JPMQX Fees and Costs — JPMorgan Macro Opportunities Fund, Class R6
Data updated: 2022-09-29
The net expense ratio is 0.70%: a 0.60% management fee plus 2.33% other expenses, less a 2.24% fee waiver. There are no sales loads or redemption fees. In fiscal 2021 the fund paid $12K in broker commissions, 0.0664% of average net assets, and portfolio turnover was 99%.
JPMQX Fees and Expenses
Annual operating expenses and sales charges of JPMQX. Prospectus, as of February 28, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | 0.00% |
| Other expenses | 2.33% |
| Gross expense ratio | 2.94% |
| Fee waiver | −2.24% |
| Net expense ratio | 0.70% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
JPMQX Costs Over Time
On $10,000 invested in JPMQX, assuming 5% a year before costs, total costs come to $482 over 5 years, cutting the return by 0.80% 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 |
| Fund expenses (net expense ratio 0.70%) | $74 | $230 | $400 |
| Trading costs (broker commissions) | $7 | $22 | $38 |
| Lost growth on money paid in costs | $0 | $12 | $44 |
| Total costs | $80 | $264 | $482 |
| Value after costs | $10,420 | $11,312 | $12,281 |
| Impact on return, per year | 0.80% | 0.80% | 0.80% |
JPMQX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2021.
- Explicit cost rate (commissions ÷ average net assets): 0.0664%
- Total broker commissions: $12K
- Bought from dealers (principal trades, not a cost): $13.3M
- Portfolio turnover (prospectus): 99%
- Securities on loan, average value: $11K
- Net income from securities lending: $572 (0.003% of average net assets)
JPMQX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Societe Generale | $2K | 23.86% |
| Goldman Sachs & Co. LLC | $2K | 22.49% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $2K | 17.00% |
| Citigroup Global Markets Inc. | $1K | 11.71% |
| UBS Securities LLC | $984 | 9.47% |
| Morgan Stanley & Co. LLC | $573 | 5.51% |
| Credit Suisse Securities (USA) LLC | $363 | 3.49% |
| Jefferies LLC | $286 | 2.76% |
| Barclays Capital, Inc. | $216 | 2.08% |
| CITIC Securities International USA, LLC | $171 | 1.64% |
JPMQX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| SMBC Nikko Securities America, Inc. | $3.5M | 26.45% |
| MUFG Securities Americas Inc. | $3.4M | 25.65% |
| Nomura Securities International, Inc. | $1.6M | 12.11% |
| Daiwa Capital Markets America Inc. | $1.5M | 11.57% |
| Morgan Stanley & Co. LLC | $889K | 6.74% |
| Commonwealth Bank of Australia | $883K | 6.69% |
| Citigroup Global Markets Inc. | $714K | 5.41% |
| Credit Agricole Securities (USA) Inc. | $429K | 3.25% |
| HSBC Securities (USA) Inc. | $180K | 1.36% |
| Natixis Securities Americas LLC | $101K | 0.76% |
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.