		5,737		772
Receivables:
Dividends from non-affiliates		435,312		49,340		21,661
Dividends from affiliates		2,917		563		424
Due from Adviser		—		—		522

Total Assets		501,851,417		94,795,079		70,545,280


LIABILITIES:
Payables:
Due to custodian		—		—		96
Accrued liabilities:
Investment advisory fees		5,903		5,875		—
Administration fees		34,581		6,637		4,907
Custodian, Accounting and Transfer Agent fees		12,963		3,994		24,510
Trustees’ and Chief Compliance Officer’s fees		2,735		1,426		697
Professional Fees		21,125		25,043		24,447
Other		22,661		17,627		9,869

Total Liabilities		99,968		60,602		64,526

Net Assets	$	501,751,449	$	94,734,477	$	70,480,754


NET ASSETS:
Paid-in-Capital	$	469,093,901	$	86,656,025	$	64,838,687
Accumulated undistributed (distributions in excess of) net investment income		1,071,871		181,057		135,748
Accumulated net realized gains (losses)		395,628		662,907		190,472
Net unrealized appreciation (depreciation)		31,190,049		7,234,488		5,315,847

Total Net Assets	$	501,751,449	$	94,734,477	$	70,480,754


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		7,200,000		1,500,000		2,400,000

Net asset value, per share	$	69.69	$	63.16	$	29.37


Cost of investments in non-affiliates	$	467,736,039	$	87,098,947	$	64,929,226
Cost of investments in affiliates		2,446,359		403,004		268,428

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	131

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2018 (Unaudited) (continued)


	JPMorgan U.S. Dividend ETF			JPMorgan U.S. Minimum Volatility ETF		JPMorgan U.S. Momentum Factor ETF
ASSETS:
Investments in non-affiliates, at value	$	26,046,067		$	26,480,858	$	27,185,811
Investments in affiliates, at value		74,097			68,080		151,827
Restricted cash		—			600		—
Deferred offering costs		2,140			3,028		2,142
Prepaid Expenses		778			774		856
Receivables:
Dividends from non-affiliates		44,218			21,846		14,673
Dividends from affiliates		149			137		112
Due from Adviser		7,115			7,166		7,230

Total Assets		26,174,564			26,582,489		27,362,651


LIABILITIES:
Accrued liabilities:
Administration fees		1,821			1,853		1,907
Custodian, Accounting and Transfer Agent fees		4,128			4,973		6,316
Trustees’ and Chief Compliance Officer’s fees		304			339		277
Professional Fees		21,068			21,085		21,046
Other		1,246			1,088		1,144

Total Liabilities		28,567			29,338		30,690

Net Assets	$	26,145,997		$	26,553,151	$	27,331,961


NET ASSETS:
Paid-in-Capital	$	26,303,329		$	26,278,543	$	26,261,922
Accumulated undistributed (distributions in excess of) net investment income		112,169			64,839		36,285
Accumulated net realized gains (losses)		208,996			66,088		78,877
Net unrealized appreciation (depreciation)		(478,497	)		143,681		954,877

Total Net Assets	$	26,145,997		$	26,553,151	$	27,331,961


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		1,050,000			1,050,000		1,050,000

Net asset value, per share	$	24.90		$	25.29	$	26.03


Cost of investments in non-affiliates	$	26,524,564		$	26,337,177	$	26,230,934
Cost of investments in affiliates		74,097			68,080		151,827

SEE NOTES TO FINANCIAL STATEMENTS.



132	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


	JPMorgan U.S. Quality Factor ETF		JPMorgan U.S. Value Factor ETF
ASSETS:
Investments in non-affiliates, at value	$	26,775,186	$	26,519,727
Investments in affiliates, at value		117,748		72,576
Restricted cash		600		—
Deferred offering costs		2,136		2,143
Prepaid Expenses		836		825
Receivables:
Dividends from non-affiliates		22,743		27,231
Dividends from affiliates		120		154
Due from Adviser		7,477		7,340

Total Assets		26,926,846		26,629,996


LIABILITIES:
Accrued liabilities:
Administration fees		1,884		1,867
Custodian, Accounting and Transfer Agent fees		6,218		6,109
Trustees’ and Chief Compliance Officer’s fees		287		280
Professional Fees		21,089		21,031
Other		1,167		1,142

Total Liabilities		30,645		30,429

Net Assets	$	26,896,201	$	26,599,567


NET ASSETS:
Paid-in-Capital	$	26,328,818	$	26,258,194
Accumulated undistributed (distributions in excess of) net investment income		59,420		67,576
Accumulated net realized gains (losses)		65,768		166,714
Net unrealized appreciation (depreciation)		442,195		107,083

Total Net Assets	$	26,896,201	$	26,599,567


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		1,050,000		1,050,000

Net asset value, per share	$	25.62	$	25.33

Cost of investments in non-affiliates	$	26,332,991	$	26,412,644
Cost of investments in affiliates		117,748		72,576

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	133

STATEMENTS OF OPERATIONS

AS OF APRIL 30, 2018 (Unaudited)


	JPMorgan Diversified Return Emerging Markets Equity ETF			JPMorgan Diversified Return Europe Currency Hedged ETF			JPMorgan Diversified Return Europe Equity ETF
INVESTMENT INCOME:
Dividend income from non-affiliates	$	1,842,823		$	—		$	1,372,805
Dividend income from affiliates		2,308			879,506			—
Interest income from non-affiliates		—			—			210
Interest income from affiliates		—			—			50
Foreign taxes withheld		(135,315	)		—			(141,389	)

Total investment income		1,709,816			879,506			1,231,676


EXPENSES:
Investment advisory fees (Note 3.A)		415,970			48,298			117,506
Administration fees (Note 3.B)		80,359			12,441			33,294
Professional fees		45,907			16,273			36,870
Trustees’ and Chief Compliance Officer’s fees		9,673			3,250			7,910
Printing and mailing costs		11,915			1,770			3,835
Registration and filing fees		9,004			3,643			6,552
Custodian, Accounting and Transfer Agent fees (Note 3.C)		306,559			15,549			30,852
Insurance expense		8,688			1,421			3,325
Other		8,480			6,614			4,182

Total expenses		896,555			109,259			244,326

Less fees waived (Note 3.E)		(367,376	)		(60,738	)		(75,835	)
Less expense reimbursements from affiliates (Note 3.E)		—			(39,879	)		—
Less expense reimbursements from non-affiliates (Note 3.E)		(102,900	)		—			—

Net expenses		426,279			8,642			168,491

Net investment income (loss)		1,283,537			870,864			1,063,185


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(263,657	)(a)		—			256,275
Investments in affiliates		—			232,512			—
Futures		168,163			—			(26,023	)
Foreign currency transactions		1,013			848			10,343
Forward foreign currency exchange contracts		169			(707,300	)		—

Net realized gain (loss)		(94,312	)		(473,940	)		240,595

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		4,899,765	(b)		—			696,344
Investments in affiliates		—			(373,329	)		—
Foreign currency translations		(312	)		—			1,030
Forward foreign currency exchange contracts		—			139,752			—

Change in net unrealized appreciation/depreciation		4,899,453			(233,577	)		697,374

Net realized/unrealized gains (losses)		4,805,141			(707,517	)		937,969

Change in net assets resulting from operations	$	6,088,678		$	163,347		$	2,001,154

(a)	Net of foreign capital gains tax of approximately $16,650.

(b)	Net change in foreign capital gains tax of approximately $77,685.

SEE NOTES TO FINANCIAL STATEMENTS.



134	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


	JPMorgan Diversified Return Global Equity ETF			JPMorgan Diversified Return International Currency Hedged ETF			JPMorgan Diversified Return International Equity ETF
INVESTMENT INCOME:
Dividend income from non-affiliates	$	2,572,937		$	—		$	20,674,612
Dividend income from affiliates		3,915			1,042,143			37,796
Interest income from non-affiliates		96			—			2,248
Interest income from affiliates		176			50			89
Foreign taxes withheld		(201,552	)		—			(1,823,973	)

Total investment income		2,375,572			1,042,193			18,890,772


EXPENSES:
Investment advisory fees (Note 3.A)		212,427			54,475			1,605,241
Administration fees (Note 3.B)		75,236			17,150			568,535
Interest expense to non-affiliates		—			—			41
Interest expense to affiliates		179			358			1,414
Professional fees		37,725			17,962			130,350
Trustees’ and Chief Compliance Officer’s fees		10,863			4,140			90,443
Printing and mailing costs		8,234			3,313			69,004
Registration and filing fees		6,929			6,081			46,449
Custodian, Accounting and Transfer Agent fees (Note 3.C)		158,710			14,940			291,736
Insurance expense		5,489			2,954			50,963
Other		5,594			5,992			28,366

Total expenses		521,386			127,365			2,882,542

Less fees waived (Note 3.E)		(68,720	)		(71,624	)		(3,638	)
Less expense reimbursements from affiliates (Note 3.E)		—			(43,571	)		—
Less expense reimbursements from non-affiliates (Note 3.E)		(115,500	)		—			(100,800	)

Net expenses		337,166			12,170			2,778,104

Net investment income (loss)		2,038,406			1,030,023			16,112,668


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		604,870			(2,368,230	)		8,653,812
Investments in affiliates		—			2,467,406			—
In-kind redemptions in non-affiliates		(1,632,510	)		—			—
In-kind redemptions in affiliates		—			2,368,263			—
Futures		21,386			—			188,114
Foreign currency transactions		(41,669	)		(1	)		273,320
Forward foreign currency exchange contracts		(5,779	)		(1,477,588	)		(236,110	)

Net realized gain (loss)		(1,053,702	)		989,850			8,879,136

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		4,635,360			—			24,771,622
Investments in affiliates		—			(1,446,692	)		—
Futures		—			—			(135,909	)
Foreign currency translations		(4,852	)		5			(90,790	)
Forward foreign currency exchange contracts		—			215,041			—

Change in net unrealized appreciation/depreciation		4,630,508			(1,231,646	)		24,544,923

Net realized/unrealized gains (losses)		3,576,806			(241,796	)		33,424,059

Change in net assets resulting from operations	$	5,615,212		$	788,227		$	49,536,727

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	135

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED APRIL 30, 2018 (Unaudited) (continued)


	JPMorgan Diversified Return U.S. Equity ETF			JPMorgan Diversified Return U.S. Mid Cap Equity ETF			JPMorgan Diversified Return U.S. Small Cap Equity ETF
INVESTMENT INCOME:
Dividend income from non-affiliates	$	4,337,596		$	753,738		$	441,838
Dividend income from affiliates		14,079			3,199			2,221

Total investment income		4,351,675			756,937			444,059


EXPENSES:
Investment advisory fees (Note 3.A)		500,007			101,586			89,571
Administration fees (Note 3.B)		184,787			35,979			26,254
Professional fees		54,271			25,022			30,014
Trustees’ and Chief Compliance Officer’s fees		29,701			6,580			4,576
Printing and mailing costs		22,924			5,867			1,487
Registration and filing fees		18,507			8,066			7,418
Custodian, Accounting and Transfer Agent fees (Note 3.C)		40,157			21,827			35,443
Insurance expense		19,363			3,954			3,078
Offering costs (Note 2.F)		—			—			39
Other		11,595			4,621			3,805

Total expenses		881,312			213,502			201,685

Less fees waived (Note 3.E)		(445,800	)		(104,539	)		(97,505	)
Less expense reimbursements from non-affiliates (Note 3.E)		(23,200	)		(7,500	)		(14,700	)

Net expenses		412,312			101,463			89,480

Net investment income (loss)		3,939,363			655,474			354,579


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		2,236,131			710,794			462,778
Futures		103,798			(907	)		22,802

Net realized gain (loss)		2,339,929			709,887			485,580

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		3,522,778			949,717			624,388
Futures		(23,608	)		—			(11,914	)

Change in net unrealized appreciation/depreciation		3,499,170			949,717			612,474

Net realized/unrealized gains (losses)		5,839,099			1,659,604			1,098,054

Change in net assets resulting from operations	$	9,778,462		$	2,315,078		$	1,452,633

SEE NOTES TO FINANCIAL STATEMENTS.



136	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


	JPMorgan U.S. Dividend ETF (a)			JPMorgan U.S. Minimum Volatility ETF (a)			JPMorgan U.S. Momentum Factor ETF (a)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	473,142		$	285,387		$	203,903
Dividend income from affiliates		695			638			568

Total investment income		473,837			286,025			204,471


EXPENSES:
Investment advisory fees (Note 3.A)		28,761			28,292			29,630
Administration fees (Note 3.B)		10,629			10,456			10,950
Professional fees		23,870			23,871			23,870
Trustees’ and Chief Compliance Officer’s fees		1,910			1,907			1,915
Printing and mailing costs		3,258			3,263			3,265
Registration and filing fees		6,680			6,680			6,680
Custodian, Accounting and Transfer Agent fees (Note 3.C)		13,719			13,663			16,195
Insurance expense		981			981			981
Offering costs (Note 2.F)		1,928			2,728			1,930
Other		1,077			1,062			1,056

Total expenses		92,813			92,903			96,472

Less fees waived (Note 3.E)		(37,462	)		(36,020	)		(38,650	)
Less expense reimbursements from affiliates (Note 3.E)		(39,225	)		(40,994	)		(40,822	)
Less expense reimbursements from non-affiliates (Note 3.E)		(1,200	)		(1,200	)		(1,600	)

Net expenses		14,926			14,689			15,400

Net investment income (loss)		458,911			271,336			189,071


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
investments in non-affiliates		208,996			66,088			78,877
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(478,497	)		143,681			954,877

Net realized/unrealized gains (losses)		(269,501	)		209,769			1,033,754

Change in net assets resulting from operations	$	189,410		$	481,105		$	1,222,825

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

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	137

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED APRIL 30, 2018 (Unaudited) (continued)


	JPMorgan U.S. Quality Factor ETF (a)			JPMorgan U.S. Value Factor ETF (a)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	277,658		$	341,028
Dividend income from affiliates		666			676

Total investment income		278,324			341,704


EXPENSES:
Investment advisory fees (Note 3.A)		28,991			29,547
Administration fees (Note 3.B)		10,714			10,920
Professional fees		23,870			23,870
Trustees’ and Chief Compliance Officer’s fees		1,905			1,918
Printing and mailing costs		3,254			3,267
Registration and filing fees		6,680			6,680
Custodian, Accounting and Transfer Agent fees (Note 3.C)		15,543			16,079
Insurance expense		981			981
Offering costs (Note 2.F)		1,925			1,931
Other		1,062			1,054

Total expenses		94,925			96,247

Less fees waived (Note 3.E)		(37,780	)		(38,536	)
Less expense reimbursements from affiliates (Note 3.E)		(40,897	)		(40,966	)
Less expense reimbursements from non-affiliates (Note 3.E)		(1,200	)		(1,400	)

Net expenses		15,048			15,345

Net investment income (loss)		263,276			326,359


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
investments in non-affiliates		65,768			166,714
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		442,195			107,083

Net realized/unrealized gains (losses)		507,963			273,797

Change in net assets resulting from operations	$	771,239		$	600,156

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

SEE NOTES TO FINANCIAL STATEMENTS.



138	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED


	JPMorgan Diversified Return Emerging Markets Equity ETF						JPMorgan Diversified Return Europe Currency Hedged ETF
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,283,537		$	3,452,670		$	870,864		$	644,580
Net realized gain (loss)		(94,312	)		1,036,538			(473,940	)		(771,406	)
Change in net unrealized appreciation/depreciation		4,899,453			19,206,880			(233,577	)		5,441,723

Change in net assets resulting from operations		6,088,678			23,696,088			163,347			5,314,897


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(4,037,440	)		(771,056	)		(851,015	)		(534,400	)
From net realized gains		—			—			—			(1,806,320	)

Total distributions to shareholders		(4,037,440	)		(771,056	)		(851,015	)		(2,340,720	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		66,693,476			99,006,553			—			1,249,800


NET ASSETS:
Change in net assets		68,744,714			121,931,585			(687,668	)		4,223,977
Beginning of period		165,741,046			43,809,461			30,707,245			26,483,268

End of period	$	234,485,760		$	165,741,046		$	30,019,577		$	30,707,245

Accumulated undistributed (distributions in excess of) net investment income	$	572,973		$	3,326,876		$	54,762		$	34,913


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	66,693,476		$	99,006,553		$	—		$	1,249,800

Total change in net assets resulting from capital transactions	$	66,693,476		$	99,006,553		$	—		$	1,249,800


SHARE TRANSACTIONS:
Issued (See Note 4)		1,100,000			2,000,000			—			50,000

Net increase in shares from share transactions		1,100,000			2,000,000			—			50,000

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	139

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan Diversified Return Europe Equity ETF						JPMorgan Diversified Return Global Equity ETF
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,063,185		$	1,886,817		$	2,038,406		$	1,650,745
Net realized gain (loss)		240,595			(62,703	)		(1,053,702	)		2,538,682
Change in net unrealized appreciation/depreciation		697,374			13,101,894			4,630,508			10,668,551

Change in net assets resulting from operations		2,001,154			14,926,008			5,615,212			14,857,978


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(2,331,082	)		(1,338,720	)		(2,477,206	)		(1,695,420	)

Total distributions to shareholders		(2,331,082	)		(1,338,720	)		(2,477,206	)		(1,695,420	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		—			6,045,436			123,557,090			12,975,579


NET ASSETS:
Change in net assets		(329,928	)		19,632,724			126,695,096			26,138,137
Beginning of period		79,492,357			59,859,633			103,695,070			77,556,933

End of period	$	79,162,429		$	79,492,357		$	230,390,166		$	103,695,070

Accumulated undistributed (distributions in excess of) net investment income	$	477,978		$	1,745,875		$	765,735		$	1,204,535


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	—		$	6,045,436		$	148,343,378		$	23,855,987
Redeemed		—			—			(24,786,288	)		(10,880,408	)

Total change in net assets resulting from capital transactions	$	—		$	6,045,436		$	123,557,090		$	12,975,579


SHARE TRANSACTIONS:
Issued (See Note 4)		—			100,000			2,400,000			400,000
Redeemed (See Note 4)		—			—			(400,000	)		(200,000	)

Net increase in shares from share transactions		—			100,000			2,000,000			200,000

SEE NOTES TO FINANCIAL STATEMENTS.



140	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


	JPMorgan Diversified Return International Currency Hedged ETF						JPMorgan Diversified Return International Equity ETF
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,030,023		$	519,793		$	16,112,668		$	20,245,953
Net realized gain (loss)		989,850			(117,698	)		8,879,136			172,051
Change in net unrealized appreciation/depreciation		(1,231,646	)		6,562,751			24,544,923			123,143,744

Change in net assets resulting from operations		788,227			6,964,846			49,536,727			143,561,748


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,022,148	)		(431,255	)		(28,847,054	)		(9,230,405	)
From net realized gains		—			(918,280	)		—			—

Total distributions to shareholders		(1,022,148	)		(1,349,535	)		(28,847,054	)		(9,230,405	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(13,465,097	)		16,343,042			360,478,220			555,512,947


NET ASSETS:
Change in net assets		(13,699,018	)		21,958,353			381,167,893			689,844,290
Beginning of period		48,274,467			26,316,114			1,159,887,006			470,042,716

End of period	$	34,575,449		$	48,274,467		$	1,541,054,899		$	1,159,887,006

Accumulated undistributed (distributions in excess of) net investment income	$	22,357		$	14,482		$	5,227,051		$	17,961,437


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	—		$	16,343,042		$	360,478,220		$	581,072,027
Redeemed		(13,465,097	)		—			—			(25,559,080	)

Total change in net assets resulting from capital transactions	$	(13,465,097	)	$	16,343,042		$	360,478,220		$	555,512,947


SHARE TRANSACTIONS:
Issued (See Note 4)		—			600,000			6,000,000			10,700,000
Redeemed (See Note 4)		(450,000	)		—			—			(500,000	)

Net increase in shares from share transactions		(450,000	)		600,000			6,000,000			10,200,000

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	141

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan Diversified Return U.S. Equity ETF						JPMorgan Diversified Return U.S. Mid Cap Equity ETF
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,939,363		$	4,296,175		$	655,474		$	824,382
Net realized gain (loss)		2,339,929			9,029,074			709,887			3,575,389
Change in net unrealized appreciation/depreciation		3,499,170			28,000,601			949,717			5,506,350

Change in net assets resulting from operations		9,778,462			41,325,850			2,315,078			9,906,121


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(6,538,161	)		(1,329,650	)		(1,163,798	)		(396,160	)

Total distributions to shareholders		(6,538,161	)		(1,329,650	)		(1,163,798	)		(396,160	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		142,212,377			190,764,313			31,519,947			16,399,401


NET ASSETS:
Change in net assets		145,452,678			230,760,513			32,671,227			25,909,362
Beginning of period		356,298,771			125,538,258			62,063,250			36,153,888

End of period	$	501,751,449		$	356,298,771		$	94,734,477		$	62,063,250

Accumulated undistributed (distributions in excess of) net investment income	$	1,071,871		$	3,670,669		$	181,057		$	689,381


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	142,212,377		$	266,609,754		$	31,519,947		$	34,787,448
Redeemed		—			(75,845,441	)		—			(18,388,047	)

Total change in net assets resulting from capital transactions	$	142,212,377		$	190,764,313		$	31,519,947		$	16,399,401


SHARE TRANSACTIONS:
Issued (See Note 4)		2,000,000			4,200,000			500,000			600,000
Redeemed		—			(1,200,000	)		—			(300,000	)

Net increase in shares from share transactions		2,000,000			3,000,000			500,000			300,000

SEE NOTES TO FINANCIAL STATEMENTS.



142	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


	JPMorgan Diversified Return U.S. Small Cap Equity ETF						JPMorgan U.S. Dividend ETF			JPMorgan U.S. Minimum Volatility ETF
	Six Months Ended April 30, 2018 (Unaudited)			Period Ended October 31, 2017 (a)			Period Ended April 30, 2018 (Unaudited) (b)			Period Ended April 30, 2018 (Unaudited) (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	354,579		$	338,470		$	458,911		$	271,336
Net realized gain (loss)		485,580			(295,108	)		208,996			66,088
Change in net unrealized appreciation/depreciation		612,474			4,703,373			(478,497	)		143,681

Change in net assets resulting from operations		1,452,633			4,746,735			189,410			481,105


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(520,621	)		(36,680	)		(346,742	)		(206,497	)

Total distributions to shareholders		(520,621	)		(36,680	)		(346,742	)		(206,497	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		14,537,637			50,301,050			26,303,329			26,278,543


NET ASSETS:
Change in net assets		15,469,649			55,011,105			26,145,997			26,553,151
Beginning of period		55,011,105			—			—			—

End of period	$	70,480,754		$	55,011,105		$	26,145,997		$	26,553,151

Accumulated undistributed (distributions in excess of) net investment income	$	135,748		$	301,790		$	112,169		$	64,839


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	14,537,637		$	50,301,050		$	26,303,329		$	26,278,543

Total change in net assets resulting from capital transactions	$	14,537,637		$	50,301,050		$	26,303,329		$	26,278,543


SHARE TRANSACTIONS:
Issued (See Note 4)		500,000			1,900,000			1,050,000			1,050,000

Net increase in shares from share transactions		500,000			1,900,000			1,050,000			1,050,000

(a)	Commencement of operations was November 15, 2016.

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

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	143

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan U.S. Momentum Factor ETF			JPMorgan U.S. Quality Factor ETF			JPMorgan U.S. Value Factor ETF
	Period Ended April 30, 2018 (Unaudited) (a)			Period Ended April 30, 2018 (Unaudited) (a)			Period Ended April 30, 2018 (Unaudited) (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	189,071		$	263,276		$	326,359
Net realized gain (loss)		78,877			65,768			166,714
Change in net unrealized appreciation/depreciation		954,877			442,195			107,083

Change in net assets resulting from operations		1,222,825			771,239			600,156


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(152,786	)		(203,856	)		(258,783	)

Total distributions to shareholders		(152,786	)		(203,856	)		(258,783	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		26,261,922			26,328,818			26,258,194


NET ASSETS:
Change in net assets		27,331,961			26,896,201			26,599,567
Beginning of period		—			—			—

End of period	$	27,331,961		$	26,896,201		$	26,599,567

Accumulated undistributed (distributions in excess of) net investment income	$	36,285		$	59,420		$	67,576


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	26,261,922		$	26,328,818		$	26,258,194

Total change in net assets resulting from capital transactions	$	26,261,922		$	26,328,818		$	26,258,194


SHARE TRANSACTIONS:
Issued (See Note 4)		1,050,000			1,050,000			1,050,000

Net increase in shares from share transactions		1,050,000			1,050,000			1,050,000

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

SEE NOTES TO FINANCIAL STATEMENTS.



144	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	145

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain (loss)			Total distributions
JPMorgan Diversified Return Emerging Markets Equity ETF
Six Months Ended April 30, 2018 (Unaudited)	$	57.15	$	0.40		$	2.43		$	2.83		$	(1.36	)	$	—		$	(1.36	)
Year Ended October 31, 2017		48.68		1.50			7.56			9.06			(0.59	)		—			(0.59	)
Year Ended October 31, 2016		45.23		1.04			3.72			4.76			(1.31	)		—			(1.31	)
January 7, 2015 (a) through October 31, 2015		50.00		1.29			(6.06	)		(4.77	)		—			—			—

JPMorgan Diversified Return Europe Currency Hedged ETF
Six Months Ended April 30, 2018 (Unaudited)		29.24		0.83	(c)		(0.67	)		0.16			(0.81	)		—			(0.81	)
Year Ended October 31, 2017		26.48		0.62	(c)(k)		4.48			5.10			(0.53	)		(1.81	)		(2.34	)
April 1, 2016 (a) through October 31, 2016		25.00		(0.07	)(c)		1.55			1.48			—			—			—

JPMorgan Diversified Return Europe Equity ETF
Six Months Ended April 30, 2018 (Unaudited)		61.15		0.82			0.71			1.53			(1.79	)		—			(1.79	)
Year Ended October 31, 2017		49.88		1.57			10.82			12.39			(1.12	)		—			(1.12	)
December 18, 2015 (a) through October 31, 2016		50.00		1.39			(1.51	)		(0.12	)		—	(j)		—			—	(j)

JPMorgan Diversified Return Global Equity ETF
Six Months Ended April 30, 2018 (Unaudited)		61.00		0.71			1.61			2.32			(1.05	)		—			(1.05	)
Year Ended October 31, 2017		51.70		1.15			9.28			10.43			(1.13	)		—			(1.13	)
Year Ended October 31, 2016		50.53		1.14			0.99			2.13			(0.96	)		—			(0.96	)
Year Ended October 31, 2015		49.69		1.08			0.08			1.16			(0.32	)		—			(0.32	)
June 16, 2014 (a) through October 31, 2014		50.00		0.38			(0.69	)		(0.31	)		—			—			—

(a)	Commencement of operations.

(b)	Calculated based upon average shares outstanding.

(c)	Net investment income (loss) is affected by the timing of distributions from underlying funds.

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

(e)

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

(f)

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

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

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

(i)	Does not include expenses of underlying funds.

(j)	Amount rounds to less than $0.005.

(k)

Amount reflects an out of period adjustment related to an expense reimbursement for acquired fund fees. Had the Fund not recorded the out of period adjustment, the net investment income (loss) per share would have been $0.56, the net investment income (loss) ratio would have been 2.10%, the net expense ratio would have been 0.07%, and the total return would have been 20.66%.

SEE NOTES TO FINANCIAL STATEMENTS.



146	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


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

$	58.62	$	58.73		5.01	%		4.81	%	$	234,485,760		0.45	%		1.36	%		0.95	%		23	%
	57.15		57.36		18.95			18.65			165,741,046		0.45			2.85			1.06			60
	48.68		48.98		11.02			11.63			43,809,461		0.45			2.33			1.91			44
	45.23		45.27		(9.54	)		(9.46	)		36,185,674		0.45	(h)		3.18			2.07	(h)		46


	28.59		28.57		0.55			0.34			30,019,577		0.06			5.95	(c)		0.75			5
	29.24		29.29		20.87	(k)		20.83			30,707,245		(0.14	)(k)		2.31	(c)(k)		0.88			12
	26.48		26.52		5.96			6.08			26,483,268		0.49	(h)		(0.49	)(c)		1.08	(h)		1


	60.89		61.02		2.57			2.32			79,162,429		0.43			2.71			0.62			7
	61.15		61.42		25.42			25.80			79,492,357		0.43			2.89			0.80			18
	49.88		49.95		(0.23	)		(0.09	)		59,859,633		0.43	(h)		3.14			1.14	(h)		15


	62.27		62.23		3.81			3.50			230,390,166		0.38			2.29			0.59			14
	61.00		61.14		20.61			20.40			103,695,070		0.38			2.06			0.80			26
	51.70		51.91		4.31			4.44			77,556,933		0.38			2.26			0.93			22
	50.53		50.67		2.36			1.82			50,530,034		0.38			2.16			1.52			18
	49.69		50.09		(0.62	)		0.18			24,846,767		0.38	(h)		2.01			5.19	(h)		14

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	147

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain (loss)			Total from distributions
JPMorgan Diversified Return International Currency Hedged ETF
Six Months Ended April 30, 2018 (Unaudited)	$	30.17	$	0.76	(c)	$	(0.20	)	$	0.56		$	(0.66	)	$	—		$	(0.66	)
Year Ended October 31, 2017		26.32		0.37	(c)(l)		4.70			5.07			(0.39	)		(0.83	)		(1.22	)
April 1, 2016 (a) through October 31, 2016		25.00		(0.07	)(c)		1.39			1.32			—			—			—

JPMorgan Diversified Return International Equity ETF
Six Months Ended April 30, 2018 (Unaudited)		59.18		0.71			1.67			2.38			(1.36	)		—			(1.36	)
Year Ended October 31, 2017		50.00		1.43			8.57			10.00			(0.82	)		—			(0.82	)
Year Ended October 31, 2016		51.17		1.28			(1.37	)(d)		(0.09	)		(1.08	)		—			(1.08	)
November 5, 2014 (a) through October 31, 2015		50.00		1.39			(0.07	)		1.32			(0.15	)		—			(0.15	)

JPMorgan Diversified Return U.S. Equity ETF
Six Months Ended April 30, 2018 (Unaudited)		68.52		0.63			1.64			2.27			(1.10	)		—			(1.10	)
Year Ended October 31, 2017		57.06		1.17			10.75			11.92			(0.46	)		—			(0.46	)
Year Ended October 31, 2016		54.13		1.10			2.09	(d)		3.19			(0.26	)		—			(0.26	)
September 29, 2015 (a) through October 31, 2015		50.00		0.06			4.07			4.13			—			—			—

JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Six Months Ended April 30, 2018 (Unaudited)		62.06		0.49			1.49			1.98			(0.88	)		—			(0.88	)
Year Ended October 31, 2017		51.65		0.89			10.02			10.91			(0.50	)		—			(0.50	)
May 11, 2016 (a) through October 31, 2016		50.00		0.42			1.23			1.65			—			—			—

JPMorgan Diversified Return U.S. Small Cap Equity ETF
Six Months Ended April 30, 2018 (Unaudited)		28.95		0.17			0.50			0.67			(0.25	)		—			(0.25	)
November 15, 2016 (a) through October 31, 2017		25.00		0.28			3.71			3.99			(0.04	)		—			(0.04	)

(a)	Commencement of operations.

(b)	Calculated based upon average shares outstanding.

(c)	Net investment income (loss) is affected by the timing of distributions from underlying funds.

(d)

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

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

(f)

(g)

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

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

(j)	Does not include expenses of underlying funds.

(k)	Amount rounds to less than 1%.

(l)

Amount reflects an out of period adjustment related to an expense reimbursement for acquired fund fees. Had the Fund not recorded the out of period adjustment, the net investment income (loss) per share would have been $0.33, the net investment income (loss) ratio would have been 1.18%, the net expense ratio would have been 0.07%, and the total return would have been 19.84%.

SEE NOTES TO FINANCIAL STATEMENTS.



148	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


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

$	30.07	$	29.95		1.83	%		1.97	%	$	34,575,449		0.06	%		5.11	%(c)		0.63	%		2	%
	30.17		30.02		20.04	(l)		19.30			48,274,467		(0.08	)(l)		1.33	(c)(l)		0.76			5
	26.32		26.34		5.28			5.36			26,316,114		0.49	(i)		(0.49	)(c)		1.14	(i)		4


	60.20		60.31		4.06			3.93			1,541,054,899		0.41			2.41			0.43			12
	59.18		59.36		20.35			20.30			1,159,887,006		0.43			2.63			0.51			29
	50.00		50.17		(0.15	)		0.41			470,042,716		0.43			2.56			0.75			27
	51.17		51.05		2.65			2.40			92,113,607		0.43	(i)		2.72			1.33	(i)		20


	69.69		69.72		3.31			3.29			501,751,449		0.19			1.81			0.40			12
	68.52		68.55		20.99			21.02			356,298,771		0.21			1.83			0.47			27
	57.06		57.08		5.92			5.90			125,538,258		0.29			1.95			0.90			22
	54.13		54.16		8.26			8.32			10,826,623		0.29	(i)		1.20			5.75	(i)		—	(k)


	63.16		63.17		3.17			3.15			94,734,477		0.24			1.55			0.50			10
	62.06		62.08		21.25			21.31			62,063,250		0.26			1.54			0.62			31
	51.65		51.64		3.30			3.28			36,153,888		0.34	(i)		1.69			1.02	(i)		15


	29.37		29.39		2.32			2.21			70,480,754		0.29			1.15			0.65			8
	28.95		29.00		15.96			16.16			55,011,105		0.31	(i)		1.08			0.97	(i)		24

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	149

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income
JPMorgan U.S. Dividend ETF
November 8, 2017 (a) through April 30, 2018 (Unaudited)	$	25.00	$	0.44	$	(0.21	)	$	0.23	$	(0.33	)

JPMorgan U.S. Minimum Volatility ETF
November 8, 2017 (a) through April 30, 2018 (Unaudited)		25.00		0.27		0.22			0.49		(0.20	)

JPMorgan U.S. Momentum Factor ETF
November 8, 2017 (a) through April 30, 2018 (Unaudited)		25.00		0.18		1.00			1.18		(0.15	)

JPMorgan U.S. Quality Factor ETF
November 8, 2017 (a) through April 30, 2018 (Unaudited)		25.00		0.26		0.56			0.82		(0.20	)

JPMorgan U.S. Value Factor ETF
November 8, 2017 (a) through April 30, 2018 (Unaudited)		25.00		0.31		0.27			0.58		(0.25	)

(a)	Commencement of operations.

(b)	Calculated based upon average shares outstanding.

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

(d)

(e)

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



150	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


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

$	24.90	$	24.91		0.90	%		0.94	%	$	26,145,997		0.11	%(g)		3.67	%		0.73	%(g)		10	%


	25.29		25.30		1.96			2.00			26,553,151		0.11	(g)		2.21			0.74	(g)		7


	26.03		26.05		4.70			4.78			27,331,961		0.11	(g)		1.47			0.72	(g)		22


	25.62		25.63		3.26			3.30			26,896,201		0.11	(g)		2.09			0.74	(g)		10


	25.33		25.35		2.28			2.36			26,599,567		0.11	(g)		2.54			0.74	(g)		11

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	151

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018

1. Organization

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

The following are 14 separate funds of the Trust (collectively, the “Funds”) covered in this report:


		Diversified/Non-Diversified
JPMorgan Diversified Return Emerging Markets Equity ETF		Diversified
JPMorgan Diversified Return Europe Currency Hedged ETF		Diversified
JPMorgan Diversified Return Europe Equity ETF		Diversified
JPMorgan Diversified Return Global Equity ETF		Diversified
JPMorgan Diversified Return International Currency Hedged ETF		Diversified
JPMorgan Diversified Return International Equity ETF		Diversified
JPMorgan Diversified Return U.S. Equity ETF		Diversified
JPMorgan Diversified Return U.S. Mid Cap Equity ETF		Diversified
JPMorgan Diversified Return U.S. Small Cap Equity ETF		Diversified
JPMorgan U.S. Dividend ETF		Diversified
JPMorgan U.S. Minimum Volatility ETF		Diversified
JPMorgan U.S. Momentum Factor ETF		Diversified
JPMorgan U.S. Quality Factor ETF		Diversified
JPMorgan U.S. Value Factor ETF		Diversified

The 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 JP Morgan Diversified Factor Emerging Markets Equity Index (formerly FTSE Emerging Diversified Factor Index).

The JPMorgan Diversified Return Europe Currency Hedged ETF (the “Europe Currency Hedged ETF”) commenced operations on April 1, 2016. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Europe Currency Hedged (USD) Index (formerly FTSE Developed Europe Diversified Factor 100% Hedged to USD Index).

The JPMorgan Diversified Return Europe Equity ETF (the “Europe Equity ETF”) commenced operations on December 18, 2015. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Europe Equity Index (formerly FTSE Developed Europe Diversified Factor Index).

The JPMorgan Diversified Return Global Equity ETF (the “Global Equity ETF”) commenced operations on 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 JP Morgan Diversified Factor Global Developed Equity Index (formerly FTSE Developed Diversified Factor Index).

The JPMorgan Diversified Return International Currency Hedged ETF (the “International Currency Hedged ETF”) commenced operations on April 1, 2016. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor International Currency Hedged (USD) Index (formerly FTSE Developed ex North America Diversified Factor 100% Hedged to USD Index).

The JPMorgan Diversified Return International Equity ETF (the “International Equity ETF”) commenced operations on 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 JP Morgan Diversified Factor International Equity Index (formerly FTSE Developed ex North America Diversified Factor Index).

The JPMorgan Diversified Return U.S. Equity ETF (the “U.S. Equity ETF”) 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 JP Morgan Diversified Factor US Equity Index (formerly Russell 1000 Diversified Factor Index).

The JPMorgan Diversified Return U.S. Mid Cap Equity ETF (the “U.S. Mid Cap Equity ETF”) commenced operations on May 11, 2016. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Mid Cap Equity Index (formerly Russell Midcap Diversified Factor Index).

The JPMorgan Diversified Return U.S. Small Cap Equity ETF (the “U.S. Small Cap Equity ETF”) commenced operations on November 15, 2016. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Small Cap Equity Index (formerly Russell 2000 Diversified Factor Index).

JPMorgan U.S. Dividend ETF (the “U.S. Dividend ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Dividend Index (the Underlying Index).

JPMorgan U.S. Minimum Volatility ETF (the “U.S. Minimum Volatility ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Minimum Volatility Index.



152	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan U.S. Momentum Factor ETF (the “U.S. Momentum Factor ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Momentum Factor Index.

JPMorgan U.S. Quality Factor ETF (the “U.S. Quality Factor ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Quality Factor Index.

JPMorgan U.S. Value Factor ETF (the “U.S. Value Factor ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Value Factor Index.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as the Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

Shares of each Fund are listed and traded on the NYSE Arca, Inc. Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units” as shown in the table below:


	Shares per Creation Unit
Emerging Markets Equity ETF		100,000
Europe Currency Hedged ETF		50,000
Europe Equity ETF		100,000
Global Equity ETF		100,000
International Currency Hedged ETF		50,000
International Equity ETF		100,000
U.S. Equity ETF		100,000
U.S. Mid Cap Equity ETF		100,000
U.S. Small Cap Equity ETF		50,000
U.S. Dividend ETF		50,000
U.S. Minimum Volatility ETF		50,000
U.S. Momentum Factor ETF		50,000
U.S. Quality Factor ETF		50,000
U.S. Value Factor ETF		50,000

Creation Units are issued and redeemed principally in-kind for a basket of securities. A cash amount may be substituted in Funds with sizeable exposure to market or sponsor restricted securities. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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 investments is 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.

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.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	153

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (continued)

investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

Investments in open-end investment companies excluding Exchange-Traded Funds (“ETFs”) (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures are generally valued on the basis of available market quotations. Forward foreign currency contracts are valued utilizing market quotations from approved Pricing Services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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

•

Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

•

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

•

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

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

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


Emerging Markets Equity ETF
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Brazil	$	23,789,130	$	—	$	—	$	23,789,130
Chile		4,182,198		—		—		4,182,198
China		10,524,349		47,984,571		—		58,508,920
Colombia		993,297		—		—		993,297
Czech Republic		527,819		237,391		—		765,210
Egypt		462,792		35,661		—		498,453
Greece		—		886,752		—		886,752
Hong Kong		—		1,892,005		—		1,892,005
Hungary		—		791,015		—		791,015
India		—		16,165,923		2,254		16,168,177
Indonesia		—		6,365,363		—		6,365,363
Malaysia		404,072		13,671,476		—		14,075,548
Mexico		7,233,378		—		—		7,233,378
Pakistan		34,705		38,728		—		73,433
Peru		186,105		—		—		186,105
Philippines		322,829		3,820,304		—		4,143,133
Poland		70,491		3,936,356		—		4,006,847
Qatar		374,584		857,424		—		1,232,008
Russia		10,208,049		483,117		—		10,691,166
Singapore		—		26,014		—		26,014
South Africa		3,562,650		15,520,678		—		19,083,328
Taiwan		812,866		32,971,312		—		33,784,178



154	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


Emerging Markets Equity ETF (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Thailand		14,451,323		3,997,120		—		18,448,443
Turkey		—		2,806,401		—		2,806,401
United Arab Emirates		872,732		1,553,742		—		2,426,474

Total Common Stocks		79,013,369		154,041,353		2,254		233,056,976

Preferred Stocks
Brazil		373,503		—		—		373,503

Total Preferred Stocks		373,503		—		—		373,503

Short-Term Investment
Investment Company		947,561		—		—		947,561

Total Investments in Securities	$	80,334,433	$	154,041,353	$	2,254	$	234,378,040


Europe Currency Hedged ETF
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	30,028,573	$	—		$	—	$	30,028,573

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	683,650		$	—	$	683,650

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(27,622	)	$	—	$	(27,622	)


Europe Equity ETF
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Austria	$	—	$	847,412	$	—	$	847,412
Belgium		91,389		1,197,345		—		1,288,734
Denmark		—		2,307,573		—		2,307,573
Finland		—		4,314,304		—		4,314,304
France		—		11,058,073		—		11,058,073
Germany		—		9,793,575		—		9,793,575
Ireland		—		70,294		—		70,294
Italy		—		2,342,870		—		2,342,870
Luxembourg		—		264,005		—		264,005
Netherlands		—		4,929,538		—		4,929,538
Norway		—		2,040,324		—		2,040,324
Portugal		—		907,828		—		907,828
South Africa		—		285,107		—		285,107
Spain		—		6,676,772		—		6,676,772
Sweden		—		4,235,788		—		4,235,788
Switzerland		—		8,494,658		—		8,494,658
United Kingdom		—		18,405,812		—		18,405,812
United States		—		189,201		—		189,201

Total Common Stocks		91,389		78,360,479		—		78,451,868

Total Investments in Securities	$	91,389	$	78,360,479	$	—	$	78,451,868



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	155

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (continued)


Global Equity ETF
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	15,536,180	$	—	$	15,536,180
Austria		—		681,162		—		681,162
Belgium		—		1,751,332		—		1,751,332
Bermuda		575,721		—		—		575,721
Canada		8,344,343		—		—		8,344,343
Chile		—		16,781		—		16,781
China		—		965,733		—		965,733
Denmark		639,985		1,617,298		—		2,257,283
Finland		—		2,686,471		—		2,686,471
France		—		9,873,265		—		9,873,265
Germany		—		7,551,835		—		7,551,835
Hong Kong		666,519		9,397,984		—		10,064,503
Israel		574,138		—		—		574,138
Italy		336,803		1,923,506		—		2,260,309
Japan		—		50,555,619		—		50,555,619
Netherlands		208,474		3,206,403		—		3,414,877
New Zealand		—		747,046		—		747,046
Norway		—		2,344,249		—		2,344,249
Portugal		—		974,668		—		974,668
Singapore		—		5,008,382		—		5,008,382
South Africa		—		283,382		—		283,382
South Korea		—		19,774,093		1,311,185		21,085,278
Spain		—		3,893,800		—		3,893,800
Sweden		588,882		5,136,970		—		5,725,852
Switzerland		—		4,165,225		—		4,165,225
United Kingdom		468,597		6,347,706		—		6,816,303
United States		60,645,540		155,079		—		60,800,619

Total Common Stocks		73,049,002		154,594,169		1,311,185		228,954,356

Short-Term Investment
Investment Company		182,981		—		—		182,981

Total Investments in Securities	$	73,231,983	$	154,594,169	$	1,311,185	$	229,137,337


International Currency Hedged ETF
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	34,323,788	$	—		$	—	$	34,323,788

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	718,472		$	—	$	718,472

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(42,438	)	$	—	$	(42,438	)



156	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


International Equity ETF
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	98,556,580	$	—	$	98,556,580
Austria		—		10,827,246		—		10,827,246
Belgium		—		16,788,058		—		16,788,058
Chile		—		6,390,037		—		6,390,037
China		—		4,016,709		—		4,016,709
Denmark		5,425,948		13,601,175		—		19,027,123
Finland		—		25,484,535		—		25,484,535
France		—		86,879,849		—		86,879,849
Germany		—		61,845,444		—		61,845,444
Hong Kong		5,525,778		75,774,279		—		81,300,057
Italy		4,049,638		16,408,325		—		20,457,963
Japan		—		377,662,865		—		377,662,865
Jordan		—		4,790,654		—		4,790,654
Luxembourg		—		3,495,412		—		3,495,412
Netherlands		—		35,589,314		—		35,589,314
New Zealand		—		8,573,538		—		8,573,538
Norway		—		22,548,732		—		22,548,732
Portugal		—		10,404,447		—		10,404,447
Singapore		—		44,296,065		—		44,296,065
South Africa		—		11,025,615		—		11,025,615
South Korea		—		150,450,101		12,457,486		162,907,587
Spain		—		32,389,766		—		32,389,766
Sweden		—		49,400,721		—		49,400,721
Switzerland		—		36,104,336		—		36,104,336
United Arab Emirates		—		1,749,495		—		1,749,495
United Kingdom		9,354,904		271,256,981		—		280,611,885
United States		497,290		14,506,803		—		15,004,093

Total Common Stocks		24,853,558		1,490,817,082		12,457,486		1,528,128,126

Right
New Zealand		—		80,227		—		80,227
Short-Term Investment
Investment Company		3,570,626		—		—		3,570,626

Total Investments in Securities	$	28,424,184	$	1,490,897,309	$	12,457,486	$	1,531,778,979


U.S. Equity ETF
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	501,372,447	$	—	$	—	$	501,372,447


U.S. Mid Cap Equity ETF
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	94,736,439	$	—	$	—	$	94,736,439



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	157

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (continued)


U.S. Small Cap Equity ETF
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	70,513,426	$	—	$	75	$	70,513,501


U.S. Dividend ETF
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	26,120,164	$	—	$	—	$	26,120,164


U.S. Minimum Volatility ETF
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	26,548,938	$	—	$	—	$	26,548,938

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


U.S. Momentum Factor ETF
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	27,337,638	$	—	$	—	$	27,337,638

U.S. Quality Factor ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	26,892,934	$	—	$	—	$	26,892,934

U.S. Value Factor ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	26,592,303	$	—	$	—	$	26,592,303

(a)	All portfolio holdings designated as level 1 are disclosed individually on the SOI.

