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JPMorgan Income ETF

Active ETF
JPIE
Payout Change
Pending
Price as of:
$45.11 +0.11 +0.23%
primary theme
N/A
JPIE (ETF)

JPMorgan Income ETF

Payout Change
Pending
Price as of:
$45.11 +0.11 +0.23%
primary theme
N/A
JPIE (ETF)

JPMorgan Income ETF

Payout Change
Pending
Price as of:
$45.11 +0.11 +0.23%
primary theme
N/A

Name

As of 04/23/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

JPMorgan Income ETF

JPIE | Active ETF

$45.11

$1.07 B

6.28%

$2.83

0.41%

Vitals

YTD Return

0.5%

1 yr return

4.8%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$1.07 B

Holdings in Top 10

21.7%

52 WEEK LOW AND HIGH

$45.0
$43.78
$45.92

Expenses

OPERATING FEES

Expense Ratio 0.41%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 04/23/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

JPMorgan Income ETF

JPIE | Active ETF

$45.11

$1.07 B

6.28%

$2.83

0.41%

JPIE - Profile

Distributions

  • YTD Total Return 0.5%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 6.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    JPMorgan Income ETF
  • Fund Family Name
    JPMorgan Funds
  • Inception Date
    Oct 28, 2021
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Andrew Headley

Fund Description

The Fund seeks to achieve its objective by investing opportunistically among multiple debt markets and sectors that the Fund’s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) believes have high potential to produce income and have low correlations to each other in order to manage risk. The Fund is flexible and not managed to a benchmark. This allows the Fund to shift its allocations based on changing market conditions, which may result in investing in a single or multiple markets and sectors. The adviser seeks to manage distributions throughout the year to help reduce fluctuations in monthly dividends. “Income” in the Fund’s name refers to the Fund’s strategy of seeking to provide income by investing opportunistically across different markets and sectors. The capital appreciation sought by the Fund generally arises from decreases in interest rates or improving credit fundamentals for a particular sector or security.The Fund has broad flexibility to invest in a wide variety of debt securities and instruments of any maturity. The Fund may invest in fixed and floating rate debt securities issued in both U.S. and foreign markets, including countries whose economies are less developed (emerging markets). The Fund has discretion to focus its investments in one or more regions or small groups of countries including both U.S. and foreign markets including emerging markets. The Fund invests primarily in U.S. dollar denominated securities, although the Fund may also invest in non-dollar denominated securities. The Fund currently anticipates that it will invest no more than 10% of its total assets in non-dollar denominated securities, although, from time to time, the Fund may invest a greater percentage of its assets in non-dollar denominated securities to take advantage of market conditions.In connection with managing volatility, the Fund seeks to maintain a duration of ten years or less, although, under certain market conditions such as in periods of significant volatility in interest rates and spreads, the Fund’s duration may be longer than ten years. Duration is a measure of the price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of three years means that a security’s or portfolio’s price would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in yield curve).Although the Fund has the flexibility to invest above 65% of its total assets in investments that are rated below investment grade (also known as junk bonds or high yield securities) or the unrated equivalent to take advantage of market opportunities, under normal market conditions the Fund invests at least 35% of its total assets in investments that, at the time of purchase, are rated investment grade or the unrated equivalent.Below investment grade securities may include so-called “distressed debt.” Distressed debt includes securities of issuers experiencing financial or operating difficulties, securities where the issuer has defaulted in the payment of interest or principal or in the performance of its covenants or agreements, securities of issuers that may be involved in bankruptcy proceedings, reorganizations or financial restructurings or securities of issuers operating in troubled industries.A significant portion of the Fund’s assets may be invested in asset-backed securities, mortgage-related securities and mortgage-backed securities. Such securities may be structured as collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities, including those structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest. The Fund also may invest in inverse floaters and inverse IOs, which are debt securities with interest rates that reset in the opposite direction from the market rate to which the security is indexed. The Fund may also invest in structured investments and adjustable rate mortgage loans (ARMs). The Fund may invest a significant amount of its assets in sub-prime mortgage-related securities.The Fund may invest in securities issued by the U.S. government and its agencies and instrumentalities including U.S. Treasury securities, treasury receipts and obligations and securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).The Fund may also invest in mortgage pass-through securities including securities eligible to be sold on the “to-be-announced” or TBA market (mortgage TBAs). The Fund may enter into dollar rolls, in which the Fund sells mortgage-backed securities including mortgage TBAs and at the same time contracts to buy back very similar securities on a future date. The Fund may also sell mortgage TBAs short.The Fund may invest in inflation-linked debt securities including fixed and floating rate debt securities of varying maturities issued by the U.S. government, its agencies and instrumentalities, such as Treasury Inflation Protected Securities (TIPS). The Fund may also invest in inflation-linked debt securities issued by other entities such as corporations, foreign governments and foreign issuers. The Fund may invest in loan participations and assignments (Loans) and commitments to purchase Loans (Unfunded Commitments). Loans will typically consist of senior floating rate loans (Senior Loans), but may also include secured and unsecured loans, second lien loans or more junior (Junior Loans) and bridge loans.The Fund may also invest in convertible securities and preferred stock that the adviser believes will produce income or generate return. The Fund also may use bank obligations, commercial paper, corporate debt securities, custodial receipts, inverse floating rate instruments, municipal securities, private placements, restricted securities and other unregistered securities, real estate investment trusts (REITs), short-term funding agreements, when-issued securities, delayed delivery securities and forward commitments, and zero-coupon, pay-in-kind and deferred payment securities. The securities in which the Fund invests may include debt securities issued by governments and their agencies, supranational organizations, corporations, and banks.The Fund has flexibility to utilize derivatives and at times, use of such derivatives may be a principal strategy. Derivatives are instruments that have a value based on another instrument, exchange rate or index. Derivatives will be used primarily for hedging, including duration hedging, but may also be used as substitutes for securities in which the Fund can invest. Such derivatives may include futures contracts, options, swaps including interest rate and credit default swaps, and forward contracts. The Fund may also use derivatives for other hedging purposes (e.g., decreasing or increasing exposure to certain securities), to increase income and gain to the Fund, as part of its risk management process by establishing or adjusting exposure to particular securities, markets or currencies and/or to manage cash flows.As part of its principal investment strategy and for temporary defensive purposes, any portion of the Fund’s assets may be invested in cash and cash equivalents.In buying and selling investments for the Fund, the adviser uses a flexible, opportunistic approach that combines strategy and sector rotation (asset allocation). Strategy rotation refers to the shifting of investments among the multiple debt markets in which the Fund may invest. Sector rotation refers to the shifting of investments from one or more sectors (for example, high yield) into one or more other sectors (for example, emerging markets). For each strategy/sector, dedicated specialists provide security research and recommendations to the lead portfolio managers. Buy and sell decisions are based on fundamental, quantitative and technical analysis, including the expected potential to generate income. As part of its risk management strategy, the adviser typically will invest in multiple strategies/sectors, but, as part of the Fund’s opportunistic strategy, the adviser has flexibility to invest in a single or small number of strategies/sectors from time to time. Due to the Fund’s flexible asset allocation approach, the Fund’s risk exposure may vary and a risk associated with an individual strategy or type of investment may become more pronounced when the Fund utilizes a single strategy or type of investment or only a few strategies or types of investments. Generally, the adviser will sell a security when, based on fundamental, quantitative and technical analysis and the considerations described above, the adviser believes the issuer’s credit quality will deteriorate materially or when the adviser believes that there is better relative value available in the market in securities of comparable quality. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on certain issuers or countries in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities or countries that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors.
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JPIE - Performance

