Target Date Strategies - J.P. Morgan Asset Management

Target Date Strategies

When you know the facts,
you can turn retirement dreams into reality.

JPMorgan SmartRetirement® is built to withstand a range of market cycles and conditions.
Two decades of research and the behavioral data of millions of participants fuel our investment decisions, which helps more people cross the retirement finish line.

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FACT: 10% of participants over age 59 1/2 withdraw, on average 55% of their assets

We maintain a lower risk profile near retirement to mitigate market volatility

FACT: 72% of participants are no longer in the plan 3 years into retirement

Our glide path is static at and post retirement to account for high levels of cash flow volatility


Source: J.P. Morgan retirement research, 2015-2017

FACT: 19% of participants borrow on average, of 20% of their 401(k)

Our volatility controls help manage the amplifying impact borrowing has on an individuals’ long-term success

A range of solutions to solve for a variety of needs

Our target date series can be delivered in a variety of different vehicles, as well as custom glide path solutions

Our balanced approach to risk management focuses on growth early-on, then shifts to savings retention before and during retirement

Chart source: J.P. Morgan Asset Management. Diversification and asset allocation do not guarantee investment returns and do not eliminate the risk of loss. For illustrative purposes only.

The strategic asset allocation depicts the Fund’s targeted weights. Actual allocations may differ. We may adjust this amount based on J.P. Morgan’s internal research and market conditions. Diversification and asset allocation do not guarantee investment returns and do not eliminate the risk of loss. Past performance does not guarantee future results.
1Cash and cash equivalents.
2Exposures may vary from time to time due to our tactical asset allocation process, which may be implemented through the use of futures and/or ETFs.
3As represented by the EAFE Index.
Inflation managed is allocated to TIPS (Treasury Inflation-Protected Securities): Treasury bonds adjusted to eliminate the inflation effects on interest and principal payments, as measured by the Consumer Price Index (CPI). REITs (Real Estate Investment Trusts): Companies that own or finance income-producing real estate, providing investors of all types regular income streams, diversification and long-term capital appreciation.

Contact your J.P. Morgan Representative to learn more about our SmartRetirement series.



Rated Gold
by Morningstar2

Rated Silver
by Morningstar3

Source: Morningstar, Inc.
1Source: Morningstar; as of 3/31/20. Based on prospectus net expense ratio rankings for the R6 share class of each vintage in JPMorgan SmartRetirement Blend Funds series versus their relevant Morningstar target date category Morningstar’s source for prospectus net expense ratio is each fund’s most recent prospectus. Different share classes may have different rankings.
2Morningstar, US Fund Target Date categories. Analyst rating as of 3/24/20; applies to the SmartRetirement Blend R6 mutual funds.
3Morningstar, US Fund Target Date categories. Analyst rating as of 3/20/20; applies to the SmartRetirement R6 mutual funds.

If you are an employee participating in a 401(k) plan that offers a JPMorgan SmartRetirement Fund,
please select one of the below options.

Target Date Funds

The JPMorgan SmartRetirement Funds are target date funds with the target date being the approximate date when investors plan to retire. Generally, the asset allocation of each Fund will change on an annual basis with the asset allocation becoming more conservative as the Fund nears the target retirement date. The principal value of the Fund(s) is not guaranteed at any time, including at the target date.

Risks Associated with Investing in the Funds

Certain underlying J.P. Morgan Funds may invest in foreign/emerging market securities, small capitalization securities and/or high-yield fixed income instruments. There may be unique risks associated with investing in these types of securities. International investing involves increased risk and volatility due to possibilities of currency exchange rate volatility, political, social or economic instability, foreign taxation and differences in auditing and other financial standards. The Fund may invest a portion of its securities in small-cap stocks. Small-capitalization funds typically carry more risk than stock funds investing in well-established "blue-chip" companies since smaller companies generally have a higher risk of failure. Historically, smaller companies' stock has experienced a greater degree of market volatility than the average stock. Securities rated below investment grade are called "high yield bonds," "non-investment grade bonds," "below investment-grade bonds," or "junk bonds." They generally are rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investor Service. Although these securities tend to provide higher yields than higher rated securities, there is a greater risk that the Fund's share price will decline. Real estate funds may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographical sector. Real estate funds may be subject to risks including, but not limited to, declines in the value of real estate, risks related to general and economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrower.

There may be additional fees or expenses associated with investing in a Fund of Funds strategy.


Index returns are for illustrative purposes only. Mutual funds and ETFs have fees that reduce their performance; indexes do not. You cannot invest directly in an index.

The S&P Target Date Index Series reflects exposure to various asset classes included in target date funds driven by a survey of such funds for each particular target date. These asset class exposures are represented by indices of securities in the index calculation. Prior to May 31, 2017 the asset class exposures were represented by ETFs net of fees. The Index returns are calculated on a daily basis.


The Morningstar Rating,TM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10- year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Rankings do not take sales loads into account.

Some of Morningstar's proprietary calculations, including the Morningstar RatingTM, are not customarily calculated based on adjusted historical returns. However, for new share classes/channels, Morningstar may calculate an extended performance Morningstar Rating. The extended performance is calculated by adjusting the historical total returns of the oldest share class of a fund to reflect the fee structure of the younger share class/channel, attaching this data to the younger share class' performance record, and then compounding the adjusted plus actual monthly returns into the extended performance Morningstar Risk-Adjusted Return for the three-, five-, and 10-year time periods. The Morningstar Risk-Adjusted Returns are used to determine the extended performance Morningstar Rating. The extended performance Morningstar Rating for this fund does not affect the retail fund data published by Morningstar, as the bell curve distribution on which the ratings are based includes only funds with actual returns. The Overall Morningstar Rating for multi-share funds is based on actual performance only or extended performance only. Once the share class turns three years old, the Overall Morningstar Rating will be based on actual ratings only. The Overall Morningstar Rating for multi-share variable annuities is based on a weighted average of any ratings that are available.

While the inclusion of pre-inception data, in the form of extended performance, can provide valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. The underlying investments in the share classes used to calculate the pre-performance string will likely vary from the underlying investments held in the fund after inception. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself.

The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjective evaluation performed by various Morningstar, Inc. subsidiaries (“Manager Research Group”) which, in the U.S., is Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. Funds are evaluated based on five key pillars – process, performance, people, parent and price – to determine how they may likely perform relative to a benchmark over the long term on a risk-adjusted basis. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, Negative. A rating of Gold, Silver or Bronze reflects the expectation of a fund's prospects for outperformance. The expectations and methodologies differ between active and passive funds. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months.

For more details about Morningstar’s Analyst Rating, including its methodology, go to

The Morningstar Analyst Rating should not be used as the sole basis in evaluating a fund, involves unknown risks and uncertainties which may cause the Manager Research Group’s expectations not to occur or to differ significantly from what they expected, and should not be considered an offer or solicitation to buy or sell the fund.

CONFLICTS OF INTEREST: Refer to the Conflicts of Interest section of the Fund's Prospectus.

For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings involve unknown risks and uncertainties that may cause Morningstar’s expectations not to occur or to differ significantly from what we expected.