JPMorgan Chase 401(k) Savings Plan

Investment Fund Proxy Universe

Plan Assets: $42.9B
Recordkeeper: Empower
EIN: 13-4994650
Data as of: January 27, 2025

Section 1

Overview

This document maps each investment option in the JPMorgan Chase 401(k) Savings Plan to a publicly traded ETF or mutual fund proxy. All plan funds are institutional collective investment trusts (CITs)² or separate accounts with no public ticker symbols. The proxy universe enables participants, advisors, and researchers to model plan fund behavior using publicly available return data. Passive index funds are proxied with identical-index ETFs; active strategies are proxied with same-manager mutual funds that employ the same investment process; target date funds are proxied with the corresponding JPMorgan SmartRetirement R6 share class.

Source documents:
Empower Investment Fund Profiles (effective Jan. 27, 2025) ·
JPMorgan Chase 401(k) Plan SPD

Section 2

Summary Table — All Plan Funds

Domestic Equity

Plan Fund Name	Mgmt	Proxy	Proxy Name	Quality	Fee Diff
Large Cap Value Index Fund	Passive	IWD	iShares Russell 1000 Value ETF	Exact	−17 bps¹
S&P 500 Index Fund	Passive	SPY	SPDR S&P 500 ETF Trust	Exact	−8 bps
Large Cap Growth Index Fund	Passive	IWF	iShares Russell 1000 Growth ETF	Exact	−17 bps
S&P MidCap 400 Index Fund	Passive	IJH	iShares Core S&P Mid-Cap ETF	Exact	−3 bps
Small Cap Index Fund	Passive	IWM	iShares Russell 2000 ETF	Exact	−18 bps
Large Cap Value Fund	Active	TILCX	T. Rowe Price Large Cap Value I	Close	−27 bps
Large Cap Growth Fund	Active	JLGRX	JPMorgan Large Cap Growth R5	Close	−20 bps
Small Cap Core Fund	Active	VSEIX	JPMorgan Small Cap Equity I	Close	−99 bps
Small Cap Blend Fund	Active	PJSQX	PGIM Jennison Small Company R6	Close	−15 bps
JPMorgan Chase Common Stock Fund	Passive	JPM	JPMorgan Chase & Co.	Exact	0 bps

International Equity

Plan Fund Name	Mgmt	Proxy	Proxy Name	Quality	Fee Diff
International Large Cap Index Fund	Passive	EFA	iShares MSCI EAFE ETF	Exact	−30 bps
International Small Cap Index Fund	Passive	SCZ	iShares MSCI EAFE Small-Cap ETF	Exact	−36 bps
Emerging Market Equity Index Fund	Passive	EEM	iShares MSCI Emerging Markets ETF	Exact	−62 bps
International Large Cap Value Fund	Active	CIVIX	Causeway International Value Instl	Close	−52 bps

Fixed Income

Plan Fund Name	Mgmt	Proxy	Proxy Name	Quality	Fee Diff
Core Bond Fund	Active	JCBUX	JPMorgan Core Bond R6	Close	−30 bps
Intermediate Bond Fund	Active	PTTRX	PIMCO Total Return Instl	Close	−34 bps
Government Inflation-Protected Bond Fund	Active	PRRIX	PIMCO Real Return Instl	Close	−38 bps
High Yield Bond Fund	Active	CHYZX	Columbia High Yield Bond Inst	Close	−42 bps
Short-Term Fixed Income Fund	Active	JSDUX	JPMorgan Short Duration Bond R6	Close	−28 bps
Stable Value Fund	Active	—	No public proxy	N/A	—

