J.P. Morgan Exchange-Traded Fund Trust

N-CSRS 1 d848119dncsrs.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)

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

J.P. Morgan Investment Management Inc.

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

With copies to:


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

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

Date of fiscal year end: October 31

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

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).

Semi-Annual Report

J.P. Morgan Exchange-Traded Funds

April 30, 2020 (Unaudited)

JPMorgan BetaBuilders Canada ETF

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

JPMorgan BetaBuilders Europe ETF

JPMorgan BetaBuilders International Equity ETF

JPMorgan BetaBuilders Japan ETF

JPMorgan BetaBuilders U.S. Equity ETF

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

JPMorgan Diversified Return Emerging Markets Equity ETF

JPMorgan Diversified Return International Equity ETF

JPMorgan Diversified Return U.S. Equity ETF

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

JPMorgan Diversified Return U.S. Small Cap Equity ETF

JPMorgan U.S. Dividend ETF

JPMorgan U.S. Minimum Volatility ETF

JPMorgan U.S. Momentum Factor ETF

JPMorgan U.S. Quality Factor ETF

JPMorgan U.S. Value Factor ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan).

Alternatively, you may elect to receive paper copies of all future reports free of charge by contacting your financial intermediary. Your election to receive paper reports will apply to all funds held within your account(s).

CONTENTS



President’s Letter			1

Market Overview			2

Fund Commentaries:

JPMorgan BetaBuilders Canada ETF			3

JPMorgan BetaBuilders Developed Asia ex-Japan ETF			6

JPMorgan BetaBuilders Europe ETF			9

JPMorgan BetaBuilders International Equity ETF			12

JPMorgan BetaBuilders Japan ETF			15

JPMorgan Betabuilders U.S. Equity ETF			18

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF			21

JPMorgan Diversified Return Emerging Markets Equity ETF			24

JPMorgan Diversified Return International Equity ETF			27

JPMorgan Diversified Return U.S. Equity ETF			30

JPMorgan Diversified Return U.S. Mid Cap Equity ETF			33

JPMorgan Diversified Return U.S. Small Cap Equity ETF			36

JPMorgan U.S. Dividend ETF			39

JPMorgan U.S. Minimum Volatility ETF			42

JPMorgan U.S. Momentum Factor ETF			45

JPMorgan U.S. Quality Factor ETF			48

JPMorgan U.S. Value Factor ETF			51

Schedules of Portfolio Investments			54

Financial Statements			169

Financial Highlights			186

Notes to Financial Statements			192

Schedule of Shareholder Expenses			215

Liquidity Risk Management Program			217

Tax Letter			218

Board Approval of Initial Management Agreements			219

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

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

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

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

PRESIDENT’S LETTER

JUNE 17, 2020

Dear Shareholder,

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

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

– Joanna M. Gallegos

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

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

We are proud to bring a range of investment solutions to help you navigate changing market landscapes. We are committed to building solutions that address your needs and help you build stronger portfolios. Thank you for your belief in our Firm and our process.

Sincerely,

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



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

J.P. Morgan Exchange-Traded Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

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

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

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

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

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

petroleum had declined for the first time since the 2009 financial crisis. China’s central bank responded to the impact of COVID-19 by cutting the prime lending rate and regional authorities across China enacted a range of actions to counter the sharp drop in economic activity. By the end of February, yields on benchmark 10-year U.S. Treasury bonds had fallen to a record low 1.1% as investors sought the perceived safety of government-backed bonds.

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

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

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



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

JPMorgan BetaBuilders Canada ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)


Reporting Period Return:
JPMorgan BetaBuilders Canada ETF
Net Asset Value*		(14.02)%
Market Price**		(13.81)%
Morningstar^® Canada Target Market Exposure Index^SM		(14.17)%

Net Assets as of 4/30/2020	$	3,201,159,920

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

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

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

HOW WAS THE FUND POSITIONED?

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



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

JPMorgan BetaBuilders Canada ETF

FUND COMMENTARY

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


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


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

The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $21.09 as of April 30, 2020.

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

***

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

****

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



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


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

Not annualized.

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

LOGO

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

Fund commenced operations on August 7, 2018.

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

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

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

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

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



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

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)


Reporting Period Return:
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
Net Asset Value*		(17.54)%
Market Price**		(17.83)%
Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM		(16.62)%

Net Assets as of 4/30/2020	$	1,116,845,966

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2020, the Fund performed in line with the Underlying Index, before considering the effects

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

The Fund’s and the Underlying Index’s exposures to the financials and real estate sectors were leading detractors from absolute performance, while their exposure to the health care sector was the sole sector contributor to absolute performance. By country, the Fund’s and the Underlying Index’s exposures to Australia and Hong Kong were leading detractors from absolute performance, while their exposure to New Zealand was the sole country contributor to absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and real estate sectors and their smallest allocations were to the information technology and energy sectors. The Fund and the Underlying Index were mainly invested in four equity markets during the reporting period, with the largest allocations to Australia, followed by Hong Kong, Singapore and New Zealand.



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


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


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

***

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

****

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



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

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

FUND COMMENTARY

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


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

Not annualized.

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

Fund commenced operations on August 7, 2018.

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

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

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.



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

JPMorgan BetaBuilders Europe ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)


Reporting Period Return:
JPMorgan BetaBuilders Europe ETF
Net Asset Value*		(15.58)%
Market Price**		(16.10)%
Morningstar^® Developed Europe Target Market Exposure Index^SM		(15.35)%

Net Assets as of 4/30/2020	$	2,335,081,253

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2020, the Fund performed in line with the Underlying Index, before considering the effects

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

The Fund’s and the Underlying Index’s exposure to the financials and industrials sectors were leading detractors from absolute performance, while their exposure to the health care sector was the sole sector contributor to absolute performance. By country, the Fund’s and the Underlying Index’s exposures to the U.K. and France were leading detractors from absolute performance, while their exposure to Denmark was the sole country contributor to absolute performance.

HOW WAS THE FUND POSITIONED?

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



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

JPMorgan BetaBuilders Europe ETF

FUND COMMENTARY

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


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


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

***

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

****

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



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


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

Not annualized.

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

Fund commenced operations on June 15, 2018.

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

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

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

JPMorgan BetaBuilders International Equity ETF

FUND COMMENTARY

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


Reporting Period Return:
JPMorgan BetaBuilders International Equity ETF
Net Asset Value*		(14.74)%
Market Price**		(14.66)%
Morningstar^® Developed Markets ex-North America Target Market Exposure Index^SM		(14.42)%

Net Assets as of 4/30/2020	$	42,324,929

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the period from inception on December 3, 2019 to April 30, 2020, the Fund performed in line with the Underlying Index,

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

The Fund’s and the Underlying Index’s exposures to the financials and industrials sectors were leading detractors from absolute performance, while their exposure to the health care sector was the sole sector contributor to absolute performance. The Fund’s and the Underlying Index’s exposures to the U.K. and Japan were leading detractors from absolute performance, while their exposures to Denmark and Switzerland were leading contributors to absolute performance.

HOW WAS THE FUND POSITIONED?

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



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


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


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

***

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

****

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



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

JPMorgan BetaBuilders International Equity ETF

FUND COMMENTARY

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


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

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

LOGO

Fund commenced operations on December 3, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders International Equity ETF and Morningstar^® Developed Markets ex-North America Target Market Exposure Index^SM from December 3, 2019 to April 30, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar^® Developed Markets ex-North America Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^®

Developed Markets ex-North America Target Market Exposure Index^SM is a free float adjusted market capitalization weighted index which consists of stocks traded primarily on the Developed Markets ex-North America equity market. Investors cannot invest directly in an index.

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



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

JPMorgan BetaBuilders Japan ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)


Reporting Period Return:
JPMorgan BetaBuilders Japan ETF
Net Asset Value*		(10.76)%
Market Price**		(10.95)%
Morningstar^® Japan Target Market Exposure Index^SM		(10.35)%

Net Assets as of 4/30/2020	$	2,671,273,104

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

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

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

HOW WAS THE FUND POSITIONED?

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



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

JPMorgan BetaBuilders Japan ETF

FUND COMMENTARY

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


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


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

***

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

****

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



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


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

Not annualized.

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

Fund commenced operations on June 15, 2018.

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

index which consists of stocks traded primarily on the Tokyo Stock Exchange or the Nagoya Stock Exchange. Investors cannot invest directly in an index.

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

JPMorgan BetaBuilders U.S. Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)


Reporting Period Return:
JPMorgan BetaBuilders U.S. Equity ETF
Net Asset Value*		(3.01)%
Market Price**		(3.11)%
Morningstar^® US Target Market Exposure Index^SM		(2.99)%

Net Assets as of 4/30/2020	$	128,587,716

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

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

The Fund’s and the Underlying Index’s exposures to the energy and financial services sectors were leading detractors from absolute performance, while their exposures to the information technology and health care sectors were leading contributors to absolute performance.

HOW WAS THE FUND POSITIONED?

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



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


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


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

***

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

****

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



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

JPMorgan BetaBuilders U.S. Equity ETF

FUND COMMENTARY

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


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

Not annualized.

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

Fund commenced operations on March 12, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Equity ETF and the Morningstar^® US Target Market Exposure Index^SM from March 12, 2019 to April 30, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar^® US Target Market Exposure Index^SM does not

reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar^® US Target Market Exposure Index^SM is a free float adjusted market capitalization weighted index which consists of stocks traded primarily on the US Stock Exchange. Investors cannot invest directly in an index.



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

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

FUND COMMENTARY

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


Reporting Period Return:
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
Net Asset Value*		5.67%
Market Price**		5.99%
Morningstar^® US Mid Cap Target Market Exposure Extended Index^SM		5.68%

Net Assets as of 4/30/2020	$	5,365,707

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the period from inception on April 14, 2020 to April 30, 2020, the Fund had a positive absolute return and performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.

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

HOW WAS THE FUND POSITIONED?



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

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

FUND COMMENTARY

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


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


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

Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2020, the closing price was $53.82.

***

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

****

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



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


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

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

Fund commenced operations on April 14, 2020.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Mid Cap Equity ETF and Morningstar^® US Mid Cap Target Market Exposure Extended Index^SM from April 14, 2020 to April 30, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any.

The performance of the Morningstar^® US Mid Cap Target Market Exposure Extended Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^® US Mid Cap Target Market Exposure Extended Index^SM is a free float adjusted market capitalization-weighted index that consists of mid cap U.S. equity securities. Investors cannot invest directly in an index.



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

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)


Reporting Period Return:
JPMorgan Diversified Return Emerging Markets Equity ETF
Net Asset Value*		(18.65)%
Market Price**		(20.24)%
JP Morgan Diversified Factor Emerging Markets Equity Index (net of foreign withholding taxes)		(18.07)%
FTSE Emerging Index (net of foreign withholding taxes)		(11.20)%
MSCI Emerging Markets Index (net of foreign withholding taxes)		(10.50)%

Net Assets as of 4/30/2020	$	261,320,344

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a negative absolute return for the six months ended April 30, 2020, and performed in line with the Underlying Index, before considering differences in the net asset value calculations and foreign exchange pricing between the Underlying Index and the Fund and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index underperformed both the FTSE Emerging Index and the MSCI Emerging Markets Index, which are more traditional market capitalization weighted indexes.

By sector, the Fund’s and the Underlying Index’s positions in the financial services and consumer services sectors were leading detractors from absolute performance, while their positions in the technology sector were the sole contributor to absolute performance.

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

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

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest sector allocations were to the financial services and consumer goods sectors, while their smallest allocations were to the health care and technology sectors. The Fund’s and the Underlying Index’s largest country allocations were to China and Brazil and their smallest allocations were to Singapore and Peru.



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


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


PORTFOLIO COMPOSITION BY COUNTRY****
China	23.7	%
Taiwan	14.1
Brazil	10.6
India	9.2
Russia	7.5
South Africa	5.6
Mexico	4.0
Thailand	4.0
Indonesia	3.7
Malaysia	3.2
Turkey	2.1
Saudi Arabia	2.0
Qatar	1.6
Kuwait	1.4
Chile	1.4
United Arab Emirates	1.3
Philippines	1.0
Greece	1.0
Others (each less than 1.0%)	2.3
Short-Term Investments	0.3

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

***

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

****

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



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

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY

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


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

Not annualized.

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

Fund commenced operations on January 7, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Emerging Markets Equity ETF, the JP Morgan Diversified Factor Emerging Markets Equity Index, the FTSE Emerging Index and the MSCI Emerging Markets Index from January 7, 2015 to April 30, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor Emerging Markets Equity Index, the FTSE Emerging Index and the MSCI Emerging Markets Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Emerging Markets Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Emerging Markets Equity Index. JP Morgan Diversified Factor Emerging Markets Equity Index is comprised of large- and mid-cap equity securities from emerging markets.

Holdings in this index are selected from the constituents of the FTSE Emerging Index. The FTSE Emerging Index is a market-capitalization weighted index and is part of the FTSE Global Equity Index Series. The series includes large- and mid-cap securities from advanced and secondary emerging markets, classified in accordance with FTSE’s transparent Country Classification Review Process. The FTSE Emerging Index provides investors with a comprehensive means of measuring the performance of the most liquid companies in the emerging markets. The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. Investors cannot invest directly in an index.

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.



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

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)


Reporting Period Return:
JPMorgan Diversified Return International Equity ETF
Net Asset Value*		(14.13)%
Market Price**		(14.49)%
JP Morgan Diversified Factor International Equity Index (net of foreign withholding taxes)		(13.55)%
FTSE Developed ex North America Index (net of foreign withholding taxes)		(13.85)%
MSCI EAFE Index (net of foreign withholding taxes)		(14.21)%

Net Assets as of 4/30/2020	$	919,607,610

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a negative absolute performance for the six months ended April 30, 2020, and performed in line with the Underlying Index, before considering differences due to specific trading limits, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund underperformed the FTSE Developed ex North America Index and the Fund and the Underlying Index outperformed the MSCI EAFE Index, which are more traditional market capitalization weighted indexes.

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

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

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

HOW WAS THE FUND POSITIONED?

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



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

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY

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


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


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

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

***

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

****

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



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


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

Not annualized.

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

Fund commenced operations on November 5, 2014.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Equity ETF, the JP Morgan Diversified Factor International Equity Index, the FTSE Developed ex North America Index, and the MSCI EAFE Index from November 5, 2014 to April 30, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor International Equity Index, the FTSE Developed ex North America Index and the MSCI EAFE Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor International Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor International Equity Index. JP Morgan Diversified Factor International Equity Index is comprised of large- and mid-cap equity securities from developed global markets (excluding North America). Holdings in this index are selected

from the constituents of the FTSE Developed ex North America Index. The FTSE Developed ex North America Index is a market-capitalization weighted index representing the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. The index is derived from the FTSE Global Equity Index Series, which covers 98% of the world’s investable market capitalization. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Investors cannot invest directly in an index.

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.



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

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)


Reporting Period Return:
JPMorgan Diversified Return U.S. Equity ETF
Net Asset Value* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(12.26)%
Market Price** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(12.33)%
JP Morgan Diversified Factor US Equity Index . . . . . . . . . . . . . . . . . . . . . . . . . . .		(12.28)%
Russell 1000 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(3.56)%

Net Assets as of 4/30/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	582,315,755

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is composed of large cap and mid cap equity securities of U.S. companies, diversified across sectors and securities. The Underlying Index uses a rules based proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a negative absolute performance for the six months ended April 30, 2020, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

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

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

HOW WAS THE FUND POSITIONED?

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



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


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


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

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

***

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

****

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



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

JPMorgan Diversified Return U.S. Equity ETF

FUND COMMENTARY

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


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

Not annualized.

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

Fund commenced operations on September 29, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Equity ETF, the JP Morgan Diversified Factor US Equity Index, and the Russell 1000 Index from September 29, 2015 to April 30, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor US Equity Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the

JP Morgan Diversified Factor US Equity Index and developed the proprietary factors on which the index is based. JP Morgan Diversified Factor US Equity Index is comprised of U.S. large- and mid-cap equity securities. Holdings in this index are selected from the constituents of the Russell 1000 Index. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Equity Index. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.



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

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)


Reporting Period Return:
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Net Asset Value*		(14.45)%
Market Price**		(14.37)%
JP Morgan Diversified Factor US Mid Cap Equity Index		(14.36)%
Russell Midcap Index		(11.64)%

Net Assets as of 4/30/2020	$	204,561,792

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a negative absolute performance for the six months ended April 30, 2020, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index underperformed the Russell Midcap Index, which is a more traditional market capitalization weighted index.

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

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

HOW WAS THE FUND POSITIONED?

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



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

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

FUND COMMENTARY

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


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


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

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

***

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

****

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



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


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

Not annualized.

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

Fund commenced operations on May 11, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JP Morgan Diversified Factor US Mid Cap Equity Index, and the Russell Midcap Index from May 11, 2016 to April 30, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor US Mid Cap Equity Index and Russell Midcap Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of

the JP Morgan Diversified Factor US Mid Cap Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Mid Cap Equity Index. The JP Morgan Diversified Factor US Mid Cap Equity Index is comprised of U.S. mid-cap equity securities. Holdings in this index are selected from the Russell Midcap Index. The Russell Midcap Index is a market-capitalization weighted index which measures the performance of the 800 smallest companies in the Russell 1000 Index. Investors cannot invest directly in an index.



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

JPMorgan Diversified Return U.S. Small Cap Equity ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)


Reporting Period Return:
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Net Asset Value*		(18.97)%
Market Price**		(19.24)%
JP Morgan Diversified Factor US Small Cap Equity Index		(18.99)%
Russell 2000 Index		(15.47)%

Net Assets as of 4/30/2020	$	121,450,812

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

the Underlying Index underperformed the Russell 2000 Index, which is a more traditional market capitalization weighted index.

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

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

HOW WAS THE FUND POSITIONED?

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



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


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


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

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

***

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

****

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



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

JPMorgan Diversified Return U.S. Small Cap Equity ETF

FUND COMMENTARY

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


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

Not annualized.

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

Fund commenced operations on November 15, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Small Cap Equity ETF, the JP Morgan Diversified Factor US Small Cap Equity Index, and the Russell 2000 Index from November 15, 2016 to April 30, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor US Small Cap Equity Index and Russell 2000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the

JP Morgan Diversified Factor US Small Cap Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Small Cap Equity Index. The JP Morgan Diversified Factor US Small Cap Equity Index is comprised of U.S. large- and mid-cap equity securities. Holdings in this index are selected from the Russell 2000 Index. The Russell 2000 Index is an unmanaged index, measuring performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.



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

JPMorgan U.S. Dividend ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)


Reporting Period Return:
JPMorgan U.S. Dividend ETF
Net Asset Value*		(18.99)%
Market Price**		(19.01)%
JP Morgan US Dividend Index		(19.14)%
Russell 1000 Index		(3.56)%

Net Assets as of 4/30/2020	$	32,203,757

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

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

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

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

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selection in the financials and consumer services sectors was a leading detractor from performance, while the Fund’s and the Underlying Index’s underweight position in the industrials sector and their security selection in the telecommunications sector were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

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



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

JPMorgan U.S. Dividend ETF

FUND COMMENTARY

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


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


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

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

***

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

****

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



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


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

Not annualized.

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

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Dividend ETF, the JP Morgan US Dividend Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Dividend Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Dividend Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark

administrator, administers, calculates and governs the JP Morgan US Dividend Index. The JP Morgan US Dividend Index contains U.S. large- and mid-cap equity securities from the Russell 1000 Index using a rules-based factor selection process. The Underlying Index is designed to provide exposure to the highest dividend yielding sectors on a risk adjusted basis, meaning that the index will establish sector weights by considering both the yield of the sector and the relative volatility of sector returns. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.



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

JPMorgan U.S. Minimum Volatility ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)


Reporting Period Return:
JPMorgan U.S. Minimum Volatility ETF
Net Asset Value*		(9.19)%
Market Price**		(9.38)%
JP Morgan US Minimum Volatility Index		(9.24)%
Russell 1000 Index		(3.56)%

Net Assets as of 4/30/2020	$	94,821,854

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

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

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

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

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

HOW WAS THE FUND POSITIONED?

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



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


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


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

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

***

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

****

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



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

JPMorgan U.S. Minimum Volatility ETF

FUND COMMENTARY

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


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

Not annualized.

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

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Minimum Volatility ETF, the JP Morgan US Minimum Volatility Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Minimum Volatility Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Minimum Volatility Index and developed the proprietary factors on which the index is based.

FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Minimum Volatility Index. The JP Morgan US Minimum Volatility Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based factor selection process. The Underlying Index is designed to distribute risk among sectors and stocks in order to seek to minimize the overall portfolio volatility based upon the parameters of the rules-based process. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.



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

JPMorgan U.S. Momentum Factor ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)


Reporting Period Return:
JPMorgan U.S. Momentum Factor ETF
Net Asset Value*		(2.12)%
Market Price**		(1.98)%
JP Morgan US Momentum Factor Index		(2.04)%
Russell 1000 Index		(3.56)%

Net Assets as of 4/30/2020	$	86,074,407

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

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

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

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

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

HOW WAS THE FUND POSITIONED?

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



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

JPMorgan U.S. Momentum Factor ETF

FUND COMMENTARY

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


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


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

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

***

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

****

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



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


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

Not annualized.

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

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Momentum Factor ETF, the JP Morgan US Momentum Factor Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Momentum Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Momentum Factor Index and developed the proprietary factors on which the index is based. FTSE

International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Momentum Factor Index. The JP Morgan US Momentum Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities selected utilizing a momentum factor to identify companies that have had better recent performance compared to other securities without undue concentration in individual securities. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.



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

JPMorgan U.S. Quality Factor ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)


Reporting Period Return:
JPMorgan U.S. Quality Factor ETF
Net Asset Value*		(3.04)%
Market Price**		(2.90)%
JP Morgan US Quality Factor Index		(3.00)%
Russell 1000 Index		(3.56)%

Net Assets as of 4/30/2020	$	227,240,555

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

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

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

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

HOW WAS THE FUND POSITIONED?

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



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


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


PORTFOLIO COMPOSITION BY SECTOR****
Technology	25.3	%
Financials	16.1
Health Care	14.5
Consumer Services	13.0
Industrials	11.8
Consumer Goods	7.9
Oil & Gas	3.2
Utilities	3.1
Telecommunications	2.1
Basic Materials	1.9
Short-Term Investments	1.1

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

***

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

****

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



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

JPMorgan U.S. Quality Factor ETF

FUND COMMENTARY

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


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

Not annualized.

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

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Quality Factor ETF, the JP Morgan US Quality Factor Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Quality Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Quality Factor Index and developed the proprietary factors on which the index is based. FTSE

International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Quality Factor Index. The JP Morgan US Quality Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities selected utilizing a quality factor to identifying higher quality companies as measured by profitability, solvency, and earnings quality without undue concentration in individual securities. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.



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

JPMorgan U.S. Value Factor ETF

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)


Reporting Period Return:
JPMorgan U.S. Value Factor ETF
Net Asset Value*		(14.07)%
Market Price**		(13.84)%
JP Morgan US Value Factor Index		(13.89)%
Russell 1000 Index		(3.56)%

Net Assets as of 4/30/2020	$	54,018,315

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

The Fund posted a negative absolute return for the six months ended April 30, 2020 and performed in line with the Underlying Index, before considering operating expenses, fees and tax

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

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

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

HOW WAS THE FUND POSITIONED?

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



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

JPMorgan U.S. Value Factor ETF

FUND COMMENTARY

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


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


PORTFOLIO COMPOSITION BY SECTOR****
Technology	25.2	%
Health Care	15.0
Financials	14.6
Consumer Services	11.5
Industrials	11.0
Consumer Goods	7.8
Oil & Gas	3.2
Utilities	3.2
Telecommunications	1.9
Basic Materials	1.8
Short-Term Investments	4.8

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

***

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

****

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



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


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

Not annualized.

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

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Value Factor ETF, the JP Morgan US Value Factor Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Value Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Value Factor Index and developed the proprietary factors on which the index is based. FTSE International

Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Value Factor Index. The JP Morgan US Value Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities selected utilizing a value factor to identify companies with attractive valuations without undue concentration in individual securities. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.



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

JPMorgan BetaBuilders Canada ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.1%

Aerospace & Defense — 0.4%

Bombardier, Inc., Class B* (a)		5,371,995		1,891,072

CAE, Inc.		671,591		11,097,089


				12,988,161


Airlines — 0.3%

Air Canada*		670,702		9,752,512


Auto Components — 0.9%

Magna International, Inc.		718,562		28,000,146


Banks — 22.5%

Bank of Montreal (a)		1,614,372		82,078,456

Bank of Nova Scotia (The)		3,071,310		123,121,590

Canadian Imperial Bank of Commerce (a)		1,125,355		66,682,913

National Bank of Canada		844,106		34,044,406

Royal Bank of Canada (a)		3,613,527		222,297,006

Toronto-Dominion Bank (The)		4,596,446		192,053,809


				720,278,180


Capital Markets — 4.4%

Brookfield Asset Management, Inc., Class A		3,533,277		119,404,684

CI Financial Corp.		532,493		5,657,941

IGM Financial, Inc.		204,613		4,333,483

TMX Group Ltd.		127,762		11,068,515


				140,464,623


Chemicals — 1.7%

Methanex Corp.		192,450		3,059,678

Nutrien Ltd.		1,446,999		51,675,937


				54,735,615


Commercial Services & Supplies — 2.2%

Ritchie Bros Auctioneers, Inc.		273,311		11,763,398

Waste Connections, Inc.		666,031		57,303,691


				69,067,089


Construction & Engineering — 0.6%

SNC-Lavalin Group, Inc.		443,405		8,177,166

WSP Global, Inc.		163,198		10,951,777


				19,128,943


Containers & Packaging — 0.3%

CCL Industries, Inc., Class B		365,851		11,435,883


Diversified Financial Services — 0.3%

Onex Corp.		214,767		9,899,386


Diversified Telecommunication Services — 1.5%

BCE, Inc.		753,181		30,458,392

TELUS Corp.		1,060,180		17,327,558


				47,785,950


INVESTMENTS	SHARES		VALUE($)


Electric Utilities — 2.6%

Emera, Inc. (a)		607,473		24,181,960

Fortis, Inc.		1,166,086		45,187,455

Hydro One Ltd. (b)		768,506		13,935,193


				83,304,608


Equity Real Estate Investment Trusts (REITs) — 0.4%

Canadian Apartment Properties		209,625		7,213,648

H&R (a)		354,022		2,507,746

RioCan (a)		392,538		4,483,893


				14,205,287


Food & Staples Retailing — 4.2%

Alimentation Couche-Tard, Inc., Class B		2,266,422		63,240,655

Empire Co. Ltd., Class A		437,714		9,663,387

George Weston Ltd.		178,796		12,683,155

Loblaw Cos. Ltd.		441,286		21,716,363

Metro, Inc.		642,145		26,420,233


				133,723,793


Food Products — 0.5%

Saputo, Inc.		597,564		15,025,497


Gas Utilities — 0.3%

AltaGas Ltd. (a)		702,922		8,403,048


Hotels, Restaurants & Leisure — 1.7%

Restaurant Brands International, Inc.		753,941		36,777,610

Stars Group, Inc. (The)*		588,637		16,420,686


				53,198,296


Insurance — 6.5%

Fairfax Financial Holdings Ltd.		69,375		18,810,670

Great-West Lifeco, Inc.		679,762		11,193,035

iA Financial Corp., Inc.		269,980		8,764,967

Intact Financial Corp.		361,229		34,377,676

Manulife Financial Corp.		4,922,315		61,990,863

Power Corp. of Canada		1,460,236		23,352,027

Sun Life Financial, Inc.		1,484,167		50,870,798


				209,360,036


IT Services — 6.4%

CGI, Inc.*		605,777		38,632,727

Shopify, Inc., Class A*		261,886		166,089,100


				204,721,827


Media — 0.9%

Quebecor, Inc., Class B		448,723		9,771,036

Shaw Communications, Inc., Class B		1,152,289		18,799,873


				28,570,909

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Metals & Mining — 10.5%

Agnico Eagle Mines Ltd.		605,561		35,382,216

Barrick Gold Corp.		4,490,219		115,582,131

First Quantum Minerals Ltd.		1,741,224		10,632,856

Franco-Nevada Corp.		476,305		63,016,868

Kinross Gold Corp.*		3,165,759		20,901,128

Kirkland Lake Gold Ltd.		673,955		27,859,744

Lundin Mining Corp.		1,614,977		7,912,743

Teck Resources Ltd., Class B		1,228,155		10,826,152

Wheaton Precious Metals Corp.		1,129,533		42,918,927


				335,032,765


Multiline Retail — 1.0%

Canadian Tire Corp. Ltd., Class A (a)		146,938		10,310,309

Dollarama, Inc.		738,397		23,160,611


				33,470,920


Multi-Utilities — 1.0%

Algonquin Power & Utilities Corp. (a)		1,323,937		18,356,970

Atco Ltd., Class I		187,242		5,258,299

Canadian Utilities Ltd., Class A		302,349		7,376,538


				30,991,807


Oil, Gas & Consumable Fuels — 14.9%

Cameco Corp.		999,680		9,939,704

Canadian Natural Resources Ltd.		2,991,375		50,094,437

Cenovus Energy, Inc.		2,575,882		9,345,310

Enbridge, Inc.		5,111,884		156,630,520

Husky Energy, Inc. (a)		761,601		2,445,746

Imperial Oil Ltd.		586,854		9,481,911

Inter Pipeline Ltd.		1,055,698		8,828,137

Keyera Corp.		543,743		8,066,592

Ovintiv, Inc. (a)		656,201		4,101,404

Pembina Pipeline Corp.		1,313,589		30,123,037

PrairieSky Royalty Ltd.		524,376		3,835,014

Suncor Energy, Inc.		3,896,052		69,470,894

TC Energy Corp.		2,360,038		108,613,121

Tourmaline Oil Corp.		632,161		6,267,338


				477,243,165


Paper & Forest Products — 0.1%

West Fraser Timber Co. Ltd.		127,420		3,546,285


Pharmaceuticals — 0.8%

Aurora Cannabis, Inc.* (a)		2,950,544		2,162,114

Bausch Health Cos., Inc.*		786,222		14,205,599

Canopy Growth Corp.* (a)		563,243		8,983,077


				25,350,790


INVESTMENTS	SHARES		VALUE($)


Professional Services — 0.9%

Thomson Reuters Corp. (a)		429,262		30,243,704


Road & Rail — 7.1%

Canadian National Railway Co.		1,812,305		149,872,071

Canadian Pacific Railway Ltd.		347,293		78,932,155


				228,804,226


Software — 2.5%

BlackBerry Ltd.* (a)		1,246,966		5,321,296

Constellation Software, Inc.		49,777		47,866,667

Open Text Corp.		682,427		25,788,039


				78,976,002


Textiles, Apparel & Luxury Goods — 0.2%

Gildan Activewear, Inc.		514,478		7,177,817


Thrifts & Mortgage Finance — 0.1%

Genworth MI Canada, Inc. (a)		97,856		2,412,743


Trading Companies & Distributors — 0.2%

Finning International, Inc.		412,477		5,236,157


Wireless Telecommunication Services — 1.2%

Rogers Communications, Inc., Class B		897,923		37,608,327


Total Common Stocks (Cost $3,621,322,424)				3,170,144,497

Short-Term Investments — 7.6%

Investment of Cash Collateral from Securities Loaned — 7.6%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)		90,706,451		90,724,593

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)		153,473,690		153,473,690


Total Investment of Cash Collateral from Securities Loaned (Cost $244,192,440)				244,198,283

Total Investments — 106.7% (Cost $3,865,514,864)				3,414,342,780

Liabilities in Excess of Other Assets — (6.7)%				(213,182,860	)

NET ASSETS — 100.0%				3,201,159,920

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders Canada ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


(a)		The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $223,612,348.
(b)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.


(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of April 30, 2020.
*		Non-income producing security.

Futures contracts outstanding as of April 30, 2020:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)

Long Contracts

S&P/TSX 60 Index

236

06/2020

CAD

30,094,472

2,563,538

Abbreviations


CAD		Canadian Dollar
TSX		Toronto Stock Exchange

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.4%

Australia — 53.8%

Afterpay Ltd.*		161,534		3,212,211

AGL Energy Ltd.		512,952		5,629,657

Alumina Ltd.		1,805,514		2,002,769

AMP Ltd.*		2,582,864		2,383,102

APA Group		919,831		6,499,403

Aristocrat Leisure Ltd.		496,694		8,145,677

ASX Ltd.		150,908		7,956,699

Aurizon Holdings Ltd.		1,552,625		4,716,646

AusNet Services		1,340,063		1,634,374

Australia & New Zealand Banking Group Ltd.		2,256,392		24,509,980

Bendigo & Adelaide Bank Ltd.		396,726		1,678,606

BHP Group Ltd.		2,294,618		46,843,045

BlueScope Steel Ltd.		407,205		2,657,773

Boral Ltd.		908,323		1,765,311

Brambles Ltd.		1,238,144		8,849,715

Caltex Australia Ltd.		203,329		3,273,575

Challenger Ltd.		397,211		1,265,054

CIMIC Group Ltd.		76,192		1,212,854

Coca-Cola Amatil Ltd.		392,677		2,186,267

Cochlear Ltd.		49,557		5,892,201

Coles Group Ltd.		935,934		9,385,382

Commonwealth Bank of Australia		1,371,965		55,422,574

Computershare Ltd.		389,438		3,063,971

Crown Resorts Ltd.		281,022		1,798,989

CSL Ltd.		352,752		70,313,131

Dexus, REIT		844,741		5,014,659

Domino’s Pizza Enterprises Ltd.		48,286		1,806,741

Evolution Mining Ltd.		1,309,513		4,264,481

Flight Centre Travel Group Ltd.‡		98,086		695,131

Fortescue Metals Group Ltd.		1,334,375		10,197,627

Goodman Group, REIT		1,249,444		10,641,808

GPT Group (The), REIT		1,501,982		4,127,853

Harvey Norman Holdings Ltd. (a)		513,681		921,656

Iluka Resources Ltd.		324,247		1,608,278

Incitec Pivot Ltd.		1,298,305		2,007,973

Insurance Australia Group Ltd.		1,801,417		6,730,642

LendLease Group		454,871		3,623,431

Macquarie Group Ltd.		247,140		16,371,293

Magellan Financial Group Ltd.		114,971		3,766,064

Medibank Pvt Ltd.		2,147,009		3,761,170

Mirvac Group, REIT		3,085,363		4,483,323

National Australia Bank Ltd.		2,247,583		24,627,847

Newcrest Mining Ltd.		595,097		10,785,191

Orica Ltd.		312,318		3,619,359

Origin Energy Ltd.		1,370,365		4,928,787


INVESTMENTS	SHARES		VALUE($)


Australia — continued

Qantas Airways Ltd.		578,476		1,436,736

QBE Insurance Group Ltd.		1,177,500		6,375,996

Ramsay Health Care Ltd.		141,140		5,731,916

REA Group Ltd.		37,759		2,160,533

Reece Ltd.		184,243		1,052,954

Rio Tinto Ltd.		289,399		16,310,871

Santos Ltd.		1,373,441		4,367,267

Scentre Group, REIT		4,150,801		6,235,530

SEEK Ltd.		275,208		3,072,499

Seven Group Holdings Ltd.		102,549		1,008,414

Sonic Healthcare Ltd.		355,851		6,284,417

South32 Ltd.		4,019,413		5,055,030

Stockland, REIT		1,897,903		3,524,229

Suncorp Group Ltd.		981,072		5,832,333

Sydney Airport		854,796		3,481,917

Tabcorp Holdings Ltd.		1,577,851		3,289,622

Telstra Corp. Ltd.		3,245,190		6,383,990

TPG Telecom Ltd.		264,283		1,261,082

Transurban Group		2,033,127		18,124,860

Treasury Wine Estates Ltd.		560,266		3,685,073

Vicinity Centres, REIT		2,489,831		2,383,601

Washington H Soul Pattinson & Co. Ltd.		91,600		1,101,642

Wesfarmers Ltd.		884,720		21,489,366

Westpac Banking Corp.		2,677,757		27,859,768

WiseTech Global Ltd.		114,806		1,367,126

Woodside Petroleum Ltd.		729,887		10,451,427

Woolworths Group Ltd.		1,023,861		23,694,121

Worley Ltd.		248,220		1,438,744


				600,743,344


Cambodia — 0.2%

NagaCorp Ltd.		2,020,000		2,384,089


China — 0.1%

Evergrande Health Industry Group Ltd.* (a)		1,670,000		1,283,795


Hong Kong — 27.0%

AIA Group Ltd.		9,424,600		86,496,805

ASM Pacific Technology Ltd.		213,300		2,155,334

Bank of East Asia Ltd. (The)		1,215,800		2,575,558

Cathay Pacific Airways Ltd. (a)		770,000		912,777

Chow Tai Fook Jewellery Group Ltd.		857,800		725,726

CK Asset Holdings Ltd.		1,995,000		12,605,898

CK Infrastructure Holdings Ltd.		578,000		3,433,329

CLP Holdings Ltd.		1,359,500		14,552,260

Dairy Farm International Holdings Ltd.		180,500		864,996

Guoco Group Ltd.		65,000		916,926

Hang Lung Group Ltd.		663,000		1,514,336

Hang Lung Properties Ltd.		1,462,000		3,127,520

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Hong Kong — continued

Hang Seng Bank Ltd.		568,300		9,939,598

Henderson Land Development Co. Ltd.		1,284,700		5,235,935

HK Electric Investments & HK Electric Investments Ltd. (b)		1,780,000		1,841,610

HKT Trust & HKT Ltd.		2,831,000		4,568,444

Hong Kong & China Gas Co. Ltd.		7,655,600		13,720,366

Hong Kong Exchanges & Clearing Ltd.		924,600		29,644,678

Hysan Development Co. Ltd.		479,000		1,598,020

Jardine Matheson Holdings Ltd.		241,200		10,564,839

Jardine Strategic Holdings Ltd.		138,200		2,970,873

Kerry Properties Ltd.		462,000		1,276,032

Link, REIT		1,634,600		14,571,231

MTR Corp. Ltd.		1,208,000		6,692,717

New World Development Co. Ltd.		4,465,000		5,275,148

NWS Holdings Ltd.		1,121,000		1,168,271

PCCW Ltd.		3,407,000		2,087,076

Power Assets Holdings Ltd.		1,065,500		7,139,140

Shangri-La Asia Ltd.		1,028,000		848,895

Sino Land Co. Ltd.		2,322,000		3,245,066

Sun Hung Kai Properties Ltd.		1,151,000		15,738,578

Swire Pacific Ltd., Class A		379,000		2,464,702

Swire Pacific Ltd., Class B		692,500		757,056

Swire Properties Ltd.		816,000		2,288,690

Techtronic Industries Co. Ltd.		1,342,000		10,175,729

WH Group Ltd. (b)		7,343,500		7,003,887

Wharf Holdings Ltd. (The)		860,000		1,629,085

Wharf Real Estate Investment Co. Ltd. (a)		893,000		3,780,491

Wheelock & Co. Ltd.		606,000		4,441,367

Yue Yuen Industrial Holdings Ltd.		611,000		974,642


				301,523,631


Macau — 2.3%

Galaxy Entertainment Group Ltd.		2,026,000		13,030,230

MGM China Holdings Ltd.		647,828		800,013

Sands China Ltd.		1,890,579		7,654,004

SJM Holdings Ltd.		1,667,000		1,645,900

Wynn Macau Ltd.		1,127,116		1,946,389


				25,076,536


New Zealand — 2.8%

a2 Milk Co. Ltd.*		573,688		6,827,998

Auckland International Airport Ltd.		898,231		3,316,978

Contact Energy Ltd.		556,165		2,121,082

Fisher & Paykel Healthcare Corp. Ltd.		447,789		7,481,096

Fletcher Building Ltd.		644,104		1,443,115

Mercury NZ Ltd.		500,186		1,390,491

Meridian Energy Ltd.		973,071		2,651,330


INVESTMENTS	SHARES		VALUE($)


New Zealand — continued

Ryman Healthcare Ltd.		323,532		2,360,121

Spark New Zealand Ltd.		1,441,842		3,902,079


				31,494,290


Singapore — 11.4%

Ascendas, REIT		2,322,128		4,856,222

CapitaLand Commercial Trust, REIT		2,211,900		2,513,486

CapitaLand Ltd.*		1,951,400		4,140,414

CapitaLand Mall Trust, REIT		2,200,900		2,928,303

City Developments Ltd.		477,600		2,669,664

ComfortDelGro Corp. Ltd.		1,677,700		1,955,902

DBS Group Holdings Ltd.		1,396,000		19,654,440

Frasers Property Ltd.		300,100		260,726

Genting Singapore Ltd.		4,470,000		2,480,263

Golden Agri-Resources Ltd.*		5,234,100		575,586

Great Eastern Holdings Ltd.		44,700		591,657

Jardine Cycle & Carriage Ltd.		76,600		1,089,092

Keppel, REIT		1,491,400		1,113,942

Keppel Corp. Ltd.		1,123,400		4,742,688

Mapletree Commercial Trust, REIT		1,665,300		2,293,089

Mapletree North Asia Commercial Trust, REIT (b)		1,658,400		1,101,416

Olam International Ltd.		554,300		586,858

Oversea-Chinese Banking Corp. Ltd.		3,055,100		19,492,500

SATS Ltd.		518,100		1,200,332

Sembcorp Industries Ltd.		705,200		807,882

Sembcorp Marine Ltd.*		640,900		338,830

SIA Engineering Co. Ltd.		195,800		258,467

Singapore Airlines Ltd.		403,600		1,745,269

Singapore Exchange Ltd.		638,300		4,352,634

Singapore Press Holdings Ltd.		1,237,200		1,328,572

Singapore Technologies Engineering Ltd.		1,207,700		2,924,739

Singapore Telecommunications Ltd.		6,364,900		12,718,584

Suntec, REIT		2,057,300		2,032,039

United Overseas Bank Ltd.		1,090,800		15,586,569

UOL Group Ltd.		417,700		2,008,999

Venture Corp. Ltd.		207,500		2,318,954

Wilmar International Ltd.		2,367,700		5,962,539

Yanlord Land Group Ltd.		512,000		382,738


				127,013,395


United Kingdom — 1.4%

CK Hutchison Holdings Ltd.		2,109,000		15,632,282


United States — 0.4%

James Hardie Industries plc, CHDI		346,187		4,969,722


Total Common Stocks (Cost $1,321,122,064)				1,110,121,084

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	NO. OF RIGHTS		VALUE($)
Rights — 0.0% (c)

Australia — 0.0% (c)

Flight Centre Travel Group Ltd., expiring 5/1/2020* (Cost $271,954)		25,730		61,625


	SHARES
Short-Term Investments — 0.4%

Investment of Cash Collateral from Securities Loaned — 0.4%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (d) (e)		988,304		988,501

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (d) (e)		3,347,940		3,347,940


Total Investment of Cash Collateral from Securities Loaned (Cost $4,336,639)				4,336,441

Total Investments — 99.8% (Cost $1,325,730,657)				1,114,519,150

Other Assets Less Liabilities — 0.2%				2,326,816

NET ASSETS — 100.0%				1,116,845,966

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

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


INDUSTRY	PERCENTAGE

Banks		18.1	%

Insurance		9.8

Metals & Mining		8.9

Real Estate Management & Development		7.0

Biotechnology		6.3

Equity Real Estate Investment Trusts (REITs)		6.1

Capital Markets		5.6

Hotels, Restaurants & Leisure		4.2

Industrial Conglomerates		3.3

Food & Staples Retailing		3.1

Electric Utilities		2.9

Diversified Telecommunication Services		2.8

Transportation Infrastructure		2.4

Oil, Gas & Consumable Fuels		2.2

Multiline Retail		2.0

Food Products		1.8

Gas Utilities		1.8

Health Care Providers & Services		1.4



INDUSTRY	PERCENTAGE

Health Care Equipment & Supplies		1.2	%

Road & Rail		1.2

Others (each less than 1.0%)		7.5

Short-Term Investments		0.4

Abbreviations


CHDI		Clearing House Electronic Subregister System (CHESS) Depository Interest
REIT		Real Estate Investment Trust

(a)		The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $4,116,135.
(b)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)		Amount rounds to less than 0.1% of net assets.
(d)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)		The rate shown is the current yield as of April 30, 2020.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders Developed Asia ex-Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Futures contracts outstanding as of April 30, 2020:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)

Long Contracts

Hang Seng Index

05/2020

HKD

2,356,128

38,396

MSCI Singapore Index

05/2020

SGD

588,235

21,525

SPI 200 Index

06/2020

AUD

3,709,909

438,553

498,474

Abbreviations


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

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.0%

Australia — 1.1%

BHP Group plc		635,263		10,662,875

Rio Tinto plc		299,428		13,899,048


				24,561,923


Austria — 0.4%

ANDRITZ AG		21,663		711,793

BAWAG Group AG* (a)		20,811		707,318

Erste Group Bank AG		90,207		1,955,044

EVN AG		10,323		161,309

IMMOFINANZ AG*		27,651		510,596

Lenzing AG		4,012		229,311

Oesterreichische Post AG* (b)		9,544		359,671

OMV AG		43,759		1,428,811

Raiffeisen Bank International AG		40,677		702,088

Strabag SE		4,316		120,843

Telekom Austria AG		41,861		294,507

UNIQA Insurance Group AG		34,225		230,746

Verbund AG		20,327		920,360

Vienna Insurance Group AG Wiener Versicherung Gruppe		11,528		230,425

voestalpine AG		33,176		687,606


				9,250,428


Belgium — 1.6%

Ackermans & van Haaren NV*		6,808		902,317

Ageas		56,394		2,032,674

Anheuser-Busch InBev SA/NV		254,647		11,858,926

bpost SA		29,417		205,259

Colruyt SA		14,462		866,731

Elia Group SA/NV		9,865		1,134,307

Galapagos NV* (b)		15,177		3,353,014

Groupe Bruxelles Lambert SA* (b)		24,406		1,952,380

KBC Group NV		102,848		5,578,576

Proximus SADP		47,908		1,022,522

Sofina SA		4,720		1,111,627

Solvay SA (b)		21,895		1,710,169

Telenet Group Holding NV		13,260		553,830

UCB SA*		38,028		3,484,849

Umicore SA		60,034		2,601,906


				38,369,087


Chile — 0.0% (c)

Antofagasta plc		103,451		1,059,330


China — 0.4%

Prosus NV*		127,046		9,631,472


Colombia — 0.0% (c)

Millicom International Cellular SA, SDR		29,725		772,437


Denmark — 3.5%

Ambu A/S, Class B		51,697		1,619,267


INVESTMENTS	SHARES		VALUE($)


Denmark — continued

AP Moller — Maersk A/S, Class A		974		902,505

AP Moller — Maersk A/S, Class B (b)		1,974		1,964,630

Carlsberg A/S, Class B		32,003		4,037,275

Chr Hansen Holding A/S		30,929		2,666,814

Coloplast A/S, Class B		35,149		5,543,839

Danske Bank A/S*		204,863		2,432,354

Demant A/S*		30,102		719,673

DSV Panalpina A/S		61,491		6,388,928

Genmab A/S*		19,539		4,696,876

GN Store Nord A/S		42,638		1,945,844

H Lundbeck A/S		18,410		671,702

ISS A/S*		47,629		708,116

Jyske Bank A/S (Registered)*		19,359		522,556

Novo Nordisk A/S, Class B		498,589		31,805,005

Novozymes A/S, Class B		64,233		3,151,055

Orsted A/S (a)		50,261		5,076,886

Pandora A/S		30,082		1,069,672

Rockwool International A/S, Class A		1,784		346,568

Rockwool International A/S, Class B		2,113		444,067

Tryg A/S		36,108		962,994

Vestas Wind Systems A/S		59,824		5,137,276


				82,813,902


Finland — 2.1%

Elisa OYJ		45,174		2,745,148

Fortum OYJ		130,445		2,161,495

Huhtamaki OYJ*		28,507		1,063,997

Kesko OYJ, Class A		29,696		483,427

Kesko OYJ, Class B		81,304		1,324,776

Kone OYJ, Class B		121,598		7,363,262

Konecranes OYJ		19,604		425,490

Metso OYJ		40,142		1,113,705

Neste OYJ		129,562		4,575,553

Nokia OYJ		1,693,829		6,106,148

Nokian Renkaat OYJ (b)		39,247		833,816

Nordea Bank Abp		971,488		6,231,063

Orion OYJ, Class A		9,567		472,753

Orion OYJ, Class B		31,166		1,583,805

Sampo OYJ, Class A		148,351		4,917,461

Stora Enso OYJ, Class R		183,264		2,156,021

UPM-Kymmene OYJ		160,057		4,389,592

Wartsila OYJ Abp		145,321		1,066,690


				49,014,202


France — 16.0%

Accor SA		54,144		1,506,200

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

France — continued

Adevinta ASA*		68,249		566,856

Aeroports de Paris		9,772		953,910

Air Liquide SA (b)		141,678		18,000,807

Airbus SE*		181,272		11,477,881

Alstom SA		57,134		2,343,579

Amundi SA (a)		18,198		1,207,876

Arkema SA		21,524		1,791,508

Atos SE*		28,905		2,067,119

AXA SA		583,855		10,378,898

BioMerieux		12,755		1,575,931

BNP Paribas SA		344,361		10,818,564

Bollore SA		280,661		743,815

Bouygues SA*		74,867		2,303,522

Bureau Veritas SA		86,670		1,799,265

Capgemini SE		47,301		4,446,805

Carrefour SA		172,398		2,560,324

Casino Guichard Perrachon SA (b)		15,576		584,675

Cie de Saint-Gobain		164,327		4,372,403

Cie Generale des Etablissements Michelin SCA		54,161		5,233,098

CNP Assurances*		47,678		491,880

Covivio, REIT (b)		13,316		836,264

Credit Agricole SA		381,764		3,070,704

Danone SA		193,691		13,499,699

Dassault Aviation SA		707		575,786

Dassault Systemes SE		41,130		6,024,330

Edenred (b)		73,384		2,956,138

Eiffage SA		24,518		2,003,655

Electricite de France SA		136,946		1,090,218

Engie SA		551,338		5,981,782

EssilorLuxottica SA		87,330		10,848,526

Eutelsat Communications SA		50,859		569,432

Faurecia SE		22,273		798,074

Gecina SA, REIT		16,525		2,168,262

Getlink SE		130,019		1,658,397

Hermes International		10,482		7,663,082

ICADE, REIT		8,510		653,695

Iliad SA		7,774		1,157,711

Ipsen SA		11,016		820,283

JCDecaux SA		23,003		476,153

Kering SA (b)		22,379		11,384,304

Klepierre SA, REIT		62,493		1,268,665

Legrand SA		79,934		5,358,988

L’Oreal SA		73,931		21,494,789

LVMH Moet Hennessy Louis Vuitton SE		81,013		31,319,055

Natixis SA		273,296		645,190


INVESTMENTS	SHARES		VALUE($)


France — continued

Orange SA		573,595		6,968,630

Pernod Ricard SA		65,430		9,990,882

Peugeot SA		172,272		2,442,067

Publicis Groupe SA		66,900		1,974,820

Renault SA*		61,997		1,221,632

Safran SA		100,907		9,381,438

Sanofi (b)		344,824		33,680,259

Sartorius Stedim Biotech		7,232		1,734,040

Schneider Electric SE* (b)		166,291		15,367,351

SEB SA		8,229		986,885

Societe Generale SA		239,683		3,760,397

Sodexo SA (b)		26,037		2,081,542

Suez		126,856		1,434,900

Teleperformance		17,614		3,945,698

Thales SA		31,092		2,354,634

TOTAL SA		759,639		26,961,421

Ubisoft Entertainment SA*		21,598		1,606,500

Unibail-Rodamco-Westfield, REIT		41,397		2,451,178

Valeo SA		71,892		1,647,974

Veolia Environnement SA		169,123		3,605,444

Vinci SA		152,990		12,533,250

Vivendi SA (b)		242,118		5,232,935

Worldline SA* (a) (b)		25,119		1,701,294


				372,613,269


Germany — 13.0%

1&1 Drillisch AG		14,375		334,481

adidas AG		55,463		12,697,287

Allianz SE (Registered)		125,369		23,071,835

Aroundtown SA		332,646		1,789,261

BASF SE		275,948		14,122,056

Bayer AG (Registered)		295,492		19,434,330

Bayerische Motoren Werke AG		95,960		5,644,871

Bayerische Motoren Werke AG (Preference)		16,637		780,381

Beiersdorf AG		29,566		3,093,444

Brenntag AG		46,358		2,098,997

Continental AG*		32,491		2,714,997

Covestro AG (a)		50,472		1,695,413

Daimler AG (Registered)		267,389		9,145,511

Delivery Hero SE* (a)		39,746		3,371,066

Deutsche Bank AG (Registered) (b)		621,644		4,604,040

Deutsche Boerse AG		57,152		8,860,760

Deutsche Lufthansa AG (Registered)* (b)		70,957		635,256

Deutsche Post AG (Registered)		292,084		8,676,997

Deutsche Telekom AG (Registered)		973,853		14,237,375

Deutsche Wohnen SE		108,189		4,384,703

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Germany — continued

E.ON SE		659,391		6,605,305

Evonik Industries AG		50,105		1,232,605

Fraport AG Frankfurt Airport Services Worldwide (b)		11,167		489,153

Fresenius Medical Care AG & Co. KGaA		63,739		4,995,263

Fresenius SE & Co. KGaA		123,177		5,335,157

GEA Group AG*		49,943		1,146,087

Hannover Rueck SE		18,054		2,876,628

HeidelbergCement AG		44,554		2,112,356

Henkel AG & Co. KGaA		30,311		2,362,845

Henkel AG & Co. KGaA (Preference)		53,589		4,757,983

HOCHTIEF AG		6,761		529,057

Infineon Technologies AG		376,027		6,990,693

KION Group AG		19,429		963,722

LANXESS AG		24,981		1,229,201

Merck KGaA		38,756		4,497,964

MTU Aero Engines AG*		15,643		2,130,193

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		43,437		9,513,768

Porsche Automobil Holding SE (Preference)		46,303		2,338,013

Puma SE*		25,406		1,595,891

RWE AG		173,805		4,999,972

SAP SE		325,174		38,730,596

Sartorius AG (Preference)		10,220		2,871,222

Siemens AG (Registered)		242,874		22,413,181

Symrise AG		39,090		3,960,195

Talanx AG		15,896		564,513

Telefonica Deutschland Holding AG		276,370		786,208

thyssenkrupp AG* (b)		121,099		805,576

TUI AG (b)		131,762		524,900

Uniper SE		54,759		1,473,151

United Internet AG (Registered)		37,421		1,287,603

Volkswagen AG		9,701		1,434,234

Volkswagen AG (Preference)		55,197		7,679,629

Vonovia SE		163,107		8,065,456

Wacker Chemie AG		4,589		267,575

Wirecard AG (b)		34,543		3,418,292

Zalando SE* (a)		39,936		1,957,412


				304,334,660


Ghana — 0.0% (c)

Tullow Oil plc		420,449		136,477


Ireland — 0.9%

AIB Group plc*		238,006		329,357

Bank of Ireland Group plc		277,830		570,135

CRH plc		237,962		7,219,441


INVESTMENTS	SHARES		VALUE($)


Ireland — continued

Flutter Entertainment plc		23,899		2,941,322

Glanbia plc		60,258		641,285

Kerry Group plc, Class A		45,475		5,217,597

Kingspan Group plc		45,970		2,342,495

Smurfit Kappa Group plc		70,829		2,218,808


				21,480,440


Italy — 3.3%

A2A SpA		473,059		644,878

Amplifon SpA		24,887		569,696

Assicurazioni Generali SpA		365,252		5,210,923

Atlantia SpA		140,960		2,310,793

Banca Mediolanum SpA		76,179		465,498

Banco BPM SpA (b)		453,431		554,201

Buzzi Unicem SpA		12,250		128,016

Buzzi Unicem SpA		21,342		418,709

Davide Campari-Milano SpA		125,032		971,794

DiaSorin SpA		4,507		768,542

Enel SpA		2,321,720		15,858,396

Eni SpA (b)		765,428		7,291,723

Ferrari NV		38,494		6,016,435

FinecoBank Banca Fineco SpA*		148,788		1,657,740

Freni Brembo SpA (b)		46,077		390,885

Hera SpA		247,042		914,486

Infrastrutture Wireless Italiane SpA (a)		84,436		893,666

Intesa Sanpaolo SpA		4,749,342		7,416,117

Leonardo SpA		121,117		836,445

Mediaset SpA* (b)		106,247		216,003

Mediobanca Banca di Credito Finanziario SpA		208,325		1,211,100

Moncler SpA		56,437		2,122,422

Nexi SpA* (a)		75,159		1,140,118

Pirelli & C SpA (a) (b)		128,691		498,343

Poste Italiane SpA (a)		136,528		1,161,430

Prysmian SpA		80,252		1,514,196

Recordati SpA		29,950		1,304,254

Saipem SpA*		172,457		442,639

Salvatore Ferragamo SpA		20,275		251,696

Snam SpA		653,496		2,931,512

Telecom Italia SpA*		3,235,084		1,284,683

Telecom Italia SpA		1,803,339		719,224

Terna Rete Elettrica Nazionale SpA		430,701		2,697,022

UniCredit SpA*		635,492		4,907,760

Unione di Banche Italiane SpA		304,757		873,640

UnipolSai Assicurazioni SpA		177,822		435,869


				77,030,854

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Jordan — 0.1%

Hikma Pharmaceuticals plc		40,800		1,215,189


Luxembourg — 0.3%

ArcelorMittal SA		192,894		2,107,018

Eurofins Scientific SE (b)		3,422		1,892,951

RTL Group SA		11,716		390,156

SES SA, FDR		114,758		764,517

Tenaris SA (b)		141,322		977,827


				6,132,469


Mexico — 0.0% (c)

Fresnillo plc		55,575		493,685


Netherlands — 6.6%

ABN AMRO Bank NV, CVA (a)		123,512		947,454

Adyen NV* (a)		7,271		7,180,694

Aegon NV		420,076		1,086,589

Akzo Nobel NV		60,922		4,623,363

Altice Europe NV*		213,306		851,027

Argenx SE*		207		31,609

Argenx SE*		12,586		1,882,217

ASML Holding NV (b)		128,033		37,396,583

EXOR NV		28,850		1,573,321

GrandVision NV (a)		17,524		466,190

HAL Trust		25,094		3,222,913

Heineken Holding NV (b)		30,178		2,351,317

Heineken NV (b)		71,037		6,042,399

ING Groep NV		1,171,963		6,566,260

Koninklijke Ahold Delhaize NV (b)		331,071		8,038,524

Koninklijke DSM NV		54,565		6,687,591

Koninklijke KPN NV (b)		1,058,084		2,437,129

Koninklijke Philips NV		273,205		11,909,690

Koninklijke Vopak NV (b)		19,838		1,143,931

NN Group NV		93,497		2,704,641

OCI NV*		19,006		229,505

Randstad NV*		37,534		1,510,578

Royal Dutch Shell plc, Class A		1,257,932		20,710,926

Royal Dutch Shell plc, Class B		1,126,558		18,034,676

Wolters Kluwer NV (b)		82,111		6,039,548


				153,668,675


Norway — 1.0%

Aker ASA, Class A* (b)		7,433		196,085

Aker BP ASA		32,836		539,085

DNB ASA		271,301		3,284,888

Equinor ASA		331,390		4,588,699

Gjensidige Forsikring ASA		56,850		1,003,108

Kongsberg Gruppen ASA		27,167		349,103


INVESTMENTS	SHARES		VALUE($)


Norway — continued

Leroy Seafood Group ASA		83,863		445,372

Mowi ASA		135,043		2,312,884

Norsk Hydro ASA		408,656		1,036,702

Orkla ASA		243,973		2,203,779

Salmar ASA		16,282		634,558

Schibsted ASA, Class A		24,036		509,925

Schibsted ASA, Class B		30,503		592,441

Storebrand ASA		142,372		714,688

Telenor ASA		195,320		2,996,023

TGS NOPEC Geophysical Co. ASA		36,057		552,189

Yara International ASA		52,698		1,789,859


				23,749,388


Portugal — 0.3%

Banco Comercial Portugues SA, Class R (b)		2,433,287		272,246

EDP — Energias de Portugal SA		647,804		2,729,763

Galp Energia SGPS SA		136,169		1,571,542

Jeronimo Martins SGPS SA		73,438		1,245,034

Navigator Co. SA (The)*		75,716		196,732

NOS SGPS SA		75,235		281,801

Sonae SGPS SA		281,287		222,288


				6,519,406


Russia — 0.1%

Evraz plc		162,294		537,811

Polymetal International plc		63,511		1,300,636


				1,838,447


South Africa — 0.3%

Anglo American plc		416,314		7,404,172


Spain — 3.9%

Acciona SA		6,406		634,930

ACS Actividades de Construccion y Servicios SA		82,162		2,054,579

Aena SME SA* (a)		22,162		2,805,386

Amadeus IT Group SA		129,719		6,191,814

Banco Bilbao Vizcaya Argentaria SA		2,013,205		6,580,729

Banco de Sabadell SA		1,680,653		696,794

Banco Santander SA		4,998,358		11,168,281

Bankia SA		350,813		357,001

CaixaBank SA		1,079,452		1,942,071

Cellnex Telecom SA (a)		81,127		4,243,331

EDP Renovaveis SA		44,378		544,086

Enagas SA		74,577		1,740,757

Endesa SA		95,051		2,108,249

Ferrovial SA		144,561		3,619,784

Grifols SA		88,836		3,031,697

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Spain — continued

Grifols SA (Preference), Class B		78,092		1,607,623

Iberdrola SA		1,798,755		17,893,633

Industria de Diseno Textil SA		318,728		8,163,391

Mapfre SA		294,321		540,079

Naturgy Energy Group SA		100,126		1,768,977

Red Electrica Corp. SA		130,197		2,291,712

Repsol SA		442,412		4,015,699

Siemens Gamesa Renewable Energy SA		67,259		1,000,526

Telefonica SA		1,374,276		6,283,860


				91,284,989


Sweden — 4.9%

Alfa Laval AB*		89,662		1,675,509

Assa Abloy AB, Class B		298,294		5,340,042

Atlas Copco AB, Class A		194,411		6,700,273

Atlas Copco AB, Class B		116,949		3,617,452

Axfood AB		33,694		716,767

Boliden AB (b)		82,393		1,660,829

Castellum AB		77,802		1,364,633

Electrolux AB, Series B		76,285		1,043,111

Elekta AB, Class B		109,800		997,577

Epiroc AB, Class A		187,243		1,873,859

Epiroc AB, Class B		116,767		1,152,036

Essity AB, Class A*		8,410		272,608

Essity AB, Class B*		182,564		5,913,865

Fabege AB		82,150		973,142

Fastighets AB Balder, Class B*		28,904		1,142,206

Getinge AB, Class B		65,744		1,260,135

Hennes & Mauritz AB, Class B (b)		232,853		3,183,007

Hexagon AB, Class B*		84,247		4,134,164

Hexpol AB*		78,679		565,249

Holmen AB, Class B		29,740		853,245

Husqvarna AB, Class A		7,769		47,976

Husqvarna AB, Class B		129,383		778,535

ICA Gruppen AB		27,807		1,216,707

Industrivarden AB, Class A*		51,024		1,047,122

Industrivarden AB, Class C* (b)		50,729		1,038,068

Intrum AB (b)		22,237		338,966

Investment AB Latour, Class B (b)		37,071		554,243

Investor AB, Class A		39,176		1,932,692

Investor AB, Class B		136,972		6,807,263

Kinnevik AB, Class B		72,384		1,487,706

L E Lundbergforetagen AB, Class B* (b)		19,109		802,330

Lundin Energy AB (b)		56,474		1,453,023

NCC AB, Class B		26,070		397,432

Nibe Industrier AB, Class B		109,218		2,037,656


INVESTMENTS	SHARES		VALUE($)


Sweden — continued

Saab AB, Class B* (b)		24,762		564,824

Sandvik AB*		332,287		5,111,711

Securitas AB, Class B		95,794		1,133,454

Skandinaviska Enskilda Banken AB, Class A		484,213		3,986,264

Skanska AB, Class B*		107,738		2,049,794

SKF AB, Class A		4,801		75,764

SKF AB, Class B		111,743		1,763,709

SSAB AB, Class A* (b)		71,078		170,737

SSAB AB, Class B*		191,382		442,324

Svenska Cellulosa AB SCA, Class A* (b)		8,798		94,346

Svenska Cellulosa AB SCA, Class B*		181,546		1,925,607

Svenska Handelsbanken AB, Class A*		456,120		4,163,164

Svenska Handelsbanken AB, Class B* (b)		10,558		105,371

Swedbank AB, Class A		279,192		3,303,999

Swedish Match AB		51,114		3,158,665

Swedish Orphan Biovitrum AB* (b)		56,979		1,091,669

Tele2 AB, Class B		149,664		1,929,861

Telefonaktiebolaget LM Ericsson, Class A		17,972		169,746

Telefonaktiebolaget LM Ericsson, Class B		787,202		6,725,195

Telia Co. AB (b)		785,003		2,729,428

Trelleborg AB, Class B*		72,591		924,368

Volvo AB, Class A		71,425		913,048

Volvo AB, Class B		493,452		6,323,375


				113,235,851


Switzerland — 17.2%

ABB Ltd. (Registered)		580,392		11,017,167

Adecco Group AG (Registered)		48,878		2,138,937

Alcon, Inc.*		146,994		7,757,907

Baloise Holding AG (Registered)		14,614		2,186,509

Barry Callebaut AG (Registered)		682		1,335,376

Chocoladefabriken Lindt & Spruengli AG		317		2,469,428

Chocoladefabriken Lindt & Spruengli AG (Registered)		33		2,770,559

Cie Financiere Richemont SA (Registered)		157,000		8,907,154

Coca-Cola HBC AG		57,942		1,468,177

Credit Suisse Group AG (Registered)*		730,352		6,668,579

EMS-Chemie Holding AG (Registered)		2,090		1,351,545

Geberit AG (Registered)		11,147		4,984,973

Givaudan SA (Registered)		2,391		8,017,705

Glencore plc*		3,290,413		6,164,394

Julius Baer Group Ltd.*		67,061		2,633,832

Kuehne + Nagel International AG (Registered)		15,176		2,170,809

LafargeHolcim Ltd. (Registered)*		146,355		6,078,561

Lonza Group AG (Registered)*		22,397		9,779,999

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Switzerland — continued

Mediclinic International plc		146,272		475,585

Nestle SA (Registered)		895,116		94,801,763

Novartis AG (Registered)		767,171		65,469,200

Pargesa Holding SA		10,157		722,534

Partners Group Holding AG		5,610		4,420,907

Roche Holding AG		8,185		2,842,699

Roche Holding AG		211,314		73,177,485

Schindler Holding AG		12,251		2,726,528

Schindler Holding AG (Registered)		5,824		1,252,424

SGS SA (Registered)		1,566		3,532,428

Sika AG (Registered)		37,953		6,277,776

Sonova Holding AG (Registered)		16,275		2,939,489

STMicroelectronics NV		197,143		5,076,723

Straumann Holding AG (Registered)		3,390		2,579,206

Swatch Group AG (The)		8,670		1,739,737

Swatch Group AG (The) (Registered)		17,491		680,005

Swiss Life Holding AG (Registered)		10,113		3,586,307

Swiss Re AG		87,647		6,368,987

Swisscom AG (Registered)		7,646		3,972,803

Temenos AG (Registered)* (b)		19,387		2,512,196

UBS Group AG (Registered)*		1,152,224		12,337,432

Vifor Pharma AG		13,116		1,967,715

Zurich Insurance Group AG		45,271		14,353,368


				401,714,908


United Arab Emirates — 0.0% (c)

NMC Health plc‡		23,176		29


United Kingdom — 21.6%

3i Group plc		291,073		2,859,462

Admiral Group plc		75,683		2,208,475

Aggreko plc		77,465		446,714

Ashtead Group plc		139,483		3,810,014

ASOS plc*		17,212		519,317

Associated British Foods plc		107,154		2,543,765

AstraZeneca plc		394,554		41,267,233

Auto Trader Group plc (a)		278,944		1,605,743

AVEVA Group plc		19,391		870,312

Aviva plc		1,212,682		3,667,307

Babcock International Group plc		150,039		794,707

BAE Systems plc		959,839		6,122,270

Barclays plc		4,847,422		6,472,771

Barratt Developments plc		305,091		1,988,998

Berkeley Group Holdings plc		39,190		2,057,204

BP plc		6,085,185		23,978,170

British American Tobacco plc		688,628		26,542,650

British Land Co. plc (The), REIT		281,660		1,436,818


INVESTMENTS	SHARES		VALUE($)


