JPMorgan Ultra-Short Municipal Income ETF
J.P. Morgan Exchange-Traded Fund Trust · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q2
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.
| Share class | Expense ratio |
|---|---|
| JMST | 0.18% |
Portfolio turnover 53.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 72.47% |
| Cash & short-term | 31.24% |
| Derivatives | 0.01% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: Bergen County Improvement Authority (The), District of Columbia, Jersey City Municipal Utilities Authority, Borough of Carteret NJ, City of Albany NY, Bristol Warren Regional School District, 2026 Loan Holding-1, Enlarged City School District of the City of Troy
Largest exited: Triborough Bridge & Tunnel Authority, City of Albany NY, Monmouth County Improvement Authority (The), Bergen County Improvement Authority (The), Town of Westford MA, Township of Manchester NJ, Borough of East Rutherford NJ, Jersey City Municipal Utilities Authority
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | 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 Washington5.00% · due 2029-07-01 | 0.90% | $57.36M | — |
| — | Alaska Housing Finance Corp. | 0.86% | $55.00M | — |
| — | State of Minnesota5.00% · due 2027-08-01 | 0.78% | $49.72M | — |
| — | Township of Woodbridge NJ4.00% · 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 | — |
Top 10 positions are 14.09% of net assets, top 25 22.96%, across 747 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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