JPMorgan SmartRetirement 2040 Fund Class I
SMTSX
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- JPMorgan SmartRetirement 2040 Fund Class I (SMTSX) is a target-date mutual fund managed by J.P. Morgan Asset Management that provides a professionally managed, diversified portfolio for investors planning to retire around 2040, with asset allocations that automatically shift from growth-oriented equities toward conservative fixed income and cash equivalents as the target date approaches. The fund pursues high total return initially, transitioning to current income and capital preservation through a fund-of-funds structure investing in approximately 22 underlying J.P. Morgan mutual funds and ETFs across U.S. large-cap equity (41.7%; including JPM U.S. Research Enhanced Equity Fund Class R6 JDEUX, JPMorgan Core Plus Bond Fund Class R6 JCPUX), international developed equity (19.8%; including JPM International Research Enhanced Equity ETF JIRE), emerging markets equity (7.3%), U.S. small- and mid-cap equity (8.5%), REITs (1.6%; including JPM Realty Income ETF JPRE), high yield bonds (2.3%), emerging markets debt (0.6%), and U.S. fixed income (18%). Launched on May 15, 2006, with headquarters in New York, New York, the fund operates globally through its underlying strategies targeting institutional and retail retirement savers in defined contribution plans, with total assets of approximately $4.35 billion and a net expense ratio of 0.65% as of September 30, 2025. Recent developments include a 2 percentage point reduction in equity exposure for portfolios dated 2035 or later implemented in 2024 to align with research indicating lower risk is needed to meet retirement goals; a merger of the SmartRetirement 2020 Fund into the Income Fund on April 25, 2025; updates to underlying managers effective April 1, 2025; and strategic allocation adjustments published February 1, 2025, emphasizing tactical asset-class shifts over sector or regional tilts. In August 2024, J.P. Morgan Asset Management launched the complementary SmartRetirement Lifetime Income solution, partnering with insurers such as Equitable and Prudential to offer lifetime income streams via annuity contracts integrated with target-date structures, enhancing post-retirement decumulation options based on proprietary participant data from Chase and J.P. Morgan. Portfolio management saw changes in 2025, including Silvia Trillo's departure in August (with her tactical-allocation role reduced) and Ove Fladberg named team lead earlier in the year, while veterans Daniel Oldroyd and others continue oversight supported by a 135-professional Multi-Asset Solutions team managing over $295 billion.