UNDER THE SECURITIES ACT OF 1933 |
☒ |
Pre-Effective Amendment No. |
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Post-Effective Amendment No. 346 |
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UNDER THE INVESTMENT COMPANY ACT OF 1940 |
☒ |
Amendment No. 348 |
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Elizabeth A. Davin, Esq. JPMorgan Chase & Co. 1111 Polaris Parkway Columbus, OH 43240 |
Jon S. Rand, Esq. Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
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immediately upon filing pursuant to paragraph (b) |
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on |
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60 days after filing pursuant to paragraph (a)(1) |
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on (date) pursuant to paragraph (a)(1) |
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75 days after filing pursuant to paragraph (a)(2) |
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on (date) pursuant to paragraph (a)(2) |
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The post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
JPMorgan Inflation Managed Bond ETF |
Ticker: JCPI |
Listing Exchange: Cboe BZX Exchange, Inc. |
ANNUAL FUND OPERATING EXPENSES | |
Management Fees |
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Other Expenses1 |
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Acquired Fund Fees and Expenses1 |
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Total Annual Fund Operating Expenses |
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Fee Waivers and/or Expense Reimbursements2 |
- |
Total Annual Fund Operating Expenses after Fee Waiv- ers and/or Expense Reimbursements2 |
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1 Year |
3 Years |
5 Years |
10 Years |
SHARES ($) |
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through |
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was |
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Past 1 Year |
Past 5 Years |
Past 10 Years |
CLASS R6 SHARES |
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Return Before Taxes |
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Return After Taxes on Distributions |
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Return After Taxes on Distributions and Sale of Fund Shares |
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BLOOMBERG BARCLAYS 1-10 YEAR U.S. TIPS INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
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BLOOMBERG BARCLAYS U.S. INTERMEDIATE AGGREGATE INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
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INFLATION MANAGED BOND COMPOSITE BENCHMARK (Reflects No Deduction for Fees, Expenses, or Taxes) |
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Portfolio Manager |
Managed the Fund Since |
Primary Title with Investment Adviser |
Scott E. Grimshaw |
2022 |
Executive Director |
Steven Lear |
2022 |
Managing Director |
David Rooney |
2022 |
Executive Director |
NON-FUNDAMENTAL INVESTMENT OBJECTIVE |
An investment objective is fundamental if it cannot be changed without the consent of a majority of the outstanding Shares of the Fund. The Fund’s investment objective is not fundamental and may be changed without the consent of a majority of the outstanding Shares of the Fund. |
WHAT IS SECURITIES LENDING? |
Securities lending involves the loan of securities to borrowers in exchange for cash collateral which the Fund may reinvest. During the term of the loan, the Fund is entitled to receive amounts equivalent to distributions paid on the loaned securities as well as the return on the cash collateral investments. Upon termination of the loan, the Fund is required to return the cash collateral to the borrower plus an agreed upon rebate. Securities lending is not a principal strategy of the Fund. |
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Inflation Managed Bond ETF |
Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk |
• |
Authorized Participant Concentration Risk |
• |
CFTC Regulation Risk |
○ |
CPI-U Strategy Risk |
• |
Credit Risk |
• |
Currency Risk |
• |
Cyber Security Risk |
○ |
Derivatives Risk |
• |
Foreign Issuer Risk |
• |
Foreign Securities and Emerging Markets Risk |
• |
General Market Risk |
• |
Geographic Focus Risk |
• |
Government Securities Risk |
• |
High Portfolio Turnover Risk |
• |
High Yield Securities Risk |
• |
Industry and Sector Focus Risk |
• |
Inflation-Linked and Inflation-Protected Security Risk |
• |
Interest Rate Risk |
• |
Inverse Floater Risk |
○ |
Loan Risk |
• |
Market Trading Risk |
• |
Prepayment Risk |
• |
Securities Lending Risk |
○ |
Smaller Company Risk |
○ |
Strategy Risk |
• |
Transactions and Liquidity Risk |
• |
Volcker Rule Risk |
○ |
WHAT IS A DERIVATIVE? |
Derivatives are securities or contracts (for example, futures and options) that derive their value from the performance of underlying assets or securities. |
WHAT IS A CASH EQUIVALENT? |
Cash equivalents are highly liquid, high-quality instruments with maturities of three months or less on the date they are purchased. They include securities issued by the U.S. government, its agencies and instrumentalities, repurchase agreements, certificates of deposit, bankers’ acceptances, commercial paper, money market mutual funds, and bank deposit accounts. |
INSTRUMENT |
RISK TYPE |
Adjustable Rate Mortgage Loans (ARMs): Loans in a mortgage pool which provide for a fixed initial mortgage interest rate for a specified period of time, after which the rate may be subject to periodic adjustments. |
Credit Interest Rate Liquidity Market Political Prepayment Valuation |
Asset-Backed Securities: Securities secured by company receivables, home equity loans, truck and auto loans, leases and credit card receivables or other securities backed by other types of receivables or other assets. |
Credit Interest Rate Liquidity Market Political Prepayment Valuation |
Bank Obligations: Bankers’ acceptances, certificates of deposit and time deposits. Bankers’ acceptances are bills of exchange or time drafts drawn on and accepted by a commercial bank. Maturities are generally six months or less. Certificates of deposit are negotiable certificates issued by a bank for a specified period of time and earning a specified return. Time deposits are non- negotiable receipts issued by a bank in exchange for the deposit of funds |
Credit Currency Interest Rate Liquidity Market Political |
Borrowings: The Fund may borrow for temporary purposes and/or for investment purposes. Such a practice will result in leveraging of the Fund’s assets and may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The Fund must maintain continuous asset coverage of 300% of the amount borrowed, with the exception for borrowings not in excess of 5% of the Fund’s total assets made for temporary administrative purposes. |
Credit Interest Rate Market |
Call and Put Options: A call option gives the buyer the right to buy, and obligates the seller of the option to sell a security at a specified price at a future date. A put option gives the buyer the right to sell, and obligates the seller of the option to buy a security at a specified price at a future date. The Fund will sell only covered call and secured put options. |
Credit Leverage Liquidity Management Market |
Commercial Paper: Secured and unsecured short-term promissory notes issued by corporations and other entities. Maturities generally vary from a few days to nine months. |
Credit Currency Interest Rate Liquidity Market Political Valuation |
Convertible Securities: Bonds or preferred stock that can convert to common stock including contingent convertible securities. |
Credit Currency Foreign Investments Interest Rate Liquidity Market Political Valuation |
INSTRUMENT |
RISK TYPE |
Corporate Debt Securities: May include bonds and other debt securities of domestic and foreign issuers, including obligations of industrial, utility, banking and other corporate issuers. |
Credit Currency Interest Rate Liquidity Market Political Valuation |
Credit Default Swaps (CDSs): A swap agreement between two parties pursuant to which one party pays the other a fixed periodic coupon for the specified life of the agreement. The other party makes no payment unless a credit event, relating to a predetermined reference asset, occurs. If such an event occurs, the party will then make a payment to the first party, and the swap will terminate. |
Credit Currency Interest Rate Leverage Liquidity Management Market Political Valuation |
Custodial Receipts: The Fund may acquire securities in the form of custodial receipts that evidence ownership of future interest payments, principal payments or both on certain U.S. Treasury notes or bonds in connection with programs sponsored by banks and brokerage firms. These are not considered to be U.S. government securities. These notes and bonds are held in custody by a bank on behalf of the owners of the receipts. |
Foreign Investment Credit Currency Interest Rate Market Liquidity Political |
Demand Features: Securities that are subject to puts and standby commitments to purchase the securities at a fixed price (usually with accrued interest) within a fixed period of time following demand by the Fund. |
Liquidity Management Market |
Emerging Market Securities: Securities issued by issuers or governments in countries with emerging economies or securities markets which may be undergoing significant evolution and rapid development. |
Foreign Investment |
Exchange-Traded Funds (ETFs): Ownership interest in unit investment trusts, depositary receipts, and other pooled investment vehicles that hold a portfolio of securities or stocks designed to track the price performance and dividend yield of a particular broad-based, sector or international index. ETFs include a wide range of investments. |
Investment Company Market |
Foreign Investments: Equity and debt securities (e.g., bonds and commercial paper) of foreign entities and obligations of foreign branches of U.S. banks and foreign banks. Foreign securities may also include American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), European Depositary Receipts (EDRs) and American Depositary Securities (ADSs). |
Foreign Investment Liquidity Market Political Prepayment |
High Yield/High Risk Securities/Junk Bonds: Securities that are generally rated below investment grade by the primary rating agencies or are unrated but are deemed by the Fund’s adviser to be of comparable quality. |
Credit Currency High Yield Securities Interest Rate Liquidity Market Political Portfolio Quality Valuation |
Inflation-Linked Debt Securities: Includes fixed and floating rate debt securities of varying maturities issued by the U.S. government as well as securities issued by other entities such as corporations, foreign governments and foreign issuers. |
Credit Currency Interest Rate Political |
INSTRUMENT |
RISK TYPE |
Inverse Floating Rate Instruments: Leveraged variable debt instruments with interest rates that reset in the opposite direction from the market rate of interest to which the inverse floater is indexed. |
Credit Leverage Market |
Investment Company Securities: Shares of other investment companies, including money market funds for which the adviser and/or its affiliates serve as investment adviser or administrator. The adviser will waive certain fees when investing in funds for which it serves as investment adviser, to the extent required by law or by contract. |
Investment Company Market |
Loan Assignments and Participations: Assignments of, or participations in, all or a portion of loans to corporations or to governments, including governments of less developed countries. |
Credit Currency Extension Foreign Investment Interest Rate Liquidity Market Political Prepayment |
Mortgages (Directly Held): Debt instruments secured by real property. |
Credit Environmental Extension Interest Rate Liquidity Market Natural Event Political Prepayment Valuation |
Mortgage-Backed Securities: Debt obligations secured by real estate loans and pools of loans such as collateralized mortgage obligations (CMOs), commercial mortgage-backed securities (CMBSs) and other asset-backed structures. |
Credit Currency Extension Interest Rate Leverage Liquidity Market Political Prepayment Tax Valuation |
Mortgage Dollar Rolls1: A transaction in which the Fund sells securities for delivery in a current month and simultaneously contracts with the same party to repurchase similar but not identical securities on a specified future date. |
Currency Extension Interest Rate Leverage Liquidity Market Political Prepayment |
INSTRUMENT |
RISK TYPE |
Municipal Securities: Securities issued by a state or political subdivision to obtain funds for various public purposes. Municipal securities include, among others, private activity bonds and industrial development bonds, as well as general obligation notes, tax anticipation notes, bond anticipation notes, revenue anticipation notes, other short-term tax-exempt obligations, municipal leases, obligations of municipal housing authorities and single family revenue bonds. |
Credit Interest Rate Market Natural Event Political Prepayment Tax |
New Financial Products: New options and futures contracts and other financial products continue to be developed and the Fund may invest in such options, contracts and products. |
Credit Liquidity Management Market |
Options and Futures Transactions: The Fund may purchase and sell (a) exchange traded and over the counter put and call options on securities, indexes of securities and futures contracts on securities, indexes of securities, interest rate futures contracts and interest rate swaps and (b) futures contracts on securities and indexes of securities. |
Credit Leverage Liquidity Management Market |
Private Placements, Restricted Securities and Other Unregistered Securities: Securities not registered under the Securities Act of 1933, such as privately placed commercial paper and Rule 144A securities. |
Liquidity Market Valuation |
Real Estate Investment Trusts (REITs): Pooled investment vehicles which invest primarily in income producing real estate or real estate related loans or interest. |
Credit Interest Rate Liquidity Management Market Political Prepayment Tax Valuation |
Repurchase Agreements: The purchase of a security and the simultaneous commitment to return the security to the seller at an agreed upon price on an agreed upon date. This is treated as a loan. |
Credit Liquidity Market |
Reverse Repurchase Agreements1: The sale of a security and the simultaneous commitment to buy the security back at an agreed upon price on an agreed upon date. This is treated as a borrowing by the Fund. |
Credit Liquidity Market |
Securities Issued in Connection with Reorganizations and Corporate Restructurings: In connection with reorganizing or restructuring of an issuer, an issuer may issue common stock or other securities to holders of its debt securities. |
Market |
Securities Lending: The lending of up to 33 1∕3% of the Fund’s total assets. In return, the Fund will receive cash, other securities, and/or letters of credit as collateral. |
Credit Leverage Market |
Short-Term Funding Agreements: Agreements issued by banks and highly rated U.S. insurance companies such as Guaranteed Investment Contracts (GICs) and Bank Investment Contracts (BICs). |
Credit Liquidity Market |
Sovereign Obligations: Investments in debt obligations issued or guaranteed by a foreign sovereign government or its agencies, authorities or political subdivisions. |
Credit Foreign Investment Liquidity Political Valuation |
INSTRUMENT |
RISK TYPE |
Stripped Mortgage-Backed Securities: Derivative multi-class mortgage securities which are usually structured with two classes of shares that receive different proportions of the interest and principal from a pool of mortgage assets. These include Interest-Only (IO) and Principal-Only (PO) securities issued outside a Real Estate Mortgage Investment Conduit (REMIC) or CMO structure. |
Credit Liquidity Market Political Prepayment Valuation |
Structured Investments: A security having a return tied to an underlying index or other security or asset class. Structured investments generally are individually negotiated agreements and may be traded over-the-counter. Structured investments are organized and operated to restructure the investment characteristics of the underlying security. |
Credit Foreign Investment Liquidity Management Market Valuation |
Swaps and Related Swap Products: Swaps involve an exchange of obligations by two parties. Caps and floors entitle a purchaser to a principal amount from the seller of the cap or floor to the extent that a specified index exceeds or falls below a predetermined interest rate or amount. The Fund may enter into these transactions to manage its exposure to changing interest rates and other factors. |