Return Ranking - Trailing

Period JPIE Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -21.8% 17.7% 94.44%
1 Yr 4.8% -26.4% 18.0% N/A
3 Yr N/A* -29.6% 52.0% N/A
5 Yr N/A* -33.0% 28.7% N/A
10 Yr N/A* -27.0% 12.7% N/A

* Annualized

Return Ranking - Calendar

Period JPIE Return Category Return Low Category Return High Rank in Category (%)
2023 1.1% -31.8% 18.4% N/A
2022 -10.2% -14.3% 103.5% N/A
2021 N/A -20.2% 60.6% N/A
2020 N/A -13.4% 10.9% N/A
2019 N/A -12.3% 4.1% N/A

Total Return Ranking - Trailing

Period JPIE Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -21.8% 28.6% 95.39%
1 Yr 4.8% -26.4% 38.5% N/A
3 Yr N/A* -29.6% 52.0% N/A
5 Yr N/A* -33.0% 29.9% N/A
10 Yr N/A* -27.0% 16.1% N/A

* Annualized

Total Return Ranking - Calendar

Period JPIE Return Category Return Low Category Return High Rank in Category (%)
2023 7.1% -31.8% 18.4% N/A
2022 -6.1% -14.3% 103.5% N/A
2021 N/A -20.2% 60.6% N/A
2020 N/A -13.4% 10.9% N/A
2019 N/A -12.3% 4.7% N/A

JPIE - Holdings

Concentration Analysis

JPIE Category Low Category High JPIE % Rank
Net Assets 1.07 B 100 124 B 75.89%
Number of Holdings 1536 2 8175 38.59%
Net Assets in Top 10 185 M -1.57 B 20.5 B 85.89%
Weighting of Top 10 21.75% 4.3% 100.0% 44.34%

Top 10 Holdings

  1. GNMA II, 30 Year 6.94%
  2. FNMA UMBS, 30 Year 3.79%
  3. GNMA II, Single Family, 30 Year 3.07%
  4. GNMA II, 30 Year 1.35%
  5. FNMA UMBS, 30 Year 1.29%
  6. FNMA UMBS, 30 Year 1.29%
  7. FNMA UMBS, 30 Year 1.19%
  8. GNMA II, 30 Year 1.03%
  9. FNMA, Other 1.00%
  10. GNMA II, Single Family, 30 Year 0.81%

Asset Allocation

Weighting Return Low Return High JPIE % Rank
Bonds 		88.45% -150.81% 188.92% 53.94%
Other 		12.43% -25.82% 276.99% 35.41%
Cash 		0.44% -261.12% 258.91% 36.24%
Stocks 		0.00% -38.22% 261.12% 68.05%
Preferred Stocks 		0.00% 0.00% 31.88% 53.11%
Convertible Bonds 		0.00% 0.00% 33.50% 37.76%

Bond Sector Breakdown

Weighting Return Low Return High JPIE % Rank
Cash & Equivalents 		0.44% 0.00% 100.00% 45.83%
Securitized 		0.00% 0.00% 99.65% 14.86%
Corporate 		0.00% 0.00% 100.00% 51.81%
Municipal 		0.00% 0.00% 54.26% 39.17%
Government 		0.00% 0.00% 99.43% 73.47%
Derivative 		-0.03% 0.00% 72.98% 55.14%

Bond Geographic Breakdown

Weighting Return Low Return High JPIE % Rank
US 		88.45% -151.11% 194.51% 25.31%
Non US 		0.00% -136.75% 90.11% 74.97%

JPIE - Expenses

Operational Fees

JPIE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.41% 0.01% 6.46% 96.77%
Management Fee 0.40% 0.00% 2.29% 8.08%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.70% N/A

Sales Fees

JPIE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

JPIE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

JPIE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 496.00% N/A

JPIE - Distributions

Dividend Yield Analysis

JPIE Category Low Category High JPIE % Rank
Dividend Yield 6.28% 0.00% 17.29% 61.36%

Dividend Distribution Analysis

JPIE Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

JPIE Category Low Category High JPIE % Rank
Net Income Ratio N/A -1.55% 11.51% 31.06%

Capital Gain Distribution Analysis

JPIE Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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JPIE - Fund Manager Analysis

Managers

Andrew Headley

Start Date

Tenure

Tenure Rank

Oct 28, 2021

0.59

0.6%

Director, Fund Manager and Head of Global Research. Director of Veritas Asset Management (UK) Limited and Fund Manager of the Real Return Global Fund and Veritas Global Focus Fund. Joined The Real Return Group in 2003. Analyst and Portfolio Manager WP Stewart 2001 to 2003. Analyst and Portfolio Manager Newton Investment Management 1996 to 2001. Tax Consultant, Price Waterhouse 1993 to 1996. Education: Chartered Accountant, BSc, ASIP.

Thomas Hauser

Start Date

Tenure

Tenure Rank

Oct 28, 2021

0.59

0.6%

Thomas J. Hauser, Senior Managing Director and Portfolio Manager of Guggenheim Partners. He has co-managed Series F since November 2014 and Series P since January 2017. Mr. Hauser joined Guggenheim Partners (or its affiliate or predecessor) in 2002 and is a member of Guggenheim’s Corporate Credit Group. He is also a member of the Investment Committee overseeing Guggenheim’s corporate credit investing activities. Prior to his role as a portfolio manager, Mr. Hauser ran a team with Joseph McCurdy covering a variety of sectors including Technology, Media and Telecom, Education, Metals and Mining, Homebuilding, Healthcare, and Energy and Power. He has over 10 years' experience in the high yield and leverage loan class. During his career at the firm, Mr. Hauser has been an analyst covering a variety of sectors, including the Energy, Power, Transportation and Chemical sectors. Mr. Hauser received his B.S. in Finance from St. Johns University.

J. Andrew Norelli

Start Date

Tenure

Tenure Rank

Oct 28, 2021

0.59

0.6%

Mr. Norelli has managed the Fund since its inception and is an employee of the JPMIM since 2012. As part of that responsibility, the portfolio managers establish and monitor the overall duration, yield curve, and sector allocation strategies for the Fund. Mr. Norelli is a portfolio manager within the GFICC’s investment team, where he focuses on multi-asset class portfolios, asset allocation, macroeconomic strategy, and global market dynamics.Prior to joining JPMIM in 2012, Andrew was at Morgan Stanley for eleven years where he most recently served as co-head of the firm emerging markets credit trading desk. Andrew holds an A.B. in economics from Princeton University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.19 5.64 3.19

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