JMNAX Fees and Costs — JPMorgan Research Market Neutral Fund, Class A
Data updated: 2026-09-28
The net expense ratio is 2.62% (2.87% before fee waivers). This share class carries a maximum front-end sales load of 5.25%. In fiscal 2025 the fund paid $271K in broker commissions, 0.0709% of average net assets, and portfolio turnover was 284%.
JMNAX Fees and Expenses
Annual operating expenses and sales charges of JMNAX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.35% |
| 12b-1 fee | 0.25% |
| Other expenses | 2.22% |
| Gross expense ratio | 2.87% |
| Fee waiver | −0.25% |
| Net expense ratio | 2.62% |
| Sales charges | |
|---|---|
| Max front load | 5.25% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
JMNAX Costs Over Time
On $10,000 invested in JMNAX, assuming 5% a year before costs, total costs come to $2,212 over 5 years, cutting the return by 3.92% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $525 | $525 | $525 |
| Fund expenses (net expense ratio 2.62%) | $261 | $799 | $1,361 |
| Trading costs (broker commissions) | $7 | $22 | $37 |
| Lost growth on money paid in costs | $26 | $124 | $289 |
| Total costs | $819 | $1,470 | $2,212 |
| Value after costs | $9,681 | $10,107 | $10,551 |
| Impact on return, per year | 8.19% | 4.65% | 3.92% |
JMNAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0709%
- Total broker commissions: $271K
- Bought from dealers (principal trades, not a cost): $3.0M
- Portfolio turnover (prospectus): 284%
- Securities lending: none during the year
JMNAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RBC Capital Markets, LLC | $49K | 23.41% |
| Barclays Capital, Inc. | $29K | 13.66% |
| Goldman Sachs & Co. LLC | $27K | 12.96% |
| TD SECURITIES (USA) LLC | $19K | 9.24% |
| Jefferies LLC | $17K | 8.21% |
| BofA Securities, Inc. | $17K | 7.93% |
| Morgan Stanley & Co. LLC | $16K | 7.57% |
| UBS Securities LLC | $14K | 6.56% |
| BMO Capital Markets Corp. | $11K | 5.24% |
| Liquidnet, Inc. | $11K | 5.20% |
JMNAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $1.7M | 55.73% |
| Goldman Sachs & Co. LLC | $1.3M | 44.27% |
JPMorgan Research Market Neutral Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| JMNSX | Class I | 2.33% | none |
| JMNAX | Class A | 2.62% | 5.25% |
| JMNCX | Class C | 3.03% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.