Credit Currency Interest Rate Leverage Liquidity Management Market Political Valuation |
Temporary Defensive Positions: To respond to unusual circumstances the Fund may invest in cash and cash equivalents for temporary defensive purposes. |
Credit Interest Rate Liquidity Market |
Treasury Receipts: The Fund may purchase interests in separately traded interest and principal component parts of U.S. Treasury obligations that are issued by banks or brokerage firms and that are created by depositing U.S. Treasury notes and U.S. Treasury bonds into a special account at a custodian bank. Receipts include Treasury Receipts (TRs), Treasury Investment Growth Receipts (TIGRs), and Certificates of Accrual on Treasury Securities (CATS). |
Market |
Trust Preferred: Securities with characteristics of both subordinated debt and preferred stock. Trust preferreds are generally long term securities that make periodic fixed or variable interest payments. |
Credit Currency Interest Rate Liquidity Market Political Valuation |
U.S. Government Agency Securities: Securities issued or guaranteed by agencies and instrumentalities of the U.S. government. These include all types of securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, including funding notes, subordinated benchmark notes, CMOs and REMICs. |
Credit Government Securities Interest Rate Market |
U.S. Government Obligations: May include direct obligations of the U.S. Treasury, including Treasury bills, notes and bonds, all of which are backed as to principal and interest payments by the full faith and credit of the United States, and separately traded principal and interest component parts of such obligations that are transferable through the Federal book-entry system known as Separate Trading of Registered Interest and Principal of Securities (STRIPS) and Coupons Under Book Entry Safekeeping (CUBES). |
Interest Rate Market |
INSTRUMENT |
RISK TYPE |
Variable and Floating Rate Instruments: Obligations with interest rates which are reset daily, weekly, quarterly or some other frequency and which may be payable to the Fund on demand or at the expiration of a specified term. |
Credit Liquidity Market Valuation |
When-Issued Securities, Delayed Delivery Securities and Forward Commitments: Purchase or contract to purchase securities at a fixed price for delivery at a future date. |
Credit Leverage Liquidity Market Valuation |
Zero-Coupon, Pay-in-Kind and Deferred Payment Securities: Zero-coupon securities are securities that are sold at a discount to par value and on which interest payments are not made during the life of the security. Pay-in-kind securities are securities that have interest payable by delivery of additional securities. Deferred payment securities are zero-coupon debt securities which convert on a specified date to interest bearing debt securities. |
Credit Currency Interest Rate Liquidity Market Political Valuation Zero-Coupon Securities |
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Per share operating performance | |||
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Investment operations |
Distributions | ||
|
Net asset value, beginning of period |
Net investment income (loss) (b) |
Net realized and unrealized gains (losses) on investments |
Total from investment operations |
Net investment income |
JPMorgan Inflation Managed Bond Fund |
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Class R6 |
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Six Months Ended August 31, 2021 (Unaudited) |
$10.74 |
$0.16 |
$0.25 |
$0.41 |
$(0.16) |
Year Ended February 28, 2021 |
10.46 |
0.20 |
0.28 |
0.48 |
(0.20) |
Year Ended February 29, 2020 |
10.05 |
0.27 |
0.41 |
0.68 |
(0.27) |
Year Ended February 28, 2019 |
10.16 |
0.25 |
(0.11) |
0.14 |
(0.25) |
Year Ended February 28, 2018 |
10.36 |
0.22 |
(0.19) |
0.03 |
(0.23) |
Year Ended February 28, 2017 |
10.15 |
0.21 |
0.20 |
0.41 |
(0.20) |
|
Ratios/Supplemental data | |||||
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Ratios to average net assets (a) |
| ||
Net asset value, end of period |
Total return (c)(d) |
Net assets, end of period (000’s) |
Net expenses (e) |
Net investment income (loss) |
Expenses without waivers, reimbursements and earnings credits |
Portfolio turnover rate (c) |
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|
$10.99 |
3.82% |
$1,120,075 |
0.34% |
2.86% |
0.39% |
81% |
10.74 |
4.70 |
1,172,321 |
0.34 |
1.93 |
0.38 |
89 |
10.46 |
6.84 |
1,169,195 |
0.42 |
2.62 |
0.44 |
146 |
10.05 |
1.41 |
859,081 |
0.47 |
2.46 |
0.47 |
74 |
10.16 |
0.31 |
1,199,612 |
0.45 |
2.14 |
0.47 |
68 |
10.36 |
4.05 |
855,276 |
0.47 |
2.02 |
0.47 |
41 |
JPMorgan Market Expansion Enhanced Equity ETF |
Ticker: JMEE |
Listing Exchange: NYSE Arca |
ANNUAL FUND OPERATING EXPENSES | |
Management Fees |
|
Other Expenses1 |
|
Total Annual Fund Operating Expenses |
|
Fee Waivers and/or Expense Reimbursements2 |
- |
Total Annual Fund Operating Expenses after Fee Waiv- ers and/or Expense Reimbursements2 |
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|
1 Year |
3 Years |
5 Years |
10 Years |
SHARES ($) |
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- |
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through |
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was |
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AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2020) | |||
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Past 1 Year |
Past 5 Years |
Past 10 Years |
CLASS R6 SHARES |
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Return Before Taxes |
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Return After Taxes on Distributions |
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Return After Taxes on Distributions and Sale of Fund Shares |
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S&P 1000 INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
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Portfolio Manager |
Managed the Fund Since |
Primary Title with Investment Adviser |
Phillip D. Hart |
2022 |
Managing Director |
Wonseok Choi |
2022 |
Managing Director |
Jonathan Tse |
2022 |
Executive Director |
Akash Gupta |
2022 |
Executive Director |
FUNDAMENTAL INVESTMENT OBJECTIVE |
An investment objective is fundamental if it cannot be changed without the consent of a majority of the outstanding Shares of the Fund. The Fund’s investment objective is fundamental. |
WHAT IS SECURITIES LENDING? |
Securities lending involves the loan of securities to borrowers in exchange for cash collateral which the Fund may reinvest. During the term of the loan, the Fund is entitled to receive amounts equivalent to distributions paid on the loaned securities as well as the return on the cash collateral investments. Upon termination of the loan, the Fund is required to return the cash collateral to the borrower plus an agreed upon rebate. Securities lending is not a principal strategy of the Fund. |
|
Market Expansion Enhanced Equity ETF |
Authorized Participant Concentration Risk |
• |
Convertible Securities Risk |
○ |
Cyber Security Risk |
○ |
Derivatives Risk |
• |
Equity Market Risk |
• |
Exchange-Traded Fund (ETF) and Other Investment Company Risk |
○ |
Foreign Securities Risk |
○ |
General Market Risk |
• |
Index Investing Risk |
• |
Industry and Sector Focus Risk |
• |
Initial Public Offering (IPO) Risk |
○ |
Market Trading Risk |
• |
Master Limited Partnerships (MLPs) Risk |
○ |
Real Estate Securities Risk |
• |
Securities Lending Risk |
○ |
|
Market Expansion Enhanced Equity ETF |
Smaller and/or Mid-Sized Company Risk |
• |
Transactions and Liquidity Risk |
○ |
Volcker Rule Risk |
○ |
WHAT IS A DERIVATIVE? |
Derivatives are securities or contracts (like futures and options) that derive their value from the performance of underlying assets or securities. |
WHAT IS A CASH EQUIVALENT? |
Cash equivalents are highly liquid, high-quality instruments with maturities of three months or less on the date they are purchased. They include securities issued by the U.S. government, its agencies and instrumentalities, repurchase agreements, certificates of deposit, bankers’ acceptances, commercial paper, money market mutual funds, and bank deposit accounts. |
|
Per share operating performance | ||||||
|
|
Investment operations |
Distributions | ||||
|
Net asset value, beginning of period |
Net investment income (loss) (b) |
Net realized and unrealized gains (losses) on investments |
Total from investment operations |
Net investment income |
Net realized gain |
Total distributions |
JPMorgan Market Expansion Enhanced Index Fund |
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Class R6 |
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Year Ended June 30, 2021 |
$8.49 |
$0.13 |
$4.76 |
$4.89 |
$(0.13) |
$(0.36) |
$(0.49) |
Year Ended June 30, 2020 |
10.00 |
0.13 |
(0.99) |
(0.86) |
(0.14) |
(0.51) |
(0.65) |
October 1, 2018 (f) through June 30, 2019 |
12.08 |
0.11 |
(0.82) |
(0.71) |
(0.14) |
(1.23) |
(1.37) |
|
Ratios/Supplemental data | |||||
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|
|
Ratios to average net assets(a) |
| ||
Net asset value, end of period |
Total return (c)(d) |
Net assets, end of period (000’s) |
Net expenses (e) |
Net investment income (loss) |
Expenses without waivers, reimbursements and earnings credits |
Portfolio turnover rate (c) |
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|
|
|
$12.89 |
58.97% |
$766,009 |
0.25% |
1.18% |
0.35% |
35% |
8.49 |
(9.65) |
500,129 |
0.25 |
1.45 |
0.36 |
49 |
10.00 |
(4.81) |
512,512 |
0.25 |
1.51 |
0.37 |
36 |
JPMorgan International Research Enhanced Equity ETF |
Ticker: JIRE |
Listing Exchange: NYSE Arca |
ANNUAL FUND OPERATING EXPENSES | |
Management Fees |
|
Other Expenses1 |
|
Acquired Fund Fees and Expenses1 |
|
Total Annual Fund Operating Expenses |
|
Fee Waivers and/or Expense Reimbursements2 |
- |
Total Annual Fund Operating Expenses after Fee Waiv- ers and/or Expense Reimbursements2 |
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|
1 Year |
3 Years |
5 Years |
10 Years |
SHARES ($) |
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- |
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through |
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was |
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. |
AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2020) | |||
|
Past 1 Year |
Past 5 Years |
Past 10 Years |
CLASS R6 SHARES |
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Return Before Taxes |
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Return After Taxes on Distributions |
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|
|
Return After Taxes on Distributions and Sale of Fund Shares |
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MSCI EAFE INDEX (Net of Foreign Withholding Taxes) (Reflects No Deduction for Fees, Expenses, or Taxes, Except Foreign With- holding Taxes) |
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Portfolio Manager |
Managed the Fund Since |
Primary Title with Investment Adviser |
Piera Elisa Grassi |
2022 |
Managing Director |
Nicholas Farserotu |
2022 |
Vice President |
Winnie Cheung |
2022 |
Vice President |
FUNDAMENTAL INVESTMENT OBJECTIVE |
An investment objective is fundamental if it cannot be changed without the consent of a majority of the outstanding Shares of the Fund. The Fund’s investment objective is fundamental. |
|
International Research Enhanced Equity ETF |
Authorized Participant Concentration Risk |
• |
Convertible Securities Risk |
○ |
Currency Risk |
• |
Cyber Security Risk |
○ |
Depositary Receipts Risk |
○ |
Derivatives Risk |
• |
Developed Asia Pacific (ex-Japan) Market Risk |
○ |
Equity Market Risk |
• |
European Market Risk |
• |
Exchange-Traded Fund (ETF) and Other Investment Company Risk |
○ |
Foreign Securities Risk |
• |
General Market Risk |
• |
Geographic Focus Risk |
• |
Industry and Sector Focus Risk |
• |
|
International Research Enhanced Equity ETF |
Initial Public Offerings (IPO) Risk |
○ |
Interest Rate Risk |
○ |
Japan Risk |
• |
Market Trading Risk |
• |
Preferred Stock Risk |
○ |
Privately Placed Securities Risk |
○ |
Real Estate Securities Risk |
○ |
Securities Lending Risk |
○ |
Smaller Company Risk |
○ |
Structured Instrument Risk |
○ |
Transactions and Liquidity Risk |
○ |
Volcker Rule Risk |
○ |
WHAT IS A DERIVATIVE? |
Derivatives are securities or contracts (for example, futures and options) that derive their value from the performance of underlying assets or securities. |
WHAT IS A CASH EQUIVALENT? |
Cash equivalents are highly liquid, high-quality instruments with maturities of three months or less on the date they are purchased. They include securities issued by the U.S. government, its agencies and instrumentalities, repurchase agreements, certificates of deposit, bankers’ acceptances, commercial paper, money market mutual funds, and bank deposit accounts. |
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|
Per share operating performance | |||||
|
|
Investment operations |
Distributions | ||||
|
Net asset value, beginning of period |
Net investment income (loss) (b) |
Net realized and unrealized gains (losses) on investments |
Total from investment operations |
Net investment income |
Net realized gain |
Total distributions |
JPMorgan International Research Enhanced Equity Fund |
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
Six Months Ended April 30, 2021 (Unaudited) |
$16.00 |
$0.25 |
$4.35 |
$4.60 |
$(0.37) |
$— |
$(0.37) |
Year Ended October 31, 2020 |
18.11 |
0.39 |
(1.94) |
(1.55) |
(0.56) |
— |
(0.56) |
Year Ended October 31, 2019 |
16.97 |
0.57 |
1.16 |
1.73 |
(0.59) |
— |
(0.59) |
November 1, 2017 (f) through October 31, 2018 |
18.98 |
0.56 |
(2.16) |
(1.60) |
(0.22) |
(0.19) |
(0.41) |
|
Ratios/Supplemental data | |||||
|
|
|
Ratios to average net assets (a) |
| ||
Net asset value, end of period |
Total return (c)(d) |
Net assets, end of period (000’s) |
Net expenses (e) |
Net investment income (loss) |
Expenses without waivers and reimbursements |
Portfolio turnover rate (c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$20.23 |
28.92% |
$4,443,524 |
0.25% |
2.62% |
0.30% |
10% |
16.00 |
(8.96) |
4,337,776 |
0.24 |
2.35 |
0.30 |
52 |
18.11 |
10.78 |
4,435,538 |
0.25 |
3.37 |
0.31 |
22 |
16.97 |
(8.60) |
4,344,571 |
0.25 |
3.00 |
0.32 |
42 |
JPMorgan Realty Income ETF |
Ticker: JPRE |
Listing Exchange: NYSE Arca |
ANNUAL FUND OPERATING EXPENSES | |
Management Fees |
|
Other Expenses1 |
|
Total Annual Fund Operating Expenses |
|
Fee Waivers and/or Expense Reimbursements2 |
- |
Total Annual Fund Operating Expenses after Fee Waiv- ers and/or Expense Reimbursements2 |
|
| ||||
|
1 Year |
3 Years |
5 Years |
10 Years |
SHARES ($) |
|
|
|
|
|
|
|
|
|
|
- |
|
through |
|
was |
|
. |
AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2020) | |||
|
Past 1 Year |
Past 5 Years |
Past 10 Years |
CLASS R6 SHARES |
|
|
|
Return Before Taxes |
- |
|
|
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
MSCI US REIT INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
- |
|
|
Portfolio Manager |
Managed the Fund Since |
Primary Title with Investment Adviser |
Scott Blasdell |
2022 |
Managing Director |
Jason Ko, CFA |
2022 |
Executive Director |
NON-FUNDAMENTAL INVESTMENT OBJECTIVE |
An investment objective is fundamental if it cannot be changed without the consent of a majority of the outstanding Shares of the Fund. The Fund’s investment objective is not fundamental and may be changed without the consent of a majority of the outstanding Shares of the Fund. |
WHAT IS SECURITIES LENDING? |
Securities lending involves the loan of securities to borrowers in exchange for cash collateral which the Fund may reinvest. During the term of the loan, the Fund is entitled to receive amounts equivalent to distributions paid on the loaned securities as well as the return on the cash collateral investments. Upon termination of the loan, the Fund is required to return the cash collateral to the borrower plus an agreed upon rebate. Securities lending is not a principal strategy of the Fund. |
|
Realty Income ETF |
Authorized Participant Concentration Risk |
• |
Concentration Risk |
• |
Convertible Securities Risk |
○ |
Cyber Security Risk |
○ |
Equity Market Risk |
• |
General Market Risk |
• |
Investments in Mutual Funds and ETF Risks |
○ |
Market Trading Risk |
• |
Non-Diversified Fund Risk |
• |
Real Estate Securities Risk |
• |
Securities Lending Risk |
○ |
Smaller Company Risk |
• |
Tax Risk |
• |
Transactions and Liquidity Risk |
○ |
Volcker Rule Risk |
○ |
WHAT IS A CASH EQUIVALENT? |
Cash equivalents are highly liquid, high-quality instruments with maturities of three months or less on the date they are purchased. They include securities issued by the U.S. government, its agencies and instrumentalities, repurchase agreements, certificates of deposit, bankers’ acceptances, commercial paper, money market mutual funds, and bank deposit accounts. |
