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Morgan Exchange-Traded Fund Trust 2026-06-30 JPMorgan Active Growth ETF JPMorgan Active Growth ETF JGRO This annual shareholder report contains important information about the JPMorgan Active Growth ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-844-457-6383 jpm.xf@jpmorgan.com <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Active Growth ETF<br/></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>47</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.44<span>%</span></td> </tr> </table> 47 0.0044 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div><div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund returned 14.70% for the twelve months ended June 30, 2026. The Russell 1000 Index returned 22.02% and the Russell 1000 Growth Index returned 17.71% for the twelve months ended June 30, 2026.</div><div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the technology and health care sectors detracted from relative performance. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s underweight allocations to Alphabet and Apple detracted from relative performance. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the industrials and telecommunications sectors contributed to relative performance. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s underweight allocation to Microsoft and overweight allocation to Ciena contributed to relative performance. </div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g153689chartimages_5475136.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">SINCE<br/>INCEPTION<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Active Growth ETF - Net Asset Value</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">August 8, 2022<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">14.70</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">19.27<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 1000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.02</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">17.87</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 1000 Growth Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">17.71</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">20.45</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Active Growth ETF - Net Asset Value 2022-08-08 0.1470 0.1927 Russell 1000 Index 0.2202 0.1787 Russell 1000 Growth Index 0.1771 0.2045 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>9,992,342,989</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">129</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">68</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>36,036,489</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 9992342989 129 0.68 36036489 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g153689chartimages_5475226.jpg" style="width: 275pt;"/> </div> JPMorgan Active Small Cap Value ETF JPMorgan Active Small Cap Value ETF JPSV This annual shareholder report contains important information about the JPMorgan Active Small Cap Value ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383,<span style="white-space: nowrap;"> </span>by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-844-457-6383 jpm.xf@jpmorgan.com <div style="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Active Small Cap Value ETF<br/></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>83</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.74<span>%</span></td> </tr> </table> 83 0.0074 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund returned 24.10% for the twelve months ended June 30, 2026. The Russell 3000 Index returned 22.82% and the Russell 2000 Value Index returned 43.01% for the twelve months ended June 30, 2026.</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's security selection in health care and financials detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's security selection in industrials and utilities contributed to performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's underweight allocation to TTM Technologies and not owning EchoStar detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's overweight allocation to Sanmina and Radiant Corp.<span style="white-space: nowrap;"> </span>contributed to performance.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g153689chartimages_5475137.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">SINCE<br/>INCEPTION<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Active Small Cap Value ETF - Net Asset Value</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">March 7, 2023</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">24.10</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">11.39<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.82</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.02</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 2000 Value Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">43.01</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.87</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Active Small Cap Value ETF - Net Asset Value 2023-03-07 0.2410 0.1139 Russell 3000 Index Russell 3000 Index 0.2282 0.2202 Russell 2000 Value Index 0.4301 0.1587 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>26,883,007</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">107</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">49</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>180,138</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 26883007 107 0.49 180138 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g153689chartimages_5475227.jpg" style="width: 275pt;"/> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Effective April 20, 2026, the Fund’s structure changed from a “non-transparent” or “semi-transparent” ETF, which does not publicly disclose its portfolio holdings on a daily basis, to a “transparent” ETF that discloses its portfolio holdings daily and operates in reliance on Rule 6c-11 under the Investment Company Act of 1940, as amended.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.</div> www.jpmorganfunds.com/funddocuments 1-844-457-6383 JPMorgan Active Value ETF JPMorgan Active Value ETF JAVA This annual shareholder report contains important information about the JPMorgan Active Value ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383,<span style="white-space: nowrap;"> </span>by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-844-457-6383 jpm.xf@jpmorgan.com <div style="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Active Value ETF<br/></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>49</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.44<span>%</span></td> </tr> </table> 49 0.0044 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund returned 22.85% for the twelve months ended June 30, 2026. The Russell 1000 Index returned 22.02% and the Russell 1000 Value Index returned 27.12% for the twelve months ended June 30, 2026.