Target Date Funds

Plan Fund Name	Mgmt	Proxy	Proxy Name	Quality	Fee Diff
SmartRetirement Income Fund	Active	JSIYX	JPMorgan SmartRetirement Income R6	Close	−29 bps
SmartRetirement 2025 Fund	Active	JNSYX	JPMorgan SmartRetirement 2025 R6	Close	−31 bps
SmartRetirement 2030 Fund	Active	JSMYX	JPMorgan SmartRetirement 2030 R6	Close	−31 bps
SmartRetirement 2035 Fund	Active	SRJYX	JPMorgan SmartRetirement 2035 R6	Close	−36 bps
SmartRetirement 2040 Fund	Active	SMTYX	JPMorgan SmartRetirement 2040 R6	Close	−36 bps
SmartRetirement 2045 Fund	Active	JSAYX	JPMorgan SmartRetirement 2045 R6	Close	−37 bps
SmartRetirement 2050 Fund	Active	JTSYX	JPMorgan SmartRetirement 2050 R6	Close	−37 bps
SmartRetirement 2055 Fund	Active	JFFYX	JPMorgan SmartRetirement 2055 R6	Close	−37 bps
SmartRetirement 2060 Fund	Active	JAKYX	JPMorgan SmartRetirement 2060 R6	Close	−37 bps
SmartRetirement 2065 Fund	Active	JSMOX	JPMorgan SmartRetirement 2065 R6	Close	−38 bps

Section 3

Equity Funds — Detailed Mapping

Passive Index Funds

Fund 1 of 14

Large Cap Value Index Fund → IWD

Exact

Plan Fund

ManagerBlackRock (CIT)

Expense Ratio1 bps

BenchmarkRussell 1000 Value Index

Proxy

TickerIWD

NameiShares Russell 1000 Value ETF

Expense Ratio18 bps

AUM$71.0B

InceptionMay 2000

Fee differential: Plan is 17 bps cheaper than the proxy ETF.
Match quality: Identical index — the CIT and ETF both track the Russell 1000 Value Index. Correlation expected >0.999 before fees.

Fund 2 of 14

S&P 500 Index Fund → SPY

Exact

Plan Fund

ManagerBlackRock (CIT)

Expense Ratio1 bps

BenchmarkS&P 500 Index

Proxy

TickerSPY

NameSPDR S&P 500 ETF Trust

Expense Ratio9 bps

AUM$698.3B

InceptionJan 1993

Fee differential: Plan is 8 bps cheaper than the proxy ETF.
Match quality: Identical index — both track the S&P 500. SPY selected over VFIAX for ETF consistency and portfolio visualization compatibility.

Fund 3 of 14

Large Cap Growth Index Fund → IWF

Exact

Plan Fund

ManagerBlackRock (CIT)

Expense Ratio1 bps

BenchmarkRussell 1000 Growth Index

Proxy

TickerIWF

NameiShares Russell 1000 Growth ETF

Expense Ratio18 bps

AUM$116.5B

InceptionMay 2000

Fee differential: Plan is 17 bps cheaper than the proxy ETF.
Match quality: Identical index — both track the Russell 1000 Growth Index. Correlation expected >0.999 before fees.

Fund 4 of 14

S&P MidCap 400 Index Fund → IJH

Exact

Plan Fund

ManagerState Street (CIT)

Expense Ratio2 bps

BenchmarkS&P MidCap 400 Index

Proxy

TickerIJH

NameiShares Core S&P Mid-Cap ETF

Expense Ratio5 bps

AUM$111.7B

InceptionMay 2000

Fee differential: Plan is 3 bps cheaper than the proxy ETF.
Match quality: Identical index — both track the S&P MidCap 400 Index.

Fund 5 of 14

Small Cap Index Fund → IWM

Exact

Plan Fund

ManagerBlackRock (CIT)

Expense Ratio1 bps

BenchmarkRussell 2000 Index

Proxy

TickerIWM

NameiShares Russell 2000 ETF

Expense Ratio19 bps

AUM$74.0B

InceptionMay 2000

Fee differential: Plan is 18 bps cheaper than the proxy ETF.
Match quality: Identical index — both track the Russell 2000 Index.

