Swing Pricing and Anti-Dilution Levy
As part of its commitment to protect the best interest of its clients, J.P. Morgan Asset Management has implemented swing pricing, on the JPMorgan Funds and JPMorgan Investment Funds umbrellas, and an anti-dilution levy (ADL) on the JPMorgan ELTIFs umbrella. Both swing pricing and the ADL aim to protect existing investors from the performance dilution effects they may suffer as a result of transactions by other investors in the fund. They are implemented in a clear and systematic fashion.
In certain situations, the Management Company may consider it to be in the interests of shareholders in a particular sub-fund to encourage the growth of assets under management. In order to attract inflows the Management Company may suspend the swing pricing or ADL that would normally be applied under the terms of the prospectus until such time that the sub-fund reaches a certain size or for a specific period of time. During this period, to ensure existing investors remain protected, the Management Company will compensate the fund, to the equivalent amount had the swing pricing been applied to net subscriptions or ADL been applied to subscriptions.
The Management Company is currently not suspending the swing pricing on subscriptions for any sub-funds of the JPMorgan Funds and JPMorgan Investment Funds umbrellas.
The ADL is currently suspended on subscriptions into the JPMorgan ELTIFs - Multi-Alternatives Fund.
For further information about the above, please refer to the swing pricing brochure below, the respective fund prospectus’ or contact the Management Company.