</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's security selection in communication services and energy detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's security selection in information technology and underweight allocation to consumer staples contributed to performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's underweight allocation to Intel and not owning Caterpillar detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's overweight allocation to Western Digital and Corning contributed to performance.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g153689chartimages_5475133.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">SINCE<br/>INCEPTION<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Active Value ETF - Net Asset Value</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">October 4, 2021</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.85</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.14<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 1000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.02</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">13.41</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 1000 Value Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">27.12</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">11.83</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Active Value ETF - Net Asset Value 2021-10-04 0.2285 0.1214 Russell 1000 Index 0.2202 0.1341 Russell 1000 Value Index 0.2712 0.1183 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>6,697,804,784</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">161</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">124</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>22,709,381</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 6697804784 161 1.24 22709381 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g153689chartimages_5475223.jpg" style="width: 275pt;"/> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund added “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund added “High Portfolio Turnover” risk disclosure to its prospectus as of November 1, 2025. As the Fund will likely engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility that the recognition of capital gains will be accelerated, including short-term capital gains that will generally be taxable to shareholders as ordinary income. </div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund added “Industrials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.</div> The Fund added “High Portfolio Turnover” risk disclosure to its prospectus as of November 1, 2025. 2025-11-01 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.</div> www.jpmorganfunds.com/funddocuments 1-844-457-6383 JPMorgan Equity Focus ETF JPMorgan Equity Focus ETF JPEF This annual shareholder report contains important information about the JPMorgan Equity Focus ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383,<span style="white-space: nowrap;"> </span>by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-844-457-6383 jpm.xf@jpmorgan.com <div style="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Equity Focus ETF<br/></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>49</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.46<span>%</span></td> </tr> </table> 49 0.0046 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund returned 15.34% for the twelve months ended June 30, 2026. The S&amp;P 500 Index returned 22.32% for the twelve months ended June 30, 2026.</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the information technology and consumer discretionary sectors detracted from relative performance. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s overweight allocation to Intuit and underweight allocation to Micron Technology detracted from relative performance. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the financials and industrials sectors contributed to relative performance. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s overweight allocations to Analog Devices and United Rentals contributed to relative performance.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g153689chartimages_5475138.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">5 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">10 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Equity Focus ETF - Net Asset Value</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">July 29, 2011<span>*</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.34</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.87<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">16.32<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">S&amp;P 500 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.32</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">13.41</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.51</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; font-size: 8pt; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; width: 6pt; font-weight: normal; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; vertical-align: super; text-align: left; font-size: 9pt; margin: 0px;">*</div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 4pt 0 0 5pt;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; text-align: left; font-size: 9pt; margin: 0px;">Inception date for Class I Shares of the Acquired Fund (as defined below).</div> </td> </tr> </table> JPMorgan Equity Focus ETF - Net Asset Value 2011-07-29 0.1534 0.1287 0.1632 S&P 500 Index 0.2232 0.1341 0.1551 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemption or sale of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>1,979,763,545</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">41</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">36</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>7,705,936</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 1979763545 41 0.36 7705936 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g153689chartimages_5475228.jpg" style="width: 275pt;"/> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div><div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Effective November 1, 2025, the Fund reduced its investment advisory fee from 0.50% of average daily net assets to 0.44% of daily average net assets.</div><div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund added “Significant Holdings Risk” to its prospectus as of March 1, 2026. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing.</div><div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Effective November 1, 2025, the Fund reduced its investment advisory fee from 0.50% of average daily net assets to 0.44% of daily average net assets.</div> 2025-11-01 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund added “Significant Holdings Risk” to its prospectus as of March 1, 2026. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.