Fund 6 of 14

International Large Cap Index Fund → EFA

Exact

Plan Fund

ManagerBlackRock (CIT)

Expense Ratio2 bps

BenchmarkMSCI EAFE Index

Holdings783 across 21 countries

Proxy

TickerEFA

NameiShares MSCI EAFE ETF

Expense Ratio32 bps

AUM$77.8B

InceptionAug 2001

Fee differential: Plan is 30 bps cheaper than the proxy ETF.
Match quality: Identical index — both track the MSCI EAFE Index (Europe, Australasia, Far East developed markets).

Fund 7 of 14

International Small Cap Index Fund → SCZ

Exact

Plan Fund

ManagerBlackRock (CIT)

Expense Ratio4 bps

BenchmarkMSCI EAFE Small Cap Index

Holdings2,171

Proxy

TickerSCZ

NameiShares MSCI EAFE Small-Cap ETF

Expense Ratio40 bps

AUM$14.6B

InceptionDec 2007

Fee differential: Plan is 36 bps cheaper than the proxy ETF.
Match quality: Identical index — both track the MSCI EAFE Small Cap Index.

Fund 8 of 14

Emerging Market Equity Index Fund → EEM

Exact

Plan Fund

ManagerBlackRock (CIT)

Expense Ratio8 bps

BenchmarkMSCI Emerging Markets Index

Holdings1,440 across 24 countries

Proxy

TickerEEM

NameiShares MSCI Emerging Markets ETF

Expense Ratio70 bps

AUM$30.1B

InceptionApr 2003

Fee differential: Plan is 62 bps cheaper than the proxy ETF.
Match quality: Identical index — both track the MSCI Emerging Markets Index. VWO (Vanguard FTSE EM, 7 bps) was considered but tracks the FTSE Emerging Markets Index, which excludes South Korea. EEM preserves MSCI EM fidelity.

Fund 9 of 14

JPMorgan Chase Common Stock Fund → JPM

Exact

Plan Fund

ManagerDirect holdings

Expense Ratio0 bps

CompositionJPM common stock + ~2% cash

Proxy

TickerJPM (NYSE)

NameJPMorgan Chase & Co.

Expense Ratio0 bps

Fee differential: None — this is the actual security.
Match quality: The plan fund holds JPM common stock directly. The ~2% cash reserve creates negligible tracking difference.

Active Funds

Fund 10 of 14

Large Cap Value Fund → TILCX

Plan Fund

ManagerT. Rowe Price

Expense Ratio29 bps

BenchmarkRussell 1000 Value Index

Holdings70–80 (concentrated)

Proxy

TickerTILCX

NameT. Rowe Price Large Cap Value I

Expense Ratio56 bps

AUM$2.9B

Fee differential: Plan is 27 bps cheaper than the proxy mutual fund.
Match quality: Same manager (T. Rowe Price), same large cap value strategy. Public mutual fund version of the same investment process.

Fund 11 of 14

Large Cap Growth Fund → JLGRX

Plan Fund

ManagerWellington Management

Expense Ratio34 bps

BenchmarkRussell 1000 Growth Index

Holdings50–80

Proxy

TickerJLGRX

NameJPMorgan Large Cap Growth R5

Expense Ratio54 bps

AUM$113.8B

Fee differential: Plan is 20 bps cheaper than the proxy mutual fund.
Match quality: JPMorgan-distributed fund sub-advised by Wellington Management — same team managing the same large cap growth strategy. $113.8B AUM.

Fund 12 of 14

Small Cap Core Fund → VSEIX

Plan Fund

ManagerJPMorgan Investment Mgmt

Expense Ratio0 bps (employer-paid)

BenchmarkRussell 2000-like

Holdings350–550

Proxy

TickerVSEIX

NameJPMorgan Small Cap Equity I

Expense Ratio99 bps

AUM$3.1B

Fee differential: Plan is 99 bps cheaper (employer-subsidized, 0 bps to participant).
Match quality: Same manager (JPMorgan Investment Management), same small cap strategy. Plan version is broadly diversified; public fund is the closest available equivalent.