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

Transfers from level 1 to level 2 in the amount of $6,410,267 and from level 2 to level 1 in the amount of $2,841,513 for Emerging Markets Equity ETF are due to the application and non-application of the fair value factors to certain securities during the period ended April 30, 2018.

Transfers from level 1 to level 2 in the amount of $2,976,304 for Europe Equity ETF are due to the application of the fair value factors to certain securities during the period ended April 30, 2018.

Transfers from level 1 to level 2 in the amount of $1,641,174 for Global Equity ETF are due to the application of the fair value factors to certain securities during the period ended April 30, 2018.

Transfers from level 1 to level 2 in the amount of $38,160,521 and from level 2 to level 1 in the amount of $11,879,768 for International Equity ETF are due to the application and non-application of the fair value factors to certain securities during the period ended April 30, 2018.

There were no transfers among any levels during the period ended April 30, 2018 for Europe Currency Hedged ETF, International Currency Hedged ETF, U.S. Equity ETF, U,S, Mid Cap Equity ETF, U.S. Small Cap Equity ETF, U.S. Dividend ETF, U.S. Minimum Volatility ETF, U.S. Momentum Factor ETF, U.S. Quality Factor ETF and U.S. Value Factor ETF.



158	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:


Global Equity ETF	Balance as of October 31, 2017		Realized gain (loss)			Change in net unrealized appreciation (depreciation)		Net accretion (amortization)		Purchases¹		Sales²			Transfers into Level 3		Transfers out of Level 3		Balance as of April 30, 2018
Investments in Securities
Common Stocks — South Korea	$	—	$	(9,589	)	$	85,809	$	—	$	787,784	$	(166,630	)	$	613,811	$	—	$	1,311,185

¹	Purchases include all purchases of securities and securities received in corporate actions.

²	Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at April 30, 2018, which were valued using significant unobservable inputs (level 3) amounted to approximately $85,808.

Global Equity ETF



Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at April 30, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	1,311,185	Recent Market Information	Transaction Price	KRW 2,650 (KRW 2,650)


Common Stock		1,311,185

Total	$	1,311,185

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement.


International Equity ETF	Balance as of October 31, 2017		Realized gain (loss)			Change in net unrealized appreciation (depreciation)		Net accretion (amortization)		Purchases¹		Sales²			Transfers into Level 3		Transfers out of Level 3		Balance as of April 30, 2018
Investments in Securities
Common Stocks — South Korea	$	—	$	(81,923	)	$	178,186	$	—	$	3,265,350	$	(1,309,342	)	$	10,405,215	$	—	$	12,457,486

¹	Purchases include all purchases of securities and securities received in corporate actions.

²	Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

International Equity ETF



Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at April 30, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	12,457,486	Recent Market Information	Transaction Price	KRW 2,650 (KRW 2,650)


Common Stock		12,457,486

Total	$	12,457,486

There were no significant transfers between level 2 and level 3 during the period ended April 30, 2018 for Global Equity ETF.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	159

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (continued)

For International Equity ETF transfers from level 2 to level 3 are due to a decline in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine the price for the period ended April 30, 2018.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of April 30, 2018, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and Regulation S under the Securities Act.

C. Derivatives — The Emerging Markets Equity ETF, Europe Currency Hedged ETF, Europe Equity ETF, Global Equity ETF, International Currency Hedged ETF, International Equity ETF, U.S. Equity ETF, U.S. Mid Cap Equity ETF and U.S. Small Cap Equity ETF used derivative instruments including futures and forward foreign currency exchange contracts, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities (“SAL”).

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds.

Notes C(1) — C(3) below describe the various derivatives used by the Funds.

(1). Futures Contracts — The Emerging Markets Equity ETF, Europe Equity ETF, Global Equity ETF, International Equity ETF, U.S. Equity ETF, U.S. Mid Cap Equity ETF and U.S. Small Cap Equity ETF used index futures contracts to obtain long and short exposure to the underlying commodities markets, to gain or reduce exposure to the stock market, to gain or reduce exposure to particular countries or regions, maintain liquidity, minimize transaction costs or to manage and hedge interest rate risk associated with portfolio investments.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations (“SOP”). Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the SOP at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the SOIs and cash deposited is recorded on the SAL. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the SAL.

The use of futures contracts exposes the Funds to interest rate risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the SAL, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).



160	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

(2). Forward Foreign Currency Exchange Contracts — The Europe Currency Hedged ETF and International Currency Hedged ETF may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollar without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

These Funds’ forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(3). Summary of Derivatives Information

The following tables present the value of derivatives held as of April 30, 2018, by their primary underlying risk exposure and respective location on the SAL:

Europe Currency Hedged ETF


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	683,650


Gross Liabilities:
Foreign exchange contracts	Payables	$	(27,622	)

International Currency Hedged ETF


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts Receivables	Receivables	$	718,472


Gross Liabilities:
Foreign exchange contracts Payables	Payables	$	(42,438	)

The following tables present the Funds’ gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Funds as of April 30, 2018.

Europe Currency Hedged ETF


Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented in the Statements of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Received		Net Amount Due from Counterparty (not less than zero)
Australia & New Zealand Banking Group Ltd.		$449,789	$	(5,099	)	$	—	$	444,690
Barclays Bank plc		762		—			—		762
BNP Paribas		509		(120	)		—		389
Citibank, NA		93,217		(4,146	)		—		89,071
Goldman Sachs International		117,152		(15,817	)		—		101,335
Royal Bank of Canada		22,219		(2,440	)		—		19,779
TD Bank Financial Group		2		—			—		2

Total	$	683,650	$	(27,622	)	$	—	$	656,028



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	161

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (continued)


Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented in the Statements of Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Posted		Net Amount Due to Counterparty (not less than zero)
Australia & New Zealand Banking Group Ltd.		$5,099	$	(5,099	)	$	—	$	—
BNP Paribas		120		(120	)		—		—
Citibank, NA		4,146		(4,146	)		—		—
Goldman Sachs International		15,817		(15,817	)		—		—
Royal Bank of Canada		2,440		(2,440	)		—		—

Total	$	27,622	$	(27,622	)	$	—	$	—

International Currency Hedged ETF


Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented in the Statements of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Received		Net Amount Due from Counterparty (not less than zero)
Australia & New Zealand Banking Group Ltd.	$	270,922	$	(2,133	)	$	—	$	268,789
BNP Paribas		250,770		(387	)		—		250,383
Citibank, NA		61,573		(3,298	)		—		58,275
Goldman Sachs International		354		(354	)		—		—
HSBC Bank, NA		6,344		(1,455	)		—		4,889
Merrill Lynch International		30,143		(6,632	)		—		23,511
Royal Bank of Canada		12,199		(4,343	)		—		7,856
State Street Corp.		86,167		(14,481	)		—		71,686

Total	$	718,472	$	(33,083	)	$	—	$	685,389


Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented in the Statements of Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Posted		Net Amount Due to Counterparty (not less than zero)
Australia & New Zealand Banking Group Ltd.	$	2,133	$	(2,133	)	$	—	$	—
Barclays Bank plc		1,169		—			—		1,169
BNP Paribas		387		(387	)		—		—
Citibank, NA		3,298		(3,298	)		—		—
Goldman Sachs International		7,287		(354	)		—		6,933
HSBC Bank, NA		1,455		(1,455	)		—		—
Merrill Lynch International		6,632		(6,632	)		—		—
Morgan Stanley		1,253		—			—		1,253
Royal Bank of Canada		4,343		(4,343	)		—		—
State Street Corp.		14,481		(14,481	)		—		—

Total	$	42,438	$	(33,083	)	$	—	$	9,355

(a)	For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.



162	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

The following tables present the effect of derivatives on the SOP for the period ended April 30, 2018, by primary underlying risk exposure:

Emerging Markets Equity ETF


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts		Total
Futures contracts	$	168,163	$	—	$	168,163
Foreign exchange contracts		—		169		169

	$	168,163	$	169	$	168,332

Europe Currency Hedged ETF


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(707,300	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	139,752

Europe Equity ETF


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Futures contracts	$	(26,023	)

Global Equity ETF


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts			Total
Futures contracts	$	21,386	$	—		$	21,386
Foreign exchange contracts		—		(5,779	)		(5,779	)

	$	21,386	$	(5,779	)	$	15,607

International Currency Hedged ETF


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(1,477,588	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	215,041



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	163

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (continued)

International Equity ETF


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Futures contracts	$	188,114		$	—		$	188,114
Foreign exchange contracts		—			(236,110	)		(236,110	)

	$	188,114		$	(236,110	)	$	(47,996	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Futures contracts	$	(135,909	)	$	—		$	(135,909	)

	$	(135,909	)	$	—		$	(135,909	)

U.S. Equity ETF


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Futures contracts	$	103,798


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Futures contracts	$	(23,608	)

U.S. Mid Cap Equity ETF


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Futures contracts	$	(907	)

U.S. Small Cap Equity ETF


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Futures contracts	$	22,802


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Futures contracts	$	(11,914	)



164	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts and forward foreign currency exchange contracts activity for the period ended April 30, 2018. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.


	Emerging Markets Equity ETF			Europe Currency Hedged ETF		Europe Equity ETF			Global Equity ETF			International Currency Hedged ETF		International Equity ETF		U.S. Equity ETF			U.S. Mid Cap Equity ETF			U.S. Small Cap Equity ETF
Futures Contracts — Equity:
Average Notional Balance Long	$	4,422,060	(b)	$	—	$	2,424,612	(b)	$	1,477,993	(b)	$	—	$	5,948,223	$	3,297,440	(a)	$	802,800	(b)	$	457,232	(a)
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased					13,494,871		—			—			20,089,068		—		—			—			—
Average Settlement Value Sold					43,368,053		—			—			60,261,808		—		—			—			—
Ending Settlement Value Purchased					28,570,731		—			—			33,660,104		—		—			—			—
Ending Settlement Value Sold					59,224,935		—			—			68,409,064		—		—			—			—

(a)	For the period October 1, 2017 through December 31, 2017.

(b)	For the period December 1, 2017 through December 31, 2017.

The Funds’ derivatives contracts held at April 30, 2018 are not accounted for as hedging instruments under GAAP.

D. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices of securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the SOP.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the SOP.

Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end are included in Change in net unrealized appreciation/ depreciation on foreign currency translations on the SOP.

E. Investment Transactions with Affiliates — The Europe Currency Hedged ETF and International Currency Hedged ETF invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer who is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below.

Europe Currency Hedged ETF

Security Description

Value at

October 31,

2017

Purchases
at Cost

Proceeds
from
Sales

Net Realized
Gain (Loss)

Change in
Unrealized
Appreciation/

Depreciation

Value at

April 30,
2018

Shares at

April 30,
2018

Dividend

Income

Europe Equity ETF (a)

30,739,404

1,952,868

2,522,882

232,512

(373,329

)

30,028,573

491,466

879,506

International Currency Hedged ETF

Security Description

Value at

October 31,
2017

Purchases
at Cost

Proceeds
from
Sales

Net Realized
Gain (Loss)

Change in
Unrealized
Appreciation/

Depreciation

Value at

April 30,
2018

Shares at

April 30,
2018

Dividend

Income

International Equity ETF (a)

48,144,483

1,330,083

16,171,492

2,467,406

(1,446,692

)

34,323,788

568,934

1,042,143

(a)	Affiliated company as defined under the Investment Company Act of 1940.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	165

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (continued)

F. Offering and Organizational Costs — Total offering costs incurred in connection with the offering of shares of the Funds are amortized on a straight line basis over 12 months from the date the Funds commenced operations. For the period ended April 30, 2018, total offering costs incurred were:


U.S. Dividend ETF (a)	$	4,068
U.S. Minimum Volatility ETF (a)		5,756
U.S. Momentum Factor ETF (a)		4,072
U.S. Quality Factor ETF (a)		4,061
U.S. Value Factor ETF (a)		4,074

Costs paid in connection with the organization of the Funds, if any, were recorded as an expense at the time the Funds commenced operations and are included as part of Professional fees on the SOP. For the period ended April 30, 2018, total offering costs amortized were:


U.S. Small Cap Equity ETF	$	39
U.S. Dividend ETF (a)		1,928
U.S. Minimum Volatility ETF (a)		2,728
U.S. Momentum Factor ETF (a)		1,930
U.S. Quality Factor ETF (a)		1,925
U.S. Value Factor ETF (a)		1,931

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

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

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

H. 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.

I. 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 capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2018, 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.

J. 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.

Certain Funds are subject to a tax imposed on short-term and long-term capital gains on securities of issuers domiciled in India. Prior to April 1, 2018, certain Funds were only subject to a tax imposed on short-term capital gains on securities of issuers domiciled in India. The Funds record an estimated deferred tax liability for these securities assuming those positions were disposed of at the end of the period. This amount, if any, is reported as Deferred foreign capital gains tax in the accompanying Statements of Assets and Liabilities. Short-term realized capital losses on the sale of securities of issuers domiciled in India can be carried forward for eight years to offset potential future short-term realized capital gains.

India has enacted rules imposing a tax on the indirect transfers of Indian shares. Based upon current guidance from the Indian tax authorities, management does not believe that such tax will be applicable to the Funds. However, management’s conclusion, regarding this and other foreign tax matters, may be subject to future review based on changes in, or the interpretation of, the accounting standards and the tax laws and regulations.

K. Distributions to Shareholders — Prior to March 12, 2018, distributions from net investment income, if any, were generally declared and paid annually. Effective March 12, 2018, distributions from net investment income, if any, are generally declared and paid quarterly for all Funds except the Europe Currency Hedged ETF and the International Currency Hedged ETF which generally declare and pay any net investment income annually.



166	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of each Fund and for such services 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:


Emerging Markets Equity ETF	0.44	%
Europe Currency Hedged ETF	0.33	%
Europe Equity ETF	0.30	%
Global Equity ETF	0.24	%
International Currency Hedged ETF	0.27	%
International Equity ETF	0.24	%
U.S. Equity ETF	0.23	%
U.S. Mid Cap Equity ETF	0.24	%
U.S. Small Cap Equity ETF	0.29	%
U.S. Dividend ETF	0.23	%
U.S. Minimum Volatility ETF	0.23	%
U.S. Momentum Factor ETF	0.23	%
U.S. Quality Factor ETF	0.23	%
U.S. Value Factor ETF	0.23	%

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator 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 (excluding certain funds of funds and money market funds).

The Administrator waived Administration fees as outlined in Note 3.E.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Custodian, Accounting and Transfer Agent Fees — JPMCB provides custody, accounting and transfer agency services to the Funds. The amounts paid directly to JPMCB by the Funds for custody services are included in the Custodian, Accounting and Transfer Agent fees on the SOP. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the SOP. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are included in the Custodian, Accounting and Transfer Agent fees on the SOP. With respect to the transfer agency services provided by JPMCB for each creation or redemption transaction, the Authorized Participant will generally be responsible for such associated expenses; during the period, the Funds paid no transfer agency fees to JPMCB.

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

For the period ended April 30, 2018, the amount of transaction fees paid by the Authorized Participants that were used to reimburse custodian fees were as follows:


Emerging Markets Equity ETF	$	102,900
Global Equity ETF		115,500
International Equity ETF		100,800
U.S. Equity ETF		23,200
U.S. Mid Cap Equity ETF		7,500
U.S. Small Cap Equity ETF		14,700
U.S. Dividend ETF		1,200
U.S. Minimum Volatility ETF		1,200
U.S. Momentum Factor ETF		1,600
U.S. Quality Factor ETF		1,200
U.S. Value Factor ETF		1,400

Such amounts are included in expense reimbursements from non-affiliates in the SOP.

Restricted cash on the SAL is cash received from Authorized Participants for the reimbursement of creation and/or redemption of Fund shares.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the SOP.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	167

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (continued)

E. Waivers and Reimbursements — The Adviser has contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses, (excluding acquired fund fees and expenses, except with respect to Diversified Return Europe Equity Currency Hedged ETF and Diversified Return International Currency Hedged ETF where the expense limitation agreement includes acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses), exceed the percentages of the Funds’ respective average daily net assets as shown in the below table:


	Expense Cap
Emerging Markets Equity ETF		0.45	%
Europe Currency Hedged ETF		0.49	%
Europe Equity ETF		0.43	%
Global Equity ETF		0.38	%
International Currency Hedged ETF		0.49	%
International Equity ETF		0.43	%
U.S. Equity ETF		0.19	%
U.S. Mid Cap Equity ETF		0.24	%
U.S. Small Cap Equity ETF		0.29	%
U.S. Dividend ETF		0.12	%
U.S. Minimum Volatility ETF		0.12	%
U.S. Momentum Factor ETF		0.12	%
U.S. Quality Factor ETF		0.12	%
U.S. Value Factor ETF		0.12	%

The expense limitation agreements were in effect for the period ended April 30, 2018 and are in place until at least February 28, 2022, except for the U.S. Dividend ETF, Minimum Volatility ETF, U.S. Momentum Factor ETF, U.S. Quality Factor ETF and U.S. Value Factor ETF for which expense limit agreements in place until at least November 3, 2020.

Effective May 1, 2018, the contractual expense limitations for the Europe Currency Hedged ETF, Europe Equity ETF, International Currency Hedged ETF and International Equity ETF were decreased to 0.38%.

For the period ended April 30, 2018, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.


	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Total		Contractual Reimbursements
Emerging Markets Equity ETF	$	286,713	$	80,359	$	367,072	$	—
Europe Currency Hedged ETF		48,297		12,441		60,738		39,879
Europe Equity ETF		45,501		30,334		75,835		—
Global Equity ETF		40,820		27,214		68,034		—
International Currency Hedged ETF		54,474		17,150		71,624		43,571
International Equity ETF		—		—		—		—
U.S. Equity ETF		266,571		177,714		444,285		—
U.S. Mid Cap Equity ETF		68,216		35,979		104,195		—
U.S. Small Cap Equity ETF		71,031		26,254		97,285		—
U.S. Dividend ETF		26,749		10,629		37,378		39,225
U.S. Minimum Volatility ETF		25,486		10,456		35,942		40,994
U.S. Momentum Factor ETF		27,632		10,950		38,582		40,822
U.S. Quality Factor ETF		26,982		10,714		37,696		40,897
U.S. Value Factor ETF		27,539		10,920		38,459		40,966

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund.



168	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2018 were as follows:


Emerging Markets Equity ETF	$	304
Europe Currency Hedged ETF		—
Europe Equity ETF		—
Global Equity ETF		686
International Currency Hedged ETF		—
International Equity ETF		3,638
U.S. Equity ETF		1,515
U.S. Mid Cap Equity ETF		344
U.S. Small Cap Equity ETF		220
U.S. Dividend ETF		84
U.S. Minimum Volatility ETF		78
U.S. Momentum Factor ETF		68
U.S. Quality Factor ETF		84
U.S. Value Factor ETF		77

The Europe Currency Hedged ETF and International Currency Hedged ETF invest in Underlying ETFs and, as a result, bear a portion of the expenses incurred by these Underlying ETFs. These expenses are reflected in the fees waived shown on the SOP and are included in the ratios to average net assets shown in the Financial Highlights.

The amounts of these waivers resulting from investments in Underlying ETFs for the six months ended April 30, 2018 were as follows:


Europe Currency Hedged ETF			63,066
International Currency Hedged ETF			86,866

F. Distribution Services — The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under their respective distribution agreements with the Trust (the “Distribution Agreements”). Although the Trust does not pay any fees under the Distribution Agreements, JPMIM pays JPMDS for certain distribution related services.

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

The Board appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each 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 on the SOP.

The Funds may use related party broker-dealers. For the period ended April 30, 2018, the Funds did not incur any brokerage commissions with broker dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the period ended April 30, 2018, purchases and sales of investments (excluding short-term investments) were as follows:


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Emerging Markets Equity ETF	$	82,322,427	$	43,894,772
Europe Currency Hedged ETF		1,426,413		1,996,428
Europe Equity ETF		5,443,618		6,987,062
Global Equity ETF		40,189,234		23,783,289
International Currency Hedged ETF		913,095		2,110,381
International Equity ETF		223,512,002		164,626,444
U.S. Equity ETF		54,566,874		53,966,527
U.S. Mid Cap Equity ETF		10,003,432		8,481,976
U.S. Small Cap Equity ETF		5,944,812		5,219,793
U.S. Dividend ETF (a)		3,255,640		2,648,393
U.S. Minimum Volatility ETF (a)		2,423,614		1,833,955
U.S. Momentum Factor ETF (a)		6,426,619		5,832,013
U.S. Quality Factor ETF (a)		3,166,477		2,750,133
U.S. Value Factor ETF (a)		3,511,243		2,935,165

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



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	169

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (continued)

During the period ended April 30, 2018, there were no purchases or sales of U.S. Government securities.

For the period ended April 30, 2018, in-kind transactions associated with creations and redemptions were:


	In-Kind Purchases		In-Kind Sales		Realized Gain (Loss)
Emerging Markets Equity ETF	$	24,924,675	$	—	$	—
Europe Currency Hedged ETF		—		—		—
Europe Equity ETF		—		—		—
Global Equity ETF		128,202,030		21,871,783		(1,632,510	)
International Currency Hedged ETF		—		13,644,123		2,368,263
International Equity ETF		301,582,843		—		—
U.S. Equity ETF		140,312,010		—		—
U.S. Mid Cap Equity ETF		29,285,645		—		—
U.S. Small Cap Equity ETF		14,270,997		—		—
U.S. Dividend ETF (a)		25,739,458		—		—
U.S. Minimum Volatility ETF (a)		25,687,817		—		—
U.S. Momentum Factor ETF (a)		25,562,616		—		—
U.S. Quality Factor ETF (a)		25,856,253		—		—
U.S. Value Factor ETF (a)		25,677,874		—		—

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

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at April 30, 2018 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Emerging Markets Equity ETF	$	209,816,804	$	29,446,231	$	(4,884,995	)	$	24,561,236
Europe Currency Hedged ETF		25,656,882		5,055,342		(27,623	)		5,027,719
Europe Equity ETF		66,007,187		14,415,445		(1,970,764	)		12,444,681
Global Equity ETF		210,497,938		22,469,023		(3,829,624	)		18,639,399
International Currency Hedged ETF		29,142,199		5,900,061		(42,438	)		5,857,623
International Equity ETF		1,378,586,228		185,164,516		(31,971,765	)		153,192,751
U.S. Equity ETF		470,182,398		46,533,231		(15,343,182	)		31,190,049
U.S. Mid Cap Equity ETF		87,501,951		9,940,051		(2,705,563	)		7,234,488
U.S. Small Cap Equity ETF		65,197,654		8,417,443		(3,101,596	)		5,315,847
U.S. Dividend ETF		26,598,661		1,107,029		(1,585,526	)		(478,497	)
U.S. Minimum Volatility ETF		26,405,257		1,287,131		(1,143,450	)		143,681
U.S. Momentum Factor ETF		26,382,761		1,922,719		(967,842	)		954,877
U.S. Quality Factor ETF		26,450,739		1,486,293		(1,044,098	)		442,195
U.S. Value Factor ETF		26,485,220		1,377,771		(1,270,688	)		107,083

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.

As of October 31, 2017, the Funds had net capital loss carryforwards, with no expiration dates, as follows:


	Capital Loss Carryforward Character
	Short-Term			Long-Term
Emerging Markets Equity ETF	$	4,210,288	*	$	613,332	*
Europe Currency Hedged ETF		503,280			565,820
Europe Equity ETF		233,355			—
Global Equity ETF		850,210			370,955
International Currency Hedged ETF		218,381			207,560
International Equity ETF		1,412,312	*		4,505,667	*
U.S. Equity ETF		1,174,597			260,292
U.S. Mid Cap Equity ETF		—			10,805
U.S. Small Cap Equity ETF		276,140			—

*	Amount includes capital loss carryforwards from business combinations, which are limited in future years under Internal Revenue Code Sections 381-384.



170	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

6. Capital Share Transactions

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

Shares of the Funds may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds’ shares outstanding, act as executing or clearing broker for investment transactions on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.

Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 103% for all funds, except for Emerging Markets Equity ETF plus at least 110%, of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

7. Risks, Concentrations and Indemnifications

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

As of April 30, 2018, the Adviser owns shares representing more than 10% of net assets of following Funds:


	% Ownership
Europe Currency Hedged ETF		92	%
Europe Equity ETF		40
International Currency Hedged ETF		83
U.S. Mid Cap Equity ETF		19
U.S. Small Cap Equity ETF		39
U.S. Dividend ETF		96
U.S. Minimum Volatility ETF		95
U.S. Momentum Factor ETF		96
U.S. Quality Factor ETF		95
U.S. Value Factor ETF		95

As of April 30, 2018, the Europe Currency Hedged ETF owned approximately 38% of the shares outstanding of the Europe Equity ETF.

Significant shareholder transactions by the Adviser may impact the Funds’ performance.

Because of the Funds’ investments in Underlying Funds and ETFs, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds and ETFs. As a result, the cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Funds are also subject to certain risks related to the Underlying Funds’ and ETFs’ investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities; equity securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.

Europe Currency Hedged ETF and International Currency Hedged ETF invest in affiliated ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indices, as well as indices relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their NAV (also known as a discount or premium, respectively).

In addition, the Underlying Funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities. Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	171

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (continued)

The Emerging Markets Equity ETF, Europe Currency Hedged ETF, Europe Equity ETF, Global Equity ETF, International Currency Hedged ETF and International Equity ETF may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period depending on the Funds. Such concentrations may subject each Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.

As of April 30, 2018, the following Funds had non-U.S. country allocations representing greater than 10% of total investments as follows:


Fund Name	Brazil			China			France			Germany			Japan			South Korea			Switzerland			Taiwan			United Kingdom
Emerging Markets Equity ETF		10.3	%		25.0	%		—	%		—	%		—	%		—	%		—	%		14.4	%		—	%
Europe Equity ETF		—			—			14.1			12.5			—			—			10.8			—			23.5
Global Equity ETF		—			—			—			—			22.1			—			—			—			—
International Equity ETF		—			—			—			—			24.7			10.6			—			—			18.3

With the exception of U.S. Equity ETF, U.S. Mid Cap Equity ETF, U.S. Small Cap Equity ETF, U.S. Dividend ETF, U.S. Minimum Volatility ETF, U.S. Momentum Factor ETF, U.S. Quality Factor ETF and U.S. Value Factor ETF, as of April 30, 2018, a significant portion of each Fund’s net assets noted in the table above consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Fund’s holdings. During such periods, investors may incur significant losses if shares are sold.

The Funds may not track the return of the underlying index for a number of reasons and therefore may not achieve its investment objective. For example, each Fund incurs a number of operating expenses not applicable to its underlying index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the underlying index. In addition, a Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, each Fund’s return differs from the return of the underlying index.

The Europe Currency Hedged ETF and International Currency Hedged ETF are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds such as forward foreign currency exchange contracts.



172	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur ongoing costs, investment advisory fees, administration 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 November 1, 2017 and continued to hold your shares at the end of the reporting period, April 30, 2018.

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.

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Annualized Expense Ratio			Expenses Paid During the Period
Emerging Markets Equity ETF
Actual⁽¹⁾	$	1,000.00	$	1,050.10		0.45	%	$	2.29
Hypothetical⁽¹⁾		1,000.00		1,022.56		0.45			2.26

Europe Currency Hedged ETF
Actual⁽¹⁾	$	1,000.00	$	1,005.50		0.06	%	$	0.30
Hypothetical⁽¹⁾		1,000.00		1,024.50		0.06			0.30

Europe Equity ETF
Actual⁽¹⁾	$	1,000.00	$	1,025.70		0.43	%	$	2.16
Hypothetical⁽¹⁾		1,000.00		1,022.66		0.43			2.16

Global Equity ETF
Actual⁽¹⁾	$	1,000.00	$	1,038.10		0.38	%	$	1.92
Hypothetical⁽¹⁾		1,000.00		1,022.91		0.38			1.91

International Currency Hedged ETF
Actual⁽¹⁾	$	1,000.00	$	1,018.30		0.06	%	$	0.30
Hypothetical⁽¹⁾		1,000.00		1,024.50		0.06			0.30

International Equity ETF
Actual⁽¹⁾	$	1,000.00	$	1,040.60		0.41	%	$	2.07
Hypothetical⁽¹⁾		1,000.00		1,022.76		0.41			2.06

U.S. Equity ETF
Actual⁽¹⁾	$	1,000.00	$	1,033.10		0.19	%	$	0.96
Hypothetical⁽¹⁾		1,000.00		1,023.85		0.19			0.95

U.S. Mid Cap Equity ETF
Actual⁽¹⁾	$	1,000.00	$	1,031.70		0.24	%	$	1.21
Hypothetical⁽¹⁾		1,000.00		1,023.60		0.24			1.20

U.S. Small Cap Equity ETF
Actual⁽¹⁾	$	1,000.00	$	1,023.20		0.29	%	$	1.45
Hypothetical⁽¹⁾		1,000.00		1,023.36		0.29			1.45

U.S. Dividend ETF
Actual⁽²⁾	$	1,000.00	$	1,009.00		0.11	%	$	0.52
Hypothetical⁽¹⁾		1,000.00		1,024.25		0.11			0.55



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	173

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Annualized Expense Ratio			Expenses Paid During the Period
U.S. Minimum Volatility ETF
Actual⁽²⁾	$	1,000.00	$	1,019.60		0.11	%	$	0.53
Hypothetical⁽¹⁾		1,000.00		1,024.25		0.11			0.55

U.S. Momentum Factor ETF
Actual⁽²⁾	$	1,000.00	$	1,047.00		0.11	%	$	0.53
Hypothetical⁽¹⁾		1,000.00		1,024.25		0.11			0.55

U.S. Quality Factor ETF
Actual⁽²⁾	$	1,000.00	$	1,032.60		0.11	%	$	0.53
Hypothetical⁽¹⁾		1,000.00		1,024.25		0.11			0.55

U.S. Value Factor ETF
Actual⁽²⁾	$	1,000.00	$	1,022.80		0.11	%	$	0.53
Hypothetical⁽¹⁾		1,000.00		1,024.25		0.11			0.55

(1)	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

(2)	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 173/365 (to reflect the actual period). The Fund commenced operations on November 8, 2017.



174	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

BOARD APPROVAL OF INITIAL INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

JPMorgan U.S. Dividend ETF, JPMorgan U.S. Minimum Volatility ETF, JPMorgan U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF

On March 21-22, 2017, the Board of Trustees held an in-person meeting and approved the initial investment advisory agreements (each an “Advisory Agreement” and collectively, the “Advisory Agreements”) for the JPMorgan U.S. Dividend ETF, JPMorgan U.S. Minimum Volatility ETF, JPMorgan U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF (the “Funds”). The Advisory Agreements were approved by a majority of the Trustees who are not “Interested Persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates. In connection with the approval of the Advisory Agreements, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser and with counsel to the Trust and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed Advisory Agreements in executive session with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

The Trustees considered information provided with respect to each Fund and the approval of the Advisory Agreement. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the initial approval of the Advisory Agreement was in the best interests of each 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 Advisory Agreements, the Trustees considered the materials furnished specifically in connection with the approval of each Advisory Agreement, as well as other relevant information furnished for the Trustees. The Trustees considered the background and experience of the Adviser’s senior management and investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund. The Trustees also considered the investment strategy for each Fund, and the infrastructure

supporting the portfolio management teams. In addition, the Trustees considered information about the structure and distribution strategy of the Funds, how they fit within the Trust’s other fund offerings, and how each will be positioned against peer funds, as identified by management.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Trust and in the financial industry generally. 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 Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to requests for additional information, questions or concerns raised by them.

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

Fall-Out Benefits

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

The Trustees also considered the fees that J.P. Morgan Investment Management Inc., in its role as Administrator, will earn from the Funds for providing administrative services. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A., an affiliate of the Adviser, for custody, transfer agency and other related services for each Fund. Additionally, the Trustees 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 each 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 Funds contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure for each Fund was reasonable in light of the fee waivers and expense limitations that the Adviser has in place, limiting the overall net expense ratio of each Fund to competitive levels. With respect to fees for administrative services, the Trustees also considered the fact that the Funds would benefit from the economies of scale present in the broader J.P. Morgan fund complex, as the Funds were able to negotiate an administration fee at a level consistent with the lower effective rate currently paid by the J.P. Morgan mutual funds, which includes breakpoints. The Trustees also took into consideration management’s belief that because of such economies of scale, the Funds’ administration



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	175

BOARD APPROVAL OF INITIAL INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

fees are lower than what the Funds would have to pay if it was not part of the J.P. Morgan fund complex.

Investment Performance

The Trustees considered each Fund’s investment strategy and processes, the portfolio management teams and competitive positioning against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate that will be paid by each Fund to the Adviser and compared that rate to the fees charged to mutual funds with similar investment objectives or in similar asset classes managed by the Adviser as well as information prepared by Broadridge Investor Communications Solutions Inc., using data from Lipper Inc.

(together, “Broadridge/Lipper”), independent providers of investment company data, concerning management fee rates paid by other funds in the same Broadridge/Lipper category as the Funds. The Trustees also reviewed information about other projected expenses and the expense ratio for each Fund. The Trustees considered the projected fee waiver and/or expense reimbursement arrangements proposed for each Fund and considered the net advisory fee rate after taking into account any projected waivers and/or reimbursements.

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



176	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return Europe Currency Hedged ETF, JPMorgan Diversified Return Europe Equity ETF, JPMorgan Diversified Return Global Equity ETF, JPMorgan Diversified Return International Currency Hedged ETF, JPMorgan Diversified Return International Equity EFT, JPMorgan Diversified Return U.S Equity ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JPMorgan Diversified Return U.S. Small Cap Equity ETF

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to their annual consideration of investment advisory agreements at each meeting. The Board also meets specifically to consider investment advisory agreement annual renewals. The Board of Trustees held a meeting in person December 12-13, 2017, at which the Trustees considered the continuation of investment advisory agreements (each an “Advisory Agreement and collectively, the “Advisory Agreements”) for JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return Europe Currency Hedged ETF, JPMorgan Diversified Return Europe Equity ETF, JPMorgan Diversified Return Global Equity ETF, JPMorgan Diversified Return International Currency Hedged ETF, JPMorgan Diversified Return International Equity EFT, JPMorgan Diversified Return U.S Equity ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF and JPMorgan Diversified Return U.S. Small Cap Equity ETF (the “Funds”). In advance of the December 12-13, 2017 meeting, the Trustees met on November 3, 2017 to discuss certain information in connection with its consideration of the Advisory Agreements. At the December meeting, the Board reviewed and considered performance, expense and other information individually for each of the Funds. The Trustees, including a majority of the Trustees who are not “Interested Persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about each Fund received from the Adviser. This information included each Fund’s performance as compared to the performance of its benchmark and analyses by the Adviser of each Fund’s performance. The Adviser also periodically provides comparative information regarding each Fund’s expense ratio and that of each of their peer groups. In addition, in preparation for the December meeting, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge Investor Communications Solutions Inc., using data from Lipper Inc. (together, “Broadridge/Lipper”), independent providers of investment company data. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory

Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

The Trustees considered information provided with respect to the Funds over the course of the year. Each Trustee attributed his or her own evaluation of the significance of the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

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

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under its respective Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund. The Trustees also considered the investment strategies for each Fund, and the infrastructure supporting the portfolio management teams. In addition, the Trustees considered information about the structure and distribution strategies of the Funds, how they fit within the Trust’s fund offerings, and how each Fund is positioned against peer funds, as identified by management. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of administrative services provided by J.P. Morgan Investment Management Inc. in its role as administrator to the Funds (“JPMIM”).

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



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	177

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

integrity and the Adviser’s responsiveness to requests for additional information, questions or concerns raised by them.

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

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make direct comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationships with the Funds.

The Trustees also considered the fees that JPMIM earned from the Funds for providing administrative services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the fees paid to J.P. Morgan Chase Bank, N.A. (“JPMCB”), also an affiliate of the Adviser, for custody, transfer agency and other related services for each Fund.

Economies of Scale

The Trustees considered the extent to which each Fund may benefit from economies of scale. The Trustees noted that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”), which allow a Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees noted that neither the investment advisory fee schedule nor the administration agreement for the Funds contain breakpoints, but that fees are competitive with their peer

funds. They concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place which serves to limit the overall net expense ratio of each Fund to competitive levels. With respect to fees for administrative services, the Trustees also considered the fact that the Funds benefit from the economies of scale present in the broader J.P. Morgan fund complex, as the Funds were able to negotiate an administration fee at level consistent with the lower effective rate currently paid by the J.P. Morgan mutual funds, which includes breakpoints. The Trustees also took into consideration management’s belief that because of such economies of scale, the Funds’ administration fees are lower than what the Funds would have to pay if they were not part of the J.P. Morgan fund complex.

Fees Relative to Adviser’s Other Clients

The Trustees requested and received and considered information about the nature and extent of investment advisory services and fee rates offered to other investment companies advised by the Adviser in the same asset class as each Fund. The Trustees also noted the Adviser’s view that it does not manage any other accounts with substantially similar investment strategies as that of the Funds. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to such other clients were reasonable.

Investment Performance

The Trustees considered each Fund’s investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by management. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered each Fund’s performance information provided at regular Board meetings by the Adviser. After consideration, the Trustees determined that each Fund’s performance was consistent with its investment objective.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds with the same Broadridge/Lipper investment classification and objective as the Funds (the “Universe”), as well as a subset of funds in the Universe (the “Peer Group”). The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting funds in the Peer Group and Universe. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the total expense ratio for each Fund. The Trustees considered the Fee Caps currently in place for each Fund and considered the net advisory fee rate after taking into



178	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

account such Fee Caps. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

The Trustees noted that the JPMorgan Diversified Return Emerging Markets Equity ETF’s net advisory fee and actual total expenses were in the first quintile based upon the Expense Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return Europe Currency Hedged ETF’s net advisory fee and actual total expenses were below the median levels for the Expense Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return Europe Equity ETF’s net advisory fee and actual total expenses were below the median levels for the Expense Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return Global Equity ETF’s net advisory fee and actual total expenses were below the median level for the Expense Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return International Currency Hedged ETF’s net advisory fee and actual

total expenses were in the first and third quintile, respectively, based upon the Expense Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return International Equity ETF’s net advisory fee and actual total expenses were in the first and second quintile, respectively, based upon the Expense Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return U.S. Equity ETF’s net advisory fee and actual total expenses were in the first quintile based upon the Expense Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return U.S. Mid Cap Equity ETF’s net advisory fee and actual total expenses were in the first and second quintile, respectively, based upon the Expense Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return U.S. Small Cap Equity ETF’s net advisory fee and actual total expenses were in the first quintile based upon the Expense Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	179

J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc, an indirect, wholly-owned subsidiary of JPMorgan Chase & Co.

Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

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.

LOGO

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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.


		^© JPMorgan Chase & Co., 2018. All rights reserved. April 2018.		SAN-ETF-418

Semi-Annual Report

JPMorgan Exchange-Traded Funds

April 30, 2018 (Unaudited)

JPMorgan Diversified Alternatives ETF

JPMorgan Event Driven ETF

JPMorgan Long/Short ETF

JPMorgan Managed Futures Strategy ETF

CONTENTS



President’s Letter			1

Market Overview			2

Fund Commentaries:

JPMorgan Diversified Alternatives ETF			3

JPMorgan Event Driven ETF			6

JPMorgan Long/Short ETF			9

JPMorgan Managed Futures Strategy ETF			12

Schedule of Portfolio Investments			15

Financial Statements			100

Financial Highlights			104

Notes to Financial Statements			106

Schedule of Shareholder Expenses			122

Board Approval of Initial Investment Advisory Agreements			123

Board Approval of Investment Advisory Agreement			125

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.

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 the 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 the Fund.

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.

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

PRESIDENT’S LETTER

June 3, 2018 (Unaudited)

Dear Shareholder,

“We have broadened your tool set to include targeted exposures with our expanded suite of ETFs.”

generated a positive return at a competitive price of 12 basis points (net of fee waivers and expense reimbursements) for the period since inception on November 8, 2017 to April 30, 2018. One of our new alternative beta ETFs, JPMorgan Managed Futures Strategy ETF (JPMF), which provides broad exposure to managed futures strategies, may be an additional source of diversification in a rising interest rate environment. I’m also pleased to announce that JPMF earned Best New Alternatives ETF at the fifth annual ETF.com Awards held in March 2018.¹

Sincerely,

LOGO

Joanna M. Gallegos

President, J.P. Morgan Exchange-Traded Funds

J.P Morgan Asset Management

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

¹	ETF.com Award winners are selected by a majority vote of the ETF.com Awards Selection Committee, a group of independent ETF experts. Voting was completed by Jan. 20, 2018, and results were announced at the ETF.com U.S. Awards Dinner on March 22, 2018.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	1

Market Overview

Six Months Ended April 30, 2018 (Unaudited)



2	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan Diversified Alternatives ETF

FUND COMMENTARY

Six Months Ended April 30, 2018 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Diversified Alternatives ETF
Net Asset Value*		-2.65%
Market Price**		-2.57%
ICE BofAML 3-Month US Treasury Bill Index (formerly BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)		0.68%

Net Assets as of 4/30/2018	$	207,873,942

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Alternatives ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund seeks to achieve its investment objective by allocating assets across a variety of strategies commonly employed by hedge funds, including Equity Long/Short, Event Driven and Macro/Managed Futures strategies. The Fund seeks to achieve the efficiency of rules-based investing with the diversification benefits of alternative strategies without replicating an index.

The Fund uses derivatives, including swaps, futures, options, and forward contracts, in implementing its strategies, and under normal market conditions, the Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired strategy.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2018, the Fund posted a negative absolute performance and experienced a deviation of -3.33% relative to the BofA Merrill Lynch 3-Month US Treasury

Bill Index (the “Index”). The Fund’s allocation to alternative investment strategies, which are not held in the Index, detracted from performance relative to the Index. References to the Index are for informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund is being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

On an absolute basis, the Fund’s allocations to relative value fixed income and foreign exchange-based return factors within the Macro/Managed Futures sub-strategy, which was implemented primarily through the use of fixed-income futures and currency forward contracts, were leading detractors from performance.

The Fund’s allocations to the value, momentum and size factors within the Equity Long/Short sub-strategy, which was implemented primarily through the use of equities and total return swaps contracts, also detracted from absolute performance during the reporting period.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest allocation was to the Equity Long/Short sub-strategy, while the smallest allocation was to the Macro/Managed Futures strategy.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	3

JPMorgan Diversified Alternatives ETF

FUND COMMENTARY

Six Months Ended April 30, 2018 (Unaudited) (continued)


RISK ALLOCATION AS OF APRIL 30, 2018
Strategy	% of Risk Allocation****
Equity Long/Short (1)		48	%
Event Driven (2)		30	%
Macro/Managed Futures (3)		22	%


TOP TEN LONG POSITIONS OF THE PORTFOLIO (a)
	1.	Avexis, Inc.	1.3	%
	2.	Monsanto Co.	1.3
	3.	Validus Holdings Ltd.	1.2
	4.	Vectren Corp.	1.2
	5.	XL Group Ltd., (Bermuda)	1.2
	6.	Rockwell Collins, Inc.	1.2
	7.	Microsemi Corp.	1.2
	8.	VeriFone Systems, Inc.	1.1
	9.	Blackhawk Network Holdings, Inc.	1.0
	10.	NXP Semiconductors NV, (Netherlands)	0.9


TOP TEN SHORT HOLDINGS OF THE PORTFOLIO (a)
	1.	Concho Resources, Inc.	1.2	%
	2.	Marathon Petroleum Corp.	0.9
	3.	Dominion Energy, Inc.	0.8
	4.	Cigna Corp.	0.6
	5.	Marvell Technology Group Ltd. (Bermuda)	0.6
	6.	McDermott International, Inc.	0.5
	7.	Informa plc	0.4
	8.	AT&T, Inc.	0.3
	9.	Melrose Industries plc	0.3
	10.	CVS Health Corp.	0.3

***

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

****

Risk allocations are calculated as the standard deviation (volatility of an asset class) divided by the overall volatility of the Fund. Risk, as measured by standard deviation, shows how widely a set of values varies from the mean. It is a historical measure of the volatility of returns earned by the Fund. The percentages above represent the current risk allocation based on the Fund’s holdings as of April 30, 2018 and are not representative of the targeted equal risk allocation across asset classes over the long term. Holdings and allocations may vary over time.

(1)

Equity Long/Short strategies seek to profit by exploiting pricing inefficiencies between related equity securities by maintaining long and short positions.

(2)

Event Driven strategies seek to profit from investing in securities of companies on the basis that a specific event or catalyst will affect future pricing. For example, merger arbitrage strategies seek to capitalize on price discrepancies and returns generated by a corporate transaction.