</div> www.jpmorganfunds.com/funddocuments 1-844-457-6383 JPMorgan Equity Premium Income ETF JPMorgan Equity Premium Income ETF JEPI This annual shareholder report contains important information about the JPMorgan Equity Premium Income ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383,<span style="white-space: nowrap;"> </span>by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-844-457-6383 jpm.xf@jpmorgan.com <div style="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Equity Premium Income ETF<br/></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>36</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.35<span>%</span></td> </tr> </table> 36 0.0035 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div><div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund returned 7.77% for the twelve months ended June 30, 2026. The S&amp;P 500 Index returned 22.32% and the ICE BofA 3-Month US Treasury Bill Index (the "Index") returned 3.84% for the twelve months ended June 30, 2026.</div><div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the information technology and communication services sectors detracted from relative performance. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">An overweight in ServiceNow and an underweight in Micron Technology were among the top detractors. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund captured 35% of the Index’s positive return with 58% of its volatility. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the real estate sector contributed to relative performance. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">An underweight in Microsoft and an overweight in Ross Stores were among the top contributors.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g153689chartimages_5475132.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">5 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">SINCE<br/>INCEPTION<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Equity Premium Income ETF - Net Asset Value</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">May 20, 2020<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">7.77</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">7.47<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">11.03<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">S&amp;P 500 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.32</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">13.41</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.07</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">ICE BofA 3-Month US Treasury Bill Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">3.84</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">3.53</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">2.90</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Equity Premium Income ETF - Net Asset Value 2020-05-20 0.0777 0.0747 0.1103 S&P 500 Index 0.2232 0.1341 0.1807 ICE BofA 3-Month US Treasury Bill Index 0.0384 0.0353 0.0290 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>44,801,086,561</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">131</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">180</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>148,347,963</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 44801086561 131 1.80 148347963 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g153689chartimages_5475222.jpg" style="width: 275pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: top; width: 6%; font-size: 8pt; padding: 6pt 0 3pt 0;">(a)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 6pt 0 3pt 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 8pt; margin: 0px;">Equity-Linked Notes that are linked to the S&amp;P 500 Index.</div> </td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund added “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund added “Significant Holdings Risk” to its prospectus as of March 1, 2026. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund added “Derivatives Risk” disclosure to its prospectus as of March 1, 2026. This disclosure was added in light of a larger concentration of portfolio securities invested in derivatives. </div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund added “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund added “Significant Holdings Risk” to its prospectus as of March 1, 2026. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund added “Derivatives Risk” disclosure to its prospectus as of March 1, 2026. This disclosure was added in light of a larger concentration of portfolio securities invested in derivatives. </div> 2025-11-01 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.</div> www.jpmorganfunds.com/funddocuments 1-844-457-6383 JPMorgan Fundamental Data Science Large Core ETF JPMorgan Fundamental Data Science Large Core ETF LCDS This annual shareholder report contains important information about the JPMorgan Fundamental Data Science Large Core ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383,<span style="white-space: nowrap;"> </span>by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-844-457-6383 jpm.xf@jpmorgan.com <div style="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Fundamental Data Science Large Core ETF<br/></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>33</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.30<span>%</span></td> </tr> </table> 33 0.0030 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund returned 21.06% for the twelve months ended June 30, 2026. The S&amp;P 500 Index returned 21.88% for the twelve months ended June 30, 2026.</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the financials and communication services sectors detracted from relative performance. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Underweights in Intel and Applied Materials were among the top detractors. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the information technology and health care sectors contributed to relative performance. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Overweights in Micron Technology and Seagate Technology were among the top contributors. </div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g153689chartimages_5475140.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">SINCE<br/>INCEPTION<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Fundamental Data Science Large Core ETF - Net Asset Value</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">August 7, 2024</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">21.06</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">21.55<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">S&amp;P 500 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">21.88</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.38</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Fundamental Data Science Large Core ETF - Net Asset Value 2024-08-07 0.2106 0.2155 S&P 500 Index 0.2188 0.2238 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>15,988,358</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">113</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">12</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>43,906</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 15988358 113 0.12 43906 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g153689chartimages_5475230.jpg" style="width: 275pt;"/> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund added “Financials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund added “Financials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.