Fund 13 of 14

Small Cap Blend Fund → PJSQX

Plan Fund

ManagerJennison Associates

Expense Ratio54 bps

BenchmarkRussell 2000 Index

Holdings110–135 (concentrated)

Proxy

TickerPJSQX

NamePGIM Jennison Small Company R6

Expense Ratio69 bps

AUM$3.4B

Fee differential: Plan is 15 bps cheaper than the proxy mutual fund.
Match quality: Same manager (Jennison Associates, a PGIM company), same concentrated small cap strategy. $3.4B AUM.

Fund 14 of 14

International Large Cap Value Fund → CIVIX

Plan Fund

ManagerCauseway Capital

Expense Ratio33 bps

Formal BenchmarkMSCI EAFE Index

Holdings50–60 (concentrated)

Proxy

TickerCIVIX

NameCauseway International Value Instl

Expense Ratio85 bps

AUM$19.4B

Fee differential: Plan is 52 bps cheaper than the proxy mutual fund.
Match quality: Same manager (Causeway Capital), same international value strategy — this IS the public mutual fund version. $19.4B AUM.

Section 4

Fixed Income Funds — Detailed Mapping

Fund 15 — Core Bond Fund

Core Bond Fund → JCBUX

Plan Fund

ManagerJPMorgan Investment Mgmt

Expense Ratio0 bps (employer-paid)

BenchmarkNo stated benchmark

Avg Maturity4–12 years

Credit QualityA-/A3

Proxy

TickerJCBUX

NameJPMorgan Core Bond R6

Expense Ratio30 bps

AUM$54.5B

Fee differential: Plan is 30 bps cheaper (employer-subsidized, 0 bps to participant).
Match quality: Same manager (JPMorgan), same core bond strategy. Plan doc names it ‘Commingled Pension Trust Fund (Core Bond)’ — JCBUX is the mutual fund equivalent. $54.5B AUM.

Fund 16 — Intermediate Bond Fund

Intermediate Bond Fund → PTTRX

Plan Fund

ManagerPIMCO

Expense Ratio19 bps

BenchmarkBloomberg U.S. Aggregate Bond

DurationWithin 2yr of index

Proxy

TickerPTTRX

NamePIMCO Total Return Instl

Expense Ratio53 bps

AUM$47.9B

Fee differential: Plan is 34 bps cheaper than the proxy mutual fund.
Match quality: Same manager (PIMCO), same Bloomberg US Agg benchmark, same intermediate bond strategy. PIMCO Total Return is PIMCO’s flagship core bond product. $47.9B AUM.

Fund 17 — Government Inflation-Protected Bond Fund

Government Inflation-Protected Bond Fund → PRRIX

Plan Fund

ManagerPIMCO

Expense Ratio17 bps

BenchmarkBloomberg U.S. TIPS Index

DurationWithin ±20% of index

Proxy

TickerPRRIX

NamePIMCO Real Return Instl

Expense Ratio55 bps

AUM$7.9B

Fee differential: Plan is 38 bps cheaper than the proxy mutual fund.
Match quality: Same manager (PIMCO), same TIPS strategy. PIMCO Real Return is their public TIPS product. $7.9B AUM.

Fund 18 — High Yield Bond Fund

High Yield Bond Fund → CHYZX

Plan Fund

ManagerColumbia Threadneedle

Expense Ratio31 bps

BenchmarkCredit Suisse High Yield Index

Credit QualityB+/B1

Proxy

TickerCHYZX

NameColumbia High Yield Bond Inst

Expense Ratio73 bps

AUM$1.2B

Fee differential: Plan is 42 bps cheaper than the proxy mutual fund.
Match quality: Same manager (Columbia Threadneedle), same high yield bond strategy. $1.2B AUM.

