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Morgan Exchange-Traded Fund Trust 2026-07-01 <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: JFLX</span> <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks to provide long-term total return.</span> <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span><span style="font-family:Arial Narrow;font-size:10pt;"> “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. </span><span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund Fees and Expenses </span><span style="font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund Fees and Expenses </span><span style="font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0045 0.0018 0.0001 0.0064 -0.0019 0.0045 <span style="font-family:Arial Narrow;font-size:8pt;">9/30/28</span> <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">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 9/30/28 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 46 160 313 756 <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">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 Fund’s most recent fiscal period (September 26, 2025 through February 28, 2026), the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">144</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 1.44 <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective by investing opportunistically across different markets and sectors, based on the portfolio management team’s view of the markets and sectors.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s approach is flexible and it is not managed to </span><span style="font-family:Arial Narrow;font-size:10pt;">or constrained by a benchmark. This allows the Fund to shift its allocations based on changing market conditions which may result in investing in a few or multiple markets and sectors. Total return in the Fund’s objective includes both current income and capital appreciation. </span><span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its Assets in debt investments.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Debt investments include loan </span><span style="font-family:Arial Narrow;font-size:10pt;">assignments and participations (Loans), commitments to purchase Loans, convertible securities, bonds, and all other types of debt securities and debt instruments. Debt investments also include money market investment companies. “Assets” means net assets plus the amount of borrowings for investment purposes. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund is unconstrained by sectors and strategies. The Fund has broad flexibility to invest in a wide variety of debt securities and instruments. As part of its principal investment strategy, the Fund may invest in fixed and floating rate debt securities </span><span style="font-family:Arial Narrow;font-size:10pt;">issued in both U.S. and foreign markets including emerging markets. These securities may include debt securities issued by governments and their agencies, supranational organizations, corporations, and banks. The Fund may also invest in equity securities as a principal strategy. </span><span style="font-family:Arial Narrow;font-size:10pt;">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may also be used as substitutes for securities in which the Fund can invest. The Fund may use fixed income, currency and credit derivatives. </span><span style="font-family:Arial Narrow;font-size:10pt;">Such derivatives may include futures contracts, options, swaps including credit default swaps, and forward contracts. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of derivatives including forward foreign currency contracts and other foreign currency transactions, but may not always do so. In addition to hedging non-dollar investments, the Fund may also use such derivatives for other hedging purposes (e.g., decreasing exposure to certain securities), to increase income and gain to the Fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund may invest without limit in securities that are rated below investment grade (also known as junk bonds or high yield securities) by Moody’s Investor Service, Inc. (Moody’s), S&amp;P Global Ratings (S&amp;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. Below investment grade securities may include so-called “distressed debt.” Distressed debt includes securities of issuers experiencing financial or operating difficulties, securities where the issuer has defaulted in the payment of interest or principal or in the performance of its covenants or agreements, securities of issuers that may be involved in bankruptcy proceedings, reorganizations or financial restructuring or securities of issuer’s operating in troubled industries. </span><span style="font-family:Arial Narrow;font-size:10pt;">A significant portion of the Fund’s assets may be invested in asset-backed securities and mortgage-related and mortgage-backed securities. Such securities may be structured as collateralized mortgage obligations and stripped mortgage-backed securities, including those structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest. The Fund may also invest in structured investments and adjustable rate mortgage loans (ARMs). </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund may invest in securities issued by the U.S. government and its agencies and instrumentalities including U.S. Treasury securities, treasury receipts and obligations and securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund may also invest in mortgage pass-through securities including mortgage TBAs. The Fund may enter into dollar rolls, in which the Fund sells mortgage-backed securities including </span><span style="font-family:Arial Narrow;font-size:10pt;">mortgage TBAs and at the same time contracts to buy back very similar securities on a future date. The Fund may also sell mortgage TBAs short. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund may invest in inflation-linked debt securities including fixed and floating rate debt securities of varying maturities issued by the U.S. government, its agencies and instrumentalities, such as Treasury Inflation Protected Securities (TIPS). The Fund may also invest in inflation-linked debt securities issued by other entities such as corporations, foreign governments and foreign issuers. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund may invest in loan assignments and participations (Loans), and commitments to purchase loan assignments (Unfunded Commitments). Loans will typically consist of senior floating rate loans (Senior Loans), but may also include secured and unsecured loans, second lien loans or more junior (Junior Loans) and bridge loans. The Fund may invest in municipal securities. The Fund may also invest in when-issued securities, delayed delivery securities, forward commitments, zero-coupon securities, pay-in-kind securities and deferred payment securities.</span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund may also invest in convertible securities and preferred securities that the adviser believes will produce income or generate return. </span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its principal investment strategy and for temporary defensive purposes, any portion of the Fund’s total assets may be invested in cash and cash equivalents.</span><span style="font-family:Arial Narrow;font-size:10pt;">In buying and selling investments for the Fund, the adviser uses a flexible, benchmark agnostic strategy to make investments that the adviser believes will perform well over time, and uses both top-down macro views and bottom-up security selection to allocate its investments among strategies and sectors, including through the use of bonds and derivative instruments. For each strategy/sector, dedicated sector specialists provide security research and recommendations to the lead portfolio managers. Buy and sell decisions are based on fundamental, quantitative and technical research, including, but not limited to, analyzing individual securities and market sectors and monitoring positive and negative credit developments. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers or countries in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers 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 or countries that may be positively impacted by such factors. The Fund uses a flexible asset allocation approach that permits the adviser to invest in only a small number of strategies/ sectors from time to time although the Fund intends </span><span style="font-family:Arial Narrow;font-size:10pt;">to invest in at least two sectors under normal market conditions. While the Fund seeks to mitigate downside risk, the Fund’s risk exposure may vary due to the Fund’s flexible allocation approach and a risk associated with an individual strategy or type of investment may become more pronounced when the Fund utilizes a single strategy or type of investment or only a few strategies or types of investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective by investing opportunistically across different markets and sectors, based on the portfolio management team’s view of the markets and sectors.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its Assets in debt investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;">As part of its principal investment strategy and for temporary defensive purposes, any portion of the Fund’s total assets may be invested in cash and cash equivalents.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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 Loans and other 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. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers, guarantors 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities and Loan Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund invests in instruments including junk bonds, Loans 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 (including substantial or total 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. </span><span style="font-family:Arial Narrow;font-size:10pt;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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. </span><span style="font-family:Arial Narrow;font-size:10pt;">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 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, options, swaps including credit default swaps and forward contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be 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 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). 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. 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 or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments </span><span style="font-family:Arial Narrow;font-size:10pt;">to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Strategy Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund uses a flexible asset allocation approach which may result in the adviser focusing on only a few strategies, sectors or instrument types. Due to the Fund’s flexible allocation approach, the Fund’s risk exposure may vary and risk associated with an individual strategy, sector or instrument type may become more pronounced, particularly when the Fund utilizes only a few strategies or types of investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities and Emerging Markets Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities.</span><span style="font-family:Arial Narrow;font-size:10pt;">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. These risks are magnified in countries in “emerging markets.” Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. </span><span style="font-family:Arial Narrow;font-size:10pt;">Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. </span><span style="font-family:Arial Narrow;font-size:10pt;">Additionally, the Fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular in emerging market countries, which can increase the risks of loss. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or subjects to sanctions.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Issuer Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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. Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers as compared to domestic issuers.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by Ginnie Mae, Fannie Mae, or 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. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. 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. </span><span style="font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities including so called “sub-prime” mortgages, which may represent interests in pools of mortgages, consumer loans or other assets held in trust, 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 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. </span><span style="font-family:Arial Narrow;font-size:10pt;">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. </span><span style="font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Inflation-Linked Security Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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-linked securities, such as Treasury Inflation Protected Securities, are adjusted periodically to a specified rate of inflation (e.g., Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (CPI-U)). There can be no assurance that the inflation index used will accurately measure the real 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Convertible Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. Contingent convertible securities or CoCos are subject to additional risk factors. A contingent convertible security is a hybrid debt security typically issued by a non-U.S. bank that may be convertible into equity or may be written down if a pre-specified trigger event such as a decline in capital ratio below a prescribed threshold occurs. If such a trigger event occurs, a Fund may lose the principal amount invested on a permanent or temporary basis or the contingent convertible security may be converted to equity. In addition to being subject to a possible write-down upon the occurrence of a trigger event, contingent convertible securities may also be subject to a permanent write-down or conversion into equity (in whole or in part), if the applicable bank regulator or other public administrative authority having responsibility for managing the orderly dissolution of an institution (the resolution authority) has determined that the issuer is not viable. Even though the Fund does not invest in common stock as a principal investment strategy, the Fund will be subject to increased equity market risk in the event that such securities are converted to equity. Coupon payments on contingent convertible securities may be discretionary and may be cancelled by the issuer. Holders of contingent convertible securities may suffer a loss of capital when comparable equity holders do not. As contingent convertible securities may be perpetual or have long-dated maturities, they may face greater interest rate sensitivity and may be subject to greater fluctuations in value than securities with shorter maturity dates. Such securities also may be subject to prepayment risk due to optional or mandatory redemption provisions. Certain types of convertible securities may decline in value or lose their value entirely if the issuer’s financial condition is significantly impaired.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Municipal Obligations and Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Because the Fund may invest in municipal obligations, including municipal securities, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. </span><span style="font-family:Arial Narrow;font-size:10pt;">Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity. In addition, budgetary constraints of state and local governments may lead to reduced tax revenues and may further limit their ability to service municipal obligations. </span><span style="font-family:Arial Narrow;font-size:10pt;">Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </span><span style="font-family:Arial Narrow;font-size:10pt;">The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal obligations. </span><span style="font-family:Arial Narrow;font-size:10pt;">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the bonds and thus the value of the Fund’s investments. While interest earned on municipal obligations is generally not subject to federal income tax, any interest earned on taxable municipal obligations is fully taxable at the federal level and may be subject to state and/or local income tax. </span><span style="font-family:Arial Narrow;font-size:10pt;">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality’s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund’s investments. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Mortgage Dollar Roll Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may enter into mortgage dollar rolls involving mortgage pass-through securities including mortgage TBAs and other mortgage-backed securities. During the period between the sale and repurchase in a mortgage dollar roll transaction, the Fund will not be entitled to receive </span><span style="font-family:Arial Narrow;font-size:10pt;">interest and principal payments on the securities sold. Losses may arise due to changes in the value of the securities or if the counterparty does not perform under the terms of the agreement. If the counterparty files for bankruptcy or becomes insolvent, the Fund’s right to repurchase or sell securities may be limited. Short sales of mortgage TBAs and engaging in mortgage dollar rolls may be subject to leverage risks as described under “Derivatives Risk.” In addition, mortgage dollar rolls may increase interest rate risk and result in an increased portfolio turnover rate which increases costs and may increase taxable gains.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Zero-Coupon, Pay-In-Kind and Deferred Payment Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The market value of a zero-coupon, pay-in-kind or deferred payment security is generally more volatile than the market value of, and is more likely to respond to a greater degree to changes in interest rates and credit quality than, other fixed income securities with similar maturities and credit quality that pay interest periodically. In addition, federal income tax law requires that the holder of a zero-coupon security accrue a portion of the discount at which the security was purchased as taxable income each year. The Fund may consequently have to dispose of portfolio securities under disadvantageous circumstances to generate cash to satisfy its requirement as a regulated investment company to distribute all of its net income (including non-cash income attributable to zero-coupon securities). These actions may reduce the assets to which the Fund’s expenses could otherwise be allocated and may reduce the Fund’s rate of return.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. 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, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities 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, the value of the Fund’s Shares may fluctuate in response to events affecting that industry or sector.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Preferred Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Preferred securities generally have a preference as to dividends and liquidation over an issuer’s common stock but ranks junior to debt securities in an issuer’s capital structure. Unlike interest payments on debt securities, dividends on preferred securities are payable only if declared by the issuer’s board of directors. As a consequence, if the board of directors of an issuer does not declare dividends or distributions for the relevant dividend or distribution periods, the issuer will not be obligated to pay dividends or distributions on the relevant payment date, and such dividends and distributions may be forfeited. In addition, preferred securities are generally subject to the market and issuer risks applicable to equity securities generally, including fluctuations in value due </span><span style="font-family:Arial Narrow;font-size:10pt;">to broad market or company-specific developments. Holders of preferred securities typically do not have voting rights except in certain circumstances where they may be given only limited voting rights. Preferred securities also may be subject to optional or mandatory redemption provisions.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Options Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There are significant differences between the securities and options markets that could result in an imperfect correlation between these markets and even a well conceived transaction may be unsuccessful because of market behavior or unexpected events. Options may be volatile and there can be no assurance that a liquid secondary market will exist for any particular option at any particular time, even if the contract is traded on an exchange. Exchanges may halt trading in options thereby making it impossible for the Fund to enter into or close out option positions and impairing the Fund’s access to assets held to cover such options positions. The Fund may also be at risk that counterparties entering into an option transaction will not fulfill their obligations, particularly when the Fund utilizes over-the-counter options.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Sovereign Debt Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, including where a sovereign issuer lacks the willingness to make timely payments, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country’s economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Currency Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. 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 some or all of 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, including due to delays in placing trades and other operational limitations, and the use of such strategies may lower the Fund’s potential returns.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Portfolio Turnover Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">gains that will generally be taxable to shareholders as ordinary income. The effects of high portfolio turnover may adversely affect Fund performance.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash, Money Market Instruments and Other Short-Term Investments</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund will, at times, hold assets in cash, money market instruments and other short-term investments, which may hurt the Fund’s performance. These positions may also subject the Fund to additional risks and costs.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Shares are listed for trading on the NYSE Arca, 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Cash Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Unlike certain ETFs, the Fund expects to generally effect its creations and redemptions entirely or partially in cash, rather than primarily for in-kind securities. Therefore, it will be required to sell portfolio securities and subsequently recognize a gain 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. The Fund commenced operations after the assets of another investment company advised by the adviser, JPMorgan Unconstrained Debt Fund (the predecessor fund), were transferred to the Fund in a tax-free reorganization as of the close of business on September 26, 2025. All share classes of the predecessor fund were converted into the Fund. The Fund has the same investment objective and substantially similar strategies as those of the predecessor fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;">. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the Fund’s Shares (represented by the performance of the predecessor fund’s Class R6 Shares for the period prior to the reorganization) 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 period prior to the reorganization) for the past one year, five years and ten years. </span><span style="font-family:Arial Narrow;font-size:10pt;">The table compares the Fund’s performance (represented by </span><span style="font-family:Arial Narrow;font-size:10pt;">the performance of the predecessor fund’s Class R6 Shares for the period prior to the reorganization) to the performance of the Bloomberg US Aggregate Index and the ICE BofA 3-Month US Treasury Bill Index. 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. Performance for the predecessor fund is based on the NAV per share of the predecessor fund shares rather than on market-determined prices. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is </span><span style="font-family:Arial Narrow;font-size:10pt;">not necessarily an indication of how the Fund will perform in the future</span><span style="font-family:Arial Narrow;font-size:10pt;">. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.</span><span style="font-family:Arial Narrow;font-size:10pt;">SOURCE ICE DATA INDICES, LLC (“ICE DATA”), IS USED WITH PERMISSION. ICE® IS A REGISTERED TRADEMARK OF ICE DATA OR ITS AFFILIATES AND BOFA® IS A REGISTERED TRADEMARK </span><span style="font-family:Arial Narrow;font-size:10pt;">OF BANK OF AMERICA CORPORATION LICENSED BY BANK OF AMERICA CORPORATION AND ITS AFFILIATES (“BOFA”) AND MAY NOT BE USED WITHOUT BOFA’S PRIOR WRITTEN APPROVAL. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND THE ADVISER, OR ANY OF ITS PRODUCTS OR SERVICES.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the Fund’s Shares (represented by the performance of the predecessor fund’s Class R6 Shares for the period prior to the reorganization) 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 period prior to the reorganization) for the past one year, five years and ten years. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is </span><span style="font-family:Arial Narrow;font-size:10pt;">not necessarily an indication of how the Fund will perform in the future</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.99pt;">5.16%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2022</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.99pt;">-4.06%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">-0.28%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0516 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.0406 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 -0.0028 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0750 0.0361 0.0404 0.0537 0.0196 0.0249 0.0440 0.0203 0.0242 0.0730 -0.0036 0.0201 0.0418 0.0318 0.0218 <span style="font-family:Arial Narrow;font-size:10pt;">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. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: JMHI</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks a high level of current income exempt from federal income taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> “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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Acquired Fund Fees and Expenses </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Acquired Fund Fees and Expenses </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0035 0.0016 0.0001 0.0052 -0.0017 0.0035 <span style="font-family:Arial Narrow;font-size:8pt;">6/30/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">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 6/30/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 36 150 274 636 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">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 Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">52</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.52 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its Assets in municipal securities, the income from which is exempt from federal income tax.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> This is a fundamental policy. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. Up to 25% of the Fund’s Assets may be invested in municipal securities, the interest on which may be subject to the federal alternative minimum tax for individuals. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal securities are securities </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, political subdivisions, agencies and instrumentalities and other groups with the authority to act for the municipalities, the interest on which is exempt from federal income tax.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The securities are issued to raise funds for various </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">public and private purposes. Municipal securities may include, but are not limited to, variable rate demand obligations, short-term municipal notes, municipal bonds, tax exempt commercial paper, private activity and industrial development bonds, tax anticipation notes, and participations in pools of municipal securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal securities also include instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal securities, such as tender option bonds and participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax. Additionally, municipal securities include all other instruments that directly or indirectly provide economic exposure to income which is derived from municipalities (such as municipal leases). The securities in which the Fund invests may have fixed rates of return or floating or variable rates. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will invest in municipal securities of any maturity. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">part of its investments in municipal securities, the Fund will also have the ability to invest up to 100% of the Fund’s total assets in below investment grade or unrated securities. Such securities are also known as “junk bonds,” “high yield bonds” and “non-investment grade bonds.” Junk bonds also include unrated securities that the Fund’s adviser believes to be of comparable quality to debt securities that are rated below investment grade. These securities generally are rated in the fifth or lower rating categories (for example, BB+ or lower by S&amp;P Global Ratings (S&amp;P) and Ba1 or lower by Moody’s Investors Service Inc. (Moody’s)). These securities generally offer a higher yield than investment grade securities, but involve a high degree of risk. A security’s quality is determined at the time of purchase and securities that are rated investment grade or the unrated equivalent may be downgraded or decline in credit quality such that subsequently they would be deemed to be below investment grade.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will also invest in investment grade securities. Investment grade securities carry a minimum rating of Baa3, BBB–, or BBB– by Moody’s, S&amp;P, or Fitch Ratings (Fitch), respectively, or the equivalent by another nationally recognized statistical rating organization (NRSRO) or are unrated but deemed by the adviser to be of comparable quality. Under normal market conditions, the Fund intends to invest a significant portion of its Assets in securities rated BBB/BB by S&amp;P and Fitch, Baa/Ba by Moody’s or unrated securities that the adviser deems to be of equivalent quality. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may also invest in common shares or preferred shares of unaffiliated closed-end funds. The Fund generally will limit its investments in a single closed-end fund to 5% of its total assets and in all registered investment companies including closed-end funds (other than money market funds) to 10% of its total assets. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in shares of exchange-traded funds (ETFs). The ETFs in which the Fund may invest include registered investment companies that seek to track the performance of a particular market index or security. These indexes include not only broad-based market indexes but more specific indexes as well, including those relating to particular sectors, markets, regions or industries. Ordinarily, the Fund must limit its investments in a single ETF to 5% of its total assets and in all ETFs </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and other investment companies to 10% of its total assets. However, the Securities and Exchange Commission (SEC) adopted an exemptive rule that allows any fund to disregard these 5% and 10% limitations, subject to certain conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in obligations of the U.S. Treasury, including Treasury bills, bonds and notes. These investments carry different interest rates, maturities and issue dates. The interest on these securities may be exempt from state and local income taxes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Up to 20% of the Fund’s net assets may be invested in securities subject to federal income tax. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may also invest in zero-coupon securities, Treasury futures and credit default swaps as part of its main investment strategy. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund also invests in inverse floaters and restricted securities.</span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: 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 primarily looks for individual fixed income investments that it believes will perform well over market cycles. The adviser is value oriented and makes investment decisions after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity, any security pledge, and a review of the security’s attributes, such as the coupon, maturity, and any redemption and tender provisions. The adviser also factors in the overall investment strategy of the Fund, including its duration and its credit strategy, as well as the adviser’s interest rate outlook. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on certain issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in municipal issues and ascertain key issues that merit engagement with municipal issuers. These assessments may not be conclusive and securities of issuers 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its Assets in municipal securities, the income from which is exempt from federal income tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal securities are securities </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, political subdivisions, agencies and instrumentalities and other groups with the authority to act for the municipalities, the interest on which is exempt from federal income tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">part of its investments in municipal securities, the Fund will also have the ability to invest up to 100% of the Fund’s total assets in below investment grade or unrated securities. Such securities are also known as “junk bonds,” “high yield bonds” and “non-investment grade bonds.” Junk bonds also include unrated securities that the Fund’s adviser believes to be of comparable quality to debt securities that are rated below investment grade. These securities generally are rated in the fifth or lower rating categories (for example, BB+ or lower by S&amp;P Global Ratings (S&amp;P) and Ba1 or lower by Moody’s Investors Service Inc. (Moody’s)). These securities generally offer a higher yield than investment grade securities, but involve a high degree of risk. A security’s quality is determined at the time of purchase and securities that are rated investment grade or the unrated equivalent may be downgraded or decline in credit quality such that subsequently they would be deemed to be below investment grade.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Municipal Obligations and Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Because the Fund may invest in municipal obligations, including municipal securities, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity. In addition, budgetary constraints of state and local governments may lead to reduced tax revenues and may further limit their ability to service municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the bonds and thus the value of the Fund’s investments. While interest earned on municipal obligations is generally not subject to federal income tax, any interest earned on taxable municipal obligations is fully taxable at the federal level and may be subject to state and/or local income tax. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality’s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund’s investments. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Alternative Minimum Tax Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in securities, the interest on which may be subject to the federal alternative minimum tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash, Money Market Instruments and Other Short-Term Investments</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. The Fund will, at times, hold assets in cash, money market instruments and other short-term investments, which may hurt the Fund’s performance. These positions may also subject the Fund to additional risks and costs.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Cash Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Unlike certain ETFs, the Fund expects to generally effect its creations and redemptions entirely or partially in cash, rather than primarily for in-kind securities. Therefore, it will be required to sell portfolio securities and subsequently recognize a gain on such sales that the Fund might not have recognized if it were to distribute portfolio </span><span style="font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in securities and instruments of municipal issuers that are highly leveraged, less creditworthy or financially distressed. These investments (also known as junk bonds) are considered to be speculative and are subject to greater risk of loss (including substantial or total loss), greater sensitivity to economic changes, valuation difficulties, and potential illiquidity. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in the high yield market. 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 high yield securities, increase the claims against assets that are permitted against collateral securing 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 high yield securities issued by such borrowers.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Each of these factors might negatively impact the high yield instruments held by the Fund. No active trading market may exist for some instruments and certain investments may be subject to restrictions on resale. 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 may be more pronounced for the Fund. When 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund mainly invests in bonds and other debt securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the Fund’s investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Structured Product Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counter-party risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, the Fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Restricted Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Restricted securities are securities that cannot be offered for public resale unless registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale. Restricted securities include private placement securities that have not been registered under the applicable securities laws, such as Rule 144A securities, and securities of U.S. and non-U.S. issuers that are issued pursuant to Regulation S. Private placements are generally subject to strict restrictions on resale. Restricted securities may not be listed on an exchange and may have no active trading market. Restricted securities may be illiquid. The Fund may be unable to sell a restricted security on short notice or may be able to sell them only at a price below current value. It may be more difficult to determine a market value for a </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">restricted security. Also, the Fund may get only limited information about the issuer of a restricted security, so it may be less able to predict a loss. In addition, if Fund management receives material non-public information about the issuer, the Fund may as a result be unable to sell the securities. Certain restricted securities may involve a high degree of business and financial risk and may result in substantial losses.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts and swaps, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be 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 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). 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. 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 or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. 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 ordinary income and short-term capital gain 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF and Other Investment Company Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in shares of other investment companies and ETFs. Shareholders bear both their proportionate share of Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another investment company or ETF. The price movement of an ETF or closed end fund designed to track an index may not track the index and may result in a loss. In addition, ETFs and closed-end investment companies may trade at a price above (premium) or below (discount) their NAV, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">portfolio. If the Fund invests in closed-end investment companies, it may incur added expenses such as additional management fees and trading costs.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund invests in securities issued or guaranteed by the U.S. government or its agencies or other Government-Sponsored Enterprises (GSEs). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by 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. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. 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. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Debt Securities and Other Callable Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> As part of its investment strategy, the Fund invests in debt securities. The issuers of these securities and other callable securities may be able to repay principal in advance, especially when interest rates fall. Changes in prepayment rates can affect the return on investment and yield of these securities. When debt obligations are prepaid and 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 interest rates, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Inverse Floating Rate Instrument Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The market value of an inverse floater can be more volatile than that of a conventional fixed-rate bond having similar credit quality, maturity and redemption provisions. Inverse floaters involve complex transactions and involve risks in addition to risks associated with more conventional municipal obligations. Inverse floaters may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. Inverse floaters can create leverage thereby causing the Fund to be more volatile than it would be if it had not used inverse floaters.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Taxability Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is no guarantee that all of the Fund’s income from municipal investments will remain exempt from federal or state or local income taxes. The Fund’s investments in municipal securities rely on the opinion of the issuer’s bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Service may determine that a bond issued as tax-exempt should in fact be taxable or there may be unfavorable changes in tax laws or noncompliant conduct of a securities issuer that may cause income from all or certain municipal securities to be taxable. In order to pay tax-exempt interest, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. If the Fund fails to meet the requirements necessary to pay out exempt-interest dividends to its shareholders, the income distributions resulting from all of its investments, including its municipal securities, may be subject to federal income tax when received by shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition, future laws, regulations, rulings or court decisions may cause interest on municipal securities to be subject, directly or indirectly, to U.S. federal income taxation or interest on state municipal securities to be subject to state or local income taxation, or the value of state municipal securities to be subject to state or local intangible personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus the value of an investment in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Zero-Coupon Bond Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The market value of a zero-coupon bond is generally more volatile than the market value of other fixed income securities with similar maturities that pay interest periodically. In addition, federal income tax law requires that the holder of a zero-coupon bond accrue a portion of the discount at which the bond was purchased as taxable income each year. The Fund may consequently have to dispose of portfolio securities under disadvantageous circumstances to generate cash to satisfy its requirement as a regulated investment company to distribute all of its net income (including non-cash income attributable to zero-coupon securities). These actions may reduce the assets to which the Fund’s expenses could otherwise be allocated and may reduce the Fund’s rate of return.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. 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, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities 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, the value of the Fund’s Shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Shares are listed for trading on the NYSE Arca, 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. The Fund commenced operations after the assets of another investment company advised by the adviser, JPMorgan High Yield Municipal Fund (the predecessor fund), were transferred to the Fund in a tax-free reorganization as of the close of business on July 14, 2023. All share classes of the predecessor fund were converted into the Fund. The Fund has the same investment objective and substantially similar investment strategies as those of the predecessor fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The table compares the Fund’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance (represented by the performance of the predecessor fund’s Class R6 Shares) to the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Bloomberg US Municipal Index, the Bloomberg 65% High Grade/35% High Yield TR Index and the Bloomberg High Yield Municipal Bond Index (the indices). The indices do not include the fees and expenses of the mutual funds in each respective index. The performance of the Class R6 Shares of the predecessor fund prior to their inception are based on Class I Shares. The actual returns of the predecessor fund’s Class R6 Shares would be substantially similar to the performance of Class I Shares because the predecessor fund is invested in the same group of securities and the annual returns would differ only to the extent that the classes do not have the same expenses. 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. Performance for the predecessor fund is based on the NAV per share of the predecessor fund shares rather than on market-determined prices. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Effective November 1, 2018, the predecessor fund’s investment strategies changed. The predecessor fund’s past performance would have been different if the predecessor fund were managed using the current strategies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM ETF)</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">.</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM ETF)</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:26.21pt;">7.06%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:26.21pt;">-7.14%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">-0.05%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0706 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-03-31 -0.0714 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 -0.0005 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0431 0.0067 0.0236 0.0423 0.0060 0.0225 0.0431 0.0134 0.0252 0.0425 0.0080 0.0234 0.0246 0.0218 0.0435 0.0362 0.0129 0.0306 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: JCPI</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maximize inflation protected total return.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0028 0.0011 0.0039 -0.0014 0.0025 <span style="font-family:Arial Narrow;font-size:8pt;">6/30/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">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 6/30/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 26 111 205 479 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">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 Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">81</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.81 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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). </span><span style="font-family:Arial Narrow;font-size:10pt;">“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.</span><span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund will invest at least 80% of its “Assets” in bonds.</span><span style="font-family:Arial Narrow;font-size:10pt;"> “Assets” means net </span><span style="font-family:Arial Narrow;font-size:10pt;">assets, plus the amount of borrowings for investment purposes. For purposes of this policy, a “bond” is a debt security with a maturity of 90 days or more at the time of its issuance. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 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), S&amp;P Global Ratings (S&amp;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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 investment grade or high yield securities or indexes of investment grade or high yield securities.</span><span style="font-family:Arial Narrow;font-size:10pt;">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 seeks to assess the impact of environmental, social and governance (ESG) factors on certain issuers or countries in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers 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 or countries that may be positively impacted by such factors.</span> <span style="font-family:Arial Narrow;font-size:10pt;">“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.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund will invest at least 80% of its “Assets” in bonds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 investment grade or high yield securities or indexes of investment grade or high yield securities.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities and Emerging Markets Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Investments in foreign issuers and foreign securities</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. </span><span style="font-family:Arial Narrow;font-size:10pt;">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. These risks are magnified in countries in “emerging markets.” Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. </span><span style="font-family:Arial Narrow;font-size:10pt;">Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Additionally, the Fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular in emerging market countries, which can increase the risks of loss. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or subjects to sanctions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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 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 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). 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. 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 complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities and Loan Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund invests in instruments including junk bonds, loan participations and assignments (Loans)</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">1</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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 (including substantial </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">or total 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.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Inflation-Protected Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">CPI-U Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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.”