JPMorgan Trust I Form 497K

The Fund and the Subsidiary may invest in ETFs, including both JPMorgan ETFs and non-affiliated funds, in order to gain exposure to certain asset classes. An ETF is a registered investment company, certificate of deposit or other common investment vehicle
which generally seeks to monitor the performance of a market index or security. These indices not only include general information market indices, but also more specific indices, including those relating to sectors, markets, regions or Industries.

Typically, the Fund’s investment in a single unaffiliated ETF is limited to 5% of its total assets and in all ETFs not affiliated with 10% of its total assets. The SEC has issued exemption orders for many ETFs which allow any fund investing in such ETFs to disregard these 5% and 10% limits. The Fund intends to invest in unaffiliated ETFs that have received such an exemption orders and it may invest any amount of its total assets in a Single ETF or in multiple ETFs.

Derivatives, which are instruments whose value is based on another instrument, exchange rate or index, may be used as
substitute securities in which the Fund may invest. The bottom uses structured notes as portfolio management tools assets. In particular, the Fund uses structured notes for the risk management and to increase the income or gains of the Fund. At to the extent that the Fund invests in underlying funds, such as funds may also use derivatives.

Main investment risks of the Fund

The Fund is subject to management risk and may not achieve its objective objective if the adviser’s expectations regarding instruments or markets are not satisfied.

An investment in this Fund or any other fund may not provide a comprehensive investment program. The relevance of an investment in the Fund should be considered in relation to the investment the objective, strategies and risks described in this prospectus, considered in light of all other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult a financial advisor advisor to determine if this Fund is right for you.

The Fund is subject to the main risks listed below, each of which may adversely affect the performance of the Fund and its ability to meet their investment objective.

Investments in Mutual Funds and ETFs Risk. The Fund’s investments are concentrated in JP Morgan funds and not affiliated funds, so that the performance of the Fund’s investments is directly linked the performance of the underlying funds. The shareholders will indirectly bear the expenses incurred by the underlying funds. In addition, the power of the Advisor to allocate investments among JP Morgan funds and non-affiliated funds creates
conflicts of interest. For example, investing in JP Morgan funds could lead to higher costs for the Fund and would lead to the Advisor and/or its affiliates to receive greater compensation, increase assets under management or support a particular investment JP Morgan strategies or funds. The price movement of a
The index ETF may not track the underlying index and cause a loss. ETFs and closed-end investment companies can trade at a price lower than their net asset value (also called delivery).

General market risk. Economies and Financial Markets around the world are increasingly interconnected, which increases the likelihood that events or conditions in a

country or region will have a negative impact on the markets or issuers other countries or regions. The securities in the Fund’s portfolio may underperform stocks in the general financial sector markets, a particular financial market or other asset classes due to to a number of factors, including inflation (or expectations inflation), deflation (or deflation expectations), interest rates, global demand for particular products or resources,
market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other government trade or market control programs and related geopolitical events. In addition, the value of the Fund’s assets investments may be adversely affected by the occurrence of world events such as war, terrorism, environmental disasters, disasters or natural events, country instability and infectious diseases disease epidemics or pandemics.

For example, the COVID-19 outbreak has had a negative impact on economies, markets and individual businesses across the world, including those in which the Fund invests. The effects of this pandemic to public health and to business and market conditions, including, among other things, reduced consumption demand and economic production, supply chain disruptions and increase in public spending, may continue to have a significant negative impact on the performance of the Fund
investments, increase the volatility of the Fund, exacerbate the political, social and economic risks to the Fund, and negatively impact large segments of businesses and populations. In addition, governments, their regulatory bodies or self-regulatory organizations have taken or may take action response to the pandemic that affect the instruments in which the Fund invests, or the issuers of these instruments, in a manner
which could have a significant negative impact on the performance of the Fund investment return. The duration and extent of COVID-19 and the associated economic and market conditions and uncertainty long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact the Fund will also depend on future developments, very uncertain, difficult to
forecast accurately and subject to frequent change.

Foreign Securities and Emerging Markets Risk. The Fund and some of the underlying funds that invest in foreign issuers and foreign securities (including certificates of deposit) are subject to additional risks, including political and economic risks, conflicts and wars, increased volatility, expropriation and risks of nationalization, sanctions or other measures by the United States States or other governments, currency fluctuations, increase transaction costs, late settlement, possible foreign controls on investment, and less stringent protection of investors and foreign market disclosure standards. In some markets where securities and other instruments are not traded against payment”, the Fund may not receive timely payment for securities or other instruments delivered or received delivery of paid securities and may be subject to an increase risk that the counterparty does not make payments or does not deliver at maturity or by default completely.

Events and Changing Conditions in Certain Economies or Markets may change the risks associated with country-linked investments or regions that historically were perceived as relatively stable becoming riskier and more volatile. These risks are amplified in “emerging markets”. Emerging countries generally have less well-established market economies than developed countries and may face greater regulatory and political uncertainties. Moreover, emerging

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