JLAXX and MJLXX: JPMorgan Liquid Assets Money Market Fund (October 2026)
Written & reviewed by Hans Goldstein, EA, independent licensed insurance producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
MJLXX yield checked on am.jpmorgan.com on October 13, 2026; other fund data September 24, 2026 · Updated
The retail-minimum Morgan class of the JPMorgan Liquid Assets Money Market Fund (MJLXX) had a 3.55% 7-day SEC yield as of October 13, 2026, with a $1,000 minimum. On September 24, 2026 the $1 million Premier class paid 3.68% and the $10 million Institutional class 3.90%. There is no "JLAXX": that ticker is not on the SEC's list for this fund, and earlier versions of this page used it in error. It is a prime fund, and lower-cost Vanguard government and Treasury funds paid retail investors more in late September 2026.
Money market fund vs MYGA, after tax
What $100,000 earns in 5 years: money market fund vs MYGA, after tax
Rates used: Money market fund 3.55%, MJLXX 7-day SEC yield (J.P. Morgan, October 13, 2026); yields change daily; change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| Money market fund, interest taxed every year | $114,633 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the money market fund, after tax | $11,502 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge. In an IRA both grow tax-deferred, so the edge there is the rate alone. A MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Share classes and yields
| Share class | Ticker | 7-day SEC yield | Minimum |
|---|---|---|---|
| Morgan | MJLXX | 3.55% (10/13/2026) | $1,000 ($50 after) |
| Premier | PJLXX | 3.68% (09/24/2026) | $1 million |
| Institutional | IJLXX | 3.90% (09/24/2026) | $10 million |
Fund facts
| Fund fact (all classes) | Value | As of |
|---|---|---|
| Fund assets | $84.64 billion | 09/24/2026 |
| Weighted average maturity / life | 36 days / 61 days | 09/24/2026 |
| Daily / weekly liquid assets | 30.41% / 52.57% | 09/24/2026 |
| Market-based NAV (Morgan) | $0.9997 | 09/24/2026 |
How it compares with other money funds
| Fund | Type | 7-day yield | Minimum | As of |
|---|---|---|---|---|
| JPMorgan Liquid Assets MMF, Morgan (MJLXX) | Prime | 3.55% | $1,000 | 10/13/2026 |
| Schwab Prime Advantage Money Fund (SWVXX) | Prime | 3.70% | None | 10/09/2026 |
| Fidelity Money Market Fund (SPRXX) | Prime | 3.51% | $0 | 09/23/2026 |
| Vanguard Treasury MMF (VUSXX) | Treasury | 3.76% | $3,000 | 09/23/2026 |
| Vanguard Federal MMF (VMFXX) | Government | 3.74% | $3,000 | 09/23/2026 |
- Retail investors get the Morgan class. On September 24, 2026 the yield gap to the Institutional class was 0.37 point (3.53% vs 3.90%), the price of a $1,000 minimum instead of $10 million.
- Prime, not government. Prime funds carry more credit exposure and can charge liquidity fees under SEC rules; government funds generally do not.
- Little state-tax benefit. Income from commercial paper, bank obligations and repurchase agreements is generally state-taxable.
- Yields just moved. The Fed raised its target to 3.75% to 4.00% on September 16, 2026; with a 36-day average maturity the fund reprices within weeks.
Quick answers (October 2026)
What is the JPMorgan Liquid Assets fund yield today?
The Morgan share class (MJLXX) showed a 3.55% 7-day SEC yield on J.P. Morgan's fund page as of October 13, 2026.
What is the minimum to buy MJLXX?
$1,000, per J.P. Morgan's fund page.
How does MJLXX compare to Schwab SWVXX?
SWVXX showed a 3.70% 7-day yield as of October 9, 2026, slightly above MJLXX at 3.55% as of October 13, 2026. Both are prime money market funds with a $1.00 share price target.
Related: SNSXX vs SWVXX · best money market funds 2026 · best Treasury money market fund · money market fund vs MYGA · Today's MYGA rates
Rates expire like milk.