|
|
Per share operating performance | |||||
|
|
Investment operations |
Distributions | ||||
|
Net asset value, beginning of period |
Net investment income (loss) (b) |
Net realized and unrealized gains (losses) on investments |
Total from investment operations |
Net investment income |
Net realized gain |
Total distributions |
JPMorgan Realty Income Fund |
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
Six Months Ended August 31, 2021 (Unaudited) |
$13.64 |
$0.11 |
$3.13 |
$3.24 |
$(0.10) |
$— |
$(0.10) |
Year Ended February 28, 2021 |
13.55 |
0.21 |
0.47 |
0.68 |
(0.18) |
(0.41) |
(0.59) |
Year Ended February 29, 2020 |
13.68 |
0.28 |
0.88 |
1.16 |
(0.30) |
(0.99) |
(1.29) |
September 1, 2018 through February 28, 2019 (f) |
13.56 |
0.13 |
0.15 |
0.28 |
(0.16) |
— |
(0.16) |
Year Ended August 31, 2018 |
13.26 |
0.30 |
0.31 |
0.61 |
(0.31) |
— |
(0.31) |
Year Ended August 31, 2017 |
14.84 |
0.26 |
(0.83) |
(0.57) |
(0.26) |
(0.75) |
(1.01) |
November 2, 2015 (g) through August 31, 2016 |
14.55 |
0.23 |
0.96 |
1.19 |
(0.17) |
(0.73) |
(0.90) |
|
Ratios/Supplemental data | |||||
|
|
|
Ratios to average net assets (a) |
| ||
Net asset value, end of period |
Total return (c)(d) |
Net assets, end of period (000’s) |
Net expenses (e) |
Net investment income (loss) |
Expenses without waivers, reimbursements and earnings credits |
Portfolio turnover rate (c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$16.78 |
23.82% |
$1,791,676 |
0.68% |
1.37% |
0.69% |
30% |
13.64 |
5.38 |
1,663,701 |
0.68 |
1.67 |
0.70 |
90 |
13.55 |
8.23 |
1,289,281 |
0.68 |
1.92 |
0.76 |
71 |
13.68 |
2.13 |
2,238,097 |
0.67 |
1.99 |
0.85 |
50 |
13.56 |
4.79 |
2,325,640 |
0.68 |
2.34 |
0.85 |
107 |
13.26 |
(3.51) |
2,307,377 |
0.68 |
1.94 |
0.86 |
116 |
14.84 |
9.09 |
1,949,770 |
0.68 |
2.00 |
0.86 |
141 |
Fund Name |
Ticker |
Listing Exchange |
JPMorgan Inflation Managed Bond ETF (the “Inflation Managed Bond ETF” or the “Fund”) |
JCPI |
Cboe BZX Exchange, Inc. |
1 | |
1 | |
1 | |
1 | |
3 | |
7 | |
7 | |
7 | |
8 | |
8 | |
8 | |
8 | |
9 | |
9 | |
10 | |
10 | |
10 | |
10 | |
10 | |
11 | |
11 | |
11 | |
11 | |
12 | |
12 | |
12 | |
12 | |
13 | |
13 | |
13 | |
13 | |
13 | |
13 | |
13 | |
13 | |
14 | |
14 |
Instrument |
Part II Section Reference |
Adjustable Rate Mortgage Loans (“ARMs”): Loans in a mortgage pool which provide for a fixed initial mortgage interest rate for a specified period of time, after which the rate may be subject to periodic adjustments. |
Mortgage-Related Securities |
Asset-Backed Securities: Securities secured by company receivables, home equity loans, truck and auto loans, leases, and credit card receivables or other securities backed by other types of receivables or other assets. and pools of loans, such as collateralized loan obligations. |
Asset-Backed Securities |
Instrument |
Part II Section Reference |
Bank Obligations: Bankers’ acceptances, certificates of deposit and time deposits. Bankers’ acceptances are bills of exchange or time drafts drawn on and accepted by a commercial bank. Maturities are generally six months or less. Certificates of deposit are negotiable certificates issued by a bank for a specified period of time and earning a specified return. Time deposits are non-negotiable receipts issued by a bank in exchange for the deposit of funds. |
Bank Obligations |
Borrowings: The Fund may borrow for temporary purposes and/or for investment purposes. Such a practice will result in leveraging of the Fund’s assets and may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The Fund must maintain continuous asset coverage of 300% of the amount borrowed, with the exception for borrowings not in excess of 5% of the Fund’s total assets made for temporary administrative purposes. |
Miscellaneous Investment Strategies and Risks |
Call and Put Options: A call option gives the buyer the right to buy, and obligates the seller of the option to sell, a security at a specified price at a future date. A put option gives the buyer the right to sell, and obligates the seller of the option to buy, a security at a specified price at a future date. |
Options and Futures Transactions |
Commercial Paper: Secured and unsecured short-term promissory notes issued by corporations and other entities. Maturities generally vary from a few days to nine months |
Commercial Paper |
Convertible Securities: Bonds or preferred stock that can convert to common stock. |
Convertible Securities |
Corporate Debt Securities: May include bonds and other debt securities of domestic and foreign issuers, including obligations of industrial, utility, banking and other corporate issuers. |
Debt Instruments |
Credit Default Swaps (“CDSs”): A swap agreement between two parties pursuant to which one party pays the other a fixed periodic coupon for the specified life of the agreement. The other party makes no payment unless a credit event, relating to a predetermined reference asset, occurs. If such an event occurs, the party will then make a payment to the first party, and the swap will terminate. |
Swaps and Related Swap Products |
Custodial Receipts: The Fund may acquire securities in the form of custodial receipts that evidence ownership of future interest payments, principal payments or both on certain U.S. Treasury notes or bonds in connection with programs sponsored by banks and brokerage firms. These are not considered to be U.S. government securities. These notes and bonds are held in custody by a bank on behalf of the owners of the receipts. |
Custodial Receipts |
Demand Features: Securities that are subject to puts and standby commitments to purchase the securities at a fixed price (usually with accrued interest) within a fixed period of time following demand by the Fund. |
Demand Features |
Emerging Market Securities: Securities issued by issuers or governments in countries with emerging economies or securities markets which may be undergoing significant evolution and rapid development. |
Foreign Investments (including Foreign Currencies) |
Exchange-Traded Funds (“ETFs”): Ownership interest in unit investment trusts, depositary receipts, and other pooled investment vehicles that hold a portfolio of securities or stocks designed to track the price performance and dividend yield of a particular broad-based, sector or international index. ETFs include a wide range of investments. |
Investment Company Securities and Exchange- Traded Funds |
Foreign Investments: Equity and debt securities (e.g., bonds and commercial paper) of foreign entities and obligations of foreign branches of U.S. banks and foreign banks. Foreign securities may also include American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), European Depositary Receipts (“EDRs”) and American Depositary Securities (“ADSs”). |
Foreign Investments (including Foreign Currencies) |
Instrument |
Part II Section Reference |
High Yield/High Risk Securities/Junk Bonds: Securities that are generally rated below investment grade by the primary rating agencies or are unrated but are deemed by the Fund’s adviser to be of comparable quality. |
Debt Instruments |
Inflation-Linked Debt Securities: Includes fixed and floating rate debt securities of varying maturities issued by the U.S. government as well as securities issued by other entities such as corporations, foreign governments and foreign issuers. |
Debt Instruments |
Inverse Floating Rate Instruments: Leveraged variable debt instruments with interest rates that reset in the opposite direction from the market rate of interest to which the inverse floater is indexed. |
Inverse Floaters and Interest Rate Caps |
Investment Company Securities: Shares of other investment companies, including money market funds for which the Adviser and/or its affiliates serve as investment adviser or administrator. The Adviser will waive certain fees when investing in funds for which it serves as investment adviser, to the extent required by law or by contract. |
Investment Company Securities and Exchange- Traded Funds |
Mortgages (Directly Held): Debt instruments secured by real property. |
Mortgage-Related Securities |
Mortgage-Backed Securities: Debt obligations secured by real estate loans and pools of loans. |
Mortgage-Related Securities |
Mortgage Dollar Rolls: A transaction in which the Fund sells securities for delivery in a current month and simultaneously contracts with the same party to repurchase similar but not identical securities on a specified future date. |
Mortgage-Related Securities |
Municipal Securities: Securities issued by a state or political subdivision (including securities issued by a foreign state or subdivision) to obtain funds for various public purposes. Municipal securities include, among others, private activity bonds and industrial development bonds, as well as general obligation notes, tax anticipation notes, bond anticipation notes, revenue anticipation notes, other short-term tax-exempt obligations, municipal leases, obligations of municipal housing authorities and single family revenue bonds. |
Municipal Securities |
New Financial Products: New options and futures contracts and other financial products continue to be developed and the Fund may invest in such options, contracts and products. |
Miscellaneous Investment Strategies and Risks |
Options and Futures Transactions: The Fund may purchase and sell (a) exchange traded and over-the-counter put and call options on securities, indexes of securities and futures contracts on securities and indexes of securities and (b) futures contracts on securities and indexes of securities. |
Options and Futures Transactions |
Private Placements, Restricted Securities and Other Unregistered Securities: Securities not registered under the Securities Act of 1933, such as privately placed commercial paper and Rule 144A securities. |
Miscellaneous Investment Strategies and Risks |
Real Estate Investment Trusts (“REITs”): Pooled investment vehicles which invest primarily in income producing real estate or real estate related loans or interest. |
Real Estate Investment Trusts |
Repurchase Agreements: The purchase of a security and the simultaneous commitment to return the security to the seller at an agreed upon price on an agreed upon date. This is treated as a loan. |
Repurchase Agreements |
Reverse Repurchase Agreements: The sale of a security and the simultaneous commitment to buy the security back at an agreed upon price on an agreed upon date. This is treated as a borrowing by the Fund. |
Reverse Repurchase Agreements |
Securities Issued in Connection with Reorganizations and Corporate Restructurings: In connection with reorganizing or restructuring of an issuer, an issuer may issue common stock or other securities to holders of its debt securities. |
Miscellaneous Investment Strategies and Risks |
Securities Lending: The lending of up to 33 1∕3% of the Fund’s total assets. In return the Fund will receive cash as collateral. |
Securities Lending |
Instrument |
Part II Section Reference |
Short-Term Funding Agreements: Agreements issued by banks and highly rated U.S. insurance companies such as Guaranteed Investment Contracts (“GICs”) and Bank Investment Contracts (“BICs”). |
Short-Term Funding Agreements |
Sovereign Obligations: Investments in debt obligations issued or guaranteed by a foreign sovereign government or its agencies, authorities or political subdivisions. |
Foreign Investments (including Foreign Currencies) |
Stripped Mortgage-Backed Securities: Derivative multi-class mortgage securities which are usually structured with two classes of shares that receive different proportions of the interest and principal from a pool of mortgage assets. These include Interest-Only (“IO”) and Principal-Only (“PO”) securities issued outside a Real Estate Mortgage Investment Conduit (“REMIC”) or CMO structure. |
Mortgage-Related Securities |
Structured Investments: A security having a return tied to an underlying index or other security or asset class. Structured investments generally are individually negotiated agreements and may be traded over-the-counter. Structured investments are organized and operated to restructure the investment characteristics of the underlying index, currency, commodity or financial instrument. |
Structured Investments |
Swaps and Related Swap Products: Swaps involve an exchange of obligations by two parties. Caps and floors entitle a purchaser to a principal amount from the seller of the cap or floor to the extent that a specified index exceeds or falls below a predetermined interest rate or amount. The Fund may enter into these transactions to manage its exposure to changing interest rates and other factors. |
Swaps and Related Swap Products |
Temporary Defensive Positions: To respond to unusual circumstances the Fund may invest a portion of its total assets in cash and cash equivalents for temporary defensive purposes. |
Miscellaneous Investment Strategies and Risks |
Treasury Receipts: The Fund may purchase interests in separately traded interest and principal component parts of U.S. Treasury obligations that are issued by banks or brokerage firms and that are created by depositing U.S. Treasury notes and U.S. Treasury bonds into a special account at a custodian bank. Receipts include Treasury Receipts (TRs), Treasury Investment Growth Receipts (TIGRs), and Certificates of Accrual on Treasury Securities (CATS). |
Treasury Receipts |
Trust Preferred: Securities with characteristics of both subordinated debt and preferred stock. Trust preferreds are generally long term securities that make periodic fixed or variable interest payments. |
Trust Preferred |
U.S. Government Agency Securities: Securities issued or guaranteed by agencies and instrumentalities of the U.S. government. These include all types of 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”), including funding notes, subordinated benchmark notes, CMOs and REMICs. |
U.S. Government Obligations |
U.S. Government Obligations: May include direct obligations of the U.S. Treasury, including Treasury bills, notes and bonds, all of which are backed as to principal and interest payments by the full faith and credit of the United States, and separately traded principal and interest component parts of such obligations that are transferable through the Federal book-entry system known as Separate Trading of Registered Interest and Principal of Securities (“STRIPS”) and Coupons Under Book Entry Safekeeping (“CUBES”). |
U.S. Government Obligations |
Variable and Floating Rate Instruments: Obligations with interest rates which are reset daily, weekly, quarterly or some other frequency and which may be payable to the Fund on demand or at the expiration of a specified term. |
Debt Instruments |
Instrument |
Part II Section Reference |
When-Issued Securities, Delayed Delivery Securities and Forward Commitments: Purchase or contract to purchase securities at a fixed price for delivery at a future date. |
When-Issued Securities, Delayed Delivery Securities and Forward Commitments |
Zero-Coupon, Pay-in-Kind and Deferred Payment Securities: Zero-coupon securities are securities that are sold at a discount to par value and on which interest payments are not made during the life of the security. Pay-in-kind securities are securities that have interest payable by delivery of additional securities. Deferred payment securities are zero-coupon debt securities which convert on a specified date to interest bearing debt securities. |
Debt Instruments |
|
Fiscal Year Ended | |
Fund |
February 29, 2020 |
February 28, 2021 |
Inflation Managed Bond Fund1 |
146% |
89% |
Name of Trustee |
Dollar Range of Equity Securities in Inflation Managed Bond ETF |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by the Trustee in Family of Investment Companies1 | ||
Independent Trustees |
|
| ||
Gary L. French |
None |
Over $100,000 | ||
Robert J. Grassi |
None |
Over $100,000 | ||
Thomas P. Lemke |
None |
Over $100,000 | ||
Lawrence R. Maffia |
None |
Over $100,000 | ||
Emily A. Youssouf |
None |
2None | ||
Interested Trustee |
|
| ||
Robert Deutsch |
None |
Over $100,000 |
Name of Trustee |
Total Compensation Paid From the Fund Complex1 |
Independent Trustees | |
Gary L. French |
$157,500 |
Robert J. Grassi |
150,000 |
Thomas P. Lemke |
158,000 |
Lawrence R. Maffia |
150,000 |
Emily A. Youssouf |
156,000 |
Name of Trustee |
Total Compensation Paid From the Fund Complex1 |
Interested Trustee |
|
Robert Deutsch |
$150,000 |
|
Fiscal Year Ended | |||||
|
February 28, 2019 |
February 29, 2020 |
February 28, 2021 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Inflation Managed Bond Fund |
$4,381 |
$(33) |
$3,180 |
$(190) |
$3,286 |
$(334) |
|
Non-Performance Based Fee Advisory Accounts | |||||
|
Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts | |||
