JPMorgan Ultra-Short Municipal Income ETF
Actively managed U.S. bond ETF
As of its 2026 Q2 report, JPMorgan Ultra-Short Municipal Income ETF held 1,892 positions with $6.36B in net assets. Its ten largest holdings made up 14.1% of the fund. The JMST share class costs 0.18% a year. Over the 12 months to May 2026, JMST returned 2.9%, with dividends reinvested. In 2026 Q2 it added 483 new positions and exited 164.
The Fund seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.
The fund invests at least 80% of its assets in municipal securities whose interest is exempt from federal income tax, with an average weighted maturity of two years or less, selecting primarily investment-grade or unrated equivalent securities while allowing up to 10% in below-investment-grade bonds. The adviser uses a value-oriented approach, analyzing individual securities for interest rate risk, credit risk, duration, and liquidity, and also considers environmental, social and governance factors as financially material to municipal issuers. Because securities purchased at investment grade may be downgraded after purchase, the fund's credit quality can deteriorate over time.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
JPMorgan Institutional Tax Free Money Market Fund | 7.08% | $450.81M | — |
New York City Municipal Water Finance Authority | 1.02% | $65.00M | — |
State of Washington 5.00% · due 2029-07-01 | 0.90% | $57.36M | — |
Alaska Housing Finance Corp. | 0.86% | $55.00M | — |
State of Minnesota 5.00% · due 2027-08-01 | 0.78% | $49.72M | — |
Township of Woodbridge NJ 4.00% · due 2026-10-09 | 0.71% | $45.13M | — |
Maryland Health & Higher Educational Facilities Authority | 0.71% | $45.00M | — |
Bergen County Improvement Authority (The) 4.00% · due 2027-05-19 | 0.68% | $43.13M | — |
Tarrant County Cultural Education Facilities Finance Corp. | 0.68% | $42.92M | — |
District of Columbia | 0.67% | $42.50M | — |
The 200 largest of 1,892 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 72.47% |
| Cash & short-term | 31.24% |
| Derivatives | 0.01% |
Derivatives are shown at market value, not notional exposure.
How it has done
JMST share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.43%. Past returns are a record, not a forecast.
Fees & fund details
JPMorgan Ultra-Short Municipal Income ETF is an actively managed U.S. bond ETF.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- ETF
- Expense ratio, by class
- 0.18%· JMST 0.18%
- Portfolio turnover
- 53.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
483 new· the largest 8
164 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 93.7% |
| Floating rate | 5.8% |
| Zero-coupon or unclassified | 0.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 49.5% |
| 1-3y | 28.6% |
| 3-5y | 13.0% |
| 5-10y | 1.6% |
| 10y+ | 7.3% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 50% |
| Credit spreads | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +0.81 yr |
| High yield | +0.08 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.12 yr | 13% |
| 1 yr | 0.48 yr | 53% |
| 5 yr | 0.31 yr | 34% |
| 10 yr | 0.00 yr | 0% |
| 3 mo | 0.07 yr | 8% |
| 1 yr | 0.49 yr | 56% |
| 5 yr | 0.33 yr | 37% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.12 | +0.05 | +0.02 | $31.8k | $11.6k |
| 1 yr | +0.48 | +0.43 | +0.06 | $274.6k | $37.8k |
| 5 yr | +0.31 | +0.32 | +0.00 | $206.0k | $893 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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