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ETF sheet · Issuer-declared data
Actively managed: it does not track an index — the declared benchmark is a yardstick for comparison
🇮🇹 Effective capital-gains rate: 26.00%details →

Strategic Allocation Conservative Active UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE000FASRFS4Ticker: JMAC (Borsa Italiana) · JMAC (Xetra) · JMAC (London SE) · JMAC (SIX)Issuer: JPMorganClass: JPM - EUR (acc)

Europe Multi-asset actively managed, accumulating. Share class in euro (EUR).

0.35% + 0.05%
Ongoing costs (PRIIPs) + KID transaction costs ✓ declared by the issuer
15
rows published by the issuer · holdings ↓ ✓ declared by the issuer
6 m €
fund assets ✓ declared by the issuer
Every figure carries its provenance: ✓ declared by the issuer in its documents · ≈ computed by Rebalix on the declared data.

Fund

Name
Strategic Allocation Conservative Active UCITS ETF
Management
Active management (from the KID)
Replication
Gestione attiva (dal KID)
SFDR
Article 8 — promotes environmental or social characteristics what does it mean?
Fund assets
5.8 mln EUR
Domicile
Ireland

Share class · this page

ISIN
IE000FASRFS4 · JPM - EUR (acc)
Ticker
JMAC (Borsa Italiana) · JMAC (Xetra) · JMAC (London SE) · JMAC (SIX)
Share-class currency
euro (EUR)
Ongoing costs (PRIIPs)
0.35% (not the TER)
Transaction costs
0.05% (issuer estimate, from the KID)
Income policy
Share-class launch
21 January 2026
Data as declared by JPMorgan in the issuer’s official files and endpoints · collected on 17 October 2026 (monthly refresh). Facts only, no recommendation.
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Quick reads

  • 15 rowspublished by the issuer; completeness of the list not declared✓ declared by the issuer
  • Top 10 = 92.8%of the fund✓ declared by the issuer
  • Effective rate 26.00%on capital gains for Italian tax residents: from the declared white-list share≈ computed by Rebalix
✓ declared by the issuer · ≈ computed by Rebalix on the declared data in our census. They describe the past and are not indicative of future results.

Description and fund objective

Strategic Allocation Conservative Active UCITS ETF is an actively managed ETF: it does not track an index. It is a multi-asset (balanced) ETF: a single instrument combining several asset classes — typically stocks and bonds — in the proportions set by its strategy. The issuer-declared “Ongoing costs (PRIIPs)” (not the TER) is 0.35%, plus 0.05% in transaction costs estimated by the issuer in the KID. Income is accumulated and reinvested in the fund. The fund has assets of about 6 million euro, was launched on 21 January 2026 and is domiciled in Ireland. In our registry there are 16 other multi-asset ETFs.

The fund’s objective — in the issuer’s words

Underlying Funds, to seek to ensure that the Underlying Funds' exclusionary Investment Objective: The objective of the Sub-Fund is to provide long-term standards are consistent with the Sub-Fund. capital growth by investing in a multi-asset portfolio, with the potential for At least 90% of the portion of the Sub-Fund invested in assets other than assets typically low to moderate levels of price fluctuations.

