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Rating:JPMAM Preps a Four-Fund, $1.9B-AUM Transformation Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, April 14, 2023

JPMAM Preps a Four-Fund, $1.9B-AUM Transformation

by: Neil Anderson, Managing Editor

A publicly traded, money center bank's asset management team is preparing a four-fund, $1.905-billion-AUM transformation for this coming summer.

Mary Callahan Erdoes
J.P. Morgan
CEO of Asset and Wealth Management
Today, the folks at J.P. Morgan Asset Management [profile] filed to convert four of their active mutual funds into ETFs. The $218.4-million-AUM JPMorgan Equity Focus Fund will become the JPMorgan Equity Focus ETF, the $306.9-million-AUM JPMorgan High Yield Municipal Fund will become the JPMorgan High Yield Municipal ETF, the $1.1-billion-AUM JPMorgan Limited Duration Bond Fund will become the JPMorgan Limited Duration Bond ETF, and the $279.6-million-AUM JPMorgan Sustainable Municipal Income Fund will become the JPMorgan Sustinable Municipal Income ETF.

The High Yield Municipal Fund and the Equity Focus Fund are currently part of the JPMorgan Trust I, while the Sustainable Municipal Income Fund and the Limited Duration Bond Fund are part of the JPMorgan Trust II. The conversion of the High Yield Municipal Fund and the Sustinable Municipal Income Fund is scheduled for July 14, while the conversion of the Equity Focus Fund and the Limited Duration Bond Fund is scheduled for July 28.

Kevin Ellis, Wayne Godlin, and David Sivinski currently PM the Sustainable Municipal Income Fund, and they are expected to PM the Sustainable Municipal Income ETF. The mutual fund comes in A shares (with a 375-basis-point maximum up front load, plus an expense ratio of 70 bps), C shares (with a 100-bps maximum deferred load, plus an expense ratio of 125 bps), I shares (with an expense ratio of 45 bps), and R6 shares (with an expense ratio of 35 bps). The new ETF's expense ratio will be 18 bps (thanks in part to a 27-bps fee waiver, promoised through July 31, 2026).

Robert Manning and Michael Sais currently PM the Limited Duration Bond Fund, and they are expected to PM the Limited Duration Bond ETF. The mutual fund comes in A shares (with a 225-bps maximum front load, plus an expense ratio of 70 bps), C shares (with a 100-bps maximum deferred load, plus an expense ratio of 120 bps), I shares (with an expense ratio of 45 bps), and R6 shares (with an expense ratio of 25 bps). The new ETF's expense ratio will be 24 bps (in part thanks to an 8-bps fee waiver).

Richard Taormina, Godlin, and Ellis currently PM the High Yield Municipal Fund, and they are expected to PM the High Yield Municipal ETF. The mutual fund comes in A shares (with a 375-bps maximum front load, plus an expense ratio of 65 bps), C shares (with a 100-bps maximum deferred load, plus an expense ratio of 115 bps), I shares (with an expense ratio of 55 bps), and R6 shares (with an expense ratio of 45 bps). The new ETF's expense ratio will be 35 bps (in part thanks to a 14-bps fee waiver).

Felise Agranoff, Timothy Parton, Daniel Percella, and Jonathan Simon currently PM the Equity Focus Fund, and they are expected to PM the Equity Focus ETF. The mutual fund comes in A shares (with a 525-bps maximum front load, plus an expense ratio of 110 bps), C shares (with a 100-bps maximum deferred load, plus an expense ratio of 160 bps), I shares (with an expense ratio of 85 bps), and R6 shares (with an expense ratio of 60 bps). The new ETF's expense ratio will be 50 bps (in part thanks to a 15-bps fee waiver).

JPMorgan Chase Bank will serve as the new ETFs' transfer agent, replacing DST Asset Manager Solutions, Inc. (which serves as dividend disbursing agent and transfer agent for the mutual funds). All of the new ETFs will use the traditional, daily transparency version of the ETF structure, and all will be series of the J.P. Morgan Exchange-Traded Fund Trust.

Like the current mutual funds, the new ETFs will use the following other service providers: Dechert LLP as counsel; J.P. Morgan Investment Management Inc. (JPMIM) as administrator and investment advisor; JPMorgan Chase bank as custodian and fund accounting agent; JPMorgan Distribution Services, Inc. as distributor; and PricewaterhouseCoopers LLP (PwC) as independent accounting firm. 

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