Investment objective & strategy
As of Oct. 22, 2025 · prospectusObjective. The Fund seeks investment results that correspond to the aggregate price and dividend performance of securities in the Standard & Poors 500 Composite Stock Price Index (S&P 500 Index).
Strategy. The Fund invests in stocks included in the S&P 500 Index 1 and also may invest in stock index futures. The Funds adviser attempts to track the aggregate price and dividend performance of securities in the S&P 500 Index to achieve a correlation of at least 0.95 between the performance of the Fund and that of the index without taking into account the Funds expenses. Perfect correlation would be 1.00. The percentage of a stock that the Fund holds will be approximately the same percentage that the stock represents in the S&P 500 Index. The adviser generally picks stocks in the order of their weightings in the S&P 500 Index, starting with the heaviest weighted stock. The Fund may acquire, … The Fund invests in stocks included in the S&P 500 Index 1 and also may invest in stock index futures. The Funds adviser attempts to track the aggregate price and dividend performance of securities in the S&P 500 Index to achieve a correlation of at least 0.95 between the performance of the Fund and that of the index without taking into account the Funds expenses. Perfect correlation would be 1.00. The percentage of a stock that the Fund holds will be approximately the same percentage that the stock represents in the S&P 500 Index. The adviser generally picks stocks in the order of their weightings in the S&P 500 Index, starting with the heaviest weighted stock. The Fund may acquire, hold and dispose of the common stock of JPMorgan Chase & Co. for the sole purpose of maintaining conformity with the S&P 500 Index on which the Fund is based and measured. Under normal circumstances, at least 80% of the Funds Assets will be invested in stocks of companies included in the index or indices identified by the Fund and in derivative instruments that provide exposure to stocks of such companies. Assets means net assets, plus the amount of borrowings for investment purposes. As of the reconstitution of the S&P 500 Index on September 30, 2025, the market capitalizations of the companies in the index ranged from $4.30 billion to $4.55 trillion. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts to gain or reduce exposure to its index, maintain liquidity and minimize transaction costs. In managing cash flows, the Fund buys futures contracts to invest incoming cash in the market or sells futures contracts in response to cash outflows, thereby gaining market exposure to the index while maintaining a cash balance for liquidity.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| NVIDIA CORP | — | $936.40M | 7.54% |
| APPLE INC | — | $823.27M | 6.63% |
| MICROSOFT CORP | — | $607.36M | 4.89% |
| AMAZON.COM INC | — | $449.55M | 3.62% |
| ALPHABET INC CL A | — | $369.92M | 2.98% |
| BROADCOM INC | — | $324.25M | 2.61% |
| ALPHABET INC CL C | — | $296.43M | 2.39% |
| META PLATFORMS INC CL A | — | $276.50M | 2.23% |
| TESLA INC | — | $231.02M | 1.86% |
| BERKSHIRE HATH-B | — | $194.16M | 1.56% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| State Street(R) SPDR(R) Portfolio S&P 500(R) ETF · SPYM | 99% | 0.02% |
| SPDR S&P 500 ETF TRUST | 99% | — |
| iShares Core S&P 500 ETF · IVV | 99% | 0.03% |
Advisers
| Firm | Role |
|---|---|
| J.P. Morgan Investment Management, Inc. | Adviser |
Footnotes
- Expense ratio as of October 22, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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