JPMorgan Ultra-Short Municipal Income ETF
JMST
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- JPMorgan Ultra-Short Municipal Income ETF (JMST) is an actively managed exchange-traded fund that seeks a high level of current income exempt from federal income tax while preserving capital and maintaining liquidity through investments primarily in investment-grade, short-duration U.S. municipal securities; these include fixed-rate, variable-rate demand notes, and floating-rate municipal bonds and notes with a weighted average maturity of two years or less and a typical portfolio duration of less than one year. The fund emphasizes security selection, duration management, and relative value opportunities across sectors such as revenue bonds, general obligation bonds, healthcare, and utilities, with diversification across at least 20 states and 30 issuers; limits include 25% maximum exposure to non-government sectors, 4% to single issuers, and 10% to below-investment-grade bonds; it holds 20%-30% in high-liquidity assets like cash, variable-rate demand notes, and securities maturing within two weeks. JMST trades on the Cboe BZX Exchange under the ticker JMST with a net expense ratio of 0.18%, approximately $5.56 billion in assets under management, and over 1,600 holdings as of late 2025. Launched on October 16, 2018, by J.P. Morgan Exchange-Traded Fund Trust, a unit of J.P. Morgan Asset Management—which oversees more than $100 billion in municipal assets—the ETF is comanaged by veterans Curtis White (32 years industry experience) and Josh Brunner (28 years industry experience), supported by 10-11 municipal credit analysts. In recent portfolio adjustments within the last two years, managers increased variable-rate demand notes to 31.8% of assets by December 2022 from 16.8% the prior year while shortening duration to 0.50 years from 0.80 years to enhance liquidity amid rising yields, then reduced them to 20% in 2023 and further adjusted to approximately 15.6% nonrated (internally investment-grade) bonds by year-end 2024; sector shifts included lowering local general obligation bonds to 28% and healthcare-backed munis to 9.4% by end-2024 after earlier increases. The fund maintained top-quartile five-year returns in the Morningstar Muni National Short category as of September 30, 2025, with a Silver Medalist Rating reaffirmed in January 2025, a 30-day SEC yield of 2.63%, and a 12-month rolling dividend yield of 3.01%; it has consistently outperformed the Bloomberg 1-Year Municipal Bond Index since inception, delivering lower volatility with a since-inception standard deviation of 0.76%. As of November 2025, the portfolio featured 46.6% revenue bonds, 41.9% general obligations, 15.2% AAA-rated, 60.1% AA-rated securities, and overweight positions in states including New Jersey (14.1%), Ohio (6.3%), and Pennsylvania (5.1%), with an average duration of 0.82 years.