FACT SHEET | July 31, 2020 JPMorgan Ultra-Short Municipal Income ETF Ticker: JMST Designed to deliver a high level of federal tax-exempt current income while maintaining stability of principal. APPROACH &#149; Invests primarily in investment-grade fixed, variable and floating-rate municipal securities exempt from federal income taxes &#149; Emphasizes comprehensive risk/reward analysis to identify investments that may perform well over market cycles &#149; Seeks to maintain an average weighted maturity of two years or less under most market conditions EXPERTISE Portfolio manager(s) and years of experience Josh Brunner, 23 yrs Curtis White, 27 yrs Richard Taormina, 30 yrs FUND INFORMATION Class launch Oct 16, 2018 CUSIP 46641Q654 Value of investments $492.10 M Annual expenses (%) Net Expenses: 0.18 Gross Expenses: 0.18 PERFORMANCE DISCLOSURES The performance quoted is past performance and is not a guarantee of future results. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For performance current to the most recent month-end please call 1-844-4JPM-ETF. Total Returns based on NAV and Market Price do not reflect brokerage commissions or sales charges in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Prior to the implementation of a new management agreement on 11/1/19, performance for some periods may have reflected the waiver of all or a portion of the Funds’ advisory or administrative fees and/or reimbursement of other expenses by the adviser. Without these waivers or reimbursements, performance would have been lower. † 12-month dividend yield is calculated by dividing the dividend per share by the net asset value per share as of the reported date. 12-month dividend yield represents the sum of the monthly dividend yields for the previous 12 months. ^ Fund performance inception: 10/16/2018 YTD returns are as of the last business day of the month. A fund's NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. Index returns and sector returns are for illustrative purposes only and do not represent actual Fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged. Effective 12/9/19 the market price returns are calculated using the official closing price. Prior to 12/9/19 the market price returns were calculated using the midpoint between the highest bid and the lowest offering on the listing exchange as of the time that the Fund’s NAV is calculated. Must be preceded or accompanied by a prospectus. PERFORMANCE Benchmark: Bloomberg Barclays 1 Year Municipal Bond Index B Fund : Market price returns F2 Fund : at NAV F1 GROWTH OF $10,000 10/16/2018 (Launch) 7/31/2020 20 19 10,000 10,100 10,200 10,300 10,400 10,500 10,600 Ending Value $10,461 F1 Since inception with dividends and capital gains reinvested. There is no direct correlation between a hypothetical investment and the anticipated performance of the Fund. CALENDAR YEAR PERFORMANCE (%) 2.46 B 2.11 F2 2.15 F1 2019 0 1 2 3 YIELD (%) 1.29 1.23 12-month rolling dividend yield † 0.81 0.68 30-day SEC yield (unsubsidized) 0.83 0.70 30-day SEC yield As of 6/30/20 As of 7/31/20 RETURN (%) 2.65 — — 2.16 2.67 2.08 1.53 1.24 0.25 B 2.64 — — 2.43 2.63 2.35 1.73 1.01 0.21 Market price returns F2 2.59 — — 2.41 2.56 2.31 1.72 1.01 0.17 at NAV F1 Launch ^ 5 yrs 3 yrs 1 yr Launch ^ 1 yr YTD 3 mos 1 mo. ANNUALIZED RETURNS AT 6/30/20 TOTAL RETURN AT 7/31/20 

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Fact Sheet - JPMorgan Ultra Short Municipal Income ETF (JMST).PDF

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