United Kingdom — continued

BT Group plc		2,638,404		3,845,533

Bunzl plc		100,948		2,191,052

Burberry Group plc		123,289		2,140,732

Centrica plc		1,753,416		876,984

CNH Industrial NV*		298,854		1,869,391

Coca-Cola European Partners plc		63,677		2,524,156

Compass Group plc		479,154		8,062,921

ConvaTec Group plc (a)		467,478		1,248,599

Croda International plc		39,546		2,424,950

DCC plc		30,478		2,167,257

Derwent London plc, REIT		32,191		1,257,840

Diageo plc		704,193		24,245,262

Direct Line Insurance Group plc		411,485		1,401,946

DS Smith plc		409,326		1,604,949

easyJet plc		79,811		604,545

Experian plc		273,930		8,226,219

Fiat Chrysler Automobiles NV		330,939		2,870,548

G4S plc		464,325		637,418

GlaxoSmithKline plc		1,501,455		31,324,251

GVC Holdings plc		173,039		1,642,456

Halma plc		113,663		2,988,245

Hammerson plc, REIT		232,593		206,090

Hargreaves Lansdown plc		82,324		1,489,610

Hiscox Ltd.		87,721		771,699

HSBC Holdings plc		6,207,403		31,905,821

Imperial Brands plc		285,554		6,007,620

Informa plc		376,448		2,079,447

InterContinental Hotels Group plc		56,462		2,571,997

Intertek Group plc		48,360		2,886,089

ITV plc		1,084,166		1,040,994

J Sainsbury plc		516,166		1,284,632

JD Sports Fashion plc		123,612		819,341

John Wood Group plc		207,718		525,960

Johnson Matthey plc		59,544		1,491,907

Kingfisher plc		637,689		1,265,044

Land Securities Group plc, REIT		224,832		1,874,889

Legal & General Group plc		1,776,902		4,568,417

Lloyds Banking Group plc		21,106,486		8,539,855

London Stock Exchange Group plc		94,823		8,875,135

M&G plc		777,770		1,289,409

Marks & Spencer Group plc		583,443		679,751

Meggitt plc		232,137		812,864

Melrose Industries plc		1,456,057		1,819,931

Micro Focus International plc		108,566		643,665

Mondi plc		146,041		2,578,984

National Grid plc		1,128,791		13,228,025

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

United Kingdom — continued

Next plc		40,066		2,385,476

Ocado Group plc*		176,486		3,564,612

Pearson plc		233,960		1,349,165

Persimmon plc		95,519		2,646,474

Phoenix Group Holdings plc		157,590		1,195,844

Prudential plc		777,770		10,972,326

Reckitt Benckiser Group plc		221,528		18,453,230

RELX plc		605,066		13,651,382

Rentokil Initial plc		553,921		3,295,617

Rightmove plc		270,069		1,688,590

Rolls-Royce Holdings plc*		580,806		2,403,930

Royal Bank of Scotland Group plc		1,374,975		1,918,244

Royal Mail plc		299,304		624,604

RSA Insurance Group plc		307,066		1,391,642

Sage Group plc (The)		339,788		2,732,744

Schroders plc		38,755		1,294,401

Schroders plc (Non-Voting)		13,825		369,182

Segro plc, REIT		328,686		3,445,132

Severn Trent plc		71,984		2,160,063

Smith & Nephew plc		267,995		5,244,422

Smiths Group plc		117,526		1,829,930

Spirax-Sarco Engineering plc		22,027		2,410,624

SSE plc		311,105		4,879,799

St James’s Place plc		158,321		1,685,832

Standard Chartered plc		807,534		4,126,246

Standard Life Aberdeen plc		705,928		1,955,181

Subsea 7 SA*		71,197		390,810

Tate & Lyle plc		139,486		1,249,846

Taylor Wimpey plc		978,908		1,807,888

TechnipFMC plc		126,237		1,105,250

Tesco plc		2,921,512		8,641,306

Travis Perkins plc		74,654		974,793

Unilever NV		439,505		21,887,049

Unilever plc		351,165		18,082,252

United Utilities Group plc		204,373		2,313,475

Vodafone Group plc		8,059,354		11,369,131

Weir Group plc (The)		77,551		926,786

Whitbread plc		40,178		1,507,188

Wm Morrison Supermarkets plc		716,127		1,645,785

WPP plc		376,961		2,924,889


				505,105,500


United States — 0.4%

Carnival plc		55,800		768,937


INVESTMENTS	SHARES		VALUE($)


United Kingdom — continued

Ferguson plc		69,780		5,031,297

QIAGEN NV*		68,275		2,843,128


				8,643,362


Total Common Stocks (Cost $2,779,010,728)				2,312,074,551

Short-Term Investments — 5.8%

Investment of Cash Collateral from Securities Loaned — 5.8%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (d) (e)		84,006,395		84,023,197

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (d) (e)		52,026,406		52,026,406


Total Investment of Cash Collateral from Securities Loaned (Cost $136,026,700)				136,049,603

Total Investments — 104.8% (Cost $2,915,037,428)				2,448,124,154

Liabilities in Excess of Other Assets — (4.8)%				(113,042,901	)

NET ASSETS — 100.0%				2,335,081,253

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

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


INDUSTRY	PERCENTAGE

Pharmaceuticals		12.9	%

Banks		6.1

Food Products		5.3

Insurance		4.9

Oil, Gas & Consumable Fuels		4.8

Textiles, Apparel & Luxury Goods		3.8

Chemicals		3.5

Personal Products		2.6

Beverages		2.6

Capital Markets		2.4

Electric Utilities		2.4

Diversified Telecommunication Services		2.4

Machinery		2.2

Software		2.1

Semiconductors & Semiconductor Equipment		2.0

Health Care Equipment & Supplies		2.0

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders Europe ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INDUSTRY	PERCENTAGE

Metals & Mining		2.0	%

Professional Services		1.8

Electrical Equipment		1.7

Automobiles		1.6

Multi-Utilities		1.6

Aerospace & Defense		1.5

Tobacco		1.5

Household Products		1.3

IT Services		1.2

Food & Staples Retailing		1.2

Industrial Conglomerates		1.1

Construction & Engineering		1.0

Diversified Financial Services		1.0

Others (each less than 1.0%)		13.9

Short-Term Investments		5.6

Abbreviations


CVA		Dutch Certification
FDR		Fiduciary Depository Receipt
OYJ		Public Limited Company


Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT		Real Estate Investment Trust
SCA		Limited partnership with share capital
SDR		Swedish Depositary Receipt
SGPS		Holding company

(a)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)		The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $125,871,397.
(c)		Amount rounds to less than 0.1% of net assets.
(d)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)		The rate shown is the current yield as of April 30, 2020.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

Futures contracts outstanding as of April 30, 2020:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING

CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

EURO STOXX 50 Index

428

06/2020

EUR

13,517,233

1,801,229

FTSE 100 Index

107

06/2020

GBP

7,902,845

819,357

2,620,586

Abbreviations


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

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.0%

Australia — 6.6%

Afterpay Ltd.*		682		13,562

AGL Energy Ltd.		2,165		23,761

Alumina Ltd.		7,703		8,545

AMP Ltd.*		11,005		10,154

APA Group		3,900		27,557

Aristocrat Leisure Ltd.		2,100		34,440

ASX Ltd.		630		33,217

Aurizon Holdings Ltd.		6,570		19,959

AusNet Services		5,718		6,974

Australia & New Zealand Banking Group Ltd.		9,560		103,845

Bendigo & Adelaide Bank Ltd.		1,682		7,117

BHP Group Ltd.		9,816		200,387

BHP Group plc		6,975		117,075

BlueScope Steel Ltd.		1,720		11,226

Boral Ltd.		3,870		7,521

Brambles Ltd.		5,240		37,453

Caltex Australia Ltd.		855		13,765

Challenger Ltd.		1,685		5,366

CIMIC Group Ltd.		320		5,094

Coca-Cola Amatil Ltd.		1,665		9,270

Cochlear Ltd.		211		25,087

Coles Group Ltd.		3,970		39,810

Commonwealth Bank of Australia		5,810		234,704

Computershare Ltd.		1,655		13,021

Crown Resorts Ltd.		1,176		7,528

CSL Ltd.		1,495		297,994

Dexus, REIT		3,575		21,222

Domino’s Pizza Enterprises Ltd.		200		7,484

Evolution Mining Ltd.		5,614		18,282

Flight Centre Travel Group Ltd.‡		190		1,347

Fortescue Metals Group Ltd.		5,655		43,217

Goodman Group, REIT		5,300		45,141

GPT Group (The), REIT		6,365		17,493

Harvey Norman Holdings Ltd.		2,215		3,974

Iluka Resources Ltd.		1,380		6,845

Incitec Pivot Ltd.		5,535		8,561

Insurance Australia Group Ltd.		7,625		28,489

LendLease Group		1,935		15,414

Macquarie Group Ltd.		1,040		68,893

Magellan Financial Group Ltd.		490		16,051

Medibank Pvt Ltd.		9,095		15,933

Mirvac Group, REIT		13,085		19,014

National Australia Bank Ltd.		9,525		104,370

Newcrest Mining Ltd.		2,530		45,852

Orica Ltd.		1,318		15,274


INVESTMENTS	SHARES		VALUE($)


Australia — continued

Origin Energy Ltd.		5,800		20,861

Qantas Airways Ltd.		2,430		6,035

QBE Insurance Group Ltd.		4,986		26,999

Ramsay Health Care Ltd.		591		24,001

REA Group Ltd.		160		9,155

Reece Ltd.		750		4,286

Rio Tinto Ltd.		1,225		69,042

Rio Tinto plc		3,280		152,253

Santos Ltd.		5,825		18,522

Scentre Group, REIT		17,590		26,425

SEEK Ltd.		1,150		12,839

Seven Group Holdings Ltd.		440		4,327

Sonic Healthcare Ltd.		1,490		26,314

South32 Ltd.		16,975		21,349

Stockland, REIT		8,035		14,920

Suncorp Group Ltd.		4,150		24,671

Sydney Airport		3,640		14,827

Tabcorp Holdings Ltd.		6,640		13,844

Telstra Corp. Ltd.		13,750		27,049

TPG Telecom Ltd.		1,130		5,392

Transurban Group		8,610		76,756

Treasury Wine Estates Ltd.		2,365		15,556

Vicinity Centres, REIT		10,610		10,157

Washington H Soul Pattinson & Co. Ltd.		386		4,642

Wesfarmers Ltd.		3,731		90,624

Westpac Banking Corp.		11,345		118,035

WiseTech Global Ltd.		490		5,835

Woodside Petroleum Ltd.		3,095		44,318

Woolworths Group Ltd.		4,335		100,320

Worley Ltd.		1,055		6,115


				2,812,757


Austria — 0.2%

ANDRITZ AG		240		7,886

BAWAG Group AG* (a)		236		8,021

Erste Group Bank AG		1,000		21,673

EVN AG		120		1,875

IMMOFINANZ AG*		310		5,724

Lenzing AG		50		2,858

Oesterreichische Post AG* (b)		105		3,957

OMV AG		456		14,889

Raiffeisen Bank International AG		450		7,767

Strabag SE		50		1,400

Telekom Austria AG		470		3,307

UNIQA Insurance Group AG		375		2,528

Verbund AG		230		10,414

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Austria — continued

Vienna Insurance Group AG Wiener Versicherung Gruppe		130		2,599

voestalpine AG (b)		375		7,772


				102,670


Belgium — 1.0%

Ackermans & van Haaren NV*		74		9,808

Ageas		615		22,167

Anheuser-Busch InBev SA/NV (b)		2,805		130,629

bpost SA		315		2,198

Colruyt SA		155		9,289

Elia Group SA/NV		105		12,073

Galapagos NV*		165		36,453

Groupe Bruxelles Lambert SA* (b)		270		21,599

KBC Group NV		1,135		61,564

Proximus SADP		505		10,779

Sofina SA		53		12,482

Solvay SA		250		19,527

Telenet Group Holding NV		140		5,847

UCB SA*		415		38,030

Umicore SA		665		28,822


				421,267


Cambodia — 0.0% (c)

NagaCorp Ltd.		8,000		9,442


Chile — 0.0% (c)

Antofagasta plc		1,135		11,622


China — 0.3%

Evergrande Health Industry Group Ltd.* (b)		10,000		7,687

Prosus NV*		1,380		104,619


				112,306


Colombia — 0.0% (c)

Millicom International Cellular SA, SDR		320		8,316


Denmark — 2.2%

Ambu A/S, Class B		560		17,540

AP Moller — Maersk A/S, Class A		10		9,266

AP Moller — Maersk A/S, Class B (b)		21		20,900

Carlsberg A/S, Class B		355		44,784

Chr Hansen Holding A/S		340		29,316

Coloplast A/S, Class B		385		60,724

Danske Bank A/S*		2,255		26,774

Demant A/S* (b)		330		7,890

DSV Panalpina A/S		675		70,133

Genmab A/S*		210		50,481

GN Store Nord A/S		470		21,449

H Lundbeck A/S		205		7,480

ISS A/S* (b)		525		7,805


INVESTMENTS	SHARES		VALUE($)


Denmark — continued

Jyske Bank A/S (Registered)*		220		5,938

Novo Nordisk A/S, Class B		5,480		349,569

Novozymes A/S, Class B		715		35,075

Orsted A/S (a)		555		56,061

Pandora A/S		325		11,557

Rockwool International A/S, Class A		20		3,885

Rockwool International A/S, Class B		25		5,254

Tryg A/S		400		10,668

Vestas Wind Systems A/S		665		57,106


				909,655


Finland — 1.3%

Elisa OYJ		494		30,020

Fortum OYJ (b)		1,435		23,778

Huhtamaki OYJ*		315		11,757

Kesko OYJ, Class A		300		4,884

Kesko OYJ, Class B		880		14,339

Kone OYJ, Class B		1,340		81,143

Konecranes OYJ		215		4,666

Metso OYJ		430		11,930

Neste OYJ		1,415		49,971

Nokia OYJ		18,615		67,106

Nokian Renkaat OYJ		425		9,029

Nordea Bank Abp		10,670		68,437

Orion OYJ, Class A		110		5,436

Orion OYJ, Class B		335		17,024

Sampo OYJ, Class A		1,625		53,865

Stora Enso OYJ, Class R		2,020		23,764

UPM-Kymmene OYJ		1,755		48,131

Wartsila OYJ Abp		1,600		11,744


				537,024


France — 9.7%

Accor SA		595		16,552

Adevinta ASA*		745		6,188

Aeroports de Paris		100		9,762

Air Liquide SA (b)		1,565		198,840

Airbus SE*		1,995		126,321

Alstom SA		620		25,432

Amundi SA (a)		201		13,341

Arkema SA		240		19,976

Atos SE*		315		22,527

AXA SA		6,410		113,947

BioMerieux		140		17,298

BNP Paribas SA		3,780		118,754

Bollore SA		2,615		6,930

Bouygues SA*		820		25,230

Bureau Veritas SA		925		19,203

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

France — continued

Capgemini SE		515		48,416

Carrefour SA		1,890		28,069

Casino Guichard Perrachon SA (b)		170		6,381

Cie de Saint-Gobain		1,815		48,293

Cie Generale des Etablissements Michelin SCA		590		57,006

CNP Assurances*		430		4,436

Covivio, REIT (b)		146		9,169

Credit Agricole SA		4,185		33,662

Danone SA		2,125		148,106

Dassault Aviation SA		10		8,144

Dassault Systemes SE		450		65,912

Edenred		795		32,025

Eiffage SA		265		21,656

Electricite de France SA		1,510		12,021

Engie SA		6,050		65,640

EssilorLuxottica SA		955		118,634

Eutelsat Communications SA		555		6,214

Faurecia SE		245		8,779

Gecina SA, REIT		190		24,930

Getlink SE		1,430		18,240

Hermes International		115		84,073

ICADE, REIT		95		7,297

Iliad SA		85		12,658

Ipsen SA		120		8,936

JCDecaux SA		220		4,554

Kering SA		250		127,176

Klepierre SA, REIT		685		13,906

Legrand SA		875		58,662

L’Oreal SA		813		236,373

LVMH Moet Hennessy Louis Vuitton SE		895		346,001

Natixis SA		3,015		7,118

Orange SA		6,300		76,539

Pernod Ricard SA		715		109,177

Peugeot SA		1,880		26,650

Publicis Groupe SA		735		21,696

Renault SA*		680		13,399

Safran SA		1,115		103,663

Sanofi (b)		3,795		370,672

Sartorius Stedim Biotech		80		19,182

Schneider Electric SE*		1,835		169,577

SEB SA		90		10,793

Societe Generale SA		2,630		41,262

Sodexo SA (b)		280		22,385

Suez		1,401		15,847

Teleperformance		190		42,562

Thales SA		345		26,127

TOTAL SA		8,340		296,007


INVESTMENTS	SHARES		VALUE($)


France — continued

Ubisoft Entertainment SA*		235		17,480

Unibail-Rodamco-Westfield, REIT		450		26,645

Valeo SA		790		18,109

Veolia Environnement SA (b)		1,850		39,439

Vinci SA		1,660		135,991

Vivendi SA (b)		2,740		59,220

Worldline SA* (a)		275		18,626


				4,093,836


Germany — 7.9%

1&1 Drillisch AG		160		3,723

adidas AG		611		139,878

Allianz SE (Registered)		1,375		253,043

Aroundtown SA		3,650		19,633

BASF SE		3,040		155,577

Bayer AG (Registered)		3,255		214,079

Bayerische Motoren Werke AG		1,050		61,767

Bayerische Motoren Werke AG (Preference)		180		8,443

Beiersdorf AG		330		34,527

Brenntag AG		510		23,092

Continental AG*		355		29,664

Covestro AG (a)		560		18,811

Daimler AG (Registered)		2,935		100,386

Delivery Hero SE* (a)		445		37,743

Deutsche Bank AG (Registered)		6,835		50,622

Deutsche Boerse AG		625		96,899

Deutsche Lufthansa AG (Registered)* (b)		785		7,028

Deutsche Post AG (Registered)		3,205		95,212

Deutsche Telekom AG (Registered)		10,695		156,357

Deutsche Wohnen SE		1,185		48,026

E.ON SE		7,240		72,525

Evonik Industries AG		555		13,653

Fraport AG Frankfurt Airport Services Worldwide (b)		115		5,037

Fresenius Medical Care AG & Co. KGaA		700		54,859

Fresenius SE & Co. KGaA		1,350		58,472

GEA Group AG*		550		12,621

Hannover Rueck SE		195		31,070

HeidelbergCement AG		485		22,994

Henkel AG & Co. KGaA		340		26,504

Henkel AG & Co. KGaA (Preference)		595		52,828

HOCHTIEF AG		70		5,478

Infineon Technologies AG		4,140		76,967

KION Group AG		215		10,665

LANXESS AG		275		13,532

Merck KGaA		435		50,485

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Germany — continued

MTU Aero Engines AG*		175		23,831

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		475		104,037

Porsche Automobil Holding SE (Preference)		505		25,499

Puma SE*		280		17,588

RWE AG		1,905		54,803

SAP SE		3,575		425,809

Sartorius AG (Preference)		110		30,904

Siemens AG (Registered)		2,656		245,104

Symrise AG		425		43,057

Talanx AG		165		5,860

Telefonica Deutschland Holding AG		3,040		8,648

thyssenkrupp AG* (b)		1,345		8,947

TUI AG		1,450		5,776

Uniper SE		600		16,141

United Internet AG (Registered)		415		14,280

Volkswagen AG		115		17,002

Volkswagen AG (Preference)		605		84,174

Vonovia SE		1,790		88,513

Wacker Chemie AG		50		2,915

Wirecard AG		380		37,604

Zalando SE* (a)		445		21,811


				3,344,503


Ghana — 0.0% (c)

Tullow Oil plc		4,645		1,508


Hong Kong — 3.0%

AIA Group Ltd.		39,800		365,275

ASM Pacific Technology Ltd.		1,100		11,115

Bank of East Asia Ltd. (The)		6,000		12,710

Cathay Pacific Airways Ltd.		4,000		4,742

Chow Tai Fook Jewellery Group Ltd.		4,000		3,384

CK Asset Holdings Ltd.		8,500		53,709

CK Infrastructure Holdings Ltd.		2,500		14,850

CLP Holdings Ltd.		6,000		64,225

Dairy Farm International Holdings Ltd.		1,000		4,792

Hang Lung Group Ltd.		3,000		6,852

Hang Lung Properties Ltd.		6,000		12,835

Hang Seng Bank Ltd.		2,500		43,725

Henderson Land Development Co. Ltd.		5,000		20,378

HK Electric Investments & HK Electric Investments Ltd. (a)		7,500		7,760

HKT Trust & HKT Ltd.		12,000		19,365

Hong Kong & China Gas Co. Ltd.		33,000		59,143

Hong Kong Exchanges & Clearing Ltd.		3,900		125,043

Hysan Development Co. Ltd.		2,000		6,672


INVESTMENTS	SHARES		VALUE($)


Hong Kong — continued

Jardine Matheson Holdings Ltd.		1,000		43,801

Jardine Strategic Holdings Ltd.		600		12,898

Kerry Properties Ltd.		2,500		6,905

Link, REIT		6,900		61,508

MTR Corp. Ltd.		5,000		27,702

New World Development Co. Ltd.		20,000		23,629

NWS Holdings Ltd.		5,000		5,211

PCCW Ltd.		15,000		9,189

Power Assets Holdings Ltd.		4,500		30,151

Shangri-La Asia Ltd.		4,000		3,303

Sino Land Co. Ltd.		10,000		13,975

Sun Hung Kai Properties Ltd.		5,000		68,369

Swire Pacific Ltd., Class A		2,000		13,006

Swire Pacific Ltd., Class B		2,500		2,733

Swire Properties Ltd.		4,000		11,219

Techtronic Industries Co. Ltd.		5,500		41,704

WH Group Ltd. (a)		32,500		30,997

Wharf Holdings Ltd. (The)		2,000		3,789

Wharf Real Estate Investment Co. Ltd.		4,000		16,934

Wheelock & Co. Ltd.		2,000		14,658

Yue Yuen Industrial Holdings Ltd.		2,500		3,988


				1,282,244


Ireland — 0.6%

AIB Group plc*		2,600		3,598

Bank of Ireland Group plc		3,065		6,290

CRH plc		2,655		80,549

Flutter Entertainment plc		259		31,876

Glanbia plc		650		6,917

Kerry Group plc, Class A		495		56,794

Kingspan Group plc		505		25,733

Smurfit Kappa Group plc		775		24,278


				236,035


Israel — 0.4%

Azrieli Group Ltd.		125		7,402

Bank Hapoalim BM		3,700		23,715

Bank Leumi Le-Israel BM		4,945		26,644

Bezeq The Israeli Telecommunication Corp. Ltd.*		6,750		4,816

Elbit Systems Ltd.		76		10,303

Israel Chemicals Ltd.		2,280		7,955

Israel Discount Bank Ltd., Class A		3,855		12,507

Mizrahi Tefahot Bank Ltd.		440		9,012

Nice Ltd.*		205		33,667

Teva Pharmaceutical Industries Ltd.*		3,605		38,995


				175,016

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Italy — 2.0%

A2A SpA		5,170		7,048

Amplifon SpA (b)		275		6,295

Assicurazioni Generali SpA		4,015		57,281

Atlantia SpA		1,555		25,491

Banca Mediolanum SpA		835		5,102

Banco BPM SpA (b)		5,005		6,117

Buzzi Unicem SpA		25		261

Buzzi Unicem SpA		230		4,512

Davide Campari-Milano SpA (b)		1,380		10,726

DiaSorin SpA		49		8,356

Enel SpA		25,505		174,211

Eni SpA		8,410		80,116

Ferrari NV (b)		430		67,207

FinecoBank Banca Fineco SpA*		1,650		18,384

Freni Brembo SpA		515		4,369

Hera SpA		2,610		9,662

Infrastrutture Wireless Italiane SpA (a)		790		8,361

Intesa Sanpaolo SpA		52,055		81,284

Leonardo SpA		1,340		9,254

Mediaset SpA* (b)		1,170		2,379

Mediobanca Banca di Credito Finanziario SpA		2,191		12,737

Moncler SpA		625		23,504

Nexi SpA* (a)		825		12,515

Pirelli & C SpA (a) (b)		1,430		5,538

Poste Italiane SpA (a)		1,515		12,888

Prysmian SpA		890		16,793

Recordati SpA		340		14,806

Saipem SpA*		1,905		4,889

Salvatore Ferragamo SpA (b)		215		2,669

Snam SpA		7,180		32,209

Telecom Italia SpA*		35,670		14,165

Telecom Italia SpA		19,915		7,943

Terna Rete Elettrica Nazionale SpA		4,635		29,024

UniCredit SpA*		6,990		53,982

Unione di Banche Italiane SpA		3,355		9,618

UnipolSai Assicurazioni SpA		1,960		4,804


				844,500


Japan — 27.4%

ABC-Mart, Inc.		100		5,082

Acom Co. Ltd.		1,500		6,060

Advance Residence Investment Corp., REIT		5		15,341

Advantest Corp.		700		33,965

Aeon Co. Ltd.		3,000		60,395

AEON Financial Service Co. Ltd.		300		3,120

Aeon Mall Co. Ltd.		300		3,771


INVESTMENTS	SHARES		VALUE($)


Japan — continued

AGC, Inc.		800		19,728

Air Water, Inc.		500		6,741

Aisin Seiki Co. Ltd.		600		17,280

Ajinomoto Co., Inc.		2,000		35,622

Alfresa Holdings Corp.		700		13,959

Alps Alpine Co. Ltd.		800		8,251

Amada Co. Ltd.		1,500		13,559

ANA Holdings, Inc.*		300		6,375

Aozora Bank Ltd.		300		5,339

Asahi Group Holdings Ltd.		1,600		55,017

Asahi Intecc Co. Ltd.		800		21,193

Asahi Kasei Corp.		4,500		31,925

Asics Corp.		600		5,689

Astellas Pharma, Inc.		5,800		95,927

Bandai Namco Holdings, Inc.		700		34,977

Bank of Kyoto Ltd. (The)		200		6,846

Benesse Holdings, Inc.		300		8,543

Bridgestone Corp.		2,100		65,367

Brother Industries Ltd.		1,000		16,948

Calbee, Inc.		500		15,129

Canon Marketing Japan, Inc.		100		1,925

Canon, Inc.		3,600		75,726

Casio Computer Co. Ltd.		700		11,047

Central Japan Railway Co.		700		110,148

Chiba Bank Ltd. (The)		2,500		11,600

Chubu Electric Power Co., Inc.		2,500		33,810

Chugai Pharmaceutical Co. Ltd.		700		83,441

Chugoku Bank Ltd. (The)		700		6,446

Chugoku Electric Power Co., Inc. (The)		1,000		13,455

Citizen Watch Co. Ltd.		1,500		5,294

Coca-Cola Bottlers Japan Holdings, Inc.		500		8,953

Concordia Financial Group Ltd.		4,000		12,256

Credit Saison Co. Ltd.		500		5,679

CyberAgent, Inc.		300		12,596

Dai Nippon Printing Co. Ltd.		1,000		21,084

Daicel Corp.		1,000		8,117

Daido Steel Co. Ltd.		200		6,605

Daifuku Co. Ltd.		400		27,992

Dai-ichi Life Holdings, Inc.		4,000		50,129

Daiichi Sankyo Co. Ltd.		2,000		137,483

Daikin Industries Ltd.		1,000		128,331

Daito Trust Construction Co. Ltd.		200		19,017

Daiwa House Industry Co. Ltd.		2,300		58,283

Daiwa House REIT Investment Corp., REIT		6		14,518

Daiwa Securities Group, Inc.		5,000		20,792

DeNA Co. Ltd.		500		6,155

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Japan — continued

Denso Corp.		1,800		63,273

Dentsu Group, Inc.		800		16,707

DIC Corp.		300		6,967

Disco Corp.		100		22,331

East Japan Railway Co.		1,200		87,624

Eisai Co. Ltd.		1,000		69,811

Electric Power Development Co. Ltd.		600		12,008

Ezaki Glico Co. Ltd.		200		8,784

FamilyMart Co. Ltd.		900		15,262

FANUC Corp.		600		97,928

Fast Retailing Co. Ltd.		200		94,849

Fuji Electric Co. Ltd.		500		11,926

Fuji Media Holdings, Inc.		200		1,987

FUJIFILM Holdings Corp.		1,400		66,686

Fujitsu Ltd.		600		58,289

Fukuoka Financial Group, Inc.		600		8,572

Furukawa Electric Co. Ltd.		300		5,647

GLP J-REIT, REIT		12		15,471

GMO Payment Gateway, Inc.		100		8,915

GungHo Online Entertainment, Inc.		100		1,551

Hachijuni Bank Ltd. (The)		1,500		5,356

Hakuhodo DY Holdings, Inc.		1,000		11,078

Hamamatsu Photonics KK		500		21,855

Hankyu Hanshin Holdings, Inc.		900		30,792

Harmonic Drive Systems, Inc.		100		4,620

Haseko Corp.		800		8,685

Hikari Tsushin, Inc.		100		19,353

Hino Motors Ltd.		1,000		5,949

Hirose Electric Co. Ltd.		100		10,980

Hisamitsu Pharmaceutical Co., Inc.		300		14,135

Hitachi Capital Corp.		200		3,868

Hitachi Construction Machinery Co. Ltd.		400		9,385

Hitachi Ltd.		3,200		94,974

Hitachi Metals Ltd.		600		5,781

Honda Motor Co. Ltd.		6,000		145,705

Hoshizaki Corp.		200		15,241

Hoya Corp.		1,300		118,551

Hulic Co. Ltd.		1,600		15,824

Ibiden Co. Ltd.		500		12,780

Idemitsu Kosan Co. Ltd.		800		18,178

IHI Corp.		500		6,197

Iida Group Holdings Co. Ltd.		600		7,969

Inpex Corp.		3,600		23,238

Isetan Mitsukoshi Holdings Ltd.		1,300		7,908

Isuzu Motors Ltd.		2,000		15,199


INVESTMENTS	SHARES		VALUE($)


Japan — continued

ITOCHU Corp.		5,100		99,986

Itochu Techno-Solutions Corp.		400		12,222

Iyo Bank Ltd. (The)		1,000		5,357

Izumi Co. Ltd.		100		2,927

J Front Retailing Co. Ltd.		1,000		8,158

Japan Airlines Co. Ltd.		500		8,919

Japan Airport Terminal Co. Ltd.		200		8,110

Japan Exchange Group, Inc.		1,700		31,621

Japan Post Holdings Co. Ltd.		5,000		39,994

Japan Prime Realty Investment Corp., REIT		3		8,310

Japan Real Estate Investment Corp., REIT		5		27,006

Japan Retail Fund Investment Corp., REIT		10		10,902

Japan Tobacco, Inc.		3,800		70,768

JFE Holdings, Inc.		1,900		12,608

JGC Holdings Corp.		1,000		9,657

JSR Corp.		700		13,168

JTEKT Corp.		1,000		7,326

JXTG Holdings, Inc.		10,500		37,226

Kajima Corp.		1,500		15,586

Kakaku.com, Inc.		300		6,122

Kamigumi Co. Ltd.		500		8,803

Kaneka Corp.		200		5,173

Kansai Electric Power Co., Inc. (The)		2,800		28,692

Kansai Mirai Financial Group, Inc.		500		1,681

Kansai Paint Co. Ltd.		800		15,196

Kao Corp.		1,600		123,386

Kawasaki Heavy Industries Ltd.		500		7,555

KDDI Corp.		5,300		153,511

Keihan Holdings Co. Ltd.		300		13,484

Keikyu Corp.		900		14,792

Keio Corp.		400		22,627

Keisei Electric Railway Co. Ltd.		600		18,099

Kewpie Corp.		500		9,929

Keyence Corp.		600		214,207

Kikkoman Corp.		600		27,570

Kinden Corp.		500		8,046

Kintetsu Group Holdings Co. Ltd.		600		28,662

Kirin Holdings Co. Ltd.		3,000		57,895

Kobayashi Pharmaceutical Co. Ltd.		200		18,540

Kobe Steel Ltd.*		1,000		3,345

Koito Manufacturing Co. Ltd.		500		18,834

Komatsu Ltd.		3,100		58,655

Konami Holdings Corp.		400		12,560

Konica Minolta, Inc.		2,000		7,739

Kose Corp.		100		12,501

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Japan — continued

K’s Holdings Corp.		700		7,626

Kubota Corp.		4,000		49,675

Kuraray Co. Ltd.		1,000		10,004

Kurita Water Industries Ltd.		300		8,370

Kyocera Corp.		1,200		64,116

Kyowa Kirin Co. Ltd.		800		18,568

Kyushu Electric Power Co., Inc.		1,500		11,886

Kyushu Financial Group, Inc.		1,500		6,328

Kyushu Railway Co.		500		13,452

Lawson, Inc.		200		10,396

LINE Corp.*		200		9,783

Lion Corp.		900		18,920

LIXIL Group Corp.		1,000		11,996

M3, Inc.		1,400		50,532

Mabuchi Motor Co. Ltd.		100		3,097

Makita Corp.		900		29,306

Marubeni Corp.		5,500		26,487

Marui Group Co. Ltd.		700		11,458

Maruichi Steel Tube Ltd.		300		6,745

Matsumotokiyoshi Holdings Co. Ltd.		400		13,767

Mazda Motor Corp.		2,000		11,307

McDonald’s Holdings Co. Japan Ltd.		200		9,779

Mebuki Financial Group, Inc.		3,500		7,352

Medipal Holdings Corp.		700		13,504

MEIJI Holdings Co. Ltd.		500		34,727

Mercari, Inc.*		400		10,101

MINEBEA MITSUMI, Inc.		1,500		24,389

MISUMI Group, Inc.		1,000		23,753

Mitsubishi Chemical Holdings Corp.		4,500		25,576

Mitsubishi Corp.		5,300		112,402

Mitsubishi Electric Corp.		7,100		87,363

Mitsubishi Estate Co. Ltd.		4,600		74,419

Mitsubishi Gas Chemical Co., Inc.		700		8,576

Mitsubishi Heavy Industries Ltd.		1,200		30,772

Mitsubishi Logistics Corp.		300		6,624

Mitsubishi Materials Corp.		400		8,193

Mitsubishi Motors Corp.		2,000		5,668

Mitsubishi UFJ Financial Group, Inc.		43,000		173,720

Mitsubishi UFJ Lease & Finance Co. Ltd.		2,000		9,550

Mitsui & Co. Ltd.		6,000		83,750

Mitsui Chemicals, Inc.		700		13,743

Mitsui Fudosan Co. Ltd.		3,300		60,677

Mitsui OSK Lines Ltd.		500		8,672

Mizuho Financial Group, Inc.		83,500		97,229

MonotaRO Co. Ltd.		500		16,066

MS&AD Insurance Group Holdings, Inc.		1,600		46,096


INVESTMENTS	SHARES		VALUE($)


Japan — continued

Murata Manufacturing Co. Ltd.		2,200		123,963

Nabtesco Corp.		400		11,446

Nagoya Railroad Co. Ltd.		700		20,031

Nankai Electric Railway Co. Ltd.		400		8,930

NEC Corp.		900		34,537

Nexon Co. Ltd.		1,500		24,219

NGK Insulators Ltd.		1,000		13,083

NGK Spark Plug Co. Ltd.		400		5,989

NH Foods Ltd.		400		14,198

NHK Spring Co. Ltd.		500		3,308

Nidec Corp.		1,900		110,607

Nihon M&A Center, Inc.		500		16,311

Nikon Corp.		1,400		13,023

Nintendo Co. Ltd.		400		165,170

Nippon Building Fund, Inc., REIT		5		29,816

Nippon Electric Glass Co. Ltd.		200		2,914

Nippon Express Co. Ltd.		300		14,653

Nippon Paint Holdings Co. Ltd.		600		34,677

Nippon Prologis REIT, Inc., REIT		7		19,378

Nippon Shinyaku Co. Ltd.		200		14,045

Nippon Shokubai Co. Ltd.		100		4,723

Nippon Steel Corp.		3,300		27,765

Nippon Telegraph & Telephone Corp.		4,300		97,927

Nippon Television Holdings, Inc.		200		2,234

Nippon Yusen KK		500		6,582

Nissan Chemical Corp.		500		19,184

Nissan Motor Co. Ltd.		7,500		25,528

Nisshin Seifun Group, Inc.		1,000		15,538

Nissin Foods Holdings Co. Ltd.		300		24,661

Nitori Holdings Co. Ltd.		300		45,983

Nitto Denko Corp.		500		24,977

NOK Corp.		500		5,823

Nomura Holdings, Inc.		11,000		45,646

Nomura Real Estate Holdings, Inc.		500		8,130

Nomura Real Estate Master Fund, Inc., REIT		16		18,195

Nomura Research Institute Ltd.		1,300		31,825

NSK Ltd.		2,000		13,843

NTT Data Corp.		2,000		20,408

NTT DOCOMO, Inc.		3,900		114,938

Obayashi Corp.		2,500		21,851

Obic Co. Ltd.		200		30,012

Odakyu Electric Railway Co. Ltd.		1,200		26,463

Oji Holdings Corp.		3,500		17,771

Olympus Corp.		4,300		68,228

Omron Corp.		700		41,115

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Japan — continued

Ono Pharmaceutical Co. Ltd.		1,600		38,548

Oracle Corp.		200		20,590

Orient Corp.		2,000		2,288

Oriental Land Co. Ltd.		800		101,156

ORIX Corp.		4,300		50,600

Orix JREIT, Inc., REIT		10		11,955

Osaka Gas Co. Ltd.		1,500		27,933

Otsuka Corp.		400		18,111

Otsuka Holdings Co. Ltd.		1,800		70,747

Pan Pacific International Holdings Corp.		1,900		36,810

Panasonic Corp.		7,800		59,459

Park24 Co. Ltd.		300		4,710

PeptiDream, Inc.*		400		14,919

Persol Holdings Co. Ltd.		500		5,750

Pigeon Corp.		400		14,244

Pola Orbis Holdings, Inc.		200		3,569

Rakuten, Inc.		2,500		21,198

Recruit Holdings Co. Ltd.		5,300		154,607

Renesas Electronics Corp.*		3,500		18,482

Resona Holdings, Inc.		7,200		22,486

Ricoh Co. Ltd.		2,500		17,041

Rinnai Corp.		100		7,575

Rohm Co. Ltd.		400		25,290

Ryohin Keikaku Co. Ltd.		900		10,711

Sankyo Co. Ltd.		200		5,491

Santen Pharmaceutical Co. Ltd.		1,400		24,782

SBI Holdings, Inc.		800		14,942

SCSK Corp.		100		4,527

Secom Co. Ltd.		700		58,254

Sega Sammy Holdings, Inc.		500		6,056

Seibu Holdings, Inc.		1,000		11,997

Seiko Epson Corp.		1,000		11,356

Sekisui Chemical Co. Ltd.		1,500		19,011

Sekisui House Ltd.		2,200		37,740

Seria Co. Ltd.		100		3,250

Seven & i Holdings Co. Ltd.		2,600		86,104

Seven Bank Ltd.		2,000		5,422

SG Holdings Co. Ltd.		800		22,258

Sharp Corp.*		700		7,706

Shikoku Electric Power Co., Inc.		500		3,865

Shimadzu Corp.		900		22,413

Shimamura Co. Ltd.		100		6,305

Shimano, Inc.		300		44,207

Shimizu Corp.		2,500		19,200

Shin-Etsu Chemical Co. Ltd.		1,300		143,393


INVESTMENTS	SHARES		VALUE($)


Japan — continued

Shinsei Bank Ltd.		600		7,238

Shionogi & Co. Ltd.		900		49,705

Shiseido Co. Ltd.		1,300		76,431

Shizuoka Bank Ltd. (The)		1,900		11,535

Showa Denko KK		500		10,944

SMC Corp.		200		90,405

Softbank Corp.		5,400		73,537

SoftBank Group Corp.		5,500		235,745

Sohgo Security Services Co. Ltd.		200		9,540

Sojitz Corp.		3,000		6,943

Sompo Holdings, Inc.		1,200		38,923

Sony Corp.		4,200		270,287

Sony Financial Holdings, Inc.		500		9,478

Square Enix Holdings Co. Ltd.		300		12,296

Stanley Electric Co. Ltd.		500		11,392

Subaru Corp.		2,200		44,032

SUMCO Corp.		800		11,390

Sumitomo Chemical Co. Ltd.		5,500		16,870

Sumitomo Corp.		4,000		45,249

Sumitomo Dainippon Pharma Co. Ltd.		500		6,918

Sumitomo Electric Industries Ltd.		2,500		25,721

Sumitomo Heavy Industries Ltd.		500		10,537

Sumitomo Metal Mining Co. Ltd.		1,000		24,923

Sumitomo Mitsui Financial Group, Inc.		4,500		118,338

Sumitomo Mitsui Trust Holdings, Inc.		1,200		34,940

Sumitomo Realty & Development Co. Ltd.		1,500		40,174

Sumitomo Rubber Industries Ltd.		500		4,853

Sundrug Co. Ltd.		200		6,848

Suntory Beverage & Food Ltd.		500		18,829

Suzuken Co. Ltd.		300		11,562

Suzuki Motor Corp.		1,500		47,873

Sysmex Corp.		500		34,544

T&D Holdings, Inc.		2,000		17,288

Taiheiyo Cement Corp.		400		7,852

Taisei Corp.		800		24,938

Taisho Pharmaceutical Holdings Co. Ltd.		200		12,495

Taiyo Nippon Sanso Corp.		600		9,306

Takashimaya Co. Ltd.		500		4,519

Takeda Pharmaceutical Co. Ltd.		5,200		187,520

TDK Corp.		400		34,483

Teijin Ltd.		500		7,974

Terumo Corp.		2,300		76,320

THK Co. Ltd.		500		11,952

TIS, Inc.		700		13,349

Tobu Railway Co. Ltd.		800		27,136

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Japan — continued

Toho Co. Ltd.		500		16,374

Toho Gas Co. Ltd.		300		14,740

Tohoku Electric Power Co., Inc.		1,500		14,118

Tokio Marine Holdings, Inc.		2,300		107,906

Tokyo Broadcasting System Holdings, Inc.		100		1,546

Tokyo Century Corp.		100		3,418

Tokyo Electric Power Co. Holdings, Inc.*		2,500		8,416

Tokyo Electron Ltd.		500		106,491

Tokyo Gas Co. Ltd.		1,300		28,530

Tokyo Tatemono Co. Ltd.		800		8,997

Tokyu Corp.		2,000		30,104

Tokyu Fudosan Holdings Corp.		2,000		9,784

Toppan Printing Co. Ltd.		1,200		17,826

Toray Industries, Inc.		5,500		25,216

Toshiba Corp.		1,400		34,717

Tosoh Corp.		1,000		12,222

TOTO Ltd.		500		17,404

Toyo Seikan Group Holdings Ltd.		500		5,072

Toyo Suisan Kaisha Ltd.		400		19,235

Toyoda Gosei Co. Ltd.		300		5,588

Toyota Boshoku Corp.		200		2,497

Toyota Industries Corp.		600		30,200

Toyota Motor Corp.		8,600		531,711

Toyota Tsusho Corp.		800		19,043

Trend Micro, Inc.		400		20,293

Tsumura & Co.		200		5,532

Tsuruha Holdings, Inc.		100		13,408

Ube Industries Ltd.		500		8,385

Unicharm Corp.		1,400		51,595

United Urban Investment Corp., REIT		10		10,033

USS Co. Ltd.		700		11,084

Welcia Holdings Co. Ltd.		200		14,520

West Japan Railway Co.		700		43,258

Workman Co. Ltd.		100		6,328

Yakult Honsha Co. Ltd.		500		29,045

Yamada Denki Co. Ltd.		2,500		11,855

Yamaguchi Financial Group, Inc.		800		4,311

Yamaha Corp.		500		20,183

Yamaha Motor Co. Ltd.		1,000		12,866

Yamato Holdings Co. Ltd.		1,300		22,690

Yamato Kogyo Co. Ltd.		100		1,962

Yamazaki Baking Co. Ltd.		600		10,610

Yaskawa Electric Corp.		800		26,084

Yokogawa Electric Corp.		700		9,541

Yokohama Rubber Co. Ltd. (The)		500		6,359


INVESTMENTS	SHARES		VALUE($)


Japan — continued

Z Holdings Corp.		8,800		33,962

ZOZO, Inc.		600		9,681


				11,589,773


Jordan — 0.0% (c)

Hikma Pharmaceuticals plc		450		13,403


Luxembourg — 0.2%

ArcelorMittal SA		2,120		23,157

Eurofins Scientific SE		38		21,021

RTL Group SA		120		3,996

SES SA, FDR		1,260		8,394

Tenaris SA (b)		1,555		10,759


				67,327


Macau — 0.2%

Galaxy Entertainment Group Ltd.		8,000		51,452

MGM China Holdings Ltd. (b)		2,000		2,470

Sands China Ltd.		8,000		32,388

SJM Holdings Ltd.		5,000		4,937

Wynn Macau Ltd. (b)		4,000		6,907


				98,154


Mexico — 0.0% (c)

Fresnillo plc		590		5,241


Netherlands — 4.0%

ABN AMRO Bank NV, CVA (a)		1,365		10,471

Adyen NV* (a)		80		79,006

Aegon NV		4,635		11,989

Akzo Nobel NV		671		50,922

Altice Europe NV*		2,365		9,436

Argenx SE*		140		20,937

ASML Holding NV		1,409		411,548

EXOR NV		325		17,724

GrandVision NV (a)		200		5,321

HAL Trust		280		35,961

Heineken Holding NV (b)		320		24,933

Heineken NV (b)		790		67,197

ING Groep NV		12,865		72,080

Koninklijke Ahold Delhaize NV		3,636		88,283

Koninklijke DSM NV		605		74,150

Koninklijke KPN NV (b)		11,660		26,857

Koninklijke Philips NV		2,990		130,342

Koninklijke Vopak NV		218		12,571

NN Group NV		1,005		29,072

OCI NV*		210		2,536

Randstad NV*		411		16,541

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Netherlands — continued

Royal Dutch Shell plc, Class A		13,824		227,602

Royal Dutch Shell plc, Class B		12,370		198,027

Wolters Kluwer NV (b)		902		66,345


				1,689,851


New Zealand — 0.3%

a2 Milk Co. Ltd.*		2,430		28,922

Auckland International Airport Ltd.		3,825		14,125

Contact Energy Ltd.		2,370		9,039

Fisher & Paykel Healthcare Corp. Ltd.		1,890		31,576

Fletcher Building Ltd.		2,735		6,128

Mercury NZ Ltd.		2,075		5,768

Meridian Energy Ltd.		4,150		11,307

Ryman Healthcare Ltd.		1,365		9,957

Spark New Zealand Ltd.		6,065		16,414


				133,236


Norway — 0.6%

Aker ASA, Class A*		85		2,242

Aker BP ASA		360		5,910

DNB ASA		2,965		35,900

Equinor ASA		3,642		50,430

Gjensidige Forsikring ASA		630		11,116

Kongsberg Gruppen ASA		300		3,855

Leroy Seafood Group ASA		930		4,939

Mowi ASA		1,485		25,434

Norsk Hydro ASA		4,520		11,467

Orkla ASA		2,685		24,253

Salmar ASA		180		7,015

Schibsted ASA, Class A		270		5,728

Schibsted ASA, Class B		345		6,701

Storebrand ASA		1,555		7,806

Telenor ASA		2,150		32,979

TGS NOPEC Geophysical Co. ASA		385		5,896

Yara International ASA		585		19,869


				261,540


Portugal — 0.2%

Banco Comercial Portugues SA, Class R (b)		26,470		2,962

EDP — Energias de Portugal SA		7,150		30,129

Galp Energia SGPS SA		1,505		17,369

Jeronimo Martins SGPS SA		820		13,902

Navigator Co. SA (The)*		740		1,923

NOS SGPS SA		825		3,090

Sonae SGPS SA		3,110		2,458


				71,833


INVESTMENTS	SHARES		VALUE($)


Russia — 0.1%

Evraz plc		1,785		5,915

Polymetal International plc		697		14,274


				20,189


Singapore — 1.3%

Ascendas, REIT		9,500		19,867

CapitaLand Commercial Trust, REIT		9,500		10,795

CapitaLand Ltd.*		9,000		19,096

CapitaLand Mall Trust, REIT		9,500		12,640

City Developments Ltd.		2,500		13,974

ComfortDelGro Corp. Ltd.		6,500		7,578

DBS Group Holdings Ltd.		6,000		84,475

Frasers Property Ltd.		1,000		869

Genting Singapore Ltd.		18,000		9,988

Golden Agri-Resources Ltd.*		22,000		2,419

Great Eastern Holdings Ltd.		100		1,324

Jardine Cycle & Carriage Ltd.		300		4,265

Keppel, REIT		5,500		4,108

Keppel Corp. Ltd.		4,500		18,998

Mapletree Commercial Trust, REIT		7,000		9,639

Mapletree North Asia Commercial Trust, REIT (a)		7,000		4,649

Olam International Ltd.		2,500		2,647

Oversea-Chinese Banking Corp. Ltd.		12,900		82,306

SATS Ltd.		2,200		5,097

Sembcorp Industries Ltd.		2,500		2,864

Sembcorp Marine Ltd.*		3,000		1,586

Singapore Airlines Ltd.		1,500		6,486

Singapore Exchange Ltd.		2,500		17,048

Singapore Press Holdings Ltd.		4,500		4,832

Singapore Technologies Engineering Ltd.		5,500		13,320

Singapore Telecommunications Ltd.		27,500		54,951

Suntec, REIT		7,000		6,914

United Overseas Bank Ltd.		4,600		65,730

UOL Group Ltd.		2,000		9,619

Venture Corp. Ltd.		1,000		11,176

Wilmar International Ltd.		10,500		26,442

Yanlord Land Group Ltd.		2,000		1,495


				537,197


South Africa — 0.2%

Anglo American plc		4,570		81,278


Spain — 2.4%

Acciona SA		70		6,938

ACS Actividades de Construccion y Servicios SA		910		22,756

Aena SME SA* (a)		240		30,380

Amadeus IT Group SA		1,415		67,541

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Spain — continued

Banco Bilbao Vizcaya Argentaria SA		22,030		72,011

Banco de Sabadell SA		18,830		7,807

Banco Santander SA		54,915		122,702

Bankia SA		3,865		3,933

CaixaBank SA		11,860		21,338

Cellnex Telecom SA (a)		890		46,551

EDP Renovaveis SA		490		6,008

Enagas SA		811		18,930

Endesa SA		1,045		23,178

Ferrovial SA		1,590		39,813

Grifols SA		965		32,932

Grifols SA (Preference), Class B		850		17,498

Iberdrola SA		19,755		196,519

Industria de Diseno Textil SA		3,525		90,284

Mapfre SA		3,250		5,964

Naturgy Energy Group SA		1,105		19,523

Red Electrica Corp. SA		1,430		25,171

Repsol SA		4,855		44,068

Siemens Gamesa Renewable Energy SA		745		11,082

Telefonica SA		15,095		69,022


				1,001,949


Sweden — 2.9%

Alfa Laval AB*		995		18,593

Assa Abloy AB, Class B		3,285		58,808

Atlas Copco AB, Class A		2,145		73,926

Atlas Copco AB, Class B		1,290		39,902

Axfood AB		346		7,360

Boliden AB (b)		895		18,041

Castellum AB		845		14,821

Electrolux AB, Series B		840		11,486

Elekta AB, Class B		1,205		10,948

Epiroc AB, Class A		2,070		20,716

Epiroc AB, Class B		1,295		12,777

Essity AB, Class A*		105		3,404

Essity AB, Class B*		2,010		65,111

Fabege AB		910		10,780

Fastighets AB Balder, Class B*		320		12,645

Getinge AB, Class B		715		13,705

Hennes & Mauritz AB, Class B (b)		2,565		35,062

Hexagon AB, Class B*		930		45,637

Hexpol AB*		860		6,178

Holmen AB, Class B		320		9,181

Husqvarna AB, Class A		10		62

Husqvarna AB, Class B		1,355		8,153

ICA Gruppen AB		290		12,689

Industrivarden AB, Class A*		525		10,774


INVESTMENTS	SHARES		VALUE($)


Sweden — continued

Industrivarden AB, Class C*		545		11,152

Intrum AB (b)		195		2,972

Investment AB Latour, Class B		415		6,205

Investor AB, Class A		435		21,460

Investor AB, Class B		1,556		77,330

Kinnevik AB, Class B		790		16,237

L E Lundbergforetagen AB, Class B*		220		9,237

Lundin Energy AB		625		16,081

NCC AB, Class B		280		4,269

Nibe Industrier AB, Class B		1,210		22,575

Saab AB, Class B* (b)		275		6,273

Sandvik AB*		3,660		56,303

Securitas AB, Class B (b)		1,055		12,483

Skandinaviska Enskilda Banken AB, Class A		5,300		43,632

Skanska AB, Class B*		1,190		22,641

SKF AB, Class A		60		947

SKF AB, Class B		1,245		19,651

SSAB AB, Class A* (b)		780		1,874

SSAB AB, Class B*		1,975		4,565

Svenska Cellulosa AB SCA, Class A*		105		1,126

Svenska Cellulosa AB SCA, Class B*		2,000		21,213

Svenska Handelsbanken AB, Class A*		5,012		45,746

Svenska Handelsbanken AB, Class B* (b)		116		1,158

Swedbank AB, Class A		3,065		36,272

Swedish Match AB		560		34,606

Swedish Orphan Biovitrum AB*		600		11,495

Tele2 AB, Class B		1,640		21,147

Telefonaktiebolaget LM Ericsson, Class A		205		1,936

Telefonaktiebolaget LM Ericsson, Class B		8,655		73,941

Telia Co. AB (b)		8,615		29,954

Trelleborg AB, Class B*		810		10,314

Volvo AB, Class A		795		10,163

Volvo AB, Class B		5,400		69,199


				1,244,916


Switzerland — 10.4%

ABB Ltd. (Registered)		6,380		121,107

Adecco Group AG (Registered)		530		23,193

Alcon, Inc.*		1,610		84,971

Baloise Holding AG (Registered)		161		24,088

Barry Callebaut AG (Registered)		10		19,580

Chocoladefabriken Lindt & Spruengli AG		4		31,160

Cie Financiere Richemont SA (Registered)		1,720		97,582

Coca-Cola HBC AG		630		15,963

Credit Suisse Group AG (Registered)*		8,015		73,182

EMS-Chemie Holding AG (Registered)		25		16,167

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Switzerland — continued

Geberit AG (Registered)		130		58,136

Givaudan SA (Registered)		27		90,539

Glencore plc*		36,140		67,706

Julius Baer Group Ltd.*		735		28,867

Kuehne + Nagel International AG (Registered)		165		23,602

LafargeHolcim Ltd. (Registered)*		1,605		66,660

Lonza Group AG (Registered)*		250		109,166

Mediclinic International plc		1,575		5,121

Nestle SA (Registered)		9,835		1,041,626

Novartis AG (Registered)		8,431		719,489

Pargesa Holding SA		115		8,181

Partners Group Holding AG		65		51,223

Roche Holding AG		95		32,994

Roche Holding AG		2,322		804,103

Schindler Holding AG		135		30,045

Schindler Holding AG (Registered)		65		13,978

SGS SA (Registered)		19		42,858

Sika AG (Registered)		420		69,472

Sonova Holding AG (Registered)		179		32,330

STMicroelectronics NV		2,175		56,010

Straumann Holding AG (Registered)		37		28,151

Swatch Group AG (The)		100		20,066

Swatch Group AG (The) (Registered)		205		7,970

Swiss Life Holding AG (Registered)		110		39,009

Swiss Re AG		955		69,396

Swisscom AG (Registered)		83		43,126

Temenos AG (Registered)*		210		27,212

UBS Group AG (Registered)*		12,655		135,503

Vifor Pharma AG		145		21,754

Zurich Insurance Group AG		514		162,966


				4,414,252


United Arab Emirates — 0.0% (c)

NMC Health plc‡		300		—


United Kingdom — 13.3%

3i Group plc		3,210		31,535

Admiral Group plc		820		23,928

Aggreko plc		670		3,864

Ashtead Group plc		1,506		41,137

ASOS plc*		190		5,733

Associated British Foods plc		1,185		28,131

AstraZeneca plc		4,340		453,930

Auto Trader Group plc (a)		3,110		17,903

AVEVA Group plc		205		9,201

Aviva plc		13,000		39,314


INVESTMENTS	SHARES		VALUE($)


United Kingdom — continued

Babcock International Group plc		1,475		7,813

BAE Systems plc		10,545		67,261

Barclays plc		53,220		71,065

Barratt Developments plc		3,355		21,872

Berkeley Group Holdings plc		420		22,047

BP plc		66,840		263,377

British American Tobacco plc		7,560		291,394

British Land Co. plc (The), REIT		3,115		15,890

BT Group plc		28,975		42,232

Bunzl plc		1,105		23,984

Burberry Group plc		1,350		23,441

Centrica plc		19,260		9,633

CK Hutchison Holdings Ltd.		9,000		66,710

CNH Industrial NV*		3,290		20,580

Coca-Cola European Partners plc		705		27,946

Compass Group plc		5,265		88,596

ConvaTec Group plc (a)		5,160		13,782

Croda International plc		435		26,674

DCC plc		340		24,177

Derwent London plc, REIT		355		13,871

Diageo plc		7,740		266,487

Direct Line Insurance Group plc		4,535		15,451

DS Smith plc		4,510		17,683

easyJet plc		885		6,704

Experian plc		3,050		91,593

Fiat Chrysler Automobiles NV		3,635		31,530

G4S plc		5,120		7,029

GlaxoSmithKline plc		16,500		344,233

GVC Holdings plc		1,905		18,082

Halma plc		1,255		32,994

Hammerson plc, REIT		2,550		2,259

Hargreaves Lansdown plc		910		16,466

Hiscox Ltd.		960		8,445

HSBC Holdings plc		68,170		350,391

Imperial Brands plc		3,180		66,902

Informa plc		4,303		23,769

InterContinental Hotels Group plc		615		28,015

Intertek Group plc		525		31,332

ITV plc		11,975		11,498

J Sainsbury plc		5,702		14,191

JD Sports Fashion plc		1,360		9,014

John Wood Group plc		2,230		5,647

Johnson Matthey plc		660		16,537

Kingfisher plc		7,045		13,976

Land Securities Group plc, REIT		2,485		20,723

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

United Kingdom — continued

Legal & General Group plc		19,520		50,186

Lloyds Banking Group plc		231,855		93,810

London Stock Exchange Group plc		1,045		97,809

M&G plc		8,510		14,108

Marks & Spencer Group plc		6,445		7,509

Meggitt plc		2,551		8,933

Melrose Industries plc		16,060		20,073

Micro Focus International plc		1,190		7,055

Mondi plc		1,595		28,167

National Grid plc		12,390		145,195

Next plc		445		26,495

Ocado Group plc*		1,940		39,183

Pearson plc		2,575		14,849

Persimmon plc		1,045		28,953

Phoenix Group Holdings plc		1,740		13,204

Prudential plc		8,550		120,618

Reckitt Benckiser Group plc		2,440		203,251

RELX plc		6,650		150,036

Rentokil Initial plc		6,065		36,084

Rightmove plc		2,975		18,601

Rolls-Royce Holdings plc*		6,295		26,055

Royal Bank of Scotland Group plc		15,185		21,185

Royal Mail plc		3,295		6,876

RSA Insurance Group plc		3,390		15,364

Sage Group plc (The)		3,705		29,797

Schroders plc		435		14,529

Schroders plc (Non-Voting)		160		4,273

Segro plc, REIT		3,626		38,006

Severn Trent plc		790		23,706

Smith & Nephew plc		2,940		57,533

Smiths Group plc		1,300		20,241

Spirax-Sarco Engineering plc		250		27,360

SSE plc		3,410		53,487

St James’s Place plc		1,750		18,634

Standard Chartered plc		8,915		45,553

Standard Life Aberdeen plc		7,935		21,977

Subsea 7 SA*		785		4,309

Tate & Lyle plc		1,540		13,799

Taylor Wimpey plc		10,800		19,946

TechnipFMC plc		1,395		12,214

Tesco plc		32,100		94,946

Travis Perkins plc		835		10,903

Unilever NV		4,831		240,580

Unilever plc		3,860		198,760

United Utilities Group plc		2,245		25,413


INVESTMENTS	SHARES		VALUE($)


United Kingdom — continued

Vodafone Group plc		88,540		124,901

Weir Group plc (The)		865		10,337

Whitbread plc		440		16,506

Wm Morrison Supermarkets plc		7,900		18,156

WPP plc		4,115		31,929


				5,619,366


United States — 0.3%

Carnival plc		610		8,406

Ferguson plc		775		55,879

James Hardie Industries plc, CHDI		1,600		22,969

QIAGEN NV*		750		31,232


				118,486


Total Common Stocks (Cost $43,242,829)				41,870,692

Rights — 0.0% (c)

Australia — 0.0% (c)

Flight Centre Travel Group Ltd., expiring 5/1/2020* (Cost $596)		109		261

Short-Term Investments — 2.3%

Investment Companies — 0.1%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (d) (e) (Cost $49,618)		49,618		49,618


Investment of Cash Collateral from Securities Loaned — 2.2%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (d) (e) (Cost $941,191)		941,191		941,191


Total Short-Term Investments (Cost $990,809)				990,809

Total Investments — 101.3% (Cost $44,234,234)				42,861,762
Liabilities in Excess of Other Assets — (1.3)%				(536,833	)

NET ASSETS — 100.0%				42,324,929

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Summary of Investments by Industry, April 30, 2020

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


INDUSTRY	PERCENTAGE

Pharmaceuticals		10.1	%

Banks		7.3

Insurance		4.9

Food Products		4.1

Oil, Gas & Consumable Fuels		3.4

Chemicals		3.4

Automobiles		3.0

Machinery		2.9

Metals & Mining		2.5

Capital Markets		2.4

Textiles, Apparel & Luxury Goods		2.4

Personal Products		2.2

Health Care Equipment & Supplies		2.1

Electric Utilities		2.1

Diversified Telecommunication Services		2.0

Beverages		2.0

Real Estate Management & Development		2.0

Semiconductors & Semiconductor Equipment		1.8

Electronic Equipment, Instruments & Components		1.8

Wireless Telecommunication Services		1.7

Food & Staples Retailing		1.6

Professional Services		1.6

Electrical Equipment		1.6

Software		1.5

Equity Real Estate Investment Trusts (REITs)		1.5

IT Services		1.4

Trading Companies & Distributors		1.3

Household Durables		1.3

Road & Rail		1.3

Hotels, Restaurants & Leisure		1.2


INDUSTRY	PERCENTAGE

Industrial Conglomerates		1.2	%

Biotechnology		1.1

Tobacco		1.1

Multi-Utilities		1.0

Household Products		1.0

Aerospace & Defense		1.0

Auto Components		1.0

Others (each less than 1.0%)		11.9

Short-Term Investments		2.3

Abbreviations


CHDI		Clearing House Electronic Subregister System (CHESS) Depository Interest
CVA		Dutch Certification
FDR		Fiduciary Depository Receipt
OYJ		Public Limited Company
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT		Real Estate Investment Trust
SCA		Limited partnership with share capital
SDR		Swedish Depositary Receipt
SGPS		Holding company

(a)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)		The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $884,884.
(c)		Amount rounds to less than 0.1% of net assets.
(d)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)		The rate shown is the current yield as of April 30, 2020.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

Futures contracts outstanding as of April 30, 2020:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

MSCI EAFE E-Mini Index

06/2020

USD

409,400

39,386

Abbreviations


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

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 98.5%

Air Freight & Logistics — 0.4%

SG Holdings Co. Ltd.		182,400		5,074,928

Yamato Holdings Co. Ltd.		308,400		5,382,710


				10,457,638


Airlines — 0.1%

ANA Holdings, Inc.* (a)		86,200		1,831,749

Japan Airlines Co. Ltd.		84,800		1,512,645


				3,344,394


Auto Components — 2.3%

Aisin Seiki Co. Ltd.		137,100		3,948,402

Bridgestone Corp.		466,400		14,517,779

Denso Corp.		390,100		13,712,696

JTEKT Corp.		184,100		1,348,632

Koito Manufacturing Co. Ltd.		96,600		3,638,708

NGK Spark Plug Co. Ltd.		131,600		1,970,342

NHK Spring Co. Ltd.		171,900		1,137,426

NOK Corp.		89,500		1,042,305

Stanley Electric Co. Ltd.		114,800		2,615,642

Sumitomo Electric Industries Ltd.		595,300		6,124,715

Sumitomo Rubber Industries Ltd.		143,100		1,389,006

Toyoda Gosei Co. Ltd.		55,500		1,033,701

Toyota Boshoku Corp.		66,800		833,985

Toyota Industries Corp.		153,900		7,746,346

Yokohama Rubber Co. Ltd. (The)		100,500		1,278,251


				62,337,936


Automobiles — 7.2%

Honda Motor Co. Ltd.		1,359,800		33,021,623

Isuzu Motors Ltd.		461,800		3,509,475

Mazda Motor Corp.		455,000		2,572,276

Mitsubishi Motors Corp.		517,400		1,466,253

Nissan Motor Co. Ltd.		1,807,100		6,150,989

Subaru Corp.		478,800		9,582,946

Suzuki Motor Corp.		346,700		11,065,024

Toyota Motor Corp.		1,960,800		121,230,112

Yamaha Motor Co. Ltd.		236,600		3,044,044


				191,642,742


Banks — 4.8%

Aozora Bank Ltd.		88,600		1,576,738

Bank of Kyoto Ltd. (The)		56,800		1,944,171

Chiba Bank Ltd. (The)		579,700		2,689,820

Chugoku Bank Ltd. (The)		146,300		1,347,133

Concordia Financial Group Ltd.		931,200		2,853,173

Fukuoka Financial Group, Inc.		143,800		2,054,407

Hachijuni Bank Ltd. (The)		386,500		1,380,135


INVESTMENTS	SHARES		VALUE($)


Banks — continued

Iyo Bank Ltd. (The)		239,200		1,281,451

Kansai Mirai Financial Group, Inc.		101,200		340,249

Kyushu Financial Group, Inc.		348,700		1,471,047

Mebuki Financial Group, Inc.		798,000		1,676,327

Mitsubishi UFJ Financial Group, Inc.		9,752,900		39,401,721

Mizuho Financial Group, Inc.		19,072,300		22,208,154

Resona Holdings, Inc.		1,654,400		5,166,751

Seven Bank Ltd.		548,500		1,486,882

Shinsei Bank Ltd.		149,500		1,803,408

Shizuoka Bank Ltd. (The)		431,900		2,622,160

Sumitomo Mitsui Financial Group, Inc.		1,031,400		27,122,961

Sumitomo Mitsui Trust Holdings, Inc.		281,100		8,184,717

Yamaguchi Financial Group, Inc.		198,300		1,068,698


				127,680,103


Beverages — 1.1%

Asahi Group Holdings Ltd.		344,400		11,842,307

Coca-Cola Bottlers Japan Holdings, Inc.		115,900		2,075,277

Kirin Holdings Co. Ltd.		685,300		13,225,089

Suntory Beverage & Food Ltd.		95,400		3,592,602


				30,735,275


Biotechnology — 0.1%

PeptiDream, Inc.*		73,400		2,737,721


Building Products — 1.5%

AGC, Inc.		170,700		4,209,491

Daikin Industries Ltd.		220,000		28,232,816

LIXIL Group Corp.		218,100		2,616,267

TOTO Ltd.		119,400		4,155,977


				39,214,551


Capital Markets — 1.0%

Daiwa Securities Group, Inc.		1,172,500		4,875,760

Japan Exchange Group, Inc.		402,100		7,479,236

Matsui Securities Co. Ltd.		81,000		591,237

Nomura Holdings, Inc.		2,492,900		10,344,583

SBI Holdings, Inc.		168,600		3,148,999


				26,439,815


Chemicals — 4.0%

Air Water, Inc.		162,600		2,192,127

Asahi Kasei Corp.		1,047,600		7,432,173

Daicel Corp.		236,600		1,920,584

DIC Corp.		61,800		1,435,151

JSR Corp.		149,100		2,804,728

Kaneka Corp.		50,900		1,316,543

Kansai Paint Co. Ltd.		194,300		3,690,646

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Chemicals — continued

Kuraray Co. Ltd.		267,800		2,678,953

Mitsubishi Chemical Holdings Corp.		1,059,900		6,024,045

Mitsubishi Gas Chemical Co., Inc.		158,600		1,942,983

Mitsui Chemicals, Inc.		145,600		2,858,571

Nippon Paint Holdings Co. Ltd.		148,800		8,599,965

Nippon Shokubai Co. Ltd.		26,300		1,242,052

Nissan Chemical Corp.		111,900		4,293,456

Nitto Denko Corp.		119,000		5,944,459

Shin-Etsu Chemical Co. Ltd.		287,800		31,744,938

Showa Denko KK		112,100		2,453,639

Sumitomo Chemical Co. Ltd.		1,237,100		3,794,435

Taiyo Nippon Sanso Corp.		160,200		2,484,820

Teijin Ltd.		148,300		2,365,050

Toray Industries, Inc.		1,223,800		5,610,768

Tosoh Corp.		243,700		2,978,439

Ube Industries Ltd.		75,800		1,271,121


				107,079,646


Commercial Services & Supplies — 1.0%

Dai Nippon Printing Co. Ltd.		226,200		4,769,229

Park24 Co. Ltd.		84,700		1,329,873

Secom Co. Ltd.		161,000		13,398,310

Sohgo Security Services Co. Ltd.		65,100		3,105,404

Toppan Printing Co. Ltd.		262,300		3,896,498


				26,499,314


Construction & Engineering — 0.8%

JGC Holdings Corp.		197,100		1,903,354

Kajima Corp.		376,800		3,915,243

Kinden Corp.		108,100		1,739,447

Obayashi Corp.		544,700		4,761,003

Shimizu Corp.		548,600		4,213,284

Taisei Corp.		168,500		5,252,499


				21,784,830


Construction Materials — 0.1%

Taiheiyo Cement Corp.		95,900		1,882,600


Consumer Finance — 0.2%

Acom Co. Ltd.		348,200		1,406,806

AEON Financial Service Co. Ltd.		80,500		837,140

Credit Saison Co. Ltd.		121,000		1,374,215

Hitachi Capital Corp.		38,400		742,678

Orient Corp.		452,600		517,682


				4,878,521


Containers & Packaging — 0.0% (b)