|
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) |
Inflation Managed Bond ETF |
|
|
|
|
|
|
Scott F. Grimshaw |
3 |
$1,654,374 |
2 |
$1,125,408 |
17 |
$3,857,016 |
Steven Lear |
18 |
79,692,820 |
5 |
16,583,581 |
14 |
2,345,971 |
David Rooney |
4 |
3,166,760 |
1 |
733,959 |
1 |
971,456 |
|
Performance Based Fee Advisory Accounts | |||||
|
Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts | |||
|
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) |
Inflation Managed Bond ETF |
|
|
|
|
|
|
Scott F. Grimshaw |
0 |
$0 |
0 |
$0 |
0 |
$0 |
Steven Lear |
0 |
0 |
0 |
0 |
0 |
0 |
David Rooney |
0 |
0 |
0 |
0 |
1 |
79,559 |
Name of Fund |
Benchmark |
Inflation Managed Bond ETF |
Bloomberg Barclays 1-10 Year TIPS |
|
Fiscal Year Ended | |||||
|
February 28, 2019 |
February 29, 2020 |
February 28, 2021 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Inflation Managed Bond Fund |
$1,010 |
$(2) |
$697 |
$(103) |
$799 |
$(171) |
|
Fiscal Year Ended | ||
Fund |
February 28, 2019 |
February 29, 2020 |
February 28, 2021 |
Inflation Managed Bond Fund |
$53 |
$41 |
$34 |
|
Inflation Managed Bond Fund |
Gross Income from Securities Lending Activities1 |
$2,863 |
Fees and/or Compensation for Securities Lending Activities |
|
Revenue Split2 |
167 |
Cash Collateral Management Fees3 |
269 |
Administrative Fees |
— |
Indemnification Fees |
— |
|
Inflation Managed Bond Fund |
Rebates to Borrowers |
$507 |
Others Fees |
— |
Aggregate Fees/Compensation for Securities Lending Activities |
943 |
Net Income from the Securities Lending Activities |
1,920 |
|
Fiscal Year Ended | ||
Fund |
February 28, 2019 |
February 29, 2020 |
February 28, 2021 |
Inflation Managed Bond Fund | |||
Total Brokerage Commissions |
$38,947 |
$81,346 |
$41,839 |
Brokerage Commissions to Affiliated Broker/ Dealers |
— |
— |
— |
Fund |
Name of Broker-Dealer |
Value of Securities Owned (000's)* |
Inflation Managed Bond Fund |
Bank of America Corp. |
$14,978 |
|
Barclays plc |
1,905 |
|
Charles Schwab Corp. (The) |
1,079 |
|
Citigroup, Inc. |
10,805 |
|
Credit Suisse Group AG |
3,127 |
|
Deutsche Bank AG |
1,514 |
|
Goldman Sachs Group, Inc. (The) |
10,890 |
|
Morgan Stanley |
11,020 |
|
Natwest Group plc |
2,270 |
|
Principal Financial Group, Inc. |
498 |
|
UBS Group AG |
1,208 |
|
Wells Fargo & Co. |
7,957 |
Fund |
Creation* |
Redemption* |
Inflation Managed Bond ETF |
50,000 |
50,000 |
|
Capital Loss Carryforward Character | |
Fund |
Short-Term |
Long-Term |
Inflation Managed Bond Fund |
$61,768 |
$— |
Fund Name |
Ticker |
Listing Exchange |
JPMorgan Market Expansion Enhanced Equity ETF (the “Market Expansion Enhanced Equity ETF” or the “Fund”) |
JMEE |
NYSE Arca |
1 | |
1 | |
1 | |
1 | |
3 | |
6 | |
7 | |
7 | |
7 | |
7 | |
7 | |
7 | |
8 | |
8 | |
9 | |
9 | |
9 | |
10 | |
10 | |
10 | |
11 | |
11 | |
11 | |
11 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 | |
13 | |
13 | |
13 | |
13 | |
13 | |
13 | |
13 | |
13 |
Instrument |
Part II Section Reference |
Bank Obligations: Bankers’ acceptances, certificates of deposit and time deposits. Bankers’ acceptances are bills of exchange or time drafts drawn on and accepted by a commercial bank. Maturities are generally six months or less. Certificates of deposit are negotiable certificates issued by a bank for a specified period of time and earning a specified return. Time deposits are non-negotiable receipts issued by a bank in exchange for the deposit of funds. |
Bank Obligations |
Instrument |
Part II Section Reference |
Borrowings: The Fund may borrow for temporary purposes and/or for investment purposes. Such a practice will result in leveraging of the Fund’s assets and may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The Fund must maintain continuous asset coverage of 300% of the amount borrowed, with the exception for borrowings not in excess of 6% of the Fund’s total assets made for temporary administrative purposes. |
Miscellaneous Investment Strategies and Risks |
Call and Put Options: A call option gives the buyer the right to buy, and obligates the seller of the option to sell, a security at a specified price at a future date. A put option gives the buyer the right to sell, and obligates the seller of the option to buy, a security at a specified price at a future date. |
Options and Futures Transactions |
Commercial Paper: Secured and unsecured short-term promissory notes issued by corporations and other entities. Maturities generally vary from a few days to nine months. |
Commercial Paper |
Common Stock: Shares of ownership of a company. |
Equity Securities, Warrants and Rights |
Common Stock Warrants and Rights: Securities, typically issued with preferred stock or bonds, that give the holder the right to buy a proportionate amount of common stock at a specified price. |
Equity Securities, Warrants and Rights |
Convertible Securities: Bonds or preferred stock that can convert to common stock including contingent convertible securities. |
Convertible Securities |
Exchange-Traded Funds (“ETFs”): Ownership interest in unit investment trusts, depositary receipts, and other pooled investment vehicles that hold a portfolio of securities or stocks designed to track the price performance and dividend yield of a particular broad-based, sector or international index. ETFs include a wide range of investments. |
Investment Company Securities and Exchange- Traded Funds |
Foreign Investments: Equity and debt securities (e.g., bonds and commercial paper) of foreign entities and obligations of foreign branches of U.S. banks and foreign banks. Foreign securities may also include American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”). |
Foreign Investments (including Foreign Currencies) |
Initial Public Offerings (“IPOs”): A transaction in which a previously private company makes its first sale of stock to the public. |
Equity Securities, Warrants and Rights |
Investment Company Securities: Shares of other investment companies, including money market funds for which the Adviser and/or its affiliates serve as investment adviser or administrator. The Adviser will waive certain fees when investing in funds for which it serves as investment adviser, to the extent required by law or by contract. |
Investment Company Securities and Exchange- Traded Funds |
Master Limited Partnerships (“MLPs”): Limited partnerships that are publicly traded on a securities exchange. |
Master Limited Partnerships |
New Financial Products: New options and futures contracts and other financial products continue to be developed and the Fund may invest in such options, contracts and products. |
Miscellaneous Investment Strategies and Risks |
Options and Futures Transactions: The Fund may purchase and sell (a) exchange traded and over-the-counter put and call options on securities, indexes of securities and futures contracts on securities and indexes of securities and (b) futures contracts on securities and indexes of securities. |
Options and Futures Transactions |
Preferred Stock: A class of stock that generally pays a dividend at a specified rate and has preference over common stock in the payment of dividends and in liquidation. |
Equity Securities, Warrants and Rights |
Private Placements, Restricted Securities and Other Unregistered Securities: Securities not registered under the Securities Act of 1933, such as privately placed commercial paper and Rule 144A securities. |
Miscellaneous Investment Strategies and Risks |
Real Estate Investment Trusts (“REITs”): Pooled investment vehicles which invest primarily in income producing real estate or real estate related loans or interest. |
Real Estate Investment Trusts |
Instrument |
Part II Section Reference |
Repurchase Agreements: The purchase of a security and the simultaneous commitment to return the security to the seller at an agreed upon price on an agreed upon date. This is treated as a loan. |
Repurchase Agreements |
Reverse Repurchase Agreements: The sale of a security and the simultaneous commitment to buy the security back at an agreed upon price on an agreed upon date. This is treated as a borrowing by the Fund. |
Reverse Repurchase Agreements |
Securities Issued in Connection with Reorganizations and Corporate Restructurings: In connection with reorganizing or restructuring of an issuer, an issuer may issue common stock or other securities to holders of its debt securities. |
Miscellaneous Investment Strategies and Risks |
Securities Lending: The lending of up to 33 1∕3% of the Fund’s total assets. In return, the Fund will receive cash, other securities and/or letters of credit as collateral. |
Securities Lending |
Short-Term Funding Agreements: Agreements issued by banks and highly rated U.S. insurance companies such as Guaranteed Investment Contracts (“GICs”) and Bank Investment Contracts (“BICs”). |
Short-Term Funding Agreements |
Structured Investments: A security having a return tied to an underlying index or other security or asset class. Structured investments generally are individually negotiated agreements and may be traded over-the-counter. Structured investments are organized and operated to restructure the investment characteristics of the underlying index, commodity, currency or financial instrument. |
Structured Investments |
Swaps and Related Swap Products: Swaps involve an exchange of obligations by two parties. Caps and floors entitle a purchaser to a principal amount from the seller of the cap or floor to the extent that a specified index exceeds or falls below a predetermined interest rate or amount. The Fund may enter into these transactions to manage its exposure to changing interest rates and other factors. |
Swaps and Related Swap Products |
Temporary Defensive Positions: To respond to unusual circumstances, the Fund may invest a portion of its total assets in cash and cash equivalents for temporary defensive purposes. |
Miscellaneous Investment Strategies and Risks |
Treasury Receipts: The Fund may purchase interests in separately traded interest and principal component parts of U.S. Treasury obligations that are issued by banks or brokerage firms and that are created by depositing U.S. Treasury notes and U.S. Treasury bonds into a special account at a custodian bank. Receipts include Treasury Receipts (“TRs”), Treasury Investment Growth Receipts (“TIGRs”), and Certificates of Accrual on Treasury Securities (“CATS”). |
Treasury Receipts |
U.S. Government Agency Securities: Securities issued by agencies and instrumentalities of the U.S. government. These include all types of 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”), including funding notes, subordinated benchmark notes, CMOs and REMICs. |
Mortgage-Related Securities |
U.S. Government Obligations: May include direct obligations of the U.S. Treasury, including Treasury bills, notes and bonds, all of which are backed as to principal and interest payments by the full faith and credit of the United States, and separately traded principal and interest component parts of such obligations that are transferable through the Federal book-entry system known as Separate Trading of Registered Interest and Principal of Securities (“STRIPS”) and Coupons Under Book-Entry-Safekeeping (“CUBES”). |
U.S. Government Obligations |
When-Issued Securities, Delayed Delivery Securities and Forward Commitments: Purchase or contract to purchase securities at a fixed price for delivery at a future date. |
When-Issued Securities, Delayed Delivery Securities and Forward Commitments |
|
Fiscal Year Ended June 30, | |
Fund |
2020 |
2021 |
Market Expansion Enhanced Index Fund |
49% |
35% |
Name of Trustee |
Dollar Range of Equity Securities in Market Expansion Enhanced Equity ETF |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by the Trustee in Family of Investment Companies1 | ||
Independent Trustees |
|
| ||
Gary L. French |
None |
Over $100,000 | ||
Robert J. Grassi |
None |
Over $100,000 | ||
Thomas P. Lemke |
None |
Over $100,000 | ||
Lawrence R. Maffia |
None |
Over $100,000 | ||
Emily A. Youssouf |
None |
2None |
Name of Trustee |
Dollar Range of Equity Securities in Market Expansion Enhanced Equity ETF |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by the Trustee in Family of Investment Companies1 | ||
Interested Trustee |
|
| ||
Robert Deutsch |
None |
Over $100,000 |
Name of Trustee |
Total Compensation Paid From the Fund Complex1 |
Independent Trustees | |
Gary L. French |
$157,500 |
Robert J. Grassi |
150,000 |
Thomas P. Lemke |
158,000 |
Lawrence R. Maffia |
150,000 |
Emily A. Youssouf |
156,000 |
Interested Trustee |
|
Robert Deutsch |
150,000 |
|
Fiscal Year Ended | |||||
|
June 30, 2019 |
June 30, 2020 |
June 30, 2021 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Market Expansion Enhanced Index Fund |
$1,430 |
$(1,061) |
$1,554 |
$(611) |
$1,803 |
$(621) |
|
Non-Performance Based Fee Advisory Accounts | |||||
|
Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts | |||
|
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) |
Market Expansion Enhanced Equity ETF |
|
|
|
|
|
|
Phillip Hart |
15 |
$7,084,600 |
2 |
$1,042,503 |
3 |
$1,006,106 |
Wonseok Choi |
17 |
8,376,125 |
1 |
212,757 |
3 |
958,552 |
Jonathan Tse |
15 |
7,820,158 |
1 |
212,757 |
3 |
958,552 |
Akash Gupta |
14 |
6,722,933 |
1 |
212,757 |
3 |
958,552 |
|
Performance Based Fee Advisory Accounts | |||||
|
Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts | |||
|
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) |
Market Expansion Enhanced Equity ETF |
|
|
|
|
|
|
Phillip Hart |
0 |
$0 |
0 |
$0 |
0 |
$0 |
Wonseok Choi |
0 |
0 |
0 |
0 |
0 |
0 |
|
Performance Based Fee Advisory Accounts | |||||
|
Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts | |||
|
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) |
Jonathan Tse |
0 |
$0 |
0 |
$0 |
0 |
$0 |
Akash Gupta |
0 |
0 |
0 |
0 |
0 |
0 |
Name of Fund |
Benchmark |
Market Expansion Enhanced Equity ETF |
S&P 1000 Index |
|
Fiscal Year Ended | |||||
|
June 30, 2019 |
June 30, 2020 |
June 30, 2021 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Market Expansion Enhanced Index Fund |
$220 |
$(559) |
$261 |
$(389) |
$330 |
$(397) |
|
Fiscal Year Ended | ||
Fund |
June 30, 2019 |
June 30, 2020 |
June 30, 2021 |
Market Expansion Enhanced Index Fund |
$20 |
$21 |
$25 |
|
Market Expansion Enhanced Index Fund |
Gross Income from Securities Lending Activities1 |
$138,181 |
Fees and/or Compensation for Securities Lending Activities |
|
Revenue Split2 |
7,657 |
Cash Collateral Management Fees3 |
30,097 |
Administrative Fees |
— |
Indemnification Fees |
— |
Rebates to Borrowers |
2,482 |
Others Fees |
— |
Aggregate Fees/Compensation for Securities Lending Activities |
40,236 |
Net Income from the Securities Lending Activities |
97,945 |
|
Fiscal Year Ended | ||
Fund |
June 30, 2019 |
June 30, 2020 |
June 30, 2021 |
Market Expansion Enhanced Index Fund | |||
Total Brokerage Commissions |
$368,134 |
$513,926 |
$316,543 |
Brokerage Commissions to Affiliated Broker/Dealers |
— |
— |
— |
Fund |
Creation* |
Redemption* |
Market Expansion Enhanced Equity ETF |
50,000 |
50,000 |
Fund Name |
Ticker |
Listing Exchange |
JPMorgan International Research Enhanced Equity ETF (the “International Research Enhanced Equity ETF” or the “Fund”) |
JIRE |
NYSE Arca |
1 | |
1 | |
1 | |
1 | |
3 | |
7 | |
8 | |
8 | |
8 | |
8 | |
9 | |
9 | |
10 | |
10 | |
10 | |
11 | |
11 | |
11 | |
11 | |
12 | |
12 | |
12 | |
12 | |
12 | |
13 | |
13 | |
13 | |
13 | |
13 | |
13 | |
14 | |
14 | |
14 | |
14 | |
14 | |
14 |
Instrument |
Part II Section Reference |
Bank Obligations: Bankers’ acceptances, certificates of deposit and time deposits. Bankers’ acceptances are bills of exchange or time drafts drawn on and accepted by a commercial bank. Maturities are generally six months or less. Certificates of deposit are negotiable certificates issued by a bank for a specified period of time and earning a specified return. Time deposits are non-negotiable receipt issued by a bank in exchange for the deposit of funds. |
Bank Obligations |
Instrument |
Part II Section Reference |
Borrowings: The Fund may borrow for temporary purposes and/or for investment purposes. Such a practice will result in leveraging of the Fund’s assets and may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The Fund must maintain continuous asset coverage of 300% of the amount borrowed, with the exception for borrowings not in excess of 5% of the Fund’s total assets made for temporary administrative purposes. |
Miscellaneous Investment Strategies and Risks |
Brady Bonds: Securities created through the exchange of existing commercial bank loans to public and private entities in certain emerging markets for new bonds in connection with debt restructurings. |
Foreign Investments (including Foreign Currencies) |