(3)

Macro/Managed Futures strategies aim to exploit macro-economic imbalances across the globe. The macro based strategies may be implemented through a broad range of asset classes including, but not limited to, equities, fixed income, currency and commodities.

(a)

Percentages indicated are based upon total investments plus the current value of the total net long and short positions within each Total Return Basket Swap as of April 30, 2018. The Fund’s portfolio composition is subject to change.



4	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2018
	INCEPTION DATE		SIX MONTHS		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Alternatives ETF		September 12, 2016
Net Asset Value				-2.65%		-2.87%		1.38%
Market Price				-2.57%		-3.05%		1.55%

LIFE OF FUND PERFORMANCE (09/12/16 TO 04/30/18)

Fund commenced operations on September 12, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Alternatives ETF and the ICE BofAML 3-Month US Treasury Bill Index from September 12, 2016 to April 30, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of

the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index.

The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	5

JPMorgan Event Driven ETF

FUND COMMENTARY

Period November 29, 2017 (Fund Inception Date) Through April 30, 2018 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Event Driven ETF
Net Asset Value*		-0.87%
Market Price**		-0.63%
ICE BofAML 3-Month US Treasury Bill Index (formerly BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)		0.60%

Net Assets as of 4/30/2018	$	26,013,495

INVESTMENT OBJECTIVE***

The JPMorgan Event Driven ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund employs a rules-based, bottom-up approach to building a diversified portfolio that seeks to capture returns by primarily investing in companies that the Fund’s adviser believes will be positively impacted by corporate or special situation events. The Fund seeks to profit by exploiting pricing inefficiencies associated with corporate change, through long and short equity positions across developed markets, achieved through the use of equities and derivative instruments.

HOW DID THE FUND PERFORM?

For the period from inception on November 29, 2017 to April 30, 2018, the Fund posted a negative absolute performance and underperformed the ICE BofAML 3-Month US Treasury Bill Index (the “Index”).

Relative to the Index, the Fund’s allocation to alternative investment strategies, which are not held in the Index, detracted from performance. References to the Index are for informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund is being managed like the Index and does not imply low risk or

low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

In absolute terms, the Fund’s exposures to merger arbitrage, share buybacks, and parents and spinoffs factors were leading detractors from performance. Merger arbitrage involves exploiting differences between the share prices of target companies in mergers, relative to share prices announced in the merger agreement. The parents and spinoffs factor seeks to benefit from the creation of independent companies from business units of existing, parent companies. The Fund’s positioning within the health care sector also detracted from performance.

The Fund’s exposure to the activism tracking factor was the leading contributor to performance and the Fund’s positioning within the consumer services sector also contributed to absolute performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest allocation in notional exposure terms was to the merger arbitrage factor. From a sector perspective, the Fund’s largest positions were in the consumer services and industrials sectors and its smallest positions were in the telecommunications and basic materials sectors.



6	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


TOP TEN LONG HOLDINGS OF THE PORTFOLIO (a)
	1.	Monsanto Co.	1.0	%
	2.	Validus Holdings Ltd.	1.0
	3.	Avexis, Inc.	1.0
	4.	XL Group Ltd. (Bermuda)	0.9
	5.	Rockwell Collins, Inc.	0.9
	6.	NxStage Medical, Inc.	0.9
	7.	Vectren Corp.	0.9
	8.	WGL Holdings, Inc.	0.9
	9.	Microsemi Corp.	0.9
	10.	Avista Corp.	0.9


TOP TEN SHORT HOLDINGS OF THE PORTFOLIO (a)
	1.	Concho Resources, Inc.	1.0	%
	2.	Strayer Education, Inc.	1.0
	3.	Dominion Energy, Inc.	0.8
	4.	Marathon Petroleum Corp.	0.7
	5.	McDermott International, Inc.	0.5
	6.	Marvell Technology Group Ltd. (Bermuda)	0.5
	7.	Cigna Corp.	0.5
	8.	AT&T, Inc.	0.5
	9.	Melrose Industries plc.	0.4
	10.	Informa plc	0.3

***

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

(a)



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	7

JPMorgan Event Driven ETF

FUND COMMENTARY

Period November 29, 2017 (Fund Inception Date) Through April 30, 2018 (Unaudited) (continued)


TOTAL RETURNS AS OF APRIL 30, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Event Driven ETF		November 29, 2017
Net Asset Value				-0.87%
Market Price				-0.63%

LIFE OF FUND PERFORMANCE (11/29/17 TO 4/30/18)

Fund commenced operations on November 29, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Event Driven ETF and the ICE BofAML 3-Month US Treasury Bill Index from November 29, 2017 to April 30, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a

full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index.



8	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan Long/Short ETF

FUND COMMENTARY

Period January 23, 2018 (Fund Inception Date) Through April 30, 2018 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Long/Short ETF
Net Asset Value*		-5.56%
Market Price**		-5.31%
ICE BofAML 3-Month US Treasury Bill Index (formerly BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)		0.40%

Net Assets as of 4/30/2018	$	24,786,077

INVESTMENT OBJECTIVE***

The JPMorgan Long/Short ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund seeks to achieve its investment objective by taking advantage of pricing inefficiencies between equity securities by maintaining long and short exposures to equity factors (such as value, quality and momentum). The Fund utilizes an equity long/short strategy, which involves simultaneously investing in equities (investing long) that the portfolio managers believe are attractive and selling equities (selling short) that they believe are unattractive. The Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments.

HOW DID THE FUND PERFORM?

For the period from inception on January 23, 2018 to April 30, 2018, the Fund posted a negative absolute performance and underperformed its broad-based market benchmark, the ICE BofAML 3-Month US Treasury Bill Index (the “Index”).

Relative to the Index, the Fund’s long-short strategy, which is not employed by the Index, detracted from performance. References to the Index are for informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund is being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

In terms of absolute performance, the Fund’s positioning in the technology sector was the leading detractor from performance. The Fund’s exposure to developed market equities also detracted from performance. The Fund’s exposure to the quality factor was the leading contributor to performance, and the Fund’s positioning within the financials sector also contributed to performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s exposures were balanced across equity value, momentum and quality factors. In addition, while the Fund’s exposure to developed market equities was negative on an aggregate basis, long positions in the North America and the Pacific region offset by short positioning in the European region.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	9

JPMorgan Long/Short ETF

FUND COMMENTARY

Period January 23, 2018 (Fund Inception Date) Through April 30, 2018 (Unaudited) (continued)


TOP TEN LONG POSITIONS OF THE PORTFOLIO (a)
	1.	HollyFrontier Corp.	0.9	%
	2.	Valero Energy Corp.	0.9
	3.	Greif, Inc., Class A	0.8
	4.	Encompass Health Corp.	0.8
	5.	Humana, Inc.	0.8
	6.	WellCare Health Plans, Inc.	0.8
	7.	Chemed Corp.	0.8
	8.	UnitedHealth Group, Inc.	0.8
	9.	Eastman Chemical Co.	0.8
	10.	NRG Yield, Inc., Class C	0.8


TOP TEN SHORT HOLDINGS OF THE PORTFOLIO (a)
	1.	Oasis Petroleum, Inc..	1.1	%
	2.	SM Energy Co.	1.0
	3.	QEP Resources, Inc.	1.0
	4.	MEG Energy Corp.	1.0
	5.	Aeon Co. Ltd.	0.9
	6.	Metso OYJ	0.9
	7.	Hokuriku Electric Power Co.	0.9
	8.	Distribuidora Internacional de Alimentacion SA	0.9
	9.	Pennon Group plc.	0.9
	10.	JGC Corp.	0.9-

***

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

(a)



10	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


TOTAL RETURNS AS OF APRIL 30, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Long/Short ETF		January 23, 2018
Net Asset Value				-5.56%
Market Price				-5.31%

LIFE OF FUND PERFORMANCE (1/23/18 TO 4/30/18)

Fund commenced operations on January 23, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Long/Short ETF and the ICE BofAML 3-Month US Treasury Bill Index from January 23, 2018 to April 30, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	11

JPMorgan Managed Futures Strategy ETF

FUND COMMENTARY

For the Period from Inception on December 5, 2017 to April 30, 2018 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Managed Futures Strategy ETF
Net Asset Value*		-1.69%
Market Price**		-1.17%
ICE BofAML 3-Month US Treasury Bill Index (formerly BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)		0.58%

Net Assets as of 4/30/2018	$	51,600,447

INVESTMENT OBJECTIVE***

The JPMorgan Managed Futures Strategy ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund seeks to achieve its investment objective by investing globally to take advantage of opportunities across a broad range of asset classes, including equities, fixed income, currency and commodities based on the portfolio managers’ assessment of their relative attractiveness. The Fund’s portfolio managers seek to identify a set of investment return sources with distinct risk and return profiles that have a low correlation to one another and to traditional markets (each a “return factor”).

The Fund uses derivatives, including futures and forward contracts, in implementing its strategies, and under normal market conditions, the Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired return factor.

HOW DID THE FUND PERFORM?

For the period from inception on December 5, 2017 to April 30, 2018, the Fund posted a negative absolute performance and underperformed its broad-based market benchmark, the ICE BofAML 3-Month US Treasury Bill Index (the “Index”).

The Fund’s allocation to managed futures, which are not held in the Index, detracted from performance relative to the Index. References to the Index are for informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund is being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

On an absolute basis, the Fund’s allocations to relative value fixed income-based return factors and directional fixed income-based and equity-based return factors, which are implemented primarily through the use of fixed-income and equity futures, were leading detractors from performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s allocations were balanced across fixed income, currency, commodity and equity index return factors.



12	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

***

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



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	13

JPMorgan Managed Futures Strategy ETF

FUND COMMENTARY

Period December 5, 2017 (Fund Inception Date) Through April 30, 2018 (Unaudited) (continued)


TOTAL RETURNS AS OF APRIL 30, 2018 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
JPMorgan Managed Futures Strategy ETF		December 5, 2017
Net Asset Value				-1.69%
Market Price				-1.17%

LIFE OF FUND PERFORMANCE (12/5/17 TO 4/30/2018)

Fund commenced operations on December 5, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Managed Futures Strategy ETF and the ICE BofAML 3-Month US Treasury Bill Index from December 5, 2017 to April 30, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of



14	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — 52.8%
		Aerospace & Defense — 1.9%
	1,462	Boeing Co. (The)		487,665
	2,002	L3 Technologies, Inc.		392,152
	22,312	Rockwell Collins, Inc.		2,957,232

				3,837,049

		Auto Components — 1.0%
	4,100	Autoliv, Inc. (Sweden)		549,605
	7,253	BorgWarner, Inc.		354,962
	3,013	Cooper-Standard Holdings, Inc.*		373,010
	15,614	Gentex Corp.		355,062
	1,920	Lear Corp.		358,982

				1,991,621

		Banks — 0.6%
	13,800	BancorpSouth Bank		456,090
	6,200	Customers Bancorp, Inc.*		178,684
	13,800	Fifth Third Bancorp		457,746
	2,800	Union Bankshares Corp.		105,868

				1,198,388

		Beverages — 0.2%
	4,411	PepsiCo, Inc.		445,246

		Biotechnology — 1.5%
	14,896	Avexis, Inc.*		3,167,783

		Building Products — 0.5%
	5,667	Owens Corning		371,132
	18,219	USG Corp.*		732,950

				1,104,082

		Capital Markets — 1.4%
	14,761	Artisan Partners Asset Management, Inc., Class A		474,566
	36,214	BGC Partners, Inc., Class A		483,819
	33,953	Financial Engines, Inc.		1,516,002
	24,125	Waddell & Reed Financial, Inc., Class A		488,290

				2,962,677

		Chemicals — 2.9%
	11,905	CF Industries Holdings, Inc.		461,914
	4,259	Eastman Chemical Co.		434,759
	14,726	Huntsman Corp.		438,393
	4,214	LyondellBasell Industries NV, Class A		445,546
	25,022	Monsanto Co.		3,137,008
	62,800	Platform Specialty Products Corp.*		632,396
	4,395	Westlake Chemical Corp.		470,133

				6,020,149


SHARES		INVESTMENTS	VALUE($)

		Commercial Services & Supplies — 0.6%
	12,845	Brady Corp., Class A		467,558
	6,461	Deluxe Corp.		442,837
	16,828	Quad/Graphics, Inc.		415,820

				1,326,215

		Communications Equipment — 0.6%
	8,183	Cisco Systems, Inc.		362,425
	78,231	Mitel Networks Corp.*		873,058

				1,235,483

		Construction & Engineering — 0.2%
	7,543	Jacobs Engineering Group, Inc.		438,173

		Containers & Packaging — 0.4%
	7,393	Greif, Inc., Class A		432,638
	8,900	Sealed Air Corp.		390,265

				822,903

		Electrical Equipment — 1.2%
	6,261	Eaton Corp. plc		469,763
	34,805	General Cable Corp.		1,031,968
	6,544	Regal Beloit Corp.		465,933
	8,578	Sensata Technologies Holding plc*		435,076

				2,402,740

		Electronic Equipment, Instruments & Components — 1.6%
	8,860	Methode Electronics, Inc.		353,514
	118,825	VeriFone Systems, Inc.*		2,734,163
	18,875	Vishay Intertechnology, Inc.		333,144

				3,420,821

		Energy Equipment & Services — 1.0%
	27,084	Diamond Offshore Drilling, Inc.*		498,075
	11,675	National Oilwell Varco, Inc.		451,472
	26,282	RPC, Inc.		473,339
	5,100	Tidewater, Inc.*		174,726
	19,886	Unit Corp.*		451,014

				2,048,626

		Food & Staples Retailing — 0.6%
	10,400	United Natural Foods, Inc.*		468,208
	6,000	Walgreens Boots Alliance, Inc.		398,700
	5,171	Walmart, Inc.		457,427

				1,324,335

		Food Products — 1.8%
	13,032	Conagra Brands, Inc.		483,096
	21,558	Flowers Foods, Inc.		487,426
	3,718	Ingredion, Inc.		450,213
	4,009	JM Smucker Co. (The)		457,347

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	15

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Food Products — continued
	8,003	John B Sanfilippo & Son Inc		455,291
	29,767	Nomad Foods Ltd. (United Kingdom)*		490,858
	3,663	Sanderson Farms, Inc.		407,179
	6,802	Tyson Foods, Inc., Class A		476,820

				3,708,230

		Gas Utilities — 0.6%
	14,452	WGL Holdings, Inc.		1,229,865

		Health Care Equipment & Supplies — 1.2%
	5,828	Analogic Corp.		484,307
	4,829	Danaher Corp.		484,445
	11,800	Natus Medical, Inc.*		389,990
	23,311	NxStage Medical, Inc.*		620,539
	4,792	STERIS plc		452,940

				2,432,221

		Health Care Providers & Services — 2.3%
	4,368	Aetna, Inc.		782,090
	1,576	Chemed Corp.		485,755
	7,949	Encompass Health Corp.		483,458
	5,164	Express Scripts Holding Co.*		390,915
	1,659	Humana, Inc.		488,045
	70,376	Kindred Healthcare, Inc.*		626,346
	2,300	MEDNAX, Inc.*		105,593
	4,790	Quest Diagnostics, Inc.		484,748
	2,105	UnitedHealth Group, Inc.		497,622
	2,353	WellCare Health Plans, Inc.*		482,742

				4,827,314

		Hotels, Restaurants & Leisure — 1.6%
	10,900	Brinker International, Inc.		475,131
	1,700	Churchill Downs, Inc.		466,820
	1,700	Domino’s Pizza, Inc.		410,941
	31,900	La Quinta Holdings, Inc.*		623,326
	2,911	Royal Caribbean Cruises Ltd.		314,941
	8,695	Wyndham Worldwide Corp.		993,055

				3,284,214

		Household Durables — 0.7%
	13,100	PulteGroup, Inc.		397,716
	15,200	Taylor Morrison Home Corp., Class A*		361,152
	8,222	Toll Brothers, Inc.		346,639
	13,724	William Lyon Homes, Class A*		368,627

				1,474,134

		Household Products — 0.2%
	5,806	Procter & Gamble Co. (The)		420,006


SHARES		INVESTMENTS	VALUE($)

		Independent Power and Renewable Electricity Producers — 0.7%
	14,918	NRG Energy, Inc.		462,458
	26,358	NRG Yield, Inc., Class C		469,173
	23,011	Vistra Energy Corp.*		525,801

				1,457,432

		Insurance — 4.9%
	9,969	Aflac, Inc.		454,287
	16,121	American Equity Investment Life Holding Co.		486,854
	109,454	AmTrust Financial Services, Inc.		1,410,862
	8,839	First American Financial Corp.		451,761
	4,615	Prudential Financial, Inc.		490,667
	3,180	Reinsurance Group of America, Inc.		475,092
	401	Stewart Information Services Corp.		16,726
	9,027	Unum Group		436,726
	45,279	Validus Holdings Ltd.		3,068,558
	53,330	XL Group Ltd. (Bermuda)		2,964,615

				10,256,148

		Internet Software & Services — 0.3%
	332	Alphabet, Inc., Class C*		337,753
	7,814	Match Group, Inc.*		368,196

				705,949

		IT Services — 3.0%
	2,233	Accenture plc, Class A		337,630
	5,199	Amdocs Ltd.		349,633
	54,854	Blackhawk Network Holdings, Inc.*		2,462,945
	4,308	Cognizant Technology Solutions Corp., Class A		352,481
	15,329	Convergys Corp.		358,085
	7,781	CSG Systems International, Inc.		332,949
	6,200	DXC Technology Co.		638,972
	6,535	ManTech International Corp., Class A		386,153
	1,987	Mastercard, Inc., Class A		354,222
	5,363	MAXIMUS, Inc.		362,700
	18,386	Western Union Co. (The)		363,123

				6,298,893

		Life Sciences Tools & Services — 0.9%
	7,113	Agilent Technologies, Inc.		467,608
	8,825	Cambrex Corp.*		467,284
	3,963	Charles River Laboratories International, Inc.*		412,905
	4,384	ICON plc*		515,690

				1,863,487

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



16	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Machinery — 2.4%
	9,500	Allison Transmission Holdings, Inc.		370,405
	14,693	Atlas Copco AB, Class A (Sweden)*		574,589
	2,909	Cummins, Inc.		465,033
	6,600	Dover Corp.		611,820
	10,588	Greenbrier Cos., Inc. (The)		464,284
	9,834	Hillenbrand, Inc.		455,806
	3,101	Illinois Tool Works, Inc.		440,404
	5,706	Ingersoll-Rand plc		478,676
	8,900	Pentair plc (United Kingdom)		598,792
	10,300	Terex Corp.		376,156
	2,200	Trinity Industries, Inc.		70,114

				4,906,079

		Media — 0.3%
	1,000	CBS Corp. (Non-Voting), Class B		49,200
	5,027	Omnicom Group, Inc.		370,289
	1,258	Time Warner, Inc.		119,258

				538,747

		Metals & Mining — 0.3%
	18,700	Sandstorm Gold Ltd. (Canada)*		86,513
	15,443	Schnitzer Steel Industries, Inc., Class A		454,796

				541,309

		Multiline Retail — 0.5%
	9,057	Big Lots, Inc.		384,470
	5,674	Kohl’s Corp.		352,469
	5,070	Target Corp.		368,082

				1,105,021

		Multi-Utilities — 2.6%
	8,779	Avista Corp.		455,279
	17,913	CenterPoint Energy, Inc.		453,736
	31,723	Innogy SE (Germany) (a) (b)		1,393,915
	43,278	Vectren Corp.		3,041,145

				5,344,075

		Oil, Gas & Consumable Fuels — 0.6%
	1,300	Energen Corp.*		85,072
	8,770	HollyFrontier Corp.		532,251
	5,700	Peabody Energy Corp.		210,045
	4,429	Valero Energy Corp.		491,309

				1,318,677

		Paper & Forest Products — 1.2%
	10,151	Domtar Corp.		445,629
	60,953	KapStone Paper and Packaging Corp.		2,098,002

				2,543,631


SHARES		INVESTMENTS	VALUE($)

		Personal Products — 0.2%
	4,100	Herbalife Nutrition Ltd.*		433,493

		Pharmaceuticals — 1.1%
	45,163	Akorn, Inc.*		651,702
	3,483	Johnson & Johnson		440,565
	11,369	Pfizer, Inc.		416,219
	2,118	STADA Arzneimittel AG (Germany)		214,437
	4,794	Taro Pharmaceutical Industries Ltd.*		488,892

				2,211,815

		Professional Services — 0.7%
	7,700	FTI Consulting, Inc.*		449,680
	7,450	ICF International, Inc.		499,895
	4,141	ManpowerGroup, Inc.		396,377

				1,345,952

		Real Estate Management & Development — 0.0% (c)
	1,800	CBRE Group, Inc., Class A*		81,558

		Road & Rail — 0.2%
	14,055	ArcBest Corp.		451,166

		Semiconductors & Semiconductor Equipment — 3.7%
	6,129	Applied Materials, Inc.		304,427
	3,178	Cabot Microelectronics Corp.		322,408
	4,996	First Solar, Inc.*		354,266
	1,658	Lam Research Corp.		306,830
	5,852	Maxim Integrated Products, Inc.		318,934
	44,441	Microsemi Corp.*		2,874,888
	2,927	MKS Instruments, Inc.		299,725
	21,347	NXP Semiconductors NV (Netherlands)*		2,239,300
	8,750	Teradyne, Inc.		284,813
	3,315	Texas Instruments, Inc.		336,241

				7,641,832

		Software — 1.3%
	6,000	Avaya Holdings Corp.*		137,340
	3,340	Blackbaud, Inc.		350,567
	9,514	Cadence Design Systems, Inc.*		381,131
	3,822	Citrix Systems, Inc.*		393,322
	2,029	Intuit, Inc.		374,939
	7,684	Oracle Corp.		350,928
	4,173	Synopsys, Inc.*		356,833
	2,863	VMware, Inc., Class A*		381,523

				2,726,583

		Specialty Retail — 2.0%
	13,835	Abercrombie & Fitch Co., Class A		354,453
	17,935	American Eagle Outfitters, Inc.		370,896
	5,176	Best Buy Co., Inc.		396,119

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	17

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Specialty Retail — continued
	37,235	Chico’s FAS, Inc.		369,744
	2,957	Children’s Place, Inc. (The)		377,165
	10,651	Dick’s Sporting Goods, Inc.		352,442
	9,900	Foot Locker, Inc.		426,492
	11,218	Gap, Inc. (The)		328,014
	6,600	Murphy USA, Inc.*		412,962
	42,035	Rent-A-Center, Inc.		424,974
	13,400	Tailored Brands, Inc.		422,770

				4,236,031

		Technology Hardware, Storage & Peripherals — 0.2%
	2,067	Apple, Inc.		341,593

		Textiles, Apparel & Luxury Goods — 0.7%
	3,943	Deckers Outdoor Corp.*		367,724
	9,701	Movado Group, Inc.		382,705
	3,311	Ralph Lauren Corp.		363,713
	12,369	Wolverine World Wide, Inc.		370,575

				1,484,717

		Thrifts & Mortgage Finance — 0.2%
	22,502	PennyMac Financial Services, Inc., Class A*		463,541

		Trading Companies & Distributors — 0.2%
	10,300	HD Supply Holdings, Inc.*		398,713

		Total Common Stocks (Cost $107,841,350)		109,818,717

	Short-Term Investments — 41.1%
		Investment Companies — 41.1%
	85,343,402	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (d) (e) (Cost $85,343,402)		85,343,402

		Total Investments — 93.9% (Cost $193,184,752)		195,162,119
		Other Assets Less Liabilities — 6.1%		12,711,823

		Net Assets — 100.0%	$	207,873,942

Percentages indicated are based on net assets.


*		— Non-income producing security.
(a)		— Securities exempt from registration under Rule 144A or section 4(2), of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(b)		— Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)		— Represents less than 0.05% of net assets.
(d)		— Affiliated company as defined under the Investment Company Act of 1940.
(e)		— The rate shown was the current yield as of April 30, 2018.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



18	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


Futures contracts outstanding as of April 30, 2018:
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
			Long Contracts
	34		Feeder Cattle		05/2018		USD		2,382,975			157,537
	3		Hang Seng Index		05/2018		HKD		582,624			3,660
	27		LME Aluminum Base Metal		05/2018		USD		1,527,863			113,681
	21		LME Nickel Base Metal		05/2018		USD		1,713,726			8,925
	44		LME Zinc Base Metal		05/2018		USD		3,441,625			(140,169	)
	54		WTI Crude Oil		05/2018		USD		3,702,780			302,326
	11		100 oz Gold		06/2018		USD		1,451,120			(21,639	)
	231		Australia 10 Year Bond		06/2018		AUD		22,241,710			84,400
	14		Canada 10 Year Bond		06/2018		CAD		1,433,311			5,357
	14		Euro-Schatz		06/2018		EUR		1,892,080			1,085
	6		FTSE/MIB Index		06/2018		EUR		853,103			50,191
	16		Japan 10 Year Bond		06/2018		JPY		22,047,567			(16,101	)
	63		Live Cattle		06/2018		USD		2,673,720			(197,486	)
	22		LME Aluminum Base Metal		06/2018		USD		1,245,750			77,675
	15		LME Nickel Base Metal		06/2018		USD		1,225,890			21,231
	27		LME Zinc Base Metal		06/2018		USD		2,112,075			(96,807	)
	4		S&P 500 E-Mini Index		06/2018		USD		529,400			(21,368	)
	2		SPI 200 Index		06/2018		AUD		223,745			(1,149	)
	417		U.S. Treasury 10 Year Note		06/2018		USD		49,851,047			(123,996	)
	15		WTI Crude Oil		06/2018		USD		1,027,200			88,860
	77		Cocoa		07/2018		USD		2,175,250			222,628
	19		Corn		07/2018		USD		380,712			12,494
	43		Cotton No. 2		07/2018		USD		1,802,560			48,436
	9		LME Aluminum Base Metal		07/2018		USD		508,838			60,104
	27		Soybean		07/2018		USD		1,415,475			23,733
	2		Wheat		07/2018		USD		51,050			3,994
	31		Live Cattle		08/2018		USD		1,296,110			(82,491	)

												585,111

			Short Contracts
	(7	)	CAC 40 10 Euro Index		05/2018		EUR		(461,674	)		(13,453	)
	(13	)	IBEX 35 Index		05/2018		EUR		(1,560,668	)		(30,827	)
	(27	)	LME Aluminum Base Metal		05/2018		USD		(1,527,863	)		(191,025	)
	(8	)	LME Nickel Base Metal		05/2018		USD		(652,848	)		(24,120	)
	(85	)	Natural Gas		05/2018		USD		(2,348,550	)		2,920
	(78	)	Australia 3 Year Bond		06/2018		AUD		(6,513,017	)		(3,309	)
	(28	)	Canada 10 Year Bond		06/2018		CAD		(2,866,623	)		12,541
	(2	)	DAX Index		06/2018		EUR		(758,927	)		(21,419	)
	(24	)	EURO STOXX 50 Index		06/2018		EUR		(1,003,968	)		(43,025	)
	(45	)	Euro-Bobl		06/2018		EUR		(7,118,802	)		(22,752	)
	(16	)	Euro-Bund		06/2018		EUR		(3,067,111	)		(8,991	)
	(12	)	FTSE 100 Index		06/2018		GBP		(1,230,246	)		(36,071	)
	(40	)	Japan 10 Year Bond		06/2018		JPY		(55,118,917	)		35,609
	(94	)	Lean Hogs		06/2018		USD		(2,733,520	)		198,513

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	19

JPMorgan Diversified Alternatives ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
	(22	)	LME Aluminum Base Metal		06/2018		USD		(1,245,750	)		(144,847	)
	(3	)	LME Nickel Base Metal		06/2018		USD		(245,178	)		10,845
	(5	)	LME Zinc Base Metal		06/2018		USD		(391,125	)		12,872
	(83	)	Long Gilt		06/2018		GBP		(13,970,173	)		(149,925	)
	(28	)	Natural Gas		06/2018		USD		(784,000	)		10,740
	(171	)	S&P 500 E-Mini Index		06/2018		USD		(22,631,850	)		768,853
	(153	)	Sugar No. 11		06/2018		USD		(2,013,480	)		141,634
	(48	)	U.S. Treasury 10 Year Note		06/2018		USD		(5,738,250	)		29,660
	(165	)	U.S. Treasury 2 Year Note		06/2018		USD		(34,987,734	)		60,880
	(100	)	U.S. Treasury 5 Year Note		06/2018		USD		(11,348,438	)		40,118
	(18	)	U.S. Treasury Long Bond		06/2018		USD		(2,583,000	)		14,834
	(58	)	Coffee ‘C’		07/2018		USD		(2,670,900	)		(97,450	)
	(1	)	Copper		07/2018		USD		(76,850	)		2,422
	(164	)	Corn		07/2018		USD		(3,286,150	)		(91,159	)
	(5	)	LME Aluminum Base Metal		07/2018		USD		(282,688	)		(3,156	)
	(31	)	Silver		07/2018		USD		(2,542,155	)		27,118
	(87	)	Wheat		07/2018		USD		(2,220,675	)		(181,194	)
	(12	)	Feeder Cattle		08/2018		USD		(877,200	)		6,165
	(85	)	Sugar No. 11		09/2018		USD		(1,141,448	)		74,930
	(55	)	Wheat		09/2018		USD		(1,447,188	)		(110,300	)

												277,631

												862,742

Abbreviations


AUD		— Australian Dollar
CAC		— Continuous Assisted Quotation
CAD		— Canadian Dollar
DAX		— Deutscher Aktien Index
EUR		— Euro
FTSE		— Financial Times and the London Stock Exchange
GBP		— British Pound


HKD		— Hong Kong Dollar
IBEX		— Madrid Stock Exchange
JPY		— Japanese Yen
LME		— London Metal Exchange
MIB		— Milan, Italian Stock Exchange
USD		— United States Dollar


Forward foreign currency exchange contracts outstanding as of April 30, 2018:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	Settlement Date		UNREALIZED APPRECIATION (DEPRECIATION)($)
USD	1,108,850	AUD	1,442,887	TD Bank Financial Group		5/9/2018		22,565
MXN	3,947,357	USD	208,106	Goldman Sachs International		5/25/2018		2,156
TRY	5,280,705	USD	1,276,120	HSBC Bank, NA		5/25/2018		13,950
USD	3,822,377	AUD	4,918,973	HSBC Bank, NA		5/25/2018		118,984
USD	4,567,888	CAD	5,754,390	State Street Corp.		5/25/2018		83,966
USD	1,210,047	CHF	1,165,898	Goldman Sachs International		5/25/2018		31,168
USD	15,525,712	CHF	14,862,047	State Street Corp.		5/25/2018		498,193
USD	495,137	EUR	398,738	BNP Paribas SA		5/25/2018		12,785
USD	7,823,549	EUR	6,308,268	State Street Corp.		5/25/2018		192,462
USD	2,359,215	EUR	1,903,205	TD Bank Financial Group		5/25/2018		56,915
USD	353,306	GBP	248,555	Merrill Lynch International		5/25/2018		10,743
USD	1,266,058	HUF	317,192,687	Merrill Lynch International		5/25/2018		43,366
USD	207,708	HUF	53,842,836	State Street Corp.		5/25/2018		158

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



20	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	Settlement Date		UNREALIZED APPRECIATION (DEPRECIATION)($)
USD	1,336,236	ILS	4,676,477	BNP Paribas SA		5/25/2018		34,957
USD	2,200,475	NZD	2,996,852	Australia & New Zealand Banking Group Ltd.		5/25/2018		92,100
USD	14,443,524	SEK	121,469,887	Citibank NA		5/25/2018		546,850
USD	1,045,973	SEK	8,746,447	Goldman Sachs International		5/25/2018		45,342
USD	1,326,913	THB	41,325,111	Citibank NA		5/25/2018		16,660
USD	1,311,693	TWD	38,547,636	Merrill Lynch International**		5/25/2018		7,614

Total unrealized appreciation								1,830,934

JPY	33,435,314	USD	306,566	Goldman Sachs International		5/1/2018		(718	)
GBP	313,301	CHF	427,381	Merrill Lynch International		5/25/2018		(342	)
GBP	3,452,341	USD	4,945,713	Merrill Lynch International		5/25/2018		(187,631	)
INR	86,004,218	USD	1,308,726	Merrill Lynch International**		5/25/2018		(18,783	)
JPY	43,110,629	CAD	508,026	Citibank NA		5/25/2018		(887	)
JPY	81,179,142	USD	758,843	Barclays Bank plc		5/25/2018		(15,088	)
JPY	1,057,234,371	USD	9,879,642	HSBC Bank, NA		5/25/2018		(193,365	)
MXN	23,207,982	USD	1,277,204	HSBC Bank, NA		5/25/2018		(40,997	)
NOK	8,412,952	USD	1,086,991	Deutsche Bank AG		5/25/2018		(37,439	)
NOK	4,102,696	USD	520,266	Goldman Sachs International		5/25/2018		(8,437	)
NOK	134,012,947	USD	17,275,709	State Street Corp.		5/25/2018		(557,024	)
RUB	89,096,507	USD	1,431,929	Goldman Sachs International**		5/25/2018		(21,222	)
USD	450,793	CAD	579,436	Goldman Sachs International		5/25/2018		(714	)
USD	1,310,530	KRW	1,405,582,723	Merrill Lynch International**		5/25/2018		(2,384	)
ZAR	15,625,996	USD	1,290,068	Merrill Lynch International		5/25/2018		(40,602	)

Total unrealized depreciation								(1,125,633	)

Net unrealized appreciation								705,301


**		— Non-deliverable forward. See Note 2.C.(2). in the Notes to Financial Statements.

Abbreviations


AUD		— Australian Dollar
CAD		— Canadian Dollar
CHF		— Swiss Franc
EUR		— Euro
GBP		— British Pound
HUF		— Hungarian Forint
ILS		— Israeli Shekel
INR		— India Rupee
JPY		— Japanese Yen
KRW		— Korea (Rep.) won


MXN		— Mexican Peso
NOK		— Norwegian Krone
NZD		— New Zealand Dollar
RUB		— Russian Ruble
SEK		— Swedish Krona
THB		— Thai Baht
TRY		— New Turkish Lira
TWD		— Taiwan Dollar
USD		— United States Dollar
ZAR		— South African Rand

Over the Counter (“OTC”) Total Return Swap contracts outstanding as of April 30, 2018:

Reference Entity

Payments Made
by Fund

Payments Received

by Fund

Frequency of
Payments
Made/Received

Counterparty

Maturity
Date

Notional
Amount

Upfront
Payments

(Receipts) ($)

Value and
Unrealized
Appreciation
(Depreciation) ($)

Media Gen, Inc. CVR ‡

Total appreciation of the position at maturity

Total appreciation/depreciation of the position at maturity

At Termination

Bank of America

11/16/2018

USD 1,329

—


‡		— Value determined using significant unobservable inputs.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	21

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited)


OTC Total Return Basket Swap contracts outstanding as April 30, 2018
COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.55%), which is denominated in GBP based on the local currencies of the positions within the swaps.	3/29/2019	$	(2,611,735	)	$	(21,640	)	$	(27,263	)	$	(48,903	)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Airlines
International Consolidated Airlines Group SA		51,440		444,659		8,603			0.0	(a)

Capital Markets
3i Group plc		2,539		32,774		1,035			0.0	(a)

Construction & Engineering
Kier Group plc		9,799		144,594		6,262			0.0	(a)

Containers & Packaging
DS Smith plc		60,893		436,208		12,292			0.0	(a)

Energy Equipment & Services
Petrofac Ltd.		17,304		143,600		5,710			0.0	(a)

Food & Staples Retailing
Wm Morrison Supermarkets plc		8,155		27,198		952			0.0	(a)

Hotels, Restaurants & Leisure
Carnival plc		453		29,443		759			0.0	(a)
William Hill plc		5,283		21,249		(3,111	)		(0.0	)(a)

		5,736		50,692		(2,352	)		(0.0	)(a)

Household Durables
Berkeley Group Holdings plc		1,426		79,833		2,704			0.0	(a)
Bovis Homes Group plc		21,686		368,978		10,110			0.0	(a)
Redrow plc		9,543		82,233		1,604			0.0	(a)

		32,655		531,044		14,418			0.0	(a)

Machinery
Fenner plc		66,335		555,246		(460	)		(0.0	)(a)
Vesuvius plc		58,449		472,025		11,672			0.0	(a)

		124,784		1,027,271		11,212			0.0	(a)

Media
Pearson plc		35,453		406,456		28,792			0.0	(a)

Metals & Mining
Anglo American plc		18,976		446,491		(24,931	)		(0.0	)(a)
BHP Billiton plc		22,991		490,224		6,924			0.0	(a)
Centamin plc		42,403		91,626		1,755			0.0	(a)
Rio Tinto plc		2,231		121,603		(549	)		(0.0	)(a)

		86,601		1,149,944		(16,801	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



22	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Multi-Utilities
Centrica plc		6,876			14,559			816			0.0	(a)

Professional Services
Capita plc		129,567			341,677			76,901			0.1
Hays plc		42,090			103,723			(58	)		(0.0	)(a)

		171,657			445,400			76,843			0.1

Road & Rail
National Express Group plc		82,310			444,176			(23,727	)		(0.0	)(a)

Thrifts & Mortgage Finance
Paragon Banking Group plc		60,779			435,741			25,536			0.0	(a)

Wireless Telecommunication Services
Vodafone Group plc		32,078			93,611			2,325			0.0	(a)

Total Long Positions of Total Return Basket Swaps		789,059			5,827,927			151,916			0.1


Short Positions

Common Stocks
Aerospace & Defense
Cobham plc		(266,042	)		(420,180	)		5,501			0.0	(a)
Rolls-Royce Holdings plc		(35,890	)		(414,499	)		11,953			0.0	(a)

		(301,932	)		(834,679	)		17,454			0.0	(a)

Banks
Standard Chartered plc		(43,317	)		(455,003	)		(20,079	)		(0.0	)(a)

Capital Markets
St James’s Place plc		(29,375	)		(457,583	)		(14,957	)		(0.0	)(a)

Chemicals
Johnson Matthey plc		(9,623	)		(434,906	)		(1,763	)		(0.0	)(a)

Commercial Services & Supplies
Serco Group plc*		(310,012	)		(409,673	)		2,831			0.0	(a)

Construction & Engineering
Balfour Beatty plc		(97,819	)		(395,033	)		(8,988	)		(0.0	)(a)

Diversified Consumer Services
Dignity plc		(23,880	)		(358,673	)		(17,500	)		(0.0	)(a)

Electrical Equipment
Melrose Industries plc		(121,487	)		(380,941	)		12,383			0.0	(a)

Hotels, Restaurants & Leisure
Compass Group plc		(17,425	)		(373,815	)		(21,052	)		(0.0	)(a)
InterContinental Hotels Group plc		(5,978	)		(377,161	)		(20,169	)		(0.0	)(a)
Merlin Entertainments plc (b)		(74,288	)		(375,802	)		(22,089	)		(0.1	)
Whitbread plc		(5,780	)		(340,079	)		(9,976	)		(0.0	)(a)

		(103,471	)		(1,466,857	)		(73,286	)		(0.1	)

Industrial Conglomerates
DCC plc		(4,102	)		(393,729	)		(11,738	)		(0.0	)(a)

Machinery
Weir Group plc (The)		(15,293	)		(447,501	)		(5,066	)		(0.0	)(a)

Media
ITV plc		(175,207	)		(364,496	)		(19,899	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	23

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Metals & Mining
Fresnillo plc		(25,123	)		(440,959	)		15,047			0.0	(a)

Multiline Retail
B&M European Value Retail SA		(52,049	)		(290,050	)		(9,964	)		(0.0	)(a)

Tobacco
British American Tobacco plc		(7,792	)		(427,372	)		(13,272	)		(0.0	)(a)

Trading Companies & Distributors
Bunzl plc		(15,009	)		(435,210	)		3,353			0.0	(a)

Water Utilities
Pennon Group plc		(46,677	)		(443,489	)		(24,565	)		(0.0	)(a)

Preferred Stock
Aerospace & Defense
Rolls-Royce plc* ‡		(2,548,190	)		(3,508	)		(3,547	)		(0.0	)(a)

Total Short Positions of Total Return Basket Swaps		(3,930,358	)		(8,439,662	)		(173,556	)		(0.1	)

Total of Long and Short Positions of Total Return Basket Swaps		(3,141,299	)		(2,611,735	)		(21,640	)		(0.0	)(a)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month LIBOR on short positions, which is denominated in USD based on the local currencies of the positions within the swaps.	10/18/2018	$	(17,313,008	)	$	604,561	$	4,629	$	609,190



REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions

Common Stocks
Aerospace & Defense
Aerovironment, Inc.*		(5,213	)		(284,108	)		11,521			0.0	(a)
TransDigm Group, Inc.		(929	)		(297,810	)		5,388			0.0	(a)

		(6,142	)		(581,918	)		16,909			0.0	(a)

Airlines
Spirit Airlines, Inc.*		(7,044	)		(251,612	)		17,751			0.0	(a)

Banks
Signature Bank*		(1,959	)		(249,087	)		15,613			0.0	(a)

Capital Markets
Charles Schwab Corp. (The)		(5,293	)		(294,714	)		(18,526	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



24	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Position — continued

Common Stocks — continued
Commercial Services & Supplies
Clean Harbors, Inc.*		(4,642	)		(212,604	)		12,998			0.0	(a)
Covanta Holding Corp.		(17,372	)		(258,843	)		10,423			0.0	(a)
Healthcare Services Group, Inc.		(4,330	)		(167,268	)		(563	)		(0.0	)(a)

		(26,344	)		(638,715	)		22,858			0.0	(a)

Communications Equipment
Infinera Corp.*		(27,781	)		(325,593	)		(2,222	)		(0.0	)(a)
Lumentum Holdings, Inc.*		(6,597	)		(332,819	)		83,122			0.1
ViaSat, Inc.*		(5,677	)		(363,214	)		5,109			0.0	(a)

		(40,055	)		(1,021,626	)		86,009			0.1

Consumer Finance
LendingClub Corp.*		(40,899	)		(110,018	)		30,265			0.0	(a)

Distributors
Core-Mark Holding Co., Inc.		(7,216	)		(148,722	)		7,577			0.0	(a)

Diversified Consumer Services
Chegg, Inc.*		(13,888	)		(322,340	)		(1,528	)		(0.0	)(a)

Energy Equipment & Services
Weatherford International plc*		(170,493	)		(502,954	)		(47,738	)		(0.0	)(a)

Food & Staples Retailing
Casey’s General Stores, Inc.		(2,140	)		(206,724	)		11,235			0.0	(a)

Health Care Equipment & Supplies
AtriCure, Inc.*		(12,462	)		(277,030	)		(8,723	)		(0.0	)(a)
DexCom, Inc.*		(4,576	)		(334,872	)		1,464			0.0	(a)
Insulet Corp.*		(3,560	)		(306,160	)		9,398			0.0	(a)
Nevro Corp.*		(2,876	)		(256,999	)		8,139			0.0	(a)
Wright Medical Group NV*		(3,097	)		(60,732	)		1,332			0.0	(a)

		(26,571	)		(1,235,793	)		11,610			0.0	(a)

Hotels, Restaurants & Leisure
Chipotle Mexican Grill, Inc.*		(889	)		(376,340	)		(74,649	)		(0.0	)(a)
MGM Resorts International		(7,526	)		(236,467	)		37,555			0.0	(a)

		(8,415	)		(612,807	)		(37,094	)		(0.0	)(a)

Household Durables
iRobot Corp.*		(834	)		(48,672	)		2,869			0.0	(a)
Universal Electronics, Inc.*		(4,171	)		(193,117	)		16,684			0.0	(a)

		(5,005	)		(241,789	)		19,553			0.0	(a)

Internet & Direct Marketing Retail
Groupon, Inc.*		(44,821	)		(207,969	)		8,516			0.0	(a)
Netflix, Inc.*		(976	)		(304,961	)		21,531			0.0	(a)
Wayfair, Inc.*		(3,667	)		(228,454	)		27,062			0.0	(a)

		(49,464	)		(741,384	)		57,109			0.0	(a)

Internet Software & Services
ANGI Homeservices, Inc.*		(26,951	)		(360,065	)		22,369			0.0	(a)
Cornerstone OnDemand, Inc.*		(6,091	)		(268,796	)		3,289			0.0	(a)
GTT Communications, Inc.*		(5,010	)		(240,731	)		24,298			0.0	(a)
MINDBODY, Inc.*		(7,015	)		(278,145	)		9,821			0.0	(a)
Nutanix, Inc.*		(5,798	)		(293,321	)		28,526			0.1
Pandora Media, Inc.*		(65,657	)		(368,336	)		(20,354	)		(0.0	)(a)
Wix.com Ltd.*		(3,586	)		(294,948	)		25,640			0.0	(a)

		(120,108	)		(2,104,342	)		93,589			0.1

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	25

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Position — continued

Common Stocks — continued
Machinery
Flowserve Corp.		(6,107	)		(271,212	)		14,474			0.0	(a)

Marine
Matson, Inc.		(9,129	)		(266,841	)		5,843			0.0	(a)

Media
Liberty Broadband Corp.*		(2,796	)		(198,208	)		37,970			0.0	(a)
Lions Gate Entertainment Corp.		(10,496	)		(261,245	)		16,374			0.0	(a)

		(13,292	)		(459,453	)		54,344			0.0	(a)

Metals & Mining
Coeur Mining, Inc.*		(27,237	)		(206,184	)		27,782			0.0	(a)
Compass Minerals International, Inc.		(4,773	)		(321,223	)		(955	)		(0.0	)(a)

		(32,010	)		(527,407	)		26,827			0.0	(a)

Multi-Utilities
Dominion Energy, Inc.		(3,031	)		(201,743	)		(1,485	)		(0.0	)(a)
NiSource, Inc.		(8,971	)		(218,803	)		(3,947	)		(0.0	)(a)
Sempra Energy		(2,228	)		(249,090	)		(446	)		(0.0	)(a)