</div> 2025-11-01 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.</div> www.jpmorganfunds.com/funddocuments 1-844-457-6383 JPMorgan Fundamental Data Science Large Value ETF JPMorgan Fundamental Data Science Large Value ETF LVDS This annual shareholder report contains important information about the JPMorgan Fundamental Data Science Large Value ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383,<span style="white-space: nowrap;"> </span>by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-844-457-6383 jpm.xf@jpmorgan.com <div style="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Fundamental Data Science Large Value ETF<br/></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>36</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.32<span>%</span></td> </tr> </table> 36 0.0032 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund returned 26.24% for the twelve months ended June 30, 2026. The Russell 1000 Index returned 22.02% and the Russell 1000 Value Index (the "Index") returned 27.12% for the twelve months ended June 30, 2026.</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the communication services and<span style="white-space: nowrap;"> </span>industrials sectors detracted from relative performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Overweights in Microsoft and Cognizant were among the top detractors.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the information technology and financials sectors contributed to relative performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">An overweight in Seagate Technology and an underweight in Accenture were among the top contributors.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g153689chartimages_5475144.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">5 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">10 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Fundamental Data Science Large Value ETF - Net Asset Value</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">November 30, 2010<span>*</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">26.24</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">11.93<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.49<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 1000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.02</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.66</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.30</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 1000 Value Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">27.12</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">11.17</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">11.52</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; font-size: 8pt; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; width: 6pt; font-weight: normal; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; vertical-align: super; text-align: left; font-size: 9pt; margin: 0px;">*</div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 4pt 0 0 5pt;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; text-align: left; font-size: 9pt; margin: 0px;">Inception date for Class R6 Shares of the Acquired Fund (as defined below).</div> </td> </tr> </table> JPMorgan Fundamental Data Science Large Value ETF - Net Asset Value 2010-11-30 0.2624 0.1193 0.1249 Russell 1000 Index 0.2202 0.1266 0.1530 Russell 1000 Value Index 0.2712 0.1117 0.1152 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>106,021,581</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">132</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">24</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>282,842</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 106021581 132 0.24 282842 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g153689chartimages_5475234.jpg" style="width: 275pt;"/> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund acquired the assets and liabilities of the<span style="white-space: nowrap;"> </span>JPMorgan U.S. Applied Data Science Value Fund (“Acquired Fund”) in a reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Acquired Fund’s Class R6 Shares have been adopted<span style="white-space: nowrap;"> </span>by the Fund and will be used going forward. As a result, the performance for the Fund prior to the close of business on July 11, 2025, is the performance of the Acquired Fund’s Class R6 Shares. Inception date for the Acquired Fund’s Class R6 Shares is November 30, 2010.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund is managed in a substantially similar manner as the Acquired Fund but, in order to meet the requirements of Rule 35d-1 under the 1940 Act, the Fund has a new 80% policy, according to which it invests at least 80% of its assets in large, well-established equity securities (companies with market capitalizations similar to those within the universe of the Russell 100 Value Index), while <span style="white-space: nowrap;"> </span>the Acquired Fund invested at least 80% of its assets in securities of U.S. large and mid-capitalization companies.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund is managed in a substantially similar manner as the Acquired Fund but, in order to meet the requirements of Rule 35d-1 under the 1940 Act, the Fund has a new 80% policy, according to which it invests at least 80% of its assets in large, well-established equity securities (companies with market capitalizations similar to those within the universe of the Russell 100 Value Index), while <span style="white-space: nowrap;"> </span>the Acquired Fund invested at least 80% of its assets in securities of U.S. large and mid-capitalization companies.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.</div> www.jpmorganfunds.com/funddocuments 1-844-457-6383 JPMorgan Fundamental Data Science Mid Core ETF JPMorgan Fundamental Data Science Mid Core ETF MCDS This annual shareholder report contains important information about the JPMorgan Fundamental Data Science Mid Core ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383,<span style="white-space: nowrap;"> </span>by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-844-457-6383 jpm.xf@jpmorgan.com <div style="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Fundamental Data Science Mid Core ETF<br/></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>38</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.35<span>%</span></td> </tr> </table> 38 0.0035 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund returned 22.65% for the twelve months ended June 30, 2026. The Russell 3000 Index returned 22.39% and the Russell Midcap Index returned 21.08% for the twelve months ended June 30, 2026.