J.P. Morgan Asset Management Wednesday launched its largest active exchange-traded fund anchored by a $2 billion investment from an external institutional client, as it looks to expand its fixed ETF assets under management.

JPMorgan Active High Yield ETF, trading on the Cboe BZX Exchange, is committed to invest at least 80% of its assets in bonds and other debt securities rated below investment grade, the company said.

Securities rated Baa3/BBB- or above are generally referred to as investment grade with lower risk, while high-yield ETFs target investments with grades lower than those to go high on reward.

"This is just the beginning of a trend that should see active fixed ETF AUM quadruple in the next five years," said George Gatch, CEO of J.P. Morgan Asset Management, which is the largest U.S. active fixed income ETF provider, with $55 billion in AUM.

JPMorgan Active High Yield ETF is benchmarked against the ICE BofA US High Yield Constrained Index and is priced at 45 basis points.