Fund Description: JPMorgan U.S. Minimum Volatility ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the J.P. Morgan Exchange-Traded Fund Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The JPMorgan U.S. Minimum Volatility ETF seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Minimum Volatility Index. INDEX DESCRIPTION: The JP Morgan US Minimum Volatility Index measures the performance of U.S. equity securities selected using a rules-based process that is designed so the Index targets lower volatility than the Russell 1000 Index. Holdings in the Index are selected primarily from the constituents of the Russell 1000 Inde, a larger Russell Index, which is comprised of large- and mid-cap equity securities of companies located in the United States. The Index is designed to distribute risk among sectors and stocks in order to seek to minimize the overall portfolio volatility based upon the parameters of the rules-based process. Specifically, sector weightings in the Index are adjusted based on their historical volatility and correlation of the returns among sectors over the last three years. Based on the riskiness and correlations of the sector returns, the optimization process aims to determine the optimal sector allocation to minimize the volatility in the Index subject to sector constraints to ensure diversification. These constraints limit the target sector weights at each rebalance to a minimum of 5% and a maximum of 20% in the Index. As a result of this process, there will be higher allocations within the Index to those sectors with lower historical volatility or those sectors that are expected to lower portfolio risk. The process also seeks to avoid overconcentration to any sector. The Index is diversified across the following sectors: financials, technology, consumer services, health care, industrials, consumer goods, energy, materials, telecommunication and utilities. Within each sector, stocks are selected and weighted to both reduce portfolio volatility and to avoid large weightings in single securities. The Fund’s portfolio will be rebalanced quarterly in accordance with the quarterly rebalancing of the Index. FUND STRATEGY: The Fund will invest at least 80% of its Assets in securities included in the Index. The Fund, using a passive or indexing investment approach, attempts to closely correspond to the performance of the Index. The Fund’s intention is to replicate the constituent securities of the Index as closely as possible. However, under various circumstances, it may not be possible or practicable to purchase all of the constituent securities in their respective weightings in the Index. In these circumstances, the Fund may utilize a representative sampling strategy whereby the Fund would hold a significant number of the component securities of the Index, but may not track the Index with the same degree of accuracy as would an investment vehicle replicating the entire Index. The Fund may invest up to 20% of its assets in exchange-traded futures to seek performance that corresponds to the Index. The Fund’s securities are large- and mid-cap equity securities of U.S. companies, including common stock, preferred stock and real estate investment trusts (REITs). FUND MANAGEMENT: J.P. Morgan Investment Management, Inc. serves as the investment adviser to the Fund.