</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities including so called “sub-prime” mortgages,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">which may represent interests in pools of mortgages, consumer loans or other assets held in trust, 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 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities 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, the value of the Fund’s Shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Issuer Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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, </span><span style="font-family:Arial Narrow;font-size:10pt;">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. Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers as compared to domestic issuers.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Currency Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. 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 some or all of 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, including due to delays in placing trades and other operational limitations, and the use of such strategies may lower the Fund’s potential returns.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Shares are listed for trading on the NYSE Arca, 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of </span><span style="font-family:Arial Narrow;font-size:10pt;">intermediaries that act as authorized participants and none of these authorized participants is or will be obligated to engage in creation or redemption transactions. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash, Money Market Instruments and Other Short-Term Investments</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. The Fund will, at times, hold assets in cash, money market instruments and other short-term investments, which may hurt the Fund’s performance. These positions may also subject the Fund to additional risks and costs.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Cash Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Unlike certain ETFs, the Fund expects to generally effect its creations and redemptions entirely or partially in cash, rather than primarily for in-kind securities. Therefore, it will be required to sell portfolio securities and subsequently recognize a gain 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. The Fund commenced operations after the assets of another investment company advised by the adviser, JPMorgan Inflation Managed Bond Fund (the predecessor fund), were transferred to the Fund in a tax-free reorganization as of the close of business on April 8, 2022. All share classes of the predecessor fund were converted into the Fund. The Fund has the same investment objective and substantially similar investment strategies as those of the predecessor fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The table compares the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (represented by the performance of the predecessor fund’s Class R6 Shares) to the performance of the Bloomberg US Aggregate Index, Bloomberg 1-10 Year US TIPS Index and the Bloomberg US Intermediate Aggregate Index (the Indices). The Indices do not include the fees and expenses of the mutual funds in the index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Bloomberg 1-10 </span><span style="font-family:Arial Narrow;font-size:10pt;">Year US TIPS Index and the Bloomberg US Intermediate Aggregate Index are the Fund’s additional indices and are more representative of the Fund’s investment universe than the regulatory index.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Performance shown for the predecessor </span><span style="font-family:Arial Narrow;font-size:10pt;">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. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily</span><span style="font-family:Arial Narrow;font-size:10pt;"> an indication of how the Fund will perform in the future. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Bloomberg 1-10 </span><span style="font-family:Arial Narrow;font-size:10pt;">Year US TIPS Index and the Bloomberg US Intermediate Aggregate Index are the Fund’s additional indices and are more representative of the Fund’s investment universe than the regulatory index.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily</span><span style="font-family:Arial Narrow;font-size:10pt;"> an indication of how the Fund will perform in the future. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.45pt;">5.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3rd quarter, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.45pt;">-4.03%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.53%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.0552 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-09-30 -0.0403 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0053 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0743 0.0250 0.0304 0.0572 0.0105 0.0183 0.0438 0.0128 0.0180 0.0730 -0.0036 0.0201 0.0747 0.0252 0.0332 0.0745 0.0068 0.0206 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: JPLD</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks a high level of current income consistent with low volatility of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0020 0.0010 0.0030 -0.0006 0.0024 <span style="font-family:Arial Narrow;font-size:8pt;">6/30/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">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 6/30/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 25 90 163 375 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">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 Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">53</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.53 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund mainly invests in mortgage-backed securities, asset-backed securities, mortgage-related securities, adjustable rate mortgages, money market instruments, and structured investments.</span><span style="font-family:Arial Narrow;font-size:10pt;"> These investments may be structured as collateralized </span><span style="font-family:Arial Narrow;font-size:10pt;">mortgage obligations (agency and non-agency), stripped mortgage-backed securities, commercial mortgage-backed securities, and mortgage pass-through securities. These securities may be structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest. </span><span style="font-family:Arial Narrow;font-size:10pt;">Under </span><span style="font-family:Arial Narrow;font-size:10pt;">normal circumstances, the Fund will invest at least 80% of its Assets in bonds.</span><span style="font-family:Arial Narrow;font-size:10pt;"> For purposes of this policy, “Assets” means net </span><span style="font-family:Arial Narrow;font-size:10pt;">assets plus the amount of borrowings for investment purposes. A “bond” is a debt security with a maturity of 90 days or more at the time of its issuance. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a duration of three years or less, although, under certain market conditions such as in periods of significant volatility in interest rates and spreads, the Fund’s duration may be longer than three years. Duration is a measure of the price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of “three years” means that a security’s or portfolio’s price would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in yield curve). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in fixed and floating rate debt securities representing an interest in or secured by residential mortgage loans. These securities often are issued or guaranteed by the U.S. government, its agencies or instrumentalities such as the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac).</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">However, the Fund may also purchase mortgage-backed securities and asset-backed securities that are issued by non-governmental entities. Such securities may or may not have private insurer guarantees of timely payments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Securities purchased by the Fund will be rated investment grade (or the unrated equivalent) at the time of purchase. In addition, all securities will be U.S. dollar-denominated although they may be issued by a foreign corporation, or a U.S. affiliate of a foreign corporation or a foreign government or its agencies and instrumentalities. The Fund may also invest in corporate debt securities that are issued by a U.S. corporation. 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 may invest up to 25% of its assets in “sub-prime” mortgage-related securities at the time of purchase. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund has flexibility to invest in derivatives and may use such instruments to manage duration, sector and yield curve exposure, credit and spread volatility and to respond to volatile market conditions. Derivatives, which are instruments which have a value based on another instrument, exchange rate or index, may also be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, options, and swaps in connection with its principal strategies in order to hedge various investments, for risk management purposes and/or to increase income or gain to the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 security selection process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on certain issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund mainly invests in mortgage-backed securities, asset-backed securities, mortgage-related securities, adjustable rate mortgages, money market instruments, and structured investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under </span><span style="font-family:Arial Narrow;font-size:10pt;">normal circumstances, the Fund will invest at least 80% of its Assets in bonds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in fixed and floating rate debt securities representing an interest in or secured by residential mortgage loans. These securities often are issued or guaranteed by the U.S. government, its agencies or instrumentalities such as the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac).</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by Ginnie Mae, Fannie Mae, or 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. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities including so called “sub-prime” mortgages,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">which may represent interests in pools of mortgages, consumer loans or other assets held in trust, 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 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash, Money Market Instruments and Other Short-Term Investments</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. The Fund will, at times, hold assets in cash, money market instruments and other short-term investments, which may hurt the Fund’s performance. These positions may also subject the Fund to additional risks and costs.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Cash Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Unlike certain ETFs, the Fund expects to generally effect its creations and redemptions entirely or partially in cash, rather than primarily for in-kind securities. Therefore, it will be required to sell portfolio securities and subsequently recognize a gain 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Issuer Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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. Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers as compared to domestic issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, options and swaps, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be 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 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). 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. 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 complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. 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, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities 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, the value of the Fund’s Shares may fluctuate in response to events affecting that industry or sector.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Shares are listed for trading on the NYSE Arca, Inc. (the Exchange) and are bought and sold in the secondary market at market prices. The market prices of </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. The Fund commenced operations after the assets of another investment company advised by the adviser, JPMorgan Limited Duration Bond Fund (the predecessor fund), were transferred to the Fund in a tax-free reorganization as of the close of business on July 28, 2023. All share classes of the predecessor fund were converted into the Fund. The Fund has the same investment objective and substantially similar strategies as those of the predecessor fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The table compares the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (represented by the performance of the predecessor fund’s Class R6 Shares) to the performance of the Bloomberg US Aggregate Index and Bloomberg 1-3 Year US Government/Credit Bond Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Bloomberg 1-3 Year </span><span style="font-family:Arial Narrow;font-size:10pt;">US Government/Credit Bond Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index. </span><span style="font-family:Arial Narrow;font-size:10pt;">Performance for the Fund’s Shares </span><span style="font-family:Arial Narrow;font-size:10pt;">has not been adjusted to reflect the Fund’s Shares’ lower expenses than those of the predecessor fund’s Class R6 Shares. Performance for the predecessor fund is based on the NAV per share of the predecessor fund shares rather than on market-determined prices. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is </span><span style="font-family:Arial Narrow;font-size:10pt;">not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Bloomberg 1-3 Year </span><span style="font-family:Arial Narrow;font-size:10pt;">US Government/Credit Bond Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is </span><span style="font-family:Arial Narrow;font-size:10pt;">not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM ETF)</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:27.05pt;">3.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:27.05pt;">-1.92%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.49%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.0355 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.0192 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0049 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0612 0.0313 0.0280 0.0429 0.0179 0.0171 0.0360 0.0181 0.0167 0.0730 -0.0036 0.0201 0.0535 0.0197 0.0209 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: JMTG</span> <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maximize total return by investing primarily in a diversified portfolio of debt securities backed by pools of residential and/or commercial mortgages.</span> <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span><span style="font-family:Arial Narrow;font-size:10pt;"> “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. </span><span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund Fees and Expenses </span><span style="font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund Fees and Expenses </span><span style="font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0025 0.0011 0.0001 0.0037 -0.0013 0.0024 <span style="font-family:Arial Narrow;font-size:8pt;">6/30/28</span> <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">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 6/30/28 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 25 92 181 442 <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">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 Fund’s most recent fiscal period (June 27, 2025 through February 28, 2026), the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">46</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.46 <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests mainly in investment grade mortgage-backed securities or unrated mortgage-backed securities which the adviser determines to be of comparable quality.</span><span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its Assets in mortgage-backed securities.</span><span style="font-family:Arial Narrow;font-size:10pt;"> For purposes of this policy, </span><span style="font-family:Arial Narrow;font-size:10pt;">“Assets” means net assets plus the amount of borrowings for investment purposes. </span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its principal investment strategy, the Fund may invest in securities issued or guaranteed by U.S. government agencies or instrumentalities such as the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) or non-governmental securities, commercial mortgage securities, collateralized mortgage obligations (agency and non-agency), stripped mortgage-backed securities, mortgage pass-through securities and other securities representing an interest in or secured by mortgages including asset-backed securities backed by home equity loans.</span><span style="font-family:Arial Narrow;font-size:10pt;">These securities may be structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest. The Fund may invest in mortgage pass-through securities eligible to be sold in the “to-be-announced” or TBA market </span><span style="font-family:Arial Narrow;font-size:10pt;">(Mortgage TBAs). Mortgage TBAs provide for the forward or delayed delivery of the underlying instrument with settlement up to 180 days. The term TBA comes from the fact that the actual mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made, but rather is announced 48 hours before the settlement date. The Fund may invest a significant portion or all of its assets in mortgage-backed securities in the adviser’s discretion. All securities will be U.S. dollar-denominated, although they may be issued by a foreign corporation or a U.S. affiliate of a foreign corporation or a foreign government or its agencies and instrumentalities. The Fund may invest in private placements and zero-coupon securities. As a matter of fundamental policy, at least 65% of the Fund’s total assets will consist of bonds. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund’s average weighted maturity will normally range between two and ten years. The Fund may have a longer or shorter average weighted maturity under certain market conditions and the Fund may shorten or lengthen its average weighted maturity if deemed appropriate for temporary defensive purposes. Because of the Fund’s holdings in asset-backed, mortgage-backed and similar securities, the Fund’s average weighted maturity is equivalent to the average weighted maturity of the cash flows in the securities held by the Fund given certain prepayment assumptions (also known as weighted average life). </span><span style="font-family:Arial Narrow;font-size:10pt;">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 security selection process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on certain issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests mainly in investment grade mortgage-backed securities or unrated mortgage-backed securities which the adviser determines to be of comparable quality.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its Assets in mortgage-backed securities.</span> <span style="font-family:Arial Narrow;font-size:10pt;">As part of its principal investment strategy, the Fund may invest in securities issued or guaranteed by U.S. government agencies or instrumentalities such as the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) or non-governmental securities, commercial mortgage securities, collateralized mortgage obligations (agency and non-agency), stripped mortgage-backed securities, mortgage pass-through securities and other securities representing an interest in or secured by mortgages including asset-backed securities backed by home equity loans.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities including so called “sub-prime” mortgages, which may represent interests in pools of mortgages, consumer loans or other assets held in trust, 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 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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. </span><span style="font-family:Arial Narrow;font-size:10pt;">Collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities, including those structured as IOs and POs, are more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. </span><span style="font-family:Arial Narrow;font-size:10pt;">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. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund will be exposed to additional risk to the extent that it uses inverse floaters and inverse IOs, which are debt securities with interest rates that reset in the opposite direction from the market rate to which the security is indexed. These securities are more volatile and more sensitive to interest rate changes than other types of debt securities. If interest rates move in a manner not anticipated by the adviser, the Fund could lose all or substantially all of its investment in inverse IOs.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Zero-Coupon, Pay-In-Kind and Deferred Payment Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The market value of a zero-coupon, pay-in-kind or deferred payment security is generally more volatile than the market value of, and is more likely to respond to a greater degree to changes in interest rates than, other fixed income securities with similar maturities and credit quality that pay interest periodically. In addition, federal income tax law requires that the holder of a zero-coupon security accrue a portion of the discount at which the security was purchased as taxable income each year. The Fund may consequently have to dispose of portfolio securities under disadvantageous circumstances to generate cash to satisfy its requirement as a regulated investment company to distribute all of its net income (including non-cash income attributable to zero-coupon securities). These actions may reduce the assets to which the Fund’s expenses could otherwise be allocated and may reduce the Fund’s rate of return.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers, guarantors 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by Ginnie Mae, Fannie Mae, or 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. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding </span><span style="font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Issuer Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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. Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers as compared to domestic issuers.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. 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, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities 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, the value of the Fund’s Shares may fluctuate in response to events affecting that industry or sector.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash, Money Market Instruments and Other Short-Term Investments</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund will, at times, hold assets in cash, money market instruments and other short-term investments, which may hurt the Fund’s performance. These positions may also subject the Fund to additional risks and costs.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Cash Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Unlike certain ETFs, the Fund expects to generally effect its creations and redemptions entirely or partially in cash, rather than primarily for in-kind securities. Therefore, it will be required to sell portfolio securities and subsequently recognize a gain on such sales that the Fund might not have recognized if it were to distribute portfolio </span><span style="font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Shares are listed for trading on the NYSE Arca, 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. The Fund commenced operations after the assets of another investment company advised by the adviser, JPMorgan Mortgage-Backed Securities Fund (the predecessor fund), were transferred to the Fund in a tax-free reorganization as of the close of business on June 27, 2025. All share classes of the predecessor fund were converted into the Fund. The Fund has the same investment objective and substantially similar strategies as those of the predecessor fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;">. </span><span style="font-family:Arial Narrow;font-size:10pt;">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. </span><span style="font-family:Arial Narrow;font-size:10pt;">The table compares the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (represented by the performance of the predecessor fund’s Class R6 Shares) to the performance of the Bloomberg US Aggregate Index and the Bloomberg US MBS Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Bloomberg US MBS Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index. </span><span style="font-family:Arial Narrow;font-size:10pt;">Performance for </span><span style="font-family:Arial Narrow;font-size:10pt;">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. Performance for the predecessor fund is based on the NAV per share of the predecessor fund shares rather than on market-determined prices. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before </span><span style="font-family:Arial Narrow;font-size:10pt;">and after taxes) is not necessarily an indication of how the Fund will perform in the future</span><span style="font-family:Arial Narrow;font-size:10pt;">. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM ETF)</span> <span style="font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="font-family:Arial Narrow;font-size:10pt;">The table compares the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (represented by the performance of the predecessor fund’s Class R6 Shares) to the performance of the Bloomberg US Aggregate Index and the Bloomberg US MBS Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Bloomberg US MBS Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before </span><span style="font-family:Arial Narrow;font-size:10pt;">and after taxes) is not necessarily an indication of how the Fund will perform in the future</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.88pt;">6.62%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3rd quarter, 2022</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.88pt;">-4.46%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.71%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0662 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-09-30 -0.0446 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0071 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0840 0.0116 0.0259 0.0656 -0.0014 0.0122 0.0494 0.0031 0.0139 0.0730 -0.0036 0.0201 0.0858 0.0015 0.0159 <span style="font-family:Arial Narrow;font-size:10pt;">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. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: JPRE</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to provide high total investment return through a combination of capital appreciation and current income.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0060 0.0011 0.0071 -0.0021 0.0050 <span style="font-family:Arial Narrow;font-size:8pt;">6/30/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">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 6/30/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 51 206 374 863 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">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 Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">113</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 1.13 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its objective by investing substantially all of its assets, and in any event under normal circumstances at least 80% of its net assets (plus the amount of any borrowings for investment purposes), in equity securities of real estate investment trusts (REITs).</span><span style="font-family:Arial Narrow;font-size:10pt;">These REITs are structured to pay a rate of interest or income. These REITs may also include REITs with relatively small market capitalizations. The Fund may invest in both equity REITs and mortgage REITs. Equity REITs take ownership interests in real estate. Mortgage REITs invest in mortgages (loans secured by interests in real estate). The Fund may also invest up to 15% of net assets in illiquid holdings.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As investment adviser to the Fund, J.P. Morgan Investment Management Inc. (JPMIM) manages the portfolio utilizing a disciplined investment process that focuses on stock selection rather than focusing on particular sectors or themes. JPMIM’s portfolio management team continuously screens the target universe of investments, selecting companies that exhibit superior financial strength, operating returns and attractive growth prospects. </span><span style="font-family:Arial Narrow;font-size:10pt;">The REIT research team takes an in-depth look at each company’s ability to generate earnings over a long-term business cycle, rather than focusing solely on near-term expectations. These research efforts allow the team to determine each company’s normalized earnings (i.e., projected earnings adjusted to reflect what the company should earn at the midpoint of an economic cycle) and growth potential, from which they evaluate whether each company’s current price fully reflects its long-term value. </span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its investment process, </span><span style="font-family:Arial Narrow;font-size:10pt;">the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be </span><span style="font-family:Arial Narrow;font-size:10pt;">conclusive and securities of issuers 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.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is non-diversified.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its objective by investing substantially all of its assets, and in any event under normal circumstances at least 80% of its net assets (plus the amount of any borrowings for investment purposes), in equity securities of real estate investment trusts (REITs).</span> <span style="font-family:Arial Narrow;font-size:10pt;">These REITs are structured to pay a rate of interest or income. These REITs may also include REITs with relatively small market capitalizations. The Fund may invest in both equity REITs and mortgage REITs. Equity REITs take ownership interests in real estate. Mortgage REITs invest in mortgages (loans secured by interests in real estate). The Fund may also invest up to 15% of net assets in illiquid holdings.</span> <span style="font-family:Arial Narrow;font-size:10pt;">As part of its investment process, </span><span style="font-family:Arial Narrow;font-size:10pt;">the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be </span><span style="font-family:Arial Narrow;font-size:10pt;">conclusive and securities of issuers 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Real Estate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, decreases in real estate values, overbuilding, increased competition and other risks related to local or general economic conditions, increases in operating costs and property taxes, changes in zoning laws, casualty or condemnation losses, possible environmental liabilities, regulatory limitations on rent, possible lack of availability of mortgage financing, market saturation, fluctuations in rental income and the value of underlying properties and extended vacancies of properties, and the management skill and creditworthiness of REIT issuers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Market Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions </span><span style="font-family:Arial Narrow;font-size:10pt;">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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. Investments in securities of smaller companies (mid cap and small cap companies) may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than securities of larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of securities issued by such companies may be more sudden or erratic than the prices of securities of larger companies, especially over the short term. These risks are higher for small cap companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Non-Diversified Fund Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s Shares being more sensitive to economic results of those issuing the securities. The value of the Fund’s Shares may also be more volatile than the value of a fund which invests in more securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Concentration Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund is concentrated in securities issued by REITs. This concentration increases the risk of loss to the Fund by increasing its exposure to economic, business, political or regulatory developments that may be adverse to REITs.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Tax Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. REITs in which the Fund will invest are subject to complicated Internal Revenue Code rules. The tax laws that apply to these investment vehicles have the potential to create negative tax consequences for the Fund, or for certain shareholders of the Fund, including, in particular, charitable remainder trusts and non-U.S. taxpayers. The Fund is subject to the risk that the issuer of the securities will fail to comply with certain requirements of the Internal Revenue Code, which could cause adverse tax consequences. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may distribute amounts to shareholders in excess of its earnings, resulting in a return of capital. Such distributions are not currently taxable to shareholders; instead, any such </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">distributions would reduce a shareholder’s tax basis in its Shares, resulting in an increased gain, or decreased loss, on a later redemption or other taxable disposition of such Shares. Should any such distributions exceed a shareholder’s tax basis in its Shares, such excess would be treated as gain and taxable to the shareholder in the same manner as gain from a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Shares are listed for trading on the NYSE Arca, 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash, Money Market Instruments and Other Short-Term Investments</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. The Fund will, at times, hold assets in cash, money market instruments and other short-term investments, which may hurt the Fund’s performance. These positions may also subject the Fund to additional risks and costs.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Portfolio Turnover Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may 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. The effects of high portfolio turnover may adversely affect Fund performance.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. The Fund commenced operations after the assets of another investment company advised by the adviser, JPMorgan Realty Income Fund (the predecessor fund), were transferred to the Fund in a tax-free reorganization as of the close of business on May 20, 2022. All share classes of the predecessor fund were converted into the Fund. The Fund has the same investment objective and substantially similar investment strategies as those of the predecessor fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The table compares the Fund’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance (represented by the performance of the predecessor fund’s Class R6 Shares) to the performance of the S&amp;P 500 Index, FTSE NAREIT All Equity REITs Index and MSCI US REIT Index. The S&amp;P 500 Index serves as the Fund’s regulatory index and provides a broad measure of market performance. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">FTSE NAREIT All Equity REITs Index and MSCI US REIT Index are the Fund’s additional indices and are more representative of the Fund’s investment universe than the regulatory index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Performance shown for the predecessor fund’s Class R6 Shares prior to their inception are based on the performance of the predecessor fund’s Class R5 Shares. The actual returns of the predecessor fund’s Class R6 Shares would have been different than those shown because the predecessor fund’s Class R6 Shares had different expenses than the predecessor fund’s Class R5 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 and Class R5 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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">not necessarily an indication of how the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM ETF)</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">The S&amp;P 500 Index (“Index”) is a product of S&amp;P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&amp;P Dow Jones Indices LLC, a subsidiary of S&amp;P Global, Inc., and/or its affiliates. All rights </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&amp;P Dow Jones Indices LLC. For more information on any of S&amp;P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&amp;P</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-style:italic;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> is a registered trademark of Standard &amp; Poor’s Financial Services LLC and Dow Jones</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-style:italic;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&amp;P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&amp;P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The JPMorgan Realty Income ETF (the “JPMorgan Realty Income ETF”) has been developed solely by JPMorgan Chase Bank N.A. The JPMorgan Realty Income ETF is not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”) or Nareit. All rights in the FTSE NAREIT All Equity REITs Index (the “Index”) vest in FTSE and Nareit. “FTSE®” is a trade mark of the LSE Group and is used by FTSE International Limited (“FTSE”) under licence. “NAREIT®” is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the JPMorgan Realty Income ETF. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan Realty Income ETF or the suitability of the Index for the purpose to which it is being put by JPMorgan Chase Bank N.A.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an “</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">as is</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">”</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">“</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">MSCI Parties</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">”</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">FTSE NAREIT All Equity REITs Index and MSCI US REIT Index are the Fund’s additional indices and are more representative of the Fund’s investment universe than the regulatory index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">not necessarily an indication of how the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM ETF)</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2019</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.11pt;">17.24%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.11pt;">-23.50%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3.26%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2019-03-31 0.1724 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2350 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0326 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0152 0.0549 0.0520 0.0063 0.0308 0.0315 0.0107 0.0367 0.0347 0.1788 0.1442 0.1482 0.0227 0.0485 0.0577 0.0295 0.0658 0.0571 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">accounts. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In some cases, the “Return After Taxes on Distributions</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> and Sale of Fund Shares” may exceed the “Return Before Taxes” due to an assumed benefit from any losses on a sale of Shares at the end of the measurement period.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">accounts. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In some cases, the “Return After Taxes on Distributions</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> and Sale of Fund Shares” may exceed the “Return Before Taxes” due to an assumed benefit from any losses on a sale of Shares at the end of the measurement period.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: JMSI</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income exempt from federal income taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> “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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Acquired Fund Fees and Expenses </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Acquired Fund Fees and Expenses </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0030 0.0014 0.0002 0.0046 -0.0028 0.0018 <span style="font-family:Arial Narrow;font-size:8pt;">6/30/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">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 6/30/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 18 119 230 552 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">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 Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">54</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.54 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in a portfolio of municipal bonds, including municipal mortgage-backed and asset-backed securities. While current income is the Fund’s primary focus, it seeks to produce income in a manner consistent with the preservation of principal. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its Assets in municipal bonds, the income from which is exempt from federal income tax. This is a fundamental policy. For the purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. Up to 25% of the Fund’s Assets may be invested in municipal securities, the interest on which may be subject to the federal alternative minimum tax for individuals. The Fund also invests in municipal mortgage-backed and asset-backed securities, as well as restricted securities. The Fund may invest a significant portion or all of its assets in municipal mortgage-backed securities at the adviser’s discretion. The securities in which the Fund invests may have fixed rates of return or floating or variable rates. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal bonds are debt securities with maturities of 90 days or more at the time of issuance issued by states, territories and possessions of the United States, including the District of </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Columbia, and their respective authorities, political subdivisions, agencies and instrumentalities, the interest on which is exempt from federal income tax. The securities are issued to raise funds for various public and private purposes. Municipal bonds include private activity and industrial development bonds, tax anticipation notes and participations in pools of municipal securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">“Sustainable” in the Fund’s name refers to the Fund’s strategy to invest in sustainable securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Under normal circumstances, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund invests at least 80% of its Assets in sustainable municipal securities as determined under the adviser’s investment process (the Sustainable 80% Policy). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">For purposes of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Sustainable 80% Policy, sustainable municipal securities are defined by the adviser as municipal bonds (as described above) whose use of proceeds, in the adviser’s opinion, provide positive social or environmental benefits. This policy may be changed by the Board of Trustees without shareholder approval. However, the Fund will provide shareholders with written notice at least 60 days prior to a change in its Sustainable 80% Policy. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser uses the use of proceeds process described below to identify investments for the Fund, other than its investments in derivatives, cash and cash equivalents. The adviser has determined that bonds that finance affordable housing, healthcare, municipal water and sewer, education, mass transit, and issuer designated green bonds promote positive social or environmental benefits for purposes of the Sustainable 80% Policy. In addition to the types of sustainable municipal securities noted above, the adviser may identify additional types of bonds and uses of bond proceeds that it believes will provide positive social or environmental benefits for purposes of the Sustainable 80% Policy. In order to identify and invest in other types securities that provide positive social or environmental benefits for purposes of the Sustainable 80% Policy, the adviser determines and assesses such security’s intended use of proceeds. Compliance with the Fund’s 80% Sustainable Policy is determined based on the security’s characteristics at the time of purchase. If the use of proceeds of a security changes after the time of purchase so as to no longer provide positive social and/or environmental benefits, the Fund may continue to hold the security. Up to 20% of the Fund’s Assets may be invested in cash and cash equivalents, derivatives, and investments that the adviser has not determined provide social or environmental benefits.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest up to 20% of its total assets in securities rated below investment grade. Such securities are known as “junk bonds,” “high yield bonds” and “non-investment grade bonds.” Junk bonds also include unrated securities that the adviser believes to be of comparable quality to debt securities that are rated below investment grade. These securities generally are rated in the fifth or lower rating categories (for example, BB+ or lower by S&amp;P and Ba1 or lower by Moody’s). These securities generally offer a higher yield than investment grade securities, but involve a high degree of risk. A security’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">quality is determined at the time of purchase and securities that are rated investment grade or the unrated equivalent may be downgraded or decline in credit quality, such that, following the time of purchase, they would be deemed to be below investment grade. If the quality of an investment grade security is downgraded subsequent to purchase to below investment grade, the Fund may continue to hold the security. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a matter of fundamental policy, the Fund will not invest more than 25% of its total assets: (i) in securities within a single industry; or (ii) in securities of governmental units or issuers in the same state, territory or possession. However, from time to time, the Fund will invest more than 25% of its total assets in municipal housing authority obligations. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund’s securities may be of any maturity,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">but under normal circumstances, the Fund’s duration will be the duration of the Fund’s benchmark, the Bloomberg US Municipal Index,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">as calculated by J.P.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Morgan Investment Management</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Inc.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(JPMIM), plus or minus two</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">years.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Duration is a measure of the price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of “three” means that a security’s or portfolio’s price would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in yield curve). As of May 29, 2026, the duration of the Bloomberg US Municipal Index, as calculated by JPMIM, was 6.76 years, although the duration will likely vary in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may also invest in zero-coupon securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Investment Process: 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 investment decisions after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity, any security pledge, and a review of the security’s attributes such as the coupon, maturity and any redemption and tender provisions. The adviser’s risk/reward analysis along with its use of proceeds process allows the adviser to collectively evaluate those criteria when selecting securities for purchase. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser utilizes a proprietary framework to monitor the portfolio’s overall investment in bonds that have been designated as providing positive social or environmental benefits. Through the framework, the adviser assesses characteristics of bond issuances and their proceeds using third party data and/or internal research. The proprietary framework, as well as the adviser’s views on municipal bond use of proceeds, are periodically reviewed internally. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the adviser determines whether or not to sell a security by looking at a number of factors such as the security’s attributes (e.g., coupon, maturity and redemption/tender provisions), liquidity, relative value and the credit quality of the security. The adviser also factors in the overall investment </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">strategy of the Fund, including its positioning relative to the benchmark, its duration and its credit strategy, as well as the adviser’s interest rate outlook.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">“Sustainable” in the Fund’s name refers to the Fund’s strategy to invest in sustainable securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Under normal circumstances, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund invests at least 80% of its Assets in sustainable municipal securities as determined under the adviser’s investment process (the Sustainable 80% Policy). </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser uses the use of proceeds process described below to identify investments for the Fund, other than its investments in derivatives, cash and cash equivalents. The adviser has determined that bonds that finance affordable housing, healthcare, municipal water and sewer, education, mass transit, and issuer designated green bonds promote positive social or environmental benefits for purposes of the Sustainable 80% Policy. In addition to the types of sustainable municipal securities noted above, the adviser may identify additional types of bonds and uses of bond proceeds that it believes will provide positive social or environmental benefits for purposes of the Sustainable 80% Policy. In order to identify and invest in other types securities that provide positive social or environmental benefits for purposes of the Sustainable 80% Policy, the adviser determines and assesses such security’s intended use of proceeds. Compliance with the Fund’s 80% Sustainable Policy is determined based on the security’s characteristics at the time of purchase. If the use of proceeds of a security changes after the time of purchase so as to no longer provide positive social and/or environmental benefits, the Fund may continue to hold the security. Up to 20% of the Fund’s Assets may be invested in cash and cash equivalents, derivatives, and investments that the adviser has not determined provide social or environmental benefits.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund mainly invests in bonds and other debt securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the Fund’s investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Municipal Obligations and Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Because the Fund may invest in municipal obligations, including municipal securities, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity. In addition, budgetary constraints of state and local governments may lead to reduced tax revenues and may further limit their ability to service municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the bonds and thus the value of the Fund’s investments. While interest earned on municipal obligations is generally not subject to federal income tax, any interest earned on taxable municipal obligations is fully taxable at the federal level and may be subject to state and/or local income tax. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality’s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund’s investments. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Social or Environmental Investing Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s investment in securities whose use of proceeds, in the adviser’s opinion, provide positive social or environmental benefits could cause it to perform differently compared to funds that do not have such a policy. Investing in securities whose use of proceeds, in the adviser’s opinion, provide positive social or environmental benefits may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities when it might be otherwise disadvantageous for it to do so. In addition, there is a risk that the municipal bonds identified by the adviser’s use of proceeds determination do not operate as expected when addressing positive social or environmental benefits. The adviser’s assessment of the positive social or environmental impact of a municipal bond’s proceeds is made at the time of purchase and </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the actual use of proceeds by the issuer could vary over time, which could cause the Fund to be invested in bonds that do not comply with the Fund’s approach towards considering social or environmental characteristics. The factors that the adviser considers in evaluating whether a security has positive social or environmental benefits may change over time. There are significant differences in interpretations of what it means to promote positive social or environmental benefits. While the adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other’s views. In making investment decisions, the adviser relies on information and third-party data that could be incomplete or erroneous, which could cause the adviser to incorrectly assess a municipal bond’s positive social or environmental impact.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Municipal Housing Authority Obligations Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. The Fund may invest more than 25% of its total assets in municipal housing authority obligations. As a result, the Fund could be more susceptible to developments which affect those obligations.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Mortgage-Related and Other Asset-Backed Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Mortgage-related and asset-backed securities, including certain municipal housing authority obligations, differ from conventional debt securities and are subject to certain additional risks because principal is paid back over the life of the security rather than at maturity. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. These securities are also subject to prepayment and call risk. In periods of either rising or declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the Fund 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 dividend and yield. In either periods of rising or declining interest rates, the Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional volatility. Collateralized mortgage obligations (CMOs), interest-only (IOs) and principal-only (POs) stripped mortgage-backed securities are more volatile and may be subject to a higher risk of non-payment than other mortgage related securities. 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Debt Securities and Other Callable Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> As part of its investment strategy, the Fund invests in debt securities. The issuers of these securities and other callable securities may be able to repay principal in advance, especially when interest rates fall. Changes in prepayment rates can affect the return on investment and yield of these securities. When debt obligations are prepaid and 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 interest rates, resulting in an unexpected capital loss.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Alternative Minimum Tax Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in securities, the interest on which may be subject to the federal alternative minimum tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Taxability Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is no guarantee that all of the Fund’s income from municipal investments will remain exempt from federal or state or local income taxes. The Fund’s investments in municipal securities rely on the opinion of the issuer’s bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service may determine that a bond issued as tax-exempt should in fact be taxable or there may be unfavorable changes in tax laws or noncompliant conduct of a securities issuer that may cause income from all or certain municipal securities to be taxable. In order to pay tax-exempt interest, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. If the Fund fails to meet the requirements necessary to pay out exempt-interest dividends to its shareholders, the income distributions resulting from all of its investments, including its municipal securities, may be subject to federal income tax when received by shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition, future laws, regulations, rulings or court decisions may cause interest on municipal securities to be subject, directly or indirectly, to U.S. federal income taxation or interest </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">on state municipal securities to be subject to state or local income taxation, or the value of state municipal securities to be subject to state or local intangible personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus the value of an investment in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in securities and instruments of municipal issuers that are highly leveraged, less creditworthy or financially distressed. These investments (also known as junk bonds) are considered to be speculative and are subject to greater risk of loss (including substantial or total loss), greater sensitivity to economic changes, valuation difficulties, and potential illiquidity. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in the high yield market. 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 high yield securities, increase the claims against assets that are permitted against collateral securing 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 high yield securities issued by such borrowers. Each of these factors might negatively impact the high yield instruments held by the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">No active trading market may exist for some instruments and certain investments may be subject to restrictions on resale. 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 may be more pronounced for the Fund. When 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Zero-Coupon Bond Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The market value of a zero-coupon bond is generally more volatile than the market value of other fixed income securities with similar maturities that pay interest periodically. In addition, federal income tax law requires that the holder of a zero-coupon bond accrue a portion of the discount at which the bond was purchased as taxable income each year. The Fund may consequently have to dispose of portfolio securities under disadvantageous circumstances to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">generate cash to satisfy its requirement as a regulated investment company to distribute all of its net income (including non-cash income attributable to zero-coupon securities). These actions may reduce the assets to which the Fund’s expenses could otherwise be allocated and may reduce the Fund’s rate of return.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Restricted Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Restricted securities are securities that cannot be offered for public resale unless registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale. Restricted securities include private placement securities that have not been registered under the applicable securities laws, such as Rule 144A securities, and securities of U.S. and non-U.S. issuers that are issued pursuant to Regulation S. Private placements are generally subject to strict restrictions on resale. Restricted securities may not be listed on an exchange and may have no active trading market. Restricted securities may be illiquid. The Fund may be unable to sell a restricted security on short notice or may be able to sell them only at a price below current value. It may be more difficult to determine a market value for a restricted security. Also, the Fund may get only limited information about the issuer of a restricted security, so it may be less able to predict a loss. In addition, if Fund management receives material non-public information about the issuer, the Fund may as a result be unable to sell the securities. Certain restricted securities may involve a high degree of business and financial risk and may result in substantial losses.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. 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, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities 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, the value of the Fund’s Shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash, Money Market Instruments and Other Short-Term Investments</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. The Fund will, at times, hold assets in cash, money market instruments and other short-term investments, which may hurt the Fund’s performance. These positions may also subject the Fund to additional risks and costs.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Cash Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Unlike certain ETFs, the Fund expects to generally effect its creations and redemptions entirely or partially in cash, rather than primarily for in-kind securities. Therefore, it will be required to sell portfolio securities and subsequently recognize a gain 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Shares are listed for trading on the NYSE Arca, 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. The Fund commenced operations after the assets of another investment company advised by the adviser, JPMorgan Sustainable Municipal Income Fund (the predecessor fund), were transferred to the Fund in a tax-free reorganization as of the close of business on July 14, 2023. All share classes of the predecessor fund were converted into the Fund. The Fund has the same investment objective and substantially similar investment strategies as those of the predecessor fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">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.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The table compares the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (represented by the performance of the predecessor fund’s Class R6 Shares) to the performance of the Bloomberg US Municipal Index and Bloomberg US 1-15 Year Blend (1-17) Municipal Bond Index. The performance of the Class R6 Shares of the predecessor fund prior to their inception are based on Class I Shares. The actual returns of the predecessor fund’s Class R6 Shares would be substantially similar to the performance of Class I Shares because the predecessor fund is invested in the same group of securities and the annual returns would differ only to the extent that the classes do not have the same expenses. 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. Performance for the predecessor fund is based on the NAV per share of the predecessor fund shares rather than on market-determined prices. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily</span><span style="font-family:Arial Narrow;font-size:10pt;"> an indication of how the Fund will perform in the future.</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">law, shall not have any liability or responsibility for injury or damages arising in connection therewith.</span> <span style="font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily</span><span style="font-family:Arial Narrow;font-size:10pt;"> an indication of how the Fund will perform in the future.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:27.69pt;">6.35%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:27.69pt;">-5.74%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">-0.42%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0635 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-03-31 -0.0574 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 -0.0042 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0426 0.0088 0.0202 0.0425 0.0074 0.0189 0.0404 0.0123 0.0211 0.0425 0.0080 0.0234 0.0518 0.0116 0.0227 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: JBND</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to deliver total return from a portfolio of investment grade intermediate- and long-term bonds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-2pt;">1</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0025 0.0025 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 26 80 141 318 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">42</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.42 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks to outperform (based on the Fund’s total return, gross of fees) the Bloomberg US Aggregate Index (the Benchmark) over a market cycle, typically a 3-5 year time horizon. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a matter of non-fundamental policy, under normal circumstances, the Fund will invest at least 80% of its Assets in bonds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> For purposes of this policy, “Assets” means net assets, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">plus the amount of any borrowings for investment purposes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> As </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">part of its main investment strategy, the Fund will invest primarily in investment grade corporate bonds, U.S. Treasury obligations, including treasury coupon strips and treasury principal strips, other U.S. government and agency securities, and asset-backed and mortgage-backed securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Generally, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund’s bond holdings will have intermediate to long maturities. The Fund’s average weighted maturity will normally range between 4 and 12 years. Average weighted maturity is the average of all the current maturities (that is, the term of the securities) of the individual bonds in the Fund calculated so as to count most heavily those securities with the highest dollar value. Average weighted maturity is important to investors as an indication of the Fund’s sensitivity to changes in interest rates. The Fund may have a longer or shorter average weighted maturity under certain market conditions and the Fund may shorten or lengthen its average weighted maturity if deemed appropriate for temporary defensive purposes. The dollar weighted average quality of the securities in the Fund generally will be A- or higher (or the equivalent). In addition, all securities will be U.S. dollar-denominated. The weighted average effective duration of the Fund will typically remain within +/-20% of the Benchmark. Duration is a measure of price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of “five years” means that a security’s or portfolio’s price would be expected to decrease by approximately 5% with a 1% increase in interest rates (assuming a parallel shift in yield curve). The Fund may also invest in private placements, restricted securities and other unregistered securities. Securities issued under Rule 144A or other private placements are eligible investments. The Fund may invest in sub-prime mortgage-related securities. </span><span style="font-family:Arial Narrow;font-size:10pt;">All securities will be rated investment grade (or are unrated but deemed by the adviser to be of comparable quality</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(unrated equivalent)) at the time of purchase. While the Fund may not purchase below investment grade securities, it may hold up to 5% in below investment grade securities. In addition, all securities will be U.S. dollar-denominated, although they may be issued by a foreign corporation or a U.S. affiliate of a foreign corporation or a foreign government or its agencies and instrumentalities. The adviser may invest a significant portion or all of its assets in mortgage-related and mortgage-backed securities in the adviser’s discretion. As part of its principal </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investment strategy, the Fund may invest in debt securities structured as private placements, restricted securities and other unregistered securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition to direct investments in securities, derivatives, which are instruments that have value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund has flexibility to invest in derivatives to manage duration, sector and yield curve exposure, credit and spread volatility and to respond to volatile market conditions. The Fund may use futures contracts, options, and swaps. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s Assets may be invested in foreign securities, which will be denominated in USD. Foreign securities include securities issued by foreign governments or their agencies and instrumentalities and companies that are incorporated outside the United States. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Securitized sectors (agency mortgage-backed securities (MBS), asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), and non-agency residential mortgage-backed securities (RMBS)) will be a minimum of the sector’s representation within the Benchmark plus 20%. Credit sector exposure will be limited to the sector’s representation within the Benchmark minus 10%. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">For liquidity, as a result of cash flows due to contributions and withdrawals, and for temporary defensive purposes in order to respond to unusual market conditions, the Fund may invest all or any portion of its assets in cash and cash equivalents. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As part of its principal investment strategy and for temporary defensive purposes, any portion of the Fund’s total assets may be invested in cash and cash equivalents, including affiliated money market funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Investment Process: The Portfolio Management (PM) team 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 PM team looks for individual fixed income investments that it believes will perform well over market cycles. The team 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. </span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers or countries in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers or countries that may be negatively impacted by such factors may be purchased and </span><span style="font-family:Arial Narrow;font-size:10pt;">retained by the Fund while the Fund may divest or not invest in securities of issuers or countries that may be positively impacted by such factors.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a matter of non-fundamental policy, under normal circumstances, the Fund will invest at least 80% of its Assets in bonds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> As </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">part of its main investment strategy, the Fund will invest primarily in investment grade corporate bonds, U.S. Treasury obligations, including treasury coupon strips and treasury principal strips, other U.S. government and agency securities, and asset-backed and mortgage-backed securities.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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 floating rate Loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate loans and other 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities and Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities.</span><span style="font-family:Arial Narrow;font-size:10pt;">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. These risks are magnified in countries in “emerging markets.” Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. </span><span style="font-family:Arial Narrow;font-size:10pt;">Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Additionally, the Fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular in emerging market countries, which can increase the risks of loss. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or subjects to sanctions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Sovereign Debt Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, including where a sovereign issuer lacks the willingness to make timely payments, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to the country’s economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities including so called “sub-prime” mortgages,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">which may represent interests in pools of mortgages, consumer loans or other assets held in trust, 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 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.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Derivatives, including foreign forward currency contracts, options, futures contracts and swaps, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be 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 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). Certain </span><span style="font-family:Arial Narrow;font-size:10pt;">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. 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 currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities 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, the value of the Fund’s Shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Shares are listed for trading on the New York Stock Exchange LLC (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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The securities held by the Fund may be traded in markets that close at a different time than the Exchange. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the Exchange and the corresponding premium or discount to the Shares’ NAV may widen.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash, Money Market Instruments and Other Short-Term Investments</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. The Fund will, at times, hold assets in cash, money market instruments and other short-term investments, which may hurt the Fund’s performance. These positions may also subject the Fund to additional risks and costs.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Cash Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Unlike certain ETFs, the Fund expects to generally effect its creations and redemptions entirely or partially in cash, rather than primarily for in-kind securities. Therefore, it will be required to sell portfolio securities and subsequently recognize a gain 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past two calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The table compares the Fund’s performance to the </span><span style="font-family:Arial Narrow;font-size:10pt;">Bloomberg US Aggregate Index. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and </span><span style="font-family:Arial Narrow;font-size:10pt;">after taxes) is not necessarily an indication of how the Fund will perform in the future. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> (844-4JPM ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past two calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and </span><span style="font-family:Arial Narrow;font-size:10pt;">after taxes) is not necessarily an indication of how the Fund will perform in the future. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> (844-4JPM ETF)</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3rd quarter, 2024</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:27.78pt;">5.62%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2024</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:27.78pt;">-2.78%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.24%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2024-09-30 0.0562 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2024-12-31 -0.0278 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0024 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 2023-10-11 0.0809 0.0832 0.0614 0.0634 0.0476 0.0553 0.0730 0.0685 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: JPHY</span> <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve a return in excess of the benchmark by investing primarily in below investment grade corporate debt securities. A high level of current income is the Fund’s primary objective </span><span style="font-family:Arial Narrow;font-size:10pt;">and capital appreciation is a secondary objective.</span> <span style="font-family:Arial Narrow;font-size:10pt;">and capital appreciation is a secondary objective.</span> <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-2pt;">1</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0045 0.0045 <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">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 remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 46 144 252 567 <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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 Fund’s most recent fiscal period (June 24, 2025 through February 28, 2026), the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">19</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.19 <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective of outperforming the Fund’s benchmark, the ICE BofA US High Yield Constrained Index (the benchmark), by investing in all types of high yield, high risk debt securities.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund also may </span><span style="font-family:Arial Narrow;font-size:10pt;">invest in convertible securities, preferred stock, common stock and privately placed securities. </span><span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its Assets in bonds and other debt securities, such as convertible securities, that are rated below investment grade or unrated.</span><span style="font-family:Arial Narrow;font-size:10pt;"> For purposes of this policy, “Assets” means net assets </span><span style="font-family:Arial Narrow;font-size:10pt;">plus the amount of borrowings for investment purposes. The Fund may invest without limit in securities that are rated below investment grade (also known as junk bonds or high yield securities) by Moody’s Investor Service, Inc. (Moody’s), S&amp;P Global Ratings (S&amp;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. </span><span style="font-family:Arial Narrow;font-size:10pt;">Up to 20% of the Fund’s total assets may be invested in other securities, including investment grade securities. The Fund’s average weighted maturity ordinarily will range between three and ten years, although the Fund may shorten its weighted average maturity to as little as two years if deemed appropriate for temporary defensive purposes. The Fund may have a longer or shorter average weighted maturity under certain market conditions. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund may invest up to 100% of the Fund’s total assets in below investment grade or unrated securities. Such securities are also known as “junk bonds,” “high yield bonds” and “non-investment grade bonds.” Such securities may include so called “distressed debt”. Distressed debt includes securities of issuers experiencing financial or operating difficulties, securities where the issuer has defaulted in the payment of interest or principal or in the performance of its covenants or agreements, securities of issuers that may be involved in bankruptcy proceedings, reorganizations or financial restructurings or securities of issuers operating in troubled industries. The Fund may invest in securities that are issued by companies that are highly leveraged, less creditworthy or financially distressed. All securities will be U.S. dollar-denominated although they may be issued by a foreign corporation, government or its agencies and instrumentalities. </span><span style="font-family:Arial Narrow;font-size:10pt;">In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures </span><span style="font-family:Arial Narrow;font-size:10pt;">contracts, options and swaps to hedge various investments, for risk management and/or to increase income or gain to the Fund. In particular, the Fund may invest in swaps structured as credit default swaps to gain exposure to other securities in order to mitigate risk exposure or to manage cash flow needs. </span><span style="font-family:Arial Narrow;font-size:10pt;">Although the Fund predominantly invests in debt securities and income producing securities, it may also invest in common stock from time to time. In addition, the Fund may acquire and hold such securities (or rights to acquire such securities) in connection with an amendment, waiver, conversion or exchange of fixed income securities, in connection with the bankruptcy or workout of distressed fixed income securities, or upon the exercise of a right or warrant obtained on account of a fixed income security. In connection with a company’s reorganization, the Fund, either alone or in conjunction with other creditors, may provide financing to a debtor-in-possession by investing in notes or other securities issued by a company. The Fund may also hold commitments to purchase bonds, convertible securities and preferred or common stock (Unfunded Commitments) as a principal investment strategy. </span><span style="font-family:Arial Narrow;font-size:10pt;">The adviser seeks to achieve its investment objective by focusing on value in buying and selling securities for the Fund by looking at individual securities against the context of broader market factors. For each issuer, the adviser performs an in-depth analysis of the issuer, including business prospects, management, capital requirements, capital structure, enterprise value and security structure and covenants. In addition, the adviser monitors investments on an ongoing basis by staying abreast of positive and negative credit developments expediting the review of the Fund’s investments that are considered to be the most risky. Generally, the adviser will sell a security when, based on fundamental credit analysis and the considerations described above, the adviser believes the issuer’s credit quality will deteriorate materially or when the adviser believes that there is better relative value available in the market in securities of comparable quality. Based on this investment process, the adviser overweights and underweights its sector and security investments relative to the benchmark. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on certain issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive, and securities of issuers 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective of outperforming the Fund’s benchmark, the ICE BofA US High Yield Constrained Index (the benchmark), by investing in all types of high yield, high risk debt securities.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its Assets in bonds and other debt securities, such as convertible securities, that are rated below investment grade or unrated.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments (also known as junk bonds) are considered to be speculative and are subject to greater risk of loss, greater sensitivity to economic changes, valuation difficulties and potential illiquidity. </span><span style="font-family:Arial Narrow;font-size:10pt;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in the high yield market. 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 high yield securities, increase the claims against assets that are permitted </span><span style="font-family:Arial Narrow;font-size:10pt;">against collateral securing 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 high yield securities issued by such borrowers. Each of these factors might negatively impact the high yield instruments held by the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">No active trading market may exist for some instruments and certain investments may be subject to restrictions on resale. 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 may be more pronounced for the Fund. When 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers, guarantors 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Investments in smaller companies (mid cap and small cap companies) may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than investment in larger, more established companies. Investments in smaller companies may trade less frequently and in smaller volumes than investments in larger companies. As a result, changes in the price of investments in such companies may be more sudden or erratic than the prices of investments of larger companies, especially over the short term. These risks are higher for small cap companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Market Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Derivatives, including currency forward contracts and futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be 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. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Certain derivatives 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). 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. 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 currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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, higher transaction costs, delayed settlement, possible foreign controls on investments, liquidity risks and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. The Fund may also invest in non-dollar denominated securities. Investments in non-dollar denominated securities are subject to risks in addition to those summarized above including currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Issuer Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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. Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers as compared to domestic issuers.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Convertible Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. Contingent convertible securities are subject to additional risk factors. A contingent convertible security is a hybrid debt security typically issued by a non-U.S. bank that may be convertible into equity or may be written down if a pre-specified trigger event such as a decline in capital ratio below a prescribed threshold occurs. If such a trigger event occurs, the Fund may lose the principal amount invested on a permanent or temporary basis or the contingent convertible security may be converted to equity. In addition to being subject to a possible write-down upon the occurrence of a trigger event, contingent convertible securities may also be subject to a permanent write-down or conversion into equity (in whole or in part), if the applicable bank regulator or other public administrative authority having responsibility for managing the orderly dissolution of an institution (the resolution authority) has determined that the issuer is not viable. Even though the Fund does not invest in common stock as a principal investment strategy, the Fund will be subject to increased equity market risk in the event that such securities are converted to equity. Coupon payments on contingent convertible securities may be discretionary and may be cancelled by the issuer. Holders of contingent convertible securities may suffer a loss of capital when comparable equity holders do not. As contingent convertible securities may be perpetual or have long-dated maturities, they may face greater interest rate sensitivity and may be subject to greater fluctuations in value than securities with shorter maturity dates. Such securities also may be subject to prepayment risk due to optional or mandatory redemption provisions. Certain types of convertible securities may decline in value or lose their value entirely if the issuer’s financial condition is significantly impaired.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Preferred Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Preferred securities generally have a preference as to dividends and liquidation over an issuer’s common stock but ranks junior to debt securities in an issuer’s capital structure. Unlike interest payments on debt securities, dividends on preferred securities are payable only if declared by the issuer’s board of directors. As a consequence, if the board of directors of an issuer does not declare dividends or distributions for the relevant dividend or distribution periods, </span><span style="font-family:Arial Narrow;font-size:10pt;">the issuer will not be obligated to pay dividends or distributions on the relevant payment date, and such dividends and distributions may be forfeited. In addition, preferred securities are generally subject to the market and issuer risks applicable to equity securities generally, including fluctuations in value due to broad market or company-specific developments. Holders of preferred securities typically do not have voting rights except in certain circumstances where they may be given only limited voting rights. Preferred securities also may be subject to optional or mandatory redemption provisions.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. 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, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities 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, the value of the Fund’s Shares may fluctuate in response to events affecting that industry or sector.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Cash Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Unlike certain ETFs, the Fund expects to generally effect its creations and redemptions entirely or partially in cash, rather than primarily for in-kind securities. Therefore, it will be required to sell portfolio securities and subsequently recognize a gain 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Shares are listed for trading on the NYSE Arca, 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. </span><span style="font-family:Arial Narrow;font-size:10pt;">The securities held by the Fund may be traded in markets that close at a different time than the Exchange. Liquidity in those securities may be reduced after the applicable closing times. </span><span style="font-family:Arial Narrow;font-size:10pt;">Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the Exchange and the corresponding premium or discount to the Shares’ NAV may widen.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund has not operated for a full calendar year as of the date of this prospectus and therefore, has no reportable performance history. </span><span style="font-family:Arial Narrow;font-size:10pt;">Once the Fund has operated for at least </span><span style="font-family:Arial Narrow;font-size:10pt;">one calendar year, a bar chart and performance table will be included in the prospectus to show the performance of the Fund. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. </span><span style="font-family:Arial Narrow;font-size:10pt;">Although past performance of the Fund is no </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> (844-4JPM ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund has not operated for a full calendar year as of the date of this prospectus and therefore, has no reportable performance history. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Once the Fund has operated for at least </span><span style="font-family:Arial Narrow;font-size:10pt;">one calendar year, a bar chart and performance table will be included in the prospectus to show the performance of the Fund. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Although past performance of the Fund is no </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> (844-4JPM ETF)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: JCPB</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks a high level of current income by investing primarily in a diversified portfolio of high-, medium- and low-grade debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-2pt;">1</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0040 0.0040 -0.0003 0.0037 <span style="font-family:Arial Narrow;font-size:8pt;">6/30/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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 6/30/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 38 125 221 502 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">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 Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">58</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.58 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">As part of its main investment strategy, the Fund may principally invest in corporate bonds, U.S. treasury obligations and other U.S. government and agency securities and asset-backed, mortgage-related and mortgage-backed securities. The Fund also may invest in debt securities rated below investment grade (i.e., high yield or junk bonds) or are unrated but deemed by the adviser to be of comparable quality</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(unrated equivalent), including from foreign and emerging markets.</span><span style="font-family:Arial Narrow;font-size:10pt;">As a matter of non-fundamental policy, under normal circumstances, the Fund will invest at least 80% of its Assets in “core plus bonds,” defined as U.S.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">investment grade (or the unrated equivalent), U.S. below investment grade (or the unrated equivalent), and foreign and emerging markets bonds (either investment grade or below investment grade (or their unrated equivalents)).</span><span style="font-family:Arial Narrow;font-size:10pt;"> For purposes of this policy, a “bond” is a </span><span style="font-family:Arial Narrow;font-size:10pt;">debt security with a maturity of 90 days or more at the time of its issuance.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">“Assets” means net assets plus the amount of borrowings for investment purposes.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund will provide </span><span style="font-family:Arial Narrow;font-size:10pt;">shareholders at least 60 days prior notice of any change of this policy. The Fund’s average weighted maturity will ordinarily range between five and twenty years. The Fund may have a longer or shorter average weighted maturity under certain market conditions and the Fund may shorten or lengthen its average weighted maturity if deemed appropriate for temporary defensive purposes. Because of the Fund’s holdings in asset-backed, mortgage-backed and similar securities, the Fund’s average weighted maturity is equivalent to the average </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">weighted maturity of the cash flows in the securities held by the Fund given certain prepayment assumptions (also known as weighted average life). </span><span style="font-family:Arial Narrow;font-size:10pt;">The adviser will invest across the credit spectrum to provide the Fund exposure to various credit rating categories. Under normal conditions, at least 70% of the Fund’s Assets will be invested in securities that, at the time of purchase, are rated investment grade by a nationally recognized statistical rating organization or in the unrated equivalent. The balance of the Fund’s Assets are not required to meet any minimum quality rating although the Fund will not, under normal circumstances, invest more than 30% of its Assets in below investment grade securities (or the unrated equivalent). Such securities may include so called “distressed debt.” Distressed debt includes securities of issuers experiencing financial or operating difficulties, securities where the issuer has defaulted in the payment of interest or principal or in the performance of its covenants or agreements, securities of issuers that may be involved in bankruptcy proceedings, reorganizations or financial restructurings or securities of issuers operating in troubled industries. As part of its principal investment strategy, the Fund may invest in debt securities structured as private placements, restricted securities and other unregistered securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest a significant portion of its Assets in mortgage-related and mortgage-backed securities at the adviser’s discretion. Mortgage-related and 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, mortgage pass-through securities and cash and cash equivalents. The Fund expects to invest no more than 10% of its assets in “sub-prime” mortgage-related securities at the time of purchase. The Fund may also enter into “dollar rolls” in which the Fund sells mortgage-backed securities and at the same time contracts to buy back very similar securities on a future date. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Up to 25% of the Fund’s Assets may be invested in foreign securities, including securities denominated in foreign currencies (some of which may be below investment grade securities). Foreign securities include securities issued by foreign governments or their agencies and instrumentalities and companies that are incorporated outside the United States, including securities from issuers in countries whose economies are less developed (emerging markets), but do not include collateralized loan obligations (CLOs) that are denominated in U.S. dollars. The Fund’s investments in below investment grade securities or the unrated equivalent including below investment grade foreign securities will not, under normal circumstances, exceed more than 30% of the Fund’s Assets. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, options, swaps and forward contracts as tools in the management of portfolio assets. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may use derivatives to hedge various investments, for risk management, for efficient portfolio management and/ or to increase income or gain to the Fund. In addition to the mortgage dollar rolls as described above, the Fund may utilize other relative value strategies involving credit-oriented trades, combinations of derivatives, and combinations of derivatives and fixed income securities. The Fund may also utilize foreign currency derivatives such as currency forwards to hedge its non-dollar investments back to the U.S. dollar or use such derivatives to gain or adjust exposure to particular foreign securities, markets or currencies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may use CPI-U swaps to hedge inflation risk associated with certain debt securities held by the Fund. The Fund may invest in other ETFs in order to gain exposure to particular markets, including foreign and emerging markets, or asset classes. </span><span style="font-family:Arial Narrow;font-size:10pt;">The adviser allocates the Fund’s assets among a range of sectors based on strategic positioning and other tactical considerations. In buying and selling investments for the Fund, the adviser looks for market sectors and securities that it believes will perform well over time. The adviser selects individual securities after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, currency risk, legal provisions and the structure of the transactions. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on certain issuers or countries in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers 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 or countries that may be positively impacted by such factors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As part of its principal investment strategy and for temporary defensive purposes, any portion of the Fund’s total assets may be invested in cash and cash equivalents, including affiliated money market funds.</span> <span style="font-family:Arial Narrow;font-size:10pt;">As part of its main investment strategy, the Fund may principally invest in corporate bonds, U.S. treasury obligations and other U.S. government and agency securities and asset-backed, mortgage-related and mortgage-backed securities. The Fund also may invest in debt securities rated below investment grade (i.e., high yield or junk bonds) or are unrated but deemed by the adviser to be of comparable quality</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(unrated equivalent), including from foreign and emerging markets.</span> <span style="font-family:Arial Narrow;font-size:10pt;">As a matter of non-fundamental policy, under normal circumstances, the Fund will invest at least 80% of its Assets in “core plus bonds,” defined as U.S.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">investment grade (or the unrated equivalent), U.S. below investment grade (or the unrated equivalent), and foreign and emerging markets bonds (either investment grade or below investment grade (or their unrated equivalents)).</span> <span style="font-family:Arial Narrow;font-size:10pt;"> For purposes of this policy, a “bond” is a </span><span style="font-family:Arial Narrow;font-size:10pt;">debt security with a maturity of 90 days or more at the time of its issuance.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">“Assets” means net assets plus the amount of borrowings for investment purposes.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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 floating rate loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate loans and other 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. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities and Emerging Markets Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Investments in foreign issuers and foreign securities</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities.</span><span style="font-family:Arial Narrow;font-size:10pt;">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. These risks are magnified in countries in “emerging markets.” Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. </span><span style="font-family:Arial Narrow;font-size:10pt;">Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Additionally, the Fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular in emerging market countries, which can increase the risks of loss. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or subjects to sanctions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Sovereign Debt Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, including where a sovereign issuer lacks the willingness to make timely payments, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country’s economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Currency Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 currently the Fund anticipates at least 50% of the Fund’s net assets will be denominated in U.S. dollars or hedged back to U.S. dollars, the Fund has the flexibility to have greater exposure to non-U.S. dollar investments. In addition, the Fund’s use of foreign currency derivatives may not be successful, including due to delays in placing trades and other operational limitations, in hedging non-dollar investments back to the U.S. dollar and the use of such strategies may lower the Fund’s potential returns.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities including so called “sub-prime” mortgages,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">which may represent interests in pools of mortgages, consumer loans or other assets held in trust, 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 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.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities and Loan Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund invests in instruments including junk bonds, Loans and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments are considered to be speculative and are subject to greater risk of loss (including substantial or total loss), greater sensitivity to economic changes, valuation difficulties and potential illiquidity. Such investments are 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. The Fund will not have direct recourse against the issuer of a loan participation. Loans that are deemed to be liquid at the time of purchase may become illiquid. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">No active trading market may exist for some of the 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 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Derivatives, including foreign forward currency contracts, options, futures contracts and swaps, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be 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 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). 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. 