J.P. Morgan Self-Directed Investing

Frequently asked questions

Overview & Pricing

With J.P. Morgan Self-Directed Investing, theres no minimum account balance to get started, and you get unlimited commission-free online stock, ETF and options trades. Options contract and other fees may apply. Get more info on pricing and fees here.

With J.P. Morgan Automated Investing, you can get started with as little as $500 and pay an advisory fee of 0.35%. All in, no hidden management fees.

J.P. Morgan offers J.P. Morgan Self-Directed Investing, an online self-directed brokerage account in which you can trade stocks, ETFs, mutual funds, options and fixed income products online. To purchase other types of investments, please contact your J.P. Morgan Advisor.

In the top menu, choose Trade then choose the kind of product you’d like to trade: stocks, ETFs, mutual funds, options or fixed income.

Your account value is the current market value of your account in U.S. dollars. Depending on the securities you own, it could reflect intraday values, which may change during market hours (9:30 AM to 4 PM ET).

You can find out more about investing at chase.com. In the top menu, choose “Investments” then “Learning & Insights to explore available articles and tips.

We put all the cash in your investment account in a bank deposit sweep account, which earns interest. You can see current bank deposit sweep rates here.

You can place trades online anytime between 6 AM and 2 AM ET. After hours trading isnt available at this time. All orders placed outside of normal trading hours (9:30AM - 4PM ET) will be queued.

Portfolio Builder

Portfolio Builder is a tool that enables customers with an existing J.P. Morgan Self-Directed Investing account to create an asset allocation, based on their answers to a few questions about their investment goals, time horizon and risk tolerance. Customers can also use Portfolio Builder to choose securities to fit their allocation and place trades to create their portfolio. There is a $2,500 minimum to use the Portfolio Builder tool.

Portfolio Builder is a great tool for clients who want to make their own investment decisions but need help with creating a portfolio that fits with their goals, time horizon and risk tolerance.

To create a portfolio with the Portfolio Builder tool, you must have a minimum available cash balance of $2,500 in your account.

Our Portfolio Builder tool allows you to choose and trade ETFs and stocks across a variety of asset classes, including U.S. and international equities, core fixed income and commodities/other.

You can use our Compare tool on your “Pick Your Funds” page to compare up to five (5) securities at a time.

Your risk tolerance is a measure of how much investment risk you’re comfortable accepting in your portfolio. Risk tolerance is based on several factors, such as your goals and how you might respond to ups and downs in your portfolio.  Additionally, the amount of time you have to reach those goals should also be taken into consideration. For example, if you have a long time to reach a goal—like 20 years—you may have a greater appetite for risk. If you have less time to reach your goals, your appetite for risk may be lower and you may want to reconsider your investment options.

Because you’re using the Portfolio Builder tool with your J.P. Morgan Self-Directed Investing account, you can choose whatever investments you want, even if it falls outside of your risk profile’s target allocation. We’ll alert you that you’re moving outside of your target allocation, but you always make your own investment decisions.

The different portfolios and estimated returns reflect various risk tolerance levels, based on the underlying investment allocations. This chart is generated by J.P. Morgan’s patented Morgan Asset Projection System (MAPS)®, a proprietary tool we developed to help you compare potential allocation strategies. MAPS helps you compare potential outcomes of each strategy to see which could most likely meet your needs. Learn more about this chart (PDF).

You don’t need to purchase a security from each asset class if you don’t want to. We’ll notify you if you change your target allocation by excluding certain asset classes.

You can only buy ETFs and stocks in Portfolio Builder.

Orders placed when the markets are closed will be queued and executed when the markets open.

We’ll save the portfolio you created for 30 days so you can come back later to execute your trades.

With a J.P. Morgan Self-Directed Investing account, you can add securities to your portfolio whenever you like. From your account dashboard, choose “Investments” and then “Trade.”

Stocks & ETFs

We don’t allow clients to buy (and have certain restrictions on the sale of) penny stocks in J.P. Morgan Self-Directed Investing accounts. We define a penny stock as any security that is trading at a price of less than $5.00 and isnt listed on a major exchange.

However, you can buy securities that aren’t listed on a major stock exchange but are trading at $5.00 or more in your You Invest Trade account. There may be restrictions on the sale of such securities if they trade below $5.00.

