PSOAX Fees and Costs — JPMorgan Small Cap Value Fund, Class A
Data updated: 2026-09-11
The net expense ratio is 1.19%: a 0.65% management fee, a 0.25% 12b-1 fee plus 0.38% other expenses, less a 0.09% fee waiver. This share class carries a maximum front-end sales load of 5.25%. In fiscal 2026 the fund paid $1.5M in broker commissions, 0.1199% of average net assets, and portfolio turnover was 72%.
PSOAX Fees and Expenses
Annual operating expenses and sales charges of PSOAX. Prospectus, as of June 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.38% |
| Gross expense ratio | 1.28% |
| Fee waiver | −0.09% |
| Net expense ratio | 1.19% |
| 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 |
PSOAX Costs Over Time
On $10,000 invested in PSOAX, assuming 5% a year before costs, total costs come to $1,442 over 5 years, cutting the return by 2.49% 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 1.19%) | $118 | $368 | $636 |
| Trading costs (broker commissions) | $12 | $37 | $64 |
| Lost growth on money paid in costs | $26 | $103 | $216 |
| Total costs | $682 | $1,033 | $1,442 |
| Value after costs | $9,818 | $10,543 | $11,321 |
| Impact on return, per year | 6.82% | 3.22% | 2.49% |
PSOAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.1199%
- Total broker commissions: $1.5M
- Bought from dealers (principal trades, not a cost): $14.0M
- Portfolio turnover (prospectus): 72%
- Securities on loan, average value: $44.7M
- Net income from securities lending: $267K (0.022% of average net assets)
PSOAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $287K | 27.75% |
| RBC Capital Markets, LLC | $159K | 15.36% |
| TD SECURITIES (USA) LLC | $97K | 9.35% |
| Barclays Capital, Inc. | $80K | 7.75% |
| Piper Sandler & Co. | $79K | 7.62% |
| UBS Securities LLC | $77K | 7.48% |
| BMO Capital Markets Corp. | $68K | 6.55% |
| Goldman Sachs & Co. LLC | $67K | 6.51% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $63K | 6.07% |
| Virtu Americas LLC | $58K | 5.57% |
PSOAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $12.8M | 91.56% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $419K | 2.99% |
| Citigroup Global Markets Inc. | $396K | 2.83% |
| Morgan Stanley & Co. LLC | $179K | 1.28% |
| Fidelity Brokerage Services LLC | $133K | 0.95% |
| RBC Capital Markets, LLC | $44K | 0.31% |
| Raymond James & Associates, Inc. | $7K | 0.05% |
| TD SECURITIES (USA) LLC | $2K | 0.01% |
JPMorgan Small Cap Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| JSVUX | Class R6 | 0.74% | — |
| JSVRX | Class R5 | 0.84% | — |
| PSOPX | Class I | 0.94% | none |
| JSVQX | Class R4 | 0.99% | — |
| PSOAX | Class A | 1.19% | 5.25% |
| JSVPX | Class R3 | 1.24% | — |
| JSVZX | Class R2 | 1.49% | — |
| OSVCX | Class C | 1.69% | 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.