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 currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities 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, the value of the Fund’s Shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Repurchase agreements involve some risk to the Fund that the counterparty does not meet its obligation under the agreement.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Shares are listed for trading on the NYSE Arca, 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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The securities held by the Fund may be traded in markets that close at a different time than the Exchange. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the Exchange and the corresponding premium or discount to the Shares’ NAV may widen.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash, Money Market Instruments and Other Short-Term Investments</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. The Fund will, at times, hold assets in cash, money market instruments and other short-term investments, which may hurt the Fund’s performance. These positions may also subject the Fund to additional risks and costs.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Cash Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Unlike certain ETFs, the Fund expects to generally effect its creations and redemptions entirely or partially in cash, rather than primarily for in-kind securities. Therefore, it will be required to sell portfolio securities and subsequently recognize a gain 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">CPI-U Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may use CPI-U swaps to hedge inflation risk associated with certain debt securities held by the Fund. 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.”</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF and Investment Company Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of an ETF or other investment company. The price and movement of an index-based ETF may not track the underlying index and may result in a loss. ETFs may trade at a price below their NAV (also known as a discount).</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Mortgage Dollar Roll Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may enter into mortgage dollar rolls involving mortgage pass-through securities including mortgage TBAs and other mortgage-backed securities. During the period between the sale and repurchase in a mortgage dollar roll transaction, the Fund will not be entitled to receive interest and principal payments on the securities sold. Losses may arise due to changes in the value of the securities or if the counterparty does not perform under the terms of the agreement. If the counterparty files for bankruptcy or becomes insolvent, the Fund’s right to repurchase or sell securities may be limited. Short sales of mortgage TBAs and engaging in mortgage dollar rolls may be subject to leverage risks as described under “Derivatives Risk.” In addition, mortgage dollar rolls may increase interest rate risk and result in an increased portfolio turnover rate which increases costs and may increase taxable gains.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Covenant Lite Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in, or obtain exposure to, floating rate loans that are “covenant lite.” Covenants contained in loan and high yield bond documentation are intended to protect lenders by imposing certain restrictions and other limitations on a borrower’s operations or assets and by providing certain information and consent rights to lenders. Covenant lite loans and certain high yield bonds may lack financial maintenance covenants that in certain situations can allow lenders to claim a default on the loan to seek to protect the interests of the lenders. The absence of financial maintenance covenants in a covenant lite loan or high yield bond might result in a lower recovery in the event of a default </span><span style="font-family:Arial Narrow;font-size:10pt;">by the borrower, as the lender may not have had the opportunity to negotiate with the borrower prior to such default. Covenant lite loans and high yield bonds have become much more prevalent in recent years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past six calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The table compares the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">performance to the Bloomberg US Aggregate Index. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past six calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Past </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.35pt;">6.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.35pt;">-5.60%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.17%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0694 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-03-31 -0.0560 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0017 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 2019-01-28 0.0802 0.0070 0.0294 0.0587 -0.0089 0.0141 0.0471 -0.0016 0.0160 0.0730 -0.0036 0.0196 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: JPIE</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to provide income </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">with a secondary objective of </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">capital appreciation.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">with a secondary objective of </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">capital appreciation.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-2pt;">1</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0040 0.0040 -0.0001 0.0039 <span style="font-family:Arial Narrow;font-size:8pt;">6/30/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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 6/30/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 40 127 223 504 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">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 Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">157</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 1.57 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its objective by investing opportunistically among multiple debt markets and sectors that the Fund’s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) believes have high potential to produce income and have low correlations to each other in order to manage risk. The Fund is flexible and not managed to a benchmark. This allows the Fund to shift its allocations based on changing market conditions, which may result in investing in a single or multiple markets and sectors. The adviser seeks to manage distributions throughout the year to help reduce fluctuations in monthly dividends.</span><span style="font-family:Arial Narrow;font-size:10pt;">“Income” in the Fund’s name refers to the Fund’s strategy of seeking to provide income by investing opportunistically across different markets and sectors and utilizing income management strategies. </span><span style="font-family:Arial Narrow;font-size:10pt;">The capital </span><span style="font-family:Arial Narrow;font-size:10pt;">appreciation sought by the Fund generally arises from decreases in interest rates or improving credit fundamentals for a particular sector or security. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund has broad flexibility to invest in a wide variety of debt securities and instruments of any maturity. The Fund may invest in fixed and floating rate debt securities issued in both U.S. and foreign markets, including countries whose economies are less developed (emerging markets). The Fund has discretion to focus its investments in one or more regions or small groups of countries including both U.S. and foreign markets including emerging markets. The Fund invests primarily in U.S. dollar denominated securities, although the Fund may also invest in non-dollar denominated securities. The Fund currently anticipates that it will invest no more than 10% of its total assets in non-dollar denominated securities, although, from </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">time to time, the Fund may invest a greater percentage of its assets in non-dollar denominated securities to take advantage of market conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In connection with managing volatility, the Fund seeks to maintain a duration of ten years or less, although, under certain market conditions such as in periods of significant volatility in interest rates and spreads, the Fund’s duration may be longer than ten years. Duration is a measure of the price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of three years means that a security’s or portfolio’s price would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in yield curve). </span><span style="font-family:Arial Narrow;font-size:10pt;">Although the Fund has the flexibility to invest above 65% of its total assets in investments that are rated below investment grade (also known as junk bonds or high yield securities) or are unrated but deemed by the adviser to be of comparable quality (unrated equivalent) to take advantage of market opportunities, under normal market conditions the Fund invests at least 35% of its total assets in investments that, at the time of purchase, are rated investment grade or the unrated equivalent. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Below investment grade securities may include so-called “distressed debt.” Distressed debt includes securities of issuers experiencing financial or operating difficulties, securities where the issuer has defaulted in the payment of interest or principal or in the performance of its covenants or agreements, securities of issuers that may be involved in bankruptcy proceedings, reorganizations or financial restructurings or securities of issuers operating in troubled industries. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">A significant portion of the Fund’s assets may be invested in asset-backed securities, mortgage-related securities and mortgage-backed securities. Such securities may be structured as collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities, including those structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest. The Fund also may invest in inverse floaters and inverse IOs, which are debt securities with interest rates that reset in the opposite direction from the market rate to which the security is indexed. The Fund may also invest in structured investments and adjustable rate mortgage loans (ARMs). The Fund may invest a significant amount of its assets in sub-prime mortgage-related securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in securities issued by the U.S. government and its agencies and instrumentalities including U.S. Treasury securities, treasury receipts and obligations and securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may also invest in mortgage pass-through securities including securities eligible to be sold on the “to-be-announced” or TBA market (mortgage TBAs). The Fund may enter into dollar rolls, in which the Fund sells mortgage-backed </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities including mortgage TBAs and at the same time contracts to buy back very similar securities on a future date. The Fund may also sell mortgage TBAs short. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in inflation-linked debt securities including fixed and floating rate debt securities of varying maturities issued by the U.S. government, its agencies and instrumentalities, such as Treasury Inflation Protected Securities (TIPS). The Fund may also invest in inflation-linked debt securities issued by other entities such as corporations, foreign governments and foreign issuers. The Fund may invest in loan participations and assignments (Loans) and commitments to purchase Loans (Unfunded Commitments). Loans will typically consist of senior floating rate loans (Senior Loans), but may also include secured and unsecured loans, second lien loans or more junior (Junior Loans) and bridge loans. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may also invest in convertible securities and preferred stock that the adviser believes will produce income or generate return. The Fund also may use bank obligations, commercial paper, corporate debt securities, custodial receipts, inverse floating rate instruments, municipal securities, private placements, restricted securities and other unregistered securities, real estate investment trusts (REITs), short-term funding agreements, when-issued securities, delayed delivery securities and forward commitments, and zero-coupon, pay-in-kind and deferred payment securities. The securities in which the Fund invests may include debt securities issued by governments and their agencies, supranational organizations, corporations, and banks. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund has flexibility to utilize derivatives and at times, use of such derivatives may be a principal strategy. Derivatives are instruments that have a value based on another instrument, exchange rate or index. Derivatives will be used primarily for hedging, including duration hedging, but may also be used as substitutes for securities in which the Fund can invest. Such derivatives may include futures contracts, options, swaps including interest rate and credit default swaps, and forward contracts. The Fund may also use derivatives for other hedging purposes (e.g., decreasing or increasing exposure to certain securities), to increase income and gain to the Fund, as part of its risk management process by establishing or adjusting exposure to particular securities, markets or currencies and/or to manage cash flows. </span><span style="font-family:Arial Narrow;font-size:10pt;">“Income” 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 current income. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As part of its principal investment strategy and for temporary defensive purposes, any portion of the Fund’s assets may be invested in cash and cash equivalents. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In buying and selling investments for the Fund, the adviser uses a flexible, opportunistic approach that combines strategy and sector rotation (asset allocation). Strategy rotation refers to the shifting of investments among the multiple debt markets in which the Fund may invest. Sector rotation refers to the shifting </span><span style="font-family:Arial Narrow;font-size:10pt;">of investments from one or more sectors (for example, high yield) into one or more other sectors (for example, emerging markets). For each strategy/sector, dedicated specialists provide security research and recommendations to the lead portfolio managers. Buy and sell decisions are based on fundamental, quantitative and technical analysis, including the expected potential to generate income. As part of its risk management strategy, the adviser typically will invest in multiple strategies/sectors, but, as part of the Fund’s opportunistic strategy, the adviser has flexibility to invest in a single or small number of strategies/sectors from time to time. Due to the Fund’s flexible asset allocation approach, the Fund’s risk exposure may vary and a risk associated with an individual strategy or type of investment may become more pronounced when the Fund utilizes a single strategy or type of investment or only a few strategies or types of investments. Generally, the adviser will sell a security when, based on fundamental, quantitative and technical analysis and the considerations described above, the adviser believes the issuer’s credit quality will deteriorate materially or when the adviser believes that there is better relative value available in the market in securities of comparable quality. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on certain issuers or countries in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers 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 or countries that may be positively impacted by such factors. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund’s investment strategies may involve active and frequent trading resulting in high portfolio turnover.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its objective by investing opportunistically among multiple debt markets and sectors that the Fund’s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) believes have high potential to produce income and have low correlations to each other in order to manage risk. The Fund is flexible and not managed to a benchmark. This allows the Fund to shift its allocations based on changing market conditions, which may result in investing in a single or multiple markets and sectors. The adviser seeks to manage distributions throughout the year to help reduce fluctuations in monthly dividends.</span> <span style="font-family:Arial Narrow;font-size:10pt;">“Income” in the Fund’s name refers to the Fund’s strategy of seeking to provide income by investing opportunistically across different markets and sectors and utilizing income management strategies. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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 Loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate loans and other 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. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Distribution Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund is not designed to provide a predictable level of dividend income. The income payable on debt securities in general and the availability of investment opportunities varies based on market conditions. In addition, the Fund may not be effective in identifying income producing securities and managing distributions; as a result, the level of dividend income will fluctuate. The Fund’s investments are subject to various risks including the risk that the counterparty will not pay income when due which may adversely impact the level and volatility of dividend income paid by the Fund. The Fund does not guarantee that distributions will always be paid or that such dividends will not fluctuate.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities and Loan Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund invests in instruments including junk bonds, Loans and instruments that may be 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 (including substantial or total 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. The Fund will not have direct recourse against the issuer of a loan participation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. Loans that are deemed to be liquid at the time of purchase may become illiquid. 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">instruments may have a more limited secondary market, liquidity and valuation risk is more 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Covenant Lite Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in, or obtain exposure to, floating rate loans that are “covenant lite.” Covenants contained in loan and high yield bond documentation are intended to protect lenders by imposing certain restrictions and other limitations on a borrower’s operations or assets and by providing certain information and consent rights to lenders. Covenant lite loans and certain high yield bonds may lack financial maintenance covenants that in certain situations can allow lenders to claim a default on the loan to seek to protect the interests of the lenders. The absence of financial maintenance covenants in a covenant lite loan or high yield bond might result in a lower recovery in the event of a default by the borrower, as the lender may not have had the opportunity to negotiate with the borrower prior to such default. Covenant lite loans and high yield bonds have become much more prevalent in recent years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities and Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, and regulatory issues facing issuers in such countries. The Fund may also invest in non-dollar denominated securities. Investments in non-dollar denominated securities are subject to risks in addition to those summarized above including currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, liquidity risks, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. These risks are magnified in “emerging markets.” Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Additionally, the Fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular in emerging markets countries, which can increase the risks of loss.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Issuer Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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. Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers as compared to domestic issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Sovereign Debt Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, including where a sovereign issuer lacks the willingness to make timely payments, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country’s economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">European Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s performance will be affected by political, social and economic conditions in the various countries in which it invests in Europe and in Europe more generally, such as growth of the economic output (the gross </span><span style="font-family:Arial Narrow;font-size:10pt;">national product), the rate of inflation, the rate at which capital is reinvested into European economies, the success of governmental actions to reduce budget deficits, the resource self-sufficiency of European countries and interest and monetary exchange rates between European countries. European financial markets may experience volatility due to concerns about high government debt levels, credit rating downgrades, rising unemployment, the future of the euro as a common currency, possible restructuring of government debt and other government measures responding to those concerns and fiscal and monetary controls imposed on member countries of the European Union.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by Ginnie Mae, Fannie Mae, or 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. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Currency Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. 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 currently the Fund anticipates at least 50% of the Fund’s net assets will be denominated in U.S. dollars or hedged back to U.S. dollars, the Fund has the flexibility to have greater exposure to non-U.S. dollar investments. In addition, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund’s use of foreign currency derivatives may not be successful, including due to delays in placing trades and other operational limitations, in hedging non-dollar investments back to the U.S. dollar and the use of such strategies may lower the Fund’s potential returns.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities including so called “sub-prime” mortgages,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">which may represent interests in pools of mortgages, consumer loans or other assets held in trust, 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 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.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will be exposed to additional risk to the extent that it uses inverse floaters and inverse IOs, which are debt securities with interest rates that reset in the opposite direction from the market rate to which the security is indexed. These securities are more volatile and more sensitive to interest rate changes than other types of debt securities. If interest rates move in a manner not anticipated by the adviser, the Fund could lose all or substantially all of its investment in inverse IOs.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Inflation-Linked Security Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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-linked securities, such as Treasury Inflation Protected Securities, are adjusted periodically to a specified rate of inflation (e.g., Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (CPI-U)). There can be no assurance that the inflation index used will accurately measure the real 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Market Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in preferred shares and convertible securities are subject to equity market risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. Certain types of convertible securities may decline in value or lose their value entirely if the issuer’s financial condition is significantly impaired.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Municipal Obligations and Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Because the Fund may invest in municipal obligations, including municipal securities, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity. In addition, budgetary constraints of state and local governments may lead to reduced tax revenues and may further limit their ability to service municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the bonds and thus the value of the Fund’s investments. While interest earned on municipal obligations is generally not subject to federal income tax, any interest earned on taxable municipal obligations is fully taxable at the federal level and may be subject to state and/or local income tax. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality’s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund’s investments. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Mortgage Dollar Roll Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may enter into mortgage dollar rolls involving mortgage pass-through securities including mortgage TBAs and other mortgage-backed securities. During the period between the sale and repurchase in a mortgage dollar roll transaction, the Fund will not be entitled to receive interest and principal payments on the securities sold. Losses may arise due to changes in the value of the securities or if the counterparty does not perform under the terms of the agreement. If the counterparty files for bankruptcy or becomes insolvent, the Fund’s right to repurchase or sell securities may be limited. Short sales of mortgage TBAs and engaging in mortgage dollar rolls may be subject to leverage risks as described under “Derivatives Risk.” In addition, mortgage dollar rolls may increase interest rate risk and result in an increased portfolio turnover rate which increases costs and may increase taxable gains.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Zero-Coupon, Pay-In-Kind and Deferred Payment Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The market value of a zero-coupon, pay-in-kind or deferred payment security is generally more volatile than the market value of, and is more likely to respond to a greater degree to changes in interest rates than, other fixed income securities with similar maturities and credit quality that pay interest </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">periodically. In addition, federal income tax law requires that the holder of a zero-coupon security accrue a portion of the discount at which the security was purchased as taxable income each year. The Fund may consequently have to dispose of portfolio securities under disadvantageous circumstances to generate cash to satisfy its requirement as a regulated investment company to distribute all of its net income (including non-cash income attributable to zero-coupon securities). These actions may reduce the assets to which the Fund’s expenses could otherwise be allocated and may reduce the Fund’s rate of return.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Preferred Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Preferred securities generally have a preference as to dividends and liquidation over an issuer’s common stock but ranks junior to debt securities in an issuer’s capital structure. Unlike interest payments on debt securities, dividends on preferred securities are payable only if declared by the issuer’s board of directors. As a consequence, if the board of directors of an issuer does not declare dividends or distributions for the relevant dividend or distribution periods, the issuer will not be obligated to pay dividends or distributions on the relevant payment date, and such dividends and distributions may be forfeited. In addition, preferred securities are generally subject to the market and issuer risks applicable to equity securities generally, including fluctuations in value due to broad market or company-specific developments. Holders of preferred securities typically do not have voting rights except in certain circumstances where they may be given only limited voting rights. Preferred securities also may be subject to optional or mandatory redemption provisions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">REITs Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and creditworthiness of REIT issuers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, options, swaps including interest rate and credit default swaps and forward contracts, may be riskier than other types of </span><span style="font-family:Arial Narrow;font-size:10pt;">investments and may increase the volatility of the Fund. Derivatives may be 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 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). 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. 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 currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities 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, the value of the Fund’s Shares may fluctuate in response to events affecting that industry or sector.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash, Money Market Instruments and Other Short-Term Investments</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund will, at times, hold assets in cash, money market instruments and other short-term investments, which may hurt the Fund’s performance. These positions may also subject the Fund to additional risks and costs.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Shares are listed for trading on the NYSE Arca, 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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The securities held by the Fund may be traded in markets that close at a different time than the Exchange. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the Exchange and the corresponding premium or discount to the Shares’ NAV may widen.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Cash Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Unlike certain ETFs, the Fund expects to generally effect its creations and redemptions entirely or partially in cash, rather than primarily for in-kind securities. Therefore, it will be required to sell portfolio securities and subsequently recognize a gain 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Debt Securities and Other Callable Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> As part of its investment strategy, the Fund invests in debt securities. The issuers of these securities and other callable securities may be able to repay principal in advance, especially when interest rates fall. Changes in prepayment rates can affect the return on investment and yield of these securities. When debt obligations are prepaid and when securities are called, the Fund may have </span><span style="font-family:Arial Narrow;font-size:10pt;">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 interest rates, resulting in an unexpected capital loss.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Portfolio Turnover Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may 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. The effects of high portfolio turnover may adversely affect Fund performance.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past four calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The table compares the Fund’s performance to the </span><span style="font-family:Arial Narrow;font-size:10pt;">Bloomberg US Aggregate Index. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and </span><span style="font-family:Arial Narrow;font-size:10pt;">after taxes) is not necessarily an indication of how the Fund will perform in the future. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> (844-4JPM ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past four calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and </span><span style="font-family:Arial Narrow;font-size:10pt;">after taxes) is not necessarily an indication of how the Fund will perform in the future. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> (844-4JPM ETF)</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.52pt;">4.75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.52pt;">-4.99%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.46%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0475 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.0499 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0046 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 2021-10-28 0.0747 0.0353 0.0500 0.0126 0.0438 0.0168 0.0730 -0.0005 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: JPIB</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to provide total return.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-2pt;">1</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0050 0.0050 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 51 160 280 628 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">30</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.30 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective by investing across sectors in developed and emerging markets located around the world. The Fund is flexible and opportunistic. Because the Fund is not managed to a benchmark, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) has broad discretion to shift the Fund’s exposure to strategies, sectors, countries or currencies based on changing market conditions and its view of the best mix of investment opportunities.</span><span style="font-family:Arial Narrow;font-size:10pt;"> In buying</span><span style="font-family:Arial Narrow;font-size:10pt;"> and selling investments for the Fund, the adviser allocates the Fund’s exposure to strategies, sectors, countries and currencies based on the adviser’s analysis of individual investments and broader economic conditions in individual countries, regions and the world. This allows the adviser to take a conservative approach during uncertain periods and move into higher risk opportunities as market conditions improve, which may result in the Fund focusing in only a few markets and sectors. The Fund’s focus may change from time to time. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on certain issuers or countries in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers 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 or countries that may be positively impacted by such factors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund will invest at least 80% of its Assets in bonds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> “Assets” means net assets plus the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">amount of borrowings for investment purposes. A “bond” is defined as a debt security with a maturity of 90 days or more at the time of its issuance. The Fund’s assets are invested primarily in debt securities of issuers located in countries other than the United States. The Fund may invest in developed or emerging markets, including sovereign debt issued by countries in developed and emerging markets. Emerging markets currently include most countries in the world except Australia, Canada, Japan, New Zealand, the United States, the United Kingdom and most western European countries and Hong Kong. In managing the Fund, the adviser will seek to diversify the Fund’s portfolio by investing in issuers in at least three countries other than the U.S. under normal circumstances. The Fund may invest a substantial part of its assets in just one country and is not required to allocate its investments in any set percentages in any particular country. Currently, the Fund anticipates at least 50% of the Fund’s net assets will be denominated in U.S. dollars </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">or hedged back to U.S. dollars. However, from time to time, the Fund may have greater exposure to non-U.S. dollar investments to take advantage of market conditions. </span><span style="font-family:Arial Narrow;font-size:10pt;">Although the Fund has the flexibility to invest without limit in securities that are rated below investment grade (also known as junk bonds or high yield securities), or are unrated but deemed by the adviser to be of comparable quality</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(unrated equivalent), the Fund generally invests at least 25% of the Fund’s Assets in securities that, at the time of purchase are rated investment grade or the unrated equivalent. The Fund has flexibility to decrease the percentage of Assets invested in investment grade securities at any time to take advantage of higher risk opportunities when market conditions are improving. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund has broad flexibility to invest in a wide variety of debt securities and instruments. The Fund currently seeks to maintain a duration of eight years or less, although the Fund has the flexibility to maintain a longer duration under certain market conditions such as significant volatility in interest rates and spreads. Duration is a measure of the price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of three years means that a security’s or portfolio’s price would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in yield curve). As part of its principal investment strategy, the Fund may invest in fixed and floating rate debt securities issued in developed and emerging markets. These securities may include debt securities issued by governments and their agencies, state and provincial governmental entities, supranational organizations, corporations and banks. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may also use currency related transactions involving currency derivatives as part of its primary investment strategy. A derivative is an instrument that has a value based on another instrument, exchange rate or index. The Fund may use currency derivatives including foreign forward currency contracts (including non-deliverable forwards) and currency options for hedging or to gain or manage exposure to currencies or securities. The adviser has flexibility to significantly increase the Fund’s exposure to currencies through the use of currency derivatives. The Fund may use foreign currency transactions and other derivatives to hedge non-dollar investments back to the U.S. dollar. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition to currency derivatives, the Fund may use other fixed income and credit derivatives including futures contracts, options and swaps (including credit default swaps and interest rate swaps). The Fund may use derivatives as substitutes for securities in which the Fund can invest. The Fund may also use derivatives to establish, increase, decrease, or manage exposure to securities, markets, or currencies including for hedging purposes, to seek to increase gain to the Fund and/or as part of its risk management process. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">A significant portion of the Fund’s assets may be invested in asset-backed securities and mortgage-related and mortgage-backed securities. Such securities may be structured as collateralized mortgage obligations and stripped mortgage-backed securities, including those structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest. The Fund may also invest in structured investments including credit linked notes (CLNs) for which the reference instrument is an emerging markets or developed markets debt instrument, adjustable rate mortgage loans (ARMs), custodial receipts and credit risk transfer securities and credit-linked notes issued by government-related organizations. The Fund may invest a significant amount of its assets in “sub-prime” mortgage-related securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in securities issued by the U.S. government and its agencies and instrumentalities including U.S. Treasury securities, treasury receipts and obligations and securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may also invest in mortgage pass-through securities including securities eligible to be sold in the “to-be-announced” or TBA market (Mortgage TBAs). The Fund may enter into dollar rolls, in which the Fund sells mortgage-backed securities including Mortgage TBAs and at the same time contracts to buy back very similar securities on a future date. The Fund may also sell Mortgage TBAs short. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in inflation-linked debt securities including fixed and floating rate debt securities of varying maturities issued by the U.S. government, its agencies and instrumentalities, such as Treasury Inflation Protected Securities (TIPS). The Fund may also invest in inflation-linked debt securities issued by other entities such as corporations, foreign governments and foreign issuers. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may also invest in when-issued securities, delayed delivery securities, forward commitments, zero-coupon securities, pay-in-kind securities, inverse floating rate securities, short-term funding agreements and deferred payment securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As part of its principal investment strategy and for temporary defensive purposes, any portion of the Fund’s total assets may be invested in cash and cash equivalents.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective by investing across sectors in developed and emerging markets located around the world. The Fund is flexible and opportunistic. Because the Fund is not managed to a benchmark, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) has broad discretion to shift the Fund’s exposure to strategies, sectors, countries or currencies based on changing market conditions and its view of the best mix of investment opportunities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund will invest at least 80% of its Assets in bonds.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities and Emerging Markets Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Investments in foreign issuers and foreign securities</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities.</span><span style="font-family:Arial Narrow;font-size:10pt;">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. These risks are magnified in countries in “emerging markets.” Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. </span><span style="font-family:Arial Narrow;font-size:10pt;">Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Additionally, the Fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular in emerging market countries, which can increase the risks of loss. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or subjects to sanctions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">European Market Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s performance will be affected by political, social and economic conditions in the various countries in which it invests in Europe and in Europe more generally, such as growth of the economic output (the gross national product), the rate of inflation, the rate at which capital is reinvested into European economies, the success of governmental actions to reduce budget deficits, the resource self-sufficiency of European countries and interest and monetary exchange rates between European countries. European financial markets may experience volatility due to concerns about high government debt levels, credit rating downgrades, rising unemployment, the future of the euro as a common currency, possible restructuring of government debt and other government measures responding to those concerns and fiscal and monetary controls imposed on member countries of the European Union.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Sovereign Debt Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, including where a sovereign issuer lacks the willingness to make timely payments, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country’s economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Currency Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. 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 currently the Fund anticipates at least 50% of the Fund’s net assets will be denominated in U.S. dollars or </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">hedged back to U.S. dollars, the Fund has the flexibility to have greater exposure to non-U.S. dollar investments. In addition, the Fund’s use of foreign currency derivatives may not be successful, including due to delays in placing trades and other operational limitations, in hedging non-dollar investments back to the U.S. dollar and the use of such strategies may lower the Fund’s potential returns.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund invests in securities including junk bonds 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 (including substantial or total 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, liquidity risks, prepayment risks, and lack of publicly available information. High yield securities that are deemed to be liquid at the time of purchase may become illiquid. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in the high yield market. 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 high yield securities, increase the claims against assets that are permitted against collateral securing 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 high yield securities issued by such borrowers. Each of these factors might negatively impact the high yield instruments held by the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">No active trading market may exist for some instruments and certain investments may be subject to restrictions on resale. 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 may be more pronounced for the Fund. When 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Derivatives, including foreign forward currency contracts, options, futures contracts and swaps, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, </span><span style="font-family:Arial Narrow;font-size:10pt;">which could result in losses that significantly exceed the Fund’s original investment. Certain derivatives 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). 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. 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 currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Strategy Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund uses a flexible asset allocation approach which may result in the adviser focusing on only a few strategies, sectors, countries or currencies. Due to the Fund’s flexible allocation approach, the Fund’s risk exposure may vary and risk associated with an individual strategy, sector, country or currency may become more pronounced particularly when the Fund utilizes only a few strategies or types of investments. The Fund’s currency management strategies may substantially change the Fund’s exposure to currency exchange rates and could result in losses to the Fund if currencies do not perform as the adviser expects. In addition, currency management strategies, to the extent that they reduce the Fund’s exposure to currency risks, may also reduce the Fund’s ability to benefit from favorable changes in currency exchange rates. Using currency derivative strategies for purposes other than hedging further increases the Fund’s exposure to foreign investment losses. Currency markets generally are not as regulated as securities markets. In addition, currency rates may fluctuate significantly over short periods of time, and can reduce returns.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by Ginnie Mae, Fannie Mae, or 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities including so called “sub-prime” mortgages, which may represent interests in pools of mortgages,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">consumer loans</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">or other assets held in trust, 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 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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 prepayments than other mortgage-related securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The risk of default, as described under </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">“Credit Risk,”</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Credit risk transfer securities and credit-linked notes are general obligations issued by a government-related organization or special purpose vehicle (SPV), respectively, and are unguaranteed. Unlike mortgage-backed securities, investors in credit risk transfer securities and credit-linked notes issued by a government-related organization have no recourse to the underlying mortgage loans. In addition, some or all of the mortgage default risk associated with the underlying mortgage loans is transferred to the noteholder. There can be no assurance that losses will not occur on an investment. These investments are also subject to the risks described under “</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">.”</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> Below.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Structured Investment Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Certain structured investments including CLNs are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such instruments, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Inflation-Linked Security Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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-linked securities, such as Treasury Inflation Protected Securities, are adjusted periodically to a specified rate of inflation (e.g., Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (CPI-U)). There can be no assurance that the inflation index used will accurately measure the real 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Mortgage Dollar Roll Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may enter into mortgage dollar rolls involving mortgage pass-through securities including mortgage TBAs and other mortgage-backed securities. During the period between the sale and repurchase in a mortgage dollar roll transaction, the Fund will not be entitled to receive interest and principal payments on the securities sold. Losses may arise due to changes in the value of the securities or if the counterparty does not perform under the terms of the agreement. If the counterparty files for bankruptcy or becomes </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">insolvent, the Fund’s right to repurchase or sell securities may be limited. Short sales of mortgage TBAs and engaging in mortgage dollar rolls may be subject to leverage risks as described under “Derivatives Risk.” In addition, mortgage dollar rolls may increase interest rate risk and result in an increased portfolio turnover rate which increases costs and may increase taxable gains.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Zero-Coupon, Pay-In-Kind and Deferred Payment Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The market value of a zero-coupon, pay-in-kind or deferred payment security is generally more volatile than the market value of, and is more likely to respond to a greater degree to changes in interest rates and credit quality than, other fixed income securities with similar maturities and credit quality that pay interest periodically. In addition, federal income tax law requires that the holder of a zero-coupon security accrue a portion of the discount at which the security was purchased as taxable income each year. The Fund may consequently have to dispose of portfolio securities under disadvantageous circumstances to generate cash to satisfy its requirement as a regulated investment company to distribute all of its net income (including non-cash income attributable to zero-coupon securities). These actions may reduce the assets to which the Fund’s expenses could otherwise be allocated and may reduce the Fund’s rate of return.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Shares are listed for trading on the NYSE Arca, 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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The securities held by the Fund may be traded in markets that close at a different time than the Exchange. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the Exchange and the corresponding premium or discount to the Shares’ NAV may widen.