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MJLXX vs. a 5-year MYGA: $250,000 math
| $250,000 for 5 years | MJLXX at 3.55% | 5-yr MYGA at 5.50% |
|---|---|---|
| Rate | Variable, resets daily | 5.50%, fixed for the term |
| Tax on earnings | Every year | Deferred until withdrawn |
| Value after 5 years, after 24% federal tax | ~$285,600 | ~$308,300 (tax paid at the end) |
| Protection | Not FDIC insured; seeks $1.00 NAV | Insurer claims-paying ability + state guaranty association (limits vary by state) |
| Getting out early | Daily liquidity; possible liquidity fee | Surrender charge above the free-withdrawal amount; IRS 10% penalty before 59½ |
About $22,700 more after federal tax on the MYGA (24% bracket, state tax ignored). The MJLXX column assumes today's yield holds for five years; a money market yield resets daily, so that flatters it. For money you may need inside two years, or that must stay FDIC insured, the MYGA is the wrong tool. MYGA benchmark: carriers rated A or better topped out around 5.50% to 6.05% on 5-year compound-interest MYGAs, per public carrier rate sheets, October 14, 2026. Rates vary by state, premium and carrier.
Current MYGA rates · Annuity vs CD · HYSA vs money market fund
JPMorgan Liquid Assets MMF: FAQ
What is JLAXX?
JLAXX is not a ticker for the JPMorgan Liquid Assets Money Market Fund. The SEC's mutual fund ticker list shows the fund's share classes as IJLXX, CJLXX, MJLXX, PJLXX, HPIXX, AJLXX and HLPXX. The class with the lowest minimum on J.P. Morgan's site is the Morgan class, MJLXX ($1,000). An earlier version of this page used JLAXX in error.
What is the JPMorgan Liquid Assets Money Market Fund yield?
J.P. Morgan reported a 3.55% 7-day SEC yield for the Morgan class (MJLXX) as of October 13, 2026. On September 24, 2026 it reported 3.68% for Premier (PJLXX) and 3.90% for Institutional (IJLXX).
What is the minimum investment?
$1,000 for the Morgan class (MJLXX), with $50 subsequent investments; $1 million for Premier; $10 million for Institutional, per J.P. Morgan.
Is it a government or prime fund?
Prime. It can hold commercial paper and bank obligations as well as government securities. Under SEC rules, prime money market funds can charge liquidity fees; read the prospectus.
How big is the fund and how long is its maturity?
$84.64 billion in fund assets, a 36-day weighted average maturity and 61-day weighted average life, with 52.57% weekly liquid assets, as of September 24, 2026.
Is JPMorgan Liquid Assets MMF FDIC insured?
No. It is a money market fund, not a bank deposit, and can lose value.
My take
JPMorgan Liquid Assets is a large prime money fund whose retail class (MJLXX) yielded 3.55% as of October 13, 2026. In late September it trailed cheaper Vanguard government and Treasury funds. If you searched for JLAXX, MJLXX is almost certainly the fund you want.
Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398). He is not affiliated with J.P. Morgan Asset Management, does not sell money market funds or other securities, and gives no advice on them. Fund data is copied from the fund company's website as of the dates shown. Money market funds are not FDIC insured and can lose value. Past performance does not predict future results. MYGA figures are illustrations, not quotes.
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Disclosure
This review reflects publicly available fund prospectuses, fact sheets, and approximate 7-day SEC yields as of the date stated above. Money market fund yields change daily and reset roughly in line with the federal funds rate; always confirm current yield, expense ratio, holdings, and weighted average maturity against the most recent fund disclosure document before committing capital. Money market funds are not FDIC-insured. Government and Treasury money market funds historically maintain a stable $1.00 NAV but are not guaranteed to do so. See the "breaking the buck" history. Prime money market funds may impose liquidity fees or redemption gates during market stress. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (NPN 20602398) and does not sell securities or money market funds; comparisons to multi-year guaranteed annuities (MYGAs) are provided for informational context only. No compensation has been received from any fund company in connection with the publication of this review. Always read the actual fund prospectus and consult a licensed advisor before investing. Past yield does not predict future yield. State income tax treatment of U.S. Treasury obligations varies and is subject to change. Tax discussion reflects federal and California law as of 2026 and is subject to change.