Call and Put Options: A call option gives the buyer the right to buy, and obligates the seller of the option to sell, a security at a specified price at a future date. A put option gives the buyer the right to sell, and obligates the seller of the option to buy a security at a specified price at a future date. The Fund will sell only covered call and secured put options. |
Options and Futures Transactions |
Commercial Paper: Secured and unsecured short-term promissory notes issued by corporations and other entities. Maturities generally vary from a few days to nine months. |
Commercial Paper |
Commodity-Linked Derivatives: Instruments whose value derives from the price of a commodity, including commodity futures and commodity options. |
Miscellaneous Investment Strategies and Risks |
Common Stock: Shares of ownership of a company. |
Equity Securities, Warrants and Rights |
Common Stock, Warrants and Rights: Securities, typically issued with preferred stock or bonds, that give the holder the right to buy a proportionate amount of common stock at a specified price. |
Equity Securities, Warrants and Rights |
Convertible Securities: Bonds or preferred stock that can convert to common stock including contingent convertible securities. |
Convertible Securities |
Corporate Debt Securities: May include bonds and other debt securities of domestic and foreign issuers, including obligations of industrial, utility, banking and other corporate issuers. |
Debt Instruments |
Emerging Market Securities: Securities issued by issuers or governments in countries with emerging economies or securities markets which may be undergoing significant evolution and rapid development. |
Foreign Investments (including Foreign Currencies) |
Exchange-Traded Fund (“ETFs”): Ownership interest in unit investment trusts, depositary receipts, and other pooled investment vehicles that hold a portfolio of securities or stocks designed to track the price performance and dividend yield of a particular broad based, sector or international index. ETFs include a wide range of investments. |
Investment Company Securities and Exchange Traded Funds |
Foreign Currency Transactions: Strategies used to hedge against interest rate and currency risks, for other risk management purposes or to increase income or gain to the Fund. These strategies may consist of use of any of the following: options on currencies, currency futures, options on such futures, forward foreign currency transactions (including non-deliverable forwards (“NDFs”)), forward rate agreements and interest rate and currency swaps, caps and floors. |
Foreign Investments (including Foreign Currencies) |
Foreign Investments: Equity and debt securities (e.g., bonds and commercial paper) of foreign entities and obligations of foreign branches of U.S. banks and foreign banks. Foreign securities may also include American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), European Depositary Receipts (“EDRs”) and American Depositary Securities. |
Foreign Investments (including Foreign Currencies) |
Initial Public Offerings (“IPOs”): A transaction in which a previously private company makes its first sale of stock to the public. |
Equity Securities, Warrants and Rights |
Instrument |
Part II Section Reference |
Investment Company Securities: Shares of other investment companies, including money market funds for which the adviser and/or its affiliates serve as investment adviser or administrator. The adviser will waive certain fees when investing in funds for which it serves as investment adviser, to the extent required by law or by contract. |
Investment Company Securities and Exchange Traded Funds |
Master Limited Partnerships: Limited partnerships that are publicly traded on a securities exchange. |
Master Limited Partnerships |
New Financial Products: New options and futures contracts and other financial products continue to be developed and the Fund may invest in such options, contracts and products. |
Miscellaneous Investment Strategies and Risks |
Obligations of Supranational Agencies: Obligations which are chartered to promote economic development and are supported by various governments and governmental agencies. |
Foreign Investments (including Foreign Currencies) |
Options and Futures Transactions: The Fund may purchase and sell (a) exchange traded and over-the-counter put and call options on securities, indexes of securities and futures contracts on securities and indexes of securities, and (b) futures contracts on securities and indexes of securities. |
Options and Futures Transactions |
Preferred Stock: A class of stock that generally pays a dividend at a specified rate and has preference over common stock in the payment of dividends and in liquidation. |
Equity Securities, Warrants and Rights |
Private Placements, Restricted Securities and Other Unregistered Securities: Securities not registered under the Securities Act of 1933, such as privately placed commercial paper and Rule 144A securities. |
Miscellaneous Investment Strategies and Risks |
Real Estate Investment Trusts (“REITs”): Pooled investment vehicles which invest primarily in income producing real estate or real estate related loans or interest. |
Real Estate Investment Trusts |
Repurchase Agreements: The purchase of a security and the simultaneous commitment to return the security to the seller at an agreed upon price on an agreed upon date. This is treated as a loan. |
Repurchase Agreements |
Reverse Repurchase Agreements: The sale of a security and the simultaneous commitment to buy the security back at an agreed upon price on an agreed upon date. This is treated as a borrowing by the Fund. |
Reverse Repurchase Agreements |
Securities Issued in Connection with Reorganizations and Corporate Restructurings: In connection with reorganizing or restructuring of an issuer, an issuer may issue common stock or other securities to holders of its debt securities. |
Miscellaneous Investment Strategies and Risks |
Securities Lending: The lending of up to 33 1∕3% of the Fund’s total assets. In return, the Fund will receive cash, other securities, and/or letters of credit as collateral. |
Securities Lending |
Short Selling: The Fund sells a security it does not own in anticipation of a decline in the market value of the security. To complete the transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is obligated to replace the security borrowed by purchasing it subsequently at the market price at the time of replacement. |
Short Selling |
Short-Term Funding Agreements: Agreements issued by banks and highly rated U.S. insurance companies such as Guaranteed Investment Contracts (“GICs”) and Bank Investment Contracts (“BICs”). |
Short-Term Funding Agreements |
Sovereign Obligations: Investments in debt obligations issued or guaranteed by a foreign sovereign government or its agencies, authorities or political subdivisions. |
Foreign Investments (including Foreign Currencies) |
Structured Investments: A security having a return tied to an underlying index or other security or asset class. Structured investments generally are individually negotiated agreements and may be traded over-the-counter. Structured investments are organized and operated to restructure the investment characteristics of the underlying index, commodity, currency or financial instrument. |
Structured Investments |
Instrument |
Part II Section Reference |
Swaps and Related Swap Products: Swaps involve an exchange of obligations by two parties. Caps and floors entitle a purchaser to a principal amount from the seller of the cap or floor to the extent that a specified index exceeds or falls below a predetermined interest rate or amount. The Fund may enter into these transactions to manage its exposure to changing interest rates and other factors. |
Swaps and Related Swap Products |
Synthetic Variable Rate Instruments: Instruments that generally involve the deposit of a long-term tax exempt bond in a custody or trust arrangement and the creation of a mechanism to adjust the long-term interest rate on the bond to a variable short-term rate and a right (subject to certain conditions) on the part of the purchaser to tender it periodically to a third party at par. |
Swaps and Related Swap Products |
Temporary Defensive Positions: To respond to unusual circumstances, the Fund may invest in cash and cash equivalents for temporary defensive purposes. |
Miscellaneous Investment Strategies and Risks |
Treasury Receipts: The Fund may purchase interests in separately traded interest and principal component parts of U.S. Treasury obligations that are issued by banks or brokerage firms and that are created by depositing U.S. Treasury notes and U.S. Treasury bonds into a special account at a custodian bank. Receipts include Treasury Receipts (“TRs”), Treasury Investment Growth Receipts (“TIGRs”), and Certificates of Accrual on Treasury Securities (“CATS”). |
Treasury Receipts |
U.S. Government Agency Securities: Securities issued by agencies and instrumentalities of the U.S. government. These include all types of 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”), including funding notes, subordinated benchmark notes, CMOs and REMICs. |
Mortgage-Related Securities |
U.S. Government Obligations: May include direct obligations of the U.S. Treasury, including Treasury bills, notes and bonds, all of which are backed as to principal and interest payments by the full faith and credit of the United States, and separately traded principal and interest component parts of such obligations that are transferable through the Federal book-entry system known as Separate Trading of Registered Interest and Principal of Securities (“STRIPS”) and Coupon Under Book-Entry Safekeeping (“CUBES”). |
U.S. Government Obligations |
Variable and Floating Rate Instruments: Obligations with interest rates which are reset daily, weekly, quarterly or some other frequency and which may be payable to the Fund on demand or at the expiration of a specified term. |
Debt Instruments |
When-Issued Securities, Delayed Delivery Securities and Forward Commitments: Purchase or contract to purchase securities at a fixed price for delivery at a future date. |
When-Issued Securities, Delayed Delivery Securities and Forward Commitments |
Zero-Coupon, Pay-in-Kind and Deferred Payment Securities: Zero-coupon securities are securities that are sold at a discount to par value and on which interest payments are not made during the life of the security. Pay-in-kind securities are securities that have interest payable by delivery of additional securities. Deferred payment securities are zero-coupon debt securities which convert on a specified date to interest bearing debt securities. |
Debt Instruments |
|
Fiscal Year Ended October 31, | |
Fund |
2019 |
2020 |
International Research Enhanced Equity Fund |
22% |
52% |
Name of Trustee |
Dollar Range of Equity Securities in International Research Enhanced Equity ETF |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by the Trustee in Family of Investment Companies1 | ||
Independent Trustees |
|
| ||
Gary L. French |
None |
Over $100,000 | ||
Robert J. Grassi |
None |
Over $100,000 | ||
Thomas P. Lemke |
None |
Over $100,000 | ||
Lawrence R. Maffia |
None |
Over $100,000 | ||
Emily A. Youssouf |
None |
2None |
Name of Trustee |
Dollar Range of Equity Securities in International Research Enhanced Equity ETF |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by the Trustee in Family of Investment Companies1 | ||
Interested Trustee |
|
| ||
Robert Deutsch |
None |
Over $100,000 |
Name of Trustee |
Total Compensation Paid From the Fund Complex1 |
Independent Trustees | |
Gary L. French |
$157,500 |
Robert J. Grassi |
150,000 |
Thomas P. Lemke |
158,000 |
Lawrence R. Maffia |
150,000 |
Emily A. Youssouf |
156,000 |
Interested Trustee |
|
Robert Deutsch |
150,000 |
|
Fiscal Year Ended | |||||
|
October 31, 2018 |
October 31, 2019 |
October 31, 2020 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
International Research Enhanced Equity Fund |
$8,533 |
$(2,406) |
$7,315 |
$(1,704) |
$7,969 |
$(1,937) |
|
Non-Performance Based Fee Advisory Accounts | |||||
|
Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts | |||
|
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) |
International Research Enhanced Equity ETF |
|
|
|
| ||
Piera Elisa Grassi |
7 |
$5,085,608 |
11 |
$3,912,042 |
11 |
$5,829,006 |
Nicholas Farserotu |
6 |
5,085,343 |
7 |
1,748,318 |
11 |
5,829,006 |
Winnie Cheung |
6 |
5,085,343 |
6 |
1,706,361 |
10 |
5,811,096 |
|
Performance Based Fee Advisory Accounts | |||||
|
Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts | |||
|
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) |
International Research Enhanced Equity ETF |
|
|
|
| ||
Piera Elisa Grassi |
0 |
$0 |
0 |
$0 |
2 |
$991,154 |
Nicholas Farserotu |
0 |
0 |
0 |
0 |
2 |
991,154 |
Winnie Cheung |
0 |
0 |
0 |
0 |
2 |
991,154 |
Name of Fund |
Benchmark |
International Research Enhanced Equity ETF |
MSCI EAFE Index (net of foreign withholding taxes) |
|
Fiscal Year Ended | |||||
|
October 31, 2018 |
October 31, 2019 |
October 31, 2020 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
International Research Enhanced Equity Fund |
$3,048 |
$(1,388) |
$2,453 |
$(978) |
$2,675 |
$(1,040) |
|
Fiscal Year Ended | ||
Fund |
October 31, 2018 |
October 31, 2019 |
October 31, 2020 |
International Research Enhanced Equity Fund |
$103 |
$22 |
$126 |
|
International Research Enhanced Equity Fund |
Gross Income from Securities Lending Activities1 |
$1,024,977 |
Fees and/or Compensation for Securities Lending Activities |
|
Revenue Split2 |
63,972 |
Cash Collateral Management Fees3 |
38,646 |
Administrative Fees |
— |
Indemnification Fees |
— |
Rebates to Borrowers |
162,365 |
Others Fees |
— |
Aggregate Fees/Compensation for Securities Lending Activities |
210,001 |
Net Income from the Securities Lending Activities |
759,995 |
|
Fiscal Year Ended | ||
Fund |
October 31, 2018 |
October 31, 2019 |
October 31, 2020 |
International Research Enhanced Equity Fund | |||
Total Brokerage Commissions |
$3,031,951 |
$914,540 |
$4,537,428 |
Brokerage Commissions to Affiliated Broker/Dealers |
— |
— |
— |
Fund |
Name of Broker-Dealer |
Value of Securities Owned (000's) |
International Research Enhanced Equity Fund |
Credit Suisse First Boston LLC |
$15,587 |
|
HSBC Securities Inc. |
18,972 |
|
UBS Financial Services Inc. |
10,222 |
Fund |
Creation* |
Redemption* |
International Research Enhanced Equity ETF |
50,000 |
50,000 |
|
Capital Loss Carryforward Character | |
Fund |
Short-Term |
Long-Term |
International Research Enhanced Equity Fund |
$33,296 |
$496,518 |
Fund Name |
Ticker |
Listing Exchange |
JPMorgan Realty Income ETF (the “Realty Income ETF” or the “Fund”) |
JPRE |
NYSE Arca |
1 | |
1 | |
1 | |
1 | |
2 | |
3 | |
6 | |
6 | |
6 | |
7 | |
7 | |
7 | |
7 | |
8 | |
8 | |
9 | |
9 | |
9 | |
9 | |
9 | |
10 | |
10 | |
10 | |
10 | |
11 | |
11 | |
11 | |
11 | |
11 | |
11 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 |
Instrument |
Part II Section Reference |
Adjustable Rate Mortgage Loans (“ARMs”)*: Loans in a mortgage pool which provide for a fixed initial mortgage interest rate for a specified period of time, after which the rate may be subject to periodic adjustments. |
Mortgage-Related Securities |
Asset-Backed Securities*: Securities secured by company receivables, home equity loans, truck and auto loans, leases, and credit card receivables and other securities backed by other types of receivables or other assets. |
Asset-Backed Securities |
Auction Rate Securities*: Auction rate municipal securities and auction rate preferred securities issued by closed-end investment companies. |
Auction Rate Securities |
Bank Obligations*: Bankers’ acceptances, certificates of deposit and time deposits. Bankers’ acceptances are bills of exchange or time drafts drawn on and accepted by a commercial bank. Maturities are generally six months or less. Certificates of deposit are negotiable certificates issued by a bank for a specified period of time and earning a specified return. Time deposits are non-negotiable receipts issued by a bank in exchange for the deposit of funds. |
Bank Obligations |
Borrowings: The Fund may borrow for temporary purposes and/or for investment purposes. Such a practice will result in leveraging the Fund’s assets and may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The Fund must maintain continuous asset coverage of 300% of the amount borrowed, with the exception for borrowings not in excess of 5% of the Fund’s total assets made for temporary administrative purposes. |
Miscellaneous Investment Strategies and Risks |
Call and Put Options: A call option gives the buyer the right to buy, and obligates the seller of the option to sell, a security at a specified price at a future date. A put option gives the buyer the right to sell, and obligates the seller of the option to buy, a security at a specified price at a future date. The Fund will sell only covered call and secured put options. |