Toyo Seikan Group Holdings Ltd.		122,200		1,239,704


INVESTMENTS	SHARES		VALUE($)


Diversified Consumer Services — 0.1%

Benesse Holdings, Inc.		61,000		1,737,122


Diversified Financial Services — 0.6%

Mitsubishi UFJ Lease & Finance Co. Ltd.		401,100		1,915,268

ORIX Corp.		993,100		11,686,303

Tokyo Century Corp.		40,900		1,398,124


				14,999,695


Diversified Telecommunication Services — 0.8%

Nippon Telegraph & Telephone Corp.		966,900		22,019,829


Electric Utilities — 1.0%

Chubu Electric Power Co., Inc.		540,000		7,302,949

Chugoku Electric Power Co., Inc. (The) (a)		233,800		3,145,795

Kansai Electric Power Co., Inc. (The)		619,300		6,346,068

Kyushu Electric Power Co., Inc.		355,600		2,817,760

Shikoku Electric Power Co., Inc.		155,100		1,198,860

Tohoku Electric Power Co., Inc.		377,500		3,553,030

Tokyo Electric Power Co. Holdings, Inc.*		605,700		2,038,975


				26,403,437


Electrical Equipment — 1.8%

Fuji Electric Co. Ltd.		112,400		2,681,007

Furukawa Electric Co. Ltd.		52,900		995,717

Mabuchi Motor Co. Ltd.		44,900		1,390,333

Mitsubishi Electric Corp.		1,613,000		19,847,398

Nidec Corp.		411,900		23,978,383


				48,892,838


Electronic Equipment, Instruments & Components — 5.7%

Alps Alpine Co. Ltd.		164,500		1,696,707

Canon Marketing Japan, Inc.		40,900		787,191

Citizen Watch Co. Ltd.		236,500		834,690

Hamamatsu Photonics KK		111,700		4,882,321

Hirose Electric Co. Ltd.		25,000		2,744,923

Hitachi Ltd.		726,400		21,559,134

Ibiden Co. Ltd.		100,400		2,566,227

Keyence Corp.		140,400		50,124,505

Kyocera Corp.		263,400		14,073,569

Murata Manufacturing Co. Ltd.		482,000		27,159,259

Nippon Electric Glass Co. Ltd.		62,700		913,397

Omron Corp.		154,600		9,080,453

Shimadzu Corp.		206,300		5,137,671

TDK Corp.		97,200		8,379,381

Yokogawa Electric Corp.		179,200		2,442,562


				152,381,990


Entertainment — 2.0%

DeNA Co. Ltd.		80,700		993,425

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Entertainment — continued

GungHo Online Entertainment, Inc.		37,050		574,556

Konami Holdings Corp.		76,500		2,402,042

Nexon Co. Ltd.		351,200		5,670,472

Nintendo Co. Ltd.		89,100		36,791,557

Square Enix Holdings Co. Ltd.		66,200		2,713,277

Toho Co. Ltd.		106,400		3,484,351


				52,629,680


Equity Real Estate Investment Trusts (REITs) — 1.5%

Advance Residence Investment Corp.		1,039		3,187,920

Daiwa House REIT Investment Corp.		1,481		3,583,430

GLP J-REIT		2,861		3,688,528

Japan Prime Realty Investment Corp.		693		1,919,612

Japan Real Estate Investment Corp.		1,039		5,611,907

Japan Retail Fund Investment Corp.		1,964		2,141,204

Nippon Building Fund, Inc.		1,060		6,321,034

Nippon Prologis REIT, Inc.		1,760		4,872,200

Nomura Real Estate Master Fund, Inc.		3,416		3,884,727

Orix JREIT, Inc.		2,068		2,472,276

United Urban Investment Corp.		2,368		2,375,699


				40,058,537


Food & Staples Retailing — 1.9%

Aeon Co. Ltd.		653,700		13,160,017

Cosmos Pharmaceutical Corp.		8,200		2,195,055

FamilyMart Co. Ltd.		190,900		3,237,211

Lawson, Inc.		37,700		1,959,628

Matsumotokiyoshi Holdings Co. Ltd.		68,900		2,371,444

Seven & i Holdings Co. Ltd.		599,100		19,840,426

Sundrug Co. Ltd.		50,900		1,742,738

Tsuruha Holdings, Inc.		26,900		3,606,836

Welcia Holdings Co. Ltd.		38,600		2,802,297


				50,915,652


Food Products — 1.9%

Ajinomoto Co., Inc.		411,600		7,330,918

Calbee, Inc.		84,300		2,550,714

Ezaki Glico Co. Ltd.		43,200		1,897,345

Kewpie Corp.		89,900		1,785,246

Kikkoman Corp.		145,300		6,676,538

MEIJI Holdings Co. Ltd.		108,900		7,563,516

NH Foods Ltd.		77,300		2,743,843

Nisshin Seifun Group, Inc.		196,300		3,050,125

Nissin Foods Holdings Co. Ltd.		63,200		5,195,262

Toyo Suisan Kaisha Ltd.		76,600		3,683,453

Yakult Honsha Co. Ltd.		120,500		6,999,933


INVESTMENTS	SHARES		VALUE($)


Food Products — continued

Yamazaki Baking Co. Ltd.		135,500		2,396,189


				51,873,082


Gas Utilities — 0.6%

Osaka Gas Co. Ltd.		312,000		5,810,006

Toho Gas Co. Ltd.		74,500		3,660,533

Tokyo Gas Co. Ltd.		292,000		6,408,209


				15,878,748


Health Care Equipment & Supplies — 2.7%

Asahi Intecc Co. Ltd.		195,300		5,173,742

Hoya Corp.		284,100		25,908,030

Olympus Corp.		976,600		15,495,584

Sysmex Corp.		123,900		8,559,909

Terumo Corp.		525,000		17,420,874


				72,558,139


Health Care Providers & Services — 0.3%

Alfresa Holdings Corp.		159,500		3,180,648

Medipal Holdings Corp.		166,900		3,219,695

Suzuken Co. Ltd.		61,300		2,362,406


				8,762,749


Health Care Technology — 0.4%

M3, Inc.		320,600		11,571,734


Hotels, Restaurants & Leisure — 0.9%

McDonald’s Holdings Co. Japan Ltd.		49,700		2,430,124

Oriental Land Co. Ltd.		169,200		21,394,545


				23,824,669


Household Durables — 3.8%

Casio Computer Co. Ltd.		174,700		2,757,088

Haseko Corp.		200,800		2,180,006

Iida Group Holdings Co. Ltd.		134,800		1,790,478

Nikon Corp.		301,300		2,802,639

Panasonic Corp.		1,750,500		13,344,046

Rinnai Corp.		29,000		2,196,620

Sekisui Chemical Co. Ltd.		342,100		4,335,809

Sekisui House Ltd.		487,900		8,369,784

Sharp Corp.*		155,200		1,708,454

Sony Corp.		955,900		61,516,097


				101,001,021


Household Products — 0.8%

Lion Corp.		224,300		4,715,305

Pigeon Corp.		91,200		3,247,620

Unicharm Corp.		331,300		12,209,576


				20,172,501

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Independent Power and Renewable Electricity Producers — 0.1%

Electric Power Development Co. Ltd.		130,400		2,609,843


Industrial Conglomerates — 0.4%

Keihan Holdings Co. Ltd.		80,500		3,618,129

Toshiba Corp.		320,800		7,955,126


				11,573,255


Insurance — 2.7%

Dai-ichi Life Holdings, Inc.		898,500		11,260,208

Japan Post Holdings Co. Ltd.		1,113,300		8,905,167

MS&AD Insurance Group Holdings, Inc.		369,200		10,636,685

Sompo Holdings, Inc.		279,900		9,078,701

Sony Financial Holdings, Inc.		114,100		2,162,955

T&D Holdings, Inc.		449,500		3,885,373

Tokio Marine Holdings, Inc.		533,200		25,015,475


				70,944,564


Interactive Media & Services — 0.4%

Kakaku.com, Inc.		99,000		2,020,130

LINE Corp.*		41,700		2,039,781

Z Holdings Corp.		1,992,300		7,688,937


				11,748,848


Internet & Direct Marketing Retail — 0.3%

Mercari, Inc.*		70,200		1,772,642

Rakuten, Inc.		614,400		5,209,641

ZOZO, Inc.		147,100		2,373,539


				9,355,822


IT Services — 2.1%

Fujitsu Ltd.		143,300		13,921,375

GMO Payment Gateway, Inc.		31,100		2,772,544

Itochu Techno-Solutions Corp.		72,100		2,202,985

NEC Corp.		195,400		7,498,437

Nomura Research Institute Ltd.		292,800		7,168,044

NTT Data Corp.		486,100		4,960,251

Obic Co. Ltd.		50,400		7,563,101

Otsuka Corp.		82,500		3,735,410

SCSK Corp.		38,300		1,733,818

TIS, Inc.		177,600		3,386,723


				54,942,688


Leisure Products — 1.0%

Bandai Namco Holdings, Inc.		166,600		8,324,409

Sankyo Co. Ltd.		36,100		991,180

Sega Sammy Holdings, Inc.		133,800		1,620,697

Shimano, Inc.		64,000		9,430,765

Yamaha Corp.		126,900		5,122,357


				25,489,408


INVESTMENTS	SHARES		VALUE($)


Machinery — 5.1%

Amada Co. Ltd.		276,600		2,500,200

Daifuku Co. Ltd.		95,300		6,669,167

FANUC Corp.		145,800		23,796,508

Harmonic Drive Systems, Inc. (a)		30,900		1,427,547

Hino Motors Ltd.		213,600		1,270,648

Hitachi Construction Machinery Co. Ltd.		78,100		1,832,400

Hoshizaki Corp.		41,400		3,154,963

IHI Corp.		115,900		1,436,540

Kawasaki Heavy Industries Ltd.		125,200		1,891,780

Komatsu Ltd.		729,300		13,799,036

Kubota Corp.		869,400		10,796,815

Kurita Water Industries Ltd.		80,600		2,248,650

Makita Corp.		209,900		6,834,855

MINEBEA MITSUMI, Inc.		320,300		5,207,819

MISUMI Group, Inc.		212,700		5,052,341

Mitsubishi Heavy Industries Ltd.		254,000		6,513,483

Nabtesco Corp.		93,700		2,681,258

NGK Insulators Ltd.		208,700		2,730,385

NSK Ltd.		364,600		2,523,632

SMC Corp.		50,800		22,962,750

Sumitomo Heavy Industries Ltd.		91,300		1,924,073

THK Co. Ltd.		91,600		2,189,682

Yaskawa Electric Corp.		200,100		6,524,202


				135,968,734


Marine — 0.1%

Mitsui OSK Lines Ltd.		90,400		1,567,958

Nippon Yusen KK		128,500		1,691,513


				3,259,471


Media — 0.4%

CyberAgent, Inc.		76,000		3,190,935

Dentsu Group, Inc.		185,100		3,865,602

Fuji Media Holdings, Inc.		37,300		370,521

Hakuhodo DY Holdings, Inc.		227,700		2,522,456

Nippon Television Holdings, Inc.		39,600		442,343

Tokyo Broadcasting System Holdings, Inc.		26,300		406,622


				10,798,479


Metals & Mining — 0.8%

Daido Steel Co. Ltd.		28,900		954,440

Hitachi Metals Ltd.		151,100		1,455,959

JFE Holdings, Inc.		434,200		2,881,368

Kobe Steel Ltd.*		269,200		900,366

Maruichi Steel Tube Ltd.		59,900		1,346,845

Mitsubishi Materials Corp.		98,600		2,019,561

Nippon Steel Corp.		712,500		5,994,711

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Metals & Mining — continued

Sumitomo Metal Mining Co. Ltd.		205,400		5,119,194

Yamato Kogyo Co. Ltd.		36,100		708,452


				21,380,896


Multiline Retail — 0.8%

Isetan Mitsukoshi Holdings Ltd.		299,000		1,818,948

Izumi Co. Ltd.		33,900		992,337

J Front Retailing Co. Ltd.		205,300		1,674,847

Marui Group Co. Ltd.		167,800		2,746,705

Pan Pacific International Holdings Corp.		451,500		8,747,224

Ryohin Keikaku Co. Ltd.		198,000		2,356,498

Seria Co. Ltd.		34,100		1,108,262

Takashimaya Co. Ltd.		136,900		1,237,189


				20,682,010


Oil, Gas & Consumable Fuels — 0.7%

Idemitsu Kosan Co. Ltd.		187,852		4,268,563

Inpex Corp.		809,900		5,227,982

JXTG Holdings, Inc.		2,426,400		8,602,463


				18,099,008


Paper & Forest Products — 0.1%

Oji Holdings Corp.		764,400		3,881,237


Personal Products — 2.0%

Kao Corp.		362,300		27,939,252

Kobayashi Pharmaceutical Co. Ltd.		41,900		3,884,032

Kose Corp.		25,600		3,200,318

Pola Orbis Holdings, Inc.		64,000		1,142,107

Shiseido Co. Ltd.		300,700		17,679,128


				53,844,837


Pharmaceuticals — 7.1%

Astellas Pharma, Inc.		1,347,700		22,289,814

Chugai Pharmaceutical Co. Ltd.		159,700		19,036,515

Daiichi Sankyo Co. Ltd.		458,200		31,497,246

Eisai Co. Ltd.		222,400		15,525,956

Hisamitsu Pharmaceutical Co., Inc.		64,400		3,034,240

Kyowa Kirin Co. Ltd.		191,300		4,440,008

Nippon Shinyaku Co. Ltd.		46,000		3,230,292

Ono Pharmaceutical Co. Ltd.		376,500		9,070,754

Otsuka Holdings Co. Ltd.		418,400		16,444,822

Santen Pharmaceutical Co. Ltd.		300,600		5,321,109

Shionogi & Co. Ltd.		218,900		12,089,305

Sumitomo Dainippon Pharma Co. Ltd.		129,600		1,793,098

Taisho Pharmaceutical Holdings Co. Ltd.		40,900		2,555,280

Takeda Pharmaceutical Co. Ltd.		1,184,000		42,696,761


INVESTMENTS	SHARES		VALUE($)


Pharmaceuticals — continued

Tsumura & Co.		51,700		1,430,143


				190,455,343


Professional Services — 1.5%

Nihon M&A Center, Inc.		105,900		3,454,713

Persol Holdings Co. Ltd.		140,500		1,615,858

Recruit Holdings Co. Ltd.		1,197,200		34,923,757


				39,994,328


Real Estate Management & Development — 2.6%

Aeon Mall Co. Ltd.		80,500		1,011,941

Daito Trust Construction Co. Ltd.		56,900		5,410,362

Daiwa House Industry Co. Ltd.		500,400		12,680,301

Hulic Co. Ltd.		373,000		3,688,955

Mitsubishi Estate Co. Ltd.		1,043,200		16,877,029

Mitsui Fudosan Co. Ltd.		735,700		13,527,282

Nomura Real Estate Holdings, Inc.		89,600		1,456,919

Sumitomo Realty & Development Co. Ltd.		357,100		9,564,049

Tokyo Tatemono Co. Ltd.		165,400		1,860,189

Tokyu Fudosan Holdings Corp.		454,800		2,224,982


				68,302,009


Road & Rail — 4.2%

Central Japan Railway Co.		154,800		24,358,470

East Japan Railway Co.		283,800		20,723,071

Hankyu Hanshin Holdings, Inc.		190,700		6,524,388

Keikyu Corp.		206,600		3,395,608

Keio Corp.		91,500		5,175,929

Keisei Electric Railway Co. Ltd.		129,300		3,900,246

Kintetsu Group Holdings Co. Ltd.		143,500		6,855,074

Kyushu Railway Co.		119,900		3,225,686

Nagoya Railroad Co. Ltd.		147,400		4,218,025

Nankai Electric Railway Co. Ltd.		84,900		1,895,320

Nippon Express Co. Ltd.		66,900		3,267,539

Odakyu Electric Railway Co. Ltd.		255,800		5,640,987

Seibu Holdings, Inc.		211,800		2,540,998

Tobu Railway Co. Ltd.		159,200		5,400,073

Tokyu Corp.		426,200		6,415,151

West Japan Railway Co.		143,900		8,892,679


				112,429,244


Semiconductors & Semiconductor Equipment — 1.9%

Advantest Corp.		149,600		7,258,809

Disco Corp.		21,800		4,868,251

Renesas Electronics Corp.*		779,800		4,117,678

Rohm Co. Ltd.		71,000		4,488,890

SUMCO Corp.		192,800		2,744,912

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders Japan ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Semiconductors & Semiconductor Equipment — continued

Tokyo Electron Ltd.		124,100		26,430,944


				49,909,484


Software — 0.3%

Oracle Corp.		24,900		2,563,405

Trend Micro, Inc.		91,600		4,647,038


				7,210,443


Specialty Retail — 1.7%

ABC-Mart, Inc.		23,700		1,204,403

Fast Retailing Co. Ltd.		48,900		23,190,680

Hikari Tsushin, Inc.		15,500		2,999,719

K’s Holdings Corp.		157,300		1,713,717

Nitori Holdings Co. Ltd.		63,500		9,733,009

Shimamura Co. Ltd.		18,800		1,185,272

USS Co. Ltd.		164,500		2,604,833

Workman Co. Ltd.		17,500		1,107,317

Yamada Denki Co. Ltd.		537,900		2,550,804


				46,289,754


Technology Hardware, Storage & Peripherals — 1.6%

Brother Industries Ltd.		196,700		3,333,770

Canon, Inc.		811,500		17,070,012

FUJIFILM Holdings Corp.		309,300		14,732,751

Konica Minolta, Inc.		377,300		1,460,008

Ricoh Co. Ltd.		556,100		3,790,650

Seiko Epson Corp.		239,600		2,720,796


				43,107,987


Textiles, Apparel & Luxury Goods — 0.0% (b)

Asics Corp. (a)		140,600		1,333,221


Tobacco — 0.6%

Japan Tobacco, Inc.		841,300		15,667,576


Trading Companies & Distributors — 3.5%

ITOCHU Corp.		1,190,300		23,335,969

Marubeni Corp.		1,305,500		6,287,080

Mitsubishi Corp.		1,194,200		25,326,583

Mitsui & Co. Ltd.		1,309,000		18,271,472

MonotaRO Co. Ltd.		103,400		3,322,387

Sojitz Corp.		843,800		1,952,839

Sumitomo Corp.		939,600		10,628,937

Toyota Tsusho Corp.		177,800		4,232,390


				93,357,657


Transportation Infrastructure — 0.2%

Japan Airport Terminal Co. Ltd. (a)		54,400		2,206,046

Kamigumi Co. Ltd.		89,600		1,577,450


INVESTMENTS	SHARES		VALUE($)


Transportation Infrastructure — continued

Mitsubishi Logistics Corp.		61,700		1,362,286


				5,145,782


Wireless Telecommunication Services — 4.9%

KDDI Corp.		1,203,300		34,852,735

NTT DOCOMO, Inc.		901,900		26,580,096

Softbank Corp.		1,222,400		16,646,616

SoftBank Group Corp.		1,240,200		53,158,245


				131,237,692


Total Common Stocks (Cost $2,983,385,013)				2,632,655,833

Short-Term Investments — 0.2%

Investment of Cash Collateral from Securities Loaned — 0.2%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)		3,006,803		3,007,404

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)		2,109,360		2,109,360


Total Investment of Cash Collateral from Securities Loaned (Cost $5,114,464)				5,116,764

Total Investments — 98.7% (Cost $2,988,499,477)				2,637,772,597

Other Assets Less Liabilities — 1.3%				33,500,507

NET ASSETS — 100.0%				2,671,273,104

Percentages indicated are based on net assets.

Abbreviations


REIT		Real Estate Investment Trust

(a)		The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $4,773,254.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of April 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



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

Futures contracts outstanding as of April 30, 2020:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)

Long Contracts

TOPIX Index

286

06/2020

JPY

38,736,523

721,788

Abbreviations


JPY		Japanese Yen
TOPIX		Tokyo Stock Price Index

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.5%

Aerospace & Defense — 1.8%

Boeing Co. (The)		2,708		381,882

General Dynamics Corp.		1,186		154,915

HEICO Corp.		204		17,870

HEICO Corp., Class A		364		26,328

Howmet Aerospace, Inc.		1,963		25,657

Huntington Ingalls Industries, Inc.		206		39,431

L3Harris Technologies, Inc.		1,121		217,138

Lockheed Martin Corp.		1,259		489,827

Northrop Grumman Corp.		793		262,221

Raytheon Technologies Corp.		7,438		482,057

Spirit AeroSystems Holdings, Inc., Class A		532		11,789

Teledyne Technologies, Inc.*		187		60,900

Textron, Inc.		1,158		30,525

TransDigm Group, Inc.		252		91,496


				2,292,036


Air Freight & Logistics — 0.5%

CH Robinson Worldwide, Inc.		685		48,567

Expeditors International of Washington, Inc.		865		61,938

FedEx Corp.		1,217		154,279

United Parcel Service, Inc., Class B		3,549		335,948

XPO Logistics, Inc.* (a)		470		31,368


				632,100


Airlines — 0.2%

Alaska Air Group, Inc.		631		20,520

American Airlines Group, Inc. (a)		1,974		23,708

Delta Air Lines, Inc.		2,915		75,528

Southwest Airlines Co.		2,400		75,000

United Airlines Holdings, Inc.*		1,264		37,389


				232,145


Auto Components — 0.1%

Aptiv plc		1,292		89,858

Autoliv, Inc. (Sweden)		397		23,828

BorgWarner, Inc.		1,045		29,856

Lear Corp.		281		27,440


				170,982


Automobiles — 0.6%

Ford Motor Co.		19,733		100,441

General Motors Co.		6,371		142,010

Harley-Davidson, Inc.		782		17,071

Tesla, Inc.*		723		565,299


				824,821


Banks — 3.8%

Bank of America Corp.		41,020		986,531


INVESTMENTS	SHARES		VALUE($)


Banks — continued

CIT Group, Inc.		485		9,205

Citigroup, Inc.		11,063		537,219

Citizens Financial Group, Inc.		2,203		49,325

Comerica, Inc.		732		25,517

East West Bancorp, Inc.		738		25,882

Fifth Third Bancorp		3,594		67,172

First Republic Bank		852		88,855

Huntington Bancshares, Inc.		5,234		48,362

JPMorgan Chase & Co. (b)		15,891		1,521,722

KeyCorp		4,991		58,145

M&T Bank Corp.		671		75,206

PNC Financial Services Group, Inc. (The)		2,219		236,701

Regions Financial Corp.		4,889		52,557

SVB Financial Group*		260		50,224

Truist Financial Corp.		6,797		253,664

US Bancorp		7,202		262,873

Wells Fargo & Co.		19,502		566,533

Zions Bancorp NA		873		27,596


				4,943,289


Beverages — 1.7%

Brown-Forman Corp., Class A		289		16,392

Brown-Forman Corp., Class B		927		57,659

Coca-Cola Co. (The)		19,540		896,691

Constellation Brands, Inc., Class A		847		139,492

Keurig Dr Pepper, Inc.		1,363		36,065

Molson Coors Beverage Co., Class B		950		38,960

Monster Beverage Corp.*		1,932		119,417

PepsiCo, Inc.		7,065		934,629


				2,239,305


Biotechnology — 2.5%

AbbVie, Inc.		7,494		616,007

Alexion Pharmaceuticals, Inc.*		1,123		120,689

Alnylam Pharmaceuticals, Inc.*		563		74,147

Amgen, Inc.		3,009		719,813

Biogen, Inc.*		916		271,896

BioMarin Pharmaceutical, Inc.*		912		83,922

Exact Sciences Corp.*		707		55,839

Gilead Sciences, Inc.		6,411		538,524

Incyte Corp.*		904		88,285

Neurocrine Biosciences, Inc.*		465		45,635

Regeneron Pharmaceuticals, Inc.*		404		212,455

Seattle Genetics, Inc.*		585		80,280

Vertex Pharmaceuticals, Inc.*		1,305		327,816


				3,235,308

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Building Products — 0.3%

Allegion plc		474		47,656

Fortune Brands Home & Security, Inc.		704		33,933

Johnson Controls International plc		3,911		113,849

Lennox International, Inc. (a)		181		33,789

Masco Corp.		1,438		59,016

Owens Corning		550		23,848

Trane Technologies plc		1,215		106,215


				418,306


Capital Markets — 2.8%

Affiliated Managers Group, Inc.		249		17,420

Ameriprise Financial, Inc.		642		73,792

Apollo Global Management, Inc.		1,021		41,340

Bank of New York Mellon Corp. (The)		4,254		159,695

BlackRock, Inc.		597		299,718

Blackstone Group, Inc. (The), Class A		3,340		174,482

Charles Schwab Corp. (The)		5,792		218,474

CME Group, Inc.		1,816		323,629

E*TRADE Financial Corp.		1,143		46,417

Franklin Resources, Inc.		1,416		26,677

Goldman Sachs Group, Inc. (The)		1,615		296,223

Intercontinental Exchange, Inc.		2,823		252,517

Invesco Ltd.		1,884		16,240

KKR & Co., Inc., Class A		2,790		70,336

MarketAxess Holdings, Inc.		194		88,272

Moody’s Corp.		824		200,974

Morgan Stanley		5,899		232,598

MSCI, Inc.		431		140,937

Nasdaq, Inc.		584		64,047

Northern Trust Corp.		1,075		85,097

Raymond James Financial, Inc.		631		41,596

S&P Global, Inc.		1,237		362,293

SEI Investments Co.		639		32,563

State Street Corp.		1,844		116,246

T. Rowe Price Group, Inc.		1,183		136,790

TD Ameritrade Holding Corp.		1,341		52,661


				3,571,034


Chemicals — 1.7%

Air Products & Chemicals, Inc.		1,118		252,198

Albemarle Corp.		538		33,049

Ashland Global Holdings, Inc.		304		18,754

Axalta Coating Systems Ltd.*		1,060		20,924

Celanese Corp.		610		50,673

CF Industries Holdings, Inc.		1,100		30,250

Corteva, Inc.		3,791		99,286

Dow, Inc.		3,759		137,918


INVESTMENTS	SHARES		VALUE($)


Chemicals — continued

DuPont de Nemours, Inc.		3,755		176,560

Eastman Chemical Co.		689		41,691

Ecolab, Inc.		1,271		245,939

FMC Corp.		655		60,195

International Flavors & Fragrances, Inc.		541		70,887

Linde plc (United Kingdom)		2,724		501,189

LyondellBasell Industries NV, Class A		1,303		75,509

Mosaic Co. (The)		1,771		20,384

PPG Industries, Inc.		1,196		108,633

Sherwin-Williams Co. (The)		414		222,057

Westlake Chemical Corp.		187		8,125

WR Grace & Co.		289		13,650


				2,187,871


Commercial Services & Supplies — 0.4%

Cintas Corp.		427		94,721

Copart, Inc.*		1,036		82,994

Republic Services, Inc.		1,072		83,980

Rollins, Inc.		715		28,600

Stericycle, Inc.*		460		22,448

Waste Management, Inc.		1,976		197,640


				510,383


Communications Equipment — 0.9%

Arista Networks, Inc.*		278		60,965

Cisco Systems, Inc.		21,497		911,043

F5 Networks, Inc.*		307		42,753

Juniper Networks, Inc.		1,698		36,677

Motorola Solutions, Inc.		869		124,971

Ubiquiti, Inc.		61		9,884


				1,186,293


Construction & Engineering — 0.1%

Jacobs Engineering Group, Inc.		687		56,849

Quanta Services, Inc.		728		26,470


				83,319


Construction Materials — 0.1%

Martin Marietta Materials, Inc.		315		59,922

Vulcan Materials Co.		673		76,029


				135,951


Consumer Finance — 0.5%

Ally Financial, Inc.		1,925		31,551

American Express Co.		3,398		310,067

Capital One Financial Corp.		2,359		152,769

Discover Financial Services		1,587		68,193

Santander Consumer USA Holdings, Inc.		501		7,811

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Consumer Finance — continued

Synchrony Financial		2,858		56,560


				626,951


Containers & Packaging — 0.3%

Amcor plc		8,207		73,617

Avery Dennison Corp.		426		47,026

Ball Corp.		1,660		108,879

Crown Holdings, Inc.*		687		44,250

International Paper Co.		1,989		68,123

Packaging Corp. of America		485		46,875

Sealed Air Corp.		783		22,386

WestRock Co.		1,314		42,298


				453,454


Distributors — 0.1%

Genuine Parts Co.		736		58,350

LKQ Corp.*		1,560		40,794


				99,144


Diversified Consumer Services — 0.0% (c)

H&R Block, Inc.		989		16,467


Diversified Financial Services — 1.5%

Berkshire Hathaway, Inc., Class B*		9,910		1,856,738

Equitable Holdings, Inc.		2,116		38,765

Jefferies Financial Group, Inc.		1,213		16,642

Voya Financial, Inc.		684		30,896


				1,943,041


Diversified Telecommunication Services — 1.8%

AT&T, Inc.		37,013		1,127,786

CenturyLink, Inc.		4,970		52,782

Verizon Communications, Inc.		20,958		1,204,037


				2,384,605


Electric Utilities — 2.0%

Alliant Energy Corp.		1,220		59,231

American Electric Power Co., Inc.		2,503		208,024

Avangrid, Inc. (a)		288		12,384

Duke Energy Corp.		3,693		312,650

Edison International		1,817		106,676

Entergy Corp.		1,011		96,561

Evergy, Inc.		1,157		67,604

Eversource Energy		1,639		132,267

Exelon Corp.		4,924		182,582

FirstEnergy Corp.		2,738		112,997

NextEra Energy, Inc.		2,474		571,791

NRG Energy, Inc.		1,275		42,751

OGE Energy Corp.		1,021		32,182


INVESTMENTS	SHARES		VALUE($)


Electric Utilities — continued

Pinnacle West Capital Corp.		572		44,038

PPL Corp.		3,889		98,858

Southern Co. (The)		5,312		301,350

Xcel Energy, Inc.		2,656		168,815


				2,550,761


Electrical Equipment — 0.5%

Acuity Brands, Inc.		200		17,318

AMETEK, Inc.		1,160		97,289

Eaton Corp. plc		2,096		175,016

Emerson Electric Co.		3,087		176,052

Hubbell, Inc.		279		34,716

Rockwell Automation, Inc.		586		111,035

Sensata Technologies Holding plc*		803		29,213


				640,639


Electronic Equipment, Instruments & Components — 0.6%

Amphenol Corp., Class A		1,504		132,743

CDW Corp.		731		80,995

Cognex Corp.		874		48,280

Corning, Inc.		3,895		85,729

Flex Ltd.*		2,577		25,151

IPG Photonics Corp.*		183		23,667

Keysight Technologies, Inc.*		949		91,835

TE Connectivity Ltd.		1,696		124,588

Trimble, Inc.*		1,267		43,876

Zebra Technologies Corp., Class A*		277		63,616


				720,480


Energy Equipment & Services — 0.2%

Baker Hughes Co.		3,292		45,923

Halliburton Co.		4,449		46,715

Helmerich & Payne, Inc.		549		10,854

National Oilwell Varco, Inc.		1,956		24,724

Schlumberger Ltd.		7,014		117,975


				246,191


Entertainment — 1.9%

Activision Blizzard, Inc.		3,891		247,973

Electronic Arts, Inc.*		1,479		168,991

Live Nation Entertainment, Inc.* (a)		716		32,127

Netflix, Inc.*		2,219		931,647

Roku, Inc.*		462		56,008

Take-Two Interactive Software, Inc.*		575		69,604

Walt Disney Co. (The)		9,131		987,518


				2,493,868

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Equity Real Estate Investment Trusts (REITs) — 3.0%

Alexandria Real Estate Equities, Inc.		623		97,867

American Tower Corp.		2,245		534,310

AvalonBay Communities, Inc. (a)		706		115,043

Boston Properties, Inc.		731		71,039

Camden Property Trust		491		43,242

Crown Castle International Corp.		2,107		335,919

Digital Realty Trust, Inc.		1,331		198,971

Duke Realty Corp.		1,862		64,611

Equinix, Inc.		433		292,362

Equity LifeStyle Properties, Inc.		926		55,847

Equity Residential (a)		1,768		115,026

Essex Property Trust, Inc.		336		82,018

Extra Space Storage, Inc.		655		57,797

Federal Realty Investment Trust		355		29,561

Healthpeak Properties, Inc.		2,507		65,533

Host Hotels & Resorts, Inc.		3,633		44,722

Invitation Homes, Inc.		2,729		64,541

Iron Mountain, Inc.		1,462		35,351

Kimco Realty Corp.		2,141		23,358

Macerich Co. (The)		557		4,161

Mid-America Apartment Communities, Inc.		583		65,249

Prologis, Inc.		3,739		333,631

Public Storage		759		140,757

Realty Income Corp.		1,735		95,286

Regency Centers Corp.		848		37,236

SBA Communications Corp.		573		166,124

Simon Property Group, Inc.		1,560		104,161

SL Green Realty Corp.		411		21,804

Sun Communities, Inc.		473		63,571

UDR, Inc.		1,484		55,605

Ventas, Inc.		1,891		61,174

VEREIT, Inc.		5,408		29,636

VICI Properties, Inc.		2,337		40,711

Vornado Realty Trust		801		35,100

Welltower, Inc.		2,056		105,329

Weyerhaeuser Co.		3,775		82,559

WP Carey, Inc.		877		57,689


				3,826,901


Food & Staples Retailing — 1.5%

Costco Wholesale Corp.		2,240		678,720

Kroger Co. (The)		4,064		128,463

Sysco Corp.		2,589		145,683

Walgreens Boots Alliance, Inc.		3,797		164,372

Walmart, Inc.		7,189		873,823


				1,991,061


INVESTMENTS	SHARES		VALUE($)


Food Products — 1.2%

Archer-Daniels-Midland Co.		2,823		104,846

Bunge Ltd.		726		28,800

Campbell Soup Co.		854		42,683

Conagra Brands, Inc.		2,465		82,430

General Mills, Inc.		3,061		183,323

Hershey Co. (The)		750		99,322

Hormel Foods Corp.		1,414		66,246

Ingredion, Inc.		341		27,689

JM Smucker Co. (The)		579		66,533

Kellogg Co.		1,267		82,989

Kraft Heinz Co. (The)		3,154		95,661

Lamb Weston Holdings, Inc.		740		45,406

McCormick & Co., Inc. (Non-Voting)		627		98,339

Mondelez International, Inc., Class A		7,296		375,306

Tyson Foods, Inc., Class A		1,494		92,912


				1,492,485


Gas Utilities — 0.1%

Atmos Energy Corp.		603		61,488

National Fuel Gas Co.		439		17,999

UGI Corp.		1,061		32,021


				111,508


Health Care Equipment & Supplies — 3.7%

Abbott Laboratories		8,956		824,758

ABIOMED, Inc.*		232		44,370

Align Technology, Inc.*		362		77,776

Baxter International, Inc.		2,588		229,763

Becton Dickinson and Co.		1,371		346,219

Boston Scientific Corp.*		7,062		264,684

Cooper Cos., Inc. (The)		251		71,962

Danaher Corp.		3,239		529,447

Dentsply Sirona, Inc.		1,127		47,830

DexCom, Inc.*		460		154,192

Edwards Lifesciences Corp.*		1,059		230,332

Hologic, Inc.*		1,365		68,386

IDEXX Laboratories, Inc.*		435		120,756

Intuitive Surgical, Inc.*		586		299,376

Medtronic plc		6,793		663,200

ResMed, Inc.		731		113,539

STERIS plc		431		61,417

Stryker Corp.		1,630		303,881

Teleflex, Inc.		236		79,154

Varian Medical Systems, Inc.*		459		52,500

Zimmer Biomet Holdings, Inc.		1,041		124,608


				4,708,150

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Health Care Providers & Services — 2.9%

AmerisourceBergen Corp.		764		68,500

Anthem, Inc.		1,284		360,457

Cardinal Health, Inc.		1,481		73,280

Centene Corp.*		2,957		196,877

Cigna Corp.		1,894		370,807

CVS Health Corp.		6,590		405,615

DaVita, Inc.*		453		35,792

HCA Healthcare, Inc.		1,339		147,129

Henry Schein, Inc.*		743		40,538

Humana, Inc.		673		256,965

Laboratory Corp. of America Holdings*		492		80,909

McKesson Corp.		820		115,825

Quest Diagnostics, Inc.		684		75,315

UnitedHealth Group, Inc.		4,801		1,404,149

Universal Health Services, Inc., Class B		406		42,910


				3,675,068


Health Care Technology — 0.2%

Cerner Corp.		1,590		110,330

Veeva Systems, Inc., Class A*		669		127,645


				237,975


Hotels, Restaurants & Leisure — 1.6%

Aramark		1,268		34,629

Carnival Corp. (a)		2,359		37,508

Chipotle Mexican Grill, Inc.*		133		116,847

Darden Restaurants, Inc.		629		46,414

Domino’s Pizza, Inc.		196		70,938

Hilton Worldwide Holdings, Inc.		1,429		108,190

Las Vegas Sands Corp.		1,713		82,258

Marriott International, Inc., Class A (a)		1,375		125,043

McDonald’s Corp.		3,816		715,729

MGM Resorts International		2,608		43,893

Norwegian Cruise Line Holdings Ltd.* (a)		1,078		17,679

Royal Caribbean Cruises Ltd. (a)		876		40,971

Starbucks Corp.		5,984		459,152

Vail Resorts, Inc.		204		34,884

Wyndham Destinations, Inc.		458		11,711

Wynn Resorts Ltd. (a)		490		41,910

Yum! Brands, Inc.		1,531		132,324


				2,120,080


Household Durables — 0.3%

DR Horton, Inc.		1,706		80,557

Garmin Ltd.		733		59,490

Lennar Corp., Class A		1,418		70,999

Lennar Corp., Class B		89		3,396


INVESTMENTS	SHARES		VALUE($)


Household Durables — continued

Mohawk Industries, Inc.*		301		26,404

Newell Brands, Inc.		1,929		26,775

NVR, Inc.*		16		49,600

PulteGroup, Inc.		1,289		36,440

Whirlpool Corp.		318		35,533


				389,194


Household Products — 1.7%

Church & Dwight Co., Inc.		1,242		86,927

Clorox Co. (The)		636		118,576

Colgate-Palmolive Co.		4,344		305,253

Kimberly-Clark Corp.		1,735		240,263

Procter & Gamble Co. (The)		12,637		1,489,523


				2,240,542


Independent Power and Renewable Electricity Producers — 0.1%

AES Corp. (The)		3,365		44,586

Vistra Energy Corp.		2,271		44,376


				88,962


Industrial Conglomerates — 1.1%

3M Co.		2,912		442,391

General Electric Co.		44,253		300,920

Honeywell International, Inc.		3,621		513,820

Roper Technologies, Inc.		529		180,405


				1,437,536


Insurance — 2.0%

Aflac, Inc.		3,720		138,533

Alleghany Corp.		71		37,893

Allstate Corp. (The)		1,640		166,821

American Financial Group, Inc.		386		25,569

American International Group, Inc.		4,408		112,095

Aon plc		1,186		204,787

Arch Capital Group Ltd.*		2,054		49,358

Arthur J Gallagher & Co.		944		74,104

Brighthouse Financial, Inc.*		552		14,192

Chubb Ltd.		2,297		248,099

Cincinnati Financial Corp.		771		50,732

Everest Re Group Ltd.		206		35,665

Fidelity National Financial, Inc.		1,392		37,654

Globe Life, Inc.		504		41,499

Hartford Financial Services Group, Inc. (The)		1,825		69,332

Lincoln National Corp.		1,003		35,576

Loews Corp.		1,294		44,850

Markel Corp.*		68		58,877

Marsh & McLennan Cos., Inc.		2,556		248,775

MetLife, Inc.		3,962		142,949

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Insurance — continued

Principal Financial Group, Inc.		1,315		47,879

Progressive Corp. (The)		2,961		228,885

Prudential Financial, Inc.		2,039		127,172

Reinsurance Group of America, Inc.		315		32,974

Travelers Cos., Inc. (The)		1,309		132,484

Unum Group		1,044		18,218

Willis Towers Watson plc		650		115,889

WR Berkley Corp.		735		39,690


				2,580,551


Interactive Media & Services — 5.3%

Alphabet, Inc., Class A*		1,518		2,044,291

Alphabet, Inc., Class C*		1,515		2,043,220

Facebook, Inc., Class A*		12,194		2,496,234

InterActive Corp.*		365		81,570

Snap, Inc., Class A*		3,979		70,070

TripAdvisor, Inc.		535		10,684

Twitter, Inc.*		3,933		112,798


				6,858,867


Internet & Direct Marketing Retail — 4.6%

Amazon.com, Inc.*		2,110		5,220,140

Booking Holdings, Inc.*		211		312,400

eBay, Inc.		3,875		154,341

Expedia Group, Inc.		706		50,112

MercadoLibre, Inc. (Argentina)*		232		135,374

Qurate Retail, Inc., Series A*		1,959		15,780


				5,888,147


IT Services — 5.6%

Accenture plc, Class A		3,219		596,127

Akamai Technologies, Inc.*		820		80,122

Alliance Data Systems Corp.		207		10,364

Automatic Data Processing, Inc.		2,194		321,838

Broadridge Financial Solutions, Inc.		584		67,744

Cognizant Technology Solutions Corp., Class A		2,776		161,064

DXC Technology Co.		1,295		23,478

Fidelity National Information Services, Inc.		3,116		410,969

Fiserv, Inc.*		2,894		298,256

FleetCor Technologies, Inc.*		440		106,150

Gartner, Inc.*		452		53,702

Global Payments, Inc.		1,523		252,848

GoDaddy, Inc., Class A*		896		62,209

International Business Machines Corp.		4,489		563,639

Jack Henry & Associates, Inc.		391		63,948

Leidos Holdings, Inc.		675		66,697

Mastercard, Inc., Class A		4,499		1,237,090


INVESTMENTS	SHARES		VALUE($)


IT Services — continued

Okta, Inc.*		575		86,998

Paychex, Inc.		1,614		110,591

PayPal Holdings, Inc.*		5,948		731,604

Sabre Corp.		1,387		10,083

Square, Inc., Class A*		1,734		112,953

Twilio, Inc., Class A* (a)		634		71,198

VeriSign, Inc.*		526		110,192

Visa, Inc., Class A		8,674		1,550,217

Western Union Co. (The)		2,123		40,486


				7,200,567


Leisure Products — 0.1%

Hasbro, Inc.		644		46,503

Mattel, Inc.* (a)		1,759		15,338

Polaris, Inc. (a)		293		20,783


				82,624


Life Sciences Tools & Services — 1.1%

Agilent Technologies, Inc.		1,568		120,203

Avantor, Inc.*		1,130		18,995

Bio-Rad Laboratories, Inc., Class A*		109		47,971

Illumina, Inc.*		744		237,358

IQVIA Holdings, Inc.*		916		130,613

Mettler-Toledo International, Inc.*		121		87,113

PerkinElmer, Inc.		561		50,787

Thermo Fisher Scientific, Inc.		2,030		679,400

Waters Corp.*		329		61,523


				1,433,963


Machinery — 1.3%

Caterpillar, Inc.		2,800		325,864

Cummins, Inc.		777		127,040

Deere & Co.		1,597		231,661

Donaldson Co., Inc.		641		28,095

Dover Corp.		736		68,926

Flowserve Corp.		661		18,620

Fortive Corp.		1,499		95,936

IDEX Corp. (a)		389		59,762

Illinois Tool Works, Inc.		1,481		240,663

PACCAR, Inc.		1,757		121,637

Parker-Hannifin Corp.		650		102,778

Pentair plc		850		29,402

Snap-on, Inc.		281		36,611

Stanley Black & Decker, Inc.		772		85,074

Westinghouse Air Brake Technologies Corp.		926		52,245

Xylem, Inc.		915		65,789


				1,690,103

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Media — 1.4%

Altice USA, Inc., Class A*		1,566		40,669

Charter Communications, Inc., Class A*		794		393,213

Comcast Corp., Class A		23,002		865,565

Discovery, Inc., Class A*		800		17,936

Discovery, Inc., Class C*		1,706		34,819

DISH Network Corp., Class A*		1,295		32,394

Fox Corp., Class A		1,804		46,670

Fox Corp., Class B		827		21,138

Interpublic Group of Cos., Inc. (The)		1,964		33,349

Liberty Broadband Corp., Class A*		121		14,522

Liberty Broadband Corp., Class C* (a)		775		95,077

Liberty Media Corp.-Liberty SiriusXM, Class A*		432		14,563

Liberty Media Corp.-Liberty SiriusXM, Class C*		742		25,280

News Corp., Class A		1,968		19,503

News Corp., Class B		619		6,326

Omnicom Group, Inc.		1,101		62,790

Sirius XM Holdings, Inc. (a)		6,949		41,069

ViacomCBS, Inc. (a)		2,739		47,275


				1,812,158


Metals & Mining — 0.3%

Freeport-McMoRan, Inc.		7,352		64,918

Newmont Corp.		4,156		247,199

Nucor Corp.		1,535		63,227

Southern Copper Corp. (Peru)		436		14,144

Steel Dynamics, Inc.		1,091		26,478


				415,966


Mortgage Real Estate Investment Trusts (REITs) — 0.1%

AGNC Investment Corp.		2,741		34,043

Annaly Capital Management, Inc.		7,247		45,294


				79,337


Multiline Retail — 0.5%

Dollar General Corp.		1,289		225,961

Dollar Tree, Inc.*		1,197		95,365

Kohl’s Corp.		793		14,639

Macy’s, Inc. (a)		1,566		9,177

Nordstrom, Inc. (a)		542		10,179

Target Corp.		2,566		281,593


				636,914


Multi-Utilities — 1.0%

Ameren Corp.		1,245		90,574

CenterPoint Energy, Inc.		2,545		43,342

CMS Energy Corp.		1,437		82,038

Consolidated Edison, Inc.		1,683		132,621

Dominion Energy, Inc. (a)		4,170		321,632


INVESTMENTS	SHARES		VALUE($)


Multi-Utilities — continued

DTE Energy Co.		976		101,250

NiSource, Inc.		1,894		47,558

Public Service Enterprise Group, Inc.		2,561		129,868

Sempra Energy		1,428		176,858

WEC Energy Group, Inc.		1,600		144,880


				1,270,621


Oil, Gas & Consumable Fuels — 2.8%

Apache Corp.		1,906		24,930

Cabot Oil & Gas Corp.		2,066		44,667

Cheniere Energy, Inc.*		1,175		54,861

Chevron Corp.		9,579		881,268

Cimarex Energy Co.		514		13,066

Concho Resources, Inc.		1,023		58,025

ConocoPhillips		5,558		233,992

Continental Resources, Inc. (a)		437		7,162

Devon Energy Corp.		1,961		24,454

Diamondback Energy, Inc.		825		35,920

EOG Resources, Inc.		2,947		140,012

Exxon Mobil Corp.		21,437		996,177

Hess Corp.		1,317		64,059

HollyFrontier Corp.		751		24,813

Kinder Morgan, Inc.		9,868		150,290

Marathon Oil Corp.		4,054		24,810

Marathon Petroleum Corp.		3,290		105,543

Noble Energy, Inc. (a)		2,422		23,760

Occidental Petroleum Corp.		4,525		75,115

ONEOK, Inc.		2,099		62,823

Phillips 66		2,252		164,779

Pioneer Natural Resources Co.		839		74,931

Targa Resources Corp.		1,179		15,280

Valero Energy Corp.		2,079		131,705

Williams Cos., Inc. (The)		6,140		118,932


				3,551,374


Personal Products — 0.2%

Coty, Inc., Class A		1,499		8,170

Estee Lauder Cos., Inc. (The), Class A		1,128		198,979

Herbalife Nutrition Ltd.*		481		17,965


				225,114


Pharmaceuticals — 4.9%

Allergan plc		1,664		311,734

Bristol-Myers Squibb Co.		11,877		722,240

Elanco Animal Health, Inc.*		2,005		49,544

Eli Lilly & Co.		4,280		661,859

Jazz Pharmaceuticals plc*		290		31,972

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Pharmaceuticals — continued

Johnson & Johnson		13,335		2,000,783

Merck & Co., Inc.		12,900		1,023,486

Mylan NV*		2,614		43,837

Perrigo Co. plc (a)		689		36,724

Pfizer, Inc.		28,041		1,075,653

Zoetis, Inc.		2,412		311,896


				6,269,728


Professional Services — 0.5%

CoStar Group, Inc.*		187		121,225

Equifax, Inc.		611		84,868

IHS Markit Ltd.		2,030		136,619

ManpowerGroup, Inc.		298		22,123

Nielsen Holdings plc		1,807		26,617

TransUnion		952		75,008

Verisk Analytics, Inc.		831		127,002


				593,462


Real Estate Management & Development — 0.1%

CBRE Group, Inc., Class A*		1,698		72,895


Road & Rail — 1.0%

CSX Corp.		3,939		260,880

JB Hunt Transport Services, Inc.		437		44,189

Kansas City Southern		501		65,406

Lyft, Inc., Class A* (a)		1,030		33,815

Norfolk Southern Corp.		1,321		226,023

Old Dominion Freight Line, Inc.		486		70,611

Uber Technologies, Inc.*		1,037		31,390

Union Pacific Corp.		3,518		562,141


				1,294,455


Semiconductors & Semiconductor Equipment — 4.4%

Advanced Micro Devices, Inc.*		5,927		310,515

Analog Devices, Inc.		1,866		204,514

Applied Materials, Inc.		4,679		232,453

Broadcom, Inc.		2,010		545,956

Intel Corp.		22,042		1,322,079

KLA Corp.		798		130,944

Lam Research Corp.		735		187,631

Marvell Technology Group Ltd.		3,380		90,381

Maxim Integrated Products, Inc.		1,371		75,377

Microchip Technology, Inc. (a)		1,217		106,767

Micron Technology, Inc.*		5,608		268,567

NVIDIA Corp.		3,100		906,068

Qorvo, Inc.*		589		57,740

QUALCOMM, Inc.		5,785		455,106

Skyworks Solutions, Inc.		866		89,960


INVESTMENTS	SHARES		VALUE($)


Semiconductors & Semiconductor Equipment — continued

Texas Instruments, Inc.		4,738		549,940

Xilinx, Inc.		1,274		111,348


				5,645,346


Software — 8.8%

Adobe, Inc.*		2,453		867,479

ANSYS, Inc.*		434		113,634

Autodesk, Inc.*		1,116		208,837

Cadence Design Systems, Inc.*		1,422		115,367

CDK Global, Inc.		617		24,236

Citrix Systems, Inc.		583		84,541

DocuSign, Inc.*		635		66,516

Fortinet, Inc.*		721		77,681

Intuit, Inc.		1,319		355,879

Microsoft Corp.		38,656		6,927,542

NortonLifeLock, Inc.		2,904		61,768

Oracle Corp.		10,977		581,452

Palo Alto Networks, Inc.*		496		97,469

Paycom Software, Inc.*		248		64,733

PTC, Inc.*		533		36,910

RingCentral, Inc., Class A*		382		87,298

salesforce.com, Inc.*		4,496		728,127

ServiceNow, Inc.*		954		335,369

Splunk, Inc.*		782		109,762

SS&C Technologies Holdings, Inc.		1,120		61,779

Synopsys, Inc.*		764		120,040

VMware, Inc., Class A*		399		52,476

Workday, Inc., Class A*		831		127,891


				11,306,786


Specialty Retail — 2.2%

Advance Auto Parts, Inc.		350		42,319

AutoZone, Inc.*		119		121,418

Best Buy Co., Inc.		1,156		88,700

Burlington Stores, Inc.*		339		61,932

CarMax, Inc.*		833		61,350

Foot Locker, Inc.		542		13,891

Gap, Inc. (The)		1,078		8,753

Home Depot, Inc. (The)		5,528		1,215,220

L Brands, Inc.		1,177		13,995

Lowe’s Cos., Inc.		3,883		406,744

O’Reilly Automotive, Inc.* (a)		384		148,355

Ross Stores, Inc.		1,831		167,280

Tiffany & Co.		546		69,069

TJX Cos., Inc. (The)		6,143		301,314

Tractor Supply Co.		599		60,757

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Specialty Retail — continued

Ulta Beauty, Inc.*		292		63,633


				2,844,730


Technology Hardware, Storage & Peripherals — 5.2%

Apple, Inc.		21,164		6,217,983

Dell Technologies, Inc., Class C*		786		33,554

Hewlett Packard Enterprise Co.		6,558		65,974

HP, Inc.		7,508		116,449

NetApp, Inc.		1,158		50,686

Seagate Technology plc		1,173		58,591

Western Digital Corp.		1,512		69,673

Xerox Holdings Corp.		941		17,211


				6,630,121


Textiles, Apparel & Luxury Goods — 0.7%

Capri Holdings Ltd.* (a)		776		11,834

Hanesbrands, Inc. (a)		1,831		18,200

Lululemon Athletica, Inc.*		606		135,429

NIKE, Inc., Class B		6,314		550,455

PVH Corp.		384		18,904

Ralph Lauren Corp.		251		18,519

Tapestry, Inc.		1,396		20,772

Under Armour, Inc., Class A*		952		9,920

Under Armour, Inc., Class C*		985		9,131

VF Corp.		1,661		96,504


				889,668


Thrifts & Mortgage Finance — 0.0% (c)

New York Community Bancorp, Inc.		2,367		25,706


Tobacco — 0.7%

Altria Group, Inc.		9,465		371,501

Philip Morris International, Inc.		7,884		588,147


				959,648


Trading Companies & Distributors — 0.2%

Fastenal Co.		2,905		105,219

United Rentals, Inc.*		382		49,087

Watsco, Inc.		164		26,402

WW Grainger, Inc.		219		60,352


				241,060


Water Utilities — 0.1%

American Water Works Co., Inc.		917		111,590


Wireless Telecommunication Services — 0.1%

T-Mobile US, Inc.*		1,928		169,278


Total Common Stocks (Cost $127,213,354)				127,938,985


INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 1.3%

Investment Companies — 0.4%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (d) (e) (Cost $476,771)		476,771		476,771

Investment of Cash Collateral from Securities Loaned — 0.9%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (d) (e) (Cost $1,196,285)		1,196,285		1,196,285

Total Short-Term Investments (Cost $1,673,056)				1,673,056

Total Investments — 100.8% (Cost $128,886,410)				129,612,041

Liabilities in Excess of Other Assets — (0.8)%				(1,024,325	)

NET ASSETS — 100.0%				128,587,716

Percentages indicated are based on net assets.

Abbreviations


REIT		Real Estate Investment Trust


(a)		The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $1,128,274.
(b)		Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.
(c)		Amount rounds to less than 0.1% of net assets.
(d)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)		The rate shown is the current yield as of April 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



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

Futures contracts outstanding as of April 30, 2020:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING

CURRENCY

NOTIONAL
AMOUNT($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)

Long Contracts

S&P 500 Mic E-mini Index

06/2020

USD

623,769

72,197

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.7%

Aerospace & Defense — 1.3%

Axon Enterprise, Inc.*		172		12,506

BWX Technologies, Inc.		277		14,698

Curtiss-Wright Corp.		124		12,852

Hexcel Corp.		244		8,440

Mercury Systems, Inc.*		161		14,355

Moog, Inc., Class A		94		4,651


				67,502


Airlines — 0.3%

Allegiant Travel Co.		38		2,982

JetBlue Airways Corp.*		839		8,172

Spirit Airlines, Inc.*		196		2,944


				14,098


Auto Components — 0.6%

Adient plc*		252		3,775

Dana, Inc.		412		4,738

Gentex Corp.		735		17,816

Visteon Corp.*		80		4,824


				31,153


Automobiles — 0.2%

Thor Industries, Inc.		160		10,592


Banks — 5.7%

Associated Banc-Corp.		460		6,504

Bank of Hawaii Corp.		116		7,909

Bank OZK		348		7,872

BankUnited, Inc.		276		5,467

BOK Financial Corp.		92		4,765

Commerce Bancshares, Inc.		300		18,357

Cullen/Frost Bankers, Inc.		164		11,785

First Citizens BancShares, Inc., Class A		24		9,168

First Financial Bankshares, Inc.		395		11,001

First Hawaiian, Inc.		381		6,702

First Horizon National Corp.		905		8,217

FNB Corp.		936		7,572

Glacier Bancorp, Inc.		248		9,444

Hancock Whitney Corp.		252		5,269

Home BancShares, Inc.		448		6,868

IBERIABANK Corp.		152		6,302

Investors Bancorp, Inc.		576		5,363

PacWest Bancorp		344		6,963

People’s United Financial, Inc.		1,291		16,383

Pinnacle Financial Partners, Inc.		208		8,372

Popular, Inc. (Puerto Rico)		256		9,879

Prosperity Bancshares, Inc.		274		16,421

Signature Bank		157		16,827


INVESTMENTS	SHARES		VALUE($)


Banks — continued

Sterling Bancorp		587		7,238

Synovus Financial Corp.		426		8,950

TCF Financial Corp.		446		13,242

Texas Capital Bancshares, Inc.*		144		4,000

UMB Financial Corp.		126		6,406

Umpqua Holdings Corp.		640		8,016

United Bankshares, Inc.		295		8,838

Valley National Bancorp		1,139		9,522

Webster Financial Corp.		268		7,571

Western Alliance Bancorp		272		9,759

Wintrust Financial Corp.		166		6,955


				303,907


Beverages — 0.3%

Boston Beer Co., Inc. (The), Class A*		27		12,596

National Beverage Corp.*		34		1,708


				14,304


Biotechnology — 3.7%

ACADIA Pharmaceuticals, Inc.*		327		15,797

Agios Pharmaceuticals, Inc.*		171		7,035

Bluebird Bio, Inc.*		160		8,621

Exelixis, Inc.*		883		21,806

FibroGen, Inc.*		227		8,374

Immunomedics, Inc.*		577		17,529

Intercept Pharmaceuticals, Inc.*		73		5,980

Ionis Pharmaceuticals, Inc.*		372		20,657

Ligand Pharmaceuticals, Inc.*		48		4,731

Moderna, Inc.*		648		29,802

Myriad Genetics, Inc.*		212		3,278

Sage Therapeutics, Inc.*		151		5,886

Sarepta Therapeutics, Inc.*		206		24,283

Ultragenyx Pharmaceutical, Inc.*		158		9,548

United Therapeutics Corp.*		128		14,024


				197,351


Building Products — 0.9%

AO Smith Corp.		398		16,867

Armstrong World Industries, Inc.		141		10,868

JELD-WEN Holding, Inc.*		192		2,439

Trex Co., Inc.*		170		16,187


				46,361


Capital Markets — 2.2%

Artisan Partners Asset Management, Inc., Class A		152		4,475

BGC Partners, Inc., Class A		800		2,476

Eaton Vance Corp.		327		12,001

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Capital Markets — continued

Evercore, Inc., Class A		114		5,882

FactSet Research Systems, Inc.		110		30,250

Federated Hermes, Inc., Class B		276		6,284

Janus Henderson Group plc (United Kingdom)		448		8,019

Legg Mason, Inc.		236		11,760

LPL Financial Holdings, Inc.		235		14,152

Morningstar, Inc.		60		9,358

Stifel Financial Corp.		199		8,812

Waddell & Reed Financial, Inc., Class A		204		2,968


				116,437


Chemicals — 1.9%

Cabot Corp.		164		5,558

Element Solutions, Inc.*		636		6,519

Huntsman Corp.		583		9,800

Ingevity Corp.*		122		6,334

NewMarket Corp.		21		8,640

Olin Corp.		460		6,141

PolyOne Corp.		260		6,056

RPM International, Inc.		377		25,037

Scotts Miracle-Gro Co. (The)		115		14,264

Sensient Technologies Corp.		122		5,830

Valvoline, Inc.		548		9,420


				103,599


Commercial Services & Supplies — 1.4%

ADT, Inc.		300		1,719

Brink’s Co. (The)		144		7,361

Cimpress plc (Ireland)*		72		5,241

Clean Harbors, Inc.*		148		7,908

Deluxe Corp.		120		3,380

Healthcare Services Group, Inc.		215		5,480

IAA, Inc.*		388		14,977

KAR Auction Services, Inc.		372		5,573

MSA Safety, Inc.		104		11,703

Tetra Tech, Inc.		159		11,970


				75,312


Communications Equipment — 1.3%

Ciena Corp.*		450		20,812

CommScope Holding Co., Inc.*		560		6,166

EchoStar Corp., Class A*		132		4,165

Lumentum Holdings, Inc.*		224		18,124

NetScout Systems, Inc.*		191		5,058

ViaSat, Inc.*		167		7,081

Viavi Solutions, Inc.*		668		8,069


				69,475


INVESTMENTS	SHARES		VALUE($)


Construction & Engineering — 0.8%

AECOM*		457		16,571

Dycom Industries, Inc.*		92		2,999

EMCOR Group, Inc.		162		10,292

MasTec, Inc.*		175		6,283

Valmont Industries, Inc.		63		7,386


				43,531


Construction Materials — 0.1%

Eagle Materials, Inc.		120		7,321


Consumer Finance — 0.9%

Credit Acceptance Corp.*		40		12,463

FirstCash, Inc.		124		8,908

Green Dot Corp., Class A*		136		4,148

LendingTree, Inc.*		22		5,486

OneMain Holdings, Inc.		220		5,326

PRA Group, Inc.*		132		3,662

SLM Corp.		1,227		10,233


				50,226


Containers & Packaging — 1.3%

AptarGroup, Inc.		186		19,917

Berry Global Group, Inc.*		384		15,279

Graphic Packaging Holding Co.		844		11,267

O-I Glass, Inc.		448		3,692

Silgan Holdings, Inc.		224		7,728

Sonoco Products Co.		291		14,213


				72,096


Distributors — 0.5%

Pool Corp.		116		24,553


Diversified Consumer Services — 1.9%

Adtalem Global Education, Inc.*		156		4,956

Bright Horizons Family Solutions, Inc.*		169		19,680

Chegg, Inc.*		334		14,278

frontdoor, Inc.*		246		9,523

Graham Holdings Co., Class B		13		5,070

Grand Canyon Education, Inc.*		140		12,043

Service Corp. International		531		19,509

ServiceMaster Global Holdings, Inc.*		392		13,348

WW International, Inc.*		132		3,367


				101,774


Diversified Telecommunication Services — 0.3%

GCI Liberty, Inc., Class A*		277		16,850


Electric Utilities — 1.0%

ALLETE, Inc.		150		8,634

Hawaiian Electric Industries, Inc.		317		12,512

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Electric Utilities — continued

IDACORP, Inc.		146		13,400

PNM Resources, Inc.		232		9,394

Portland General Electric Co.		260		12,165


				56,105


Electrical Equipment — 0.8%

EnerSys		122		7,123

Generac Holdings, Inc.*		182		17,734

GrafTech International Ltd.		164		1,332

nVent Electric plc		452		8,430

Regal Beloit Corp.		118		8,379


				42,998


Electronic Equipment, Instruments & Components — 2.5%

Anixter International, Inc.*		88		8,172

Arrow Electronics, Inc.*		236		14,849

Avnet, Inc.		292		8,766

Belden, Inc.		112		3,829

Coherent, Inc.*		70		8,951

Dolby Laboratories, Inc., Class A		186		11,165

FLIR Systems, Inc.		390		16,926

Jabil, Inc.		404		11,490

Littelfuse, Inc.		72		10,457

National Instruments Corp.		343		13,178

SYNNEX Corp.		119		10,420

Tech Data Corp.*		103		14,486


				132,689


Energy Equipment & Services — 0.1%

Dril-Quip, Inc.*		104		3,446

Patterson-UTI Energy, Inc.		560		2,066


				5,512


Entertainment — 0.7%

Cinemark Holdings, Inc.		308		4,398

Lions Gate Entertainment Corp., Class A*		160		1,143

Lions Gate Entertainment Corp., Class B*		312		2,084

Madison Square Garden Co. (The), Class A*		50		8,566

Zynga, Inc., Class A*		2,750		20,735


				36,926


Equity Real Estate Investment Trusts (REITs) — 10.4%

American Campus Communities, Inc.		399		14,081

American Homes 4 Rent, Class A		741		17,888

Americold Realty Trust		557		17,039

Apartment Investment & Management Co., Class A		433		16,311

Apple Hospitality REIT, Inc.		604		5,847

Brixmor Property Group, Inc.		866		9,916


INVESTMENTS	SHARES		VALUE($)


Equity Real Estate Investment Trusts (REITs) — continued

Colony Capital, Inc.		1,400		3,234

Columbia Property Trust, Inc.		336		4,801

CoreCivic, Inc.		344		4,513

CoreSite Realty Corp.		110		13,331

Cousins Properties, Inc.		427		12,883

CubeSmart		563		14,188

CyrusOne, Inc.		329		23,079

Diversified Healthcare Trust		684		2,127

Douglas Emmett, Inc.		479		14,605

EastGroup Properties, Inc.		112		11,872

EPR Properties		228		6,708

Equity Commonwealth		352		11,950

First Industrial Realty Trust, Inc.		367		13,862

Gaming and Leisure Properties, Inc.		593		16,746

GEO Group, Inc. (The)		348		4,413

Healthcare Realty Trust, Inc.		389		11,433

Healthcare Trust of America, Inc., Class A		602		14,827

Highwoods Properties, Inc.		302		11,721

Hudson Pacific Properties, Inc.		448		11,012

JBG SMITH Properties		343		11,645

Kilroy Realty Corp.		284		17,682

Lamar Advertising Co., Class A		250		14,412

Life Storage, Inc.		136		11,912

Medical Properties Trust, Inc.		1,504		25,779

National Health Investors, Inc.		128		7,048

National Retail Properties, Inc.		499		16,287

Omega Healthcare Investors, Inc.		635		18,510

Outfront Media, Inc.		412		6,464

Paramount Group, Inc.		580		5,597

Park Hotels & Resorts, Inc.		688		6,543

Pebblebrook Hotel Trust		376		4,452

Piedmont Office Realty Trust, Inc., Class A		366		6,350

PS Business Parks, Inc.		58		7,487

Rayonier, Inc.		376		9,035

Retail Properties of America, Inc., Class A		616		3,819

Rexford Industrial Realty, Inc.		322		13,112

RLJ Lodging Trust		492		4,571

Ryman Hospitality Properties, Inc.		156		5,513

Sabra Health Care REIT, Inc.		592		7,589

Service Properties Trust		472		3,271

SITE Centers Corp.		428		2,594

Spirit Realty Capital, Inc.		288		8,859

STAG Industrial, Inc.		432		11,340

STORE Capital Corp.		621		12,463

Sunstone Hotel Investors, Inc.		648		5,955

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Equity Real Estate Investment Trusts (REITs) — continued

Tanger Factory Outlet Centers, Inc. (a)		268		2,015

Taubman Centers, Inc.		178		7,672

Uniti Group, Inc.		556		3,925

Weingarten Realty Investors		348		6,330


				556,618


Food & Staples Retailing — 1.2%

BJ’s Wholesale Club Holdings, Inc.*		355		9,340

Casey’s General Stores, Inc.		107		16,201

Performance Food Group Co.*		380		11,153

PriceSmart, Inc.		64		4,067

Sprouts Farmers Market, Inc.*		340		7,065

US Foods Holding Corp.*		638		13,717


				61,543


Food Products — 1.4%

Beyond Meat, Inc.*		32		3,168

Darling Ingredients, Inc.*		476		9,801

Flowers Foods, Inc.		556		12,388

Fresh Del Monte Produce, Inc.		88		2,509

Hain Celestial Group, Inc. (The)*		232		5,995

Lancaster Colony Corp.		58		7,808

Pilgrim’s Pride Corp.*		152		3,344

Post Holdings, Inc.*		193		17,727

Seaboard Corp.		1		3,011

TreeHouse Foods, Inc.*		162		8,380


				74,131


Gas Utilities — 0.8%

New Jersey Resources Corp.		276		9,323

ONE Gas, Inc.		153		12,196

Southwest Gas Holdings, Inc.		159		12,052

Spire, Inc.		148		10,798


				44,369


Health Care Equipment & Supplies — 4.7%

Cantel Medical Corp.		108		3,996

Envista Holdings Corp.*		461		8,976

Globus Medical, Inc., Class A*		224		10,631

Haemonetics Corp.*		147		16,726

Hill-Rom Holdings, Inc.		194		21,823

ICU Medical, Inc.*		56		12,281

Inogen, Inc.*		52		2,600

Insulet Corp.*		180		35,950

Integra LifeSciences Holdings Corp.*		206		10,516

LivaNova plc*		140		7,437

Masimo Corp.*		143		30,589


INVESTMENTS	SHARES		VALUE($)