  • Market: A market order means you buy or sell stock based on current market price. 
  • Limit: A limit order is an order to buy or sell a stock at a specific price or better. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher. A limit order is not guaranteed to execute. 
  • Stop: This is an order to sell (or buy) at the market once the price of a security falls (or rises) to a designated level. 
  • Stop Limit: A stop-limit order is an order to buy or sell a stock that combines the features of a stop order and a limit order. Once the stop price is reached, a stop-limit order becomes a limit order thatll be executed at a specified Limit price (or better). 
  • Day: Valid for the current trading day
  • Good Til Canceled: Remain active until theyre canceled
  • On the Open: Condition to buy or sell at market open
  • On the Close: Condition to buy or sell as close as possible to market close
  • Immediate or Cancel: All or part of the order will be executed immediately or will be canceled

Estimated maximum shares refers to approximately how many shares of a given security you could buy, based on the cash you have available for trading. This calculation doesn’t include commission charges.

The main difference between the two types of stock is that holders of common stock typically have voting privileges, whereas holders of preferred stock may not. However, preferred stock holders generally have a greater claim to a companys assets. Typically, preferred stock offers higher dividend yield incentive.

Mutual Funds

The net asset value of a mutual fund is the fund’s value per share. The net asset value of a mutual fund equals the market value of its assets minus its liabilities, divided by the number of outstanding shares. The NAV is calculated once each day after close of the market.

To discourage short-term trading, mutual funds often charge a short-term redemption fee if you sell your shares before the fund’s holding period requirement has ended.

A load is a type of a commission that may be charged by a mutual fund. Depending on the fund, the following load types could be applicable:
 

  • Front-end is a sales charge investors pay upon the initial purchase of mutual fund shares. Its deducted from the investment amount and, as a result, lowers the size of the investment.
  • Back-end is a sales charge that investors pay when selling mutual fund shares. Generally, a back-end load is a percentage of the value of the share being sold and may decrease over time (usually 6 years).
  • Load-waived means that the sales charge normally paid by an investor when purchasing mutual fund shares has been waived. Owning shares in a load-waived fund is a benefit to investors because it allows them to retain all of their investments return instead of losing a portion of it to fees. The fund’s prospectus explains when loads are waived.
  • No load means that mutual fund shares aren’t subject to any sales charge. This occurs because the shares are distributed directly by the investment company, instead of going through a secondary party.

Mutual funds may charge two types of sales charges: front-end load and back-end load. A front-end load fee is charged when you buy shares of a mutual fund. A back-end load fee is charged when you sell your shares of a mutual fund. Funds that don’t charge either kind of fee are generally called no-load mutual funds.

Certain mutual funds (generally, a fund’s Class B shares) may have a contingent deferred sales charge (CDSC) if you sell shares within a specified number of years after you buy them. Calculated as a percentage of the value of the shares being sold, the fee varies with each mutual fund and can start out at 5% or more. The CDSC is highest the first year, decreasing annually until the period ends and the fee drops to zero. It’s also known as a back-end load or sales charge.

Bonds and Fixed Income

Bonds are the most common type of fixed income securities. A bond represents a loan to the issuer (e.g., a corporation or government) for a certain period of time. In exchange, the issuer typically pays the bond holder interest until the bond matures. When the bond matures, the issuer repays the bond at its face value (or par value).

These are the main types of bonds:

  • Treasury bonds are issued by the U.S. government and are generally considered very safe.
  • Corporate bonds are issued by companies. Their risk varies, as reflected by a credit rating.
  • Municipal bonds are issued by states, their agencies and subdivisions, such as counties and municipalities.
  • Agency bonds are issued by federally-sponsored agencies, although these investments aren’t guaranteed by the federal government.
  • Zero coupon bonds are bonds issued at a deep discount to their face value but pay no interest.

Accrued interest is the interest you earn on a bond or other fixed income security that hasn’t been paid out. Accrued interest generally starts accumulating the day the purchase of a bond settles.

Face or “par” value is generally the amount the issuer (e.g., a corporation or government) is required to pay the bondholder when a bond matures. Face value stays the same overtime.

The market value of bonds and stocks is determined by the buying and selling activity of all investors on the open market. A bond can be purchased for more or less than its par value, depending on market sentiment. Upon maturity, the bondholder is paid the par value, regardless of the purchase price.

The coupon rate is the stated rate of interest paid on a bond.

The yield to maturity is the annual rate of return you earn if you hold a bond to maturity.

An investment grade security has a relatively low risk of default. Only companies rated at BBB- or higher by Standard and Poors or Baa3 by Moodys are considered investment grade. Anything below those ratings is considered non-investment grade and carries a higher risk of default.

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