Keep reading the KID section ▾

held for ancillary liquidity purposes and derivatives for efficient portfolio

Investment Policy:The Sub-Fund will have exposure to a multi-asset portfolio of management, will be invested in UCITS eligible actively managed or index equity and debt securities issued globally, through investing all of its assets tracking collective investment schemes including exchange-traded funds (excluding assets held for ancillary liquidity purposes and derivatives for which are categorised as either SFDR Article 8 or SFDR Article 9 funds. These efficient portfolio management) in UCITS eligible actively managed or index Underlying Funds will be category 1 or 2 for the purposes of the position and tracking collective investment schemes including exchange-traded funds recommendation DOC-2020-03 of the French Autorité des Marchés Financiers which are categorised as either SFDR Article 8 or SFDR Article 9 funds, (AMF). managed by the Investment Manager or other members of JPMorgan Chase & The Sub-Fund is actively managed. The Investment Manager uses the Co ("Underlying Funds"), with no more than 10% of its Net Asset Value in index Benchmark for risk comparison purposes. Though a proportion of the tracking Underlying Funds. The Underlying Funds will be domiciled in Ireland, investments to which it will be exposed through its investments in Underlying Luxembourg or elsewhere in the European Union. Funds are likely to be represented in the Benchmark, the Investment Manager The Sub-Fund will typically have an exposure to equities ranging from 10% to has broad discretion to deviate from its composition, while seeking to maintain 30% of Net Asset Value, and an exposure to fixed income (including short-term a consistent longer-term risk profile with that of the Benchmark. The degree to fixed income) ranging from 70% to 90% of Net Asset Value. While the Sub-Fund which the Sub-Fund may resemble the composition and risk characteristics of will seek to maintain broadly the specified allocation of equity and fixed income exposure, the Sub-Fund's actual exposure to these asset classes may deviate the Benchmark will vary over time and its performance may be meaningfully different. from time to time due to factors such as market value fluctuations or adjustments in the investment universe of the Underlying Funds. The Sub-Fund will not seek to track the performance of or replicate the Benchmark, rather the Sub-Fund will have exposure to a portfolio of equity and The equity exposure of the Sub-Fund's portfolio will comprise mainly shares or debt securities (which may include but will not be limited to Benchmark equity securities relating to large and mid-capitalisation companies. The fixed securities) via direct investment in Underlying Funds which are actively income exposure of the Sub-Fund's portfolio will comprise mainly investment selected with the aim of delivering an investment performance which seeks to grade debt securities issued by governments or corporate issuers, however the achieve the investment objective of the Sub-Fund. Sub-Fund may also have exposure to below investment grade and unrated debt The Sub-Fund may invest in assets denominated in any currency and currency securities. Issuers of the equity and debt securities may be located in any exposure in the Sub-Fund may be managed by reference to the Benchmark. country globally, including emerging markets and China. The Sub-Fund will seek to achieve its investment objective through its strategic The Sub-Fund may, for efficient portfolio management use financial derivative instruments ("FDI"). asset allocation which is based on long-term risk and return expectations The Investment Manager will only invest in Underlying Funds which integrate across asset classes and designed to meet its conservative risk profile, and financially material environmental, social and governance ("ESG") issues as through the selection of Underlying Funds which are managed by the part of the investment process ("ESG Integration"). ESG Integration is the Investment Manager or other members of JPMorgan Chase & Co. systematic inclusion of ESG issues in investment analysis and investment In addition to ESG Integration, as an SFDR Article 8 fund, through its decisions with the goals of managing risk and improving long-term returns. investments in Underlying Funds the Sub-Fund promotes environmental and/ ESG Integration by itself focuses on financial materiality and is therefore only or social characteristics. part of a broader investment process. It is only one of the factors, alongside the Through its investment in the Underlying Funds, at least 51% of the Sub-Fund's Net Asset Value will be exposed to securities which are aligned with the other factors which are described above in the "Investment Policy" section, to be considered in portfolio construction. EUR is the base currency of the Subenvironmental and/or social characteristics that the Sub-Fund promotes and Fund. that follow good governance practices, as measured through the proprietary

Redemption and Dealing:Shares of the Sub-Fund are traded on one or more ESG scoring methodology of the Investment Manager and the investment stock exchanges. Certain market makers and brokers may subscribe and manager of the Underlying Funds and/or third party data. Although the Subredeem Shares directly with JPMorgan ETFs (Ireland) ICAV, and are referred to Fund does not commit to directly investing a minimum proportion of as "Authorised Participants". Other investors who are not Authorised Sustainable Investments, it will be exposed indirectly to Sustainable Participants can purchase and sell Shares daily on a recognised stock Investments, as determined by the investment manager of the Underlying exchange or over-the-counter. Funds, as a result of the Underlying Funds' minimum commitments to Sustainable Investments. Benchmark: 20% MSCI ACWI Index (EUR), 70% Bloomberg Global Aggregate The Sub-Fund seeks to avoid exposure to certain industries and companies / Index Total Return (EUR Hedged), 10% ICE BofA ESTR Overnight Rate Index Total Return (EUR). issuers, based on specific ESG criteria and/or minimum standards of business

Distribution Policy:This Share Class will not pay dividends. practice based on international norms. The Investment Manager will consider For an explanation of some of the terms used in this document, please visit the values and norms based screening in its selection and oversight of the glossary on our website at www.jpmorganassetmanagement.ie.

From the KID’s “Objectives” section · KID acquired on 4 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

What has changed in the fund over time

Every month we snapshot the register and the holdings and keep the picture. The history shows how the fund changes, not only what it is today.

