JPMorgan Income Active ETF (Managed Fund) (Hedged) (Cboe: JPIE)
Designed to seek income and also capital appreciation by investing across debt markets.
Designed to seek income and also capital appreciation by investing across debt markets
JPMorgan Income ETF (JPIE) is a high conviction fixed income strategy with a focus on generating consistent, distributable income in a risk-managed way2,3.
It leverages a team-based approach managed by an experience portfolio management team of Andrew Norelli, Andrew Headley & Thomas Hauser. They have the support and expertise of the entire Global Fixed Income, Currency & Commodities platform with 290+ investment professionals.
Their diversified approach aims to provide attractive yield with lower volatility relative to many other extended fixed income sectors4.
Ability to make active decisions
The current interest rate environment is an excellent example of why flexibility to make active decisions is critical. Since a passively-managed fund is designed to track an index, there is no opportunity to make active decisions, such as making tactical allocations as well as managing duration and risk.
As rates rise, investment managers have the flexibility to adjust the portfolio to mitigate declining bond prices. Depending on the fund’s objective, managers may have the flexibility to upgrade credit quality, increase liquidity profile and capture yield by allocating to other sectors of the fixed income market.
1 High-yield credit refers to corporate bonds which are given ratings below investment grade and are deemed to have a higher risk of default. Yield is not guaranteed. Positive yield does not imply positive return.
2 The fund seeks to meet its stated objectives, there is no guarantee they will be met.
3 Risk management does not imply elimination of risks. Provided to illustrate the investment process. Dividend or returns are not guaranteed. Please refer to offering documents for details on distribution policy. Diversification does not guarantee positive returns or eliminate risks of loss.
4 Past performance is not a guide to current or future results.
The investment objective of the Fund is to seek to provide income with a secondary objective of capital appreciation.
This Fund is likely to be appropriate for an investor seeking regular income and capital growth, to be used as a satellite/small allocation within a portfolio where the investor has a medium risk-return profile and is seeking daily access to capital.
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Before investing, obtain and review the Product Disclosure Statement of the Fund and Target Market Determination (available from https://am.jpmorgan.com/au/) to understand the various risks associated with investing in the Fund and in making any investment decision. Past performance is not a reliable indicator of future performance and investors may not get back the full amount invested. Future performance and return of capital is not guaranteed. Information is considered correct at the time of issue but no liability for errors or omissions will be accepted by JPMorgan Asset Management (Australia) Limited or its affiliates. This document is intended solely for the person to whom it is provided by the issuer. ETFs have fees that reduce their performance, indexes do not. Investors cannot directly invest in an index. The market price is generally determined using the official closing price of the Fund. Provided for reporting purposes only and should not be considered as offer, research, advice or recommendations to purchase or sell any particular security. Each individual security is calculated as a percentage of the net assets. Holdings in actively managed portfolios are subject to change from time to time. The Fund seeks to achieve its stated objectives, there is no guarantee they will be met. Dividends or returns are not guaranteed. Please refer to offering documents for details on distribution policy. Due to rounding, values may not total 100%. Top holdings, sector and country or region excludes cash. Fund holdings and performance are likely to have changed since the report date. No provider of information presented here, including index and ratings information, is liable for damages or losses of any type arising from use of their information. Fund information, including performance calculations and other data, is provided by J.P. Morgan Asset Management (the marketing name for the asset management businesses of JPMorgan Chase & Co and its affiliates worldwide). All data is as at the document date unless indicated otherwise. Bloomberg Finance L.P. and its affiliates (collectively, “Bloomberg”) are not affiliated with the Manager and do not approve, endorse, review, or recommend the Fund. Bloomberg and the Benchmark are trademarks or service marks of Bloomberg and have been licensed to the Manager. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Benchmark.
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12 years with J.P. Morgan / 23 years in the Industry
J. Andrew Norelli, Managing Director, is a member of the Global Fixed Income, Currency & Commodities (GFICC) group. Based in Columbus, he is a portfolio manager for several multi-sector fixed income strategies, both benchmarked and unconstrained, and is a member of the Asset Allocation Committee for JPMorgan's Investor Funds. Andrew focuses on portfolio construction, asset allocation, macroeconomic strategy, and global market dynamics. Additionally, Andrew's specialist knowledge of emerging markets and distressed credit resolution are integral to the assessment of global investment opportunities and proactive risk mitigation.
Prior to joining the firm in 2012, Andrew spent eleven years as a trader at Morgan Stanley, ultimately serving as co-head of the firm's emerging markets credit trading desk from 2008 to 2012. Andrew holds an A.B. summa cum laude in economics from Princeton University.
20 years with J.P. Morgan / 31 years in the Industry
Thomas Hauser, Managing Director, is a member of the Global Fixed Income, Currency & Commodities (GFICC) group. Based in Indianapolis, he is the co-lead portfolio manager within the High Yield Fixed Income Team and is responsible for overseeing high yield total return strategies, sub-advised mutual fund assets and absolute return credit products.
Prior to joining the firm in 2004, Thomas was at 40|86 Advisors, most recently serving as a co-portfolio manager on three mutual funds and as the co-head of the Collateralized Bond Obligation (CBO) Group. Previously, Thomas worked at Van Kampen Investments co-managing several high yield mutual funds and leading the high yield trading desk. Thomas holds a B.S. in finance from Miami (Ohio) University, is a member of the Indianapolis Society of Financial Analysts, and is a CFA charterholder.
19 years with J.P. Morgan / 30 years in the Industry
Andrew Headley, Managing Director, is the Head of Mortgages for Macro Driven strategies within the Global Fixed Income, Currency & Commodities (GFICC) group. Based in New York, he is responsible for overseeing the agency & non-agency mortgage-backed securities, commercial mortgage-backed securities and commercial mortgage loan (CML) investment teams. He is also responsible for managing mortgage portfolios as well as developing and implementing mortgage strategies for multi-sector portfolios.
An employee since 2005, Drew previously worked as a portfolio manager at Bear Stearns Asset Management, overseeing the mortgage and asset-backed sectors for the core fixed income strategies. Prior to this, Drew was a portfolio manager at Fischer Francis Trees & Watts (a subsidiary of BNP Paribas Asset Management) for eleven years, specializing in mortgage and broad market portfolios. Drew holds a B.S. in economics from the Wharton School of the University of Pennsylvania and is a CFA charterholder.
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