Fund 19 — Short-Term Fixed Income Fund

Short-Term Fixed Income Fund → JSDUX

Plan Fund

ManagerJPMorgan / Loop Capital

Expense Ratio0 bps (employer-paid)

BenchmarkNo stated benchmark

Target WAM≤90 days

Credit QualityAA-

Proxy

TickerJSDUX

NameJPMorgan Short Duration Bond R6

Expense Ratio28 bps

AUM$12.4B

Fee differential: Plan is 28 bps cheaper (employer-subsidized, 0 bps to participant).
Match quality: Same manager (JPMorgan). JSDUX is short duration bonds — longer duration than the plan’s <=90 day target, but closest JPMorgan short-term product available. Caveat: duration mismatch.

Fund 20 — Stable Value Fund

Stable Value Fund → No Public Proxy

N/A

Plan Fund

ManagerJPMorgan Investment Mgmt

Expense Ratio14 bps

StructureBook-value wrapper contracts

Avg Duration≤4.25 years

Credit QualityAA-/Aa3

Proxy

TickerNone available

ReasonContractual wrap agreements

Why no proxy exists: Stable value funds use contractual wrap agreements with insurance companies that prevent mark-to-market losses. The wrap guarantee ensures participants transact at book value (principal + accrued interest) regardless of underlying bond portfolio movements. No publicly traded security replicates this feature.

Modeling approach: Modeled as a fixed annual crediting rate (~4.75% as of early 2025). Actual crediting rate varies quarterly based on underlying portfolio yields and wrap contract terms.
Transfer restriction: No direct transfers to/from the Short-Term Fixed Income Fund (90-day equity wash rule applies).

Section 5

Target Date Funds

All target date funds are managed by Multi-Asset Solutions (MAS) within JPMorgan Investment Management. They are fund-of-funds that hold the plan’s own underlying CITs, allocated according to a proprietary glide path. Each plan CIT maps to the corresponding JPMorgan SmartRetirement R6 mutual fund share class — the same manager, same glide path methodology, but in a publicly traded mutual fund wrapper.

Vintage	Proxy Ticker	Proxy Name	Plan Expense Ratio (bps)	Proxy Expense Ratio (bps)	Fee Diff
Income	JSIYX	JPMorgan SmartRetirement Income R6	5	34	−29 bps
2025	JNSYX	JPMorgan SmartRetirement 2025 R6	4	35	−31 bps
2030	JSMYX	JPMorgan SmartRetirement 2030 R6	4	35	−31 bps
2035	SRJYX	JPMorgan SmartRetirement 2035 R6	3	39	−36 bps
2040	SMTYX	JPMorgan SmartRetirement 2040 R6	3	39	−36 bps
2045	JSAYX	JPMorgan SmartRetirement 2045 R6	2	39	−37 bps
2050	JTSYX	JPMorgan SmartRetirement 2050 R6	2	39	−37 bps
2055	JFFYX	JPMorgan SmartRetirement 2055 R6	2	39	−37 bps
2060	JAKYX	JPMorgan SmartRetirement 2060 R6	2	39	−37 bps
2065	JSMOX	JPMorgan SmartRetirement 2065 R6	2	40	−38 bps

Note: All target date proxies carry a “Close” quality rating. The plan funds are CITs investing in the plan’s underlying funds at institutional pricing; the SmartRetirement R6 mutual funds follow the same glide path but hold publicly traded underlying funds and carry higher expense ratios. The fee differential (29–38 bps) reflects the CIT-to-mutual-fund wrapper cost difference rather than a strategy mismatch.

Section 6

Proxy Quality Methodology

Each fund-to-proxy mapping is assigned a quality tier³ based on the structural fidelity of the match:

Exact
The proxy tracks the identical benchmark index as the plan fund. Correlation expected >0.999 before fees. The only return difference is the expense ratio differential. Applies to all passive index CITs and the company stock fund.

Close
The proxy is a same-manager mutual fund running the same investment strategy as the plan fund, or (for target date funds) the same glide path in a retail mutual fund wrapper. Returns will diverge due to vehicle differences (CIT vs. mutual fund), fee levels, and minor portfolio construction variations, but the investment process and team are identical.

