J.P. Morgan Total Return Index posts 10-yr 3.20% return
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Rhea-AI Filing Summary
J.P. Morgan provides a December 2025 performance update for the J.P. Morgan Total Return SM Index, a rules-based benchmark that dynamically allocates among 12 U.S. dollar fixed income ETFs. The Index rebalances monthly into the portfolio with the highest prior 6‑month performance, subject to a 5% historical volatility threshold and concentration limits, and is calculated on a total return basis.
From November 2015 to November 2025, the Index shows a 10‑year annualized return of 3.20%, with 10‑year annualized volatility of 5.19% and a Sharpe Ratio of 0.13. Over that same 10‑year period, the Bloomberg Barclays U.S. Aggregate Bond Total Return Index had a 1.99% annualized return with 4.85% volatility, while the Bloomberg Barclays Global Aggregate Bond Index Total Return Unhedged USD returned 1.29% with 5.36% volatility. The update also lists recent monthly ETF weightings and detailed monthly and annual return history, alongside extensive risk and backtesting disclosures emphasizing that past and hypothetical performance are not indicative of future results.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is the J.P. Morgan Total Return SM Index (AMJB)?
The J.P. Morgan Total Return SM Index is a rules-based benchmark that allocates among 12 U.S. dollar fixed income ETFs, each targeting a different sector such as U.S. Treasuries, investment-grade and high-yield credit, emerging markets debt, inflation-protected securities, mortgage-backed securities and preferred stock. It was established on July 13, 2017 and is calculated on a total return basis.
How does the J.P. Morgan Total Return SM Index allocate among fixed income ETFs?
The Index rebalances monthly into the portfolio with the highest performance over the previous six months, generally subject to a 5% historical volatility threshold and constituent and sector concentration limits. Recent monthly weights from July 2025 to December 2025 show varying allocations across U.S. Treasury, investment-grade credit, high-yield, emerging markets and other bond ETFs.
What has been the 10-year performance of the J.P. Morgan Total Return SM Index?
From November 2015 through November 2025, the Index shows a 10-year annualized return of 3.20%, with 10-year annualized volatility of 5.19% and a Sharpe Ratio of 0.13. Over the same period, the Bloomberg Barclays U.S. Aggregate Bond Total Return Index posted a 1.99% annualized return with 4.85% volatility, and the Bloomberg Barclays Global Aggregate Bond Index Total Return Unhedged USD returned 1.29% with 5.36% volatility.
What are the recent returns for the J.P. Morgan Total Return SM Index?
The Index’s 1-year return is 5.44%. Its 3-year annualized return is 1.44%, and the 5-year annualized return is 3.20%. These figures are based on hypothetical and actual historical data from November 2015 through November 2025, combining backtested performance before live inception with actual index performance from July 13, 2017 onward.
How does backtested performance factor into the J.P. Morgan Total Return SM Index results?
Historical performance includes hypothetical backtested data before the Index and certain ETFs were live. For periods before each Basket Constituent was launched or met liquidity standards, proxy performance from that ETF’s reference index, reduced by the ETF’s expense ratio, is used. The materials stress that backtested and past performance are not indicative of future results and that alternative modeling techniques could produce significantly different outcomes.
What key risks are associated with investments linked to the J.P. Morgan Total Return SM Index?
Key risks include that J.P. Morgan Securities LLC, as Index Sponsor, may make adjustments that affect index levels; the Index has a limited operating history; and its momentum-based strategy may underperform if markets do not follow prior trends. There are also risks tied to fixed income sectors such as interest rate and credit risk, high-yield debt, mortgage-backed securities, preferred stock, floating rate notes and emerging markets. Investments linked to the Index may also be subject to the credit risk of JPMorgan Chase Bank, N.A.
Where can investors find the level of the J.P. Morgan Total Return SM Index?