</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the consumer discretionary and materials sectors contributed to relative performance. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Overweights in Western Digital and Teradyne were among the top contributors. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the information technology and industrials sectors detracted from relative performance. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">An underweight in Sandisk and an overweight in HubSpot were among the top detractors.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g153689chartimages_5475141.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">SINCE<br/>INCEPTION<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Fundamental Data Science Mid Core ETF - Net Asset Value</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">August 7, 2024<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.65</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.97<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.39</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.54</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell Midcap Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">21.08</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">19.58</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Fundamental Data Science Mid Core ETF - Net Asset Value 2024-08-07 0.2265 0.1897 Russell 3000 Index 0.2239 0.2254 Russell Midcap Index 0.2108 0.1958 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>8,154,452</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">205</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">26</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>24,957</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 8154452 205 0.26 24957 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g153689chartimages_5475231.jpg" style="width: 275pt;"/> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund added “Consumer Discretionary Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund added “Consumer Discretionary Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.</div> 2025-11-01 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.</div> www.jpmorganfunds.com/funddocuments 1-844-457-6383 JPMorgan Fundamental Data Science Small Core ETF JPMorgan Fundamental Data Science Small Core ETF SCDS This annual shareholder report contains important information about the JPMorgan Fundamental Data Science Small Core ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-844-457-6383 jpm.xf@jpmorgan.com <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Fundamental Data Science Small Core ETF<br/></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>48</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.40<span>%</span></td> </tr> </table> 48 0.0040 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund returned 44.35% for the twelve months ended June 30, 2026. The Russell 3000 Index returned 22.39% and the Russell 2000 Index returned 40.29% for the twelve months ended June 30, 2026.</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the industrials and information technology sectors contributed to relative performance. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Overweights in Vicor and Bloom Energy were among the top contributors. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the health care and communication services sectors detracted from relative performance. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Overweights in BlackLine and Exl Service were among the top detractors.   </div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g153689chartimages_5475142.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">SINCE<br/>INCEPTION<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Fundamental Data Science Small Core ETF - Net Asset Value</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">August 7, 2024</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">44.35</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">26.63<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.39</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.54</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 2000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">40.29</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">24.40</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Fundamental Data Science Small Core ETF - Net Asset Value 2024-08-07 0.4435 0.2663 Russell 3000 Index 0.2239 0.2254 Russell 2000 Index 0.4029 0.2440 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>9,211,157</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">277</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">28</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>29,728</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 9211157 277 0.28 29728 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g153689chartimages_5475232.jpg" style="width: 275pt;"/> </div> JPMorgan Nasdaq Equity Premium Income ETF JPMorgan Nasdaq Equity Premium Income ETF JEPQ This annual shareholder report contains important information about the JPMorgan Nasdaq Equity Premium Income ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-844-457-6383 jpm.xf@jpmorgan.com <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Nasdaq Equity Premium Income ETF<br/></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>39</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.35<span>%</span></td> </tr> </table> 39 0.0035 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div><div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund returned 25.75% for the twelve months ended June 30, 2026. The S&amp;P 500 Index returned 22.32%, the Nasdaq-100 Index (the "Index") returned 34.38%, and the ICE BofA 3-Month US Treasury Bill Index returned 3.84% for the twelve months ended June 30, 2026.</div><div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund captured 75% of the Index’s positive return with 51% of its volatility. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the consumer discretionary and communication services sectors detracted from performance. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Underweights in Intel and KLA were among the top detractors. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the information technology and industrials sectors contributed to performance. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Overweights in Seagate Technology and Micron Technology were among the top contributors.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g153689chartimages_5475135.