JPMorgan
Sustainable Municipal Income ETF |
Ticker:
JMSI |
Listing
Exchange: NYSE Arca |
ANNUAL
FUND OPERATING EXPENSES
(Expenses
that you pay each year as a percentage of the value
of
your investment) | |
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
($) |
|
|
|
|
YEAR-BY-YEAR
RETURNS |
|
|
|
|
|
- |
|
through |
|
was |
|
. |
AVERAGE
ANNUAL TOTAL RETURNS
(For
periods ended December 31, 2022) | |||
|
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 |
- |
|
|
BLOOMBERG
U.S. 1-15 YEAR BLEND
(1-17)
MUNICIPAL BOND INDEX
(Reflects
No Deduction for Fees,
Expenses,
or Taxes) |
- |
|
|
Portfolio
Manager |
Managed
the
Fund
Since |
Primary
Title with
Investment
Adviser |
Kevin
M. Ellis |
2023 |
Managing
Director |
David
Sivinski |
2023 |
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. |
|
Sustainable
Municipal
Income
ETF |
Alternative
Minimum Tax 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/or Other Investment Company Risk |
○ |
Floating
and Variable Rate Securities Risk |
○ |
General
Market Risk |
• |
Government
Securities Risk |
○ |
High
Yield Securities Risk |
• |
Industry
and Sector Focus Risk |
• |
Interest
Rate Risk |
• |
Inverse
Floating Rate Instrument Risk |
○ |
Market
Trading Risk |
• |
Mortgage-Related
and Other Asset-Backed Securities Risk |
• |
Municipal
Housing Authority Obligations Risk |
• |
Municipal
Obligations Risk |
• |
Regulatory
and Legal Risk |
○ |
Restricted
Securities Risk |
• |
Securities
Lending Risk |
○ |
Social
or Environmental Investing Risk |
• |
Structured
Product Risk |
○ |
Taxability
Risk |
• |
Transactions
and Liquidity Risk |
○ |
Volcker
Rule 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 |
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 |
Auction
Rate Securities:
Auction rate municipal securities and auction rate preferred securities
issued by
closed-end
investment companies. |
Credit
Interest
Rate
Liquidity
Market |
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 |
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. |
Credit
Liquidity
Market |
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 |
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 |
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. |
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 |
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 |
INSTRUMENT |
RISK
TYPE |
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. |
Credit
Currency
Extension
Foreign
Investment
Interest
Rate
Liquidity
Market
Political
Prepayment |
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 |
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
Valuation |
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 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 |
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
borrowing by the Fund. |
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 |
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 |
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. |
Credit
Liquidity
Market |
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
Real Estate Mortgage Investment Conduits (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 |
INSTRUMENT |
RISK
TYPE |
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
Bond |
|
Per
share operating performance | ||||||
|
|
Investment
operations |
Distributions | ||||
|
Net
asset
value,
beginning
of
period |
Net
investment
income
(loss)(a) |
Net
realized
and
unrealized
gains
(losses)
on
investments |
Total
from
investment
operations |
Net
investment
income |
Net
realized
gain |
Total
distributions |
JPMorgan
Sustainable Municipal Income Fund |
|
|
|
|
|
|
|
Class
R6 |
|
|
|
|
|
|
|
Year
Ended February 28, 2023 |
$9.59 |
$0.24 |
$(0.75
) |
$(0.51
) |
$(0.25
) |
$— |
$(0.25
) |
Year
Ended February 28, 2022 |
9.88 |
0.21 |
(0.29
) |
(0.08
) |
(0.21
) |
— |
(0.21
) |
Year
Ended February 28, 2021 |
9.94 |
0.20 |
(0.06
) |
0.14 |
(0.20
) |
— |
(0.20
) |
Year
Ended February 29, 2020 |
9.48 |
0.23 |
0.46 |
0.69 |
(0.23
) |
— |
(0.23
) |
Year
Ended February 28, 2019 |
9.45 |
0.25 |
0.08 |
0.33 |
(0.25
) |
(0.05
) |
(0.30
) |
| |
(a) |
Calculated
based upon average shares outstanding. |
(b) |
Includes
adjustments in accordance with accounting principles generally accepted in
the United States of America and as such, the net asset values for
financial reporting
purposes
and the returns based upon those net asset values may differ from the net
asset values and returns for shareholder
transactions. |
(c) |
Includes
earnings credits and interest expense, if applicable, each of which is
less than 0.005% unless otherwise
noted. |
|
Ratios/Supplemental
data | |||||
|
|
|
Ratios
to average net assets | |||
Net
asset
value,
end
of
period |
Total
return (b) |
Net
assets,
end
of
period
(000's) |
Net
expenses
(c) |
Net
investment
income
(loss) |
Expenses
without
waivers
and reimbursements |
Portfolio
turnover
rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$8.83 |
(5.36
)% |
$65,552 |
0.35
% |
2.69
% |
0.49
% |
37
% |
9.59 |
(0.82
) |
81,399 |
0.35 |
2.14 |
0.46 |
18 |
9.88 |
1.46 |
62,416 |
0.34 |
2.06 |
0.46 |
22 |
9.94 |
7.36 |
60,936 |
0.34 |
2.38 |
0.49 |
7 |
9.48 |
3.54 |
51,261 |
0.35 |
2.61 |
0.50 |
13 |
|
|
|
|
Net
Expense Ratio |
Gross
Expense Ratio |
JPMorgan
Sustainable Municipal Income ETF |
0.18% |
0.45
% |
JPMorgan
Sustainable Municipal Income ETF | ||||
Period
Ended |
Annual
Costs |
Gross
Cumulative
Return |
Net
Cumulative
Return |
Net
Annual
Return |
June
30, 2024 |
$18 |
5.00% |
4.82% |
4.82% |
June
30, 2025 |
20 |
10.25 |
9.87 |
4.82 |
June
30, 2026 |
20 |
15.76 |
15.17 |
4.82 |
June
30, 2027 |
51 |
21.55 |
20.43 |
4.57 |
June
30, 2028 |
56 |
27.63 |
25.91 |
4.55 |
June
30, 2029 |
58 |
34.01 |
31.64 |
4.55 |
June
30, 2030 |
61 |
40.71 |
37.63 |
4.55 |
June
30, 2031 |
63 |
47.75 |
43.90 |
4.55 |
June
30, 2032 |
66 |
55.13 |
50.44 |
4.55 |
June
30, 2033 |
69 |
62.89 |
57.29 |
4.55 |