		(14,230	)		(669,636	)		(5,878	)		(0.0	)(a)

Oil, Gas & Consumable Fuels
Cheniere Energy, Inc.*		(5,357	)		(311,563	)		1,929			0.0	(a)
Chesapeake Energy Corp.*		(88,645	)		(263,276	)		14,183			0.0	(a)
Concho Resources, Inc.*		(1,827	)		(287,223	)		(694	)		(0.0	)(a)
Extraction Oil & Gas, Inc.*		(15,270	)		(215,612	)		(5,039	)		(0.0	)(a)
Hess Corp.		(5,994	)		(341,598	)		5,574			0.0	(a)
Parsley Energy, Inc.*		(9,858	)		(296,036	)		4,338			0.0	(a)
SM Energy Co.		(12,794	)		(306,416	)		(28,019	)		(0.0	)(a)

		(139,745	)		(2,021,724	)		(7,728	)		(0.0	)(a)

Pharmaceuticals
Aclaris Therapeutics, Inc.*		(3,784	)		(67,166	)		(946	)		(0.0	)(a)
Aerie Pharmaceuticals, Inc.*		(5,883	)		(301,210	)		19,414			0.0	(a)
Nektar Therapeutics*		(3,628	)		(303,518	)		32,217			0.0	(a)
Pacira Pharmaceuticals, Inc.*		(5,684	)		(188,140	)		14,778			0.0	(a)

		(18,979	)		(860,034	)		65,463			0.0	(a)

Road & Rail
AMERCO		(652	)		(220,063	)		8,098			0.0	(a)

Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.*		(8,166	)		(88,846	)		(4,246	)		(0.0	)(a)
Inphi Corp.*		(9,765	)		(279,084	)		34,763			0.0	(a)
MACOM Technology Solutions Holdings, Inc.*		(9,380	)		(155,896	)		11,913			0.0	(a)

		(27,311	)		(523,826	)		42,430			0.0	(a)

Software
Autodesk, Inc.*		(1,956	)		(246,260	)		15,589			0.0	(a)
HubSpot, Inc.*		(2,611	)		(276,505	)		29,113			0.1
PROS Holdings, Inc.*		(4,744	)		(140,043	)		19,118			0.0	(a)
Snap, Inc.*		(19,661	)		(281,742	)		6,292			0.0	(a)

		(28,972	)		(944,550	)		70,112			0.1

Specialty Retail
CarMax, Inc.*		(3,713	)		(232,062	)		2,859			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



26	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Position — continued

Common Stocks — continued
Technology Hardware, Storage & Peripherals
Diebold Nixdorf, Inc.		(4,465	)		(68,538	)		2,456			0.0	(a)
Pure Storage, Inc.*		(13,589	)		(274,905	)		8,969			0.0	(a)

		(18,054	)		(343,443	)		11,425			0.0	(a)

Trading Companies & Distributors
SiteOne Landscape Supply, Inc.*		(3,569	)		(244,477	)		36,083			0.0	(a)

Water Utilities
American Water Works Co., Inc.		(2,801	)		(242,511	)		(8,123	)		(0.0	)(a)
California Water Service Group		(5,709	)		(221,224	)		3,140			0.0	(a)

		(8,510	)		(463,735	)		(4,983	)		(0.0	)(a)

Total Short Positions of Total Return Basket Swaps		(855,309	)		(17,313,008	)		604,561			0.3


COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BA on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.50%), which is denominated in CAD based on the local currencies of the positions within the swaps.	10/15/2018	$	(5,968,431	)	$	96,584	$	(2,533	)	$	94,051


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Banks
Laurentian Bank of Canada		880			33,796			964			0.0	(a)


Short Positions

Common Stocks
Aerospace & Defense
Bombardier, Inc.*		(102,747	)		(317,696	)		(4,047	)		(0.0	)(a)

Independent Power and Renewable Electricity Producers
Northland Power, Inc.		(22,273	)		(401,589	)		(2,238	)		(0.0	)(a)

Metals & Mining
Agnico Eagle Mines Ltd.		(9,997	)		(420,685	)		26,771			0.1
Alamos Gold, Inc.		(76,956	)		(415,962	)		15,733			0.0	(a)
B2Gold Corp.*		(140,836	)		(404,755	)		48			0.0	(a)
First Majestic Silver Corp.*		(67,101	)		(435,860	)		16,219			0.0	(a)
Franco-Nevada Corp.		(6,325	)		(448,629	)		1,483			0.0	(a)
Goldcorp, Inc.		(29,585	)		(392,639	)		25,497			0.0	(a)
Ivanhoe Mines Ltd.*		(209,068	)		(431,504	)		19,448			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	27

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)

Short Positions — continued

Common Stocks — continued
Metals & Mining — continued
MAG Silver Corp.*		(23,000	)		(255,625	)		4,608			0.0	(a)
Osisko Gold Royalties Ltd.		(40,774	)		(397,911	)		3,539			0.0	(a)
Pretium Resources, Inc.*		(56,366	)		(379,300	)		25,879			0.0	(a)
Torex Gold Resources, Inc.*		(43,245	)		(444,592	)		8,718			0.0	(a)

		(703,253	)		(4,427,462	)		147,943			0.1

Oil, Gas & Consumable Fuels
MEG Energy Corp.*		(78,022	)		(403,494	)		(4,188	)		(0.0	)(a)
Paramount Resources Ltd.*		(31,660	)		(451,986	)		(41,850	)		(0.0	)(a)

		(109,682	)		(855,480	)		(46,038	)		(0.0	)(a)

Total Short Positions of Total Return Basket Swaps		(937,955	)		(6,002,227	)		95,620			0.1

Total of Long and Short Positions of Total Return Basket Swaps		(937,075	)		(5,968,431	)		96,584			0.1


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (3.50)% to 0.35%), which is denominated in JPY based on the local currencies of the positions within the swaps.		10/19/2018	$	(17,322,064	)	$	(386,318	)	$	(410,815	)	$	(797,133	)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Auto Components
Bridgestone Corp.		2,700		112,867		(2,613	)		(0.0	)(a)

Building Products
Nichias Corp.		12,000		151,997		2,812			0.0	(a)

Chemicals
Mitsubishi Chemical Holdings Corp.		10,900		103,110		(11	)		(0.0	)(a)
Mitsubishi Gas Chemical Co., Inc.		4,100		96,085		(2,107	)		(0.0	)(a)
Mitsui Chemicals, Inc.		4,200		120,398		(8,322	)		(0.0	)(a)

		19,200		319,593		(10,440	)		(0.0	)(a)

Construction & Engineering
Obayashi Corp.		13,000		149,711		8,799			0.0	(a)
Taisei Corp.		2,200		118,681		5,989			0.0	(a)

		15,200		268,392		14,788			0.0	(a)

Diversified Telecommunication Services
Nippon Telegraph & Telephone Corp.		600		28,473		128			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



28	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Health Care Providers & Services
BML, Inc.		4,900			124,017			(75	)		(0.0	)(a)
Miraca Holdings, Inc.		2,800			109,004			(1,795	)		(0.0	)(a)

		7,700			233,021			(1,870	)		(0.0	)(a)

Internet Software & Services
Mixi, Inc.		2,800			92,027			(6,122	)		(0.0	)(a)

Oil, Gas & Consumable Fuels
JXTG Holdings, Inc.		14,700			95,826			1,637			0.0	(a)
Showa Shell Sekiyu KK		10,700			151,090			8,451			0.0	(a)

		25,400			246,916			10,088			0.0	(a)

Pharmaceuticals
Astellas Pharma, Inc.		8,800			128,711			1,531			0.0	(a)
Shionogi & Co. Ltd.		2,700			138,758			1,665			0.0	(a)

		11,500			267,469			3,196			0.0	(a)

Semiconductors & Semiconductor Equipment
Ulvac, Inc.		1,600			85,591			(8,361	)		(0.0	)(a)

Trading Companies & Distributors
Sumitomo Corp.		8,700			156,170			8,383			0.0	(a)

Wireless Telecommunication Services
NTT DOCOMO, Inc.		5,200			134,337			3,237			0.0	(a)

Total Long Positions of Total Return Basket Swaps		112,600			2,096,853			13,226			0.0	(a)


Short Positions

Common Stocks
Air Freight & Logistics
Yamato Holdings Co. Ltd.		(14,200	)		(365,086	)		3,753			0.0	(a)

Banks
Suruga Bank Ltd.		(26,900	)		(364,399	)		(55,890	)		(0.0	)(a)

Chemicals
Kansai Paint Co. Ltd.		(19,900	)		(447,148	)		7,325			0.0	(a)
Nippon Shokubai Co. Ltd.		(6,600	)		(448,471	)		(17,468	)		(0.0	)(a)
Toray Industries, Inc.		(47,900	)		(447,126	)		(5,773	)		(0.0	)(a)

		(74,400	)		(1,342,745	)		(15,916	)		(0.0	)(a)

Commercial Services & Supplies
Park24 Co. Ltd.		(14,300	)		(405,080	)		(6,138	)		(0.0	)(a)

Construction & Engineering
JGC Corp.		(18,200	)		(446,063	)		(30,349	)		(0.0	)(a)

Consumer Finance
Acom Co. Ltd.		(85,500	)		(387,070	)		2,420			0.0	(a)
Aiful Corp.*		(143,200	)		(484,233	)		(33,879	)		(0.0	)(a)

		(228,700	)		(871,303	)		(31,459	)		(0.0	)(a)

Diversified Consumer Services
Benesse Holdings, Inc.		(10,100	)		(367,875	)		(3,897	)		(0.0	)(a)

Electric Utilities
Chugoku Electric Power Co., Inc. (The)		(31,700	)		(396,582	)		(17,388	)		(0.0	)(a)
Hokkaido Electric Power Co., Inc.		(60,800	)		(403,487	)		(3,922	)		(0.0	)(a)
Hokuriku Electric Power Co.		(35,900	)		(366,344	)		(40,059	)		(0.1	)
Kyushu Electric Power Co., Inc.		(33,200	)		(411,349	)		(30,663	)		(0.0	)(a)

		(161,600	)		(1,577,762	)		(92,032	)		(0.1	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	29

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Position — continued

Common Stocks — continued
Electronic Equipment, Instruments & Components
Alps Electric Co. Ltd.		(14,700	)		(324,669	)		31,289			0.0	(a)
Murata Manufacturing Co. Ltd.		(2,700	)		(340,865	)		15,934			0.0	(a)

		(17,400	)		(665,534	)		47,223			0.0	(a)

Food & Staples Retailing
Aeon Co. Ltd.		(20,800	)		(415,631	)		(21,338	)		(0.0	)(a)
Sugi Holdings Co. Ltd.		(6,500	)		(378,424	)		(6,339	)		(0.0	)(a)
Tsuruha Holdings, Inc.		(3,200	)		(459,328	)		(9,036	)		(0.0	)(a)

		(30,500	)		(1,253,383	)		(36,713	)		(0.0	)(a)

Food Products
Kameda Seika Co. Ltd.		(8,200	)		(403,485	)		(2,151	)		(0.0	)(a)
Nissin Foods Holdings Co. Ltd.		(5,200	)		(382,898	)		(12,738	)		(0.0	)(a)

		(13,400	)		(786,383	)		(14,889	)		(0.0	)(a)

Gas Utilities
Toho Gas Co. Ltd.		(12,700	)		(386,137	)		5,363			0.0	(a)

Hotels, Restaurants & Leisure
Create Restaurants Holdings, Inc.		(27,000	)		(340,070	)		(42,355	)		(0.0	)(a)
HIS Co. Ltd.		(5,100	)		(186,119	)		(11,001	)		(0.0	)(a)
Kyoritsu Maintenance Co. Ltd.		(5,700	)		(268,455	)		(6,163	)		(0.0	)(a)

		(37,800	)		(794,644	)		(59,519	)		(0.0	)(a)

Household Durables
Pioneer Corp.*		(160,300	)		(250,053	)		9,434			0.0	(a)

Industrial Conglomerates
Keihan Holdings Co. Ltd.		(13,300	)		(429,437	)		(8,376	)		(0.0	)(a)
Toshiba Corp.		(85,000	)		(227,807	)		104			0.0	(a)

		(98,300	)		(657,244	)		(8,272	)		(0.0	)(a)

Insurance
Japan Post Insurance Co. Ltd.		(19,200	)		(471,761	)		(31,233	)		(0.0	)(a)

Internet Software & Services
GMO internet, Inc.		(16,300	)		(298,685	)		(9,855	)		(0.0	)(a)
Yahoo Japan Corp.		(65,100	)		(267,540	)		1,687			0.0	(a)

		(81,400	)		(566,225	)		(8,168	)		(0.0	)(a)

Leisure Products
Sankyo Co. Ltd.		(10,400	)		(364,595	)		(2,073	)		(0.0	)(a)
Shimano, Inc.		(2,700	)		(359,016	)		2,258			0.0	(a)

		(13,100	)		(723,611	)		185			0.0	(a)

Machinery
FANUC Corp.		(1,800	)		(385,579	)		62,862			0.0	(a)

Marine
Kawasaki Kisen Kaisha Ltd.		(19,600	)		(453,255	)		(4,106	)		(0.0	)(a)
Mitsui OSK Lines Ltd.		(15,500	)		(459,135	)		(7,846	)		(0.0	)(a)
Nippon Yusen KK		(22,100	)		(470,079	)		(19,544	)		(0.0	)(a)

		(57,200	)		(1,382,469	)		(31,496	)		(0.0	)(a)

Multiline Retail
Don Quijote Holdings Co. Ltd.		(6,900	)		(371,477	)		(14,239	)		(0.0	)(a)
Isetan Mitsukoshi Holdings Ltd.		(33,600	)		(373,807	)		(8,709	)		(0.0	)(a)
Marui Group Co. Ltd.		(16,400	)		(340,376	)		(4,943	)		(0.0	)(a)

		(56,900	)		(1,085,660	)		(27,891	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



30	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Position — continued

Common Stocks — continued
Pharmaceuticals
Nichi-iko Pharmaceutical Co. Ltd.		(10,700	)		(171,198	)		(1,803	)		(0.0	)(a)

Real Estate Management & Development
Mitsubishi Estate Co. Ltd.		(22,500	)		(411,132	)		(28,227	)		(0.0	)(a)

Road & Rail
Keio Corp.		(8,500	)		(388,029	)		(18,399	)		(0.1	)
Kintetsu Group Holdings Co. Ltd.		(11,300	)		(459,135	)		(9,966	)		(0.0	)(a)
Odakyu Electric Railway Co. Ltd.		(18,200	)		(391,725	)		(15,012	)		(0.0	)(a)
Tokyu Corp.		(28,000	)		(470,016	)		(17,715	)		(0.0	)(a)

		(66,000	)		(1,708,905	)		(61,092	)		(0.1	)

Semiconductors & Semiconductor Equipment
Renesas Electronics Corp.*		(29,100	)		(303,562	)		(6,160	)		(0.0	)(a)

Software
LINE Corp.*		(7,900	)		(285,698	)		10,266			0.0	(a)

Specialty Retail
IDOM, Inc.		(25,700	)		(185,688	)		1,116			0.0	(a)

Technology Hardware, Storage & Peripherals
Ricoh Co. Ltd.		(35,200	)		(343,949	)		10,271			0.0	(a)

Trading Companies & Distributors
MonotaRO Co. Ltd.		(11,300	)		(393,874	)		17,119			0.0	(a)

Transportation Infrastructure
Mitsubishi Logistics Corp.		(20,200	)		(465,915	)		(15,992	)		(0.0	)(a)

Total Short Positions of Total Return Basket Swaps		(1,377,000	)		(19,418,917	)		(399,544	)		0.2

Total of Long and Short Positions of Total Return Basket Swaps		(1,264,400	)		(17,322,064	)		(386,318	)		0.2


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month EURIBOR on short positions, which is denominated in EUR based on the local currencies of the positions within the swaps.		3/29/2019	$	(13,013,257	)	$	29,585	$	(5,398	)	$	24,187


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions

Common Stocks
Banks
Bankia SA		(98,878	)		(433,838	)		(5,331	)		(0.0	)(a)

Beverages
Remy Cointreau SA		(3,187	)		(439,083	)		6,010			0.0	(a)

Capital Markets
Deutsche Bank AG (Registered)		(31,502	)		(430,675	)		15,390			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	31

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Chemicals
LANXESS AG		(5,896	)		(436,742	)		13,305			0.0	(a)
Lenzing AG		(3,773	)		(439,052	)		(1,209	)		(0.0	)(a)
OCI NV*		(4,496	)		(106,697	)		274			0.0	(a)
Symrise AG		(4,915	)		(397,288	)		(85	)		(0.0	)(a)

		(19,080	)		(1,379,779	)		12,285			0.0	(a)

Commercial Services & Supplies
Prosegur Cia de Seguridad SA		(57,503	)		(434,677	)		8,815			0.0	(a)

Construction & Engineering
Boskalis Westminster		(12,717	)		(376,732	)		580			0.0	(a)

Containers & Packaging
Huhtamaki OYJ		(8,812	)		(358,427	)		16,376			0.0	(a)

Diversified Telecommunication Services
Iliad SA		(2,060	)		(412,625	)		26,881			0.0	(a)

Electrical Equipment
Nexans SA		(8,656	)		(456,618	)		(48	)		(0.0	)(a)

Food & Staples Retailing
Distribuidora Internacional de Alimentacion SA		(104,656	)		(484,997	)		(32,832	)		(0.0	)(a)

Food Products
Glanbia plc		(26,552	)		(448,899	)		9,738			0.0	(a)

Health Care Equipment & Supplies
Sartorius Stedim Biotech		(4,323	)		(402,983	)		(637	)		(0.0	)(a)

Hotels, Restaurants & Leisure
Elior Group SA (b) (c)		(17,446	)		(356,230	)		602			0.0	(a)

Household Durables
Neinor Homes SA* (b) (c)		(16,665	)		(322,620	)		(584	)		(0.0	)(a)

Industrial Conglomerates
Siemens AG (Registered)		(2,992	)		(379,969	)		3,228			0.0	(a)

Internet & Direct Marketing Retail
Zalando SE* (b) (c)		(6,401	)		(329,374	)		7,363			0.0	(a)

Life Sciences Tools & Services
Eurofins Scientific SE		(835	)		(450,397	)		(11,556	)		(0.0	)(a)
MorphoSys AG*		(4,364	)		(450,727	)		5,424			0.0	(a)

		(5,199	)		(901,124	)		(6,132	)		(0.0	)(a)

Machinery
Alstom SA		(8,869	)		(403,792	)		(2,876	)		(0.0	)(a)
ANDRITZ AG		(7,928	)		(426,142	)		13,995			0.0	(a)
GEA Group AG		(8,174	)		(319,139	)		10,733			0.0	(a)
IMA Industria Macchine Automatiche SpA		(4,563	)		(442,772	)		(4,009	)		(0.0	)(a)
Metso OYJ		(14,168	)		(503,536	)		(50,080	)		(0.0	)(a)

		(43,702	)		(2,095,381	)		(32,237	)		(0.0	)(a)

Media
Altice NV*		(33,430	)		(319,959	)		2,212			0.0	(a)
JCDecaux SA		(8,850	)		(317,150	)		(5,119	)		(0.0	)(a)
Telenet Group Holding NV*		(4,707	)		(275,076	)		21,919			0.0	(a)

		(46,987	)		(912,185	)		19,012			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



32	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Metals & Mining
thyssenkrupp AG		(16,450	)		(427,877	)		30,057			0.0	(a)

Road & Rail
Europcar Groupe SA (b) (c)		(39,702	)		(462,534	)		(14,335	)		(0.0	)(a)

Semiconductors & Semiconductor Equipment
SOITEC*		(4,726	)		(384,304	)		(29,985	)		(0.0	)(a)

Transportation Infrastructure
Getlink		(27,083	)		(382,326	)		(4,631	)		(0.0	)(a)

Total Short Positions of Total Return Basket Swaps		(605,279	)		(13,013,257	)		29,585			0.0	(a)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.55%), which is denominated in CHF based on the local currencies of the positions within the swaps.		3/29/2019	$	394,094	$	66,418	$	12,906	$	79,324


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Diversified Telecommunication Services
Sunrise Communications Group AG (b) (c)		1,504			117,892			350			0.0	(a)
Swisscom AG (Registered)		903			433,108			18,568			0.0	(a)

		2,407			551,000			18,918			0.0	(a)

Machinery
Bobst Group SA (Registered)		4,341			463,134			(15,271	)		(0.0	)(a)
Bucher Industries AG (Registered)		1,184			433,917			(50,903	)		(0.0	)(a)
OC Oerlikon Corp. AG (Registered)		30,711			495,806			5,465			0.0	(a)

		36,236			1,392,857			(60,709	)		(0.0	)(a)

Pharmaceuticals
Galenica AG* (b) (c)		8,877			477,218			14,711			0.0	(a)
Novartis AG (Registered)		1,135			87,366			(3,494	)		(0.0	)(a)

		10,012			564,584			11,217			0.0	(a)

Total Long Positions of Total Return Basket Swaps		48,655			2,508,441			(30,574	)		0.0	(a)


Short Positions

Common Stocks
Household Durables
Forbo Holding AG (Registered)		(252	)		(352,500	)		8,238			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	33

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Machinery
Burckhardt Compression Holding AG		(1,363	)		(442,285	)		2,535			0.0	(a)
Rieter Holding AG (Registered)*		(2,318	)		(447,614	)		4,641			0.0	(a)
		(3,681	)		(889,899	)		7,176			0.0	(a)

Semiconductors & Semiconductor Equipment
ams AG		(3,349	)		(276,215	)		76,740			0.0	(a)
Meyer Burger Technology AG*		(184,300	)		(228,702	)		20,856			0.0	(a)

		(187,649	)		(504,917	)		97,596			0.0	(a)

Specialty Retail
Dufry AG (Registered)*		(2,595	)		(367,031	)		(16,018	)		(0.0	)(a)

Total Short Positions of Total Return Basket Swaps		(194,177	)		(2,114,347	)		96,992			0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		(145,522	)		394,094			66,418			0.0	(a)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBR on long positions and short positions respectively, plus or minus a specified spread (rates range from (1.50)% to 0.35%), which is denominated in AUD based on the local currencies of the positions within the swaps.		10/18/2018	$	(235,233	)	$	4,155	$	(73,791	)	$	(69,636	)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Food & Staples Retailing
Metcash Ltd.		39,581		106,833		11,876			0.0	(a)

Metals & Mining
Fortescue Metals Group Ltd.		59,835		203,012		(1,909	)		(0.0	)(a)
Sandfire Resources NL		74,446		440,598		(25,856	)		(0.0	)(a)

		134,281		643,610		(27,765	)		(0.0	)(a)

Oil, Gas & Consumable Fuels
Beach Energy Ltd.		489,307		577,090		39,849			0.0	(a)
Whitehaven Coal Ltd.		26,081		89,934		159			0.0	(a)

		515,388		667,024		40,008			0.0	(a)

Total Long Positions of Total Return Basket Swaps		689,250		1,417,467		24,119			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



34	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)

Short Positions

Common Stocks
Chemicals
Nufarm Ltd.		(60,885	)		(416,165	)		(16,553	)		(0.0	)(a)

Commercial Services & Supplies
Brambles Ltd.		(60,093	)		(444,639	)		(5,321	)		(0.0	)(a)

Containers & Packaging
Pact Group Holdings Ltd.		(88,853	)		(378,333	)		(2,428	)		(0.0	)(a)

Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(3,517	)		(111,338	)		(6,201	)		(0.0	)(a)

Internet Software & Services
NEXTDC Ltd.*		(58,847	)		(302,225	)		10,539			0.0	(a)

Total Short Positions of Total Return Basket Swaps		(272,195	)		(1,652,700	)		(19,964	)		0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		417,055			(235,233	)		4,155			0.0	(a)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.55%), which is denominated in GBP based on the local currencies of the positions within the swaps.		3/29/2019	$	1,447,850	$	61,519	$	2,333	$	63,852


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Biotechnology
Shire plc		14,161		754,072		(22,278	)		(0.0	)(a)

Capital Markets
Sole Realisation Co. plc* ‡		153		147		—			0.0	(a)

Media
Sky plc		68,293		1,295,761		66,589			0.0	(a)
UBM plc		84,236		1,121,478		(13,626	)		(0.0	)(a)

		152,529		2,417,239		52,963			0.0	(a)

Total Long Positions of Total Return Basket Swaps		166,843		3,171,458		30,685			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	35

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY

SHARES

NOTIONAL
VALUE($) (1)

UNREALIZED
APPRECIATION
(DEPRECIATION)($) (2)

PERCENTAGE
OF NET
ASSETS (%)

Short Positions

Common Stocks

Electrical Equipment

Melrose Industries plc

(257,254

)

(806,658

)

26,221

0.0

(a)

Media

Informa plc

(90,315

)

(916,950

)

4,613

0.0

(a)

Total Short Positions of Total Return Basket Swaps

(347,569

)

(1,723,608

)

30,834

0.0

(a)

Total of Long and Short Positions of Total Return Basket Swaps

(180,726

)

1,447,850

61,519

0.0

(a)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps.		10/18/2018	$	492,872	$	36,742	$	(6,449	)	$	30,293


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Media
Time Warner, Inc.		16,319			1,547,041			(37,534	)		(0.0	)(a)


Short Positions

Common Stocks
Containers & Packaging
International Paper Co.		(4,587	)		(236,506	)		11,513			0.0	(a)

Diversified Telecommunication Services
AT&T, Inc.		(25,005	)		(817,663	)		62,763			0.0	(a)

Total Short Positions of Total Return Basket Swaps		(29,592	)		(1,054,169	)		74,276			0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		(13,273	)		492,872			36,742			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



36	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BA on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.50%), which is denominated in CAD based on the local currencies of the positions within the swaps.	10/18/2018 to 10/22/2018	$	214,225	$	429	$	1,124	$	1,553

REFERENCE ENTITY

SHARES

NOTIONAL
VALUE($) (1)

UNREALIZED
APPRECIATION
(DEPRECIATION)($) (2)

PERCENTAGE
OF NET
ASSETS (%)

Long Positions

Common Stocks

Food & Staples Retailing

Jean Coutu Group PJC, Inc. (The)

14,915

285,650

(2,827

)

(0.0

)(a)

Short Positions

Common Stocks

Food & Staples Retailing

Metro, Inc.

(2,251

)

(71,425

)

3,256

0.0

(a)

Total of Long and Short Positions of Total Return Basket Swaps

12,664

214,225

429

0.0

(a)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month BBR on long positions, plus or minus a specified spread of 0.35%, which is denominated in AUD based on the local currencies of the positions within the swaps.		10/18/2018	$	1,644,221	$	(4,684	)	$	(395	)	$	(5,079	)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Biotechnology
Sirtex Medical Ltd.		23,635		494,300		(225	)		(0.0	)(a)

Health Care Providers & Services
Healthscope Ltd.		202,317		368,609		4,407			0.0	(a)

Oil, Gas & Consumable Fuels
Santos Ltd.		169,636		781,312		(8,866	)		(0.0	)(a)

Total Long Positions of Total Return Basket Swaps		395,588		1,644,221		(4,684	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	37

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month LIBOR on short positions, plus or minus a specified spread of (0.35)%, which is denominated in JPY based on the local currencies of the positions within the swaps.	5/27/2019	$	(496,899	)	$	(13,792	)	$	4	$	(13,788	)

REFERENCE ENTITY

SHARES

NOTIONAL
VALUE($) (1)

UNREALIZED
APPRECIATION
(DEPRECIATION)($) (2)

PERCENTAGE
OF NET
ASSETS (%)

Short Positions

Common Stocks

Pharmaceuticals

Takeda Pharmaceutical Co. Ltd.

(11,800

)

(496,899

)

(13,792

)

(0.0

)(a)

Over the Counter


COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month STIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.35%), which is denominated in SEK based on the local currencies of the positions within the swaps.	7/31/2019	$	60,005	$	3,728	$	(170	)	$	3,558

REFERENCE ENTITY

SHARES

NOTIONAL
VALUE($) (1)

UNREALIZED
APPRECIATION
(DEPRECIATION)($) (2)

PERCENTAGE
OF NET
ASSETS (%)

Long Positions

Common Stocks

Diversified Telecommunication Services

Com Hem Holding AB

14,972

259,307

20,502

0.0

(a)

Short Positions

Common Stocks

Wireless Telecommunication Services

Tele2 AB

(15,376

)

(199,302

)

(16,774

)

(0.0

)(a)

Total of Long and Short Positions of Total Return Basket Swaps

(404

)

60,005

3,728

0.0

(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



38	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month EURIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in EUR based on the local currencies of the positions within the swaps.	9/30/2019	$	652,337	$	(19,940	)	$	12,296	$	(7,644	)

REFERENCE ENTITY

SHARES

NOTIONAL
VALUE($) (1)

UNREALIZED
APPRECIATION
(DEPRECIATION)($) (2)

PERCENTAGE
OF NET
ASSETS (%)

Long Positions

Common Stocks

Containers & Packaging

Smurfit Kappa Group plc

15,303

652,337

(19,940

)

(0.0

)(a)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in GBP based on the local currencies of the positions within the swaps.	9/12/2019	$	7,121,617	$	122,711	$	412,745	$	535,456


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Airlines
Wizz Air Holdings plc* (b) (c)		8,592		377,280		(23,390	)		(0.0	)(a)

Capital Markets
3i Group plc		30,136		389,000		12,285			0.0	(a)

Construction & Engineering
Kier Group plc		23,913		352,861		15,282			0.0	(a)

Energy Equipment & Services
Petrofac Ltd.		48,463		402,178		15,993			0.0	(a)

Equity Real Estate Investment Trusts (REITs)
UNITE Group plc (The)		38,037		436,683		15,196			0.0	(a)

Food & Staples Retailing
Wm Morrison Supermarkets plc		123,199		410,889		14,375			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	39

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Hotels, Restaurants & Leisure
Carnival plc		4,969			322,962			8,328			0.0	(a)
William Hill plc		72,680			292,331			(42,795	)		(0.0	)(a)

		77,649			615,293			(34,467	)		(0.0	)(a)

Household Durables
Barratt Developments plc		48,365			370,866			(1,274	)		(0.0	)(a)
Berkeley Group Holdings plc		5,329			298,339			10,106			0.0	(a)
Persimmon plc		10,128			378,336			2,865			0.0	(a)
Redrow plc		33,127			285,459			5,566			0.0	(a)
Taylor Wimpey plc		137,503			362,119			(3,364	)		(0.0	)(a)

		234,452			1,695,119			13,899			0.0	(a)

Metals & Mining
Centamin plc		167,073			361,017			6,915			0.0	(a)
Rio Tinto plc		6,834			372,494			(1,682	)		(0.0	)(a)

		173,907			733,511			5,233			0.0	(a)

Multiline Retail
Marks & Spencer Group plc		94,988			375,587			7,813			0.0	(a)

Multi-Utilities
Centrica plc		208,170			440,772			24,709			0.0	(a)

Professional Services
Capita plc		82,101			216,506			48,729			0.1
Hays plc		149,485			368,379			(207	)		(0.0	)(a)

		231,586			584,885			48,522			0.1

Wireless Telecommunication Services
Vodafone Group plc		132,423			386,439			9,598			0.0	(a)

Total Long Positions of Total Return Basket Swaps		1,425,515			7,200,497			125,048			0.1


Short Positions

Common Stocks
Aerospace & Defense
Cobham plc		(4,964	)		(7,840	)		103			0.0	(a)

Multiline Retail
B&M European Value Retail SA		(12,748	)		(71,040	)		(2,440	)		(0.0	)(a)

Total Short Positions of Total Return Basket Swaps		(17,712	)		(78,880	)		(2,337	)		0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		1,407,803			7,121,617			122,711			0.1


COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month LIBOR on short positions, which is denominated in USD based on the local currencies of the positions within the swaps.	9/12/2019	$	(24,492,769	)	$	631,848	$	(2,396,698	)	$	(1,764,850	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



40	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions

Common Stocks
Aerospace & Defense
Aerovironment, Inc.*		(2,441	)		(133,035	)		5,395			0.0	(a)
TransDigm Group, Inc.		(482	)		(154,515	)		2,796			0.0	(a)

		(2,923	)		(287,550	)		8,191			0.0	(a)

Airlines
Spirit Airlines, Inc.*		(5,137	)		(183,494	)		12,945			0.0	(a)

Auto Components
Gentherm, Inc.*		(9,339	)		(315,658	)		22,881			0.0	(a)

Banks
Pinnacle Financial Partners, Inc.		(7,065	)		(452,513	)		(15,896	)		(0.0	)(a)
Signature Bank*		(1,252	)		(159,192	)		9,978			0.0	(a)

		(8,317	)		(611,705	)		(5,918	)		(0.0	)(a)

Capital Markets
Charles Schwab Corp. (The)		(3,219	)		(179,234	)		(11,267	)		(0.0	)(a)

Chemicals
NewMarket Corp.		(950	)		(360,573	)		31,891			0.0	(a)
Valvoline, Inc.		(20,602	)		(417,809	)		37,702			0.1

		(21,552	)		(778,382	)		69,593			0.1

Commercial Services & Supplies
Clean Harbors, Inc.*		(4,658	)		(213,336	)		13,042			0.0	(a)
Covanta Holding Corp.		(12,648	)		(188,455	)		7,589			0.0	(a)
Healthcare Services Group, Inc.		(6,787	)		(262,182	)		(882	)		(0.0	)(a)

		(24,093	)		(663,973	)		19,749			0.0	(a)

Communications Equipment
Ciena Corp.*		(14,094	)		(362,921	)		8,456			0.0	(a)
Infinera Corp.*		(871	)		(10,208	)		(70	)		(0.0	)(a)

		(14,965	)		(373,129	)		8,386			0.0	(a)

Construction Materials
Martin Marietta Materials, Inc.		(2,270	)		(442,128	)		19,908			0.0	(a)
Vulcan Materials Co.		(3,938	)		(439,835	)		26,345			0.0	(a)

		(6,208	)		(881,963	)		46,253			0.0	(a)

Consumer Finance
LendingClub Corp.*		(93,968	)		(252,774	)		69,536			0.0	(a)

Distributors
Core-Mark Holding Co., Inc.		(9,569	)		(197,217	)		10,047			0.0	(a)

Diversified Consumer Services
Chegg, Inc.*		(2,584	)		(59,975	)		(284	)		(0.0	)(a)

Electronic Equipment, Instruments & Components
Fabrinet*		(9,348	)		(263,707	)		29,166			0.0	(a)
II-VI, Inc.*		(8,645	)		(329,375	)		47,547			0.1

		(17,993	)		(593,082	)		76,713			0.1

Energy Equipment & Services
Baker Hughes a GE Co.		(12,794	)		(461,991	)		(30,066	)		(0.0	)(a)
Forum Energy Technologies, Inc.*		(34,296	)		(432,130	)		(8,574	)		(0.0	)(a)

		(47,090	)		(894,121	)		(38,640	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	41

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Food & Staples Retailing
Casey’s General Stores, Inc.		(2,296	)		(221,794	)		12,054			0.0	(a)
PriceSmart, Inc.		(4,739	)		(415,136	)		14,928			0.0	(a)

		(7,035	)		(636,930	)		26,982			0.0	(a)

Health Care Equipment & Supplies
AtriCure, Inc.*		(7,207	)		(160,212	)		(5,045	)		(0.0	)(a)
DexCom, Inc.*		(1,310	)		(95,866	)		419			0.0	(a)
Heska Corp.*		(4,941	)		(403,284	)		(395	)		(0.0	)(a)
Insulet Corp.*		(989	)		(85,054	)		2,611			0.0	(a)
K2M Group Holdings, Inc.*		(23,593	)		(450,626	)		6,606			0.0	(a)
Nevro Corp.*		(1,676	)		(149,767	)		4,743			0.0	(a)
Wright Medical Group NV*		(18,835	)		(369,354	)		8,099			0.0	(a)

		(58,551	)		(1,714,163	)		17,038			0.0	(a)

Hotels, Restaurants & Leisure
Belmond Ltd.*		(32,341	)		(346,049	)		22,639			0.0	(a)
Caesars Entertainment Corp.*		(31,914	)		(362,224	)		12,766			0.0	(a)
Chipotle Mexican Grill, Inc.*		(78	)		(33,020	)		(6,550	)		(0.0	)(a)
MGM Resorts International		(2,892	)		(90,867	)		14,431			0.0	(a)
Playa Hotels & Resorts NV*		(34,465	)		(354,990	)		9,306			0.0	(a)

		(101,690	)		(1,187,150	)		52,592			0.0	(a)

Household Durables
iRobot Corp.*		(4,576	)		(267,055	)		15,741			0.0	(a)
Universal Electronics, Inc.*		(3,117	)		(144,317	)		12,468			0.0	(a)

		(7,693	)		(411,372	)		28,209			0.0	(a)

Independent Power and Renewable Electricity Producers
TerraForm Power, Inc.		(35,754	)		(398,657	)		(2,145	)		(0.0	)(a)

Insurance
RLI Corp.		(7,044	)		(445,744	)		4,860			0.0	(a)

Internet & Direct Marketing Retail
Groupon, Inc.*		(32,577	)		(151,157	)		6,190			0.0	(a)
Netflix, Inc.*		(201	)		(62,805	)		4,434			0.0	(a)
Wayfair, Inc.*		(1,833	)		(114,196	)		13,528			0.0	(a)

		(34,611	)		(328,158	)		24,152			0.0	(a)

Internet Software & Services
Box, Inc.*		(17,306	)		(395,615	)		(27,343	)		(0.0	)(a)
Cornerstone OnDemand, Inc.*		(2,374	)		(104,765	)		1,282			0.0	(a)
GTT Communications, Inc.*		(2,286	)		(109,842	)		11,087			0.0	(a)
MINDBODY, Inc.*		(2,517	)		(99,799	)		3,524			0.0	(a)
Wix.com Ltd.*		(646	)		(53,134	)		4,619			0.0	(a)

		(25,129	)		(763,155	)		(6,831	)		(0.0	)(a)

IT Services
Gartner, Inc.*		(3,097	)		(375,635	)		(9,756	)		(0.0	)(a)

Leisure Products
Mattel, Inc.		(21,760	)		(322,048	)		(19,802	)		(0.0	)(a)

Machinery
Flowserve Corp.		(2,657	)		(117,997	)		6,297			0.0	(a)
Wabtec Corp.		(5,431	)		(482,327	)		(29,219	)		(0.0	)(a)

		(8,088	)		(600,324	)		(22,922	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



42	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Marine
Matson, Inc.		(6,145	)		(179,618	)		3,933			0.0	(a)

Media
Liberty Broadband Corp.*		(1,551	)		(109,950	)		21,063			0.0	(a)
Lions Gate Entertainment Corp.		(3,388	)		(84,327	)		5,285			0.0	(a)

		(4,939	)		(194,277	)		26,348			0.0	(a)

Metals & Mining
AK Steel Holding Corp.*		(99,736	)		(457,788	)		22,939			0.0	(a)
Coeur Mining, Inc.*		(18,499	)		(140,037	)		18,869			0.0	(a)
Compass Minerals International, Inc.		(2,026	)		(136,350	)		(405	)		(0.0	)(a)
Hecla Mining Co.		(118,433	)		(453,598	)		–			0.0	(a)
TimkenSteel Corp.*		(28,380	)		(476,500	)		7,379			0.0	(a)

		(267,074	)		(1,664,273	)		48,782			0.0	(a)

Multi-Utilities
Dominion Energy, Inc.		(3,949	)		(262,845	)		(1,935	)		(0.0	)(a)
NiSource, Inc.		(9,941	)		(242,461	)		(4,374	)		(0.0	)(a)
Sempra Energy		(1,814	)		(202,805	)		(363	)		(0.0	)(a)

		(15,704	)		(708,111	)		(6,672	)		(0.0	)(a)

Oil, Gas & Consumable Fuels
Cheniere Energy, Inc.*		(2,583	)		(150,227	)		930			0.0	(a)
Chesapeake Energy Corp.*		(36,092	)		(107,193	)		5,775			0.0	(a)
Concho Resources, Inc.*		(768	)		(120,737	)		(292	)		(0.0	)(a)
Extraction Oil & Gas, Inc.*		(17,362	)		(245,151	)		(5,729	)		(0.0	)(a)
Hess Corp.		(2,000	)		(113,980	)		1,860			0.0	(a)
Oasis Petroleum, Inc.*		(48,125	)		(530,819	)		(39,944	)		(0.0	)(a)
Parsley Energy, Inc.*		(4,663	)		(140,030	)		2,052			0.0	(a)
QEP Resources, Inc.*		(43,743	)		(532,790	)		(3,062	)		(0.0	)(a)
SM Energy Co.		(9,662	)		(231,405	)		(21,160	)		(0.0	)(a)

		(164,998	)		(2,172,332	)		(59,570	)		(0.0	)(a)

Pharmaceuticals
Aclaris Therapeutics, Inc.*		(21,627	)		(383,879	)		(5,407	)		(0.0	)(a)
Aerie Pharmaceuticals, Inc.*		(2,626	)		(134,451	)		8,666			0.0	(a)
Medicines Co. (The)*		(15,202	)		(457,428	)		16,114			0.0	(a)
Nektar Therapeutics*		(1,206	)		(100,894	)		10,709			0.0	(a)
Pacira Pharmaceuticals, Inc.*		(6,954	)		(230,177	)		18,080			0.0	(a)

		(47,615	)		(1,306,829	)		48,162			0.0	(a)

Road & Rail
AMERCO		(635	)		(214,325	)		7,887			0.0	(a)
Hertz Global Holdings, Inc.*		(19,219	)		(420,896	)		(22,871	)		(0.0	)(a)

		(19,854	)		(635,221	)		(14,984	)		(0.0	)(a)

Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.*		(27,733	)		(301,735	)		(14,421	)		(0.0	)(a)
MACOM Technology Solutions Holdings, Inc.*		(11,289	)		(187,623	)		14,337			0.0	(a)
MaxLinear, Inc.*		(16,827	)		(375,747	)		6,607			0.0	(a)
SMART Global Holdings, Inc.*		(9,807	)		(383,944	)		(2,039	)		(0.0	)(a)
Veeco Instruments, Inc.*		(21,121	)		(326,320	)		43,298			0.0	(a)

		(86,777	)		(1,575,369	)		47,782			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	43

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Software
Autodesk, Inc.*		(836	)		(105,252	)		6,663			0.0	(a)
HubSpot, Inc.*		(635	)		(67,247	)		7,080			0.0	(a)
PROS Holdings, Inc.*		(6,283	)		(185,474	)		25,320			0.0	(a)
Snap, Inc.*		(5,183	)		(74,272	)		1,659			0.0	(a)

		(12,937	)		(432,245	)		40,722			0.0	(a)

Specialty Retail
CarMax, Inc.*		(1,265	)		(79,063	)		975			0.0	(a)

Technology Hardware, Storage & Peripherals
Diebold Nixdorf, Inc.		(19,845	)		(304,621	)		10,915			0.0	(a)
Pure Storage, Inc.*		(5,006	)		(101,271	)		3,304			0.0	(a)

		(24,851	)		(405,892	)		14,219			0.0	(a)

Tobacco
Philip Morris International, Inc.		(3,852	)		(315,864	)		74,883			0.1

Trading Companies & Distributors
MRC Global, Inc.*		(22,198	)		(415,769	)		3,108			0.0	(a)
NOW, Inc.*		(37,579	)		(455,833	)		4,509			0.0	(a)
SiteOne Landscape Supply, Inc.*		(2,203	)		(150,906	)		22,272			0.0	(a)

		(61,980	)		(1,022,508	)		29,889			0.0	(a)

Water Utilities
American Water Works Co., Inc.		(1,959	)		(169,610	)		(5,681	)		(0.0	)(a)
California Water Service Group		(4,541	)		(175,964	)		2,498			0.0	(a)

		(6,500	)		(345,574	)		(3,183	)		(0.0	)(a)

Total Short Positions of Total Return Basket Swaps		(1,301,900	)		(24,492,769	)		631,848			0.3


COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month CDOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.15%), which is denominated in CAD based on the local currencies of the positions within the swaps.	9/12/2019	$	8,966,888	$	(63,886	)	$	150,312	$	86,426

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



44	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Auto Components
Linamar Corp.		6,579			368,674			(5,669	)		(0.0	)(a)
Magna International, Inc.		6,494			383,535			913			0.0	(a)
Martinrea International, Inc.		30,432			363,112			(10,652	)		(0.0	)(a)

		43,505			1,115,321			(15,408	)		(0.0	)(a)

Banks
Bank of Nova Scotia (The)		7,969			489,827			13,123			0.0	(a)
Laurentian Bank of Canada		11,181			429,405			12,250			0.0	(a)
National Bank of Canada		10,296			488,999			12,468			0.0	(a)
Toronto-Dominion Bank (The)		8,736			490,637			14,529			0.0	(a)

		38,182			1,898,868			52,370			0.0	(a)

Chemicals
Methanex Corp.		7,832			472,073			(54,557	)		(0.0	)(a)

Commercial Services & Supplies
Transcontinental, Inc.		20,590			433,626			4,794			0.0	(a)

Energy Equipment & Services
Enerflex Ltd.		35,350			431,981			(5,315	)		(0.0	)(a)

Food Products
Maple Leaf Foods, Inc.		18,490			445,707			(5,816	)		(0.0	)(a)

IT Services
CGI Group, Inc.*		6,230			361,005			2,434			0.0	(a)

Media
Cogeco Communications, Inc.		6,726		$	358,367			4,411			0.0	(a)

Metals & Mining
Labrador Iron Ore Royalty Corp.		25,507			434,073			(8,404	)		(0.0	)(a)

Oil, Gas & Consumable Fuels
Enerplus Corp.		35,338			410,091			(9,763	)		(0.0	)(a)
Husky Energy, Inc.		32,914			460,404			(46,701	)		(0.0	)(a)
Parex Resources, Inc.*		32,534			559,738			36,038			0.0	(a)

		100,786			1,430,233			(20,426	)		(0.0	)(a)

