Fund Evaluator:
JPMorgan SmartRetirement® Income R3 (JSIPX)
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Fund Details
JPMorgan SmartRetirement® Income R3 Overview
JPMorgan SmartRetirement® Income R3 (JSIPX) is an actively managed Allocation Target-Date Retirement fund. JPMorgan launched the fund in 2016.
The investment seeks current income and some capital appreciation. The fund is a "fund of funds" that primarily invests in other mutual funds within the same group of investment companies, and is generally intended for investors who are retired or about to retire soon. It is designed to provide exposure to a variety of asset classes through investments in underlying funds, with an emphasis on fixed income funds over equity funds and other funds.
About JPMorgan SmartRetirement® Income R3 (JSIPX)
There are 3 members of the management team with an average tenure of 7.64 years: Daniel Oldroyd (2010), 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: Bloomberg US Agg Bond TR USD index with a weighting of 100% and S&P Target Date Retirement Income TR USD index with a weighting of 100%. JPMorgan SmartRetirement® Income R3 has 21 securities in its portfolio. The top 10 holdings constitute 90.1% 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® Income R3 is part of the Allocation global asset class and is within the Allocation fund group. JPMorgan SmartRetirement® Income R3 has 20.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 26.3%. There is 13.7% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 55.5% (48.5% domestic bond, 7.0% foreign bond and 0.0% convertible bond). JPMorgan SmartRetirement® Income R3 has 4.4% of the portfolio in cash.
Assets Under Management
The fund has $8 million in total assets, which is below the $487 million average for the Target-Date Retirement 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.
JSIPX 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® Income R3 expense ratio is high compared to funds in the Target-Date Retirement category. JPMorgan SmartRetirement® Income R3 has an expense ratio of 0.84%, which is 30% 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® Income R3 has a portfolio turnover rate of 12%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 28% for the Target-Date Retirement category.
Recently, in the month of July 2026, JPMorgan SmartRetirement® Income R3 returned -0.8%, which earned it a grade of C, as the Target-Date Retirement category had an average return of -0.6%. 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® Income R3 has a trailing yield of 2.87%, which is below the 3.19% 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® Income R3 Grades
Year to date, the fund has returned 4.0%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 9.3% over the past year (grade of C), 9.0% over the past three years (grade of B) and 3.9% per year over the past five years (grade of B) and 5.1% per year over the past 10 years (grade of C).
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JSIPX 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 |
|
| JSIPX Return (NAV) | -0.8% | 0.9% | 9.3% | 9.0% | 3.9% | 5.1% |
| JSIPX Grade | C | C | C | B | B | C |
| +/- Category | -0.2% | -0.1% | 0.4% | 0.8% | 0.3% | 0.2% |
| Target-Date Retirement Avg | -0.6% | 1.0% | 8.9% | 8.2% | 3.6% | 4.9% |
| JSIPX Tax Cost Ratio | na | na | 1.6% | 1.3% | 1.6% | na |
JSIPX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JSIPX Return (NAV) | 4.0% | 11.8% | 7.6% | 11.5% | -14.3% | 5.6% | 9.5% | 13.8% | -4.9% | 10.7% | 4.9% |
| JSIPX Grade | C | B | B | A | D | C | C | B | F | A | D |
| +/- Category | 0.0% | 1.2% | 1.2% | 1.4% | -1.7% | 0.3% | 0.4% | 1.1% | -1.6% | 1.9% | -0.1% |
| Target-Date Retirement Avg | 4.0% | 10.6% | 6.4% | 10.1% | -12.6% | 5.4% | 9.1% | 12.7% | -3.3% | 8.8% | 5.0% |
| Risk Measures | |
| Standard Deviation: | 7.0% |
| Total Risk Index: | 0.57 - Below Average |
| Category Risk Index: | 1.10 - High |
| Category Risk Grade: | F (81% Rank) |
| Beta: | 0.74 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 2.9% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1787 Mil |
| Fund Total Assets: | $ 8 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 12% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 15.8 years | |||
| Average Tenure: 7.6 years | |||
| Managers (Year): Oldroyd Daniel (2010), Fladberg Ove (2022), Mohan Anshul (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 21 |
| % in Top 10 Holdings: | 90.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 20.7% |
Portfolio Allocation |
|
| Domestic Stock: | 26.3% |
| Foreign Stock: | 13.7% |
| Preferred Stock: | 0.1% |
| Domestic Bond: | 48.5% |
| Foreign Bond: | 7.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.4% |
Purchase Information
| Fund Family: | JPMorgan |
| Phone Number: | 800-480-4411 |
| Website: | www.jpmorganfunds.com |
| Status: | Open |
| Inception Date: | September 9, 2016 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.84% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.65% |
| Share Class: | JPMorgan SmartRetirement® Income R5 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