Options and Futures Transactions |
Commercial Paper: Secured and unsecured short-term promissory notes issued by corporations and other entities. Maturities generally vary from a few days to nine months. |
Commercial Paper |
Commodity-Linked Derivatives*: Instruments whose value derives from the price of a commodity, including commodity futures and commodity options. |
Miscellaneous Investment Strategies and Risks |
Common Stock: Shares of ownership of a company. |
Equity Securities, Warrants and Rights |
Common Stock Warrants and Rights: Securities, typically issued with preferred stock or bonds, that give the holder the right to buy a proportionate amount of common stock at a specified price. |
Equity Securities, Warrants and Rights |
Convertible Securities: Bonds or preferred stock that can convert to common stock including contingent convertible securities. |
Convertible Securities |
Instrument |
Part II Section Reference |
Corporate Debt Securities*: May include bonds and other debt securities of domestic and foreign issuers, including obligations of industrial, utility, banking and other corporate issuers. |
Debt Securities |
Emerging Market Securities*: Securities issued by issuers or governments in countries with emerging economies or securities markets which may be undergoing significant evolution and rapid development. |
Foreign Investments (including Foreign Currencies) |
Exchange-Traded Funds (“ETFs”): Ownership interest in unit investment trusts, depositary receipts, and other pooled investment vehicles that hold a portfolio of securities or stocks designed to track the price performance and dividend yield of a particular broad-based, sector or international index. ETFs include a wide range of investments. |
Investment Company Securities and Exchange-Traded Funds |
Foreign Currency Transactions: Strategies used to hedge against currency risks, for other risk management purposes or to increase income or gain to the Fund. These strategies may consist of use of any of the following: options on currencies, currency futures, options on such futures, forward foreign currency transactions (including non-deliverable forwards (“NDFs”)), forward rate agreements and currency swaps, caps and floors. Certain Funds may engage in such transactions in both U.S. and non-U.S. markets. |
Foreign Investments (including Foreign Currencies) |
Foreign Investments: Equity and debt securities (e.g., bonds and commercial paper) of foreign entities and obligations of foreign branches of U.S. banks and foreign banks. Foreign securities may also include American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), European Depositary Receipts (“EDRs”) and American Depositary Securities. |
Foreign Investments (including Foreign Currencies) |
High Yield/High Risk Securities/Junk Bonds*: Securities that are generally rated below investment grade by the primary rating agencies or are unrated but deemed by the Fund’s adviser to be of comparable quality. |
Debt Securities |
Inflation-Linked Debt Securities*: Includes fixed and floating rate debt securities of varying maturities issued by the U.S. government as well as securities issued by other entities such as corporations, foreign governments and foreign issuers. |
Debt Securities |
Initial Public Offerings (“IPOs”): A transaction in which a previously private company makes its first sale of stock to the public. |
Equity Securities, Warrants and Rights |
Investment Company Securities: Shares of other investment companies, including money market funds for which the adviser and/or its affiliates serve as investment adviser or administrator. The adviser will waive certain fees when investing in funds for which it serves as investment adviser, to the extent required by law or by contract. |
Investment Company Securities and Exchange- Traded Funds |
Loan Assignments and Participations*: Assignments of, or participations in, all or a portion of loans to corporations or to governments, including governments in less developed countries. |
Loans |
Master Limited Partnerships (“MLPs”)*: Limited partnerships that are publicly traded on a securities exchange. |
Master Limited Partnerships |
Mortgages (Directly Held)*: Debt instruments secured by real property. |
Mortgage-Related Securities |
Mortgage-Backed Securities*: Debt obligations secured by real estate loans and pools of loans such as collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities (“CMBSs”), and other asset-backed structures. |
Mortgage-Related Securities |
Mortgage Dollar Rolls*: A transaction in which the Fund sells securities for delivery in a current month and simultaneously contracts with the same party to repurchase similar but not identical securities on a specified future date. |
Mortgage-Related Securities |
New Financial Products: New options and futures contracts and other financial products continue to be developed and the Fund may invest in such options, contracts and products. |
Miscellaneous Investment Strategies and Risks |
Instrument |
Part II Section Reference |
Options and Futures Transactions: The Fund may purchase and sell (a) exchange traded and over-the-counter put and call options on securities, indexes of securities and futures contracts on securities and indexes of securities, and (b) futures contracts on securities and indexes of securities. |
Options and Futures Transactions |
Preferred Stock: A class of stock that generally pays a dividend at a specified rate and has preference over common stock in the payment of dividends and in liquidation. |
Equity Securities, Warrants and Rights |
Private Placements, Restricted Securities and Other Unregistered Securities: Securities not registered under the Securities Act of 1933, such as privately placed commercial paper and Rule 144A securities. |
Miscellaneous Investment Strategies and Risks |
Real Estate Investment Trusts (“REITs”): Pooled investment vehicles which invest primarily in income producing real estate or real estate related loans or interest. |
Real Estate Investment Trusts |
Repurchase Agreements: The purchase of a security and the simultaneous commitment to return the security to the seller at an agreed upon price on an agreed upon date. This is treated as a loan. |
Repurchase Agreements |
Reverse Repurchase Agreements*: The sale of a security and the simultaneous commitment to buy the security back at an agreed upon price on an agreed upon date. This is treated as a borrowing by the Fund. |
Reverse Repurchase Agreements |
Securities Lending: The lending of up to 33 1∕3% of the Fund’s total assets. In return, the Fund will receive cash, other securities, and/or letters of credit as collateral. |
Securities Lending |
Short Selling: The Fund sells a security it does not own in anticipation of a decline in the market value of the security. To complete the transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is obligated to replace the security borrowed by purchasing it subsequently at the market price at the time of replacement. |
Short Selling |
Sovereign Obligations: Investments in debt obligations issued or guaranteed by a foreign sovereign government or its agencies, authorities or political subdivisions. |
Foreign Investments (including Foreign Currencies) |
Stripped Mortgage-Backed Securities*: Derivative multi-class mortgage securities which are usually structured with two classes of shares that receive different proportions of the interest and principal from a pool of mortgage assets. These include Interest- Only (“IO”) and Principal-Only (“PO”) securities issued outside a Real Estate Mortgage Investment Conduit (“REMIC”) or CMO structure. |
Mortgage-Related Securities |
Structured Investments: A security having a return tied to an underlying index or other security or asset class. Structured investments generally are individually negotiated agreements and may be traded over-the-counter. Structured investments are organized and operated to restructure the investment characteristics of the underlying index, commodity, currency or financial instrument. |
Structured Investments |
Swaps and Related Swap Products: Swaps involve an exchange of obligations by two parties. Caps and floors entitle a purchaser to a principal amount from the seller of the cap or floor to the extent that a specified index exceeds or falls below a predetermined interest rate or amount. The Fund may enter into these transactions to manage its exposure to changing interest rates and other factors. |
Swaps and Related Swap Products |
Temporary Defensive Positions: To respond to unusual circumstances, the Fund may invest in cash and cash equivalents for temporary defensive purposes. |
Miscellaneous Investment Strategies and Risks |
Instrument |
Part II Section Reference |
Treasury Receipts: The Fund may purchase interests in separately traded interest and principal component parts of U.S. Treasury obligations that are issued by banks or brokerage firms and that are created by depositing U.S. Treasury notes and U.S. Treasury bonds into a special account at a custodian bank. Receipts include Treasury Receipts (“TRs”), Treasury Investment Growth Receipts (“TIGRs”), and Certificates of Accrual on Treasury Securities (“CATS”). |
Treasury Receipts |
U.S. Government Agency Securities*: Securities issued by agencies and instrumentalities of the U.S. government. These include all types of securities issued by the Government National Mortgage Association (“Ginnie Mae”), Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”), including funding notes, subordinated benchmark notes, CMOs and REMICs. |
Mortgage-Related Securities |
U.S. Government Obligations: May include direct obligations of the U.S. Treasury, including Treasury bills, notes and bonds, all of which are backed as to principal and interest payments by the full faith and credit of the United States, and separately traded principal and interest component parts of such obligations that are transferable through the Federal book-entry system known as Separate Trading of Registered Interest and Principal of Securities (“STRIPS”) and Coupons Under Book-Entry-Safekeeping (“CUBES”). |
U.S. Government Obligations |
When-Issued Securities, Delayed Delivery Securities and Forward Commitments: Purchase or contract to purchase securities at a fixed price for delivery at a future date. |
When-Issued Securities, Delayed Delivery Securities and Forward Commitments |
|
Fiscal Year Ended | |
Fund |
February 29, 2020 |
February 28, 2021 |
Realty Income Fund |
71% |
90% |
Name of Trustee |
Dollar Range of Equity Securities in Realty Income ETF |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by the Trustee in Family of Investment Companies1 | ||
Independent Trustees |
|
| ||
Gary L. French |
None |
Over $100,000 | ||
Robert J. Grassi |
None |
Over $100,000 | ||
Thomas P. Lemke |
None |
Over $100,000 | ||
Lawrence R. Maffia |
None |
Over $100,000 | ||
Emily A. Youssouf |
None |
2None | ||
Interested Trustee |
|
| ||
Robert Deutsch |
None |
Over $100,000 |
Name of Trustee |
Total Compensation Paid From the Fund Complex1 |
Independent Trustees | |
Gary L. French |
$157,500 |
Robert J. Grassi |
150,000 |
Thomas P. Lemke |
158,000 |
Lawrence R. Maffia |
150,000 |
Emily A. Youssouf |
156,000 |
Interested Trustee |
|
Robert Deutsch |
150,000 |
|
Fiscal Year Ended | |||||
|
February 28, 2019 |
February 29, 2020 |
February 28, 2021 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Realty Income Fund |
$8,004 |
$(1,306) |
$12,860 |
$(1,030) |
$8,829 |
$(225) |
|
Non-Performance Based Fee Advisory Accounts | |||||
Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts | ||||
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) | |
Realty Income ETF |
|
|
|
|
|
|
Scott Blasdell |
6 |
$6,252,385 |
2 |
$1,699,412 |
6 |
$806,750 |
Jason Ko |
2 |
1,849,940 |
1 |
535,350 |
2 |
232,613 |
|
Performance Based Fee Advisory Accounts | |||||
Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts | ||||
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) | |
Realty Income ETF |
|
|
|
|
|
|
Scott Blasdell |
0 |
$0 |
0 |
$0 |
0 |
$0 |
Jason Ko |
0 |
0 |
0 |
0 |
0 |
0 |
Name of Fund |
Benchmark |
Realty Income ETF |
MSCI US REIT Index |
|
Fiscal Year Ended | |||||
|
February 28, 2019 |
February 29, 2020 |
February 28, 2021 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Realty Income Fund |
$156 |
$(827) |
$929 |
$(649) |
$1,009 |
$(123) |
|
Fiscal Year Ended | ||
Fund |
February 28, 2019 |
February 29, 2020 |
February 28, 2021 |
Realty Income Fund |
$47 |
$43 |
$40 |
|
Fiscal Year Ended | ||
Fund |
February 28, 2019 |
February 29, 2020 |
February 28, 2021 |
Realty Income Fund | |||
Total Brokerage Commissions |
$1,224,940 |
$1,593,000 |
$1,453,413 |
Brokerage Commissions to Affiliated Broker/ Dealers |
— |
— |
— |
Fund |
Creation* |
Redemption* |
Realty Income ETF |
50,000 |
50,000 |
|
Capital Loss Carryforward Character | |
Fund |
Short-Term |
Long-Term |
Realty Income Fund |
$30,822 |
$4,115 |
1 | |
1 | |
2 | |
3 | |
3 | |
4 | |
5 | |
5 | |
9 | |
9 | |
10 | |
10 | |
19 | |
19 | |
20 | |
25 | |
30 | |
39 | |
42 | |
47 | |
48 | |
49 | |
49 | |
50 | |
50 | |
51 | |
52 | |
52 | |
53 | |
55 | |
58 | |
58 | |
58 | |
58 | |
59 | |
60 | |
60 | |
60 | |
61 | |
61 | |
62 | |
68 | |
70 | |
70 | |
72 | |
73 | |
74 | |
75 | |
75 | |
75 |
75 | |
76 | |
77 | |
77 | |
79 | |
79 | |
83 | |
84 | |
84 | |
86 | |
86 | |
87 | |
87 | |
87 | |
88 | |
88 | |
90 | |
92 | |
92 | |
94 | |
94 | |
96 | |
96 | |
96 | |
97 | |
97 | |
101 | |
102 | |
103 | |
103 | |
103 | |
106 | |
107 | |
107 | |
107 | |
107 | |
109 | |
109 | |
110 | |
110 | |
111 | |
111 | |
111 | |
111 | |
112 | |
113 | |
114 | |
115 | |
121 | |
A-1 | |
B-1 | |
C-1 |
Name (Year of Birth; Positions with the Funds since) |
Principal Occupation During Past 5 Years |
Number of Funds in Fund Complex Overseen by Trustee(1) |
Other Directorships Held During the Past 5 Years |
Independent Trustees |
|
|
|
Gary L. French (1951); Trustee of the Trust since 2014 |
Real Estate Investor (2011–2020); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011–2017). |
44 |
Independent Trustee, The China Fund, Inc. (2013– 2019); Exchange Traded Concepts Trust II (2012– 2014); Exchange Traded Concepts Trust I (2011– 2014). |
Robert J. Grassi (1957); Trustee of the Trust since 2014 |
Sole Proprietor, Academy Hills Advisors LLC (2012– present); Pension Director, Corning Incorporated (2002– 2012). |
44 |
None. |
Name (Year of Birth; Positions with the Funds since) |
Principal Occupation During Past 5 Years |
Number of Funds in Fund Complex Overseen by Trustee(1) |
Other Directorships Held During the Past 5 Years |
Thomas P. Lemke (1954); Trustee of the Trust since 2014 |
Retired; Executive Vice President and General Counsel, Legg Mason (2005–2013). |
44 |
SEI family of funds - Independent Trustee of Advisors’ Inner Circle Fund III (20 portfolios) (from February 2014 to present); Independent Trustee of Winton Diversified Opportunities Fund (from December 2014 to 2018); Independent Trustee of Gallery Trust (from August 2015 to present); Independent Trustee of Schroder Series Trust (from February 2017 to present); Independent Trustee of Schroder Global Series Trust (from February 2017 to present); Independent Trustee of O’Connor EQUUS (May 2014– April 2016); Independent Trustee of Winton Series Trust (December 2014– March 2017); Independent Trustee of AXA Premier VIP Trust (2014–June 2017); Independent Director of The Victory Funds (or their predecessor funds) (35 portfolios) (2014– March 2015); Symmetry Panoramic Trust (16 portfolios) (2018- present). |
Lawrence R. Maffia (1950); Trustee of the Trust since 2014 |
Retired; Director and President, ICI Mutual Insurance Company (2006– 2013). |
44 |
Director, ICI Mutual Insurance Company (1999–2013). |
Name (Year of Birth; Positions with the Funds since) |
Principal Occupation During Past 5 Years |
Number of Funds in Fund Complex Overseen by Trustee(1) |
Other Directorships Held During the Past 5 Years |
Emily A. Youssouf (1951); Trustee of the Trust since 2014 |
Adjunct Professor (2011-present) and Clinical Professor (2009–2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013– present), Chair of Finance Committee (2019– present), Member of Related Parties Committee (2013–2018) and Member of the Enterprise Risk Committee (2015– 2018), PennyMac Financial Services, Inc.; Board Member (2005–2018), Chair of Capital Committee (2006–2016), Chair of Audit Committee (2005–2018), Member of Finance Committee (2005–2018) and Chair of IT Committee (2016–2018), NYC Health and Hospitals Corporation. |
44 |
Trustee, NYC School Construction Authority (2009–present); Board Member, NYS Job Development Authority (2008–present); Trustee and Chair of the Audit Committee of the TransitCenter Foundation (2015–2019). |
Interested Trustee |
|
|
|
Robert F. Deutsch(2) (1957); Chairman and Trustee of the Trust since 2014 |
Retired; Head of the Global ETF Business for JPMorgan Asset Management (2013– 2017); Head of the Global Liquidity Business for JPMorgan Asset Management (2003–2013). |
44 |
Board of Directors of the JUST Capital Foundation (2017–present). |
Name of Committee |
Members |
Committee Chair |
Audit and Valuation Committee |
Mr. French Mr. Lemke Mr. Grassi Mr. Maffia Ms. Youssouf |
Mr. French |
Governance and Nominating Committee |
Ms. Youssouf Mr. French Mr. Grassi Mr. Lemke Mr. Maffia |
Ms. Youssouf |
Oversight Committee for Insurance and Performance Reports |
Mr. Grassi Mr. Maffia Mr. Deutsch Mr. French Mr. Lemke Ms. Youssouf |
Mr. Grassi and Mr. Maffia |
Name (Year of Birth), Positions Held with the Trusts (Since) |
Principal Occupations During Past 5 Years |
Brian S. Shlissel (1964), President and Principal Executive Officer (2021)* |
Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014. |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2020) |
Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013. |
Paul Shield (1960), Vice President and Assistant Treasurer (2016) |
Managing Director and Head of Business Management for JPMorgan Asset Management’s Exchange Traded Fund platform since 2013. |
Elizabeth A. Davin (1964), Secretary (2018)*** |
Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004. |
Stephen M. Ungerman (1953), Chief Compliance Officer (2014) |
Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. |
Jessica K. Ditullio (1962), Assistant Secretary (2014)*** |
Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990. |
Anthony Geron (1971), Assistant Secretary (2019)** |
Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015. |
Carmine Lekstutis (1980), Assistant Secretary (2014)** |
Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011. |
Gregory S. Samuels (1980), Assistant Secretary (2014)** |
Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010. |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)** |
Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016. |
Frederick J. Cavaliere (1978), Assistant Treasurer (2015)* |
Executive Director, J.P. Morgan Investment Management Inc. since February 2016; formerly, Vice President, J.P. Morgan Investment Management Inc. since September 2010 to February 2016. Mr. Cavaliere has been with JPMorgan since May 2006. |
Michael M. D’Ambrosio (1969), Assistant Treasurer (2014) |
Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012. |
Shannon Gaines (1977), Assistant Treasurer (2019)*** |
Vice President, J.P. Morgan Investment Management Inc. since January 2014. |
Nektarios E. Manolakakis (1972), Assistant Treasurer (2020) |
Executive Director, J.P. Morgan Investment Management Inc. since February 2021, formerly Vice President, J.P. Morgan Investment Management Inc. since 2014; Vice President, J.P. Morgan Corporate & Investment Bank 2010-2014. |
Todd McEwen (1981), Assistant Treasurer (2020)*** |
Vice President, J.P. Morgan Investment Management Inc. Mr. McEwen has been with J.P. Morgan Investment Management Inc. since 2010. |
Tier One |
First $75 billion |
0.0025% |
Tier Two |
Next $25 billion |
0.0020% |
Tier Three |
Over $100 billion |
0.0015% |
|
|
|
Other Fees: |
|
|
Annual Base Fee (in addition to asset based fee) |
|
$20,000 per Fund |
Tier One |
Up to $50 billion |
0.0030% |
Tier Two |
Next $75 billion |
0.0025% |
Tier Three |
Over $125 billion |
0.0015% |
|
|
|
Other Fees: |
|
|
Minimum |
|
$22,500 per Fund per year |
7 | |
8 | |
8 | |
8 | |
9 | |
11 | |
12 | |
13 | |
16 | |
16 | |
17 | |
17 | |
17 | |
17 | |
17 | |
18 | |
18 | |
18 | |
18 | |
18 | |
18 | |
19 | |
19 | |
19 | |
20 | |
20 | |
20 | |
21 | |
21 | |
21 | |
22 | |
22 | |
22 | |
22 | |
22 | |
24 | |
24 | |
24 | |
24 | |
24 | |
25 | |
25 | |
25 | |
25 |
25 | |
25 | |
26 | |
26 | |
26 | |
27 | |
27 | |
27 | |
27 | |
28 | |
28 | |
29 | |
29 | |
29 | |
30 | |
30 | |
30 | |
30 | |
30 | |
31 | |
31 | |
31 | |
31 | |
32 | |
32 | |
32 | |
32 | |
33 | |
33 | |
33 | |
33 | |
34 | |
34 | |
34 | |
34 | |
34 | |
34 | |
35 | |
35 | |
35 | |
35 | |
36 | |
36 | |
36 | |
36 |
37 | |
38 | |
38 | |
39 | |
39 | |
40 | |
41 | |
41 | |
41 | |
42 | |
42 | |
43 | |
44 | |
44 | |
44 | |
45 | |
46 | |
46 | |
46 | |
46 | |
47 | |
47 | |
48 | |
48 | |
48 | |
48 | |
48 | |
48 | |
48 | |
48 | |
49 | |
49 | |
50 | |
50 | |
50 | |
51 | |
51 | |
51 | |
51 | |
51 | |
52 | |
52 | |
52 | |
52 | |
53 |
53 | |
54 | |
54 | |
54 | |
54 | |
55 | |
55 | |
55 | |
55 | |
57 | |
57 | |
57 | |
57 | |
57 | |
57 | |
57 | |
58 | |
58 | |
58 | |
58 | |
58 | |
59 | |
59 | |
59 | |
59 | |
59 | |
60 | |
60 | |
61 | |
61 | |
61 | |
62 | |
62 | |
62 | |
62 | |
63 | |
63 | |
63 | |
64 | |
64 | |
64 | |
64 | |
65 | |
65 | |
65 |
65 | |
66 | |
66 | |
66 | |
66 | |
66 | |
66 | |
67 | |
67 | |
67 | |
68 | |
68 | |
68 | |
68 | |
68 | |
69 | |
70 | |
70 | |
70 | |
70 | |
70 | |
70 | |
71 | |
71 | |
71 | |
71 | |
71 | |
71 | |
72 | |
72 | |
72 | |
72 | |
73 | |
73 | |
73 | |
73 | |
73 | |
73 | |
73 | |
73 | |
74 |
A-1 |
A short-term obligation rated ‘A-1’ is rated in the highest category by S&P Global Ratings. The obligor’s capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial commitments on these obligations is extremely strong. |
A-2 |
A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor’s capacity to meet its financial commitments on the obligation is satisfactory. |
A-3 |
A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to meet its financial commitments on the obligation. |
B |
A short-term obligation rated ‘B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments. |
C |
A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. |
D |
A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital instruments, the ‘D’ rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt restructuring. |
F1 |
HIGHEST SHORT-TERM CREDIT QUALITY. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added “+” to denote any exceptionally strong credit feature. |
F2 |
GOOD SHORT-TERM CREDIT QUALITY. Good intrinsic capacity for timely payment of financial commitments. |
F3 |
FAIR SHORT-TERM CREDIT QUALITY. The intrinsic capacity for timely payment of financial commitments is adequate. |
B |
SPECULATIVE SHORT-TERM CREDIT QUALITY. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions. |
C |
HIGH SHORT-TERM DEFAULT RISK. Default is a real possibility. |
RD |
RESTRICTED DEFAULT. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only. |
D |
DEFAULT. Indicates a broad-based default event for an entity, or the default of a short- term obligation. |
P-1 |
Ratings of Prime-1 reflect a superior ability to repay short-term debt obligations. |
P-2 |
Ratings of Prime-2 reflect a strong ability to repay short-term debt obligations. |
P-3 |
Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations. |
NP |
Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories. |
R-1 (high) |
Highest credit quality. The capacity for the payment of short-term financial obligations as they fall due is exceptionally high. Unlikely to be adversely affected by future events. |
R-1 (middle) |
Superior credit quality. The capacity for the payment of short-term financial obligations as they fall due is very high. Differs from R-1 (high) by a relatively modest degree. Unlikely to be significantly vulnerable to future events. |
R-1 (low) |
Good credit quality. The capacity for the payment of short-term financial obligations as they fall due is substantial. Overall strength is not as favorable as higher rating categories. May be vulnerable to future events, but qualifying negative factors are considered manageable. |
R-2 (high) |
Upper end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events. |
R-2 (middle) |
Adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events or may be exposed to other factors that could reduce credit quality. |
R-2 (low) |
Lower end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events. A number of challenges are present that could affect the issuer’s ability to meet such obligations. |
R-3 |
Lowest end of adequate credit quality. There is a capacity for the payment of short-term financial obligations as they fall due. May be vulnerable to future events and the certainty of meeting such obligations could be impacted by a variety of developments. |
R-4 |
Speculative credit quality. The capacity for the payment of short-term financial obligations as they fall due is uncertain. |
R-5 |
Highly speculative credit quality. There is a high level of uncertainty as to the capacity to meet short-term financial obligations as they fall due. |
D |
When the issuer has filed under any applicable bankruptcy, insolvency or winding up statute or there is a failure to satisfy an obligation after the exhaustion of grace periods, a downgrade to D may occur. DBRS Morningstar may also use SD (Selective Default) in cases where only some securities are impacted, such as the case of a “distressed exchange.” |
AAA |
An obligation rated ‘AAA’ has the highest rating assigned by S&P Global Ratings. The obligor’s capacity to meet its financial commitments on the obligation is extremely strong. |
AA |
An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The obligor’s capacity to meet its financial commitments on the obligation is very strong. |
A |
An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor’s capacity to meet its financial commitments on the obligation is still strong. |
BBB |
An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its financial commitments on the obligation. |
BB,B,CCC,CC and C |
Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions. |
BB |
An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments on the obligation. |
B |
An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its financial commitments on the obligation. |
CCC |
An obligation rated ‘CCC’ is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation. |
CC |
An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when a default has not yet occurred but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default. |
C |
An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher. |
D |
An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital instruments, the ‘D’ rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt restructuring. |
AAA |
HIGHEST CREDIT QUALITY. ‘AAA’ ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events. |
AA |
VERY HIGH CREDIT QUALITY. ‘AA’ ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events. |
A |
HIGH CREDIT QUALITY. ‘A’ ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings. |
BBB |
GOOD CREDIT QUALITY. ‘BBB’ ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity. |
BB |
SPECULATIVE. ‘BB’ ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments. |
B |
HIGHLY SPECULATIVE. ‘B’ ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment. |
CCC |
SUBSTANTIAL CREDIT RISK. Default is a real possibility. |
CC |
VERY HIGH LEVELS OF CREDIT RISK. Default of some kind appears probable. |
C |
NEAR DEFAULT. A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a ‘C’ category rating for an issuer include: |
|
•the issuer has entered into a grace or cure period following non-payment of a material financial obligation; •the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; •the formal announcement by the issuer or their agent of a distressed debt exchange; •a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent. |
RD |
RESTRICTED DEFAULT. ‘RD’ ratings indicate an issuer that in Fitch’s opinion has experienced: |
|
•an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation, but •has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, and •has not otherwise ceased operating. This would include: •the selective payment default on a specific class or currency of debt; •the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation; •the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; ordinary execution of a distressed debt exchange on one or more material financial obligations. |
D |
DEFAULT. ‘D’ ratings indicate an issuer that in Fitch Ratings’ opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business. |
Aaa |
Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk. |
Aa |
Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. |
A |
Obligations rated A are judged to be upper-medium grade and are subject to low credit risk. |
Baa |
Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics. |
Ba |
Obligations rated Ba are judged to be speculative and are subject to substantial credit risk. |
B |
Obligations rated B are considered speculative and are subject to high credit risk. |
Caa |
Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk. |
Ca |
Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. |
C |
Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest. |
AAA |
Highest credit quality. The capacity for the payment of financial obligations is exceptionally high and unlikely to be adversely affected by future events. |
AA |
Superior credit quality. The capacity for the payment of financial obligations is considered high. Credit quality differs from AAA only to a small degree. Unlikely to be significantly vulnerable to future events. |
A |
Good credit quality. The capacity for the payment of financial obligations is substantial, but of lesser credit quality than AA. May be vulnerable to future events, but qualifying negative factors are considered manageable. |
BBB |
Adequate credit quality. The capacity for the payment of financial obligations is considered acceptable. May be vulnerable to future events. |
BB |
Speculative, non-investment grade credit quality. The capacity for the payment of financial obligations is uncertain. Vulnerable to future events. |
B |
Highly speculative credit quality. There is a high level of uncertainty as to the capacity to meet financial obligations. |
CCC/CC/C |
Very highly speculative credit quality. In danger of defaulting on financial obligations. There is little difference between these three categories, although CC and C ratings are normally applied to obligations that are seen as highly likely to default, or subordinated to obligations rated in the CCC to B range. Obligations in respect of which default has not technically taken place but is considered inevitable may be rated in the C category. |
D |
When the issuer has filed under any applicable bankruptcy, insolvency or winding up statute or there is a failure to satisfy an obligation after the exhaustion of grace periods, a downgrade to D may occur. DBRS Morningstar may also use SD (Selective Default) in cases where only some securities are impacted, such as the case of a “distressed exchange.” |
AAA |
An insurer rated ‘AAA’ has extremely strong financial security characteristics. ‘AAA’ is the highest insurer financial strength rating assigned by S&P Global Ratings. |
AA |
An insurer rated ‘AA’ has very strong financial security characteristics, differing only slightly from those rated higher. |
A |
An insurer rated ‘A’ has strong financial security characteristics, but is somewhat more likely to be affected by adverse business conditions than are insurers with higher ratings. |
BBB |
An insurer rated ‘BBB’ has good financial security characteristics, but is more likely to be affected by adverse business conditions than are higher-rated insurers. |
BB, B, CCC, and CC |
An insurer rated ‘BB’ or lower is regarded as having vulnerable characteristics that may outweigh its strengths, ‘BB’ indicates the least degree of vulnerability within the range and ‘CC’ the highest. |
BB |
An insurer rated ‘BB’ has marginal financial security characteristics. Positive attributes exist, but adverse business conditions could lead to insufficient ability to meet financial commitments. |
B |
An insurer rated ‘B’ has weak financial security characteristics. Adverse business conditions will likely impair its ability to meet financial commitments. |
CCC |
An insurer rated ‘CCC’ has very weak financial security characteristics, and is dependent on favorable business conditions to meet financial commitments. |
CC |
An insurer rated ‘CC’ has extremely weak financial security characteristics and is likely not to meet some of its financial commitments. |
SD and D |
An insurer rated ‘SD’ (selective default) or ‘D’ is in default on one or more of its insurance policy obligations. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar action if payments on a policy obligation are at risk. A ‘D’ rating is assigned when S&P Global Ratings believes that the default will be a general default and that the obligor will fail to pay substantially all of its obligations in full in accordance with the policy terms. An ‘SD’ rating is assigned when S&P Global Ratings believes that the insurer has selectively defaulted on a specific class of policies but it will continue to meet its payment obligations on other classes of obligations. An ‘SD’ includes the completion of a distressed debt restructuring. Claim denials due to lack of coverage or other legally permitted defenses are not considered defaults. |