Paper & Forest Products
Canfor Corp.*		18,605			427,323			(18,364	)		(0.0	)(a)
Norbord, Inc.		11,127			459,483			2,023			0.0	(a)
West Fraser Timber Co. Ltd.		6,107			413,665			(31,137	)		(0.0	)(a)

		35,839			1,300,471			(47,478	)		(0.0	)(a)

Thrifts & Mortgage Finance
Genworth MI Canada, Inc.		14,090			455,419			31,515			0.0	(a)

Total Long Positions of Total Return Basket Swaps		353,127			9,137,144			(61,880	)		0.0	(a)


Short Positions

Common Stocks
Aerospace & Defense
Bombardier, Inc.*		(32,803	)		(101,428	)		(1,292	)		(0.0	)(a)

Oil, Gas & Consumable Fuels
MEG Energy Corp.*		(13,309	)		(68,828	)		(714	)		(0.0	)(a)

Total Short Positions of Total Return Basket Swaps		(46,112	)		(170,256	)		(2,006	)		0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		307,015			8,966,888			(63,886	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	45

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in JPY based on the local currencies of the positions within the swaps.	9/12/2019	$	20,336,278	$	219,294	$	793,427	$	1,012,721


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Auto Components
Bridgestone Corp.		5,700		238,275		(5,516	)		(0.0	)(a)
Exedy Corp.		11,700		396,254		13,635			0.0	(a)
FCC Co. Ltd.		13,500		381,863		4,061			0.0	(a)
NHK Spring Co. Ltd.		34,500		381,247		8,587			0.0	(a)
TS Tech Co. Ltd.		9,200		372,228		4,952			0.0	(a)
Unipres Corp.		15,300		360,250		1,990			0.0	(a)

		89,900		2,130,117		27,709			0.0	(a)

Beverages
Kirin Holdings Co. Ltd.		16,800		471,559		(19,594	)		(0.0	)(a)

Building Products
Nichias Corp.		23,000		291,328		5,390			0.0	(a)
Nichiha Corp.		12,100		479,741		10,614			0.0	(a)
Takasago Thermal Engineering Co. Ltd.		22,300		422,774		9,843			0.0	(a)

		57,400		1,193,843		25,847			0.0	(a)

Chemicals
Mitsubishi Chemical Holdings Corp.		36,600		346,221		(36	)		(0.0	)(a)
Mitsubishi Gas Chemical Co., Inc.		16,200		379,655		(8,327	)		(0.0	)(a)
Mitsui Chemicals, Inc.		9,100		260,862		(18,031	)		(0.0	)(a)
Nippon Soda Co. Ltd.		86,000		494,055		(843	)		(0.0	)(a)
Sumitomo Bakelite Co. Ltd.		48,000		432,948		(8,899	)		(0.0	)(a)
Tosoh Corp.		22,900		405,063		(12,415	)		(0.0	)(a)

		218,800		2,318,804		(48,551	)		(0.0	)(a)

Construction & Engineering
Kajima Corp.		53,000		510,607		12,560			0.0	(a)
Kinden Corp.		24,800		432,534		10,236			0.0	(a)
Nishimatsu Construction Co. Ltd.		17,800		489,304		14,749			0.0	(a)
Obayashi Corp.		28,100		323,606		19,019			0.0	(a)
Okumura Corp.		11,800		488,507		7,072			0.0	(a)
Penta-Ocean Construction Co. Ltd.		66,000		520,134		25,144			0.1
Taisei Corp.		7,400		399,200		20,145			0.0	(a)
Toda Corp.		62,000		511,232		17,264			0.0	(a)

		270,900		3,675,124		126,189			0.1

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



46	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Diversified Telecommunication Services
Nippon Telegraph & Telephone Corp.		8,300		393,878		1,765			0.0	(a)

Electronic Equipment, Instruments & Components
Azbil Corp.		7,900		367,661		13,619			0.0	(a)

Food & Staples Retailing
Matsumotokiyoshi Holdings Co. Ltd.		10,200		454,371		7,618			0.0	(a)

Food Products
Prima Meat Packers Ltd.		87,000		530,800		49,479			0.0	(a)

Health Care Equipment & Supplies
Hoya Corp.		8,200		438,084		(2,073	)		(0.0	)(a)
Nikkiso Co. Ltd.		43,000		489,605		43,758			0.0	(a)
Paramount Bed Holdings Co. Ltd.		9,400		467,698		(7,225	)		(0.0	)(a)

		60,600		1,395,387		34,460			0.0	(a)

Health Care Providers & Services
BML, Inc.		12,300		311,307		(188	)		(0.0	)(a)
Miraca Holdings, Inc.		8,900		346,476		(5,705	)		(0.0	)(a)

		21,200		657,783		(5,893	)		(0.0	)(a)

Household Durables
Haseko Corp.		24,300		382,230		9,661			0.0	(a)
Starts Corp., Inc.		13,600		375,484		14,412			0.0	(a)

		37,900		757,714		24,073			0.0	(a)

Internet Software & Services
Mixi, Inc.		8,400		276,082		(18,367	)		(0.0	)(a)
IT Services
NEC Networks & System Integration Corp.		13,900		363,685		3,407			0.0	(a)

Life Sciences Tools & Services
EPS Holdings, Inc.		23,500		478,777		(4,840	)		(0.0	)(a)

Machinery
Sodick Co. Ltd.		38,900		478,778		(6,937	)		(0.0	)(a)

Oil, Gas & Consumable Fuels
Inpex Corp.		37,200		475,558		933			0.0	(a)
JXTG Holdings, Inc.		53,000		345,495		5,901			0.0	(a)
Showa Shell Sekiyu KK		20,800		293,708		16,428			0.0	(a)

		111,000		1,114,761		23,262			0.0	(a)

Paper & Forest Products
Oji Holdings Corp.		70,000		492,422		32,972			0.0	(a)

Pharmaceuticals
Astellas Pharma, Inc.		21,500		314,464		3,740			0.0	(a)
KYORIN Holdings, Inc.		22,500		439,982		2,891			0.0	(a)
Shionogi & Co. Ltd.		6,200		318,628		3,824			0.0	(a)

		50,200		1,073,074		10,455			0.0	(a)

Real Estate Management & Development
Leopalace21 Corp.		54,100		469,206		(20,474	)		(0.0	)(a)

Road & Rail
Sankyu, Inc.		9,200		447,134		12,969			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	47

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Semiconductors & Semiconductor Equipment
Ulvac, Inc.		4,700			251,423			(24,561	)		(0.0	)(a)

Software
GungHo Online Entertainment, Inc.		106,700			321,827			(29,496	)		(0.0	)(a)

Technology Hardware, Storage & Peripherals
Brother Industries Ltd.		15,300			328,179			(21,424	)		(0.0	)(a)

Trading Companies & Distributors
ITOCHU Corp.		24,600			491,961			14,073			0.0	(a)
Marubeni Corp.		66,100			496,382			19,199			0.0	(a)
Sumitomo Corp.		18,300			328,495			17,633			0.0	(a)

		109,000			1,316,838			50,905			0.0	(a)

Wireless Telecommunication Services
NTT DOCOMO, Inc.		12,000			310,008			7,469			0.0	(a)

Total Long Positions of Total Return Basket Swaps		1,513,800			22,069,235			252,061			0.1


Short Positions

Common Stocks
Air Freight & Logistics
Yamato Holdings Co. Ltd.		(1,000	)		(25,710	)		264			0.0	(a)

Electric Utilities
Hokuriku Electric Power Co.		(9,900	)		(101,025	)		(11,047	)		(0.0	)(a)

Food & Staples Retailing
Sugi Holdings Co. Ltd.		(400	)		(23,288	)		(390	)		(0.0	)(a)

Food Products
Nissin Foods Holdings Co. Ltd.		(500	)		(36,817	)		(1,225	)		(0.0	)(a)

Hotels, Restaurants & Leisure
Colowide Co. Ltd.		(13,300	)		(338,320	)		416			0.0	(a)
Create Restaurants Holdings, Inc.		(5,900	)		(74,312	)		(9,255	)		(0.0	)(a)
HIS Co. Ltd.		(3,800	)		(138,677	)		(8,197	)		(0.0	)(a)
Kyoritsu Maintenance Co. Ltd.		(1,200	)		(56,517	)		(1,298	)		(0.0	)(a)

		(24,200	)		(607,826	)		(18,334	)		(0.0	)(a)

Household Durables
Pioneer Corp.*		(62,700	)		(97,806	)		3,690			0.0	(a)

Industrial Conglomerates
Keihan Holdings Co. Ltd.		(800	)		(25,831	)		(504	)		(0.0	)(a)
Toshiba Corp.		(80,000	)		(214,407	)		98			0.0	(a)

		(80,800	)		(240,238	)		(406	)		(0.0	)(a)

Internet Software & Services
GMO internet, Inc.		(3,700	)		(67,800	)		(2,237	)		(0.0	)(a)
Yahoo Japan Corp.		(20,500	)		(84,249	)		531			0.0	(a)

		(24,200	)		(152,049	)		(1,706	)		(0.0	)(a)

Pharmaceuticals
Nichi-iko Pharmaceutical Co. Ltd.		(16,900	)		(270,398	)		(2,848	)		(0.0	)(a)

Road & Rail
Keio Corp.		(400	)		(18,260	)		(866	)		(0.0	)(a)
Odakyu Electric Railway Co. Ltd.		(900	)		(19,371	)		(742	)		(0.0	)(a)

		(1,300	)		(37,631	)		(1,608	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



48	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

REFERENCE ENTITY

SHARES

NOTIONAL
VALUE($) (1)

UNREALIZED
APPRECIATION
(DEPRECIATION)($) (2)

PERCENTAGE
OF NET
ASSETS (%)

Short Positions — continued

Common Stocks — continued

Specialty Retail

IDOM, Inc.

(19,400

)

(140,169

)

843

0.0

(a)

Total Short Positions of Total Return Basket Swaps

(241,300

)

(1,732,957

)

(32,767

)

0.0

(a)

Total of Long and Short Positions of Total Return Basket Swaps

1,272,500

20,336,278

219,294

0.1


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in EUR based on the local currencies of the positions within the swaps.		9/12/2019	$	22,879,321	$	73,345	$	857,422	$	930,767


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Airlines
Deutsche Lufthansa AG (Registered)		14,557		423,103		(51,394	)		(0.0	)(a)
Finnair OYJ		31,415		428,208		(32,178	)		(0.0	)(a)

		45,972		851,311		(83,572	)		(0.0	)(a)

Auto Components
Faurecia SA		4,400		359,299		421			0.0	(a)

Automobiles
Peugeot SA		15,689		386,320		(3,826	)		(0.0	)(a)
Piaggio & C SpA		137,996		362,014		(16,002	)		(0.0	)(a)

		153,685		748,334		(19,828	)		(0.0	)(a)

Chemicals
Covestro AG(b)(c)		4,366		396,716		(36,439	)		(0.0	)(a)

Commercial Services & Supplies
Derichebourg SA		54,540		482,683		(5,305	)		(0.0	)(a)

Construction & Engineering
Arcadis NV		23,631		464,710		(6,595	)		(0.0	)(a)
Eiffage SA		3,543		421,729		11,646			0.0	(a)
Maire Tecnimont SpA		93,549		475,464		(823	)		(0.0	)(a)

		120,723		1,361,903		4,228			0.0	(a)

Diversified Telecommunication Services
Deutsche Telekom AG (Registered)		28,033		490,679		17,001			0.0	(a)
DNA OYJ		18,921		442,815		29,762			0.0	(a)

		46,954		933,494		46,763			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	49

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Electric Utilities
Endesa SA		18,422		429,605		14,136			0.0	(a)
Enel SpA		77,025		488,625		5,305			0.0	(a)
Verbund AG		16,289		504,457		6,018			0.0	(a)

		111,736		1,422,687		25,459			0.0	(a)

Electrical Equipment
Philips Lighting NV (b) (c)		10,817		328,965		(77,780	)		(0.0	)(a)

Energy Equipment & Services
SBM Offshore NV		27,278		457,704		4,981			0.0	(a)

Food Products
ForFarmers NV		33,253		466,497		(8,232	)		(0.0	)(a)

Health Care Equipment & Supplies
Koninklijke Philips NV		12,293		520,316		30,945			0.0	(a)

Independent Power and Renewable Electricity Producers
ERG SpA		19,502		467,229		12,337			0.0	(a)

Insurance
Allianz SE (Registered)		2,063		487,949		9,392			0.0	(a)
ASR Nederland NV		9,494		447,773		14,512			0.0	(a)
Talanx AG		9,273		417,796		1,562			0.0	(a)

		20,830		1,353,518		25,466			0.0	(a)

IT Services
Amadeus IT Group SA		4,802		350,353		(8,045	)		(0.0	)(a)
Sopra Steria Group		1,761		375,899		19,136			0.0	(a)

		6,563		726,252		11,091			0.0	(a)

Machinery
Fincantieri SpA*		307,857		483,720		12,805			0.0	(a)
Valmet OYJ		20,611		390,705		(29,561	)		(0.0	)(a)

		328,468		874,425		(16,756	)		(0.0	)(a)

Media
Metropole Television SA		13,768		338,980		(2,234	)		(0.0	)(a)
ProSiebenSat.1 Media SE		10,896		395,286		11,180			0.0	(a)

		24,664		734,266		8,946			0.0	(a)

Metals & Mining
Aurubis AG		5,382		480,959		(2,884	)		(0.0	)(a)

Multi-Utilities
A2A SpA		213,381		429,055		13,668			0.0	(a)
Engie SA		28,203		494,723		18,046			0.0	(a)
Hera SpA		133,485		493,477		6,713			0.0	(a)
Iren SpA		151,290		459,649		12,087			0.0	(a)
REN—Redes Energeticas Nacionais SGPS SA		133,925		422,410		13,383			0.0	(a)
Veolia Environnement SA		20,443		483,653		5,825			0.0	(a)

		680,727		2,782,967		69,722			0.0	(a)

Oil, Gas & Consumable Fuels
Enagas SA		17,482		508,132		17,299			0.0	(a)
Eni SpA		22,966		448,949		10,963			0.0	(a)
Gaztransport Et Technigaz SA		7,801		483,630		381			0.0	(a)
Neste OYJ		6,446		542,796		123,089			0.1

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



50	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
OMV AG		7,724			478,387			16,370			0.0	(a)
Repsol SA		26,317			502,203			1,813			0.0	(a)

TOTAL SA		7,162			450,144			20,542			0.0	(a)

		95,898			3,414,241			190,457			0.1

Paper & Forest Products
Ence Energia y Celulosa SA		57,594			444,333			10,531			0.0	(a)
UPM-Kymmene OYJ		12,445			444,058			(4,580	)		(0.0	)(a)

		70,039			888,391			5,951			0.0	(a)

Pharmaceuticals
Bayer AG (Registered)		3,929			469,593			(6,514	)		(0.0	)(a)
Merck KGaA		4,709			460,024			(4,227	)		(0.0	)(a)

		8,638			929,617			(10,741	)		(0.0	)(a)

Real Estate Management & Development
CA Immobilien Anlagen AG*		13,583			471,417			20,753			0.0	(a)
LEG Immobilien AG		4,159			479,546			9,142			0.0	(a)
TAG Immobilien AG		20,999			443,750			(184	)		(0.0	)(a)

		38,741			1,394,713			29,711			0.0	(a)

Semiconductors & Semiconductor Equipment
BE Semiconductor Industries NV		3,422			236,505			(114,296	)		(0.1	)
Siltronic AG		1,927			308,564			(47,106	)		(0.0	)(a)

		5,349			545,069			(161,402	)		(0.1	)

Thrifts & Mortgage Finance
Deutsche Pfandbriefbank AG(b)(c)		28,247			456,929			12,230			0.0	(a)

Transportation Infrastructure
Hamburger Hafen und Logistik AG		20,121			483,154			(4,838	)		(0.0	)(a)
Societa Iniziative Autostradali e Servizi SpA		24,041			509,261			41,026			0.0	(a)

		44,162			992,415			36,188			0.0	(a)

Total Long Positions of Total Return Basket Swaps		2,003,227			24,370,900			91,957			0.1


Short Positions

Common Stocks
Banks
Liberbank SA*		(705,543	)		(403,562	)		1,772			0.0	(a)

Chemicals
OCI NV*		(11,969	)		(284,043	)		729			0.0	(a)

Internet & Direct Marketing Retail
Zalando SE*(b)(c)		(375	)		(19,296	)		431			0.0	(a)

Internet Software & Services
Delivery Hero AG*(b)(c)		(6,473	)		(308,346	)		(4,797	)		(0.0	)(a)

Machinery
Outotec OYJ		(51,808	)		(471,211	)		(16,782	)		(0.0	)(a)

Media
Altice NV*		(535	)		(5,121	)		35			0.0	(a)

Total Short Positions of Total Return Basket Swaps		(776,703	)		(1,491,579	)		(18,612	)		0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		1,226,524			22,879,321			73,345			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	51

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBSW on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in AUD based on the local currencies of the positions within the swaps.		9/12/2019	$	790,259	$	29,854	$	29,906	$	59,760

REFERENCE ENTITY

SHARES

NOTIONAL
VALUE($) (1)

UNREALIZED
APPRECIATION
(DEPRECIATION)($) (2)

PERCENTAGE
OF NET
ASSETS (%)

Long Positions

Common Stocks

Food & Staples Retailing

Metcash Ltd.

151,852

409,865

45,562

0.0

(a)

Metals & Mining

Fortescue Metals Group Ltd.

66,421

225,358

(2,120

)

(0.0

)(a)

Oil, Gas & Consumable Fuels

Whitehaven Coal Ltd.

119,489

412,029

726

0.0

(a)

Total Long Positions of Total Return Basket Swaps

337,762

1,047,252

44,168

0.0

(a)

Short Positions

Common Stocks

Hotels, Restaurants & Leisure

Domino’s Pizza Enterprises Ltd.

(8,118

)

(256,993

)

(14,314

)

(0.0

)(a)

Total of Long and Short Positions of Total Return Basket Swaps

329,644

790,259

29,854

0.0

(a)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread of 0.25%, which is denominated in CHF based on the local currencies of the positions within the swaps.		9/12/2019	$	1,149,334	$	(7,446	)	$	(678	)	$	(8,124	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



52	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

REFERENCE ENTITY

SHARES

NOTIONAL
VALUE($) (1)

UNREALIZED
APPRECIATION
(DEPRECIATION)($) (2)

PERCENTAGE
OF NET
ASSETS (%)

Long Positions

Common Stocks

Diversified Telecommunication Services

Sunrise Communications Group AG (b) (c)

4,520

354,302

1,053

0.0

(a)

Pharmaceuticals

Novartis AG (Registered)

4,845

372,941

(12,598

)

(0.0

)(a)

Real Estate Management & Development

Swiss Prime Site AG (Registered)

4,505

422,091

4,099

0.0

(a)

Total Long Positions of Total Return Basket Swaps

13,870

1,149,334

(7,446

)

0.0

(a)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread of 0.25%, which is denominated in GBP based on the local currencies of the positions within the swaps.		9/12/2019	$	5,037,006	$	126,697	$	27,832	$	154,529


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Banks
BGEO Group plc		2,200		105,169		(1,226	)		(0.0	)(a)

Capital Markets
NEX Group plc		76,474		1,037,756		(4,564	)		(0.0	)(a)
Sole Realisation Co. plc** ‡		698		673		—			0.0	(a)

		77,172		1,038,429		(4,564	)		(0.0	)(a)

Insurance
Old Mutual plc		181,000		623,558		(6,928	)		(0.0	)(a)
Prudential plc		24,093		619,529		4,034			0.0	(a)

		205,093		1,243,087		(2,894	)		(0.0	)(a)

Media
Sky plc		139,685		2,650,321		135,381			0.1

Total Long Positions of Total Return Basket Swaps		424,150		5,037,006		126,697			0.1

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	53

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps.		9/12/2019	$	25,532,268	$	(682,510	)	$	(178,308	)	$	(860,818	)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Airlines
United Continental Holdings, Inc.*		6,300		425,502		(19,152	)		(0.0	)(a)

Automobiles
Fiat Chrysler Automobiles NV		26,400		576,312		(64,944	)		(0.1	)

Banks
Citigroup, Inc.		6,200		423,274		(4,402	)		(0.0	)(a)
Regions Financial Corp.		23,800		445,060		18,802			0.0	(a)

		30,000		868,334		14,400			0.0	(a)

Biotechnology
Spark Therapeutics, Inc.*		1,800		137,376		(8,920	)		(0.0	)(a)

Building Products
Apogee Enterprises, Inc.		3,500		143,885		(2,569	)		(0.0	)(a)
NCI Building Systems, Inc.*		22,800		399,000		(17,100	)		(0.0	)(a)

		26,300		542,885		(19,669	)		(0.0	)(a)

Capital Markets
BGC Partners, Inc.		46,500		621,240		(16,740	)		(0.0	)(a)
Greenhill & Co., Inc.		20,600		418,180		9,270			0.0	(a)
Legg Mason, Inc.		11,300		448,610		15,933			0.0	(a)

		78,400		1,488,030		8,463			0.0	(a)

Commercial Services & Supplies
KAR Auction Services, Inc.		6,700		348,333		(5,543	)		(0.0	)(a)

Communications Equipment
Juniper Networks, Inc.		18,100		445,079		3,801			0.0	(a)
NETGEAR, Inc.*		10,200		564,060		(84,660	)		(0.0	)(a)
Oclaro, Inc.*		170,414		1,349,679		(90,319	)		(0.1	)

		198,714		2,358,818		(171,178	)		(0.1	)

Construction & Engineering
Chicago Bridge & Iron Co. NV		83,092		1,254,689		4,155			0.0	(a)

Distributors
Genuine Parts Co.		7,000		618,240		3,773			0.0	(a)

Diversified Consumer Services
Capella Education Co.		3,871		355,164		(11,226	)		(0.0	)(a)
ServiceMaster Global Holdings, Inc.*		11,700		592,020		(17,433	)		(0.0	)(a)

		15,571		947,184		(28,659	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



54	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Electronic Equipment, Instruments & Components
Orbotech Ltd.*		21,625		1,263,333		(36,114	)		(0.0	)(a)
Sanmina Corp.*		15,100		445,450		7,550			0.0	(a)

		36,725		1,708,783		(28,564	)		(0.0	)(a)

Food Products
Pinnacle Foods, Inc.		2,400		144,960		(823	)		(0.0	)(a)

Health Care Providers & Services
Aetna, Inc.		8,911		1,595,515		13,545			0.0	(a)
Express Scripts Holding Co.*		30,132		2,280,992		28,927			0.0	(a)
Henry Schein, Inc.*		9,200		699,200		21,289			0.0	(a)

		48,243		4,575,707		63,761			0.0	(a)

Hotels, Restaurants & Leisure
Dunkin’ Brands Group, Inc.		7,100		432,816		2,414			0.0	(a)
ILG, Inc.		22,700		774,751		(2,272	)		(0.0	)(a)
Pinnacle Entertainment, Inc.*		26,447		849,478		26,711			0.0	(a)
Sonic Corp.		20,100		520,791		(20,301	)		(0.0	)(a)
Wynn Resorts Ltd.		700		130,333		(3,725	)		(0.0	)(a)

		77,047		2,708,169		2,827			0.0	(a)

Household Durables
Toll Brothers, Inc.		10,000		421,600		(11,400	)		(0.0	)(a)

Insurance
Infinity Property & Casualty Corp.		2,853		376,596		34,521			0.0	(a)
Internet Software & Services
eBay, Inc.*		10,400		393,952		(40,248	)		(0.0	)(a)
MuleSoft, Inc.*		69,316		3,090,107		(9,704	)		(0.0	)(a)
Web.com Group, Inc.*		23,100		429,660		(8,085	)		(0.0	)(a)

		102,816		3,913,719		(58,037	)		(0.0	)(a)

IT Services
Travelport Worldwide Ltd.		8,000		137,120		(1,040	)		(0.0	)(a)

Leisure Products
Brunswick Corp.		10,300		616,764		(14,317	)		(0.0	)(a)

Life Sciences Tools & Services
Medpace Holdings, Inc.*		11,700		432,783		(8,307	)		(0.0	)(a)

Machinery
Trinity Industries, Inc.		15,800		503,546		(948	)		(0.0	)(a)

Media
CBS Corp. (Non-Voting)		6,900		339,480		(13,593	)		(0.0	)(a)
Time Warner, Inc.		2,355		223,254		(5,417	)		(0.0	)(a)

		9,255		562,734		(19,010	)		(0.0	)(a)

Multi-Utilities
SCANA Corp.		46,680		1,716,424		(20,539	)		(0.0	)(a)

Oil, Gas & Consumable Fuels
Andeavor		19,200		2,655,744		(9,343	)		(0.0	)(a)
Antero Resources Corp.*		6,600		125,400		(9,372	)		(0.0	)(a)
Arch Coal, Inc.		4,300		347,569		(71,552	)		(0.0	)(a)
EQT Corp.		12,100		607,299		12,705			0.0	(a)
Phillips 66		4,100		456,371		9,922			0.0	(a)
RSP Permian, Inc.*		65,340		3,241,517		47,698			0.0	(a)

		111,640		7,433,900		(19,942	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	55

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Personal Products
Edgewell Personal Care Co.*		9,100			400,855			(22,477	)		(0.0	)(a)

Pharmaceuticals
Innoviva, Inc.*		27,000			391,500			(37,800	)		(0.0	)(a)

Semiconductors & Semiconductor Equipment
Cavium, Inc.*		32,617			2,446,601			(213,315	)		(0.1	)
Nanometrics, Inc.*		14,200			352,444			(26,270	)		(0.0	)(a)

		46,817			2,799,045			(239,585	)		(0.1	)

Software
Citrix Systems, Inc.*		4,000			411,640			18,760			0.0	(a)
CommVault Systems, Inc.*		2,000			139,900			(558	)		(0.0	)(a)
VMware, Inc.*		3,100			413,106			(13,268	)		(0.0	)(a)

		9,100			964,646			4,934			0.0	(a)

Specialty Retail
Asbury Automotive Group, Inc.*		1,800			120,690			(3,420	)		(0.0	)(a)
AutoNation, Inc.*		9,100			420,329			(11,830	)		(0.0	)(a)
Sleep Number Corp.*		11,000			311,740			(89,870	)		(0.1	)

		21,900			852,759			(105,120	)		(0.1	)

Technology Hardware, Storage & Peripherals
Stratasys Ltd.*		25,100			481,167			(53,907	)		(0.0	)(a)
Xerox Corp.		4,100			128,945			4,838			0.0	(a)

		29,200			610,112			(49,069	)		(0.0	)(a)

Total Long Positions of Total Return Basket Swaps		1,116,853			40,837,425			(818,209	)		(0.4	)(a)


Short Positions

Common Stocks
Capital Markets
CME Group, Inc.		(3,361	)		(529,962	)		25,275			0.0	(a)

Communications Equipment
Lumentum Holdings, Inc.*		(4,133	)		(208,510	)		52,076			0.0	(a)

Diversified Consumer Services
Strayer Education, Inc.		(3,353	)		(352,300	)		11,333			0.0	(a)

Diversified Telecommunication Services
AT&T, Inc.		(3,351	)		(109,578	)		8,411			0.0	(a)

Energy Equipment & Services
McDermott International, Inc.*		(203,366	)		(1,342,216	)		(71,178	)		(0.0	)(a)

Health Care Providers & Services
Cigna Corp.		(8,505	)		(1,461,329	)		28,832			0.0	(a)
CVS Health Corp.		(11,014	)		(769,108	)		(35,465	)		(0.0	)(a)

		(19,519	)		(2,230,437	)		(6,633	)		(0.0	)(a)

Hotels, Restaurants & Leisure
Marriott Vacations Worldwide Corp.		(3,700	)		(453,657	)		(4,430	)		(0.0	)(a)
Penn National Gaming, Inc.*		(10,996	)		(333,289	)		(31,009	)		(0.0	)(a)

		(14,696	)		(786,946	)		(35,439	)		(0.0	)(a)

Insurance
Kemper Corp.		(3,395	)		(229,162	)		(33,441	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



56	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Multi-Utilities
Dominion Energy, Inc.		(27,885	)		(1,856,026	)		(13,664	)		(0.0	)(a)

Oil, Gas & Consumable Fuels
Concho Resources, Inc.*		(18,104	)		(2,846,130	)		(6,880	)		(0.0	)(a)
Marathon Petroleum Corp.		(30,300	)		(2,269,773	)		16,423			0.0	(a)

		(48,404	)		(5,115,903	)		9,543			0.0	(a)

Semiconductors & Semiconductor Equipment
KLA-Tencor Corp.		(5,352	)		(544,512	)		34,788			0.0	(a)
Marvell Technology Group Ltd.		(70,254	)		(1,409,295	)		137,698			0.1

		(75,606	)		(1,953,807	)		172,486			0.1

Software
salesforce.com, Inc.*		(4,879	)		(590,310	)		16,930			0.0	(a)

Total Short Positions of Total Return Basket Swaps		(411,948	)		(15,305,157	)		135,699			0.1

Total of Long and Short Positions of Total Return Basket Swaps		704,905			25,532,268			(682,510	)		(0.3	)(a)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month CDOR on long positions, plus or minus a specified spread of 0.15%, which is denominated in CAD based on the local currencies of the positions within the swaps.		9/12/2019	$	391,239	$	(2,827	)	$	(9,575	)	$	(12,402	)

REFERENCE ENTITY

SHARES

NOTIONAL
VALUE($) (1)

UNREALIZED
APPRECIATION
(DEPRECIATION)($) (2)

PERCENTAGE
OF NET
ASSETS (%)

Long Positions

Common Stocks

Construction & Engineering

Aecon Group, Inc.

27,830

391,239

(2,827

)

(0.0

)(a)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread of 0.25%, which is denominated in EUR based on the local currencies of the positions within the swaps.		9/12/2019	$	8,992,049	$	58,378	$	130,829	$	189,207

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	57

JPMorgan Diversified Alternatives ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Auto Components
CIE Automotive SA		5,928		221,600		(38	)		(0.0	)(a)

Biotechnology
Ablynx NV*		7,987		430,550		793			0.0	(a)

Internet & Direct Marketing Retail
Yoox Net-A-Porter Group SpA*		50,707		2,320,076		4,866			0.0	(a)

Machinery
Pfeiffer Vacuum Technology AG		524		77,525		(1,270	)		(0.0	)(a)

Pharmaceuticals
STADA Arzneimittel AG		2,810		284,499		(1,446	)		(0.0	)(a)

Software
Gemalto NV*		49,052		2,954,652		(7,179	)		(0.0	)(a)

Textiles, Apparel & Luxury Goods
Kering SA		1,249		722,542		67,373			0.0	(a)

Transportation Infrastructure
Abertis Infraestructuras SA		89,836		1,980,605		(4,721	)		(0.0	)(a)

Total Long Positions of Total Return Basket Swaps		208,093		8,992,049		58,378			0.0	(a)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month CIBOR on long positions, plus or minus a specified spread of 0.25%, which is denominated in DKK based on the local currencies of the positions within the swaps.		9/25/2020	$	1,522,851	$	4,889	$	11,154	$	16,043

REFERENCE ENTITY

SHARES

NOTIONAL
VALUE($) (1)

UNREALIZED
APPRECIATION
(DEPRECIATION)($) (2)

PERCENTAGE
OF NET
ASSETS (%)

Long Positions

Common Stocks

Diversified Telecommunication Services

TDC A/S*

187,013

1,522,851

4,889

0.0

(a)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
UBS	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month BBSW on long positions, plus or minus a specified spread of 0.25%, which is denominated in AUD based on the local currencies of the positions within the swaps.	9/12/2019 to 4/06/2021	$	1,574,443	$	29,312	$	36,603	$	65,915

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



58	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Food & Staples Retailing
Wesfarmers Ltd.		19,705		648,286		33,990			0.0	(a)

Hotels, Restaurants & Leisure
Mantra Group Ltd.		108,476		322,131		(479	)		(0.0	)(a)

Metals & Mining
South32 Ltd.		213,265		591,815		(3,551	)		(0.0	)(a)
Westgold Resources Ltd.*		12,939		12,211		(648	)		(0.0	)(a)

		226,204		604,026		(4,199	)		(0.0	)(a)

Total Long Positions of Total Return Basket Swaps		354,385		1,574,443		29,312			0.0	(a)


*		— Non-income producing security.
‡		— Value determined using significant unobservable inputs.
(a)		— Amounts rounds to less than 0.05%.
(b)		— Securities exempt from registration under Rule 144A or section 4(2), of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(c)		— Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(1)		— Notional value represents market value, as of April 30, 2018, of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.
(2)		— Unrealized appreciation (depreciation) represents the unrealized gain(loss) of the positions subsequent to the swap reset.

The following reference rates, and their values as of period-end, are used for security descriptions:


		Value
BA	Banker’s Acceptance Rate		1.64	%
BBR	Bank Base Rate		1.90	%
BBSW	ASX Australia Bank Bill Short Term Rates		1.90	%
CDOR	Canada Bankers Acceptances Rates		1.64	%
CIBOR	Copenhagen Interbank Offered Rate		(0.29	)%
CHF LIBOR	Swiss Franc LIBOR		(0.79	)%
EUR LIBOR	Euro LIBOR		(0.40	)%
EURIBOR	Euro Interbank Offered Rate		(0.37	)%
GBP LIBOR	British Pound Sterling LIBOR		0.51	%
JPY LIBOR	Japanese Yen LIBOR		(0.05	)%
LIBOR	London Interbank Offered Rate		1.91	%
STIBOR	Stockholm Interbank Offered Rates		(0.47	)%

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	59

JPMorgan Diversified Alternatives Fund

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)

Summary of total OTC swap contracts outstanding as of April 30, 2018:


	Net Upfront Payments (Receipts)($)		Value($)
Assets
OTC Total return basket swaps contracts outstanding		–		3,956,832
OTC Total return swap contracts outstanding		–		65

Total OTC swap contracts outstanding		–		3,956,897


Liabilities

Total OTC Total return basket swaps outstanding		–		(3,588,377	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



60	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan Event Driven ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)


SHARES		INVESTMENTS	VALUE($)
	COMMON STOCKS—38.8%
		Aerospace & Defense — 1.5%
	2,886	Rockwell Collins, Inc.		382,510

		Banks — 0.6%
	4,000	Union Bankshares Corp.		151,240

		Biotechnology — 2.1%
	1,872	Avexis, Inc.*		398,100
	1,900	Spark Therapeutics, Inc.*		145,008

				543,108

		Building Products — 1.6%
	6,100	Advanced Drainage Systems, Inc.		153,720
	3,800	Apogee Enterprises, Inc.		156,218
	2,437	USG Corp.*		98,040

				407,978

		Capital Markets — 0.7%
	4,222	Financial Engines, Inc.		188,512

		Chemicals — 1.6%
	3,329	Monsanto Co.		417,357

		Communications Equipment — 0.4%
	9,715	Mitel Networks Corp.*		108,419

		Electrical Equipment — 0.7%
	6,451	General Cable Corp.		191,272

		Electronic Equipment, Instruments & Components — 1.4%
	15,693	VeriFone Systems, Inc.*		361,096

		Food Products — 0.6%
	2,600	Pinnacle Foods, Inc.		157,040

		Gas Utilities — 1.5%
	4,456	WGL Holdings, Inc.		379,206

		Health Care Equipment & Supplies — 1.5%
	14,351	NxStage Medical, Inc.*		382,024

		Health Care Providers & Services — 0.9%
	11,099	Kindred Healthcare, Inc.*		98,781
	3,000	MEDNAX, Inc.*		137,730

				236,511

		Hotels, Restaurants & Leisure — 1.8%
	1,700	Jack in the Box, Inc.		152,490
	6,200	Sonic Corp.		160,642
	800	Wynn Resorts Ltd.		148,952

				462,084

		Household Durables — 0.6%
	5,400	Newell Brands, Inc.		149,202


SHARES		INVESTMENTS	VALUE($)

		Insurance — 3.8%
	15,765	AmTrust Financial Services, Inc.		203,211
	100	Stewart Information Services Corp.		4,171
	5,890	Validus Holdings Ltd.		399,165
	6,994	XL Group Ltd. (Bermuda)		388,797

				995,344

		IT Services — 2.5%
	7,541	Blackhawk Network Holdings, Inc.*		338,591
	6,100	Cardtronics plc, Class A*		160,125
	9,400	Travelport Worldwide Ltd.		161,116

				659,832

		Machinery — 1.3%
	7,100	Actuant Corp., Class A		167,205
	2,400	Tennant Co.		177,600

				344,805

		Multi-Utilities — 3.6%
	7,219	Avista Corp.		374,377
	4,186	Innogy SE (Germany) (a) (b)		183,934
	5,426	Vectren Corp.		381,285

				939,596

		Oil, Gas & Consumable Fuels — 2.5%
	8,300	Antero Resources Corp.*		157,700
	8,400	Carrizo Oil & Gas, Inc.*		168,588
	2,700	Energen Corp.*		176,688
	3,800	Peabody Energy Corp.		140,030

				643,006

		Paper & Forest Products — 1.1%
	8,438	KapStone Paper and Packaging Corp.		290,436

		Personal Products — 0.7%
	1,800	Herbalife Nutrition Ltd.*		190,314

		Pharmaceuticals — 0.3%
	5,667	Akorn, Inc.*		81,775

		Real Estate Management & Development — 0.6%
	3,500	CBRE Group, Inc., Class A*		158,585

		Semiconductors & Semiconductor Equipment — 2.8%
	5,807	Microsemi Corp.*		375,655
	3,346	NXP Semiconductors NV (Netherlands)*		350,995

				726,650

		Software — 0.6%
	2,200	CommVault Systems, Inc.*		153,890

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	61

JPMorgan Event Driven ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	Common Stocks — continued
		Specialty Retail — 0.9%
	2,300	Asbury Automotive Group, Inc.*		154,215
	8,609	Rent-A-Center, Inc.		87,037

				241,252

		Technology Hardware, Storage & Peripherals — 0.6%
	5,100	Xerox Corp.		160,395

		TOTAL COMMON STOCKS (Cost $10,135,294)		10,103,439

	SHORT-TERM INVESTMENTS — 61.7%
		INVESTMENT COMPANIES — 61.7%
	16,051,189	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (c)(d) (Cost $16,051,189)		16,051,189

		Total Investments — 100.5% (Cost $26,186,483)		26,154,628
		Liabilities in Excess of Other Assets — (0.5%)		(141,133	)

		Net Assets — 100.0%	$	26,013,495

Percentages indicated are based on net assets.


*		— Non-income producing security.
(a)		— Securities exempt from registration under Rule 144A or section 4(2), of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(b)		— Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)		— Affiliated company as defined under the Investment Company Act of 1940.
(d)		— The rate shown was the current yield as of April 30, 2018.

Forward foreign currency exchange contracts outstanding as of April 30, 2018:

CURRENCY PURCHASED

CURRENCY SOLD

COUNTERPARTY

SETTLEMENT
DATE

UNREALIZED
APPRECIATION
(DEPRECIATION)($)

USD

165,422

EUR

133,429

State Street Corp.

5/25/2018

4,014

Net unrealized appreciation

4,014

Abbreviations


EUR		— Euro
USD		— United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



62	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan Event Driven ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited)


OTC Total Return Basket Swaps Outstanding at April 30, 2018
COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE		NET UNREALIZED APPRECIATION (DEPRECIATION) (1)		NET CASH AND OTHER RECEIVABLES (PAYABLES) (2)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.13)% to 0.55%), which is denominated in GBP based on the local currencies of the positions within the swaps.		5/31/2019	$	1,135,766	$	16,146	$	15,261	$	31,407


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stock
Banks
BGEO Group plc		582			27,822			(625	)		(0.0	)(a)

Biotechnology
Shire plc		1,771			94,306			(2,786	)		(0.0	)(a)

Capital Markets
NEX Group plc		10,140			137,600			(2,190	)		(0.0	)(a)

Insurance
Old Mutual plc		44,441			153,102			(1,701	)		(0.0	)(a)
Prudential plc		5,790			148,885			4,737			0.0	(a)

		50,231			301,987			3,036			0.0	(a)

Media
Sky plc		29,679			563,116			21,202			0.1
UBM plc		12,274			163,410			658			0.0	(a)

		41,953			726,526			21,860			0.1

Total Long Positions of Total Return Basket Swaps		104,677			1,288,241			19,295			0.1


Short Positions
Common Stock
Electrical Equipment
Melrose Industries plc		(6,019	)		(18,874	)		(1,967	)		(0.0	)(a)

Media
Informa plc		(13,159	)		(133,601	)		(1,182	)		(0.0	)(a)

Total Short Positions of Total Return Basket Swaps		(19,178	)		(152,475	)		(3,149	)		0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		85,499			1,135,766			16,146			0.1

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	63

JPMorgan Event Driven ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE		NET UNREALIZED APPRECIATION (DEPRECIATION) (1)			NET CASH AND OTHER RECEIVABLES (PAYABLES) (2)			VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps.		12/31/2018	$	10,639,336	$	(17,178	)	$	(7,512	)	$	(24,690	)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stock
Airlines
United Continental Holdings, Inc.*		2,300		155,342		(115	)		(0.0	)(a)

Auto Components
Autoliv, Inc.		1,100		147,455		(17,952	)		(0.1	)

Automobiles
Fiat Chrysler Automobiles NV		7,000		152,810		(8,680	)		(0.0	)(a)

Banks
BancorpSouth Bank		5,000		165,250		6,750			0.0	(a)
Citigroup, Inc.		2,000		136,540		(4,480	)		(0.0	)(a)
Customers Bancorp, Inc.*		2,000		57,640		(820	)		(0.0	)(a)
Fifth Third Bancorp		4,700		155,899		6,533			0.0	(a)
Regions Financial Corp.		8,000		149,600		800			0.0	(a)

		21,700		664,929		8,783			0.0	(a)

Building Products
NCI Building Systems, Inc.*		9,500		166,250		475			0.0	(a)

Capital Markets
BGC Partners, Inc.		11,400		152,304		(570	)		(0.0	)(a)
Greenhill & Co., Inc.		7,500		152,250		8,250			0.0	(a)
Legg Mason, Inc.		3,900		154,830		(1,560	)		(0.0	)(a)

		22,800		459,384		6,120			0.0	(a)

Chemicals
Platform Specialty Products Corp.*		15,200		153,064		7,904			0.0	(a)

Commercial Services & Supplies
KAR Auction Services, Inc.		2,900		150,771		(7,047	)		(0.0	)(a)

Communications Equipment
Juniper Networks, Inc.		6,000		147,540		(420	)		(0.0	)(a)
NETGEAR, Inc.*		2,700		149,310		(14,310	)		(0.1	)
Oclaro, Inc.*		22,818		180,719		(32,173	)		(0.1	)

		31,518		477,569		(46,903	)		(0.2	)

Construction & Engineering
Chicago Bridge & Iron Co. NV		13,187		199,124		14,901			0.1

Containers & Packaging
Sealed Air Corp.		3,700		162,245		1,073			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.



64	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stock — continued
Distributors
Genuine Parts Co.		1,700		150,144		1,039			0.0	(a)

Diversified Consumer Services
Capella Education Co.		4,409		404,526		9,479			0.0	(a)
ServiceMaster Global Holdings, Inc.*		2,900		146,740		(464	)		(0.0	)(a)

		7,309		551,266		9,015			0.0	(a)

Electronic Equipment, Instruments & Components
Orbotech Ltd.*		3,210		187,528		(11,171	)		(0.1	)
Sanmina Corp.*		5,600		165,200		16,240			0.1

		8,810		352,728		5,069			0.0	(a)

Energy Equipment & Services
Tidewater, Inc.*		2,000		68,520		4,760			0.0	(a)

Food & Staples Retailing
Walgreens Boots Alliance, Inc.		2,200		146,190		5,918			0.0	(a)

Health Care Equipment & Supplies
Natus Medical, Inc.*		4,900		161,945		(5,145	)		(0.0	)(a)

Health Care Providers & Services
Aetna, Inc.		2,069		370,454		10,717			0.1
Express Scripts Holding Co.*		4,667		353,292		27,442			0.1
Henry Schein, Inc.*		2,300		174,800		5,695			0.0	(a)

		9,036		898,546		43,854			0.2

Hotels, Restaurants & Leisure
Brinker International, Inc.		4,600		200,514		24,564			0.1
Churchill Downs, Inc.		600		164,760		22,440			0.1
Domino’s Pizza, Inc.		700		169,211		7,021			0.0	(a)
Dunkin’ Brands Group, Inc.		2,500		152,400		1,850			0.0	(a)
La Quinta Holdings, Inc.*		8,500		166,090		4,420			0.0	(a)
Pinnacle Entertainment, Inc.*		4,501		144,572		7,517			0.1
Sonic Corp.		6,300		163,233		(3,402	)		(0.0	)(a)
Wyndham Worldwide Corp.		1,300		148,473		6,305			0.0	(a)

		29,001		1,309,253		70,715			0.3

Household Durables
PulteGroup, Inc.		5,500		166,980		2,915			0.0	(a)
Toll Brothers, Inc.		3,500		147,560		(3,990	)		(0.0	)(a)

		9,000		314,540		(1,075	)		(0.0	)(a)

Insurance
Infinity Property & Casualty Corp.		427		56,364		5,679			0.0	(a)
White Mountains Insurance Group Ltd.		200		173,058		1,482			0.0	(a)

		627		229,422		7,161			0.0	(a)

Internet Software & Services
eBay, Inc.*		3,600		136,368		(6,156	)		(0.0	)(a)
MuleSoft, Inc.*		8,839		394,043		2,387			0.0	(a)
Web.com Group, Inc.*		8,600		159,960		2,580			0.0	(a)

		21,039		690,371		(1,189	)		(0.0	)(a)

IT Services
DXC Technology Co.		1,600		164,896		848			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	65

JPMorgan Event Driven ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stock — continued
Leisure Products
Brunswick Corp.		2,500		149,700		1,650			0.0	(a)

Life Sciences Tools & Services
Medpace Holdings, Inc.*		4,900		181,251		980			0.0	(a)

Machinery
Allison Transmission Holdings, Inc.		3,900		152,061		(936	)		(0.0	)(a)
Dover Corp.		1,500		139,050		(2,760	)		(0.0	)(a)
Pentair plc		2,200		148,016		(5,390	)		(0.1	)
Terex Corp.		3,600		131,472		(3,168	)		(0.0	)(a)
Trinity Industries, Inc.		4,400		140,228		(1,012	)		(0.0	)(a)

		15,600		710,827		(13,266	)		(0.1	)

Media
CBS Corp. (Non-Voting)		2,900		142,680		(8,468	)		(0.0	)(a)
Charter Communications, Inc.*		400		108,516		(14,780	)		(0.1	)
Time Warner, Inc.		4,124		390,955		(7,877	)		(0.0	)(a)

		7,424		642,151		(31,125	)		(0.1	)

Multi-Utilities
SCANA Corp.		7,885		289,931		3,706			0.0	(a)

Oil, Gas & Consumable Fuels
Arch Coal, Inc.		1,600		129,328		(27,216	)		(0.1	)
EQT Corp.		3,100		155,589		4,991			0.0	(a)
Peabody Energy Corp.		1,300		47,905		(286	)		(0.0	)(a)
Phillips 66		1,700		189,227		18,802			0.1
RSP Permian, Inc.*		8,261		409,828		47,253			0.2

		15,961		931,877		43,544			0.2

Personal Products
Edgewell Personal Care Co.*		3,100		136,555		(12,927	)		(0.0	)(a)

Pharmaceuticals
Innoviva, Inc.*		10,000		145,000		(23,000	)		(0.1	)

Professional Services
FTI Consulting, Inc.*		3,200		186,880		24,640			0.1

Semiconductors & Semiconductor Equipment
Cavium, Inc.*		4,508		338,145		(23,938	)		(0.1	)
Nanometrics, Inc.*		5,900		146,438		(8,024	)		(0.0	)(a)

		10,408		484,583		(31,962	)		(0.1	)

Software
Avaya Holdings Corp.*		2,500		57,225		600			0.0	(a)
Citrix Systems, Inc.*		1,700		174,947		16,167			0.1
VMware, Inc.*		1,200		159,912		13,812			0.0	(a)

		5,400		392,084		30,579			0.1

Specialty Retail
AutoNation, Inc.*		3,100		143,189		(4,309	)		(0.0	)(a)
Foot Locker, Inc.		3,300		142,164		(11,748	)		(0.0	)(a)
Murphy USA, Inc.*		2,100		131,397		(13,545	)		(0.1	)
Sleep Number Corp.*		4,600		130,364		(33,120	)		(0.1	)

		13,100		547,114		(62,722	)		(0.2	)

SEE NOTES TO FINANCIAL STATEMENTS.