N/A
No publicly traded equivalent exists. Applies only to the Stable Value Fund, which uses contractual wrap agreements that cannot be replicated with market securities.

Section 7

Fee Differential Methodology

Plan funds are institutional collective investment trusts with expense ratios ranging from 0 to 54 basis points. Proxy ETFs and mutual funds have expense ratios ranging from 0 to 99 basis points. For passive index funds, the plan fund will slightly outperform the proxy on a net-of-fee basis because the plan’s institutional pricing is significantly lower than retail ETF fees.

For active funds where the proxy is a same-manager mutual fund, the fee differential reflects the cost advantage of institutional CIT pricing over retail mutual fund share classes. The proxy captures the same investment process and manager decisions, so the primary return difference is the fee gap plus minor vehicle-level differences (cash drag, trading costs, etc.).

Fee differentials⁴ are used to adjust proxy returns when modeling plan-specific performance. The monthly adjustment formula is:

Monthly fee adjustment = (Proxy expense ratio − Plan expense ratio) ÷ 12

This adjustment is applied to each month’s proxy return to approximate the plan fund’s net-of-fee return. For exact-match passive funds, this adjustment captures the full return difference. For same-manager active funds, it is the primary correction needed.

Section 8

Deduplication Notes

With same-manager mutual fund proxies for all active strategies, every proxyable plan fund now maps to a unique proxy ticker. No deduplication is required. This is a significant improvement over benchmark-index proxies, where multiple plan funds (e.g., Large Cap Value Index Fund and Large Cap Value Fund) shared the same proxy ticker (IWD).

The key changes that eliminated all duplicates:

Large Cap Value: Index fund → IWD; Active fund → TILCX (T. Rowe Price Large Cap Value I). Previously both mapped to IWD.
Large Cap Growth: Index fund → IWF; Active fund → JLGRX (JPMorgan Large Cap Growth R5). Previously both mapped to IWF.
Small Cap: Index fund → IWM; Core Fund → VSEIX (JPMorgan Small Cap Equity I); Blend Fund → PJSQX (PGIM Jennison Small Company R6). Previously all three mapped to IWM.
Fixed Income: Core Bond → JCBUX; Intermediate Bond → PTTRX. Previously both mapped to AGG.

All 29 proxyable funds (30 total minus Stable Value) now have unique tickers. The full modeling universe of 28 tickers (14 equity + 5 fixed income + 10 target date, minus stable value modeled as fixed rate) requires no deduplication or fund-exclusion logic.

Section 9

Backtesting & Modeling Components

The proxy universe documented above enables four distinct modeling sleeves. Each sleeve uses specific proxy tickers and modeling assumptions. Any returns-based portfolio analysis tool can use these components directly.

Equity Sleeve (All 14 Funds)

All equity funds have unique proxy tickers — no deduplication needed. Enter these tickers into any portfolio optimization or backtesting tool to model the equity portion of the plan.

Plan Fund	Proxy Ticker	Asset Class	Plan Fee	Monthly Fee Adj.
Large Cap Value Index Fund	IWD	US Large Value	1 bps	+1.42 bps
S&P 500 Index Fund	SPY	US Large Blend	1 bps	+0.67 bps
Large Cap Growth Index Fund	IWF	US Large Growth	1 bps	+1.42 bps
S&P MidCap 400 Index Fund	IJH	US Mid Blend	2 bps	+0.25 bps
Small Cap Index Fund	IWM	US Small Blend	1 bps	+1.50 bps
Large Cap Value Fund	TILCX	US Large Value (Active)	29 bps	+2.25 bps
Large Cap Growth Fund	JLGRX	US Large Growth (Active)	34 bps	+1.67 bps
Small Cap Core Fund	VSEIX	US Small Core (Active)	0 bps	+8.25 bps
Small Cap Blend Fund	PJSQX	US Small Blend (Active)	54 bps	+1.25 bps
Int’l Large Cap Index Fund	EFA	Int’l Dev Blend	2 bps	+2.50 bps
Int’l Small Cap Index Fund	SCZ	Int’l Dev Small	4 bps	+3.00 bps
Emerging Market Equity Index	EEM	Emerging Markets	8 bps	+5.17 bps
Int’l Large Cap Value Fund	CIVIX	Int’l Dev Value (Active)	33 bps	+4.33 bps
JPMorgan Chase Common Stock	JPM	Company Stock	0 bps	0.00 bps

