J.P. Morgan Launches Largest Active ETF with $2B Anchor Investment

Whats Happening:

J.P. Morgan Asset Management has launched the JPMorgan Active High Yield ETF (JPHY) on the Cboe BZX Exchange. The fund is anchored by a $2 billion investment from a large institutional external client, marking the largest active ETF launch in history. JPHY aims to deliver a high level of current income by investing in high-yield debt securities.

Key Moves:

• J.P. Morgan launches JPMorgan Active High Yield ETF (JPHY)

• JPHY receives $2 billion anchor investment from institutional client

• Fund commits to allocate at least 80% of assets to below investment grade bonds

By The Numbers:

• JPHY priced at 45 basis points

• J.P. Morgan has $55 billion in active fixed income ETF AUM

• Firm has attracted $10 billion in U.S. active fixed income flows YTD in 2025

Key Quotes:

• "We're excited to launch JPHY at this scale, marking the largest active ETF launch and extending our position as the leading provider of active fixed income," - George Gatch, CEO of J.P. Morgan Asset Management

• "JPHY reinforces our commitment to deliver incremental return opportunities in fixed income, a market segment that has been dominated by passive strategies," - Robert Michele, Global Head of Fixed Income for J.P. Morgan Asset Management

Bottom Line:

J.P. Morgan's launch of JPHY with a $2 billion anchor investment demonstrates the growing demand for active fixed income ETFs. As the largest U.S. active fixed income ETF provider, J.P. Morgan is capitalizing on the trend of active fixed income ETF AUM expected to quadruple in the next five years, further solidifying its market leadership position.

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