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). </span><span style="font-family:Arial Narrow;font-size:10pt;">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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities 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, the value of the Fund’s Shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash, Money Market Instruments and Other Short-Term Investments</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. The Fund will, at times, hold assets in cash, money market instruments and other short-term investments, which may hurt the Fund’s performance. These positions may also subject the Fund to additional risks and costs.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Cash Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Unlike certain ETFs, the Fund expects to generally effect its creations and redemptions entirely or partially in cash, rather than primarily for in-kind securities. Therefore, it will be required to sell portfolio securities and subsequently recognize a gain 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past eight calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The table compares the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">performance to the Bloomberg Multiverse ex-USA (USD Hedged) Index. As of 9/14/20, the Fund changed its investment strategies. In view of these changes, the Fund’s performance record prior to this period might be less pertinent for investors </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">considering whether the purchase Shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past eight calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:28.99pt;">6.36%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:28.99pt;">-6.87%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">-1.39%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.0636 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.0687 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 -0.0139 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 2017-04-05 0.0822 0.0278 0.0376 0.0609 0.0115 0.0208 0.0483 0.0140 0.0214 0.0355 0.0091 0.0249 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: JMUB</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks to provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations. For purposes of the Fund’s investment objective, “gross income” means gross income for federal income tax purposes. Exclusion from gross income for federal income tax purposes may not mean exclusion from the federal alternative minimum tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-2pt;">1</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0018 0.0018 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 18 58 101 230 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">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 Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">38</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.38 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its Assets in municipal securities, the income from which is exempt from federal income tax.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> This is a fundamental policy. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. Up to 25% of the Fund’s Assets may be invested in municipal securities, the interest on which may be subject to the federal alternative minimum tax for individuals. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal securities are debt securities issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, political subdivisions, agencies and instrumentalities and other groups with the authority to act for the municipalities, the interest on which is exempt from federal income tax. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities are issued to raise funds for various public and private purposes. Municipal securities include variable rate demand obligations, variable rate demand preferred securities, short-term municipal notes, tax exempt commercial paper, private activity and industrial development bonds, tax anticipation notes, bond anticipation notes, revenue anticipation notes or other short term notes, private placements and participations in pools of municipal securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal securities also include instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal securities, such as tender option bonds and participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.</span><span style="font-family:Arial Narrow;font-size:10pt;">Additionally, municipal securities include other instruments that directly or indirectly provide economic exposure to income which is derived from municipalities. There may be times when there are not enough municipal securities available to meet the Fund’s needs. On these occasions, the Fund may invest in repurchase agreements or U.S. Treasury securities that may be subject to federal income tax. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in debt securities issued by governmental entities, certain issuers identified with the U.S. government and private issuers. The Fund may invest in municipal mortgage-backed and asset-backed securities. The Fund may invest a significant portion or all of its assets in municipal mortgage- backed securities at the adviser’s discretion. </span><span style="font-family:Arial Narrow;font-size:10pt;">The securities in which the Fund invests may have fixed rates of return or floating or variable rates. The Fund may also invest in high-quality, short-term money market instruments and repurchase agreements. Up to 20% of the Fund’s assets may be held in cash and cash equivalents. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest more than 25% of its total assets in municipal obligations, the interest upon which is paid from revenues of projects within a single sector, such as housing or healthcare. </span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its investments in municipal securities, the Fund invests primarily in investment grade securities or securities that are unrated but deemed by the adviser to be of comparable quality</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(unrated equivalent). Investment grade securities carry a minimum rating of Baa3, BBB–, or BBB– by Moody’s Investors Service Inc. (Moody’s), S&amp;P Global Ratings (S&amp;P), or Fitch Ratings (Fitch), respectively, or the equivalent by another nationally recognized statistical rating organization (NRSRO), or are unrated but deemed by the adviser to be of comparable quality. Up to 20% of the Fund’s total assets may be invested in securities rated below investment grade (junk bonds). Junk bonds also include unrated securities that the adviser believes to be of comparable quality to debt securities that are rated below investment grade. Junk bonds are also called “high yield bonds” and “non-investment grade bonds.” These securities generally are rated in the fifth or lower rating categories (for example, BB+ or lower by S&amp;P and Ba1 or lower by Moody’s). These securities generally offer a higher yield than investment grade securities, but involve a high degree of risk. The market for municipal junk bonds is small and relatively less liquid than taxable junk bonds. A security’s quality is determined at the time of purchase and securities that are rated investment grade or the unrated equivalent may be downgraded or decline in credit quality such that subsequently they would be deemed to be below investment grade.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may also invest in zero-coupon securities. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund’s securities may be of any maturity,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">but under normal circumstances, the Fund’s duration will be the duration of the Bloomberg</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">US Municipal Index,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">the Fund’s benchmark</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(the Benchmark),</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">as calculated by J.P.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Morgan</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Management</span><span style="font-family:Arial Narrow;font-size:10pt;">Inc.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(JPMIM),</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">plus or</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">minus two years.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Duration is a measure of the price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of “three” means that a security’s or portfolio’s price would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in yield curve). As of May 29, 2026, the duration of the Benchmark, as calculated by JPMIM, was 6.76 years, although the duration will likely vary in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Up to 20% of the Fund may be invested in money market funds, including affiliated money market funds, or cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Investment Process: 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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 and the complex legal and technical structure of the transaction. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on certain issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across sectors to seek to identify financially material issues with respect to the Fund’s investments in municipal issues and ascertain key issues that merit engagement with municipal issuers. These assessments may not be conclusive and securities of issuers 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its Assets in municipal securities, the income from which is exempt from federal income tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal securities are debt securities issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, political subdivisions, agencies and instrumentalities and other groups with the authority to act for the municipalities, the interest on which is exempt from federal income tax. </span> <span style="font-family:Arial Narrow;font-size:10pt;">As part of its investments in municipal securities, the Fund invests primarily in investment grade securities or securities that are unrated but deemed by the adviser to be of comparable quality</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(unrated equivalent). Investment grade securities carry a minimum rating of Baa3, BBB–, or BBB– by Moody’s Investors Service Inc. (Moody’s), S&amp;P Global Ratings (S&amp;P), or Fitch Ratings (Fitch), respectively, or the equivalent by another nationally recognized statistical rating organization (NRSRO), or are unrated but deemed by the adviser to be of comparable quality. Up to 20% of the Fund’s total assets may be invested in securities rated below investment grade (junk bonds). Junk bonds also include unrated securities that the adviser believes to be of comparable quality to debt securities that are rated below investment grade. Junk bonds are also called “high yield bonds” and “non-investment grade bonds.” These securities generally are rated in the fifth or lower rating categories (for example, BB+ or lower by S&amp;P and Ba1 or lower by Moody’s). These securities generally offer a higher yield than investment grade securities, but involve a high degree of risk. The market for municipal junk bonds is small and relatively less liquid than taxable junk bonds. A security’s quality is determined at the time of purchase and securities that are rated investment grade or the unrated equivalent may be downgraded or decline in credit quality such that subsequently they would be deemed to be below investment grade.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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 face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Municipal Obligations and Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund may invest in municipal obligations, including municipal securities, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and </span><span style="font-family:Arial Narrow;font-size:10pt;">their agencies. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity. In addition, budgetary constraints of state and local governments may lead to reduced tax revenues and may further limit their ability to service municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the bonds and thus the value of the Fund’s investments. While interest earned on municipal obligations is generally not subject to federal income tax, any interest earned on taxable municipal obligations is fully taxable at the federal level and may be subject to state and/or local income tax. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality’s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund’s investments. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Mortgage-Related and Other Asset-Backed Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Mortgage-related and asset-backed securities, including certain municipal housing authority obligations, differ from conventional debt securities and are subject to certain additional risks because principal is paid back over the life of the security rather than at maturity. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. These securities are also subject to prepayment and call risk. In periods of either rising or declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the Fund 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 dividend and yield. In either periods of rising or declining interest rates, the Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional volatility. Collateralized mortgage obligations (CMOs), interest-only (IOs) and principal-only (POs) stripped mortgage-backed securities are more volatile and may be subject to a higher risk of non-payment than other mortgage related securities. 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Debt Securities and Other Callable Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> As part of its investment strategy, the Fund invests in debt securities. The issuers of these securities and other callable securities may be able to repay principal in advance, especially when interest rates fall. Changes in prepayment rates can affect the return on investment and yield of these securities. When debt obligations are prepaid and 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 interest rates, resulting in an unexpected capital loss.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Alternative Minimum Tax Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund may invest in securities, the interest on which may be subject to the federal alternative minimum tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Taxability Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is no guarantee that all of the Fund’s income from municipal investments will remain exempt from federal or state or local income taxes. The Fund’s investments in municipal securities rely on the opinion of the issuer’s bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service may determine that a bond issued as tax-exempt should in fact be taxable or there may be unfavorable changes in tax laws or noncompliant conduct of a securities issuer that may cause income from all or certain municipal securities to be taxable. In order to pay tax-exempt interest, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. If the Fund fails to meet the requirements necessary to pay out exempt-interest dividends to its shareholders, the income distributions resulting from all of its investments, including its municipal securities, may be subject to federal income tax when received by shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition, future laws, regulations, rulings or court decisions may cause interest on municipal securities to be subject, directly or indirectly, to U.S. federal income taxation or interest on state municipal securities to be subject to state or local income taxation, or the value of state municipal securities to be subject to state or local intangible personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus the value of an investment in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Concentration Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest more than 25% of its Assets in municipal securities, the interest upon which is paid from revenues of projects within a single sector, such as housing and healthcare. As a result, the Fund could be more susceptible to developments which affect those sectors.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities that are issued by municipalities that are highly leveraged, less creditworthy or financial distressed. These investments (known as junk bonds) are considered to be speculative and are subject to greater risk of loss (including substantial or total loss), greater sensitivity to economic changes, valuation difficulties and potential illiquidity. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in the high yield market. 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 high yield securities, increase the claims against assets that are permitted against collateral securing 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 high yield securities issued by such borrowers. Each of these factors might negatively impact the high yield instruments held by the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Zero-Coupon and Deferred Payment Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The market value of a zero-coupon or deferred payment security is generally more volatile than the market value of, and is more likely to respond to a greater degree in changes in interest rates than, other fixed income securities with similar maturities and credit quality that pay interest periodically. In addition, federal income tax law requires that the holder of a zero-coupon security accrue a portion of the discount at which the security was purchased as taxable income each year. The Fund may consequently have to dispose of portfolio securities under disadvantageous circumstances to generate cash to satisfy its requirement as a regulated investment company to distribute all of its net income (including non-cash income attributable to zero coupon securities). These actions may reduce the assets to which the Fund’s expenses could otherwise be allocated and may reduce the Fund’s rate of return.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Restricted Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Restricted securities are securities that cannot be offered for public resale unless registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale. Restricted securities include private placement securities that have not been registered under the applicable securities laws, such as Rule 144A securities, and securities of U.S. and non-U.S. issuers that are issued pursuant to Regulation S. Private placements are generally subject to strict restrictions on resale. Restricted securities may not be listed on an exchange and may have no active trading market. Restricted securities may be illiquid. The Fund may be unable to sell a restricted security on short notice or may be able to sell them only at a price below current value. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">It may be more difficult to determine a market value for a restricted security. Also, a Fund may get only limited information about the issuer of a restricted security, so it may be less able to predict a loss. In addition, if Fund management receives material non-public information about the issuer, the Fund may as a result be unable to sell the securities. Certain restricted securities may involve a high degree of business and financial risk and may result in substantial losses.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Auction Rate Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The auction rate municipal securities the Fund will purchase will typically have a long-term nominal maturity for which the interest rate is regularly reset through a “Dutch” auction. The interest rate set by the auction is the lowest interest rate that covers all securities offered for sale. While this process is designed to permit auction rate securities to be traded at par value, there is a risk that an auction will fail due to insufficient demand for the securities, which may adversely affect the liquidity and price of auction rate securities. Moreover, between auctions, there may be no secondary market for these securities, and sales conducted on a secondary market may not be on terms favorable to the seller. Thus, with respect to liquidity and price stability, auction rate securities may differ substantially from cash equivalents, notwithstanding the frequency of auctions and the credit quality of the security.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by Ginnie Mae, Fannie Mae, or 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. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. 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. U.S. government securities include zero-coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash, Money Market Instruments and Other Short-Term Investments</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. The Fund will, at times, hold assets in cash, money market instruments and other short-term investments, which may hurt the Fund’s performance. These positions may also subject the Fund to additional risks and costs.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Cash Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Unlike certain ETFs, the Fund expects to generally effect its creations and redemptions entirely or partially in cash, rather than primarily for in-kind securities. Therefore, it will be required to sell portfolio securities and subsequently recognize a gain 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities 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, the value of the Fund’s Shares may fluctuate in response to events affecting that industry or sector.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Shares are listed for trading on the NYSE Arca, 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The securities held by the Fund may be traded in markets that close at a different time than the Exchange. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the Exchange and the corresponding premium or discount to the Shares’ NAV may widen.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past seven calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The table compares the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">performance to the Bloomberg US Municipal Index and Bloomberg US 1-15 Year Blend (1-17) Municipal Bond Index. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past seven calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Past </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.86pt;">6.66%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.86pt;">-6.04%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">-0.20%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0666 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-03-31 -0.0604 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 -0.0020 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 2018-10-29 0.0415 0.0113 0.0304 0.0415 0.0110 0.0293 0.0392 0.0148 0.0292 0.0425 0.0080 0.0260 0.0518 0.0116 0.0262 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: JSCP</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks total return, consistent with preservation of capital.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-2pt;">1</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0033 0.0033 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 34 106 185 418 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">72</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.72 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">Consistent with the Fund’s dual objective of seeking total return and preservation of capital, the Fund uses a multi-sector strategy in order to create a diversified portfolio that generates total return while managing risk. The Fund principally invests in traditional fixed income sectors (for example, investment grade corporate bonds), while also having the flexibility to allocate its assets to extended sectors such as below investment grade securities (also known as high yield or junk bonds) and foreign and emerging markets debt. The Fund may invest in corporate bonds, U.S. treasury obligations and other U.S. government and agency securities, asset-backed, mortgage-related and mortgage-backed securities, mortgage TBAs, private placements, credit risk transfer securities, credit-linked notes, restricted securities and other unregistered securities, and variable and floating rate instruments. </span><span style="font-family:Arial Narrow;font-size:10pt;">Under normal </span><span style="font-family:Arial Narrow;font-size:10pt;">circumstances, the Fund will invest at least 80% of its Assets in “core plus” debt securities and instruments, defined as U.S. investment grade fixed income (or securities that are unrated but deemed by the adviser to be of comparable quality (unrated equivalent)), U.S. below investment grade (or the unrated equivalent), and foreign and emerging markets debt (either investment grade or below investment grade (or their unrated equivalents)).</span><span style="font-family:Arial Narrow;font-size:10pt;">“Assets” means net assets plus the amount of borrowings for investment purposes.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Under normal conditions, </span><span style="font-family:Arial Narrow;font-size:10pt;">at least 70% of the Fund’s net assets must be invested in securities that, at the time of purchase, are rated investment grade by a nationally recognized statistical rating organization (NRSRO) or the unrated equivalent. The Fund will not invest more than 30% of its net assets in below investment grade securities (or the unrated equivalent) under normal conditions. Up to 25% of the Fund’s net assets may be invested in foreign securities including sovereign and agency debt.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a duration of three years or less, although under certain market conditions such as in periods of significant volatility in interest rates and spreads, the Fund’s duration may be longer than three years. Duration is a measure of price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of “three years” means that a security’s or portfolio’s price would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in yield curve). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest across the full range of market sectors. As of the date of this prospectus, ranges for certain broad market sectors are as follows. The Fund may change these ranges if J.P. Morgan Investment Inc. (JPMIM or the adviser) determines in its discretion that the market environment has significantly changed.</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">Market Sector</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.00pt;">Min</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">Max</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">U.S. Treasury &amp; Agency</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">U.S. Agency Residential Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Asset-Backed Securities</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Commercial Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Investment Grade Corporate Debt Securities</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">High Yield Corporate Debt</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Emerging Markets Debt</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">15%</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser will invest across the credit spectrum to provide the Fund exposure to various credit rating categories. Under normal conditions, at least 70% of the Fund’s net assets must be invested in securities that, at the time of purchase, are rated investment grade by a NRSRO or in securities that are unrated but are deemed by the adviser to be of comparable quality. The balance of the Fund’s assets are not required to meet any minimum quality rating although the Fund will not, under normal conditions, invest more than 30% of its net assets in below investment grade securities (or the unrated equivalent). Such securities may include so called “distressed debt.” Distressed debt includes securities of issuers experiencing financial or operating difficulties, securities where the issuer has defaulted in the payment of interest or principal or in the performance of its covenants or agreements, securities of issuers that may be involved in bankruptcy proceedings, reorganizations or financial restructurings or securities of issuers operating in troubled industries. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Up to 25% of the Fund’s Assets may be invested in foreign securities, including securities denominated in foreign currencies (some of which may be below investment grade securities). Foreign securities include securities issued by foreign governments or their agencies and instrumentalities and companies that are incorporated outside the United States, including securities from issuers in countries whose economies are less developed (emerging markets), but do not include collateralized loan obligations (CLOs) that are denominated in U.S. dollars. Such investments may include below investment grade securities or the unrated equivalent subject to the limitations on below investment grade securities described above. The Fund’s investments may include securities denominated in foreign currencies. Currently, the Fund anticipates at least 85% of the Fund’s net assets will be denominated in U.S. dollars or hedged back to U.S. dollars. However, from time to time, the Fund may have greater exposure to non-U.S. dollar investments to take advantage of market conditions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest a significant portion of its assets in mortgage-related and mortgage-backed securities at the adviser’s discretion. Mortgage-related and 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. The Fund expects to invest no more than 25% of its </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">assets in “sub-prime” mortgage-related securities at the time of purchase. The Fund may also enter into “dollar rolls” in which the Fund sells mortgage-backed securities and at the same time contracts to buy back very similar securities on a future date. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, options, swaps and forward contracts as tools in the management of portfolio assets. The Fund may use derivatives to hedge various investments, for risk management and/or to increase income or gain to the Fund. In addition to the mortgage dollar rolls as described above, the Fund may utilize other relative value strategies involving credit-oriented trades (such as credit default swaps or credit default swap indices), combinations of derivatives, and combinations of derivatives and fixed income securities. The Fund may also utilize foreign currency derivatives such as currency forwards to hedge its non- dollar investments back to the U.S. dollar or use such derivatives to gain or adjust exposure to particular foreign securities, markets or currencies. </span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: The adviser uses both a top down and bottom up research process as well as a combination of fundamental and quantitative inputs to allocate the Fund’s assets among a range of sectors. In buying and selling investments for the Fund, the adviser looks for market sectors and individual securities that it believes will perform well over time. The adviser selects individual securities after performing a risk/reward analysis to address the Fund’s dual objective of seeking total return and preservation of capital. Such analysis includes an evaluation of interest rate risk, credit risk, duration, liquidity, currency risk, legal provisions and the structure of the transaction. Generally, the adviser will sell a security when, based on fundamental credit analysis and the considerations described above, the adviser believes the issuer’s credit quality or the investment’s valuation will materially deteriorate or when the adviser believes that there is better relative value available in the market in other investments. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on certain issuers or countries in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers 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 or countries that may be positively impacted by such factors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As part of its principal investment strategy and for temporary defensive purposes, any portion of the Fund’s total assets may be invested in cash and cash equivalents.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal </span><span style="font-family:Arial Narrow;font-size:10pt;">circumstances, the Fund will invest at least 80% of its Assets in “core plus” debt securities and instruments, defined as U.S. investment grade fixed income (or securities that are unrated but deemed by the adviser to be of comparable quality (unrated equivalent)), U.S. below investment grade (or the unrated equivalent), and foreign and emerging markets debt (either investment grade or below investment grade (or their unrated equivalents)).</span> <span style="font-family:Arial Narrow;font-size:10pt;"> Under normal conditions, </span><span style="font-family:Arial Narrow;font-size:10pt;">at least 70% of the Fund’s net assets must be invested in securities that, at the time of purchase, are rated investment grade by a nationally recognized statistical rating organization (NRSRO) or the unrated equivalent. The Fund will not invest more than 30% of its net assets in below investment grade securities (or the unrated equivalent) under normal conditions. Up to 25% of the Fund’s net assets may be invested in foreign securities including sovereign and agency debt.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities and Emerging Markets Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Investments in foreign issuers and foreign securities</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities.</span><span style="font-family:Arial Narrow;font-size:10pt;">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. These risks are magnified in countries in “emerging markets.” Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. </span><span style="font-family:Arial Narrow;font-size:10pt;">Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Additionally, the Fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular in emerging market countries, which can increase the risks of loss. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or subjects to sanctions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">European Market Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s performance will be affected by political, social and economic conditions in the various countries in which it invests in Europe and in Europe more generally, such as growth of the economic output (the gross national product), the rate of inflation, the rate at which capital is reinvested into European economies, the success of governmental actions to reduce budget deficits, the resource self-sufficiency of European countries and interest and monetary exchange rates between European countries. European financial markets may experience volatility due to concerns about high government debt levels, credit rating downgrades, rising unemployment, the future of the euro as a common currency, possible restructuring of government debt and other government measures responding to those concerns and fiscal and monetary controls imposed on member countries of the European Union.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Sovereign Debt Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, including where a sovereign issuer lacks the willingness to make timely payments, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country’s economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Issuer Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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. Foreign issuers may not be subject to uniform accounting, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers as compared to domestic issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Currency Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. 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 currently the Fund anticipates at least 50% of the Fund’s net assets will be denominated in U.S. dollars or hedged back to U.S. dollars, the Fund has the flexibility to have greater exposure to non-U.S. dollar investments. In addition, the Fund’s use of foreign currency derivatives may not be successful, including due to delays in placing trades and other operational limitations, in hedging non-dollar investments back to the U.S. dollar and the use of such strategies may lower the Fund’s potential returns.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund invests in securities including junk bonds 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 (including substantial or total 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, liquidity risks, prepayment risks, and lack of publicly available information. High yield securities that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some of the securities and certain investments may be subject to restrictions on resale. 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 securities may have a more limited secondary market, liquidity risk may be more pronounced for the Fund. When securities are prepaid, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for these securities, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Derivatives, including foreign forward currency contracts, options, futures contracts and swaps, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">original investment. Certain derivatives 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). 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. 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 currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities including so called “sub-prime” mortgages, which may represent interests in pools of mortgages,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">consumer loans</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">or other assets held in trust, 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 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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 prepayments than other mortgage-related securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The risk of default, as described under </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">“Credit Risk,”</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Credit risk transfer securities and credit-linked notes are general obligations issued by a government-related organization or special purpose vehicle (SPV), respectively, and are unguaranteed. Unlike mortgage-backed securities, investors in credit risk transfer securities and credit-linked notes issued by a government-related organization have no recourse to the underlying mortgage loans. In addition, some or all of the mortgage default risk associated with the underlying mortgage loans is transferred to the noteholder. There can be no assurance that losses will not occur on an investment. These investments are also subject to the risks described under “</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">.”</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> Below.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Mortgage Dollar Roll Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may enter into mortgage dollar rolls involving mortgage pass-through securities including mortgage TBAs and other mortgage-backed securities. During the period between the sale and repurchase in a mortgage dollar roll transaction, the Fund will not be entitled to receive interest and principal payments on the securities sold. Losses may arise due to changes in the value of the securities or if the counterparty does not perform under the terms of the agreement. If the counterparty files for bankruptcy or becomes insolvent, the Fund’s right to repurchase or sell securities may be limited. Short sales of mortgage TBAs and engaging in mortgage dollar rolls may be subject to leverage risks as described under “Derivatives Risk.” In addition, mortgage dollar rolls may increase interest rate risk and result in an increased portfolio turnover rate which increases costs and may increase taxable gains.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Zero-Coupon, Pay-In-Kind and Deferred Payment Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The market value of a zero-coupon, pay-in-kind or deferred payment security is generally more volatile than the market value of, and is more likely to respond to a greater degree to changes in interest rates and credit quality than, other fixed income securities with similar maturities and credit quality that pay interest periodically. In addition, federal income tax law requires that the holder of a zero-coupon security accrue a portion of the discount at which the security was purchased as taxable income each year. The Fund may consequently have to dispose of portfolio securities under disadvantageous circumstances to generate cash to satisfy its requirement as a regulated investment company to distribute all of its net income (including non-cash income attributable to zero-coupon securities). These actions may reduce the assets to which the Fund’s expenses could otherwise be allocated and may reduce the Fund’s rate of return.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Shares are listed for trading on the NYSE Arca, 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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The securities held by the Fund may be traded in markets that close at a different time than the Exchange. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the Exchange and the corresponding premium or discount to the Shares’ NAV may widen.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities 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, the value of the Fund’s Shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash, Money Market Instruments and Other Short-Term Investments</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. The Fund will, at times, hold assets in cash, money market instruments and other </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">short-term investments, which may hurt the Fund’s performance. These positions may also subject the Fund to additional risks and costs.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Cash Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Unlike certain ETFs, the Fund expects to generally effect its creations and redemptions entirely or partially in cash, rather than primarily for in-kind securities. Therefore, it will be required to sell portfolio securities and subsequently recognize a gain 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past four calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The table compares the Fund’s performance to the </span><span style="font-family:Arial Narrow;font-size:10pt;">Bloomberg US Aggregate Index and Bloomberg 1-5 Year Government/Credit Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Bloomberg 1-5 Year </span><span style="font-family:Arial Narrow;font-size:10pt;">Government/Credit Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span><span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past four calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Bloomberg 1-5 Year </span><span style="font-family:Arial Narrow;font-size:10pt;">Government/Credit Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM ETF)</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:27.77pt;">4.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:27.77pt;">-3.53%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.19%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0401 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-03-31 -0.0353 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0019 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 2021-03-01 0.0685 0.0252 0.0484 0.0104 0.0403 0.0127 0.0730 0.0007 0.0611 0.0168 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: JPST</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to provide current income while seeking to maintain a low volatility of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-2pt;">1</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0018 0.0018 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 18 58 101 230 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">63</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.63 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund seeks to achieve its investment objective by investing in investment grade, U.S. dollar denominated short-term fixed, variable and floating rate debt.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its principal investment strategy, the Fund may invest in corporate securities, asset-backed securities, mortgage-backed and mortgage-related securities, and high quality money market instruments such as commercial paper and certificates of deposit. The Fund may also invest in U.S. Treasury securities (including Separate Trading of Registered Interest and Principal of Securities (STRIPS)), securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, securities issued or guaranteed by foreign governments, repurchase agreements, when-issued securities, delayed delivery securities, forward commitments, zero-coupon securities and privately placed securities. </span><span style="font-family:Arial Narrow;font-size:10pt;">All </span><span style="font-family:Arial Narrow;font-size:10pt;">securities will be U.S. dollar-denominated although they may be issued by a foreign corporation or a U.S. affiliate of a foreign corporation, or a foreign government or its agencies and instrumentalities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest more than 25% of its assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its assets in this industry as a temporary defensive measure.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a duration of one year or less, although under certain market conditions such as in periods of significant volatility in interest rates and spreads, the Fund’s duration may be longer than one year. Duration is a measure of price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of “one” means that a security’s or portfolio’s price would be expected to decrease by approximately 1% with a 1% increase in interest rates (assuming a parallel shift in yield curve). </span><span style="font-family:Arial Narrow;font-size:10pt;">The investment grade U.S. dollar denominated short-term fixed, variable and floating rate debt securities in which the Fund will invest will carry a minimum short-term rating of P-2, A-2 or F2 or better by Moody’s Investors Service Inc. (Moody’s), S&amp;P Global Ratings (S&amp;P), or Fitch Ratings (Fitch), respectively, or the equivalent by another nationally recognized statistical rating organization (NRSRO), or a minimum long-term rating of Baa3, BBB–, or BBB– by Moody’s, S&amp;P, or Fitch, respectively, or the equivalent by another NRSRO at the time of investment or if such investments are unrated, deemed by J.P. Morgan Investment Management Inc. (JPMIM or the adviser) to be of comparable quality at the time of investment (unrated equivalent). The Fund also may invest in securities rated below investment grade (i.e., high yield bonds, also called junk bonds or non-investment grade bonds) or the unrated equivalent. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">These securities generally are rated in the fifth or lower rating categories (for example, BB+ or lower by S&amp;P and Ba1 or lower by Moody’s). These securities generally offer a higher yield than investment grade securities, but involve a high degree of risk. A security’s quality is determined at the time of purchase and securities that are rated investment grade or the unrated equivalent may be downgraded or decline in credit quality such that subsequently they would be deemed to be below investment grade. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest a significant portion of its assets in mortgage-related and mortgage-backed, as well as restricted securities, at the adviser’s discretion. The asset-backed securities in which the Fund may invest include “sub-prime” securities and collateralized loan obligations (CLOs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may use futures contracts in connection with its principal strategies in certain market conditions in order to hedge various investments, for risk management purposes and/or to seek to increase income or gain to the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">“Income” 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 current income.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is not a money market fund and is not subject to the special regulatory requirements (including maturity and credit quality constraints) designed to enable money market funds to maintain a stable share price. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As part of its principal investment strategy and for temporary defensive purposes, any portion of the Fund’s total assets may be invested in cash, money market funds and cash equivalents. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Investment Process: Because the Fund is not managed to a benchmark, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) has broad discretion to shift the Fund’s exposure to strategies and sectors based on changing market conditions and its view of the best mix of investment opportunities. The adviser allocates the Fund’s assets among a range of sectors based on strategic positioning and other tactical considerations. In buying and selling investments for the Fund, the adviser looks for market sectors and individual securities that it believes will perform well over time. The adviser selects individual securities after performing a risk/reward analysis that includes an evaluation of their characteristics including income, interest rate risk, credit risk and the complex legal and technical structure of the transaction. As part of its security selection strategy, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers that may be negatively impacted by such factors may be </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund seeks to achieve its investment objective by investing in investment grade, U.S. dollar denominated short-term fixed, variable and floating rate debt.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its principal investment strategy, the Fund may invest in corporate securities, asset-backed securities, mortgage-backed and mortgage-related securities, and high quality money market instruments such as commercial paper and certificates of deposit. The Fund may also invest in U.S. Treasury securities (including Separate Trading of Registered Interest and Principal of Securities (STRIPS)), securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, securities issued or guaranteed by foreign governments, repurchase agreements, when-issued securities, delayed delivery securities, forward commitments, zero-coupon securities and privately placed securities. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest more than 25% of its assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its assets in this industry as a temporary defensive measure.</span> <span style="font-family:Arial Narrow;font-size:10pt;">“Income” 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 current income.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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, higher transaction costs, delayed settlement, possible foreign controls on investments, liquidity risks and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. A Fund </span><span style="font-family:Arial Narrow;font-size:10pt;">may also invest in non-dollar denominated securities. Investments in non-dollar denominated securities are subject to risks in addition to those summarized above including currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Sovereign Debt Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country’s economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in debt securities that are considered to be speculative (commonly known as junk bonds). These securities 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 (including substantial or total 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, liquidity risks, prepayment risks, and lack of publicly available information. High yield securities that are deemed to be liquid at the time of purchase may become illiquid. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in the high yield market. 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 high yield securities, increase the claims against assets that are permitted against collateral securing 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 high yield securities issued by such borrowers. Each of these factors might negatively impact the high yield instruments held by the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">No active trading market may exist for some instruments and certain investments may be subject to restrictions on resale. 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 risk may be more pronounced for the Fund. When instruments are prepaid, the Fund may have to reinvest in instruments with a lower yield or fail to recover additional amounts (</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">, premiums) paid for these instruments, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, </span><span style="font-family:Arial Narrow;font-size:10pt;">which could result in losses that significantly exceed the Fund’s original investment. Certain derivatives 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). 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. 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 currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities including so called “sub-prime” mortgages,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">which may represent interests in pools of mortgages, consumer loans or other assets held in trust, 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 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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Asset-backed securities in which the Fund may invest also include CLOs, which are trusts or other special purpose entities (SPEs) collateralized by pools of loans. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities, including those structured as IOs and POs, are more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Zero-Coupon Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The market value of a zero-coupon security is generally more volatile than the market value of, and is more likely to respond to a greater degree to changes in interest rates and credit quality than, other fixed income securities with similar maturities and credit quality that pay interest periodically. In addition, federal income tax law requires that the holder of a zero-coupon security accrue a portion of the discount at which the security was purchased as taxable income each year. The Fund may consequently have to dispose of portfolio securities under disadvantageous circumstances to generate cash to satisfy its requirement as a regulated investment company to distribute all of its net income (including non-cash income attributable to zero-coupon securities). These actions may reduce the assets to which the Fund’s expenses could otherwise be allocated and may reduce the Fund’s rate of return.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund may invest a significant portion of its assets in securities of companies in the banking industry, developments affecting the banking industry may have a disproportionate impact on the Fund. 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, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities 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, the value of the Fund’s Shares may fluctuate in response to events affecting that industry or sector. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the banking industry. The profitability of banks depends largely on the availability and cost of funds, which can change depending on economic conditions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investment Company Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in shares of other investment companies. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the investment company.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Repurchase agreements involve some risk to the Fund that the counterparty does not meet its obligation under the agreement.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Non-Money Market Fund Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund is not a money market fund. Although the Fund seeks to provide low volatility of principal, the Fund’s NAV and market value will fluctuate every day and these fluctuations may be significant on certain days. Also, the Fund is not subject to the liquidity requirements and investment and credit quality restrictions applicable to money market funds. There can be no guarantee that the Fund will generate higher returns than money market funds. Because the Fund is not a money market fund, it does not qualify for the special money market fund tax treatment or tax accounting methods under Treasury regulations.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Shares are listed for trading on the NYSE Arca, 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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The securities held by the Fund may be traded in markets that close at a different time than the Exchange. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the Exchange and the corresponding premium or discount to the Shares’ NAV may widen.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). To the extent that these intermediaries exit the business or are </span><span style="font-family:Arial Narrow;font-size:10pt;">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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash, Money Market Instruments and Other Short-Term Investments</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. The Fund will, at times, hold assets in cash, money market instruments and other short-term investments, which may hurt the Fund’s performance. These positions may also subject the Fund to additional risks and costs.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Cash Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Unlike certain ETFs, the Fund expects to generally effect its creations and redemptions entirely or partially in cash, rather than primarily for in-kind securities. Therefore, it will be required to sell portfolio securities and subsequently recognize a gain 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past eight calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The table compares the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">performance to the Bloomberg US Aggregate Index and ICE BofA 3-Month US Treasury Bill Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. </span><span style="font-family:Arial Narrow;font-size:10pt;">The ICE BofA </span><span style="font-family:Arial Narrow;font-size:10pt;">3-Month US Treasury Bill Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after </span><span style="font-family:Arial Narrow;font-size:10pt;">taxes) is not necessarily an indication of how the Fund will perform in the future. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> (844-4JPM ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">SOURCE ICE DATA INDICES, LLC (“ICE DATA”), IS USED WITH PERMISSION. ICE® IS A REGISTERED TRADEMARK OF ICE DATA OR ITS AFFILIATES AND BOFA® IS A REGISTERED TRADEMARK OF BANK OF AMERICA CORPORATION LICENSED BY BANK OF AMERICA CORPORATION AND ITS AFFILIATES (“BOFA”) AND MAY NOT BE USED WITHOUT BOFA’S PRIOR WRITTEN APPROVAL. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND THE ADVISER, OR ANY OF ITS PRODUCTS OR SERVICES.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past eight calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The ICE BofA </span><span style="font-family:Arial Narrow;font-size:10pt;">3-Month US Treasury Bill Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after </span><span style="font-family:Arial Narrow;font-size:10pt;">taxes) is not necessarily an indication of how the Fund will perform in the future. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> (844-4JPM ETF)</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:28.39pt;">2.47%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:28.39pt;">-1.04%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.73%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.0247 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.0104 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0073 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 2017-05-17 0.0497 0.0337 0.0297 0.0309 0.0196 0.0180 0.0292 0.0197 0.0177 0.0730 -0.0036 0.0176 0.0418 0.0318 0.0247 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: JMST</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-2pt;">1</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0018 0.0018 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 18 58 101 230 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">53</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.53 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its Assets in municipal securities, the income from which is exempt from federal income tax.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> This is a fundamental policy. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. Up to 25% of the Fund’s Assets may be invested in municipal securities, the interest on which may be subject to the federal alternative minimum tax for individuals. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal securities are securities issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, political subdivisions, agencies and instrumentalities and other groups with the authority to act for the municipalities, the interest on which is exempt from federal income tax. The securities are issued to raise funds for various public and private purposes. Municipal securities include variable rate demand obligations, variable rate demand preferred securities, short-term municipal notes, municipal bonds, tax exempt commercial paper, private activity and industrial development bonds, tax anticipation notes, bond anticipation notes, revenue anticipation notes or other short term notes, private placements and participations in pools of municipal securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">At times, the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund may invest a significant amount of its assets in municipal securities that may be subject to the federal alternative minimum tax for individuals. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal securities also include instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal securities, such as tender option bonds and participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Additionally, municipal securities include all other instruments that directly or indirectly provide economic exposure to income which is derived from municipalities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in a portfolio of municipal securities with an average weighted maturity of two years or less. Average weighted maturity is the average of all the current maturities (that is, the term of the securities) of the individual securities in the Fund calculated so as to count most heavily those securities with the highest dollar value. Average weighted maturity is important to investors as an indication of the Fund’s sensitivity to changes in interest rates. Usually, the longer the average weighted maturity, the more fluctuation in share price you can expect. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The securities in which the Fund invests may have fixed rates of return or floating or variable rates. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Up to 100% of the Fund’s assets may be invested in short-term municipal instruments such as variable rate demand notes, short-term municipal notes and tax-exempt commercial paper. Their yields will vary as interests rates change. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest more than 25% of its total assets in municipal obligations, the interest upon which is paid from revenues of projects within a single sector, such as housing or healthcare. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund also invests in municipal mortgage-backed and asset-backed securities, as well as auction rate securities and restricted securities. The Fund may invest a significant portion or all of its assets in municipal mortgage-backed securities at the adviser’s discretion. </span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its investments in municipal securities, the Fund invests primarily in investment grade securities or securities that are unrated but deemed by the adviser to be of comparable quality</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(unrated equivalent). Investment grade securities carry a minimum rating of Baa3, BBB–, or BBB– by Moody’s Investors Service Inc. (Moody’s), S&amp;P Global Ratings (S&amp;P), or Fitch Ratings (Fitch), respectively, or the equivalent by another nationally recognized statistical rating organization (NRSRO), or are unrated but deemed by the adviser to be of comparable quality. Up to 10% of the Fund’s total assets may be invested in securities rated below investment grade (junk bonds). Junk bonds also include unrated securities that the adviser believes to be of comparable quality to debt securities that are rated below investment grade. Junk bonds are also called “high yield bonds” and “non-investment grade bonds.” These securities generally are rated in the fifth or lower rating categories (for example, BB+ or lower by S&amp;P and Ba1 or lower by Moody’s). These securities generally offer a higher yield than investment grade securities, but involve a high degree of risk. The market for municipal junk bonds is small and relatively less liquid than taxable junk bonds. A security’s quality is determined at the time of purchase and securities that are rated investment grade or the unrated equivalent may be downgraded or decline in credit quality such that subsequently they would be deemed to be below investment grade.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may also invest in zero-coupon securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Up to 20% of the Fund may be invested in money market funds, including affiliated money market funds, or cash. </span><span style="font-family:Arial Narrow;font-size:10pt;">“Income” 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 current income. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">There may be times when there are not enough municipal securities available to meet the Fund’s needs. On these occasions, the Fund may invest in repurchase agreements or U.S. Treasury securities that may be subject to federal income tax. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is not a money market fund and is not subject to the special regulatory requirements (including maturity and credit quality constraints) designed to enable money market funds to maintain a stable share price. </span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: The adviser buys and sells securities and investments for the Fund based on its view of individual securities and market sectors. 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 and the legal and technical structure of the transaction. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on certain issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across sectors to seek to identify financially material issues with respect to the Fund’s investments in municipal issues and ascertain key issues that merit engagement with municipal issuers. These assessments may not be conclusive and securities of issuers 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its Assets in municipal securities, the income from which is exempt from federal income tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal securities are securities issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, political subdivisions, agencies and instrumentalities and other groups with the authority to act for the municipalities, the interest on which is exempt from federal income tax. The securities are issued to raise funds for various public and private purposes. Municipal securities include variable rate demand obligations, variable rate demand preferred securities, short-term municipal notes, municipal bonds, tax exempt commercial paper, private activity and industrial development bonds, tax anticipation notes, bond anticipation notes, revenue anticipation notes or other short term notes, private placements and participations in pools of municipal securities. </span> <span style="font-family:Arial Narrow;font-size:10pt;">As part of its investments in municipal securities, the Fund invests primarily in investment grade securities or securities that are unrated but deemed by the adviser to be of comparable quality</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(unrated equivalent). Investment grade securities carry a minimum rating of Baa3, BBB–, or BBB– by Moody’s Investors Service Inc. (Moody’s), S&amp;P Global Ratings (S&amp;P), or Fitch Ratings (Fitch), respectively, or the equivalent by another nationally recognized statistical rating organization (NRSRO), or are unrated but deemed by the adviser to be of comparable quality. Up to 10% of the Fund’s total assets may be invested in securities rated below investment grade (junk bonds). Junk bonds also include unrated securities that the adviser believes to be of comparable quality to debt securities that are rated below investment grade. Junk bonds are also called “high yield bonds” and “non-investment grade bonds.” These securities generally are rated in the fifth or lower rating categories (for example, BB+ or lower by S&amp;P and Ba1 or lower by Moody’s). These securities generally offer a higher yield than investment grade securities, but involve a high degree of risk. The market for municipal junk bonds is small and relatively less liquid than taxable junk bonds. A security’s quality is determined at the time of purchase and securities that are rated investment grade or the unrated equivalent may be downgraded or decline in credit quality such that subsequently they would be deemed to be below investment grade.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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 face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Municipal Obligations and Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund may invest in municipal obligations, including municipal securities, the Fund may be susceptible to political, legislative, economic, </span><span style="font-family:Arial Narrow;font-size:10pt;">regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity. In addition, budgetary constraints of state and local governments may lead to reduced tax revenues and may further limit their ability to service municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the bonds and thus the value of the Fund’s investments. While interest earned on municipal obligations is generally not subject to federal income tax, any interest earned on taxable municipal obligations is fully taxable at the federal level and may be subject to state and/or local income tax. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality’s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund’s investments. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Mortgage-Related and Other Asset-Backed Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Mortgage-related and asset-backed securities, including certain municipal housing authority obligations, differ from conventional debt securities and are subject to certain additional risks because principal is paid back over the life of the security rather than at maturity. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. These securities are also subject to prepayment and call risk. In periods of either rising or declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the Fund 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 dividend and yield. In either periods of rising or declining interest rates, the Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional volatility. Collateralized mortgage obligations (CMOs), interest-only (IOs) and principal-only (POs) stripped mortgage-backed securities are more volatile and may be subject to a higher risk of non-payment than other mortgage related securities. 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Debt Securities and Other Callable Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> As part of its investment strategy, the Fund invests in debt securities. The issuers of these securities and other callable securities may be able to repay principal in advance, especially when interest rates fall. Changes in prepayment rates can affect the return on investment and yield of these securities. When debt obligations are prepaid and 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 interest rates, resulting in an unexpected capital loss.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Alternative Minimum Tax Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund may invest in securities, the interest on which may be subject to the federal alternative minimum tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Taxability Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is no guarantee that all of the Fund’s income from municipal investments will remain exempt from federal or state or local income taxes. The Fund’s investments in municipal securities rely on the opinion of the issuer’s bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service may determine that a bond issued as tax-exempt should in fact be taxable or there may be unfavorable changes in tax laws or noncompliant conduct of a securities issuer that may cause income from all or certain municipal securities to be taxable. In order to pay tax-exempt interest, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. If the Fund fails to meet the requirements necessary to pay out exempt-interest dividends to its shareholders, the income distributions resulting from all of its investments, including its municipal securities, may be subject to federal income tax when received by shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition, future laws, regulations, rulings or court decisions may cause interest on municipal securities to be subject, directly or indirectly, to U.S. federal income taxation or interest on state municipal securities to be subject to state or local income taxation, or the value of state municipal securities to be subject to state or local intangible personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus the value of an investment in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Zero-Coupon and Deferred Payment Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The market value of a zero-coupon or deferred payment security is generally more volatile than the market value of, and is more likely to respond to a greater degree in changes in interest rates than, other fixed income securities with similar maturities and credit quality that pay interest periodically. In addition, federal income tax law requires that the holder of a zero-coupon security accrue a portion of the discount at which the security was purchased as taxable income each year. The Fund may consequently have to dispose of portfolio securities under disadvantageous circumstances to generate cash to satisfy its requirement as a regulated investment company to distribute </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">all of its net income (including non-cash income attributable to zero coupon securities). These actions may reduce the assets to which the Fund’s expenses could otherwise be allocated and may reduce the Fund’s rate of return.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Restricted Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Restricted securities are securities that cannot be offered for public resale unless registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale. Restricted securities include private placement securities that have not been registered under the applicable securities laws, such as Rule 144A securities, and securities of U.S. and non-U.S. issuers that are issued pursuant to Regulation S. Private placements are generally subject to strict restrictions on resale. Restricted securities may not be listed on an exchange and may have no active trading market. Restricted securities may be illiquid. The Fund may be unable to sell a restricted security on short notice or may be able to sell them only at a price below current value. It may be more difficult to determine a market value for a restricted security. Also, a Fund may get only limited information about the issuer of a restricted security, so it may be less able to predict a loss. In addition, if Fund management receives material non-public information about the issuer, the Fund may as a result be unable to sell the securities. Certain restricted securities may involve a high degree of business and financial risk and may result in substantial losses.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by Ginnie Mae, Fannie Mae, or 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. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. 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. U.S. government securities include zero-coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash, Money Market Instruments and Other Short-Term Investments</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. The Fund will, at times, hold assets in cash, money market instruments and other short-term investments, which may hurt the Fund’s performance. These positions may also subject the Fund to additional risks and costs.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Cash Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Unlike certain ETFs, the Fund expects to generally effect its creations and redemptions entirely or partially in cash, rather than primarily for in-kind securities. Therefore, it will be required to sell portfolio securities and subsequently recognize a gain 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities 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, the value of the Fund’s Shares may fluctuate in response to events affecting that industry or sector.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Shares are listed for trading on the NYSE Arca, 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The securities held by the Fund may be traded in markets that close at a different time than the Exchange. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the Exchange and the corresponding premium or discount to the Shares’ NAV may widen.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Concentration Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest more than 25% of its Assets in municipal securities, the interest upon which is paid from revenues of projects within a single sector, such as housing and healthcare. As a result, the Fund could be more susceptible to developments which affect those sectors.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund is not a money market fund. Therefore, the Fund does not attempt to maintain a stable NAV and is not subject to the rules that govern the diversity, quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal conditions, the Fund’s investment may be more susceptible than a money market fund to interest rate risk, valuation risk, credit risk and </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">other risks relevant to the Fund’s investments. Unlike certain money market funds, the Fund’s NAV per share will fluctuate. Because the Fund is not a money market fund, it does not qualify for the special money market fund tax treatment or tax accounting methods under Treasury regulations.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities that are issued by municipalities that are highly leveraged, less creditworthy or financial distressed. These investments (known as junk bonds) are considered to be speculative and are subject to greater risk of loss (including substantial or total loss), greater sensitivity to economic changes, valuation difficulties and potential illiquidity. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in the high yield market. 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 high yield securities, increase the claims against assets that are permitted against collateral securing 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 high yield securities issued by such borrowers. Each of these factors might negatively impact the high yield instruments held by the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Auction Rate Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The auction rate municipal securities the Fund will purchase will typically have a long-term nominal maturity for which the interest rate is regularly reset through a “Dutch” auction. The interest rate set by the auction is the lowest interest rate that covers all securities offered for sale. While this process is designed to permit auction rate securities to be traded at par value, there is a risk that an auction will fail due to insufficient demand for the securities, which may adversely affect the liquidity and price of auction rate securities. Moreover, between auctions, there may be no secondary market for these securities, and sales conducted on a secondary market may not be on terms favorable to the seller. Thus, with respect to liquidity and price stability, auction rate securities may differ substantially from cash equivalents, notwithstanding the frequency of auctions and the credit quality of the security.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past seven calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The table compares the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">performance to the Bloomberg US Municipal Index and Bloomberg 1 Year Municipal Bond Index. The Bloomberg US Municipal Index serves as the Fund’s regulatory index and provides a broad measure of market performance. </span><span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">Bloomberg 1 Year Municipal Bond Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before </span><span style="font-family:Arial Narrow;font-size:10pt;">and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> (844-4JPM ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past seven calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">Bloomberg 1 Year Municipal Bond Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before </span><span style="font-family:Arial Narrow;font-size:10pt;">and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> (844-4JPM ETF)</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:28.3pt;">1.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:28.3pt;">-0.75%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.52%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0157 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-03-31 -0.0075 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0052 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 2018-10-16 0.0331 0.0211 0.0214 0.0331 0.0210 0.0213 0.0314 0.0211 0.0208 0.0425 0.0080 0.0263 0.0347 0.0173 0.0189 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: BBAG</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg US Aggregate Index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-2pt;">1</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0003 0.0003 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 3 10 17 39 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">76</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.76 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg US Aggregate Index (the Underlying Index), which represents securities that are SEC-registered, taxable, and US dollar denominated. The Underlying Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Bloomberg Index Services Limited is the index provider for the Underlying Index (the Index Provider). </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund will invest at least 80% of its </span><span style="font-family:Arial Narrow;font-size:10pt;">Assets in securities included in the Underlying Index. </span><span style="font-family:Arial Narrow;font-size:10pt;">“Assets” </span><span style="font-family:Arial Narrow;font-size:10pt;">means net assets, plus the amount of borrowings for investment purposes. The Fund will provide shareholders with at least 60 days prior notice of any change in this policy. As of May 29, 2026, the effective duration of the Underlying Index was 5.8 years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As part of its principal strategy, the Fund invests in corporate bonds structured as corporate debt securities, U.S. dollar denominated foreign debt securities, asset-backed securities, mortgage-backed securities, mortgage dollar rolls, and U.S. Government obligations, which may include direct obligations of the U.S. Treasury, including Treasury bills, notes and bonds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Beta is a measure of the volatility of a security or a portfolio relative to a market benchmark. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">The term “BetaBuilders” in </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">the Fund’s name conveys the intended outcome of providing investors with passive exposure and return that generally correspond to a market cap weighted benchmark. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">The Fund, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">along with other JPMorgan BetaBuilders Funds, can be used to help an investor build a portfolio of passive exposure to various markets.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund, using a “passive” or indexing investment approach, attempts to closely correspond to the performance of the Underlying Index. Unlike many actively-managed funds, the Fund does not seek to outperform the Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to utilize a “representative sampling” strategy whereby securities are chosen in order to attempt to approximate the investment characteristics of the constituent securities. Targeted investment characteristics of the collective portfolio include asset class exposure, industry weightings, liquidity, and other fixed income specific attributes (such as yield, duration, credit quality, spread and maturity). Even when the Fund utilizes representative sampling, it must still invest at </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">least 80% of its Assets in securities included in the Underlying Index. The Fund’s portfolio will be rebalanced monthly in accordance with the monthly rebalancing of the Underlying Index. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund will primarily invest in bonds that are included in the Bloomberg US Aggregate Index, but may invest in bonds that are not included in the Bloomberg US Aggregate Index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in Mortgage TBAs. Mortgage TBAs provide for the forward or delayed delivery of the underlying instrument with settlement up to 180 days. The term TBA comes from the fact that the actual mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made, but rather is announced 48 hours before the settlement date. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in debt obligations, denominated in U.S. dollars, that are issued by a foreign corporation or a U.S. affiliate of a foreign corporation or a foreign government or its agencies and instrumentalities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will not invest in asset classes that are not present in the Underlying Index. The Fund will not invest in debt securities that are rated below investment grade (i.e., high yield and junk bonds). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will not invest more than 25% of the value of its total assets in the securities of companies conducting their principal business activities in the same industry.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund will invest at least 80% of its </span><span style="font-family:Arial Narrow;font-size:10pt;">Assets in securities included in the Underlying Index. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As part of its principal strategy, the Fund invests in corporate bonds structured as corporate debt securities, U.S. dollar denominated foreign debt securities, asset-backed securities, mortgage-backed securities, mortgage dollar rolls, and U.S. Government obligations, which may include direct obligations of the U.S. Treasury, including Treasury bills, notes and bonds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">The term “BetaBuilders” in </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">the Fund’s name conveys the intended outcome of providing investors with passive exposure and return that generally correspond to a market cap weighted benchmark. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 Underlying Index or 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, </span><span style="font-family:Arial Narrow;font-size:10pt;">global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Related Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s return may not track the return of the Underlying Index for a number of reasons and therefore may not achieve its investment objective. For example, the Fund incurs a number of operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Underlying Index. In addition, the Fund’s return may differ from the return of the Underlying Index as a result of, among other things, pricing differences between the valuation of securities in the Underlying Index and in the Fund’s NAV and the inability to purchase certain securities included in the Underlying Index due to regulatory or other restrictions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition, because the Fund uses a representative sampling approach, the Fund may not be as well correlated with the return of the Underlying Index as when the Fund purchases all of the securities in the Underlying Index in the proportions in which they are represented in the Underlying Index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Errors in the construction or calculation of the Underlying Index may occur from time to time. Any such errors may not be identified and corrected by the Index Provider for some period of time, which may have an adverse impact on the Fund and its shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The risk that the Fund may not track the performance of the Underlying Index may be heightened during times of increased market volatility or other unusual market conditions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Passive Management Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not generally sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. As a result, the Fund’s performance could be lower than funds that actively shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. The structure and composition of the Underlying Index will affect the performance, volatility, and risk of the Fund. The Fund will not take defensive positions under any market conditions, including in declining markets.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Sampling Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To the extent the Fund uses a representative sampling approach, it will hold a smaller number of securities than are in the Underlying Index. As a result, an adverse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">development respecting an issuer of securities held by the Fund could result in a greater decline in the Fund’s NAV than would be the case if the Fund held all of the securities in the Underlying Index. Conversely, a positive development relating to an issuer of securities in the Underlying Index that is not held by the Fund could cause the Fund to underperform the Underlying Index. To the extent the assets in the Fund are smaller, these risks may be greater.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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 face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund focuses its investments in the United States. As a result, the Fund’s performance may be subject to greater volatility than a more geographically diversified fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities including so called “sub-prime” mortgages,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">which may represent interests in pools of mortgages, consumer loans or other assets held in trust, 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 may have to reinvest in </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities 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, the value of the Fund’s Shares may fluctuate in response to events affecting that industry or sector.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The securities held by the Fund may be traded in markets that close at a different time than the Exchange. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the Exchange and the corresponding premium or discount to the Shares’ NAV may widen.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF and Investment Company Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of an ETF or other investment company in which the Fund may invest. The price and movement of an index-based ETF may not track its underlying index and may result in a loss. ETFs may trade at a price below their NAV (also known as a discount).</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, greater volatility, decreased market liquidity, civil conflicts and war, currency fluctuations, sanctions or other measures by the United States or other governments, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities. 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Issuer Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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. Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers as compared to domestic issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past seven calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The table compares the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">performance to the Bloomberg US Aggregate Index. As of February 1, 2023, the Fund changed its investment strategies. In view of these changes, the Fund’s performance record prior to this period might be less pertinent for investors considering whether to purchase Shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past performance </span><span style="font-family:Arial Narrow;font-size:10pt;">(before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past seven calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Past performance </span><span style="font-family:Arial Narrow;font-size:10pt;">(before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM ETF)</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:28.94pt;">6.69%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:28.94pt;">-5.86%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.07%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0669 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-03-31 -0.0586 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0007 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 2018-12-12 0.0713 -0.0051 0.0192 0.0527 -0.0177 0.0070 0.0419 -0.0093 0.0095 0.0730 -0.0036 0.0212 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: BBSB</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the ICE U.S. Treasury 1-3 Year Bond Index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-2pt;">1</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0004 0.0004 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 4 13 23 51 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">62</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.62 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the ICE U.S. Treasury 1-3 Year Bond Index (the Underlying Index), which measures the performance of U.S. dollar-denominated, fixed rate securities with minimum term to maturity greater than one year and less than or equal to three years.</span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund will invest at least 80% of its Assets in securities included in the Underlying Index.</span><span style="font-family:Arial Narrow;font-size:10pt;"> “Assets” means net assets, plus the amount of borrowing</span><span style="font-family:Arial Narrow;font-size:10pt;"> for investment purposes. ICE Data Indices, LLC is the index provider for the Underlying Index (the Index Provider). The Underlying Index is a subset of the ICE U.S. Treasury Bond Index Series and primarily includes U.S. Treasury issued debt with the following excluded: Inflation-linked securities, Floating Rate Notes, Cash Management and Treasury Bills, and any government agency debt issued with or without a government guarantee. The dollar-weighted average maturity of the Underlying Index as of May 29, 2026 was 1.9 years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Beta is a measure of the volatility of a security or a portfolio relative to a market benchmark. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">The term “BetaBuilders” in </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">the Fund’s name conveys the intended outcome of providing investors with passive exposure and return that generally correspond to a market cap weighted benchmark.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> The Fund, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">along with other JPMorgan BetaBuilders Funds, can be used to help an investor build a portfolio of passive exposure to various markets.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund, using a “passive” or indexing investment approach, attempts to closely correspond to the performance of the Underlying Index. Unlike many actively-managed funds, the Fund does not seek to outperform the Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to utilize a “representative sampling” strategy whereby securities are chosen in order to attempt to approximate the investment characteristics of the constituent securities. Targeted investment characteristics of the collective portfolio include curve exposure and liquidity, and other fixed income specific attributes (such as yield, duration and maturity). Even when the Fund utilizes representative sampling, it must still invest at least 80% of its Assets in securities included in the Underlying Index. The Fund’s portfolio will be rebalanced monthly in accordance with the monthly rebalancing of the Underlying Index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may also invest in shares of affiliated money market funds.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the ICE U.S. Treasury 1-3 Year Bond Index (the Underlying Index), which measures the performance of U.S. dollar-denominated, fixed rate securities with minimum term to maturity greater than one year and less than or equal to three years.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund will invest at least 80% of its Assets in securities included in the Underlying Index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">The term “BetaBuilders” in </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">the Fund’s name conveys the intended outcome of providing investors with passive exposure and return that generally correspond to a market cap weighted benchmark.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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 face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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 Underlying Index or 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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Related Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s return may not track the return of the Underlying Index for a number of reasons and therefore may not achieve its investment objective. For example, the Fund </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">incurs a number of operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Underlying Index. In addition, the Fund’s return may differ from the return of the Underlying Index as a result of, among other things, pricing differences between the valuation of securities in the Underlying Index and in the Fund’s NAV and the inability to purchase certain securities included in the Underlying Index due to regulatory or other restrictions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition, because the Fund uses a representative sampling approach, the Fund may not be as well correlated with the return of the Underlying Index as when the Fund purchases all of the securities in the Underlying Index in the proportions in which they are represented in the Underlying Index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Errors in the construction or calculation of the Underlying Index may occur from time to time. Any such errors may not be identified and corrected by the Index Provider for some period of time, which may have an adverse impact on the Fund and its shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The risk that the Fund may not track the performance of the Underlying Index may be heightened during times of increased market volatility or other unusual market conditions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Passive Management Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not generally sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. As a result, the Fund’s performance could be lower than funds that actively shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. The structure and composition of the Underlying Index will affect the performance, volatility, and risk of the Fund. The Fund will not take defensive positions under any market conditions, including in declining markets.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Sampling Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To the extent the Fund uses a representative sampling approach, it will hold a smaller number of securities than are in the Underlying Index. As a result, an adverse development respecting an issuer of securities held by the Fund could result in a greater decline in the Fund’s NAV than would be the case if the Fund held all of the securities in the Underlying Index. Conversely, a positive development relating to an issuer of securities in the Underlying Index that is not held by the Fund could cause the Fund to underperform the Underlying Index. To the extent the assets in the Fund are smaller, these risks may be greater.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund focuses its investments in the United States. As a result, the Fund’s performance may be subject to greater volatility than a more geographically diversified fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by 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. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The securities held by the Fund may be traded in markets that close at a different time than the Exchange. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the Exchange and the corresponding premium or discount to the Shares’ NAV may widen.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants </span><span style="font-family:Arial Narrow;font-size:10pt;">on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past two calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The table compares the Fund’s performance to the </span><span style="font-family:Arial Narrow;font-size:10pt;">Bloomberg US Aggregate Index and ICE U.S. Treasury 1-3 Year Bond Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The ICE U.S. Treasury 1-3 Year Bond Index is the Fund’s Underlying Index and is more representative of the Fund’s investment universe than the regulatory index.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Past </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">SOURCE ICE DATA INDICES, LLC (“ICE DATA”), IS USED WITH PERMISSION. ICE® IS A REGISTERED TRADEMARK OF ICE DATA OR ITS AFFILIATES AND BOFA® IS A REGISTERED TRADEMARK OF BANK OF AMERICA CORPORATION LICENSED BY BANK OF AMERICA CORPORATION AND ITS AFFILIATES (“BOFA”) AND MAY NOT BE USED WITHOUT BOFA’S PRIOR WRITTEN APPROVAL. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND THE ADVISER, OR ANY OF ITS PRODUCTS OR SERVICES.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past two calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;"> Past </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3rd quarter, 2024</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:26.91pt;">2.90%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2024</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:26.91pt;">-0.11%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.27%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2024-09-30 0.0290 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2024-12-31 -0.0011 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0027 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 2023-04-19 0.0512 0.0441 0.0355 0.0253 0.0301 0.0256 0.0730 0.0425 0.0514 0.0446 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: BBIB</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the ICE U.S. Treasury 3-10 Year Bond Index Total Return in USD.