The Index was established on July 13, 2017 and its levels are published on Bloomberg and JPMorganIndices.com under the ticker JPUSTRI. The update notes that this document replaces and supersedes prior monthly update materials for the Index.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Index supplement to the prospectus dated April 13, 2023, the prospectus supplement dated April 13, 2023, the prospectus addendum dated June 3, 2024, the product supplement no. 4 - I dated April 13, 2023 and the underlying supplement no. 22 - I dated May 12, 2023 Registration Statement Nos. 333 - 270004 and 333 - 270004 - 01 Dated December 5, 2025 Rule 424(b)(3) PERFORMANCE UPDATE The J . P . Morgan Total Return SM Index (the “Index”) attempts to provide a dynamic and diversified allocation to 12 U . S . dollar fixed income ETFs (the “Basket Constituents”), each providing exposure to a ditferent sector of the U . S . dollar fixed income market . The Index rebalances monthly into the portfolio with the highest performance over the previous 6 months, generally subject to a 5 % historical volatility threshold, and constituent and sector concentration limits . The Index is calculated on a total return basis. The Index was established on July 13, 2017. Levels are published on Bloomberg and to JPMorganIndices.com , using the ticker JPUSTRI. Hypothetical and actual historical performance: Nov 2015 through Nov 2025 Please see the footnotes at the bottom of this page and “Backtesting” on the following page for information on backtested performance and proxies. Hypothetical and actual historical returns and volatilities: Nov 2015 through Nov 2025 70 90 110 130 150 170 190 Nov - 23 Nov - 25 J.P. Morgan Total Return SM Index Bloomberg Barclays U.S. Aggregate Bond TR Index Bloomberg Barclays Global Aggregate Bond Index TR Unhedged USD Backtested Actual 50 Nov - 15 Nov - 17 Nov - 19 Nov - 21 Sharpe Ratio 10 Year Volatility (Annualized) 10 Year Return (Annualized) 5 Year Return (Annualized) 3 Year Return (Annualized) 1 Year Return 0.13 5.19% 3.20% 1.44% 5.44% 4.45% J.P. Morgan Total Return SM Index n/a 4.85% 1.99% - 0.31% 4.56% 5.70% Bloomberg Barclays U.S. Aggregate Bond TR Index n/a 5.36% 1.29% - 1.94% 4.08% 5.57% Bloomberg Barclays Global Aggregate Bond Index TR Unhedged USD Recent monthly weights: Jul 2025 through Dec 2025 Other Credit Other Gov’t or Agency Bonds Investment - Grade Credit U.S. Treasury Bonds Preferred Stock (PFF) Floating Rate (FLOT) High Yield Corporate (HYG) Emerging Markets (EMB) Inflation - Protected (TIP) Agency MBS (MBB) 10+ Year Credit (IGLB) Intermed. Credit (IGIB) 1 – 3 Year Credit (IGSB) 20+ Year Treasuries (TLT) 7 – 10 Year Treasuries (IEF) 1 – 3 Year Treasuries (SHY) — — 15% 10% 20% — — 20% 15% — 20% — Jul 25 — — 20% 10% 10% — — 20% 20% — 20% — Aug 25 5% — 20% 10% 20% — — 20% 20% — 5% — Sep 25 10% — 15% 10% 10% — 10% 20% 20% — — 5% Oct 25 10% — 15% 10% — 20% 20% 20% — 5% — — Nov 25 5% — 15% 10% — 15% 20% 20% — 15% — — Dec 25 Hypothetical and actual historical monthly and annual returns: Jan 2016 through Nov 2025 Year Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan 5.42% 0.68% - 2.88% - 1.93% - 0.23% 0.32% 1.37% 3.85% - 0.07% 0.50% 0.77% 1.07% 2.00% 2016 4.71% 0.89% 0.08% 0.11% - 0.77% 1.31% 0.44% 0.15% 0.69% 0.61% 0.02% 0.60% 0.48% 2017 - 3.45% 0.95% 0.26% - 1.53% - 1.00% 0.61% - 0.03% 0.18% 0.30% - 0.25% 0.20% - 1.90% - 1.26% 2018 12.96% 0.34% 0.00% 0.26% - 1.13% 4.53% 0.46% 2.30% 2.59% 0.09% 1.86% - 0.17% 1.25% 2019 7.62% 1.13% 2.81% - 0.50% - 0.12% 0.02% 1.09% 0.30% 0.64% 1.53% - 2.95% 0.87% 2.67% 2020 0.04% 0.29% 0.21% 0.96% - 1.53% - 0.01% 0.84% 0.48% 0.45% 0.74% 0.09% - 1.27% - 1.17% 2021 - 9.72% - 0.34% 2.28% - 0.16% - 2.99% - 2.17% 2.40% - 2.36% 0.50% - 1.98% - 1.62% - 0.76% - 2.81% 2022 6.92% 2.59% 2.98% - 0.58% - 1.30% - 0.33% 0.67% 0.37% - 0.65% 0.50% 1.87% - 1.63% 2.34% 2023 3.36% - 1.86% 1.47% - 2.11% 1.28% 1.36% 1.97% 0.47% 1.73% - 1.52% 0.91% - 0.34% 0.06% 2024 6.43% 0.67% 0.26% 0.84% 1.41% 0.14% 0.99% - 0.26% 0.22% - 0.05% 1.29% 0.74% 2025 Historical performance measures for the Index represent hypothetical backtested performance using alternative performance for some Basket Constituents through June 25 , 201 4 (labeled “Backtested using proxies” in the chart above) ; hypothetical backtested performance using the actual performance of each Basket Constituent from June 26 , 201 4 through July 12 , 201 7 (labeled “Backtested” in the chart above) ; and actual performance from July 13 , 201 7 through November 30 , 202 5 (labeled “Actual” in the chart above) . The Bloomberg Barclays Global Aggregate Total Return Index Value Unhedged USD is a global investment - grade bond index . These indices are intended to serve solely as a point of reference to which the Index may be compared . They are not rebalanced on the same schedule as the Index . They do not employ the Index methodology . There is no guarantee that the Index will outperform either the Bloomberg Barclays U . S . Aggregate Bond Total Return Index or the Bloomberg Barclays Global Aggregate Total Return Index Value Unhedged USD, or any other benchmark or index, in the future . PAST PERFORMANCE AND BACKTESTED PERFORMANCE ARE NOT INDICATIVE OF FUTURE RESULTS . Please see the Disclaimer on the following page . DECEMBER 2025 J.P. Morgan Total Return SM Index
