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Name

As of 04/18/2024

Price

Aum/Mkt Cap

YIELD

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

Exp Ratio

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

Watchlist

JPMorgan International Bond Opportunities ETF

JPIB | Active ETF

$46.79

$416 M

3.15%

$1.47

0.50%

Vitals

YTD Return

-1.1%

1 yr return

4.1%

3 Yr Avg Return

0.3%

5 Yr Avg Return

2.6%

Net Assets

$416 M

Holdings in Top 10

20.9%

52 WEEK LOW AND HIGH

$46.8
$44.73
$47.94

Expenses

OPERATING FEES

Expense Ratio 0.50%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 04/18/2024

Price

Aum/Mkt Cap

YIELD

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

Exp Ratio

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

Watchlist

JPMorgan International Bond Opportunities ETF

JPIB | Active ETF

$46.79

$416 M

3.15%

$1.47

0.50%

JPIB - Profile

Distributions

  • YTD Total Return -1.1%
  • 3 Yr Annualized Total Return 0.3%
  • 5 Yr Annualized Total Return 2.6%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 3.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    JPMorgan International Bond Opportunities ETF
  • Fund Family Name
    JPMorgan Funds
  • Inception Date
    Apr 05, 2017
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Robert Michele

Fund Description

The Fund seeks to achieve its investment objective by investing across sectors in developed and emerging markets located around the world. The Fund is flexible and opportunistic. Because the Fund is not managed to a benchmark, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) has broad discretion to shift the Fund’s exposure to strategies, sectors, countries or currencies based on changing market conditions and its view of the best mix of investment opportunities. In buying and selling investments for the Fund, the adviser allocates the Fund’s exposure to strategies, sectors, countries and currencies based on the adviser’s analysis of individual investments and broader economic conditions in individual countries, regions and the world. This allows the adviser to take a conservative approach during uncertain periods and move into higher risk opportunities as market conditions improve, which may result in the Fund focusing in only a few markets and sectors. The Fund’s focus may change from time to time. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on certain issuers or countries in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities or countries that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities that may be positively impacted by such factors.Under normal circumstances, the Fund will invest at least 80% of its Assets in bonds. “Assets” means net assets plus the amount of borrowings for investment purposes. A “bond” is defined as a debt security with a maturity of 90 days or more at the time of its issuance. The Fund’s assets are invested primarily in debt securities of issuers located in countries other than the United States. The Fund may invest in developed or emerging markets, including sovereign debt issued by countries in developed and emerging markets. Emerging markets currently include most countries in the world except Australia, Canada, Japan, New Zealand, the United States, the United Kingdom and most western European countries and Hong Kong. In managing the Fund, the adviser will seek to diversify the Fund’s portfolio by investing in issuers in at least three countries other than the U.S. under normal circumstances. The Fund may invest a substantial part of its assets in just one country and is not required to allocate its investments in any set percentages in any particular country. Currently, the Fund anticipates at least 50% of the Fund’s net assets will be denominated in U.S. dollars or hedged back to U.S. dollars. However, from time to time, the Fund may have greater exposure to non-U.S. dollar investments to take advantage of market conditions.Although the Fund has the flexibility to invest without limit in securities that are rated below investment grade (also known as junk bonds or high yield securities), or the unrated equivalent, the Fund generally invests at least 25% of the Fund’s Assets in securities that, at the time of purchase are rated investment grade or the unrated equivalent. The Fund has flexibility to decrease the percentage of Assets invested in investment grade securities at any time to take advantage of higher risk opportunities when market conditions are improving.The Fund has broad flexibility to invest in a wide variety of debt securities and instruments. The Fund currently seeks to maintain a duration of eight years or less, although the Fund has the flexibility to maintain a longer duration under certain market conditions such as significant volatility in interest rates and spreads. Duration