Monthly fee adjustment = (proxy expense ratio − plan expense ratio) ÷ 12. Positive values mean the proxy overstates costs; add the adjustment to proxy returns to approximate plan-level performance. Negative values mean the plan fund is more expensive than the proxy.

Fixed Income Sleeve (All 5 Proxyable Funds)

All fixed income funds have unique proxy tickers. The Stable Value Fund is excluded (modeled separately as a fixed return).

Plan Fund	Proxy Ticker	Duration Profile	Plan Fee	Monthly Fee Adj.
Core Bond Fund	JCBUX	Intermediate (4–12yr maturity, Treasuries + Corp + MBS)	0 bps	+2.50 bps
Intermediate Bond Fund	PTTRX	Intermediate (Bloomberg US Agg benchmark)	19 bps	+2.83 bps
Gov’t Inflation-Protected Bond	PRRIX	TIPS (inflation-linked, varies)	17 bps	+3.17 bps
High Yield Bond Fund	CHYZX	High Yield Corporate (B+/B1)	31 bps	+3.50 bps
Short-Term Fixed Income	JSDUX	Short Duration Bond	0 bps	+2.33 bps

Target Date Sleeve (All 10 Vintages)

Each target date fund maps to the corresponding JPMorgan SmartRetirement R6 share class. These can be used directly as single-ticker proxies for each vintage.

Plan Fund	Proxy Ticker	Plan Fee	Proxy Fee	Monthly Fee Adj.
SmartRetirement Income	JSIYX	5 bps	34 bps	+2.42 bps
SmartRetirement 2025	JNSYX	4 bps	35 bps	+2.58 bps
SmartRetirement 2030	JSMYX	4 bps	35 bps	+2.58 bps
SmartRetirement 2035	SRJYX	3 bps	39 bps	+3.00 bps
SmartRetirement 2040	SMTYX	3 bps	39 bps	+3.00 bps
SmartRetirement 2045	JSAYX	2 bps	39 bps	+3.08 bps
SmartRetirement 2050	JTSYX	2 bps	39 bps	+3.08 bps
SmartRetirement 2055	JFFYX	2 bps	39 bps	+3.08 bps
SmartRetirement 2060	JAKYX	2 bps	39 bps	+3.08 bps
SmartRetirement 2065	JSMOX	2 bps	40 bps	+3.17 bps

Stable Value Component

The Stable Value Fund cannot be modeled with a market-traded proxy. It uses contractual book-value wrapper agreements that guarantee principal protection regardless of underlying bond market conditions. For backtesting and portfolio construction:

Modeling assumption: Fixed annual crediting rate of 4.75%⁵ (as of early 2025), applied as a constant monthly return of 0.396% (4.75% ÷ 12). This rate is approximate; actual crediting rates are set quarterly by JPMorgan Investment Management based on underlying portfolio yields and wrap contract economics.

Key property: Zero volatility, zero drawdown, zero correlation with equity or bond markets. In any blended portfolio model, the stable value allocation acts purely as a return-dampening / risk-reducing component.