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">SINCE<br/>INCEPTION<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Nasdaq Equity Premium Income ETF - Net Asset Value</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">May 3, 2022</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">25.75</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">17.16<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">S&amp;P 500 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.32</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">16.82</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Nasdaq-100 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">34.38</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">23.33</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">ICE BofA 3-Month US Treasury Bill Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">3.84</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">4.24</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Nasdaq Equity Premium Income ETF - Net Asset Value 2022-05-03 0.2575 0.1716 S&P 500 Index 0.2232 0.1682 Nasdaq-100 Index 0.3438 0.2333 ICE BofA 3-Month US Treasury Bill Index 0.0384 0.0424 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>40,819,064,229</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">112</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">174</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>115,371,917</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 40819064229 112 1.74 115371917 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g153689chartimages_5475225.jpg" style="width: 275pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: top; width: 6%; font-size: 8pt; padding: 6pt 0 3pt 0;">(a)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 6pt 0 3pt 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 8pt; margin: 0px;">Equity-Linked Notes that are linked to the Nasdaq-100 Index.</div> </td> </tr> </table> JPMorgan Small & Mid Cap Enhanced Equity ETF JPMorgan Small & Mid Cap Enhanced Equity ETF JMEE This annual shareholder report contains important information about the JPMorgan Small &amp; Mid Cap Enhanced Equity ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383, by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-844-457-6383 jpm.xf@jpmorgan.com <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Small &amp; Mid Cap Enhanced Equity ETF<br/></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>28</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.24<span>%</span></td> </tr> </table> 28 0.0024 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div><div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund returned 33.27% for the twelve months ended June 30, 2026. The S&amp;P Composite 1500 Index returned 22.87% and the S&amp;P 1000 Index returned 29.54% for the twelve months ended June 30, 2026.</div><div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the software and services and industrial cyclical sectors contributed to performance. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Overweights in DigitalOcean and MaxLinear were among the top contributors. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the consumer cyclical and health services and systems sectors detracted from performance. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">An underweight in Vicor and an overweight in Exelixis were among the top detractors.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g153689chartimages_5475134.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">5 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">10 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Small &amp; Mid Cap Enhanced Equity ETF - Net Asset Value</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">July 31, 1998<span>*</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">33.27</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">10.11<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">11.86<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">S&amp;P Composite 1500 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.87</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">13.01</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.18</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">S&amp;P 1000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">29.54</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">8.59</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">11.63</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; font-size: 8pt; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; width: 6pt; font-weight: normal; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; vertical-align: super; text-align: left; font-size: 9pt; margin: 0px;">*</div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 4pt 0 0 5pt;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; text-align: left; font-size: 9pt; margin: 0px;">Inception date for Class I Shares of the Acquired Fund (as defined below).</div> </td> </tr> </table> JPMorgan Small & Mid Cap Enhanced Equity ETF - Net Asset Value 1998-07-31 0.3327 0.1011 0.1186 S&P Composite 1500 Index 0.2287 0.1301 0.1518 S&P 1000 Index 0.2954 0.0859 0.1163 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>2,883,386,971</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">660</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">28</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>5,537,515</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 2883386971 660 0.28 5537515 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g153689chartimages_5475224.jpg" style="width: 275pt;"/> </div> JPMorgan U.S. Tech Leaders ETF JPMorgan U.S. Tech Leaders ETF JTEK This annual shareholder report contains important information about the JPMorgan U.S. Tech Leaders ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383,<span style="white-space: nowrap;"> </span>by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-844-457-6383 jpm.xf@jpmorgan.com <div style="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Tech Leaders ETF<br/></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>75</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.65<span>%</span></td> </tr> </table> 75 0.0065 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div><div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund returned 32.02% for the twelve months ended June 30, 2026. The S&amp;P 500 Index returned 22.32% and the Russell 1000 Equal Weight Technology Index returned 33.07% for the twelve months ended June 30, 2026.</div><div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s underweight allocations to computer hardware and production technology equipment within technology detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s underweight allocations to software and computer services within technology contributed to performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s underweight allocation to Sandisk and lack of exposure to Western Digital detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s overweight allocation to Ciena and Lam Research contributed to performance.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g153689chartimages_5475139.