DECEMBER 2025 | J.P. Morgan Total Return SM Index Selected Risks Our affiliate, J.P. Morgan Securities LLC (“JPMS”), is the Index Sponsor and may adjust the Index in a way that atfects its level. The policies and judgments for which JPMS is responsible could have an impact, positive or negative, on the level of the Index and the value of your investment. JPMS is under no obligation to consider your interest as an investor with returns linked to the Index. The Index was established on July 13, 2017, and has a limited operating history. There are risks associated with a momentum - based investment strategy. If market conditions do not represent a continuation of prior observed trends, Index performance may be adversely impacted. The Index comprises notional assets and liabilities. There is no actual portfolio of assets to which any person is entitled or in which any person has any ownership interest. The Index may not be successful, may not outperform any alternative strategy and may not maintain volatility below its historical volatility threshold of 5%. The investment strategy used to construct the Index involves monthly rebalancing and weighting constraints that are applied to the Basket Constituents, which may adversely impact performance. Changes in the values of the Basket Constituents may otfset each other. There are risks associated with correlation between the Basket Constituents. If the performances of the Basket Constituents become highly correlated during periods of negative performance, Index performance may be adversely impacted. Each Basket Constituent composing the Index may be replaced by a substitute constituent upon the occurrence of certain extraordinary events. The Index should not be compared to any other index or strategy sponsored by any of our affiliates and cannot necessarily be considered a revised, enhanced or modified version of any other J.P. Morgan index. The securities of our parent company, JPMorgan Chase & Co., are held by several of the Basket Constituents. The performance of an ETF, particularly during periods of market volatility, may not correlate with the performance of its reference index. The Index is subject to significant risks associated with fixed - income securities (including interest rate - related risks and credit risk), high - yield and investment - grade fixed - income securities (including credit risk), floating rate notes, mortgage - backed securities, preferred stock, hybrid securities, U . S . treasury inflation - protected securities and non - U . S . securities markets, including emerging markets . Investments linked to the index may be subject to the credit risk of JPMorgan Chase Bank, N . A . The risks identified above are not exhaustive. You should also review carefully the related “Risk Factors” section in the relevant disclosure statement and underlying supplement and the “Selected Risk Considerations” in the relevant term sheet or disclosure supplement. Disclaimer The information contained in this document is for discussion purposes only . Any information relating to performance contained in these materials is illustrative and no assurance is given that any indicative returns, performance or results, whether historical or hypothetical, will be achieved . J . P . Morgan undertakes no duty to update this information . In the event of any inconsistency between the information presented herein and any otfering documents, the otfering documents shall govern . Backtesting : Hypothetical backtested performance measures have inherent limitations and are designed with the benefit of hindsight . Alternative modelling techniques might produce significantly ditferent results and may prove to be more appropriate . For time periods prior to the launch of each of the Basket Constituents, and prior to that Basket Constituent’s satisfaction of a minimum liquidity standard, backtesting uses alternative performance derived from the reference index tracked by that Basket Constituent as of the Index’s live date (or the reference index originally tracked by that Basket Constituent, if the reference index as of the Index’s live date was not available for the relevant period), after deducting hypothetical fund expenses equal to such Basket Constituent’s expense ratio as of the Index’s live date, rather than actual performance of that Basket Constituent for that period . The use of alternative “proxy” performance information in the calculation of hypothetical backtested weights and levels may have resulted in ditferent, perhaps significantly ditferent, weights and higher levels than would have resulted from the use of actual performance information of the Constituents . Past performance, and especially hypothetical backtested performance, is not indicative of future results . This type of information has inherent limitations and you should carefully consider these limitations before placing reliance on such information . The 10 Year Volatility (Annualized) on the previous page is a measure of market risk, calculated as of the square root of two hundred and fifty - two ( 252 ) multiplied by the sample standard deviation of the daily logarithmic returns of each applicable index (considering only days for which levels are available for all three) over the preceding 10 years . The Sharpe Ratio on the previous page is a measure of risk - adjusted performance, calculated as the annualized 10 year excess return (calculated as the annualized compounded monthly returns of the applicable index over the monthly returns of the J . P . Morgan Cash Index USD 3 Month, which tracks the return of a notional 3 - month U . S . dollar time deposit) divided by the 10 Year Volatility (Annualized) . Investment suitability must be determined individually for each investor, and CDs linked to the Index may not be suitable for all investors . This material is not a product of J . P . Morgan Research Departments . Copyright © 2025 JPMorgan Chase & Co . All rights reserved . For additional regulatory disclosures, please consult : www . jpmorgan . com/disclosures . Information contained on this website is not incorporated by reference in, and should not be considered part of, this document . This monthly update document replaces and supersedes all prior written materials of this type previously provided with respect to the Index .