Full-Universe Ticker Summary

The following tickers represent the complete investable universe of this plan for modeling purposes (excluding stable value, which must be modeled separately as a fixed return):

Equity (14): IWD, SPY, IWF, IJH, IWM, TILCX, JLGRX, VSEIX, PJSQX, EFA, SCZ, EEM, CIVIX, JPM
Fixed Income (5): JCBUX, PTTRX, PRRIX, CHYZX, JSDUX
Target Date (10): JSIYX, JNSYX, JSMYX, SRJYX, SMTYX, JSAYX, JTSYX, JFFYX, JAKYX, JSMOX
Stable Value: Model as 4.75% fixed annual returnTotal tickers: 29 (14 equity + 5 fixed income + 10 target date)
Total plan funds represented: 29 of 30 (only Stable Value excluded, modeled separately as fixed rate)

Section 10

Known Limitations

Active fund proxies are same-manager mutual funds, not the identical CIT. Vehicle-level differences (cash management, trading costs, portfolio construction constraints) will create some return divergence even when the investment process is identical.
Expense ratio data is sourced from plan documents dated January 2025 and may change at any time without notice.
The Stable Value Fund cannot be proxied with market securities due to its contractual wrap structure.
Target date fund proxies (SmartRetirement R6) follow the same glide path but hold publicly traded underlying funds rather than the plan’s institutional CITs, creating minor composition and fee differences.
Yahoo Finance adjusted close data⁶ may contain gaps or errors for older periods (Norton, 2011). Cross-referencing with provider data is recommended for research applications.
All proxy selections are for modeling and analytical purposes only. They do not constitute investment advice, a recommendation to buy or sell any security, or an endorsement of any fund or strategy.

Section 11

Notes & References

Notes

Basis points (bps) are a standard unit of measurement for expense ratios and fee differentials in the investment management industry. One basis point equals 0.01%, or one one-hundredth of a percentage point. An expense ratio of 19 bps is equivalent to 0.19% of assets annually.
Collective investment trusts (CITs) are pooled investment vehicles maintained by banks or trust companies exclusively for qualified retirement plans. Unlike mutual funds, CITs are not registered with the SEC, are not required to publicly disclose holdings, and do not carry public ticker symbols. CITs are regulated under the Office of the Comptroller of the Currency (OCC) and state banking authorities.
Proxy quality classifications (Exact, Close, N/A) are defined in Section 6. “Exact” denotes identical benchmark index tracking. “Close” denotes same-manager, same-strategy mutual fund equivalents packaged in a different vehicle wrapper (CIT vs. mutual fund).
Fee differential is calculated as the plan fund expense ratio minus the proxy expense ratio, both expressed in basis points. A negative value indicates the plan fund is less expensive than its publicly traded proxy. Monthly fee adjustment is the annualized differential divided by 12, applied to monthly proxy returns to approximate plan-level net-of-fee performance.
The stable value crediting rate of 4.75% is an approximation based on industry survey data for large-plan stable value funds as of early 2025. Actual crediting rates are proprietary to each plan and set quarterly by the fund manager based on underlying portfolio yields and wrap contract terms.
Yahoo Finance adjusted close prices incorporate dividends, stock splits, and other corporate actions to provide a total-return price series. Norton (2011) documents potential data quality issues in Yahoo Finance historical data, particularly for older periods and certain mutual fund share classes.

Data Sources & References

BlackRock, Inc. (2026). iShares ETF product pages. Retrieved March 26, 2026, from https://www.ishares.com/us/products

BrightScope & Investment Company Institute. (2024). The BrightScope/ICI defined contribution plan profile: A close look at 401(k) plans, 2021. ICI Research Report. https://www.ici.org/files/2024/24-rpt-dcplan-profile-401k.pdf

Causeway Capital Management LLC. (2026). Causeway International Value Fund. Retrieved March 26, 2026, from https://finance.yahoo.com/quote/CIVIX/

Columbia Threadneedle Investments. (2026). Columbia High Yield Bond Fund. Retrieved March 26, 2026, from https://finance.yahoo.com/quote/CHYZX/

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J.P. Morgan Asset Management. (2025). JPMorgan SmartRetirement Funds: Quarterly commentary, December 31, 2025. https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/commentary/FC-SR-R6.pdf

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