ETF Evaluator:
JPMorgan Ultra-Short Income ETF (JPST)
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(as of Jul 31)
Best Performing in Ultrashort Bond Over the Last Year
| 8.0% | iShares Interest Rate Hdg L/T Corp BdETF (IGBH) |
| 7.0% | iShares Interest Rate Hedged Corp Bd ETF (LQDH) |
| 6.1% | Simplify Treasury Option Income ETF (BUCK) |
| 5.8% | iShares Interest Rt Hdg U.S. Aggt Bd ETF (AGRH) |
| 5.5% | SLW Short Duration Income ETF (SLWS) |
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ETF Details
JPMorgan Ultra-Short Income ETF Overview
JPMorgan Ultra-Short Income ETF (JPST) is an actively managed Taxable Bond Ultrashort Bond exchange-traded fund (ETF). JPMorgan launched the ETF in 2017.
The investment seeks to provide current income while seeking to maintain a low volatility of principal.
Under normal circumstances, the fund seeks to achieve its investment objective by investing at least 80% of its assets in investment grade, U.S. dollar denominated short-term fixed, variable and floating rate debt. "Assets" means net assets, plus the amount of borrowings for investment purposes. As part of its principal investment strategy, it may invest in corporate securities, asset-backed securities, mortgage-backed and mortgage-related securities, and high quality money market instruments such as commercial paper and certificates of deposit.
About JPMorgan Ultra-Short Income ETF (JPST)
There are 4 members of the management team with an average tenure of 9.13 years: David Martucci (2017), Kyongsoo Noh (2017), Cecilia Junker (2017) and James McNerny (2017). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. JPMorgan Ultra-Short Income ETF has 802 securities in its portfolio. The top 10 holdings constitute 10.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
JPMorgan Ultra-Short Income ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. JPMorgan Ultra-Short Income ETF has 30.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 73.5% (43.5% domestic bond, 30.0% foreign bond and 0.0% convertible bond). JPMorgan Ultra-Short Income ETF has 26.5% of the portfolio in cash.
Assets Under Management
The fund has $39 billion in total assets, which is above the $4 billion average for the Ultrashort Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
JPST Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The JPMorgan Ultra-Short Income ETF expense ratio is low compared to funds in the Ultrashort Bond category. JPMorgan Ultra-Short Income ETF has an expense ratio of 0.18%, which is 17% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. JPMorgan Ultra-Short Income ETF has a portfolio turnover rate of 63%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 57% for the Ultrashort Bond category.
Recently, in the month of June 2026, JPMorgan Ultra-Short Income ETF returned 0.3%, which earned it a grade of D, as the Ultrashort Bond category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
JPMorgan Ultra-Short Income ETF has a trailing yield of 4.25%, which is above the 4.12% category average.
The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
JPMorgan Ultra-Short Income ETF Grades
Year to date, the ETF has returned 1.7%, 0.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.1% over the past year (grade of C), 5.2% over the past three years (grade of C) and 3.7% per year over the past five years (grade of C).
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JPST Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| JPST Return (NAV) | 0.3% | 0.9% | 4.1% | 5.2% | 3.7% | na |
| JPST Return (Price) | 0.2% | 1.0% | 4.1% | 5.2% | 3.7% | na |
| NAV +/- Price Return | 0.032% | -0.008% | -0.016% | -0.010% | 0.004% | na |
| Ultrashort Bond Avg | 0.3% | 1.0% | 4.3% | 5.3% | 3.8% | 3.0% |
| JPST Grade (NAV) | D | C | C | C | C | na |
| +/- Category (NAV) | -0.0% | -0.1% | -0.2% | -0.1% | -0.2% | na |
| JPST Tax-Cost Ratio | na | na | 1.7% | 1.9% | 1.5% | na |
JPST Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JPST Return (NAV) | 1.7% | 5.0% | 5.6% | 5.2% | 1.1% | 0.2% | 2.2% | 3.4% | 2.2% | na | na |
| JPST Return (Price) | 1.7% | 5.0% | 5.6% | 5.1% | 1.1% | 0.1% | 2.2% | 3.3% | 2.2% | na | na |
| NAV +/- Price Ret | 0.003% | 0.003% | -0.006% | -0.007% | 0.074% | -0.379% | 0.004% | -0.7% | 1.8% | na | na |
| Ultrashort Bond Avg | 1.8% | 4.8% | 5.8% | 6.1% | 0.4% | 0.3% | 1.4% | 3.6% | 1.4% | 2.3% | 1.9% |
| JPST Grade (NAV) | F | C | C | D | B | C | A | C | A | na | na |
| +/- Category | -0.2% | 0.1% | -0.2% | -0.9% | 0.6% | -0.1% | 0.7% | -0.3% | 0.8% | na | na |
| Risk Measures | |
| Beta: | 0.06 |
| R-Squared: | 65% |
| Standard Deviation: | 0.5% |
| Category Risk Index: | 0.80 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 0.04 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 4.3% |
| Total Assets: | $ 39,269 Mil |
| Share Class Assets: | $ 39,269 Mil |
| Turnover: | 63.0% |
| Expense Ratio: | 0.18% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 9.1 years | |||
| Average Tenure: 9.1 years | |||
| Managers (Year): Martucci David (2017), Noh Kyongsoo (2017), Junker Cecilia (2017), McNerny James (2017) | |||
Portfolio Composition (as of 6/29/26)
| # of Holdings: | 802 |
| % in Top 10 Holdings: | 10.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 30.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 43.5% |
| Foreign Bond: | 30.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 26.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | JPMorgan |
| Phone Number: | 844-457-6383 |
| Website: | jpmorganfunds.com |
| Inception Date: | May 17, 2017 |
Expenses and Fees
| Expense Ratio (%): | 0.18% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.22% |