Health Care Equipment & Supplies — continued

Novocure Ltd.*		224		14,739

NuVasive, Inc.*		150		9,132

Penumbra, Inc.*		93		16,491

West Pharmaceutical Services, Inc.		215		40,691

Wright Medical Group NV*		367		10,687


				253,265


Health Care Providers & Services — 2.5%

Acadia Healthcare Co., Inc.*		256		6,147

Amedisys, Inc.*		94		17,311

Brookdale Senior Living, Inc.*		532		1,920

Chemed Corp.		47		19,579

Encompass Health Corp.		287		19,014

Guardant Health, Inc.*		117		9,004

HealthEquity, Inc.*		206		11,592

MEDNAX, Inc.*		244		3,543

Molina Healthcare, Inc.*		182		29,842

Patterson Cos., Inc.		248		4,533

Premier, Inc., Class A*		192		6,367

Tenet Healthcare Corp.*		300		6,054


				134,906


Health Care Technology — 0.6%

Teladoc Health, Inc.*		210		34,564


Hotels, Restaurants & Leisure — 2.4%

Bloomin’ Brands, Inc.		248		2,988

Boyd Gaming Corp.		232		3,872

Brinker International, Inc.		108		2,514

Choice Hotels International, Inc.		92		6,905

Churchill Downs, Inc.		103		10,323

Cracker Barrel Old Country Store, Inc.		70		6,818

Dunkin’ Brands Group, Inc.		240		15,082

Extended Stay America, Inc.		531		5,772

Hilton Grand Vacations, Inc.*		248		5,109

Hyatt Hotels Corp., Class A		106		5,964

Jack in the Box, Inc.		68		4,100

Marriott Vacations Worldwide Corp.		109		9,047

Planet Fitness, Inc., Class A*		238		14,359

Scientific Games Corp.*		156		1,967

Six Flags Entertainment Corp.		224		4,482

Texas Roadhouse, Inc.		190		8,947

Wendy’s Co. (The)		535		10,625

Wyndham Hotels & Resorts, Inc.		275		10,370


				129,244


Household Durables — 0.5%

Leggett & Platt, Inc.		383		13,455

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Household Durables — continued

Tempur Sealy International, Inc.*		132		7,095

Toll Brothers, Inc.		348		8,359


				28,909


Household Products — 0.2%

Energizer Holdings, Inc.		187		7,285

Spectrum Brands Holdings, Inc.		127		5,469


				12,754


Independent Power and Renewable Electricity Producers — 0.2%

Clearway Energy, Inc.		92		1,720

Ormat Technologies, Inc.		148		9,237


				10,957


Industrial Conglomerates — 0.4%

Carlisle Cos., Inc.		165		19,958


Insurance — 3.9%

American National Insurance Co.		28		2,254

Assurant, Inc.		176		18,698

Assured Guaranty Ltd.		276		8,206

Athene Holding Ltd., Class A*		343		9,261

Axis Capital Holdings Ltd.		244		8,931

Brown & Brown, Inc.		680		24,419

CNO Financial Group, Inc.		436		6,130

Enstar Group Ltd. (Bermuda)*		44		6,363

Erie Indemnity Co., Class A		54		9,615

First American Financial Corp.		327		15,081

Hanover Insurance Group, Inc. (The)		115		11,544

Kemper Corp.		182		12,234

Mercury General Corp.		78		3,195

Old Republic International Corp.		829		13,223

Primerica, Inc.		120		12,469

ProAssurance Corp.		156		3,337

RenaissanceRe Holdings Ltd. (Bermuda)		128		18,689

RLI Corp.		116		8,448

Selective Insurance Group, Inc.		172		8,622

White Mountains Insurance Group Ltd.		9		8,757


				209,476


Interactive Media & Services — 0.9%

Cargurus, Inc.*		204		4,668

Match Group, Inc.* (a)		157		12,083

Pinterest, Inc., Class A*		296		6,115

Yelp, Inc.*		184		4,112

Zillow Group, Inc., Class A*		100		4,354

Zillow Group, Inc., Class C*		365		16,045


				47,377


INVESTMENTS	SHARES		VALUE($)


Internet & Direct Marketing Retail — 1.2%

Etsy, Inc.*		344		22,315

Grubhub, Inc.*		266		12,712

Stamps.com, Inc.*		48		7,597

Wayfair, Inc., Class A*		191		23,692


				66,316


IT Services — 4.2%

Black Knight, Inc.*		435		30,698

Booz Allen Hamilton Holding Corp.		408		29,964

CACI International, Inc., Class A*		73		18,260

Conduent, Inc.*		476		1,200

EPAM Systems, Inc.*		160		35,342

Euronet Worldwide, Inc.*		157		14,406

Genpact Ltd.		447		15,390

KBR, Inc.		412		8,347

LiveRamp Holdings, Inc.*		196		7,421

MAXIMUS, Inc.		186		12,522

MongoDB, Inc.*		101		16,375

Perspecta, Inc.		400		8,628

Science Applications International Corp.		143		11,677

WEX, Inc.*		126		16,672


				226,902


Leisure Products — 0.2%

Brunswick Corp.		236		11,262


Life Sciences Tools & Services — 1.9%

Bio-Techne Corp.		111		24,975

Bruker Corp.		295		11,600

Charles River Laboratories International, Inc.*		142		20,543

PRA Health Sciences, Inc.*		184		17,756

Repligen Corp.*		136		15,796

Syneos Health, Inc.*		180		10,042


				100,712


Machinery — 4.7%

AGCO Corp.		182		9,617

Allison Transmission Holdings, Inc.		347		12,610

Barnes Group, Inc.		138		5,296

Colfax Corp.*		240		6,190

Crane Co.		148		8,058

Gates Industrial Corp. plc*		132		1,134

Graco, Inc.		485		21,660

Ingersoll Rand, Inc.*		1,006		29,254

ITT, Inc.		255		13,444

Kennametal, Inc.		240		6,146

Lincoln Electric Holdings, Inc.		178		14,331

Middleby Corp. (The)*		162		9,012

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Machinery — continued

Navistar International Corp.*		188		4,469

Nordson Corp.		149		23,975

Oshkosh Corp.		198		13,371

RBC Bearings, Inc.*		73		9,248

Terex Corp.		188		2,856

Timken Co. (The)		196		7,366

Toro Co. (The)		310		19,781

Trinity Industries, Inc.		284		5,478

WABCO Holdings, Inc.*		149		20,023

Woodward, Inc.		164		9,932


				253,251


Marine — 0.2%

Kirby Corp.*		174		9,295


Media — 1.2%

AMC Networks, Inc., Class A*		128		3,053

Cable One, Inc.		15		28,693

John Wiley & Sons, Inc., Class A		127		4,769

New York Times Co. (The), Class A		418		13,593

Nexstar Media Group, Inc., Class A		134		9,385

Sinclair Broadcast Group, Inc., Class A		192		3,389


				62,882


Metals & Mining — 1.2%

Alcoa Corp.*		532		4,336

Allegheny Technologies, Inc.*		364		2,734

Carpenter Technology Corp.		136		3,015

Compass Minerals International, Inc.		98		4,818

Reliance Steel & Aluminum Co.		194		17,378

Royal Gold, Inc.		191		23,403

United States Steel Corp. (a)		488		3,748

Worthington Industries, Inc.		108		2,855


				62,287


Mortgage Real Estate Investment Trusts (REITs) — 0.7%

Blackstone Mortgage Trust, Inc., Class A		388		9,129

Chimera Investment Corp.		540		4,196

MFA Financial, Inc.		1,300		2,275

New Residential Investment Corp.		1,196		7,284

Starwood Property Trust, Inc.		820		10,611

Two Harbors Investment Corp.		784		3,583


				37,078


Multiline Retail — 0.2%

Dillard’s, Inc., Class A		28		825

Ollie’s Bargain Outlet Holdings, Inc.*		158		10,730


				11,555


INVESTMENTS	SHARES		VALUE($)


Multi-Utilities — 0.6%

Avista Corp.		194		8,350

Black Hills Corp.		179		11,087

MDU Resources Group, Inc.		582		13,072


				32,509


Oil, Gas & Consumable Fuels — 0.9%

Chesapeake Energy Corp.*		16		280

CNX Resources Corp.*		542		5,745

CVR Energy, Inc.		84		2,003

Delek US Holdings, Inc.		216		5,044

Equitrans Midstream Corp.		592		4,961

Kosmos Energy Ltd. (Ghana)		1,040		1,716

Matador Resources Co.*		316		2,225

Parsley Energy, Inc., Class A		898		8,486

PBF Energy, Inc., Class A		292		3,329

PDC Energy, Inc.*		280		3,637

World Fuel Services Corp.		188		4,700

WPX Energy, Inc.*		1,196		7,331


				49,457


Paper & Forest Products — 0.2%

Domtar Corp.		164		3,831

Louisiana-Pacific Corp.		341		6,820


				10,651


Personal Products — 0.1%

Nu Skin Enterprises, Inc., Class A		160		4,674


Pharmaceuticals — 1.4%

Catalent, Inc.*		450		31,117

Horizon Therapeutics plc*		544		19,606

Innoviva, Inc.*		192		2,722

Pacira BioSciences, Inc.*		120		4,955

Prestige Consumer Healthcare, Inc.*		146		5,941

Reata Pharmaceuticals, Inc., Class A*		74		11,704

Tilray, Inc. (Canada)*		92		741


				76,786


Professional Services — 1.1%

ASGN, Inc.*		152		7,061

CoreLogic, Inc.		231		8,875

FTI Consulting, Inc.*		109		13,882

Insperity, Inc.		108		5,153

Robert Half International, Inc.		342		16,166

TriNet Group, Inc.*		128		6,268


				57,405


Real Estate Management & Development — 0.5%

Cushman & Wakefield plc*		472		5,744

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Real Estate Management & Development — continued

Howard Hughes Corp. (The)*		126		6,824

Jones Lang LaSalle, Inc.		150		15,837


				28,405


Road & Rail — 0.5%

AMERCO		23		6,443

Avis Budget Group, Inc.*		164		2,703

Landstar System, Inc.		115		11,880

Ryder System, Inc.		155		5,487


				26,513


Semiconductors & Semiconductor Equipment — 3.9%

Cabot Microelectronics Corp.		85		10,416

Cirrus Logic, Inc.*		168		12,701

Cree, Inc.*		313		13,500

Entegris, Inc.		392		21,258

First Solar, Inc.*		220		9,682

MKS Instruments, Inc.		158		15,836

Monolithic Power Systems, Inc.		117		23,389

ON Semiconductor Corp.*		1,194		19,158

Silicon Laboratories, Inc.*		126		12,250

SolarEdge Technologies, Inc.*		141		15,734

Synaptics, Inc.*		96		6,277

Teradyne, Inc.		487		30,457

Universal Display Corp.		123		18,465


				209,123


Software — 9.3%

ACI Worldwide, Inc.*		336		9,206

Alteryx, Inc., Class A*		142		16,072

Anaplan, Inc.*		248		10,133

Aspen Technology, Inc.*		198		20,246

Avalara, Inc.*		191		17,070

Blackbaud, Inc.		142		7,847

Ceridian HCM Holding, Inc.*		293		17,278

CommVault Systems, Inc.*		122		5,208

Coupa Software, Inc.*		183		32,224

Dropbox, Inc., Class A*		627		13,180

Dynatrace, Inc.*		260		7,761

Elastic NV*		94		6,029

Fair Isaac Corp.*		84		29,647

FireEye, Inc.*		624		7,182

Guidewire Software, Inc.*		240		21,802

HubSpot, Inc.*		117		19,730

j2 Global, Inc.		135		10,886

LogMeIn, Inc.		142		12,135

Manhattan Associates, Inc.*		186		13,195


INVESTMENTS	SHARES		VALUE($)


Software — continued

New Relic, Inc.*		144		7,731

Nuance Communications, Inc.*		822		16,604

Nutanix, Inc., Class A*		420		8,606

Paylocity Holding Corp.*		104		11,911

Pegasystems, Inc.		111		9,282

Proofpoint, Inc.*		164		19,964

RealPage, Inc.*		232		14,962

Slack Technologies, Inc., Class A*		156		4,164

SolarWinds Corp.*		188		3,192

Trade Desk, Inc. (The), Class A*		116		33,939

Tyler Technologies, Inc.*		113		36,238

Verint Systems, Inc.*		194		8,292

Zendesk, Inc.*		326		25,063

Zoom Video Communications, Inc., Class A*		85		11,489

Zscaler, Inc.*		190		12,745


				501,013


Specialty Retail — 1.5%

Aaron’s, Inc.		195		6,223

American Eagle Outfitters, Inc.		456		3,625

AutoNation, Inc.*		171		6,368

Carvana Co.*		146		11,696

Five Below, Inc.*		162		14,606

Floor & Decor Holdings, Inc., Class A*		203		8,607

Michaels Cos., Inc. (The)*		220		669

Penske Automotive Group, Inc.		96		3,454

RH*		48		6,901

Sally Beauty Holdings, Inc.*		336		3,263

Urban Outfitters, Inc.*		204		3,537

Williams-Sonoma, Inc.		226		13,976


				82,925


Technology Hardware, Storage & Peripherals — 0.2%

Pure Storage, Inc., Class A*		655		9,432


Textiles, Apparel & Luxury Goods — 0.8%

Carter’s, Inc.		128		10,009

Columbia Sportswear Co.		84		6,123

Deckers Outdoor Corp.*		81		12,049

Skechers U.S.A., Inc., Class A*		387		10,906

Wolverine World Wide, Inc.		232		4,754


				43,841


Thrifts & Mortgage Finance — 0.5%

Essent Group Ltd.		284		7,759

MGIC Investment Corp.		1,004		7,339

Radian Group, Inc.		580		8,688

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Thrifts & Mortgage Finance — continued

TFS Financial Corp.		144		1,966


				25,752


Tobacco — 0.1%

Vector Group Ltd.		332		3,552


Trading Companies & Distributors — 0.9%

Air Lease Corp.		305		7,976

Beacon Roofing Supply, Inc.*		196		4,312

GATX Corp.		102		6,049

HD Supply Holdings, Inc.*		482		14,306

MSC Industrial Direct Co., Inc., Class A		130		7,753

Univar Solutions, Inc.*		402		5,837

WESCO International, Inc.*		120		3,104


				49,337


Transportation Infrastructure — 0.1%

Macquarie Infrastructure Corp.		224		6,180


Water Utilities — 0.5%

Essential Utilities, Inc.		627		26,202


Wireless Telecommunication Services — 0.1%

Telephone & Data Systems, Inc.		284		5,572

United States Cellular Corp.*		44		1,401


				6,973


Total Common Stocks (Cost $5,066,456)				5,351,013


INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 0.4%

Investment Companies — 0.1%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (b) (c) (Cost $3,453)		3,453		3,453


Investment of Cash Collateral from Securities Loaned — 0.3%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (b) (c) (Cost $16,843)		16,843		16,843


Total Short-Term Investments (Cost $20,296)				20,296

Total Investments — 100.1% (Cost $5,086,752)				5,371,309

Liabilities in Excess of Other Assets — (0.1)%				(5,602	)

Net Assets — 100.0%				5,365,707

Percentages indicated are based on net assets.

Abbreviations


REIT		Real Estate Investment Trust

(a)		The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $15,885.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of April 30, 2020.
*		Non-income producing security.

Futures contracts outstanding as of April 30, 2020:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)

Long Contracts

S&P 500 Mic E-mini Index

06/2020

USD

14,506

723

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.6%

Bahrain — 0.1%

Ahli United Bank BSC		508,832		321,212


Brazil — 10.6%

Alpargatas SA (Preference)		81,288		409,587

Ambev SA*		516,358		1,079,643

Atacadao SA*		55,950		206,704

B3 SA — Brasil Bolsa Balcao		157,955		1,111,050

Banco Bradesco SA (Preference)		348,519		1,231,183

Banco BTG Pactual SA*		43,574		335,024

Banco do Brasil SA*		144,056		750,493

Banco do Estado do Rio Grande do Sul SA (Preference), Class B		70,261		163,187

BB Seguridade Participacoes SA		53,247		259,679

BR Malls Participacoes SA		61,015		112,764

BRF SA*		94,771		340,541

CCR SA		278,093		635,156

Cia de Saneamento Basico do Estado de Sao Paulo*		81,153		601,719

Cia de Transmissao de Energia Eletrica Paulista (Preference)		142,209		504,723

Cia Energetica de Minas Gerais (Preference)*		195,766		340,923

Cia Energetica de Sao Paulo (Preference), Class B		60,387		312,823

Cia Paranaense de Energia (Preference)*		48,135		490,476

Cia Siderurgica Nacional SA		153,827		253,460

Cosan SA		45,152		500,932

CPFL Energia SA		61,406		340,122

Duratex SA*		120,838		219,548

EDP — Energias do Brasil SA		162,787		508,008

Engie Brasil Energia SA		46,853		338,782

Equatorial Energia SA		169,739		574,963

Fleury SA		68,422		285,873

Gerdau SA (Preference)		95,293		205,905

Grendene SA		210,912		275,377

Hapvida Participacoes e Investimentos SA (a)		48,834		468,592

Hypera SA*		86,975		465,592

Itau Unibanco Holding SA (Preference)		370,242		1,561,200

Itausa — Investimentos Itau SA (Preference)		345,034		571,683

Lojas Renner SA		132,392		937,084

M Dias Branco SA*		14,274		84,811

Natura & Co. Holding SA*		62,733		418,189

Neoenergia SA*		71,301		238,636

Petrobras Distribuidora SA*		144,082		522,764

Petroleo Brasileiro SA (Preference)		545,854		1,812,855

Porto Seguro SA		8,076		67,826

Rumo SA*		192,870		698,714

Sao Martinho SA*		118,398		419,125


INVESTMENTS	SHARES		VALUE($)


Brazil — continued

Sul America SA		17,401		143,518

Telefonica Brasil SA (Preference)		93,009		787,632

TIM Participacoes SA*		209,123		486,476

TOTVS SA		33,710		367,606

Transmissora Alianca de Energia Eletrica SA		112,716		570,223

Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A		36,992		32,925

Vale SA*		392,043		3,250,744

WEG SA		134,805		985,399

YDUQS Participacoes SA		77,811		442,435


				27,722,674


Chile — 1.4%

AES Gener SA		1,674,568		246,743

Aguas Andinas SA, Class A		1,056,021		354,157

Banco de Chile		2,228,556		196,457

Cencosud SA		14,889		18,012

Cia Cervecerias Unidas SA		37,113		266,712

Colbun SA		2,836,358		416,162

Enel Americas SA		7,382,160		1,211,350

Enel Chile SA		6,943,709		565,460

Engie Energia Chile SA		202,194		249,491

Parque Arauco SA		45,406		76,199


				3,600,743


China — 23.6%

Angang Steel Co. Ltd., Class H		121,800		32,835

Anhui Conch Cement Co. Ltd., Class H		179,500		1,415,426

Anhui Gujing Distillery Co. Ltd., Class A		23,300		439,304

ANTA Sports Products Ltd.		173,000		1,473,275

BAIC Motor Corp. Ltd., Class H (a)		207,500		90,779

Bank of China Ltd., Class H		2,328,000		886,277

Baoshan Iron & Steel Co. Ltd., Class A		487,800		333,156

Beijing Capital International Airport Co. Ltd., Class H		144,000		96,483

Beijing Enterprises Holdings Ltd.		44,500		157,645

Bosideng International Holdings Ltd.		1,352,000		366,549

BYD Electronic International Co. Ltd.		66,000		151,980

CGN Power Co. Ltd., Class H* (a)		2,344,000		589,632

China CITIC Bank Corp. Ltd., Class H		433,000		211,535

China Coal Energy Co. Ltd., Class H		153,000		40,933

China Communications Services Corp. Ltd., Class H		686,000		488,990

China Conch Venture Holdings Ltd.		118,000		564,202

China Everbright Bank Co. Ltd., Class H		161,000		68,321

China Gas Holdings Ltd.		119,400		434,465

China Longyuan Power Group Corp. Ltd., Class H		246,000		122,958

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

China — continued

China Medical System Holdings Ltd.		460,000		541,499

China Merchants Bank Co. Ltd., Class H		188,000		889,675

China Merchants Port Holdings Co. Ltd.		104,000		133,855

China Minsheng Banking Corp. Ltd., Class H		333,800		248,648

China Mobile Ltd.		624,500		5,020,393

China National Building Material Co. Ltd., Class H		336,250		420,025

China Petroleum & Chemical Corp., Class H		1,864,000		929,041

China Resources Cement Holdings Ltd.		392,000		533,396

China Resources Gas Group Ltd.		138,000		775,606

China Resources Land Ltd.		142,000		586,773

China Resources Pharmaceutical Group Ltd. (a)		276,000		173,336

China Resources Power Holdings Co. Ltd.		326,000		386,129

China Shenhua Energy Co. Ltd., Class H		508,000		899,967

China South Publishing & Media Group Co. Ltd., Class A		183,100		281,259

China State Construction International Holdings Ltd.		24,000		18,607

China Telecom Corp. Ltd., Class H		2,334,000		806,165

China Unicom Hong Kong Ltd.		996,000		644,146

China Vanke Co. Ltd., Class H		68,500		230,210

China Yangtze Power Co. Ltd., Class A		347,500		852,856

Chinese Universe Publishing and Media Group Co. Ltd., Class A		172,600		291,330

Chongqing Dima Industry Co. Ltd., Class A		579,400		234,543

Chongqing Rural Commercial Bank Co. Ltd., Class H*		147,000		64,129

CIMC Enric Holdings Ltd.		58,000		26,978

CITIC Ltd.		416,000		432,059

CNOOC Ltd.		1,882,000		2,080,781

COSCO SHIPPING Energy Transportation Co. Ltd., Class H		110,000		72,012

COSCO SHIPPING Ports Ltd.		152,000		80,978

Country Garden Services Holdings Co. Ltd.		64,000		295,691

Dali Foods Group Co. Ltd. (a)		671,000		414,533

Daqin Railway Co. Ltd., Class A		372,900		376,956

Datang International Power Generation Co. Ltd., Class H		292,000		42,243

ENN Energy Holdings Ltd.		127,600		1,438,366

Foshan Haitian Flavouring & Food Co. Ltd., Class A		29,100		500,552

Fosun International Ltd.		166,576		209,131

Fujian Sunner Development Co. Ltd., Class A		88,300		268,503

G-bits Network Technology Xiamen Co. Ltd., Class A		10,600		563,028

Geely Automobile Holdings Ltd.		146,000		227,106


INVESTMENTS	SHARES		VALUE($)


China — continued

Great Wall Motor Co. Ltd., Class H (b)		447,000		298,845

Greattown Holdings Ltd., Class A		337,700		384,426

Gree Electric Appliances, Inc. of Zhuhai, Class A		86,500		659,359

Guangdong Investment Ltd.		490,000		1,018,449

Guangxi Guiguan Electric Power Co. Ltd., Class A		264,400		159,839

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		36,000		94,193

Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		30,600		325,057

Haier Electronics Group Co. Ltd.		175,000		481,966

Haitian International Holdings Ltd.		52,000		92,006

Heilongjiang Agriculture Co. Ltd., Class A		219,700		525,833

Henan Zhongyuan Expressway Co. Ltd., Class A		379,200		208,589

Huadian Power International Corp. Ltd., Class H		8,000		2,783

Huaxin Cement Co. Ltd., Class B		237,400		401,301

Industrial & Commercial Bank of China Ltd., Class H		4,104,000		2,751,771

Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		882,500		313,139

Inner Mongolia Yitai Coal Co. Ltd., Class B		74,600		45,793

Jiangsu Expressway Co. Ltd., Class A		218,600		323,318

Jiangsu Expressway Co. Ltd., Class H		114,000		136,078

Jiangsu Zhongnan Construction Group Co. Ltd., Class A		274,300		309,895

Jiangxi Copper Co. Ltd., Class H		87,000		84,639

Joyoung Co. Ltd., Class A		113,871		501,924

JOYY, Inc., ADR*		3,544		216,042

Kingboard Holdings Ltd.		56,000		136,615

Kunlun Energy Co. Ltd.		644,000		419,563

Kweichow Moutai Co. Ltd., Class A		11,800		2,094,421

Lee & Man Paper Manufacturing Ltd.		112,000		68,805

Li Ning Co. Ltd.		230,000		726,219

Liuzhou Iron & Steel Co. Ltd., Class A		382,300		268,305

Lomon Billions Group Co. Ltd., Class A		157,200		365,434

Longfor Group Holdings Ltd. (a)		84,500		429,601

Luye Pharma Group Ltd. (a) (b)		274,000		133,048

Maanshan Iron & Steel Co. Ltd., Class H (b)		448,000		145,288

Momo, Inc., ADR		8,382		201,839

Nanjing Iron & Steel Co. Ltd., Class A*		673,800		301,696

PetroChina Co. Ltd., Class H		1,516,000		544,535

Ping An Insurance Group Co. of China Ltd., Class H		262,500		2,671,269

Sansteel Minguang Co. Ltd. Fujian, Class A		264,700		269,573

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

China — continued

Sany Heavy Industry Co. Ltd., Class A		245,700		672,077

SDIC Power Holdings Co. Ltd., Class A		587,700		635,250

Seazen Group Ltd.*		98,000		95,231

Shaanxi Coal Industry Co. Ltd., Class A		335,500		355,136

Shandong Weigao Group Medical Polymer Co. Ltd., Class H		284,000		431,437

Shanghai Pharmaceuticals Holding Co. Ltd., Class H		30,100		52,982

Shanxi Lanhua Sci-Tech Venture Co. Ltd., Class A		316,000		215,225

Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		323,300		257,705

Shenzhen Expressway Co. Ltd., Class H		300,000		343,965

Shenzhen International Holdings Ltd.		75,044		145,038

Shenzhen Jinjia Group Co. Ltd., Class A		198,000		247,344

Shenzhou International Group Holdings Ltd.		66,700		769,827

Sichuan Expressway Co. Ltd., Class A		380,800		199,310

Sihuan Pharmaceutical Holdings Group Ltd.		683,000		67,772

Sinopec Shanghai Petrochemical Co. Ltd., Class H		254,000		68,961

Sinotruk Hong Kong Ltd.		237,500		481,541

Sunac China Holdings Ltd.		116,000		518,898

Tangshan Jidong Cement Co. Ltd., Class A		141,200		397,457

Tianhe Chemicals Group Ltd.*‡ (a)		20,000		—

Weichai Power Co. Ltd., Class A		268,656		501,985

Weichai Power Co. Ltd., Class H (b)		416,000		730,916

Weifu High-Technology Group Co. Ltd., Class A		117,900		334,441

Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		133,800		676,597

Wuliangye Yibin Co. Ltd., Class A		50,600		959,155

Xiamen ITG Group Corp. Ltd., Class A		276,800		243,367

Xinhua Winshare Publishing and Media Co. Ltd., Class A		161,400		255,318

Xinjiang Goldwind Science & Technology Co. Ltd., Class H		42,040		41,220

Xinxing Ductile Iron Pipes Co. Ltd., Class A		524,400		254,700

Xinyangfeng Agricultural Technology Co. Ltd., Class A		122,900		144,955

Yangzijiang Shipbuilding Holdings Ltd.		544,900		377,851

Yanzhou Coal Mining Co. Ltd., Class H		642,000		487,766

Yuexiu Property Co. Ltd.		632,000		120,162

Zhaojin Mining Industry Co. Ltd., Class H		68,500		76,961

Zhejiang Expressway Co. Ltd., Class H		378,000		285,880

Zhejiang Hisoar Pharmaceutical Co. Ltd., Class A		412,800		344,123

Zhongsheng Group Holdings Ltd.		88,500		355,214

Zijin Mining Group Co. Ltd., Class H		418,000		170,657


INVESTMENTS	SHARES		VALUE($)


China — continued

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		685,200		554,729

ZTO Express Cayman, Inc., ADR		27,803		827,417


				61,765,276


Colombia — 0.5%

Bancolombia SA (Preference)		87,215		573,650

Ecopetrol SA		933,659		488,172

Grupo Aval Acciones y Valores SA (Preference)		794,549		169,587


				1,231,409


Czech Republic — 0.1%

Moneta Money Bank A/S (a)		51,028		106,009

O2 Czech Republic A/S*		13,939		122,097


				228,106


Egypt — 0.3%

Commercial International Bank Egypt SAE		132,200		537,397

ElSewedy Electric Co.		324,915		183,353


				720,750


Greece — 1.0%

Hellenic Telecommunications Organization SA		67,831		896,150

JUMBO SA		36,934		578,014

Mytilineos SA		60,665		452,374

OPAP SA		76,800		687,922


				2,614,460


Hong Kong — 0.2%

Kingboard Laminates Holdings Ltd.		75,000		72,585

Nine Dragons Paper Holdings Ltd. (b)		401,000		383,646


				456,231


Hungary — 0.7%

Magyar Telekom Telecommunications plc		118,231		146,993

OTP Bank Nyrt.		22,829		676,104

Richter Gedeon Nyrt.		44,009		940,417


				1,763,514


India — 9.2%

Asian Paints Ltd.		18,424		429,889

Aurobindo Pharma Ltd.		12,450		101,829

Bajaj Auto Ltd.		12,562		436,845

Bajaj Finance Ltd.		4,137		126,492

Bajaj Holdings & Investment Ltd.		1,298		34,969

Bharat Petroleum Corp. Ltd.		72,452		354,458

Bharti Infratel Ltd.		145,299		336,167

Castrol India Ltd.		31,244		53,602

Coal India Ltd.		106,712		208,667

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

India — continued

Colgate-Palmolive India Ltd.		8,949		172,735

Cummins India Ltd.		1,914		9,567

Dabur India Ltd.		70,975		459,158

Divi’s Laboratories Ltd.		13,401		413,221

Dr Reddy’s Laboratories Ltd.		13,745		711,955

Federal Bank Ltd.		18,200		11,736

GAIL India Ltd.		60,632		76,720

Glenmark Pharmaceuticals Ltd.		8,008		35,397

Havells India Ltd.		10,594		78,958

HCL Technologies Ltd.		92,149		660,883

Hindalco Industries Ltd.		33,565		56,931

Hindustan Petroleum Corp. Ltd.		60,497		176,560

Hindustan Unilever Ltd.		101,163		2,929,229

Hindustan Zinc Ltd.*		11,548		26,436

Housing Development Finance Corp. Ltd.		84,333		2,133,187

ICICI Lombard General Insurance Co. Ltd. (a)		8,388		143,387

Indian Oil Corp. Ltd.		160,387		178,803

Infosys Ltd.		323,609		3,024,816

ITC Ltd.		420,834		1,013,870

JSW Steel Ltd.		48,050		113,486

Larsen & Toubro Infotech Ltd. (a)		813		17,043

Mphasis Ltd.		5,499		53,437

Muthoot Finance Ltd.		2,949		33,807

Nestle India Ltd.		3,345		793,438

NHPC Ltd.		405,651		111,556

NMDC Ltd.		55,456		58,798

NTPC Ltd.		378,642		474,367

Oil & Natural Gas Corp. Ltd.		226,107		239,269

Oil India Ltd.		30,987		40,454

Petronet LNG Ltd.		88,338		284,592

Piramal Enterprises Ltd.		11,379		146,246

Power Finance Corp. Ltd.		14,132		17,842

Power Grid Corp. of India Ltd.		128,551		275,528

REC Ltd.		110,331		139,215

Reliance Industries Ltd.		162,631		3,162,037

Shriram Transport Finance Co. Ltd.		5,980		61,341

Sun Pharmaceutical Industries Ltd.		11,632		70,943

Tata Consultancy Services Ltd.		76,771		2,032,308

Tata Power Co. Ltd. (The)		92,013		38,404

Tech Mahindra Ltd.		27,299		196,337

Titan Co. Ltd.		30,940		395,673

Torrent Power Ltd.		19,409		85,203

United Breweries Ltd.		6,454		80,428

UPL Ltd.		24,203		133,932

Vedanta Ltd.		134,297		156,544


INVESTMENTS	SHARES		VALUE($)


India — continued

Wipro Ltd.		118,346		300,463


				23,909,158


Indonesia — 3.7%

Adaro Energy Tbk. PT		5,430,700		332,797

Astra International Tbk. PT		3,549,700		907,894

Bank Central Asia Tbk. PT		1,269,200		2,198,496

Bank Mandiri Persero Tbk. PT		459,300		136,532

Bank Rakyat Indonesia Persero Tbk. PT		7,511,000		1,366,157

Bukit Asam Tbk. PT		1,154,900		144,576

Bumi Serpong Damai Tbk. PT*		449,000		21,124

Charoen Pokphand Indonesia Tbk. PT		1,568,100		482,184

Gudang Garam Tbk. PT		112,700		342,586

Hanjaya Mandala Sampoerna Tbk. PT		1,992,300		212,172

Indofood CBP Sukses Makmur Tbk. PT		241,700		159,921

Indofood Sukses Makmur Tbk. PT		900,800		393,032

Kalbe Farma Tbk. PT		5,238,700		506,080

Matahari Department Store Tbk. PT		562,900		45,692

Media Nusantara Citra Tbk. PT		4,090,900		249,480

Perusahaan Gas Negara Tbk. PT		3,413,100		193,655

Telekomunikasi Indonesia Persero Tbk. PT		7,216,500		1,659,449

XL Axiata Tbk. PT*		1,997,300		338,471


				9,690,298


Kuwait — 1.4%

Agility Public Warehousing Co. KSC*		225,385		466,472

Gulf Bank KSCP		190,000		132,540

Humansoft Holding Co. KSC*		17,724		163,258

Kuwait Finance House KSCP		394,075		755,326

Mobile Telecommunications Co. KSC		489,768		836,914

National Bank of Kuwait SAKP		595,832		1,428,718


				3,783,228


Malaysia — 3.2%

AirAsia Group Bhd.		365,000		68,574

AMMB Holdings Bhd.		286,400		197,822

Astro Malaysia Holdings Bhd.		373,600		81,720

Axiata Group Bhd.		538,400		490,898

CIMB Group Holdings Bhd.		425,655		340,345

DiGi.Com Bhd.		429,400		461,235

Gamuda Bhd.		93,900		69,990

Hartalega Holdings Bhd.		342,800		605,574

Hong Leong Financial Group Bhd.		18,700		56,954

IJM Corp. Bhd.		71,900		27,647

Malayan Banking Bhd.		72,208		126,729

Maxis Bhd.		550,400		699,329

MISC Bhd.		265,000		483,216

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Malaysia — continued

Nestle Malaysia Bhd.		15,000		488,189

Petronas Dagangan Bhd.		71,700		338,229

Petronas Gas Bhd.		208,300		744,048

PPB Group Bhd.		162,960		621,200

Press Metal Aluminium Holdings Bhd.		135,400		123,293

RHB Bank Bhd.		168,600		185,543

Telekom Malaysia Bhd.		434,400		405,447

Tenaga Nasional Bhd.		593,500		1,680,498


				8,296,480


Mexico — 4.0%

Alfa SAB de CV, Class A		759,095		310,870

Alpek SAB de CV		36,679		17,349

Arca Continental SAB de CV		84,212		323,766

Banco del Bajio SA (a)		49,591		39,095

Cemex SAB de CV		1,483,741		313,974

Coca-Cola Femsa SAB de CV		122,892		491,803

El Puerto de Liverpool SAB de CV, Class C1		33,120		83,607

Fibra Uno Administracion SA de CV, REIT		393,571		326,765

Fomento Economico Mexicano SAB de CV		184,782		1,192,293

Gruma SAB de CV, Class B		34,326		324,987

Grupo Aeroportuario del Centro Norte SAB de CV		124,898		457,128

Grupo Aeroportuario del Pacifico SAB de CV, Class B		91,924		570,668

Grupo Aeroportuario del Sureste SAB de CV, Class B		49,146		491,072

Grupo Carso SAB de CV, Series A1		81,365		161,643

Grupo Elektra SAB de CV		5,096		291,158

Grupo Financiero Banorte SAB de CV, Class O		222,141		608,143

Grupo Mexico SAB de CV, Series B		625,326		1,329,736

Kimberly-Clark de Mexico SAB de CV, Class A		404,317		571,221

Megacable Holdings SAB de CV		111,441		277,435

Orbia Advance Corp. SAB de CV		102,492		121,922

Promotora y Operadora de Infraestructura SAB de CV*		59,712		413,804

Wal-Mart de Mexico SAB de CV		747,093		1,803,178


				10,521,617


Pakistan — 0.1%

Oil & Gas Development Co. Ltd.		338,900		222,788


Philippines — 1.0%

BDO Unibank, Inc.		142,830		281,042

Bloomberry Resorts Corp.		533,500		59,013

Globe Telecom, Inc.		10,705		464,386

GT Capital Holdings, Inc.*		2,966		26,555

International Container Terminal Services, Inc.		125,360		219,269


INVESTMENTS	SHARES		VALUE($)


Philippines — continued

JG Summit Holdings, Inc.		437,940		436,169

Manila Electric Co.		70,470		351,857

Megaworld Corp.		172,400		8,700

Metro Pacific Investments Corp.		5,223,200		263,338

Metropolitan Bank & Trust Co.		101,198		77,399

PLDT, Inc.		14,440		365,983

San Miguel Corp.		76,420		146,700


				2,700,411


Qatar — 1.6%

Barwa Real Estate Co.		24,437		19,194

Commercial Bank PSQC (The)		169,365		186,481

Industries Qatar QSC		314,809		607,877

Masraf Al Rayan QSC		367,820		384,913

Ooredoo QPSC		92,189		161,277

Qatar Electricity & Water Co. QSC		94,963		392,594

Qatar Fuel QSC		112,352		493,375

Qatar Gas Transport Co. Ltd.		549,417		376,941

Qatar International Islamic Bank QSC		45,847		100,670

Qatar National Bank QPSC		305,914		1,442,886

United Development Co. QSC		201,490		58,549


				4,224,757


Russia — 7.5%

Aeroflot PJSC		267,612		272,025

Federal Grid Co. Unified Energy System PJSC		221,116,052		544,830

Gazprom PJSC		1,273,975		3,239,061

Inter RAO UES PJSC		11,502,496		770,564

LUKOIL PJSC		51,427		3,318,465

Magnit PJSC		13,797		685,186

Magnitogorsk Iron & Steel Works PJSC		675,889		363,586

MMC Norilsk Nickel PJSC		6,110		1,659,996

Mobile TeleSystems PJSC		222,867		964,060

Novatek PJSC		76,513		1,064,215

ROSSETI PJSC		30,801,184		528,487

Rostelecom PJSC		482,503		532,901

RusHydro PJSC		74,455,404		628,180

Sberbank of Russia PJSC		1,034,392		2,725,866

Sistema PJSFC		1,661,903		322,263

Surgutneftegas PJSC (Preference)		929,373		454,785

Tatneft PJSC		170,195		1,252,905

Transneft PJSC (Preference)		27		49,538

Unipro PJSC		4,259,722		160,455


				19,537,368

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Saudi Arabia — 2.0%

Almarai Co. JSC		43,213		563,444

Etihad Etisalat Co.*		103,093		761,482

Jarir Marketing Co.		14,732		577,859

Mobile Telecommunications Co. Saudi Arabia*		251,750		817,392

Saudi Airlines Catering Co.		19,423		411,809

Saudi Cement Co.		34,619		483,614

Saudi Electricity Co.		154,837		701,098

Saudi Ground Services Co.		19,479		135,456

Saudi Telecom Co.		31,479		758,090


				5,210,244


South Africa — 5.6%

Absa Group Ltd.		71,050		350,643

African Rainbow Minerals Ltd.		12,611		92,303

AVI Ltd.		95,216		404,278

Barloworld Ltd.		138,873		509,498

Bid Corp. Ltd.		63,493		827,454

Bidvest Group Ltd. (The)		36,440		295,927

Capitec Bank Holdings Ltd.		5,311		258,906

Clicks Group Ltd.		63,593		791,537

Foschini Group Ltd. (The)		57,740		226,544

Impala Platinum Holdings Ltd.		81,951		488,777

Kumba Iron Ore Ltd.		11,269		212,091

Life Healthcare Group Holdings Ltd.		144,124		138,871

Motus Holdings Ltd.		81,650		132,992

Mr Price Group Ltd.		55,920		398,415

MTN Group Ltd.		144,219		378,987

MultiChoice Group Ltd.*		92,603		434,021

Naspers Ltd., Class N		39,359		6,126,171

Nedbank Group Ltd.		39,565		230,010

Netcare Ltd.		663,638		554,956

RMB Holdings Ltd.		74,894		214,721

SPAR Group Ltd. (The)		2,570		24,497

Tiger Brands Ltd.		36,671		357,085

Truworths International Ltd.		140,514		221,809

Tsogo Sun Gaming Ltd.		174,161		24,626

Vodacom Group Ltd.		147,503		980,568


				14,675,687


Taiwan — 14.1%

Advantech Co. Ltd.		53,000		501,289

Asia Cement Corp.		541,000		794,783

Chang Hwa Commercial Bank Ltd.		667,912		436,766

Chicony Electronics Co. Ltd.		168,551		474,779

China Steel Corp.		1,712,000		1,146,642

Chunghwa Telecom Co. Ltd.		562,000		2,065,577


INVESTMENTS	SHARES		VALUE($)


Taiwan — continued

CTBC Financial Holding Co. Ltd.		2,237,395		1,490,983

Delta Electronics, Inc.		70,000		326,494

E.Sun Financial Holding Co. Ltd.		1,177,679		1,070,028

Eclat Textile Co. Ltd.		47,000		469,218

Eva Airways Corp.		453,077		174,244

Far Eastern New Century Corp.		782,000		679,063

Far EasTone Telecommunications Co. Ltd.		291,000		648,137

Feng TAY Enterprise Co. Ltd.		76,900		437,498

First Financial Holding Co. Ltd.		1,053,806		776,100

Formosa Chemicals & Fibre Corp.		438,000		1,109,465

Formosa Petrochemical Corp.		234,000		702,074

Formosa Plastics Corp.		624,000		1,831,594

Formosa Taffeta Co. Ltd.		308,000		351,187

Giant Manufacturing Co. Ltd.		59,000		347,780

Globalwafers Co. Ltd.		30,000		381,811

Hotai Motor Co. Ltd.		62,000		1,144,714

Hua Nan Financial Holdings Co. Ltd.		974,448		632,984

Lite-On Technology Corp.		297,000		461,523

Mega Financial Holding Co. Ltd.		1,166,233		1,173,148

Nan Ya Plastics Corp.		730,000		1,614,946

Novatek Microelectronics Corp.*		80,000		497,517

Pou Chen Corp.		718,000		676,137

President Chain Store Corp.		113,000		1,168,503

Realtek Semiconductor Corp.*		66,000		565,179

SinoPac Financial Holdings Co. Ltd.		1,119,580		455,685

Synnex Technology International Corp.		26,200		34,966

Taishin Financial Holding Co. Ltd.		47,489		20,199

Taiwan Business Bank		1,310,304		474,656

Taiwan Cement Corp.		673,884		972,263

Taiwan Cooperative Financial Holding Co. Ltd.		1,002,562		673,233

Taiwan Fertilizer Co. Ltd.		353,000		544,024

Taiwan High Speed Rail Corp.		477,000		544,786

Taiwan Mobile Co. Ltd.*		331,000		1,192,630

Taiwan Semiconductor Manufacturing Co. Ltd.		412,000		4,156,174

Unimicron Technology Corp.		179,000		253,522

Uni-President Enterprises Corp.		745,000		1,734,649

Wistron Corp.		482,000		451,992

Yuanta Financial Holding Co. Ltd.		1,887,665		1,075,930


				36,734,872


Thailand — 4.0%

Advanced Info Service PCL		212,000		1,291,270

Bangkok Bank PCL, NVDR		29,800		94,739

Bangkok Bank PCL		44,500		141,910

Bangkok Dusit Medical Services PCL, Class F		1,767,600		1,114,002

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return Emerging Markets Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Thailand — continued

Bumrungrad Hospital PCL		1,600		5,760

Digital Telecommunications Infrastructure Fund, Class F		874,300		427,336

Electricity Generating PCL		96,900		847,665

Home Product Center PCL		1,388,700		577,100

Intouch Holdings PCL, NVDR		348,900		571,703

Krung Thai Bank PCL		922,400		305,043

Osotspa PCL, NVDR		204,400		260,039

PTT Exploration & Production PCL		286,000		738,228

PTT PCL		1,972,100		2,153,263

Ratch Group PCL		400,600		819,321

Siam Commercial Bank PCL (The)		363,200		758,574

Thai Union Group PCL, Class F		686,900		277,111

Total Access Communication PCL		46,400		60,046


				10,443,110


Turkey — 2.0%

Arcelik A/S*		129,511		304,013

BIM Birlesik Magazalar A/S		104,021		825,958

Coca-Cola Icecek A/S		43,245		228,778

Eregli Demir ve Celik Fabrikalari TAS		359,844		414,863

Ford Otomotiv Sanayi A/S		54,499		493,567

Haci Omer Sabanci Holding A/S		88,964		103,945

Koza Altin Isletmeleri A/S*		30,144		307,237

TAV Havalimanlari Holding A/S		155,635		405,410

Tekfen Holding A/S		213,351		434,974

Tofas Turk Otomobil Fabrikasi A/S		153,564		490,688

Turk Telekomunikasyon A/S*		553,296		584,208

Turkcell Iletisim Hizmetleri A/S		381,496		760,005


				5,353,646


United Arab Emirates — 1.3%

Abu Dhabi Commercial Bank PJSC		210,662		253,182

Abu Dhabi Islamic Bank PJSC		76,003		73,878

Aldar Properties PJSC		132,154		64,510

DP World plc		34,392		549,199

Dubai Islamic Bank PJSC		169,782		169,370

Emaar Malls PJSC		227,255		79,194

Emirates Telecommunications Group Co. PJSC		319,029		1,340,663

First Abu Dhabi Bank PJSC		308,646		962,459


				3,492,455


United States — 0.4%

JBS SA		219,305		957,813


Total Common Stocks (Cost $301,814,348)				260,178,307


INVESTMENTS	NO. OF RIGHTS		VALUE($)
Rights — 0.0%

China — 0.0%

Legend Holdings Corp., expiring 12/31/2020* (Cost $—)		2,638		—


	SHARES
Short-Term Investments — 0.3%

Investment of Cash Collateral from Securities Loaned — 0.3%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d) (Cost $813,189)		813,189		813,189

Total Investments — 99.9% (Cost $302,627,537)				260,991,496

Other Assets Less Liabilities — 0.1%				328,848

NET ASSETS — 100.0%				261,320,344

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

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


INDUSTRY	PERCENTAGE

Banks		13.7	%

Oil, Gas & Consumable Fuels		10.8

Wireless Telecommunication Services		6.9

Metals & Mining		4.7

Diversified Telecommunication Services		4.3

Electric Utilities		4.3

Food Products		3.9

Beverages		2.8

Independent Power and Renewable Electricity Producers		2.6

Chemicals		2.5

Transportation Infrastructure		2.4

Food & Staples Retailing		2.4

Textiles, Apparel & Luxury Goods		2.4

IT Services		2.4

Internet & Direct Marketing Retail		2.4

Construction Materials		2.2

Semiconductors & Semiconductor Equipment		2.2

Specialty Retail		1.8

Pharmaceuticals		1.7

Gas Utilities		1.6

Machinery		1.5

Industrial Conglomerates		1.4

Household Products		1.3

SEE NOTES TO FINANCIAL STATEMENTS.



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


INDUSTRY	PERCENTAGE

Real Estate Management & Development		1.3	%

Insurance		1.3

Automobiles		1.1

Health Care Providers & Services		1.0

Others (each less than 1.0%)		12.8

Short-Term Investments		0.3

Abbreviations


ADR		American Depositary Receipt
JSC		Joint Stock Company
NVDR		Non-voting depository receipt
PJSC		Public Joint Stock Company
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.


PT		Limited liability company
REIT		Real Estate Investment Trust

(a)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)		The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $766,526.
(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of April 30, 2020.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

Futures contracts outstanding as of April 30, 2020:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)

Long Contracts

MSCI Emerging Markets E-Mini Index

06/2020

USD

1,041,900

103,567

Abbreviations


MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 98.9%

Australia — 10.2%

AGL Energy Ltd.		319,194		3,503,160

Alumina Ltd.		2,471,881		2,741,938

Ansell Ltd.		206,936		3,816,354

APA Group		439,203		3,103,350

Atlas Arteria Ltd.		178,229		719,216

Aurizon Holdings Ltd.		593,488		1,802,929

AusNet Services		1,097,969		1,339,110

BHP Group Ltd.		124,592		2,543,460

BHP Group plc		165,211		2,773,063

Brambles Ltd.		189,783		1,356,486

Caltex Australia Ltd.		141,153		2,272,548

Coca-Cola Amatil Ltd.		286,920		1,597,454

Cochlear Ltd.		28,080		3,338,640

Coles Group Ltd.		97,440		977,111

Crown Resorts Ltd.		108,065		691,788

CSL Ltd.		20,931		4,172,121

CSR Ltd.		770,471		1,851,778

Dexus, REIT		467,043		2,772,520

Downer EDI Ltd.		483,620		1,300,995

Evolution Mining Ltd.		250,646		816,239

Fortescue Metals Group Ltd.		615,277		4,702,101

GPT Group (The), REIT		957,203		2,630,653

Harvey Norman Holdings Ltd. (a)		583,503		1,046,932

Incitec Pivot Ltd.		245,753		380,084

Macquarie Group Ltd.		27,197		1,801,611

Metcash Ltd.		520,454		839,463

Mirvac Group, REIT		1,228,018		1,784,426

Oil Search Ltd.		545,519		1,070,590

Origin Energy Ltd.		738,859		2,657,452

Orora Ltd.		251,252		417,546

Qantas Airways Ltd.		797,762		1,981,368

Ramsay Health Care Ltd.		66,652		2,706,842

Rio Tinto Ltd.		63,697		3,590,039

Rio Tinto plc		67,586		3,137,252

Santos Ltd.		794,027		2,524,846

Sonic Healthcare Ltd.		211,245		3,730,639

Tabcorp Holdings Ltd.		1,146,708		2,390,743

Telstra Corp. Ltd.		1,349,002		2,653,778

TPG Telecom Ltd.		155,017		739,697

Vicinity Centres, REIT		1,859,783		1,780,434

Vocus Group Ltd.*		121,843		241,880

Wesfarmers Ltd.		149,410		3,629,087

Whitehaven Coal Ltd.		1,113,856		1,314,538

Woodside Petroleum Ltd.		174,835		2,503,504


				93,745,765


INVESTMENTS	SHARES		VALUE($)


Austria — 0.1%

OMV AG		36,800		1,201,587


Belgium — 1.2%

Colruyt SA		40,944		2,453,841

Galapagos NV*		19,458		4,298,804

Groupe Bruxelles Lambert SA*		17,006		1,360,410

Proximus SADP		157,501		3,361,614


				11,474,669


Cambodia — 0.1%

NagaCorp Ltd.		738,000		871,019


Chile — 0.4%

Antofagasta plc		336,921		3,450,045


China — 0.9%

China Mengniu Dairy Co. Ltd.*		293,000		1,037,545

Lenovo Group Ltd.		2,994,000		1,617,350

Nexteer Automotive Group Ltd.		192,760		99,066

Tingyi Cayman Islands Holding Corp.		106,000		188,161

Uni-President China Holdings Ltd.		1,149,000		1,153,525

Want Want China Holdings Ltd.		1,624,000		1,157,493

Xinyi Solar Holdings Ltd.		5,054,400		3,207,781


				8,460,921


Denmark — 0.6%

Carlsberg A/S, Class B		12,323		1,554,583

Chr Hansen Holding A/S (a)		35,226		3,037,317

DSV Panalpina A/S		5,090		528,852


				5,120,752


Finland — 2.2%

Elisa OYJ		70,124		4,261,317

Fortum OYJ		162,224		2,688,078

Kesko OYJ, Class B		238,080		3,879,301

Neste OYJ		102,507		3,620,091

Orion OYJ, Class B		15,452		785,245

Stora Enso OYJ, Class R		154,751		1,820,578

UPM-Kymmene OYJ		131,633		3,610,059


				20,664,669


France — 4.6%

Air Liquide SA (a)		25,273		3,211,045

Arkema SA		25,430		2,116,617

Atos SE*		23,552		1,684,303

Capgemini SE		33,663		3,164,685

Casino Guichard Perrachon SA (a)		21,117		792,667

Covivio, REIT		9,694		608,797

Dassault Systemes SE		25,688		3,762,533

Eiffage SA		36,656		2,995,595

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

France — continued

Eutelsat Communications SA		34,728		388,825

Faurecia SE		13,830		495,549

Gecina SA, REIT		19,834		2,602,439

Kering SA		1,323		673,016

Orange SA		166,538		2,023,277

Pernod Ricard SA		20,548		3,137,592

Peugeot SA		170,117		2,411,519

Safran SA		21,513		2,000,088

Schneider Electric SE*		9,253		855,092

SCOR SE		16,687		470,151

Sodexo SA (a)		5,074		405,644

TOTAL SA		64,437		2,287,025

Veolia Environnement SA (a)		40,101		854,892

Vinci SA		31,648		2,592,668

Vivendi SA (a)		130,983		2,830,956


				42,364,975


Germany — 2.8%

Beiersdorf AG		2,774		290,239

Deutsche Lufthansa AG (Registered)* (a)		32,616		292,001

Deutsche Telekom AG (Registered)		247,604		3,619,880

Evonik Industries AG		97,137		2,389,613

Fraport AG Frankfurt Airport Services Worldwide (a)		42,939		1,880,877

Fresenius Medical Care AG & Co. KGaA		40,624		3,183,727

Hannover Rueck SE		22,369		3,564,157

Hella GmbH & Co. KGaA		20,758		763,667

Infineon Technologies AG		51,626		959,776

Merck KGaA		9,404		1,091,414

ProSiebenSat.1 Media SE		100,275		1,002,113

SAP SE		32,215		3,837,042

Telefonica Deutschland Holding AG		462,626		1,316,062

Uniper SE		43,521		1,170,821


				25,361,389


Hong Kong — 5.1%

ASM Pacific Technology Ltd.		273,400		2,762,627

Cathay Pacific Airways Ltd. (a)		796,000		943,598

CK Infrastructure Holdings Ltd.		474,000		2,815,567

CLP Holdings Ltd.		383,500		4,105,033

Hong Kong & China Gas Co. Ltd.		1,962,103		3,516,481

Hutchison Port Holdings Trust		3,596,500		466,106

Jardine Matheson Holdings Ltd.		34,600		1,515,520

Jardine Strategic Holdings Ltd.		53,600		1,152,234

Link, REIT		355,500		3,169,015

Melco International Development Ltd.		203,000		379,471

MTR Corp. Ltd.		688,500		3,814,516


INVESTMENTS	SHARES		VALUE($)


Hong Kong — continued

New World Development Co. Ltd.		1,034,000		1,221,613

PCCW Ltd.		4,832,000		2,960,009

Power Assets Holdings Ltd.		562,000		3,765,553

Swire Pacific Ltd., Class A		349,500		2,272,859

Techtronic Industries Co. Ltd.		498,000		3,776,090

WH Group Ltd. (b)		2,297,500		2,191,248

Wheelock & Co. Ltd.		203,000		1,487,785

Xinyi Glass Holdings Ltd.		3,022,000		3,499,950

Yue Yuen Industrial Holdings Ltd.		800,000		1,276,127


				47,091,402


Indonesia — 0.0% (c)

First Pacific Co. Ltd.		490,000		101,252


Ireland — 0.2%

CRH plc		40,881		1,240,274

Flutter Entertainment plc		7,670		943,199


				2,183,473


Italy — 2.0%

Assicurazioni Generali SpA		86,985		1,240,985

Banca Mediolanum SpA		77,609		474,236

Davide Campari-Milano SpA		291,547		2,266,009

Enel SpA		103,113		704,308

Eni SpA		167,919		1,599,653

Hera SpA		219,362		812,022

Italgas SpA		435,678		2,441,027

Poste Italiane SpA (b)		168,043		1,429,525

Recordati SpA		35,002		1,524,257

Snam SpA		462,468		2,074,581

Terna Rete Elettrica Nazionale SpA		609,129		3,814,327


				18,380,930


Japan — 26.8%

Advantest Corp.		88,000		4,269,888

Alfresa Holdings Corp.		86,200		1,718,946

ANA Holdings, Inc.*		67,600		1,436,499

Aozora Bank Ltd.		92,100		1,639,024

Asahi Kasei Corp.		88,400		627,152

Astellas Pharma, Inc.		253,300		4,189,367

Bandai Namco Holdings, Inc.		43,000		2,148,557

Brother Industries Ltd.		59,500		1,008,436

Canon Marketing Japan, Inc.		102,300		1,968,940

Capcom Co. Ltd.		146,500		4,490,584

Casio Computer Co. Ltd.		92,900		1,466,133

Central Japan Railway Co.		19,500		3,068,412

Chubu Electric Power Co., Inc.		275,400		3,724,504

Chugai Pharmaceutical Co. Ltd.		36,600		4,362,783

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Japan — continued

Chugoku Electric Power Co., Inc. (The)		291,000		3,915,425

COMSYS Holdings Corp.		143,700		3,951,424

Cosmo Energy Holdings Co. Ltd.		157,700		2,369,119

Dai Nippon Printing Co. Ltd.		50,200		1,058,423

Daicel Corp.		92,400		750,051

Daiwa Securities Group, Inc.		409,400		1,702,462

Denka Co. Ltd.		39,400		951,895

DIC Corp.		91,600		2,127,181

Electric Power Development Co. Ltd.		144,500		2,892,042

FamilyMart Co. Ltd.		46,900		795,313

Fuji Media Holdings, Inc.		63,800		633,759

FUJIFILM Holdings Corp.		72,700		3,462,887

Gunma Bank Ltd. (The)		207,900		665,624

Hachijuni Bank Ltd. (The)		188,200		672,035

Hankyu Hanshin Holdings, Inc.		101,300		3,465,760

Hikari Tsushin, Inc.		16,800		3,251,308

Hitachi Capital Corp.		15,300		295,911

Hoya Corp.		9,000		820,740

Idemitsu Kosan Co. Ltd.		73,737		1,675,527

Iida Group Holdings Co. Ltd.		43,900		583,101

Inpex Corp.		299,100		1,930,719

ITOCHU Corp.		93,300		1,829,157

Itochu Techno-Solutions Corp.		107,900		3,296,839

J Front Retailing Co. Ltd.		80,900		659,986

Japan Airlines Co. Ltd.		118,400		2,111,995

Japan Petroleum Exploration Co. Ltd.		77,000		1,323,436

Japan Post Holdings Co. Ltd.		373,700		2,989,186

JXTG Holdings, Inc.		857,900		3,041,565

Kaneka Corp.		9,200		237,961

Kansai Electric Power Co., Inc. (The)		275,400		2,822,069

KDDI Corp.		140,100		4,057,898

Keisei Electric Railway Co. Ltd.		29,800		898,897

Kirin Holdings Co. Ltd.		74,300		1,433,860

K’s Holdings Corp.		319,800		3,484,086

Kuraray Co. Ltd.		1,400		14,005

Lintec Corp.		76,900		1,650,231

Mani, Inc.		54,500		1,213,866

Marubeni Corp.		562,500		2,708,910

Matsui Securities Co. Ltd.		102,100		745,250

Mebuki Financial Group, Inc.		231,400		486,093

Medipal Holdings Corp.		143,900		2,775,998

Mitsubishi Chemical Holdings Corp.		124,100		705,334

Mitsubishi Corp.		34,200		725,313

Mitsubishi Gas Chemical Co., Inc.		255,900		3,134,990

Mitsubishi Heavy Industries Ltd.		94,500		2,423,323


INVESTMENTS	SHARES		VALUE($)


Japan — continued

Mitsubishi UFJ Lease & Finance Co. Ltd.		174,000		830,856

Mitsui & Co. Ltd.		129,100		1,802,022

Mochida Pharmaceutical Co. Ltd.		92,100		3,603,487

MS&AD Insurance Group Holdings, Inc.		91,700		2,641,885

Nagoya Railroad Co. Ltd.		19,200		549,431

Nifco, Inc.		30,500		588,918

Nintendo Co. Ltd.		7,600		3,138,225

Nippo Corp.		139,800		3,143,902

Nippon Express Co. Ltd.		2,800		136,758

Nippon Paper Industries Co. Ltd.		93,800		1,339,500

Nippon Shokubai Co. Ltd.		36,600		1,728,482

Nippon Telegraph & Telephone Corp.		168,500		3,837,358

Nipro Corp.		69,900		781,807

Nissan Motor Co. Ltd.		1,800		6,127

Nisshin Seifun Group, Inc.		55,300		859,256

Nissin Foods Holdings Co. Ltd.		50,600		4,159,498

Nomura Real Estate Holdings, Inc.		71,100		1,156,104

Nomura Research Institute Ltd.		154,100		3,772,526

NTT DOCOMO, Inc.		147,000		4,332,270

Open House Co. Ltd.		34,100		743,316

ORIX Corp.		207,000		2,435,872

Osaka Gas Co. Ltd.		173,400		3,229,022

Rakuten, Inc.		228,200		1,934,961

Resona Holdings, Inc.		675,100		2,108,362

Sankyo Co. Ltd.		56,200		1,543,056

Sawai Pharmaceutical Co. Ltd.		50,900		2,779,359

SBI Holdings, Inc.		88,600		1,654,812

SCSK Corp.		33,600		1,521,052

Sekisui Chemical Co. Ltd.		146,400		1,855,488

Sekisui House Ltd.		201,900		3,463,536

Shionogi & Co. Ltd.		56,500		3,120,355

Ship Healthcare Holdings, Inc.		13,900		628,653

Showa Denko KK		94,700		2,072,789

SKY Perfect JSAT Holdings, Inc.		183,400		689,466

Skylark Holdings Co. Ltd.		148,800		2,199,488

Softbank Corp.		62,600		852,485

SoftBank Group Corp.		42,700		1,830,235

Sojitz Corp.		1,185,400		2,743,417

Sony Corp.		38,300		2,464,763

Sugi Holdings Co. Ltd.		26,200		1,579,913

Sumitomo Dainippon Pharma Co. Ltd.		66,400		918,686

Sumitomo Mitsui Financial Group, Inc.		66,100		1,738,247

Sumitomo Osaka Cement Co. Ltd.		75,400		2,453,593

Suzuken Co. Ltd.		29,100		1,121,468

Taisho Pharmaceutical Holdings Co. Ltd.		14,800		924,649

Teijin Ltd.		181,100		2,888,136

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Japan — continued

TIS, Inc.		98,100		1,870,707

Tobu Railway Co. Ltd.		50,200		1,702,787

Toho Co. Ltd.		2,700		88,419

Toho Gas Co. Ltd.		36,400		1,788,502

Tohoku Electric Power Co., Inc.		276,900		2,606,183

Tokuyama Corp.		57,500		1,213,249

Tokyo Century Corp.		10,400		355,513

Tokyo Electric Power Co. Holdings, Inc.*		621,400		2,091,826

Tokyo Electron Ltd.		5,400		1,150,097

Tokyo Gas Co. Ltd.		148,000		3,247,996

Tosoh Corp.		81,700		998,516

Toyo Suisan Kaisha Ltd.		77,000		3,702,688

Toyota Industries Corp.		74,200		3,734,756

Tsumura & Co.		84,900		2,348,532

Ube Industries Ltd.		124,700		2,091,145

USS Co. Ltd.		41,200		652,396

Welcia Holdings Co. Ltd.		24,300		1,764,140

West Japan Railway Co.		28,300		1,748,873

Yamada Denki Co. Ltd.		285,000		1,351,514

Yamaguchi Financial Group, Inc.		12,400		66,827

Yokohama Rubber Co. Ltd. (The)		148,800		1,892,574

Zeon Corp.		100,600		881,476


				246,112,486


Jordan — 0.5%

Hikma Pharmaceuticals plc		166,094		4,946,953


Luxembourg — 0.1%

RTL Group SA		33,007		1,099,169


Macau — 0.2%

Sands China Ltd.		464,712		1,881,385


Netherlands — 2.7%

Aegon NV		459,114		1,187,566

Altice Europe NV*		121,571		485,032

ASR Nederland NV		34,170		919,280

Heineken Holding NV (a)		40,859		3,183,526

Koninklijke Ahold Delhaize NV (a)		127,832		3,103,807

Koninklijke DSM NV		9,442		1,157,230

Koninklijke KPN NV (a)		1,007,855		2,321,435

Koninklijke Philips NV		70,241		3,061,981

NN Group NV		91,562		2,648,666

Royal Dutch Shell plc, Class A		142,770		2,350,603

Wolters Kluwer NV (a)		54,959		4,042,424


				24,461,550


New Zealand — 1.1%

Fisher & Paykel Healthcare Corp. Ltd.		184,616		3,084,333


INVESTMENTS	SHARES		VALUE($)


New Zealand — continued

Spark New Zealand Ltd.		1,424,880		3,856,174

Xero Ltd.*		61,764		3,157,744


				10,098,251


Norway — 1.3%

Aker BP ASA		51,829		850,902

Equinor ASA		134,042		1,856,056

Mowi ASA		169,020		2,894,808

Orkla ASA		268,126		2,421,950

Salmar ASA		13,414		522,784

Telenor ASA		84,252		1,292,346

Yara International ASA		59,926		2,035,354


				11,874,200


Poland — 0.1%

Grupa Lotos SA		43,801		664,692


Portugal — 0.7%

EDP — Energias de Portugal SA		865,102		3,645,429

Galp Energia SGPS SA		62,102		716,726

Jeronimo Martins SGPS SA		99,885		1,693,405


				6,055,560


Russia — 0.4%

Evraz plc		431,277		1,429,169

Polymetal International plc		127,074		2,602,337


				4,031,506


Singapore — 2.8%

Ascendas, REIT		794,040		1,660,561

CapitaLand Commercial Trust, REIT		515,900		586,242

CapitaLand Mall Trust, REIT		2,096,900		2,789,931

ComfortDelGro Corp. Ltd.		1,014,200		1,182,378

Golden Agri-Resources Ltd.*		6,820,400		750,029

Keppel Corp. Ltd.		815,500		3,442,818

Mapletree Commercial Trust, REIT		1,074,600		1,479,706

Mapletree Industrial Trust, REIT		313,600		563,024

Mapletree Logistics Trust, REIT		688,200		871,762

Mapletree North Asia Commercial Trust, REIT (b)		626,900		416,352

Sembcorp Industries Ltd.		1,092,600		1,251,690

Singapore Press Holdings Ltd.		585,200		628,419

Singapore Telecommunications Ltd.		1,512,100		3,021,535

Suntec, REIT		845,900		835,513

Venture Corp. Ltd.		258,200		2,885,561

Wilmar International Ltd.		1,414,000		3,560,852


				25,926,373

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

South Africa — 0.3%

Anglo American plc		148,646		2,643,679


South Korea — 6.0%

Celltrion, Inc.*		1,172		202,564

Daelim Industrial Co. Ltd.		34,320		2,476,327

GS Engineering & Construction Corp.		72,681		1,517,564

GS Holdings Corp.		63,636		2,002,333

Hanwha Corp.		34,716		592,154

Hanwha Solutions Corp.		23,254		278,303

Hyundai Department Store Co. Ltd.		21,261		1,268,561

Hyundai Mobis Co. Ltd.		7,369		1,041,831

Industrial Bank of Korea		219,259		1,428,336

Kakao Corp.		28,402		4,292,079

Kangwon Land, Inc.		76,987		1,591,110

KCC Corp.		2,611		355,369

KCC Glass Corp.*		2,362		55,926

Korea Gas Corp.		57,399		1,267,748

Korea Zinc Co. Ltd.		3,117		990,689

Korean Air Lines Co. Ltd.*		6,825		111,710

KT&G Corp.		6,674		445,606

LG Corp.		56,304		2,865,001

LG Uplus Corp.		196,732		2,160,328

NAVER Corp.		17,709		2,871,170

NCSoft Corp.		7,521		3,984,997

POSCO		15,672		2,368,124

Samsung Electronics Co. Ltd.		98,848		4,064,389

Samsung SDS Co. Ltd.		2,845		379,533

SK Holdings Co. Ltd.		7,784		1,161,887

SK Hynix, Inc.		52,198		3,592,139

SK Innovation Co. Ltd.		24,960		2,013,517

SK Networks Co. Ltd.		103,063		456,890

SK Telecom Co. Ltd.		10,634		1,848,230

SKC Co. Ltd.		61,918		2,526,515

Woori Financial Group, Inc.		240,431		1,665,092

Yuhan Corp.		73,511		2,855,936


				54,731,958


Spain — 1.8%

Acciona SA		12,399		1,228,925

Amadeus IT Group SA		30,249		1,443,861

Enagas SA		127,344		2,972,431

Endesa SA		157,265		3,488,166

Ferrovial SA		33,402		836,381

Iberdrola SA		275,949		2,745,082

Naturgy Energy Group SA		143,131		2,528,768

Repsol SA		101,487		921,180


				16,164,794


INVESTMENTS	SHARES		VALUE($)


Sweden — 3.9%

Boliden AB (a)		160,660		3,238,489

Castellum AB		86,633		1,519,527

Hennes & Mauritz AB, Class B (a)		201,794		2,758,443

Hexagon AB, Class B*		75,892		3,724,168

ICA Gruppen AB (a)		75,469		3,302,178

Investor AB, Class B		81,354		4,043,148

Securitas AB, Class B		230,379		2,725,891

Skanska AB, Class B*		163,946		3,119,192

Svenska Cellulosa AB SCA, Class B*		17,268		183,157

Swedish Match AB		69,333		4,284,535

Tele2 AB, Class B		278,408		3,589,966

Telia Co. AB (a)		820,939		2,854,376

Trelleborg AB, Class B*		68,416		871,204


				36,214,274


Switzerland — 2.0%

Baloise Holding AG (Registered)		18,601		2,783,034

EMS-Chemie Holding AG (Registered)		466		301,349

Flughafen Zurich AG (Registered)*		2,925		361,725

Kuehne + Nagel International AG (Registered)		5,524		790,165

Novartis AG (Registered)		39,028		3,330,590

Roche Holding AG		12,508		4,331,488

Sonova Holding AG (Registered)		16,656		3,008,302

Swisscom AG (Registered)		7,542		3,918,766


				18,825,419


United Kingdom — 17.5%

3i Group plc		228,629		2,246,021

Admiral Group plc		126,453		3,689,974

Ashmore Group plc		137,084		653,594

Ashtead Group plc		102,886		2,810,357

Associated British Foods plc		12,332		292,754

AstraZeneca plc		19,641		2,054,293

Auto Trader Group plc (b)		596,043		3,431,126

Avast plc (b)		217,993		1,255,632

AVEVA Group plc		52,961		2,377,010

Babcock International Group plc		382,486		2,025,902

Barratt Developments plc		409,586		2,670,238

Bellway plc		79,890		2,673,228

Berkeley Group Holdings plc		73,270		3,846,168

BP plc		600,703		2,367,021

British American Tobacco plc		91,189		3,514,812

BT Group plc		1,480,417		2,157,741

Bunzl plc		38,858		843,404

Centrica plc		3,583,539		1,792,334

CK Hutchison Holdings Ltd.		421,542		3,124,544

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

United Kingdom — continued

Compass Group plc		152,678		2,569,175

ConvaTec Group plc (b)		1,222,995		3,266,529

Croda International plc		41,282		2,531,401

Derwent London plc, REIT		79,534		3,107,733

Diageo plc		55,595		1,914,128

Direct Line Insurance Group plc		397,834		1,355,436

Experian plc		121,924		3,661,423

Fiat Chrysler Automobiles NV		82,059		711,775

GlaxoSmithKline plc		196,854		4,106,886

Halma plc		161,111		4,235,671

IMI plc		110,135		1,145,193

Inchcape plc		228,679		1,440,471

Informa plc		288,231		1,592,148

InterContinental Hotels Group plc		53,516		2,437,799

International Consolidated Airlines Group SA		252,337		703,867

Intertek Group plc		15,158		904,618

John Wood Group plc		634,515		1,606,647

Land Securities Group plc, REIT		166,444		1,387,987

Legal & General Group plc		1,195,018		3,072,392

London Stock Exchange Group plc		36,852		3,449,232

Meggitt plc		520,961		1,824,227

Micro Focus International plc		313,712		1,859,933

Mondi plc		143,085		2,526,783

National Grid plc		322,017		3,773,638

Next plc		31,676		1,885,947

Pearson plc		369,003		2,127,910

Pennon Group plc		306,542		4,221,036

Persimmon plc		109,272		3,027,519

Phoenix Group Holdings plc		205,995		1,563,157

RELX plc		169,427		3,822,579

Rentokil Initial plc		650,961		3,872,967

Rightmove plc		151,005		944,150

Sage Group plc (The)		440,905		3,545,978

Segro plc, REIT		379,949		3,982,447

Severn Trent plc		14,687		440,721

Smith & Nephew plc		173,011		3,385,670

Smiths Group plc		199,208		3,101,754

Spirax-Sarco Engineering plc		9,374		1,025,886

SSE plc		100,744		1,580,208

Standard Chartered plc		381,890		1,951,338

Tate & Lyle plc		403,701		3,617,310

Taylor Wimpey plc		1,533,423		2,831,989

Unilever NV		36,489		1,817,127

Unilever plc		65,650		3,380,462

United Utilities Group plc		332,891		3,768,281

Vodafone Group plc		1,954,789		2,757,573


INVESTMENTS	SHARES		VALUE($)


United Kingdom — continued

Wm Morrison Supermarkets plc		1,124,640		2,584,619

WPP plc		82,819		642,603


				160,890,476


United States — 0.3%

Carnival plc		71,424		984,239

Ferguson plc		22,013		1,587,188


				2,571,427


Total Common Stocks (Cost $1,064,961,141)				909,667,000

Short-Term Investments — 2.5%

Investment Companies — 0.1%

JPMorgan Prime Money Market Fund Class IM Shares, 0.69% (d) (e) (Cost $908,241)		907,608		908,334


Investment of Cash Collateral from Securities Loaned — 2.4%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (d) (e)		16,003,300		16,006,501

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (d) (e)		6,030,031		6,030,031


Total Investment of Cash Collateral from Securities Loaned (Cost $22,031,031)				22,036,532

Total Short-Term Investments (Cost $22,939,272)				22,944,866

Total Investments — 101.4% (Cost $1,087,900,413)				932,611,866

Liabilities in Excess of Other Assets — (1.4)%				(13,004,256	)

NET ASSETS — 100.0%				919,607,610

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

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


INDUSTRY	PERCENTAGE

Pharmaceuticals		5.1	%

Electric Utilities		5.0

Diversified Telecommunication Services		5.0

Oil, Gas & Consumable Fuels		4.8

Chemicals		4.5

Metals & Mining		4.0

Equity Real Estate Investment Trusts (REITs)		3.5

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return International Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INDUSTRY	PERCENTAGE

Insurance		3.2	%

Food Products		3.1

Gas Utilities		2.8

Health Care Equipment & Supplies		2.8

Household Durables		2.7

Food & Staples Retailing		2.6

Construction & Engineering		2.2

Software		2.1

Wireless Telecommunication Services		2.1

Road & Rail		2.0

Industrial Conglomerates		2.0

Hotels, Restaurants & Leisure		1.9

IT Services		1.8

Semiconductors & Semiconductor Equipment		1.7

Health Care Providers & Services		1.7

Trading Companies & Distributors		1.7

Beverages		1.6

Entertainment		1.6

Electronic Equipment, Instruments & Components		1.4

Professional Services		1.3

Banks		1.3

Commercial Services & Supplies		1.3

Capital Markets		1.3

Auto Components		1.3

Interactive Media & Services		1.2

Specialty Retail		1.2

Multi-Utilities		1.2

Technology Hardware, Storage & Peripherals		1.1


INDUSTRY	PERCENTAGE

Diversified Financial Services		1.0	%

Paper & Forest Products		1.0

Media		1.0

Machinery		1.0

Others (each less than 1.0%)		9.5

Short-Term Investments		2.4

Abbreviations


OYJ		Public Limited Company
REIT		Real Estate Investment Trust
SCA		Limited partnership with share capital
SGPS		Holding company

(a)		The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $20,708,564.
(b)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)		Amount rounds to less than 0.1% of net assets.
(d)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)		The rate shown is the current yield as of April 30, 2020.
*		Non-income producing security.

