JPMorgan announced in a filing dated and effective Oct. 4, 2021, that Frederick Bourgoin and Bhupinder Bahra, comanagers on JPMorgan High Yield Research Enhanced ETF since the fund’s September 2016 inception, would be replaced by Qiwei Zhu and Naveen Kumar. All four serve on the firm’s London-based Quantitative Research team; Bourgoin and Bahra have co-director responsibilities. whereas Zhu and Kumar are supporting members. JPMorgan confirmed that Bourgoin and Bahra are remaining at the firm and characterized their removal as reflecting their reduced day-to-day contribution to the fund. Conversely, the firm added Zhu and Kumar to the fund’s roster to reflect their ongoing work on its quantitative screens and analysis. These personnel changes do not have a material effect on the fund’s Average People and Process Pillar ratings, and it keeps its Morningstar Analyst Rating of Neutral.
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The Process Pillar is our assessment of how sensible, clearly defined, and repeatable JPHY’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the JPHY management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
The Parent Pillar is our rating of JPHY’s parent organization’s priorities and whether they’re in line with investors’ interests.