  1. Share-class launch
    21 January 2026
    declared by the issuer
  2. Basket snapshots
    3 monthly
    since August 2026
  3. Dated events
    none so far
    TER, index, name, tax: every change is an event
Open the history →

Italian taxation

Effective rate on capital gains
26.00%
White-list share
0.00%
From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.
Deep-dive into this fund’s taxation →
PerformanceIn this sectionChartBacktest

Fund performance

issuer-declared net asset value (NAV) · EUR · from Jan 2026 to Oct 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+1.4%
Annualised
+1.9%
Volatility (ann.)
4.8%
Max drawdown
-3.66%
-5%-2%+0%+3%+6%Jan 2026Mar 2026Jun 2026Aug 2026Oct 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+1.4%
21 Jan 2026 → 16 Oct 20269 months · +1.4%
21 Jan 202616 Oct 2026Jan 2026Oct 2026
Accumulating class: income is reinvested inside the fund and already reflected in the NAV; no distribution is left out of the chart.
Calculations on the NAV: issuer total-return series not available.
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-1%-2%-3%-4%2026−3.66% · 27 Mar 2026
Max drawdown
-3.66%
peak → trough
Trough
27 Mar 2026
from the 25 Feb 2026 peak
Recovery time
59 days
recovery only: trough to break-even
Underwater
89 days
decline + recovery: peak to break-even · ≈ 3 months · → recovered on 25 May 2026

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
25 Feb 202627 Mar 2026-3.66%25 May 202689
06 Jul 202601 Oct 2026-2.29%ongoing102
02 Jun 202610 Jun 2026-1.08%15 Jun 202613
18 Jun 202623 Jun 2026-0.35%30 Jun 202612
30 Jun 202602 Jul 2026-0.27%06 Jul 20266

Method and sources

Source: JPMorgan. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available August 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.
RiskIn this sectionRisk

Risk indicators· EUR

Full history
Volatility (ann.)4.74%
Max drawdown-3.66%
Sharpe-0.08
Sortino-0.12
Full history
Volatility (ann.)4.74%
Max drawdown-3.66%
Sharpe-0.08
Sortino-0.12
Windows longer than the available price history cannot be computed and are not shown: they will appear on their own as time passes. Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.29%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR, the fund's currency; the table follows the currency selected in the chart.
PortfolioIn this sectionHoldings

Portfolio holdings

Rows in the published list
15
Top-10 weight
92.8%

Top 10 holdings

JPM GLOBAL GOV BND UCITS /EUR/ · JGEV
19.27%
JPM GBL AGG BD A UCITS E /EUR/ · JAGE
19.17%
JPM GLB IG CORP BD UCITS /EUR/ · JEIG
19.00%
JPM GLOBAL REI EQ ACTIVE /EUR/ · JGIE
11.09%
JPM EUR 1-5 IG CORP ACT /EUR/ · JR15
5.16%
JPM USD HY BOND UCITS ET /EUR/ · JPRY
5.03%
JPM EUR ULTSHRT INC ACT /EUR/ · JEST
4.51%
JPM EUR AGG BOND UCITS E /EUR/ · JEAA
3.93%
JPM GL EM MR EN IE AU ET /EUR/ · JEEM
3.22%
JPM USD EM SOV BD ETF EU /EUR/ · JMBE
2.45%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIreland: 99.6%IranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of AmericaUzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Country
Ireland99.6%
Breakdown computed by Rebalix by aggregating the full-precision per-position weights declared by the issuer. Cash and derivatives are not artificially attributed to a country. Values are not rescaled.
⬇ Download the published holdings — Excel, 15 rows
Holdings as published by JPMorgan, holdings as at 1 October 2026: 15 rows archived by Rebalix, summarised here. Rebalix has no statement from the issuer on the completeness of this list. How Rebalix verifies portfolio holdings →
StructureIn this sectionMulti-assetExchanges

Other multi-asset ETFs in our registry

All multi-asset in the search →
FundTERIncomeFund size
VNGD80 · Vanguard · 2 classesactive
—Dist. · Acc.1.4 mld EUR
VNGA60 · Vanguard · 2 classesactive
—Acc. · Dist.1.1 mld EUR
Xtrackersactive
—Acc.767 mln EUR
VNGA40 · Vanguard · 2 classesactive
—Acc. · Dist.298 mln EUR
VNGD20 · Vanguard · 2 classesactive
—Dist. · Acc.117 mln EUR
MAGR · iShares · 3 classesactive
—Acc.110 mln EUR
Xtrackersactive
—Dist.58 mln EUR
MODR · iShares · 3 classesactive
—Acc.48 mln EUR
MACV · iShares · 3 classesactive
—Acc.16 mln EUR
JMAM · JPMorganactive
—Acc.7 mln EUR
JMAG · JPMorganactive
—Acc.6 mln EUR
Xtrackersactive
—Acc.6 mln EUR
Xtrackersactive
—Acc.6 mln EUR
Xtrackersactive
—Acc.3 mln EUR
Xtrackersactive
—Acc.3 mln EUR
ZPRI · SPDRnot on Borsa Italiana
—Dist.704 mln EUR
17 multi-asset ETFs in our registry (including this fund): balanced products mixing several asset classes, each with its own strategy and weights — they do not share an index. Sorted as follows: Milan-listed classes first, then the others; within each group by ascending TER, then by descending assets. A dash “—” = not declared by the issuer in the files we read — it is not a zero.

