JPMorgan SmartRetirement 2040 Fund
Target-date 2040 fund
As of its 2026 Q2 report, JPMorgan SmartRetirement 2040 Fund held 24 positions with $3.67B in net assets. Its ten largest holdings made up 85.9% of the fund. The SMTAX share class costs 0.83% a year. Over the 12 months to May 2026, SMTAX returned 20.6%, with dividends reinvested. In 2026 Q2 it added 1 new positions and exited 1.
The Fund seeks high total return with a shift to current income and some capital appreciation over time as the Fund approaches and passes the target retirement date.
The fund invests in a mix of underlying mutual funds and ETFs—primarily J.P. Morgan Funds for active strategies and J.P. Morgan passive ETFs for index exposure, with unaffiliated passive ETFs used only when J.P. Morgan equivalents are unavailable—along with direct securities holdings to implement a target allocation across equities, fixed income, and cash. The asset allocation shifts progressively toward more conservative positioning as the fund approaches its 2040 target retirement year, starting with a heavier equity emphasis and gradually increasing fixed income exposure. The fund's actual allocations may deviate from stated targets by up to 15 percent, or beyond that amount if the adviser determines conditions warrant substantial risk reduction to preserve capital.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
JPMorgan Core Plus Bond Fund | 13.75% | $505.01M | — |
JPMorgan International Research Enhanced Equity ETF | 11.26% | $413.59M | — |
JPMorgan Value Advantage Fund | 9.90% | $363.57M | — |
JPMorgan U.S. Research Enhanced Equity Fund | 9.88% | $362.92M | — |
JUEMXJPMorgan U.S. Equity Fund | 9.73% | $357.38M | — |
JPMorgan Growth Advantage Fund | 9.46% | $347.67M | — |
JPMorgan Global Select Equity ETF | 7.72% | $283.42M | — |
JNEMXJPMorgan International Equity Fund | 6.15% | $225.84M | — |
JPMorgan Core Bond Fund | 4.58% | $168.23M | — |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | 3.49% | $128.36M | — |
All 24 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Other | 98.85% |
| Cash & short-term | 1.02% |
| Bonds | 0.12% |
| Derivatives | 0.02% |
Derivatives are shown at market value, not notional exposure.
How it has done
SMTAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 9.91%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 8 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.83% | +20.63% | +57.75% | +43.91% | -8.56% | |
| 1.39% | +19.98% | +55.06% | +39.90% | -8.67% | |
| 0.64% | +20.81% | +58.61% | +45.17% | -8.51% | |
| 0.49% | +21.01% | +59.29% | +46.31% | -8.42% | |
| 1.14% | +20.25% | +56.23% | +41.59% | -8.61% | |
| 0.39% | +21.18% | +59.84% | +47.04% | -8.47% | |
| 0.64% | +20.83% | +58.56% | +45.22% | -8.50% | |
| 0.89% | +20.54% | +57.39% | +43.40% | -8.56% |
These classes hold the same portfolio, so the 7.14pp spread over 5 years is the cost difference between them — roughly 1.43pp a year — not a difference in what they own.
Fees & fund details
JPMorgan SmartRetirement 2040 Fund is a target-date 2040 fund.
- Asset class
- Target-date
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Target year
- 2040
- Features
- Fund of funds
- Expense ratio, by class
- 0.39% – 1.39%· SMTAX 0.83%
- Portfolio turnover
- 16.00% a year · as of 2025 Q4
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
1 new· not itemized for this fund
1 exited· not itemized for this fund
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Understand how this fund fits with the rest.
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