JPMORGAN USD HIGH YIELD BOND ACTIVE UCITS ETF (GBP, JPYP) JPYP.GB

The JPMorgan USD High Yield Bond Active UCITS ETF is an actively managed fund that seeks to outperform a high-yield bond benchmark by investing chiefly in US dollar - denominated, below-investment-grade corporate debt from developed market issuers, with limited exposure to emerging markets.

The fund employs a bottom-up, fundamental research process that evaluates issuer-specific factors such as industry outlook, financial strength, management quality, cash flows, capital structure and covenant features.

Risk is managed through portfolio construction to maintain diversification and mitigate downside risks relative to its benchmark. Its benchmark is the ICE BofA US High Yield Constrained Index, comprising USD-denominated high-yield corporate bonds issued in the US that meet certain liquidity, maturity and issue-size criteria.

The fund does not replicate the benchmark exactly but seeks to resemble it in broad composition and risk characteristics while retaining discretion to deviate in pursuit of excess returns over a credit cycle (typically 5-7 years).

The asset class is fixed-income, focused on sub-investment-grade (high yield) corporate bonds. The manager integrates environmental, social and governance (ESG) considerations into its investment process where financially material.

The fund is a UCITS ETF domiciled in Ireland, managed by J.P. Morgan Asset Management.