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Name

As of 01/31/2023

Price

Aum/Mkt Cap

YIELD

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

Exp Ratio

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

Watchlist

JPMorgan High Yield Research Enhanced ETF

JPHY | Active ETF

$45.45

$670 M

0.00%

0.24%

Vitals

YTD Return

-7.6%

1 yr return

-5.1%

3 Yr Avg Return

2.6%

5 Yr Avg Return

3.0%

Net Assets

$670 M

Holdings in Top 10

8.9%

52 WEEK LOW AND HIGH

$45.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.24%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 01/31/2023

Price

Aum/Mkt Cap

YIELD

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

Exp Ratio

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

Watchlist

JPMorgan High Yield Research Enhanced ETF

JPHY | Active ETF

$45.45

$670 M

0.00%

0.24%

JPHY - Profile

Distributions

  • YTD Total Return -7.6%
  • 3 Yr Annualized Total Return 2.6%
  • 5 Yr Annualized Total Return 3.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.83%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    JPMorgan High Yield Research Enhanced ETF
  • Fund Family Name
    J.P. Morgan
  • Inception Date
    Sep 15, 2016
  • Shares Outstanding
    14300011
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    James Shanahan

Fund Description

The Fund is actively managed and invests primarily in high yield, high risk debt securities. As part of its main investment strategy, the Fund may invest in debt obligations structured as bonds and other debt securities issued by corporate and non-corporate issuers, private placements, other unregistered securities, convertible securities, debt and convertible securities of Real Estate Investment Trusts (REITs), preferred stock, variable and floating rate instruments, and zero coupon, pay-in-kind and deferred payment securities. Issuers may be domestic or foreign, but the Fund only will invest in U.S. dollar denominated investments. The Fund may invest in debt securities issued by small and mid-cap companies.Under normal circumstances, the Fund invests at least 80% of its Assets in high yield securities. For purposes of this policy a “high yield security” means the security, at the time of purchase, is rated below investment grade or unrated if the Fund’s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) believes it to be of comparable quality to securities that are rated below investment grade. For purposes of this policy, “Assets” means net assets plus the amount of borrowings for investment purposes. The Fund will provide shareholders with at least 60 days prior notice of any change to this policy.In implementing its strategy and seeking to achieve its investment objective, the Fund constructs a portfolio of holdings that seeks to outperform the Bloomberg U.S. Corporate High Yield – 2% Issuer Capped Index (the benchmark) over time while generally maintaining similar risk characteristics.The Fund may invest up to 100% of its total assets in below investment grade or unrated securities. Such securities are also known as “junk bonds,” “high yield bonds” and “non-investment grade bonds.” Such securities may include “distressed debt.” Distressed debt includes securities of issuers experiencing financial or operating difficulties, securities where the issuer has defaulted in the payment of interest or principal or in the performance of its covenants or agreements, securities of issuers that may be involved in bankruptcy proceedings, reorganizations or financial restructurings of securities of issuers operating in troubled industries.The Fund mainly invests in securities included within the universe of the benchmark, however, the Fund may also invest in securities not included within the benchmark or securities or instruments with similar economic characteristics.Under normal circumstances, the Fund targets a similar duration to the benchmark, but is not required to maintain a specific duration and may invest in securities of any maturity or duration. As of May 31, 2022, the effective duration of the benchmark was 4.56 years.Investment Process: In managing the Fund, the adviser combines fundamental research with a disciplined portfolio construction process. The adviser utilizes proprietary research, risk management techniques and issuer and individual security selection in constructing the Fund’s portfolio. In-depth, fundamental research into issuers and individual securities is conducted by research analysts who emphasize each issuer’s long-term prospects. This research allows the adviser to rank issuers within each sector group according to what it believes to be their relative value. The adviser will ordinarily overweight issuers, securities and sectors that it deems to be attractive and under-weight or not invest in those issuers, securities and sectors that it believes are unattractive. The adviser may sell a security as its valuations or rankings change or if more attractive investments become available.As part of its credit analysis, the adviser seeks to assess the impact of environmental, social and governance factors on certain issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to identify financially material issues on the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors.
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JPHY - Performance

Return Ranking - Trailing

Period JPHY Return Category Return Low Category Return High Rank in Category (%)
YTD -7.6% -39.9% 6.2% 51.70%
1 Yr -5.1% -22.1% 21.3% 9.47%
3 Yr 2.6%* -14.2% 66.8% 10.34%
5 Yr 3.0%* -13.6% 37.2% 6.73%
10 Yr N/A* -9.3% 16.2% N/A

* Annualized

Return Ranking - Calendar

Period JPHY Return Category Return Low Category Return High Rank in Category (%)
2023 -10.4% -44.3% 3.7% 12.45%
2022 1.9% -56.9% 9.2% 7.88%
2021 1.8% -53.7% 70.9% 8.90%
2020 3.4% -33.7% 5.1% 2.81%
2019 -0.5% -9.4% 12.0% 5.50%

Total Return Ranking - Trailing

Period JPHY Return Category Return Low Category Return High Rank in Category (%)
YTD -7.6% -39.9% 6.2% 53.06%
1 Yr -5.1% -22.1% 22.2% 10.10%
3 Yr 2.6%* -14.2% 66.8% 11.76%
5 Yr 3.0%* -13.6% 37.2% 9.71%
10 Yr N/A* -9.3% 16.2% N/A

