0001485894 2021-12-06 2021-12-06 0001485894 jpeft:S000074053Member 2021-12-06 2021-12-06 0001485894 jpeft:S000074053Member jpeft:BloombergBarclaysOneTenYearUsTipsIndexMember 2021-12-06 2021-12-06 0001485894 jpeft:S000074053Member jpeft:BloombergBarclaysUsIntermediateAggregateIndexMember 2021-12-06 2021-12-06 0001485894 jpeft:S000074053Member jpeft:C000093776Member 2021-12-06 2021-12-06 0001485894 jpeft:S000074053Member rr:AfterTaxesOnDistributionsAndSalesMember jpeft:C000093776Member 2021-12-06 2021-12-06 0001485894 jpeft:S000074053Member rr:AfterTaxesOnDistributionsMember jpeft:C000093776Member 2021-12-06 2021-12-06 0001485894 jpeft:S000074053Member jpeft:C000231436Member 2021-12-06 2021-12-06 0001485894 jpeft:S000074053Member jpeft:InflationManagedBondCompositeBenchmarkMember 2021-12-06 2021-12-06 pure iso4217:USD false 2021-08-31 0001485894 J.P. Morgan Exchange-Traded Fund Trust N-1A 2022-01-19 497 0.0515 0.0624 0.0573 -0.0278 0.0027 0.0004 0.0380 0.0213 -0.0104 0.0694 2021-12-06 2022-01-19 JPMorgan Inflation Managed Bond ETF Ticker: JCPI What is the goal of the Fund? <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">The Fund seeks to maximize inflation protected total return.</div> Fees and Expenses of the Fund <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. “Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies, including affiliated money market funds, mutual funds, other exchange-traded funds and business development companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund. Acquired Fund Fees and Expenses are not direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus. </div> Acquired Fund Fees and Expenses are not direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus. ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) 0.0028 0.0010 0.0001 0.0039 -0.0014 0.0025 "Other Expenses" and "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year. "Other Expenses" and "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year. Example <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example does not take into account brokerage commissions that you pay when purchasing or selling Shares of the Fund. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/25 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </div> 6/30/25 WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE: WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE: 26 26 80 80 165 165 440 440 Portfolio Turnover <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year of the predecessor fund (as defined below), the predecessor fund’s portfolio turnover rate was 89% of the average value of its portfolio.</div> 0.89 What are the Fund’s main investment strategies? <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">The Fund is designed to protect the total return generated by its core fixed income holdings from inflation risk. As used in the Fund’s goal, “total return” includes income and capital appreciation. The Fund seeks to hedge this risk by using swaps that are based on the Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (CPI-U) in combination with its core portfolio of fixed income securities. This strategy is intended to create the equivalent of a portfolio of inflation-protected fixed income securities. Secondarily, the Fund may purchase other investments including actual inflation-protected securities such as Treasury Inflation Protected Securities (TIPS).</div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">“Inflation Managed” in the Fund’s name does not refer to a type of security in which the Fund invests, but rather describes the Fund’s overall strategy of creating a portfolio of inflation-protected securities. Under normal circumstances, the Fund will invest at least 80% of its “Assets” in bonds. “Assets” means net assets, plus the amount of borrowings for investment purposes.</div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">As part of its main investment strategy, the Fund may principally invest in corporate bonds, U.S. government and agency debt securities, asset-backed securities, and mortgage-related and mortgage-backed securities. Mortgage-related and </div> <div style="line-height: 11.0pt; text-align: left;">mortgage-backed securities may be structured as collateralized mortgage obligations (agency and non-agency), stripped mortgage-backed securities (interest-only or principal-only), commercial mortgage-backed securities, and mortgage pass-through securities. Additional information about these types of investments may be found in “Investment Practices” in the Fund’s prospectus. The Fund may invest up to 10% of the Fund’s total assets in securities that, at the time of purchase, are rated below investment grade (also known as junk bonds or high yield securities) by Moody’s Investor Service, Inc. (Moody’s), Standard & Poor’s Corporation (S&P), Fitch Rating (Fitch) or the equivalent by another national rating organization, or securities that are unrated but are deemed by the adviser to be of comparable quality. In addition, all securities will be U.S. dollar-denominated although they may be issued by a foreign corporation, government or its agencies and instrumentalities. The Fund may invest a significant portion or all of its assets in mortgage-related and mortgage-backed securities at the adviser’s discretion. The Fund expects to invest no more than 10% of its assets in “sub-prime” mortgage-related securities at the time of purchase. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">The Fund uses derivatives as a principal strategy. Derivatives are instruments that have a value based on another instrument, exchange rate or index. The Fund uses CPI-U swaps for inflation hedging purposes. In addition to CPI-U swaps, the Fund has flexibility to use swaps (including credit default swaps) and futures for hedging purposes, to increase income and gain to the Fund, and as part of its risk management process by establishing or adjusting exposure to particular securities or markets and/or to manage cash flows. The Fund may use swaps structured as credit default swaps to gain or hedge exposure to high yield securities or indexes of high yield securities. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">The adviser buys and sells securities and investments for the Fund based on its view of individual securities and market sectors. Taking a long-term approach, the adviser looks for individual fixed income investments that it believes will perform well over market cycles. The adviser is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity, legal provisions and the structure of the transaction. As part of its investment process, the adviser considers certain environmental, social and governance factors that it believes could have a material negative or positive impact on the risk profiles of certain securities or countries in which the Fund may invest. These determinations may not be conclusive and securities or countries that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors. </div> The Fund’s Main Investment Risks <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">The Fund is subject to management risk and may not achieve its objective if the adviser’s expectations regarding particular instruments or markets are not met. </div> <div style="line-height: 11.0pt; margin-left: 3.5pt; margin-top: 3.0pt; text-align: left;"> An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </div> <div style="line-height: 11.0pt; margin-top: 17.5pt; text-align: left;">The Fund is subject to the main risks noted below, any of which may adversely affect the Fund’s net asset value (NAV), market price, performance and ability to meet its investment objective. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">For example, the outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world, including those in which the Fund invests. The effects of this 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 the Fund’s investments, increase the Fund’s volatility, negatively impact the Fund’s arbitrage and pricing mechanisms, exacerbate pre-existing political, social and economic risks to the Fund, and negatively impact broad segments of businesses and populations. The Fund’s operations may be interrupted as a result, which may contribute to the 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 Fund invests, or the issuers of such instruments, in ways </div> <div style="line-height: 11.0pt; text-align: left;">that could have a significant negative impact on the Fund’s investment performance. The full impact of the COVID-19 pandemic, or other future epidemics or pandemics, is currently unknown. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">Interest Rate Risk. The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. During periods when interest rates are low or there are negative interest rates, the Fund’s yield (and total return) also may be low or the Fund may be unable to maintain positive returns. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">Credit Risk. The Fund’s investments are subject to the risk that issuers and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">Strategy Risk. The Fund’s investment strategies may not work to generate inflation-protected return. There is no guarantee that the use of derivatives and debt securities will mimic a portfolio of inflation-protected bonds. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">Derivatives Risk. The Fund may have significant exposure to derivatives. Derivatives, including swaps, credit default swaps on securities and indices of securities and futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be particularly sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Certain derivatives also expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security being hedged. In addition, given their </div> <div style="line-height: 11.0pt; text-align: left;">complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Certain of the Fund’s transactions in derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">High Yield Securities and Loan Risk. The Fund invests in instruments including junk bonds, loan participations and assignments (Loans)1 and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments are considered to be speculative and may be subject to greater risk of loss, greater sensitivity to economic changes, valuation difficulties and potential illiquidity. Such investments may be subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, potentially less protection under the federal securities laws and lack of publicly available information. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in both the Loan and high yield markets. Among other things, under such weaker or less restrictive covenants, borrowers might be able to exercise more flexibility with respect to certain activities than borrowers who are subject to stronger or more protective covenants. For example, borrowers might be able to incur more debt, including secured debt, return more capital to shareholders, remove or reduce assets that are designated as collateral securing Loans or high yield securities, increase the claims against assets that are permitted against collateral securing Loans or high yield securities or otherwise manage their business in ways that could impact creditors negatively. In addition, certain privately held borrowers might be permitted to file less frequent, less detailed or less timely financial reporting or other information, which could negatively impact the value of the Loans or high yield securities issued by such borrowers. Each of these factors might negatively impact the Loans and high yield instruments held by the Fund. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">High yield securities and Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some Loans and other instruments and certain investments may be subject to restrictions on resale. In addition, the settlement period for Loans is uncertain as there is no standardized settlement schedule applicable to such investments. Certain Loans may take more than seven days to settle. The inability to dispose of the Fund’s securities and other investments in a timely fashion could result in losses to the Fund. Because some instruments may have a more limited secondary market, liquidity and valuation risk is more </div> <div style="line-height: 11.0pt; text-align: left;">pronounced for the Fund than for funds that invest primarily in other types of fixed income instruments or equity securities. When Loans and other instruments are prepaid, the Fund may have to reinvest in instruments with a lower yield or fail to recover additional amounts (i.e., premiums) paid for these instruments, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Certain Loans may not be considered securities under the federal securities laws and, therefore, investments in such Loans may not be subject to certain protections under those laws. In addition, the adviser may not have access to material non-public information to which other investors may have access. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">Inflation-Protected Securities Risk. Inflation-linked debt securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the price of an inflation-linked security tends to decline when real interest rates increase. Unlike conventional bonds, the principal and interest payments of inflation-protected securities such as TIPS are adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">CPI-U Strategy Risk. The Fund may use CPI-U swaps to hedge inflation risk associated with certain debt securities. There is no guarantee that such strategy will be effective in protecting the return from such securities from inflation risks. In addition, CPI-U swaps are subject to “Derivatives Risk.” </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk. The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities including so-called “sub-prime” mortgages that are subject to certain other risks including prepayment and call risks. When mortgages and other obligations are prepaid and when securities are called, the Fund </div> <div style="line-height: 11.0pt; text-align: left;">may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. During periods of difficult or frozen credit markets, significant changes in interest rates or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">Collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities, including those structured as interest-only (IOs) and principal-only (POs), are more volatile and may be more sensitive to the rate of prepayment than other mortgage-related securities. The risk of default, as described under “Credit Risk,” for “sub-prime” mortgages is generally higher than other types of mortgage-backed securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">Prepayment Risk. The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">High Portfolio Turnover Risk. The Fund will likely engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility that the recognition of capital gains will be accelerated, including short-term capital gains that will generally be taxable to shareholders as ordinary income. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">Industry and Sector Focus Risk. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, or other events that affect that industry or sector more than securities </div> <div style="line-height: 11.0pt; text-align: left;">of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, its Shares’ values may fluctuate in response to events affecting that industry or sector. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">Foreign Issuer Risk. U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, and regulatory issues facing issuers in such foreign countries. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund’s securities and may affect the price of the Fund’s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment impacted by that currency loses value because that currency is worth less in U.S. dollars. Currency exchange rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates. Devaluation of a currency by a country’s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets, may be riskier than other types of investments and may increase the volatility of the Fund. Although the Fund may attempt to hedge its currency exposure into the U.S. dollar, it may not be successful in reducing the effects of currency fluctuations. The Fund may also hedge from one foreign currency to another. In addition, the Fund’s use of currency hedging may not be successful and the use of such strategies may lower the Fund’s potential returns. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">Geographic Focus Risk. The Fund may focus its investments in one or more regions or small groups of countries. As a result, the Fund’s performance may be subject to greater volatility than a more geographically diversified fund. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">ETF Shares Trading Risk. Shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and are bought and sold in the secondary market at market prices. The market prices of Shares are expected to fluctuate, in some cases materially, in response to changes in the Fund’s NAV, the intraday value of the Fund’s holdings and supply and demand for Shares. The adviser cannot predict whether Shares will trade above, below or at their NAV. 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 the Shares trading significantly above (at a premium) or below (at a discount) to NAV or to the intraday value of the Fund’s holdings. During such periods, you may incur significant losses if you sell your Shares. </div> <div style="line-height: 11.0pt; text-align: left;">Authorized Participant Concentration Risk. Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of intermediaries that act as authorized participants and none of these authorized participants is or will be obligated to engage in creation or redemption transactions. To the extent that these intermediaries exit the business or are unable to or choose not to proceed with creation and/or redemption orders with respect to the Fund and no other authorized participant creates or redeems, Shares may trade at a discount to NAV and possibly face trading halts and/or delisting. </div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">Cash Transactions Risk. Unlike certain ETFs, the Fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in Shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. </div> <div style="line-height: 11.0pt; margin-left: 3.5pt; margin-top: 3.0pt; text-align: left;"> Investments in the Fund are not 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. </div> <div style="line-height: 11.0pt; margin-top: 3.0pt; text-align: left;">You could lose money investing in the Fund. </div> <div style="float: left; line-height: 9pt; text-align: left; width: 60pt;"><hr style="background-color: #000000; height: 0.5pt; margin-left: 0%; margin-top: 1pt; position: relative; text-align: left; top: 0pt; width: 60pt;"/>1 </div> <div style="float: left; line-height: 9pt; text-align: left; width: 187.5pt;">Loans will typically consist of senior floating rate loans, but may also include secured and unsecured loans, second lien loans or more junior and bridge loans. </div> Investments in the Fund are not 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 investing in the Fund. The Fund’s Past Performance <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">This section provides some indication of the risks of investing in the Fund. It is currently contemplated that before the Fund commences operations, the assets of another investment company advised by the adviser, JPMorgan Inflation Managed Bond Fund (the predecessor fund), will be transferred to the Fund in a tax-free reorganization. It is currently contemplated that the reorganization, which does not require the approval of shareholders of the Fund or the predecessor fund, will occur in the first half of 2022. The Fund has the same investment objective and substantially similar investment strategies as those of the predecessor fund.</div> <div style="line-height: 11.0pt; margin-top: 4.0pt; text-align: left;">The bar chart shows how the performance of the Fund’s Shares (represented by the performance of the predecessor fund’s Class R6 Shares) has varied from year to year for the past ten calendar years. The table shows the Fund’s average annual total returns (represented by the average annual total returns of the predecessor fund’s Class R6 Shares) for the past one year, five years and ten years. The table compares the Fund’s performance (represented by the performance of the predecessor fund’s Class R6 Shares) to the performance of the Bloomberg Barclays 1-10 Year U.S. TIPS Index, the Bloomberg Barclays U.S. Intermediate Aggregate Index, and an Inflation Managed Bond Composite Benchmark (a composite benchmark determined by adding the Bloomberg Barclays Intermediate Government/Credit Index and 80% of the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index) (the "Indices"). The </div> <div style="line-height: 11.0pt; text-align: left;">Indices do not include the fees and expenses of the mutual funds in the index. Performance shown for the predecessor fund’s Class R6 Shares. Performance for the Fund’s Shares has not been adjusted to reflect the Fund’s Shares’ lower expenses than those of the predecessor fund’s Class R6 Shares. Had the predecessor fund been structured as an exchange-traded fund (“ETF”), its performance may have differed. Performance for the predecessor fund is based on the NAV per share of the predecessor fund shares rather than on market-determined prices. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383 (844-4JPM ETF). </div> The bar chart shows how the performance of the Fund’s Shares (represented by the performance of the predecessor fund’s Class R6 Shares) has varied from year to year for the past ten calendar years. The table shows the Fund’s average annual total returns (represented by the average annual total returns of the predecessor fund’s Class R6 Shares) for the past one year, five years and ten years. The table compares the Fund’s performance (represented by the performance of the predecessor fund’s Class R6 Shares) to the performance of the Bloomberg Barclays 1-10 Year U.S. TIPS Index, the Bloomberg Barclays U.S. Intermediate Aggregate Index, and an Inflation Managed Bond Composite Benchmark (a composite benchmark determined by adding the Bloomberg Barclays Intermediate Government/Credit Index and 80% of the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index) (the "Indices"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.jpmorganfunds.com 1-844-457-6383 (844-4JPM ETF) YEAR-BY-YEAR RETURNS <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0%; width: 68.45%;"> <tr style="height: 12.5pt;"> <td style="padding-bottom: 3.5pt; padding-top: 3.5pt; vertical-align: Top; width: 35.10%;"> <div style="line-height: 9pt;"> <div style="margin-left: 0%; margin-right: 11.54%; text-align: left; white-space: nowrap;">Best Quarter</div> </div> </td> <td style="padding-bottom: 3.5pt; padding-top: 3.5pt; vertical-align: Top; width: 45.13%;"> <div style="line-height: 9pt;"> <div style="margin-left: 8.97%; margin-right: 8.97%; text-align: left; white-space: nowrap;">2nd quarter, 2020</div> </div> </td> <td style="padding-bottom: 3.5pt; padding-top: 3.5pt; vertical-align: Top; width: 19.77%;"> <div style="line-height: 9pt;"> <div style="margin-left: 10.25%; margin-right: 10.25%; text-align: right; white-space: nowrap;">5.52%</div> </div> </td> </tr> <tr style="height: 9.5pt;"> <td style="padding-bottom: 1.5pt; padding-top: 3.5pt; vertical-align: Top; width: 35.10%;"> <div style="line-height: 9pt;"> <div style="margin-left: 0%; margin-right: 11.54%; text-align: left; white-space: nowrap;">Worst Quarter</div> </div> </td> <td style="padding-bottom: 1.5pt; padding-top: 3.5pt; vertical-align: Top; width: 45.13%;"> <div style="line-height: 9pt;"> <div style="margin-left: 8.97%; margin-right: 8.97%; text-align: left; white-space: nowrap;">1st quarter, 2020</div> </div> </td> <td style="padding-bottom: 1.5pt; padding-top: 3.5pt; vertical-align: Top; width: 19.77%;"> <div style="line-height: 9pt;"> <div style="margin-left: 10.25%; margin-right: 10.25%; text-align: right; white-space: nowrap;">-3.60%</div> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0%; width: 100%;"> <tr style="height: auto;"> <td style="background-color: #ffffff; padding-bottom: 1.5pt; padding-top: 1.5pt; vertical-align: Top; width: 55.14%;"> <div style="line-height: 9pt;"> <div style="margin-left: 0%; margin-right: 1.36%; text-align: left; white-space: nowrap;">The Fund’s year-to-date total return</div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 1.5pt; padding-top: 1.5pt; vertical-align: Top; width: 13.62%;"> <div style="line-height: 9pt;"> <div style="margin-left: 5.52%; margin-right: 5.52%; text-align: left; white-space: nowrap;">through</div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 1.5pt; padding-top: 1.5pt; vertical-align: Top; width: 13.11%;"> <div style="line-height: 9pt;"> <div style="margin-left: 5.73%; margin-right: 5.73%; text-align: left; white-space: nowrap;">9/30/21</div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 1.5pt; padding-top: 1.5pt; vertical-align: Top; width: 7.30%;"> <div style="line-height: 9pt;"> <div style="margin-left: 10.29%; margin-right: 10.29%; text-align: left; white-space: nowrap;">was</div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 1.5pt; padding-top: 1.5pt; vertical-align: Top; width: 9.92%;"> <div style="line-height: 9pt;"> <div style="margin-left: 7.57%; margin-right: 0%; text-align: left; white-space: nowrap;">3.74%</div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 1.5pt; padding-top: 1.5pt; vertical-align: Top; width: 0.91%;"> <div style="line-height: 9pt;"> <div style="margin-left: 0%; margin-right: 0%; text-align: left; white-space: nowrap;">.</div> </div> </td> </tr> </table> Best Quarter 2020-06-30 0.0552 Worst Quarter 2020-03-31 -0.0360 The Fund’s year-to-date total return 2021-09-30 0.0374 AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2020) 0.0624 0.0357 0.0260 0.0539 0.0261 0.0175 0.0367 0.0231 0.0163 0.0839 0.0413 0.0288 0.0560 0.0346 0.0310 0.0701 0.0389 0.0264 <div style="line-height: 11.0pt; margin-top: 8.0pt; text-align: left;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. "Other Expenses" and "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, costs of shareholder meetings, and extraordinary expenses) exceed 0.25% of the average daily net assets of the Fund. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the fees and expenses of the affiliated money market funds incurred by the Fund because of the Fund’s investment in such money market funds. These waivers are in effect through 06/30/25, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments.