Fund Evaluator:
JPMorgan SmartRetirement® Blend 2065 R2 (JSBZX)
Follow This Fund
Best Performing in Target-Date 2065 Over the Last Year
| 23.7% | Fidelity Advisor Freedom Blend 2065 Z (FAXGX) |
| 23.1% | Fidelity Advisor Sust Trgt Dt 2065 Z (FTHDX) |
| 23.0% | Fidelity Advisor Sust Trgt Dt 2065 I (FTHBX) |
| 22.9% | BlackRock LifePath® Dynamic 2065 Inv A (LPWAX) |
| 22.2% | BlackRock LifePath ESG Index 2065 Inv A (LEWAX) |
Fund Details
JPMorgan SmartRetirement® Blend 2065 R2 Overview
JPMorgan SmartRetirement® Blend 2065 R2 (JSBZX) is an actively managed Allocation Target-Date 2065 fund. JPMorgan launched the fund in 2022.
The investment 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 is designed to provide exposure to equity, fixed income and cash/cash equivalent asset classes by investing in mutual funds and exchange traded funds (ETFs) within the same group of investment companies (i.e., J.P. Morgan Funds), passive ETFs that are managed by unaffiliated investment advisers in certain limited instances (unaffiliated passive ETFs) and/or direct investments in securities and other financial instruments.
About JPMorgan SmartRetirement® Blend 2065 R2 (JSBZX)
There are 3 members of the management team with an average tenure of 3.42 years: Daniel Oldroyd (2022), Ove Fladberg (2022), Anshul Mohan (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and S&P Target Date 2065+ TR USD index with a weighting of 100%. JPMorgan SmartRetirement® Blend 2065 R2 has 14 securities in its portfolio. The top 10 holdings constitute 98.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
JPMorgan SmartRetirement® Blend 2065 R2 is part of the Allocation global asset class and is within the Allocation fund group. JPMorgan SmartRetirement® Blend 2065 R2 has 32.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 58.5%. There is 31.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 7.7% (6.8% domestic bond, 0.9% foreign bond and 0.0% convertible bond). JPMorgan SmartRetirement® Blend 2065 R2 has 2.3% of the portfolio in cash.
Assets Under Management
The fund has $29 million in total assets, which is below the $248 million average for the Target-Date 2065 category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
JSBZX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The JPMorgan SmartRetirement® Blend 2065 R2 expense ratio is high compared to funds in the Target-Date 2065 category. JPMorgan SmartRetirement® Blend 2065 R2 has an expense ratio of 0.92%, which is 37% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. JPMorgan SmartRetirement® Blend 2065 R2 has a portfolio turnover rate of 29%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 25% for the Target-Date 2065 category.
Recently, in the month of July 2026, JPMorgan SmartRetirement® Blend 2065 R2 returned -0.6%, which earned it a grade of B, as the Target-Date 2065 category had an average return of -0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
JPMorgan SmartRetirement® Blend 2065 R2 has a trailing yield of 1.50%, which is above the 1.44% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
JPMorgan SmartRetirement® Blend 2065 R2 Grades
Year to date, the fund has returned 10.9%, 0.3 percentage points better than the category, which translates into a grade of C. The fund has returned 20.8% over the past year (grade of C) and 15.6% over the past three years (grade of D).
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JSBZX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| JSBZX Return (NAV) | -0.6% | 3.5% | 20.8% | 15.6% | na | na |
| JSBZX Grade | B | C | C | D | na | na |
| +/- Category | 0.2% | -0.0% | 0.5% | -0.7% | na | na |
| Target-Date 2065 Avg | -0.8% | 3.5% | 20.3% | 16.3% | 9.2% | na |
| JSBZX Tax Cost Ratio | na | na | 0.7% | 0.5% | na | na |
JSBZX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JSBZX Return (NAV) | 10.9% | 19.2% | 13.8% | 18.2% | na | na | na | na | na | na | na |
| JSBZX Grade | C | D | D | F | na | na | na | na | na | na | na |
| +/- Category | 0.3% | -0.5% | -1.1% | -1.9% | na | na | na | na | na | na | na |
| Target-Date 2065 Avg | 10.7% | 19.6% | 14.8% | 20.1% | -18.3% | 17.4% | 15.9% | 27.3% | -10.0% | na | na |
| Risk Measures | |
| Standard Deviation: | 11.5% |
| Total Risk Index: | 0.94 - Average |
| Category Risk Index: | 0.96 - Low |
| Category Risk Grade: | A (15% Rank) |
| Beta: | 1.19 |
| R-Squared: | 94% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.5% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $186 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 29% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 3.8 years | |||
| Average Tenure: 3.4 years | |||
| Managers (Year): Oldroyd Daniel (2022), Fladberg Ove (2022), Mohan Anshul (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 14 |
| % in Top 10 Holdings: | 98.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 32.3% |
Portfolio Allocation |
|
| Domestic Stock: | 58.5% |
| Foreign Stock: | 31.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 6.8% |
| Foreign Bond: | 0.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.3% |
Purchase Information
| Fund Family: | JPMorgan |
| Phone Number: | 800-480-4111 |
| Website: | www.jpmorganfunds.com |
| Status: | Open |
| Inception Date: | November 1, 2022 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.50% |
Expenses and Fees | |
| Expense Ratio (%): | 0.92% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.67% |
| Share Class: | JPMorgan SmartRetirement® Blend 2065 R6 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