* Annualized

Total Return Ranking - Calendar

Period JPHY Return Category Return Low Category Return High Rank in Category (%)
2023 -10.4% -44.3% 3.7% 12.45%
2022 1.9% -56.9% 9.2% 8.18%
2021 1.8% -53.7% 70.9% 8.90%
2020 3.4% -33.7% 5.1% 2.81%
2019 -0.5% -9.4% 12.0% 12.50%

JPHY - Holdings

Concentration Analysis

JPHY Category Low Category High JPHY % Rank
Net Assets 670 M 1.47 M 26.2 B 40.46%
Number of Holdings 745 2 2736 13.03%
Net Assets in Top 10 58.9 M -492 M 2.55 B 45.39%
Weighting of Top 10 8.93% 3.0% 100.0% 72.13%

Top 10 Holdings

  1. Ford Motor Credit Company LLC 4.125% 2.01%
  2. CCO Holdings, LLC/ CCO Holdings Capital Corp. 5.75% 1.05%
  3. CCO Holdings, LLC/ CCO Holdings Capital Corp. 4.75% 1.00%
  4. Quicken Loans Inc. 5.25% 0.94%
  5. OneMain Financial Corporation 7.125% 0.81%
  6. Tenet Healthcare Corporation 5.125% 0.78%
  7. Ford Motor Credit Company LLC 5.125% 0.76%
  8. CSC Holdings, LLC 6.5% 0.75%
  9. Cheniere Energy Partners L P 4.5% 0.74%
  10. Post Holdings Inc. 5.5% 0.73%

Asset Allocation

Weighting Return Low Return High JPHY % Rank
Bonds 		97.97% 0.00% 154.38% 16.25%
Cash 		1.05% -52.00% 100.00% 78.82%
Convertible Bonds 		0.99% 0.00% 17.89% 53.95%
Stocks 		0.00% -0.60% 52.82% 75.75%
Preferred Stocks 		0.00% 0.00% 14.10% 54.87%
Other 		0.00% -63.70% 32.06% 47.11%

Bond Sector Breakdown

Weighting Return Low Return High JPHY % Rank
Corporate 		98.86% 0.00% 100.00% 9.49%
Cash & Equivalents 		1.14% 0.00% 99.98% 83.53%
Derivative 		0.00% 0.00% 45.95% 42.95%
Securitized 		0.00% 0.00% 97.24% 55.60%
Municipal 		0.00% 0.00% 1.17% 27.40%
Government 		0.00% 0.00% 99.07% 48.88%

Bond Geographic Breakdown

Weighting Return Low Return High JPHY % Rank
US 		88.52% 0.00% 150.64% 8.95%
Non US 		9.45% 0.00% 96.17% 76.84%

JPHY - Expenses

Operational Fees

JPHY Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.24% 0.02% 3.87% 97.33%
Management Fee 0.24% 0.00% 1.84% 2.70%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% 28.00%

Sales Fees

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

Trading Fees

JPHY Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

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

JPHY Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 1.00% 327.00% 93.43%

JPHY - Distributions

Dividend Yield Analysis

JPHY Category Low Category High JPHY % Rank
Dividend Yield 0.00% 0.00% 39.36% 17.54%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

JPHY Category Low Category High JPHY % Rank
Net Income Ratio 3.83% -2.39% 14.30% 76.28%

Capital Gain Distribution Analysis

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

Distributions History

View More +

JPHY - Fund Manager Analysis

Managers

James Shanahan

Start Date

Tenure

Tenure Rank

Sep 15, 2016

5.71

5.7%

James P. Shanahan, Jr., managing director, is a member of the Global Fixed Income, Currency & Commodities (GFICC) group. Based in Cincinnati, Jim is the team leader and senior portfolio manager for the Cincinnati High Yield team and focuses on higher risk credits, including leveraged loans, distressed and special situations investments in high yield mandates. An employee since 1986, he held the same role at Banc One High Yield Partners, LLC and Pacholder Associates, Inc. He graduated from Xavier University and holds a J.D. from the University Of Cincinnati College Of Law.

Alexander Sammarco

Start Date

Tenure

Tenure Rank

Sep 15, 2016

5.71

5.7%

Mr. Sammarco currently serves a senior special situations analyst for J.P. Morgan Investment Management Inc.’s Cincinnati High Yield team. Prior to joining J.P. Morgan Investment Management Inc. in 2013, Mr. Sammarco was at Stark Investments, a global multi-strategy hedge fund, where he served as a senior member of the investment team.

Qiwei Zhu

Start Date

Tenure

Tenure Rank

Oct 04, 2021

0.65

0.7%

Mr. Zhu, is a member of GFICC and is a quantitative analyst responsible for developing systematic alpha strategies, scorecards, indicators, and risk models in fixed income, currencies, commodities, and related derivatives. Prior to joining the firm in 2012, Mr. Zhu was a technology associate at Morgan Stanley Investment Management working on performance, attribution and risk

Naveen Kumar

Start Date

Tenure

Tenure Rank

Oct 04, 2021

0.65

0.7%

Mr. Kumar, Vice President of JPMIM, has been a portfolio manager in the Quantitative Beta Strategies Team since 2016. An employee since 2011, he previously worked for the Global Head of Strategic Product Management from 2014 to 2016 and on the JPMorgan Private Bank Manager Selection Team specializing in equities from 2011 to 2014. Mr. Kumar holds a B.A. in Economics from Northwestern University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.07 2.92

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