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">SINCE<br/>INCEPTION<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan U.S. Tech Leaders ETF - Net Asset Value</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">October 4, 2023</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">32.02</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">34.00<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">S&amp;P 500 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.32</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">24.54</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 1000 Equal Weight Technology Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">33.07</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">25.94</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan U.S. Tech Leaders ETF - Net Asset Value 2023-10-04 0.3202 0.3400 S&P 500 Index 0.2232 0.2454 Russell 1000 Equal Weight Technology Index 0.3307 0.2594 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>4,637,768,179</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">63</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">72</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>20,117,333</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 4637768179 63 0.72 20117333 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g153689chartimages_5475229.jpg" style="width: 275pt;"/> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund added “Communication Services Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund added “Communication Services Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.</div> 2025-11-01 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.</div> www.jpmorganfunds.com/funddocuments 1-844-457-6383 JPMorgan U.S. Research Enhanced Large Cap ETF JPMorgan U.S. Research Enhanced Large Cap ETF JUSA This annual shareholder report contains important information about the JPMorgan U.S. Research Enhanced Large Cap ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383,<span style="white-space: nowrap;"> </span>by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-844-457-6383 jpm.xf@jpmorgan.com <div style="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Research Enhanced Large Cap ETF<br/></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>16</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.15<span>%</span></td> </tr> </table> 16 0.0015 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund returned 20.83% for the twelve months ended June 30, 2026. The S&amp;P 500 Index (the "Index") returned 21.88% for the twelve months ended June 30, 2026.</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the industrial cyclical and software and services sectors detracted from performance. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Underweights in Intel and Applied Materials were among the top detractors. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the financial services and consumer cyclical sectors contributed to performance. </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">Overweights in Micron Technology and Seagate Technology were among the top contributors.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g153689chartimages_5475143.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">SINCE<br/>INCEPTION<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan U.S. Research Enhanced Large Cap ETF - Net Asset Value</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">March 13, 2025<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">20.83</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">26.70<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">S&amp;P 500 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">21.88</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">27.69</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan U.S. Research Enhanced Large Cap ETF - Net Asset Value 2025-03-13 0.2083 0.2670 S&P 500 Index 0.2188 0.2769 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.</div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>424,402,290</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">251</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">25</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>107,844</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 424402290 251 0.25 107844 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g153689chartimages_5475233.jpg" style="width: 275pt;"/> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Effective May 13, 2026, the Fund reduced its management fee from 0.20% of average daily net assets to 0.18% of daily average net assets and the Fund’s adviser has 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 0.12% of the average daily net assets of the Fund. These contractual waivers are in effect through October 31, 2027, at which time the adviser expects to charge the full management fee of 0.18% of average daily net assets.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund added “Financials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Effective June 4, 2026, the Fund changed from a diversified company to a non-diversified company and removed “Significant Holdings” risk disclosure from its prospectus and added “Non-Diversified Fund” risk disclosure to its prospectus. 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 among 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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Effective May 13, 2026, the Fund reduced its management fee from 0.20% of average daily net assets to 0.18% of daily average net assets and the Fund’s adviser has 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 0.12% of the average daily net assets of the Fund. These contractual waivers are in effect through October 31, 2027, at which time the adviser expects to charge the full management fee of 0.18% of average daily net assets.</div> 2026-05-13 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">The Fund added “Financials Sector Risk” disclosure to its summary prospectus as of November 1, 2025. This disclosure was added in light of a larger concentration of portfolio securities in this sector.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Effective June 4, 2026, the Fund changed from a diversified company to a non-diversified company and removed “Significant Holdings” risk disclosure from its prospectus and added “Non-Diversified Fund” risk disclosure to its prospectus. 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 among 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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.</div> www.jpmorganfunds.com/funddocuments 1-844-457-6383 Equity-Linked Notes that are linked to the S&P 500 Index. Equity-Linked Notes that are linked to the Nasdaq-100 Index. Inception date for Class I Shares of the Acquired Fund (as defined below). Inception date for Class R6 Shares of the Acquired Fund (as defined below). Inception date for Class I Shares of the Acquired Fund (as defined below).