66	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stock — continued
Technology Hardware, Storage & Peripherals
Stratasys Ltd.*		6,600			126,522			(10,412	)		(0.0	)(a)

Trading Companies & Distributors
HD Supply Holdings, Inc.*		4,300			166,453			(344	)		(0.0	)(a)

Total Long Positions of Total Return Basket Swaps		338,505			13,017,692			18,870			0.1


Short Positions

Common Stock
Capital Markets
CME Group, Inc.		(446	)		(70,325	)		2,636			0.0	(a)

Communications Equipment
Lumentum Holdings, Inc.*		(1,436	)		(72,446	)		14,791			0.0	(a)

Containers & Packaging
International Paper Co.		(691	)		(35,628	)		656			0.0	(a)

Diversified Consumer Services
Strayer Education, Inc.		(3,818	)		(401,157	)		(9,354	)		(0.1	)

Diversified Telecommunication Services
AT&T, Inc.		(5,867	)		(191,851	)		18,246			0.1

Energy Equipment & Services
McDermott International, Inc.*		(32,274	)		(213,008	)		(16,782	)		(0.1	)

Health Care Providers & Services
Cigna Corp.		(1,124	)		(193,126	)		(2,214	)		(0.0	)(a)

Hotels, Restaurants & Leisure
Penn National Gaming, Inc.*		(1,871	)		(56,710	)		(7,447	)		(0.0	)(a)

Insurance
Kemper Corp.		(508	)		(34,290	)		(5,436	)		(0.0	)(a)

Multi-Utilities
Dominion Energy, Inc.		(5,222	)		(347,576	)		(5,535	)		(0.0	)(a)

Oil, Gas & Consumable Fuels
Concho Resources, Inc.*		(2,617	)		(411,419	)		(43,887	)		(0.2	)

Semiconductors & Semiconductor Equipment
KLA-Tencor Corp.		(794	)		(80,781	)		5,423			0.0	(a)
Marvell Technology Group Ltd.		(9,710	)		(194,783	)		13,788			0.1

		(10,504	)		(275,564	)		19,211			0.1

Software
salesforce.com, Inc.*		(622	)		(75,256	)		(933	)		(0.0	)(a)

Total Short Positions of Total Return Basket Swaps		(67,000	)		(2,378,356	)		(36,048	)		(0.2	)

Total of Long and Short Positions of Total Return Basket Swaps		271,505			10,639,336			(17,178	)		(0.1	)

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	67

JPMorgan Event Driven ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE		NET UNREALIZED APPRECIATION (DEPRECIATION)			NET CASH AND OTHER RECEIVABLES (PAYABLES) (2)			VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net one month BA on long positions, plus or minus a specified spread of 0.50%, which is denominated in CAD based on the local currencies of the positions within the swaps.		12/31/2018	$	371,769	$	(5,351	)	$	(380	)	$	(5,731	)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stock
Construction & Engineering
Aecon Group, Inc.		24,668		346,787		(5,051	)		(0.0	)(a)

Metals & Mining
Sandstorm Gold Ltd.*		5,400		24,982		(300	)		(0.0	)(a)

Total Long Positions of Total Return Basket Swaps		30,068		371,769		(5,351	)		0.0	(a)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE		NET UNREALIZED APPRECIATION (DEPRECIATION)		NET CASH AND OTHER RECEIVABLES (PAYABLES) (2)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net one month EURIBOR on long positions, plus or minus a specified spread (rates range from 0.25% to 0.55%), which is denominated in EUR based on the local currencies of the positions within the swaps.		6/28/2019	$	1,875,549	$	22,725	$	1,534	$	24,259


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stock
Auto Components
CIE Automotive SA		1,456		54,428		(9	)		(0.0	)(a)

Biotechnology
Ablynx NV*		1,173		63,232		116			0.0	(a)

Containers & Packaging
Smurfit Kappa Group plc		2,306		98,300		2,585			0.0	(a)

Internet & Direct Marketing Retail
Yoox Net-A-Porter Group SpA*		7,058		322,936		851			0.0	(a)

Pharmaceuticals
STADA Arzneimittel AG		3,903		395,160		(2,874	)		(0.0	)(a)

Software
Gemalto NV*		6,410		386,107		1,835			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.



68	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stock — continued
Textiles, Apparel & Luxury Goods
Kering SA		318		183,962		19,234		0.1

Transportation Infrastructure
Abertis Infraestructuras SA		16,847		371,424		987		0.0	(a)

Total Long Positions of Total Return Basket Swaps		39,471		1,875,549		22,725		0.1


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE		NET UNREALIZED APPRECIATION (DEPRECIATION)		NET CASH AND OTHER RECEIVABLES (PAYABLES) (2)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net one month CIBOR on long positions, plus or minus a specified spread of 0.25%, which is denominated in DKK based on the local currencies of the positions within the swaps.		8/30/2019	$	229,397	$	269	$	19	$	288

REFERENCE ENTITY

SHARES

NOTIONAL
VALUE($) (1)

UNREALIZED
APPRECIATION
(DEPRECIATION)($) (2)

PERCENTAGE
OF NET
ASSETS (%)

Long Positions

Common Stock

Diversified Telecommunication Services

TDC A/S*

28,171

229,397

269

0.0

(a)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE		NET UNREALIZED APPRECIATION (DEPRECIATION)		NET CASH AND OTHER RECEIVABLES (PAYABLES) (2)			VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month BBR on long positions, plus or minus a specified spread 0.35% which is denominated in AUD based on the local currencies of the positions within the swaps.		1/1/2019	$	487,589	$	15,964	$	(1,027	)	$	14,937


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stock
Biotechnology
Sirtex Medical Ltd.		3,454		72,237		74		0.0	(a)

Food & Staples Retailing
Wesfarmers Ltd.		4,642		152,720		5,970		0.0	(a)

Hotels, Restaurants & Leisure
Mantra Group Ltd.		32,125		95,398		107		0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	69

JPMorgan Event Driven ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY

SHARES

NOTIONAL
VALUE($) (1)

UNREALIZED
APPRECIATION
(DEPRECIATION)($) (2)

PERCENTAGE
OF NET
ASSETS (%)

Long Positions — continued

Common Stock — continued

Metals & Mining

South32 Ltd.

60,264

167,234

9,813

0.0

(a)

Total Long Positions of Total Return Basket Swaps

100,485

487,589

15,964

0.0

(a)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE			NET UNREALIZED APPRECIATION (DEPRECIATION)			NET CASH AND OTHER RECEIVABLES (PAYABLES) (2)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month LIBOR on short positions respectively, plus or minus a specified spread of (0.35)%, which is denominated in JPY based on the local currencies of the positions within the swaps.		5/27/2019	$	(63,165	)	$	(1,753	)	$	1	$	(1,752	)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions

Common Stock
Pharmaceuticals
Takeda Pharmaceutical Co. Ltd.		(1,500	)		(63,165	)		(1,753	)		(0.0	)(a)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE		NET UNREALIZED APPRECIATION (DEPRECIATION)			NET CASH AND OTHER RECEIVABLES (PAYABLES) (2)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month STIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.35%), which is denominated in SEK based on the local currencies of the positions within the swaps.		7/31/2019	$	140,599	$	(3,999	)	$	2,392	$	(1,607	)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stock
Diversified Telecommunication Services
Com Hem Holding AB		2,344		40,596		4,134			0.0	(a)

Machinery
Atlas Copco AB*		3,355		131,202		(4,560	)		(0.0	)(a)

Total Long Positions of Total Return Basket Swaps		5,699		171,798		(426	)		0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.



70	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

REFERENCE ENTITY

SHARES

NOTIONAL
VALUE($) (1)

UNREALIZED
APPRECIATION
(DEPRECIATION)($) (2)

PERCENTAGE
OF NET
ASSETS (%)

Short Positions

Common Stock

Wireless Telecommunication Services

Tele2 AB

(2,407

)

(31,199

)

(3,573

)

(0.0

)(a)

Total of Long and Short Positions of Total Return Basket Swaps

3,292

140,599

(3,999

)

0.0

(a)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE		NET UNREALIZED APPRECIATION (DEPRECIATION)			NET CASH AND OTHER RECEIVABLES (PAYABLES) (2)			VALUE (Note 2C(3))
Goldman Sachs	The Fund receives the total return on a portfolio of long positions and pays or receives the net of one day OIS-RBA on long positions, which is denominated in AUD based on the local currencies of the positions within the swaps.		4/28/2028 to 5/3/2028	$	143,932	$	(557	)	$	(2	)	$	(559	)

REFERENCE ENTITY

SHARES

NOTIONAL
VALUE($) (1)

UNREALIZED
APPRECIATION
(DEPRECIATION)($) (2)

PERCENTAGE
OF NET
ASSETS (%)

Long Positions

Common Stock

Health Care Providers & Services

Healthscope Ltd.

25,356

46,197

552

(0.0

)(a)

Oil, Gas & Consumable Fuels

Santos Ltd.

21,220

97,735

(1,109

)

(0.0

)(a)

Total Long Positions of Total Return Basket Swaps

46,576

143,932

(557

)

(0.0

)(a)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE		NET UNREALIZED APPRECIATION (DEPRECIATION)			NET CASH AND OTHER RECEIVABLES (PAYABLES) (2)		VALUE (Note 2C(3))
Goldman Sachs	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day overnight Fed Funds Effective Rate on long positions and on short positions respectively, plus or minus a specified spread of (rates range from 0.0% to 0.35%), which is denominated in USD based on the local currencies of the positions within the swaps.		5/3/2028	$	123,582	$	(132	)	$	—	$	(132	)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stock
Hotels, Restaurants & Leisure
ILG, Inc.		2,829		96,554		(279	)		(0.0	)(a)

Oil, Gas & Consumable Fuels
Andeavor		2,788		385,636		(1,455	)		(0.0	)(a)

Total Long Positions of Total Return Basket Swaps		5,617		482,190		(1,734	)		0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	71

JPMorgan Event Driven ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)

REFERENCE ENTITY

SHARES

NOTIONAL
VALUE($) (1)

UNREALIZED
APPRECIATION
(DEPRECIATION)($) (2)

PERCENTAGE
OF NET
ASSETS (%)

Short Positions

Common Stock

Hotels, Restaurants & Leisure

Marriott Vacations Worldwide Corp.

(462

)

(56,646

)

(551

)

(0.0

)(a)

Oil, Gas & Consumable Fuels

Marathon Petroleum Corp.

(4,031

)

(301,962

)

2,153

0.0

(a)

Total Short Positions of Total Return Basket Swaps

(4,493

)

(358,608

)

1,602

0.0

(a)

Total of Long and Short Positions of Total Return Basket Swaps

1,124

123,582

(132

)

0.0

(a)


*		— Non-income producing security.
(a)		— Amounts rounds to less than 0.05%.
(1)		— Notional value represents market value, as of April 30, 2018, of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.
(2)		— Unrealized appreciation (depreciation) represents the unrealized gain(loss) of the positions subsequent to the swap reset.

The following reference rates, and their values as of period-end, are used for security descriptions:


		Value
BA	Banker’s Acceptance Rate		1.64	%
BBR	Bank Base Rate		1.90	%
CIBOR	Copenhagen Interbank Offered Rate		(0.29	)%
EURIBOR	Euro Interbank Offered Rate		(0.37	)%
	Overnight Fed Funds Effective Rate		1.69	%
GBP LIBOR	British Pound Sterling LIBOR		0.51	%
JPY LIBOR	Japanese Yen LIBOR		(0.05	)%
LIBOR	London Interbank Offered Rate		1.91	%
OIS-RBA	Overnight Indexed Swap-Reserve Bank of Australia		1.50	%
STIBOR	Stockholm Interbank Offered Rates		(0.47	)%


Summary of total OTC swap contracts outstanding as of April 30, 2018:
	Net Upfront Payments (Receipts)($)		Value($)
Assets
Total OTC Total return basket swaps outstanding		–		70,891


Liabilities

Total OTC Total return basket swaps outstanding		–		(34,471	)

SEE NOTES TO FINANCIAL STATEMENTS.



72	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)


SHARES		INVESTMENTS	VALUE($)
	COMMON STOCKS — 55.3%
		Aerospace & Defense — 0.9%
	353	Boeing Co. (The)		117,747
	531	L3 Technologies, Inc.		104,012

				221,759

		Auto Components — 1.5%
	1,742	BorgWarner, Inc.		85,253
	810	Cooper-Standard Holdings, Inc.*		100,278
	4,180	Gentex Corp.		95,053
	515	Lear Corp.		96,290

				376,874

		Beverages — 0.4%
	990	PepsiCo, Inc.		99,931

		Building Products — 0.4%
	1,516	Owens Corning		99,283

		Capital Markets — 1.4%
	3,251	Artisan Partners Asset Management, Inc., Class A		104,520
	8,666	BGC Partners, Inc., Class A		115,778
	6,077	Waddell & Reed Financial, Inc., Class A		122,998

				343,296

		Chemicals — 2.4%
	3,180	CF Industries Holdings, Inc.		123,384
	1,232	Eastman Chemical Co.		125,763
	3,469	Huntsman Corp.		103,272
	1,123	LyondellBasell Industries NV, Class A		118,735
	1,061	Westlake Chemical Corp.		113,495

				584,649

		Commercial Services & Supplies — 1.4%
	3,083	Brady Corp., Class A		112,221
	1,644	Deluxe Corp.		112,680
	4,979	Quad/Graphics, Inc.		123,031

				347,932

		Communications Equipment — 0.4%
	2,198	Cisco Systems, Inc.		97,349

		Construction & Engineering — 0.5%
	2,018	Jacobs Engineering Group, Inc.		117,226

		Containers & Packaging — 0.5%
	2,326	Greif, Inc., Class A		136,117

		Electrical Equipment — 1.3%
	1,417	Eaton Corp. plc		106,317
	1,461	Regal Beloit Corp.		104,023
	2,298	Sensata Technologies Holding plc*		116,555

				326,895


SHARES		INVESTMENTS	VALUE($)

		Electronic Equipment, Instruments & Components — 0.7%
	2,384	Methode Electronics, Inc.		95,121
	5,072	Vishay Intertechnology, Inc.		89,521

				184,642

		Energy Equipment & Services — 1.9%
	6,132	Diamond Offshore Drilling, Inc.*		112,768
	3,164	National Oilwell Varco, Inc.		122,352
	5,914	RPC, Inc.		106,511
	5,452	Unit Corp.*		123,651

				465,282

		Food & Staples Retailing — 1.0%
	2,780	United Natural Foods, Inc.*		125,156
	1,385	Walmart, Inc.		122,517

				247,673

		Food Products — 3.7%
	3,243	Conagra Brands, Inc.		120,218
	5,330	Flowers Foods, Inc.		120,511
	932	Ingredion, Inc.		112,856
	875	JM Smucker Co. (The)		99,820
	2,138	John B Sanfilippo & Son Inc		121,631
	7,532	Nomad Foods Ltd. (United Kingdom)*		124,203
	1,015	Sanderson Farms, Inc.		112,827
	1,505	Tyson Foods, Inc., Class A		105,501

				917,567

		Health Care Equipment & Supplies — 1.4%
	1,303	Analogic Corp.		108,279
	1,165	Danaher Corp.		116,873
	1,284	STERIS plc		121,364

				346,516

		Health Care Providers & Services — 3.1%
	417	Chemed Corp.		128,528
	2,229	Encompass Health Corp.		135,568
	443	Humana, Inc.		130,322
	1,077	Quest Diagnostics, Inc.		108,992
	538	UnitedHealth Group, Inc.		127,183
	630	WellCare Health Plans, Inc.*		129,251

				759,844

		Hotels, Restaurants & Leisure — 0.7%
	780	Royal Caribbean Cruises Ltd.		84,388
	830	Wyndham Worldwide Corp.		94,794

				179,182

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	73

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


SHARES		INVESTMENTS	VALUE($)
	COMMON STOCKS — continued
		Household Durables — 1.2%
	4,549	Taylor Morrison Home Corp., Class A*		108,084
	2,392	Toll Brothers, Inc.		100,847
	3,661	William Lyon Homes, Class A*		98,334

				307,265

		Household Products — 0.4%
	1,553	Procter & Gamble Co. (The)		112,344

		Independent Power and Renewable Electricity Producers — 1.5%
	4,007	NRG Energy, Inc.		124,217
	7,038	NRG Yield, Inc., Class C		125,276
	5,214	Vistra Energy Corp.*		119,140

				368,633

		Insurance — 2.7%
	2,670	Aflac, Inc.		121,672
	3,725	American Equity Investment Life Holding Co.		112,495
	1,922	First American Financial Corp.		98,234
	999	Prudential Financial, Inc.		106,214
	741	Reinsurance Group of America, Inc.		110,705
	2,414	Unum Group		116,789

				666,109

		Internet Software & Services — 0.8%
	89	Alphabet, Inc., Class C*		90,543
	2,085	Match Group, Inc.*		98,245

				188,788

		IT Services — 3.5%
	600	Accenture plc, Class A		90,720
	1,398	Amdocs Ltd.		94,016
	1,153	Cognizant Technology Solutions Corp., Class A		94,338
	3,932	Convergys Corp.		91,852
	2,289	CSG Systems International, Inc.		97,946
	1,750	ManTech International Corp., Class A		103,407
	533	Mastercard, Inc., Class A		95,018
	1,439	MAXIMUS, Inc.		97,320
	4,930	Western Union Co. (The)		97,367

				861,984

		Life Sciences Tools & Services — 1.8%
	1,599	Agilent Technologies, Inc.		105,118
	2,169	Cambrex Corp.*		114,849
	966	Charles River Laboratories International, Inc.*		100,647
	993	ICON plc*		116,807

				437,421


SHARES		INVESTMENTS	VALUE($)

		Machinery — 2.3%
	757	Cummins, Inc.		121,014
	2,555	Greenbrier Cos., Inc. (The)		112,037
	2,631	Hillenbrand, Inc.		121,947
	696	Illinois Tool Works, Inc.		98,846
	1,325	Ingersoll-Rand plc		111,154

				564,998

		Media — 0.4%
	1,460	Omnicom Group, Inc.		107,544

		Metals & Mining — 0.4%
	3,514	Schnitzer Steel Industries, Inc., Class A		103,487

		Multiline Retail — 1.1%
	2,070	Big Lots, Inc.		87,871
	1,522	Kohl’s Corp.		94,547
	1,419	Target Corp.		103,019

				285,437

		Multi-Utilities — 0.5%
	4,540	CenterPoint Energy, Inc.		114,998

		Oil, Gas & Consumable Fuels — 1.2%
	2,377	HollyFrontier Corp.		144,260
	1,279	Valero Energy Corp.		141,880

				286,140

		Paper & Forest Products — 0.5%
	2,711	Domtar Corp.		119,013

		Pharmaceuticals — 1.4%
	934	Johnson & Johnson		118,142
	3,155	Pfizer, Inc.		115,504
	1,113	Taro Pharmaceutical Industries Ltd.*		113,504

				347,150

		Professional Services — 0.9%
	1,821	ICF International, Inc.		122,189
	1,005	ManpowerGroup, Inc.		96,199

				218,388

		Road & Rail — 0.4%
	3,400	ArcBest Corp.		109,140

		Semiconductors & Semiconductor Equipment — 2.4%
	1,643	Applied Materials, Inc.		81,608
	854	Cabot Microelectronics Corp.		86,638
	1,337	First Solar, Inc.*		94,807
	445	Lam Research Corp.		82,352
	1,572	Maxim Integrated Products, Inc.		85,674
	785	MKS Instruments, Inc.		80,384
	889	Texas Instruments, Inc.		90,171

				601,634

SEE NOTES TO FINANCIAL STATEMENTS.



74	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


SHARES		INVESTMENTS	VALUE($)
	COMMON STOCKS — continued
		Software — 2.9%
	898	Blackbaud, Inc.		94,254
	2,774	Cadence Design Systems, Inc.*		111,127
	1,025	Citrix Systems, Inc.*		105,483
	546	Intuit, Inc.		100,895
	2,066	Oracle Corp.		94,354
	1,245	Synopsys, Inc.*		106,460
	816	VMware, Inc., Class A*		108,740

				721,313

		Specialty Retail — 3.0%
	3,342	Abercrombie & Fitch Co., Class A		85,622
	4,329	American Eagle Outfitters, Inc.		89,524
	1,428	Best Buy Co., Inc.		109,285
	9,110	Chico’s FAS, Inc.		90,462
	699	Children’s Place, Inc. (The)		89,157
	2,857	Dick’s Sporting Goods, Inc.		94,538
	3,007	Gap, Inc. (The)		87,925
	3,234	Tailored Brands, Inc.		102,033

				748,546

		Technology Hardware, Storage & Peripherals — 0.4%
	554	Apple, Inc.		91,554

		Textiles, Apparel & Luxury Goods — 1.6%
	1,055	Deckers Outdoor Corp.*		98,389
	2,351	Movado Group, Inc.		92,747
	884	Ralph Lauren Corp.		97,107
	3,334	Wolverine World Wide, Inc.		99,887

				388,130


SHARES		INVESTMENTS	VALUE($)

		Thrifts & Mortgage Finance — 0.4%
	5,054	PennyMac Financial Services, Inc., Class A*		104,112

		TOTAL COMMON STOCKS (Cost $14,395,009)		13,706,145

	SHORT-TERM INVESTMENTS — 41.6%
		Investment Companies — 41.6%
	10,310,159	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (a) (b) (Cost $10,310,159)		10,310,159

		Total Investments — 96.9% (Cost $24,705,168)		24,016,304
		Other Assets Less Liabilities — 3.1%		769,773

		Net Assets — 100.0%	$	24,786,077

Percentages indicated are based on net assets.

*	Non-income producing security.

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	The rate shown was the current yield as of April 30, 2018.

Futures contracts outstanding as of April 30, 2018:

NUMBER OF
CONTRACTS

DESCRIPTION

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)

Long Contracts

Hang Seng Index

05/2018

HKD

194,208

1,209

FTSE/MIB Index

06/2018

EUR

284,368

16,680

S&P 500 E-Mini Index

06/2018

USD

132,350

(5,342

)

12,547

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	75

JPMorgan Long/Short ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
			Short Contracts
	(4	)	CAC 40 10 Euro Index		05/2018		EUR		(263,814	)		(6,595	)
	(5	)	IBEX 35 Index		05/2018		EUR		(600,257	)		(12,192	)
	(1	)	DAX Index		06/2018		EUR		(379,463	)		(9,830	)
	(10	)	EURO STOXX 50 Index		06/2018		EUR		(418,320	)		(19,094	)
	(5	)	FTSE 100 Index		06/2018		GBP		(512,603	)		(16,809	)
	(1	)	TOPIX Index		06/2018		JPY		(162,163	)		(1,265	)

												(65,785	)

												(53,238	)

Abbreviations


CAC		— Continuous Assisted Quotation
DAX		— Deutscher Aktien Index
EUR		— Euro
FTSE		— Financial Times and the London Stock Exchange
IBEX		— Madrid Stock Exchange
GBP		— British Pound


HKD		— Hong Kong Dollar
JPY		— Japanese Yen
MIB		— Milan, Italian Stock Exchange
TOPIX		— Tokyo Stock Price Index
USD		— United States Dollar

Forward foreign currency exchange contracts outstanding as of April 30, 2018:

CURRENCY PURCHASED

CURRENCY SOLD

COUNTERPARTY

SETTLEMENT
DATE

UNREALIZED
APPRECIATION
(DEPRECIATION)($)

USD

28,515

EUR

23,101

Goldman Sachs International

5/25/2018

569

USD

138,665

EUR

111,847

State Street Corp.

5/25/2018

3,364

Total unrealized appreciation

3,933

EUR

134,948

USD

166,899

Australia & New Zealand Banking Group Ltd.

5/25/2018

(3,653

)

Total unrealized depreciation

(3,653

)

Net unrealized appreciation

280

Abbreviations


EUR		— Euro
USD		— United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



76	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan Long/Short ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited)


OTC Total Return Basket Swaps Outstanding at April 30, 2018
COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.13)% to 0.55%), which is denominated in GBP based on the local currencies of the positions within the swaps.	2/28/2019 to 7/31/2019	$	883,181	$	55,949	$	5,203	$	61,152


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Airlines
International Consolidated Airlines Group SA		13,778		119,100		86			0.0	(a)
Wizz Air Holdings plc* (b) (c)		2,352		103,278		(6,089	)		(0.0	)(a)

		16,130		222,378		(6,003	)		(0.0	)(a)

Capital Markets
3i Group plc		9,138		117,955		6,272			0.0	(a)

Construction & Engineering
Kier Group plc		8,261		121,899		11,691			0.1

Containers & Packaging
DS Smith plc		16,504		118,227		7,577			0.0	(a)

Energy Equipment & Services
Petrofac Ltd.		14,622		121,343		12,589			0.1

Equity Real Estate Investment Trusts (REITs)
UNITE Group plc (The)		10,190		116,986		2,249			0.0	(a)

Food & Staples Retailing
Wm Morrison Supermarkets plc		35,224		117,478		8,320			0.0	(a)

Hotels, Restaurants & Leisure
Carnival plc		1,455		94,568		2,471			0.0	(a)
William Hill plc		20,927		84,172		(11,219	)		(0.0	)(a)

		22,382		178,740		(8,748	)		(0.0	)(a)

Household Durables
Barratt Developments plc		13,132		100,697		782			0.0	(a)
Berkeley Group Holdings plc		1,924		107,713		4,471			0.0	(a)
Bovis Homes Group plc		5,809		98,838		6,547			0.1
Persimmon plc		2,719		101,570		1,395			0.0	(a)
Redrow plc		11,454		98,700		3,313			0.0	(a)
Taylor Wimpey plc		36,910		97,204		494			0.0	(a)

		71,948		604,722		17,002			0.1

Machinery
Vesuvius plc		14,114		113,982		2,818			0.0	(a)

Media
Pearson plc		8,561		98,149		6,953			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	77

JPMorgan Long/Short ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Metals & Mining
Anglo American plc		5,083			119,599			1,314			0.0	(a)
BHP Billiton plc		6,158			131,303			9,975			0.1
Centamin plc		49,762			107,528			6,355			0.0	(a)
Rio Tinto plc		2,370			129,179			8,336			0.0	(a)

		63,373			487,609			25,980			0.1

Multiline Retail
Marks & Spencer Group plc		25,831			102,137			8,322			0.0	(a)

Multi-Utilities
Centrica plc		61,311			129,818			9,650			0.1

Professional Services
Capita plc		56,699			149,519			36,844			0.1
Hays plc		39,842			98,184			(5,658	)		(0.0	)(a)

		96,541			247,703			31,186			0.1

Road & Rail
National Express Group plc		19,876			107,258			(6,072	)		(0.0	)(a)

Thrifts & Mortgage Finance
Paragon Banking Group plc		16,477			118,128			9,118			0.0	(a)

Wireless Telecommunication Services
Vodafone Group plc		44,064			128,588			3,948			0.0	(a)

Total Long Positions of Total Return Basket Swaps		554,547			3,253,100			142,852			0.6


Short Positions

Aerospace & Defense
Cobham plc		(75,374	)		(119,044	)		6,864			0.0	(a)
Rolls-Royce Holdings plc		(10,743	)		(124,072	)		3,578			0.0	(a)

		(86,117	)		(243,116	)		10,442			0.0	(a)

Banks
Standard Chartered plc		(11,208	)		(117,729	)		(5,965	)		(0.0	)(a)

Capital Markets
St James’s Place plc		(8,137	)		(126,752	)		(6,752	)		(0.0	)(a)

Chemicals
Johnson Matthey plc		(2,891	)		(130,657	)		(618	)		(0.0	)(a)

Commercial Services & Supplies
Serco Group plc*		(96,557	)		(127,598	)		(3,358	)		(0.0	)(a)

Construction & Engineering
Balfour Beatty plc		(33,736	)		(136,240	)		(9,213	)		(0.1	)

Diversified Consumer Services
Dignity plc		(7,460	)		(112,048	)		(19,662	)		(0.1	)

Hotels, Restaurants & Leisure
Compass Group plc		(4,504	)		(96,623	)		(3,486	)		(0.0	)(a)
InterContinental Hotels Group plc		(1,524	)		(96,151	)		(5,521	)		(0.0	)(a)
Merlin Entertainments plc(b)		(19,354	)		(97,907	)		(5,394	)		(0.0	)(a)
Whitbread plc		(1,806	)		(106,260	)		(14,685	)		(0.1	)

		(27,188	)		(396,941	)		(29,086	)		(0.1	)

Industrial Conglomerates
DCC plc		(1,374	)		(131,883	)		(7,172	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.



78	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Machinery
Weir Group plc (The)		(4,578	)		(133,961	)		(1,517	)		(0.0	)(a)

Media
ITV plc		(52,446	)		(109,107	)		(5,956	)		(0.0	)(a)

Metals & Mining
Fresnillo plc		(6,822	)		(119,740	)		(3,340	)		(0.0	)(a)

Multiline Retail
B&M European Value Retail SA		(16,544	)		(92,194	)		(3,307	)		(0.0	)(a)

Tobacco
British American Tobacco plc		(2,096	)		(114,960	)		8,406			0.0	(a)

Trading Companies & Distributors
Bunzl plc		(4,527	)		(131,268	)		1,512			0.0	(a)

Water Utilities
Pennon Group plc		(15,227	)		(144,675	)		(10,255	)		(0.1	)

Total Common Stocks		(376,908	)		(2,368,869	)		(85,841	)		(0.4	)


Preferred Stock

Aerospace & Defense
Rolls-Royce plc* ‡		(762,753	)		(1,050	)		(1,062	)		(0.0	)(a)

Total Short Positions of Total Return Basket Swaps		(1,139,661	)		(2,369,919	)		(86,903	)		(0.4	)

Total of Long and Short Positions of Total Return Basket Swaps		(585,114	)		883,181			55,949			0.2


COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month LIBOR on short positions, which is denominated in USD based on the local currencies of the positions within the swaps.	2/25/2019	$	(11,964,510	)	$	(130,725	)	$	(4,219	)	$	(134,944	)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions

Common Stocks
Aerospace & Defense
Aerovironment, Inc.*		(2,533	)		(138,049	)		(20,593	)		(0.1	)
TransDigm Group, Inc.		(406	)		(130,151	)		(5,818	)		(0.0	)(a)

		(2,939	)		(268,200	)		(26,411	)		(0.1	)

Airlines
Spirit Airlines, Inc.*		(3,643	)		(130,128	)		(220	)		(0.0	)(a)

Auto Components
Gentherm, Inc.*		(2,906	)		(98,223	)		3,342			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	79

JPMorgan Long/Short ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Banks
Pinnacle Financial Partners, Inc.		(1,926	)		(123,360	)		1,348			0.0	(a)
Signature Bank*		(846	)		(107,569	)		8,198			0.0	(a)

		(2,772	)		(230,929	)		9,546			0.0	(a)

Capital Markets
Charles Schwab Corp. (The)		(2,548	)		(141,873	)		(9,843	)		(0.0	)(a)

Chemicals
NewMarket Corp.		(296	)		(112,347	)		8,907			0.0	(a)
Valvoline, Inc.		(6,169	)		(125,107	)		10,500			0.1

		(6,465	)		(237,454	)		19,407			0.1

Commercial Services & Supplies
Clean Harbors, Inc.*		(2,503	)		(114,638	)		7,008			0.0	(a)
Covanta Holding Corp.		(8,037	)		(119,751	)		(4,019	)		(0.0	)(a)
Healthcare Services Group, Inc.		(3,332	)		(128,715	)		9,504			0.0	(a)

		(13,872	)		(363,104	)		12,493			0.0	(a)

Communications Equipment
Ciena Corp.*		(3,646	)		(93,884	)		(146	)		(0.0	)(a)
Infinera Corp.*		(8,941	)		(104,789	)		(8,136	)		(0.0	)(a)
ViaSat, Inc.*		(1,693	)		(108,318	)		328			0.0	(a)

		(14,280	)		(306,991	)		(7,954	)		(0.0	)(a)

Construction Materials
Martin Marietta Materials, Inc.		(593	)		(115,499	)		6,185			0.0	(a)
Vulcan Materials Co.		(1,058	)		(118,168	)		4,666			0.0	(a)

		(1,651	)		(233,667	)		10,851			0.0	(a)

Consumer Finance
LendingClub Corp.*		(40,480	)		(108,891	)		25,389			0.1

Distributors
Core-Mark Holding Co., Inc.		(4,441	)		(91,529	)		3,286			0.0	(a)

Diversified Consumer Services
Chegg, Inc.*		(4,322	)		(100,314	)		(9,422	)		(0.0	)(a)

Electronic Equipment, Instruments & Components
Fabrinet*		(2,920	)		(82,373	)		11,300			0.0	(a)
II-VI, Inc.*		(2,582	)		(98,374	)		13,151			0.1

		(5,502	)		(180,747	)		24,451			0.1

Energy Equipment & Services
Baker Hughes a GE Co.		(3,974	)		(143,501	)		(20,744	)		(0.1	)
Forum Energy Technologies, Inc.*		(10,563	)		(133,094	)		(8,451	)		(0.0	)(a)
Weatherford International plc*		(47,222	)		(139,305	)		(21,722	)		(0.1	)

		(61,759	)		(415,900	)		(50,917	)		(0.2	)

Food & Staples Retailing
Casey’s General Stores, Inc.		(1,137	)		(109,834	)		12,416			0.0	(a)
PriceSmart, Inc.		(1,641	)		(143,752	)		821			0.0	(a)

		(2,778	)		(253,586	)		13,237			0.0	(a)

Health Care Equipment & Supplies
AtriCure, Inc.*		(6,125	)		(136,158	)		(15,802	)		(0.1	)
DexCom, Inc.*		(1,839	)		(134,578	)		(3,494	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.



80	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Health Care Equipment & Supplies — continued
Heska Corp.*		(1,540	)		(125,695	)		(5,544	)		(0.0	)(a)
Insulet Corp.*		(1,594	)		(137,084	)		239			0.0	(a)
K2M Group Holdings, Inc.*		(6,020	)		(114,982	)		(783	)		(0.0	)(a)
Nevro Corp.*		(1,422	)		(127,070	)		185			0.0	(a)
Wright Medical Group NV*		(5,854	)		(114,797	)		(1,522	)		(0.0	)(a)

		(24,394	)		(890,364	)		(26,721	)		(0.1	)

Hotels, Restaurants & Leisure
Belmond Ltd.*		(9,610	)		(102,827	)		3,027			0.0	(a)
Caesars Entertainment Corp.*		(9,504	)		(107,870	)		(2,434	)		(0.0	)(a)
Chipotle Mexican Grill, Inc.*		(301	)		(127,422	)		(30,570	)		(0.1	)
MGM Resorts International		(3,109	)		(97,685	)		10,742			0.0	(a)
Playa Hotels & Resorts NV*		(9,003	)		(92,731	)		6,212			0.0	(a)

		(31,527	)		(528,535	)		(13,023	)		(0.1	)

Household Durables
iRobot Corp.*		(1,426	)		(83,221	)		12,278			0.1
Universal Electronics, Inc.*		(1,857	)		(85,979	)		8,356			0.0	(a)

		(3,283	)		(169,200	)		20,634			0.1

Independent Power and Renewable Electricity Producers
TerraForm Power, Inc.		(11,104	)		(123,810	)		(666	)		(0.0	)(a)

Insurance
RLI Corp.		(1,951	)		(123,459	)		(1,034	)		(0.0	)(a)

Internet & Direct Marketing Retail
Groupon, Inc.*		(21,587	)		(100,164	)		(5,829	)		(0.0	)(a)
Netflix, Inc.*		(305	)		(95,300	)		(4,389	)		(0.0	)(a)
Wayfair, Inc.*		(1,642	)		(102,297	)		10,049			0.0	(a)

		(23,534	)		(297,761	)		(169	)		(0.0	)(a)

Internet Software & Services
ANGI Homeservices, Inc.*		(8,044	)		(107,468	)		1,443			0.0	(a)
Box, Inc.*		(4,526	)		(103,464	)		(11,677	)		(0.0	)(a)
Cornerstone OnDemand, Inc.*		(2,269	)		(100,131	)		(7,034	)		(0.0	)(a)
GTT Communications, Inc.*		(2,180	)		(104,749	)		6,520			0.0	(a)
MINDBODY, Inc.*		(2,841	)		(112,646	)		(3,353	)		(0.0	)(a)
Nutanix, Inc.*		(1,815	)		(91,821	)		3,104			0.0	(a)
Pandora Media, Inc.*		(20,551	)		(115,291	)		(16,852	)		(0.1	)
Wix.com Ltd.*		(1,122	)		(92,284	)		2,580			0.0	(a)

		(43,348	)		(827,854	)		(25,269	)		(0.1	)

IT Services
Gartner, Inc.*		(927	)		(112,436	)		(3,254	)		(0.0	)(a)

Leisure Products
Mattel, Inc.		(6,976	)		(103,245	)		(8,929	)		(0.0	)(a)

Machinery
Flowserve Corp.		(3,067	)		(136,205	)		522			0.0	(a)
Wabtec Corp.		(1,626	)		(144,405	)		(9,623	)		(0.0	)(a)

		(4,693	)		(280,610	)		(9,101	)		(0.0	)(a)

Marine
Matson, Inc.		(4,565	)		(133,435	)		(3,523	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	81

JPMorgan Long/Short ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Media
Liberty Broadband Corp.*		(1,298	)		(92,015	)		15,384			0.1
Lions Gate Entertainment Corp.		(3,538	)		(88,061	)		3,892			0.0	(a)

		(4,836	)		(180,076	)		19,276			0.1

Metals & Mining
AK Steel Holding Corp.*		(29,813	)		(136,841	)		(3,464	)		(0.0	)(a)
Coeur Mining, Inc.*		(15,133	)		(114,557	)		6,356			0.0	(a)
Compass Minerals International, Inc.		(1,910	)		(128,543	)		(8,977	)		(0.1	)
Hecla Mining Co.		(36,882	)		(141,258	)		(7,746	)		(0.0	)(a)
TimkenSteel Corp.*		(8,477	)		(142,329	)		(7,821	)		(0.0	)(a)

		(92,215	)		(663,528	)		(21,652	)		(0.1	)

Multi-Utilities
Dominion Energy, Inc.		(2,086	)		(138,844	)		(2,112	)		(0.0	)(a)
NiSource, Inc.		(5,690	)		(138,779	)		(1,593	)		(0.0	)(a)
Sempra Energy		(1,087	)		(121,527	)		(131	)		(0.0	)(a)

		(8,863	)		(399,150	)		(3,836	)		(0.0	)(a)

Oil, Gas & Consumable Fuels
Cheniere Energy, Inc.*		(2,376	)		(138,188	)		(5,317	)		(0.0	)(a)
Chesapeake Energy Corp.*		(38,535	)		(114,449	)		4,624			0.0	(a)
Extraction Oil & Gas, Inc.*		(10,069	)		(142,174	)		(22,454	)		(0.1	)
Hess Corp.		(2,403	)		(136,947	)		(7,930	)		(0.0	)(a)
Oasis Petroleum, Inc.*		(16,033	)		(176,844	)		(42,968	)		(0.2	)
Parsley Energy, Inc.*		(4,519	)		(135,706	)		(10,846	)		(0.1	)
QEP Resources, Inc.*		(13,560	)		(165,161	)		(24,001	)		(0.1	)
SM Energy Co.		(6,941	)		(166,237	)		(32,345	)		(0.1	)

		(94,436	)		(1,175,706	)		(141,237	)		(0.6	)

Pharmaceuticals
Aclaris Therapeutics, Inc.*		(6,765	)		(120,079	)		(2,705	)		(0.0	)(a)
Aerie Pharmaceuticals, Inc.*		(2,170	)		(111,104	)		3,146			0.0	(a)
Medicines Co. (The)*		(4,032	)		(121,323	)		1,411			0.0	(a)
Nektar Therapeutics*		(1,451	)		(121,391	)		24,789			0.1
Pacira Pharmaceuticals, Inc.*		(3,584	)		(118,630	)		12,902			0.0	(a)

		(18,002	)		(592,527	)		39,543			0.1

Road & Rail
AMERCO		(364	)		(122,857	)		1,969			0.0	(a)
Hertz Global Holdings, Inc.*		(5,987	)		(131,116	)		(5,089	)		(0.0	)(a)

		(6,351	)		(253,973	)		(3,120	)		(0.0	)(a)

Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.*		(10,710	)		(116,525	)		(8,635	)		(0.0	)(a)
Inphi Corp.*		(3,049	)		(87,140	)		7,013			0.0	(a)
MACOM Technology Solutions Holdings, Inc.*		(4,861	)		(80,790	)		8,264			0.0	(a)
MaxLinear, Inc.*		(4,725	)		(105,509	)		1,846			0.0	(a)
SMART Global Holdings, Inc.*		(2,755	)		(107,858	)		(580	)		(0.0	)(a)
Veeco Instruments, Inc.*		(6,295	)		(97,258	)		9,371			0.1

		(32,395	)		(595,080	)		17,279			0.1

Software
Autodesk, Inc.*		(712	)		(89,641	)		4,151			0.0	(a)
HubSpot, Inc.*		(970	)		(102,723	)		6,379			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.



82	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Software — continued
PROS Holdings, Inc.*		(2,927	)		(86,405	)		10,186			0.1
Snap, Inc.*		(7,413	)		(106,228	)		1,559			0.0	(a)

		(12,022	)		(384,997	)		22,275			0.1

Specialty Retail
CarMax, Inc.*		(1,552	)		(97,000	)		(2,607	)		(0.0	)(a)

Technology Hardware, Storage & Peripherals
Pure Storage, Inc.*		(5,550	)		(112,276	)		(8,282	)		(0.0	)(a)

Tobacco
Philip Morris International, Inc.		(1,200	)		(98,400	)		22,922			0.1

Trading Companies & Distributors
MRC Global, Inc.*		(6,873	)		(128,731	)		(8,316	)		(0.0	)(a)
NOW, Inc.*		(11,652	)		(141,339	)		(10,603	)		(0.1	)
SiteOne Landscape Supply, Inc.*		(1,679	)		(115,012	)		14,607			0.1

		(20,204	)		(385,082	)		(4,312	)		(0.0	)(a)

Water Utilities
American Water Works Co., Inc.		(1,652	)		(143,030	)		(7,896	)		(0.1	)
California Water Service Group		(3,392	)		(131,440	)		(5,258	)		(0.0	)(a)

		(5,044	)		(274,470	)		(13,154	)		(0.1	)

Total Short Positions of Total Return Basket Swaps		(629,330	)		(11,964,510	)		(130,725	)		(0.5	)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BA on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.0% to 0.50%), which is denominated in CAD based on the local currencies of the positions within the swaps.	2/25/2019	$	518,181	$	(64,530	)	$	(5,699	)	$	(70,229	)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Auto Components
Linamar Corp.		1,843		103,278		344			0.0	(a)
Magna International, Inc.		1,741		102,823		816			0.0	(a)
Martinrea International, Inc.		8,145		97,186		(3,294	)		(0.0	)(a)

		11,729		303,287		(2,134	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	83

JPMorgan Long/Short ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Banks
Bank of Nova Scotia (The)		1,703			104,677			1,720			0.0	(a)
Laurentian Bank of Canada		3,229			124,009			3,769			0.0	(a)
National Bank of Canada		2,212			105,057			1,572			0.0	(a)
Toronto-Dominion Bank (The)		1,935			108,675			1,881			0.0	(a)

		9,079			442,418			8,942			0.0	(a)

Chemicals
Methanex Corp.		1,735			104,577			(4,796	)		(0.0	)(a)

Commercial Services & Supplies
Transcontinental, Inc.		5,730			120,674			1,151			0.0	(a)

Energy Equipment & Services
Enerflex Ltd.		9,945			121,529			3,391			0.0	(a)

Food Products
Maple Leaf Foods, Inc.		4,960			119,562			(306	)		(0.0	)(a)

IT Services
CGI Group, Inc.*		1,672			96,886			1,094			0.0	(a)

Media
Cogeco Communications, Inc.		1,681			89,565			(1,805	)		(0.0	)(a)

Metals & Mining
Labrador Iron Ore Royalty Corp.		6,783			115,432			1,464			0.0	(a)

Oil, Gas & Consumable Fuels
Husky Energy, Inc.		8,843			123,697			(1,236	)		(0.0	)(a)
Parex Resources, Inc.*		7,435			127,917			17,854			0.1

		16,278			251,614			16,618			0.1
Paper & Forest Products
Canfor Corp.*		4,928			113,187			(3,345	)		(0.0	)(a)
Norbord, Inc.		3,016			124,544			6,080			0.0	(a)
West Fraser Timber Co. Ltd.		1,731			117,252			(5,471	)		(0.0	)(a)

		9,675			354,983			(2,736	)		(0.0	)(a)

Thrifts & Mortgage Finance
Genworth MI Canada, Inc.		3,778			122,113			3,765			0.0	(a)

Total Long Positions of Total Return Basket Swaps		83,045			2,242,640			24,648			0.1

Short Positions

Common Stocks
Aerospace & Defense
Bombardier, Inc.*		(46,394	)		(143,451	)		(11,775	)		(0.0	)(a)

Independent Power and Renewable Electricity Producers
Northland Power, Inc.		(7,566	)		(136,417	)		(1,963	)		(0.0	)(a)

Metals & Mining
Agnico Eagle Mines Ltd.		(2,990	)		(125,822	)		6,495			0.0	(a)
Alamos Gold, Inc.		(24,054	)		(130,017	)		(803	)		(0.0	)(a)
B2Gold Corp.*		(43,976	)		(126,384	)		(7,679	)		(0.0	)(a)
First Majestic Silver Corp.*		(21,588	)		(140,227	)		(6,268	)		(0.0	)(a)
Franco-Nevada Corp.		(1,742	)		(123,559	)		(5,237	)		(0.0	)(a)
Goldcorp, Inc.		(9,636	)		(127,885	)		4,327			0.0	(a)
Osisko Gold Royalties Ltd.		(12,686	)		(123,802	)		(3,430	)		(0.0	)(a)
Pretium Resources, Inc.*		(17,435	)		(117,324	)		1,046			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.



84	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Metals & Mining — continued
Torex Gold Resources, Inc.*		(12,943	)		(133,064	)		(18,531	)		(0.1	)

		(147,050	)		(1,148,084	)		(30,080	)		(0.1	)

Oil, Gas & Consumable Fuels
MEG Energy Corp.*		(30,223	)		(156,300	)		(25,131	)		(0.1	)
Paramount Resources Ltd.*		(9,821	)		(140,207	)		(20,229	)		(0.1	)

		(40,044	)		(296,507	)		(45,360	)		(0.2	)

Total Short Positions of Total Return Basket Swaps		(241,054	)		(1,724,459	)		(89,178	)		(0.3	)

Total of Long and Short Positions of Total Return Basket Swaps		(158,009	)		518,181			(64,530	)		(0.2	)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION)(2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (3.00)% to 0.35%), which is denominated in JPY based on the local currencies of the positions within the swaps.	2/25/2019	$	351,973	$	(16,786	)	$	574	$	(16,212	)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Auto Components
Bridgestone Corp.		2,200		91,966		(3,751	)		(0.0	)(a)
Exedy Corp.		2,800		94,830		3,009			0.0	(a)
FCC Co. Ltd.		3,300		93,344		925			0.0	(a)
NHK Spring Co. Ltd.		9,300		102,771		5,172			0.0	(a)
TS Tech Co. Ltd.		2,500		101,149		3,442			0.0	(a)
Unipres Corp.		3,900		91,828		2,544			0.0	(a)

		24,000		575,888		11,341			0.0	(a)

Beverages
Kirin Holdings Co. Ltd.		4,100		115,083		(3,520	)		(0.0	)(a)

Building Products
Nichias Corp.		9,000		113,998		3,120			0.0	(a)
Nichiha Corp.		2,900		114,979		5,923			0.0	(a)
Takasago Thermal Engineering Co. Ltd.		6,300		119,439		5,429			0.0	(a)

		18,200		348,416		14,472			0.0	(a)

Chemicals
Mitsubishi Chemical Holdings Corp.		12,700		120,137		1,584			0.0	(a)
Mitsubishi Gas Chemical Co., Inc.		4,600		107,803		2,274			0.0	(a)
Mitsui Chemicals, Inc.		3,500		100,332		(5,309	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	85

JPMorgan Long/Short ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Chemicals — continued
Nippon Soda Co. Ltd.		21,000		120,641		292			0.0	(a)
Sumitomo Bakelite Co. Ltd.		13,000		117,257		133			0.0	(a)
Tosoh Corp.		6,100		107,899		(1,946	)		(0.0	)(a)

		60,900		674,069		(2,972	)		(0.0	)(a)

Construction & Engineering
Kajima Corp.		13,000		125,243		6,079			0.0	(a)
Kinden Corp.		6,700		116,854		7,764			0.0	(a)
Nishimatsu Construction Co. Ltd.		4,600		126,449		8,876			0.1
Obayashi Corp.		10,300		118,617		9,080			0.1
Okumura Corp.		2,800		115,917		5,328			0.0	(a)
Penta-Ocean Construction Co. Ltd.		15,900		125,305		8,517			0.0	(a)
Taisei Corp.		2,300		124,076		6,898			0.0	(a)
Toda Corp.		15,000		123,685		14,525			0.1

		70,600		976,146		67,067			0.3

Diversified Telecommunication Services
Nippon Telegraph & Telephone Corp.		2,500		118,638		271			0.0	(a)

Electronic Equipment, Instruments & Components
Azbil Corp.		2,100		97,733		2,539			0.0	(a)

Food & Staples Retailing
Matsumotokiyoshi Holdings Co. Ltd.		2,700		120,275		3,283			0.0	(a)

Food Products
Prima Meat Packers Ltd.		19,000		115,922		8,322			0.0	(a)

Health Care Equipment & Supplies
Hoya Corp.		2,100		112,192		6,324			0.0	(a)
Nikkiso Co. Ltd.		11,500		130,941		9,767			0.1
Paramount Bed Holdings Co. Ltd.		2,300		114,437		(730	)		(0.0	)(a)

		15,900		357,570		15,361			0.1

Health Care Providers & Services
BML, Inc.		4,900		124,017		1,932			0.0	(a)
Miraca Holdings, Inc.		2,800		109,004		(1,150	)		(0.0	)(a)

		7,700		233,021		782			0.0	(a)

Household Durables
Haseko Corp.		6,500		102,242		5,250			0.0	(a)

Internet Software & Services
Mixi, Inc.		2,500		82,167		(2,553	)		(0.0	)(a)

IT Services
NEC Networks & System Integration Corp.		3,700		96,808		1,628			0.0	(a)

Life Sciences Tools & Services
EPS Holdings, Inc.		5,700		116,129		(1,147	)		(0.0	)(a)

Machinery
Sodick Co. Ltd.		9,400		115,694		(1,500	)		(0.0	)(a)

Oil, Gas & Consumable Fuels
Inpex Corp.		9,000		115,054		(357	)		(0.0	)(a)
JXTG Holdings, Inc.		20,300		132,331		10,857			0.0	(a)
Showa Shell Sekiyu KK		9,400		132,734		12,514			0.1

		38,700		380,119		23,014			0.1

SEE NOTES TO FINANCIAL STATEMENTS.



86	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Paper & Forest Products
Oji Holdings Corp.		19,000			133,657			11,954			0.0	(a)

Pharmaceuticals
Astellas Pharma, Inc.		8,500			124,323			1,007			0.0	(a)
KYORIN Holdings, Inc.		5,900			115,373			1,419			0.0	(a)
Shionogi & Co. Ltd.		2,200			113,062			699			0.0	(a)

		16,600			352,758			3,125			0.0	(a)

Real Estate Management & Development
Leopalace21 Corp.		14,700			127,492			2,550			0.0	(a)

Road & Rail
Sankyu, Inc.		2,300			111,783			2,376			0.0	(a)

Semiconductors & Semiconductor Equipment
Ulvac, Inc.		1,800			96,290			(2,860	)		(0.0	)(a)

Software
GungHo Online Entertainment, Inc.		28,600			86,263			(9,520	)		(0.0	)(a)

Technology Hardware, Storage & Peripherals
Brother Industries Ltd.		4,500			96,523			(5,041	)		(0.0	)(a)

Trading Companies & Distributors
ITOCHU Corp.		5,900			117,991			3,559			0.0	(a)
Marubeni Corp.		16,000			120,153			5,508			0.0	(a)
Sumitomo Corp.		7,200			129,244			10,099			0.1

		29,100			367,388			19,166			0.1

Wireless Telecommunication Services
NTT DOCOMO, Inc.		4,500			116,253			617			0.0	(a)

Total Long Positions of Total Return Basket Swaps		415,300			6,114,327			164,005			0.6

Short Positions

Common Stocks
Air Freight & Logistics
Yamato Holdings Co. Ltd.		(4,800	)		(123,409	)		(339	)		(0.0	)(a)

Banks
Suruga Bank Ltd.		(8,400	)		(113,790	)		9,508			0.0	(a)

Chemicals
Kansai Paint Co. Ltd.		(5,100	)		(114,596	)		(456	)		(0.0	)(a)
Nippon Shokubai Co. Ltd.		(1,900	)		(129,105	)		(5,550	)		(0.0	)(a)
Toray Industries, Inc.		(12,800	)		(119,482	)		(4,204	)		(0.0	)(a)

		(19,800	)		(363,183	)		(10,210	)		(0.0	)(a)

Construction & Engineering
JGC Corp.		(5,900	)		(144,603	)		(14,408	)		(0.1	)

Consumer Finance
Acom Co. Ltd.		(26,600	)		(120,422	)		(733	)		(0.0	)(a)
Aiful Corp.*		(38,000	)		(128,497	)		(10,404	)		(0.0	)(a)

		(64,600	)		(248,919	)		(11,137	)		(0.0	)(a)

Diversified Consumer Services
Benesse Holdings, Inc.		(3,000	)		(109,270	)		(2,024	)		(0.0	)(a)

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	87

JPMorgan Long/Short ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Electric Utilities
Chugoku Electric Power Co., Inc. (The)		(9,900	)		(123,854	)		(5,524	)		(0.0	)(a)
Hokkaido Electric Power Co., Inc.		(18,900	)		(125,426	)		(2,630	)		(0.0	)(a)
Hokuriku Electric Power Co.		(14,300	)		(145,925	)		(20,228	)		(0.1	)
Kyushu Electric Power Co., Inc.		(10,300	)		(127,617	)		(7,686	)		(0.1	)

		(53,400	)		(522,822	)		(36,068	)		(0.2	)

Electronic Equipment, Instruments & Components
Alps Electric Co. Ltd.		(3,800	)		(83,928	)		6,248			0.0	(a)
Murata Manufacturing Co. Ltd.		(700	)		(88,373	)		2,922			0.0	(a)

		(4,500	)		(172,301	)		9,170			0.0	(a)

Food & Staples Retailing
Aeon Co. Ltd.		(7,600	)		(151,865	)		(12,958	)		(0.1	)
Sugi Holdings Co. Ltd.		(2,200	)		(128,082	)		(9,970	)		(0.0	)(a)
Tsuruha Holdings, Inc.		(900	)		(129,186	)		(5,223	)		(0.0	)(a)

		(10,700	)		(409,133	)		(28,151	)		(0.1	)

Food Products
Kameda Seika Co. Ltd.		(2,800	)		(137,775	)		(1,513	)		(0.0	)(a)
Nissin Foods Holdings Co. Ltd.		(1,900	)		(139,905	)		(9,077	)		(0.0	)(a)

		(4,700	)		(277,680	)		(10,590	)		(0.0	)(a)

Hotels, Restaurants & Leisure
Colowide Co. Ltd.		(4,100	)		(104,294	)		(1,047	)		(0.0	)(a)
Create Restaurants Holdings, Inc.		(8,400	)		(105,800	)		(5,103	)		(0.0	)(a)
HIS Co. Ltd.		(2,800	)		(102,183	)		(6,695	)		(0.1	)

		(15,300	)		(312,277	)		(12,845	)		(0.1	)

Household Durables
Pioneer Corp.*		(57,000	)		(88,915	)		2,827			0.0	(a)

Industrial Conglomerates
Keihan Holdings Co. Ltd.		(3,700	)		(119,467	)		(4,051	)		(0.0	)(a)
Toshiba Corp.		(44,000	)		(117,924	)		469			0.0	(a)

		(47,700	)		(237,391	)		(3,582	)		(0.0	)(a)

Internet Software & Services
GMO internet, Inc.		(6,000	)		(109,945	)		(5,720	)		(0.0	)(a)
Yahoo Japan Corp.		(20,300	)		(83,427	)		3,371			0.0	(a)

		(26,300	)		(193,372	)		(2,349	)		(0.0	)(a)

Leisure Products
Sankyo Co. Ltd.		(2,700	)		(94,654	)		(1,668	)		(0.0	)(a)
Shimano, Inc.		(700	)		(93,078	)		1,894			0.0	(a)

		(3,400	)		(187,732	)		226			0.0	(a)

Machinery
FANUC Corp.		(500	)		(107,105	)		13,864			0.1

Marine
Kawasaki Kisen Kaisha Ltd.		(5,300	)		(122,564	)		(6,301	)		(0.0	)(a)
Mitsui OSK Lines Ltd.		(4,200	)		(124,411	)		(9,377	)		(0.0	)(a)
Nippon Yusen KK		(6,000	)		(127,623	)		(11,127	)		(0.1	)

		(15,500	)		(374,598	)		(26,805	)		(0.1	)

SEE NOTES TO FINANCIAL STATEMENTS.



88	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Multiline Retail
Don Quijote Holdings Co. Ltd.		(2,100	)		(113,058	)		613			0.0	(a)
Isetan Mitsukoshi Holdings Ltd.		(8,600	)		(95,677	)		(3,747	)		(0.0	)(a)
Marui Group Co. Ltd.		(5,100	)		(105,849	)		(99	)		(0.0	)(a)

		(15,800	)		(314,584	)		(3,233	)		(0.0	)(a)

Pharmaceuticals
Nichi-iko Pharmaceutical Co. Ltd.		(8,500	)		(135,999	)		2,291			0.0	(a)

Real Estate Management & Development
Mitsubishi Estate Co. Ltd.		(7,400	)		(135,217	)		(12,553	)		(0.1	)

Road & Rail
Keio Corp.		(3,000	)		(136,951	)		(7,323	)		(0.0	)(a)
Kintetsu Group Holdings Co. Ltd.		(3,400	)		(138,147	)		(5,687	)		(0.0	)(a)
Odakyu Electric Railway Co. Ltd.		(6,400	)		(137,750	)		(8,435	)		(0.1	)
Tokyu Corp.		(8,100	)		(135,969	)		(6,556	)		(0.0	)(a)

		(20,900	)		(548,817	)		(28,001	)		(0.1	)

Semiconductors & Semiconductor Equipment
Renesas Electronics Corp.*		(9,100	)		(94,928	)		(10,167	)		(0.0	)(a)

Software
LINE Corp.*		(2,500	)		(90,411	)		3,952			0.0	(a)

Specialty Retail
IDOM, Inc.		(14,100	)		(101,875	)		(1,216	)		(0.0	)(a)

Technology Hardware, Storage & Peripherals
Ricoh Co. Ltd.		(9,100	)		(88,919	)		3,089			0.0	(a)

Trading Companies & Distributors
MonotaRO Co. Ltd.		(3,900	)		(135,939	)		(1,756	)		(0.0	)(a)

Transportation Infrastructure
Mitsubishi Logistics Corp.		(5,600	)		(129,165	)		(10,284	)		(0.0	)(a)

Total Short Positions of Total Return Basket Swaps		(442,400	)		(5,762,354	)		(180,791	)		(0.7	)

Total of Long and Short Positions of Total Return Basket Swaps		(27,100	)		351,973			(16,786	)		(0.1	)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month EURIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.13)% to 0.55%), which is denominated in EUR based on the local currencies of the positions within the swaps.	2/28/2019 to 7/31/2019	$	2,073,833	$	63,710	$	21,672	$	85,382

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	89

JPMorgan Long/Short ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Airlines
Deutsche Lufthansa AG (Registered)		3,625		105,362		(12,399	)		(0.1	)
Finnair OYJ		8,415		114,702		(2,702	)		(0.0	)(a)

		12,040		220,064		(15,101	)		(0.1	)

Auto Components
Faurecia SA		1,237		101,012		(43	)		(0.0	)(a)

Automobiles
Peugeot SA		3,733		91,920		9			0.0	(a)
Piaggio & C SpA		33,329		87,434		(3,609	)		(0.0	)(a)

		37,062		179,354		(3,600	)		(0.0	)(a)

Chemicals
Covestro AG (b) (c)		1,172		106,494		(8,712	)		(0.0	)(a)

Commercial Services & Supplies
Derichebourg SA		11,983		106,050		(1,828	)		(0.0	)(a)

Construction & Engineering
Arcadis NV		5,707		112,230		(963	)		(0.0	)(a)
Eiffage SA		936		111,414		4,557			0.0	(a)
Maire Tecnimont SpA		23,277		118,305		2,334			0.0	(a)

		29,920		341,949		5,928			0.0	(a)

Diversified Telecommunication Services
Deutsche Telekom AG (Registered)		7,506		131,382		8,632			0.0	(a)
DNA OYJ		5,127		119,989		8,829			0.1

		12,633		251,371		17,461			0.1

Electric Utilities
Endesa SA		5,021		117,091		7,880			0.0	(a)
Enel SpA		18,367		116,515		3,987			0.0	(a)
Verbund AG		3,902		120,842		9,349			0.1

		27,290		354,448		21,216			0.1

Electrical Equipment
Philips Lighting NV (b) (c)		2,847		86,583		(20,053	)		(0.1	)

Energy Equipment & Services
SBM Offshore NV		6,592		110,609		4,834			0.0	(a)

Food Products
ForFarmers NV		8,959		125,683		(3,548	)		(0.0	)(a)

Health Care Equipment & Supplies
Koninklijke Philips NV		2,722		115,212		9,594			0.0	(a)

Insurance
Allianz SE (Registered)		478		113,058		4,324			0.0	(a)
ASR Nederland NV		2,735		128,993		4,652			0.1
Talanx AG		2,468		111,196		3,159			0.0	(a)

		5,681		353,247		12,135			0.1

IT Services
Amadeus IT Group SA		1,286		93,826		(2,536	)		(0.0	)(a)
Sopra Steria Group		473		100,966		5,663			0.0	(a)

		1,759		194,792		3,127			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.



90	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Machinery
Fincantieri SpA*		74,809		117,544		11,524			0.0	(a)
Valmet OYJ		4,942		93,681		(4,646	)		(0.0	)(a)

		79,751		211,225		6,878			0.0	(a)

Media
Metropole Television SA		3,696		90,998		(2,605	)		(0.0	)(a)
ProSiebenSat.1 Media SE		2,632		95,484		2,733			0.0	(a)

		6,328		186,482		128			0.0	(a)

Metals & Mining
Aurubis AG		1,442		128,863		9,405			0.0	(a)

Multi-Utilities
A2A SpA		66,924		134,567		7,014			0.1
Engie SA		6,710		117,704		5,699			0.0	(a)
Hera SpA		35,754		132,178		1,007			0.0	(a)
Iren SpA		40,527		123,129		1,940			0.0	(a)
REN—Redes Energeticas Nacionais SGPS SA		36,683		115,701		2,485			0.0	(a)
Veolia Environnement SA		4,604		108,924		1,877			0.0	(a)

		191,202		732,203		20,022			0.1

Oil, Gas & Consumable Fuels
Enagas SA		4,683		136,116		7,822			0.0	(a)
Eni SpA		6,555		128,140		8,492			0.1
Gaztransport Et Technigaz SA		1,701		105,455		(6,086	)		(0.0	)(a)
Neste OYJ		1,554		130,857		24,488			0.1
OMV AG		1,864		115,447		5,099			0.0	(a)
Repsol SA		7,050		134,534		4,405			0.0	(a)
TOTAL SA		1,990		125,075		7,901			0.0	(a)

		25,397		875,624		52,121			0.2

Paper & Forest Products
Ence Energia y Celulosa SA		16,885		130,266		5,899			0.0	(a)
UPM-Kymmene OYJ		3,364		120,033		2,247			0.0	(a)

		20,249		250,299		8,146			0.0	(a)

Pharmaceuticals
Bayer AG (Registered)		1,049		125,376		1,434			0.0	(a)
Merck KGaA		1,261		123,188		360			0.0	(a)

		2,310		248,564		1,794			0.0	(a)

Real Estate Management & Development
CA Immobilien Anlagen AG*		3,821		132,613		7,354			0.1
LEG Immobilien AG		1,114		128,448		5,114			0.0	(a)
TAG Immobilien AG		5,537		117,008		1,868			0.0	(a)

		10,472		378,069		14,336			0.1

Semiconductors & Semiconductor Equipment
BE Semiconductor Industries NV		919		63,515		(29,566	)		(0.1	)
Siltronic AG		516		82,625		(9,533	)		(0.0	)(a)

		1,435		146,140		(39,099	)		(0.1	)

Thrifts & Mortgage Finance
Deutsche Pfandbriefbank AG(b)(c)		7,567		122,405		6,738			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	91

JPMorgan Long/Short ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Transportation Infrastructure
Hamburger Hafen und Logistik AG		4,860			116,700			(220	)		(0.0	)(a)
Societa Iniziative Autostradali e Servizi SpA		6,439			136,398			14,408			0.1

		11,299			253,098			14,188			0.1

Total Long Positions of Total Return Basket Swaps		519,349			6,179,840			116,067			0.5

Short Positions

Common Stocks
Banks
Bankia SA		(25,830	)		(113,332	)		2,820			0.0	(a)
Liberbank SA*		(219,756	)		(125,698	)		8			0.0	(a)

		(245,586	)		(239,030	)		2,828			0.0	(a)

Beverages
Remy Cointreau SA		(864	)		(119,036	)		4,302			0.0	(a)

Capital Markets
Deutsche Bank AG (Registered)		(9,431	)		(128,934	)		1,709			0.0	(a)

Chemicals
LANXESS AG		(1,508	)		(111,704	)		835			0.0	(a)
Lenzing AG		(1,130	)		(131,495	)		(362	)		(0.0	)(a)
OCI NV*		(5,542	)		(131,520	)		(7,843	)		(0.1	)
Symrise AG		(1,451	)		(117,287	)		(4,903	)		(0.0	)(a)

		(9,631	)		(492,006	)		(12,273	)		(0.1	)

Commercial Services & Supplies
Prosegur Cia de Seguridad SA		(17,215	)		(130,132	)		4,200			0.0	(a)

Construction & Engineering
Boskalis Westminster		(3,961	)		(117,342	)		(2,265	)		(0.0	)(a)

Containers & Packaging
Huhtamaki OYJ		(2,745	)		(111,652	)		4,873			0.0	(a)

Diversified Telecommunication Services
Iliad SA		(617	)		(123,587	)		(1,537	)		(0.0	)(a)

Electrical Equipment
Nexans SA		(2,591	)		(136,679	)		(6,098	)		(0.0	)(a)

Food & Staples Retailing
Distribuidora Internacional de Alimentacion SA		(31,334	)		(145,208	)		(9,830	)		(0.0	)(a)

Food Products
Glanbia plc		(7,950	)		(134,406	)		(1,325	)		(0.0	)(a)

Health Care Equipment & Supplies
Sartorius Stedim Biotech		(1,413	)		(131,717	)		(3,609	)		(0.0	)(a)

Hotels, Restaurants & Leisure
Elior Group SA(b)(c)		(5,223	)		(106,649	)		(100	)		(0.0	)(a)

Household Durables
Neinor Homes SA*(b)(c)		(5,191	)		(100,493	)		(823	)		(0.0	)(a)

Industrial Conglomerates
Siemens AG (Registered)		(932	)		(118,359	)		132			0.0	(a)

Internet & Direct Marketing Retail
Zalando SE*(b)(c)		(2,023	)		(104,097	)		3,816			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.



92	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued

Common Stocks — continued
Life Sciences Tools & Services
Eurofins Scientific SE		(213	)		(114,892	)		(5,676	)		(0.0	)(a)

Machinery
Alstom SA		(3,084	)		(140,410	)		(4,313	)		(0.0	)(a)
ANDRITZ AG		(2,374	)		(127,606	)		4,271			0.0	(a)
GEA Group AG		(2,563	)		(100,068	)		7,421			0.0	(a)
IMA Industria Macchine Automatiche SpA		(1,366	)		(132,550	)		(1,200	)		(0.0	)(a)
Metso OYJ		(4,242	)		(150,762	)		(14,994	)		(0.1	)
Outotec OYJ		(15,511	)		(141,078	)		(5,024	)		(0.0	)(a)

		(29,140	)		(792,474	)		(13,839	)		(0.1	)

Media
Altice NV*		(10,612	)		(101,568	)		(9,708	)		(0.0	)(a)
JCDecaux SA		(2,765	)		(99,087	)		(4,882	)		(0.0	)(a)
Telenet Group Holding NV*		(1,466	)		(85,672	)		8,822			0.0	(a)

		(14,843	)		(286,327	)		(5,768	)		(0.0	)(a)

Metals & Mining
thyssenkrupp AG		(4,468	)		(116,216	)		3,306			0.0	(a)

Road & Rail
Europcar Groupe SA (b) (c)		(11,886	)		(138,474	)		(4,818	)		(0.0	)(a)

Semiconductors & Semiconductor Equipment
SOITEC*		(1,220	)		(99,207	)		(9,161	)		(0.0	)(a)

Transportation Infrastructure
Getlink		(8,436	)		(119,090	)		(401	)		(0.0	)(a)

Total Short Positions of Total Return Basket Swaps		(416,913	)		(4,106,007	)		(52,357	)		(0.2	)

Total of Long and Short Positions of Total Return Basket Swaps		102,436			2,073,833			63,710			0.3


COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.13)% to 0.55%), which is denominated in CHF based on the local currencies of the positions within the swaps.	7/31/2019	$	275,033	$	5,120	$	10,816	$	15,936


REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Diversified Telecommunication Services
Sunrise Communications Group AG(b)(c)		1,455		114,051		(2,042	)		(0.0	)(a)
Swisscom AG (Registered)		242		116,071		5,729			0.0	(a)

		1,697		230,122		3,687			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	93

JPMorgan Long/Short ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued

Common Stocks — continued
Machinery
Bobst Group SA (Registered)		905			96,553			86			0.0	(a)
Bucher Industries AG (Registered)		257			94,186			(8,128	)		(0.0	)(a)
OC Oerlikon Corp. AG (Registered)		7,417			119,742			1,320			0.0	(a)

		8,579			310,481			(6,722	)		(0.0	)(a)

Pharmaceuticals
Galenica AG* (b) (c)		2,378			127,839			6,018			0.0	(a)
Novartis AG (Registered)		1,353			104,146			(3,304	)		(0.0	)(a)

		3,731			231,985			2,714			0.0	(a)

Real Estate Management & Development
Swiss Prime Site AG (Registered)		1,301			121,896			2,520			0.0	(a)

Total Long Positions of Total Return Basket Swaps		15,308			894,484			2,199			0.0	(a)

Short Positions

Common Stocks
Household Durables
Forbo Holding AG (Registered)		(66	)		(92,321	)		(3,173	)		(0.0	)(a)

Machinery
Burckhardt Compression Holding AG		(360	)		(116,818	)		(3,137	)		(0.0	)(a)
Rieter Holding AG (Registered)*		(694	)		(134,014	)		793			0.0	(a)

		(1,054	)		(250,832	)		(2,344	)		(0.0	)(a)

Semiconductors & Semiconductor Equipment
ams AG		(1,000	)		(82,477	)		22,026			0.1
Meyer Burger Technology AG*		(58,398	)		(72,467	)		(2,953	)		(0.0	)(a)

		(59,398	)		(154,944	)		19,073			0.1

Specialty Retail
Dufry AG (Registered)*		(858	)		(121,354	)		(10,635	)		(0.1	)

Total Short Positions of Total Return Basket Swaps		(61,376	)		(619,451	)		2,921			0.0	(a)

Total of Long and Short Positions of Total Return Basket Swaps		(46,068	)		275,033			5,120			0.0	(a)


COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE (Note 2C(3))
Bank of America	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.35)% to 0.35%), which is denominated in AUD based on the local currencies of the positions within the swaps.	2/25/2019	$	141,060	$	31,944	$	(22,518	)	$	9,426

SEE NOTES TO FINANCIAL STATEMENTS.



94	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions

Common Stocks
Food & Staples Retailing
Metcash Ltd.		51,254			138,340			16,970			0.1

Metals & Mining
Fortescue Metals Group Ltd.		29,887			101,402			1,599			0.0	(a)
Sandfire Resources NL		19,932			117,965			(727	)		(0.0	)(a)

		49,819			219,367			872			0.0	(a)

Oil, Gas & Consumable Fuels
Beach Energy Ltd.		103,411			121,963			18,063			0.1
Whitehaven Coal Ltd.		37,497			129,300			6,647			0.0	(a)

		140,908			251,263			24,710			0.1

Total Long Positions of Total Return Basket Swaps		241,981			608,970			42,552			0.2

Short Positions

Common Stocks
Chemicals
Nufarm Ltd.		(18,956	)		(129,569	)		(7,217	)		(0.1	)

Commercial Services & Supplies
Brambles Ltd.		(17,053	)		(126,178	)		867			0.0	(a)

Containers & Packaging
Pact Group Holdings Ltd.		(27,663	)		(117,788	)		(550	)		(0.0	)(a)

Internet Software & Services
NEXTDC Ltd.*		(18,376	)		(94,375	)		(3,708	)		(0.0	)(a)

Total Short Positions of Total Return Basket Swaps		(82,048	)		(467,910	)		(10,608	)		(0.1	)

Total of Long and Short Positions of Total Return Basket Swaps		159,933			141,060			31,944			0.1

*	Non-income producing security.

‡	Value determined using significant unobservable inputs.

(a)	Amounts rounds to less than 0.05%.

(b)

Securities exempt from registration under Rule 144A or section 4(2), of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.

(c)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

(1)	Notional value represents market value as of April 30, 2018 of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.

(2)	Unrealized appreciation (depreciation) represents the unrealized gain(loss) of the positions subsequent to the swap reset.

The following reference rates, and their values as of period-end, are used for security descriptions:


		Value
BA	Banker’s Acceptance Rate	1.64%
BBR	Bank Base Rate	1.90%
CHF LIBOR	Swiss Franc LIBOR	(0.79)%
EURIBOR	Euro LIBOR	(0.37)%
GBP LIBOR	British Pound Sterling LIBOR	0.51%
JPY LIBOR	Japanese Yen LIBOR	(0.05)%
LIBOR	London Interbank Offered Rate	1.91%

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	95

JPMorgan Long/Short ETF

ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS

AS OF APRIL 30, 2018 (Unaudited) (continued)


Summary of total OTC swap contracts outstanding as of April 30, 2018:
	Net Upfront Payments (Receipts) ($)		Value ($)
Assets
Total OTC Total return basket swaps contracts outstanding		–		171,896


Liabilities

Total OTC Total return basket swaps contracts outstanding		–		(221,385	)

SEE NOTES TO FINANCIAL STATEMENTS.



96	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

JPMorgan Managed Futures Strategy ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited)


Shares		Investments	Value ($)
	SHORT-TERM INVESTMENTS — 81.5%
		Investment Companies — 81.5%
	42,045,395	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.58% (a)(b) (Cost $42,045,395)		42,045,395

		Total Investments — 81.5% (Cost $42,045,395)		42,045,395
		Other Assets Less Liabilities — 18.5%		9,555,052

		Net Assets — 100.0%	$	51,600,447

Percentages indicated are based on net assets.


(a)		— The rate shown was the current yield as of April 30, 2018.
(b)		— Affiliated company as defined under the Investment Company Act of 1940.


Futures contracts outstanding as of April 30, 2018:
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
		Long Contracts
	9	Feeder Cattle		05/2018		USD		630,787		44,036
	3	Hang Seng Index		05/2018		HKD		582,624		3,654
	8	LME Aluminum Base Metal		05/2018		USD		452,700		33,350
	11	LME Nickel Base Metal		05/2018		USD		897,666		10,083
	12	LME Zinc Base Metal		05/2018		USD		938,625		(38,024	)
	20	WTI Crude Oil		05/2018		USD		1,371,400		98,557
	8	100 oz Gold		06/2018		USD		1,055,360		(15,731	)
	73	Australia 10 Year Bond		06/2018		AUD		7,028,766		30,055
	3	Euro-Bund		06/2018		EUR		575,083		(1,948	)
	10	Euro-Schatz		06/2018		EUR		1,351,486		775
	4	FTSE/MIB Index		06/2018		EUR		568,735		33,358
	12	Japan 10 Year Bond		06/2018		JPY		16,535,675		(13,242	)
	22	Live Cattle		06/2018		USD		933,680		(75,735	)
	19	LME Aluminum Base Metal		06/2018		USD		1,075,875		66,894
	8	LME Nickel Base Metal		06/2018		USD		653,808		21,600
	14	LME Zinc Base Metal		06/2018		USD		1,095,150		(51,917	)
	3	S&P 500 E-Mini Index		06/2018		USD		397,050		(16,026	)
	1	SPI 200 Index		06/2018		AUD		111,873		(574	)
	177	U.S. Treasury 10 Year Note		06/2018		USD		21,159,797		(48,788	)
	4	WTI Crude Oil		06/2018		USD		273,920		25,169
	34	Cocoa		07/2018		USD		960,500		93,258
	14	Corn		07/2018		USD		280,525		9,209
	25	Cotton No. 2		07/2018		USD		1,048,000		22,695
	7	LME Aluminum Base Metal		07/2018		USD		395,762		46,748
	20	Soybean		07/2018		USD		1,048,500		17,579

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	97

JPMorgan Managed Futures Strategy ETF

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)


NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
	2		Wheat		07/2018		USD		51,050			3,994
	9		Live Cattle		08/2018		USD		376,290			(26,467	)

												272,562

			Short Contracts
	(5	)	CAC 40 10 Euro Index		05/2018		EUR		(329,767	)		(8,881	)
	(10	)	IBEX 35 Index		05/2018		EUR		(1,200,514	)		(24,384	)
	(8	)	LME Aluminum Base Metal		05/2018		USD		(452,700	)		(56,600	)
	(7	)	LME Nickel Base Metal		05/2018		USD		(571,242	)		(21,105	)
	(30	)	Natural Gas		05/2018		USD		(828,900	)		2,860
	(58	)	Australia 3 Year Bond		06/2018		AUD		(4,843,013	)		(2,039	)
	(28	)	Canada 10 Year Bond		06/2018		CAD		(2,866,623	)		16,084
	(2	)	DAX Index		06/2018		EUR		(758,927	)		(21,311	)
	(18	)	EURO STOXX 50 Index		06/2018		EUR		(752,976	)		(33,298	)
	(33	)	Euro-Bobl		06/2018		EUR		(5,220,455	)		(20,338	)
	(7	)	Euro-Bund		06/2018		EUR		(1,341,861	)		(3,673	)
	(9	)	FTSE 100 Index		06/2018		GBP		(922,684	)		(28,833	)
	(17	)	Japan 10 Year Bond		06/2018		JPY		(23,425,540	)		12,035
	(28	)	Lean Hogs		06/2018		USD		(814,240	)		57,937
	(19	)	LME Aluminum Base Metal		06/2018		USD		(1,075,875	)		(124,052	)
	(2	)	LME Nickel Base Metal		06/2018		USD		(163,452	)		7,230
	(5	)	LME Zinc Base Metal		06/2018		USD		(391,125	)		12,872
	(28	)	Long Gilt		06/2018		GBP		(4,712,830	)		(59,978	)
	(8	)	Natural Gas		06/2018		USD		(224,000	)		3,060
	(71	)	Sugar No. 11		06/2018		USD		(934,360	)		27,685
	(35	)	U.S. Treasury 10 Year Note		06/2018		USD		(4,184,141	)		19,954
	(122	)	U.S. Treasury 2 Year Note		06/2018		USD		(25,869,719	)		44,406
	(75	)	U.S. Treasury 5 Year Note		06/2018		USD		(8,511,328	)		29,882
	(13	)	U.S. Treasury Long Bond		06/2018		USD		(1,865,500	)		8,846
	(28	)	Coffee ‘C’		07/2018		USD		(1,289,400	)		(55,866	)
	(1	)	Copper		07/2018		USD		(76,850	)		2,422
	(46	)	Corn		07/2018		USD		(921,727	)		(25,825	)
	(4	)	LME Aluminum Base Metal		07/2018		USD		(226,150	)		(2,525	)
	(14	)	Silver		07/2018		USD		(1,148,070	)		16,313
	(24	)	Wheat		07/2018		USD		(612,600	)		(52,608	)
	(9	)	Feeder Cattle		08/2018		USD		(657,900	)		4,623
	(23	)	Sugar No. 11		09/2018		USD		(308,862	)		21,569
	(16	)	Wheat		09/2018		USD		(421,000	)		(32,560	)

												(286,098	)

												(13,536	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



98	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

Abbreviations


AUD		— Australian Dollar
CAC		— Continuous Assisted Quotation
CAD		— Canadian Dollar
DAX		— Deutscher Aktien Index
EUR		— Euro
FTSE		— Financial Times and the London Stock Exchange
GBP		— British Pound


HKD		— Hong Kong Dollar
IBEX		— Madrid Stock Exchange
JPY		— Japanese Yen
LME		— London Metal Exchange
MIB		— Milan, Italian Stock Exchange
SPI		— Australian Securities Exchange
USD		— United States Dollar
WTI		— West Texas Intermediate


Forward foreign currency exchange contracts outstanding as of April 30, 2018:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
TRY	1,602,496	USD	386,934	Citibank, NA		5/25/2018		4,554
USD	965,085	AUD	1,238,047	Australia & New Zealand Banking Group Ltd.		5/25/2018		32,987
USD	984,036	CAD	1,241,637	State Street Corp.		5/25/2018		16,531
USD	103,228	CHF	100,330	Merrill Lynch International		5/25/2018		1,781
USD	5,197,994	CHF	5,023,415	State Street Corp.		5/25/2018		118,648
USD	386,598	EUR	311,877	Australia & New Zealand Banking Group Ltd.		5/25/2018		9,321
USD	3,599,817	EUR	2,904,012	TD Bank Financial Group		5/25/2018		86,844
USD	434,244	HUF	108,847,013	Goldman Sachs International		5/25/2018		14,668
USD	418,050	ILS	1,468,284	State Street Corp.		5/25/2018		9,484
USD	420,702	KRW	446,356,214	Merrill Lynch International^**		5/25/2018		3,773
USD	5,013,617	SEK	41,999,327	Citibank, NA		5/25/2018		208,714
USD	108,388	SEK	919,823	Credit Suisse International		5/25/2018		3,156
USD	420,204	THB	13,117,304	Societe Generale		5/25/2018		4,307
USD	420,683	TWD	12,317,595	Merrill Lynch International^**		5/25/2018		3,974

Total unrealized appreciation								518,742

AUD	879,007	USD	676,249	Australia & New Zealand Banking Group Ltd.		5/25/2018		(14,463	)
AUD	276,310	USD	212,688	Goldman Sachs International		5/25/2018		(4,660	)
EUR	311,877	USD	377,494	Goldman Sachs International		5/25/2018		(218	)
GBP	1,239,745	USD	1,762,222	Merrill Lynch International		5/25/2018		(53,582	)
INR	27,482,333	USD	415,870	Goldman Sachs International^**		5/25/2018		(3,673	)
JPY	228,217,898	USD	2,129,445	Australia & New Zealand Banking Group Ltd.		5/25/2018		(38,535	)
MXN	7,966,423	USD	435,961	Citibank, NA		5/25/2018		(11,618	)
NOK	34,380,107	USD	4,436,557	Citibank, NA		5/25/2018		(147,493	)
NOK	863,663	USD	108,798	Merrill Lynch International		5/25/2018		(1,052	)
NZD	1,023,261	USD	748,134	Societe Generale		5/25/2018		(28,240	)
RUB	23,660,645	USD	385,064	Goldman Sachs International^**		5/25/2018		(10,434	)
ZAR	4,965,421	USD	413,265	Citibank, NA		5/25/2018		(16,225	)

Total unrealized depreciation								(330,193	)

Net unrealized appreciation								188,549

**	— Non-deliverable forward. See Note 2.C.(2). in the Notes to Financial Statements.

Abbreviations


AUD		— Australian Dollar
CAD		— Canadian Dollar
CHF		— Swiss Franc
EUR		— Euro
GBP		— British Pound
HUF		— Hungarian Forint
ILS		— Israeli Shekel
INR		— Indian Rupee
JPY		— Japanese Yen
KRW		— Korean Republic Won


MXN		— Mexican Peso
NOK		— Norwegian Krone
NZD		— New Zealand Dollar
RUB		— Russian Ruble
SEK		— Swedish Krona
THB		— Thai Baht
TRY		— New Turkish Lira
TWD		— Taiwan Dollar
USD		— United States Dollar
ZAR		— South African Rand

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	99

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2018 (Unaudited)


	JPMorgan Diversified Alternatives ETF (1)			JPMorgan Event Driven ETF			JPMorgan Long/Short ETF			JPMorgan Managed Futures Strategy ETF (1)
ASSETS:
Investments in non-affiliates, at value	$	109,818,717		$	10,103,439		$	13,706,145		$	—
Investments in affiliates, at value		85,343,402			16,051,189			10,310,159			42,045,395
Restricted cash		1,800			—			200			—
Restricted cash for OTC derivatives		3,450,821			—			360,000			—
Cash		650,389			32			—			5,821,066
Foreign currency, at value		2,778,071			6,598			86,867			1,098,823
Deposits at broker for futures contracts		6,061,000			—			248,000			2,578,000
Deferred offering costs		—			8,330			25,635			21,792
Prepaid Expenses		77,420			1,257			2,586			35,232
Receivables:
Investment securities sold		456,505			—			129,362			—
Dividends from non-affiliates		47,833			2,432			7,281			—
Dividends from affiliates		99,848			20,813			13,012			50,861
Tax reclaims		8,939			920			187			—
Unrealized appreciation on forward foreign currency exchange contracts		1,830,934			4,014			3,933			518,742
Outstanding swap contracts, at value		3,956,897			70,891			171,896			—
Due from Adviser		—			20,099			13,745			37,211

Total Assets		214,582,576			26,290,014			25,079,008			52,207,122


LIABILITIES:
Payables:
Investment securities purchased		1,521,565			189,293			—			—
Variation margin on futures contracts		303,636			—			20,574			198,297
Unrealized depreciation on forward foreign currency exchange contracts		1,125,633			—			3,653			330,193
Accrued liabilities:
Investment advisory fees		56,772			—			—			—
Administration fees		15,710			1,815			1,740			4,165
Custodian, Accounting and Transfer Agent fees		3,552			5,406			8,869			4,977
Trustees’ and Chief Compliance Officer’s fees		1,437			724			322			1,332
Professional Fees		85,657			43,369			33,291			62,767
Outstanding swap contracts, at value		3,588,377			34,471			221,385			—
Other		6,295			1,441			3,097			4,944

Total Liabilities		6,708,634			276,519			292,931			606,675

Net Assets	$	207,873,942		$	26,013,495		$	24,786,077		$	51,600,447


NET ASSETS:
Paid-in-Capital	$	210,388,145		$	26,295,474		$	26,272,698		$	52,491,618
Accumulated undistributed (distributions in excess of) net investment income		182			28,860			68,426			91,417
Accumulated net realized gains (losses)		(6,397,765	)		(319,384	)		(762,753	)		(1,152,032	)
Net unrealized appreciation (depreciation)		3,883,380			8,545			(792,294	)		169,444

Total Net Assets	$	207,873,942		$	26,013,495		$	24,786,077		$	51,600,447


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		8,200,000			1,050,000			1,050,000			2,100,000

Net asset value, per share	$	25.35		$	24.77		$	23.61		$	24.57


Cost of investments in non-affiliates	$	107,841,350		$	10,135,294		$	14,395,009		$	—
Cost of investments in affiliates		85,343,402			16,051,189			10,310,159			42,045,395
Cost of foreign currency		2,806,765			6,628			88,413			1,104,457

(1)	Consolidated Statement of Assets and Liabilities.

SEE NOTES TO FINANCIAL STATEMENTS.



100	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED APRIL 30, 2018 (Unaudited)


	JPMorgan Diversified Alternatives ETF (1)			JPMorgan Event Driven ETF (a)			JPMorgan Long/Short ETF (b)			JPMorgan Managed Futures Strategy ETF (c) (1)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	787,738		$	42,144		$	71,016		$	—
Dividend income from affiliates		399,626			82,416			38,355			197,017
Interest income from non-affiliates		20,965			787			771			8,192
Interest income from affiliates		863			—			14			1,349
Foreign taxes withheld		(11,069	)		(1,223	)		—			—

Total investment income		1,198,123			124,124			110,156			206,558


EXPENSES:
Investment advisory fees (Note 3.A)		580,600			80,434			39,742			115,482
Administration fees (Note 3.B)		83,873			9,116			5,630			20,064
Interest expense to non-affiliates		4,911			—			173			2,693
Interest expense to affiliates		1,404			370			58			820
Professional fees		95,167			53,857			37,014			90,936
Trustees’ and Chief Compliance Officer’s fees		7,939			1,701			1,091			7,124
Printing and mailing costs		17,091			15,023			2,589			2,609
Registration and filing fees		14,249			8,532			5,885			10,225
Custodian, Accounting and Transfer Agent fees (Note 3.C)		50,156			10,269			10,254			15,068
Insurance expense		7,006			903			636			1,704
Offering costs (Note 2.D)		—			5,944			9,278			14,363
Other		26,975			1,057			863			4,452

Total expenses		889,371			187,206			113,213			285,540

Less fees waived (Note 3.E)		(188,097	)		(89,550	)		(45,372	)		(135,546	)
Less expense reimbursements from affiliates (Note 3.E)		—			(15,922	)		(25,711	)		(49,113	)
Less expense reimbursements from non-affiliates (Note 3.C)		(4,400	)		(400	)		(400	)		—

Net expenses		696,874			81,334			41,730			100,881

Net investment income (loss)		501,249			42,790			68,426			105,677


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(185,283	)		(33,218	)		(328,371	)		(11	)
Futures		(2,860,636	)		(214,303	)		(455,885	)		(1,051,870	)
Foreign currency transactions		98,798			(5,737	)		(7,093	)		85,277
Forward foreign currency exchange contracts		(465,947	)		(22,339	)		4,880			(185,428	)
Swaps		(3,031,985	)		(43,787	)		23,716			—

Net realized gain (loss)		(6,445,053	)		(319,384	)		(762,753	)		(1,152,032	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(1,390,953	)		(31,855	)		(688,864	)		—
Futures		1,027,108			—			(53,238	)		(13,536	)
Foreign currency translations		(39,039	)		(34	)		(983	)		(5,569	)
Forward foreign currency exchange contracts		863,737			4,014			280			188,549
Swaps		365,144			36,420			(49,489	)		—

Change in net unrealized appreciation/depreciation		825,997			8,545			(792,294	)		169,444

Net realized/unrealized gains (losses)		(5,619,056	)		(310,839	)		(1,555,047	)		(982,588	)

Change in net assets resulting from operations	$	(5,117,807	)	$	(268,049	)	$	(1,486,621	)	$	(876,911	)

(a)	Commencement of operations was November 29, 2017.

(b)	Commencement of operations was January 23, 2018.

(c)	Commencement of operations was December 5, 2017.

(1)	Consolidated Statement of Operations.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	101

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED


	JPMorgan Diversified Alternatives ETF (1)						JPMorgan Event Driven ETF
	Six Months Ended April 30, 2018 (Unaudited)			Year Ended October 31, 2017			Period Ended April 30, 2018 (Unaudited) (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	501,249		$	219,103		$	42,790
Net realized gain (loss)		(6,445,053	)		(1,206,770	)		(319,384	)
Change in net unrealized appreciation/depreciation		825,997			3,139,492			8,545

Change in net assets resulting from operations		(5,117,807	)		2,151,825			(268,049	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(868	)		(444,087	)		(13,930	)
From net realized gains		—			(13,545	)		—

Total distributions to shareholders		(868	)		(457,632	)		(13,930	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		59,209,876			100,111,115			26,295,474


NET ASSETS:
Change in net assets		54,091,201			101,805,308			26,013,495
Beginning of period		153,782,741			51,977,433			—

End of period	$	207,873,942		$	153,782,741		$	26,013,495

Accumulated undistributed (distributions in excess of) net investment income	$	182		$	(500,199	)	$	28,860


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	59,209,876		$	100,111,115		$	26,295,474

Total change in net assets resulting from capital transactions	$	59,209,876		$	100,111,115		$	26,295,474


SHARE TRANSACTIONS:
Issued		2,300,000			3,850,000			1,050,000

Net increase in shares from share transactions		2,300,000			3,850,000			1,050,000

(a)	Commencement of operations was November 29, 2017.

(1)	Consolidated Statement of Changes in Net Assets.

SEE NOTES TO FINANCIAL STATEMENTS.



102	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan Long/Short ETF			JPMorgan Managed Futures Strategy ETF (1)
	Period Ended April 30, 2018 (Unaudited) (a)			Period Ended April 30, 2018 (Unaudited) (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	68,426		$	105,677
Net realized gain (loss)		(762,753	)		(1,152,032	)
Change in net unrealized appreciation/depreciation		(792,294	)		169,444

Change in net assets resulting from operations		(1,486,621	)		(876,911	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			(14,260	)

Total distributions to shareholders		—			(14,260	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		26,272,698			52,491,618


NET ASSETS:
Change in net assets		24,786,077			51,600,447
Beginning of period		—			—

End of period	$	24,786,077		$	51,600,447

Accumulated undistributed (distributions in excess of) net investment income	$	68,426		$	91,417


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	26,272,698		$	52,491,618

Total change in net assets resulting from capital transactions	$	26,272,698		$	52,491,618


SHARE TRANSACTIONS:
Issued		1,050,000			2,100,000

Net increase in shares from share transactions		1,050,000			2,100,000

(a)	Commencement of operations was January 23, 2018.

(b)	Commencement of operations was December 5, 2017.

(1)	Consolidated Statement of Changes in Net Assets.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	103

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain (loss)			Total distributions

JPMorgan Diversified Alternatives ETF (1)
Six Months Ended April 30, 2018 (Unaudited)	$	26.06	$	0.07		$	(0.78	)	$	(0.71	)	$	—	(h)	$	—		$	—	(h)
Year Ended October 31, 2017		25.35		0.07			0.86			0.93			(0.21	)		(0.01	)		(0.22	)
September 12, 2016(a) through October 31, 2016		25.00		(0.02	)		0.37			0.35			—			—			—

JPMorgan Event Driven ETF
November 29, 2017(a) through April 30, 2018 (Unaudited)		25.00		0.04			(0.26	)		(0.22	)		(0.01	)		—			(0.01	)

JPMorgan Long/Short ETF
January 23, 2018(a) through April 30, 2018 (Unaudited)		25.00		0.07			(1.46	)		(1.39	)		—			—			—

JPMorgan Managed Futures Strategy ETF (1)
December 5, 2017(a) through April 30, 2018 (Unaudited)		25.00		0.05			(0.47	)		(0.42	)		(0.01	)		—			(0.01	)

(a)	Commencement of operations.

(b)	Calculated based upon average shares outstanding.

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

(d)

(e)

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

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

(h)	Amount rounds to less than $0.005.

(1)	Consolidated Statement of Financial Highlights.

SEE NOTES TO FINANCIAL STATEMENTS.



104	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018


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


$	25.35	$	25.42		(2.72	)%		(2.57	)%	$	207,873,942		0.72	%		0.52	%		0.92	%		83	%
	26.06		26.09		3.68			3.51			153,782,741		0.76			0.25			1.31			107
	25.35		25.42		1.44			1.68			51,977,433		0.85	(g)		0.47			6.65	(g)		5


	24.77		24.83		(0.87	)		(0.63	)		26,013,495		0.72	(g)		0.40			1.70	(g)		102


	23.61		23.71		(5.56	)		(5.31	)		24,786,077		0.56	(g)		1.10			1.71	(g)		53


	24.57		24.70		(1.69	)		(1.17	)		51,600,447		0.46	(g)		0.52			1.37	(g)		—

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	105

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited)

1. Organization

The following are 4 separate funds of the Trust (collectively, the “Funds”) covered by this report:


		Diversified/Non-Diversified
JPMorgan Diversified Alternatives ETF		Diversified
JPMorgan Event Driven ETF		Diversified
JPMorgan Long/Short ETF		Diversified
JPMorgan Managed Futures Strategy ETF		Non-Diversified

JPMorgan Diversified Alternatives ETF (the “Diversified Alternatives ETF”) commenced operations on September 12, 2016. The investment objective of the Fund is to seek to provide long-term total return.

JPMorgan Event Driven ETF (the “Event Driven ETF”) commenced operations on November 29, 2017. The investment objective of the Fund is to seek to provide long-term total return.

JPMorgan Long/Short ETF (the “Long/Short ETF”) commenced operations on January 23, 2018. The investment objective of the Fund is to seek to provide long-term total return.

JPMorgan Managed Futures Strategy ETF (the “Managed Futures Strategy ETF”) commenced operations on December 05, 2017. The investment objective of the Fund is to seek to provide long-term total return.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

Shares of the Funds 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 JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, typically 50,000 shares for all funds referred to as “Creation Units.” Creation Units are issued and redeemed principally in cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).

Basis for Consolidation

Diversified Alternatives Fund CS Ltd. and Managed Futures Fund CS Ltd. (each, a “Subsidiary”; collectively, the “Subsidiaries”), Cayman Islands exempted companies, incorporated on August 17, 2015 and August 17, 2017, respectively, are currently wholly-owned subsidiaries of the Diversified Alternatives ETF and Managed Futures Strategy ETF, respectively. Each Subsidiary acts as an investment vehicle for its respective Fund in order to effect certain investments on behalf of such Fund consistent with the Fund’s investment objectives and policies as described in the Fund’s prospectus. The consolidated financial statements for these Funds include the accounts of the Funds and the Subsidiaries. Subsequent references to the Funds within the Notes to Consolidated Financial Statements collectively refer to the Funds and the Subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their consolidated financial statements. 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 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 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.



106	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include 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 instruments are traded before the NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

Investments in open-end investment companies excluding Exchange-Traded Funds (“ETFs”) (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures are generally valued on the basis of available market quotations. Forward foreign currency contracts, swaps and other derivatives are valued utilizing market quotations from approved Pricing Services.

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

•

Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

•

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

Diversified Alternatives ETF


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Total Investments in Securities (a)	$	193,193,615		$	1,968,504		$	—		$	195,162,119

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	1,830,934		$	—		$	1,830,934
Futures Contracts		2,683,120			53,851			—			2,736,971
Swaps		—			2,200,049			65			2,200,114

Total Appreciation in Other Financial Instruments	$	2,683,120		$	4,084,834		$	65		$	6,768,019

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(1,125,633	)	$	—		$	(1,125,633	)
Futures Contracts		(1,728,285	)		(145,944	)		—			(1,874,229	)
Swaps		—			(1,199,496	)		(3,547	)		(1,203,043	)

Total Depreciation in Other Financial Instruments	$	(1,728,285	)	$	(2,471,073	)	$	(3,547	)	$	(4,202,905	)



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	107

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

Event Driven ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Aerospace & Defense	$	382,510	$	—		$	—	$	382,510
Banks		151,240		—			—		151,240
Biotechnology		543,108		—			—		543,108
Building Products		407,978		—			—		407,978
Capital Markets		188,512		—			—		188,512
Chemicals		417,357		—			—		417,357
Communications Equipment		108,419		—			—		108,419
Electrical Equipment		191,272		—			—		191,272
Electronic Equipment, Instruments & Components		361,096		—			—		361,096
Food Products		157,040		—			—		157,040
Gas Utilities		379,206		—			—		379,206
Health Care Equipment & Supplies		382,024		—			—		382,024
Health Care Providers & Services		236,511		—			—		236,511
Hotels, Restaurants & Leisure		462,084		—			—		462,084
Household Durables		149,202		—			—		149,202
Insurance		995,344		—			—		995,344
IT Services		659,832		—			—		659,832
Machinery		344,805		—			—		344,805
Multi-Utilities		755,662		183,934			—		939,596
Oil, Gas & Consumable Fuels		643,006		—			—		643,006
Paper & Forest Products		290,436		—			—		290,436
Personal Products		190,314		—			—		190,314
Pharmaceuticals		81,775		—			—		81,775
Real Estate Management & Development		158,585		—			—		158,585
Semiconductors & Semiconductor Equipment		726,650		—			—		726,650
Software		153,890		—			—		153,890
Specialty Retail		241,252		—			—		241,252
Technology Hardware, Storage & Peripherals		160,395		—			—		160,395

Total Common Stocks		9,919,505		183,934			—		10,103,439
Short-Term Investment

Investment Company		16,051,189		—			—		16,051,189

Total Investments in Securities	$	25,970,694	$	183,934		$	—	$	26,154,628

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	4,014		$	—	$	4,014
Swaps		—		55,104			—		55,104

Total Appreciation in Other Financial Instruments	$	—	$	59,118		$	—	$	59,118

Depreciation in Other Financial Instruments
Swaps	$	—	$	(28,970	)	$	—	$	(28,970	)

Long/Short ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	24,016,304	$	—	$	—	$	24,016,304

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	3,933	$	—	$	3,933
Futures Contracts		—		17,889		—		17,889
Swaps		—		156,723		—		156,723

Total Appreciation in Other Financial Instruments	$	—	$	178,545	$	—	$	178,545



108	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

Long/Short ETF (continued)


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(3,653	)	$	—	$	(3,653	)
Futures Contracts		(5,342	)		(65,785	)		—		(71,127	)
Swaps		—			(212,041	)		—		(212,041	)

Total Depreciation in Other Financial Instruments	$	(5,342	)	$	(281,479	)	$	—	$	(286,821	)

Managed Futures Strategy ETF


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Short-Term Investment
Investment Company	$	42,045,395		$	—		$	—	$	42,045,395

Total Investments in Securities	$	42,045,395		$	—		$	—	$	42,045,395

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	518,742		$	—	$	518,742
Futures Contracts		811,780			37,012			—		848,792

Total Appreciation in Other Financial Instruments	$	811,780		$	555,754		$	—	$	1,367,534

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(330,193	)	$	—	$	(330,193	)
Futures Contracts		(745,047	)		(117,281	)		—		(862,328	)

Total Depreciation in Other Financial Instruments	$	(745,047	)	$	(447,474	)	$	—	$	(1,192,521	)

(a)	All portfolio holdings designated as level 1 are disclosed individually on the CSOI/SOI.

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 April 30, 2018 for Diversified Alternatives ETF.

There were no transfers among any levels during the period ended April 30, 2018 for Event Driven ETF, Long/Short ETF and Managed Futures Strategy ETF.

As of April 30, 2018, 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. Derivatives — The Funds used derivative instruments including futures, forward foreign currency exchange contracts and swaps, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	109

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds.

Notes C(1) — C(3) below describe the various derivatives used by the Funds.

(1). Futures Contracts — The Funds used index, commodities and treasury futures contracts to obtain long and short exposure to the underlying commodities markets, to gain or reduce exposure to the stock market, to gain or reduce exposure to particular countries or regions, maintain liquidity, minimize transaction costs or to manage and hedge interest rate risk associated with portfolio investments.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Consolidated Statement of Operations/Statement of Operations (“CSOP/SOP”). Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the CSOP/SOP at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the CSOI/SOIs and cash deposited is recorded on the CSAL/SAL. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the CSAL/SAL.

The use of futures contracts exposes the Funds to interest rate risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the CSAL/SAL, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(2). Forward Foreign Currency Exchange Contracts — The Funds may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.

The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(3). Swaps — The Diversified Alternatives ETF, Event Driven ETF and Long/Short ETF engaged in various swap transactions, including total return swaps and total return basket swaps, to manage credit and total return risks within their respective portfolios. The Funds also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between a fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received are recorded as assets or liabilities, respectively, on the CSAL/SAL and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the CSAL/SAL at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the CSOIs/SOIs and cash deposited is recorded on the CSAL/SAL. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the CSAL/SAL. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on the CSOP/SOP. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.



110	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

The Funds may be required to post or receive collateral based on the net value of the Funds’ outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds’ custodian bank. For certain counterparties cash collateral posted or received by the Funds is reported on the CSAL/SAL as Restricted cash for OTC derivatives.

The Funds’ swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Total Return Swaps

The Diversified Alternatives ETF used total return swaps to gain long or short exposure to underlying stock. To the extent the total return of the stock underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Funds will receive a payment from or make a payment to the counterparty. These arrangements involve the periodic exchange of cash flows based on the total return of the underlying stock and interest rate obligations.

Total Return Basket Swaps

The Diversified Alternatives ETF, Event Driven ETF and Long/Short ETF entered into total return basket swap agreements to obtain exposure to a portfolio of long and short securities. This is a highly specialized activity and a significant aspect of each Fund’s investment strategy.

Under the terms of the agreements, each swap is designed to function as a portfolio of direct investments in long and short equity positions. This means that a Fund has the ability to trade in and out of long and short positions within each swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in each swap value. Each swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within each swap. These interest charges and credits are based on defined market rates based on the local currencies of the positions in the portfolio plus or minus a specified spread and are referred to herein as “financing costs”. Positions within each swap, accrued financing costs and net dividends, are part of the monthly reset. During a reset, any unrealized gains (losses) on positions, accrued financing costs, and net dividends become available for cash settlement between the Fund and the swap counterparty are recorded as Due from/to counterparty for swap contract on the CSAL/SAL and as Net realized gain (loss) on transactions from swaps on the CSOP/SOP.

Each swap involves additional risks than if a Fund had invested in the underlying positions directly including: the risk that changes in the value of each swap may not correlate perfectly with the underlying long and short securities; counterparty risk related to the counterparty’s failure to perform under contract terms; liquidity risk related to the lack of a liquid market for each swap contract, which may limit the ability of a Fund to close out its positions; and, documentation risk relating to disagreement over contract terms. The total return basket swaps consist of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities. The Funds’ activities in each total return basket swap are concentrated with a single counterparty. Investing in swaps results in a form of leverage (i.e., a Fund’s risk of loss associated with these instruments may exceed their value as recorded on the CSAL/SAL).

The value of each swap is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing prices on the principal exchange on which the underlying securities are traded; (ii) financing costs; (iii) the value of dividends; (iv) cash balances within the swap; and (v) other factors, as applicable. The value of each swap is reflected on the CSAL/SAL as Outstanding swap contracts, at value. Changes in the value of each swap are recognized as Change in net unrealized appreciation/depreciation of swaps on the CSOP/SOP.

(4). Summary of Derivatives Information

The following tables present the value of derivatives held as of April 30, 2018, by their primary underlying risk exposure and respective location on the CSAL/SAL:

Diversified Alternatives ETF


Derivative Contract	CSAL Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Interest rate contracts	Receivables, Net assets — Unrealized Appreciation	$	284,484		$	—		$	—		$	284,484
Equity contracts	Receivables, Net assets — Unrealized Appreciation		822,704			—			3,956,897			4,779,601
Foreign exchange contracts	Receivables		—			1,830,934			—			1,830,934
Commodity contracts	Receivables, Net assets — Unrealized Appreciation		1,629,783			—			—			1,629,783

Total		$	2,736,971		$	1,830,934		$	3,956,897		$	8,524,802


Gross Liabilities:
Interest rate contracts	Payables, Net assets — Unrealized Depreciation	$	(325,074	)	$	—		$	—		$	(325,074	)
Equity contracts	Payables, Net assets — Unrealized Depreciation		(167,312	)		—			(3,588,377	)		(3,755,689	)
Foreign exchange contracts	Payables		—			(1,125,633	)		—			(1,125,633	)
Commodity contracts	Payables, Net assets — Unrealized Depreciation		(1,381,843	)		—			—			(1,381,843	)

Total		$	(1,874,229	)	$	(1,125,633	)	$	(3,588,377	)	$	(6,588,239	)



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	111

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

Event Driven ETF


Derivative Contract	SAL Location
Gross Assets:		Forward Foreign Currency Exchange Contracts		OTC Swaps			Total
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	—	$	70,891		$	70,891
Foreign exchange contracts	Receivables, Net Assets — Unrealized Appreciation		4,014		—			4,014

Total		$	4,014	$	70,891		$	74,905


Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	—	$	(34,471	)	$	(34,471	)

Long/Short ETF


Derivative Contract	SAL Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Equity contracts	Receivables, Net assets — Unrealized Appreciation	$	17,889		$	—		$	171,896		$	189,785
Foreign exchange contracts	Receivables		—			3,933			—			3,933

Total		$	17,889		$	3,933		$	171,896		$	193,718


Gross Liabilities:
Equity contracts	Payables, Net assets — Unrealized Depreciation	$	(71,127	)	$	—		$	(221,385	)	$	(292,512	)
Foreign exchange contracts	Payables		—			(3,653	)		—			(3,653	)

Total		$	(71,127	)	$	(3,653	)	$	(221,385	)	$	(296,165	)

Managed Futures Strategy ETF


Derivative Contract	CSAL Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Interest rate contracts	Receivables, Net assets — Unrealized Appreciation	$	162,037		$	—		$	162,037
Equity contracts	Receivables, Net assets — Unrealized Appreciation		37,012			—			37,012
Foreign exchange contracts	Receivables		—			518,742			518,742
Commodity contracts	Receivables, Net assets — Unrealized Appreciation		649,743			—			649,743

Total		$	848,792		$	518,742		$	1,367,534


Gross Liabilities:
Interest rate contracts	Payables, Net assets — Unrealized Depreciation	$	(150,006	)	$	—		$	(150,006	)
Equity contracts	Payables, Net assets — Unrealized Depreciation		(133,307	)		—			(133,307	)
Foreign exchange contracts	Payables		—			(330,193	)		(330,193	)
Commodity contracts	Payables, Net assets — Unrealized Depreciation		(579,015	)		—			(579,015	)

Total		$	(862,328	)	$	(330,193	)	$	(1,192,521	)

(a)	This amount represents the cumulative appreciation/depreciation of futures contracts as reported on the CSOI/SOI. The CSAL/SAL only reflects the current day variation margin receivable/payable from/to brokers.



112	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

The following tables present each Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of April 30, 2018.

Diversified Alternatives ETF


Counterparty	Gross Amount of Derivative Assets Presented on the CSAL (a)		Derivatives Available for offset			Collateral Received		Net Amount Due From Counterparty (not less than zero)
Australia & New Zealand Banking Group Ltd.	$	92,100	$	—		$	—	$	92,100
BNP Paribas SA		47,742		—			—		47,742
Citibank NA		563,510		(887	)		—		562,623
Goldman Sachs International		78,666		(31,091	)		—		47,575
HSBC Bank, NA		132,934		(132,934	)		—		—
Merrill Lynch International		61,723		(61,723	)		—		—
State Street Corp.		774,779		(557,024	)		—		217,755
TD Bank Financial Group		79,480		—			—		79,480

Total	$	1,830,934	$	(783,659	)	$	—	$	1,047,275


Counterparty	Gross Amount of Derivative Liabilities Presented on the CSAL (a)		Derivatives Available for Offset			Collateral Posted		Net Amount Due to Counterparty (not less than zero)
Barclays Bank plc	$	15,088	$	—		$	—	$	15,088
Citibank NA		887		(887	)		—		—
Deutsche Bank AG		37,439		—			—		37,439
Goldman Sachs International		31,091		(31,091	)		—		—
HSBC Bank, NA		234,362		(132,934	)		—		101,428
Merrill Lynch International		249,742		(61,723	)		—		188,019
State Street Corp.		557,024		(557,024	)		—		—

Total	$	1,125,633	$	(783,659	)	$	—	$	341,974

Event Driven ETF


Counterparty	Gross Amount of Derivative Assets Presented on the SAL (a)		Derivatives Available for offset		Collateral Received		Net Amount Due From Counterparty (not less than zero)
State Street Corp.	$	4,014	$	—	$	—	$	4,014

Long/Short ETF


Counterparty	Gross Amount of Derivative Assets Presented on the SAL (a)		Derivatives Available for offset		Collateral Received		Net Amount Due From Counterparty (not less than zero)
Goldman Sachs International	$	569	$	—	$	—	$	569
State Street Corp.		3,364		—		—		3,364

Total	$	3,933	$	—	$	—	$	3,933


Counterparty	Gross Amount of Derivative Liabilities Presented on the SAL (a)		Derivatives Available for Offset		Collateral Posted		Net Amount Due to Counterparty (not less than zero)
Australia & New Zealand Banking Group Ltd.	$	3,653	$	—	$	—	$	3,653

Total	$	3,653	$	—	$	—	$	3,653



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	113

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

Managed Futures Strategy ETF



Counterparty	Gross Amount of Derivative Assets Presented on the CSAL (a)		Derivatives Available for offset			Collateral Received		Net Amount Due From Counterparty (not less than zero)
Australia & New Zealand Banking Group Ltd.	$	42,308	$	(42,308	)	$	—	$	—
Citibank, NA		213,268		(175,336	)		—		37,932
Credit Suisse International		3,156		—			—		3,156
Goldman Sachs International		14,668		(14,668	)		—		—
Merrill Lynch International		9,528		(9,528	)		—		—
Societe Generale		4,307		(4,307	)		—		—
State Street Corp.		144,663		—			—		144,663
TD Bank Financial Group		86,844		—			—		86,844

Total	$	518,742	$	(246,147	)	$	—	$	272,595


Counterparty	Gross Amount of Derivative Liabilities Presented on the CSAL (a)		Derivatives Available for Offset			Collateral Posted		Net Amount Due to Counterparty (not less than zero)
Australia & New Zealand Banking Group Ltd.	$	52,998	$	(42,308	)	$	—	$	10,690
Citibank, NA		175,336		(175,336	)		—		—
Goldman Sachs International		18,985		(14,668	)		—		4,317
Merrill Lynch International		54,634		(9,528	)		—		45,106
Societe Generale		28,240		(4,307	)		—		23,933

Total	$	330,193	$	(246,147	)	$	—	$	84,046

The following tables present the effect of derivatives on the CSOP/SOP for the period ended April 30, 2018, by primary underlying risk exposure:

Diversified Alternatives ETF


Amount of Realized Gain (Loss) on Derivatives Recognized on the CSOP
Derivative Contract	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Interest rate contracts	$	(1,740,146	)	$	—		$	—		$	(1,740,146	)
Equity contracts		(1,332,267	)		—			(3,031,985	)		(4,364,252	)
Foreign exchange contracts		—			(465,947	)		—			(465,947	)
Commodity contracts		211,777			—			—			211,777

Total	$	(2,860,636	)	$	(465,947	)	$	(3,031,985	)	$	(6,358,568	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the CSOP
Derivative contract	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Interest rate contracts	$	329,236		$	—		$	—		$	329,236
Equity contracts		795,174			—			365,144			1,160,318
Foreign exchange contracts		—			863,737			—			863,737
Commodity contracts		(97,302	)		—			—			(97,302	)

Total	$	1,027,108		$	863,737		$	365,144		$	2,255,989

Event Driven ETF


Amount of Realized Gain (Loss) on Derivatives Recognized on the SOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Equity Contracts	$	(214,303	)	$	—		$	(43,787	)	$	(258,090	)
Foreign exchange contracts		—			(22,339	)		—			(22,339	)

Total	$	(214,303	)	$	(22,339	)	$	(43,787	)	$	(280,429	)



114	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018



Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the SOP
Derivative Contracts	Forward Foreign Currency Exchange Contracts		Swaps		Total
Futures contracts	$	—	$	36,420	$	36,420
Foreign exchange contracts		4,014		—		4,014

Total	$	4,014	$	36,420	$	40,434

Long/Short ETF


Amount of Realized Gain (Loss) on Derivatives Recognized on the SOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Swaps			Total
Futures contracts	$	(455,885	)	$	—	$	23,716		$	(432,169	)
Foreign exchange contracts		—			4,880		—			4,880

Total	$	(455,885	)	$	4,880	$	23,716		$	(427,289	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the SOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Swaps			Total
Futures contracts	$	(53,238	)	$	—	$	(49,489	)	$	(102,727	)
Foreign exchange contracts		—			280		—			280

Total	$	(53,238	)	$	280	$	(49,489	)	$	(102,447	)

Managed Futures Strategy ETF


Amount of Realized Gain (Loss) on Derivatives Recognized on the CSOP
Derivative Contract	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Commodity contracts	$	162,602		$	—		$	162,602
Futures contracts		(261,272	)		—			(261,272	)
Interest rate contracts		(953,200	)		—			(953,200	)
Foreign exchange contracts		—			(185,428	)		(185,428	)

Total	$	(1,051,870	)	$	(185,428	)	$	(1,237,298	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the CSOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Commodity contracts	$	70,728		$	—		$	70,728
Futures contracts		(96,295	)		—			(96,295	)
Interest rate contracts		12,031			—			12,031
Foreign exchange contracts		—			188,549			188,549

Total	$	(13,536	)	$	188,549		$	175,013



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	115

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

Derivatives Volume


	Diversified Alternatives ETF		Event Driven ETF			Long/Short ETF			Managed Futures Strategy ETF
Futures Contracts — Equity:
Average Notional Balance Long	$	10,337,833	$	—		$	3,822,244	(c)	$	9,632,736	(e)
Average Notional Balance Short		14,424,055		7,977,610			1,466,742	(d)		2,825,056	(d)
Ending Notional Balance Long		2,188,871		—			610,926			1,660,281
Ending Notional Balance Short		27,647,333		—			2,336,620			3,964,869

Futures Contracts — Interest Rate
Average Notional Balance Long		118,366,047		—			—			71,678,162	(e)
Average Notional Balance Short		137,384,117		—			—			99,193,630	(e)
Ending Notional Balance Long		97,465,716		—			—			46,650,807
Ending Notional Balance Short		143,312,066		—			—			82,841,011

Futures Contracts — Commodities
Average Notional Balance Long		21,553,751		—			—			12,427,871	(e)
Average Notional Balance Short		18,827,787		—			—			9,607,312	(e)
Ending Notional Balance Long		30,134,719		—			—			13,539,599
Ending Notional Balance Short		26,487,567		—			—			11,118,451

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		26,329,516		393,595	(a)		158,832	(c)		10,302,264	(e)
Average Settlement Value Sold		36,381,053		603,842	(b)		204,013	(c)		17,241,800	(e)
Ending Settlement Value Purchased		42,087,320		—			166,899			12,488,682
Ending Settlement Value Sold		62,165,984		165,422			167,180			18,472,644

Total Return Basket Swaps:
Average Notional Balance Long		95,464,524		15,473,315	(b)		18,646,047	(c)		—
Average Notional Balance Short		85,166,892		3,055,395	(b)		25,802,622	(c)		—
Ending Notional Balance Long		142,773,938		18,068,157			19,293,361			—
Ending Notional Balance Short		115,028,112		2,983,803			27,014,610			—

(a)	For the period February 1, 2018 through February 28, 2018.

(b)	For the period November 29, 2017 through April 30, 2018.

(c)	For the period January 23, 2018 through April 30, 2018.

(d)	For the period March 1, 2018 through April 30, 2018.

(e)	For the period December 5, 2017 through April 30, 2018.

The Funds’ derivatives contracts held at April 30, 2018 are not accounted for as hedging instruments under GAAP.

D. Offering and Organizational Costs — Total offering costs incurred in connection with the offering of shares of the Funds are amortized on a straight line basis over 12 months from the date the Funds commenced operations. For the period ended April 30, 2018, total offering costs incurred were:


Event Driven ETF (a)	$	14,274
Long/Short ETF (b)		34,913
Managed Futures Strategy ETF (c)		36,155

Costs paid in connection with the organization of the Funds, if any, were recorded as an expense at the time the Funds commenced operations and are included as part of Professional fees on the CSOP/SOP. For the period ended April 30, 2018, total offering costs amortized were:


Event Driven ETF (a)	$	5,944
Long/Short ETF (b)		9,278
Managed Futures Strategy ETF (c)		14,363



116	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

(a)	Commencement of operations was November 29, 2017.

(b)	Commencement of operations was January 23, 2018

(c)	Commencement of operations was December 5, 2017.

E. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

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

G. 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.

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code 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 capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2018, 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.

For Federal income tax purposes, taxable income of each Fund and its Subsidiary are separately calculated. The Subsidiary is classified as a controlled foreign corporation under the Code and its taxable income, including net gains, is included as ordinary income in the calculation of each Fund’s taxable income. Net losses of the Subsidiary are not deductible by each Fund either in the current period or carried forward to future periods.

I. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

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



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	117

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of each Fund and Subsidiary and for such services 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:


Diversified Alternatives ETF	0.60	%
Event Driven ETF	0.75	%
Long/Short ETF	0.60	%
Managed Futures Strategy ETF	0.50	%

Each Subsidiary has entered into separate contracts with the Adviser and its affiliates to provide investment advisory and other services to the Subsidiary. The fee for services to the Subsidiary is accrued daily and paid monthly at an annual rate of 0.60% for the Diversified Alternatives ETF and 0.50% for the Managed Futures Strategy ETF of the Subsidiary’s average daily net assets. The Adviser has agreed to waive the advisory fee that it receives from the Fund in an amount equal to the advisory fee paid to the Adviser by the Subsidiary. This waiver will continue in effect so long as the Fund invests in the Subsidiary and may not be terminated without approval by the Fund’s Board.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds and the Subsidiaries. In consideration of these services, 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 (excluding certain funds of funds and money market funds). In consideration for services rendered to each Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an annualized rate of 0.10% of the average daily net assets of the Subsidiary.

The Administrator waived Administration fees as outlined in Note 3.E.

C. Custodian, Accounting and Transfer Agent Fees — JPMCB provides portfolio custody, accounting and transfer agency services to the Funds. The amounts paid directly to JPMCB by the Funds for custody services are included in the Custodian, Accounting and Transfer Agent fees on the SOP. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the CSOP/SOP. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are included in the Custodian, Accounting and Transfer Agent fees on the CSOP/SOP. With respect to the transfer agency services provided by JPMCB for each creation or redemption transaction, the Authorized Participant will generally be responsible for such associated expenses; during the period, the Funds paid no transfer agency fees to JPMCB.

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

For the period ended April 30, 2018, the amount of transaction fees paid by the Authorized Participants that were used to reimburse custodian fees were as follows:


Diversified Alternatives ETF	$	4,400
Event Driven ETF		400
Long/Short ETF		400
Managed Futures Strategy ETF		—

Such amounts are included in expense reimbursements from non-affiliates in the CSOP/SOP.

Restricted cash on the CSAL/SAL is cash received from Authorized Participants for the reimbursement of creation and/or redemption of Fund shares.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the CSOP/SOP.

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


	Expense Cap
Diversified Alternatives ETF		0.85	%
Event Driven ETF		0.85	%
Long/Short ETF		0.69	%
Managed Futures Strategy ETF		0.59	%



118	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

The expense limitation agreements were in effect for the period ended April 30, 2018 and are in place until at least February 28, 2022 for the Diversified Alternatives ETF, November 30, 2020 for the Event Driven ETF, January 31, 2021 for the Long/Short ETF and December 31, 2020 for the Managed Futures Strategy ETF.


	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Total		Contractual Reimbursements
Diversified Alternatives ETF	$	87,231	$	58,154	$	145,385	$	—
Event Driven ETF		69,631		9,116		78,747		15,922
Long/Short ETF		35,540		5,630		41,170		25,711
Managed Futures Strategy ETF		89,859		20,064		109,923		49,113

The amounts of these waivers resulting from investments in these money market funds for the period ended April 30, 2018 were as follows:


Diversified Alternatives ETF	$	42,712
Event Driven ETF		10,803
Long/Short ETF		4,202
Managed Futures Strategy ETF		25,623

The Diversified Alternatives ETF and Managed Futures Strategy ETF invest in Subsidiaries and, as a result, bear a portion of the expenses incurred by these Subsidiaries. These expenses are reflected in the fees waived shown on the CSOP and are included in the ratios to average net assets shown in the Financial Highlights.

The amounts of these waivers resulting from investments in Subsidiaries for the period ended April 30, 2018 were as follows:


Diversified Alternatives ETF	$	101,777
Managed Futures Strategy ETF (a)		46,608

(a)	Commencement of operations was December 5, 2017.

F. Distribution Services — The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under their respective distribution agreements with the Trust (the “Distribution Agreements”). Although the Trust does not, pay any fees under the Distribution Agreements, JPMIM pays JPMDS for certain distribution related services.

The Funds may use related party broker-dealers. For the period ended April 30, 2018, the Funds did not incur any brokerage commissions with broker dealers affiliated with the Adviser.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	119

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2018 (Unaudited) (continued)

4. Investment Transactions

During the period ended April 30, 2018, purchases and sales of investments (excluding short-term investments) were as follows:


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Diversified Alternatives ETF	$	122,186,981	$	79,763,753
Event Driven ETF (a)		18,370,978		8,271,031
Long/Short ETF (b)		20,550,181		5,861,914
Managed Futures Strategy ETF (c)		—		—

(a)	Commencement of operations was November 29, 2017.

(b)	Commencement of operations was January 23, 2018.

(c)	Commencement of operations was December 5, 2017.

During the period ended April 30, 2018, there were no purchases or sales of U.S. Government securities.

For the period ended April 30, 2018, no in-kind transactions associated with creations and redemptions.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities, including each Subsidiary, held at April 30, 2018 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Diversified Alternatives ETF	$	193,184,752	$	15,160,672		(10,665,199	)		4,495,473
Event Driven ETF		26,186,483		719,774		(715,823	)		3,951
Long/Short ETF		24,705,167		1,480,305		(2,277,444	)		(797,139	)
Managed Futures Strategy ETF		42,045,395		1,367,535		(1,192,522	)		175,013

The Federal income tax unrealized appreciation (depreciation) in value of investment securities includes unrealized depreciation of the Diversified Alternatives ETF’s investment in its Subsidiary of $247,938 and Managed Futures Strategy ETF’s investment in its Subsidiary of $70,729, when if realized is not deductible for income tax purposes.

During the year ended October 31, 2017 the Diversified Alternatives Fund CS Ltd. had approximately $296,000 of losses for tax purposes. The Subsidiary’s loss for the current year is not available to offset its future taxable income.

As of October 31, 2017, the Diversified Alternatives ETF’s had net capital loss carryforwards, with no expiration date, of $120,837.

6. Capital Share Transactions

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

Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

7. Risks, Concentrations and Indemnifications



120	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

As of April 30, 2018, the Adviser owns shares representing more than 10% of net assets of following Funds:


	% Ownership
Diversified Alternatives ETF		46	%
Event Driven ETF		95
Long/Short ETF		95
Managed Futures Strategy ETF		95

Significant shareholder transactions by the Adviser may impact the Funds’ performance.

By investing in each Subsidiary, The Diversified Alternatives ETF and Managed Futures Strategy ETF are indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund.

The Funds will employ various alternative investment strategies that involve the use of complicated investment techniques. There is no guarantee that these strategies will succeed and their use may subject the Funds to greater volatility and loss.

Derivatives, including swap agreements, commodity options, futures and options on futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing a Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Funds to counterparty risk and to the credit risk of the derivative counterparty.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with a Fund such as swap and option contracts, credit linked notes, exchange-traded notes and forward foreign currency exchange contracts.

Since the Managed Futures Strategy ETF is non-diversified, it may invest a greater percentage of their assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Funds’ shares being more sensitive to economic results of those issuing the securities.



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	121

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur ongoing costs, including investment advisory fees, administration fee 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, November 1, 2017 and continued to hold your shares at the end of the reporting period, April 30, 2018.

Actual Expenses

“Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes


	Beginning Account Value November 1, 2017		Ending Account Value April 30, 2018		Annualized Expense Ratio			Expenses Paid During the Period
Diversified Alternatives ETF
Actual (1)	$	1,000.00	$	972.80		0.72	%	$	3.52
Hypothetical (1)		1,000.00		1,021.22		0.72			3.61

Event Driven ETF
Actual (2)	$	1,000.00	$	991.30		0.72	%	$	2.99
Hypothetical (1)		1,000.00		1,021.22		0.72			3.61

Long/Short ETF
Actual (3)	$	1,000.00	$	944.40		0.56	%	$	1.36
Hypothetical (1)		1,000.00		1,022.02		0.56			2.81

Managed Futures Strategy ETF
Actual (4)	$	1,000.00	$	983.10		0.46	%	$	1.81
Hypothetical (1)		1,000.00		1,022.51		0.46			2.31

(1)	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the actual period).

(2)	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 152/365 (to reflect the actual period). The Fund commenced operations on November 29, 2017.

(3)	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 97/365 (to reflect the actual period). The Fund commenced operations on January 23, 2018.

(4)	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 146/365 (to reflect the actual period). The Fund commenced operations on December 5, 2017.



122	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

BOARD APPROVAL OF INITIAL INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

JPMorgan Event Driven ETF, JPMorgan Long/Short ETF and JPMorgan Managed Futures Strategy ETF

On September 18-19, 2017, the Board of Trustees held an in-person meeting and approved the initial investment advisory agreements (each an “Advisory Agreement” and collectively, the “Advisory Agreements”) for the JPMorgan Event Driven ETF, JPMorgan Long/Short ETF and JPMorgan Managed Futures ETF (the “Funds”). The Advisory Agreements were approved by a majority of the Trustees who are not “Interested Persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates. In connection with the approval of the Advisory Agreements, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser and with counsel to the Trust and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed Advisory Agreements in executive session with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

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

distribution strategy of the Funds, how they fit within the Trust’s other fund offerings, and how each will be positioned against peer funds, as identified by management.

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

Fall-Out Benefits

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

Economies of Scale



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	123

BOARD APPROVAL OF INITIAL INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Investment Performance

Advisory Fees and Expense Ratios

investment company data, concerning management fee rates paid by other funds in the same Broadridge/Lipper category as the Funds. The Trustees also reviewed information about other projected expenses and the expense ratio for each Fund. The Trustees considered the projected fee waiver and/or expense reimbursement arrangements proposed for each Fund and considered the net advisory fee rate after taking into account any projected waivers and/or reimbursements.



124	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

JPMorgan Diversified Alternatives ETF

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information included the Fund’s performance as compared to the performance of its benchmark and analyses by the Adviser of the Fund’s performance. The Adviser also periodically provides comparative information regarding the Fund’s expense ratio and that of its peer groups. In addition, in preparation for the December meeting, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge Investor Communications Solutions Inc., using data from Lipper Inc. (together, “Broadridge/Lipper”), independent providers of investment company data. Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreement. The Trustees also discussed the Advisory Agreement in executive sessions 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 Advisory Agreement.

The Trustees considered information provided with respect to the Fund over the course of the year. Each Trustee attributed his or her own evaluation of the significance of the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable and

that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

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

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to the Fund under its Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and investment personnel of the Adviser. In addition, the Trustees reviewed 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 strategies for the Fund, and the infrastructure supporting the portfolio management team. In addition, the Trustees considered information about the structure and distribution strategies of the Fund, how it fits within the Trust’s fund offerings, and how the Fund is positioned against peer funds, as identified by management. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of administrative services provided by J.P. Morgan Investment Management Inc. in its role as administrator to the Fund (“JPMIM”).

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

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

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Fund. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation



APRIL 30, 2018	JPMORGAN EXCHANGE-TRADED FUNDS	125

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

methodology developed by the Adviser. The Trustees also recognized that it is difficult to make direct comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationships with the Fund.

The Trustees also considered the fees that JPMIM earned from the Fund for providing administrative services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the fees paid to J.P. Morgan Chase Bank, N.A. (“JPMCB”), also an affiliate of the Adviser, for custody, transfer agency and other related services for the Fund.

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees noted that the Adviser has implemented a fee waiver and expense limitation (“Fee Cap”), which allow the Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees noted that neither the investment advisory fee schedule nor the administration agreement for the Fund contain breakpoints, but that fees are competitive with its peer funds. They concluded that the current fee structure was reasonable in light of the Fee Cap that the Adviser has in place which serves to limit the overall net expense ratio of the Fund to competitive levels. With respect to fees for administrative services, the Trustees also considered the fact that the Fund benefits from the economies of scale present in the broader J.P. Morgan fund complex, as the Fund was able to negotiate an administration fee at level consistent with the lower effective rate currently paid by the J.P. Morgan mutual funds, which includes breakpoints. The Trustees also took into consideration management’s belief that because of such economies of scale, the Fund’s administration fee is lower than what the Fund would have to pay if it were not part of the J.P. Morgan fund complex.

Fees Relative to Adviser’s Other Clients

The Trustees requested and received and considered information about the nature and extent of investment advisory services and fee rates offered to other investment companies advised by the Adviser in the same asset class as the Fund. The Trustees also noted the Adviser’s view that it does not manage any other accounts with a substantially similar investment strategy as that of the Fund. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to such other clients were reasonable.

Investment Performance

The Trustees considered the Fund’s investment strategy and processes, portfolio management team, and competitive positioning against peer funds, as identified by management. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the Fund’s performance information provided at regular Board meetings by the Adviser. After consideration, the Trustees determined that the Fund’s performance was consistent with its investment objective.

Advisory Fee and Expense Ratio

The Trustees considered the contractual advisory fee rate paid by the Fund to the Adviser and compared that rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds with the same Broadridge/Lipper investment classification and objective as the Fund (the “Universe”), as well as a subset of funds in the Universe (the “Peer Group”). The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting funds in the Peer Group and Universe. The Trustees recognized that Broadridge/Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the total expense ratio for the Fund. The Trustees considered the Fee Cap currently in place for the Fund and considered the net advisory fee rate after taking into account such Fee Cap. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

The Trustees noted that the Fund’s net advisory fee and actual total expenses were in the first and second quintile, respectively, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.



126	JPMORGAN EXCHANGE-TRADED FUNDS	APRIL 30, 2018

J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co.

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.

LOGO


		^© JPMorgan Chase & Co., 2018. All rights reserved. April 2018.		SAN-DAETF-418

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

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

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)

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

(i)

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

(ii)

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

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

(i)

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

(ii)

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

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

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

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

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

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

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

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

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

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

U.S.C. 78c(a)(58)(B)), so state.

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

Not applicable to a semi-annual report.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

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

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

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

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a)

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

(1)

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

Not applicable.

(2)

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

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

(3)

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

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

J.P. Morgan Exchange-Traded Fund Trust



By:		/s/ Joanna M. Gallegos
		Joanna M. Gallegos
		President and Principal Executive Officer
		July 9, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:		/s/ Joanna M. Gallegos
		Joanna M. Gallegos
		President and Principal Executive Officer
		July 9, 2018



By:		/s/ Lauren A. Paino
		Lauren A. Paino
		Treasurer and Principal Financial Officer
		July 9, 2018