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-2pt;">1</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0004 0.0004 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 4 13 23 51 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">38</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.38 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the ICE U.S. Treasury 3-10 Year Bond Index Total Return in USD (the Underlying Index), which measures the performance of U.S. dollar-denominated, fixed rate securities with minimum term to maturity greater than three years and less than or equal to ten years.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund will invest at least 80% of its Assets in securities</span><span style="font-family:Arial Narrow;font-size:10pt;"> included in the Underlying Index.</span><span style="font-family:Arial Narrow;font-size:10pt;"> “Assets” means net </span><span style="font-family:Arial Narrow;font-size:10pt;">assets, plus the amount of borrowing for investment purposes. ICE Data Indices, LLC is the index provider for the Underlying Index (the Index Provider). The Underlying Index is a subset of the ICE U.S. Treasury Bond Index Series and primarily includes U.S. Treasury issued debt with the following excluded: Inflation-linked securities, Floating Rate Notes, Cash Management and Treasury Bills, and any government agency debt issued with or without a government guarantee. The dollar-weighted average maturity of the Underlying Index as of May 29, 2026 was 5.6 years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Beta is a measure of the volatility of a security or a portfolio relative to a market benchmark.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> The term “BetaBuilders” in </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">the Fund’s name conveys the intended outcome of providing investors with passive exposure and return that generally correspond to a market cap weighted benchmark.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> The Fund, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">along with other JPMorgan BetaBuilders Funds, can be used to help an investor build a portfolio of passive exposure to various markets.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund, using a “passive” or indexing investment approach, attempts to closely correspond to the performance of the Underlying Index. Unlike many actively-managed funds, the Fund does not seek to outperform the Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to utilize a “representative sampling” strategy whereby securities are chosen in order to attempt to approximate the investment characteristics of the constituent securities. Targeted investment characteristics of the collective portfolio include curve exposure and liquidity, and other fixed income specific attributes (such as yield, duration and maturity). Even when the Fund utilizes representative sampling, it must still invest at least 80% of its Assets in securities included in the Underlying Index. The Fund’s portfolio will be rebalanced monthly in accordance with the monthly rebalancing of the Underlying Index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may also invest in shares of affiliated money market funds.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the ICE U.S. Treasury 3-10 Year Bond Index Total Return in USD (the Underlying Index), which measures the performance of U.S. dollar-denominated, fixed rate securities with minimum term to maturity greater than three years and less than or equal to ten years.</span> <span style="font-family:Arial Narrow;font-size:10pt;"> The Fund will invest at least 80% of its Assets in securities</span><span style="font-family:Arial Narrow;font-size:10pt;"> included in the Underlying Index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> The term “BetaBuilders” in </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">the Fund’s name conveys the intended outcome of providing investors with passive exposure and return that generally correspond to a market cap weighted benchmark.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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 face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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 Underlying Index or 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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Related Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s return may not track the return of the Underlying Index for a number of reasons and therefore may not achieve its investment objective. For example, the Fund </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">incurs a number of operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Underlying Index. In addition, the Fund’s return may differ from the return of the Underlying Index as a result of, among other things, pricing differences between the valuation of securities in the Underlying Index and in the Fund’s NAV and the inability to purchase certain securities included in the Underlying Index due to regulatory or other restrictions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition, because the Fund uses a representative sampling approach, the Fund may not be as well correlated with the return of the Underlying Index as when the Fund purchases all of the securities in the Underlying Index in the proportions in which they are represented in the Underlying Index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Errors in the construction or calculation of the Underlying Index may occur from time to time. Any such errors may not be identified and corrected by the Index Provider for some period of time, which may have an adverse impact on the Fund and its shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The risk that the Fund may not track the performance of the Underlying Index may be heightened during times of increased market volatility or other unusual market conditions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Passive Management Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not generally sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. As a result, the Fund’s performance could be lower than funds that actively shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. The structure and composition of the Underlying Index will affect the performance, volatility, and risk of the Fund. The Fund will not take defensive positions under any market conditions, including in declining markets.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Sampling Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To the extent the Fund uses a representative sampling approach, it will hold a smaller number of securities than are in the Underlying Index. As a result, an adverse development respecting an issuer of securities held by the Fund could result in a greater decline in the Fund’s NAV than would be the case if the Fund held all of the securities in the Underlying Index. Conversely, a positive development relating to an issuer of securities in the Underlying Index that is not held by the Fund could cause the Fund to underperform the Underlying Index. To the extent the assets in the Fund are smaller, these risks may be greater.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund focuses its investments in the United States. As a result, the Fund’s performance may be subject to greater volatility than a more geographically diversified fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by 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. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The securities held by the Fund may be traded in markets that close at a different time than the Exchange. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the Exchange and the corresponding premium or discount to the Shares’ NAV may widen.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants </span><span style="font-family:Arial Narrow;font-size:10pt;">on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past two calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The table compares the Fund’s performance to the </span><span style="font-family:Arial Narrow;font-size:10pt;">Bloomberg US Aggregate Index and ICE U.S. Treasury 3-10 Year Bond Index Total Return in USD. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The ICE U.S. Treasury 3-10 Year Bond Index Total Return in USD is the Fund’s Underlying Index and is more representative of the Fund’s investment universe than the regulatory index.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Past performance (before </span><span style="font-family:Arial Narrow;font-size:10pt;">and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> (844-4JPM ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">SOURCE ICE DATA INDICES, LLC (“ICE DATA”), IS USED WITH PERMISSION. ICE® IS A REGISTERED TRADEMARK OF ICE DATA OR ITS AFFILIATES AND BOFA® IS A REGISTERED TRADEMARK OF BANK OF AMERICA CORPORATION LICENSED BY BANK OF AMERICA CORPORATION AND ITS AFFILIATES (“BOFA”) AND MAY NOT BE USED WITHOUT BOFA’S PRIOR WRITTEN APPROVAL. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND THE ADVISER, OR ANY OF ITS PRODUCTS OR SERVICES.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past two calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;"> Past performance (before </span><span style="font-family:Arial Narrow;font-size:10pt;">and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> (844-4JPM ETF)</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3rd quarter, 2024</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:28.18pt;">4.74%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2024</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:28.18pt;">-2.85%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">-0.02%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2024-09-30 0.0474 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2024-12-31 -0.0285 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 -0.0002 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 2023-04-19 0.0739 0.0385 0.0567 0.0223 0.0435 0.0224 0.0730 0.0425 0.0739 0.0388 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: BBLB</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the ICE US Treasury 20+ Year Bond Index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-2pt;">1</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0004 0.0004 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 4 13 23 51 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">19</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.19 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the ICE US Treasury 20+ Year Bond Index (the Underlying Index), which measures the performance of U.S. dollar-denominated, fixed rate securities with minimum term to maturity greater than twenty years.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund will invest at least 80% of its Assets in </span><span style="font-family:Arial Narrow;font-size:10pt;">securities included in the Underlying Index.</span><span style="font-family:Arial Narrow;font-size:10pt;"> “Assets” means net </span><span style="font-family:Arial Narrow;font-size:10pt;">assets, plus the amount of borrowing for investment purposes. ICE Data Indices, LLC is the index provider for the Underlying Index (the Index Provider). The Underlying Index is a subset of the ICE U.S. Treasury Bond Index Series and primarily includes U.S. Treasury issued debt with the following excluded: Inflation-linked securities, Floating Rate Notes, Cash Management and Treasury Bills, and any government agency debt issued with or without a government guarantee. The dollar-weighted average maturity of the Underlying Index as of May 29, 2026 was 26.1 years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Beta is a measure of the volatility of a security or a portfolio relative to a market benchmark.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> The term “BetaBuilders” in </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">the Fund’s name conveys the intended outcome of providing investors with passive exposure and return that generally correspond to a market cap weighted benchmark. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">The Fund, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">along with other JPMorgan BetaBuilders Funds, can be used to help an investor build a portfolio of passive exposure to various markets.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund, using a “passive” or indexing investment approach, attempts to closely correspond to the performance of the Underlying Index. Unlike many actively-managed funds, the Fund does not seek to outperform the Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to utilize a “representative sampling” strategy whereby securities are chosen in order to attempt to approximate the investment characteristics of the constituent securities. Targeted investment characteristics of the collective portfolio include curve exposure and liquidity, and other fixed income specific attributes (such as yield, duration and maturity). Even when the Fund utilizes representative sampling, it must still invest at least 80% of its Assets in securities included in the Underlying Index. The Fund’s portfolio will be rebalanced monthly in accordance with the monthly rebalancing of the Underlying Index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may also invest in shares of affiliated money market funds.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the ICE US Treasury 20+ Year Bond Index (the Underlying Index), which measures the performance of U.S. dollar-denominated, fixed rate securities with minimum term to maturity greater than twenty years.</span> <span style="font-family:Arial Narrow;font-size:10pt;"> The Fund will invest at least 80% of its Assets in </span><span style="font-family:Arial Narrow;font-size:10pt;">securities included in the Underlying Index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> The term “BetaBuilders” in </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">the Fund’s name conveys the intended outcome of providing investors with passive exposure and return that generally correspond to a market cap weighted benchmark. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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 face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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 Underlying Index or 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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Related Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s return may not track the return of the Underlying Index for a number of reasons and therefore may not achieve its investment objective. For example, the Fund </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">incurs a number of operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Underlying Index. In addition, the Fund’s return may differ from the return of the Underlying Index as a result of, among other things, pricing differences between the valuation of securities in the Underlying Index and in the Fund’s NAV and the inability to purchase certain securities included in the Underlying Index due to regulatory or other restrictions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition, because the Fund uses a representative sampling approach, the Fund may not be as well correlated with the return of the Underlying Index as when the Fund purchases all of the securities in the Underlying Index in the proportions in which they are represented in the Underlying Index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Errors in the construction or calculation of the Underlying Index may occur from time to time. Any such errors may not be identified and corrected by the Index Provider for some period of time, which may have an adverse impact on the Fund and its shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The risk that the Fund may not track the performance of the Underlying Index may be heightened during times of increased market volatility or other unusual market conditions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Passive Management Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not generally sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. As a result, the Fund’s performance could be lower than funds that actively shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. The structure and composition of the Underlying Index will affect the performance, volatility, and risk of the Fund. The Fund will not take defensive positions under any market conditions, including in declining markets.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Sampling Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To the extent the Fund uses a representative sampling approach, it will hold a smaller number of securities than are in the Underlying Index. As a result, an adverse development respecting an issuer of securities held by the Fund could result in a greater decline in the Fund’s NAV than would be the case if the Fund held all of the securities in the Underlying Index. Conversely, a positive development relating to an issuer of securities in the Underlying Index that is not held by the Fund could cause the Fund to underperform the Underlying Index. To the extent the assets in the Fund are smaller, these risks may be greater.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund focuses its investments in the United States. As a result, the Fund’s performance may be subject to greater volatility than a more geographically diversified fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by 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. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The securities held by the Fund may be traded in markets that close at a different time than the Exchange. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the Exchange and the corresponding premium or discount to the Shares’ NAV may widen.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants </span><span style="font-family:Arial Narrow;font-size:10pt;">on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past two calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The table compares the Fund’s performance to the </span><span style="font-family:Arial Narrow;font-size:10pt;">Bloomberg US Aggregate Index and ICE US Treasury 20+ Year Bond Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The ICE US Treasury 20+ Year Bond Index is the Fund’s Underlying Index and is more representative of the Fund’s investment universe than the regulatory index.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Past </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">SOURCE ICE DATA INDICES, LLC (“ICE DATA”), IS USED WITH PERMISSION. ICE® IS A REGISTERED TRADEMARK OF ICE DATA OR ITS AFFILIATES AND BOFA® IS A REGISTERED TRADEMARK OF BANK OF AMERICA CORPORATION LICENSED BY BANK OF AMERICA CORPORATION AND ITS AFFILIATES (“BOFA”) AND MAY NOT BE USED WITHOUT BOFA’S PRIOR WRITTEN APPROVAL. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND THE ADVISER, OR ANY OF ITS PRODUCTS OR SERVICES.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past two calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;"> Past </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3rd quarter, 2024</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:28.64pt;">7.95%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2024</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:28.64pt;">-9.54%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.14%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2024-09-30 0.0795 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2024-12-31 -0.0954 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0014 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 2023-04-19 0.0433 -0.0226 0.0225 -0.0414 0.0256 -0.0248 0.0730 0.0425 0.0429 -0.0227 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: BBHY</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the ICE BofA US High Yield Index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-2pt;">1</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0007 0.0007 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 7 23 40 90 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">31</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.31 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the ICE BofA US High Yield Index (the Underlying Index), which is capitalization weighted based on an issuer’s current market value of debt outstanding and is designed to measure the performance of U.S. dollar denominated below investment grade (commonly referred to as “junk”) corporate debt publicly issued in the U.S. domestic market. To be included in the Underlying Index, securities must be rated below investment grade (based on an average of Moody’s, S&amp;P, and Fitch ratings), have at least 18 months to final maturity at time of issuance, at least one year remaining term to final maturity as of rebalance date, a fixed coupon schedule and a minimum amount outstanding of $250 million. Securities must have risk exposure to countries that are members of the FX-G10, Western Europe or territories of the US and Western Europe. Securities that are original issue zero coupon bonds, 144A securities, pay-in-kind securities, callable perpetual securities (provided they are at least one year from the first call date), and fixed-to-floating (provided they are callable within the fixed rate period and at least one year from last call prior to transition date) are also eligible for inclusion in the index. As of May 29, 2026 the effective duration of the Underlying Index was 3.1 years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will invest at least 80% of its Assets in securities included in the Underlying Index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> “Assets” means net assets, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">plus the amount of borrowings for investment purposes. The Fund will provide shareholders with at least 60 days prior notice of any change to this policy. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest up to 100% of its total assets in below investment grade or unrated securities. Such securities are also known as “junk bonds,” “high yield bonds” and “non-investment grade bonds.” Such securities may include “distressed debt.” Distressed debt includes securities of issuers experiencing financial or operating difficulties, securities where the issuer has defaulted in the payment of interest or principal or in the performance of its covenants or agreements, securities of issuers that may be involved in bankruptcy proceedings, reorganizations or financial restructurings of securities of issuers operating in troubled industries. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In seeking to track the Underlying Index, the Fund may invest in corporate bonds structured as corporate debt securities, public or private placements, restricted and other unregistered securities and U.S. dollar-denominated securities of foreign issuers. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;">Beta is a measure of the volatility of a security or a portfolio relative to a market benchmark. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The term “BetaBuilders” in </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;">the Fund’s name conveys the intended outcome of providing investors with passive exposure and return that generally correspond to a market cap weighted benchmark.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;">along with other JPMorgan BetaBuilders Funds, can be used to help an investor build a portfolio of passive exposure to various markets.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund, using a “passive” or indexing investment approach, attempts to closely correspond to the performance of the Underlying Index. Unlike many actively-managed funds, the Fund does not seek to outperform the Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to utilize a “representative sampling” strategy whereby securities are chosen in order to attempt to approximate the investment characteristics of the constituent securities. Targeted investment characteristics of the collective portfolio include asset class exposure, industry weightings, liquidity, and other fixed income specific attributes (such as yield, duration, credit quality, spread and maturity). Even when the Fund utilizes representative sampling, it must still invest at least 80% of its Assets in securities included in the Underlying Index. The Fund’s portfolio will be rebalanced monthly in accordance with the monthly rebalancing of the Underlying Index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will not invest 25% or more of the value of its total assets in the securities of companies conducting their principal business activities in the same industry.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the ICE BofA US High Yield Index (the Underlying Index), which is capitalization weighted based on an issuer’s current market value of debt outstanding and is designed to measure the performance of U.S. dollar denominated below investment grade (commonly referred to as “junk”) corporate debt publicly issued in the U.S. domestic market. To be included in the Underlying Index, securities must be rated below investment grade (based on an average of Moody’s, S&amp;P, and Fitch ratings), have at least 18 months to final maturity at time of issuance, at least one year remaining term to final maturity as of rebalance date, a fixed coupon schedule and a minimum amount outstanding of $250 million. Securities must have risk exposure to countries that are members of the FX-G10, Western Europe or territories of the US and Western Europe. Securities that are original issue zero coupon bonds, 144A securities, pay-in-kind securities, callable perpetual securities (provided they are at least one year from the first call date), and fixed-to-floating (provided they are callable within the fixed rate period and at least one year from last call prior to transition date) are also eligible for inclusion in the index. As of May 29, 2026 the effective duration of the Underlying Index was 3.1 years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will invest at least 80% of its Assets in securities included in the Underlying Index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The term “BetaBuilders” in </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;">the Fund’s name conveys the intended outcome of providing investors with passive exposure and return that generally correspond to a market cap weighted benchmark.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 Underlying </span><span style="font-family:Arial Narrow;font-size:10pt;">Index or 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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Related Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s return may not track the return of the Underlying Index for a number of reasons and therefore may not achieve its investment objective. For example, the Fund incurs a number of operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Underlying Index. In addition, the Fund’s return may differ from the return of the Underlying Index as a result of, among other things, pricing differences between the valuation of securities in the Underlying Index and in the Fund’s NAV and the inability to purchase certain securities included in the Underlying Index due to regulatory or other restrictions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition, because the Fund uses a representative sampling approach, the Fund may not be as well correlated with the return of the Underlying Index as when the Fund purchases all of the securities in the Underlying Index in the proportions in which they are represented in the Underlying Index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Errors in the construction or calculation of the Underlying Index may occur from time to time. Any such errors may not be identified and corrected by the Index Provider for some period of time, which may have an adverse impact on the Fund and its shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The risk that the Fund may not track the performance of the Underlying Index may be heightened during times of increased market volatility or other unusual market conditions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Passive Management Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not generally sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. As a result, the Fund’s performance could be lower than funds that actively shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. The structure and composition of the Underlying Index will </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">affect the performance, volatility, and risk of the Fund. The Fund will not take defensive positions under any market conditions, including in declining markets.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Sampling Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To the extent the Fund uses a representative sampling approach, it will hold a smaller number of securities than are in the Underlying Index. As a result, an adverse development respecting an issuer of securities held by the Fund could result in a greater decline in the Fund’s NAV than would be the case if the Fund held all of the securities in the Underlying Index. Conversely, a positive development relating to an issuer of securities in the Underlying Index that is not held by the Fund could cause the Fund to underperform the Underlying Index. To the extent the assets in the Fund are smaller, these risks may be greater.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund invests in securities including junk bonds 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 (including substantial or total 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, liquidity risks, prepayment risks, and lack of publicly available information. High yield securities that are deemed to be liquid at the time of purchase may become illiquid. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in the high yield market. 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 high yield securities, increase the claims against assets that are permitted against collateral securing 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 high yield securities issued by such borrowers. Each of these factors might negatively impact the high yield instruments held by the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">No active trading market may exist for some instruments and certain investments may be subject to restrictions on resale. 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 may be more pronounced for the Fund. When instruments are prepaid, the Fund may have to reinvest in instruments with a lower yield or </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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 floating rate loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate loans and other 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. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. Investments in securities of smaller companies (mid cap and small cap companies) may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than securities of larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of securities issued by such companies may be more sudden or erratic than the prices of securities of larger companies, especially over the short term. These risks are higher for small cap companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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, higher transaction costs, delayed settlement, possible foreign controls on investments, liquidity risks and less stringent investor protection and disclosure standards of </span><span style="font-family:Arial Narrow;font-size:10pt;">foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Issuer Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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. Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers as compared to domestic issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The securities held by the Fund may be traded in markets that close at a different time than the Exchange. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the Exchange and the corresponding premium or discount to the Shares’ NAV may widen.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities 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, the value of the Fund’s Shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past nine calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The table compares the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">performance to the Bloomberg US Aggregate Index and ICE BofA US High Yield Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The ICE BofA US High Yield Index is the Fund’s Underlying Index and is more representative of the Fund’s investment universe than the regulatory index. As of February 1, 2023, the Fund changed its investment strategies. In view of these changes, the Fund’s performance record prior to this period might be less pertinent for investors considering whether to purchase shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">SOURCE ICE DATA INDICES, LLC (“ICE DATA”), IS USED WITH PERMISSION. ICE® IS A REGISTERED TRADEMARK OF ICE DATA OR ITS AFFILIATES AND BOFA® IS A REGISTERED TRADEMARK OF BANK OF AMERICA CORPORATION LICENSED BY BANK OF AMERICA CORPORATION AND ITS AFFILIATES (“BOFA”) AND MAY NOT BE USED WITHOUT BOFA’S PRIOR WRITTEN APPROVAL. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND THE ADVISER, OR ANY OF ITS PRODUCTS OR SERVICES.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past nine calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Past </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:30.14pt;">8.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:30.14pt;">-11.81%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">-0.49%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.0855 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1181 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 -0.0049 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 2016-09-14 0.0846 0.0412 0.0492 0.0529 0.0153 0.0254 0.0494 0.0198 0.0270 0.0730 -0.0036 0.0160 0.0850 0.0452 0.0548 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: BBCB</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg US Corporate Index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-2pt;">1</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0004 0.0004 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 4 13 23 51 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">27</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.27 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg US Corporate Index (the Underlying Index), which measures the investment grade, fixed-rate, taxable corporate bond market and includes USD denominated securities publicly issued by US and non-US industrial, utility and financial issuers. Bloomberg Index Services Limited is the index provider for the Underlying Index (the Index Provider). </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund will invest at least 80% of </span><span style="font-family:Arial Narrow;font-size:10pt;">its Assets in securities included in the Underlying Index.</span><span style="font-family:Arial Narrow;font-size:10pt;">“Assets” means net assets, plus the amount of borrowings for investment purposes. The Fund will provide shareholders with at least 60 days prior notice of any change to this policy. The Underlying Index is market capitalization weighted and is designed to measure the performance of U.S. dollar denominated investment grade corporate debt publicly issued in the U.S. domestic market. The Underlying Index is a component of the Bloomberg US Credit and Bloomberg US Aggregate indices. As of May 29, 2026, the duration of the Underlying Index was 6.8 years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As part of its principal strategy, the Fund invests in corporate bonds structured as corporate debt securities, debt securities of master limited partnerships (MLPs), public or private placements, restricted securities and other unregistered securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Beta is a measure of the volatility of a security or a portfolio relative to a market benchmark.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> The term “BetaBuilders” in </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">the Fund’s name conveys the intended outcome of providing investors with passive exposure and return that generally correspond to a market cap weighted benchmark.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> The Fund, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">along with other JPMorgan BetaBuilders Funds, can be used to help an investor build a portfolio of passive exposure to various markets.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund, using a “passive” or indexing investment approach, attempts to closely correspond to the performance of the Underlying Index. Unlike many actively-managed funds, the Fund does not seek to outperform the Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to utilize a “representative sampling” strategy whereby securities are chosen in order to attempt to approximate the investment characteristics of the constituent securities. Targeted investment characteristics of the collective portfolio include asset class exposure, industry weightings, liquidity, and other fixed income specific attributes (such as yield, duration, credit quality, spread and maturity). Even when the Fund utilizes representative sampling, it must still invest at </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">least 80% of its Assets in securities included in the Underlying Index. The Fund’s portfolio will be rebalanced monthly in accordance with the rebalancing of the Underlying Index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will not invest more than 25% of the value of its total assets in the securities of companies conducting their principal business activities in the same industry, except that, to the extent that an industry represents 20% or more of the Fund’s Underlying Index at the time of investment, the Fund may invest up to 35% of its total assets in that industry. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in U.S. dollar-denominated securities of foreign issuers. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition to direct investments in securities, derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts as tools in the management of portfolio assets. The Fund may use derivatives to hedge various investments, for risk management and/or to increase income or gain to the Fund. In particular, the Fund may invest in futures to manage duration. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will not invest in asset classes that are not present in the Underlying Index.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg US Corporate Index (the Underlying Index), which measures the investment grade, fixed-rate, taxable corporate bond market and includes USD denominated securities publicly issued by US and non-US industrial, utility and financial issuers. Bloomberg Index Services Limited is the index provider for the Underlying Index (the Index Provider). </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund will invest at least 80% of </span><span style="font-family:Arial Narrow;font-size:10pt;">its Assets in securities included in the Underlying Index.</span><span style="font-family:Arial Narrow;font-size:10pt;">“Assets” means net assets, plus the amount of borrowings for investment purposes. The Fund will provide shareholders with at least 60 days prior notice of any change to this policy. The Underlying Index is market capitalization weighted and is designed to measure the performance of U.S. dollar denominated investment grade corporate debt publicly issued in the U.S. domestic market. The Underlying Index is a component of the Bloomberg US Credit and Bloomberg US Aggregate indices. As of May 29, 2026, the duration of the Underlying Index was 6.8 years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As part of its principal strategy, the Fund invests in corporate bonds structured as corporate debt securities, debt securities of master limited partnerships (MLPs), public or private placements, restricted securities and other unregistered securities.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund will invest at least 80% of </span><span style="font-family:Arial Narrow;font-size:10pt;">its Assets in securities included in the Underlying Index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> The term “BetaBuilders” in </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">the Fund’s name conveys the intended outcome of providing investors with passive exposure and return that generally correspond to a market cap weighted benchmark.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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 Underlying Index or 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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain </span><span style="font-family:Arial Narrow;font-size:10pt;">disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Related Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s return may not track the return of the Underlying Index for a number of reasons and therefore may not achieve its investment objective. For example, the Fund incurs a number of operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Underlying Index. In addition, the Fund’s return may differ from the return of the Underlying Index as a result of, among other things, pricing differences between the valuation of securities in the Underlying Index and in the Fund’s NAV and the inability to purchase certain securities included in the Underlying Index due to regulatory or other restrictions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition, because the Fund uses a representative sampling approach, the Fund may not be as well correlated with the return of the Underlying Index as when the Fund purchases all of the securities in the Underlying Index in the proportions in which they are represented in the Underlying Index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Errors in the construction or calculation of the Underlying Index may occur from time to time. Any such errors may not be identified and corrected by the Index Provider for some period of time, which may have an adverse impact on the Fund and its shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The risk that the Fund may not track the performance of the Underlying Index may be heightened during times of increased market volatility or other unusual market conditions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Passive Management Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not generally sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. As a result, the Fund’s performance could be lower than funds that actively shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. The structure and composition of the Underlying Index will affect the performance, volatility, and risk of the Fund. The Fund will not take defensive positions under any market conditions, including in declining markets.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Sampling Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To the extent the Fund uses a representative sampling approach, it will hold a smaller number of securities than are in the Underlying Index. As a result, an adverse development respecting an issuer of securities held by the Fund could result in a greater decline in the Fund’s NAV than would be the case if the Fund held all of the securities in the Underlying Index. Conversely, a positive development relating to an </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">issuer of securities in the Underlying Index that is not held by the Fund could cause the Fund to underperform the Underlying Index. To the extent the assets in the Fund are smaller, these risks may be greater.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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 face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Investments in foreign issuers and foreign securities</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, greater volatility, decreased market liquidity, civil conflicts and war, currency fluctuations, sanctions or other measures by the United States or other governments, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment</span><span style="font-family:Arial Narrow;font-size:10pt;">and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities. 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities 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, the value of the Fund’s Shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Financials Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Issuer Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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. Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers as compared to domestic issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Concentration Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund will not invest more than 25% of the value of its total assets in the securities of companies conducting their principal business activities in the same industry, except that, to the extent that an industry represents 20% or more of the Fund’s Underlying Index at the time of investment, the Fund may invest up to 35% of its assets in that industry. Concentrating Fund investments in companies conducting business in the same industry will subject the Fund to a greater risk of loss as a result of adverse economic, business or other developments affecting that industry than if its investments were not so concentrated.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">MLP Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Debt securities of MLPs are subject to the risks of debt securities in general. For example, such securities are more sensitive to interest rates than equity interests in MLPs. The managing general partner of an MLP may receive an incentive allocation based on increases in the amount and growth of cash distributions to investors in the MLP. This method of compensation may create an incentive for the managing general partner to make investments that are riskier or more speculative than would be the case in the absence of such compensation arrangements. Certain MLPs may operate in, or have exposure to, the energy sector. The energy sector can be significantly affected by changes in the prices and supplies of oil and other energy fuels, energy conservation, the success of exploration projects, and tax and other government regulations, policies of the Organization of Petroleum Exporting Countries (OPEC) and relationships among OPEC members and between OPEC and oil importing nations.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The securities held by the Fund may be traded in markets that close at a different time than the Exchange. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the Exchange and the corresponding premium or discount to the Shares’ NAV may widen.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past seven calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The table compares the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">performance to the Bloomberg US Aggregate Index and Bloomberg US Corporate Index. The Bloomberg US Aggregate </span><span style="font-family:Arial Narrow;font-size:10pt;">Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Bloomberg US Corporate Index is the Fund’s Underlying Index and is more representative of the Fund’s investment universe than the regulatory index. As of February 1, 2023, the Fund changed its investment strategies. In view of these changes, the Fund’s performance record prior to this period might be less pertinent for investors considering whether to purchase Shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily</span><span style="font-family:Arial Narrow;font-size:10pt;"> an indication of how the Fund will perform in the future. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past seven calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily</span><span style="font-family:Arial Narrow;font-size:10pt;"> an indication of how the Fund will perform in the future. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:27.72pt;">8.59%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:27.72pt;">-7.48%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">-0.43%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.0859 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-03-31 -0.0748 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 -0.0043 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 2018-12-12 0.0764 -0.0025 0.0319 0.0545 -0.0193 0.0141 0.0449 -0.0090 0.0171 0.0730 -0.0036 0.0212 0.0777 -0.0009 0.0334 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: JPMB</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Emerging Markets Risk-Aware Bond Index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-2pt;">1</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0039 0.0039 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 40 125 219 493 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">48</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.48 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Emerging Markets Risk-Aware Bond Index (the Underlying Index). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will invest at least 80% of its Assets in securities</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> included in the Underlying Index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">“Assets” means net assets, plus the amount of borrowing for investment purposes. The Underlying Index is comprised of liquid, U.S. dollar-denominated sovereign and quasi-sovereign fixed and floating rate debt securities from emerging markets selected using a rules-based methodology that was developed and is owned by the adviser. The Underlying Index defines “quasi-sovereign debt securities” as debt securities issued by an entity that is 100% guaranteed or 100% owned by a national government. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Underlying Index is owned, maintained and calculated by J.P. Morgan Securities LLC (JPMS or the Index Provider), which selects securities in accordance with the methodology from among the components of the J.P. Morgan Emerging Market Bond Index Global Diversified, which was developed and is maintained by the Index Provider. The adviser licenses the Underlying Index from the Index Provider. The Index Provider and the adviser are both wholly-owned subsidiaries of JPMorgan Chase &amp; Co., a publicly-held financial services holding company. The Underlying Index starts with the J.P. Morgan Emerging Market Bond Index Global Diversified and applies a proprietary methodology that filters for liquidity and for country risk and allocates risk based on credit rating.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Historically,</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> the J.P. Morgan Emerging Markets Bond Index Global Diversified has included bonds issued by the countries of Angola, Argentina, Armenia, Azerbaijan, Belize, Bolivia, Brazil, Cameroon, Chile, China, Colombia, Costa Rica, Cote D’Ivoire, Croatia, Dominican Republic, Ecuador, Egypt, El Salvador, Ethiopia, Gabon, Georgia, Ghana, Guatemala, Honduras, Hungary, India, Indonesia, Iraq, Jamaica, Jordan, Kazakhstan, Kenya, Latvia, Lebanon, Lithuania, Malaysia, Mexico, Mongolia, Morocco, Mozambique, Namibia, Nigeria, Oman, Pakistan, Panama, Paraguay, Peru, Philippines, Poland, Romania, Russian Federation, Senegal, Serbia, Slovakia, South Africa, Sri Lanka, Suriname, Trinidad and Tobago, Tunisia, Turkey, Ukraine, Uruguay, Venezuela, Vietnam, Zambia; however, this universe of countries may change in accordance with the Index Provider’s determination of eligible emerging market countries and there is no assurance that a particular country will be represented in the Underlying Index at any given time. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund, using a “passive” or indexing investment approach, attempts to closely correspond to the performance of the Underlying Index. Unlike many investment companies, the Fund does not seek to outperform the Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund uses a combination of stratified sampling and optimization techniques in order to seek to track the performance of the Underlying Index. The Fund’s goal in utilizing these techniques is to minimize tracking error to the Underlying Index. Stratified sampling involves grouping the securities in the Underlying Index into subgroups (for example, grouping the securities by ratings, maturity, sector or country) and selecting securities from each subgroup to match the aggregate weights of the Underlying Index. Optimization utilizes mathematical techniques to select securities by trading off between the desired characteristics of the Underling Index (for example, the risk and return of securities in the Underlying Index) and specified constraints (for example, trade size, issuer ratings, sectors, duration of securities, bid/ask spreads, and portfolio turnover). The Fund aims to ensure that the Fund’s exposures to important risk factors including, but not limited to, interest rate exposure, credit exposure and country and regional exposure, are aligned as closely as possible with the Underlying Index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To the extent the Fund uses the stratified sampling and optimization strategy, it would hold a significant number of the constituent securities of the Underlying Index, but may not track the Underlying Index with the same degree of accuracy as would an investment vehicle replicating the entire Underlying Index. Even when the Fund is utilizing a stratified sampling and optimization strategy, it must invest at least 80% of its Assets in securities included in the Underlying Index. The Fund’s portfolio will be rebalanced monthly within each country and semi-annually across countries in accordance with the rebalancing of the Underlying Index. In addition, the Fund may take into account other considerations including, but not limited to, transaction costs, liquidity, capacity, tax implications and the bid/ask spread of the Fund when implementing the Fund’s stratified sampling and optimization techniques. The Fund will use quantitative models in some instances to quantify the tradeoffs of these considerations and the Fund’s alignment with the Underlying Index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest without limit in securities that are rated below investment grade (also known as junk bonds or high yield securities) by Moody’s Investor Service, Inc. (Moody’s), S&amp;P Global Ratings (S&amp;P), Fitch Ratings (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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As part of its principal investment strategy, the Fund may invest in private placements. The Fund’s debt investments are not subject to specific duration or average weighted maturity limitations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest up to 20% of its assets in exchange-traded futures contracts, credit default swaps and other exchange-traded funds (ETFs) to seek performance that corresponds to the Underlying Index, particularly in emerging markets where it </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">is otherwise difficult to gain access, as well as in securities not included in the Underlying Index, but which the adviser believes will help the Fund track the Underlying Index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To the extent that the securities in the Underlying Index are concentrated in one or more industries or groups of industries, the Fund may concentrate in such industries or groups of industries. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is non-diversified.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will invest at least 80% of its Assets in securities</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> included in the Underlying Index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">“Assets” means net assets, plus the amount of borrowing for investment purposes. The Underlying Index is comprised of liquid, U.S. dollar-denominated sovereign and quasi-sovereign fixed and floating rate debt securities from emerging markets selected using a rules-based methodology that was developed and is owned by the adviser. The Underlying Index defines “quasi-sovereign debt securities” as debt securities issued by an entity that is 100% guaranteed or 100% owned by a national government. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Underlying Index is owned, maintained and calculated by J.P. Morgan Securities LLC (JPMS or the Index Provider), which selects securities in accordance with the methodology from among the components of the J.P. Morgan Emerging Market Bond Index Global Diversified, which was developed and is maintained by the Index Provider. The adviser licenses the Underlying Index from the Index Provider. The Index Provider and the adviser are both wholly-owned subsidiaries of JPMorgan Chase &amp; Co., a publicly-held financial services holding company. The Underlying Index starts with the J.P. Morgan Emerging Market Bond Index Global Diversified and applies a proprietary methodology that filters for liquidity and for country risk and allocates risk based on credit rating.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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 Underlying Index or 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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities and Emerging Markets Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and </span><span style="font-family:Arial Narrow;font-size:10pt;">nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities.</span><span style="font-family:Arial Narrow;font-size:10pt;">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. These risks are magnified in countries in “emerging markets.” Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. The Underlying Index (and therefore the Fund) does not directly weight securities on the basis of investor protection considerations and/or the availability and quality of information regarding issuers. </span><span style="font-family:Arial Narrow;font-size:10pt;">Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Additionally, the Fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular in emerging market countries, which can increase the risks of loss. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or subjects to sanctions.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asia Pacific Market Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The economies in the Asia Pacific region are in all stages of economic development and may be intertwined. The small size of securities markets and the low trading volume in some countries in the Asia Pacific region may lead to a lack of liquidity, and natural disasters common to the </span><span style="font-family:Arial Narrow;font-size:10pt;">region, including floods, droughts, earthquakes, fires and tsunamis, may adversely affect the economies and markets in the region. The share prices of companies in the region tend to be volatile and there is a significant possibility of loss. Many of the countries in the region are developing, both politically and economically, and as a result companies in the region may be subject to risks like nationalization or other forms of government interference, and/or may be heavily reliant on only a few industries or commodities, and may be subject to national or regional security concerns, including terrorism, war, strained international relations, or the threat or potential of one or more such events. Investments in the region may also be subject to currency risks, such as restrictions on the flow of money in and out of the country, extreme volatility relative to the U.S. dollar, and devaluation, all of which could decrease the value of the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Greater China Region Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> In addition to the risks listed under “Foreign Securities and Emerging Markets Risk,” investments in Mainland China and Hong Kong are subject to significant legal, regulatory, monetary and economic risks, as well as the potential for regional and global conflicts, including actions that are contrary to the interests of the U.S. Investments in Mainland China involve political and legal uncertainties, currency fluctuations and aggressive currency controls, the risk of confiscatory taxation, and nationalization or expropriation of assets, which could adversely affect and significantly diminish the values of the Mainland Chinese companies in which the Fund invests. The Mainland Chinese securities markets are emerging markets characterized by greater price volatility. Mainland China is dominated by the one-party rule of the Communist Party, and the Mainland Chinese government exercises significant control over Mainland China’s economic growth. China’s economy is highly reliant on trade and may be adversely affected by a deterioration in global demand, supply chain issues, or labor shortages. There is also the potential of increased tariffs and restrictions on trade between the United States and Mainland China. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on Mainland Chinese companies and a commensurately negative impact on the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The political reunification of Mainland China and Taiwan, over which Mainland China continues to claim sovereignty, is a highly complex issue. There is the potential for future political, military or economic disturbances that may have an adverse impact on the values of the Fund’s investments in Mainland China and elsewhere, or make certain Fund investments impractical or impossible. Any escalation of hostility between Mainland China and Taiwan would likely have a significant adverse impact on the value and liquidity of the Fund’s investments in both Mainland China and elsewhere, causing substantial investment losses for the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Hong Kong is a Special Administrative Region of the People’s Republic of China. Since Hong Kong reverted to Chinese sovereignty in 1997, it has been governed by the Basic Law. Under the Basic Law, Hong Kong was guaranteed a high degree of autonomy in certain matters, including economic matters, until 2047. Attempts by the government of Mainland China to exert greater control over Hong Kong’s economic, political or legal structures or its existing social policy, could negatively affect investor confidence in Hong Kong (as has been the case previously during certain periods), which in turn could negatively affect markets and business performance. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Chinese operating companies sometimes rely on variable interest entity (VIE) structures to raise capital from non-Chinese investors, even though such arrangements are not formally recognized under Chinese law. In a VIE structure, a Mainland China-based operating company establishes an entity (typically offshore) that enters into service and other contracts (such as powers of attorney, equal pledge agreements and other services or business cooperation agreements) with the Mainland Chinese company designed to provide economic exposure to the company. The offshore entity then issues exchange-traded shares that are sold to the public, including non-Chinese investors (such as the Fund). Shares of the offshore entity are not equity ownership interests in the Mainland Chinese operating company and therefore the ability of the offshore entity to control the activities at the Mainland Chinese company are limited and the Mainland Chinese company may engage in activities that negatively impact investment value. Under a VIE structure, the Fund will typically have little or no ability to influence the Mainland China-based operating company through proxy voting or other means because it is not a Mainland Chinese company owner/shareholder. The VIE structure is designed to provide the offshore entity (and in turn, investors in the entity) with economic exposure to the Mainland Chinese company that replicates equity ownership, without actual equity ownership of the Mainland Chinese operating company. The VIE contractual arrangements permit the VIE structure to consolidate its financial statements with those of the underlying Chinese companies. VIE structures are used due to Mainland Chinese government prohibitions on foreign ownership of companies in certain industries and it is not clear that the contracts are enforceable or that the structures will otherwise work as intended. Intervention by the Mainland Chinese government with respect to VIE structures could adversely affect the Mainland Chinese operating company’s performance, the enforceability of the offshore entity’s contractual arrangements with the Mainland Chinese company and the value of the offshore entity’s shares. If this were to occur, the market value of the Fund’s associated portfolio holdings would likely fall, causing substantial investment losses for the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">EMEA (Europe/Middle East/Africa) Region Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The economies of the EMEA countries in the Underlying Index are all considered emerging market economies. The democratization process in Eastern Europe is still relatively new, and political turmoil and </span><span style="font-family:Arial Narrow;font-size:10pt;">uprising remains a threat. Recent</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">examples include conflict, loss of life and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent, duration and impact of these conflicts, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Such conflicts may also result in significant refugee and migration flows,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">which may adversely impact foreign investor confidence in the affected countries and the broader region. Many Middle Eastern economies have little or no democratic tradition and are currently facing greater political and economic uncertainty, which could result in significant economic downturn. Many African nations have a history of dictatorship, military intervention and corruption. Russia, the Middle East and many African nations are also highly reliant on income from sales of commodities (such as oil), and their economies are therefore vulnerable to changes in the global prices of these commodities and currencies. As global demand for commodities fluctuates, the Russian economy and many Middle Eastern and African economies may be significantly impacted.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">European Market Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s performance will be affected by political, social and economic conditions in the various countries in which it invests in Europe and in Europe more generally, such as growth of the economic output (the gross national product), the rate of inflation, the rate at which capital is reinvested into European economies, the success of governmental actions to reduce budget deficits, the resource self-sufficiency of European countries and interest and monetary exchange rates between European countries. European financial markets may experience volatility due to concerns about high government debt levels, credit rating downgrades, rising unemployment, the future of the euro as a common currency, possible restructuring of government debt and other government measures responding to those concerns and fiscal and monetary controls imposed on member countries of the European Union.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">India Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. Government actions, bureaucratic obstacles and inconsistent economic reform within the Indian government have had a significant effect on the economy and could adversely affect market conditions, economic growth and the profitability of private enterprises. Global economic developments may inhibit the flow of foreign capital on which India is dependent to sustain its growth. Large portions of many Indian companies remain in the hands of individuals and corporate governance standards of Indian companies may be weaker and less transparent, which may increase the risk of loss and unequal treatment of investors. Investments in Indian securities may be limited or prevented, at times, due to the limits on foreign ownership imposed by the Reserve Bank of India. Investments in India are subject to risks presented by investments in an emerging market country, including liquidity risk, which may result in extreme volatility in the prices of Indian securities. Religious, cultural and military disputes persist in India, and between India and Pakistan (as well as between </span><span style="font-family:Arial Narrow;font-size:10pt;">sectarian groups within each country). In addition, the Indian economy could be adversely impacted by natural disasters and acts of terrorism. Investments in India may be more likely to be affected by such events than investments in other geographic regions. Both India and Pakistan have tested nuclear arms, and the threat of deployment of such weapons could hinder development of the Indian economy, and escalating tensions could impact the broader region.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Latin American Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The economies of countries in Latin America are all considered emerging market economies. High interest, inflation (in some cases substantial and prolonged), and unemployment rates generally characterize each economy. Because commodities such as agricultural products, minerals, and metals represent a significant percentage of exports of many Latin American countries, the economies of those countries are particularly sensitive to fluctuations in commodity prices. Investments in the region may also be subject to currency risks, such as restrictions on the flow of money in and out of the country, extreme volatility relative to the U.S. dollar, and devaluation, all of which could decrease the value of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Governments of many Latin American countries exercise substantial influence over many aspects of the private sector, and any such exercise could have a significant effect on companies in which the Fund invests. Other Latin American market risks include foreign exchange controls, difficulties in pricing securities, defaults on sovereign debt, difficulties in enforcing favorable legal judgments in local courts, political and social instability and the significant percentage of the market represented by a small number of issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Sovereign Debt Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, including where a sovereign issuer lacks the willingness to make timely payments, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country’s economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> 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 floating rate loans and other 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Related Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s return may not track the return of the Underlying Index for a number of reasons and therefore may not achieve its investment objective. For example, the Fund incurs a number of operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Underlying Index. These transaction costs may be higher for a Fund investing in foreign securities. In addition, the Fund’s return may differ from the return of the Underlying Index as a result of, among other things, pricing differences (including differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV) and the inability to purchase certain securities included in the Underlying Index due to regulatory or other restrictions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition, when the Fund uses a representative sampling approach, the Fund may not be as well correlated with the return of the Underlying Index as when the Fund purchases all of the securities in the Underlying Index in the proportions in which they are represented in the Underlying Index. To the extent the Fund calculates its NAV based on fair value prices and the value of the Underlying Index is based on securities’ closing prices on local foreign markets (i.e., the value of the Underlying Index is not based on fair value prices), the Fund’s ability to track the performance of the Underlying Index may be adversely affected. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Errors in the construction or calculation of the Underlying Index may occur from time to time. Any such errors may not be identified and corrected by the Index Provider for some period of time, which may have an adverse impact on the Fund and its shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The risk that the Fund may not track the performance of the Underlying Index may be heightened during times of increased market volatility or other unusual market conditions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Passive Management Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not generally sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. As a result, the Fund’s performance could be lower than funds that actively shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. The structure and composition of the Underlying Index will affect the performance, volatility, and risk of the Fund. The Fund will not take defensive positions under any market conditions, including in declining markets.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Sampling Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To the extent the Fund uses a representative sampling approach, it will hold a smaller number of securities than are in the Underlying Index. As a result, an adverse development respecting an issuer of securities held by the Fund could result in a greater decline in the Fund’s NAV than would be the case if the Fund held all of the securities in the Underlying Index. Conversely, a positive development relating to an issuer of securities in the Underlying Index that is not held by the Fund could cause the Fund to underperform the Underlying Index. To the extent the assets in the Fund are smaller, these risks may be greater.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund invests in securities including junk bonds 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 (including substantial or total 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, liquidity risks, prepayment risks, and lack of publicly available information. High yield securities that are deemed to be liquid at the time of purchase may become illiquid. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in the high yield market. 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 high yield securities, increase the claims against assets that are permitted against collateral securing 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 high yield securities issued by such borrowers. Each of these factors might negatively impact the high yield instruments held by the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">No active trading market may exist for some instruments and certain investments may be subject to restrictions on resale. 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 may be more pronounced for the Fund. When 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be 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 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). 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. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Structured Investment Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Certain structured investments including credit default swaps are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such instruments, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Shares are listed for trading on the NYSE Arca, 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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The securities held by the Fund may be traded in markets that close at a different time than the Exchange. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the Exchange and the corresponding premium or discount to the Shares’ NAV may widen.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities 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, the value of the Fund’s Shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Non-Diversified Fund Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s Shares being more sensitive to economic results of those issuing the securities. The value of the Fund’s Shares may also be more volatile than the value of a fund which invests in more securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past seven calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The table compares the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">performance to the Bloomberg Global Aggregate Index - Unhedged USD and JPMorgan Emerging Markets Risk-Aware Bond Index. The Bloomberg Global Aggregate Index - Unhedged USD serves as the Fund’s regulatory index and provides a broad measure of market performance. The JPMorgan Emerging Markets Risk-Aware Bond Index is the Fund’s Underlying Index and is more representative of the Fund’s investment universe than the regulatory index. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after </span><span style="font-family:Arial Narrow;font-size:10pt;">taxes) is not necessarily an indication of how the Fund will perform in the future. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> (844-4JPM ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past seven calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after </span><span style="font-family:Arial Narrow;font-size:10pt;">taxes) is not necessarily an indication of how the Fund will perform in the future. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> (844-4JPM ETF)</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:32.76pt;">11.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:32.76pt;">-14.39%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">-2.10%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1155 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1439 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 -0.0210 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 2018-01-29 0.1321 0.0081 0.0263 0.1005 -0.0149 0.0043 0.0770 -0.0042 0.0102 0.0817 -0.0215 0.0031 0.1368 0.0132 0.0317 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: BBRE</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the MSCI US REIT Custom Capped Index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-2pt;">1</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0011 0.0011 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 11 35 62 141 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">8</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.08 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the MSCI US REIT Custom Capped Index (formerly known as the MSCI USA/REIT 25-50 Custom Index) (the Underlying Index). </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund will </span><span style="font-family:Arial Narrow;font-size:10pt;">invest at least 80% of its Assets in securities included in the Underlying Index.</span><span style="font-family:Arial Narrow;font-size:10pt;"> “Assets” means net assets, plus the amount of </span><span style="font-family:Arial Narrow;font-size:10pt;">borrowing for investment purposes. The Underlying Index is a free-float adjusted market-cap weighted index designed to measure the performance of US equity real estate investment trust (REIT) securities. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Underlying Index is made up of the </span><span style="font-family:Arial Narrow;font-size:10pt;">stocks of publicly traded US equity REITs, as determined by MSCI Inc., the index provider. To be included initially in the Underlying Index, an equity REIT must meet certain criteria established by the index provider, including meeting a minimum market capitalization threshold as well as a liquidity threshold based on a number of factors, including trading volume and frequency of trading. The Underlying Index includes a capping methodology which is designed to prevent the weight of any single issuer, and the aggregate weight of issuers representing over 5% of the Underlying Index, from exceeding a maximum of 25% of the Underlying Index. This capping methodology allows the Fund, in seeking to track the Underlying Index, to invest in a manner consistent with the Fund’s classification as a “diversified” fund under the Investment Company Act of 1940. Equity REITs in the Underlying Index tend to be small- and mid-cap stocks, and may include Health Care REITs, Hotel &amp; Resort REITs, Industrial REITs, Office REITs, Residential REITs, Retail REITs, Diversified REITs and certain other REITs that do not fall into these categories, referred to as Specialized REITs. </span><span style="font-family:Arial Narrow;font-size:10pt;">As of </span><span style="font-family:Arial Narrow;font-size:10pt;">May 29, 2026, the market capitalization of the companies in the Underlying Index ranged from $673.75 million to $135.12 billion and the Underlying Index included 105 securities. REITs are pooled investment vehicles that invest primarily in income-producing real estate or loans related to real estate. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents and can also realize capital gains by selling property that has appreciated in value. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Beta is a measure of the volatility of a security or a portfolio relative to a market benchmark.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> The term “BetaBuilders” in </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">the Fund’s name conveys the intended outcome of providing investors with passive exposure and return that generally correspond to a market cap weighted benchmark.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> The Fund, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">along with other JPMorgan BetaBuilders Funds, can be used to help an investor build a portfolio of passive exposure to various markets.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund, using a “passive” or indexing investment approach, attempts to closely correspond to the performance of the Underlying Index. Unlike many investment companies, the Fund does not seek to outperform the Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s intention is to replicate the constituent securities of the Underlying Index as closely as possible. “Replication” is a passive indexing strategy in which a fund invests in substantially all of the securities in its underlying index in approximately the same proportions as the underlying index. However, under various circumstances, it may not be possible or practicable to purchase or hold all of, or only, the constituent securities in their respective weightings in the Underlying Index. In these circumstances, the Fund may utilize a “representative sampling” strategy whereby securities are chosen in order to attempt to approximate the investment characteristics of the constituent securities. To the extent the Fund uses a representative sampling strategy, it would hold a significant number of the constituent securities of the Underlying Index, but may not track the Underlying Index with the same degree of accuracy as would an investment vehicle replicating the entire Underlying Index. Even when the Fund is utilizing representative sampling, it must invest at least 80% of its Assets in securities included in the Underlying Index. The Fund’s portfolio will be rebalanced quarterly in accordance with the quarterly rebalancing of the Underlying Index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest up to 20% of its assets in exchange-traded futures to seek performance that corresponds to the Underlying Index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To the extent that the securities in the Underlying Index are concentrated in one or more industries or groups of industries, the Fund may concentrate in such industries or groups of industries. The current Underlying Index is concentrated in the real estate group of industries.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund will </span><span style="font-family:Arial Narrow;font-size:10pt;">invest at least 80% of its Assets in securities included in the Underlying Index.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Underlying Index is made up of the </span><span style="font-family:Arial Narrow;font-size:10pt;">stocks of publicly traded US equity REITs, as determined by MSCI Inc., the index provider. To be included initially in the Underlying Index, an equity REIT must meet certain criteria established by the index provider, including meeting a minimum market capitalization threshold as well as a liquidity threshold based on a number of factors, including trading volume and frequency of trading. The Underlying Index includes a capping methodology which is designed to prevent the weight of any single issuer, and the aggregate weight of issuers representing over 5% of the Underlying Index, from exceeding a maximum of 25% of the Underlying Index. This capping methodology allows the Fund, in seeking to track the Underlying Index, to invest in a manner consistent with the Fund’s classification as a “diversified” fund under the Investment Company Act of 1940. Equity REITs in the Underlying Index tend to be small- and mid-cap stocks, and may include Health Care REITs, Hotel &amp; Resort REITs, Industrial REITs, Office REITs, Residential REITs, Retail REITs, Diversified REITs and certain other REITs that do not fall into these categories, referred to as Specialized REITs. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> The term “BetaBuilders” in </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">the Fund’s name conveys the intended outcome of providing investors with passive exposure and return that generally correspond to a market cap weighted benchmark.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Real Estate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, decreases in real estate values, overbuilding, increased competition and other risks related to local or general economic conditions, increases in operating costs and property taxes, changes in zoning laws, casualty or condemnation losses, possible environmental liabilities, regulatory limitations on rent, possible lack of availability of mortgage financing, market saturation, fluctuations in rental income and the value of underlying properties and extended vacancies of properties, and the management skill and creditworthiness of REIT issuers. In particular, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management of the underlying properties. REITs may be more volatile and/or more illiquid than other types of equity securities. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund. Publicly traded REIT shares are also subject to “Equity Market Risk.”</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Market Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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 Underlying Index or 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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Related Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s return may not track the return of the Underlying Index for a number of reasons and therefore may not achieve its investment objective. For example, the Fund </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">incurs a number of operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Underlying Index. In addition, the Fund’s return may differ from the return of the 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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition, when the Fund uses a representative sampling approach, the Fund may not be as well correlated with the return of the Underlying Index as when the Fund purchases all of the securities in the Underlying Index in the proportions in which they are represented in the Underlying Index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Errors in the construction or calculation of the Underlying Index may occur from time to time. Any such errors may not be identified and corrected by the Index Provider for some period of time, which may have an adverse impact on the Fund and its shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The risk that the Fund may not track the performance of the Underlying Index may be heightened during times of increased market volatility or other unusual market conditions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Passive Management Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not generally sell a security because the security’s issuer was in financial trouble unless that security is removed from the Underlying Index. As a result, the Fund’s performance could be lower than funds that actively shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. The structure and composition of the Underlying Index will affect the performance, volatility, and risk of the Fund. The Fund will not take defensive positions under any market conditions, including in declining markets.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Sampling Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Because the Fund uses a representative sampling approach, it will hold a smaller number of securities than are in the Underlying Index. As a result, an adverse development respecting an issuer of securities held by the Fund could result in a greater decline in the Fund’s NAV than would be the case if the Fund held all of the securities in the Underlying Index. Conversely, a positive development relating to an issuer of securities in the Underlying Index that is not held by the Fund could cause the Fund to underperform the Underlying Index. To the extent the assets in the Fund are smaller, these risks may be greater.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be 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 expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and </span><span style="font-family:Arial Narrow;font-size:10pt;">includes credit risk associated with the counterparty). 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. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. Investments in securities of smaller companies (mid cap and small cap companies) may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than securities of larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of securities issued by such companies may be more sudden or erratic than the prices of securities of larger companies, especially over the short term. These risks are higher for small cap companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">these authorized participants is or will be obligated to engage in creation or redemption transactions. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Concentration Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> To the extent that the securities in the Underlying Index are concentrated in one or more industries or groups of industries, the Fund may concentrate in such industries or groups of industries. The current Underlying Index is concentrated in the real estate group of industries. This concentration increases the risk of loss to the Fund by increasing its exposure to economic, business, political or regulatory developments that may be adverse to the real estate group of industries.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Tax Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. REITs in which the Fund will invest are subject to complicated Internal Revenue Code rules. The tax laws that apply to these investment vehicles have the potential to create negative tax consequences for the Fund, or for certain shareholders of the Fund, including, in particular, charitable remainder trusts and non-U.S. taxpayers. The Fund is subject to the risk that the issuer of the securities will fail to comply with certain requirements of the Internal Revenue Code, which could cause adverse tax consequences. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may distribute amounts to shareholders in excess of its earnings, resulting in a return of capital. Such distributions are not currently taxable to shareholders; instead, any such distributions would reduce a shareholder’s tax basis in its Shares, resulting in an increased gain, or decreased loss, on a later redemption or other taxable disposition of such Shares. Should any such distributions exceed a shareholder’s tax basis in its Shares, such excess would be treated as gain and taxable to the shareholder in the same manner as gain from a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past seven calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The table compares the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">performance to the MSCI USA Index and the MSCI US REIT Custom Capped Index. The MSCI USA Index serves as the Fund’s regulatory index and provides a broad measure of market performance. </span><span style="font-family:Arial Narrow;font-size:10pt;">The MSCI US REIT Custom Capped Index is the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span><span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows the performance of the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares over the past seven calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The MSCI US REIT Custom Capped Index is the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> ETF)</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2019</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:32.53pt;">16.28%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:32.53pt;">-26.93%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3.98%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2019-03-31 0.1628 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2693 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0398 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 2018-06-15 0.0186 0.0623 0.0578 0.0077 0.0514 0.0468 0.0132 0.0447 0.0412 0.1775 0.1387 0.1450 0.0197 0.0636 0.0591 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: JMMF</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund aims to provide current income while seeking to maintain liquidity and a low volatility of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-2pt;">1</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0016 0.0016 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 16 52 90 205 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in obligations of the U.S. Treasury, including Treasury bills, bonds, and notes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. Ordinarily, the Fund does not buy securities issued or guaranteed by agencies of the U.S. Government. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Although the Fund will seek to qualify as a “government money market fund” (described below), it will not seek to maintain a stable net asset value (NAV) per Share using the amortized cost method of valuation. Instead, the Fund will calculate its NAV per Share based on the market value of its investments. In addition, unlike a traditional money market fund, the Fund operates as an exchange-traded fund (ETF). As an ETF, Shares of the Fund will be traded on the Exchange (as defined below) and will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on the Exchange. You could lose money by investing in the Fund. Because the Share price and NAV of the Fund will fluctuate, when Shares are sold on the Exchange (or redeemed, in the case of an authorized participant), they may be worth more or less than what was originally paid for them. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. Government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully by cash and/or government securities and are exempt from requirements that permit money market funds to impose a liquidity fee. While the J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in obligations of the U.S. Treasury, including Treasury bills, bonds, and notes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">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, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, 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 or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by 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. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. 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 (e.g., Congressional debt ceiling impasses). This would result in losses to the Fund. U.S. Government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">ETF Shares Trading Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Shares are listed for trading on the NYSE Arca, 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Authorized Participant Concentration Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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. The Fund has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). 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. Authorized participant concentration risk may be heightened for exchange-traded funds (ETFs) that invest in securities issued by non-U.S. issuers.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Cash Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Unlike certain ETFs, the Fund expects to generally effect its creations and redemptions entirely or partially in cash, rather than primarily for in-kind securities. Therefore, it will be required to sell portfolio securities and subsequently recognize a gain on such sales that the Fund </span><span style="font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund has not operated for a full calendar year as of the date of this prospectus and therefore, has no reportable performance history. </span><span style="font-family:Arial Narrow;font-size:10pt;">Once the Fund has operated for at least </span><span style="font-family:Arial Narrow;font-size:10pt;">one calendar year, a bar chart and performance table will be included in the prospectus to show the performance of the Fund. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. </span><span style="font-family:Arial Narrow;font-size:10pt;">Although past performance of the Fund is no </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">or by calling</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM ETF)</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund has not operated for a full calendar year as of the date of this prospectus and therefore, has no reportable performance history. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Once the Fund has operated for at least </span><span style="font-family:Arial Narrow;font-size:10pt;">one calendar year, a bar chart and performance table will be included in the prospectus to show the performance of the Fund. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Although past performance of the Fund is no </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-844-457-6383 (844-4JPM ETF)</span> The Fund's management agreement provides that the adviser will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, payments under the Fund’s 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, the Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. 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 0.39% 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 6/30/27, 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. The Fund's management agreement provides that the adviser will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, payments under the Fund’s 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, the Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. The Fund's management agreement provides that the adviser will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, payments under the Fund’s 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, the Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. 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 0.24% 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 6/30/28, 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. 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 0.24% 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 6/30/27, 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. The Fund's management agreement provides that the adviser will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, payments under the Fund’s 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, the Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. The Fund's management agreement provides that the adviser will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, payments under the Fund’s 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, the Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. 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 0.45% 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 9/30/28, 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. The Fund's management agreement provides that the adviser will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, payments under the Fund’s 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, the Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. The Fund's management agreement provides that the adviser will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, payments under the Fund’s 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, the Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. 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 0.37% 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 6/30/27, 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. 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 0.35% 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 6/30/27, 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. 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 0.50% 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 6/30/27, 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. The Fund's management agreement provides that the adviser will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, payments under the Fund’s 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, the Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. The Fund's management agreement provides that the adviser will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, payments under the Fund’s 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, the Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. The Fund's management agreement provides that the adviser will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, payments under the Fund’s 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, the Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. 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 6/30/27, 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. The Fund's management agreement provides that the adviser will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, payments under the Fund’s 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, the Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. The Fund's management agreement provides that the adviser will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, payments under the Fund’s 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, the Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. The Fund's management agreement provides that the adviser will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, payments under the Fund’s 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, the Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. 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 0.18% 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 6/30/27, 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. The Fund's management agreement provides that the adviser will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, payments under the Fund’s 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, the Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. The Fund's management agreement provides that the adviser will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, payments under the Fund’s 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, the Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. The Fund's management agreement provides that the adviser will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, payments under the Fund’s 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, the Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. The Fund's management agreement provides that the adviser will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, payments under the Fund’s 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, the Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable. The Fund's management agreement provides that the adviser will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, payments under the Fund’s 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, the Fund shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable.