JPMorgan Advisory Portfolio Solutions

JPMorgan Advisory Portfolio Solutions

Multi-Asset Solutions | December 31, 2020

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JPMORGAN PORTFOLIOS AVAILABLE ON THE GEOWEALTH PLATFORM

Global Multi-Asset Tactical

11

Multiple levers to breathe life into the 60/40

Achieving 7-8% is an increasingly challenging objective

Stock-bond frontiers: 2021 vs. 2020 and 2008 assumptions (USD)

J.P. Morgan Asset Management. For illustrative purposes only. Expected risk and returns are based on J.P. Morgan’s 2021, 2020 and 2008 Long-term Capital Market Return Assumptions (LTCMRA). *60/40 portfolio

compositions: 60% All Country World Equity, 40% US Aggregate Bonds. Efficient frontiers based on portfolio combinations of Developed World Equity, Emerging Markets Equity and US Aggregate Bonds. EM =

Emerging Markets DM = Developed Markets

RETURN LEVERS TOCONFRONT CHALLENGE

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2020

60/40

2008

60/40

2019

60/40

STRATEGICALLOCATION

MANAGER SELECTION

TACTICAL INVESTING

COST

2008

60/40

2020

60/40

2021

60/40

22

• Recognized for leadership and

innovation

• DC Multi-Asset Fund Manager of the

Year — UK Pension Awards1

• Multi-Asset Manager of the Year —

Fundmap Institutional Asset

Management Awards

J.P. Morgan Multi-Asset Solutions

Extensive resources dedicated to

multi-asset class investing

Portfolios designed to help clients

meet their investment goals

Consistent risk-adjusted returns

over the long term

• Proprietary Long Term Capital

Market Assumptions

• Dedicated quantitative, qualitative

and manager research

• Access to $2.1 trillion global J.P.

Morgan Asset Management platform

• Over 1,000 investment

professionals

• ~500 equity, fixed income and

alternative strategies

• Relationships with some of the

world’s largest and most

sophisticated investors and

platforms

• Grown to $261 billion AUM across 76

multi-asset strategies

• Suite of multi-asset solutions

85MULTI-ASSET

INVESTMENT

PROFESSIONALS

50YEARS MANAGING

MULTI-ASSET

STRATEGIES

11+AVERAGE YEARS

OF EXPERIENCE

$261BILLION IN ASSETS

UNDER

MANAGEMENT

14FUNDS RATED 4-

OR 5- STARS BY

MORNINGSTAR

• Outcome Oriented

• Target Date

• Balanced

• Liability-Aware

• Macro Thematic

• Convertibles

10RANKED GLOBAL

MULTI-ASSET

MANAGER

TOP

See “Additional information” at the back of this presentation for further information. Data as of September 30, 2020.

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MULTI-ASSET

33

ACTIVE ASSET ALLOCATION

STRATEGY SELECTION

STRATEGIC RISK/RETURN

FRAMEWORK

2

3

1

CIO OVERSIGHT

CLIENT GOALS AND OBJECTIVES

DESIRED OUTCOME | FLEXIBLITY | DISCRETION

J.P. MORGAN INVESTMENT

CAPABILITIES

• FIXED INCOME

• EQUITIES

• ALTERNATIVES

ASSET ALLOCATION VIEWS

• QUALITATIVE INSIGHTS

• QUANTITATIVE ANALYSIS

• UNDERLYING MANAGER VIEWS

• INVESTMENT TEAM DIALOGUE

Our portfolio managers drive an integrated approach to investing

For illustrative purposes only

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44

Source: J.P. Morgan Asset Management Multi-Asset Solutions; assessments are made using

data and information up to December 2020. For illustration only. These asset class views

apply to a 12- to 18- month horizon. Up/down arrows indicate a positive (↑) or negative (↓)

change in view since the prior quarterly Strategy Summit. This summary of our individual

asset class views shows relative direction and strength of conviction, but is independent of

portfolio construction considerations. These views should not be construed as a

recommended portfolio. The opinions and views expressed here are those held by the author

at the date of publication which are subject to change and are not to be taken as or construed

as investment advice. Forecasts, projections and other forward looking statements are based

upon current beliefs and expectations. They are for illustrative purposes only and serve as an

indication of what may occur. Given the inherent uncertainties and risks associated with

forecasts, projections and other forward statements, actual events, results or performance

may differ materially from those reflected or contemplated.

Key Takeaways and “Big ideas”

Rebound accelerates with above trend growth in 1H21

Inflation muted but upside inflation risks rising and underpriced

Fiscal and monetary stimulus persists well into the new cycle

QE is capping yields, but they will rise as growth picks up

The dollar is entering an extended but gradual downtrend

Credit supported by growth as CB support is pared back

We look to diversify portfolio risk across equity and credit

Earnings improving: prefer cyclicals, U.S. small cap, and EME

MAS Active Asset Allocation December 2020

Asset class UW N OW Chg Conviction

MAIN ASSET

CLASSES

Equities l Moderate

Duration l ▲

Credit l Moderate

Cash l ▼ Moderate

MA

IN A

SSET

CLA

SSES

EQU

ITY

U.S. l Low

Europe l Low

UK l ▲

Japan l ▲ Low

Emerging markets l Moderate

FIX

ED I

NC

OM

E

U.S. Treasuries l

G4 ex-U.S. sovereigns l Moderate

EMD hard currency l ▲ Low

EMD local FX l ▲ Moderate

Corporate inv. grade l ▼

Corporate high yield l Moderate

CU

RR

ENC

Y USD l Moderate

EUR l Low

JPY l

EM FX l ▲ Moderate

5

Global Multi-Asset Tactical Portfolios

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66

Global Multi-Asset Tactical Portfolios: strategic asset allocation

For illustrative purposes only. Should not be considered a recommendation to buy or sell a particular security or asset class. Managers seek to achieve the

stated objectives. There is no guarantee the objectives will be met. JPM Strategic Beta / Passive ETF mix may not add to 100% due to rounding. *Based on

strategic asset allocation weights.

Conservative Stable Balanced Growth Aggressive

20-80

Equity-FI

40-60

Equity-FI60-40

Equity-FI

70-30

Equity-FI80-20

Equity-FI

Strategic Asset Allocation Conservative Stable Balanced Growth Aggressive

U.S. Equity 12.00% 24.00% 36.00% 42.00% 48.00%

U.S. REITs 1.00% 2.00% 3.00% 3.50% 4.00%

EAFE Equity 5.00% 10.00% 15.00% 17.50% 20.00%

Emerging Markets Equity 2.00% 4.00% 6.00% 7.00% 8.00%

U.S. Aggregate Bonds 62.75% 46.75% 30.25% 21.00% 12.50%

U.S. High Yield 10.50% 8.00% 6.00% 5.75% 4.50%

Emerging Markets Sovereign Debt 6.75% 5.25% 3.75% 3.25% 3.00%

Weighted Average

Net Expense Ratio*0.15% 0.18% 0.21% 0.23% 0.25%

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What is strategic beta?

Strategic beta sits at the intersection of passive and active

STRATEGIC

BETA

PASSIVESeeks to benefit from a

rules-based, repeatable process

ACTIVESeeks to benefit

from “active” insights

Attempts to deliver a pattern of returns, in passive form, that differs from traditional market cap-weighted indices

Attempts to improve balance between risk and/or return

Products range from more tactical to core allocations

Shown for illustrative purposes only. Opinions, estimates, and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to

change without notice. There is no guarantee those objectives will be met

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Powerful two-step process at the heart of JPMorgan Diversified Return ETFs

Unique two steps to a better index

DEFENSE

Reduce Risk Through Diversification

OFFENSE

Enhance Returns Through Factors

REGIONS

SECTORS

VALUE

QUALITY

MOMENTUM

Shown for illustrative purposes only. There is no guarantee those objectives will be met.

9

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2/19/2020 3/20/2020 4/19/2020 5/19/2020 6/18/2020 7/18/2020 8/17/2020 9/16/2020 10/16/2020 11/15/2020 12/15/2020

US Multi Cap US Large EM Equity US Small DM Equity REITs

Investment Grade Intl Fixed Cash Extended Credit Total Equity

Represents positioning for the Moderate model. Source: J.P. Morgan Asset Management. For illustrative purposes only. Should not be considered

a recommendation to buy or sell a particular security or asset class. Values may not equal 100% due to rounding. Depending on market conditions,

allocation percentages and/or underlying funds are subject to change without notice.

Source: JPMorgan Asset Management. Allocation data ranges from 2/19/20 to 12/31/2020.

Allocations reflect a representative account and are shown for illustrative purposes only.

Tactical asset allocation provided downside protection in 1Q and upside participation thereafter

Markets have moved quickly in 2020, and so have we…

• Economic reopening + stimulus = cyclical rally (moved overweight equity)

• Added to USSC, EME, EAFE & HY

5/11 to 9/9: risk on

• Vaccine rollout should benefit cyclical markets that are more attractively valued

• Favoring USSC, EME, and Value stocks

11/11 to today: cyclical bias

• Went underweight equity on 2/28• Trimmed securitized & HY exposures• Initiated IG corp. position; added cash

2/28 to 5/10: defensive posture• Modestly reduced total equity overweight• Trimmed USLC & EME given outperformance• Reallocated to REITs and HY bonds

9/10 to 11/10: profit taking

1010

Current tactical allocations

As of December 31, 2020

Current Weighted Average Expense Ratios 0.25% 0.23% 0.21% 0.18% 0.15%

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Source: J.P. Morgan Asset Management. For illustrative purposes only. +/- refers to the current Portfolio allocation relative to the portfolio’s strategic allocation. Due to certain consideration (e.g., timing of execution, rounding, etc.)

allocations may not equal the above allocations. Should not be considered a recommendation to buy or sell a particular securi ty or asset class. Values may not equal 100% due to rounding. Depending on market conditions,

allocation percentages and/or underlying funds are subject to change without notice. *Cash vehicle used is dependent on the custodial platform.

Asset Class/ProductStrategic

Weight

Tactical

Weight+/-

Strategic

Weight

Tactical

Weight+/-

Strategic

Weight

Tactical

Weight+/-

Strategic

Weight

Tactical

Weight+/-

Strategic

Weight

Tactical

Weight+/-

4 11 10 17 24 23 30 37 36 43 50 49 56 63 62

U.S. Large Cap Equity 38.50% 38.75% 0.25% 33.75% 33.75% 0.00% 28.75% 28.50% -0.25% 19.25% 19.25% 0.00% 9.50% 9.50% 0.00%

U.S. Mid-Cap Equity 5.75% 6.75% 1.00% 5.00% 6.00% 1.00% 4.50% 5.50% 1.00% 3.00% 4.00% 1.00% 1.50% 2.25% 0.75%

U.S. Small-Cap Equity 3.75% 5.75% 2.00% 3.25% 5.25% 2.00% 2.75% 4.75% 2.00% 1.75% 3.75% 2.00% 1.00% 2.75% 1.75%

Total U.S. Equity 48.00% 51.25% 3.25% 42.00% 45.00% 3.00% 36.00% 38.75% 2.75% 24.00% 27.00% 3.00% 12.00% 14.50% 2.50%

Total Global REITs 4.00% 3.25% -0.75% 3.50% 3.00% -0.50% 3.00% 2.75% -0.25% 2.00% 2.00% 0.00% 1.00% 1.00% 0.00%

Developed International Equity 20.00% 21.25% 1.25% 17.50% 18.75% 1.25% 15.00% 16.25% 1.25% 10.00% 10.75% 0.75% 5.00% 6.00% 1.00%

Emerging Markets Equity 8.00% 8.00% 0.00% 7.00% 7.00% 0.00% 6.00% 6.00% 0.00% 4.00% 4.00% 0.00% 2.00% 2.00% 0.00%

Total International Developed & Emerging Markets Equity 28.00% 29.25% 1.25% 24.50% 25.75% 1.25% 21.00% 22.25% 1.25% 14.00% 14.75% 0.75% 7.00% 8.00% 1.00%

Total Equity 80.00% 83.75% 3.75% 70.00% 73.75% 3.75% 60.00% 63.75% 3.75% 40.00% 43.75% 3.75% 20.00% 23.50% 3.50%

Investment Grade 12.50% 6.25% -6.25% 21.00% 14.50% -6.50% 30.25% 24.25% -6.00% 46.75% 42.75% -4.00% 62.75% 59.25% -3.50%

Extended Credit 7.50% 6.50% -1.00% 9.00% 7.75% -1.25% 9.75% 8.00% -1.75% 13.25% 9.50% -3.75% 17.25% 13.25% -4.00%

Total Fixed Income 20.00% 12.75% -7.25% 30.00% 22.25% -7.75% 40.00% 32.25% -7.75% 60.00% 52.25% -7.75% 80.00% 72.50% -7.50%

Total Cash 0.00% 3.50% 3.50% 0.00% 4.00% 4.00% 0.00% 4.00% 4.00% 0.00% 4.00% 4.00% 0.00% 4.00% 4.00%

Total Portfolio 100.00% 100.00% 0.00% 100.00% 100.00% 0.00% 100.00% 100.00% 0.00% 100.00% 100.00% 0.00% 100.00% 100.00% 0.00%

Portfolio 5 - Aggressive Portfolio 4 - Growth Portfolio 3 - Balanced Portfolio 2 - Stable Portfolio 1 - Conservative

1111

JPMorgan Global Multi-Asset Tactical Portfolio performance as of 12/31/2020

Source: J.P. Morgan Asset

Management.

The benchmarks listed are

composite benchmarks of

unmanaged indexes that

correspond to the Portfolios’ stock

and bond allocations. A detailed

breakdown for each respective

Portfolio is listed on the following

page. The performance of the

composite benchmarks does not

reflect the deduction of expenses

associated with a fund, such as

investment management fees. By

contrast, the performance of the

Portfolios reflects the deduction of

these expenses, including sales

charges if applicable. An individual

cannot invest directly in an index.

Past performance is not indicative of

future returns. Returns include the

reinvestment of income. Not

annualized if less than 1 year. The

calculation results have certain

inherent limitations. No

representation is being made that

any portfolio will or is likely to

achieve profits or losses similar to

those shown. Returns will fluctuate

and an investment upon redemption

may be worth more or less than its

original value. Performance shown

is net of underlying ETF fees, but

gross of any advisor fees that

may be charged by the financial

intermediary to the end client.

* Inception is February 1, 2017

Past performance does not guarantee future returns.

Aggressive 1 month 3 months YTD 1 year Since Inception* SI Volatility*

Portfolio Returns 4.46% 13.50% 7.63% 7.63% 8.81% 13.65%

Strategic Benchmark 3.78% 12.82% 6.64% 6.64% 8.72% 13.75%

Excess returns (net of ETF fees) 0.68% 0.67% 0.99% 0.99% 0.09%

80% MSCI World / 20% U.S. Barclays Aggregate 3.42% 11.30% 14.74% 14.74% 11.60% 13.03%

Excess returns (net of ETF fees) 1.04% 2.20% -7.11% -7.11% -2.79%

Growth 1 month 3 months YTD 1 year Since Inception* SI Volatility*






Balanced 1 month 3 months YTD 1 year Since Inception* SI Volatility*






Stable 1 month 3 months YTD 1 year Since Inception* SI Volatility*



Excess returns (net of ETF fees) 0.30% 0.17% 0.15% 0.15% -0.07%



Conservative 1 month 3 months YTD 1 year Since Inception* SI Volatility*






12

Appendix

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Portfolio 5 - Aggressive Portfolio 4 - Growth Portfolio 3 - Balanced Portfolio 2 - Stable

Asset Class/Product TickerStrategic

Weight

Tactical

Weight+/-

Strategic

Weight

Tactical

Weight+/-

Strategic

Weight

Tactical

Weight+/-

4 11 10 17 24 23 30 37 36JPMorgan Diversif ied Return US Eq ETF JPUS 38.50% 37.25% -1.25% 33.75% 32.25% -1.50% 28.75% 27.00% -1.75%

JPMorgan US Value Factor ETF JVAL 0.00% 1.50% 1.50% 0.00% 1.50% 1.50% 0.00% 1.50% 1.50%

Total U.S. Large Cap Equity 38.50% 38.75% 0.25% 33.75% 33.75% 0.00% 28.75% 28.50% -0.25%

JPMorgan Divers Ret US Mid Cp Eq ETF JPME 5.75% 6.75% 1.00% 5.00% 6.00% 1.00% 4.50% 5.50% 1.00%

Total U.S. Mid-Cap Equity 5.75% 6.75% 1.00% 5.00% 6.00% 1.00% 4.50% 5.50% 1.00%

JPMorgan Divers Ret US Small Cap Eq ETF JPSE 3.75% 5.75% 2.00% 3.25% 5.25% 2.00% 2.75% 4.75% 2.00%

Total U.S. Small-Cap Equity 3.75% 5.75% 2.00% 3.25% 5.25% 2.00% 2.75% 4.75% 2.00%

Total U.S. Equity 48.00% 51.25% 3.25% 42.00% 45.00% 3.00% 36.00% 38.75% 2.75%

JPMorgan BetaBuilders MSCI US REIT ETF BBRE 4.00% 3.25% -0.75% 3.50% 3.00% -0.50% 3.00% 2.75% -0.25%

Total Global REITs 4.00% 3.25% -0.75% 3.50% 3.00% -0.50% 3.00% 2.75% -0.25%

JPMorgan Diversif ied Return Intl Eq ETF JPIN 20.00% 21.25% 1.25% 17.50% 18.75% 1.25% 15.00% 16.25% 1.25%

Total Developed International Equity 20.00% 21.25% 1.25% 17.50% 18.75% 1.25% 15.00% 16.25% 1.25%

JPMorgan Diversif ied Return EMkts Eq ETF JPEM 8.00% 8.00% 0.00% 7.00% 7.00% 0.00% 6.00% 6.00% 0.00%

Total Emerging Markets Equity 8.00% 8.00% 0.00% 7.00% 7.00% 0.00% 6.00% 6.00% 0.00%

Total International Developed & Emerging Markets Equity 28.00% 29.25% 1.25% 24.50% 25.75% 1.25% 21.00% 22.25% 1.25%

Total Equity 80.00% 83.75% 3.75% 70.00% 73.75% 3.75% 60.00% 63.75% 3.75%

JPMorgan U.S. Aggregate Bond ETF JAGG 12.50% 6.25% -6.25% 21.00% 14.50% -6.50% 30.25% 24.25% -6.00%

JPMorgan Disciplined High Yield ETF JPHY 4.50% 6.50% 2.00% 5.75% 7.75% 2.00% 6.00% 8.00% 2.00%

JPMorgan USD Emerging Mkts Svr Bd ETF JPMB 3.00% 0.00% -3.00% 3.25% 0.00% -3.25% 3.75% 0.00% -3.75%

Total Fixed Income 20.00% 12.75% -7.25% 30.00% 22.25% -7.75% 40.00% 32.25% -7.75%

JPMorgan US Government MMkt Instl IJGXX 0.00% 3.50% 3.50% 0.00% 4.00% 4.00% 0.00% 4.00% 4.00%

Total Cash 0.00% 3.50% 3.50% 0.00% 4.00% 4.00% 0.00% 4.00% 4.00%

Total Portfolio 100.00% 100.00% 0.00% 100.00% 100.00% 0.00% 100.00% 100.00% 0.00%



Source: J.P. Morgan Asset Management. For illustrative purposes only. +/- refers to the current Portfolio allocation relative to the portfolio’s strategic allocation. Due to certain consideration (e.g., timing of

execution, rounding, etc.) allocations may not equal the above allocations. Should not be considered a recommendation to buy or sell a particular security or asset class. Values may not equal 100% due to rounding.

Depending on market conditions, allocation percentages and/or underlying funds are subject to change without notice. *Cash vehicle used is dependent on the custodial platform.

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Portfolio 2 - Stable Portfolio 1 - Conservative

Asset Class/Product TickerStrategic

Weight

Tactical

Weight+/-

Strategic

Weight

Tactical

Weight+/-

43 50 49 56 63 62JPMorgan Diversif ied Return US Eq ETF JPUS 19.25% 17.75% -1.50% 9.50% 8.00% -1.50%

JPMorgan US Value Factor ETF JVAL 0.00% 1.50% 1.50% 0.00% 1.50% 1.50%

Total U.S. Large Cap Equity 19.25% 19.25% 0.00% 9.50% 9.50% 0.00%

JPMorgan Divers Ret US Mid Cp Eq ETF JPME 3.00% 4.00% 1.00% 1.50% 2.25% 0.75%

Total U.S. Mid-Cap Equity 3.00% 4.00% 1.00% 1.50% 2.25% 0.75%

JPMorgan Divers Ret US Small Cap Eq ETF JPSE 1.75% 3.75% 2.00% 1.00% 2.75% 1.75%

Total U.S. Small-Cap Equity 1.75% 3.75% 2.00% 1.00% 2.75% 1.75%

Total U.S. Equity 24.00% 27.00% 3.00% 12.00% 14.50% 2.50%

JPMorgan BetaBuilders MSCI US REIT ETF BBRE 2.00% 2.00% 0.00% 1.00% 1.00% 0.00%

Total Global REITs 2.00% 2.00% 0.00% 1.00% 1.00% 0.00%

JPMorgan Diversif ied Return Intl Eq ETF JPIN 10.00% 10.75% 0.75% 5.00% 6.00% 1.00%

Total Developed International Equity 10.00% 10.75% 0.75% 5.00% 6.00% 1.00%

JPMorgan Diversif ied Return EMkts Eq ETF JPEM 4.00% 4.00% 0.00% 2.00% 2.00% 0.00%

Total Emerging Markets Equity 4.00% 4.00% 0.00% 2.00% 2.00% 0.00%

Total International Developed & Emerging Markets Equity 14.00% 14.75% 0.75% 7.00% 8.00% 1.00%

Total Equity 40.00% 43.75% 3.75% 20.00% 23.50% 3.50%

JPMorgan U.S. Aggregate Bond ETF JAGG 46.75% 42.75% -4.00% 62.75% 59.25% -3.50%

JPMorgan Disciplined High Yield ETF JPHY 8.00% 9.00% 1.00% 10.50% 11.50% 1.00%

JPMorgan USD Emerging Mkts Svr Bd ETF JPMB 5.25% 0.50% -4.75% 6.75% 1.75% -5.00%

Total Fixed Income 60.00% 52.25% -7.75% 80.00% 72.50% -7.50%

JPMorgan US Government MMkt Instl IJGXX 0.00% 4.00% 4.00% 0.00% 4.00% 4.00%

Total Cash 0.00% 4.00% 4.00% 0.00% 4.00% 4.00%

Total Portfolio 100.00% 100.00% 0.00% 100.00% 100.00% 0.00%



Source: J.P. Morgan Asset Management. For illustrative purposes only. +/- refers to the current Portfolio allocation relative to the portfolio’s strategic allocation. Due to certain

consideration (e.g., timing of execution, rounding, etc.) allocations may not equal the above allocations. Should not be considered a recommendation to buy or sell a particular

security or asset class. Values may not equal 100% due to rounding. Depending on market conditions, allocation percentages and/or underlying funds are subject to change without

notice. *Cash vehicle used is dependent on the custodial platform.

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Balanced ETF model growth of $100 from inception through 20181

Performed as designed

2/1/2017 – 12/31/2017 Return Excess

Balanced ETF Model +13.41% +0.62%

Cap-weighted Index +12.80% -

Source: J.P. Morgan Asset Management. 1Since inception (02/01/2017) using net of fee daily returns.

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.

$100

$105

$110

$115

$120

$125

Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18

Balanced GMAT Portfolio 60% MSCI World / 40% U.S. Barclay's Agg

10/1/2018 – 12/31/2018 Return Excess

Balanced ETF Model -6.93% +0.58%

Cap-weighted Index -7.52% -

Risk-On Risk-Off

1616

Balanced ETF model growth of $100 during YTD 2019 period ending 12/31

FY 2019 performance

Source: J.P. Morgan Asset Management, Bloomberg; Note that returns shown are daily and net of fees. Data through 12/31/19.

The performance quoted is past performance and is not a guarantee of future results.

Tactical underweight to equity coupled with a rally in concentrated sectors/regions hurt performance in 2019

12/31/2018 – 12/31/2019 Return Excess

Balanced ETF Model +16.72% -3.30%

Cap-weighted Index +20.02%

$100

$105

$110

$115

$120

$125

Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

Balanced GMAT Portfolio 60% MSCI World / 40% U.S. Barclay's Agg

1717

Asset class ranges

For illustrative purposes only.

Conservative Stable Balanced Growth Aggressive

SAA Range SAA Range SAA Range SAA Range SAA Range

Equities 20% +/- 10% 40% +/- 10% 60% +/- 10% 70% +/- 10% 80% +/- 10%

U.S. Equity 12.00% +/- 10.00% 24.00% +/- 10.00% 36.00% +/- 10.00% 42.00% +/- 10.00% 48.00% +/- 10.00%

U.S. REITs 1.00% +/- 5.00% 2.00% +/- 5.00% 3.00% +/- 5.00% 3.50% +/- 5.00% 4.00% +/- 5.00%

EAFE Equity 5.00% +/- 5.00% 10.00% +/- 5.00% 15.00% +/- 5.00% 17.50% +/- 5.00% 20.00% +/- 5.00%

Emerging Markets Equity 2.00% +/- 5.00% 4.00% +/- 5.00% 6.00% +/- 5.00% 7.00% +/- 5.00% 8.00% +/- 5.00%

Fixed Income 80% +/- 10% 60% +/- 10% 40% +/- 10% 30% +/- 10% 20% +/- 10%

U.S. Investment Grade 62.75% +/- 10.00% 46.75% +/- 10.00% 30.25% +/- 10.00% 21.00% +/- 10.00% 12.50% +/- 10.00%

U.S. High Yield 10.50% +/- 5.00% 8.00% +/- 5.00% 6.00% +/- 5.00% 5.75% +/- 5.00% 4.50% +/- 5.00%

Emerging Markets Sovereign Debt 6.75% +/- 5.00% 5.25% +/- 5.00% 3.75% +/- 5.00% 3.25% +/- 5.00% 3.00% +/- 5.00%

Alternatives 0% + 15% 0% + 15% 0% + 15% 0% + 15% 0% + 15%

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Benchmark components

Custom Benchmark Breakdown Aggressive Growth Balanced Stable Conservative

JP Morgan Diversified Factor US Equity Index 38.50% 33.75% 28.75% 19.25% 9.50%

JP Morgan Diversified Factor US Mid Cap Equity Index 5.75% 5.00% 4.50% 3.00% 1.50%

JP Morgan Diversified Factor US Small Cap Equity Index 3.75% 3.25% 2.75% 1.75% 1.00%

MSCI US REIT Index** 4.00% 3.50% 3.00% 2.00% 1.00%

JP Morgan Diversified Factor International Equity Index 20.00% 17.50% 15.00% 10.00% 5.00%

JP Morgan Diversified Factor Emerging Markets Equity Index 8.00% 7.00% 6.00% 4.00% 2.00%

Barclays Aggregate 12.50% 21.00% 30.25% 46.75% 62.75%

BofA Merrill Lynch US High Yield Index 4.50% 5.75% 6.00% 8.00% 10.50%

JPMorgan Emerging Markets Risk-Aware Bond Index* 3.00% 3.25% 3.75% 5.25% 6.75%

*The benchmark of the Emerging Markets Debt asset class changed from the JPM EMBI Global Core Index to the JPMorgan Emerging Markets Risk-Aware Bond Index effective June 1, 2018.

**The benchmark of the REIT asset class changed from DJ US Select REIT Index to the MSCI US REIT Index effective April 1, 2019.

Performance history is representative of a blended history.

Note: On May 1, 2018, FTSE Russell released an updated methodology for certain of the Diversified Factor Indexes (the “Indexes”) which the JPMorgan Diversified Return ETFs track. These updates relate to all of the Indexes except

those covering Emerging Markets and US Small Cap. A prospectus supplement describing the updates was filed on May 22, 2018. As a result, the updated Indexes now have a unified approach to factors, sector weighting and security

weighting. In addition to the methodology updates, all of the Indexes (including the Emerging Markets and US Small Cap Indexes which are not otherwise affected by this update) are being rebranded under J.P. Morgan’s name.

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Additional information

The number of “investment professionals” includes portfolio managers, research analysts, traders and investment specialists with VP title and above. Sourced from J.P. Morgan Asset

Management; as of March 31, 2020.

“Top 10 multi-asset mutual fund manager” is sourced from J.P. Morgan Asset Management analysis based on data from Strategic Insights; multi-asset mutual fund peer group is

global and excludes target date funds; based on global data as of March 31, 2020.

Numbers of investment strategies is updated annually, data as of December 31, 2019. Source: J.P. Morgan Asset Management.

The “mutual funds with a 4/5 star rating” analysis is sourced from Morningstar for all funds with the exception of Japan-domiciled funds; Nomura was used for Japan-domiciled

funds. The analysis includes Global Investment Management open-ended funds that are rated by the aforementioned sources. The multi-asset classification used in the illustration

is based on J.P. Morgan’s own categorization. The share class with the highest Morningstar star rating represents its respect ive fund. The Nomura star rating represents the

aggregate fund. Other share classes may have different performance characteristics and may have different ratings; the highest rated share class may not be available to all

investors. All star ratings sourced from Morningstar reflect the Morningstar Overall RatingTM. For Japan-domiciled funds, the star rating is based on the Nomura 3-year star rating.

Funds with fewer than three years of history are not rated by Morningstar nor Nomura and hence excluded from this analysis. Other funds which do not have a rating are also

excluded from this analysis. Ratings are based on past performance and are not indicative of future results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded

funds, closed-end funds and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for

comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance,

placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4

stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a

weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-

59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns and 50% 10-year rating/30% five-year rating/20% three-year rating for 120

or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has

the greatest impact because it is included in all three rating periods. Rankings do not take sales loads into account.

As of 3/31/20 Category: Morningstar 30-50% Equity Category. The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the manager

research analysts of Morningstar. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Analysts use this five pillar

evaluation to determine how they believe funds are likely to perform over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research,

and the weighting of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflect an

Analyst's conviction in a fund's prospects for outperformance. Analyst Ratings are continuously monitored and reevaluated at least every 14 months.

For more detailed information about Morningstar's Analyst Rating, including its methodology, please go to http://www.morningstar.com/InvGlossary/morningstar-analyst-rating-for-

funds.aspx

The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings involve unknown risks and uncertainties

which may cause Morningstar's expectations not to occur or to differ significantly from what we expected.

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Investment RisksJPMorgan Diversified Return U.S. Equity ETF: Diversification does not guarantee investment returns and does not eliminate the risk of loss. The fund uses derivatives, which may be

riskier than other types of investments and may increase the volatility of the fund. The fund may not track the return of its underlying index for a number of reasons, such operating

expenses incurred by the fund that are not applicable to the index, and the time difference between calculating the value of the index and the net asset value of the fund.

JPMorgan Diversified Return Mid Cap Equity ETF: Diversification does not guarantee investment returns and does not eliminate the risk of loss. The fund uses derivatives, which may

be riskier than other types of investments and may increase the volatility of the fund. The fund may not track the return of its underlying index for a number of reasons, such operating

expenses incurred by the fund that are not applicable to the index, and the time difference between calculating the value of the index and the net asset value of the fund. Mid-cap funds

typically carry more risk than funds investing in well-established "blue-chip" companies and have historically experienced a greater degree of volatility than the average stock.

JPMorgan Diversified Return Small Cap Equity ETF: Diversification does not guarantee investment returns and does not eliminate the risk of loss. The fund uses derivatives, which may

be riskier than other types of investments and may increase the volatility of the fund. The fund may not track the return of its underlying index for a number of reasons, such operating

expenses incurred by the fund that are not applicable to the index, and the time difference between calculating the value of the index and the net asset value of the fund. Small-

capitalization investments typically carry more risk than investments in well-established "blue-chip“ companies since smaller companies generally have a higher risk of failure. Historically,

smaller companies‘ stock has experienced a greater degree of market volatility than the average stock.

JPMorgan Diversified Return International Equity ETF: International investing has a greater degree of risk and increased volatility due to political and economic instability of some

overseas markets. Changes in currency exchange rates and different accounting and taxation policies outside the U.S. can affect returns. Diversification does not guarantee investment

returns and does not eliminate the risk of loss. The fund uses derivatives, which may be riskier than other types of investments and may increase the volatility of the fund. The fund may

not track the return of its underlying index for a number of reasons, such operating expenses incurred by the fund that are not applicable to the index, and the time difference between

calculating the value of the index and the net asset value of the fund.

JPMorgan Diversified Return Emerging Markets Equity ETF: International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and

differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United

States and other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and decreased trading volume. Diversification does not

guarantee investment returns and does not eliminate the risk of loss. The fund uses derivatives, which may be riskier than other types of investments and may increase the volatility of the

fund. The fund may not track the return of its underlying index for a number of reasons, such operating expenses incurred by the fund that are not applicable to the index, and the time

difference between calculating the value of the index and the net asset value of the fund.

JPMorgan Disciplined High Yield ETF: Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates rise, the value of these

investments generally drops. Diversification does not guarantee investment returns and does not eliminate the risk of loss. Securities rated below investment grade are considered "high-

yield," "non-investment grade," "below investment - grade," or "junk bonds." They generally are rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors

Service. Although they can provide higher yields than higher rated securities, they can carry greater risk. International investing involves a greater degree of risk and increased volatility.

Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically

and economically stable as the United States and other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and decreased

trading volume. The value of investments in mortgage-related and asset-backed securities will be influenced by the factors affecting the housing market. They may decline in value, face

valuation difficulties, become more volatile and/or become illiquid. They are also subject to prepayment risk. REITs are subject to the same risks as direct investments in real estate and

mortgages, including default, prepayments, changes in interest rates, demand for real and rental property, and the management skill and creditworthiness of REIT issuers. The market

value of a zero-coupon, pay-in-kind or deferred payment security is generally more volatile than other fixed income securities with similar maturities and credit quality that pay interest

periodically. Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in

finding buyers or reducing the sale price for such securities. Investments in smaller companies may be riskier, more volatile and more vulnerable to economic, market and industry

changes. Actively managed funds typically have higher fees than index-linked products.

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Investment Risks (continued)JPMorgan USD Emerging Markets Sovereign Bond ETF: Diversification does not guarantee investment returns and does not eliminate the risk of loss. International investing bears

greater risk due to social, economic, regulatory and political instability in countries in "emerging markets." This makes emerging market securities more volatile and less liquid developed

market securities. Changes in exchange rates and differences in accounting and taxation policies outside the U.S. can also affect returns. Securities rated below investment grade are

considered "high-yield," "non-investment grade," "below investment-grade," or "junk bonds." They generally are rated in the fifth or lower rating categories of Standard & Poor's and

Moody's Investors Service. Although they can provide higher yields than higher rated securities, they can carry greater risk. The Fund may invest in futures contracts and other derivatives.

This may make the Fund more volatile. Actively managed funds typically have higher fees than index-linked products.

JPMorgan BetaBuilders MSCI US REIT ETF: Real estate investing may be subject to increased market risk because of concentration in a specific industry, sector or geographical sector.

These risks include, but are not limited to, declines in real estate value, risks related to general and economic conditions, changes in underlying value of property owned by the trust and

defaults by borrower. Actively managed funds typically have higher fees than index-linked products.

JPMorgan US Aggregate Bond ETF: Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates rise, the value of these investments

generally drops. The Fund’s investments are subject to the risk that issuers and/or counterparties will fail to make payments when due or default completely. If an issuer’s or counterparty’s

financial condition worsens, the credit quality of the issuer or counterparty may deteriorate, making it difficult for the Fund to sell such investment. Actively managed funds typically have

higher fees than index-linked products.

Please consult with your advisor for third-party fund prospectuses and/or any questions on the risks associated with third-party funds contained in the portfolio.

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Disclosures

Investing involves risk, including possible loss of principal. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be

worth more or less than their original cost. Shares are bought and sold throughout the day on an exchange at market price (not NAV) through a brokerage account, and are not individually

redeemed from the fund. Shares may only be redeemed directly from a fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce

returns.

Narrowly focused investments typically exhibit higher volatility.

The funds use derivatives, which may be riskier than other types of investments and may increase the volatility of the funds. The funds may not track the return of its underlying index for a

number of reasons, such as operating expenses incurred by the funds that are not applicable to the index, and the time difference between calculating the value of the index and the net

asset value of the funds.

There is no guarantee the funds will meet their investment objective.

Diversification may not protect against market loss.

Small-capitalization investments typically carry more risk than investments in well-established “blue-chip” companies since smaller companies generally have a higher risk of failure.

Historically, smaller companies’ stock has experienced a greater degree of market volatility than the average stock.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S.

can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations. Emerging markets involve heightened

risks related to the same factors as well as increased volatility and decreased trading volume. Investments in bonds and other debt securities will change in value based on changes in

interest rates. If rates rise, the value of these investments generally drops. High yield securities carry greater risk than investment grade securities. JPHY is actively managed and may not

achieve its objective.

J.P. Morgan ETFs are distributed by JPMorgan Distribution Services, Inc., (1111 Polaris Pkwy, Columbus, OH 43240) which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan

Chase & Co. receive fees for providing various services to the funds. JPMorgan Distribution Services, Inc. is a member of FINRA.

J.P. Morgan Asset Management is the marketing name of the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan

Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

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Disclosures (cont’d)

For certain JPMorgan ETFs, as noted in their respective prospectuses, J.P. Morgan Investment Management Inc. (JPMIM), the adviser and an affiliate of the Fund(s), is the sponsor of the

Underlying Index and FTSE International Limited, administers, calculates and governs each Underlying Index as the Benchmark Administrator.

For other JPMorgan ETFs, as noted in their respective prospectuses where the Underlying Index is owned, maintained and calculated by J.P. Morgan Securities LLC (“JPMS” or the “Index

Provider”), JPMS selects securities in accordance with the methodology from among the components of the J.P. Morgan Emerging Market Bond Index Global Diversified, which was

developed and is maintained by the Index Provider. The adviser licenses the Underlying Index from the Index Provider. The Index Provider and the adviser are both wholly-owned

subsidiaries of JPMorgan Chase & Co., a publicly-held financial services holding company.

London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies.

“FTSE®” “Russell®”, “FTSE Russell®”, are a trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the Indexes

for the Funds other than the BetaBuilders Funds vest in JPMIM or its licensors. Neither FTSE Russell nor its licensors accept any liability for any errors or omissions in the indexes or data

and no party may rely on any indexes or data contained in this communication. No use or distribution of the indexes is permitted without JPMIM’s express written consent. The LSE Group

does not promote, sponsor or endorse the content of this communication.

MSCI U.S. REIT Index is the exclusive property of MSCI and registered Service Mark of MSCI Inc. (MSCI) or its affiliates and has been licensed for use for certain purposes by JPMorgan

Chase & Co. (“Licensee”) The JPMorgan BetaBuilders MSCI U.S. REIT ETF is not sponsored, endorsed, issued, sold or promoted by MSCI and MSCI bears no liability with respect to any

such funds or securities or any index on which such funds or securities are based. The Prospectus contains a more detailed description of the relationship MSCI has with Licensee and

any related funds.

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JPMorgan Advisory Portfolio Solutions

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