May 22, 2025

J.P. Morgan Exchange-Traded Fund Trust

277 Park Avenue

New York, NY 10017

Dear Sirs:

J.P. Morgan Investment Management Inc. (“JPMIM”) hereby agrees to waive fees owed to it or to reimburse the Fund listed on Schedule A through September 30, 2028. In particular, JPMIM will waive fees in the amount of the acquired fund fees and expenses for any affiliated investment company that the Fund invests in so that the total operating expenses do not exceed the rate indicated on Schedule A.

JPMIM understands and intends that the Fund will rely on this agreement in preparing and filing its registration statements on Form N-1A and in accruing the Fund’s expenses for purposes of calculating net asset value and for other purposes, and expressly permit the Fund to do so.

Please acknowledge acceptance on the enclosed copy of this letter.

 

Very truly yours,   J.P. Morgan Investment Management Inc.

/s/ Brian S. Shlissel

By: Brian S. Shlissel

Managing Director

Accepted by:   J.P. Morgan Exchange-Traded Fund Trust

/s/ Timothy J. Clemens

By: Timothy J. Clemens

Treasurer

SCHEDULE A

 

Fund Name		Expense Cap
JPMorgan Flexible Debt ETF			0.45	%