Futures contracts outstanding as of April 30, 2020:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)

Long Contracts

MSCI EAFE E-Mini Index

114

06/2020

USD

9,334,320

1,187,219

Abbreviations


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

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%

Aerospace & Defense — 1.1%

Curtiss-Wright Corp.		8,374		867,965

Howmet Aerospace, Inc.		64,131		838,192

Lockheed Martin Corp.		6,855		2,667,006

Northrop Grumman Corp.		111		36,705

Raytheon Technologies Corp.		31,577		2,046,505


				6,456,373


Automobiles & Parts — 1.0%

Ford Motor Co. (a)		176,487		898,319

Gentex Corp.		95,023		2,303,358

Genuine Parts Co.		8,990		712,727

Harley-Davidson, Inc. (a)		45,164		985,930

Lear Corp.		9,265		904,727


				5,805,061


Banks — 1.4%

Bank of America Corp.		21,974		528,475

Bank of Hawaii Corp.		7,352		501,259

Citizens Financial Group, Inc.		11,610		259,948

Fifth Third Bancorp (a)		64,309		1,201,935

Huntington Bancshares, Inc.		166,722		1,540,511

KeyCorp		25,051		291,844

People’s United Financial, Inc.		43,072		546,584

Popular, Inc. (Puerto Rico)		12,813		494,454

Regions Financial Corp.		28,610		307,557

Truist Financial Corp.		36,999		1,380,803

Umpqua Holdings Corp.		33,419		418,573

US Bancorp		14,829		541,259

Wells Fargo & Co.		13,858		402,575


				8,415,777


Beverages — 1.7%

Brown-Forman Corp., Class B (a)		35,575		2,212,765

Coca-Cola Co. (The)		47,474		2,178,582

Keurig Dr Pepper, Inc. (a)		50,721		1,342,078

Molson Coors Beverage Co., Class B		29,352		1,203,725

Monster Beverage Corp.*		7,171		443,239

PepsiCo, Inc.		19,213		2,541,688


				9,922,077


Chemicals — 6.1%

Air Products & Chemicals, Inc.		11,545		2,604,321

Ashland Global Holdings, Inc.		29,708		1,832,687

Axalta Coating Systems Ltd.*		18,664		368,427

Cabot Corp.		22,046		747,139

Celanese Corp.		26,778		2,224,448

CF Industries Holdings, Inc.		68,085		1,872,338


INVESTMENTS	SHARES		VALUE($)


Chemicals — continued

Dow, Inc. (a)		46,586		1,709,240

Eastman Chemical Co.		35,133		2,125,898

Ecolab, Inc.		12,802		2,477,187

FMC Corp.		20,215		1,857,759

Huntsman Corp.		132,508		2,227,459

International Flavors & Fragrances, Inc. (a)		10,300		1,349,609

Linde plc (United Kingdom)		13,284		2,444,123

LyondellBasell Industries NV, Class A		35,123		2,035,378

NewMarket Corp.		4,591		1,888,921

Olin Corp.		3,563		47,566

PPG Industries, Inc.		21,358		1,939,947

RPM International, Inc.		37,730		2,505,649

Scotts Miracle-Gro Co. (The)		23,885		2,962,457

Westlake Chemical Corp.		6,771		294,200

WR Grace & Co.		6,142		290,087


				35,804,840


Construction & Materials — 0.5%

Carrier Global Corp.*		9,953		176,267

Sherwin-Williams Co. (The)		3,070		1,646,656

Trane Technologies plc		13,445		1,175,362


				2,998,285


Electricity — 8.8%

AES Corp. (The)		145,508		1,927,981

Alliant Energy Corp.		33,592		1,630,892

American Electric Power Co., Inc.		28,428		2,362,651

Avangrid, Inc. (a)		22,696		975,928

CMS Energy Corp. (a)		41,966		2,395,839

Consolidated Edison, Inc.		32,172		2,535,153

Dominion Energy, Inc.		32,425		2,500,940

DTE Energy Co.		20,330		2,109,034

Entergy Corp.		21,726		2,075,050

Evergy, Inc.		38,849		2,269,947

Eversource Energy		29,318		2,365,963

Exelon Corp.		58,904		2,184,160

FirstEnergy Corp.		56,959		2,350,698

Hawaiian Electric Industries, Inc. (a)		36,791		1,452,141

IDACORP, Inc.		23,674		2,172,800

NextEra Energy, Inc.		10,032		2,318,596

NRG Energy, Inc.		20,551		689,075

OGE Energy Corp. (a)		65,877		2,076,443

Pinnacle West Capital Corp.		28,374		2,184,514

PPL Corp.		84,630		2,151,295

Public Service Enterprise Group, Inc.		49,406		2,505,378

Southern Co. (The)		42,029		2,384,305

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Electricity — continued

Vistra Energy Corp.		131,941		2,578,127

Xcel Energy, Inc.		40,708		2,587,400


				50,784,310


Electronic & Electrical Equipment — 0.9%

AMETEK, Inc.		12,539		1,051,646

Amphenol Corp., Class A		15,026		1,326,195

Emerson Electric Co.		9,709		553,704

Hubbell, Inc.		5,931		737,994

Roper Technologies, Inc.		4,761		1,623,644


				5,293,183


Financial Services — 3.1%

Ally Financial, Inc.		75,285		1,233,921

American Express Co.		9,001		821,341

Ameriprise Financial, Inc.		3,863		444,013

Capital One Financial Corp.		7,950		514,842

Discover Financial Services		12,368		531,453

Fidelity National Financial, Inc.		48,140		1,302,187

Intercontinental Exchange, Inc.		12,377		1,107,123

Mastercard, Inc., Class A		6,231		1,713,338

Moody’s Corp.		2,868		699,505

Morgan Stanley		8,713		343,553

Nasdaq, Inc.		5,024		550,982

Raymond James Financial, Inc.		5,953		392,422

S&P Global, Inc.		5,045		1,477,580

Santander Consumer USA Holdings, Inc. (a)		102,857		1,603,541

Synchrony Financial		73,612		1,456,781

Visa, Inc., Class A		8,045		1,437,802

Western Union Co. (The)		102,403		1,952,825


				17,583,209


Fixed Line Telecommunications — 1.3%

AT&T, Inc.		72,098		2,196,826

CenturyLink, Inc.		210,400		2,234,448

GCI Liberty, Inc., Class A*		9,201		559,697

Verizon Communications, Inc.		46,804		2,688,890


				7,679,861


Food & Drug Retailers — 1.0%

AmerisourceBergen Corp.		13,594		1,218,838

Kroger Co. (The)		22,774		719,886

McKesson Corp.		6,325		893,406

Sysco Corp.		31,002		1,744,483

Walgreens Boots Alliance, Inc.		22,634		979,826


				5,556,439


INVESTMENTS	SHARES		VALUE($)


Food Producers — 3.7%

Campbell Soup Co.		36,087		1,803,628

Flowers Foods, Inc.		72,470		1,614,632

General Mills, Inc.		51,699		3,096,253

Hershey Co. (The)		17,617		2,333,020

Hormel Foods Corp. (a)		60,585		2,838,407

JM Smucker Co. (The)		7,352		844,819

Kellogg Co.		30,232		1,980,196

Lamb Weston Holdings, Inc.		3,786		232,309

McCormick & Co., Inc. (Non-Voting)		16,330		2,561,197

Mondelez International, Inc., Class A		47,971		2,467,628

Tyson Foods, Inc., Class A		28,333		1,762,029


				21,534,118


Forestry & Paper — 0.6%

Domtar Corp.		55,525		1,297,064

International Paper Co.		68,718		2,353,592


				3,650,656


Gas, Water & Multiutilities — 2.4%

Ameren Corp.		32,113		2,336,221

American Water Works Co., Inc.		20,512		2,496,105

Duke Energy Corp.		27,666		2,342,203

National Fuel Gas Co. (a)		49,941		2,047,581

Sempra Energy		18,156		2,248,621

UGI Corp.		12,512		377,612

WEC Energy Group, Inc. (a)		27,474		2,487,771


				14,336,114


General Industrials — 1.6%

Avery Dennison Corp.		21,344		2,356,164

Ball Corp.		1,376		90,252

Carlisle Cos., Inc.		9,946		1,203,068

Eaton Corp. plc		27,990		2,337,165

Honeywell International, Inc.		9,302		1,319,954

ITT, Inc.		29,500		1,555,240

Parker-Hannifin Corp.		4,918		777,634

Sonoco Products Co.		1,261		61,587


				9,701,064


General Retailers — 6.1%

AutoZone, Inc.*		1,838		1,875,348

Best Buy Co., Inc.		25,635		1,966,974

Burlington Stores, Inc.*		2,027		370,313

Costco Wholesale Corp.		8,402		2,545,806

Dick’s Sporting Goods, Inc. (a)		53,794		1,581,006

Dollar General Corp.		16,853		2,954,331

Dollar Tree, Inc.*		8,655		689,544

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

General Retailers — continued

eBay, Inc.		61,666		2,456,157

Foot Locker, Inc. (a)		39,715		1,017,896

Gap, Inc. (The)		16,319		132,510

H&R Block, Inc.		82,680		1,376,622

Home Depot, Inc. (The)		11,627		2,555,963

KAR Auction Services, Inc.		45,013		674,295

Kohl’s Corp.		38,328		707,535

Lowe’s Cos., Inc.		19,021		1,992,450

Macy’s, Inc. (a)		60,325		353,504

Nordstrom, Inc. (a)		11,081		208,101

Ross Stores, Inc.		17,851		1,630,867

Target Corp.		22,035		2,418,121

TJX Cos., Inc. (The)		41,968		2,058,530

Tractor Supply Co.		25,021		2,537,880

Walmart, Inc.		22,371		2,719,195

Williams-Sonoma, Inc. (a)		15,331		948,069


				35,771,017


Health Care Equipment & Services — 7.7%

Anthem, Inc.		8,669		2,433,648

Baxter International, Inc.		30,244		2,685,062

Becton Dickinson and Co.		6,989		1,764,932

Cigna Corp.		13,830		2,707,638

Danaher Corp.		13,049		2,132,990

Edwards Lifesciences Corp.*		9,200		2,001,000

HCA Healthcare, Inc.		16,419		1,804,120

Hill-Rom Holdings, Inc.		24,499		2,755,893

Humana, Inc.		7,150		2,730,013

IDEXX Laboratories, Inc.*		8,473		2,352,105

Laboratory Corp. of America Holdings*		14,245		2,342,590

Medtronic plc		25,195		2,459,788

Quest Diagnostics, Inc.		23,911		2,632,840

STERIS plc		9,905		1,411,463

Stryker Corp.		12,082		2,252,447

Thermo Fisher Scientific, Inc.		8,716		2,917,071

UnitedHealth Group, Inc.		9,200		2,690,724

Universal Health Services, Inc., Class B		18,235		1,927,257

Varian Medical Systems, Inc.*		7,122		814,614

Zimmer Biomet Holdings, Inc.		15,885		1,901,434


				44,717,629


Household Goods & Home Construction — 3.3%

Church & Dwight Co., Inc.		33,061		2,313,939

Clorox Co. (The)		15,611		2,910,515

DR Horton, Inc.		34,542		1,631,073

Fortune Brands Home & Security, Inc.		15,919		767,296


INVESTMENTS	SHARES		VALUE($)


Household Goods & Home Construction — continued

Leggett & Platt, Inc.		46,220		1,623,709

Lennar Corp., Class A		32,080		1,606,246

NVR, Inc.*		691		2,142,100

Procter & Gamble Co. (The)		22,394		2,639,581

PulteGroup, Inc.		62,439		1,765,150

Toll Brothers, Inc.		37,976		912,183

Whirlpool Corp. (a)		3,344		373,659


				18,685,451


Industrial Engineering — 1.5%

Caterpillar, Inc.		5,837		679,310

Crane Co.		1,889		102,856

Cummins, Inc.		15,061		2,462,473

Dover Corp.		10,789		1,010,390

IDEX Corp.		6,154		945,439

Illinois Tool Works, Inc.		9,995		1,624,188

Otis Worldwide Corp.*		4,976		253,328

PACCAR, Inc.		9,677		669,939

Rockwell Automation, Inc.		6,464		1,224,799


				8,972,722


Industrial Metals & Mining — 1.5%

Arconic Corp.*		16,194		141,212

Nucor Corp.		48,856		2,012,379

Reliance Steel & Aluminum Co.		24,823		2,223,644

Southern Copper Corp. (Peru) (a)		69,651		2,259,478

Steel Dynamics, Inc. (a)		85,853		2,083,652


				8,720,365


Industrial Transportation — 0.7%

CH Robinson Worldwide, Inc.		10,984		778,766

CSX Corp.		10,195		675,215

Kansas City Southern		3,815		498,048

Norfolk Southern Corp.		6,730		1,151,503

Union Pacific Corp.		8,955		1,430,920


				4,534,452


Leisure Goods — 1.4%

Activision Blizzard, Inc.		20,548		1,309,524

Electronic Arts, Inc.*		12,485		1,426,536

Garmin Ltd.		28,211		2,289,605

Hasbro, Inc.		23,873		1,723,869

Take-Two Interactive Software, Inc.*		9,896		1,197,911


				7,947,445


Life Insurance — 0.7%

Aflac, Inc.		32,089		1,194,994

Globe Life, Inc. (a)		17,394		1,432,222

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Life Insurance — continued

MetLife, Inc.		9,058		326,813

Principal Financial Group, Inc.		11,335		412,707

Prudential Financial, Inc.		4,896		305,364


				3,672,100


Media — 1.8%

Cable One, Inc.		78		149,203

Comcast Corp., Class A		42,421		1,596,302

DISH Network Corp., Class A*		3,651		91,330

FactSet Research Systems, Inc.		9,056		2,490,400

Fox Corp., Class A		17,111		442,662

Interpublic Group of Cos., Inc. (The)		51,577		875,777

John Wiley & Sons, Inc., Class A		6,672		250,534

Liberty Media Corp.-Liberty SiriusXM, Class A*		8,786		296,176

Nexstar Media Group, Inc., Class A (a)		10,432		730,657

Omnicom Group, Inc.		22,081		1,259,279

Sinclair Broadcast Group, Inc., Class A (a)		48,232		851,295

Walt Disney Co. (The)		18,201		1,968,438


				11,002,053


Mining — 1.1%

Newmont Corp.		56,774		3,376,918

Royal Gold, Inc.		26,210		3,211,511


				6,588,429


Mobile Telecommunications — 0.9%

Telephone & Data Systems, Inc.		61,124		1,199,253

T-Mobile US, Inc.*		36,839		3,234,426

United States Cellular Corp.*		16,212		516,028


				4,949,707


Nonlife Insurance — 2.4%

Allstate Corp. (The)		8,481		862,687

American Financial Group, Inc.		4,446		294,503

Aon plc		9,284		1,603,068

Arch Capital Group Ltd.*		19,522		469,114

Assurant, Inc.		9,331		991,325

Chubb Ltd.		7,005		756,610

Cincinnati Financial Corp.		17,526		1,153,211

Hanover Insurance Group, Inc. (The)		4,902		492,063

Hartford Financial Services Group, Inc. (The)		39,297		1,492,893

Marsh & McLennan Cos., Inc.		13,763		1,339,553

Old Republic International Corp.		30,374		484,465

Progressive Corp. (The)		31,109		2,404,726

Travelers Cos., Inc. (The)		6,559		663,836

WR Berkley Corp.		19,525		1,054,350


				14,062,404


INVESTMENTS	SHARES		VALUE($)


Oil & Gas Producers — 4.3%

Cabot Oil & Gas Corp.		115,523		2,497,607

Chevron Corp.		23,501		2,162,092

ConocoPhillips		45,895		1,932,179

Devon Energy Corp.		59,845		746,267

EOG Resources, Inc.		22,757		1,081,185

EQT Corp.		71,025		1,036,255

Exxon Mobil Corp.		29,606		1,375,791

Hess Corp.		27,945		1,359,245

HollyFrontier Corp.		55,890		1,846,606

Kosmos Energy Ltd. (Ghana) (a)		107,229		176,928

Marathon Oil Corp.		142,742		873,581

Marathon Petroleum Corp.		45,395		1,456,272

Murphy Oil Corp. (a)		75,541		895,916

Noble Energy, Inc.		87,003		853,499

PBF Energy, Inc., Class A		63,308		721,711

Phillips 66		24,002		1,756,226

Pioneer Natural Resources Co.		15,335		1,369,569

Valero Energy Corp.		30,327		1,921,215

WPX Energy, Inc.* (a)		139,081		852,567


				24,914,711


Oil Equipment, Services & Distribution — 1.4%

Baker Hughes Co.		83,809		1,169,136

Helmerich & Payne, Inc.		52,618		1,040,258

Kinder Morgan, Inc.		130,918		1,993,881

ONEOK, Inc.		31,302		936,869

Patterson-UTI Energy, Inc.		179,828		663,565

Schlumberger Ltd.		22,287		374,867

Targa Resources Corp.		17,507		226,891

Williams Cos., Inc. (The)		91,497		1,772,297


				8,177,764


Personal Goods — 2.9%

Carter’s, Inc.		14,514		1,134,995

Colgate-Palmolive Co.		13,314		935,575

Estee Lauder Cos., Inc. (The), Class A		13,828		2,439,259

Hanesbrands, Inc. (a)		43,854		435,909

Kimberly-Clark Corp.		18,864		2,612,287

Lululemon Athletica, Inc.*		11,664		2,606,671

NIKE, Inc., Class B		28,365		2,472,860

Nu Skin Enterprises, Inc., Class A		5,968		174,325

PVH Corp.		8,974		441,790

Ralph Lauren Corp.		17,482		1,289,822

Tapestry, Inc.		49,066		730,102

VF Corp.		22,104		1,284,242


				16,557,837

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Pharmaceuticals & Biotechnology — 4.8%

Abbott Laboratories		31,168		2,870,261

AbbVie, Inc.		15,460		1,270,812

Amgen, Inc.		11,489		2,748,399

Biogen, Inc.*		4,218		1,252,029

Bristol-Myers Squibb Co.		36,012		2,189,890

Eli Lilly & Co.		20,090		3,106,717

Gilead Sciences, Inc.		24,035		2,018,940

Illumina, Inc.*		888		283,298

IQVIA Holdings, Inc.*		17,037		2,429,306

Johnson & Johnson		17,615		2,642,955

Merck & Co., Inc.		24,066		1,909,396

Pfizer, Inc.		55,488		2,128,520

Vertex Pharmaceuticals, Inc.*		661		166,043

Zoetis, Inc.		19,042		2,462,321


				27,478,887


Real Estate Investment & Services — 0.1%

CBRE Group, Inc., Class A*		7,005		300,725


Real Estate Investment Trusts — 3.9%

Alexandria Real Estate Equities, Inc.		6,352		997,836

American Tower Corp.		6,224		1,481,312

Apartment Investment & Management Co., Class A		21,547		811,675

AvalonBay Communities, Inc.		5,330		868,523

Boston Properties, Inc.		756		73,468

Camden Property Trust		1,258		110,792

Chimera Investment Corp.		127,729		992,454

Crown Castle International Corp.		6,699		1,068,022

Duke Realty Corp.		3,376		117,147

EPR Properties		3,917		115,238

Equity Residential (a)		13,509		878,896

Gaming and Leisure Properties, Inc.		21,322		602,133

Healthpeak Properties, Inc.		75,935		1,984,941

Medical Properties Trust, Inc.		118,773		2,035,769

MFA Financial, Inc.		201,249		352,186

New Residential Investment Corp.		157,465		958,962

Prologis, Inc.		11,237		1,002,678

Spirit Realty Capital, Inc. (a)		29,141		896,377

Starwood Property Trust, Inc.		94,718		1,225,651

STORE Capital Corp.		45,305		909,271

Two Harbors Investment Corp.		33,918		155,005

VEREIT, Inc.		234,245		1,283,663

VICI Properties, Inc. (a)		97,811		1,703,868

Vornado Realty Trust		2,421		106,088

Weingarten Realty Investors		8,072		146,830


INVESTMENTS	SHARES		VALUE($)


Real Estate Investment Trusts — continued

WP Carey, Inc.		29,364		1,931,564


				22,810,349


Software & Computer Services — 4.8%

Adobe, Inc.*		6,912		2,444,360

Alphabet, Inc., Class A*		1,368		1,842,286

Cadence Design Systems, Inc.*		30,191		2,449,396

Citrix Systems, Inc.		21,106		3,060,581

Cognizant Technology Solutions Corp., Class A		22,947		1,331,385

Facebook, Inc., Class A*		7,836		1,604,107

Hewlett Packard Enterprise Co.		16,593		166,926

InterActive Corp.*		10,389		2,321,734

International Business Machines Corp.		9,856		1,237,519

Intuit, Inc.		9,152		2,469,301

Leidos Holdings, Inc.		24,703		2,440,903

Microsoft Corp.		15,650		2,804,636

Oracle Corp.		26,632		1,410,697

VeriSign, Inc.*		13,037		2,731,121


				28,314,952


Support Services — 4.9%

Accenture plc, Class A		12,448		2,305,245

Automatic Data Processing, Inc.		7,269		1,066,290

Booz Allen Hamilton Holding Corp.		21,126		1,551,494

Broadridge Financial Solutions, Inc.		16,743		1,942,188

Cintas Corp.		9,408		2,086,976

Fastenal Co.		31,166		1,128,832

Fidelity National Information Services, Inc.		18,170		2,396,441

Fiserv, Inc.*		15,776		1,625,875

Global Payments, Inc.		13,643		2,265,011

Paychex, Inc.		17,603		1,206,158

PayPal Holdings, Inc.*		9,379		1,153,617

Republic Services, Inc.		28,135		2,204,096

Robert Half International, Inc.		30,446		1,439,183

Verisk Analytics, Inc.		2,199		336,073

Waste Management, Inc.		22,087		2,209,142

WW Grainger, Inc.		6,253		1,723,202

Xerox Holdings Corp.		77,939		1,425,504


				28,065,327


Technology Hardware & Equipment — 4.9%

Analog Devices, Inc.		17,043		1,867,913

Apple, Inc.		8,365		2,457,637

Applied Materials, Inc.		19,731		980,236

Broadcom, Inc.		4,922		1,336,914

Cisco Systems, Inc.		42,640		1,807,083

HP, Inc.		73,033		1,132,742

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return U.S. Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Technology Hardware & Equipment — continued

Intel Corp.		27,237		1,633,675

Juniper Networks, Inc.		43,103		931,025

KLA Corp.		11,444		1,877,846

L3Harris Technologies, Inc.		12,481		2,417,570

Lam Research Corp.		8,557		2,184,431

Maxim Integrated Products, Inc.		23,761		1,306,380

Micron Technology, Inc.*		22,563		1,080,542

Motorola Solutions, Inc.		13,715		1,972,354

NetApp, Inc.		14,028		614,005

Skyworks Solutions, Inc.		8,715		905,314

Teradyne, Inc.		21,344		1,334,854

Texas Instruments, Inc.		13,336		1,547,909

Xilinx, Inc.		16,009		1,399,187


				28,787,617


Tobacco — 0.5%

Altria Group, Inc.		33,157		1,301,412

Philip Morris International, Inc.		23,968		1,788,013


				3,089,425


Travel & Leisure — 3.0%

Alaska Air Group, Inc.		2,795		90,894

Booking Holdings, Inc.*		603		892,784

Copa Holdings SA, Class A (Panama)		7,086		313,272

Darden Restaurants, Inc.		21,665		1,598,660

Delta Air Lines, Inc.		14,565		377,379

Dunkin’ Brands Group, Inc.		16,200		1,018,008

Hilton Worldwide Holdings, Inc.		21,353		1,616,636

Las Vegas Sands Corp.		24,073		1,155,986

Marriott International, Inc., Class A		13,665		1,242,695

McDonald’s Corp.		12,103		2,270,039

Royal Caribbean Cruises Ltd. (a)		8,290		387,723

Southwest Airlines Co.		36,017		1,125,531

Starbucks Corp.		27,315		2,095,880

United Airlines Holdings, Inc.*		2,748		81,286

Wyndham Destinations, Inc.		26,988		690,083


INVESTMENTS	SHARES		VALUE($)


Travel & Leisure — continued

Yum China Holdings, Inc. (China)		15,092		731,358

Yum! Brands, Inc.		22,590		1,952,454


				17,640,668


Total Common Stocks (Cost $619,593,625)				581,283,403

Short-Term Investments — 4.0%

Investment Companies — 0.1%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (b) (c) (Cost $405,848)		405,848		405,848


Investment of Cash Collateral from Securities Loaned — 3.9%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (b) (c)		17,002,700		17,006,100

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (b) (c)		5,844,426		5,844,426


Total Investment of Cash Collateral from Securities Loaned (Cost $22,846,325)				22,850,526


Total Short-Term Investments (Cost $23,252,173)				23,256,374

Total Investments — 103.8% (Cost $642,845,798)				604,539,777

Liabilities in Excess of Other Assets — (3.8%)				(22,224,022	)

NET ASSETS — 100.0%				582,315,755

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $21,154,150.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of April 30, 2020.
*		Non-income producing security.

Futures contracts outstanding as of April 30, 2020:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING

CURRENCY

NOTIONAL
AMOUNT($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)

Long Contracts

S&P 500 E-Mini Index

06/2020

USD

1,015,438

224,098

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%

Aerospace & Defense — 0.6%

FLIR Systems, Inc.		8,246		357,876

Hexcel Corp.		7,740		267,727

Howmet Aerospace, Inc.		23,161		302,714

Huntington Ingalls Industries, Inc.		1,323		253,235

Spirit AeroSystems Holdings, Inc., Class A		3,590		79,554


				1,261,106


Automobiles & Parts — 2.0%

Aptiv plc		6,204		431,488

BorgWarner, Inc.		8,917		254,759

Gentex Corp.		34,476		835,698

Genuine Parts Co.		1,697		134,538

Harley-Davidson, Inc. (a)		22,222		485,106

Lear Corp.		5,067		494,793

Valvoline, Inc.		23,161		398,138

WABCO Holdings, Inc.*		5,654		759,785


				3,794,305


Banks — 1.8%

Associated Banc-Corp.		3,808		53,845

Bank of Hawaii Corp.		2,671		182,109

BankUnited, Inc.		4,327		85,718

CIT Group, Inc.		5,396		102,416

Citizens Financial Group, Inc.		5,559		124,466

Comerica, Inc.		2,908		101,373

Commerce Bancshares, Inc.		950		58,130

Fifth Third Bancorp		10,112		188,993

First Horizon National Corp.		9,694		88,022

First Republic Bank		2,954		308,073

FNB Corp.		11,855		95,907

Huntington Bancshares, Inc.		67,382		622,610

KeyCorp		11,657		135,804

M&T Bank Corp.		1,737		194,683

PacWest Bancorp		3,310		66,994

People’s United Financial, Inc.		17,235		218,712

Popular, Inc. (Puerto Rico)		9,549		368,496

Prosperity Bancshares, Inc.		2,132		127,771

Regions Financial Corp.		15,491		166,528

TCF Financial Corp.		10,645		316,050

Zions Bancorp NA		4,210		133,078


				3,739,778


Beverages — 0.7%

Brown-Forman Corp., Class B		14,579		906,814

Molson Coors Beverage Co., Class B		14,994		614,904


				1,521,718


INVESTMENTS	SHARES		VALUE($)


Chemicals — 5.8%

Albemarle Corp. (a)		8,294		509,500

Ashland Global Holdings, Inc.		10,792		665,759

Axalta Coating Systems Ltd.*		36,103		712,673

Cabot Corp.		18,717		634,319

Celanese Corp.		8,216		682,503

CF Industries Holdings, Inc.		22,302		613,305

Eastman Chemical Co.		13,092		792,197

FMC Corp.		9,888		908,707

Huntsman Corp.		45,337		762,115

International Flavors & Fragrances, Inc.		7,037		922,058

NewMarket Corp.		1,797		739,358

Olin Corp. (a)		56,817		758,507

RPM International, Inc. (a)		13,801		916,524

Scotts Miracle-Gro Co. (The)		8,654		1,073,356

Univar Solutions, Inc.*		14,582		211,731

Westlake Chemical Corp.		12,124		526,788

WR Grace & Co.		11,942		564,021


				11,993,421


Construction & Materials — 1.0%

AO Smith Corp.		7,354		311,663

Armstrong World Industries, Inc.		1,811		139,592

Eagle Materials, Inc.		2,046		124,826

Jacobs Engineering Group, Inc.		1,247		103,189

Lennox International, Inc.		1,724		321,836

MDU Resources Group, Inc.		9,458		212,427

Owens Corning		4,176		181,071

Trane Technologies plc		6,627		579,332


				1,973,936


Electricity — 6.8%

AES Corp. (The)		54,527		722,483

Alliant Energy Corp.		4,470		217,018

Avangrid, Inc. (a)		6,208		266,944

CMS Energy Corp.		15,242		870,166

Consolidated Edison, Inc.		11,703		922,196

DTE Energy Co.		7,927		822,347

Entergy Corp.		7,924		756,821

Evergy, Inc.		14,112		824,564

Eversource Energy		10,693		862,925

FirstEnergy Corp.		20,743		856,064

Hawaiian Electric Industries, Inc.		21,380		843,869

IDACORP, Inc. (a)		9,484		870,442

OGE Energy Corp. (a)		24,321		766,598

Pinnacle West Capital Corp.		10,297		792,766

PPL Corp.		30,782		782,478

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Electricity — continued

Public Service Enterprise Group, Inc.		17,873		906,340

Vistra Energy Corp.		47,727		932,585

Xcel Energy, Inc.		14,843		943,421


				13,960,027


Electronic & Electrical Equipment — 1.5%

AMETEK, Inc.		7,516		630,367

Amphenol Corp., Class A		7,195		635,031

Hubbell, Inc. (a)		4,451		553,838

Keysight Technologies, Inc.*		8,466		819,255

National Instruments Corp.		1,335		51,291

nVent Electric plc		4,168		77,733

Regal Beloit Corp.		1,626		115,462

Sensata Technologies Holding plc*		5,536		201,400


				3,084,377


Financial Services — 2.2%

Ally Financial, Inc.		9,644		158,065

Ameriprise Financial, Inc.		2,278		261,833

Discover Financial Services		4,920		211,412

Element Solutions, Inc.*		55,901		572,985

Fidelity National Financial, Inc.		7,736		209,259

Invesco Ltd.		3,741		32,248

Jefferies Financial Group, Inc.		14,409		197,691

LPL Financial Holdings, Inc.		4,020		242,084

MSCI, Inc.		2,505		819,135

Nasdaq, Inc.		2,904		318,482

Navient Corp. (a)		8,784		66,934

Raymond James Financial, Inc.		3,216		211,999

Santander Consumer USA Holdings, Inc. (a)		23,947		373,334

Synchrony Financial		8,145		161,190

T. Rowe Price Group, Inc.		2,810		324,920

Western Union Co. (The)		8,979		171,230


				4,332,801


Fixed Line Telecommunications — 0.5%

CenturyLink, Inc.		59,500		631,890

GCI Liberty, Inc., Class A*		4,935		300,196


				932,086


Food & Drug Retailers — 0.5%

AmerisourceBergen Corp.		3,966		355,591

Casey’s General Stores, Inc.		3,646		552,041


				907,632


Food Producers — 4.0%

Campbell Soup Co. (a)		12,844		641,943

Flowers Foods, Inc.		41,299		920,142


INVESTMENTS	SHARES		VALUE($)


Food Producers — continued

Hershey Co. (The)		6,463		855,895

Hormel Foods Corp. (a)		12,711		595,510

Ingredion, Inc.		6,043		490,692

JM Smucker Co. (The)		8,909		1,023,733

Kellogg Co.		10,723		702,356

Lamb Weston Holdings, Inc.		10,744		659,252

McCormick & Co., Inc. (Non-Voting)		6,027		945,275

Post Holdings, Inc.*		7,836		719,737

Tyson Foods, Inc., Class A		10,945		680,669


				8,235,204


Forestry & Paper — 0.7%

Domtar Corp. (a)		27,627		645,367

International Paper Co.		22,249		762,028


				1,407,395


Gas, Water & Multiutilities — 2.9%

Ameren Corp. (a)		11,674		849,283

American Water Works Co., Inc.		7,459		907,686

Atmos Energy Corp.		8,908		908,349

National Fuel Gas Co.		20,602		844,682

NiSource, Inc.		29,110		730,952

Sempra Energy		6,652		823,850

UGI Corp.		1,699		51,276

WEC Energy Group, Inc.		10,011		906,496


				6,022,574


General Industrials — 1.5%

AptarGroup, Inc.		4,120		441,170

Avery Dennison Corp.		7,815		862,698

Carlisle Cos., Inc. (a)		872		105,477

ITT, Inc.		3,168		167,017

Packaging Corp. of America		3,662		353,932

Parker-Hannifin Corp.		2,279		360,355

Silgan Holdings, Inc.		2,887		99,601

Sonoco Products Co.		8,715		425,641

WestRock Co.		4,145		133,428


				2,949,319


General Retailers — 5.7%

AutoNation, Inc.*		12,202		454,403

AutoZone, Inc.*		873		890,739

Best Buy Co., Inc.		12,220		937,641

Burlington Stores, Inc.*		535		97,739

Copart, Inc.*		10,944		876,724

Dick’s Sporting Goods, Inc. (a)		21,883		643,141

Dollar General Corp.		6,156		1,079,147

Dollar Tree, Inc.*		5,993		477,463

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

General Retailers — continued

Foot Locker, Inc.		6,169		158,112

frontdoor, Inc.*		13,549		524,482

Gap, Inc. (The)		6,833		55,484

H&R Block, Inc.		38,278		637,329

IAA, Inc.*		16,223		626,208

KAR Auction Services, Inc.		48,209		722,171

Kohl’s Corp.		14,794		273,097

Macy’s, Inc. (a)		22,349		130,965

Nordstrom, Inc. (a)		10,972		206,054

Penske Automotive Group, Inc.		5,979		215,124

Service Corp. International		19,298		709,008

Tractor Supply Co.		9,817		995,738

Williams-Sonoma, Inc.		14,728		910,780


				11,621,549


Health Care Equipment & Services — 10.0%

Acadia Healthcare Co., Inc.*		3,661		87,901

Bio-Rad Laboratories, Inc., Class A*		2,374		1,044,797

Bio-Techne Corp.		4,653		1,046,925

Bruker Corp.		7,566		297,495

Centene Corp.*		17,409		1,159,091

Chemed Corp.		2,195		914,371

Cooper Cos., Inc. (The)		2,841		814,515

DaVita, Inc.*		9,386		741,588

Dentsply Sirona, Inc.		17,169		728,652

Encompass Health Corp.		12,100		801,625

Henry Schein, Inc.* (a)		11,610		633,442

Hill-Rom Holdings, Inc.		9,453		1,063,368

Hologic, Inc.*		17,789		891,229

IDEXX Laboratories, Inc.*		3,510		974,376

Laboratory Corp. of America Holdings*		5,275		867,474

Molina Healthcare, Inc.*		6,899		1,131,229

Quest Diagnostics, Inc.		8,721		960,269

ResMed, Inc.		5,801		901,011

STERIS plc		5,806		827,355

Teleflex, Inc.		2,748		921,679

Universal Health Services, Inc., Class B		6,846		723,554

Varian Medical Systems, Inc.*		7,493		857,049

West Pharmaceutical Services, Inc.		6,099		1,154,297

Zimmer Biomet Holdings, Inc.		6,844		819,227


				20,362,519


Household Goods & Home Construction — 3.4%

Church & Dwight Co., Inc.		12,874		901,051

Clorox Co. (The)		5,769		1,075,573

DR Horton, Inc.		14,562		687,618

Fortune Brands Home & Security, Inc.		5,505		265,341


INVESTMENTS	SHARES		VALUE($)


Household Goods & Home Construction — continued

Leggett & Platt, Inc.		19,730		693,115

Lennar Corp., Class A		10,357		518,575

Middleby Corp. (The)*		2,616		145,528

NVR, Inc.*		248		768,800

PulteGroup, Inc.		23,248		657,221

Toll Brothers, Inc. (a)		24,401		586,112

Whirlpool Corp. (a)		4,943		552,331


				6,851,265


Industrial Engineering — 3.4%

Allison Transmission Holdings, Inc.		7,645		277,819

Crane Co.		2,419		131,715

Cummins, Inc.		6,006		981,981

Dover Corp.		4,469		418,522

Graco, Inc.		14,857		663,514

IDEX Corp.		4,718		724,826

Lincoln Electric Holdings, Inc.		4,394		353,761

Nordson Corp.		2,182		351,106

Oshkosh Corp.		3,925		265,055

PACCAR, Inc.		4,904		339,504

Pentair plc		4,866		168,315

Rockwell Automation, Inc.		2,871		543,997

Snap-on, Inc.		5,786		753,858

Toro Co. (The)		12,845		819,639

Xylem, Inc.		4,035		290,116


				7,083,728


Industrial Metals & Mining — 1.5%

Alcoa Corp.*		48,844		398,079

Arconic Corp.*		5,624		49,041

GrafTech International Ltd. (a)		55,041		446,933

Nucor Corp.		18,156		747,846

Reliance Steel & Aluminum Co.		8,636		773,613

Steel Dynamics, Inc.		30,395		737,687


				3,153,199


Industrial Transportation — 1.2%

CH Robinson Worldwide, Inc. (a)		5,078		360,030

Expeditors International of Washington, Inc.		5,786		414,307

Kansas City Southern		2,903		378,986

Landstar System, Inc.		5,683		587,111

Macquarie Infrastructure Corp.		3,793		104,649

Old Dominion Freight Line, Inc.		3,065		445,314


				2,290,397


Leisure Goods — 1.6%

Garmin Ltd.		9,645		782,788

Hasbro, Inc.		8,680		626,783

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Leisure Goods — continued

Polaris, Inc.		3,643		258,398

Pool Corp.		4,358		922,414

Take-Two Interactive Software, Inc.*		4,886		591,450

Thor Industries, Inc. (a)		3,994		264,403


				3,446,236


Life Insurance — 0.5%

Globe Life, Inc.		6,758		556,454

Lincoln National Corp.		2,497		88,569

Principal Financial Group, Inc.		5,729		208,593


				853,616


Media — 2.8%

Cable One, Inc.		342		654,198

Discovery, Inc., Class A* (a)		21,578		483,779

Dolby Laboratories, Inc., Class A		5,792		347,694

FactSet Research Systems, Inc.		3,478		956,450

Graham Holdings Co., Class B		288		112,323

Interpublic Group of Cos., Inc. (The) (a)		43,461		737,968

John Wiley & Sons, Inc., Class A		2,260		84,863

Liberty Media Corp.-Liberty SiriusXM, Class A*		13,569		457,411

Morningstar, Inc.		2,005		312,700

Nexstar Media Group, Inc., Class A		6,683		468,077

Omnicom Group, Inc.		9,482		540,759

Sinclair Broadcast Group, Inc., Class A (a)		15,946		281,447

Sirius XM Holdings, Inc. (a)		37,008		218,717


				5,656,386


Mining — 1.1%

Newmont Corp.		20,709		1,231,771

Royal Gold, Inc.		8,669		1,062,212


				2,293,983


Mobile Telecommunications — 0.4%

Telephone & Data Systems, Inc.		32,560		638,827

United States Cellular Corp.*		5,432		172,901


				811,728


Nonlife Insurance — 2.8%

Alleghany Corp.		675		360,254

American Financial Group, Inc.		4,992		330,670

Arch Capital Group Ltd.*		887		21,315

Arthur J Gallagher & Co.		8,668		680,438

Assurant, Inc.		4,043		429,528

Assured Guaranty Ltd.		5,080		151,028

Axis Capital Holdings Ltd.		6,618		242,219

Brown & Brown, Inc.		15,686		563,284

Cincinnati Financial Corp.		6,049		398,024


INVESTMENTS	SHARES		VALUE($)


Nonlife Insurance — continued

CNA Financial Corp.		116		3,663

Everest Re Group Ltd.		1,325		229,397

First American Financial Corp.		4,040		186,325

Hanover Insurance Group, Inc. (The)		2,003		201,061

Hartford Financial Services Group, Inc. (The)		14,788		561,796

Loews Corp.		7,554		261,822

Mercury General Corp.		1,536		62,915

Old Republic International Corp.		28,673		457,334

Reinsurance Group of America, Inc.		2,637		276,041

WR Berkley Corp.		8,033		433,782


				5,850,896


Oil & Gas Producers — 3.9%

Apache Corp. (a)		27,770		363,232

Cabot Oil & Gas Corp. (a)		58,716		1,269,440

Concho Resources, Inc.		7,453		422,734

Continental Resources, Inc. (a)		25,337		415,273

Devon Energy Corp.		34,728		433,058

Diamondback Energy, Inc.		8,110		353,109

EQT Corp.		40,530		591,333

Hess Corp.		12,470		606,541

HollyFrontier Corp.		20,755		685,745

Kosmos Energy Ltd. (Ghana) (a)		135,845		224,144

Marathon Oil Corp.		65,156		398,755

Murphy Oil Corp. (a)		27,606		327,407

Noble Energy, Inc.		37,910		371,897

Parsley Energy, Inc., Class A		11,543		109,081

PBF Energy, Inc., Class A		30,255		344,907

Pioneer Natural Resources Co.		6,129		547,381

WPX Energy, Inc.*		72,647		445,326


				7,909,363


Oil Equipment, Services & Distribution — 1.5%

Antero Midstream Corp. (a)		6,190		29,403

Apergy Corp.* (a)		13,505		124,381

Baker Hughes Co.		33,663		469,599

Cheniere Energy, Inc.*		8,813		411,479

Helmerich & Payne, Inc.		23,393		462,479

ONEOK, Inc.		14,160		423,809

Patterson-UTI Energy, Inc.		118,156		435,996

Targa Resources Corp.		16,409		212,661

Williams Cos., Inc. (The)		34,328		664,933


				3,234,740


Personal Goods — 2.4%

Capri Holdings Ltd.*		13,095		199,699

Carter’s, Inc.		7,577		592,522

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Personal Goods — continued

Hanesbrands, Inc. (a)		48,990		486,961

Lululemon Athletica, Inc.*		4,252		950,237

Nu Skin Enterprises, Inc., Class A		10,226		298,701

PVH Corp.		4,297		211,541

Ralph Lauren Corp.		7,982		588,912

Skechers U.S.A., Inc., Class A*		19,996		563,487

Tapestry, Inc.		19,322		287,511

Tiffany & Co.		6,194		783,541

Under Armour, Inc., Class C* (a)		3,626		33,613


				4,996,725


Pharmaceuticals & Biotechnology — 2.1%

Cardinal Health, Inc.		8,323		411,822

Charles River Laboratories International, Inc.*		5,916		855,868

Horizon Therapeutics plc*		13,471		485,495

Ionis Pharmaceuticals, Inc.*		6,779		376,438

IQVIA Holdings, Inc.*		6,076		866,377

Jazz Pharmaceuticals plc*		4,568		503,622

Mylan NV*		20,364		341,504

Perrigo Co. plc		10,034		534,812


				4,375,938


Real Estate Investment & Services — 0.2%

CBRE Group, Inc., Class A*		5,689		244,229

Jones Lang LaSalle, Inc.		1,267		133,770


				377,999


Real Estate Investment Trusts — 5.6%

Alexandria Real Estate Equities, Inc.		2,238		351,567

American Campus Communities, Inc.		1,370		48,347

Annaly Capital Management, Inc.		31,297		195,606

AvalonBay Communities, Inc.		2,439		397,435

Brandywine Realty Trust		9,863		110,071

Brixmor Property Group, Inc.		6,728		77,036

Camden Property Trust		2,801		246,684

Chimera Investment Corp.		45,971		357,195

CoreSite Realty Corp.		2,027		245,652

CubeSmart		783		19,732

Digital Realty Trust, Inc.		2,962		442,789

Douglas Emmett, Inc.		8,028		244,774

Duke Realty Corp.		12,201		423,375

Equity Commonwealth		6,317		214,462

Equity LifeStyle Properties, Inc.		6,013		362,644

Essex Property Trust, Inc.		700		170,870

Extra Space Storage, Inc.		3,143		277,338

Gaming and Leisure Properties, Inc.		17,994		508,151

Healthpeak Properties, Inc.		29,392		768,307


INVESTMENTS	SHARES		VALUE($)


Real Estate Investment Trusts — continued

Highwoods Properties, Inc.		4,036		156,637

Hudson Pacific Properties, Inc.		5,471		134,477

Iron Mountain, Inc.		4,991		120,682

Kilroy Realty Corp.		3,229		201,038

Lamar Advertising Co., Class A		4,127		237,922

Medical Properties Trust, Inc.		43,680		748,675

MFA Financial, Inc. (a)		124,804		218,407

Mid-America Apartment Communities, Inc.		2,063		230,891

National Retail Properties, Inc.		2,627		85,745

New Residential Investment Corp.		58,103		353,847

Omega Healthcare Investors, Inc.		5,211		151,901

Outfront Media, Inc.		7,645		119,950

Park Hotels & Resorts, Inc.		18,987		180,566

Service Properties Trust		8,960		62,093

SITE Centers Corp.		1,667		10,102

Spirit Realty Capital, Inc.		12,111		372,534

Starwood Property Trust, Inc.		40,892		529,143

Sun Communities, Inc.		2,257		303,341

Two Harbors Investment Corp.		43,325		197,995

VICI Properties, Inc.		26,895		468,511

Vornado Realty Trust		791		34,662

Weingarten Realty Investors		4,748		86,366

Welltower, Inc.		4,811		246,468

WP Carey, Inc.		10,799		710,358


				11,424,346


Software & Computer Services — 5.7%

Akamai Technologies, Inc.*		986		96,342

Amdocs Ltd.		14,374		926,261

ANSYS, Inc.*		3,807		996,787

Cadence Design Systems, Inc.*		13,919		1,129,248

Cerner Corp.		8,960		621,735

Citrix Systems, Inc.		8,855		1,284,064

InterActive Corp.*		3,528		788,437

Leidos Holdings, Inc.		8,971		886,424

LogMeIn, Inc.		4,216		360,299

Manhattan Associates, Inc.*		7,915		561,490

Paycom Software, Inc.*		642		167,575

SS&C Technologies Holdings, Inc.		14,762		814,272

Synopsys, Inc.*		6,687		1,050,661

Veeva Systems, Inc., Class A*		5,764		1,099,771

VeriSign, Inc.*		4,456		933,487


				11,716,853


Support Services — 3.2%

Booz Allen Hamilton Holding Corp.		11,785		865,490

Broadridge Financial Solutions, Inc.		7,908		917,328

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return U.S. Mid Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Support Services — continued

Cintas Corp.		2,013		446,543

Fastenal Co.		8,668		313,955

Fiserv, Inc.*		8,548		880,957

Jack Henry & Associates, Inc.		4,842		791,909

MSC Industrial Direct Co., Inc., Class A		2,675		159,537

Paychex, Inc.		5,296		362,882

Republic Services, Inc.		5,953		466,358

Robert Half International, Inc.		6,187		292,459

TransUnion		6,383		502,917

WW Grainger, Inc.		821		226,251

Xerox Holdings Corp.		28,020		512,486


				6,739,072


Technology Hardware & Equipment — 4.9%

CDW Corp.		7,578		839,642

Entegris, Inc.		10,347		561,118

Juniper Networks, Inc.		25,476		550,282

KLA Corp.		5,971		979,781

L3Harris Technologies, Inc.		4,694		909,228

Lam Research Corp.		3,169		808,982

Marvell Technology Group Ltd.		16,685		446,157

Maxim Integrated Products, Inc.		12,331		677,958

Motorola Solutions, Inc.		5,626		809,075

NetApp, Inc.		7,707		337,335

ON Semiconductor Corp.*		9,154		146,876

Qorvo, Inc.*		7,291		714,737

Skyworks Solutions, Inc.		5,008		520,231

Teradyne, Inc.		15,638		978,001

Western Digital Corp.		38		1,751

Xilinx, Inc.		8,335		728,479


				10,009,633


Travel & Leisure — 3.4%

Alaska Air Group, Inc.		1,336		43,447

Choice Hotels International, Inc.		5,762		432,438

Cinemark Holdings, Inc.		14,555		207,846

Copa Holdings SA, Class A (Panama)		11,206		495,417

Darden Restaurants, Inc.		8,477		625,518

Dunkin’ Brands Group, Inc.		9,791		615,266

Extended Stay America, Inc.		35,794		389,081

Hilton Worldwide Holdings, Inc.		9,539		722,198

Hyatt Hotels Corp., Class A (a)		9,438		530,982

Royal Caribbean Cruises Ltd. (a)		3,170		148,261

Sabre Corp. (a)		23,099		167,930

Six Flags Entertainment Corp.		11,562		231,355

United Airlines Holdings, Inc.*		1,299		38,424

Vail Resorts, Inc.		3,035		518,985


INVESTMENTS	SHARES		VALUE($)


Travel & Leisure — continued

Wendy’s Co. (The)		29,469		585,254

Wyndham Destinations, Inc.		11,912		304,590

Yum China Holdings, Inc. (China)		17,237		835,305


				6,892,297


Total Common Stocks (Cost $217,781,867)				204,068,147

Short-Term Investments — 4.8%

Investment Companies — 0.1%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (b) (c) (Cost $225,209)		225,209		225,209


Investment of Cash Collateral from Securities Loaned — 4.7%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (b) (c)		2,001,099		2,001,499

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (b) (c)		7,583,640		7,583,640


Total Investment of Cash Collateral from Securities Loaned (Cost $9,585,139)				9,585,139


Total Short-Term Investments (Cost $9,810,348)				9,810,348

Total Investments — 104.6% (Cost $227,592,215)				213,878,495

Liabilities in Excess of Other Assets — (4.6%)				(9,316,703	)

NET ASSETS — 100.0%				204,561,792

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $8,837,783.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of April 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



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

Futures contracts outstanding as of April 30, 2020:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)

Long Contracts

S&P Midcap 400 E-Mini Index

06/2020

USD

492,510

105,084

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.7%

Aerospace & Defense — 0.6%

AAR Corp.		2,872		56,234

Aerojet Rocketdyne Holdings, Inc.*		4,092		168,345

ManTech International Corp., Class A		1,395		104,011

Moog, Inc., Class A		1,565		77,436

Park Aerospace Corp.		3,288		43,763

RBC Bearings, Inc.* (a)		2,107		266,915


				716,704


Alternative Energy — 1.6%

Arcosa, Inc.		9,891		368,638

Enphase Energy, Inc.*		8,557		400,724

Green Plains, Inc. (a)		23,059		135,356

Plug Power, Inc.* (a)		60,127		251,632

Renewable Energy Group, Inc.* (a)		10,774		267,303

REX American Resources Corp.*		2,952		175,585

SunPower Corp.* (a)		27,322		200,817

TPI Composites, Inc.*		11,080		194,232


				1,994,287


Automobiles & Parts — 1.1%

Cooper Tire & Rubber Co.		15,575		330,034

Dorman Products, Inc.*		5,931		374,128

Gentherm, Inc.*		8,896		333,066

Meritor, Inc.*		15,576		319,308

Stoneridge, Inc.*		222		4,447


				1,360,983


Banks — 4.1%

1st Source Corp.		752		26,117

Ameris Bancorp		2,238		56,912

Atlantic Union Bankshares Corp.		3,141		74,976

BancFirst Corp.		1,624		62,540

BancorpSouth Bank		3,016		66,020

Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		2,700		59,427

Banner Corp.		1,833		70,442

Brookline Bancorp, Inc.		5,538		56,543

Cadence BanCorp		5,332		35,298

Capital City Bank Group, Inc. (a)		563		12,408

Capitol Federal Financial, Inc.		13,248		158,843

Cathay General Bancorp		2,319		64,746

CenterState Bank Corp.		4,017		69,856

Columbia Banking System, Inc.		2,976		80,322

Community Bank System, Inc.		4,881		305,014

Community Trust Bancorp, Inc.		1,733		58,749

CVB Financial Corp.		2,834		58,905

Dime Community Bancshares, Inc.		6,156		101,143


INVESTMENTS	SHARES		VALUE($)


Banks — continued

First BanCorp (Puerto Rico)		7,323		42,693

First Busey Corp.		363		6,686

First Financial Bancorp		2,140		32,913

First Financial Bankshares, Inc.		3,869		107,752

First Financial Corp.		485		17,227

First Merchants Corp.		794		22,478

First Midwest Bancorp, Inc.		2,476		36,595

Fulton Financial Corp.		6,232		72,852

Glacier Bancorp, Inc.		5,867		223,415

Great Western Bancorp, Inc.		3,154		59,295

Hancock Whitney Corp.		2,229		46,608

Hilltop Holdings, Inc.		6,233		120,297

Home BancShares, Inc. (a)		5,231		80,191

Hope Bancorp, Inc.		7,181		71,451

Houlihan Lokey, Inc.		2,622		155,694

IBERIABANK Corp.		1,418		58,790

Independent Bank Corp.		712		51,898

Investors Bancorp, Inc.		23,589		219,614

Kearny Financial Corp.		2,896		26,933

NBT Bancorp, Inc. (a)		1,012		33,528

Northwest Bancshares, Inc.		4,200		44,562

OceanFirst Financial Corp.		8,368		141,001

OFG Bancorp (Puerto Rico)		4,932		62,045

Old National Bancorp		16,569		234,783

Renasant Corp.		1,178		30,899

Republic Bancorp, Inc., Class A		1,352		45,062

S&T Bancorp, Inc.		505		13,489

Sandy Spring Bancorp, Inc.		621		15,835

Simmons First National Corp., Class A		3,778		70,649

TrustCo Bank Corp.		6,102		38,443

Trustmark Corp. (a)		7,855		209,022

UMB Financial Corp. (a)		1,693		86,072

United Bankshares, Inc. (a)		8,458		253,402

United Community Banks, Inc.		5,025		106,254

Valley National Bancorp		14,658		122,541

Washington Federal, Inc.		9,425		252,024

WesBanco, Inc.		4,538		111,998

Westamerica Bancorp		2,781		175,203


				4,918,455


Beverages — 0.7%

Boston Beer Co., Inc. (The), Class A* (a)		1,049		489,369

Coca-Cola Consolidated, Inc.		1,328		312,704


				802,073

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Chemicals — 3.9%

AdvanSix, Inc.*		5,035		61,326

American Vanguard Corp.		5,299		66,608

Balchem Corp.		4,354		388,551

Ferro Corp.*		11,847		118,115

GCP Applied Technologies, Inc.*		8,071		138,176

HB Fuller Co.		9,437		347,187

Innospec, Inc.		4,845		351,359

Koppers Holdings, Inc.*		5,907		93,094

Kraton Corp.*		10,947		170,883

Kronos Worldwide, Inc. (a)		14,819		140,632

LSB Industries, Inc.*		2,961		5,892

Materion Corp.		6,112		316,235

Minerals Technologies, Inc.		8,707		383,456

Orion Engineered Carbons SA (Luxembourg)		19,489		177,545

PolyOne Corp.		16,719		389,385

Quaker Chemical Corp. (a)		280		42,594

Rayonier Advanced Materials, Inc.		43,580		77,572

Sensient Technologies Corp.		7,502		358,521

Stepan Co.		4,665		445,041

Tredegar Corp.		4,516		74,424

Trinseo SA		12,659		258,877

Tronox Holdings plc, Class A		40,479		276,067


				4,681,540


Construction & Materials — 3.0%

Advanced Drainage Systems, Inc.		3,647		147,849

Aegion Corp.*		3,360		53,928

Apogee Enterprises, Inc.		3,919		80,104

BMC Stock Holdings, Inc.*		4,612		98,005

Boise Cascade Co.		3,541		110,727

Builders FirstSource, Inc.*		15,607		286,388

EMCOR Group, Inc.		2,626		166,830

Generac Holdings, Inc.*		2,097		204,332

Gibraltar Industries, Inc.*		2,220		102,786

GMS, Inc.*		3,433		63,099

Great Lakes Dredge & Dock Corp.*		7,413		65,531

Griffon Corp.		5,194		85,234

Installed Building Products, Inc.*		1,903		93,837

JELD-WEN Holding, Inc.*		3,876		49,225

KBR, Inc.		6,661		134,952

LB Foster Co., Class A*		788		11,339

Louisiana-Pacific Corp.		6,092		121,840

Masonite International Corp.*		1,848		109,180

MasTec, Inc.*		3,399		122,024

Mueller Water Products, Inc., Class A		10,937		103,792

Patrick Industries, Inc.		2,274		93,734


INVESTMENTS	SHARES		VALUE($)


Construction & Materials — continued

PGT Innovations, Inc.*		5,807		60,044

Quanex Building Products Corp.		4,431		55,255

Simpson Manufacturing Co., Inc.		3,326		239,805

TopBuild Corp.*		3,610		336,416

Trex Co., Inc.*		1,390		132,356

Universal Forest Products, Inc.		7,621		313,376

US Concrete, Inc.*		1,586		30,419

Watts Water Technologies, Inc., Class A		2,626		216,382


				3,688,789


Electricity — 3.8%

ALLETE, Inc.		6,017		346,339

Black Hills Corp.		4,212		260,891

Clearway Energy, Inc.		6,801		127,179

Clearway Energy, Inc., Class C (a)		13,838		277,175

El Paso Electric Co.		17,211		1,170,348

MGE Energy, Inc.		4,084		264,072

NorthWestern Corp.		6,023		347,467

Ormat Technologies, Inc. (a)		8,957		559,006

PNM Resources, Inc.		8,880		359,551

Portland General Electric Co.		7,877		368,565

Spark Energy, Inc., Class A (a)		13,376		96,575

TerraForm Power, Inc., Class A		22,032		381,594

Vivint Solar, Inc.*		12,839		81,399


				4,640,161


Electronic & Electrical Equipment — 2.0%

Anixter International, Inc.* (a)		1,833		170,212

Atkore International Group, Inc.*		4,799		116,808

AZZ, Inc.		3,598		112,941

Badger Meter, Inc. (a)		3,816		225,258

Belden, Inc.		541		18,497

Benchmark Electronics, Inc.		2,501		51,671

Brady Corp., Class A		3,127		136,150

CTS Corp.		1,153		26,703

Daktronics, Inc.		2,392		10,812

Encore Wire Corp.		2,619		119,898

EnerSys		2,200		128,458

ESCO Technologies, Inc.		1,711		130,549

Fabrinet (Thailand)*		3,119		195,717

Integer Holdings Corp.*		4,298		320,029

Methode Electronics, Inc.		2,627		78,863

MTS Systems Corp.		2,103		44,731

Novanta, Inc.*		2,016		175,170

Plexus Corp.*		2,990		187,443

TTM Technologies, Inc.*		4,640		53,778

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Electronic & Electrical Equipment — continued

Veeco Instruments, Inc.*		1,746		19,084

Vishay Intertechnology, Inc.		6,543		108,548


				2,431,320


Financial Services — 1.4%

Ares Management Corp.		11,511		386,194

Cohen & Steers, Inc.		4,751		274,323

Encore Capital Group, Inc.*		2,334		60,637

Federated Hermes, Inc., Class B		9,853		224,353

NMI Holdings, Inc., Class A*		5,529		74,752

PennyMac Financial Services, Inc. (a)		9,562		288,486

PRA Group, Inc.* (a)		1,664		46,159

Radian Group, Inc.		18,217		272,891

Stewart Information Services Corp.		2,199		70,060


				1,697,855


Fixed Line Telecommunications — 1.1%

8x8, Inc.*		17,921		303,940

Cincinnati Bell, Inc.*		6,610		96,837

Consolidated Communications Holdings, Inc.*		46,662		292,571

Frontier Communications Corp.* (a)		41,860		3,583

GTT Communications, Inc.* (a)		9,250		105,080

IDT Corp., Class B*		16,610		89,694

Pareteum Corp.*		3,608		2,287

Vonage Holdings Corp.*		46,229		386,474


				1,280,466


Food & Drug Retailers — 1.1%

Core-Mark Holding Co., Inc.		7,397		212,590

GNC Holdings, Inc., Class A* (a)		4,554		2,621

Ingles Markets, Inc., Class A		4,448		181,612

Performance Food Group Co.*		7,688		225,643

PetMed Express, Inc.		8,073		319,449

Simply Good Foods Co. (The)*		10,552		198,905

SpartanNash Co.		8,816		151,194


				1,292,014


Food Producers — 3.1%

Andersons, Inc. (The)		7,453		126,477

B&G Foods, Inc. (a)		10,349		200,978

Calavo Growers, Inc. (a)		2,862		165,996

Darling Ingredients, Inc.* (a)		6,136		126,340

Fresh Del Monte Produce, Inc.		14,371		409,717

Hostess Brands, Inc.*		24,354		292,735

J&J Snack Foods Corp. (a)		2,349		298,393

John B Sanfilippo & Son, Inc.		3,454		283,677

Lancaster Colony Corp. (a)		2,941		395,947


INVESTMENTS	SHARES		VALUE($)


