JPMorgan
Active Bond ETF |
Ticker:
JBND |
Listing
Exchange: NYSE Arca |
| |
Management
Fees |
|
Total
Annual Fund Operating Expenses |
|
| ||
|
1
Year |
3
Years |
SHARES
($) |
|
|
Portfolio
Manager |
Managed
the
Fund
Since |
Primary
Title with
Investment
Adviser |
Richard
Figuly |
2023 |
Managing
Director |
Justin
Rucker |
2023 |
Managing
Director |
Andrew
Melchiorre |
2023 |
Managing
Director |
Edward
Fitzpatrick III |
2023 |
Managing
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. |
|
Active
Bond ETF |
Asset-Backed,
Mortgage-Related and Mortgage-Backed Securities Risk |
• |
Authorized
Participant Concentration Risk |
• |
Cash
Transactions Risk |
○ |
Credit
Risk |
• |
Cyber
Security Risk |
○ |
Debt
Securities and Other Callable Securities Risk |
○ |
Derivatives
Risk |
• |
Exchange-Traded
Fund (ETF) and Other Investment Company Risk |
○ |
Floating
and Variable Rate Securities Risk |
○ |
Foreign
Issuer Risk |
○
|
|
Active
Bond ETF |
Foreign
Securities and Emerging Markets Risk |
• |
General
Market Risk |
• |
Geographic
Focus Risk |
• |
Government
Securities Risk |
• |
High
Portfolio Turnover Risk |
○ |
Industry
and Sector Focus Risk |
• |
Inflation-Linked
and Inflation-Protected Security Risk |
○ |
Interest
Rate Risk |
• |
Inverse
Floater Risk |
○ |
Loan
Risk |
○ |
Market
Trading Risk |
• |
Mortgage
Dollar Roll Risk |
○ |
Municipal
Securities Risk |
○ |
New
Fund Risk |
○ |
Prepayment
Risk |
• |
Privately
Placed Securities Risk |
• |
Regulatory
and Legal Risk |
○ |
Repurchase
Agreement Risk |
○ |
Risk
Associated with the Fund Holding Cash, Money Market Instruments and Other
Short-Term Investments |
○ |
Securities
Lending Risk |
○ |
Sovereign
Debt Risk |
• |
Structured
Investment Risk |
○ |
Transactions
and Liquidity Risk |
○ |
Volcker
Rule Risk |
○ |
When-Issued,
Delayed Settlement and Forward Commitment Transactions
Risk |
○ |
Zero-Coupon,
Pay-In-Kind and Deferred Payment Securities 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
and pools of loans, such as collateralized loan
obligations. |
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 |
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
Prepayment
Valuation
|
INSTRUMENT |
RISK
TYPE |
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 |
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
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 |
Interfund
Lending:
Involves lending money and borrowing money for temporary purposes through
a credit
facility. |
Credit
Interest
Rate
Market |
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 |
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
|
INSTRUMENT |
RISK
TYPE |
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 |
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. |
Credit
Interest
Rate
Market
Natural
Event
Political
Prepayment
Tax
Valuation |
Obligations
of Supranational Agencies:
Obligations which are chartered to promote economic development
and
are supported by various governments and governmental
agencies. |
Credit
Foreign
Investment
Liquidity
Political
Valuation |
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. |
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 |
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
as
collateral. |
Securities
Lending
|
INSTRUMENT |
RISK
TYPE |
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 |
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
REMIC
or CMO structure. |
Credit
Liquidity
Market
Political
Prepayment
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 |
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. |
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 |
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
|
INSTRUMENT |
RISK
TYPE |
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
Bond |