Summary Prospectus by Investment Company - Form 497K

JPMorgan U.S. Applied Data Science Value Fund

JPMorgan Mortgage-Backed Securities Fund

JPMorgan International Hedged Equity Fund

For the new JPMorgan Fundamental Data Science Large Value ETF, the ETF will continue to be managed in a substantially similar way, but in order to meet the requirements of Rule 35d-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), the new ETF will have a new 80% policy to will invest 80% in large, well established equity securities (companies with market capitalizations similar to those within the universe of the Russell 1000^® Value Index), while the mutual fund currently invests at least 80% in securities of U.S. large and mid-capitalization companies.

For the new JPMorgan Mortgage-Backed Securities ETF, the ETF will continue to be managed in a substantially similar way, but in order to give additional flexibility, private placements and zero-coupon securities will be added as principal investment strategies and the current 10% limit on investment in "sub-prime" mortgage-related securities at the time of purchase will be removed.

For the new JPMorgan International Hedged Equity Laddered Overlay ETF, the underlying equity portfolio will be managed in a substantially similar way, but the exchange-traded put and call options overlay strategy will be modified. Instead of buying the options at the beginning of the quarter and holding them for three months, the options will be "laddered" across the quarter so that normally there will be three three-months periods designed to mitigate potential risk.

Class A and C Shares of the Funds will be publicly offered only on a limited basis.

New accounts may no longer be established directly through JPMorgan Distribution Services, Inc. (the "Distributor").

No CDSC will be imposed on redemptions of the Class A or Class C Shares of the Funds.

No sales charge will be imposed on purchases of Class A Shares of the Funds.

Any current Letter of Intent (LOI) under which Class A Shares of a Fund were purchased will be considered completed.

Distribution (Rule 12b-1) Fees on all applicable Fund share classes will be waived.

On the Effective Date, the following will be added as a new section immediately preceding the "What is the goal of the Fund?" section of each Fund's Summary Prospectus for Class A, C and I Shares:

Currently, Class A and C Shares of the Fund are publicly offered on a limited basis. (See "Investing with J.P. Morgan Funds - FUNDS SUBJECT TO A LIMITED OFFERING" in the prospectus for more information.)

On the Effective Date, the following will be added as a new section for each of the Funds under the heading "Investing with J.P. Morgan Funds - FUNDS SUBJECT TO A LIMITED OFFERING - Limited Offering of Class A and Class C Shares":

Class A and C Shares (each, a "Limited Class") are publicly offered only on a limited basis and investors are not eligible to purchase a Limited Class except as described below. Except as otherwise described below, shareholders permitted to continue to purchase shares of a Limited Class include existing shareholders of record and, if the shareholder of record is an omnibus account, beneficial owners in that account as of the effective date of the limited offering.

•  Existing shareholders of each Limited Class may continue to purchase additional shares of the Limited Class in their existing Fund accounts either through J.P. Morgan Funds Services or a Financial Intermediary and may continue to reinvest dividends or capital gains distributions from shares owned in the Fund.

•  Group Retirement Plans (as defined in the Glossary) (and their successor, related and affiliated plans), which have a Limited Class available may continue to open accounts for new participants and can purchase additional shares in existing participant accounts.

In addition, on the Effective Date, the first paragraph of the "Investing with J.P. Morgan Funds - PURCHASING FUND SHARES" section of the Prospectuses is deleted in its entirety with respect to the Funds and replaced with the following:

Prior to March 1, 2025, you may purchase shares directly from the J.P. Morgan Funds through the Distributor or through your Financial Intermediary. Effective March 1, 2025, new accounts will not be established directly through the Distributor.

In addition, on the Effective Date, the following paragraph relating to the Funds will be included in the "Fees and Expenses of the Fund" section in the Summary Prospectuses and in the "Risk/Return Summary" of the Prospectuses and in the "Investing with J.P. Morgan Funds - SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION - Waiver of the Class A and Class C CDSC" section of the Prospectuses:

Beginning on March 1, 2025, no CDSC will be imposed on redemptions of the Class A or Class C Shares of the Funds.

In addition, on the Effective Date, the following will be added to "Fees and Expenses of the Fund" section in the Summary Prospectuses and in the "Risk/Return Summary" of the Prospectuses and included as the third paragraph in the "Investing with J.P. Morgan Funds - SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION - Class A Shares" section of the Prospectuses:

Beginning on March 1, 2025, no sales charge will be imposed on purchases of Class A Shares of the Funds. As a result, any subsequent purchases of the Funds will not be eligible assets for future rights of accumulation or letter of intent purchases.

In addition, on the Effective Date, the following paragraph relating to the Funds will be included in the "Investing with J.P. Morgan Funds - SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION - Reducing Your Class A Shares Charges - Letter of Intent" section of the Prospectuses:

•  Effective March 1, 2025, any current Letter of Intent (LOI) under which Class A Shares of a Fund were purchased will be considered completed. As a result, after that date, commissions to dealers will not be adjusted or paid on the difference between the Letter of Intent amount and the amount actually invested before March 1, 2025. Because an LOI may include Class A purchases of other J.P. Morgan Funds (other than the Funds), this completion will cancel the LOI for all future Class A purchases of those funds. You will need to enter into a new LOI if you want to continue to make Class A purchases in other J.P. Morgan Funds at a reduced front-end sales charge. This change may also apply to the LOIs described in Appendix A - Financial Intermediary-Specific Sales Charge Waivers - Letter of Intent. Please check with your financial intermediary.