Food Producers — continued

Medifast, Inc.		3,465		262,924

Nature’s Sunshine Products, Inc.*		986		8,677

Sanderson Farms, Inc. (a)		2,547		346,749

Tootsie Roll Industries, Inc. (a)		9,442		331,697

USANA Health Sciences, Inc.* (a)		6,348		566,369


				3,816,676


Forestry & Paper — 0.9%

Clearwater Paper Corp.*		5,561		133,130

Neenah, Inc.		4,262		208,241

PH Glatfelter Co.		11,530		168,338

Schweitzer-Mauduit International, Inc.		11,152		359,318

Verso Corp., Class A*		15,897		220,809


				1,089,836


Gas, Water & Multiutilities — 3.2%

American States Water Co.		5,542		439,869

Avista Corp.		9,042		389,168

California Water Service Group		5,687		255,460

Evoqua Water Technologies Corp.*		15,934		255,741

New Jersey Resources Corp.		9,460		319,559

Northwest Natural Holding Co.		5,903		384,285

ONE Gas, Inc.		5,195		414,093

SJW Group		4,506		268,242

South Jersey Industries, Inc. (a)		15,177		433,910

Southwest Gas Holdings, Inc.		4,328		328,062

Spire, Inc. (a)		5,679		414,340


				3,902,729


General Industrials — 0.5%

CSW Industrials, Inc.		1,167		77,302

Enerpac Tool Group Corp.		3,057		52,153

Greif, Inc., Class A		3,118		105,669

Myers Industries, Inc.		2,914		36,017

Otter Tail Corp.		7,049		312,835

TriMas Corp.*		1,748		41,672


				625,648


General Retailers — 6.2%

1-800-Flowers.com, Inc., Class A*		8,585		164,746

Aaron’s, Inc.		5,892		188,014

Abercrombie & Fitch Co., Class A (a)		20,659		218,572

American Eagle Outfitters, Inc. (a)		10,389		82,593

American Public Education, Inc.*		4,089		105,374

America’s Car-Mart, Inc.*		1,722		113,566

Asbury Automotive Group, Inc.*		2,849		192,307

Bed Bath & Beyond, Inc. (a)		22,763		140,903

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

General Retailers — continued

Big Lots, Inc.		3,892		91,267

BJ’s Wholesale Club Holdings, Inc.*		11,912		313,405

Boot Barn Holdings, Inc.*		5,117		94,460

Buckle, Inc. (The) (a)		18,293		280,066

Caleres, Inc.		5,719		46,381

Carriage Services, Inc.		2,483		37,295

Cars.com, Inc.*		7,678		39,772

Cato Corp. (The), Class A		8,842		99,561

Chegg, Inc.* (a)		5,167		220,889

Chico’s FAS, Inc.		11,690		17,535

Citi Trends, Inc.		3,960		44,986

Dillard’s, Inc., Class A		5,134		151,350

Express, Inc.* (a)		24,306		50,313

Genesco, Inc.*		6,345		120,111

Group 1 Automotive, Inc. (a)		4,856		274,801

Guess?, Inc. (a)		7,909		73,949

Haverty Furniture Cos., Inc. (a)		7,241		97,971

Hibbett Sports, Inc.* (a)		4,062		62,677

Hillenbrand, Inc.		8,812		184,611

Houghton Mifflin Harcourt Co.*		993		1,589

K12, Inc.*		7,894		179,273

Lands’ End, Inc.* (a)		644		5,480

Laureate Education, Inc., Class A* (a)		22,139		209,656

Lithia Motors, Inc., Class A		3,476		384,307

Matthews International Corp., Class A (a)		3,879		92,863

Monro, Inc.		5,665		314,351

Murphy USA, Inc.*		3,687		393,772

Office Depot, Inc.		109,770		243,689

Perdoceo Education Corp.* (a)		15,111		196,443

PriceSmart, Inc. (a)		2,025		128,669

Rent-A-Center, Inc.		19,448		387,112

RH*		897		128,971

Sally Beauty Holdings, Inc.* (a)		19,155		185,995

Shoe Carnival, Inc.		11,240		265,489

Sonic Automotive, Inc., Class A		4,038		86,534

Stamps.com, Inc.*		814		128,832

Strategic Education, Inc.		1,718		273,677

Systemax, Inc.		1,647		32,709

Tailored Brands, Inc. (a)		3,214		5,335

Titan Machinery, Inc.*		1,925		18,095

WW International, Inc.*		2,221		56,658

Zumiez, Inc.*		15,594		329,657


				7,556,631


Health Care Equipment & Services — 7.3%

Accuray, Inc.*		10,047		22,455


INVESTMENTS	SHARES		VALUE($)


Health Care Equipment & Services — continued

Amedisys, Inc.*		2,457		452,481

Anika Therapeutics, Inc.* (a)		2,584		85,866

Atrion Corp.		101		63,815

Avanos Medical, Inc.*		3,451		107,154

Axogen, Inc.*		2,615		25,496

BioTelemetry, Inc.* (a)		2,723		127,191

Brookdale Senior Living, Inc.*		17,573		63,439

CONMED Corp.		4,193		309,905

CorVel Corp.*		1,147		60,435

Ensign Group, Inc. (The)		6,081		227,490

Genesis Healthcare, Inc.*		5,812		5,056

Globus Medical, Inc., Class A*		3,740		177,500

Haemonetics Corp.*		2,730		310,619

Healthcare Services Group, Inc. (a)		4,826		123,015

HealthEquity, Inc.* (a)		2,104		118,392

HMS Holdings Corp.*		9,854		282,563

Inogen, Inc.*		627		31,350

Intersect ENT, Inc.*		2,831		32,500

Invacare Corp. (a)		11,262		84,690

iRhythm Technologies, Inc.* (a)		1,189		125,606

Lantheus Holdings, Inc.*		5,968		77,882

LHC Group, Inc.*		3,496		454,445

LivaNova plc*		1,975		104,912

Magellan Health, Inc.*		4,854		294,783

Meridian Bioscience, Inc.*		7,790		93,480

Merit Medical Systems, Inc.*		7,458		304,436

Natus Medical, Inc.*		8,931		223,186

Neogen Corp.*		5,058		316,580

NeoGenomics, Inc.*		13,584		371,387

NuVasive, Inc.*		5,185		315,663

Omnicell, Inc.*		5,129		373,904

Option Care Health, Inc.*		592		8,466

OraSure Technologies, Inc.*		7,796		124,268

Orthofix Medical, Inc.*		2,297		81,429

Owens & Minor, Inc.		7,631		54,028

Patterson Cos., Inc. (a)		14,022		256,322

Pennant Group, Inc. (The)*		3,003		59,429

Quidel Corp.*		5,480		761,720

Repligen Corp.*		4,370		507,576

Select Medical Holdings Corp.* (a)		8,220		140,315

STAAR Surgical Co.* (a)		2,477		94,919

Surmodics, Inc.*		3,255		124,016

Tactile Systems Technology, Inc.*		292		15,073

Teladoc Health, Inc.* (a)		1,929		317,494

Tenet Healthcare Corp.*		3,715		74,969

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Health Care Equipment & Services — continued

Tivity Health, Inc.* (a)		11,135		99,881

US Physical Therapy, Inc. (a)		1,313		99,132

Varex Imaging Corp.*		4,596		120,093

Wright Medical Group NV*		5,785		168,459


				8,875,265


Household Goods & Home Construction — 4.5%

ACCO Brands Corp.		25,312		187,309

American Woodmark Corp.*		3,558		182,917

Bassett Furniture Industries, Inc.		3,266		22,339

Beazer Homes USA, Inc.*		8,413		59,227

Cavco Industries, Inc.*		480		74,246

Central Garden & Pet Co., Class A*		8,566		260,492

CompX International, Inc.		1,310		18,052

Ethan Allen Interiors, Inc. (a)		17,432		197,156

Hamilton Beach Brands Holding Co., Class A		2,969		39,161

Herman Miller, Inc.		9,959		224,476

HNI Corp.		10,216		248,657

Interface, Inc.		27,089		250,302

KB Home		12,797		335,793

Kimball International, Inc., Class B		6,555		80,430

Knoll, Inc.		13,820		161,141

La-Z-Boy, Inc.		14,093		330,481

LGI Homes, Inc.* (a)		3,974		240,745

M/I Homes, Inc.*		11,122		283,166

MDC Holdings, Inc.		10,579		309,436

Meritage Homes Corp.*		6,564		345,004

National Presto Industries, Inc.		1,437		116,842

Sleep Number Corp.*		7,253		216,865

Steelcase, Inc., Class A		25,527		279,521

Taylor Morrison Home Corp.* (a)		18,243		265,436

TRI Pointe Group, Inc.*		27,004		310,006

WD-40 Co.		2,456		428,032


				5,467,232


Industrial Engineering — 1.5%

Albany International Corp., Class A		3,665		187,428

Astec Industries, Inc.		1,216		48,774

CIRCOR International, Inc.*		1,446		21,589

Columbus McKinnon Corp.		6,780		183,602

EnPro Industries, Inc.		2,331		105,711

Federal Signal Corp.		3,583		96,490

Franklin Electric Co., Inc.		3,258		165,506

GATX Corp. (a)		1,992		118,126

John Bean Technologies Corp.		1,127		86,486

Kennametal, Inc. (a)		2,950		75,550


INVESTMENTS	SHARES		VALUE($)


Industrial Engineering — continued

MSA Safety, Inc.		2,260		254,318

Mueller Industries, Inc.		4,937		127,868

Rexnord Corp.		5,457		148,812

Standex International Corp.		1,162		57,914

Tennant Co.		2,005		118,636

Titan International, Inc.		363		512

Wabash National Corp.		6,736		55,235


				1,852,557


Industrial Metals & Mining — 1.6%

Carpenter Technology Corp.		9,072		201,126

Century Aluminum Co.*		25,448		110,699

Cleveland-Cliffs, Inc. (a)		104,424		457,377

Commercial Metals Co. (a)		23,174		369,393

Haynes International, Inc.		4,409		97,439

Kaiser Aluminum Corp.		4,394		317,379

Olympic Steel, Inc.		3,959		37,373

Schnitzer Steel Industries, Inc., Class A		4,201		65,368

Worthington Industries, Inc.		8,505		224,872


				1,881,026


Industrial Transportation — 1.4%

ArcBest Corp.		3,288		66,976

DHT Holdings, Inc. (a)		13,383		97,161

Echo Global Logistics, Inc.*		3,974		69,664

Forward Air Corp.		2,728		140,765

Heartland Express, Inc.		2,516		49,288

Hub Group, Inc., Class A*		3,003		144,474

Matson, Inc.		2,557		77,324

Nordic American Tankers Ltd. (a)		1,938		11,667

Saia, Inc.*		2,100		194,292

Scorpio Tankers, Inc. (Monaco)		1,053		23,050

SEACOR Holdings, Inc.*		5,365		151,615

SFL Corp. Ltd. (Norway) (a)		11,735		132,488

Teekay Tankers Ltd., Class A (Bermuda)*		6,746		137,011

Triton International Ltd. (Bermuda)		2,971		92,042

Werner Enterprises, Inc.		5,575		223,669

World Fuel Services Corp.		3,952		98,800


				1,710,286


Leisure Goods — 2.0%

Callaway Golf Co.		15,469		221,516

Fox Factory Holding Corp.*		6,572		335,238

Funko, Inc., Class A* (a)		4,438		18,995

LCI Industries		4,316		374,284

Sonos, Inc.*		27,738		283,482

Sturm Ruger & Co., Inc. (a)		5,072		269,830

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Leisure Goods — continued

Universal Electronics, Inc.*		5,619		231,952

Winnebago Industries, Inc.		8,012		355,493

YETI Holdings, Inc.* (a)		10,638		293,715

ZAGG, Inc.*		931		3,072


				2,387,577


Life Insurance — 0.5%

Employers Holdings, Inc.		4,940		150,028

FBL Financial Group, Inc., Class A		1,222		47,756

FGL Holdings (a)		36,993		383,987

National Western Life Group, Inc., Class A		204		39,317


				621,088


Media — 0.9%

Entercom Communications Corp., Class A (a)		10,164		12,400

EW Scripps Co. (The), Class A		7,451		60,129

Gray Television, Inc.*		17,040		197,834

MDC Partners, Inc., Class A* (a)		4,430		6,335

Meredith Corp.		5,631		83,508

MSG Networks, Inc., Class A* (a)		13,633		161,960

QuinStreet, Inc.*		6,536		66,406

Scholastic Corp.		4,353		126,542

TEGNA, Inc.		21,485		230,319

Viad Corp.		3,680		88,210

Yelp, Inc.*		4,192		93,691


				1,127,334


Mining — 2.3%

Arch Coal, Inc., Class A		6,367		185,853

Coeur Mining, Inc.*		66,609		280,424

Compass Minerals International, Inc.		7,592		373,223

CONSOL Energy, Inc.* (a)		30,633		232,504

Hecla Mining Co.		157,395		413,949

NACCO Industries, Inc., Class A		1,985		69,773

Novagold Resources, Inc. (Canada)*		45,526		509,436

Peabody Energy Corp.		47,331		160,452

SunCoke Energy, Inc.		49,870		157,090

US Silica Holdings, Inc.		31,832		61,117

Warrior Met Coal, Inc.		23,365		293,231


				2,737,052


Mobile Telecommunications — 0.7%

Iridium Communications, Inc.* (a)		15,404		346,667

Shenandoah Telecommunications Co. (a)		9,530		509,950


				856,617


Nonlife Insurance — 1.0%

Argo Group International Holdings Ltd.		878		31,046


INVESTMENTS	SHARES		VALUE($)


Nonlife Insurance — continued

Enstar Group Ltd. (Bermuda)*		502		72,599

Essent Group Ltd.		6,525		178,263

Horace Mann Educators Corp.		2,542		89,377

James River Group Holdings Ltd.		2,487		88,239

Kinsale Capital Group, Inc.		1,379		149,787

Protective Insurance Corp., Class B		207		3,233

RLI Corp.		3,497		254,686

Safety Insurance Group, Inc.		1,900		159,828

Selective Insurance Group, Inc.		2,482		124,423

State Auto Financial Corp.		1,510		37,886


				1,189,367


Oil & Gas Producers — 2.3%

Berry Corp.		30,728		105,397

Bonanza Creek Energy, Inc.*		6,648		116,074

California Resources Corp.* (a)		2,445		6,846

CVR Energy, Inc. (a)		14,565		347,375

Delek US Holdings, Inc. (a)		10,220		238,637

Denbury Resources, Inc.* (a)		367,362		130,597

Gulfport Energy Corp.* (a)		52,209		133,394

Magnolia Oil & Gas Corp., Class A* (a)		29,048		187,941

Matador Resources Co.* (a)		7,894		55,574

Northern Oil and Gas, Inc.* (a)		190,675		159,633

Oasis Petroleum, Inc.* (a)		21,193		14,918

Par Pacific Holdings, Inc.*		16,677		162,100

PDC Energy, Inc.*		20,450		265,645

Penn Virginia Corp.*		1,683		10,586

ProPetro Holding Corp.*		27,592		116,990

QEP Resources, Inc.		42,084		41,495

SM Energy Co.		14,796		59,924

Southwestern Energy Co.*		80,964		261,514

Talos Energy, Inc.*		15,128		172,308

W&T Offshore, Inc.* (a)		66,711		184,789

Whiting Petroleum Corp.* (a)		15,537		19,577


				2,791,314


Oil Equipment, Services & Distribution — 1.8%

Archrock, Inc. (a)		30,587		147,123

Cactus, Inc., Class A		15,070		267,945

Chart Industries, Inc.*		3,919		139,987

Covia Holdings Corp.*		4,970		3,231

DMC Global, Inc. (a)		5,539		142,962

Dril-Quip, Inc.*		7,791		258,116

Flotek Industries, Inc.*		9,568		8,586

Forum Energy Technologies, Inc.*		5,332		2,293

Geospace Technologies Corp.*		1,306		8,110

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Oil Equipment, Services & Distribution — continued

Golar LNG Ltd. (Bermuda)		994		7,047

Helix Energy Solutions Group, Inc.* (a)		41,526		105,476

Liberty Oilfield Services, Inc., Class A		23,406		110,476

Matrix Service Co.*		12,967		135,375

MRC Global, Inc.*		23,206		124,384

Nabors Industries Ltd. (a)		3,999		58,905

Newpark Resources, Inc.* (a)		24,275		37,141

NexTier Oilfield Solutions, Inc.* (a)		21,383		49,609

NOW, Inc.*		28,446		175,512

Oceaneering International, Inc.*		17,571		90,315

Oil States International, Inc.*		15,133		52,058

RPC, Inc. (a)		21,910		74,713

Solaris Oilfield Infrastructure, Inc., Class A (a)		26,073		178,339

TETRA Technologies, Inc.*		7,344		3,571

Tidewater, Inc.*		3,492		20,114


				2,201,388


Personal Goods — 1.7%

Crocs, Inc.*		13,489		327,108

Deckers Outdoor Corp.*		2,411		358,660

elf Beauty, Inc.*		10,004		130,752

Helen of Troy Ltd.*		2,600		427,128

Inter Parfums, Inc.		1,434		64,086

Movado Group, Inc.		1,958		20,187

Oxford Industries, Inc.		4,713		197,569

Signet Jewelers Ltd. (a)		3,241		32,605

Steven Madden Ltd.		12,662		317,436

Vera Bradley, Inc.*		29,988		165,234


				2,040,765


Pharmaceuticals & Biotechnology — 3.9%

Acceleron Pharma, Inc.*		3,033		274,578

ANI Pharmaceuticals, Inc.* (a)		3,551		142,076

Arena Pharmaceuticals, Inc.* (a)		5,668		277,562

Arrowhead Pharmaceuticals, Inc.* (a)		6,626		228,133

Assertio Therapeutics, Inc.*		2,783		2,435

Codexis, Inc.* (a)		9,108		105,744

Corcept Therapeutics, Inc.* (a)		6,789		85,949

Eagle Pharmaceuticals, Inc.*		1,733		88,348

Emergent BioSolutions, Inc.*		2,473		182,878

Enanta Pharmaceuticals, Inc.*		1,754		81,333

FibroGen, Inc.*		2,732		100,784

Halozyme Therapeutics, Inc.*		5,713		129,428

Heron Therapeutics, Inc.* (a)		3,813		54,373

ImmunoGen, Inc.*		2,920		11,914

Innoviva, Inc.* (a)		9,428		133,689


INVESTMENTS	SHARES		VALUE($)


Pharmaceuticals & Biotechnology — continued

Ironwood Pharmaceuticals, Inc.* (a)		7,905		79,050

Lannett Co., Inc.*		2,391		22,810

Lexicon Pharmaceuticals, Inc.*		6,496		12,277

Ligand Pharmaceuticals, Inc.* (a)		969		95,514

Luminex Corp.		9,100		328,055

Mallinckrodt plc* (a)		2,728		11,076

Medpace Holdings, Inc.*		4,635		370,151

Momenta Pharmaceuticals, Inc.*		4,914		155,774

MyoKardia, Inc.*		2,148		134,937

Myriad Genetics, Inc.* (a)		4,464		69,013

Novocure Ltd.*		5,253		345,647

Pacira BioSciences, Inc.*		6,919		285,686

PDL BioPharma, Inc.*		23,798		80,675

PetIQ, Inc.* (a)		3,329		95,209

Prestige Consumer Healthcare, Inc.*		3,527		143,514

PTC Therapeutics, Inc.*		3,398		173,026

Retrophin, Inc.*		5,584		84,989

Sangamo Therapeutics, Inc.*		3,291		26,822

Supernus Pharmaceuticals, Inc.*		2,735		63,999

Syneos Health, Inc.*		2,727		152,139

Vanda Pharmaceuticals, Inc.*		6,938		79,787

Xencor, Inc.*		2,665		77,898


				4,787,272


Real Estate Investment & Services — 0.2%

Kennedy-Wilson Holdings, Inc.		9,844		139,293

Rafael Holdings, Inc., Class B*		4,486		63,297


				202,590


Real Estate Investment Trusts — 7.2%

Acadia Realty Trust		2,141		26,527

AG Mortgage Investment Trust, Inc. (a)		2,980		9,506

Agree Realty Corp.		4,468		290,911

American Assets Trust, Inc.		6,440		182,381

Anworth Mortgage Asset Corp.		16,902		29,071

Apollo Commercial Real Estate Finance, Inc.		16,510		134,557

Blackstone Mortgage Trust, Inc., Class A		8,838		207,958

Capstead Mortgage Corp.		18,829		97,723

CareTrust REIT, Inc.		12,081		199,095

Community Healthcare Trust, Inc.		1,996		74,251

CoreCivic, Inc.		6,662		87,405

DiamondRock Hospitality Co.		5,299		33,013

EastGroup Properties, Inc.		2,804		297,224

Ellington Financial, Inc. (a)		15,124		157,138

Essential Properties Realty Trust, Inc.		7,464		109,646

Exantas Capital Corp.		10,683		31,622

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Real Estate Investment Trusts — continued

First Industrial Realty Trust, Inc.		8,993		339,666

Four Corners Property Trust, Inc.		9,358		209,526

Franklin Street Properties Corp.		5,379		29,262

GEO Group, Inc. (The)		3,897		49,414

Global Net Lease, Inc.		14,607		210,195

Granite Point Mortgage Trust, Inc.		6,692		33,326

Hannon Armstrong Sustainable Infrastructure Capital, Inc.		5,907		165,337

Healthcare Realty Trust, Inc. (a)		9,429		277,118

Innovative Industrial Properties, Inc. (a)		3,527		276,728

Invesco Mortgage Capital, Inc. (a)		26,179		79,584

Investors Real Estate Trust		1,689		105,782

iStar, Inc.		16,365		163,977

Kite Realty Group Trust		7,753		79,313

KKR Real Estate Finance Trust, Inc. (a)		12,502		197,282

Ladder Capital Corp.		17,206		136,788

Lexington Realty Trust		41,021		428,669

LTC Properties, Inc. (a)		6,609		235,280

Mack-Cali Realty Corp.		5,991		96,994

National Health Investors, Inc.		3,876		213,413

National Storage Affiliates Trust		4,281		121,923

New York Mortgage Trust, Inc.		73,054		159,258

Office Properties Income Trust		1,822		49,923

PennyMac Mortgage Investment Trust		20,356		211,702

Physicians Realty Trust		16,418		253,166

Piedmont Office Realty Trust, Inc., Class A		14,637		253,952

PotlatchDeltic Corp.		2,291		80,437

PS Business Parks, Inc.		1,861		240,236

QTS Realty Trust, Inc., Class A		3,286		205,474

Redwood Trust, Inc. (a)		24,241		99,388

Retail Opportunity Investments Corp.		7,627		74,020

Rexford Industrial Realty, Inc.		8,136		331,298

RLJ Lodging Trust		5,471		50,826

RPT Realty		11,587		79,023

Ryman Hospitality Properties, Inc.		1,524		53,858

Sabra Health Care REIT, Inc.		15,788		202,402

Saul Centers, Inc.		1,290		42,080

STAG Industrial, Inc.		10,472		274,890

Summit Hotel Properties, Inc.		5,852		35,463

Terreno Realty Corp.		6,526		357,755

TPG RE Finance Trust, Inc. (a)		5,447		41,887

Urban Edge Properties		899		10,339

Washington REIT (a)		5,259		122,640

Western Asset Mortgage Capital Corp.		23,720		72,346

Xenia Hotels & Resorts, Inc.		4,858		47,123


				8,767,091


INVESTMENTS	SHARES		VALUE($)


Software & Computer Services — 6.6%

ACI Worldwide, Inc.* (a)		12,706		348,144

Agilysys, Inc.*		4,481		87,783

Alarm.com Holdings, Inc.*		619		27,688

Appfolio, Inc., Class A* (a)		3,091		339,577

Avaya Holdings Corp.* (a)		10,738		106,736

Blackbaud, Inc.		2,406		132,955

Blackline, Inc.*		3,328		202,143

Blucora, Inc.*		7,162		100,769

Bottomline Technologies DE, Inc.*		3,315		138,003

Cogent Communications Holdings, Inc.		5,587		468,358

Computer Programs & Systems, Inc. (a)		1,993		47,892

CSG Systems International, Inc.		6,575		319,413

Ebix, Inc. (a)		3,718		77,818

Envestnet, Inc.*		4,475		279,777

Everbridge, Inc.* (a)		2,700		300,726

Five9, Inc.* (a)		3,843		356,131

Forrester Research, Inc.*		2,796		87,515

Gogo, Inc.* (a)		9,446		15,397

Intelligent Systems Corp.*		2,616		87,741

j2 Global, Inc.		3,590		289,498

Meet Group, Inc. (The)* (a)		43,418		267,889

MicroStrategy, Inc., Class A*		1,291		163,092

NetScout Systems, Inc.*		3,650		96,652

NextGen Healthcare, Inc.*		6,323		66,708

NIC, Inc.		4,860		117,758

OneSpan, Inc.*		5,043		84,722

Perficient, Inc.*		9,343		325,417

Perspecta, Inc.		10,630		229,289

Progress Software Corp.		8,162		333,907

PROS Holdings, Inc.*		5,161		177,487

Q2 Holdings, Inc.*		572		45,600

Qualys, Inc.*		4,984		525,513

Rosetta Stone, Inc.*		1,802		30,778

SailPoint Technologies Holding, Inc.* (a)		4,572		84,993

Science Applications International Corp.		3,285		268,253

Shutterstock, Inc. (a)		4,417		167,846

SPS Commerce, Inc.*		5,745		318,905

TiVo Corp.		6,522		45,850

Unisys Corp.*		11,817		148,776

Varonis Systems, Inc.*		2,519		168,899

Verint Systems, Inc.*		5,336		228,061

Virtusa Corp.*		3,260		107,580

Workiva, Inc.*		5,379		206,285


				8,024,324

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Support Services — 3.6%

ABM Industries, Inc.		4,614		159,137

AMN Healthcare Services, Inc.*		1,914		89,920

Applied Industrial Technologies, Inc.		7,061		369,926

ASGN, Inc.*		2,796		129,874

Barnes Group, Inc.		2,676		102,705

Cimpress plc (Ireland)* (a)		972		70,752

Comfort Systems USA, Inc.		4,814		160,306

Covanta Holding Corp.		446		3,470

CRA International, Inc.		2,231		93,992

Deluxe Corp.		2,134		60,115

DXP Enterprises, Inc.*		949		14,159

EVERTEC, Inc. (Puerto Rico)		5,052		128,018

ExlService Holdings, Inc.*		2,124		131,114

Exponent, Inc.		2,091		147,060

FTI Consulting, Inc.*		2,647		337,122

Heidrick & Struggles International, Inc.		1,145		25,694

Huron Consulting Group, Inc.*		1,472		82,491

Insperity, Inc.		1,378		65,744

Kaman Corp.		3,922		152,017

Kelly Services, Inc., Class A		1,787		27,609

Korn Ferry		1,780		51,317

Lawson Products, Inc.*		1,426		47,928

MAXIMUS, Inc.		6,146		413,749

McGrath RentCorp		2,642		144,121

Mobile Mini, Inc. (a)		838		23,942

Resources Connection, Inc.		2,689		29,256

SiteOne Landscape Supply, Inc.*		2,626		232,742

Sykes Enterprises, Inc.*		1,656		47,411

Team, Inc.* (a)		1,830		11,291

Tetra Tech, Inc.		4,413		332,211

TriNet Group, Inc.*		2,825		138,340

TrueBlue, Inc.*		1,162		18,046

TTEC Holdings, Inc.		3,972		154,828

UniFirst Corp.		2,019		339,495


				4,335,902


Technology Hardware & Equipment — 6.4%

Acacia Communications, Inc.*		6,201		419,746

ADTRAN, Inc.		11,425		117,449

Advanced Energy Industries, Inc.*		2,865		159,294

Amkor Technology, Inc.*		13,020		128,638

Axcelis Technologies, Inc.*		3,877		90,567

Brooks Automation, Inc.		5,028		193,528

Cabot Microelectronics Corp.		3,002		367,865

CEVA, Inc.*		3,027		94,896

Cirrus Logic, Inc.*		6,221		470,308


INVESTMENTS	SHARES		VALUE($)


Technology Hardware & Equipment — continued

Cohu, Inc.		524		8,662

Comtech Telecommunications Corp.		4,816		89,144

Diodes, Inc.*		9,437		480,249

DSP Group, Inc.*		2,443		42,142

FormFactor, Inc.*		5,202		121,207

Harmonic, Inc.* (a)		13,663		79,245

Ichor Holdings Ltd.*		8,288		206,371

Inphi Corp.*		5,693		549,602

Insight Enterprises, Inc.*		6,264		340,073

InterDigital, Inc. (a)		2,435		140,670

Lattice Semiconductor Corp.*		23,036		518,540

Loral Space & Communications, Inc.*		965		21,230

Lumentum Holdings, Inc.* (a)		1,999		161,739

MaxLinear, Inc.*		8,254		136,108

NeoPhotonics Corp.*		7,330		70,515

Onto Innovation, Inc.*		6,542		212,353

PC Connection, Inc.		2,994		137,574

Photronics, Inc.*		7,256		86,709

Pitney Bowes, Inc. (a)		18,979		66,996

Power Integrations, Inc.		2,665		272,763

Rambus, Inc.*		10,148		127,154

Ribbon Communications, Inc.*		1,005		3,663

ScanSource, Inc.*		2,940		76,205

Semtech Corp.*		3,706		167,659

Silicon Laboratories, Inc.*		2,326		226,134

SMART Global Holdings, Inc.*		3,162		79,967

Stratasys Ltd.* (a)		3,155		55,843

Synaptics, Inc.*		4,086		267,184

Tech Data Corp.*		3,006		422,764

Ultra Clean Holdings, Inc.*		4,103		75,454

Viavi Solutions, Inc.* (a)		24,712		298,521

Xperi Corp.		13,067		199,664


				7,784,395


Tobacco — 0.6%

Universal Corp.		7,872		380,769

Vector Group Ltd.		35,157		376,180


				756,949


Travel & Leisure — 3.4%

Allegiant Travel Co. (a)		881		69,141

AMC Entertainment Holdings, Inc., Class A (a)		4,154		20,438

Avis Budget Group, Inc.*		3,362		55,406

Biglari Holdings, Inc., Class B*		132		9,239

BJ’s Restaurants, Inc.		3,069		67,088

Bloomin’ Brands, Inc.		16,473		198,500

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Travel & Leisure — continued

Boyd Gaming Corp.		7,012		117,030

Brinker International, Inc. (a)		5,352		124,595

Cheesecake Factory, Inc. (The) (a)		6,675		148,786

Churchill Downs, Inc.		3,409		341,650

Chuy’s Holdings, Inc.*		2,781		46,610

Cracker Barrel Old Country Store, Inc. (a)		1,943		189,248

Dave & Buster’s Entertainment, Inc. (a)		5,807		85,014

Denny’s Corp.*		11,778		132,738

Dine Brands Global, Inc. (a)		3,051		135,434

El Pollo Loco Holdings, Inc.* (a)		7,863		96,164

Eldorado Resorts, Inc.* (a)		3,550		76,112

Hawaiian Holdings, Inc.		3,273		47,131

IMAX Corp.*		5,710		65,665

Jack in the Box, Inc. (a)		3,510		211,653

Marcus Corp. (The)		4,343		63,147

Marriott Vacations Worldwide Corp.		2,484		206,172

Noodles & Co.* (a)		2,951		18,444

Penn National Gaming, Inc.* (a)		9,886		176,168

Red Robin Gourmet Burgers, Inc.* (a)		6,681		97,743

Ruth’s Hospitality Group, Inc.		7,628		85,853

SeaWorld Entertainment, Inc.* (a)		8,991		132,078

Shake Shack, Inc., Class A* (a)		3,606		196,563

SkyWest, Inc.		4,507		139,492

Spirit Airlines, Inc.*		6,405		96,203

Texas Roadhouse, Inc.		5,505		259,230

Travelzoo*		628		3,498

Wingstop, Inc.		3,881		455,125


				4,167,358


Total Common Stocks (Cost $156,153,855)				121,060,916


	NO. OF RIGHTS
Rights — 0.0%

Media — 0.0%

Media General, Inc., CVR*‡		1,533		—


Pharmaceuticals & Biotechnology — 0.0%

Achillion Pharmaceuticals, Inc., CVR*‡		12,757		—


Total Rights (Cost $—)				—


INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 16.1%

Investment Companies — 0.2%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (b) (c) (Cost $269,662)		269,662		269,662

Investment of Cash Collateral from Securities Loaned — 15.9%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (b) (c)		16,995,798		16,999,197

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (b) (c)		2,339,008		2,339,008


Total Investment of Cash Collateral from Securities Loaned (Cost $19,335,505)				19,338,205


Total Short-Term Investments (Cost $19,605,167)				19,607,867

Total Investments — 115.8% (Cost $175,759,022)				140,668,783
Liabilities in Excess of Other Assets — (15.8%)				(19,217,971	)

NET ASSETS — 100.0%				121,450,812

Percentages indicated are based on net assets.

Abbreviations


CVR		Contingent Value Rights
REIT		Real Estate Investment Trust

(a)		The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $17,770,833.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of April 30, 2020.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan Diversified Return U.S. Small Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Futures contracts outstanding as of April 30, 2020:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)

Long Contracts

Russell 2000 E-Mini Index

06/2020

USD

457,450

97,121

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.6%

Aerospace & Defense — 0.8%

Lockheed Martin Corp.		621		241,606


Automobiles & Parts — 1.9%

Ford Motor Co.		26,791		136,366

General Motors Co.		6,030		134,409

Genuine Parts Co.		2,204		174,733

Goodyear Tire & Rubber Co. (The)		7,310		52,413

Harley-Davidson, Inc.		4,907		107,120


				605,041


Banks — 1.3%

New York Community Bancorp, Inc. (a)		19,463		211,368

PacWest Bancorp		4,088		82,741

People’s United Financial, Inc.		9,128		115,835


				409,944


Beverages — 1.6%

Coca-Cola Co. (The)		4,443		203,889

Keurig Dr Pepper, Inc.		1,538		40,695

Molson Coors Beverage Co., Class B		1,079		44,250

PepsiCo, Inc.		1,775		234,815


				523,649


Chemicals — 6.8%

Cabot Corp.		1,653		56,020

CF Industries Holdings, Inc.		4,940		135,850

Chemours Co. (The) (a)		15,364		180,220

Dow, Inc.		5,633		206,675

DuPont de Nemours, Inc.		5,289		248,689

Eastman Chemical Co.		3,613		218,622

Huntsman Corp.		11,017		185,196

International Flavors & Fragrances, Inc.		1,599		209,517

LyondellBasell Industries NV, Class A		3,199		185,382

Olin Corp.		13,842		184,791

RPM International, Inc.		2,279		151,348

Scotts Miracle-Gro Co. (The)		1,713		212,463


				2,174,773


Construction & Materials — 0.7%

Fluor Corp.		3,214		37,604

MDU Resources Group, Inc. (a)		8,209		184,374


				221,978


Electricity — 13.6%

AES Corp. (The)		13,309		176,345

Alliant Energy Corp.		4,328		210,124

American Electric Power Co., Inc.		2,567		213,343

Avangrid, Inc. (a)		3,174		136,482

CMS Energy Corp.		3,628		207,123


INVESTMENTS	SHARES		VALUE($)


Electricity — continued

Consolidated Edison, Inc.		2,865		225,762

Dominion Energy, Inc.		2,920		225,220

DTE Energy Co.		2,007		208,206

Edison International		3,397		199,438

Entergy Corp.		1,955		186,722

Evergy, Inc.		3,486		203,687

Eversource Energy		2,618		211,273

Exelon Corp.		5,319		197,228

FirstEnergy Corp.		5,081		209,693

Hawaiian Electric Industries, Inc.		4,121		162,656

IDACORP, Inc.		717		65,806

OGE Energy Corp.		5,984		188,616

Pinnacle West Capital Corp.		2,545		195,940

PPL Corp.		7,583		192,760

Public Service Enterprise Group, Inc.		4,385		222,363

Southern Co. (The)		3,784		214,666

Vistra Energy Corp.		5,730		111,964

Xcel Energy, Inc.		3,637		231,168


				4,396,585


Electronic & Electrical Equipment — 1.3%

Emerson Electric Co.		3,412		194,586

Hubbell, Inc.		1,709		212,651


				407,237


Financial Services — 0.8%

BGC Partners, Inc., Class A		13,000		40,235

Invesco Ltd.		12,871		110,948

Janus Henderson Group plc (United Kingdom) (a)		2,309		41,331

Lazard Ltd., Class A		2,830		77,825


				270,339


Fixed Line Telecommunications — 2.0%

AT&T, Inc.		6,823		207,897

CenturyLink, Inc.		18,828		199,953

Verizon Communications, Inc.		4,350		249,908


				657,758


Food & Drug Retailers — 0.4%

Sysco Corp.		1,978		111,302


Food Producers — 4.6%

Archer-Daniels-Midland Co.		1,750		64,995

Campbell Soup Co.		4,988		249,300

Conagra Brands, Inc.		6,141		205,355

Flowers Foods, Inc. (a)		10,164		226,454

General Mills, Inc.		4,509		270,044

JM Smucker Co. (The)		165		18,960

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Food Producers — continued

Kellogg Co.		3,177		208,094

Kraft Heinz Co. (The)		7,653		232,115


				1,475,317


Forestry & Paper — 1.0%

Domtar Corp.		5,228		122,126

International Paper Co.		6,150		210,637


				332,763


Gas, Water & Multiutilities — 4.7%

Ameren Corp.		2,276		165,579

CenterPoint Energy, Inc.		9,948		169,414

Duke Energy Corp.		2,492		210,973

National Fuel Gas Co.		3,537		145,017

NiSource, Inc.		8,411		211,200

Sempra Energy (a)		1,626		201,380

UGI Corp.		6,321		190,768

WEC Energy Group, Inc.		2,452		222,029


				1,516,360


General Industrials — 2.8%

3M Co.		1,252		190,204

Eaton Corp. plc		2,525		210,838

Packaging Corp. of America		2,001		193,397

Sonoco Products Co.		3,667		179,096

WestRock Co.		3,668		118,073


				891,608


General Retailers — 3.6%

Foot Locker, Inc.		4,052		103,853

Gap, Inc. (The)		12,522		101,679

H&R Block, Inc.		8,254		137,429

Home Depot, Inc. (The)		1,097		241,153

KAR Auction Services, Inc.		3,061		45,854

Kohl’s Corp.		3,549		65,515

L Brands, Inc.		10,265		122,051

Macy’s, Inc. (a)		13,814		80,950

Nordstrom, Inc.		3,081		57,861

Target Corp.		2,060		226,064


				1,182,409


Health Care Equipment & Services — 1.3%

Medtronic plc		2,305		225,037

Quest Diagnostics, Inc.		1,670		183,884

ResMed, Inc.		43		6,679


				415,600


Household Goods & Home Construction — 3.3%

Clorox Co. (The)		1,416		263,999


INVESTMENTS	SHARES		VALUE($)


Household Goods & Home Construction — continued

Leggett & Platt, Inc.		4,771		167,605

Newell Brands, Inc.		13,211		183,369

Procter & Gamble Co. (The)		2,109		248,588

Stanley Black & Decker, Inc.		39		4,298

Whirlpool Corp. (a)		1,591		177,778


				1,045,637


Industrial Engineering — 1.8%

Caterpillar, Inc.		1,754		204,131

Cummins, Inc.		1,401		229,063

Rockwell Automation, Inc.		282		53,433

Timken Co. (The)		1,743		65,502


				552,129


Industrial Metals & Mining — 2.0%

GrafTech International Ltd. (a)		3,511		28,509

Nucor Corp.		4,446		183,131

Reliance Steel & Aluminum Co.		1,678		150,315

Southern Copper Corp. (Peru)		5,486		177,966

Steel Dynamics, Inc.		4,355		105,696


				645,617


Industrial Transportation — 1.0%

Macquarie Infrastructure Corp.		4,800		132,432

Ryder System, Inc.		681		24,107

United Parcel Service, Inc., Class B		1,727		163,478


				320,017


Leisure Goods — 0.8%

Garmin Ltd. (a)		1,749		141,949

Hasbro, Inc.		1,725		124,562


				266,511


Media — 0.5%

Nielsen Holdings plc		10,653		156,919


Mobile Telecommunications — 1.6%

Telephone & Data Systems, Inc.		6,739		132,219

T-Mobile US, Inc.*		4,422		388,252


				520,471


Nonlife Insurance — 0.5%

Old Republic International Corp.		10,512		167,666


Oil & Gas Producers — 3.5%

Apache Corp. (a)		9,200		120,336

Chevron Corp. (a)		2,323		213,716

Exxon Mobil Corp.		3,921		182,209

Kosmos Energy Ltd. (Ghana)		8,647		14,268

Marathon Petroleum Corp.		1,022		32,786

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Oil & Gas Producers — continued

Murphy Oil Corp. (a)		9,824		116,513

Occidental Petroleum Corp.		5,699		94,603

PBF Energy, Inc., Class A		8,278		94,369

Phillips 66		852		62,341

Valero Energy Corp.		2,902		183,842


				1,114,983


Oil Equipment, Services & Distribution — 3.5%

Antero Midstream Corp. (a)		34,400		163,400

Equitrans Midstream Corp. (a)		13,887		116,373

Halliburton Co.		10,187		106,964

Helmerich & Payne, Inc. (a)		5,353		105,829

Kinder Morgan, Inc.		11,026		167,926

ONEOK, Inc.		3,439		102,929

Schlumberger Ltd.		6,903		116,108

Targa Resources Corp.		5,587		72,407

Williams Cos., Inc. (The)		10,013		193,952


				1,145,888


Personal Goods — 1.8%

Coty, Inc., Class A		14,933		81,385

Hanesbrands, Inc.		12,663		125,870

Kimberly-Clark Corp.		1,726		239,016

Nu Skin Enterprises, Inc., Class A		2,017		58,916

Tapestry, Inc.		6,328		94,161


				599,348


Pharmaceuticals & Biotechnology — 6.8%

AbbVie, Inc.		2,719		223,502

Amgen, Inc.		1,137		271,993

Bristol-Myers Squibb Co.		3,929		238,923

Cardinal Health, Inc.		3,012		149,034

Eli Lilly & Co.		1,823		281,909

Gilead Sciences, Inc.		3,299		277,116

Johnson & Johnson		1,810		271,572

Merck & Co., Inc.		3,067		243,336

Pfizer, Inc.		6,364		244,123


				2,201,508


Real Estate Investment Trusts — 11.7%

AGNC Investment Corp.		13,424		166,726

Annaly Capital Management, Inc.		25,888		161,800

Apple Hospitality REIT, Inc.		9,400		90,992

Brandywine Realty Trust		12,521		139,734

Brixmor Property Group, Inc.		11,355		130,015

Brookfield Property REIT, Inc., Class A (a)		1,843		18,052

Chimera Investment Corp.		9,982		77,560

Colony Capital, Inc.		12,355		28,540


INVESTMENTS	SHARES		VALUE($)


Real Estate Investment Trusts — continued

Corporate Office Properties Trust		1,462		38,626

Digital Realty Trust, Inc.		1,880		281,041

EPR Properties		3,128		92,026

Gaming and Leisure Properties, Inc.		4,982		140,692

Healthcare Trust of America, Inc., Class A		1,104		27,191

Healthpeak Properties, Inc.		6,277		164,081

Iron Mountain, Inc.		6,570		158,863

Kimco Realty Corp.		11,559		126,109

Macerich Co. (The) (a)		9,070		67,753

Medical Properties Trust, Inc.		5,695		97,612

MFA Financial, Inc.		24,359		42,628

National Retail Properties, Inc.		3,565		116,362

New Residential Investment Corp.		14,293		87,044

Omega Healthcare Investors, Inc.		5,764		168,021

Outfront Media, Inc.		5,991		93,999

Park Hotels & Resorts, Inc.		10,530		100,140

Rayonier, Inc.		4,485		107,775

Service Properties Trust		6,362		44,089

Simon Property Group, Inc.		1,520		101,490

SITE Centers Corp.		8,467		51,310

Spirit Realty Capital, Inc.		4,752		146,171

Starwood Property Trust, Inc.		10,127		131,044

Taubman Centers, Inc.		815		35,126

Two Harbors Investment Corp.		15,491		70,794

Ventas, Inc.		1,124		36,361

VEREIT, Inc.		24,238		132,824

Welltower, Inc.		2,508		128,485

WP Carey, Inc.		2,642		173,791


				3,774,867


Software & Computer Services — 1.1%

International Business Machines Corp.		1,660		208,430

Microsoft Corp.		920		164,873


				373,303


Support Services — 1.4%

Paychex, Inc.		2,756		188,841

Waste Management, Inc.		1,581		158,131

Xerox Holdings Corp.		6,409		117,220


				464,192


Technology Hardware & Equipment — 4.6%

Analog Devices, Inc.		2,084		228,406

HP, Inc.		3,529		54,735

Intel Corp.		4,270		256,115

KLA Corp.		1,471		241,376

Maxim Integrated Products, Inc.		3,949		217,116

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Technology Hardware & Equipment — continued

Microchip Technology, Inc. (a)		2,100		184,233

QUALCOMM, Inc.		2,933		230,739

Xilinx, Inc.		719		62,841


				1,475,561


Tobacco — 1.3%

Altria Group, Inc.		4,792		188,086

Philip Morris International, Inc.		2,849		212,535


				400,621


Travel & Leisure — 3.2%

Cinemark Holdings, Inc.		4,804		68,601

Copa Holdings SA, Class A (Panama)		2,117		93,593

Darden Restaurants, Inc.		1,959		144,555

Extended Stay America, Inc.		10,702		116,331

International Game Technology plc		9,111		68,697

Las Vegas Sands Corp.		3,270		157,025

McDonald’s Corp.		1,110		208,191

Six Flags Entertainment Corp.		4,870		97,449

Wyndham Destinations, Inc.		2,641		67,530


				1,021,972


Total Common Stocks (Cost $38,550,329)				32,081,479


INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 6.8%

Investment Companies — 0.1%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (b) (c) (Cost $31,637)		31,637		31,637

Investment of Cash Collateral from Securities Loaned — 6.7%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (b) (c) (Cost $2,160,876)		2,160,876		2,160,876


Total Short-Term Investments (Cost $2,192,513)				2,192,513

Total Investments — 106.4% (Cost $40,742,842)				34,273,992

Liabilities in Excess of Other Assets — (6.4%)				(2,070,235	)

NET ASSETS — 100.0%				32,203,757

Percentages indicated are based on net assets.

Abbreviations


REIT		Real Estate Investment Trust
(a)		The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $2,031,688.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of April 30, 2020.
*		Non-income producing security.

Futures contracts outstanding as of April 30, 2020:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING

CURRENCY

NOTIONAL
AMOUNT($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)

Long Contracts

S&P 500 Mic E-mini Index

06/2020

USD

130,556

22,243

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.8%

Aerospace & Defense — 0.7%

Lockheed Martin Corp.		1,606		624,830


Automobiles & Parts — 1.0%

Genuine Parts Co.		5,861		464,660

WABCO Holdings, Inc.*		3,720		499,893


				964,553


Banks — 0.5%

TFS Financial Corp.		9,196		125,525

US Bancorp		9,265		338,173


				463,698


Beverages — 2.7%

Brown-Forman Corp., Class B		9,602		597,244

Coca-Cola Co. (The)		11,613		532,921

Constellation Brands, Inc., Class A		2,105		346,672

Keurig Dr Pepper, Inc.		6,202		164,105

Molson Coors Beverage Co., Class B		5,947		243,887

PepsiCo, Inc.		4,723		624,806


				2,509,635


Chemicals — 5.4%

Air Products & Chemicals, Inc.		2,775		625,984

Ashland Global Holdings, Inc.		7,120		439,233

Axalta Coating Systems Ltd.* (a)		9,328		184,135

Celanese Corp.		567		47,101

Ecolab, Inc. (a)		3,083		596,561

International Flavors & Fragrances, Inc.		3,796		497,390

Linde plc (United Kingdom)		3,194		587,664

NewMarket Corp.		741		304,877

PPG Industries, Inc.		4,824		438,164

RPM International, Inc.		8,769		582,349

Scotts Miracle-Gro Co. (The)		3,871		480,120

WR Grace & Co.		6,932		327,398


				5,110,976


Construction & Materials — 0.2%

MDU Resources Group, Inc.		6,281		141,071


Electricity — 11.4%

Alliant Energy Corp.		11,733		569,637

American Electric Power Co., Inc.		6,879		571,714

Avangrid, Inc. (a)		7,416		318,888

CMS Energy Corp.		10,128		578,208

Consolidated Edison, Inc.		7,465		588,242

Dominion Energy, Inc.		7,834		604,236

DTE Energy Co.		5,217		541,212

Entergy Corp.		5,168		493,596

Evergy, Inc.		9,369		547,431

Eversource Energy		7,084		571,679

Exelon Corp.		14,043		520,714

FirstEnergy Corp.		12,909		532,754

Hawaiian Electric Industries, Inc.		7,866		310,471

IDACORP, Inc.		3,744		343,624


INVESTMENTS	SHARES		VALUE ($)



Electricity — continued

NextEra Energy, Inc.		2,450		566,244

OGE Energy Corp.		15,523		489,285

Pinnacle West Capital Corp.		6,239		480,341

PPL Corp.		17,892		454,815

Public Service Enterprise Group, Inc.		10,987		557,151

Southern Co. (The)		10,192		578,192

Xcel Energy, Inc.		9,826		624,540


				10,842,974


Electronic & Electrical Equipment — 0.5%

Hubbell, Inc.		2,495		310,453

Waters Corp.*		1,189		222,343

				532,796


Fixed Line Telecommunications — 1.8%

AT&T, Inc.		17,867		544,408

CenturyLink, Inc. (a)		41,670		442,535

GCI Liberty, Inc., Class A*		1,474		89,663

Verizon Communications, Inc.		11,126		639,189


				1,715,795


Food & Drug Retailers — 1.5%

AmerisourceBergen Corp.		5,809		520,835

CVS Health Corp.		7,172		441,437

Sysco Corp.		8,137		457,869


				1,420,141


Food Producers — 8.7%

Archer-Daniels-Midland Co.		15,171		563,451

Campbell Soup Co. (a)		8,853		442,473

Conagra Brands, Inc.		18,080		604,595

Flowers Foods, Inc.		12,221		272,284

General Mills, Inc.		10,997		658,610

Hershey Co. (The)		3,989		528,263

Hormel Foods Corp.		14,579		683,026

Ingredion, Inc.		6,810		552,972

JM Smucker Co. (The)		5,160		592,936

Kellogg Co.		9,324		610,722

Kraft Heinz Co. (The)		7,956		241,306

Lamb Weston Holdings, Inc.		6,944		426,084

McCormick & Co., Inc. (Non-Voting)		3,772		591,600

Mondelez International, Inc., Class A		11,493		591,200

Post Holdings, Inc.*		3,814		350,316

Tyson Foods, Inc., Class A		6,513		405,043

US Foods Holding Corp.*		4,958		106,597


				8,221,478


Gas, Water & Multiutilities — 5.7%

Ameren Corp.		7,751		563,885

American Water Works Co., Inc.		4,891		595,186

Atmos Energy Corp.		5,917		603,356

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued

Gas, Water & Multiutilities — continued

CenterPoint Energy, Inc.		22,270		379,258

Duke Energy Corp.		6,714		568,407

Essential Utilities, Inc.		12,405		518,405

National Fuel Gas Co.		7,993		327,713

NiSource, Inc.		20,399		512,219

Sempra Energy (a)		3,613		447,470

UGI Corp.		10,659		321,689

WEC Energy Group, Inc.		6,631		600,437


				5,438,025


General Industrials — 1.4%

3M Co.		2,425		368,406

AptarGroup, Inc.		1,047		112,113

Avery Dennison Corp.		4,413		487,151

Honeywell International, Inc.		1,443		204,762

Sonoco Products Co.		2,816		137,533


				1,309,965


General Retailers — 6.0%

AutoZone, Inc.*		548		559,135

Bright Horizons Family Solutions, Inc.*		3,552		413,630

Copart, Inc.*		6,503		520,955

Costco Wholesale Corp.		2,183		661,449

Dollar Tree, Inc.*		2,577		205,310

Home Depot, Inc. (The)		2,880		633,110

O’Reilly Automotive, Inc.*		855		330,321

Rollins, Inc.		4,444		177,760

Service Corp. International		11,919		437,904

Target Corp.		5,221		572,952

TJX Cos., Inc. (The)		10,158		498,250

Walmart, Inc.		5,571		677,155


				5,687,931


Health Care Equipment & Services — 10.5%

Baxter International, Inc.		7,227		641,613

Becton Dickinson and Co.		2,291		578,546

Bio-Techne Corp.		2,266		509,850

Cooper Cos., Inc. (The)		1,861		533,549

Henry Schein, Inc.*		5,868		320,158

Hill-Rom Holdings, Inc.		5,494		618,020

Laboratory Corp. of America Holdings*		3,362		552,881

Medtronic plc		5,877		573,771

Quest Diagnostics, Inc.		5,640		621,020

ResMed, Inc.		995		154,543

STERIS plc		3,858		549,765

Stryker Corp.		2,888		538,410

Teleflex, Inc.		1,730		580,242

Thermo Fisher Scientific, Inc.		2,104		704,167

UnitedHealth Group, Inc.		2,233		653,085


INVESTMENTS	SHARES		VALUE ($)


Health Care Equipment & Services — continued

Varian Medical Systems, Inc.*		4,355		498,125

West Pharmaceutical Services, Inc.		4,030		762,718

Zimmer Biomet Holdings, Inc.		4,164		498,431


				9,888,894


Household Goods & Home Construction — 2.9%

Church & Dwight Co., Inc.		7,915		553,971

Clorox Co. (The)		3,661		682,557

Leggett & Platt, Inc.		10,994		386,219

NVR, Inc.*		162		502,200

Procter & Gamble Co. (The)		5,490		647,106

Stanley Black & Decker, Inc.		375		41,325


				2,813,378


Industrial Engineering — 0.1%

Snap-on, Inc.		406		52,898


Industrial Transportation — 0.4%

United Parcel Service, Inc., Class B		4,222		399,655


Leisure Goods — 1.4%

Garmin Ltd. (a)		6,465		524,700

Hasbro, Inc.		3,158		228,039

Pool Corp.		2,896		612,967


				1,365,706


Life Insurance — 0.3%

Aflac, Inc.		7,742		288,312


Media — 0.9%

Graham Holdings Co., Class B		492		191,885

Omnicom Group, Inc.		3,576		203,939

Walt Disney Co. (The)		4,370		472,616


				868,440


Mobile Telecommunications — 1.2%

Telephone & Data Systems, Inc.		15,661		307,269

T-Mobile US, Inc.*		6,796		596,689

United States Cellular Corp.* (a)		7,823		249,006


				1,152,964


Nonlife Insurance — 6.1%

Allstate Corp. (The)		5,533		562,817

American Financial Group, Inc.		4,765		315,634

Aon plc		760		131,229

Arch Capital Group Ltd.*		14,928		358,720

Arthur J Gallagher & Co. (a)		3,510		275,535

Berkshire Hathaway, Inc., Class B*		3,054		572,197

Brown & Brown, Inc.		13,212		474,443

Chubb Ltd.		3,404		367,666

Cincinnati Financial Corp.		5,635		370,783

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued

Nonlife Insurance — continued

Everest Re Group Ltd.		1,408		243,767

Markel Corp.*		488		422,530

Marsh & McLennan Cos., Inc.		5,798		564,319

RenaissanceRe Holdings Ltd. (Bermuda)		3,373		492,492

White Mountains Insurance Group Ltd.		276		268,548

WR Berkley Corp.		6,098		329,292


				5,749,972


Oil & Gas Producers — 2.5%

Chevron Corp.		5,511		507,012

ConocoPhillips		9,164		385,804

EOG Resources, Inc.		951		45,182

Exxon Mobil Corp.		10,052		467,117

Occidental Petroleum Corp.		9,820		163,012

Phillips 66		6,737		492,946

Valero Energy Corp.		4,674		296,098


				2,357,171


Oil Equipment, Services & Distribution — 2.0%

Cheniere Energy, Inc.*		9,805		457,796

Halliburton Co.		8,503		89,282

Kinder Morgan, Inc.		28,823		438,974

ONEOK, Inc.		7,558		226,211

Schlumberger Ltd.		10,759		180,966

Williams Cos., Inc. (The)		26,439		512,123


				1,905,352


Personal Goods — 2.9%

Colgate-Palmolive Co.		8,525		599,052

Estee Lauder Cos., Inc. (The), Class A		3,185		561,834

Kimberly-Clark Corp.		4,486		621,221

NIKE, Inc., Class B		6,853		597,445

VF Corp.		6,494		377,301


				2,756,853


Pharmaceuticals & Biotechnology — 5.4%

Abbott Laboratories		7,565		696,661

Amgen, Inc.		2,638		631,062

Bristol-Myers Squibb Co.		2,454		149,228

Eli Lilly & Co.		4,715		729,128

IQVIA Holdings, Inc.*		4,083		582,195

Johnson & Johnson		4,420		663,177

Merck & Co., Inc.		7,524		596,954

Pfizer, Inc.		13,401		514,062

QIAGEN NV*		759		31,642

Zoetis, Inc.		4,621		597,541


				5,191,650


Real Estate Investment Trusts — 5.2%

AGNC Investment Corp.(a)		35,627		442,487

American Tower Corp.		2,707		644,266


INVESTMENTS	SHARES		VALUE ($)


Real Estate Investment Trusts — continued

Annaly Capital Management, Inc.		63,783		398,644

Apple Hospitality REIT, Inc.		25,502		246,859

Camden Property Trust		365		32,146

Chimera Investment Corp.		18,087		140,536

Crown Castle International Corp.		4,288		683,636

Equity Commonwealth		7,782		264,199

Equity LifeStyle Properties, Inc.		7,392		445,811

Federal Realty Investment Trust		2,914		242,649

Gaming and Leisure Properties, Inc.		13,111		370,255

MFA Financial, Inc.		46,941		82,147

National Retail Properties, Inc.		3,161		103,175

Regency Centers Corp.		1,865		81,892

Starwood Property Trust, Inc. (a)		25,064		324,328

Two Harbors Investment Corp.		39,480		180,424

WP Carey, Inc.		3,260		214,443


				4,897,897


Software & Computer Services — 4.2%

Amdocs Ltd.		8,222		529,826

ANSYS, Inc.*		2,527		661,644

CDK Global, Inc.		7,959		312,630

Citrix Systems, Inc.		1,365		197,939

Cognizant Technology Solutions Corp., Class A		899		52,160

International Business Machines Corp.		2,313		290,420

Intuit, Inc.		2,203		594,391

Microsoft Corp.		4,286		768,094

Synopsys, Inc.*		4,426		695,413


				4,102,517


Support Services — 2.4%

Automatic Data Processing, Inc.		3,717		545,247

Jack Henry & Associates, Inc.		1,603		262,171

Paychex, Inc.		2,255		154,512

Republic Services, Inc.		6,691		524,173

Verisk Analytics, Inc.		644		98,423

Waste Management, Inc.		5,545		554,611


				2,139,137


Technology Hardware & Equipment — 1.3%

L3Harris Technologies, Inc.		3,010		583,037

Motorola Solutions, Inc.		3,502		503,623

Texas Instruments, Inc.		1,867		216,703


				1,303,363



Tobacco — 0.8%

Altria Group, Inc.		9,038		354,742

Philip Morris International, Inc.		5,549		413,955


				768,697

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Minimum Volatility ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued

Travel & Leisure — 1.8%

Choice Hotels International, Inc. (a)		5,504		413,075

Dunkin’ Brands Group, Inc.		3,366		211,519

McDonald’s Corp.		2,934		550,301

Yum! Brands, Inc.		5,648		488,157


				1,663,052

Total Common Stocks (Cost $101,433,110)				94,649,776

Short-Term Investments — 3.0%

Investment Companies — 0.3%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (b)(c) (Cost $266,164)		266,164		266,164


Investment of Cash Collateral From Securities Loaned — 2.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (b) (c) (Cost $2,580,620)		2,580,620		2,580,620


Total Short-Term Investments (Cost $2,846,784)				2,846,784


INVESTMENTS	SHARES	VALUE ($)

Total Investments — 102.8% (Cost $104,279,894)			97,496,560

Liabilities in Excess of Other Assets — (2.8%)			(2,674,706	)


NET ASSETS — 100.0%			94,821,854

Percentages indicated are based on net assets.

Abbreviations


REIT		Real Estate Investment Trust

(a)		The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $2,425,225.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of April 30, 2020.
*		Non-income producing security.

Futures contracts outstanding as of April 30, 2020:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 Mic E-mini Index

06/2020

USD

174,075

27,182

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.8%

Aerospace & Defense — 0.8%

HEICO Corp.		1,468		128,597
Howmet Aerospace, Inc.		8,160		106,651

Teledyne Technologies, Inc.*		735		239,367

TransDigm Group, Inc.		621		225,473


				700,088


Alternative Energy — 0.1%

First Solar, Inc.*		1,890		83,179


Automobiles & Parts — 1.2%

Gentex Corp.		7,867		190,696

Tesla, Inc.*		1,105		863,977


				1,054,673


Beverages — 0.7%

Coca-Cola Co. (The)		6,215		285,206

Monster Beverage Corp.*		4,831		298,604


				583,810


Chemicals — 1.6%

Air Products & Chemicals, Inc.		1,644		370,853

Ashland Global Holdings, Inc.		497		30,660

CF Industries Holdings, Inc.		5,010		137,775

Ecolab, Inc.		2,380		460,530

FMC Corp.		2,608		239,675

RPM International, Inc.		2,799		185,882

WR Grace & Co.		53		2,503


				1,427,878


Construction & Materials — 0.5%

AECOM*		4,744		172,017

Armstrong World Industries, Inc.		2,017		155,471

Trane Technologies plc		1,172		102,456


				429,944


Electricity — 2.2%

American Electric Power Co., Inc.		2,452		203,786

Entergy Corp.		2,676		255,585

Eversource Energy		3,890		313,923

NextEra Energy, Inc.		3,550		820,476

OGE Energy Corp.		1,785		56,263

Southern Co. (The)		3,731		211,659


				1,861,692


Electronic & Electrical Equipment — 0.9%

Allegion plc		511		51,376

Keysight Technologies, Inc.*		2,763		267,376

Universal Display Corp. (a)		1,174		176,241

Zebra Technologies Corp., Class A*		1,034		237,468


				732,461


INVESTMENTS	SHARES		VALUE ($)


Financial Services — 7.6%

American Express Co.		4,566		416,647

CME Group, Inc.		2,896		516,096

Element Solutions, Inc.*		3,788		38,827

Fidelity National Financial, Inc.		4,276		115,666

Legg Mason, Inc.		3,175		158,210

LPL Financial Holdings, Inc.		2,436		146,696

MarketAxess Holdings, Inc. (a)		665		302,582

Mastercard, Inc., Class A		5,692		1,565,129

Moody’s Corp.		1,691		412,435

MSCI, Inc.		1,081		353,487

S&P Global, Inc.		2,098		614,462

Visa, Inc., Class A		9,598		1,715,355

Western Union Co. (The)		9,165		174,777


				6,530,369


Fixed Line Telecommunications — 1.6%

AT&T, Inc.		42,032		1,280,715

GCI Liberty, Inc., Class A*		1,277		77,680


				1,358,395


Food & Drug Retailers — 0.5%

Casey’s General Stores, Inc.		974		147,474

Sysco Corp.		4,990		280,787


				428,261


Food Producers — 1.2%

Hershey Co. (The)		2,061		272,938

Hormel Foods Corp.		5,491		257,254

Lamb Weston Holdings, Inc.		2,911		178,619

McCormick & Co., Inc. (Non-Voting)		1,780		279,175

Tyson Foods, Inc., Class A		779		48,446


				1,036,432


Gas, Water & Multiutilities — 1.0%

American Water Works Co., Inc.		2,487		302,643

Atmos Energy Corp.		2,183		222,601
WEC Energy Group, Inc.		3,741		338,748


				863,992


General Industrials — 1.0%

AptarGroup, Inc.		842		90,161

Avery Dennison Corp.		1,843		203,449

Ball Corp.		4,259		279,348

Carlisle Cos., Inc. (a)		532		64,351

Crown Holdings, Inc.*		3,155		203,213


				840,522


General Retailers — 8.2%

Amazon.com, Inc.*		876		2,167,224

AutoZone, Inc.*		295		300,994

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued

General Retailers — continued

Bright Horizons Family Solutions, Inc.* (a)		1,450		168,852

Burlington Stores, Inc.*		1,174		214,478

Copart, Inc.*		3,187		255,310

Costco Wholesale Corp.		2,564		776,892

Dollar General Corp.		2,634		461,740

frontdoor, Inc.*		2,692		104,207

Home Depot, Inc. (The)		7,077		1,555,737

O’Reilly Automotive, Inc.*		377		145,650

Ross Stores, Inc.		672		61,394

Service Corp. International		1,882		69,145

Target Corp.		3,068		336,683

TJX Cos., Inc. (The)		9,993		490,157


				7,108,463


Health Care Equipment & Services — 9.0%

Becton Dickinson and Co.		2,174		549,000

Bio-Rad Laboratories, Inc., Class A*		477		209,928

Bio-Techne Corp.		655		147,375

Bruker Corp.		1,634		64,249

Chemed Corp.		504		209,951

Cooper Cos., Inc. (The)		736		211,011

Danaher Corp.		2,433		397,698

DaVita, Inc.*		2,745		216,882

Dentsply Sirona, Inc.		3,644		154,651

DexCom, Inc.*		1,156		387,491

Edwards Lifesciences Corp.*		1,937		421,298

IDEXX Laboratories, Inc.*		1,145		317,852

Insulet Corp.*		1,266		252,846

Intuitive Surgical, Inc.*		959		489,934

Laboratory Corp. of America Holdings*		1,397		229,737

Masimo Corp.*		1,339		286,426

Quest Diagnostics, Inc.		2,400		264,264

ResMed, Inc.		1,948		302,563

STERIS plc		1,583		225,578

Stryker Corp.		1,823		339,862

Teleflex, Inc.		778		260,941

Thermo Fisher Scientific, Inc.		1,889		632,210

UnitedHealth Group, Inc.		3,113		910,459

West Pharmaceutical Services, Inc.		1,581		299,220


				7,781,426


Household Goods & Home Construction — 2.2%

Church & Dwight Co., Inc.		3,766		263,582

DR Horton, Inc.		1,025		48,401

Procter & Gamble Co. (The)		12,349		1,455,577

PulteGroup, Inc.		5,931		167,669


				1,935,229


INVESTMENTS	SHARES		VALUE ($)


Industrial Engineering — 0.2%

Xylem, Inc.		2,335		167,886


Industrial Metals & Mining — 0.0% (b)

Arconic Corp.*		1,998		17,423


Industrial Transportation — 0.7%

Kansas City Southern		1,709		223,110

Norfolk Southern Corp.		2,445		418,339


				641,449


Leisure Goods — 1.2%

Garmin Ltd.		2,732		221,729

Hasbro, Inc.		251		18,125

Pool Corp.		1,044		220,973

Take-Two Interactive Software, Inc.*		1,971		238,590

Zynga, Inc., Class A*		30,875		232,797


				932,214


Life Insurance — 0.0% (b)

Globe Life, Inc. (a)		247		20,338


Media — 1.4%

Cable One, Inc.		137		262,062

Charter Communications, Inc., Class A*		1,234		611,114

Dolby Laboratories, Inc., Class A		296		17,769

FactSet Research Systems, Inc.		331		91,025

Liberty Broadband Corp., Class C* (a)		786		96,426

Roku, Inc.*		1,632		197,847


				1,276,243


Mobile Telecommunications — 0.2%

T-Mobile US, Inc.*		1,939		170,244


Nonlife Insurance — 3.1%

Aon plc		2,178		376,075

Arch Capital Group Ltd.*		4,223		101,479

Arthur J Gallagher & Co.		2,867		225,059

Brown & Brown, Inc.		5,415		194,453

CNA Financial Corp.		121		3,821

Erie Indemnity Co., Class A		352		62,677

First American Financial Corp.		1,837		84,722

Hanover Insurance Group, Inc. (The)		363		36,438

Hartford Financial Services Group, Inc. (The)		5,002		190,026

Marsh & McLennan Cos., Inc.		4,436		431,756

Old Republic International Corp.		3,862		61,599

Progressive Corp. (The)		5,609		433,576

RenaissanceRe Holdings Ltd. (Bermuda)		658		96,074

Willis Towers Watson plc		1,658		295,605


				2,593,360


Oil & Gas Producers — 2.0%
Chevron Corp.		8,948		823,216

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued

Oil & Gas Producers — continued

ConocoPhillips		2,979		125,416

Diamondback Energy, Inc.		1,904		82,900

Hess Corp.		4,721		229,630

Phillips 66		4,149		303,582

Pioneer Natural Resources Co.		1,424		127,178

Valero Energy Corp.		1,274		80,708

WPX Energy, Inc.* (a)		11,288		69,195


				1,841,825


Oil Equipment, Services & Distribution — 0.7%

Kinder Morgan, Inc.(a)		20,480		311,910

ONEOK, Inc.		5,110		152,942
Targa Resources Corp.		3,960		51,322


				516,174


Personal Goods — 1.7%

Columbia Sportswear Co. (a)		303		22,086

Estee Lauder Cos., Inc. (The), Class A		2,183		385,081

Lululemon Athletica, Inc.*		1,475		329,633

NIKE, Inc., Class B		8,738		761,779


				1,498,579


Pharmaceuticals & Biotechnology — 5.2%

Allergan plc		2,848		533,544

Alnylam Pharmaceuticals, Inc.*		2,092		275,516

Eli Lilly & Co.		6,359		983,356

Guardant Health, Inc.*		2,261		174,007

IQVIA Holdings, Inc.*		2,247		320,400

Merck & Co., Inc.		16,662		1,321,963

Seattle Genetics, Inc.*		2,237		306,984

Zoetis, Inc.		4,134		534,568


				4,450,338


Real Estate Investment Trusts — 6.3%

Alexandria Real Estate Equities, Inc.		1,770		278,049

American Tower Corp.		1,514		360,332

Apartment Investment & Management Co., Class A		3,476		130,941

Brixmor Property Group, Inc.		6,578		75,318

Chimera Investment Corp.		7,754		60,249

CoreSite Realty Corp.		724		87,741

CyrusOne, Inc.		2,194		153,909

Equinix, Inc.		800		540,160

Equity LifeStyle Properties, Inc.		3,460		208,672

Equity Residential		4,221		274,618

Gaming and Leisure Properties, Inc.		2,945		83,167

Healthpeak Properties, Inc.		8,107		211,917

Invitation Homes, Inc.		9,023		213,394

Life Storage, Inc.		1,169		102,393


INVESTMENTS	SHARES		VALUE ($)


Real Estate Investment Trusts — continued

Medical Properties Trust, Inc.		11,413		195,619

Mid-America Apartment Communities, Inc. (a)		655		73,308

National Retail Properties, Inc.		4,102		133,889

Omega Healthcare Investors, Inc.		5,552		161,841

Prologis, Inc.		5,565		496,565

Realty Income Corp.		4,194		230,334

SBA Communications Corp.		972		281,802

Spirit Realty Capital, Inc.		2,993		92,065

STORE Capital Corp.		5,691		114,218

Sun Communities, Inc.		1,694		227,674

UDR, Inc. (a)		5,015		187,912

Welltower, Inc.		4,455		228,230

WP Carey, Inc.		2,938		193,262


				5,397,579


Software & Computer Services — 15.4%

Adobe, Inc.*		3,312		1,171,256

Akamai Technologies, Inc.*		2,921		285,411

Alteryx, Inc., Class A*		1,514		171,354

Anaplan, Inc.*		3,892		159,027

ANSYS, Inc.*		1,203		314,981

Aspen Technology, Inc.*		1,788		182,823

Atlassian Corp. plc, Class A*		1,893		294,343

Avalara, Inc.*		2,321		207,428

Black Knight, Inc.*		3,432		242,196

CACI International, Inc., Class A*		853		213,369

Cadence Design Systems, Inc.*		4,192		340,097

Cerence, Inc.*		719		15,214

Ceridian HCM Holding, Inc.* (a)		2,995		176,615

Coupa Software, Inc.*		1,538		270,826

DocuSign, Inc.*		2,930		306,917

EPAM Systems, Inc.*		1,085		239,666

Fortinet, Inc.*		2,555		275,276

Intuit, Inc.		2,118		571,458

Leidos Holdings, Inc.		2,459		242,974

Manhattan Associates, Inc.*		2,546		180,613

Match Group, Inc.* (a)		2,885		222,030

Microsoft Corp.		10,779		1,931,705

MongoDB, Inc.*		1,388		225,036

NortonLifeLock, Inc.		12,393		263,599

Nuance Communications, Inc.*		9,698		195,900

Okta, Inc.*		1,961		296,699

Paycom Software, Inc.*		905		236,223

Pegasystems, Inc.		1,839		153,777

RealPage, Inc.*		2,436		157,098

RingCentral, Inc., Class A*		1,166		266,466

salesforce.com, Inc.*		5,942		962,307



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

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Momentum Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued

Software & Computer Services —continued

ServiceNow, Inc.*		1,631		573,362

Smartsheet, Inc., Class A*		4,339		228,752

Synopsys, Inc.*		2,140		336,237

Tyler Technologies, Inc.*		778		249,497

Veeva Systems, Inc., Class A*		1,889		360,421

VeriSign, Inc.*		1,518		318,006

Zendesk, Inc.*		2,637		202,732

Zscaler, Inc.* (a)		3,035		203,588


				13,245,279


Support Services — 7.4%

Automatic Data Processing, Inc.		3,578		524,857

Booz Allen Hamilton Holding Corp.		3,279		240,810

Broadridge Financial Solutions, Inc.		1,972		228,752

Cintas Corp.		1,148		254,661

CoStar Group, Inc.*		475		307,924

Fair Isaac Corp.*		621		219,176

Fidelity National Information Services, Inc.		4,826		636,501

Fiserv, Inc.*		4,684		482,733

FleetCor Technologies, Inc.*		1,087		262,239

Global Payments, Inc.		2,691		446,760

Jack Henry & Associates, Inc.		299		48,901

Paychex, Inc.		3,920		268,598

Paylocity Holding Corp.*		959		109,834

PayPal Holdings, Inc.*		8,415		1,035,045

Republic Services, Inc.		3,161		247,633

TransUnion		3,043		239,758

Verisk Analytics, Inc.		2,069		316,205

Waste Management, Inc.		4,039		403,981

WEX, Inc.*		1,118		147,934


				6,422,302


Technology Hardware & Equipment — 10.0%

Advanced Micro Devices, Inc.*		9,908		519,080

Apple, Inc.		6,389		1,877,088

Applied Materials, Inc.		8,413		417,958

Broadcom, Inc.		2,796		759,449

CDW Corp.		2,153		238,552

Entegris, Inc.		4,036		218,872

KLA Corp.		2,019		331,298

L3Harris Technologies, Inc.		2,185		423,235

Lam Research Corp.		1,449		369,901

Marvell Technology Group Ltd.		10,689		285,824

Motorola Solutions, Inc.		1,972		283,594

NVIDIA Corp.		4,049		1,183,442

Qorvo, Inc.* (a)		992		97,246


INVESTMENTS	SHARES		VALUE ($)


Technology Hardware & Equipment — continued

QUALCOMM, Inc.		4,226		332,459

Switch, Inc., Class A		10,737		184,354

Teradyne, Inc.		3,970		248,284

Texas Instruments, Inc.		6,221		722,071

Ubiquiti, Inc. (a)		308		49,905


				8,542,612


Travel & Leisure — 4.0%
Chipotle Mexican Grill, Inc.*		370		325,063
Choice Hotels International, Inc.		1,157		86,833
Hilton Worldwide Holdings, Inc.		3,179		240,682
Hyatt Hotels Corp., Class A (a)		443		24,923
Live Nation Entertainment, Inc.*		3,340		149,866
McDonald’s Corp.		5,260		986,566
Planet Fitness, Inc., Class A*		2,728		164,580
Starbucks Corp.		8,921		684,508
Wendy’s Co. (The)		9,160		181,918
Yum China Holdings, Inc. (China)		6,095		295,364

Yum! Brands, Inc.		3,403		294,121


				3,434,424


Total Common Stocks (Cost $83,769,365)				85,925,083

Short-Term Investments — 1.9%

Investment Companies — 0.1%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17%(c)(d) (Cost $80,155)		80,155		80,155


Investment of Cash Collateral From Securities Loaned — 1.8%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23%(c) (d) (Cost $1,558,287)		1,558,287		1,558,287


Total Short-Term Investments (Cost $1,638,442)				1,638,442

Total Investments — 101.7% (Cost $85,407,807)				87,563,525

Liabilities in Excess of Other Assets — (1.7%)				(1,489,118	)

NET ASSETS — 100.0%				86,074,407

Percentages indicated are based on net assets.