AAA |
EXCEPTIONALLY STRONG. ‘AAA’ IFS Ratings denote the lowest expectation of ceased or interrupted payments. They are assigned only in the case of exceptionally strong capacity to meet policyholder and contract obligations. This capacity is highly unlikely to be adversely affected by foreseeable events. |
AA |
VERY STRONG. ‘AA’ IFS Ratings denote a very low expectation of ceased or interrupted payments. They indicate very strong capacity to meet policyholder and contract obligations. This capacity is not significantly vulnerable to foreseeable events. |
A |
STRONG. ‘A’ IFS Ratings denote a low expectation of ceased or interrupted payments. They indicate strong capacity to meet policyholder and contract obligations. This capacity may, nonetheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings. |
BBB |
GOOD. ‘BBB’ IFS Ratings indicate that there is currently a low expectation of ceased or interrupted payments. The capacity to meet policyholder and contract obligations on a timely basis is considered adequate, but adverse changes in circumstances and economic conditions are more likely to impact this capacity. |
BB |
MODERATELY WEAK. ‘BB’ IFS Ratings indicate that there is an elevated vulnerability to ceased or interrupted payments, particularly as the result of adverse economic or market changes over time. However, business or financial alternatives may be available to allow for policyholder and contract obligations to be met in a timely manner. |
B |
WEAK. ‘B’ IFS Ratings indicate two possible conditions. If obligations are still being met on a timely basis, there is significant risk that ceased or interrupted payments could occur in the future, but a limited margin of safety remains. Capacity for continued timely payments is contingent upon a sustained, favorable business and economic environment, and favorable market conditions. Alternatively, a ‘B’ IFS Rating is assigned to obligations that have experienced ceased or interrupted payments, but with the potential for extremely high recoveries. Such obligations would possess a recovery assessment of ‘RR1’ (Outstanding). |
CCC |
VERY WEAK. ‘CCC’ IFS Ratings indicate two possible conditions. If obligations are still being met on a timely basis, there is a real possibility that ceased or interrupted payments could occur in the future. Capacity for continued timely payments is solely reliant upon a sustained, favorable business and economic environment, and favorable market conditions. Alternatively, a ‘CCC’ IFS Rating is assigned to obligations that have experienced ceased or interrupted payments, and with the potential for average to superior recoveries. Such obligations would possess a recovery assessment of ‘RR2’ (Superior), ‘RR3’ (Good), and ‘RR4’ (Average). |
CC |
EXTREMELY WEAK. ‘CC’ IFS Ratings indicate two possible conditions. If obligations are still being met on a timely basis, it is probable that ceased or interrupted payments will occur in the future. Alternatively, a ‘CC’ IFS Rating is assigned to obligations that have experienced ceased or interrupted payments, with the potential for average to below-average recoveries. Such obligations would possess a recovery assessment of ‘RR4’ (Average) or ‘RR5’ (Below Average). |
C |
DISTRESSED. ‘C’ IFS Ratings indicate two possible conditions. If obligations are still being met on a timely basis, ceased or interrupted payments are imminent. Alternatively, a ‘C’ IFS Rating is assigned to obligations that have experienced ceased or interrupted payments, and with the potential for below average to poor recoveries. Such obligations would possess a recovery assessment of ‘RR5’ (Below Average) or ‘RR6’ (Poor). |
F1 |
Insurers are viewed as having a strong capacity to meet their near-term obligations. When an insurer rated in this rating category is designated with a (+) sign, it is viewed as having a very strong capacity to meet near-term obligations. |
F2 |
Insurers are viewed as having a good capacity to meet their near-term obligations. |
F3 |
Insurers are viewed as having an adequate capacity to meet their near-term obligations. |
B |
Insurers are viewed as having a weak capacity to meet their near-term obligations. |
C |
Insurers are viewed as having a very weak capacity to meet their near-term obligations. |
RR1 |
OUTSTANDING RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR1’ rated securities have characteristics consistent with securities historically recovering 91%–100% of current principal and related interest. |
RR2 |
SUPERIOR RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR2’ rated securities have characteristics consistent with securities historically recovering 71%–90% of current principal and related interest. |
RR3 |
GOOD RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR3’ rated securities have characteristics consistent with securities historically recovering 51%–70% of current principal and related interest. |
RR4 |
AVERAGE RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR4’ rated securities have characteristics consistent with securities historically recovering 31%–50% of current principal and related interest. |
RR5 |
BELOW AVERAGE RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR5’ rated securities have characteristics consistent with securities historically recovering 11%– 30% of current principal and related interest. |
RR6 |
POOR RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR6’ rated securities have characteristics consistent with securities historically recovering 0%–10% of current principal and related interest. |
Aaa |
Insurance companies rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk. |
Aa |
Insurance companies rated Aa are judged to be of high quality and are subject to very low credit risk. |
A |
Insurance companies rated A are judged to be upper-medium grade and are subject to low credit risk. |
Baa |
Insurance companies rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics. |
Ba |
Insurance companies rated Ba are judged to be speculative and are subject to substantial credit risk. |
B |
Insurance companies rated B are considered speculative and are subject to high credit risk. |
Caa |
Insurance companies rated Caa are judged to be speculative of poor standing and are subject to very high credit risk. |
Ca |
Insurance companies rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. |
C |
Insurance companies rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest. |
P-1 |
Ratings of Prime-1 reflect a superior ability to repay short-term debt obligations. |
P-2 |
Ratings of Prime-2 reflect a strong ability to repay short-term debt obligations. |
P-3 |
Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations. |
P-4 |
Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories. |
SP-1 |
Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation. |
SP-2 |
Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes. |
SP-3 |
Speculative capacity to pay principal and interest. |
D |
‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example, due to automatic stay provisions. |
MIG 1 |
This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support or demonstrated broad-based access to the market for refinancing. |
MIG 2 |
This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group. |
MIG 3 |
This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established. |
SG |
This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection. |
VMIG 1 |
This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. |
VMIG 2 |
This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. |
VMIG 3 |
This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. |
SG |
This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections necessary to ensure the timely payment of purchase price upon demand. |
Pfd-1 |
Preferred shares rated Pfd-1 are generally of superior credit quality, and are supported by entities with strong earnings and balance sheet characteristics. Pfd-1 ratings generally correspond with issuers with a AAA or AA category reference point1. |
Pfd-2 |
Preferred shares rated Pfd-2 are generally of good credit quality. Protection of dividends and principal is still substantial, but earnings, the balance sheet and coverage ratios are not as strong as Pfd-1 rated companies. Generally, Pfd-2 ratings correspond with issuers with an A category or higher reference point. |
Pfd-3 |
Preferred shares rated Pfd-3 are generally of adequate credit quality. While protection of dividends and principal is still considered acceptable, the issuing entity is more susceptible to adverse changes in financial and economic conditions, and there may be other adverse conditions present which detract from debt protection. Pfd-3 ratings generally correspond with issuers with a BBB category or higher reference point. |
Pfd-4 |
Preferred shares rated Pfd-4 are generally speculative, where the degree of protection afforded to dividends and principal is uncertain, particularly during periods of economic adversity. Issuers with preferred shares rated Pfd-4 generally correspond with issuers with a BB category or higher reference point. |
Pfd-5 |
Preferred shares rated Pfd-5 are generally highly speculative and the ability of the entity to maintain timely dividend and principal payments in the future is highly uncertain. Entities with a Pfd-5 rating generally correspond with issuers with a B category or higher reference point. Preferred shares rated Pfd-5 often have characteristics that, if not remedied, may lead to default. |
D |
When the issuer has filed under any applicable bankruptcy, insolvency or winding up or the issuer is in default per the legal documents, a downgrade to D may occur. Because preferred share dividends are only payable when approved, the non-payment of a preferred share dividend does not necessarily result in a D. DBRS Morningstar may also use SD (Selective Default) in cases where only some securities are impacted, such as the case of a “distressed exchange”. See the Default Definition document posted on the website for more information. |
(a)(1) |
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(a)(2) |
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(a)(3) |
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(b) |
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(c) |
Instruments Defining Rights of Security Holders. Incorporated by reference to Exhibits (a) and (b). |
(d)(1) |
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(d)(2) |
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(d)(3) |
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(d)(4) |
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(d)(5) |
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(d)(6) |
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(d)(7) |
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(e)(1) |
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(e)(2) |
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(f) |
Not applicable. |
(g)(1)(a) |
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(g)(1)(b) |
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(g)(1)(c) |
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(g)(1)(d) |
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(g)(1)(e) |
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(g)(2)(a) |
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(g)(2)(b) |
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(h)(1)(a) |
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(h)(1)(b) |
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(h)(1)(c) |
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(h)(2)(a) |
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(h)(2)(b) |
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(h)(2)(c) |
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(h)(3)(a) |
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(h)(3)(b) |
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(h)(3)(c) |
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(h)(3)(d) |
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(h)(3)(e) |
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(h)(3)(f) |
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(h)(3)(g) |
(h)(3)(h) |
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(h)(3)(i) |
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(h)(4)(a) |
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(h)(4)(b) |
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(h)(5) |
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(i) |
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(j) |
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(k) |
Not applicable. |
(l) |
Not applicable. |
(m) |
Not applicable. |
(n) |
Not applicable. |
(o) |
Reserved. |
(p)(1) |
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(p)(2) |
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(p)(3) |
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(99)(a) |
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(99)(b) |
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(99)(c) |
EX-101.INS |
XBRL Instance Document - the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
EX-101.SCH |
XBRL Taxonomy Extension Schema Document. |
EX-101.CAL |
XBRL Taxonomy Extension Calculation Linkbase Document. |
EX-101.DEF |
XBRL Taxonomy Extension Definition Linkbase Document. |
EX-101.LAB |
XBRL Taxonomy Extension Labels Linkbase Document. |
EX-101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document. |
Name with Registrant |
Positions and Office with JPMorgan Distribution Services, Inc. |
Positions and Offices with the Funds |
Wendy Barta |
Director, Executive Director & President |
None |
Andrea Lisher |
Director & Managing Director |
None |
Joseph F. Sanzone |
Director & Managing Director |
None |
Omar F. Altahawi |
Managing Director & Treasurer |
None |
Gary C. Krivo |
Managing Director & Chief Risk Officer |
None |
Michael R. Machulski |
Director & Managing Director |
None |
Brian S. Shlissel |
Managing Director |
Vice President |
James A. Hoffman |
Executive Director |
None |
Carmine Lekstutis |
Executive Director & Chief Legal Officer |
Assistant Secretary |
Jessica K. Ditullio |
Executive Director & Assistant Secretary |
Assistant Secretary |
Kevin Kloza |
Executive Director and Chief Compliance Officer |
None |
Andrea Lang |
Vice President & Anti-Money Laundering Compliance Officer |
None |
Frank J. Drozek |
Executive Director & Assistant Treasurer |
None |
Name with Registrant |
Positions and Office with JPMorgan Distribution Services, Inc. |
Positions and Offices with the Funds |
Christopher J. Mohr |
Executive Director & Assistant Treasurer |
None |
Joanna Corey |
Executive Director & Assistant Secretary |
None |
Marcela Castro |
Executive Director & Assistant Secretary |
None |
Afiya M. Jordan |
Vice President & Secretary |
None |
Amee Kantesaria |
Vice President & Assistant Secretary |
None |
Amy Hsu |
Vice President & Assistant Secretary |
None |
Andris Alexander |
Vice President & Assistant Secretary |
None |
Theodore Weisman |
Vice President & Assistant Secretary |
None |
J.P. Morgan Exchange-Traded Fund Trust | |
By: |
Brian S. Shlissel* |
|
Name: Brian S. Shlissel |
|
Title: President and Principal Executive Officer |
Gary L. French* |
Gary L. French |
Trustee |
Thomas P. Lemke* |
Thomas P. Lemke |
Trustee |
Emily Youssouf* |
Emily Youssouf |
Trustee |
Timothy J. Clemens* |
Timothy J. Clemens |
Treasurer and Principal Financial Officer |
*By: |
/s/ Elizabeth A. Davin |
|
Elizabeth A. Davin |
|
Attorney-in-fact |
Robert J. Grassi* |
Robert J. Grassi |
Trustee |
Lawrence Maffia* |
Lawrence Maffia |
Trustee |
Robert Deutsch* |
Robert Deutsch |
Trustee |
Brian S. Shlissel* |
Brian S. Shlissel |
President and Principal Executive Officer |
Exhibit No. |
Description |
(h)(4)(b) |
Fee Waiver Agreement dated December 1, 2021 for JPMorgan Inflation Managed Bond ETF, JPMorgan International Research Enhanced Equity ETF, JPMorgan Market Expansion Enhanced Equity ETF and JPMorgan Realty Income ETF. |
(h)(5) |
Form of Administration Agreement for JPMorgan Inflation Managed Bond ETF, JPMorgan International Research Enhanced Equity ETF, JPMorgan Market Expansion Enhanced Equity ETF and JPMorgan Realty Income ETF. |
(i) |
Opinion and consent of counsel. |
(j) |
Consent of independent registered accounting firm. |
EX-101.INS |
XBRL Instance Document - the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
EX-101.SCH |
XBRL Taxonomy Extension Schema Document. |
EX-101.CAL |
XBRL Taxonomy Extension Calculation Linkbase Document. |
EX-101.DEF |
XBRL Taxonomy Extension Definition Linkbase Document. |
EX-101.LAB |
XBRL Taxonomy Extension Labels Linkbase Document. |
EX-101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document. |