Stock exchange listings

Exchanges with a ticker available· in alphabetical order
ExchangeTickerExchange sourceRegistered since
Borsa Italiana (ETFplus)JMACfrom tax documentESMA register (FIRDS)28 Jan 2026
Börse DüsseldorfJMACfrom mappingESMA register (FIRDS)28 Jan 2026
Börse FrankfurtJMACfrom mappingESMA register (FIRDS)28 Jan 2026
Börse HamburgJMACfrom mappingESMA register (FIRDS)16 Feb 2026
Börse HannoverJMACfrom mappingESMA register (FIRDS)13 Feb 2026
Börse München / gettexJMACfrom mappingESMA register (FIRDS)28 Jan 2026
Börse StuttgartJMACfrom mappingESMA register (FIRDS)23 Mar 2026
London Stock ExchangeJMACfrom tax documentissuer’s tax document (exchange outside the FIRDS perimeter)—
SIX Swiss ExchangeJMACfrom tax documentissuer’s tax document (exchange outside the FIRDS perimeter)—
Tradegate ExchangeJMACfrom mappingESMA register (FIRDS)6 Feb 2026
Xetra (Deutsche Börse)JMACfrom tax documentESMA register (FIRDS)28 Jan 2026
from tax document — ticker from the half-yearly document the issuer publishes for the Italian tax authority, one ticker per exchange: where the exchange trades several lines (different currencies) the others do not appear.
from mapping — ticker obtained by ISIN→exchange mapping under the open FIGI standard, not read from the exchange’s list.
Each row is one exchange: the operator with all its markets and segments (regulated market and Freiverkehr included). “Registered since”: admission date in the ESMA register (FIRDS), not necessarily the first trading day; a dash = date not recorded in the sources.
Other exchanges on record · 1 · show
ExchangeTickerExchange sourceRegistered since
Euronext Dublinnot availableESMA register (FIRDS)22 Jan 2026
For these exchanges none of the listing sources Rebalix covers provides a ticker; the listing is known from the ESMA register (FIRDS) or declared by the issuer.
+ 5 other trading platforms (platforms for professional participants and segments without admission to listing, such as an exchange operator’s dark books or auctions): they are not exchanges and are not listed.
Exchanges are taken from the official ESMA register (FIRDS) and, where FIRDS does not cover the exchange (London, Zurich) or does not record the current listing, from the issuers’ product lists and documents: the “Exchange source” column says so row by row. Each exchange is a single row, with all its markets and segments. Tickers come from the issuers’ product lists and tax documents or, where indicated, from ISIN→exchange mapping under the open FIGI standard (OpenFIGI). Activity on a dark book, an auction or an ancillary platform does not prove a listing on the exchange that operates it. Rebalix mainly covers venues in the European Economic Area, Switzerland and the United Kingdom: when the issuer declares current listings in other jurisdictions too, they appear with their source, outside the ESMA register perimeter. Terminated or cancelled listings are not shown. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker.
DocumentsIn this sectionDocumentsFAQ

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in Italian, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Frequently asked questions

How much does JMAC cost?
The issuer-declared Ongoing costs (PRIIPs) is 0.35% per year (not the TER); the transaction costs estimated in the KID are 0.05%.
How is JMAC taxed in Italy?
On sale, the capital gain is taxed at an effective 26.00% rate (white-list share 0.00%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of JMAC?
The fund size declared by JPMorgan is about 6 million euro.
When was JMAC launched?
The fund was launched on 21 January 2026: it has been trading for 272 days: the page fills up as the issuer publishes data.
Is JMAC actively or passively managed?
It is an ACTIVELY managed ETF: the manager picks the holdings, it does not replicate an index.
Does JMAC pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulation”).
Where does JMAC trade?
Per the official ESMA register (FIRDS) and the issuer’s documents it is listed on 11 exchanges with a ticker available, including Borsa Italiana (ETFplus) (JMAC), Börse Düsseldorf (JMAC), Börse Frankfurt (JMAC), Börse Hamburg (JMAC), Börse Hannover (JMAC), Börse München / gettex (JMAC).
What was JMAC's worst fall?
Over the available history (since 2026), the maximum drawdown was -3.66%, reached in March 2026. Past performance is not indicative of future results.
How many positions does JMAC publish?
The list published by the issuer and archived by Rebalix has 15 rows; the top 10 weigh 92.8%. The issuer does not declare the list as complete: rows are reported as published, weights included, even where a position has zero weight.
Transparency note
The data in this sheet is declared by JPMorgan in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.
Do you represent the issuer? Report a correction or an update