(a)		Thesecurity or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $1,486,190.
(b)		Amountrounds to less than 0.1% of net assets.
(c)		Investmentin an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		Therate shown is the current yield as of April 30, 2020.
*		Non-incomeproducing security.

SEE NOTES TO FINANCIAL STATEMENTS.



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

Futures contracts outstanding as of April 30, 2020:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 Mic E-mini Index

06/2020

USD

159,569

26,817

Abbreviations


USD		UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.7%

Aerospace & Defense — 0.9%

Lockheed Martin Corp.		5,041		1,961,251

Spirit AeroSystems Holdings, Inc., Class A		294		6,515


				1,967,766


Automobiles & Parts — 0.1%

WABCO Holdings, Inc.*		1,947		261,638


Banks — 0.9%

Bank of Hawaii Corp.		6,010		409,762

Commerce Bancshares, Inc. (a)		9,034		552,790

US Bancorp		29,950		1,093,175


				2,055,727


Beverages — 2.7%

Brown-Forman Corp., Class B		8,273		514,580

Coca-Cola Co. (The)		46,411		2,129,801

Monster Beverage Corp.*		13,043		806,188

PepsiCo, Inc.		20,994		2,777,296


				6,227,865


Chemicals — 1.5%

Air Products & Chemicals, Inc.		5,106		1,151,812

Celanese Corp.		5,704		473,831

CF Industries Holdings, Inc.		8,876		244,090

LyondellBasell Industries NV, Class A		8,256		478,435

NewMarket Corp.		1,094		450,115

PPG Industries, Inc.		6,466		587,307


				3,385,590


Construction & Materials — 0.5%

Acuity Brands, Inc. (a)		2,403		208,076

AO Smith Corp.		4,609		195,329

Eagle Materials, Inc.		2,980		181,810

Watsco, Inc.		2,687		432,580


				1,017,795


Electricity — 2.3%

AES Corp. (The)		10,460		138,595

Evergy, Inc.		7,609		444,594

Exelon Corp.		24,014		890,439

Hawaiian Electric Industries, Inc.		6,226		245,740

IDACORP, Inc. (a)		3,009		276,166

NextEra Energy, Inc.		7,435		1,718,377

NRG Energy, Inc.		15,104		506,437

PG&E Corp.*		16,500		175,560

Pinnacle West Capital Corp.		5,721		440,460

Vistra Energy Corp.		14,633		285,929


				5,122,297


INVESTMENTS	SHARES		VALUE ($)



Electronic & Electrical Equipment — 1.1%

Allegion plc		5,407		543,620

Keysight Technologies, Inc.*		7,692		744,355

Mettler-Toledo International, Inc.*		1,003		722,100

Waters Corp.*		3,332		623,084


				2,633,159


Financial Services — 6.8%

American Express Co.		14,213		1,296,936

Cboe Global Markets, Inc.		1,738		172,722

Eaton Vance Corp. (a)		11,937		438,088

Mastercard, Inc., Class A		15,162		4,169,095

Moody’s Corp.		4,412		1,076,087

Nasdaq, Inc.		6,219		682,038

S&P Global, Inc.		5,474		1,603,225

SEI Investments Co.		9,542		486,260

T. Rowe Price Group, Inc.		5,669		655,507

Visa, Inc., Class A		25,267		4,515,718

Western Union Co. (The)		24,667		470,400


				15,566,076


Fixed Line Telecommunications — 2.0%

AT&T, Inc.		11,252		342,849

CenturyLink, Inc.		20,537		218,103

Verizon Communications, Inc.		71,196		4,090,210


				4,651,162


Food & Drug Retailers — 0.1%

Sprouts Farmers Market, Inc.* (a)		9,582		199,114


Food Producers — 0.5%

Hershey Co. (The)		4,581		606,662

Hormel Foods Corp.		11,114		520,691


				1,127,353


Gas, Water & Multiutilities — 0.9%

Ameren Corp.		9,549		694,690

National Fuel Gas Co.		9,395		385,195

UGI Corp.		31		936

WEC Energy Group, Inc.		9,737		881,685


				1,962,506


General Industrials — 1.6%

3M Co.		11,397		1,731,432

Honeywell International, Inc.		13,842		1,964,180


				3,695,612


General Retailers — 7.4%

Amazon.com, Inc.*		850		2,102,900

Copart, Inc.*		8,561		685,822

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued

General Retailers — continued

Costco Wholesale Corp.		7,636		2,313,708

eBay, Inc.		24,780		986,988

Foot Locker, Inc.		8,570		219,649

frontdoor, Inc.*		6,045		234,002

Home Depot, Inc. (The)		18,823		4,137,860

Kohl’s Corp.		2,228		41,129

Lowe’s Cos., Inc.		7,601		796,205

O’Reilly Automotive, Inc.*		2,241		865,788

Ross Stores, Inc.		9,649		881,533

Target Corp.		11,480		1,259,815

TJX Cos., Inc. (The)		26,345		1,292,222

Tractor Supply Co.		7,002		710,213

Williams-Sonoma, Inc.		6,503		402,145


				16,929,979



Health Care Equipment & Services — 1.9%

Bio-Techne Corp.		2,036		458,100

Chemed Corp.		1,322		550,706

DaVita, Inc.*		7,221		570,531

Edwards Lifesciences Corp.*		5,247		1,141,223

IDEXX Laboratories, Inc.*		2,909		807,538

ResMed, Inc.		5,063		786,385


				4,314,483


Household Goods & Home Construction — 1.0%

Church & Dwight Co., Inc.		5,727		400,833

Clorox Co. (The)		4,027		750,794

Procter & Gamble Co. (The)		9,484		1,117,879


				2,269,506


Industrial Engineering — 2.5%

Allison Transmission Holdings, Inc.		11,817		429,430

Cummins, Inc.		5,270		861,645

Donaldson Co., Inc.		7,666		336,001

Graco, Inc.		11,808		527,345

IDEX Corp. (a)		4,129		634,338

Illinois Tool Works, Inc.		7,634		1,240,525

Lincoln Electric Holdings, Inc.		5,050		406,576

Rockwell Automation, Inc.		4,267		808,511

Toro Co. (The)		7,788		496,952


				5,741,323


Industrial Metals & Mining — 0.2%
Reliance Steel & Aluminum Co.		2,567		229,952

Southern Copper Corp. (Peru)		4,743		153,863


				383,815

Industrial Transportation — 1.6%
CH Robinson Worldwide, Inc.		8,721		618,319


INVESTMENTS	SHARES		VALUE ($)


Industrial Transportation — continued

Expeditors International of Washington, Inc.		3,623		259,425

Landstar System, Inc.		5,131		530,083

Union Pacific Corp.		13,349		2,133,037


				3,540,864


Leisure Goods — 0.2%

Electronic Arts, Inc.*		1,762		201,326

Take-Two Interactive Software, Inc.*		1,753		212,201


				413,527


Life Insurance — 0.5%

Aflac, Inc.		20,025		745,731

Globe Life, Inc. (a)		6,346		522,530


				1,268,261


Media — 1.3%

Cable One, Inc.		229		438,045

Dolby Laboratories, Inc., Class A		7,134		428,254

FactSet Research Systems, Inc.		2,282		627,550

Interpublic Group of Cos., Inc. (The)		16,658		282,853

Omnicom Group, Inc.		9,055		516,406

Sirius XM Holdings, Inc. (a)		90,179		532,958


				2,826,066


Mining — 0.2%

Royal Gold, Inc.		4,459		546,361


Mobile Telecommunications — 0.0% (b)

Telephone & Data Systems, Inc.		3,981		78,107


Nonlife Insurance — 4.1%

Allstate Corp. (The)		9,241		939,994

American Financial Group, Inc.		5,549		367,566

Aon plc		5,724		988,363

Arch Capital Group Ltd.*		15,562		373,955

Arthur J Gallagher & Co.		7,576		594,716

Brown & Brown, Inc.		14,274		512,579

Chubb Ltd.		6,969		752,722

Cincinnati Financial Corp.		295		19,411

Erie Indemnity Co., Class A		2,331		415,058

Hartford Financial Services Group, Inc. (The)		7,947		301,907

Marsh & McLennan Cos., Inc.		12,192		1,186,647

Old Republic International Corp.		13,533		215,851

Progressive Corp. (The)		14,506		1,121,314

Reinsurance Group of America, Inc.		1,963		205,487

Travelers Cos., Inc. (The)		6,407		648,452

WR Berkley Corp.		8,715		470,610


				9,114,632



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

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Quality Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued

Oil & Gas Producers — 3.0%

Cabot Oil & Gas Corp.		23,887		516,437

Chevron Corp.		29,732		2,735,344

ConocoPhillips		24,948		1,050,311

Exxon Mobil Corp.		39,769		1,848,065

Phillips 66		7,765		568,165


				6,718,322


Oil Equipment, Services & Distribution — 0.2%

Helmerich & Payne, Inc. (a)		7,382		145,942

Schlumberger Ltd.		22,575		379,712


				525,654


Personal Goods — 2.4%

Carter’s, Inc.		2,576		201,443

Colgate-Palmolive Co.		16,552		1,163,109

Estee Lauder Cos., Inc. (The), Class A		4,202		741,233

Kimberly-Clark Corp.		7,580		1,049,678

NIKE, Inc., Class B		23,045		2,009,063

VF Corp.		6,958		404,260


				5,568,786


Pharmaceuticals & Biotechnology — 12.8%

AbbVie, Inc.		28,093		2,309,245

Amgen, Inc.		11,238		2,688,354

Biogen, Inc.*		4,144		1,230,064

Eli Lilly & Co.		16,707		2,583,570

Gilead Sciences, Inc.		24,548		2,062,032

Illumina, Inc.*		3,973		1,267,506

Incyte Corp.*		8,811		860,482

Johnson & Johnson		34,146		5,123,266

Merck & Co., Inc.		45,100		3,578,234

Pfizer, Inc.		89,181		3,420,983

Regeneron Pharmaceuticals, Inc.*		1,615		849,296

Vertex Pharmaceuticals, Inc.*		6,026		1,513,731

Zoetis, Inc.		10,784		1,394,479


				28,881,242


Real Estate Investment Trusts — 3.8%

AGNC Investment Corp.		27,381		340,072

American Tower Corp.		8,749		2,082,262

Apartment Investment & Management Co., Class A		6,086		229,260

Brookfield Property REIT, Inc., Class A (a)		8,081		79,153

Camden Property Trust		3,169		279,094

Chimera Investment Corp.		26,034		202,284

Equity Commonwealth		4,430		150,398

Equity LifeStyle Properties, Inc.		9,194		554,490

Equity Residential		6,801		442,473

Extra Space Storage, Inc.		6,018		531,028


INVESTMENTS	SHARES		VALUE ($)



Real Estate Investment Trusts — continued

Federal Realty Investment Trust		3,148		262,134

Gaming and Leisure Properties, Inc.		13,357		377,202

Lamar Advertising Co., Class A		5,729		330,277

Life Storage, Inc.		2,380		208,464

MFA Financial, Inc.		40,543		70,950

New Residential Investment Corp. (a)		21,181		128,993

Public Storage		4,457		826,551

Simon Property Group, Inc.		7,950		530,821

Starwood Property Trust, Inc.		23,869		308,865

Vornado Realty Trust		10,150		444,773

Weingarten Realty Investors		6,398		116,380


				8,495,924


Software & Computer Services — 15.0%

Adobe, Inc.*		8,725		3,085,509

Akamai Technologies, Inc.*		7,675		749,924

Alphabet, Inc., Class A*		3,441		4,633,995

Arista Networks, Inc.*		3,294		722,374

Aspen Technology, Inc.*		5,360		548,060

Autodesk, Inc.*		5,764		1,078,617

Cadence Design Systems, Inc.*		11,080		898,920

Cerner Corp.		9,962		691,263

Citrix Systems, Inc.		6,229		903,267

Cognizant Technology Solutions Corp., Class A		15,940		924,839

EPAM Systems, Inc.*		2,014		444,872

Facebook, Inc., Class A*		23,059		4,720,408

International Business Machines Corp.		17,124		2,150,089

Intuit, Inc.		5,543		1,495,557

Manhattan Associates, Inc.*		7,783		552,126

Match Group, Inc.* (a)		4,163		320,385

Microsoft Corp.		28,321		5,075,407

Oracle Corp.		40,024		2,120,071

Palo Alto Networks, Inc.*		3,211		630,994

Paycom Software, Inc.*		1,731		451,826

Premier, Inc., Class A*		16,524		547,936

Proofpoint, Inc.*		267		32,502

Synopsys, Inc.*		4,635		728,251

VeriSign, Inc.*		3,882		813,240


				34,320,432


Support Services — 3.7%

Accenture plc, Class A		12,350		2,287,097

Automatic Data Processing, Inc.		9,394		1,378,006

Broadridge Financial Solutions, Inc.		4,984		578,144

Cintas Corp.		3,017		669,261

Jack Henry & Associates, Inc.		4,183		684,130

MSC Industrial Direct Co., Inc., Class A		4,925		293,727

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued

Support Services — continued

Paychex, Inc.		10,828		741,935

Robert Half International, Inc.		10,058		475,442

Verisk Analytics, Inc.		5,400		825,282

WW Grainger, Inc.		1,906		525,256


				8,458,280


Technology Hardware & Equipment — 10.5%

Analog Devices, Inc.		7,283		798,217

Apple, Inc.		16,805		4,937,309

Cisco Systems, Inc.		77,270		3,274,703

Intel Corp.		65,002		3,898,820

Lam Research Corp.		3,782		965,469

Maxim Integrated Products, Inc.		12,360		679,553

NetApp, Inc.		3,690		161,511

NVIDIA Corp.		10,660		3,115,705

Qorvo, Inc.*		4,907		481,033

QUALCOMM, Inc.		23,357		1,837,495

Teradyne, Inc.		10,304		644,412

Texas Instruments, Inc.		18,423		2,138,358

Ubiquiti, Inc. (a)		2,042		330,865

Xilinx, Inc.		7,531		658,209


				23,921,659


Tobacco — 1.0%

Altria Group, Inc.		30,397		1,193,082

Philip Morris International, Inc.		14,252		1,063,199


				2,256,281


Travel & Leisure — 4.5%

Booking Holdings, Inc.*		918		1,359,163

Darden Restaurants, Inc.		6,554		483,620

Expedia Group, Inc.		5,399		383,221

Hilton Worldwide Holdings, Inc.		8,914		674,879

Las Vegas Sands Corp.		13,020		625,220

Marriott International, Inc., Class A		7,623		693,236

McDonald’s Corp.		11,909		2,233,652

Six Flags Entertainment Corp.		7,012		140,310


INVESTMENTS	SHARES		VALUE ($)



Travel & Leisure — continued

Southwest Airlines Co.		17,036		532,375

Starbucks Corp.		23,677		1,816,736

TripAdvisor, Inc. (a)		10,184		203,374

Vail Resorts, Inc.		1,332		227,772

Yum! Brands, Inc.		9,487		819,961


				10,193,519


Total Common Stocks (Cost $222,996,635)				226,640,683

Short-Term Investments — 1.3%

Investment Companies — 0.2%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (c)(d) (Cost $347,012)		347,012		347,012


Investment of Cash Collateral From Securities Loaned — 1.1%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d) (Cost $2,522,823)		2,522,823		2,522,823


Total Short-Term Investments (Cost $2,869,835)				2,869,835

Total Investments — 101.0% (Cost $225,866,470)				229,510,518

Liabilities in Excess of Other Assets — (1.0%)				(2,269,963	)


NET ASSETS — 100.0%				227,240,555

Percentages indicated are based on net assets.

Abbreviations

REIT

RealEstate Investment Trust


(a)		The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $2,379,716.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of April 30, 2020.
*		Non-income producing security.

Futures contracts outstanding as of April 30, 2020:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING

CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

Micro E-Mini S&P 500 Index

06/2020

USD

638,275

90,296

Abbreviations

USD

UnitedStates Dollar



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

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.7%

Aerospace & Defense — 0.9%

General Dynamics Corp.		1,123		146,686

Raytheon Technologies Corp.		3,930		254,703

Textron, Inc.		2,062		54,355


				455,744


Automobiles & Parts — 1.9%

BorgWarner, Inc.		3,481		99,452

Ford Motor Co.		30,921		157,388

General Motors Co.		6,393		142,500

Gentex Corp.		5,395		130,775

Genuine Parts Co.		1,720		136,362

Goodyear Tire & Rubber Co. (The)		9,230		66,179

Harley-Davidson, Inc.		4,459		97,340

Lear Corp.		1,294		126,359


				956,355


Banks — 6.4%

Associated Banc-Corp.		4,786		67,674

Bank of America Corp.		4,245		102,092

Bank OZK		3,110		70,348

BOK Financial Corp.		588		30,453

CIT Group, Inc.		2,086		39,592

Citigroup, Inc.		9,371		455,056

Citizens Financial Group, Inc.		6,037		135,168

Comerica, Inc.		1,857		64,735

Fifth Third Bancorp		7,832		146,380

First Horizon National Corp.		5,837		53,000

FNB Corp.		13,667		110,566

Huntington Bancshares, Inc.		12,275		113,421

KeyCorp		12,238		142,573

New York Community Bancorp, Inc. (a)		13,989		151,921

PacWest Bancorp		4,583		92,760

People’s United Financial, Inc.		8,390		106,469

PNC Financial Services Group, Inc. (The)		3,049		325,237

Popular, Inc. (Puerto Rico)		3,005		115,963

Regions Financial Corp.		13,740		147,705

Synovus Financial Corp.		2,791		58,639

Truist Financial Corp.		6,347		236,870

Umpqua Holdings Corp. (a)		9,378		117,460

Wells Fargo & Co.		20,066		582,917


				3,466,999


Beverages — 0.5%

Keurig Dr Pepper, Inc.		4,809		127,246

Molson Coors Beverage Co., Class B		3,033		124,384


				251,630


Chemicals — 1.0%

Cabot Corp.		1,199		40,634

Chemours Co. (The) (a)		4,828		56,632


INVESTMENTS	SHARES		VALUE ($)


Chemicals — continued

DuPont de Nemours, Inc.		1,223		57,506

Eastman Chemical Co.		1,891		114,424

Huntsman Corp.		3,879		65,206

LyondellBasell Industries NV, Class A		2,504		145,107

Olin Corp.		4,108		54,842


				534,351


Construction & Materials — 0.7%

AECOM*		7		254

Carrier Global Corp.*		3,851		68,201

MDU Resources Group, Inc.		1,113		24,998

Owens Corning		2,417		104,801

Trane Technologies plc		1,411		123,350


				321,604


Electricity — 2.3%

Avangrid, Inc. (a)		2,273		97,739

Consolidated Edison, Inc.		2,670		210,396

Exelon Corp.		6,469		239,871

Hawaiian Electric Industries, Inc.		2,405		94,925

OGE Energy Corp.		1,995		62,882

Pinnacle West Capital Corp.		856		65,904

PPL Corp.		6,820		173,364

Public Service Enterprise Group, Inc.		2,469		125,203

Southern Co. (The)		3,448		195,605

				1,265,889


Electronic & Electrical Equipment — 1.3%

Avnet, Inc. (a)		1,919		57,609

Emerson Electric Co.		4,339		247,453

Hubbell, Inc. (a)		1,095		136,251

nVent Electric plc		5,489		102,370

Regal Beloit Corp. (a)		1,673		118,800

WESCO International, Inc.*		2,647		68,478


				730,961


Financial Services — 3.8%

Ally Financial, Inc.		5,019		82,261

Bank of New York Mellon Corp. (The)		6,925		259,964

Capital One Financial Corp.		3,570		231,193

Franklin Resources, Inc.		4,233		79,750

Goldman Sachs Group, Inc. (The)		2,104		385,916

Invesco Ltd.		8,859		76,364

Janus Henderson Group plc (United Kingdom) (a)		4,184		74,894

Jefferies Financial Group, Inc. (a)		5,711		78,355

Legg Mason, Inc.		3,088		153,875

Morgan Stanley		8,228		324,430

Navient Corp.		11,411		86,952

Santander Consumer USA Holdings, Inc. (a)		2,044		31,866

State Street Corp.		3,582		225,809


				2,091,629

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued

Fixed Line Telecommunications — 2.0%

AT&T, Inc.		19,350		589,595

CenturyLink, Inc.		5,994		63,656

Verizon Communications, Inc.		7,884		452,936


				1,106,187


Food & Drug Retailers — 1.9%

AmerisourceBergen Corp.		1,327		118,979

CVS Health Corp.		7,154		440,329

Kroger Co. (The)		7,458		235,747

Walgreens Boots Alliance, Inc.		5,645		244,372


				1,039,427


Food Producers — 2.6%

Archer-Daniels-Midland Co.		4,918		182,655

Conagra Brands, Inc.		3,935		131,586

Flowers Foods, Inc. (a)		5,947		132,499

General Mills, Inc.		4,628		277,171

Ingredion, Inc.		1,672		135,766

JM Smucker Co. (The)		1,394		160,185

Kraft Heinz Co. (The)		7,370		223,532

Tyson Foods, Inc., Class A		2,439		151,681

				1,395,075


Forestry & Paper — 0.3%

Domtar Corp.		2,654		61,997

International Paper Co.		3,141		107,579


				169,576


Gas, Water & Multiutilities — 1.0%

CenterPoint Energy, Inc.		6,099		103,866

Duke Energy Corp.		4,201		355,657

National Fuel Gas Co.		1,777		72,857


				532,380


General Industrials — 2.2%

Carlisle Cos., Inc. (a)		1,024		123,863

Eaton Corp. plc		2,982		248,997

Graphic Packaging Holding Co.		9,318		124,395

Packaging Corp. of America		1,665		160,922

Parker-Hannifin Corp.		1,139		180,099

Silgan Holdings, Inc.		3,870		133,515

Sonoco Products Co.		2,272		110,965

WestRock Co.		4,534		145,950


				1,228,706


General Retailers — 3.1%

AutoNation, Inc.*		2,809		104,607

Best Buy Co., Inc.		2,424		185,994

Dick’s Sporting Goods, Inc. (a)		3,150		92,578

eBay, Inc.		1,566		62,374


INVESTMENTS	SHARES		VALUE ($)



General Retailers — continued

Foot Locker, Inc.		3,838		98,368

Gap, Inc. (The) (a)		9,359		75,995

H&R Block, Inc.		6,253		104,113

KAR Auction Services, Inc.		6,562		98,299

Kohl’s Corp.		3,647		67,324

Macy’s, Inc. (a)		9,925		58,160

Nordstrom, Inc.		2,545		47,795

Penske Automotive Group, Inc.		2,765		99,485

Target Corp.		3,112		341,511

Urban Outfitters, Inc.*		2,842		49,280

Williams-Sonoma, Inc.		2,139		132,276


				1,618,159


Health Care Equipment & Services — 7.4%

Anthem, Inc.		1,468		412,111

Baxter International, Inc.		1,414		125,535

Becton Dickinson and Co.		1,373		346,724

Cigna Corp.		2,110		413,096

Hill-Rom Holdings, Inc.		1,213		136,450

Humana, Inc.		901		344,020

MEDNAX, Inc.*		2,156		31,305

Medtronic plc		6,289		613,995

Quest Diagnostics, Inc.		1,679		184,875

UnitedHealth Group, Inc.		3,669		1,073,072

Universal Health Services, Inc., Class B		1,256		132,746

Zimmer Biomet Holdings, Inc.		1,348		161,356


				3,975,285


Household Goods & Home Construction — 1.5%

Leggett & Platt, Inc.		1,981		69,593

Lennar Corp., Class A		3,029		151,662

Newell Brands, Inc.		7,088		98,381

PulteGroup, Inc.		3,912		110,592

Stanley Black & Decker, Inc.		1,362		150,092

Toll Brothers, Inc.		3,648		87,625

Whirlpool Corp. (a)		1,127		125,931


				793,876


Industrial Engineering — 3.5%

AGCO Corp.		1,887		99,709

Allison Transmission Holdings, Inc.		2,932		106,549

Caterpillar, Inc.		2,545		296,187

Crane Co.		1,800		98,010

Cummins, Inc.		1,370		223,995

Dover Corp.		1,713		160,423

Oshkosh Corp.		1,742		117,637

Otis Worldwide Corp.*		1,926		98,027

PACCAR, Inc.		3,028		209,628



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

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued

Industrial Engineering — continued

Pentair plc		3,518		121,688

Snap-on, Inc.		1,025		133,547

Timken Co. (The)		2,891		108,644

Trinity Industries, Inc. (a)		5,758		111,072


				1,885,116


Industrial Metals & Mining — 0.6%

Nucor Corp.		3,270		134,691

Reliance Steel & Aluminum Co.		1,387		124,247

Steel Dynamics, Inc.		3,443		83,562


				342,500


Industrial Transportation — 1.6%

Macquarie Infrastructure Corp.		3,282		90,550

Norfolk Southern Corp.		1,681		287,619

Ryder System, Inc.		2,177		77,066

Schneider National, Inc., Class B		3,127		68,512

Union Pacific Corp.		1,991		318,142


				841,889


Leisure Goods — 0.2%

Thor Industries, Inc. (a)		1,764		116,777


Life Insurance — 1.5%

Lincoln National Corp.		3,201		113,539

MetLife, Inc.		6,567		236,937

Principal Financial Group, Inc. (a)		3,879		141,234

Prudential Financial, Inc.		3,307		206,258
Unum Group		4,573		79,799


				777,767


Media — 4.3%

AMC Networks, Inc., Class A*		2,230		53,185

Comcast Corp., Class A		20,849		784,548

Discovery, Inc., Class A* (a)		4,658		104,432

DISH Network Corp., Class A*		4,526		113,218

Fox Corp., Class A		5,150		133,231

Fox Corp., Class B		4,451		113,768

Graham Holdings Co., Class B		129		50,311

Interpublic Group of Cos., Inc. (The)		7,015		119,115

John Wiley & Sons, Inc., Class A		2,026		76,076

Liberty Media Corp.-Liberty SiriusXM, Class C* (a)		3,239		110,353

Lions Gate Entertainment Corp., Class A*		7,902		56,420

Nexstar Media Group, Inc., Class A (a)		1,199		83,978

Nielsen Holdings plc		6,145		90,516

Omnicom Group, Inc.		2,622		149,533

Qurate Retail, Inc., Series A*		15,556		125,303

Sinclair Broadcast Group, Inc., Class A		3,725		65,746

ViacomCBS, Inc.		6,901		119,111


				2,348,844


INVESTMENTS	SHARES		VALUE ($)


Nonlife Insurance — 1.0%

Assured Guaranty Ltd.		3,556		105,720

First American Financial Corp.		2,877		132,687

Mercury General Corp.		1,668		68,321

Old Republic International Corp.		7,486		119,402

Reinsurance Group of America, Inc.		1,192		124,779


				550,909


Oil & Gas Producers — 3.1%

Chevron Corp.		7,194		661,848

ConocoPhillips		971		40,879

Exxon Mobil Corp.		12,637		587,241

HollyFrontier Corp.		2,280		75,331

Marathon Petroleum Corp.		4,758		152,637

Valero Energy Corp.		2,857		180,991


				1,698,927


Oil Equipment, Services & Distribution — 0.3%

Helmerich & Payne, Inc.		1,567		30,980

Kinder Morgan, Inc.		5,265		80,186


				111,166


Personal Goods — 0.8%

Capri Holdings Ltd.*		2,058		31,385

Hanesbrands, Inc.		10,215		101,537

Nu Skin Enterprises, Inc., Class A		2,578		75,303

PVH Corp.		1,670		82,214

Ralph Lauren Corp.		1,303		96,135

Tapestry, Inc.		6,057		90,128


				476,702


Pharmaceuticals & Biotechnology — 8.5%

Abbott Laboratories		1,444		132,978

Allergan plc		1,933		362,128

Amgen, Inc.		2,035		486,813

Gilead Sciences, Inc.		6,759		567,756

Johnson & Johnson		7,521		1,128,450

Merck & Co., Inc.		9,699		769,519

Perrigo Co. plc (a)		1,764		94,021

Pfizer, Inc.		25,629		983,128


				4,524,793


Real Estate Investment Trusts — 2.4%

AGNC Investment Corp. (a)		10,256		127,380

Annaly Capital Management, Inc.		20,506		128,162

Apple Hospitality REIT, Inc.		5,288		51,188

Brandywine Realty Trust		6,137		68,489

Brixmor Property Group, Inc.		5,130		58,739

Chimera Investment Corp.		7,636		59,332

Colony Capital, Inc.		846		1,954

Columbia Property Trust, Inc.		2,681		38,311

SEE NOTES TO FINANCIAL STATEMENTS.



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


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued

Real Estate Investment Trusts — continued

EPR Properties		1,486		43,718

Kimco Realty Corp.		9,000		98,190

Medical Properties Trust, Inc.		8,680		148,775

MFA Financial, Inc.		20,464		35,812

New Residential Investment Corp. (a)		10,391		63,281

Omega Healthcare Investors, Inc.		4,391		127,998

Park Hotels & Resorts, Inc.		5,325		50,641

Retail Properties of America, Inc., Class A (a)		3,368		20,882

Service Properties Trust		4,960		34,373

Starwood Property Trust, Inc.		7,266		94,022

Two Harbors Investment Corp.		10,741		49,086

Weingarten Realty Investors		1,423		25,884


				1,326,217


Software & Computer Services — 9.7%

Akamai Technologies, Inc.*		1,885		184,183

Alphabet, Inc., Class A*		93		125,243

Amdocs Ltd.		2,366		152,465

Arista Networks, Inc.*		563		123,466

CACI International, Inc., Class A*		366		91,551

CDK Global, Inc. (a)		106		4,164

Cerence, Inc.*		2,706		57,259

Cerner Corp.		2,221		154,115

Change Healthcare, Inc.*		4,489		52,252

Citrix Systems, Inc.		1,059		153,566

Cognizant Technology Solutions Corp., Class A		3,753		217,749

Covetrus, Inc.* (a)		5,638		67,036

Dell Technologies, Inc., Class C*		2,009		85,764

DXC Technology Co.		4,412		79,990

F5 Networks, Inc.*		712		99,153

Hewlett Packard Enterprise Co.		14,318		144,039

International Business Machines Corp.		4,423		555,352

Leidos Holdings, Inc. (a)		1,670		165,013

LogMeIn, Inc.		1,568		134,001

Microsoft Corp.		7,313		1,310,563

NCR Corp.*		2,790		57,251

NortonLifeLock, Inc.		8,383		178,306

Nuance Communications, Inc.*		4,771		96,374

Oracle Corp.		10,338		547,604

Premier, Inc., Class A*		2,218		73,549

SS&C Technologies Holdings, Inc.		2,095		115,560

Twitter, Inc.*		5,017		143,888

VMware, Inc., Class A* (a)		764		100,481


				5,269,937


INVESTMENTS	SHARES		VALUE ($)


Support Services — 1.3%

ADT, Inc. (a)		14,391		82,460

Alliance Data Systems Corp.		1,402		70,198

Johnson Controls International plc		5,993		174,456

ManpowerGroup, Inc.		1,778		131,999

MSC Industrial Direct Co., Inc., Class A		2,073		123,634

Robert Half International, Inc.		1,545		73,032

Xerox Holdings Corp.		4,342		79,415


				735,194


Technology Hardware & Equipment — 16.6%

Analog Devices, Inc.		2,434		266,767

Apple, Inc.		4,336		1,273,917

Applied Materials, Inc.		5,744		285,362

Broadcom, Inc.		1,970		535,091

CDW Corp.		1,309		145,037

Ciena Corp.*		2,079		96,154

Cisco Systems, Inc.		19,992		847,261

CommScope Holding Co., Inc.*		6,024		66,324

Corning, Inc.		6,828		150,284

Entegris, Inc.		2,184		118,438

HP, Inc.		11,359		176,178

Intel Corp.		19,088		1,144,898

Juniper Networks, Inc.		6,840		147,744

KLA Corp.		1,414		232,023

L3Harris Technologies, Inc.		1,464		283,577

Lam Research Corp.		985		251,451

Maxim Integrated Products, Inc.		3,166		174,067

Microchip Technology, Inc. (a)		1,641		143,965

Micron Technology, Inc.*		6,697		320,719

MKS Instruments, Inc.		1,386		138,919

Motorola Solutions, Inc.		970		139,496

NetApp, Inc.		2,593		113,496

ON Semiconductor Corp.* (a)		4,960		79,583

Qorvo, Inc.*		1,399		137,144

QUALCOMM, Inc.		5,176		407,196

Skyworks Solutions, Inc.		1,841		191,243

SYNNEX Corp.		1,103		96,579

Teradyne, Inc.		2,656		166,106

Texas Instruments, Inc.		4,749		551,217

Western Digital Corp.		3,268		150,589

Xilinx, Inc.		1,673		146,220


				8,977,045


Tobacco — 0.7%

Altria Group, Inc.		10,306		404,511

SEE NOTES TO FINANCIAL STATEMENTS.



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

JPMorgan U.S. Value Factor ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued

Travel & Leisure — 2.8%

Alaska Air Group, Inc.		2,802		91,121

Aramark		3,914		106,891

Carnival Corp. (a)		4,580		72,822

Cinemark Holdings, Inc.		4,947		70,643

Copa Holdings SA, Class A (Panama)		1,536		67,907

Darden Restaurants, Inc.		1,040		76,742

Delta Air Lines, Inc.		4,964		128,617

Extended Stay America, Inc.		6,007		65,296

JetBlue Airways Corp.* (a)		7,869		76,644

Las Vegas Sands Corp.		3,336		160,195

MGM Resorts International		6,697		112,710

Royal Caribbean Cruises Ltd. (a)		2,135		99,854

Sabre Corp.		5,304		38,560

Six Flags Entertainment Corp.		2,612		52,266

Southwest Airlines Co.		4,250		132,812

United Airlines Holdings, Inc.*		2,544		75,252

Wyndham Destinations, Inc.		3,070		78,500


				1,506,832


Total Common Stocks (Cost $62,206,383)				53,828,959


INVESTMENTS	SHARES		VALUE ($)
Short-Term Investments — 5.1%

Investment Companies — 0.1%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (b) (c) (Cost $71,376)		71,376		71,376


Investment of Cash Collateral From Securities Loaned — 5.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (b) (c) (Cost $2,695,999)		2,695,999		2,695,999


Total Short-Term Investments (Cost $2,767,375)				2,767,375


Total Investments — 104.8% (Cost $64,973,758)				56,596,334

Liabilities in Excess of Other Assets — (4.8%)				(2,578,019	)

NET ASSETS — 100.0%				54,018,315

Percentages indicated are based on net assets.

Abbreviations



REIT		Real Estate Investment Trust
(a)		The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $2,517,422.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of April 30, 2020.
		Non-income producing security.

Futures contracts outstanding as of April 30, 2020:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING

CURRENCY

NOTIONAL
AMOUNT
($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 Mic E-mini Index

06/2020

USD

145,063

26,012

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2020 (Unaudited)



	JPMorgan BetaBuilders Canada ETF			JPMorgan BetaBuilders Developed Asia ex-Japan ETF			JPMorgan BetaBuilders Europe ETF			JPMorgan BetaBuilders International Equity ETF
ASSETS:
Investments in non-affiliates, at value	$	3,170,144,497		$	1,110,182,709		$	2,312,074,551		$	41,870,953
Investments in affiliates, at value		—			—			—			49,618
Investments of cash collateral received from securities loaned, at value (See Note 2.D.)		244,198,283			4,336,441			136,049,603			941,191
Cash		254,160			10,000			1,033,843			106,910
Foreign currency, at value		15,171,850			5,517,230			5,320,867			22,765
Deposits at broker for futures contracts		4,354,323			1,075,766			3,505,624			—
Receivables:
Investment securities sold		—			—			48,952,681			12,857
Interest and dividends from non-affiliates		10,641,604			707,316			4,554,685			173,092
Dividends from affiliates		—			—			—			10
Tax reclaims		660,449			29,461			9,436,988			25,365
Securities lending income (See Note 2.D.)		367,916			12,979			99,838			433
Variation margin on futures contracts		—			122,342			—			68,169

Total Assets		3,445,793,082			1,121,994,244			2,521,028,680			43,271,363


LIABILITIES:
Payables:
Investment securities purchased		—			680,759			135,290			2,897
Collateral received on securities loaned (See Note 2.D.)		244,198,283			4,336,441			136,049,603			941,191
Fund shares redeemed		—			—			49,449,812			—
Variation margin on futures contracts		31,446			—			132,706			—
Accrued liabilities:
Management fees (See Note 3.A.)		403,433			126,113			180,016			2,327
Other		—			4,965			—			19

Total Liabilities		244,633,162			5,148,278			185,947,427			946,434

Net Assets	$	3,201,159,920		$	1,116,845,966		$	2,335,081,253		$	42,324,929


NET ASSETS:
Paid-in-Capital	$	3,694,152,059		$	1,357,639,907		$	3,150,281,342		$	43,611,689
Total distributable earnings (loss)		(492,992,139	)		(240,793,941	)		(815,200,089	)		(1,286,760	)

Total Net Assets	$	3,201,159,920		$	1,116,845,966		$	2,335,081,253		$	42,324,929


Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		151,800,000			54,600,000			115,200,000			1,000,000

Net asset value, per share	$	21.09		$	20.46		$	20.27		$	42.32


Cost of investments in non-affiliates	$	3,621,322,424		$	1,321,394,018		$	2,779,010,728		$	43,243,425
Cost of investments in affiliates		—			—			—			49,618
Cost of foreign currency		14,872,127			5,391,333			5,257,198			22,486
Investment securities on loan, at value (See Note 2.D.)		223,612,348			4,116,135			125,871,397			884,884
Cost of investment of cash collateral (See Note 2.D.)		244,192,440			4,336,639			136,026,700			941,191

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF ASSETS AND LIABILITIES

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


	JPMorgan BetaBuilders Japan ETF			JPMorgan BetaBuilders U.S. Equity ETF		JPMorgan BetaBuilders U.S. Mid Cap Equity ETF		JPMorgan Diversified Return Emerging Markets Equity ETF
ASSETS:
Investments in non-affiliates, at value	$	2,632,655,833		$	126,417,263	$	5,351,013	$	260,178,307
Investments in affiliates, at value		—			1,998,493		3,453		—
Investments of cash collateral received from securities loaned, at value (See Note 2.D.)		5,116,764			1,196,285		16,843		813,189
Cash		371,717			—		—		404,774
Foreign currency, at value		5,727,497			—		—		199,769
Deposits at broker for futures contracts		2,322,285			82,000		11,000		224,180
Receivables:
Investment securities sold		3,290,620			—		—		—
Dividends from non-affiliates		26,957,968			92,430		1,931		460,652
Dividends from affiliates		—			93		1		—
Tax reclaims		2,452			—		—		8,948
Securities lending income (See Note 2.D.)		29,327			505		—		419
Variation margin on futures contracts		216,049			7,351		171		—
Other		—			12,874		—		—

Total Assets		2,676,690,512			129,807,294		5,384,412		262,290,238


LIABILITIES:
Payables:
Due to custodian		—			15,856		369		—
Investment securities purchased		—			—		1,337		—
Collateral received on securities loaned (See Note 2.D.)		5,116,764			1,196,285		16,843		813,189
Variation margin on futures contracts		—			—		—		21,521
Other		261			—		—		—
Accrued liabilities:
Management fees (See Note 3.A.)		300,383			7,437		156		135,184

Total Liabilities		5,417,408			1,219,578		18,705		969,894

Net Assets	$	2,671,273,104		$	128,587,716	$	5,365,707	$	261,320,344


NET ASSETS:
Paid-in-Capital	$	2,942,060,588		$	127,239,485	$	5,078,167	$	334,262,283
Total distributable earnings (loss)		(270,787,484	)		1,348,231		287,540		(72,941,939	)

Total Net Assets	$	2,671,273,104		$	128,587,716	$	5,365,707	$	261,320,344


Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		124,800,000			2,450,000		100,000		6,000,000

Net asset value, per share	$	21.40		$	52.48	$	53.66	$	43.55


Cost of investments in non-affiliates	$	2,983,385,013		$	125,449,754	$	5,066,456	$	301,814,348
Cost of investments in affiliates		—			2,240,371		3,453		—
Cost of foreign currency		5,669,263			—		—		213,541
Investment securities on loan, at value (See Note 2.D.)		4,773,254			1,128,274		15,885		766,526
Cost of investment of cash collateral (See Note 2.D.)		5,114,464			1,196,285		16,843		813,189

SEE NOTES TO FINANCIAL STATEMENTS.



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


	JPMorgan Diversified Return International Equity ETF			JPMorgan Diversified Return U.S. Equity ETF			JPMorgan Diversified Return U.S. Mid Cap Equity ETF			JPMorgan Diversified Return U.S. Small Cap Equity ETF
ASSETS:
Investments in non-affiliates, at value	$	909,667,000		$	581,283,403		$	204,068,147		$	121,060,916
Investments in affiliates, at value		908,334			405,848			225,209			269,662
Investments of cash collateral received from securities loaned, at value (See Note 2.D.)		22,036,532			22,850,526			9,585,139			19,338,205
Cash		944,942			—			—			6,792
Foreign currency, at value		543,724			—			—			—
Deposits at broker for futures contracts		1,231,150			330,600			243,760			133,500
Receivables:
Investment securities sold		—			—			—			1,265,449
Dividends from non-affiliates		5,099,169			492,534			100,547			44,520
Dividends from affiliates		17			246			125			38
Tax reclaims		2,029,848			—			—			—
Securities lending income (See Note 2.D.)		35,128			8,834			3,829			20,002

Total Assets		942,495,844			605,371,991			214,226,756			142,139,084


LIABILITIES:
Payables:
Due to custodian		—			—			1,146			—
Collateral received on securities loaned (See Note 2.D.)		22,036,532			22,850,526			9,585,139			19,338,205
Fund shares redeemed		—			—			—			1,283,897
Variation margin on futures contracts		195,775			13,913			16,230			18,200
Other		7,068			—			—			—
Accrued liabilities:
Management fees (See Note 3.D.)		648,859			191,797			62,449			47,970

Total Liabilities		22,888,234			23,056,236			9,664,964			20,688,272

Net Assets	$	919,607,610		$	582,315,755		$	204,561,792		$	121,450,812


NET ASSETS:
Paid-in-Capital	$	1,186,296,412		$	625,312,403		$	222,423,459		$	165,875,138
Total distributable earnings (loss)		(266,688,802	)		(42,996,648	)		(17,861,667	)		(44,424,326	)

Total Net Assets	$	919,607,610		$	582,315,755		$	204,561,792		$	121,450,812


Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		19,700,000			8,800,000			3,600,000			4,900,000

Net asset value, per share	$	46.68		$	66.17		$	56.82		$	24.79


Cost of investments in non-affiliates	$	1,064,961,141		$	619,593,625		$	217,781,867		$	156,153,855
Cost of investments in affiliates		908,241			405,848			225,209			269,662
Cost of foreign currency		539,693			—			—			—
Investment securities on loan, at value (See Note 2.D.)		20,708,564			21,154,150			8,837,783			17,770,833
Cost of investment of cash collateral (See Note 2.D.)		22,031,031			22,846,325			9,585,139			19,335,505

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF ASSETS AND LIABILITIES

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


	JPMorgan U.S. Dividend ETF			JPMorgan U.S. Minimum Volatility ETF			JPMorgan U.S. Momentum Factor ETF			JPMorgan U.S. Quality Factor ETF		JPMorgan U.S. Value Factor ETF
ASSETS:
Investments in non-affiliates, at value	$	32,081,479		$	94,649,776		$	85,925,083		$	226,640,683	$	53,828,959
Investments in affiliates, at value		31,637			266,164			80,155			347,012		71,376
Investments of cash collateral received from securities loaned, at value (See Note 2.D.)		2,160,876			2,580,620			1,558,287			2,522,823		2,695,999
Deposits at broker for futures contracts		47,316			104,930			34,930			100,422		79,711
Receivables:
Fund shares sold		—			—			12,639			17,723		—
Dividends from non-affiliates		60,304			82,269			49,714			154,696		54,843
Dividends from affiliates		17			36			28			62		28
Securities lending income (See Note 2.D.)		895			1,209			1,768			3,309		1,080
Variation margin on futures contracts		1,307			—			1,425			6,376		—

Total Assets		34,383,831			97,685,004			87,664,029			229,793,106		56,731,996


LIABILITIES:
Payables:
Investment securities purchased		—			258,315			9,208			—		—
Collateral received on securities loaned (See Note 2.D.)		2,160,876			2,580,620			1,558,287			2,522,823		2,695,999
Variation margin on futures contracts		—			2,394			—			—		1,994
Accrued liabilities:
Management fees (See Note 3.D.)		19,198			21,821			22,127			29,728		15,688

Total Liabilities		2,180,074			2,863,150			1,589,622			2,552,551		2,713,681

Net Assets	$	32,203,757		$	94,821,854		$	86,074,407		$	227,240,555	$	54,018,315


NET ASSETS:
Paid-in-Capital	$	38,359,612		$	101,209,907		$	87,722,119		$	223,863,047	$	61,448,549
Total distributable earnings (loss)		(6,155,855	)		(6,388,053	)		(1,647,712	)		3,377,508		(7,430,234	)

Total Net Assets	$	32,203,757		$	94,821,854		$	86,074,407		$	227,240,555	$	54,018,315


Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)		1,500,000			3,500,000			3,050,000			7,950,000		2,350,000

Net asset value, per share	$	21.47		$	27.09		$	28.22		$	28.58	$	22.99


Cost of investments in non-affiliates	$	38,550,329		$	101,433,110		$	83,769,365		$	222,996,635	$	62,206,383
Cost of investments in affiliates		31,637			266,164			80,155			347,012		71,376
Investment securities on loan, at value (See Note 2.D.)		2,031,688			2,425,225			1,486,190			2,379,716		2,517,422
Cost of investment of cash collateral (See Note 2.D.)		2,160,876			2,580,620			1,558,287			2,522,823		2,695,999

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF OPERATIONS

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


	JPMorgan BetaBuilders Canada ETF			JPMorgan BetaBuilders Developed Asia ex-Japan ETF			JPMorgan BetaBuilders Europe ETF			JPMorgan BetaBuilders International Equity ETF (a)
INVESTMENT INCOME:
Interest income from non-affiliates	$	5,646		$	1,567		$	25		$	64
Interest income from affiliates		25,305			7,090			100			—
Dividend income from non-affiliates		59,826,708			22,823,024			44,701,569			408,913
Dividend income from affiliates		—			—			—			9
Income from securities lending (net) (See Note 2.D.)		3,071,931			185,866			349,154			608
Foreign taxes withheld (net)		(8,436,964	)		(348,090	)		(4,107,333	)		(43,429	)

Total investment income		54,492,626			22,669,457			40,943,515			366,165


EXPENSES:
Management fees (See Note 3.A.)		3,458,888			1,294,390			1,602,880			7,390
Interest expense to non-affiliates		—			815			8,548			—
Interest expense to affiliates		333			358			32,746			12

Total expenses		3,459,221			1,295,563			1,644,174			7,402

Net expenses		3,459,221			1,295,563			1,644,174			7,402

Net investment income (loss)		51,033,405			21,373,894			39,299,341			358,763


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(20,989,767	)		(12,942,858	)		(29,418,456	)		(102,575	)
In-kind redemptions of investments in non-affiliates		(13,287,307	)		(10,408,175	)		(314,440,665	)		—
Futures contracts		(1,455,772	)		(1,962,727	)		(6,639,342	)		(116,559	)
Foreign currency transactions		(413,023	)		(712,275	)		939,605			(2,572	)

Net realized gain (loss)		(36,145,869	)		(26,026,035	)		(349,558,858	)		(221,706	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(576,898,716	)		(268,958,566	)		(612,061,681	)		(1,372,472	)
Investments in affiliates		5,843			(198	)		18,003			—
Futures contracts		2,664,304			481,494			2,348,599			39,386
Foreign currency translations		334,083			46,427			(125,481	)		1,615

Change in net unrealized appreciation/depreciation		(573,894,486	)		(268,430,843	)		(609,820,560	)		(1,331,471	)

Net realized/unrealized gains (losses)		(610,040,355	)		(294,456,878	)		(959,379,418	)		(1,553,177	)

Change in net assets resulting from operations	$	(559,006,950	)	$	(273,082,984	)	$	(920,080,077	)	$	(1,194,414	)

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

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF OPERATIONS

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


	JPMorgan BetaBuilders Japan ETF			JPMorgan BetaBuilders U.S. Equity ETF			JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)		JPMorgan Diversified Return Emerging Markets Equity ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	153		$	—	$	761
Interest income from affiliates		630			—			—		242
Dividend income from non-affiliates		37,555,292			734,854			1,976		4,214,784
Dividend income from affiliates		—			19,899			1		1,312
Income from securities lending (net) (See Note 2.D.)		248,847			657			—		2,322
Foreign taxes withheld (net)		(3,750,411	)		—			—		(288,967	)

Total investment income		34,054,358			755,563			1,977		3,930,454


EXPENSES:
Management fees (See Note 3.A.)		3,519,182			7,437			156		720,665
Interest expense to non-affiliates		2,653			21			—		—
Interest expense to affiliates		19,188			—			—		1,369

Total expenses		3,541,023			7,458			156		722,034

Net expenses		3,541,023			7,458			156		722,034

Net investment income (loss)		30,513,335			748,105			1,821		3,208,420


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(5,961,562	)		(55,644	)		439		(12,371,387	)
In-kind redemptions of investments in non-affiliates		106,148,091			554,717			—		(391,487	)
In-kind redemptions of investments in affiliates		—			16,301			—		—
Futures contracts		1,048,744			(129,815	)		—		(186,235	)
Foreign currency transactions		(515,909	)		—			—		(43,609	)

Net realized gain (loss)		100,719,364			385,559			439		(12,992,718	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(500,439,666	)		(2,049,606	)		284,557		(61,094,844)(b	)
Investments in affiliates		901			(344,819	)		—		—
Futures contracts		(737,791	)		67,058			723		81,361
Foreign currency translations		330,003			—			—		(64,972	)

Change in net unrealized appreciation/depreciation		(500,846,553	)		(2,327,367	)		285,280		(61,078,455	)

Net realized/unrealized gains (losses)		(400,127,189	)		(1,941,808	)		285,719		(74,071,173	)

Change in net assets resulting from operations	$	(369,613,854	)	$	(1,193,703	)	$	287,540	$	(70,862,753	)

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



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


	JPMorgan Diversified Return International Equity ETF			JPMorgan Diversified Return U.S. Equity ETF			JPMorgan Diversified Return U.S. Mid Cap Equity ETF			JPMorgan Diversified Return U.S. Small Cap Equity ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	5,584		$	1,487		$	588		$	216
Interest income from affiliates		314			16			5			—
Dividend income from non-affiliates		16,747,172			9,529,479			2,128,868			1,288,967
Dividend income from affiliates		22,599			11,000			3,679			2,311
Income from securities lending (net) (See Note 2.D.)		102,511			30,805			15,918			141,407
Foreign taxes withheld (net)		(1,337,469	)		—			—			—

Total investment income		15,540,711			9,572,787			2,149,058			1,432,901


EXPENSES:
Management fees (See Note 3.A.)		2,171,059			682,230			233,228			227,052
Interest expense to non-affiliates		44			—			—			—
Interest expense to affiliates		1,128			—			—			—

Total expenses		2,172,231			682,230			233,228			227,052

Net expenses		2,172,231			682,230			233,228			227,052

Net investment income (loss)		13,368,480			8,890,557			1,915,830			1,205,849


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(29,855,680	)		(17,366,918	)		(3,226,280	)		(6,867,516	)
Investments in affiliates		773			—			—			—
In-kind redemptions of investments in non-affiliates		(12,037,420	)		22,531,201			1,933,927			(516,972	)
Futures contracts		(1,302,115	)		(726,557	)		(257,382	)		(87,424	)
Foreign currency transactions		(554,317	)		—			—			—

Net realized gain (loss)		(43,748,759	)		4,437,726			(1,549,735	)		(7,471,912	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(163,033,298	)		(120,362,846	)		(28,143,042	)		(30,606,880	)
Investments in affiliates		5,594			3,801			—			2,200
Futures contracts		921,077			179,720			95,058			88,965
Foreign currency translations		(6,056	)		—			—			—

Change in net unrealized appreciation/depreciation		(162,112,683	)		(120,179,325	)		(28,047,984	)		(30,515,715	)

Net realized/unrealized gains (losses)		(205,861,442	)		(115,741,599	)		(29,597,719	)		(37,987,627	)

Change in net assets resulting from operations	$	(192,492,962	)	$	(106,851,042	)	$	(27,681,889	)	$	(36,781,778	)

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF OPERATIONS

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


	JPMorgan U.S. Dividend ETF			JPMorgan U.S. Minimum Volatility ETF			JPMorgan U.S. Momentum Factor ETF			JPMorgan U.S. Quality Factor ETF			JPMorgan U.S. Value Factor ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	34		$	132		$	—		$	174		$	112
Dividend income from non-affiliates		765,862			1,237,228			424,986			1,521,914			1,126,905
Dividend income from affiliates		771			1,403			697			1,875			1,077
Income from securities lending (net) (See Note 2.D.)		3,941			2,981			4,263			6,880			4,717

Total investment income		770,608			1,241,744			429,946			1,530,843			1,132,811


EXPENSES:
Management fees (See Note 3.A.)		22,260			61,919			35,055			87,040			40,048

Total expenses		22,260			61,919			35,055			87,040			40,048

Net expenses		22,260			61,919			35,055			87,040			40,048

Net investment income (loss)		748,348			1,179,825			394,891			1,443,803			1,092,763


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(204,304	)		(750,853	)		(2,562,986	)		(2,093,304	)		(847,273	)
In-kind redemptions of investments in non-affiliates		906,591			1,437,316			156,374			1,905,105			2,272,944
Futures contracts		(74,242	)		(113,112	)		(21,335	)		(60,456	)		(58,773	)

Net realized gain (loss)		628,045			573,351			(2,427,947	)		(248,655	)		1,366,898

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(8,414,812	)		(11,570,350	)		3,296,462			(3,912,471	)		(12,525,171	)
Futures contracts		20,548			24,682			25,501			86,844			23,115

Change in net unrealized appreciation/depreciation		(8,394,264	)		(11,545,668	)		3,321,963			(3,825,627	)		(12,502,056	)

Net realized/unrealized gains (losses)		(7,766,219	)		(10,972,317	)		894,016			(4,074,282	)		(11,135,158	)

Change in net assets resulting from operations	$	(7,017,871	)	$	(9,792,492	)	$	1,288,907		$	(2,630,479	)	$	(10,042,395	)

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED


	JPMorgan BetaBuilders Canada ETF						JPMorgan BetaBuilders Developed Asia ex-Japan ETF
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	51,033,405		$	83,710,291		$	21,373,894		$	50,689,295
Net realized gain (loss)		(36,145,869	)		(25,352,697	)		(26,026,035	)		2,478,979
Change in net unrealized appreciation/depreciation		(573,894,486	)		259,078,770			(268,430,843	)		117,802,311

Change in net assets resulting from operations		(559,006,950	)		317,436,364			(273,082,984	)		170,970,585


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(49,145,670	)		(75,222,486	)		(23,075,008	)		(50,248,812	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		8,558,520			1,513,841,316			(29,849,872	)		718,818,123


NET ASSETS:
Change in net assets		(599,594,100	)		1,756,055,194			(326,007,864	)		839,539,896
Beginning of period		3,800,754,020			2,044,698,826			1,442,853,830			603,313,934

End of period	$	3,201,159,920		$	3,800,754,020		$	1,116,845,966		$	1,442,853,830


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	74,676,668		$	1,594,807,117		$	148,539,920		$	759,011,170
Cost of shares redeemed		(66,118,148	)		(80,965,801	)		(178,389,792	)		(40,193,047	)

Total change in net assets resulting from capital transactions	$	8,558,520		$	1,513,841,316		$	(29,849,872	)	$	718,818,123


SHARE TRANSACTIONS:
Issued		2,900,000			66,000,000			6,800,000			32,000,000
Redeemed		(3,800,000	)		(3,800,000	)		(9,200,000	)		(1,600,000	)

Net increase (decrease) in shares from share transactions		(900,000	)		62,200,000			(2,400,000	)		30,400,000

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan BetaBuilders Europe ETF						JPMorgan BetaBuilders International Equity ETF
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Period Ended April 30, 2020 (Unaudited) (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	39,299,341		$	131,029,232		$	358,763
Net realized gain (loss)		(349,558,858	)		58,667,336			(221,706	)
Change in net unrealized appreciation/depreciation		(609,820,560	)		237,106,587			(1,331,471	)

Change in net assets resulting from operations		(920,080,077	)		426,803,155			(1,194,414	)


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(38,303,900	)		(126,316,866	)		(92,346	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(559,680,394	)		2,237,729,043			43,611,689


NET ASSETS:
Change in net assets		(1,518,064,371	)		2,538,215,332			42,324,929
Beginning of period		3,853,145,624			1,314,930,292			—

End of period	$	2,335,081,253		$	3,853,145,624		$	42,324,929


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	799,653,347		$	2,927,537,309		$	43,611,689
Cost of shares redeemed		(1,359,333,741	)		(689,808,266	)		—

Total change in net assets resulting from capital transactions	$	(559,680,394	)	$	2,237,729,043		$	43,611,689


SHARE TRANSACTIONS:
Issued		35,000,000			130,000,000			1,000,000
Redeemed		(78,000,000	)		(30,000,000	)		—

Net increase (decrease) in shares from share transactions		(43,000,000	)		100,000,000			1,000,000

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

SEE NOTES TO FINANCIAL STATEMENTS.



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


	JPMorgan BetaBuilders Japan ETF						JPMorgan BetaBuilders U.S. Equity ETF
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	30,513,335		$	76,811,361		$	748,105		$	430,637
Net realized gain (loss)		100,719,364			30,095,816			385,559			(41,094	)
Change in net unrealized appreciation/depreciation		(500,846,553	)		268,969,319			(2,327,367	)		3,125,195

Change in net assets resulting from operations		(369,613,854	)		375,876,496			(1,193,703	)		3,514,738


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(102,501,216	)		(20,089,888	)		(654,923	)		(317,882	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,175,133,745	)		1,626,647,644			84,027,217			43,212,269


NET ASSETS:
Change in net assets		(1,647,248,815	)		1,982,434,252			82,178,591			46,409,125
Beginning of period		4,318,521,919			2,336,087,667			46,409,125			—

End of period	$	2,671,273,104		$	4,318,521,919		$	128,587,716		$	46,409,125


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	390,676,821		$	2,238,563,149		$	86,933,230		$	43,212,269
Cost of shares redeemed		(1,565,810,566	)		(611,915,505	)		(2,906,013	)		—

Total change in net assets resulting from capital transactions	$	(1,175,133,745	)	$	1,626,647,644		$	84,027,217		$	43,212,269


SHARE TRANSACTIONS:
Issued		17,200,000			100,400,000			1,650,000			850,000
Redeemed		(68,400,000	)		(27,200,000	)		(50,000	)		—

Net increase (decrease) in shares from share transactions		(51,200,000	)		73,200,000			1,600,000			850,000

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

SEE NOTES TO FINANCIAL STATEMENTS.



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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan BetaBuilders U.S. Mid Cap Equity ETF		JPMorgan Diversified Return Emerging Markets Equity ETF
	Period Ended April 30, 2020 (Unaudited) (a)		Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,821	$	3,208,420		$	11,690,830
Net realized gain (loss)		439		(12,992,718	)		(9,288,395	)
Change in net unrealized appreciation/depreciation		285,280		(61,078,455	)		22,872,709

Change in net assets resulting from operations		287,540		(70,862,753	)		25,275,144


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		—		(5,534,269	)		(9,059,080	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		5,078,167		(16,078,050	)		123,775,100


NET ASSETS:
Change in net assets		5,365,707		(92,475,072	)		139,991,164
Beginning of period		—		353,795,416			213,804,252

End of period	$	5,365,707	$	261,320,344		$	353,795,416


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	5,078,167	$	11,074,492		$	123,775,100
Cost of shares redeemed		—		(27,152,542	)		—

Total change in net assets resulting from ETF Shares capital transactions	$	5,078,167	$	(16,078,050	)	$	123,775,100

Total change in net assets resulting from capital transactions	$	5,078,167	$	(16,078,050	)	$	123,775,100


SHARE TRANSACTIONS:
Issued		100,000		200,000			2,300,000
Redeemed		—		(700,000	)		—

Net increase (decrease) in shares from share transactions		100,000		(500,000	)		2,300,000

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

SEE NOTES TO FINANCIAL STATEMENTS.