is a measure of the price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of three years means that a security’s or portfolio’s price would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in yield curve). As part of its principal investment strategy, the Fund may invest in fixed and floating rate debt securities issued in developed and emerging markets. These securities may include debt securities issued by governments and their agencies, state and provincial governmental entities, supranational organizations, corporations and banks.The Fund may also use currency related transactions involving currency derivatives as part of its primary investment strategy. A derivative is an instrument that has a value based on another instrument, exchange rate or index. The Fund may use currency derivatives including foreign forward currency contracts (including non-deliverable forwards) and currency options for hedging or to gain or manage exposure to currencies or securities. The adviser has flexibility to significantly increase the Fund’s exposure to currencies through the use of currency derivatives. The Fund may use foreign currency transactions and other derivatives to hedge non-dollar investments back to the U.S. dollar.In addition to currency derivatives, the Fund may use other fixed income and credit derivatives including futures contracts, options and swaps (including credit default swaps and interest rate swaps). The Fund may use derivatives as substitutes for securities in which the Fund can invest. The Fund may also use derivatives to establish, increase, decrease, or manage exposure to securities, markets, or currencies including for hedging purposes, to seek to increase gain to the Fund and/or as part of its risk management process.A significant portion of the Fund’s assets may be invested in asset-backed securities and mortgage-related and mortgage-backed securities. Such securities may be structured as collateralized mortgage obligations and stripped mortgage-backed securities, including those structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest. The Fund may also invest in structured investments including credit linked notes (CLNs) for which the reference instrument is an emerging markets or developed markets debt instrument, adjustable rate mortgage loans (ARMs), custodial receipts and credit risk transfer securities and credit-linked notes issued by government-related organizations. The Fund may invest a significant amount of its assets in “sub-prime” mortgage-related securities.The Fund may invest in securities issued by the U.S. government and its agencies and instrumentalities including U.S. Treasury securities, treasury receipts and obligations and securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).The Fund may also invest in mortgage pass-through securities including securities eligible to be sold in the “to-be-announced” or TBA market (Mortgage TBAs). The Fund may enter into dollar rolls, in which the Fund sells mortgage-backed securities including Mortgage TBAs and at the same time contracts to buy back very similar securities on a future date. The Fund may also sell Mortgage TBAs short.The Fund may invest in inflation-linked debt securities including fixed and floating rate debt securities of varying maturities issued by the U.S. government, its agencies and instrumentalities, such as Treasury Inflation Protected Securities (TIPS). The Fund may also invest in inflation-linked debt securities issued by other entities such as corporations, foreign governments and foreign issuers.The Fund may also invest in when-issued securities, delayed delivery securities, forward commitments, zero-coupon securities, pay-in-kind securities, inverse floating rate securities, short-term funding agreements and deferred payment securities.As part of its principal investment strategy and for temporary defensive purposes, any portion of the Fund’s total assets may be invested in cash and cash equivalents.
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JPIB - Performance

Return Ranking - Trailing

Period JPIB Return Category Return Low Category Return High Rank in Category (%)
YTD -1.1% -21.8% 17.7% 94.58%
1 Yr 4.1% -26.4% 18.0% 28.06%
3 Yr 0.3%* -29.6% 52.0% 4.67%
5 Yr 2.6%* -33.0% 28.7% 3.13%
10 Yr N/A* -27.0% 12.7% N/A

* Annualized

Return Ranking - Calendar

Period JPIB Return Category Return Low Category Return High Rank in Category (%)
2023 3.9% -31.8% 18.4% 5.44%
2022 -9.2% -14.3% 103.5% 2.46%
2021 -2.4% -20.2% 60.6% 2.18%
2020 3.7% -13.4% 10.9% 99.66%
2019 5.7% -12.3% 4.1% N/A

Total Return Ranking - Trailing

Period JPIB Return Category Return Low Category Return High Rank in Category (%)
YTD -1.1% -21.8% 28.6% 96.34%
1 Yr 4.1% -26.4% 38.5% 28.36%
3 Yr 0.3%* -29.6% 52.0% 4.95%
5 Yr 2.6%* -33.0% 29.9% 2.95%
10 Yr N/A* -27.0% 16.1% N/A

* Annualized

Total Return Ranking - Calendar

Period JPIB Return Category Return Low Category Return High Rank in Category (%)
2023 8.7% -31.8% 18.4% 5.44%
2022 -6.4% -14.3% 103.5% 2.46%
2021 0.1% -20.2% 60.6% 2.18%
2020 7.1% -13.4% 10.9% 99.66%
2019 10.8% -12.3% 4.7% N/A

JPIB - Holdings

Concentration Analysis

JPIB Category Low Category High JPIB % Rank
Net Assets 416 M 100 124 B 62.62%
Number of Holdings 777 2 8175 35.13%
Net Assets in Top 10 78.5 M -1.57 B 20.5 B 54.22%
Weighting of Top 10 20.89% 4.3% 100.0% 54.15%

Top 10 Holdings

  1. Notas do Tesouro Nacional 4.89%
  2. Commonwealth of Australia 2.29%
  3. Notas do Tesouro Nacional 2.24%
  4. Bonos and Obligaciones del Estado 2.00%
  5. Mex Bonos Desarr Fix Rt 1.75%
  6. Canada Government Bond 1.66%
  7. JPMorgan U.S. Government Money Market Fund, Class IM 1.58%
  8. Bonos and Obligaciones del Estado 1.58%
  9. United Kingdom of Great Britain and Northern Ireland 1.54%
  10. Canada Government Bond 1.35%

Asset Allocation

Weighting Return Low Return High JPIB % Rank
Bonds 		95.85% -150.81% 188.92% 45.92%
Cash 		4.12% -261.12% 258.91% 66.53%
Other 		0.03% -25.82% 276.99% 35.55%
Stocks 		0.00% -38.22% 261.12% 55.19%
Preferred Stocks 		0.00% 0.00% 31.88% 53.25%
Convertible Bonds 		0.00% 0.00% 33.50% 6.09%

Stock Sector Breakdown

Weighting Return Low Return High JPIB % Rank
Utilities 		0.00% 0.00% 100.00% 46.88%
Technology 		0.00% 0.00% 33.40% 36.16%
Real Estate 		0.00% 0.00% 100.00% 44.89%
Industrials 		0.00% 0.00% 100.00% 53.62%
Healthcare 		0.00% 0.00% 100.00% 37.91%
Financial Services 		0.00% 0.00% 100.00% 54.61%
Energy 		0.00% 0.00% 100.00% 0.25%
Communication Services 		0.00% 0.00% 100.00% 45.14%
Consumer Defense 		0.00% 0.00% 99.97% 39.15%
Consumer Cyclical 		0.00% 0.00% 89.95% 49.38%
Basic Materials 		0.00% 0.00% 100.00% 40.65%

Stock Geographic Breakdown

Weighting Return Low Return High JPIB % Rank
US 		0.00% -40.06% 261.12% 50.21%
Non US 		0.00% -6.04% 17.73% 37.62%

Bond Sector Breakdown

Weighting Return Low Return High JPIB % Rank
Cash & Equivalents 		1.58% 0.00% 100.00% 55.28%
Securitized 		0.00% 0.00% 99.65% 74.86%
Corporate 		0.00% 0.00% 100.00% 25.83%
Municipal 		0.00% 0.00% 54.26% 39.31%
Government 		0.00% 0.00% 99.43% 16.81%
Derivative 		-0.92% 0.00% 72.98% 60.42%

Bond Geographic Breakdown

Weighting Return Low Return High JPIB % Rank
Non US 		63.68% -136.75% 90.11% 1.38%
US 		32.17% -151.11% 194.51% 92.95%

JPIB - Expenses

Operational Fees

JPIB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.50% 0.01% 6.46% 93.15%
Management Fee 0.50% 0.00% 2.29% 21.27%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.70% 27.46%

Sales Fees

JPIB 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

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

Related Fees

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

JPIB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 496.00% 56.12%

JPIB - Distributions

Dividend Yield Analysis

JPIB Category Low Category High JPIB % Rank
Dividend Yield 3.15% 0.00% 17.29% 27.94%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

JPIB Category Low Category High JPIB % Rank
Net Income Ratio N/A -1.55% 11.51% 72.28%

Capital Gain Distribution Analysis

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

Distributions History

View More +

JPIB - Fund Manager Analysis

Managers

Robert Michele

Start Date

Tenure

Tenure Rank

Apr 03, 2017

5.16

5.2%

Robert Michele, CFA, managing director, is the Chief Investment Officer of the Global Fixed Income, Currency and Commodities (GFICC) group. Based in New York, Bob directs the global investment process and oversees the portfolio management and research functions. Prior to joining the firm in 2008, Bob was at Schroder Investment Management for ten years, most recently serving as the global head of fixed income. He also previously served as the head of Schroder’s U.S. Fixed Income Group, based in New York. Bob was at BlackRock from 1995 to 1998, responsible for managing core bond portfolios and d

Iain Stealey

Start Date

Tenure

Tenure Rank

Apr 03, 2017

5.16

5.2%

Iain Stealey, CFA, managing director, is the International Chief Investment Officer within the Global Fixed Income, Currency and Commodities (GFICC) group. Based in London, he is a portfolio manager focusing on multi-sector bond strategies for both segregated clients and pooled funds and serves on the Currency Investment Policy Committee (CIPC). Iain was previously Head of Global Aggregate Strategies and before that was responsible for the portfolio management of enhanced cash and short duration portfolios. Since 2002, he obtained a B.Sc. in Management Science from Loughborough University.

Peter Aspbury

Start Date

Tenure

Tenure Rank

Jul 01, 2020

1.92

1.9%

Peter Aspbury, managing director, is a member of the Global Fixed Income, Currency & Commodities (GFICC) group. Based in London, Peter is the head portfolio manager in our European high yield team. In this role, he focuses on coordinating and implementing credit research ideas, portfolio construction, trade execution and risk management. Prior to joining the firm in 2010, Peter was the head of High Yield Research at European Credit Management, where he was responsible for the sub-investment grade research efforts of seven corporate credit analysts and three dedicated leveraged loan analysts. Previously, he spent two years at the Bank of New York in their Corporate Banking group as both a credit analyst and a Lending Officer for the Healthcare Sector. Peter holds a B.A. in history from Middlebury College, a M.Sc. in European Studies from the London School of Economics and an M.B.A. from Cornell University's Johnson School.

Lisa Coleman

Start Date

Tenure

Tenure Rank

Jul 01, 2020

1.92

1.9%

Lisa Coleman, managing director, is the head of the Global Investment Grade Corporate Credit team in the Global Fixed Income, Currency & Commodities (GFICC) group. Prior to joining the firm in 2008, Lisa was at Schroders Investment Management for eight years, serving as the head of Global Credit Strategies and the head of European Fixed Income. Previously, she was at Allmerica Financial for six years, managing core and corporate bond portfolios.  Before this, Lisa was Deputy Manager of Global Fixed Income at Brown Brothers Harriman for five years, managing corporate bond, asset-backed security, mortgage-backed security and government bond portfolios.  Prior Brown Brothers Harriman, Lisa worked at Merrill Lynch in foreign exchange sales and at Travelers Insurance Company as an analyst and portfolio manager. Lisa began her career at the Federal Reserve Bank of New York, holding roles in the foreign exchange and foreign relations departments.  Lisa holds a B.A. in economics from Trinity College, Hartford, Connecticut and a M.A. in international banking and finance from the School of International and Public Affairs at Columbia University, New York.  In addition, she is a CFA charterholder and holds the Investment Management Certificate from the UK Society of Investment Professionals.

Tenure Analysis

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

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