Fund Description: JPMorgan U.S. Value Factor 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. Value Factor ETF seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Value Factor Index. INDEX DESCRIPTION: The JP Morgan US Value Factor Index is comprised of U.S. equity securities selected to represent value factor characteristics. Holdings in the Index are selected primarily from the constituents of the Russell 1000 Index, a larger Russell Index, which is comprised of large- and mid-cap equity securities of companies located in the United States. The rules-based proprietary selection process utilizes a relative valuation factor to identify companies with attractive valuations. The Index is not currently focused on any particular sector and is diversified across the following sectors on a market capitalization weighted basis: financials, technology, consumer services, health care, industrials, consumer goods, energy, materials, telecommunication and utilities. Within each sector, individual equity securities are also weighted to ensure diversification. 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.