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


	JPMorgan Diversified Return International Equity ETF						JPMorgan Diversified Return U.S. Equity ETF
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	13,368,480		$	49,632,728		$	8,890,557		$	15,437,588
Net realized gain (loss)		(43,748,759	)		(6,323,521	)		4,437,726			11,156,283
Change in net unrealized appreciation/depreciation		(162,112,683	)		47,448,543			(120,179,325	)		48,876,386

Change in net assets resulting from operations		(192,492,962	)		90,757,750			(106,851,042	)		75,470,257


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(15,152,484	)		(47,722,104	)		(9,672,874	)		(13,823,828	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(155,614,247	)		(204,500,604	)		(103,786,326	)		181,617,239


NET ASSETS:
Change in net assets		(363,259,693	)		(161,464,958	)		(220,310,242	)		243,263,668
Beginning of period		1,282,867,303			1,444,332,261			802,625,997			559,362,329

End of period	$	919,607,610		$	1,282,867,303		$	582,315,755		$	802,625,997


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	45,150,517		$	298,833,792		$	59,112,534		$	261,868,954
Cost of shares redeemed		(200,764,764	)		(503,334,396	)		(162,898,860	)		(80,251,715	)

Total change in net assets resulting from capital transactions	$	(155,614,247	)	$	(204,500,604	)	$	(103,786,326	)	$	181,617,239


SHARE TRANSACTIONS:
Issued		800,000			5,500,000			800,000			3,600,000
Redeemed		(4,400,000	)		(9,400,000	)		(2,500,000	)		(1,100,000	)

Net increase (decrease) in shares from share transactions		(3,600,000	)		(3,900,000	)		(1,700,000	)		2,500,000

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	181

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan Diversified Return U.S. Mid Cap Equity ETF						JPMorgan Diversified Return U.S. Small Cap Equity ETF
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,915,830		$	2,884,389		$	1,205,849		$	1,872,735
Net realized gain (loss)		(1,549,735	)		1,531,972			(7,471,912	)		11,531,108
Change in net unrealized appreciation/depreciation		(28,047,984	)		9,451,433			(30,515,715	)		(6,003,010	)

Change in net assets resulting from operations		(27,681,889	)		13,867,794			(36,781,778	)		7,400,833


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(1,892,442	)		(2,653,452	)		(1,175,144	)		(1,663,026	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		46,162,332			64,731,269			19,064,407			38,470,266


NET ASSETS:
Change in net assets		16,588,001			75,945,611			(18,892,515	)		44,208,073
Beginning of period		187,973,791			112,028,180			140,343,327			96,135,254

End of period	$	204,561,792		$	187,973,791		$	121,450,812		$	140,343,327


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	53,035,612		$	83,490,606		$	56,404,428		$	125,026,689
Cost of shares redeemed		(6,873,280	)		(18,759,337	)		(37,340,021	)		(86,556,423	)

Total change in net assets resulting from capital transactions	$	46,162,332		$	64,731,269		$	19,064,407		$	38,470,266


SHARE TRANSACTIONS:
Issued		900,000			1,300,000			1,800,000			4,150,000
Redeemed		(100,000	)		(300,000	)		(1,450,000	)		(2,850,000	)

Net increase in shares from share transactions		800,000			1,000,000			350,000			1,300,000

SEE NOTES TO FINANCIAL STATEMENTS.



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


	JPMorgan U.S. Dividend ETF						JPMorgan U.S. Minimum Volatility ETF
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	748,348		$	1,126,280		$	1,179,825		$	1,125,687
Net realized gain (loss)		628,045			681,389			573,351			3,201,699
Change in net unrealized appreciation/depreciation		(8,394,264	)		1,931,896			(11,545,668	)		3,586,564

Change in net assets resulting from operations		(7,017,871	)		3,739,565			(9,792,492	)		7,913,950


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(736,841	)		(1,057,550	)		(1,205,141	)		(948,027	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(673,056	)		10,538,384			(1,425,171	)		72,832,965


NET ASSETS:
Change in net assets		(8,427,768	)		13,220,399			(12,422,804	)		79,798,888
Beginning of period		40,631,525			27,411,126			107,244,658			27,445,770

End of period	$	32,203,757		$	40,631,525		$	94,821,854		$	107,244,658


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	5,530,715		$	15,758,539		$	8,568,093		$	93,087,661
Cost of shares redeemed		(6,203,771	)		(5,220,155	)		(9,993,264	)		(20,254,696	)

Total change in net assets resulting from capital transactions	$	(673,056	)	$	10,538,384		$	(1,425,171	)	$	72,832,965


SHARE TRANSACTIONS:
Issued		250,000			600,000			300,000			3,200,000
Redeemed		(250,000	)		(200,000	)		(350,000	)		(700,000	)

Net increase (decrease) in shares from share transactions		—			400,000			(50,000	)		2,500,000

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	183

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan U.S. Momentum Factor ETF						JPMorgan U.S. Quality Factor ETF
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	394,891		$	597,332		$	1,443,803		$	1,227,149
Net realized gain (loss)		(2,427,947	)		5,801,887			(248,655	)		549,586
Change in net unrealized appreciation/depreciation		3,321,963			(2,461,486	)		(3,825,627	)		5,941,402

Change in net assets resulting from operations		1,288,907			3,937,733			(2,630,479	)		7,718,137


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(397,919	)		(515,149	)		(1,266,009	)		(1,098,039	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		28,562,830			24,622,635			124,069,171			71,232,507


NET ASSETS:
Change in net assets		29,453,818			28,045,219			120,172,683			77,852,605
Beginning of period		56,620,589			28,575,370			107,067,872			29,215,267

End of period	$	86,074,407		$	56,620,589		$	227,240,555		$	107,067,872


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	30,095,281		$	66,439,247		$	131,431,916		$	77,043,167
Cost of shares redeemed		(1,532,451	)		(41,816,612	)		(7,362,745	)		(5,810,660	)

Total change in net assets resulting from capital transactions	$	28,562,830		$	24,622,635		$	124,069,171		$	71,232,507


SHARE TRANSACTIONS:
Issued		1,150,000			2,300,000			4,600,000			2,700,000
Redeemed		(50,000	)		(1,450,000	)		(250,000	)		(200,000	)

Net increase in shares from share transactions		1,100,000			850,000			4,350,000			2,500,000

SEE NOTES TO FINANCIAL STATEMENTS.



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


	JPMorgan U.S. Value Factor ETF
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,092,763		$	1,527,280
Net realized gain (loss)		1,366,898			2,324,504
Change in net unrealized appreciation/depreciation		(12,502,056	)		3,862,947

Change in net assets resulting from operations		(10,042,395	)		7,714,731


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(1,188,865	)		(1,321,813	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,600,067	)		31,470,215


NET ASSETS:
Change in net assets		(12,831,327	)		37,863,133
Beginning of period		66,849,642			28,986,509

End of period	$	54,018,315		$	66,849,642


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	14,995,811		$	46,088,396
Cost of shares redeemed		(16,595,878	)		(14,618,181	)

Total change in net assets resulting from capital transactions	$	(1,600,067	)	$	31,470,215


SHARE TRANSACTIONS:
Issued		550,000			1,850,000
Redeemed		(650,000	)		(550,000	)

Net increase (decrease) in shares from share transactions		(100,000	)		1,300,000

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	185

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment Operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income

JPMorgan BetaBuilders Canada ETF
Six Months Ended April 30, 2020 (Unaudited)	$	24.89	$	0.33	$	(3.81	)	$	(3.48	)	$	(0.32	)
Year Ended October 31, 2019		22.59		0.66		2.24			2.90			(0.60	)
August 7, 2018 (f) through October 31, 2018		24.65		0.14		(2.15	)		(2.01	)		(0.05	)

JPMorgan BetaBuilders Developed Asia ex-Japan ETF
Six Months Ended April 30, 2020 (Unaudited)		25.31		0.37		(4.81	)		(4.44	)		(0.41	)
Year Ended October 31, 2019		22.68		1.05		2.58			3.63			(1.00	)
August 7, 2018 (f) through October 31, 2018		25.36		0.22		(2.73	)		(2.51	)		(0.17	)

JPMorgan BetaBuilders Europe ETF
Six Months Ended April 30, 2020 (Unaudited)		24.36		0.26		(4.06	)		(3.80	)		(0.29	)
Year Ended October 31, 2019		22.59		0.90		1.65			2.55			(0.78	)
June 15, 2018 (f) through October 31, 2018		24.79		0.13		(2.30	)		(2.17	)		(0.03	)

JPMorgan BetaBuilders International Equity ETF
December 3, 2019 (f) through April 30, 2020 (Unaudited)		49.79		0.61		(7.96	)		(7.35	)		(0.12	)

JPMorgan BetaBuilders Japan ETF
Six Months Ended April 30, 2020 (Unaudited)		24.54		0.19		(2.76	)		(2.57	)		(0.57	)
Year Ended October 31, 2019		22.72		0.48		1.48			1.96			(0.14	)
June 15, 2018 (f) through October 31, 2018		24.79		0.24		(2.31	)		(2.07	)		—

JPMorgan BetaBuilders U.S. Equity ETF
Six Months Ended April 30, 2020 (Unaudited)		54.60		0.52		(2.18	)		(1.66	)		(0.46	)
March 12, 2019 (f) through October 31, 2019		50.14		0.68		4.29			4.97			(0.51	)

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
April 14, 2020 (f) through April 30, 2020 (Unaudited)		50.78		0.02		2.86			2.88			—

(a)	Annualized for periods less than one year, unless otherwise indicated.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e)

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

(f)	Commencement of operations.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



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


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


$	21.09	$	21.15		(14.02	)%		(13.81	)%	$	3,201,159,920		0.19	%		2.80	%		0.19	%		2	%
	24.89		24.90		13.08			12.97			3,800,754,020		0.19			2.73			0.34			7
	22.59		22.62		(8.18	)		(8.05	)(g)		2,044,698,826		0.19	(h)		2.55			0.37	(h)		1


	20.46		20.36		(17.54	)		(17.83	)		1,116,845,966		0.19			3.14			0.19			3
	25.31		25.27		16.18			15.94			1,442,853,830		0.19			4.22			0.39			7
	22.68		22.69		(9.97	)		(9.93	)(g)		603,313,934		0.19	(h)		3.94			0.45	(h)		2


	20.27		20.17		(15.58	)		(16.10	)		2,335,081,253		0.09			2.21			0.09			3
	24.36		24.39		11.43			11.32			3,853,145,624		0.09			3.83			0.25			7
	22.59		22.64		(8.75	)		(8.55	)(g)		1,314,930,292		0.09	(h)		1.45			0.34	(h)		2


	42.32		42.37		(14.76	)		(14.66	)(g)		42,324,929		0.07			3.36			0.07			4


	21.40		21.39		(10.80	)		(10.95	)		2,671,273,104		0.19			1.65			0.19			1
	24.54		24.57		8.74			9.07			4,318,521,919		0.19			2.14			0.33			4
	22.72		22.68		(8.35	)		(8.51	)(g)		2,336,087,667		0.19	(h)		2.63			0.37	(h)		5


	52.48		52.44		(3.01	)		(3.11	)		128,587,716		0.02			1.93			0.02			1
	54.60		54.61		9.95			9.97	(g)		46,409,125		0.02			2.01			0.02			3


	53.66		53.82		5.67			5.99	(g)		5,365,707		0.07			0.77			0.07			1

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	187

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment Operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income

JPMorgan Diversified Return Emerging Markets Equity ETF
Six Months Ended April 30, 2020 (Unaudited)	$	54.43	$	0.50	$	(10.53	)	$	(10.03	)	$	(0.85	)
Year Ended October 31, 2019		50.91		2.07		2.97			5.04			(1.52	)
Year Ended October 31, 2018		57.15		1.59		(5.37	)		(3.78	)		(2.46	)
Year Ended October 31, 2017		48.68		1.50		7.56			9.06			(0.59	)
Year Ended October 31, 2016		45.23		1.04		3.72			4.76			(1.31	)
January 7, 2015 (f) through October 31, 2015		50.00		1.29		(6.06	)		(4.77	)		—

JPMorgan Diversified Return International Equity ETF
Six Months Ended April 30, 2020 (Unaudited)		55.06		0.60		(8.31	)		(7.71	)		(0.67	)
Year Ended October 31, 2019		53.10		1.77		1.90			3.67			(1.71	)
Year Ended October 31, 2018		59.18		1.51		(5.29	)		(3.78	)		(2.30	)
Year Ended October 31, 2017		50.00		1.43		8.57			10.00			(0.82	)
Year Ended October 31, 2016		51.17		1.28		(1.37	)(i)		(0.09	)		(1.08	)
November 5, 2014 (f) through October 31, 2015		50.00		1.39		(0.07	)		1.32			(0.15	)

JPMorgan Diversified Return U.S. Equity ETF
Six Months Ended April 30, 2020 (Unaudited)		76.44		0.86		(10.20	)		(9.34	)		(0.93	)
Year Ended October 31, 2019		69.92		1.66		6.34			8.00			(1.48	)
Year Ended October 31, 2018		68.52		1.39		1.88			3.27			(1.87	)
Year Ended October 31, 2017		57.06		1.17		10.75			11.92			(0.46	)
Year Ended October 31, 2016		54.13		1.10		2.09	(i)		3.19			(0.26	)
September 29, 2015 (f) through October 31, 2015		50.00		0.06		4.07			4.13			—

JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Six Months Ended April 30, 2020 (Unaudited)		67.13		0.62		(10.29	)		(9.67	)		(0.64	)
Year Ended October 31, 2019		62.24		1.18		4.78			5.96			(1.07	)
Year Ended October 31, 2018		62.06		1.06		0.59			1.65			(1.47	)
Year Ended October 31, 2017		51.65		0.89		10.02			10.91			(0.50	)
May 11, 2016 (f) through October 31, 2016		50.00		0.42		1.23			1.65			—

JPMorgan Diversified Return U.S. Small Cap Equity ETF
Six Months Ended April 30, 2020 (Unaudited)		30.84		0.22		(6.06	)		(5.84	)		(0.21	)
Year Ended October 31, 2019		29.58		0.42		1.22			1.64			(0.38	)
Year Ended October 31, 2018		28.95		0.33		0.73			1.06			(0.43	)
November 15, 2016 (f) through October 31, 2017		25.00		0.28		3.71			3.99			(0.04	)

(a)	Annualized for periods less than one year, unless otherwise indicated.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)

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

(f)	Commencement of operations.

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

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

(i)

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

(j)	Amount rounds to less than 0.5%.

SEE NOTES TO FINANCIAL STATEMENTS.



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


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


$	43.55	$	42.75		(18.65	)%		(20.24	)%	$	261,320,344		0.44	%		1.96	%		0.44	%		13	%
	54.43		54.50		10.00			10.31			353,795,416		0.45			3.87			0.87			51
	50.91		50.83		(6.93	)		(7.43	)		213,804,252		0.45			2.80			0.96			53
	57.15		57.36		18.95			18.65			165,741,046		0.45			2.85			1.06			60
	48.68		48.98		11.02			11.63			43,809,461		0.45			2.33			1.91			44
	45.23		45.27		(9.54	)		(9.46	)(g)		36,185,674		0.45	(h)		3.18			2.07	(h)		46


	46.68		46.45		(14.13	)		(14.49	)		919,607,610		0.37			2.27			0.37			10
	55.06		55.02		7.05			7.23			1,282,867,303		0.38			3.27			0.41			25
	53.10		52.98		(6.72	)		(7.22	)		1,444,332,261		0.40			2.57			0.44			28
	59.18		59.36		20.35			20.30			1,159,887,006		0.43			2.63			0.51			29
	50.00		50.17		(0.15	)		0.41			470,042,716		0.43			2.56			0.75			27
	51.17		51.05		2.65			2.40	(g)		92,113,607		0.43	(h)		2.72			1.33	(h)		20


	66.17		66.13		(12.26	)		(12.33	)		582,315,755		0.18			2.34			0.18			9
	76.44		76.45		11.65			11.65			802,625,997		0.19			2.27			0.37			24
	69.92		69.93		4.74			4.70			559,362,329		0.19			1.95			0.41			32
	68.52		68.55		20.99			21.02			356,298,771		0.21			1.83			0.47			27
	57.06		57.08		5.92			5.90			125,538,258		0.29			1.95			0.90			22
	54.13		54.16		8.26			8.32	(g)		10,826,623		0.29	(h)		1.20			5.75	(h)		—	(j)


	56.82		56.91		(14.45	)		(14.37	)		204,561,792		0.24			1.97			0.24			11
	67.13		67.17		9.73			9.78			187,973,791		0.24			1.82			0.43			25
	62.24		62.25		2.59			2.57			112,028,180		0.24			1.64			0.50			35
	62.06		62.08		21.25			21.31			62,063,250		0.26			1.54			0.62			31
	51.65		51.64		3.30			3.28	(g)		36,153,888		0.34	(h)		1.69			1.02	(h)		15


	24.79		24.73		(18.97	)		(19.24	)		121,450,812		0.29			1.54			0.29			11
	30.84		30.87		5.64			5.75			140,343,327		0.29			1.40			0.54			43
	29.58		29.58		3.61			3.43			96,135,254		0.29			1.08			0.61			30
	28.95		29.00		15.96			16.16	(g)		55,011,105		0.31	(h)		1.08			0.97	(h)		24

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	189

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment Operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income

JPMorgan U.S. Dividend ETF
Six Months Ended April 30, 2020 (Unaudited)	$	27.09	$	0.50	$	(5.62	)	$	(5.12	)	$	(0.50	)
Year Ended October 31, 2019		24.92		0.93		2.11			3.04			(0.87	)
November 8, 2017 (f) through October 31, 2018		25.00		0.96		(0.17	)		0.79			(0.87	)

JPMorgan U.S. Minimum Volatility ETF
Six Months Ended April 30, 2020 (Unaudited)		30.21		0.33		(3.10	)		(2.77	)		(0.35	)
Year Ended October 31, 2019		26.14		0.64		3.95			4.59			(0.52	)
November 8, 2017 (f) through October 31, 2018		25.00		0.59		1.08			1.67			(0.53	)

JPMorgan U.S. Momentum Factor ETF
Six Months Ended April 30, 2020 (Unaudited)		29.04		0.19		(0.81	)(i)		(0.62	)		(0.20	)
Year Ended October 31, 2019		25.98		0.37		2.99			3.36			(0.30	)
November 8, 2017 (f) through October 31, 2018		25.00		0.35		0.95			1.30			(0.32	)

JPMorgan U.S. Quality Factor ETF
Six Months Ended April 30, 2020 (Unaudited)		29.74		0.29		(1.20	)		(0.91	)		(0.25	)
Year Ended October 31, 2019		26.56		0.58		3.11			3.69			(0.51	)
November 8, 2017 (f) through October 31, 2018		25.00		0.52		1.52			2.04			(0.48	)

JPMorgan U.S. Value Factor ETF
Six Months Ended April 30, 2020 (Unaudited)		27.29		0.43		(4.26	)		(3.83	)		(0.47	)
Year Ended October 31, 2019		25.21		0.75		1.97			2.72			(0.64	)
November 8, 2017 (f) through October 31, 2018		25.00		0.64		0.16			0.80			(0.59	)

(a)	Annualized for periods less than one year, unless otherwise indicated.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

(e)

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

(f)	Commencement of operations.

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

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

(i)

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

SEE NOTES TO FINANCIAL STATEMENTS.



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


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


$	21.47	$	21.47		(18.99	)%		(19.01	)%	$	32,203,757		0.12	%		4.01	%		0.12	%		10	%
	27.09		27.10		12.57			12.69			40,631,525		0.12			3.59			0.63			20
	24.92		24.90		3.08			2.99	(g)		27,411,126		0.12	(h)		3.81			0.76	(h)		24


	27.09		27.05		(9.19	)		(9.38	)		94,821,854		0.12			2.28			0.12			7
	30.21		30.23		17.82			17.90			107,244,658		0.12			2.22			0.54			15
	26.14		26.14		6.69			6.69	(g)		27,445,770		0.12	(h)		2.33			0.76	(h)		17


	28.22		28.27		(2.12	)		(1.98	)		86,074,407		0.12			1.35			0.12			18
	29.04		29.05		13.06			13.06			56,620,589		0.12			1.35			0.55			52
	25.98		25.99		5.17			5.21	(g)		28,575,370		0.12	(h)		1.32			0.74	(h)		44


	28.58		28.64		(3.04	)		(2.90	)		227,240,555		0.12			1.98			0.12			10
	29.74		29.76		14.10			14.18			107,067,872		0.12			2.05			0.50			21
	26.56		26.56		8.15			8.15	(g)		29,215,267		0.12	(h)		2.01			0.74	(h)		22


	22.99		23.06		(14.07	)		(13.84	)		54,018,315		0.12			3.26			0.12			9
	27.29		27.30		11.01			11.05			66,849,642		0.12			2.90			0.52			22
	25.21		25.21		3.12			3.12	(g)		28,986,509		0.12	(h)		2.52			0.75	(h)		26

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	191

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited)

1. Organization

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

The following are 17 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:


		Diversification Classification
JPMorgan BetaBuilders Canada ETF		Diversified
JPMorgan BetaBuilders Developed Asia ex-Japan ETF		Diversified
JPMorgan BetaBuilders Europe ETF		Diversified
JPMorgan BetaBuilders International Equity ETF		Diversified
JPMorgan BetaBuilders Japan ETF		Diversified
JPMorgan BetaBuilders U.S. Equity ETF JPMorgan BetaBuilders U.S. Mid Cap Equity ETF		Diversified Diversified
JPMorgan Diversified Return Emerging Markets Equity ETF		Diversified
JPMorgan Diversified Return International Equity ETF		Diversified
JPMorgan Diversified Return U.S. Equity ETF		Diversified
JPMorgan Diversified Return U.S. Mid Cap Equity ETF		Diversified
JPMorgan Diversified Return U.S. Small Cap Equity ETF		Diversified
JPMorgan U.S. Dividend ETF		Diversified
JPMorgan U.S. Minimum Volatility ETF		Diversified
JPMorgan U.S. Momentum Factor ETF		Diversified
JPMorgan U.S. Quality Factor ETF		Diversified
JPMorgan U.S. Value Factor ETF		Diversified

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

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

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

JPMorgan BetaBuilders International Equity ETF (the “BetaBuilders International Equity ETF”) commenced operations on December 3, 2019. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Markets ex-North America Target Market Exposure Index^SM.

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

JPMorgan BetaBuilders U.S. Equity ETF (the “BetaBuilders U.S. Equity ETF”) commenced operations on March 12, 2019. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® US Target Market Exposure Index^SM.

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (the “BetaBuilders U.S. Mid Cap Equity ETF”) commenced operations on April 14, 2020. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® US Mid Cap Target Market Exposure Extended Index^SM.

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

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

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

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



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

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

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

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

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

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

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

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as the Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

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


	Listing Exchange
BetaBuilders Canada ETF		Cboe BZX Exchange, Inc.
BetaBuilders Developed Asia ex-Japan ETF		Cboe BZX Exchange, Inc.
BetaBuilders Europe ETF		Cboe BZX Exchange, Inc.
BetaBuilders International Equity ETF		Cboe BZX Exchange, Inc
BetaBuilders Japan ETF		Cboe BZX Exchange, Inc.
BetaBuilders U.S. Equity ETF		Cboe BZX Exchange, Inc.
BetaBuilders U.S Mid Cap Equity ETF		NYSE Arca, Inc.
Emerging Markets Equity ETF		NYSE Arca, Inc.
International Equity ETF		NYSE Arca, Inc.
U.S. Equity ETF		NYSE Arca, Inc.
U.S. Mid Cap Equity ETF		NYSE Arca, Inc.
U.S. Small Cap Equity ETF		NYSE Arca, Inc.
U.S. Dividend ETF		NYSE Arca, Inc.
U.S. Minimum Volatility ETF		NYSE Arca, Inc.
U.S. Momentum Factor ETF		NYSE Arca, Inc.
U.S. Quality Factor ETF		NYSE Arca, Inc.
U.S. Value Factor ETF		NYSE Arca, Inc.

Market prices for the Funds’ shares may be different from their net asset value (“NAV”).

The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units” as shown in the table below:


	Shares per Creation Unit
BetaBuilders Canada ETF		100,000
BetaBuilders Developed Asia ex-Japan ETF		200,000
BetaBuilders Europe ETF		200,000
BetaBuilders International Equity ETF		200,000
BetaBuilders Japan ETF		400,000
BetaBuilders U.S. Equity ETF		50,000
BetaBuilders U.S. Mid Cap Equity ETF		25,000
Emerging Markets Equity ETF		100,000
International Equity ETF		100,000
U.S. Equity ETF		100,000
U.S. Mid Cap Equity ETF		100,000
U.S. Small Cap Equity ETF		50,000
U.S. Dividend ETF		50,000
U.S. Minimum Volatility ETF		50,000



APRIL 30, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	193

NOTES TO FINANCIAL STATEMENTS

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


	Shares per Creation Unit
U.S. Momentum Factor ETF		50,000
U.S. Quality Factor ETF		50,000
U.S. Value Factor ETF		50,000

Creation Units are issued and redeemed principally in-kind for a basket of securities. A cash amount may be substituted if a Fund has sizeable exposure to market or sponsor restricted securities. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).

2. Significant Accounting Policies

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

A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value, and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with foreign equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.

Investments in open-end investment companies, excluding Exchange-Traded Funds (“ETFs”), (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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

•

Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

•

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

•

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

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



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

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

BetaBuilders Canada ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,414,342,780	$	—	$	—	$	3,414,342,780

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	2,563,538	$	—	$	—	$	2,563,538

BetaBuilders Developed Asia ex-Japan ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	600,048,213	$	695,131	$	600,743,344
Cambodia		—		2,384,089		—		2,384,089
China		—		1,283,795		—		1,283,795
Hong Kong		912,777		300,610,854		—		301,523,631
Macau		—		25,076,536		—		25,076,536
New Zealand		—		31,494,290		—		31,494,290
Singapore		—		127,013,395		—		127,013,395
United Kingdom		—		15,632,282		—		15,632,282
United States		—		4,969,722		—		4,969,722

Total Common Stocks		912,777		1,108,513,176		695,131		1,110,121,084

Rights		—		61,625		—		61,625
Short-Term Investments
Investment of cash collateral from securities loaned		4,336,441		—		—		4,336,441

Total Investments in Securities	$	5,249,218	$	1,108,574,801	$	695,131	$	1,114,519,150

Appreciation in Other Financial Instruments
Futures Contracts	$	460,078	$	38,396	$	—	$	498,474

BetaBuilders Europe ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	24,561,923	$	—	$	24,561,923
Austria		415,350		8,835,078		—		9,250,428
Belgium		—		38,369,087		—		38,369,087
Chile		—		1,059,330		—		1,059,330
China		9,631,472		—		—		9,631,472
Colombia		—		772,437		—		772,437
Denmark		—		82,813,902		—		82,813,902
Finland		—		49,014,202		—		49,014,202
France		—		372,613,269		—		372,613,269
Germany		—		304,334,660		—		304,334,660
Ghana		—		136,477		—		136,477
Ireland		7,560,092		13,920,348		—		21,480,440
Italy		—		77,030,854		—		77,030,854
Jordan		—		1,215,189		—		1,215,189
Luxembourg		—		6,132,469		—		6,132,469
Mexico		—		493,685		—		493,685
Netherlands		26,928,256		126,740,419		—		153,668,675



APRIL 30, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	195

NOTES TO FINANCIAL STATEMENTS

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

BetaBuilders Europe ETF (continued)


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Norway	$	—	$	23,749,388	$	—	$	23,749,388
Portugal		—		6,519,406		—		6,519,406
Russia		—		1,838,447		—		1,838,447
South Africa		—		7,404,172		—		7,404,172
Spain		—		91,284,989		—		91,284,989
Sweden		—		113,235,851		—		113,235,851
Switzerland		—		401,714,908		—		401,714,908
United Arab Emirates		—		—		29		29
United Kingdom		2,524,156		502,581,344		—		505,105,500
United States		2,843,128		5,800,234		—		8,643,362

Total Common Stocks		49,902,454		2,262,172,068		29		2,312,074,551

Short-Term Investments
Investment of cash collateral from securities loaned		136,049,603		—		—		136,049,603

Total Investments in Securities	$	185,952,057	$	2,262,172,068	$	29	$	2,448,124,154

Appreciation in Other Financial Instruments
Futures Contracts	$	—	$	2,620,586	$	—	$	2,620,586

BetaBuilders International Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	2,811,410	$	1,347	$	2,812,757
Austria		4,707		97,963		—		102,670
Belgium		—		421,267		—		421,267
Cambodia		—		9,442		—		9,442
Chile		—		11,622		—		11,622
China		104,619		7,687		—		112,306
Colombia		—		8,316		—		8,316
Denmark		—		909,655		—		909,655
Finland		—		537,024		—		537,024
France		—		4,093,836		—		4,093,836
Germany		—		3,344,503		—		3,344,503
Ghana		—		1,508		—		1,508
Hong Kong		4,742		1,277,502		—		1,282,244
Ireland		82,527		153,508		—		236,035
Israel		—		175,016		—		175,016
Italy		—		844,500		—		844,500
Japan		—		11,589,773		—		11,589,773
Jordan		—		13,403		—		13,403
Luxembourg		—		67,327		—		67,327
Macau		—		98,154		—		98,154
Mexico		—		5,241		—		5,241
Netherlands		296,484		1,393,367		—		1,689,851
New Zealand		—		133,236		—		133,236
Norway		—		261,540		—		261,540
Portugal		—		71,833		—		71,833
Russia		—		20,189		—		20,189
Singapore		—		537,197		—		537,197
South Africa		—		81,278		—		81,278
Spain		—		1,001,949		—		1,001,949
Sweden		—		1,244,916		—		1,244,916



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

BetaBuilders International Equity ETF (continued)


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Switzerland	$	—	$	4,414,252	$	—		$	4,414,252
United Arab Emirates		—		—		—	(b)		—	(b)
United Kingdom		27,946		5,591,420		—			5,619,366
United States		31,232		87,254		—			118,486

Total Common Stocks		552,257		41,317,088		1,347			41,870,692

Rights		—		261		—			261
Short-Term Investments
Investment Companies		49,618		—		—			49,618
Investment of cash collateral from securities loaned		941,191		—		—			941,191

Total Short-Term Investments		990,809		—		—			990,809

Total Investments in Securities	$	1,543,066	$	41,317,349	$	1,347		$	42,861,762

Appreciation in Other Financial Instruments
Futures Contracts	$	39,386	$	—	$	—		$	39,386

BetaBuilders Japan ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks	$	—	$	2,632,655,833	$	—	$	2,632,655,833
Short-Term Investments
Investment of cash collateral from securities loaned		5,116,764		—		—		5,116,764

Total Investments in Securities	$	5,116,764	$	2,632,655,833	$	—	$	2,637,772,597

Appreciation in Other Financial Instruments
Futures Contracts	$	721,788	$	—	$	—	$	721,788

BetaBuilders U.S. Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	129,612,041	$	—	$	—	$	129,612,041

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	72,197	$	—	$	—	$	72,197

BetaBuilders U.S. Mid Cap Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	5,371,309	$	—	$	—	$	5,371,309

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	723	$	—	$	—	$	723



APRIL 30, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	197

NOTES TO FINANCIAL STATEMENTS

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

Emerging Markets Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Bahrain	$	—	$	321,212		$	—		$	321,212
Brazil		27,722,674		—			—			27,722,674
Chile		3,600,743		—			—			3,600,743
China		1,245,298		60,519,978			—	(b)		61,765,276
Colombia		1,231,409		—			—			1,231,409
Czech Republic		—		228,106			—			228,106
Egypt		—		720,750			—			720,750
Greece		—		2,614,460			—			2,614,460
Hong Kong		—		456,231			—			456,231
Hungary		—		1,763,514			—			1,763,514
India		—		23,909,158			—			23,909,158
Indonesia		—		9,690,298			—			9,690,298
Kuwait		163,258		3,619,970			—			3,783,228
Malaysia		—		8,296,480			—			8,296,480
Mexico		10,521,617		—			—			10,521,617
Pakistan		—		222,788			—			222,788
Philippines		—		2,700,411			—			2,700,411
Qatar		435,490		3,789,267			—			4,224,757
Russia		19,537,368		—			—			19,537,368
Saudi Arabia		817,392		4,392,852			—			5,210,244
South Africa		2,870,210		11,805,477			—			14,675,687
Taiwan		—		36,734,872			—			36,734,872
Thailand		2,314,946		8,128,164			—			10,443,110
Turkey		1,512,749		3,840,897			—			5,353,646
United Arab Emirates		—		3,492,455			—			3,492,455
United States		957,813		—			—			957,813

Total Common Stocks		72,930,967		187,247,340			—	(b)		260,178,307

Rights		—		—	(b)		—			—	(b)
Short-Term Investments
Investment of cash collateral from securities loaned		813,189		—			—			813,189

Total Investments in Securities	$	73,744,156	$	187,247,340			—	(b)		260,991,496

Appreciation in Other Financial Instruments
Futures Contracts	$	103,567	$	—		$	—		$	103,567

International Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	93,745,765	$	—	$	93,745,765
Austria		—		1,201,587		—		1,201,587
Belgium		—		11,474,669		—		11,474,669
Cambodia		—		871,019		—		871,019
Chile		—		3,450,045		—		3,450,045
China		—		8,460,921		—		8,460,921
Denmark		—		5,120,752		—		5,120,752
Finland		—		20,664,669		—		20,664,669
France		—		42,364,975		—		42,364,975
Germany		—		25,361,389		—		25,361,389



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

International Equity ETF (continued)


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Hong Kong	$	943,598	$	46,147,804	$	—	$	47,091,402
Indonesia		—		101,252		—		101,252
Ireland		—		2,183,473		—		2,183,473
Italy		—		18,380,930		—		18,380,930
Japan		—		246,112,486		—		246,112,486
Jordan		—		4,946,953		—		4,946,953
Luxembourg		—		1,099,169		—		1,099,169
Macau		—		1,881,385		—		1,881,385
Netherlands		8,145,230		16,316,320		—		24,461,550
New Zealand		—		10,098,251		—		10,098,251
Norway		—		11,874,200		—		11,874,200
Poland		—		664,692		—		664,692
Portugal		—		6,055,560		—		6,055,560
Russia		—		4,031,506		—		4,031,506
Singapore		—		25,926,373		—		25,926,373
South Africa		—		2,643,679		—		2,643,679
South Korea		—		54,731,958		—		54,731,958
Spain		—		16,164,794		—		16,164,794
Sweden		—		36,214,274		—		36,214,274
Switzerland		—		18,825,419		—		18,825,419
United Kingdom		—		160,890,476		—		160,890,476
United States		—		2,571,427		—		2,571,427

Total Common Stocks		9,088,828		900,578,172		—		909,667,000

Short-Term Investments
Investment Companies		908,334		—		—		908,334
Investment of cash collateral from securities loaned		22,036,532		—		—		22,036,532

Total Short-Term Investments		22,944,866		—		—		22,944,866

Total Investments in Securities	$	32,033,694	$	900,578,172		—	$	932,611,866

Appreciation in Other Financial Instruments
Futures Contracts	$	1,187,219	$	—	$	—	$	1,187,219

U.S. Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	604,539,777	$	—	$	—	$	604,539,777

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	224,098	$	—	$	—	$	224,098

U.S. Mid Cap Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	213,878,495	$	—	$	—	$	213,878,495

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	105,084	$	—	$	—	$	105,084



APRIL 30, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	199

NOTES TO FINANCIAL STATEMENTS

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

U.S. Small Cap Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	121,060,916	$	—	$	—		$	121,060,916
Rights		—		—		—	(b)		—	(b)
Short-Term Investments
Investment Companies		269,662		—		—			269,662
Investment of cash collateral from securities loaned		19,338,205		—		—			19,338,205

Total Short-Term Investments	$	19,607,867	$	—	$	—		$	19,607,867

Total Investments in Securities	$	140,668,783	$	—	$	—	(b)	$	140,668,783

Appreciation in Other Financial Instruments
Futures Contracts	$	97,121	$	—	$	—		$	97,121

U.S. Dividend ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	34,273,992	$	—	$	—	$	34,273,992

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	22,243	$	—	$	—	$	22,243

U.S. Minimum Volatility ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	97,496,560	$	—	$	—	$	97,496,560

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	27,182	$	—	$	—	$	27,182

U.S. Momentum Factor ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	87,563,525	$	—	$	—	$	87,563,525

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	26,817	$	—	$	—	$	26,817

U.S. Quality Factor ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	229,510,518	$	—	$	—	$	229,510,518

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	90,296	$	—	$	—	$	90,296

U.S. Value Factor ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	56,596,334	$	—	$	—	$	56,596,334

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	26,012	$	—	$	—	$	26,012

(a)	Please refer to the SOI for specifics of portfolio holdings.

(b)	Value is zero.



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

There were no significant transfers into and out of level 3 for the six months ended April 30, 2020 for BetaBuilders Developed Asia ex-Japan ETF and BetaBuilders Europe ETF.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of April 30, 2020, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and /or Regulation S under the Securities Act.

C. Futures Contracts — The Funds used index futures contracts to obtain long exposure to the underlying commodities markets, to gain or reduce exposure to the stock market, to gain or reduce exposure to particular countries or regions, maintain liquidity, minimize transaction costs or to manage and hedge interest rate risk associated with portfolio investments.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations (“SOP”). Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the SOP at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the SOIs, while cash deposited, which is considered restricted, is recorded on the SAL. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the SAL.

The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the SAL, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended April 30, 2020:


	BetaBuilders Canada ETF		BetaBuilders Developed Asia ex-Japan ETF		BetaBuilders Europe ETF		BetaBuilders International Equity ETF			BetaBuilders Japan ETF		BetaBuilders U.S. Equity ETF		BetaBuilders U.S. Mid Cap Equity ETF			Emerging Markets Equity ETF
Futures Contracts — Equity:
Average Notional Balance Long	$	20,517,790	$	8,354,574	$	18,861,095	$	218,411	(a)	$	29,967,535	$	399,203	$	14,506	(b)	$	866,579
Ending Notional Balance Long		30,094,472		6,654,272		21,420,078		409,400			38,736,523		623,769		14,506			1,041,900


	International Equity ETF		U.S. Equity ETF		U.S. Mid Cap Equity ETF		U.S. Small Cap Equity ETF		U.S. Dividend ETF		U.S. Minimum Volatility ETF		U.S. Momentum Factor ETF		U.S. Quality Factor ETF		U.S. Value Factor ETF
Futures Contracts — Equity:
Average Notional Balance Long	$	7,901,057	$	2,450,002	$	533,453	$	503,234	$	166,652	$	241,965	$	125,875	$	477,540	$	262,486
Ending Notional Balance Long		9,334,320		1,015,438		492,510		457,450		130,556		174,075		159,569		638,275		145,063

(a)	For the period December 3, 2019 through April 30, 2020.

(b)	For the period April 14, 2020 through April 30, 2020.

D. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement



APRIL 30, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	201

NOTES TO FINANCIAL STATEMENTS

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

(the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the SOP as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the SOP.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the SAL. The value of the cash collateral received is recorded as a liability on the SAL and details of collateral investments are disclosed in the SOIs.

The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability.

The following table presents, for each lending fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of April 30, 2020.


	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
BetaBuilders Canada ETF	$	223,612,348	$	(223,612,348	)	$	—
BetaBuilders Developed Asia ex-Japan ETF		4,116,135		(4,116,135	)		—
BetaBuilders Europe ETF		125,871,397		(125,871,397	)		—
BetaBuilders International Equity ETF		884,884		(884,884	)		—
BetaBuilders Japan ETF		4,773,254		(4,773,254	)		—
BetaBuilders U.S. Equity ETF		1,128,274		(1,128,274	)		—
BetaBuilders U.S. Mid Cap Equity ETF		15,885		(15,885	)		—
Emerging Markets Equity ETF		766,526		(766,526	)		—
International Equity ETF		20,708,564		(20,708,564	)		—
U.S. Equity ETF		21,154,150		(21,154,150	)		—
U.S. Mid Cap Equity ETF		8,837,783		(8,837,783	)		—
U.S. Small Cap Equity ETF		17,770,833		(17,770,833	)		—
U.S. Dividend ETF		2,031,688		(2,031,688	)		—
U.S. Minimum Volatility ETF		2,425,225		(2,425,225	)		—
U.S. Momentum Factor ETF		1,486,190		(1,486,190	)		—
U.S. Quality Factor ETF		2,379,716		(2,379,716	)		—
U.S. Value Factor ETF		2,517,422		(2,517,422	)		—

*	Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.

JPMIM voluntarily waived management fees and investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the six month ended April 30, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:


BetaBuilders Canada ETF	$	25,561
BetaBuilders Developed Asia ex-Japan ETF		804
BetaBuilders Europe ETF		6,426



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


BetaBuilders International Equity ETF	$	9
BetaBuilders Japan ETF		3,374
BetaBuilders U.S. Equity ETF		21
Emerging Markets Equity ETF		199
International Equity ETF		1,725
U.S. Equity ETF		2,568
U.S. Mid Cap Equity ETF		1,327
U.S. Small Cap Equity ETF		2,732
U.S. Dividend ETF		392
U.S. Minimum Volatility ETF		411
U.S. Momentum Factor ETF		212
U.S. Quality Factor ETF		412
U.S. Value Factor ETF		258

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included in the SOP as Income from securities lending (net).

E. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer who is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below.

BetaBuilders Canada ETF


	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)	$	174,004,202	$	1,754,700,000	$	1,838,000,000	$	14,548	*	$	5,843	$	90,724,593		90,706,451	$	921,950	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		52,671,952		2,609,877,111		2,509,075,373		—			—		153,473,690		153,473,690		432,745	*		—

Total	$	226,676,154	$	4,364,577,111	$	4,347,075,373	$	14,548		$	5,843	$	244,198,283			$	1,354,695		$	—

BetaBuilders Developed Asia ex-Japan ETF


	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)	$	1,000,100	$	38,000,000	$	38,000,000	$	(11,401	)*	$	(198	)	$	988,501		988,304	$	14,355	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		546,282		41,093,173		38,291,515		—			—			3,347,940		3,347,940		12,522	*		—

Total	$	1,546,382	$	79,093,173	$	76,291,515	$	(11,401	)	$	(198	)	$	4,336,441			$	26,877		$	—



APRIL 30, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	203

NOTES TO FINANCIAL STATEMENTS

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

BetaBuilders Europe ETF


	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)	$	84,008,799	$	234,000,000	$	234,000,000	$	(3,605	)*	$	18,003	$	84,023,197		84,006,395	$	430,371	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		30,866,797		341,975,139		320,815,530		—			—		52,026,406		52,026,406		99,501	*		—

Total	$	114,875,596	$	575,975,139	$	554,815,530	$	(3,605	)	$	18,003	$	136,049,603			$	529,872		$	—

BetaBuilders International Equity ETF


	For the period ended April 30, 2020
Security Description	Value at December 3, 2019 (c)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)	$	—	$	1,192,347	$	251,156	$	—	$	—	$	941,191		941,191	$	188	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		—		93,404		43,786		—		—		49,618		49,618		9			—

Total	$	—	$	1,285,751	$	294,942	$	—	$	—	$	990,809			$	197		$	—

BetaBuilders Japan ETF


	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)	$	12,001,600	$	181,000,000	$	190,000,000	$	4,903	*	$	901	$	3,007,404		3,006,803	$	205,644	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		6,340,122		196,894,306		201,125,068		—			—		2,109,360		2,109,360		53,459	*		—

Total	$	18,341,722	$	377,894,306	$	391,125,068	$	4,903		$	901	$	5,116,764			$	259,103		$	—



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

BetaBuilders U.S. Equity ETF


	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Chase & Co. (d)	$	702,425	$	1,215,200	$	67,385	$	16,301	$	(344,819	)	$	1,521,722		15,891	$	18,056		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		—		4,305,144		3,108,859		—		—			1,196,285		1,196,285		674	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		123,432		1,972,715		1,619,376		—		—			476,771		476,771		1,843			—

Total	$	825,857	$	7,493,059	$	4,795,620	$	16,301	$	(344,819	)	$	3,194,778			$	20,573		$	—

BetaBuilders U.S. Mid Cap Equity ETF


	For the period ended April 30, 2020
Security Description	Value at April 14, 2020 (e)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)(b)	$	—	$	17,724	$	881	$	—	$	—	$	16,843		16,843	$	1	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		—		46,224		42,771		—		—		3,453		3,453		1			—

Total	$	—	$	63,948	$	43,652	$	—	$	—	$	20,296			$	2		$	—

Emerging Markets Equity ETF


	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)	$	1,212,618	$	3,057,444	$	3,456,873	$	—	$	—	$	813,189		813,189	$	2,623	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		670,911		659,744		1,330,655		—		—		—		—		1,312			—

Total	$	1,883,529	$	3,717,188	$	4,787,528	$	—	$	—	$	813,189			$	3,935		$	—



APRIL 30, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	205

NOTES TO FINANCIAL STATEMENTS

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

International Equity ETF


	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.69% (a)(b)	$	—	$	11,572,459	$	10,664,991	$	773		$	93	$	908,334		907,608	$	4,451		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)		4,000,600		35,000,000		23,000,000		400	*		5,501		16,006,501		16,003,300		33,344	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		9,041,799		56,290,838		59,302,606		—			—		6,030,031		6,030,031		23,860	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		2,710,919		22,066,813		24,777,732		—			—		—		—		18,148			—

Total	$	15,753,318	$	124,930,110	$	117,745,329	$	1,173		$	5,594	$	22,944,866			$	79,803		$	—

U.S. Equity ETF


	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)	$	17,004,001	$	26,000,000	$	26,000,001	$	(1,701	)*	$	3,801	$	17,006,100		17,002,700	$	114,945	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		6,625,093		110,846,631		111,627,298		—			—		5,844,426		5,844,426		42,038	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		894,552		17,503,469		17,992,173		—			—		405,848		405,848		11,000			—

Total	$	24,523,646	$	154,350,100	$	155,619,472	$	(1,701	)	$	3,801	$	23,256,374			$	167,983		$	—



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

U.S. Mid Cap Equity ETF


	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)	$	6,000,900	$	5,000,000	$	9,000,000	$	599	*	$	—	$	2,001,499		2,001,099	$	42,188	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		3,100,057		44,810,770		40,327,187		—			—		7,583,640		7,583,640		21,081	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		329,265		7,020,636		7,124,692		—			—		225,209		225,209		3,679			—

Total	$	9,430,222	$	56,831,406	$	56,451,879	$	599		$	—	$	9,810,348			$	66,948		$	—

U.S. Small Cap Equity ETF


	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)	$	19,001,700	$	22,000,000	$	23,999,999	$	(4,704	)*	$	2,200	$	16,999,197		16,995,798	$	150,175	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		7,634,136		63,896,037		69,191,165		—			—		2,339,008		2,339,008		44,892	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		440,610		4,791,548		4,962,496		—			—		269,662		269,662		2,311			—

Total	$	27,076,446	$	90,687,585	$	98,153,660	$	(4,704	)	$	2,200	$	19,607,867			$	197,378		$	—

U.S. Dividend ETF


	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)	$	654,469	$	12,364,052	$	10,857,645	$	—	$	—	$	2,160,876		2,160,876	$	5,462	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		149,529		1,412,233		1,530,125		—		—		31,637		31,637		771			—

Total	$	803,998	$	13,776,285	$	12,387,770	$	—	$	—	$	2,192,513			$	6,233		$	—



APRIL 30, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	207

NOTES TO FINANCIAL STATEMENTS

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

U.S. Minimum Volatility ETF


	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)	$	387,400	$	23,831,841	$	21,638,621	$	—	$	—	$	2,580,620		2,580,620	$	5,441	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		138,939		2,668,698		2,541,473		—		—		266,164		266,164		1,403			—

Total	$	526,339	$	26,500,539	$	24,180,094	$	—	$	—	$	2,846,784			$	6,844		$	—

U.S. Momentum Factor ETF


	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)	$	561,328	$	11,214,420	$	10,217,461	$	—	$	—	$	1,558,287		1,558,287	$	3,090	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		87,612		989,835		997,292		—		—		80,155		80,155		697			—

Total	$	648,940	$	12,204,255	$	11,214,753	$	—	$	—	$	1,638,442			$	3,787		$	—

U.S. Quality Factor ETF


	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23 a)(b)	$	946,322	$	23,406,155	$	21,829,654	$	—	$	—	$	2,522,823		2,522,823	$	6,522	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		260,405		2,953,384		2,866,777		—		—		347,012		347,012		1,875			—

Total	$	1,206,727	$	26,359,539	$	24,696,431	$	—	$	—	$	2,869,835			$	8,397		$	—

U.S. Value Factor ETF


	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)	$	368,753	$	12,615,755	$	10,288,509	$	—	$	—	$	2,695,999		2,695,999	$	3,796	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)		154,371		2,060,722		2,143,717		—		—		71,376		71,376		1,077			—

Total	$	523,124	$	14,676,477	$	12,432,226	$	—	$	—	$	2,767,375			$	4,873		$	—



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

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of April 30, 2020.

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

(d)	Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.

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

*	Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

F. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices of securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the SOP.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the SOP. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end are included in Change in net unrealized appreciation/ depreciation on foreign currency translations on the SOP.

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

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

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

I. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

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



APRIL 30, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	209

NOTES TO FINANCIAL STATEMENTS

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

3. Fees and Other Transactions with Affiliates

A. Management Fee — JPMIM manages the investments of each Fund pursuant to the Fund’s respective Management Agreement. For such services, JPMIM is paid a fee which is accrued daily and paid no more frequently than monthly based on each Fund’s respective average daily net assets at the following rate:


BetaBuilders Canada ETF	0.19	%
BetaBuilders Developed Asia ex-Japan ETF	0.19	%
BetaBuilders Europe ETF	0.09	%
BetaBuilders International Equity ETF	0.07	%
BetaBuilders Japan ETF	0.19	%
BetaBuilders U.S Equity ETF	0.02	%
BetaBuilders U.S Mid Cap Equity ETF	0.07	%
Emerging Markets Equity ETF	0.44	%
International Equity ETF	0.37	%
U.S. Equity ETF	0.18	%
U.S. Mid Cap Equity ETF	0.24	%
U.S. Small Cap Equity ETF	0.29	%
U.S. Dividend ETF	0.12	%
U.S. Minimum Volatility ETF	0.12	%
U.S. Momentum Factor ETF	0.12	%
U.S. Quality Factor ETF	0.12	%
U.S. Value Factor ETF	0.12	%

Under the Management Agreements, JPMIM is responsible for substantially all expenses of the Fund, (including expenses of the Trust relating to each Fund), except for the management fees, payments under the Funds’ 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the adviser and/or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Additionally, each Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with each Fund’s securities lending program, if applicable. For the avoidance of doubt, the Adviser’s payment of such expenses may be accomplished through a Fund’s payment of such expenses and a corresponding reduction in the fee payable to the Adviser, provided, however, that if the amount of expenses paid by a Fund exceeds the fee payable to the Adviser, the Adviser will reimburse that Fund for such amount.

B. Administration Fee — JPMIM provides administration services to the Funds. Pursuant to each Fund’s Management Agreement, JPMIM is compensated as described in Note 3.A.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, effective November 1, 2019, JPMCB receives a portion of the management fees payable to JPMIM.

C. Custodian, Accounting and Transfer Agent Fees — JPMCB provides portfolio custody, accounting and transfer agency services to the Funds. For performing these services, JPMIM pays JPMCB transaction and asset-based fees that varied according to the number of transactions and positions, plus out-of-pocket expenses.

Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are paid to JPMIM to offset the Funds’ custodian charges which are covered by the Management Agreement.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the SOP. Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the SOP.

D. Waivers and Reimbursements — The Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The fees for affiliated money market funds are covered under the Management Agreement as described in Note 3.A.

E. Distribution Services — The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under their respective distribution agreement with the Trust (the “Distribution Agreement”). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.

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

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. The fees associated with the Office of the Chief Compliance Officer are paid for by JPMIM as described in Note 3.A.



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

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the six months ended April 30, 2020, purchases and sales of investments (excluding short-term investments) were as follows:


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
BetaBuilders Canada ETF	$	58,695,067	$	65,317,951
BetaBuilders Developed Asia ex-Japan ETF		72,602,539		37,621,739
BetaBuilders Europe ETF		97,299,466		106,423,541
BetaBuilders International Equity ETF		1,947,059		1,183,737
BetaBuilders Japan ETF		25,377,767		99,305,187
BetaBuilders U.S. Equity ETF		1,448,564		1,046,469
BetaBuilders U.S. Mid Cap Equity ETF		54,129		51,921
Emerging Markets Equity ETF		40,887,640		50,760,279
International Equity ETF		121,013,765		133,849,750
U.S. Equity ETF		68,853,278		71,312,233
U.S. Mid Cap Equity ETF		22,330,933		21,151,744
U.S. Small Cap Equity ETF		17,258,037		16,806,382
U.S. Dividend ETF		3,579,297		3,543,958
U.S. Minimum Volatility ETF		6,763,201		6,783,943
U.S. Momentum Factor ETF		11,714,684		11,134,775
U.S. Quality Factor ETF		15,868,739		14,980,891
U.S. Value Factor ETF		5,912,388		6,099,726

During the six months ended April 30, 2020, there were no purchases or sales of U.S. Government securities.

For the six months ended April 30, 2020, in-kind transactions associated with creations and redemptions were:


	In-Kind Creations		In-Kind Redemptions
BetaBuilders Canada ETF	$	74,248,590	$	65,769,691
BetaBuilders Developed Asia ex-Japan ETF		111,058,956		173,816,153
BetaBuilders Europe ETF		790,737,058		1,339,603,632
BetaBuilders International Equity ETF		42,582,766		—
BetaBuilders Japan ETF		385,618,180		1,550,122,864
BetaBuilders U.S. Equity ETF		86,002,808		2,816,412
BetaBuilders U.S. Mid Cap Equity ETF		5,064,167		—
Emerging Markets Equity ETF		3,359,820		11,835,445
International Equity ETF		38,611,249		184,242,058
U.S. Equity ETF		58,300,308		160,191,150
U.S. Mid Cap Equity ETF		51,640,635		6,794,579
U.S. Small Cap Equity ETF		54,996,806		36,563,595
U.S. Dividend ETF		5,350,579		6,090,770
U.S. Minimum Volatility ETF		8,400,415		9,808,677
U.S. Momentum Factor ETF		29,472,720		1,526,713
U.S. Quality Factor ETF		130,365,383		7,209,931
U.S. Value Factor ETF		14,717,952		16,222,497



APRIL 30, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	211

NOTES TO FINANCIAL STATEMENTS

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

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2020 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
BetaBuilders Canada ETF	$	3,865,514,864	$	334,700,858	$	783,309,404	$	(448,608,546	)
BetaBuilders Developed Asia ex-Japan ETF		1,325,730,657		42,884,578		253,597,611		(210,713,033	)
BetaBuilders Europe ETF		2,915,037,428		91,347,785		555,640,473		(464,292,688	)
BetaBuilders International Equity ETF		44,234,234		1,575,674		2,908,760		(1,333,086	)
BetaBuilders Japan ETF		2,988,499,477		132,074,301		482,079,393		(350,005,092	)
BetaBuilders U.S. Equity ETF		128,886,410		8,335,548		7,537,720		797,828
BetaBuilders U.S. Mid Cap Equity ETF		5,086,752		360,425		75,145		285,280
Emerging Markets Equity ETF		302,627,537		17,073,280		58,605,754		(41,532,474	)
International Equity ETF		1,087,900,413		64,251,416		218,352,744		(154,101,328	)
U.S. Equity ETF		642,845,798		58,590,222		96,672,145		(38,081,923	)
U.S. Mid Cap Equity ETF		227,592,215		18,855,317		32,463,953		(13,608,636	)
U.S. Small Cap Equity ETF		175,759,022		6,004,258		40,997,376		(34,993,118	)
U.S. Dividend ETF		40,742,842		1,730,980		8,177,587		(6,446,607	)
U.S. Minimum Volatility ETF		104,279,894		3,739,612		10,495,764		(6,756,152	)
U.S. Momentum Factor ETF		85,407,807		5,657,185		3,474,650		2,182,535
U.S. Quality Factor ETF		225,866,470		14,974,390		11,240,046		3,734,344
U.S. Value Factor ETF		64,973,758		3,231,207		11,582,619		(8,351,412	)

As of October 31, 2019, the following Funds had net capital loss carryforwards as follows:


	Capital Loss Carryforward Character
	Short-Term		Long-Term
BetaBuilders Canada ETF	$	19,539,163	$	—
BetaBuilders Developed Asia ex-Japan ETF		—		224,560
BetaBuilders Europe ETF		3,010,441		813,934
BetaBuilders Japan ETF		9,152,650		—
BetaBuilders U.S. Equity ETF		24,168		—
Emerging Markets Equity ETF		13,649,613		3,541,834
International Equity ETF		27,029,344		36,788,498
U.S. Equity ETF		8,505,408		588,680
U.S. Mid Cap Equity ETF		2,657,584		—
U.S. Small Cap Equity ETF		1,432,885		192,118
U.S. Dividend ETF		281,701		70,607
U.S. Minimum Volatility ETF		124,150		160,903
U.S. Momentum Factor ETF		947,749		457,724
U.S. Quality Factor ETF		281,172		—
U.S. Value Factor ETF		293,810		25,005

During the year ended October 31, 2019, the following Funds utilized capital loss carryforwards as follows:


	Capital Loss Carryforward Character
	Short-Term		Long-Term
BetaBuilders Developed Asia ex-Japan ETF	$	149,273	$	—
U.S. Quality Factor ETF		—		1,033

6. Capital Share Transactions

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

Shares of the Funds may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds’ shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.



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

Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments

and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105%, for BetaBuilders Canada ETF, BetaBuilders Developed Asia ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF and International Equity ETF, and plus at least 110% for Emerging Markets Equity ETF of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of April 30, 2020, the Adviser owns shares representing more than 10% of net assets of the following Funds:


	% of Ownership
U.S. Dividend ETF		61	%
U.S. Minimum Volatility ETF		19
U.S. Momentum Factor ETF		24
U.S. Value Factor ETF		32

Significant shareholder transactions by the Adviser may impact the Funds’ performance.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

The BetaBuilders Canada ETF, BetaBuilders Developed Asia ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, Emerging Markets Equity ETF and International Equity ETF may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period depending on the Funds. Such concentrations may subject each Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.

As of April 30, 2020, the following Funds had non-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows:


Fund Name	Australia			Brazil			Canada			China			France			Germany			Hong Kong			Japan			Singapore			Switzerland			Taiwan			United Kingdom
BetaBuilders Canada ETF		—	%		—	%		97.0	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%
BetaBuilders Developed Asia ex-Japan ETF		54.1			—			—			—			—			—			27.2			—			11.4			—			—			—
BetaBuilders Europe ETF		—			—			—			—			16.1			13.2			—			—			—			17.4			—			21.8
BetaBuilders International Equity ETF		—			—			—			—			—			—			—			27.6			—			10.5			—			13.4
BetaBuilders Japan ETF		—			—			—			—			—			—			—			100.0			—			—			—			—
Emerging Markets Equity ETF		—			10.7			—			23.7			—			—			—			—			—			—			14.1			—
International Equity ETF		10.3			—			—			—			—			—			—			27.0			—			—			—			17.7

As of April 30, 2020, a significant portion of each Fund’s net assets noted in the table above consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Fund’s holdings. During such periods, investors may incur significant losses if shares are sold.

The Funds may not track the return of the underlying index for a number of reasons and therefore may not achieve their investment objective. For example, each Fund incurs a number of operating expenses not applicable to its underlying index, and incurs costs in buying and selling securities,



APRIL 30, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	213

NOTES TO FINANCIAL STATEMENTS

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

especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the underlying index. In addition, a Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, each Fund’s return differs from the return of the underlying index.

The Funds are subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.



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

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of ongoing costs: (1) transaction costs, including brokerage commissions on your purchases and sales of Fund shares and (2) ongoing costs, primarily management fees. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period November 1, 2019 and continued to hold your shares at the end of the reporting period, April 30, 2020.

Actual Expenses

For the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then

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

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio			Expenses Paid During the Period
JPMorgan BetaBuilders Canada ETF
Actual (1)	$	1,000.00	$	859.80		0.19	%	$	0.88
Hypothetical (1)		1,000.00		1,023.92		0.19			0.96
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
Actual (1)		1,000.00		824.60		0.19			0.86
Hypothetical (1)		1,000.00		1,023.92		0.19			0.96
JPMorgan BetaBuilders Europe ETF
Actual (1)		1,000.00		844.20		0.09			0.41
Hypothetical (1)		1,000.00		1,024.42		0.09			0.45
JPMorgan BetaBuilders International Equity ETF
Actual (2)		1,000.00		852.40		0.07			0.27
Hypothetical (1)		1,000.00		1,024.52		0.07			0.35
JPMorgan BetaBuilders Japan ETF
Actual (1)		1,000.00		892.00		0.19			0.89
Hypothetical (1)		1,000.00		1,023.92		0.19			0.96
JPMorgan BetaBuilders U.S. Equity ETF
Actual (1)		1,000.00		969.90		0.02			0.10
Hypothetical (1)		1,000.00		1,024.76		0.02			0.10
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
Actual (3)		1,000.00		1,056.70		0.07			0.03
Hypothetical (1)		1,000.00		1,024.52		0.07			0.35
JPMorgan Diversified Return Emerging Markets Equity ETF
Actual (1)		1,000.00		813.50		0.44			1.98
Hypothetical (1)		1,000.00		1,022.68		0.44			2.21
JPMorgan Diversified Return International Equity ETF
Actual (1)		1,000.00		858.70		0.37			1.71
Hypothetical (1)		1,000.00		1,023.02		0.37			1.86
JPMorgan Diversified Return U.S. Equity ETF
Actual (1)		1,000.00		877.40		0.18			0.84
Hypothetical (1)		1,000.00		1,023.97		0.18			0.91
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Actual (1)		1,000.00		855.50		0.24			1.11
Hypothetical (1)		1,000.00		1,023.67		0.24			1.21
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Actual (1)		1,000.00		810.30		0.29			1.31
Hypothetical (1)		1,000.00		1,023.42		0.29			1.46



APRIL 30, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	215

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)


	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio		Expenses Paid During the Period
JPMorgan U.S. Dividend ETF
Actual (1)		1,000.00		810.10		0.12		0.54
Hypothetical (1)		1,000.00		1,024.27		0.12		0.60
JPMorgan U.S. Minimum Volatility ETF
Actual (1)		1,000.00		908.10		0.12		0.57
Hypothetical (1)		1,000.00		1,024.27		0.12		0.60
JPMorgan U.S. Momentum Factor ETF
Actual (1)		1,000.00		978.80		0.12		0.59
Hypothetical (1)		1,000.00		1,024.27		0.12		0.60
JPMorgan U.S. Quality Factor ETF
Actual (1)		1,000.00		969.60		0.12		0.59
Hypothetical (1)		1,000.00		1,024.27		0.12		0.60
JPMorgan U.S. Value Factor ETF
Actual (1)		1,000.00		859.30		0.12		0.55
Hypothetical (1)		1,000.00		1,024.27		0.12		0.60

(1)	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

(2)	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 150/366 (to reflect the actual period). The Fund commenced operations on December 3, 2019.

(3)	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 17/366 (to reflect the actual period). The Fund commenced operations on April 14, 2020.



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

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Exchange-Traded Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On March 9, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately

and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the effectiveness of the Program with respect to the identification of each Fund that qualifies as an “In-Kind ETF” (as defined in the Liquidity Rule); (2) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (3) the methodology and inputs for classifying the investments of a Fund (other than an In-Kind ETF) into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions (and, for In-Kind ETFs, the methodology and inputs for determining whether any investments should be classified as “illiquid investments” (as defined under the Liquidity Rule)): (4) whether a Fund (other than an In-Kind ETF) invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for such a Fund and the procedures for monitoring any HLIM; (5) whether a Fund invested more than 15% of its assets in “Illiquid Investments” and the procedures for monitoring for this limit; and (6) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.



APRIL 30, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	217

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2019. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 has been provided under separate cover.

Section 199A Income

The following funds had the following amount, or maximum allowable amount, of ordinary income distributions treated as 199A dividends for the fiscal year ended October 31, 2019.


JPMorgan Diversified Return U.S. Equity ETF	$	507,506
JPMorgan Diversified Return U.S. Mid Cap Equity ETF		197,449
JPMorgan Diversified Return U.S. Small Cap Equity ETF		102,589
JPMorgan U.S. Dividend ETF		119,128
JPMorgan U.S. Minimum Volatility ETF		74,363
JPMorgan U.S. Momentum Factor ETF		33,348
JPMorgan U.S. Quality Factor ETF		59,878
JPMorgan U.S. Value Factor ETF		75,459



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

Board Approval of Initial Management Agreements

(Unaudited)

JPMorgan BetaBuilders International Equity ETF and JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

On September 9-10, 2019 and December 17-18, 2019, the Board of Trustees held in-person meetings and approved the initial management agreements (each a “Management Agreement” and collectively, the “Management Agreements”) for the JPMorgan BetaBuilders International Equity ETF and JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (the “Funds”), respectively. The Management Agreements were approved by a majority of the Trustees who are not “Interested Persons” (as defined in the 1940 Act) of any party to the Management Agreements or any of their affiliates. In connection with the approval of each Management Agreement, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed Management Agreements, the Trustees reviewed each Management Agreement with representatives of the Adviser and with counsel to the Trust and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Management Agreements. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed each proposed Management Agreement in executive session with independent legal counsel at which no representatives of the Adviser were present.

Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Management Agreement. The Trustees considered information provided with respect to the Funds and the approval of the Management Agreements. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from each Fund under the Management Agreement was fair and reasonable and that initial approval of each Management Agreement was in the best interests of each Fund and its potential shareholders.

Summarized below are the material factors considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of each Fund’s initial Management Agreement, the Trustees considered the materials furnished specifically in connection with the approval of each Management Agreement, as well as other relevant information furnished for the Trustees, regarding the nature, extent, and quality of services provided by the adviser. Among other things, the Trustees considered:

(i)

The background and experience of the Adviser’s senior management and investment personnel;

(ii)

The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund;

(iii)

The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;

(iv)

Information about the structure and distribution strategy of each Fund, how it fits within the Trust’s other fund offerings, and how it will be positioned against peer funds, as identified by management and/or Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data;

(v)

The administration services to be provided by the Adviser under the Management Agreements;

(vi)

Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Trust and in the financial industry generally;

(vii)

The overall reputation and capabilities of the Adviser and its affiliates;

(viii)

The commitment of the Adviser to provide high quality service to the Funds;

(ix)

Their overall confidence in the Adviser’s integrity; and

(x)

The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them.

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

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Funds. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex.

The Trustees also considered the benefits the Adviser is expected to receive as the result of JPMorgan Chase Bank, N.A.’s roles as custodian, fund accountant and transfer agent for the Funds.

Investment Performance

The Trustees considered each Fund’s investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.



APRIL 30, 2020	J.P. MORGAN EXCHANGE-TRADED FUNDS	219

Board Approval of Initial Management Agreements

(Unaudited) (continued)

Management Fees and Expense Ratios

The Trustees considered that under the Management Agreements, the Adviser will provide advisory and administrative services and will be responsible for substantially all of the expenses of the Funds (“unitary fee structure”). The Trustees considered the contractual management fee rate that will be paid by each Fund to the Adviser and compared the rate to information prepared by Broadridge, providing management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees also compared the management fee for each Fund to fees charged to mutual funds with similar investment objectives or in similar asset classes managed by the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A., an affiliate of the Adviser, for custody, transfer agency and other related services for each Fund.

The Trustees noted that each Fund’s proposed management fee was in line with identified peer funds. The Trustees also noted that because the Funds were not yet operational, no profitability information was available. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that each Fund’s proposed management fee was reasonable.

Economies of Scale

The Trustees considered the extent to which each Fund will benefit from economies of scale. The Trustees noted that the proposed unitary management fee schedule for the Funds does not contain breakpoints. The Trustees also considered that shareholders would benefit because expenses would be limited even when the Funds were new and not achieving economies of scale. The Trustees also considered the fact that increases in assets would not lead to fee decreases even if economies of scale are achieved, but also that they would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreements in the future. After considering the factors identified above, the Trustees concluded that each Fund’s shareholders will receive the benefits of potential economies of scale.



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

J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co.

Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

LOGO

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.


		^© JPMorgan Chase & Co., 2020. All rights reserved. April 2020.		SAN-ETF-420

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

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

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)

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

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

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

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

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

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

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

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

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

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

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

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

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

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

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

U.S.C. 78c(a)(58)(B)), so state.

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

Not applicable to a semi-annual report.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

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

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

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

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b))and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a)

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

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

Not applicable.

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

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

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

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


J.P. Morgan Exchange-Traded Fund Trust

By:		/s/ Joanna M. Gallegos
		Joanna M. Gallegos
		President and Principal Executive Officer
		July 1, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:		/s/ Joanna M. Gallegos
		Joanna M. Gallegos
		President and Principal Executive Officer
		July 1, 2020



By:		/s/ Lauren A. Paino
		Lauren A. Paino
		Treasurer and Principal Financial Officer
		July 1, 2020